FINAL EXAM, révision et résumé S1 à S12 PDF

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Final revision -- ENTREPRENEURSHIP --

SESSION #1 ENTREPRENEURSHIP AND INNOVATION – CONCEPTS AND TOOLS

Innovation “Turning a new idea into a solution that adds value from a customer’s perspective.” 2 criterias: • •

It must be a novel (not necessarily original, but new to the users, the context or the application) The final result must be an improvement (more efficient, perform better, more durable)

2 types of innovation: • •

Disruptive innovation (creation of new products, services or processes) Incremental innovation (to a pre-existing product, service or process)

Entrepreneurship “Phenomenon of value creation by providing solutions to problems.”

Entrepreneuring “Process whereby a project leader (entrepreneur, intrapreneur, social entrepreneur, etc.) creates value by providing novel concrete solutions to problems.”

Definitions

3•Classic traditional forms of entrepreneurship Start-Up Their growth is often linked to their available financing

o Technological start-up o A future SME, that enjoys regional success and that is relatively common

•Social entrepreneurship “Recognize a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change.”

o o o o

Entrepreneurial characteristics Social conscience Vision Desire to change things

•Intrapreneurship o Entrepreneurship applied internally to an existing (usually large) organisation o Fosters innovation and value added o Implies lower risk than entrepreneurial activity as there is always the safety net from the mother company

Social entrepreneurship vs. classical entrepreneurship Valu alue e Pr Propo opo opositi siti sition on (products or services)

Soci Social al En Entre tre trepr pr pren en eneu eu eurs rs rship hip

Modern approach

Clas Classic sic sical al En Entr tr trepr epr epre eneu neurrshi ship p Creates a value proposition (product or service) for a market that wishes to purchase it ($$$)

A value proposition that increases benefits (in a broad sense) to some segments of the population, or for the whole of it.

Money will serve the entrepreneurs and their investors.

It therefore targets people who cannot necessarily afford the value proposition, but who need it.

Problem

Solution

Organisational form

SESSION #2 BUSINESS MODELS

Desirability, feasibility & viability

Business model

“Describes the rationale of how and organisation creates, delivers, and captures value.” Feasability Desirability the network of suppliers and partners that make the business model work

the most important things a company must do to make its business model work

the most important assets required to make a business model work

all costs incurred to operate a business model

describes the bundle of products and services that create value for a specific Customer Segment

the types of relationships a company establishes with specific Customer Segments.

the different groups of people or organisations an enterprise aims to reach or serve

how a company communicates with and reaches its Customer Segments to deliver a Value Proposition

Or Order: der: 1)CUSTOMER SEGMENTS 2)VALUE PROPOSITION 3)CHANNELS 4)CUSTOMER RELATIONSHIPS 5)REVENUE STREAMS 6)KEY RESOURCES 7)KEY ACTIVITIES 8)KEY PARTNERS 9)COST STRUCTURE

the cash a company generates from each Customer Segment (costs must be subtracted from revenues to create earnings)

Viability

BMC logic Back En End d operations

Finan ciall Fina ncia Model Mod el

Link Linkage age value creation

Fr Fron on ontt End customer facing

SESSION #3 DESIGN THINKING AND EMPATHY

Design thinking “A structured process for problem-solv around the user.”

• • • • •

Centered on humans Multidisciplinary collaboration Iterative and experimental Bias towards action Visual, demonstrative

•Capacity to imagine yourself in somebody else’s shoes o Cognitive empathy: Understand other people’s ideas o Emotional empathy: Grasping their feelings

•3 levels of empathy o Observation: Visualize the users and their behaviours in their respective contexts. o Interaction: Interact with your users and interrogate them via planned meetings and brief “interceptions”. Encourage them to tell stories o Immersion: Live the experience of your users

Step #1 : Empathy

Empathy in interviews

•Ar Ar Are e abou aboutt get getti ti ting ng dee deeper per and going beyond your run of the mill questions. •Allow Allow user userss to speak abo about ut wh what at is impor importtant to them them. •Foc Foc Focus us on the em emotion otion otional al and su subco bco bconsc nsc nscious ious aspect aspectss of the user. •Allow interviewers to gain ins nsigh igh ights ts on ho how w user userss beh behav av ave e in given environments and situations. makin in ingg the subje subject ct feel at ease so he or she can shed the mask and speak from the heart. •Are about mak •Of Of Offfer in inte te terview rview rviewer er erss a chanc chance e to observ observe e bod bodyy langu languag ag age e and rea reactio ctio ctions ns of the subjects. This allows for spontaneous questions based on observations. have disc •Can rev revea ea eall solut solution ion ionss you mig migh ht not have disco ove vered red otherw otherwise ise ise, or unmet needs and challenges you might be overlooking.

4 keys for empathetic interviews Se Setti tti tting ng the sta tage ge ge:: Que Quest st stionin ionin ioningg – bes bestt pr pract act actice ice icess • Introduce yourself. • Encourage stories—ask about specific instances: Tell me about the last time…? • Introduce your project. • Explore emotions: Why/how do you feel...? • Shift your focus to the interviewee (ask name, where they are from). • If you are stuck, follow up Why? or Can you • Build rapport. tell me more about that? Que Quest st stionin ionin ioningg – mecha echanic nic nicss • Don’t be afraid of silence! Give them time! • Questions: 10 words or less. The ana analy ly lysis: sis: • Ask one question at a time, • Remain aware of non-verbal cues. • Avoid binary questions: Do you prefer X or • Look for contradictions. (in ideas, in the Y?, Do you like X? actions vs. answers). • Ask neutral questions: What do you think of… • Document the content. (ideally two people, vs. What do you love about… video, audio, notes). • Do not suggest answers

Goal: discover findings and insights •Findings are key fact actss that you gathe atherr. The most significant and those that are new to you. •Insight is the ability tto o ggain ain a clear and dee deep p intuiti intuitive ve und under er erst st staandin ndingg of aan n issu issue e. Insights often emerge from a synthesis of the information you acquired, it allows you to discover connections and patterns.

Empathetic interviews Ex Exampl ampl ample e of em empa pa patheti theti theticc questi questions ons oTell me the last time when... oWhy do you... oAnd why do you... oWhat are the benefits of... oHow did you feel when.... oWhat were the steps for... oWhat hindered you when... oWhat do you wish for…

SESSION #4 DESIGN THINKING -PROBLEMATIC

A good problem statement: •Synthesizes the information at hand •Articulates an approach or a perspective (point of view) •Create a solution space (sandbox) in the form of a question

•Gives space for multiple solutions to emerge

Reasons to define a problematic: •Frame the problem and provide focus

•Inspire your team •Articulate criteria to evaluate competing ideas •Enable your team to make decisions in parallel, work independently •Capturing the hearts and minds of the people around •Save you from the impossible task of developing a concept that is all things to all people

Step #2: Define a problematic « In order for the problem to be properly addressed, the definition of the problem mus mustt allo allow w the "ge "gener ner neraatio tion n of solut solutio io ions ns ns". The first step is to create a speci specific fic and per persu su suasiv asiv asive e st stat at atem em emen en entt of the pr proble oble oblem. m. This will allow it to be used as a springboard to then generate the solution. » The problem statemen helps give sense to the project.

The problematic as a question The power of (good) questions: • Orient • Engage • Learn

Formulation of the question: • A target population • Clearly identified • Reachable • Worth addressing • An ambitious goal • Is it what the target audience really wants? • A significant constraint • Qualitative (not $, nor time) • Paradoxical (not obvious to solve) • Stimulating and engaging

“How to ask the question that will propel you out of your usual thinking patterns?”

Why? How?

What?

The power of WHY?

SESSION #5 VALUE PROPOSITION AND IDEATION

Client’s needs

Why stud tudyy clien clientt ’s nee needs? ds? •Find opportunities… even in mature markets, or in times of crisis •Inspire new products

•Avoid developing more features and functions ($$$) than necessary •Create a distinctive product with a clear competitive advantage •Understand competitive forces

•Prioritize ongoing projects •Keep our focus on what’s really important to the client during product development

Wha hatt ar are e clien clientt ’s nee needs? ds? •Clients purchase a product or service to accomplish a task, be it functional or emotional •When client use the product or service to accomplish the task, they expect certain results or outcomes

Hierarchy of tools

Cus Custo to tomer mer jobs obs/dr /dr /dream eam eamss • Task they are trying to accomplish • Needs they try to satisfy • Functional, social or emotional Gains • Advantages and benefits they want • Can be required benefits, expected benefits, desired benefits or unexpected benefits Pains • Negative emotions, obstacles, unforeseen costs, disturbing elements or the risks encountered by the client before, during or after the task • What stops them from accomplishing the task or realizing the dream

Value proposition canvas – Customer profile The VPC is what the product does to satisfy the client. Its goal is to achieve FIT between the client’s needs and your product/service. (What vs. Why)

Pr Produ odu oducts cts & ser servic vic vices es • List of products/services around which your VP is built • The way in which the products/services will help a client accomplish a task or meet a basic need Gain cr creat eat eator or orss • How do your poducts/services create advantages that your clients would expect, desire or be surprised by? Pain reli reliev ev ever er erss • How do your product/service create value for your clients? • The way in which your products lower or eliminate the pains of your clients

Order of completion: 1. Customer jobs 2. Pains 3. Gains 4. Pain relievers 5. Products & services 6. Gain creators

Value proposition canvas – The value map

Brainstorming “The objective of the method is to stock up on as many ideas as possible, from the most common to the most unexpected, before triaging them and reformulating them.”

When to brainstorm?

Step #3 : Ideation “The creative process of production, development, and communication of new ideas.” Br ains Brains ainsttorm rules:

•To quickly launch the greatest number of ideas on a subject that has been ignored.

1. Stay centered on the user

•To get rid of contrarian approaches (my idea versus yours) and truly consider alternative ideas

3. Go for quantity

•To bring forward ideas that have been already expressed but somewhat ignored

5. Build on the ideas of others

•To rephrase ideas that have already been expressed but misunderstood

2. Be visual

4. Encourage crazy ideas 6. Stay focused 7. One discussion at a time

8. No judgment 9. Have fun!

Why brainstorm fails? •The first ideas tend to dominate

and influence the rest of the conversation •A few people will talk 60% to 75% of the time. •People might generate more ideas by themselves than in a group •Individuals are better at coming up with diverging ideas and groups are better at coming up with converging ideas and idea selection

SESSION #6 BUSINESS MODEL PATTERNS

Busin ess pa tt er n Business patt tter ern

Descr ipt ion Descript iption

Free as a business model

The main source of revenue comes from a third party, which crossfinances whatever free or low-priced offering attracts the users. A very common case of this model is financing through advertisement, where attracted customers are of value to the advertisers who fund the offering. This concept facilitates the idea of 'separation between revenue and customer'

Two-sided market

Facilitates interactions between multiple interdependent groups of customers. The value of the platform increases as more groups or as more individual members of each group are using it. The two sides usually come from disparate groups.

Freemium

The basic version of an offering is given away for free in the hope of eventually persuading the customers to pay for the premium version. The free offering is able to attract the highest volume of customers possible for the company. The generally smaller volume of paying ‘premium customers’ generate the revenue, which also crossfinances the free offering.

Subscription fees

The customer pays a regular fee, typically on a monthly or an annual basis, in order to gain access to a product or service. While customers mostly benefit from lower usage costs and general service availability, the company generates a more steady income stream.

Franchising

The franchisor owns the brand name, products, and corporate identity, and these are licensed to independent franchisees who carry the risk of local operations. Revenue is generated as part of the franchisees’ revenue and orders. The franchisees benefit from the usage of well known brands, know-how, and support.

Patterns “A design that is repeated and is used for decorative purposes

The usual way something happens, is done, etc.”

“Those that study business models – which are actual implementation of strategies – find that certain configurations are more common. They call those ‘’patterns‘’ because they find that the same designs repeat themselves.”

SESSION #7 LEAN STARTUP

The basic principles of “Lean” 1.Identify the beliefs around what must be verified for the start-up to succeed. This is dam enta oth ese what we call the Fun Fundam dame tall Hyp Hypoth othese esess. 2.Elaborate an experiment to test these hypotheses as fast as possible at minimal cost – this is what we call the Minim al Viab le Pro du ct inimal Viable rodu duct ct. 3.Adopt a scientific approach. Treat each experiment as a learning opportunity for what works and what doesn’t. This ‘’progression unit’’ for start-ups constitutes what we call Valid alidaate ted Learnin rningg. d Lea rnin 4.Pull the information from each experiment – this iterative cycle is the Build uild— — Measu rn feedback loop.. easurre — Lea Learn ot), or p ur su e the current 5.At regular interval (cadence), decide to change (piv (pivo pur ursu sue approach (persist).

Build – Measure – Learn (Lean cycle) The idea behind the lean cycle is to go faster (and not save money) More cycles = more learning = less wasting

The LEAN approach

MVP (minimal viable product) Version of a new product which allows a team to collect the maximum amount of valida ing about your product with the le ast ef alidatted learn learning least efffort ort. • The first version of a product • Allows you to harvest the most validated learning about clients • Encourages speed • Test your hypotheses • Bets on a limited number of features considered as indispensable • Test an hypothesis with a limited number of resources (time and money) • Accelerate learning • Put the product in user’s hand as fast as possible • Focus on the key elements of your product/service rather than a smaller version of your product/service

Clarifies that the word ‘’minimum’’ is generally interpreted as a cheap product or a halfcompleted solution. We redefine it as the minim um nece ssa ry to pr odu ce a relia ble minimum necessa ssary produ oduce eliable fee dba ck for a giv en con te xt eedba dback given onte text xt. • Suggests that the MVP isn’t necessarily a prot ototy otype thatt ot oty pe tha ‘’product’’ but instead a pr gener erat ate learnin rning. gen er at es lea rnin g. • Replaces the term ‘’viable’’ by the term ‘’validation’’ and therefore seeks to develop a three alidat ation es:: minimum prototype on thr ee valid at ion aaxxes economically sustainable, necessary for the client, and technically doable. •

Additionnal nuances - MVP According to Montreuil (2013)

SESSION #8 PITCHING

Incubators/accelerators Individual Mentors:

Incubators:

Sometimes become early investors

• Structured mentoring program. • Typically targets bringing a project from an initial idea to a working prototype. • Helps small businesses take shape • Can offer support for lodging, training, coaching and financing during the first steps of a business. • Incubators can be differentiated by the types of services they propose, their financing that they may (or may not) offer or the type of project they target.

Startup Events: Start-up weekends, pitch contests, hackathons

Entrepreneurship classes: Structured

Accelerators: •

• Structured mentoring program. Typically helps a strong team with a validated concept launch their enterprise

coursework

EXPLORE

VALIDATE Focus of this class

BUILD

LAUNCH

GROWTH

Costs Start-up costs oProduct development (software + hardware)

oBuying initial inventory oFunding losses before getting to a critical mass of customers oEtc.

Viable economic model oEconomic model targeted once through the start-up phase oConsiderations: • The project must be viable • Have a clear plan on how to capture value that your project creates • Different business model patterns have underlying economic transactions • If there are social and environmental dimensions to your value proposition, you could be funded through foundations and government grants • Must be included in the pitch to the incubator

Inves estor Inv es tor

Clientt Clien

• What are you offering and how is it better than the rest??

• What are you offering?

• What is the market size?

• Will this solve my problem?

• How much will customers pay? • What do you know that others don't? • Who’s on your team?

• How does it work?

Incubat ator Incub at or

Others Othe rs

• Describe your problem / solution fit. Why does this project matter?

Questions will be based on their ability to add and extract value.

The key question: what’s in it for • How do your skills & interests me? • How to take the fit the project? next step? • Progress so far? • How much What’s your does it cost? plan going forward? • How can the incubator help? Why should they choose you?

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