Entrepreneur Bootcamp

Entrepreneur Bootcamp

Day 1: Introductions

John

• US Airforce
• Emerson Electric
• Project Management

Libby

Haylee

• Social Media Marketing
• Project Management

• Marketing & Promotion
• Sales & Outreach
• Event Planning

Scott

Ryon

• CPA, MBA
• Freelancer
• Websites, Marketing

• Serial Entrepreneur
• Tech Support Guru
• Sales Expert

https://www.jackboxgames.com/games/patently-stupid

Welcome to Pitch It or Ditch It!

1. Pick a Problem
2. Brainstorm Solutions
3. Write a Pitch
4. Pitch it!

2. Brainstorm a solution

• Think Big, Start Small
• Embrace Crazy Ideas
• Focus on the Problem
• Prototype Quickly
• Unlimited Budget

2. Brainstorm solutions below

3. Write a 1 min Pitch

• Start Strong
• Highlight the Problem
• Present Your Solution
• Show Benefits
• End with a Call to Action

4. Write Your Pitch

Entrepreneur Snowflake Method

Adapted from Source: How To Write A Novel Using The Snowflake Method (advancedfictionwriting.com)

Entrepreneur Snowflake Method

Adapted from Source: How To Write A Novel Using The Snowflake Method (advancedfictionwriting.com)

Entrepreneurship steps

Mindset

Plan

Niche, need and solution

Funding

Organization

Operations

Market and Sale

Positive Outlook

Continuous Improvement

Source: https://www.forbes.com/advisor/business/how-become-entrepreneur/

PlanWeek 1: Idea Validation & MVPWeek 2: Market Analysis & Revenue Week 3: Marketing & Sales Week 4: Social Media & Technology Week 5: Accounting, Budgets & Funding Week 6: Leadership & Scaling

Break?

Week 1: Idea Validation

Day 1: Brainstorming and Idea Validation Day 2: Lean Startup Method and Minimum Viable Product

Day 1: Brainstorm & Idea Validation

“The best way to predict the future is to create it.”

- Peter Drucker

Source: https://www.druckerforum.org/peter-f-drucker/

Entrepreneur Mindset[The Why]

https://www.youtube.com/watch?v=9IOBUeArU5w

Harvard's Characteristics of Successful Entrepreneurs

Curiosity

Experimental

Adaptable

Decisive

Self-Aware

Persistant

Risk Tolerance

Comfort with Failure

Innovative Thinking

Long-Term Focus

Source: https://online.hbs.edu/blog/post/characteristics-of-successful-entrepreneurs

Types of Entrepreneurs

Innovators

Hustlers

Imitators

Buyers

Researchers

Source: https://lonelyentrepreneur.com/types-of-entrepreneurs/

"Your time is limited, so don’t waste it living someone else’s life. … have the courage to follow your heart and intuition. …"

- Steve Jobs

Source: https://d23.com/walt-disney-legend/steve-jobs/

Break?

Types of Innovation

Incremental Innovation: Small improvements to existing products or processes (e.g., new features in smartphones).

Disruptive Innovation: Innovations that create a new market, disrupting established businesses (e.g., streaming services replacing DVDs).

Radical Innovation: Completely new technologies or products that transform industries (e.g., the invention of the internet).

Architectural Innovation: Reconfiguring existing technologies into new uses or markets (e.g., taking a product designed for business and adapting it for consumers).

Source: https://www.masterclass.com/articles/types-of-innovation

https://youtu.be/Mtjatz9r-Vc?feature=shared&t=254

What if I already have an idea?Look for ways to improve, expand, or for new ideas

What I do well

Business Venn Diagram

Learn to say "no"

Learn to Monetize

Hooray!

Learn to do better

What I want to do

What people will pay me to do

Source: https://kellblog.com/2009/06/18/a-venn-diagram-for-business-success/

Brainstorming[The How]

https://www.youtube.com/watch?v=_wCb29PxOvg

Brainstorm Business Ideas - Questions

What are you excited about?

What do you do well?

What problems do you or those around you face?

What are some things you can't live without?

What do you wish was easier to do?

What would you invent to improve the world?

Source: https://www.adobe.com/acrobat/hub/how-do-entrepreneurs-come-up-with-ideas.html

SCAMPER Brainstorm Methods

Substitute: What happens if I replace X with Y?

Combine: What happens if I combine X and Y?

Adapt: What should I change to adapt the plan to a different context?

Modify: What can I modify to create more value on this plan?

Put to another use: What other uses can the project have?

Eliminate: What can I remove from the project to make it more simple?

Reverse: How can I reimagine the plan to make it more effective?

Source: https://www.linkedin.com/pulse/how-brainstorm-business-ideas-handy-guide-prelaunchcom-omtqe/

https://www.ted.com/talks/ok_go_how_to_find_a_wonderful_idea?subtitle=en

Generating Ideas

Self-Reflect: list your skills, expertise, likes, enthusiasm

Ask Questions: what bothers you? Unmet needs?

Explore Perspectives: explore unfamiliar business environments

Research Market Gaps: customer reviews, customer needs, etc...

Make List: even unrealistic, mind maps

Prioritize: analyze potential, market research, demand

Source: https://www.linkedin.com/pulse/how-brainstorm-business-ideas-handy-guide-prelaunchcom-omtqe/

Does it solve a problem?

Idea sniff test

Viable Idea

Is it worth more than it costs to produce and will people pay for it?

Can it be scaled or improved?

Source: https://www.stptax.com/is-my-idea-strong-enough-to-start-a-business/

Idea Vetting

Identify Problem

Market Research

Customer Feedback

• What: Value Proposition?
• Who:  Customers?
• Who:  Team?
• How:  Production?
• How:  Supply?
• How:  Different?
• How:  Marketing?
• How:  Funding?

Market Viability

Risk & Legal Viability

Competitive Analysis

Financing Viability

Creation Viability

Source: https://miro.medium.com/v2/resize:fit:1358/0*DuhNSrJjOeEEnuVi

BusinessPlaybook

https://idahoecenter.notion.site/Idaho-Entrepreneur-Center-Business-Playbook-Template-472390254a8d407aaa7e555c6aaf3128

Day 1: AssignmentIdentify Problem to solveBrainstorm Ideas (improvements or expansion)Preliminary Viability (Surveys, Interviews, Social Media, Online Discussions, Google Trends, Industry Reports, Competitor Reviews)

Day 2: Minimum Viable Product & The Lean Startup Methodology

Day 01 Recap

• Entrepreneur Snowflake Method
• Entrepreneur Mindset (Characteristics & Types)
• Find Meaning
• Types of Innovation
• Venn Diagram of What you know, What you like, What people pay for
• Brainstorming business ideas or ways of improving existing businesses
• Idea Vetting
• Feedback Utilization
• IEC Startup Playbook

Report Back: Problem to solve Idea Validation Research

Intro to MVP[The What]

Minimum Viable Product/Solution (MVP)

The simplest version with core features.

Provides enough value to get user feedback.

A functional solution customers can use.

Buffer

Advantages of MVPs

Engage with Users Early

Spotlight Core Functionalities

Minimal Risk

Quicker and Easier Release

Source: https://dev.to/digitalyaops

MVPExamples

Burbn – a complicated app that enabled users to check in their location People weren't using Burbn's check-in feature at all and were sharing photos like crazy A simple photo-sharing app

Video dating site No one had uploaded a single video "Okay, forget the dating aspect. Let's just open it up to any video."

Source: https://dev.to/datarockets/mvp-development-the-lean-startup-way-2kp5

MVP Development

• Video MVP

• Concierge MVP
• Wizard of Oz

What risks would you avoid by creating an MVP?

“I have not failed. I've just found 10,000 ways that won't work.”

- Thomas Edison

Source: https://www.oxfordreference.com

Lean Startup Methodology

Build

Minimum Viable Product (MVP)

The simplest version with core features.

Provides enough value to get user feedback.

A functional solution customers can use.

Building a Product Nobody Wants

• Do I understand the problem my customer/client/user faces?
• Is the problem prevalent or large enough for people to need a solution for it?
• Does the proposed product or service solve that problem?

Building a Product that nobody wants - Eric Ries

Starting Small

Build(Video)

80 Luca & Alberto Make their own Vespa for Riding ｜ Luca.mp4

Cost Effective MVPs

• Focus on core features
• Leverage existing tools
• Gather user feedback

Source: https://cleverism.com

Prioritize Core Features

Goal:

• Clearly articulate the problem your MVP will solve
• Included essential features that address main problem, avoid adding nice-to-have features.

What is the problem you are solving?

https://www.youtube.com/watch?v=-rfBFIBAstk

Use Existing Tools or Platforms

Goal:

• Reduce development time and cost
• Outsource for specific tasks

What are tasks that you might need to, or could, outsource?

Gather User Feedback

Goal:

• Release to small group for early feedback
• Gather data on how users interacted with MVP
• Identify areas for improvement

Do you know who will test your MVP?

Wreck it Ralph (Video)

88 Wreck-It Ralph Movie CLIP - Lickity Split (2012) Animated Movie HD.mp4

Break

Source: https://greenice.net

Products

• Landing Pages: Describe product and gauge interest 
• Prototypes: Basic versions to demonstrate functionality
• Concierge MVPs: Provide service manually to validate concept

Measure

What does success look like?

Customer Feedback

Surveys

Interviews

Usability Testing

https://www.youtube.com/watch?v=NvM3nMbyeM8

Data: What are you gathering?

Usage Time

Feedback

Engagement

Demographics

Collection Methods

Web Analytics

A/B Testing

Cohort Analytics

Behavioral Analytics

Activity: Build an MVP

Options:

1. Phone Stand
2. Storage Box
3. Paper Wallet
4. Organizational Box

Goal: Solve a problem Functionality Key Features

ThePhoto by PhotoAuthor is licensed under CCYYSA.

Break?

"Fail early, fail often, but always fail forward."

- John C. Maxwell

Source: https://www.maxwellleadership.com/blog/failing-forward/

Learn and Pivot

What does success look like?

Overcoming Challenges

• Financial Constraints
• Resistance from others
• Loss of Customers
• Rebranding
• Letting go of your Original Idea

MVP Case Studies

Source: https://www.spaceo.ca/blog/minimum-viable-product/

Putting it all Together

Looking at your Paper MVP, how and what feedback would you want to gather? Will you need to pivot?

Outline Your MVP

Essential Features

User Interaction

Core Problem Statement

Primary Goal/Value Proposition

Feedback Mechanisms

Simplified Design

Measurable Outcome

Scalability Considerations

Day 2: Assignment: Outline/Create your MVPList Key Features Identify Existing Tools to Utilize