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Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1

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Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1

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Introduction to Disciplined Entrepreneurship one hour workshop - slide deck #1 given at MISK Global Forum Workshop - Nov 16, 2017 - Riyadh Saudi Arabia

Introduction to Disciplined Entrepreneurship one hour workshop - slide deck #1 given at MISK Global Forum Workshop - Nov 16, 2017 - Riyadh Saudi Arabia

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Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1

  1. 1. 1 November 16, 2018 Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship Workshop on Disciplined Entrepreneurship: Why be an entrepreneur? What does it take? Why scale?
  2. 2. DISCIPLINED ENTREPRENEURSHIP Purpose of this Workshop 1. Yes It Can 2. Yes We Can 3. Here is How 2
  3. 3. 3 Being an entrepreneur is the new “cool” thing. As a result, demand for entrepreneurship is blowing up!
  4. 4. 4 But is there sufficient understanding of the topic? Hmmm….
  5. 5. DISCIPLINED ENTREPRENEURSHIP What is Entrepreneurship? 5 The formation of a new venture that produces a product (which includes in my definition an offering as well) that creates some value for which your new venture can capture some value to make it economically sustainable.
  6. 6. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship SME (Small Medium Enterprise) Local Market Focus Restaurants, Dry Cleaners, Services IDE (Innovation-Driven Enterprise) Global Market Focus Products w/ Innovation at Core • Δt is short • Linear growth (capped) • Less investment required • Δt is long • Exponential growth (uncapped) • A lot of investment required Further Refinement of this Definition
  7. 7. DISCIPLINED ENTREPRENEURSHIP Innovation = Invention*Commercialization Definition of Innovation
  8. 8. DISCIPLINED ENTREPRENEURSHIP What Is Entrepreneurship? Innovation * Technology essentials * Knowledge of science & engineering * Skills to develop * Skills to build Entrepreneurship * Business essentials * Venture engineering * Knowledge to frame decisions * Skills to start * Skills to grow 8
  9. 9. DISCIPLINED ENTREPRENEURSHIP Misperceptions 9
  10. 10. 10 7 Whopping Lies Told About Entrepreneurs Which are Actually Damaging to All Parties Involved
  11. 11. DISCIPLINED ENTREPRENEURSHIP #1 - “Entrepreneurs are mercurial individualists” 11
  12. 12. DISCIPLINED ENTREPRENEURSHIP #2 - “Entrepreneurs are the smartest & most high achieving people in the room” 12
  13. 13. DISCIPLINED ENTREPRENEURSHIP #3 - “Entrepreneurs are born, not made” 13
  14. 14. DISCIPLINED ENTREPRENEURSHIP #4 - “Entrepreneurs love risk” 14
  15. 15. DISCIPLINED ENTREPRENEURSHIP #5 - “Entrepreneurs are successful because they are charismatic” 15
  16. 16. DISCIPLINED ENTREPRENEURSHIP #6 - “Entrepreneurs are lucky” 16
  17. 17. DISCIPLINED ENTREPRENEURSHIP #7 - “Entrepreneurs are undisciplined” 17
  18. 18. DISCIPLINED ENTREPRENEURSHIP One Other Misperceptions …
  19. 19. DISCIPLINED ENTREPRENEURSHIP The Truth • Relevant elements of a craft:  Accessible  Builders  Unique Products  Learnable  First Principles Exist But Don’t Assure Success  Apprenticeship
  20. 20. DISCIPLINED ENTREPRENEURSHIP Purpose of this Summer School 1. Yes It Can 2. Yes We Can 3. Here is How 20   
  21. 21. DISCIPLINED ENTREPRENEURSHIP Program Pillars 21 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  22. 22. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 22 Willingness and even joy in being different …
  23. 23. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 23
  24. 24. 24 Spirit + Skills Successful Entrepreneurship
  25. 25. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 25 +
  26. 26. DISCIPLINED ENTREPRENEURSHIP Program Pillars 26 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  27. 27. DISCIPLINED ENTREPRENEURSHIP Specifically Knowledge of the Process – First Principles • Domain expertise is required as well but there are some general first principles 27
  28. 28. 28 Crisis in Entrepreneurial Education Demand Supply of quality Time Storytelling
  29. 29. DISCIPLINED ENTREPRENEURSHIP How 24 Steps Was Put Together 29
  30. 30. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship Essentials* 30 Defining & Refining Product  Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance Communications Sector Deep Dives Customer Acquisition Strategy Product Design Product Development Leadership & Culture Negotiations Scaling - Manufacturing Work-Life Balance Financing HR Project Management Dealing with Adversity Core Entrepreneurship Specific Skills : Corporate Entreprnrship Corporate Strategy “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Product Management Legal Business Model & Pricing Scaling: Process & Infrastructure General Skills Valuable to Entrepreneurs: Essential Skills for Entrepreneurs (Semi-Customized): Building Eship Systems * - An open framework built for constant refinement
  31. 31. DISCIPLINED ENTREPRENEURSHIP 31
  32. 32. DISCIPLINED ENTREPRENEURSHIP 32
  33. 33. DISCIPLINED ENTREPRENEURSHIP 33
  34. 34. DISCIPLINED ENTREPRENEURSHIP 34
  35. 35. DISCIPLINED ENTREPRENEURSHIP 35
  36. 36. DISCIPLINED ENTREPRENEURSHIP 36
  37. 37. DISCIPLINED ENTREPRENEURSHIP 37
  38. 38. DISCIPLINED ENTREPRENEURSHIP Benefits of Approach  Open  Comprehensive yet Practical  Integrated  Proven & Tested – To Stand the Test of Time  Sequential/Prescriptive  Creates Common Language for Knowledge Transfer and Accumulation 38
  39. 39. DISCIPLINED ENTREPRENEURSHIP Program Pillars 39 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  40. 40. DISCIPLINED ENTREPRENEURSHIP Program Pillars 40 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  41. 41. DISCIPLINED ENTREPRENEURSHIP Purpose of this Summer School 1. Yes It Can 2. Yes We Can 3. Here is How 41   
  42. 42. DISCIPLINED ENTREPRENEURSHIP Why Focus on IDE? What is So Important about Scaling? 42 To take a small venture and make it a big one – in impact.
  43. 43. DISCIPLINED ENTREPRENEURSHIP Sense of Urgency 43
  44. 44. DISCIPLINED ENTREPRENEURSHIP Other Examples 44
  45. 45. DISCIPLINED ENTREPRENEURSHIP End Questions? 45 aulet@mit.edu

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