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MIT Entrepreneurship and
Maker Skills Integrator
Disciplined Entrepreneurship Introduction
June 4, 2017
What is entrepreneurship?
2
A few Iconic MIT businesses
3
Over 26K companies, 3M jobs, $2T revenues/yr
What makes a good entrepreneur?
4
MEMSI June: Disciplined Entrepreneurship Introduction
6
Spirit + Skills
Successful Entrepreneurship
DE: 6 Themes, 24 Steps
Theme 1: Who is your customer?
Why do you think we start here?
9
Example 1
10
Timeline
11
• 2009 – Google	X	founded,	Google	Glass	started	in	stealth
• 2011 – Time	runs	an	article	on	Google	X
• 2012 – Google	Glass	Explorer	Edition	announced	- $1,500	
per	device.	2,000	pre-orders.	Wildly	hyped.
• 2013 – Starting	to	get	complaints	about	bugs,	poor	battery	
life,	and	above	all,	lack	of	a	“killer	app”
• 2014 – Available	to	the	public	at	£1,000	
• 2015 – Google	ended	the	Beta	period	of	Glass.	Product	is	
back	in	house	under	new	leadership.
=>	Be	careful	with	a	tech-led	approach
Example 2
12
Timeline
13
• Early	1990’s – DEKA	starts	working	on	self-balancing	technology	
– first	appearing	in	a	self-balancing	wheelchair
• 2001 – Segway	unveiled.	Wildly	hyped.	“Cities	will	be	built	
around	it”.	Backed	by	$90M	from	investors.	DEKA	expected	to	
sell	10,000	/	week	by	end	of	2002.	That’s	70,000+/year.
• 2002 – Available	at	$4,950
• 2003	– Sold	6,000	to	date
• 2008 – Sold	30,000	to	date
• 2009	- 2016 – Segway	sold	several	times	– now	owned	by	
Chinese	company	Ninebot
=>	After	$100m+	R&D	– not	a	great	biz
Example 3
14
Example 3
15
• 2012	– Husband	and	wife	team	began	investigating	a	startup	to	
design,	manufacture	and	sell	luxury	bed	linens.	Primary	market	
research	with	500	people	shopping	at	big	box	stores.
• 2014	– Raised	$236,888	on	Kickstarter	(Goal:	$50,000).	Started	
shipping	products	by	end	of	year.
• 2015 – $750,000	revenue,	hires	first	employee
• 2016 – $6M	revenue	to	date,	tracking	to	close	the	year	at	$10M
• VC	Money	Raised:	$0
=>	This	is	what	you	can	do	if	you	focus	on	
the	market	and	the	customer
Knowing your market and customer is a pre-
requisite to building a good business
16
But… just that is not enough
• You need to know how to solve customer problems with a
great product
17
Problem Solution
Problem-solution fit
But… even that is not enough
18
• You have to get
customers to pay
• You have to make
more money than
you spend
• You have to build a
company that lasts
Benefits of DE Approach
• Comprehensive yet Practical
• Integrated
• Proven & Tested – To Stand the Test of Time
• Sequential/Prescriptive
• Creates Common Language for Knowledge Transfer and
Accumulation
19
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 1
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 2
Theme 2
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 3
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 4
Theme 4
Theme 4
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 5
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 6
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 1 Theme 2
Theme 2
Theme 4
Theme 3 Theme 4
Theme 4
Theme 5
Theme 6
28
29
Pro Tip:
30
Pro Tip:
If the
customer side
is not green…
31
Pro Tip:
But the money
making side is
green…
32
Pro Tip:
Then you might be
hallucinating
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Don’t skip ahead to
have fun with
spreadsheets
① ④ ⑨⑤ ⑧
Raison	d’Être
Why	are	you	in	business?
Competitive	Advantage
Why	you?
Customer	Acquisition
How	does	your	customer	
acquire	your	product?
Overall	Economics
Does	your	product	make	
money	at	a	company	level?
Design	&	Build
How	do	you	produce	the	
product?
③ ⑩⑦⑥②Initial	Market
Who	is	your	customer?
Value	Creation
What	can	you	do	for	you	
customer?
Product	Unit	Economics
Can	you	make	money	at	the	
product	level?
Sales
How	do	you	sell	your	product?
Scaling
How	do	you	scale	your	
business?
Theme 1 Theme 2
Theme 2
Theme 4
Theme 3 Theme 4
Theme 4 Theme 5
Theme 6
?
”Raison d’etre” – aka Why are you in business?
• Mission?
• Passions?
• Values?
• Initial Assets?
• Initial Idea?
35
”Raison d’etre” – aka Why are you in business?
• Mission?
• Passions?
• Values?
• Initial Assets?
• Initial Idea?
36
You	will	be	AMAZED	to	learn	
how	many	cofounding	teams	
are	not	aligned	on	these	
existential	questions
This is why our next segment is all about the team
37
Questions?
38
39
Imagecredit:istockphoto.com

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MEMSI June: Disciplined Entrepreneurship Introduction

  • 1. MIT Entrepreneurship and Maker Skills Integrator Disciplined Entrepreneurship Introduction June 4, 2017
  • 3. A few Iconic MIT businesses 3 Over 26K companies, 3M jobs, $2T revenues/yr
  • 4. What makes a good entrepreneur? 4
  • 6. 6 Spirit + Skills Successful Entrepreneurship
  • 7. DE: 6 Themes, 24 Steps
  • 8. Theme 1: Who is your customer?
  • 9. Why do you think we start here? 9
  • 11. Timeline 11 • 2009 – Google X founded, Google Glass started in stealth • 2011 – Time runs an article on Google X • 2012 – Google Glass Explorer Edition announced - $1,500 per device. 2,000 pre-orders. Wildly hyped. • 2013 – Starting to get complaints about bugs, poor battery life, and above all, lack of a “killer app” • 2014 – Available to the public at £1,000 • 2015 – Google ended the Beta period of Glass. Product is back in house under new leadership. => Be careful with a tech-led approach
  • 13. Timeline 13 • Early 1990’s – DEKA starts working on self-balancing technology – first appearing in a self-balancing wheelchair • 2001 – Segway unveiled. Wildly hyped. “Cities will be built around it”. Backed by $90M from investors. DEKA expected to sell 10,000 / week by end of 2002. That’s 70,000+/year. • 2002 – Available at $4,950 • 2003 – Sold 6,000 to date • 2008 – Sold 30,000 to date • 2009 - 2016 – Segway sold several times – now owned by Chinese company Ninebot => After $100m+ R&D – not a great biz
  • 15. Example 3 15 • 2012 – Husband and wife team began investigating a startup to design, manufacture and sell luxury bed linens. Primary market research with 500 people shopping at big box stores. • 2014 – Raised $236,888 on Kickstarter (Goal: $50,000). Started shipping products by end of year. • 2015 – $750,000 revenue, hires first employee • 2016 – $6M revenue to date, tracking to close the year at $10M • VC Money Raised: $0 => This is what you can do if you focus on the market and the customer
  • 16. Knowing your market and customer is a pre- requisite to building a good business 16
  • 17. But… just that is not enough • You need to know how to solve customer problems with a great product 17 Problem Solution Problem-solution fit
  • 18. But… even that is not enough 18 • You have to get customers to pay • You have to make more money than you spend • You have to build a company that lasts
  • 19. Benefits of DE Approach • Comprehensive yet Practical • Integrated • Proven & Tested – To Stand the Test of Time • Sequential/Prescriptive • Creates Common Language for Knowledge Transfer and Accumulation 19
  • 20. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business?
  • 21. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 1
  • 22. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 2 Theme 2
  • 23. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 3
  • 24. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 4 Theme 4 Theme 4
  • 25. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 5
  • 26. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 6
  • 27. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 1 Theme 2 Theme 2 Theme 4 Theme 3 Theme 4 Theme 4 Theme 5 Theme 6
  • 28. 28
  • 30. 30 Pro Tip: If the customer side is not green…
  • 31. 31 Pro Tip: But the money making side is green…
  • 32. 32 Pro Tip: Then you might be hallucinating
  • 33. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Don’t skip ahead to have fun with spreadsheets
  • 34. ① ④ ⑨⑤ ⑧ Raison d’Être Why are you in business? Competitive Advantage Why you? Customer Acquisition How does your customer acquire your product? Overall Economics Does your product make money at a company level? Design & Build How do you produce the product? ③ ⑩⑦⑥②Initial Market Who is your customer? Value Creation What can you do for you customer? Product Unit Economics Can you make money at the product level? Sales How do you sell your product? Scaling How do you scale your business? Theme 1 Theme 2 Theme 2 Theme 4 Theme 3 Theme 4 Theme 4 Theme 5 Theme 6 ?
  • 35. ”Raison d’etre” – aka Why are you in business? • Mission? • Passions? • Values? • Initial Assets? • Initial Idea? 35
  • 36. ”Raison d’etre” – aka Why are you in business? • Mission? • Passions? • Values? • Initial Assets? • Initial Idea? 36 You will be AMAZED to learn how many cofounding teams are not aligned on these existential questions
  • 37. This is why our next segment is all about the team 37