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- 1. Google entrepreneurs Research, Strategy and Business Planning May 10 2013
- 2. The IPM agenda • Idea • People • Money
- 3. Outcomes for today Idea People Money What does good look like? ? How do I find this? ? How do I build it? ?
- 4. Massively unscientific research base • Seven charities started • One Bank • 250 offenders into own businesses • And lots of thoroughbred cock-ups
- 5. Research topic #1: have you got what it takes?
- 6. Qualities of an entrepreneur? • MBA • University degree • Genius at strategy • Money mastermind • Natural leader of people • Operational whizz • Jack of all trades and master of all.
- 9. …and here’s something I prepared earlier • The three E’s: energy, excitement and enthusiasm • Delusional self-belief in your idea • Hard work • Resilience and optimism
- 10. The entrepreneur’s journey: how people react “It will never work” “It’s not really succeeding, is it?” “you just got lucky” “I could have done that, easily” “it was all down to my help”
- 11. The IPM agenda • Idea • People • Money
- 12. How to be creative: find your idea • Copy an idea – Ryanair, Future Leaders • Solve a problem – New Bank, Dyson, The Company Whose Name We Dare Not Say. • Use your eyes and ears – Virgin Atlantic, Teach First
- 13. Crowdsourcing some baby ideas • What have you seen work elsewhere? • What has annoyed or irritated you recently? • What have you heard or seen recently that piqued your interest?
- 14. Hallmarks of a good idea 1. Big is good 2. Absurdly profitable 3. Hard for others to copy 4. Meets a customer need 5. Gets better the more it is challenged
- 15. A good value proposition simple. Very simple.
- 16. So how do you research your great idea?
- 17. Surprisingly, there are other resources……. • Trade publications • Academic papers • Industry associations • Regulatory bodies • Planning applications • Annual reports • Company magazines • Mystery shopping • Focus groups Beware “as-was” thinking
- 18. Develop, design, discover • Talk • Test
- 19. The IPM agenda • Idea • People • Money
- 22. So how do you find your team • Talk • Hustle • Screen • Test • Incremental commitment
- 23. The IPM agenda • Idea • People • Money
- 24. Elements of a good strategy • Customers – Value proposition, segments • Competition – Current, potential, substitutes • Channels – How to reach customers, sales and marketing • Costs – Financial model, scenarios, assumptions
- 25. How to ask for a billion…..
- 27. Size the Prize
- 28. Tell a story about customers and competition • Incumbent banks – ripping off SMEs with high costs and poor service – no innovation on products, pricing or service for ten years at least – Very costly and inefficient, and yet highly profitable – Relationship managers vary from good to awful with little salary difference
- 29. Tell a story about customers and competition • Incumbent banks – ripping off SMEs with high costs and poor service – no innovation on products, pricing or service for ten years at least – Very costly and inefficient, and yet highly profitable – Relationship managers vary from good to awful with little salary difference • Our opportunity – Be slightly less greedy, inefficient and incompetent to succeed – Web based delivery allows us to be massively more efficient and competent – Poach best RMs for a big salary premium: hurt incumbents, help us. – Banks can’t retaliate without destroying their own profit sanctuaries
- 30. Spreadsheet perils and purpose
Hinweis der Redaktion
- Top row: Carlos Slim, engineering degree; Bill Gates dropped out of Harvard; Amancio Ortega (not Carlos!) of Zara started work at 14; Bottom row: Warren Buffet: two degrees; Larry Ellison (not Tom Jones) dropped out of university; Li KaShing started work at 14.Note Larry Page and Sergey Brin have four degrees between them.
- Big: gets funders attention. Profit: most will get competed away; discuss profit sanctuaries of every firm; hard to copy means scale (google) switching costs (banks), patents (pharma), brands (P&G) etc; customer need: think segments, future needs not current, blue ocean.
- High different styles; warning on money men; what happens after two years? What are the values: 3e’s, mission, hard work. And then test for them. So what is your role, your added value in the team?
- Talk about your idea: the right people will select themselves in and out; hustle means ask around look for volunteers and interns and advice from old farts; screen for armed bank robbers and references where you can; test means get them to do something; incremental commitment is test more until you have to commit.
- How would a regulator react to this? How would an entrepreneur?
- Real story: banks ripping off middle market: high fees, poor service and no innovation with huge inefficiency and yet good profits. So we can be slightly less bad and be even more profitable, esp with e-delivery: “tyres and wires” to “tireless and wireless”. And banks can not retaliate because they would cut their own throat.
- Spreadsheets are about assumptions, not about bottom right hand corner
- Pre-empt and turn them to your advantage….speed issue, credit and cherry picking