01. Bird in-the-hand (Enablis)
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The document discusses the concepts of deliberate practice, expertise development, and effectual vs causal thinking approaches to entrepreneurship. It includes quotes from Amar Bhide and Sarasavathy discussing their views that extensive market research and formal business plans are often unnecessary for startups. They advocate learning through hands-on selling and customer interactions rather than extensive pre-launch analysis. The document also notes that effectual thinking focuses on imagining new goals based on given means or resources rather than selecting between pre-determined options.
01. Bird in-the-hand (Enablis)
- 2. paulshawsmith scientific business strategy
- 3. paulshawsmith scientific business strategy
- 4. paulshawsmith scientific business strategy
- 5. Deliberate Practice: An activity that is designed to improve a individuals performance level. paulshawsmith scientific business strategy
- 6. paulshawsmith scientific business strategy
- 7. paulshawsmith scientific business strategy
- 8. paulshawsmith scientific business strategy
- 9. paulshawsmith scientific business strategy
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- 11. paulshawsmith scientific business strategy
- 12. Adam Kethro paulshawsmith scientific business strategy
- 13. Doug Crow paulshawsmith scientific business strategy
- 14. Mick Goss paulshawsmith scientific business strategy
- 15. Colin Van Heeden paulshawsmith scientific business strategy
- 16. Nic Beaumont paulshawsmith scientific business strategy
- 17. Will Battershill paulshawsmith scientific business strategy
- 18. AMAR BHIDE paulshawsmith scientific business strategy
- 19. 27 Entrepreneurs paulshawsmith scientific business strategy
- 20. 3to 40 start ups paulshawsmith scientific business strategy
- 21. 12 to 43 yrs experience paulshawsmith scientific business strategy
- 22. $200 million to $6billion paulshawsmith scientific business strategy
- 23. 1 IPO paulshawsmith scientific business strategy
- 24. AMAR BHIDE Are opportunities found or made? paulshawsmith scientific business strategy
- 25. Search and Select AMAR BHIDE
- 26. Causation AMAR BHIDE
- 28. Effectuation
- 30. paulshawsmith scientific business strategy
- 31. AMAR BHIDE Was your business idea found or made? (2 mins) paulshawsmith scientific business strategy
- 32. AMAR BHIDE How do you make a new market? (2 mins) paulshawsmith scientific business strategy
- 33. paulshawsmith scientific business strategy
- 34. AMAR BHIDE “Most of what you hear about entrepreneurship is all wrong. It’s not magic; it’s not mysterious; and it has nothing to do with genes. It’s a discipline and, like any discipline, it can be learned.” - Peter F. Drucker 1985 paulshawsmith scientific business strategy
- 35. 1 Vision paulshawsmith scientific business strategy
- 36. The Myth of the Visionary Entrepreneur
- 37. The Road Map AMAR BHIDE 1. Search for opportunity 2. Light blub moment 3. Writes business plan 4. Raises funds 5. Hires great team 6. Builds product 7. Orchestrates big launch 8. Achieves hockey stick growth 9. IPO 10. Retires on island paulshawsmith scientific business strategy
- 39. Business Plan? Yes! No! 21% 79% paulshawsmith scientific business strategy Source: Bhide (2000)
- 40. “new ventures launched with formal written business plans do not outperform ones launched without them.” paulshawsmith scientific business strategy Source: Lange, Mollov, Pearlmutter, Singh and Bygrave (2007)
- 41. Low levels of planning paulshawsmith scientific business strategy Source: Dencker, Gruber, Shah (2009)
- 42. High levels of planning paulshawsmith scientific business strategy Source: Dencker, Gruber, Shah (2009)
- 43. No!
- 44. No!
- 45. No! No! No!
- 46. No!
- 47. Causal Thinking (Selecting between given means to achieve a pre-determined goal) M1 M2 M3 Given Goal M4 M5 M6
- 48. Causal Thinking Market Research Knowledge Market People Gap Tasks Resources paulshawsmith scientific success strategy
- 49. Causal Thinking Market Research Knowledge Market People Gap Tasks Resources paulshawsmith scientific success strategy
- 50. paulshawsmith scientific business strategy
- 51. Casual Thinking Cook Book Outcome Hire Staff Vision Buy Ingredients paulshawsmith scientific success strategy
- 52. Market Research? 88% 12% Yes! No! paulshawsmith scientific business strategy Source: Inc. 500 Magazine (2010)
- 53. ???
- 54. AMAR BHIDE "OK, I need to know which of their various groups of students, trainees, and individuals would be most interested so I can target the audience a little bit more. What other information...I've never done consumer marketing, so I don't really know. I think probably...I think mostly I'd just try to...I would...I wouldn't do all this, actually. I'd just go sell it. I don't believe in market research. Somebody once told me the only thing you need is a customer. Instead of asking all the questions, I'd try and make some sales. I'd learn a lot, you know: which people, what were the obstacles, what were the questions, which prices work better. Even before I started production. So my market research would actually be hands- on actual selling." Source: Sarasavathy (2007) paulshawsmith scientific business strategy
- 55. AMAR BHIDE "Ultimately, the best test of any product is to go to your target market and pretend like it's a real business. You'll find out soon enough if it is or not. You have to take some risks. You can sit and analyze these different markets forever and ever and ever, and you'd get all these wonderful answers, and they still may be wrong. The problem with the businessman type is they spend a lot of time with all their great wisdom and all their spreadsheets and all their Harvard Business Review people, and they'd either become convinced that there's no market at all or that they have the market nailed. And they'd go out there big time, with a lot of expensive advertising and upfront costs, because they're gonna overwhelm the market, and the business would go under." Source: Sarasavathy (2007) paulshawsmith scientific business strategy
- 56. 1 Vision paulshawsmith scientific business strategy
- 57. 1 Vision paulshawsmith scientific business strategy
- 58. Bird-in-the-hand paulshawsmith scientific business strategy
- 59. Effectual Thinking (Imaging a possible new end using a given set of means) Goal Given Means Goal Goal M1 M2 M4 M3 Goal M6 M5 Goal Goal
- 60. Effectual Thinking Outcome Opportunities Outcome Resources Outcome Knowledge Outcome Outcome People Outcome paulshawsmith scientific success strategy
- 61. paulshawsmith scientific business strategy
- 62. Effectual Thinking Meal 1 Knowledge of Cooking Meal 2 Ingredients on Hand Meal 3 Equipment Meal 4 Available People I Meal 5 Know Meal 6 paulshawsmith scientific success strategy
- 64. Effectual Thinking Course Match FaceMash Partner Friends Customer Students paulshawsmith scientific success strategy
- 65. Novice Expert (Causal) (Effectual)
- 69. What are the advantages of being means- driven rather than goal driven? (6 mins) paulshawsmith scientific business strategy
- 70. • You are not chasing investors. AMAR BHIDE • You are not waiting for the perfect opportunity or perfect set of resources. • You are working with your strengths without having to overcome your weaknesses first. • Good stakeholders want to shape goals, not just provide means. • You are increasing the possible stakeholder who can self- select in your venture. • You are increasing the probability of innovative surprises. • You are increasing the likelihood of finding or creating opportunities that are a better fit for you. • You are increasing the likelihood of even failures being learning experiences that you can recover form faster and build on when you are ready to try again. • You are forcing yourself to get creative with meager resources including slack resources and even waste. paulshawsmith scientific business strategy
- 71. When are goals useful and when are goals harmful? paulshawsmith scientific business strategy
- 72. Inventory your means Who you Who you What you What you Who you Who you know know know know Are Are Your rolodex Your prior Tastes, knowledge values and preferences Classmates Knowledge Passions from your job Serendipitous Knowledge Hobbies encounters from life The strangers Informal Interests in your life learning, hobbies paulshawsmith scientific business strategy
- 73. Inventory your means AMAR BHIDE What means did you acquire or build: • As a teenager. • At school. • At university. • In your first, second, etc…. Job • In your private life. • With your hobbies, activities, etc. • From your parents. paulshawsmith scientific business strategy
- 74. AMAR BHIDE Create a list of all your means Who am I? What do I know? Who do I know? (10 mins with partners) paulshawsmith scientific business strategy
- 75. AMAR BHIDE Come up with at least 3 great business ideas. (10 mins) paulshawsmith scientific business strategy
- 76. I don’t have a good idea paulshawsmith scientific business strategy
- 77. Where do ideas come from (in theory): Patent Office Government (CSIR, NRI) Technology Transfer Trade Shows Doctoral Dissertations Invention Expositions Brainstorming paulshawsmith scientific business strategy
- 78. Where do ideas come from (in practice): Personal satisfaction and dissatisfaction Industry knowledge Outgrowth of hobbies Ideas trust on one by others Acquisition of company or product already started Ideas rejected by employer or other company Very small start, then growth Customer generated ideas paulshawsmith scientific business strategy
- 79. Assessing Opportunities Is it doable? Is it worth doing? Can I do it? Do I want to do it? paulshawsmith scientific business strategy
- 80. Feasibility Value Is it doable? Is it worth doing? Technology feasibility Market Financial feasibility Market feasibility Economic feasibility Do I want to do it? Can I do it? What turns me on about it? Personal What will it take to do it? Why do I want to do it? Who else do I need? Exit strategies paulshawsmith scientific business strategy