Entrepreneurship For Everyone

DO Your Venture: Entrepreneurship For Everyone

• TODO

• reference

  • DO Your Venture: Entrepreneurship For Everyone

Marketing Management

• Consumer Behavior

  • People do not buy products or services, they buy benefits

    • the utility of the product, and how one feels when she/he owns a certain product or brand

    • understand buying behavior

    • know who playes what role

      • to identify the need, target the initiator
      • to decide one brand or other, target the influencer
      • promote his or her product and service to the decision maker
      • buyer, user

  • Consumer decision making process

    • need recognition - the gap between the actual state and the desired state
    • pre-purchase information search
    • evaluation of alternatives
      • comparing and contrasting
    • purchase decision
    • post-purchase behavior

  • 1. B2B marketing and marketing strategy

    2. TODO

  • Marketing Strategy: Product, Service and Pricing Decision

• Differentiation, Competition and Positioning

  • Differentiation - different offers for different groups

    • Set of differentiation parameters

  • Competition

  • Positioning - try to create a difference in the consumer's mind about their producct, or brand

    • do this on the basis of certain attributes which is important to consumers, which is desirable, which is differentiable

      • positioning is dynamic because marketing is dynamic

    • say that we are different from competition

      • designing a company's offering and image to occupy a positive image in the mind of target group
        • Value proposition
      • identifying the competitors and analyzing the competitors
      • identiry the similarities and dissimilarities between your brand and competitors
      • summarize the positioning and essence of the brand

    • how do you communicate this ideas in the mind of the consumer?

• Segmentation and Targeting

  • Segmentation divide customers into smaller groups with similar demand patterns

  • targeting strategy focuses on some identified segments

• Marketing - buyer vs seller

  • satisfy its customers' wants and needs while meeting the organization's goals

    • Understand the customers before designing and producing a product for them
    • B2C, B2B, Institutional market
    • marketing evolves through the social system

  • marketing management

    • choosing target markets and growing customers through delivering customer value

  • Business Models - how this business works

    • modeling the firm as a value creating activities for competitive advantage

  • marketing starts with the consumers where as selling starts with the manufacturer or supplier

• TODO

People Management

• Managing Self - think, reflect, and introspect about yourself

  • Build on your Strength and fix your weaknesses

  • Understanding the purpose of the role

    • one's contribution, one's contribution into larger organizational purpose, one's contribution into larger professional aspiration

    • Be clear on what is your contribution to the organization

      • in terms of professional development, career growth, contribution to the organization
      • what is the purpose of your role?
      • why are the set of activities assigned to you?
      • where will you be headed in the coming years?

  • demonstrate values as a manager

    • Getting Things Done Through People

      • how much I trust others will determine how much I delegrate
        • how much I delegate will determine whether i'm getting things done throught people, or i'm doing it myself
      • give up on your strengths
      • ask others to lead on your strengths
      • pick on more responsibilities from your weak areas

    • Enjoying Success of your Direct reports

      • your direct reports are an integral aspect of your performance
      • your long-term success depends on the kind of direct reports who you invest and grow

    • Demonstrating visible integrity

      • you follow the process and policy first before you implement it to your direct reports
      • If the policy is ambiguous then ask whether you used a fair judgment in arrive at a decision
      • If still unclear on some aspects:
        • talk to credible senior leaders for counsel and advice
        • perform the mirror test

  • Spaces for development

    • startup or pilot projects
      • non-threatening, to bring value to the organization

    • unstructured assignment

      • tolerance to live with an ambiguous problem with uncertainty
      • ability to put together a structure on a relatively unstructured problem
      • judge which alternative to choose as a final decision

    • turnaround opportunity

      • ability to move from a crisis to a stable environment

    • Increasing the scope of work

    • Being part of cross-functional teams and task forces

      • understand a problem from different perspectives

• Essentials of Communication

  • Process of Communication

    • Reflect on whether the effectiveness of communication is impacted by the receiver or other facotrs
    • Do not underestimate the role of medium, message and noise in distoring

  • Barriers to Communication

    • Selective Perception
    • Information Overload
      • use data and facts from multiple sources to arrive at a judgement
    • Language
    • Lack of Self Awareness

  • Consequences of Ineffective Communication

    • misunderstanding -> confusion -> defensiveness -> mistrust -> conflict

  • Conflict and its Management

    • Conflicts provide space for

      • thinking out of the box
      • thinking constructively
      • adding value to the organization

    • Manage self to manage conflict effectively

      • stay calm and understand different perspectives
      • listen to understand not to argue or defend
      • look for positive spaces to build conversations
      • present your viewpoint tactfully and appropriately
      • focus on the future
      • do not make personal attacks
      • do not lose self respect by shouting and abuse
      • ask questions and pick your battles that you want to fight
      • be creative in finding solutions
      • celebrate agreements

    • Overcome Barriers

      • active listening

        • listen to understand, not listening to reply
        • active listening is listening to what is unsaid, not what is said
        • ask the right question, paraphrase, summarise, help to arrive at a clarity

      • being open minded

        • listening to different perspectives
        • willing to inquire
        • examining issues from receivers point of view
        • actively seeking solutions to resolve problems
        • having fewer judgements
        • open to reviewing decisions

    • Barriers and Gateways to Communication

• Building Peer Networks

  • Inter-dependencies

    • The expectations we have from each other - the tasks and goals
    • Our deliverables are related
    • The time spent in managing conflicts and ensuring co-ordination

  • ability to influence peers

    • Through Relationship - a reciprocity of give and take
    • Through Expertise - my pear does not have and nees
    • Through Support them in their responsibilities

  • Building effective relationship with Peers

    • Understanding Peer's Needs and Bringing Value

      • understand the peer's context as well as your own context
      • problem centred, idea centred

    • Awareness of your own and peer's strengths and weaknesses and see how complement them

      • focus on the strengths and the positive aspects of the partner

    • Manage conflicts effectively and co-create new ideas with them

      • a need for a periodic review and feedback

      • step back and think of conflicts largely from task, work-related, deliverables-related

        • focus on the sturctural aspects of the conflict
        • do not convert each conflict into a personal conflict

  • TODO

    • Peer relationships: How to stop being competitive with your peers and be a better leader
    • 5 Tips for Building Relationships at Work

• Performance Management - Assessment and Evaluation

  • Align employee action with the firms goals

    • planing and goal setting -> set direction for your team members

      • broken down to an individual level

    • coaching and feedback

      • Leadership

        • depend on others to get work done
        • delegate for self growth
          • people whom you can trust, to whom you can delegate, and who will then take over responsibility from you
          • free up more time for you to do what is important both from an organizational perspective as well as your own personal growth and career perspective

      • good coaching = review + feedback

        • reflect on your capability to coach others

          • coaching lies your own personal growth

        • have the following information before your coach

          • clarity about the performance goals and measurements for each team

          • have a good sense of what are the organizational constraints that could be obstructing performance from an employee's point of view

            • employee is overloaded? not have adequate resources?

          • good sense of personal constraints that are allowing an employee not to perform

            • lack of motivation, skills, or knowledge
          • clarity on how to give feedback to that employee

        • you will use objective data to support subjective assessment

    • evaluation and measurement

      • have a thorough knowledge of the performance appraisal format

        • have clarity and understanding of the context
        • observe and monitor performance
        • make judgments on individual performance
        • create a personal development plan

      • help the person become more self-aware

        • help you understand what is your own style
        • how much are we able to capture and understand the clues that people give us
          • "maybe you should have done this differently"
          • "I think there is another way to look at this problem"

• Getting Work Done Through Others

  • Stakeholders management is one of the key aspects of being an effective manager

    • differing expectations
    • figure out how the interest of customers, suppliers, communities, employees and financier go in the same direction

  • prioritize your tasks

    • list to-do tasks

    • determine what is urgent and what is important

    • understand which tasks have long term value for you, your manager, and your organization

      • access periodically which of the tasks are high impact and value

      • think about the effort required to complete the task

    • be flexible - reprioritize once there is a crisis apparently

  • understand your team members

    • Don't use your own yardsticks to access your team members

      • requirement to understand

        • abilities , motivation, need, aspirations, skills, knowledge, expertise

      • understand whether they are performing or not performing

    • recognize and engage with diversity of thoughts

      • bring out those different perspectives, integrate them and provide some meaningful solution to your tem

  • defining and assigning tasks effectively

    • delegation is about trust

      • it requires you, as a manager, to trust

        • when I assign responsibility I know that individual will deliver to the best of their capability

        • by delegating more you will be able to do things that are important , that add value to yourself and the organization

        • delegation is also about the opportunity that i get for myself to be able to grow in my career and responsibility

      • outline the expectation, get them specific comments

        • I shoud not do this, I am the manager

    • assigning tasks

      • have periodic conversations with your employee

        • good understanding of both the knowledge that the employee has, and also the understanding about the job that the employee has

        • what is it that he or she is doing

        • what are the ways in which it could be done differently
        • do they see ways of improving what it is that they are doing

      • Keep an open mind when you are using that feedback that you get from different people

        • have an independent assessment of the team member for yourself
        • assign some responsibilities, track them carefully, understand why they are performing or not able to perform before you arrive at a judgment

      • provide periodic review, feedback that help the team members to grow

  • TODO

    • Successful Delegation

• People management

  • Understanding and predicting employee behaviour

    • Understanding perception and interpretation - which you interpret this situation

      • the perceptual lens that we use shapes the reality of what we see
      • perception - a belief or opinion
        • the way we see others will impact the way we behave with them
      • how do I manage my perceptual biases?

    • Identifying the intrinsic and extrinsic Motivation is a key aspect of development

      • intrinsic - passion, drive, accomplishment, recognition, challenging task

      • extrinsic - pay, human resource, managerial support, working condition

  • Understanding organizational system and processes

    • Organizational Structure

    • Organizational Culture

  • a broker to align the organizational expectations with the team's expectations.

    • Trust
    • see the big picture
    • Integrity
    • make touch decisions

• People Management

Entrepreneurial myths - the pursuit of opportunity beyond resources controlled

• 生意就是 寻找机会，创造出有人需要的资源来换钱

• pursuit - the actions of an individual entrepreneur - drive, focus, discipline, and balance

  • Only open mind and willingness to learn

  • The best way to prove your credibility is by making real progress with your idea

  • Success comes down to executing on your idea well and finding the right customers where you can solve their needs better

• opportunity - a better, cheaper, or more efficient offering for the customer

  • You've found a great idea if you can fill a need better than what currently exists
    • Success comes down to execution, don't need to find a perfect idea

• Beyond rescources controlled - managing the risks of external constraints

  • Prioritize and manage your time well
    • commit until they've reduced the risk of the startup
    • find those 20% of things that are going to yield 80% of the results

Identify a purpose and problem

• Focusing on the problem not the solutions - No bad problems to solve

  • write down all problems

  • ask "how might this work?"

  • how current customers aren't completely satisfied with their current products or services

    • Listen to customers in the market about their frustrations

    • Is there a better way?

    • Assess your competitors strengths and weaknessess

  • look for potential customers who do not have access or skills for current offerings

    • Assess barriers to being a customer to see if there are certain skills, access, awareness, etc that makes the offering accessible to these customers, but prvent it from being desirable or accessible to others

  • opportunity

    • your frustrations

    • problems in the community

    • global issues

• Filtering

  • fit - be a founding team that others believe in

    • access each problem based on how excited you would be to work on it, and whether or not it plays to your strengths

  • Potential - give confidence that you would be creating value that you can capture

    • access each problem based on whether there is a real need with customers who are desperate for a solution

  • Ask yourself why you're starting a company in the first place?

    • to be your own boss, to change the world, to improve people's lives

    • important to be passionate about what you are working on, have the ability to execute on it, and feel confident in the potential

• Teaming

  • design - finding the right complementary co-founders

    • shared vision and values - have a common 'why'

  • launch - setting expectations and norms

    • know what is important (and not important) to everyone
      • motivations and values - what aspects of the project appeal to you?
      • a bigger mission around the team can align
      • working style - your preferences, commitments, personality
      • roles and responsibilities
    • norm - an accepted standard or a way of behaving or doing things that most people agree with

  • process - managing the culture relative to norms and expectations

Understanding Customers

• learn the needs and preferences of your potential customers

  • determine potential customers

  • write an interview guide with a few open-ended questions

    • to learn about their needs and ideas
    • leave room to make it a conversation

  • conduct the interview

    • Do not sell, this is the time to learn

  • analyze the data - find the key insights from each customer type

    • gender, age, and difference in buying behavior
    • develop a customer persona - the one person within your target market
    • list out everything you know

• what to do

  • Focus on the need, not the solution

  • Bias - you are there to uncover a need, not there to validate what you think

  • Do it in person, one at a time - this will allow you to pick up on cues from gestures and facial expressions

  • Ask open-ended questions - this makes it a conversation and allows you to get to more depth of the need you may not have thought about before

    • how do u do things now?
    • how do u wish you did things?
    • what u think can bridge the gap?

  • listen much more than you talk

  • understand their priorities

  • get subjects to tell a story

Designing your offering

• Use surveys to determine the most important dimension to your customers

  • Customer priorities - who is paying for the offering
    • survey - test or learn about your target customers
    • craft unbiased questions to test your hypotheses including multiple choice, rank order, and open-ended questions

• Competitive positioning

  • commercialize these ideas and consistently creating value for both the customers and your business

  • list the things that your customer cares about

    • select just the top two things your customers cares most about

  • rate the competitors on how well they address the top two customer priorities

  • access where you want your offering

• Develop your value proposition

  • clearly identify your specific customer

  • use numbers in the benefit, such as '30% less water usage'

  • user promise, over deliver

    • focus on your target customer's highest priority

  • keep it short and simple (just one sentence)

  • startup success is more about execution than the idea itself

    • after you've developed your solution, you shouldn't be concerned about people stealing it.

Testing your offering - prove the value of the service first

• MVP - minimum viable product - and how to develop it

  • test just the core functionality of your offering to see if customers will change behavior

    • the product or service

      • prototyping your product's core functionality to test the concept as simply as possible

    • the customer behavior

• Customer acquistion - the channels and methods for selling

• Elevator pitches

  • why - statement of purpose
  • how with your value proposition
    • strategy to achieve it
  • what - the resulting offering

Growth - operations and financials

• Operations include internal logistics, how your offering is made, sold, and delivered

  • the builder - the tech part

    • manage all of the research and development to get the product made

  • the brander - the marketing

    • connect your offering to your customer with the marketing and design.

  • the business developer covers finances and sales

• Financials

  • revenue model for products

    • sell the product directly
    • license it to a bigger company

  • revenue model for services

    • charge users like netflix
    • charge businesses for data or advertising like yelp

  • Pricing

    • start with a higher price and discounting to get to your target amount

  • sales projections

    • Top-down , and down-top

    • gross profit

    • net profit

  • Investment need

• Becoming an Entrepreneur

Entrepreneurship For Everyone

Accounting and Finance

reference

• People Management
• DO Your Venture: Entrepreneurship For Everyone
• Accounting and Finance
• Marketing Management