Week1 Session1

ENT 332:
MANAGING THE NEW VENTURE

Spring 2017
2/2/17 Sunny Sanwar 2
About Me
Sunny Sanwar Office: Room 317
3rd Year PhD candidate in Entrepreneurship & Innovation at UMKC Office hours
MW 1:00 -3:45PM
Background R: 3:45-5PM
(Or by appointment)
Bachelor of Science in Mechanical Engineering (KU)
Master of Public Administration (UMKC)
Experience:
Universities (KU, UF at Jacksonville, FL)
U.S. Department of Energy (Biofuel in Ft. Myers, FL)
System Administrator at Jackson County, Missouri (KCMO)
Startup experience:
Founder and CTO at Verd2GO (acquired)
Today's Topics
Awkward going-around-the-room introductions
Course Introduction
Course expectations (Blackboard site to be live soon)
Deliverables review

SHORT REVIEW: How to Develop Solutions for Your Venture
Search vs. Execution | Early-adopters to mass market
Resources to Prototype Your Solution
IDEAS: How to Make ENT 332 More Effective and Useful
Discussion on how to make classes more valuable to you
VCC entry (required).
Introductions
1. NAME, MAJOR, YEAR
What previous venture ideas have you worked with at UMKC, (or elsewhere?) if any
2. INTERESTS outside of school.

In an ideal world, what type of a start-up would you found?
Sports (fantasy football app), food (cupcake store), tech (IoT infused diapers), service (taxes for
international students) etc.
3. If you had to choose, what is a title best suited to your skillset/interests?

Marketing? Operations? Legal? Accounting/Finance? Engineering/R&D?
Semester Objective
Evaluate the viability of your venture
Define how you will deliver your product or service to customers
Define an operating plan that you will follow (MANAGE)
Deliver on your ventures value proposition (GROW)
Make sales to your launch customer
Establish a clear path to venture revenue goals
PARTICIPATE (AND CRUSH!) REGNIER VENTURE CREATION
CHALLENGE
Materials
Recommended References
CROSSING THE CHASM: Marketing and Selling High-Tech Products to Mainstream
Customers (Any version)
I will create materials that rely heavily on these books and concepts contained
herein
Will share articles and cases in class
WHY?
The research on new product success and failure indicates that it takes 58
new product ideas to deliver a single successful new product 1.
Over 2/3 of the ventures funded by a top Silicon Valley Private Equity firm had changed
their business plan 8 months after funding.
Figuring out what customers will buy is a process, NOT! a guess
Your business plan you have now will evolve through the semester and beyond.
You will learn a process and use tools to evaluate your venture and change course if
necessary.
THIS HELPS YOU TO BETTER MANAGE = MAKE BUSINESS GROW
1
Albert Page, Assessing New Product Development Practices and Performance: Establishing Crucial Norms,
JPIM 1993.
HOW?
Understand the process for engaging customers and improving your venture value
proposition so customers will buy from you.
Develop a plan for testing your and hypotheses, defines a execution plan for making a
scalable product, and defines a path to sales to your launch customers.
Produce your venture Minimum Viable Product
Engage Customers Execute Your Dashboard
Iterate your Plan to reflect your learning
Presentations to Venture Mentor Panel
Present your venture at Venture Creation Challenge

Deliverables
DELIVERABLE DUE POINTS
1 Venture Execution Plan 31 Jan 2017 25
2 Prototyping Plan 2 Feb 2017 25
3 Venture Dashboards 9 Feb 2017 50
4 Opportunity Worksheet 21 Feb 2017 50
5 Competitor Gap Analysis 23 Feb 2017 50
6 Analog + Antilog 28 Feb 2017 25
7 Positioning Worksheet 2 Mar 2017 25
8 Mid Term Exam 9 Mar 2017 100
9 Customer Awareness + Analysis Worksheet 21 Mar 2017 100
10 Business Plan Draft 4 Apr 2017 50
11 Sales Channel Worksheet 6 Apr 2017 25
12 Sales Funnel Worksheet 11 Apr 2017 25
13 Crowdfunding Worksheet 13 Apr 2017 25
14 Venture Funding Worksheet 18 Apr 2017 25
15 Business Plan Final (Friday, RVCC Deadline) 21 Apr 2017 200
16 Team member evaluation 27 Apr 2017 50
17 Your Individual Journal 4 May 2017 50
18 Class Participation and Contribution (Attendance) On-going 100
Total 1000
Short Review
Historic product development vs. now
What has changed / why do we need this class?
Product Introduction Model
Concept/ Product Alpha/Bet Launch/

Seed Dev. a Test 1st Ship
Round
Tradition Hire Marketing

Concept/ Product Alpha/Beta Launch/
Seed Dev. Test 1st Ship
Round
- Create Marcom - Hire PR - Create
-Marketing Materials Agency Demand
- Create - Early Buzz - Launch Event
Positioning - Branding
Tradition Hire Sales
Concept/ Product Alpha/Beta Launch/

Seed Dev. Test 1st Ship
Round
Marketing Materials Agency Demand
Hire Sales VP Build Sales

Sales Hire 1st Sales Organization
Staf
Tradition Hire Bus Development
Concept Product Alpha/Beta Launch/

Dev. Test 1st Ship

Sales Pick distribution Channel /
Channel Distribution
Business Hire First Do deals for FCS

Development Bus Dev
Tradition Hire Engineering
Concept Product Alpha/Beta Launch/

Dev. Test 1st Ship

Sales Pick distribution Channel /
Channel Distribution
Business Hire First Do deals for FCS

Development Bus Dev
Engineering Write Waterfall Q/A Tech Pubs

MRD
NOW: Execution on Two Knowns
Product Features: Known

Requirements
Design
Implementation
Customer Problem: Verification

Known
Maintenance
Source: Eric Ries

http://startuplessonslearned.blogspot.com
NOW
NOW: In the tech world

NOW
A COMPANY
A COMPANY
How this class helps you as an entrepreneur

Founders run a Customer Development Team
No sales, marketing and business development (definitely no engineering)
This is where this class fits
You have an idea, you have some validation
Now how do you make money?
..and keep making money?
Deliverables: Dashboard
Your Venture Name Here Dashboard 1 of X
Tools to identify and
Leap of Faith Hypothesis How You Will Finding Insight
organize the Question Measure
experiments that will
1
validate or refute
your ventures
Start
Start here
here Start
Start here
here Start
Start here
here Start
Start here
here Start
Start here
here
Leaps of Faith
Start
Start here Start
Start here Start
Start here Start
Start here Start
Start here
2
here here here here here
3
3Start
Start here
here Start
Start here
here Start
Start here
here Start
Start here
here Start
Start here
here
Deliverables: Venture Execution Plan

Where do you
position your
product so it makes
sense?
Are you going out
based on your
assumptions or
validated questions?
Do you have the
archetype down?
Let me check
Deliverables: Customer Awareness & Analysis

Who are they?
What do they do?
What are they scared of?
Paypal or cash?
Lazy or OCD??
Are they ignored?
Left-handed folks
Deliverables: GAP ANALYSIS

What are your competitors
providing your segment?
Where can you enter,

and burrow a hole/gain
Market share?
What do you have that

they dont?
Deliverables: Positioning Statement
Positioning Statement
For (target end user) ? Anyone who wants to travel in style
Who wants / needs (compelling reason to buy) ? Loves to have fun at work and play
The (your product name) is a (type of product) ? Apple iPhone is a smart phone AND an iPod
That provides (key benefit) ? Apples ease-of-use, elegance and cool factor
Unlike our main competitor (name them) ? Blackberries and other smart-phones
Our product is better because Offers clearer phone calls, faster browsing, and photos, music and movies
?
that come to life in the palm of your hand
Deliverables: Sales Funnel Worksheet

Deliverables: Sales Channel Worksheet
How do those slick landing page

sites make money? KickOffLabs
Web-traffic (AdWords, SEO)

20% of free users convert to paid product.
Their site lists 4,503 customers.
900 paid customers
Their lowest priced product is $15
$13,620 per month
Deliverables:and much more

Refine your idea, concept, market entry, strategy, projections, etc
THIS CLASS IS NOT AN IDEA GENERATION CLASS, IT IS ASSUMED YOU HAVE ONE
If you dont, your competitor will
DONT BE OVERWHELMED WITH THE # OF DELIVERABLES!

They form sections of your business plan, and are light by themselves
Next Class
Homework: Prepare a 5 minute presentation of a possible venture.
Problem
Solution
How You Will Sell to Customers
How You Make Money
Why You Will Succeed Against Competition
Feel free to team up if you want.
Finalize teams (what works best?)
Startup weekend-like pitching (speed-dating for cofounders)
Mimic real life, will work with diverse people where you have no control
Don't pick folks who mimic your personality or strengths, rather complement it

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ENT 332:

MANAGING THE NEW VENTURE

2. INTERESTS outside of school.

3. If you had to choose, what is a title best suited to your skillset/interests?

Engage Customers Execute Your Dashboard

Iterate your Plan to reflect your learning

Presentations to Venture Mentor Panel

Present your venture at Venture Creation Challenge

Product Introduction Model

Concept/ Product Alpha/Bet Launch/

Tradition Hire Marketing

Tradition Hire Sales

Concept/ Product Alpha/Beta Launch/

Hire Sales VP Build Sales

Tradition Hire Bus Development

Concept Product Alpha/Beta Launch/

- Create Marcom - Hire PR - Create

Business Hire First Do deals for FCS

Tradition Hire Engineering

Concept Product Alpha/Beta Launch/

- Create Marcom - Hire PR - Create

Business Hire First Do deals for FCS

Engineering Write Waterfall Q/A Tech Pubs

NOW: Execution on Two Knowns

Product Features: Known

Customer Problem: Verification

Source: Eric Ries

NOW: In the tech world

How this class helps you as an entrepreneur

Deliverables: Venture Execution Plan

Deliverables: Customer Awareness & Analysis

Deliverables: GAP ANALYSIS

Where can you enter,

What do you have that

Deliverables: Positioning Statement

Deliverables: Sales Funnel Worksheet

Deliverables: Sales Channel Worksheet

How do those slick landing page

Web-traffic (AdWords, SEO)

Deliverables:and much more

DONT BE OVERWHELMED WITH THE # OF DELIVERABLES!

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