Exercises and Questions
Entrepreneur and Innovation Class Questions and Exercises
Develop vision, value and mission from invention
Let's focus on an invention. For example, three dimensional printing of life size statues made of concrete materials. It is a technique that can potential lead to a product, which can potentially lead to utility and effects. But let's look further into four elements: intended customer, value, your vision and your company vision.
Investigate three players in the same industry
Investigate three players in the same industry. Examples: Credit cards/Square/Paypal in the United States, Cinnamon roll makers(Cinnabon/Philsberry), drive through coffee (McDonald/Dunkin Donuts). Example: The value for consumer and the price, the way they make profit and money, the way they started. Identify the barrier of entry for each organization.
COVID 19 Startup
During the COVID 19 lock down period, many people are forced to stay home. Work has to be disrupted, and must be conducted on line. Identify top two business that you could, in retrospect, saw and conduct immediately to grow a long lasting company. Or you can identify two companies that successfully conducted good money-making business. We don't want to include companies that make masks or medical stuff, unless they are not just "making money" for the time being.
A wannabe watch manufacturing entrepreneru
If you want to start a watch brand, is this a good time? this is inspired by a post I saw on REDDIT. ( Is this a good idea? is this good enough? how to complete this idea and make it executable and exciting?
Timing is most important in startup
Timing is the most important factor in determining if a startup would succeed. To be more precise, you must start "before the right time" so that you can catch the right time. According to Bill Gross, founder of Idea Lab, who started over 100 companies. Watch the youtube video of TED talk by him, He investigated 200 companies, and found that timing is 43% important, execution is 32% important, and idea is 28% important, followed by business model and funding. What it means is not that idea is not important, but that timing and recognizing the timing is far more important than "having a flash of genius". Name five companies, and identify the timing elements in their founding. Both in terms of technology, or PESTEL (Political, Social, Environmental, Technological, Legal).
Develop a value plan for an invention
Someone invented a "classroom clicker" around 2000. Each student can have a clicker to vote and a teacher would know the response of the class in real time for their understanding.
Pretend you are Elon Musk
Elon Musk started Tesla after the electric car experiment by Ford failed in public. Develop the business vision, the business plan, the startup approach (initial target audience and value) and scaling models for Tesla. Write a three page presentation (very high level). Identify the key technology disruption point around the time of Tesla's start.
Critic an idea "That Day"
Critic this "product launch" boot strap company. Comment in terms of vision, mission, value, price, revenue. Here is the original message on reddit:
Hey, guys! We are the startup Thatday, a digital keeper of your romantic life. Our App collects dates of important events, such as marriage, first meeting, birthdays, etc), reminds about upcoming noteworthy dates, and suggests different services (romantic evening, air balloon trip, or something cute from Amazon, etc).
It is a bootstrapped startup, so we are seeking feedback from users. Today we have launched Thatday on Product Hunt. Please, join the discussion and tell us what you think about the idea and the App. You may find us on the main page of Product Hunt. Thank you!
If you can become the CEO of any company
If you can become the CEO of any company, which company would you work for? Write down your choice after careful consideration. Then, look up the internet for latest news regarding the company.
Assume you can have building talent and unlimited funds
Assume that you can have any building talent and unlimited fund, so you can build anything from scratch yourself and spread it. What would you do today?
Anticipate ecosystem in 30 years
Most important inventions and entrepreneurship were made 20-30 years ahead of time. SpaceX was founded in 2002. Loud Cloud started in 1999. When both the technology and environment would be unavailable. Write a two page essay describing ecosystem in 30 years from today.
If you can not protect your back, don't do it.
Assume you are inventing something totally new. After you are successful, discuss whether it can be protected against anyone. Do not use patents and trade marks - these only guard against gentlemen, not business men, or other smart engineers.