THE ENTREPRENEURIAL MINDSET PROF. MIGUEL MEULEMAN

Transcription

1 THE ENTREPRENEURIAL MINDSET PROF. MIGUEL MEULEMAN

2 The average lifespan of a company listed in the S&P 500 index of leading US companies has decreased by more than 50 years in the last century, from 67 years in the 1920s to just 15 years today. (R. Foster, Yale University, 2011)

3 (SOME) BIG CORPORATES LIVE IN FEAR

4 DO WE DARE TO RELY ON A VISIONARY CEO FOR OUR NEXT BREAKTHROUGH IDEAS? 5

5 6 DO WE DARE TO RELY ON LUCK FOR OUR NEXT BREAKTHROUGH IDEAS?

6 7 OR DO WE WANT TO RELY ON A SYSTEMATIC PROCESS TO INNOVATE?

7 YOU 8

8 THE ENTREPRENEURIAL MINDSET What are key behaviors of innovative entrepreneurs and innovative executives? Questioning Observing Experimenting Idea networking 9

9 10 THE INNOVATOR S DNA

10 THE INNOVATOR S DNA 11

11 INNOVATOR S DNA Innovative entrepreneurs and executives tend to score higher than executives on 4 behavioural patterns Questioning Observing Experimenting Idea networking 12

12 YOUR INNOVATOR S DNA Fill out the survey you can access on the following link: 13

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14 QUESTIONING

15 QUESTIONING 17

16 DO WE NEED TO OFFER FREE MEALS? 19

17 DO HAIRDRESSERS NEED TO CUT HAIR? 20

18 QUESTIONING: DARE TO ASK DIFFICULT QUESTIONS! Whenever you look at existing products or services, dare to question why things happen in a certain way. For example: Do you need to have brick and mortar stores or does it only add costs? (e.g. Amazon) Are there any services you could drop (e.g. Ryanair)? Or add (e.g. personal banking)? Why are certain products or services so expensive? Does it need to be so expensive? (e.g. Dell computers) Are there ways to re-segment the market and carve out a niche (e.g. Innocent Smoothies)? Is there a possibility to specialize and become the best in one type of product (e.g. Noë, Belgian brand with pumps for woman) Dare to ask why certain services do not exist? Why not? Are there any technological advances that would enable the service or product? 21

19 ASKING QUESTIONS USING INSIGHTS FROM BLUE OCEAN STRATEGY 22

20 WHAT DID YELLOW TAIL QUESTION? 23

21 PERSONAL REFLECTION What are your questioning patterns? What kind of questions do you focus on? To what extent do you involve your team in question storming (rather than brainstorming on solutions)? What is your Q/A ratio question/answer ratio? Good answers start with good questions. Pay attention to this. Take time to track your questions in a notebook and review questions that consistently come back. 24

22 OBSERVING

23 OBSERVING 1. Spotting trends 2. Identifying pain / needs of customers 3. Watching successful business models abroad or in other industries

24 1. SPOTTING TRENDS Macro trends Demographic Sociocultural Economic Technological Regulatory

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26 APPLY NEW TRENDS IN SYSTEMATIC WAY What are some basic problems or needs that can be addressed by applying the trend? What are new consumer expectations based on these new trends? What enables this trend? What has changed? Can you think of any businesses who have been successfully in exploiting the new trend? How and where could this new trend apply to your business? 29

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28 INSPIRATION LIST SIMPLE SERVICES you COULD OFFER USING WHATSAPP? 34

29 2. IDENTIFYING PAINS/NEEDS OF CUSTOMERS The best way to discover needs and pains of customer is to go out and observe your customers To what extent are you applying User-Centered Design Methods? Examples: Value proposition canvas Buyer utility map Time-lapse video Customer journey mapping Personaes Stakeholder mapping 35

30 MARKET RESEARCH VERSUS HUMAN-CENTRED DESIGN RESEARCH 36

31 CUSTOMER JOURNEY MAPPING Customer journey mapping is the representation in a flowchart of the customer s experience as he or she interacts with your company in receiving its products or services 39

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36 3. MAPPING SUCCESSFUL BUSINESSES MODELS OR STARTUPS ABROAD OR IN OTHER INDUSTRIES START-UPS ARE EVERYWHERE 47

37 THE QUESTIONS YOU SHOULD ASK WHEN OBSERVING NEW STARTUPS OR BUSINESS MODELS What trends do these new startups try to exploit? What is the underlying problem they are trying to solve? What makes these new business models possible today? Which customer segments do they address? How would this apply to your business? Why is it that we don t / can t offer this service? Is there anything you can learn from their revenue model, customer acquisition strategy, customer segmentation, user experience design, cost structure, growth strategy? How would they run your business?

38 CHECK OUT VIV.AI AS AN EXERCISE 49

39 EXPERIMENTING

40 LAUNCHING INNOVATIVE IDEAS GENERALLY IS DIFFICULT AND RISKY 53

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42 HOW DO YOU FIND OUT WHETHER A POTENTIAL PARTNER is A GOOD FIT? 56

43 HOW DO YOU FIND OUT WHETHER A POTENTIAL PARTNER NEW IDEA WILL WORK? 58

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45 DE LIJN IS TESTING NEW SOFTWARE SYSTEM BECAUSE TICKETING SYSTEM THAT COSTED 150 MILLION EUR DOESN T WORK 60

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47 EXPERIMENTATION AT NORDSTROM INNOVATION LAB 62

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50 PERSONAL REFLECTION Do you experiment in your personal life (e.g. take the bike instead of car, change jobs, )? To what extent are your willing to pilot new ideas even if you aren t sure it will work? How do you deal with failure can failure be positive as an outcome? To what extent does your organization support experimentation e.g. pilots with customers? Do you have systematic processes in place to support experimentation? Do you have the skills to launch smart experiments? 65 Imperial College Business School

51 To act on a bad idea is better than to not act at all because the worth of the idea never becomes apparent until you do it. (Nick Cave) 66

52 IDEA NETWORKING

53 INNOVATORS NETWORK DIFFERENTLY INNOVATORS TYPICAL EXECUTIVES 68

54 SWAP JOBS WITHIN AND ACROSS ORGANIZATIONS 69

55 VISIT (START-UP) EVENTS TO GET INSPIRED 70

56 ALLOW EMPLOYEES TO WORK FROM COWORKING SPACES 71

57 BRING IN SEASONED ENTREPRENEURS OR INVESTORS TO MENTOR EMPLOYEES 72

58 73 WRAP UP

59 CONCLUSION Organizations need to become more entrepreneurial to keep up with today s challenges it all starts with the individuals in an organisation Looking for opportunities is something you can organize in a systematic way. Make sure you get inspired! Questioning, observing, experimenting and idea networking You can practice the innovator s DNA skills Creativity requires discipline It s key for your organisation to structure the creative process well it s not enough to have creative or entrepreneurial individuals. It s a shared responsibility! 74

60 FEEL LIKE SOME MORE? Management Acceleration programme(start: 24 May) New Business Development (start: 4 June) Growth Through Innovation (start: 28 May) Or contact us for a customised programme for your company #experiencevlerick