Customer Development (Entrepreneurship) Think BIG, Start SMALL, Scale FAST

Transcription

1 Customer Development (Entrepreneurship) Think BIG, Start SMALL, Scale FAST Module guide

2 Author(s) Programme Responsibility Module ID Anoesjka Timmermans Anoesjka Timmermans John Sterk 6118CUD Head of Department of Entrepreneurship Dean of AMSIB Academic Year EC 5 Contact hours 74 Course site AMSIB Amserdam School of International Business (HvA) 2017

3 Contents 1. Module overview Content Learning goals Coherence with other modules Study materials & recommended further reading Questions and who to contact Set-up of this module Teaching methodology Assignments & Assessments Assignment details... Error! Bookmark not defined. 4. Exams Resit General regulations Lesson plan Error! Bookmark not defined. Appendix 1: Relationship with your programme s profile competencieserror! Bookmark not defined. AMSIB Amserdam School of International Business (HvA) 2017

4 1. Module overview This guide gives you an overview of the module Customer Development, a customer centric approach to entrepreneurship and innovation. More detailed information can be found on the MYAUAS ( 1.1 Content Entrepreneurship is more than starting a (micro) company. It is a set of skills that each one of us needs to get the most out of our careers and what companies need in order to be and remain innovative. Entrepreneurship as we have come to understand it is primarily about 1. the ability to discover, create and exploit opportunities, in which opportunity alertness is a key competence (Gaglio, 1997; Gaglio en Katz, 2001; Van de Veen en Wakkee, 2004). Alertness in combination with well developed cognitive (logic, intuitive and creative) ability enables the entrepreneur to see opportunities in changes and trends (Baron, 2006; Gaglio en Katz, 2001) in the market, relying on (often) incomplete information (Shane & Venkataraman, 2000), and to evaluate these on their potential to create unique value (Chandler en Jansen, 1992; Van de Veen en Wakkee, 2004); 2. mobilising resources (team, talent, tangible and untangible) (Bacigalupo et al, 2016; Van de Veen & Wakkee, 2006), in order to create unique, differentiating value for a competitive advantage (Amit & Han, 2017; Sirmon et al., 2011); and 3. taking adequate action to exploit the opportunity and turn it into a competitive advantage (Van de Veen & Wakkee, 2006), in which the willingness and ability to work under severe (time and resource) constraints is a key differentiator for success (Ries, 2017) Successful companies, established and startups, apply the above process of entrepreneurship in a very customer centric way, referred to as Customer Development, or Customer Centric Design. In this module we study, discuss and experiment with a combination of traditional and contemporary entrepreneurship and business development insights, methods, theories and tools in order to facilitate your personal development as an entrepreneurial professional and a business initiator, to be applied within the setting of an existing company (startup or corporate). The module differentiates itself from other Entrepreneurship programs in its corporate approach and its 3 pillar approach; 1. Development of personal entrepreneurial skills & behaviour -> developing your entrepreneurial skills such as pitching, presenting, customer orientation, customer development, selling, buying, negotiating, planning and dealing with diversity and internationalization, 2. Entrepreneurship in practice -> experiencing entrepreneurship from a practical perspective, co-creating innovative business concepts with various stakeholders, creating, testing, iterating, pivoting, redesigning, testing, iterating, etc., and 3. Theory & research in entrepreneurship-> deepening your understanding of entrepreneurship and its various disciplines from an academic perspective, by actively conducting research, as well as studying and reflecting upon practical case studies and research papers on the various issues that are concerned in building a successful businesses, either as an individual startup or as part of a corporate entrepreneurial initiative; The module Customer Development focuses on the practical and personal development aspects of the entrepreneurial process, initiating a novel business concept, utilizing the lean start up tool developed in Silicon Valley and applied globally by numerous startups and, increasingly so, by established companies and corporates. In the module we assume a somewhat linear process, which iterates frequently, containing the following topics: opportunity discovery / creation, ideation, value creation, customer & market orientation and customer & market development, feasibility anlaysis, preparing your marketing & sales, business modeling and business planning & analysis. AMSIB Amserdam School of International Business (HvA) 2017

5 The entrepreneurial mindset and skills you need to succeed are: - the ability to present novel viewpoints and creative solutions to actual issues in business, economy and society, - Demonstrate effective communication, persuasion, negotiation and leadership to collaborate with relevant stakeholders in creating value. - work independently in unfamilar circulmstances, in which the informaiton available is uncertain, partial or ambiguous, or whe there is a risk of unitented outcomes. AMSIB Amserdam School of International Business (HvA) 2017

6 1.2 Learning goals # You can: 1. translate trends to (innovative) opportunities, transform opportunities into ideas and solutions that create value for others 2. carry out a customer development process 3. pro actively initiate tasks to develop the business 4. work independently in unfamilar circulmstances, in which the information available is uncertain, partial or ambiguous, or where there is a risk of unitented outcomes (dealing with ambiguity) 5. collaboratively develop a variety of innovative business models 6. identify and organize skills and resources and activities necessary to realize an effective business model (mobilizing resources & business development) 7. bring together relevant stakeholders to gain traction for the innovation/business venture 8. carry out a(n international) business development process Appendix 1 defines the relationship of the learning goals within this module with your programme s profile competences. 1.3 Coherence with other modules The module Customer Development is aligned with the other modules in the minor (Technology in Business, Causes in Entrepreneurship, Entrepreneurial Finance, Managing Entrepreneurship & Innovation and Sales & Negotiations). In addition to deepening your understanding on the various themes in entrepreneurship, this module applies the theories, tools and case studies of the modules above in the context of creating a new, customer centric, innovation for an existing company (corporate, SME or startup). Customer Development relates to Marketing Management through the necessity to identify opportunities, segment markets and determine target markets, and to develop product/service-concepts for them. The course relates to the Research subjects by the necessity to conduct both primary and secondary research for the various assignments, and by the need to validate research findings for its application in the new to start venture. There is a strong linkage to Leadership and Change Management in that especially corporate entrepreneurship studies the implications of enabling entrepreneurship as an organisational discipline and organisational understanding in creating business models.

7 1.4 Study materials & recommended further reading Mandatory: Aulet, B. (2013). Disciplined Entrepreneurship, 24 STeps to a Successful Startup. John Wiley & Sons Inc. Hoboken, New Jersey. ISBN Aulet, B. (2013). Disciplined Entrepreneurship Workbook. Blank, S. (2013). The Four steps to the Epiphany, Successful Strategies for Products that Win, Quad/Graphics; ISBN Blank, S. (2016). The Lean Start up at Gordon, J., Grüntges, V., Smith, V. and Staack, Y. (2016) New insights for new growth: What it takes to understand your customers today, McKinsey & Company, Johnson, M.W., Christenson, C.M. and Kagerman, H. (2008), Reinventing your business model, Harvard Business Review, December 2008 Kim, E.J. and Ko, E. (2012), Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brands Journal of Business Research 65 (2012) Hollensen (2015) Social Media Marketing From Bowling to Pinball, University of Southern Denmark and Anthony Raman, MCInst.M., RPM, at: de Jong, M. and van Dijk, M. (2015) Disrupting beliefs: A new approach to business model innovation, McKinsey Quarterly, at Jaruzelski, Loehr & Holman (2012) Making Ideas Work The Global Innovation 1000, Osterwalder, A., and Pigneur, Y., "Business model generation Canvas, 2009 Sarasvathy, S. (no date) What makes entrepreneurs entrepreneurial, The Darden Graduate School of Business Administration. Singh, S., Corner, P. and Pavlovich, K (2007). Coping with entrepreneurial failure, econtent Management Pty Ltd., Journal of Management & Organization (2007) 13: Recommended: Ries, E. (2017). The Startup Way, Penquin Books Ltd, ISBN Ries, E. ( ). The Lean Start up, Penquin Books Ltd, Blank, S., "Why the Lean Start Up changes everything", Harvard Business Review, May 2013 Brinckmann, J., Grichnik, D. And Kapsa, D., "Should entrepreneurs plan or just storm the castle? A meta-analysis on contextual factors impacting the business planning-performance relationship in 1.5 Questions and who to contact Questions about the module s content and study materials can be addressed to your lecturer(s) during the lessons. Weekly coaching sessions will be planned with your venture team. The consultation hours of the individual lecturers as well as their office location can be found in the lecturers profile on the MYAUAS. AMSIB Amsterdam School of International Business (HvA)- 2017

8 2. Set-up of this module 2.1 Teaching methodology The course will consist of weekly meetings, which require preparation through reading of topic related materials. Classes will be characterized by interactive lectures and workshops as well as discussions regarding the topics, applying the principle of 'blended learning'. 3. Assignments & Assessments 3.1 Assignments Assignments / Tests Weight (%) Due Date Learning Objective Entrepreneurial Process (6118CUD) 50% Week Customer Discovery Process (individual & team) 2 Customer Validation Process (individual & team) 3 Business Model Analysis / Innovation (individual) 4 Customer Creation Process (individual & team) 5 Commercial (team) 6 Pitch to company 7 Personal reflection paper (individual) Week 2-7 Week 5-7 Week 7 Week 8-10 Week 13 Week 13 Week 13 Innovation recommendation (Business Plan) 50% team, 25% Individual contributions, 25% peer 50% Week 13 1, 2, 5, 7, 8 Mission/Vision/ Strategy & Goals UNSDG & Industry analysis Market & Competitor analysis Customer Analysis & customer profile Problem Statement & Value Proposition Production / Procurement Plan Customer Creation Plan Organisation analysis & -building plan Financial plan 100% AMSIB Amsterdam School of International Business (HvA)- 2017

9 3.2 Assessment models Process book tasks 1, 2, 4 and The student can: translate trends to (innovative) opportunities, transform opportunities into ideas and solutions that create both social and economic value carry out a customer development process pro actively initiate tasks to develop the business work independently in unfamilar circumstances, in which the information available is uncertain, partial or ambiguous, or where there is a risk of unitented outcomes (dealing with ambiguity) identify and organize skills and resources and activities necessary to realize an effective business model (mobilizing resources & business development) bring together relevant stakeholders to realize the business venture Programme's profile competencies: II.5 Entrepreneurial Management All learning goals need to be mastered at Dublin Descriptors higher education proficiency level 3. AMSIB Amsterdam School of International Business (HvA)- 2017

10 Personal reflection paper Materials to be studied Due Date Learning Objectives Based on your experiences during the module we ask you to reflect on the development of your entrepreneurial skills. Include the 360 degree feedback from your team. Final report: Select a minimum of 4 theories studied during the module and reflect upon how the have contributed to your ability to build a business in general and to the development of your entrepreneurial skills in particular. All material used in the course Final week of the semester (Dec or June) 1-6, 7 Identify your - key learnings, - remaining challenges, - core strengths Use examples of specific situations to explain and motivate your strengths/weaknesses and the development you made. Explain what you think you may need to further develop your points of attention and key learnings. Deliverables 1) A paper with a self-reflection in which you: a. describe the difference in your attitude towards Entrepreneurship between the beginning and the current point in time of the module b. describe your entrepreneurial strengths and weaknesses, including examples and feedback of peers c. a 360 degree assessment on your entrepreneurial skills and behaviour by yourself and 2 team members d. Reflect on how the theories in the selected articles supported you in building your business and in you becoming a (better) entrepreneur AMSIB Amsterdam School of International Business (HvA)- 2017

11 6415ESP_OP Free form Business Proposition (75%) Materials to be studied Due Date Learning Objectives Complete a business proposition, in line with the business approach chosen and opportunity discovered or created, answering the following questions: Background of the SDG Issue Sustainability Mission/Vision Impact on Strategy & Goals Industry analysis (SDG violation & inspiration) Market & Competitor analysis Customer Analysis & customer profile Problem Statement & Value Proposition Impact on Production / Procurement Sales Roadmap Organisation analysis & -building plan to incorporate innovation & entrepreneurship discipline Financial plan Analysis & Impact of change on Corporate DNA Who will implement the business? How can it be scaled fast? All materials used in the module Entrepreneurship, plus applicable materials used in Managing Entrepreneurship & Innovation and Entrepreneurial Finance & Law, Cases in Entrepreneurship and Sales & Negotiations should be applied in the business proposition, as the business plan is the result of you being ready to plan your business execution and foreseen growth. Final week of the semester (Dec or June) 1, 2, 5, 7 and 8 BE specific and provide quotations from all suppliers involved to support costs made! Collaboration with an existing company is a prerequisite for obtaining credits for this module. AMSIB Amsterdam School of International Business (HvA)- 2017

12 4.Exam There will be no central exam for this module. 5.Resit If the average grade obtained for this module is below 5.5 you must do a resit. Which resit(s) you must do depends on which part(s) is/were insufficient. The different situations are illustrated in the table below. Situation: The resit will consitst of the following test(s): Your average module grade after resit will be calculated using the following weights: The resit(s) will be scheduled in: 1 Average grade for the whole module 5.5 No resit needed N.A. N.A. 2 Average grade for the whole module < 5.5 One assignment failed can be retaken Process 50% Business Recommendation 50% January / June 6.General regulations 1 You are required to prepare for lessons. If you come to class unprepared, the lecturer has the right to deny you access to the lesson. What is requested of you in terms of lesson preparation is stated below and/ or on the MYAUAS for this module. 3 You must bring a laptop to school for each class. It is your responsibility to make sure that the battery lasts throughout each lesson. If you fail to bring a laptop to class and/or if the battery does not last throughout class, this is regarded as not being prepared. A lecturer then has the right to deny you (further) access to that lesson. 4 The assignments will not be graded if the level of English is inadequate or if other non-compliance with the IBS Reporting Guidelines is verified. If that is the case, you have to hand in your assignment again in the appointed resit period. AMSIB Amsterdam School of International Business (HvA)- 2017