Entrepreneurship For Everyone

DO Your Venture: Entrepreneurship For Everyone

• TODO

• reference
• [DO Your Venture: Entrepreneurship For Everyone](https://learning.edx.org/course/course-v1:IIMBx+EP101x+2T2022/home)

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

• 5. B2B marketing and marketing strategy

• 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](https://hbr.org/1991/11/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](https://katemats.com/blog/peer-relationships/)
• [5 Tips for Building Relationships at Work](https://www.indeed.com/career-advice/career-development/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](https://www.mindtools.com/aru27rv/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](https://learning.edx.org/course/course-v1:IIMBx+HR101x+2T2022/home)

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](https://learning.edx.org/course/course-v1:MITx+LaunchX+3T2023/home)

Entrepreneurship For Everyone

Accounting and Finance

reference

• [People Management](https://learning.edx.org/course/course-v1:IIMBx+HR101x+2T2022/home)
• [DO Your Venture: Entrepreneurship For Everyone](https://www.edx.org/course/do-your-venture-entrepreneurship-for-everyone)
• [Accounting and Finance](https://www.edx.org/course/accounting-and-finance)
• [Marketing Management](https://courses.edx.org/course_modes/choose/course-v1:IIMBx+MK102x+2T2022/)