Week 1 Class: Business Purpose

Week 1 Class: Business Purpose

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Warm Up
Meet your Cohort! Each person will come up with an easy way to say their name and a little about their background using words with the same letters Hi Im Brian, and I Build Businesses Go around and introduce yourself to each other using the same letter background pitch

The person who can remember the most names / background pitches will win a prize!

Bootcamp Overview

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Who am I?

Marcus Mayo @Marcusdm3

Investor

Entrepreneur

Problem Solver
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What is IncubateNYC
Incubation program for Aspiring Entrepreneurs who want to learn how to turn their idea into a real business

5 Week Bootcamp

then

Continuing Incubation in broader IncubateNYC community

Theres always more to learn!

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The Bootcamp
Focus on the first phase of building a successful business
Phases of Entrepreneurship
Pre Product / Market Fit Post Product / Market Fit Phase 4: Expansion and Innovation (Enterprise) Phase 3: Maturity and Stability (Enterprise) Phase 2: Growth and Market Penetration (Business)

Measure of Growth (e.g., sales, users)

INCUBATENYC
Bootcamp Focus

Phase 1: Concept Development & Customer Discovery (Startup)

Product / Market Fit

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24 36 Time (e.g., months)

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60
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The Bootcamp
The first phase will consist of concept development and customer discovery

Phase 1: Concept Development & Customer Discovery

Idea

Iterative Process that requires constant adjustment until product / market fit is achieved

Customer Acquisition

MVP

Product Development

Product / Market Fit

Business Model
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The MVP Fair

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Expected Outcomes
You should leave the Bootcamp with:

Framework for how to take an idea from concept to product

Clarity on your business purpose

An initial prototype / MVP

A more sophisticated perspective on your customer / market Deeper knowledge of the Lean Startup Principles

Bonus: Proof that your idea is viable

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Rules of Engagement

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5 Week Goals

I want to accomplish.

in the next 5 weeks

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Behaviors of Successful Entrepreneurs

1. Measure Progress 2. Take calculated risk / be willing to fail 3. Have a laser like focus

4. Delegate wisely
5. Acquire & Manage Talent 6. Know when to say no 7. Never Stop Learning
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What We Expect the Group

As a part of this cohort, you should be:
Customer-Focused: Listen to the customer and what they want

Coachable: Give each other clear and actionable feedback

Persistence: Make progress come hell or high water

Accountable: Kick each other in the butt when you need to

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Pitch Practice

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Tell Us About Your Business

ITS A PITCH OFF!

Starting a business requires a lot of pitching. Why not start now?

Rules:
2 people come up Each gives a 30 second pitch The crowd gives feedback on what they liked and didnt like

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Your Golden Circle

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A New Venture is Hard. Know Why You are Doing it

Starting a business starts with the Founder. Tell us about yourself
Golden Circle Presentations: Break into groups Each person will present their personal Golden Circle (your personal WHY submitted in the pre-work) Your mission is to hold each other accountable to WHY you are pursuing this venture

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What Problem are you Solving

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Starting a Business is One Big Science Experiment

Your goal is to find a solution to a problem that people care about

Problem Hypothesis

Repeat

Learning
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What was the Problem Being Solved?

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Developing the Problem Statement

There is a framework on how to articulate the problem you are solving

1. Who is the customer

2. Describe the pain of your customer

3. Outline how the customer currently addresses their pain

4. Market size

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Case Study: AirBnB

When they first started, what was the problem they were trying to solve? How would you have tested this problem to determine if it was worth solving prior to quitting your job and living off ramen?

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Case Study: AirBnB

Problem Statement

Market Size

Answer: They got developers who were attending conferences to room with other developers living in the cityit worked!!
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So Lets Get Started

Develop problem statement for your business

1. Who is the customer

2. Describe the pain of your customer

3. Outline how the customer currently addresses their pain

4. Market size

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Homework
This Week: Assignment 1: Talk to at least 10 potential customers about your problem statement. Report back on your customer conversations and discuss your: 1. Target customer 2. Your target customers problem / pain 3. How they are currently solving the problem 4. The market size

Assignment 2:

Identify 2-3 competitors in your space and explain what they do well in solving your target customers problem and how you will be different

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Parting Reminders
1) Complete your Incubate Online Profile

2) Tweet what you enjoyed about todays session (#IncNYCBC)

3) Submit your homework to your facilitator by 12pm next Wednesday Email address: marcus@incubatenyc.com or through Incubate Online (www.incubatenyc.com/io)

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