Ent 101

Entrepreneurship 101:
Who is your
customer?
Welcome to Entrepreneurship 101
Preview of Entrepreneurship 101

Video
Official Trailer
The theme of the course is “Who is your customer?”
Here you'll learn to look at the world through the eyes

of your customers. And as you'll find out, there's
hardly a better pair of glasses.
The Best Pair of Glasses

Let's Try a Quiz

Quiz: True or False
 This quiz is not graded.

 It consists of 10 questions that can be answered "True" or "False".
 Our goal is to identify some misconceptions you may have about
entrepreneurship and what it takes to create a successful business.
 We'll share the aggregate results of the quiz later in the course.
 Have fun!
Meet the Course Team
Meet Bill (Initial Interview)

Video
About Bill Aulet

MD of the Martin Trust Center: MIT Disciplined Entrepreneurship
Senior lecturer at the MIT Sloan School of Management.
Bill is a serial entrepreneur with a 25-year track record of success in business.
He ran two MIT spinouts as the president/chief executive officer (Cambridge
Decision Dynamics and SensAble Technologies).
Bill teaches New Enterprises, Energy Ventures, and Applications of Advanced
Entrepreneurial Techniques.
He is the author of Disciplined Entrepreneurship: 24 Steps to a Successful Startup
In April 2013, Bill was awarded the Adolf F. Monosson Prize for Entrepreneurial
Mentoring at MIT.
Bill holds a bachelor’s in engineering from Harvard University and an SM from the
MIT Sloan School of Management.
Meet Erdin (Initial Interview)

Video
About Erdin Beshimov


Erdin Beshimov is a Lecturer at MIT and a Founder and Director of MIT
Bootcamps.

Erdin is a graduate of the MIT Sloan School of Management.

Erdin was awarded the Patrick J. McGovern Entrepreneurship Award, the
Carol and Howard Anderson Fellowship, and the MIT Sloan Peer
Recognition Award.

In addition to an MBA from MIT Sloan, Erdin holds an MA in Area
Studies of the former Soviet Union.

Erdin was born in a country that no longer exists, the Soviet Union.
Exploration 1
Your Definition of Entrepreneurship

Exploration 1
Let's Talk About Entrepreneurship

Video
o First of all, that they're born, not made.

o Secondly, that they're particularly intellectually gifted.
o Third, that they're mercurial individualists.
o Fourth, maybe most of all, they're just lucky.
Who Is This Course For
Entrepreneurship 101 is Right For You

The Spirit of a Pirate

It's All About Action

Learning Goals
Scope of Entrepreneurship 101

o You can study
 Entrepreneurial team formation
 Entrepreneurial finance
 Entrepreneurial strategy
o Focus of Entrepreneurship 101 is very specific – it's the customer

 We want to give you a systematic and rigorous methodology for
building the company from the customer up.
Learning Goals-Market Segmentation
1) Conduct Market Segmentation
Learning Goals-Beachhead Market
2. Select your Beachhead Market

Learning Goals-Develop the End User Profile
3. Develop an End User Profile

Learning Goals-TAM
4. Estimate the Total Addressable Market Size (TAM)

Learning Goals-Profile the Persona
5. Profile the Persona

Learning Goals-Your End Goal
 Ultimately, your goal is to find a homogeneous

group of target customers:
 Who experience a similar need
 To whom you could deliver your solution at similar cost
 And who would buy it at similar price

About MIT Bootcamps
Entrepreneurship 101 prepares you for an MIT

Bootcamp.
 The Bootcamp is an immersive, intensive, experiential
MIT program for global innovators.
 At the Bootcamp you will learn entrepreneurial problem
discovery and problem solving that MIT is known for.
 This toolkit will give you the power to seek real problems,
develop superior solutions, and design ventures that are
sustainable for your team, your customers, and the
world.
What You Will Learn, Accomplish and Attain
Find Your Tribe at an MIT Bootcamp
Video
https://youtu.be/hC0sw7LSaxo
Our Culture at MIT Bootcamps
Video
https://youtu.be/ugkBLAAA-dw
The Entrepreneurial Impact of MIT
Video
https://youtu.be/dQhEDRoDb0s
AirBnB
Video
https://youtu.be/gdUqssXwzZE
Under Armor
Video
https://youtu.be/5-RS93zKFpk
The Catcher's Mask
Video
https://youtu.be/iFA_9L4HhpY
The Ice Cream Cone
Video
https://youtu.be/ybeLnOtpd-o
The Q-tip
Video
https://youtu.be/0g8QvSfoOOw
The World Wide Web
Video
https://youtu.be/uBezp2LwZGE
Mobile Money Transfer
Video
https://youtu.be/b7kWDGpzTIM
GoPro
Video
https://youtu.be/_EWdZ9rZfiw
Mountain Bikes
Video
https://youtu.be/PzxnPkK8Ozc
Story of
Lemonades
&
Lamborghinis
On Lemonades and Science Fairs
Story of Nathan
Video
https://youtu.be/sw-i3T4OjY4
What Does a Lamborghini Have to Do With Our
Course?
Story of Lamborghini start by Erdin
Video-1
https://youtu.be/vPqfUV-sukQ
What Does a Lamborghini Have to Do With Our
Course?
Story of Lamborghini start by Erdin (Continued)
Video-2
https://youtu.be/ZLt0JO8WHSg
Lemonades and Lamborghinis-Exploration 2
1. Articulate Your Idea

 What is the problem you want to solve
 Who experiences that problem
 How you want to solve that problem
 Why this is a better solution
2. Reach out to at least 10 people who you think are potential

users/customers for the idea. Schedule time to meet with them or
speak by phone.
Step-1 Market Segmentation
Goal #1
In Step 1, we will:
1. Answer the Lamborghini question
Goal #2
2. Understand Market Segmentation 1. What market
segmentation.
2. Why it is important
3. How to do it well
Goal #3
3. Enjoy an interview with an MIT startup
The Lamborghini Story (Continued)

So What Should Erdin Do?
"If you were Erdin, would you take Laura's business?“
Most of you said yes.

Enter Giovanni
Video-3
https://youtu.be/jmzd8l-cYsM
The Moral of the Lamborghini Story
Video-4
What Is Market Segmentation?
Video
https://youtu.be/fEQ9Kp2kYxM
How to Do Market Segmentation
Video
https://youtu.be/11qEHsvq7ec
Idea for Primary Customer Research

Primary Customer Research
Video
https://youtu.be/mz0eBTWIP0g
Organizing Your Primary Customer Research
Video
https://youtu.be/aynjAMT8N8A
Idea Review
Video
https://youtu.be/RDvGwL0HHJA
More Idea Review
Video
https://youtu.be/lyKcblN0PvI
FINsix
Interview with FINsix
Video
Develop
Market Segmentation
for
Your Idea
Step-2 Beachhead Market
Goal # 1
1. Learn the concept of the beachhead market

Goal # 2
2. Understand why we focus on one market

Goal # 3
3. Learn how to Select your beachhead market

AJ Perez
AJ Perez
Founder & CEO, New Valence

Robotics
AJ and NVBots
Introduction
Video-1
AJ and NVBots
Criteria for Selecting Your Beachhead Market
Video-2
AJ and NVBots
Key Measure of Success
Video-3
AJ and NVBots
Bigger Always Better?
Video-4
AJ and NVBots
AJ's Advice
Video-5
AJ and NVBots
Conclusion
Video-6
Lesson # 1
The beachhead market is the market that you choose to attack and
dominate first. It serves as a platform for attacking follow-on
markets.
Lesson # 2
Focus is vital. In the beginning, go after just one market.
Lesson # 3
Attacking your biggest market first isn't usually the wisest plan.
MIT Bootcamps Teaching Session

Video
https://youtu.be/vFcvjHXc1WU
Select
Your
Beachhead Market
Step-3 End User Profile
You're Now Well On Your Way

You're already well on your way to finding a homogeneous group of
end users around whom you will build a good and sustainable
business.
You've conducted Market segmentation...

...and explored many potential markets and end users for
your idea.
You've selected a beachhead market...

...and narrowed your focus to one market segment.
Are You Ready to Build Your Product Now?

Goal # 1
1. Understand why you need to narrow your group of
target end users even further.
(despite having already chosen your beachhead market)
Goal # 2
2. Learn an important tool of the trade: End User
Profiles.
Goal # 3
3. Continue learning from and talking to other
entrepreneurs.
Hyungsoo Kim
Founder, Eone Timepieces

Story of The Bradley
Video
https://youtu.be/j9doO6BTKkM
End User Profile Introduction
Video-1
What Is An End User Profile?
Video-2
How to Build an End User Profile
Video-3
Why Segment Further?
Video-4
End User Profile Conclusion
Video-5
Lesson #1
Lesson #2
Lesson #3
Documentary "Blind Ambition“

Blind Ambition from
• Blind Ambition documents a Harvard Harvard Law Documentary Studio
Law student's journey as she loses her on Vimeo.
vision.
• Kristin Fleschner had started to lose
her vision nearly 4 years ago before
law school.
• Kristin shares how she adjusted to life
in her changed world by learning new
tools and ways of thinking.
• The film documents how Kristin reads
material for class, trains and finishes a
half-marathon, and navigates with a
guide dog. http://vimeo.com/
• Kristin also interviews professors, harvardlawdocs
friends, and other blind Harvard
students who discuss the
misconceptions of blindness.
Develop
Your
End user Profile
Step-4 Total Addressable Market (TAM)
Goal #1
To Learn the Concept of Total Addressable Market, or TAM.
 And why this concept is so important. Hint: you'll likely need it
when speaking to an investor.
Goal #2
To Learn How to Estimate TAM, and how NOT to Estimate
TAM.
Goal #3
To Understand What's a Good TAM. And, What's Not a Good
TAM.
Introduction
of
Amanda, Andrew, Daipan, and Rohit
And
Amanda von Goetz Daipan Lee
CEO, Thyme Labs Incorporated Co-Founder, Thyme Labs
Incorporated
Andrew Radin Rohit Singh

Co-Founder, Thyme Labs Co-Founder, Thyme Labs
Incorporated Incorporated
Introduction of TAM
Video-1
What is Total Addressable Market?
Video-2
Top Down vs Bottom Up Analysis for TAM
Video-3
Thyme End Users
Video-4
What If Your TAM Is Low?
Video-5
TAM Wrap-Up
Video-6
Advice From The Thyme Team
Video
Lesson #1
Lesson #2
To calculate TAM
Steps to Finding TAM

Lesson #3 The right TAM is in the $20 million – $100

million range.
Lesson #4
A Spreadsheet is Not The Right Habitat for a Customer.
Lesson #5: Is it going to be hard? Yes. Will it be well worth it? Absolutely!
Estimate
Your
TAM
Step-5 PERSONA
Goal #1
Dive into the concept of the Persona.
Step-5 PERSONA
Goal #2
Learn to profile the persona for your startup.
Step-5 PERSONA
Goal #3
Learn just how well you need to know your persona.
Step-5 PERSONA
About Raffaele Colella

Founder, Cannonball

Step-5 PERSONA
How Do You Say Entrepreneurship in Italian?

Meet Colella
Video-1

Step-5 PERSONA
Don't Be Afraid to Try the Greatest Sport Around

How to find Persona
Video-2

Step-5 PERSONA
Tour of Cannonball
What is Cannonball?
Video-3

Step-5 PERSONA
Do You Really Need a Persona?
Video-4

Step-5 PERSONA
Who is the Cannonball End User?
Video-5

Step-5 PERSONA
Raffaele Articulates Cannonball's Persona
Video-6

Step-5 PERSONA
How to Profile the Persona in Your Company
Video-7

Step-5 PERSONA
Cannonball's Feedback From Early Users
Video-8

Step-5 PERSONA
Persona at Bill's Company – SensAble Technologies
Video-9

Step-5 PERSONA
Advice From Rafa

How persona drive Strategy
Video-10

Step-5 PERSONA
Concluding Thoughts On Persona
Video-11

Step-5 PERSONA
Lesson #1
The Persona Is:

Step-5 PERSONA
Lesson #2
The Persona Is Your North Star.
It makes your End User concrete and unambiguous. It is a
constant reminder: who is your customer?

Step-5 PERSONA
Lesson #3
For Every Persona, There's an Anti-Persona.
Focus on one and deselect the other.

Step-5 PERSONA
Lesson #4
Your Search for the Persona Is An Iterative Process.

Step-5 PERSONA
Lesson #5
The Persona Brings Your Team Together.

Step-5 PERSONA
Profile
Your
PERSONA
What we learn…..
Lesson #1
What we learn…..
Lesson #2 Focus. Focus. Focus.

If you know how to catch two rabbits at the same time, better call
your startup circus.
What we learn…..
Lesson #3
Ah yes! This is the definition of Nirvana.
This Is n't a Goodbye
Let's talk about focus again
Video
This Is n't a Goodbye
Bill and Erdin's Parting Advice
Video
Entrepreneur in Spotlight
Hanna Adeyema
Co-Founder, Tenacity Health
Meet Hanna Adeyema
Video-1
From Hanna about Tenacity Health
Video-2
When did Tenacity Health become real?
Video-3
Tenacity's End User
Video-4
Tenacity's Persona and Hanna's Advice
Video-5
And remember...
So...
Congratulations!

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Entrepreneurship 101:

Preview of Entrepreneurship 101

The theme of the course is “Who is your customer?”

Here you'll learn to look at the world through the eyes

The Best Pair of Glasses

Let's Try a Quiz

Quiz: True or False

 This quiz is not graded.

Meet Bill (Initial Interview)

About Bill Aulet

Meet Erdin (Initial Interview)

About Erdin Beshimov

Your Definition of Entrepreneurship

Let's Talk About Entrepreneurship

o First of all, that they're born, not made.

Entrepreneurship 101 is Right For You

The Spirit of a Pirate

It's All About Action

Scope of Entrepreneurship 101

o Focus of Entrepreneurship 101 is very specific – it's the customer

2. Select your Beachhead Market

3. Develop an End User Profile

4. Estimate the Total Addressable Market Size (TAM)

 Ultimately, your goal is to find a homogeneous

Entrepreneurship 101 prepares you for an MIT

Find Your Tribe at an MIT Bootcamp

Story of Lamborghini start by Erdin

Story of Lamborghini start by Erdin (Continued)

1. Articulate Your Idea

2. Reach out to at least 10 people who you think are potential

The Lamborghini Story (Continued)

The Lamborghini Story (Continued)

The Lamborghini Story (Continued)

The Moral of the Lamborghini Story

What Is Market Segmentation?

How to Do Market Segmentation

Idea for Primary Customer Research

Primary Customer Research

Organizing Your Primary Customer Research

More Idea Review

Interview with FINsix

1. Learn the concept of the beachhead market

2. Understand why we focus on one market

3. Learn how to Select your beachhead market

Founder & CEO, New Valence

Criteria for Selecting Your Beachhead Market

Key Measure of Success

Bigger Always Better?

MIT Bootcamps Teaching Session

You're Now Well On Your Way

You've conducted Market segmentation...

You've selected a beachhead market...

Are You Ready to Build Your Product Now?

Story of The Bradley

End User Profile Introduction

What Is An End User Profile?

How to Build an End User Profile

Why Segment Further?

End User Profile Conclusion

Documentary "Blind Ambition“

Andrew Radin Rohit Singh

What is Total Addressable Market?