ENTREPRENEURSHIP SEMINAR
Lesson 2
The entrepreneurial firm
Prof. Vittorio de Pedys
Why we need entrepreneurs: an idiot proof of
approach
GDP contribution of private companies in Piedmont: breakdown by year of foundation
Millions of Euros, 2007
3.000
2.500
200200
biggest
Piedmont’s
companies
le
maggiori
imprese
piemontesi
remaining
14.400
companies
le
restanti
14.400
imprese
2.000
1.500
1.000
500
0
<1900
1900
-’10
‘10-’20
‘20-’30 ‘30-’40 ‘40-’50
‘50-’60 ‘60-’70 ‘70-’80 ‘80-’90
‘902000
‘002005
Source: AIDA (BvDEP, 2008)
2
New products enter the market at higher speed
Roger Best, Market-Based Management, 2nd ed.
… beginning of life cycle lasts less; start ups have less time to exploit their advantage
Technology Adoption Life-Cycle – buying motives
Pragmatists:
Stay with the herd!
Visionaries
Get ahead of the herd!
Conservatives
Hold on!
Skeptics
No Way!!
THE CHASM
Techies:
Try it!!
Innovators
Early
Adopters
Early
Majority
Late
Majority
Laggards
Innovators
THE CHASM
Early
Adopters
Early
Majority
Buy-in
Pressure
Technology
Personal
Vision
Reference
Group
None
other
Visionaries
Price Point
Low
Leadership
Required
No
Potential
New!
Innovative
Vision
Safe/Easy
Leading
Effective/High return
High Level
Consultancy
Lots of Services
Some
Consultancy
Messages
Services
Content
Apprentice-ship
Training
Partnership
High
Late
Majority
Laggards
Competition
from E.M.
Only Viable
Option
other
Pragmatists
Competitor
Pragmatists
not an
issue
Market/Med.
Market/Low.
Market/Low.
Strong
Contender
Market
Leader
Monopoly/
Commodity
Business
Pragmatics
Safe/Easy
Leading
Effective/High return
Few
Only choice
None
Some firm’s slow growth is written in their dna
D. Birch, A Haggerty e W. Parsons1 classify firms in:
elephant: big firms that do not grow
mice: small firms that produce income for their
promoters and their families
gazelle: firms with high growth rate






Annual sales bigger than 1 mio€
Roughly 10 employees
Sales growth in last 3 year
Sales doubled in last 3 years
Cumulated profit positive in last 4 years
“organic” growth ( internal)
1 Birch, David, Haggerty, Andrew and Parsons, William (1995), “Who’s Creating Jobs?“ Boston: Cognetics
6
Management team is the key ingredient in successful
start ups
The entrepreneur must learn to do different things in different stages of its growth :

be creative

direct good managers

delegate good managers

coordinate managers that direct other managers
COOPERATION

Cooperate with his group of managers
COORDINATION
DELEGATION
CREATIVITY
LEADERSHIP
Rielaborazioni STEP di: N.C. Churchill, V.L.Lewis – The five stages of small business growth – Harvard Business Review May-June1983
7
I settori a più alta intensità di innovazione secondo Eurostat
Eurostat ha individuato una suddivisione delle attività industriali e dei servizi che fa
emergere più chiaramente i Settori a più alta intensità di innovazione, sia per il
livello di competitività interno al settore che per l’elevato tasso tecnologico
intrinseco.
FABBRICAZIONE DI PRODOTTI FARMACEUTICI E DI
PRODOTTI CHIMICI E BOTANICI PER USI MEDICINALI
FABBRICAZIONE DI MACCHINE PER UFFICIO, DI
ELABORATORI E SISTEMI INFORMATICI
HIGH TECHNOLOGY
INDUSTRIAL SECTORS
FABBRICAZIONE DI PRODOTTI FARMACEUTICI E DI
PRODOTTI CHIMICI E BOTANICI PER USI MEDICINALI
FABBRICAZIONE DI APPARECCHI PER LE
COMUNICAZIONI
FABBRICAZIONE DI APPARECCHI MEDICALI, DI
APPARECCHI DI PRECISIONE
HIGH TECHNOLOGY
KNOWLEDGE
INTENSIVE
SERVICES
21/12/2015
POSTE E TELECOMUNICAZIONI
INFORMATICA E ATTIVITÀ CONNESSE
RICERCA E SVILUPPO
8
Capitale, tecnologia e management team sono i fondamenti per la creazione
d’impresa
Capitale:
le risorse finanziarie presenti vanno rese accessibili in ogni fase dello
sviluppo


Fondi pubblici: Nazionali (Sviluppo Italia: titolo II) Regionali (Docup: misura D3)
Fondi privati (Business Angel, Venture Capital): Italiani e Stranieri
Tecnologia:
le idee vanno individuate e valorizzate, di solito esistono in
abbondanza nelle Università e nelle imprese


Presso le Università: sfruttando economicamente i brevetti esistenti, incrementando la
brevettazione, spingendo la ricerca verso il mercato
Presso le imprese esistenti che operano nei settori a crescita intensiva: promuovendo
gli spin-off aziendali
Management team:
le capacità imprenditoriali sono la risorsa chiave che deve essere
assicurata


Incrementando le competenze manageriali di chi vuole fare impresa
Diffondendo la cultura e il rischio imprenditoriale presso professori, ricercatori, studenti
e dipendenti delle imprese
21/12/2015
9
Capital is added in stages in the differents phases of
the firms’ creation
3F theoretically should exit ...
External financing
IPO
Internal
financing
Venture
Capital
Business
Angels
Bank lending
Founder
Family
Seed
Start-up
Early Stage
Sustained
growth
10
Ancora 3F negli aumenti di capitale
Nel 50% dei casi in cui subentrano Manager Finanziatori o Partner Finanziari
nell’aumento di capitale delle SUI benchmark, i soci promotori non hanno più il
51% delle quote.
Chi è entrato?
75%
benchmark
resto del campione
53%
41%
31%
Senza 3F
all’inizio
24%
15%
12%
12%
6%
3F
Manager
Finanziatori
Partner
Finanziari
5%
Partner
Industriali o
Strategici
6%
2%
Altro
Domanda a Risposta Multipla: le percentuali sono calcolate sul totale dei rispondenti, 17 benchmark e 65 resto del campione.
21/12/2015
11
Innovation…
To define the form of your initiative you must understand and
design the Business Model
VALUE PROPOSITION
Product or service that helps
customers to do more effectively,
conveniently and affordably a job
they’ve been trying to do
PROFIT FORMULA
Assets and cost structure, margins,
scale, and velocity required to cover
them
RESOURCES
People, technology, products,
facilities, equipment, brands, cash
that are required to deliver this value
proposition to the targeted customers.
Process automatically followed
become Culture.
PROCESSES
Ways of working together to address
recurrent tasks in a consistent way:
training , development,
manufacturing, budgeting, planning,
etc.
14
Different Measure
of Performance
Performance
The Third Dimension of the Disruptive Innovation Model
Sustaining Strategy
Bring a better product into
an established market
Low-End Disruption
Adress overserved customers
With a lower-cost business model
Time
New-Market Disruption
Compete against nonconsumption
Time
15
Different Measure
of Performance
Performance
The Role of Business Model Innovation in
the Process of Disruption
Time
3. New Value Network
•
Customers
•
Distribution
•
Suppliers
2. Business Model
Innovation
Time
16
Business models built around job to be done
Company
Job-to-be-Done
Integration
IKEA
I need to furnish this place today
Furniture design for take-it-home-yourself packaging; childcare;
things to cover floors, hang on walls, outfit kitchen
Onstar
Whatever happens, I want to be sure that my family
and I will be taken care of. I need place of mind
Live advisors integrated with local police emrgency systems;
Crash & activity sensors througouht vehicle enabling a montly
email on vehicle wellness; factory-install despite asynchronous
qualification cycles of mechanical and electronic products
Disney Theme
Parks 1955-1985
I want a warm and loving escape with my family into a
fantasy
Animated films that create characters and stories; Disney’s
“Wonderful World of Color” weekly TV show to bring fantasy
home; Theme parks
SAS Institute
I need to make the right decision, and the safe
decision
Data analysis software; decision support tools; data
warehousing; virtualization to facilitate access to additional data
FedEx
I need to get this from here there with perfect and
certainty as fast as possible
Air transportation; Memphis hub; ground pickup & delivery;
real-time tracking
Hilti
I need to finish this construction job on time and on
budget
Hilti leases tools as a service, rather than owing them. It
maintains the inventory of tools on its customers’ construction
sites
Microsoft Office
I need a persuasive document that clearly
communicates and makes me look good
Word processing, data analysis &graphics software; web
browser; etc.
Mayo Clinic
I need a precise diagnosis of & recommended therapy
for my disease
Practiced processes for converging physicians for multiple
specialties onto each patient. Mayo is integrated into training its
own doctors
Other Examples
___________________________________________
_______________________________
__________________________________________________
____________________________________
17
Four areas support the good quality of an
initiative
Innovation
Consumers
Innovation is the capacity to
do something useful for
consumers in a different
way.
Consumers must have a need
to be satisfied in a different
way(feel the pain).
Consumers must be available
(distribution network) and
they have the possibility to
spend.
Do in a different way does
not (only) mean do in a
technologic way.
Current and future
competitors fix the
structure of the sector.
The current dynamics
between Consumers and
Competitors and in 5 and
10 years determine the
development of the market.
Know How, Demand, Life
Cycle and competitors fix
the interest of a sector.
Competitors
Market
The growth rate of the
market and the breaking
points of the sector
represent entrepreneurial
opportunities.
18
Business Model Template
JOB (VALUE PROPOSITION)
RESOURCES
PROFIT FORMULA
PROCESSES
19
R&R Business Model
JOB (VALUE PROPOSITION)
• Spend time together
• Involve themselves in a game where skills
and luck are important
• Give as a present something the allows the
above mentioned
• …
RESOURCES
• Reiss industry experience, credibility and
contacts
• Sales force plug and play
• TV guide brand and ad allowance
• …
PROFIT FORMULA
PROCESSES
• Very low fixed capital invested and fixed costs
(design fee)
• 34% Contribution margin. Price: 12.5$,
variable cost 8.225 (Manufacturing/Assembly
3.1, TV Guide Royalty 10%, Designer 5%, Ad
Allowance 5%, Heller Factor 1%, Sales
Commission 20%)
• BE reached with the first sales to department
stores
• …
• Manage a network of skilled and independent
sale rep
• Involve and manage the manufacturer (Swiss
Colony) and the factor (Heller)
• Dealing at the same time with two different
resellers
• Capability to act quickly
• …
20
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Lesson 2 - Facoltà di Economia