14 Tips to Entrepreneurs to start the Right Stuff

1. Doing the Right Thing is the essence of entrepreneurship Universität St. Gallen, START 2016 Patrick Stähler, ﬂuidminds – the business innovator

2. However, what is the Right Thing?

3. Have you found the Right Thing? Why should your business exist?

4. What do the colors mean? Beyond optimization of the past We have to unlearn the past and rethink our business from the customer perspective. 3 Is Kodak innovative? What were the tacit assumptions behind Kodak’s innovations? Take 5 min and discuss it with your neighbors. Take-aways are in red Exercises and questions for you

5. §  Dr. Patrick Stähler, Mr. Business Model Innovation §  Founder & Partner von fluidminds GmbH, the business innovator, Zürich & Sydney §  fluidminds invents and designs businesses §  Example: Experteer.com (career portal) was founded with the help of fluidminds §  »Inventor by chance« of the business model innovation concept during my Ph.D. at the University of St. Gallen. §  Blogger on Blog.business- model-innovation, keynote speaker worldwide.

6. Startups in the past There was a need for new products since we lived in a world of scarcity.

7. The times they are a-changin’ Today, we live in a world of too- much of everything. We have everything 100 times.

8. A recipe for successful entrepreneurs Follow the recipe and you will be successful! Your success is guaranteed! Guaranteed!

9. Sorry. There is no easy recipe. Good entrepreneurs but the customer in the middle of their thoughts and the value they create for customers.. Give Meaning to customer is the core to any good business

10. The reality: Nobody is waiting for you! We have too much of everything. We have too much choice! We get bombarded by ads and PR!

11. 500,000,000 182,500,000,000 How do you get heard in this noise of information? Tweets per day Tweets per year

12. Why should I listen to you? Why should I engage with you? Do you have something relevant to say?

13. We have too much of everything. Be relevant for your customers, also in the long run! 1

14. The company invented the digital camera in 1973 …

15. …was the partner of choice for Apple to enter the digital camera market…

16. …invented an app so you can seamlessly print your pictures…

17. ..so you can easily hold your pictures in your hand.

18. With digital printing, your pictures can be printed on anything.

19. Even prints of the size of 45m x 64m are possible…

20. Is Kodak innovative? What were the tacit assumptions behind Kodak’s innovations? Take 5 min and discuss it with your neighbors.

21. Kodak was highly innovative, but did not understand that digital is more than product innovation

22. Digital was not about the best quality that the traditional customers of Kodak loved

23. From keeping to sharing memories – Digital solves new jobs for customers

24. Customers discovered new uses, no sane person would have ever thought oﬀ

25. Too bad for Kodak that now even professional photographers love the quality of digital

26. A good product is not enough Bringing innovation to the market is not enough. Finding a business model your customers love is the real challenge 2

27. How many colors does a rainbow have?

29. A rainbow has eternalcolors, but we reduce complexity and draw arainbow with 5 or 6 colors

34. Depending from what background you have,you interpret the sameinformation differently

35. You can’t read it? Look from far away. See it now?

38. What is reality? You can shape your and your customers reality.

39. There is no reality in human systems We see the world through our eyes and interpret reality 3

40. What was one of the most successful aid programs for the developing world?* *Actually, it has nothing to do with governmental aid or NGOs.

41. Which innovation expanded the global market for mobile communication the most?* * After the invention of the mobile telephone system itself.

42. Dr. Patrick Stähler | Which innovation madethis possible?

43. Prepaid A small change in billingopened new markets inAfrica, Asia, Latin America, Youths, etc..

44. There are so many more starting points for startups than just innovative products 4

45. „Wow, I have invented the future of advertising. We do not need any videos or pictures or even color anymore. The future will be a text ad with maximal 95 characters. It‘s brilliant, isn‘t it? Would you havedared to saythis?

46. §  Instead of looking at better products, Google Adwords brought back relevance to the ad industry §  Google is blamed to be the killer of newspapers §  Sales around 43 bn. USD

47. Dr. Patrick Stähler |

48. 1 device

49. Really good ideas defy the accepted rules of an industry. Rethink from the customer perspective the business 5

50. Innovation is all about being diﬀerent

51. But if everybody is doing he same, you have to ﬁnd something else

52. The best is if your customers love your innovation due to your fantastic value proposition and and your ability to deliver what you promise

53. Where is your wow? Why should your business exist from a customer perspective?

54. Being just a bit better is not enough. You must have a clear and noticable uniqueness and magic. That’s your WOW! 6

55. Customer job to be done We have to learn to unlearn. We have to learn to see beyond the product and understand what the customer really wants. Customer needs are to imprecise. Let’s talk about jobs-to-be-done. Ready to unlearn?

56. Do we need trucks and truck drivers?

57. We need to move goods around. Human driven trucks are just one mean to do this.

58. Do we need accountants?

59. Actually, accountants are just one mean to get our books done, manage cash or get expenses ready for taxes.

60. Do we need taxis?

61. People want to move easily and with convenience in cities. Taxis are just one mean to do it.

62. Do we need hotels?

63. Do we just need a bed like at Formule 1?

64. Or do we need a place with lovely people in order to connect to the place like at AirBnB?

65. Customer job to be done We do not need a hotel. We need an accommodation plus extras like connecting to people. That are the jobs-to- be-done. Customers hire a product or service to get a job done. The products are a means to an end, not an end in themselves. The value proposition creates the value for the customer, not the product!

66. Value Proposition The job-to-get-done is solution neutral. The job is to provide accommodation plus extra beneﬁts like connecting to people. Potential solution: §  3* hotel §  Formule 1 Hotel §  AirBnB (accommodation plus connection to people) §  friend that lives in the city It is of uttermost importance to understand the core job we solve for our customers

67. Start dreaming from badly solved jobs-to-be done of your customers. Use technology. Innovate your business model 7

68. Dr. Patrick Stähler | 68 Do you know this man? Hans Rausing = Inventor of the Tetra Pack Systems

69. He could have sold his packaging machines, but…

70. But he sold packaged services Tetra Pack is not a product innovation but an implementation of an innovative business model

71. product/technology value creates X business strategy enables deﬁnes business model Technology or a new produt does not create value. It is the business model

72. Beyond product innovation Your business model is decisive for value creation, not new technology 8

73. The business model A

74. The business model is the DNA of your business Are you aware of yourDNA?

75. The business model gives meaning to your employees and customers

76. 4 elements of a successful business: What excites our customers? Value Proposition PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer How do we create value for our customers? Value Architecture PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer How do we earn money? Revenue Model PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer Who is on our team? What values do we pursue? Team Values PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer

77. What industry are we in? Who are our competitors? “ „

78. In which industry are we in?“ „

79. Dr. Patrick Stähler | That was the job the customer wanted to do. “ „

80. product/services happy customers creates X value proposition solves delivered by business model The customer perspective: A product does not create value. It is the value proposition the customer loves job-to-be-done addressed by

81. Value Proposition Customer •  Who is our customer? •  What job do we solve for them? Value •  What value do we create for our customers? What value do we create for our partners? What excites our customer? DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer

82. Customer job to be done Is it easy to put a Christmas tree straight up and keep it there safely and green?

83. There was no big market for Christmas tree stands until Mr Krinner saw the badly solved job

84. Value architecture Offer •  What is our offer? Distribution Communication Channels •  How do we reach our customers? •  How do we communicate with our customers? How do we create the value? Value Chain •  What activities do we have to do to produce our offer? •  How does our value chain look like? Partner •  What partners do we need? Core Capabilities •  What are the core capabilities we need? S RICHTIGE RÜNDEN ugkasten für Unternehmer

85. Architectural innovation Customers have to transport and assemble the furniture by themselves, thereby saving IKEA two expensive steps in their value chain Value Proposition A new value proposition beyond price and good design is created: Instant satisfaction without waiting for the later delivery of the furniture

86. Revenue Model Cost Structure •  Cost structure is deﬁned by your value architecture. Revenue Sources •  With what do we earn money? How do we earn money? ICHTIGE ÜNDEN en für Unternehmer

87. Revenue Model Innovation Power-by-the-hour: Jet engine maintenance paid by the hours in service Value Proposition Airlines get variable costs that depend on their business success.

88. Team Values Team •  Who is in our team? •  What competencies do we have in our team? Values •  What values do we life in our team? •  How do we interact with each other and with customers? Who is on our team? What values do we live? HTIGE EN nternehmer

90. Customers Who are our customers? What job do we solve for our customers? Customer Benefit What benefit do we create for our customers? What benefit do we create for our partners? Offer What is our offer? Value Chain What are our value creating steps? What is our value chain? Core Capabilities What are the core capabilities we need? Distribution Communication Channels How do we reach our customers? How do we communicate with our customers? Partner Which partners do we need? Questions for a Successful Business Model Cost Structure Cost structure is defined by the value architecture. Revenue Sources With what do we earn money? Team Who is on our team? What competencies do we have on the team? Values What values do we pursue? How do we interact with each other and the customers? Revenue Model Team Values Value PropositionValue Architecture PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER AS RICHTIGE GRÜNDEN kzeugkasten für Unternehmer

91. Customers Who are our customers? What job do we solve for our customers? Customer Benefit What benefit do we create for our customers? What benefit do we create for our partners? Offer What is our offer? Value Chain What are our value creating steps? What is our value chain? Core Capabilities What are the core capabilities we need? Distribution Communication Channels How do we reach our customers? How do we communicate with our customers? Partner Which partners do we need? Questions for a Successful Business Model Cost Structure Cost structure is defined by the value architecture. Revenue Sources With what do we earn money? Team Who is on our team? What competencies do we have on the team? Values What values do we pursue? How do we interact with each other and the customers? Revenue Model Team Values Value PropositionValue Architecture PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER AS RICHTIGE GRÜNDEN kzeugkasten für Unternehmer

92. Geberit – a product innovator or is there more? From plumber supply to under-the-wall systems for baths

93. Customer job to be done Geberit understood that the badly solved job in the sanitary industry was, how fast a bath room can be renovated. With Geberit’s products you can renovate bathrooms faster and in better quality. And they understood that plumbers are their core sales channel. Geberit is the master in understanding how to build and use bathrooms.

94. Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Why homeowners love Geberit? •  Architects •  Plumbers •  Homeowners Job-to-be done: •  Get my bathroom renovated very well (design quality) with as little hassle as possible •  Faster and more convenient renovation of baths •  Actually, it needs a lot of initiative not to get Geberit (Plumbers offer only Geberit) •  Installation systems are more expensive than pure toilette tanks •  Willingness of homeowners to pay more is higher due to the benefits speed design •  Deep understanding how baths are renovated used •  Understanding how homeowners decide to procure sanitary equipment •  Plumbers are the sales channel •  Architects are used for direct communication with homeowner •  Plumbers, Engineers, Marketeers •  Diverse team •  high quality •  long lasting products •  looking for better solution. Always! PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER DAS RICHTIGE GRÜNDEN erkzeugkasten für Unternehmer

95. Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Why plumbers love Geberit? •  Plumbers Job-to-be done: •  Have little hassle as possible with a customer job and still earn a high margin •  Easy to plan, order, prefabricate and install all components •  All components from one supplier •  Satisfied homeowners that pay a higher price •  New products for upselling •  All these tools for plumbers cost money •  Geberit earns money via end customers •  Some income for trainings •  Deep understanding how plumbers work and think about their business •  Training know-how •  Partner eco system mgm’t •  Plumbers are reached with direct sales, classical marketing •  via training •  trade schools (Handwerkerkammern) •  Planning tools (CAD, product handbook) •  integrated logistics •  trainings, material, certificates •  long-term thinking, willingness to invest long-term in relationship with plumbers •  innovative solutions •  Plumbers, Engineers, Marketeers •  Diverse team PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER DAS RICHTIGE GRÜNDEN erkzeugkasten für Unternehmer

96. The Hotel Exercise Innovate the hotel industry and design a hotel. Chose from the following hotel segments •  Hotel in City •  Holiday resort •  Hotel for Seminars

97. The design process B

98. 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight 2 Understand -  understand the current solutions and their strength weakness -  understand how the potential customer thinks and decides -  understand the market market mechanism 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks 5 Decide Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on diﬀerent option 6 Build Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and reﬁne continuously the business model

99. Point of View Designing is a process of opening your mind and focusing at the end 1 Customer Insight 3 Ideate 2 Understand 4 Design 5 Decide Prototype 6 Build Learn

100. Design Thinking Process The right culture valuesMultidisciplinary Teams 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight 2 Understand -  understand the current solutions and their strength weakness -  understand how the potential customer thinks and decides -  understand the market market mechanism 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks 5 Decide Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on different option 6 Build Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and reﬁne continuously the business model Business Model Canvas Tools for Entrepreneurial Design Customers Customer Beneﬁt Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Use the canvas to develop your business model

101. 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight

102. Where do we get a Value Innovation from? Let‘s ﬁnd new customer insights as a starting point Business model innovation New value proposition Customers’ insight

103. Please make a typical hand movement to show how you opend this sugar sachet

104. Customer Insights Do you want fast delivery of the goods you order online? Is asking customers the right approach?

105. Customer Insights Is faster really better? Or was this already the wrong question. What would be the right question to ﬁgure out the importance of time in the delivery process? Is asking customers the right approach?

106. Customers Who are our customers? What job do we solve for our customers? Value Proposition The best way is to start with the job we solve for our customers? Werkzeu

107. Don’t ask your customers. Observe their jobs-to-be-done 9

108. Customer job to be done Is it easy to ﬁx a fence to the ground?

109. There was no market for temporary fixing something to the ground before Krinner invented it.

110. Many customers have the job-to-be- done to ﬁx something to the ground. Once Krinner provided a solution many new application were found

111. Buy Delivery/ Assembly Usage Comple- ments Service Disposal How can we find systematically new customer insights? §  Understand how the customers are buying, using and disposing the product §  Understand the whole lifecycle of customers‘ utility Source: cp. Kim,W.C., Mauborgne, R., Knowing a Winning Business Idea when you see one, HBR Sep-Oct. 2000 Customer Experience Map §  How can we improve the buyer‘s utility cycle? §  Can we do more for the customer? §  Can we leave something to the customer?

112. Unsolved job-to-be-done What is the biggest hassle with vacuum cleaning?

113. Where can I start in the buyer utility map? – The Dyson Vacuum Cleaner DisposalServiceComplementsUseDeliveryBuy Customer Productivity Simplicity Usability Risk Image fun Enviromental friendlyness ++ Starting Points Dyson = value innovation

114. Dyson vacuum cleaner – inspired by technology The vacuum cleaner for men Customer Insights §  Bags and ﬁlters get clogged and restrict airﬂow. Loss of suction §  Vacuum cleaners are marketed as household aids.Are there different segments? Value Proposition for customers §  Dyson vacuum cleaners have NO bags and do NOT get clogged due Cyclone technology.Therefore, NO loss of suction. §  Dyson positions itself as technical, highly engineered products that address men. Revenue Model §  Dyson demands premium prices for its vacuum cleaners. Dyson = Value Innovation

115. Unsolved job-to-be-done What is the biggest hassle with socks?

116. Blacksocks – we save the world from socks problems Disposal Putting in pairs WashingUseDeliveryBuy Customer Productivity Simplicity Usability Risk Image fun Enviromental friendlyness Starting Points

117. Blacksocks – We solve the world from its socks problems 10'000 12'000 25'000 40'000 0 10'000 20'000 30'000 40'000 2001 2002 2005 2008 Socks subscription (2001-2008) Customer Insights §  Buying socks is no fun §  Putting socks in pairs even less fun §  Good socks are a sign of „Being well dressed“ Value Proposition §  Blacksocks subscription solves all problems §  Always enough new socks §  No pairing needed since all socks are identical Revenue Model §  Upfront payment §  Easy planning and negative working capital Blacksocks = revenue model innovation 20% market share in Switzerland* * premium segment starting at 9CHF

118. Customer job to be done I want a very special place to stay, at a good price, and want get local insights where to go out, to eat and to shop. Of course, I want to know if I can trust the person I stay with.

119. AirBnB opened a whole new segment of oﬀers to the individualistic traveler of today

120. Even more individual choice for the traveler who looks for the special place to stay AND connect to the people of the place he visits: AirBnB

121. Easy to book, transparent pricing: AirBnB

122. Building trust by very personal reviews (peer-to- peer social control mechanism plus insurance coverage)

123. Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture •  Website, App to connect BBs with customers •  word-of-mouth •  sales crew for BnB owners •  running site acquisition costs of BnBs (PH) •  asset light •  Acquisition of BnB places •  Quality Trust Mgmt •  Know-how of locations •  Customers pay BnB owner •  Takes services fees from the rent the households get (app. 15%) •  Customer (C) looking for special place to stay •  Private households (PH) who offer BnB •  PH: Income and international contacts for BnB owners •  C: places to stay that are outside the norm •  Contacts with locals •  n/a •  n./a. Travel like a human Build up BnB offer Help find right spot Match needs offer Payment GTC Reputation Trust Mgmt Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture •  Customer (Travelers) Job-to-be-done •  Finding a special place to stay •  Getting to know the hidden gems of destination •  Offer very special places that cannot booked anywhere else •  Connect with locals that share their insights Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture •  Households that offer BnB Job-to-be-done •  Earning money •  Have the world at home •  Refinancing rent •  Trust provided by platform •  Risk of damage is insured •  Connecting with people from abroad Why do customers like airbnB? PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER DAS RICHTIGE GRÜNDEN erkzeugkasten für Unternehmer

124. Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Customers Customer Benefit Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture •  Website, App to connect BBs with customers •  word-of-mouth •  sales crew for BnB owners •  running site acquisition costs of BnBs (PH) •  asset light •  Acquisition of BnB places •  Quality Trust Mgmt •  Know-how of locations •  Customers pay BnB owner •  Takes services fees from the rent the households get (app. 15%) •  Customer (C) looking for special place to stay •  Private households (PH) who offer BnB •  C: places to stay that are outside the norm •  Contacts with locals •  PH: Income and international contacts for BnB owners •  n/a •  n./a. Build up BnB offer Help find right spot Match needs offer Payment GTC Reputation Trust Mgmt Asset light business model You do not need to own a place to provide awesome locations PATRICK STÄHLER DAS RICHTIGE GRÜNDEN Werkzeugkasten für Unternehmer 3 PATRICK STÄHLER DAS RICHTIGE GRÜNDEN erkzeugkasten für Unternehmer

125. 2 Understand -  understand the current solutions and their strength weakness -  understand how the potential customer thinks and decides -  understand the market market mechanism

126. Your point-of-view why you must exist: ............................................... ............................................... ............................................... ............................................... ...............................................

127. You must have a clear point of view why your business should exist 10

128. 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model

129. Think in options. Your current idea is not the only valid one. There are better ones. Search for them. Iterate 11

130. 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks Customers Customer Beneﬁt Offer Value Chain Core Capabilities Distribution Communication Channels Partner Business Model: Cost Structure Revenue Sources Team Values Revenue Model Team Values Value PropositionValue Architecture Use the canvas to develop your business model

131. 5 Decide Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on diﬀerent option

132. Fast learning what works with rapid prototyping of your minimal viable business model is the key to success 12

133. 6 Build Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and reﬁne continuously the business model

134. Always question your core assumption and adapt to real life. Prototype fast. Learn fast 13

135. 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight 2 Understand -  understand the current solutions and their strength weakness -  understand how the potential customer thinks and decides -  understand the market market mechanism 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks 5 Decide Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on diﬀerent option 6 Build Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and reﬁne continuously the business model

136. 1 Customer Insight -  Observe your customers What job is not yet or badly solved? -  How does the Customer Experience Cycle look like? -  On what customer insights is your idea based? -  validate customer insight 2 Understand -  understand the current solutions and their strength weakness -  understand how the potential customer thinks and decides -  understand the market market mechanism 3 Ideate Develop as many ideas as possible in the area of -  customers/ value proposition -  value architecture -  revenue model 4 Design -  decide for three or four options -  design the business models for the options -  check the interdependencies in the business models -  work on the uniqueness (positioning) -  optimize the building blocks 5 Decide Prototype -  decide for the best model to go for -  build prototype -  test prototype with customers -  write business case -  decide again or work on diﬀerent option 6 Build Learn -  execute business model -  learn continuously from customer feedback and control KPIs -  adjust and reﬁne continuously the business model Every startup is aniterative process withfast learnings andmany pivots

137. Entreprenurship is eternal learning what the customer really wants and what works and what not 14

138. What is a good strategy for startups? Diﬀeren- tiation Trend Build on strengths Focus

139. It’s about ﬁnding the right trend to surf!

140. Be different and be loved by your customers!

141. „Scary to be this nail.Where will the hammer hit next time?“

142. Dr. Patrick Stähler | 142

143. Doing is the essence of entrepreneurship

144. JUST DO IT.

145. More Information on http://blog.business-model-innovation.com Dr. oec. Patrick Stähler fluidminds GmbH Kreuzstrasse 2 CH-8008 Zürich Patrick.Staehler@fluidminds.ch www.fluidminds.ch blog.business-model-innovation.com @business_inno

14 Tips to Entrepreneurs to start the Right Stuff

14 Tips to Entrepreneurs to start the Right Stuff

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