Today I started a technology entrepreneur class from Stanford. It’s an online course that allows for a school session or at your leisure time frame. The link is here for the Technology Entrepreneur class. To see a list of the lectures and go at your own pace you can go straight to this site. Oh yeah, did I mention it’s free! Thanks Stanford!!
I watched the first 3 lectures. Here is summary of each:
This really was an overview of what the class will cover.
Question: What big problem exists that I could solve that could have a big impact on others?
We should focus on one main idea to be able to tackle a problem and move forward in a entrepreneurial fashion.
Check out: http://ecorner.stanford.edu
Suggest book: Technology Ventures ISBN: 0077305914
Since Stanford is sitting in what is known as Silicon Valley there is a lot of cross over between Stanford students and the inventive and progressive Silicon Valley environment. New ideas are welcomed. Failure is looked at as a learning opportunity. This course is set up to have business inventors from the surrounding area present ideas they have put into practice and mistake they have made. This should allow for us as new inventors and entrepreneurs to get a head start and learn from others’ mistakes.
#1 Two Phases -Opportunity Recognition and Pursuit of Opportunity
#2 From the Textbook: Vision – Strategy – Execution
#3 Sahlman’s Concept of Fit: Business plan involves 1- Resources 2- Opportunity 3- People 4- a Deal.
#4 Question Every Venture… (The Monk and the Riddle): 1- Big Market? 2- Winning Strategy? 3- Excellent Team?
#5 Risk Reduction: Team Risk, Technology Risk, Market Risk, Capital Risk. Start with riskiest and work down the list.
#6 Crossing the Chasm – “trying it out” to “total adoption” by customers/people/world
#7 Customer Development Process – Hypothesis Testing, Experimenting. Customer needs – Customer validation – Customer Creation – Company building.
#8 Startup Race: 1-Founding(Vision) 2-Seed Stage 3- Growth 4- Exit Stage
#9 Effectuation: What resources to I have? What can I do with them? Execution – Strategy – Vision
We were asked to set up a blog to document our experience with the class. Also to set up a business model canvas.
Check out steveblank.com and his article how to build a web startup.