Part 1: Introduction: Most Startups Fail; How to Improve Your Odds
There are lots of great ideas. The reality is that most startups fail. They often fail because the founders don’t know the nuts and bolts of execution.
This course is about the nuts and bolts of new ventures. What are the common mistakes that entrepreneurs make? What can they do to increase the probability of success?
This introductory session will provide an overview of the skills you will need to have or find in order to succeed. We will provide an overview of the sessions that follow:
- Finding your customer
- How will you make money? Business models
- Basics of sales and presenting
- Hiring, inspiring, and firing
- How to stay out of trouble—legal issues
- Negotiating—with cofounders, employees, partners, etc.
- Finance and financial projections
- Getting the resources you will need, including raising capital
Reading
Read the interview with Jensen Huang, the founder of Nvidia: Cohen, Ben. “He Built a Trillion-Dollar Company. He Wouldn’t Do It Again." The Wall Street Journal. December 9, 2023.
Speaker
Joe Hadzima, Senior Lecturer, MIT Sloan School of Management; Serial Entrepreneur, Mentor, and Investor
Joe has been involved with over 120 new ventures over the last 30 years as an entrepreneur, lawyer, board member, and venture capitalist.
Slides
Session 1, Part 1 Slides (PPTx) (PDF)
Video
This introductory session will provide an overview of the skills that will help you succeed in your new venture.
Part 2: Marketing and Sales: Finding Your Customer
Many entrepreneurs, especially technology-based entrepreneurs, are accused of being too in love with their technology or concept. They rationalize that if they develop a better mousetrap then the product will sell itself. However, a good technology or product idea is a necessary but not a sufficient condition to establishing and growing a successful business venture. Who will buy the product? How will you reach buyers? How much will they pay?
If you have an idea for a product or service, how do you determine whether there is a market for it? How do you develop a marketing strategy? How do you turn your idea and market research into sales? What do you need to do to convince potential investors that there is a market and that your idea is viable? If you don’t have a specific product or service idea but you see a potential need, how do you turn the need into a product or service?
This session will discuss these issues and provide guidance on how to approach the marketing section of your business plan.
Reading
- Moore, Geoffrey A., Crossing the Chasm, Marketing and Selling High-Tech Products to Mainstream Customers. Harper Business 1991. Chapters 1 and 2. ISBN: 9780060517120.
- Disruptive Innovation. “Technology Adoption Life Cycle." YouTube. 2018
- O’Reilly. “Crossing the Chasm: What’s New, What’s Not." YouTube. 2015.
Speaker
Bob Jones, author, start-up advisor, serial healthcare industry entrepreneur
A serial entrepreneur with international business experience and two patents in the field of nutrition, Bob is a mentor with MIT’s Venture Mentoring Service. He has served as a judge in MIT’s $100K Business Plan Competition. Bob served for ten years as a National Advisor for Pipeline Entrepreneurs, where he led many intensive workshops for high-growth entrepreneurs. He has started four companies with doctors at Harvard Medical School, and served as CEO of a food company that’s publicly traded on the Hong Kong exchange.
He has an A.B. in biology from Princeton University, and an MSM (MBA + thesis) from MIT. After hours, Bob is an enthusiastic motorcyclist and a working musician, performing regularly with several Boston-area groups, including a blues band. He’s also on the board of trustees for Music with Heart and joins them playing in local homeless shelters. His book The Start-Up Starter Kit: How to Avoid Failing in the Crucial First Two Years is available through Amazon and Barnes & Noble. Bob Jones at His Other Job
Slides
Session 1, Part 2 Slides (PDF)
Video
In this session, Bob Jones talks about about market research and identification to find your customer base.
