The StartupWheel A tool for teaching entrepreneurship with a 360 degree perspective

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1 The StartupWheel A tool for teaching entrepreneurship with a 360 degree perspective All entrepreneurs need the same skills. How can they be taught?

2 THE STARTUPWHEEL - WHITEPAPER The StartupWheel generates a 360 degree perspective - for both the educator and the student The StartupWheel is a systematic and creative tool for teaching entrepreneurship. It assists students in making decisions and taking action when starting a company. It provides us - in the role of educators - with an overview of all the tasks in such a process and therefore also the curriculum necessary for the class. In the StartupWheel these tasks and potential classes have been divided into four fundamental challenges: creating an attractive business concept, establishing a sustainable organization, building long term customer relations and developing effective business operations. The StartupWheel provides an overview and prompts action by identifying the most important areas to work within. There are a total of twenty development areas that together provide a 360 degree perspective on what it takes to create a successful company with potential for growth. a business plan should not be decided without consideration, nor does it mean that no sort of planning should take place. In fact, the Startup Wheel provides many planning tools that engage students in dialogue, critical thinking and action planning. The StartupWheel can be used with a business plan. For The StartupWheel makes us better educators. With the StartupWheel, we become better educators. The Startup Wheel provides a comprehensive framework, methodology, curriculum and easy to use graphic worksheets. For students, the structure of the materials enables a clear learning path and a comprehensive system ensures a much broader perspective on entrepreneurship and the process of starting a business. To be a good educator in entrepreneurship you must be able to work with many types of problems. The StartupWheel has been developed so that without special expertise you are nevertheless competent in educating for all areas of the business development. students who have already written a business plan, the StartupWheel can be a tool for prioritizing and taking action and for those who wish to write a business plan, the StartupWheel can be used as a starting point for the process. Facilities Alternative or supplement to the business plan? The Startup Wheel is a tool for creating actions. It is designed to help identify the first decisions that need to be made and the most pressing actions that need to be carried out. The intention with the StartupWheel is not to produce a complete and written business plan for all the areas. However, refraining from writing 2009 Growth Company NYC Inc. Version Side 2 8

3 THE STARTUPWHEEL - WHITEPAPER The Startup Toolbox has everything the educator needs for a creative classroom As educators, a license to the StartupWheel will give us access to a comprehensive toolbox - the Startup Toolbox - that offers several different tools for the teaching process. There are four categories of tools: frameworks, inspirational articles, worksheets and presentation material. Each of them offer a special contribution to the teaching process. have been published in the Danish magazine "The Entrepreneur." A license to the StartupWheel includes the right to freely distribute the articles electronically and in print. Worksheets that lead to action Frameworks that provide a common language The first tool consists of 30 frameworks. These frameworks are simple and visual models that provide an overview of each theme in the development areas of the StartupWheel. The frameworks help the educator simplify abstract ideas and challenges. They help create a common language and shape the dialogue between the educator and the students. Inspirational articles that provide understanding The second tool is a library of 25+ inspirational articles that cover, in detail, all the areas of the StartupWheel - each article provides inspiration and simple checklists with specific suggestions for action. The educator can have the students read articles prior to class in order for them to be prepared and ensure a certain awareness level in the classroom. All articles The third tool in the Startup Toolbox is approximately 80 different worksheets. The worksheets are simply designed 11 by 17 inch sheets that help the entrepreneur make decisions and produce action plans within each development area of the StartupWheel. They have the characteristics of a creative drawing board as the entrepreneur in specific terms can make notes on which actions need to be carried out right now. Presentation material that provides structure The fourth tool is an extensive set of presentation material which means that the educator will have a full palette of slides for each development area. These slides integrate with the rest of the tools and provide a structure for the educator when teaching. That way, they help the educator use the frameworks, the articles and the worksheets. Markedsføringsviften 6 områder at se på i markedsføringen Inspirationsartikel for vækstvirksomheder Artikel #18 Version 1.3. Udviklingsområde: Forretningsmodel (Gult udviklingsområde) Tema: Indkomstkilder TRYKSAGER Visitkort Brochurer Foldere Produktark Prislister Plakater Præsentationer modeshow, hvor prisen T-shirt of The Year blev uddelt. Her kunne man måske tjene ekstra penge ved at sælge medlemskontingenter til deltagere, som havde interesse i at være med i brancheforeningen. Nu er der næppe basis for en specifik T-shirt brancheforening, men forretningsmodellen bruges selvfølgelig både i mode- og tekstilbranchen og i mange andre brancher. Markedspladsen ANNONCER Dagblade Fagmedier Magasiner Håndbøger Postkort Outdoor media TV/radio DIRECT MARKETING Direct post Direct mail Telemarketing Kundebesøg Kortlægning af spillerne i markedet 22 kilder til indkomst FELT FORRETNINGSMODEL Vareproduktion Ordreproduktion NYE INDTRÆNGERE RIVALER PRODUKTIONSFORRETNING Outsourcing Du designer et produkt, men outsourcer hele produktionen til en anden fabrik og fakturerer kunderne produktionsprisen med tillæg af medgåede omkostninger og en margin. Som iværksættere er det ikke tilstrækkeligt, at vi får masser af idéer. Vi skal også kunne Du producerer og leverer et produkt, som andre har designet, og fakturerer kunderne Licens produktion en pris, der også kan dække det beløb, du betaler til licensgiveren. tjene penge på dem og finde frem til den helt rette forretningsmodel. Men hvilke Du designer et produkt, men lader andre om at stå for produktion, leverance og salg, forskellige muligheder har vi for at tjene penge på den gode idé? Royalty og fakturerer producenten en royalty på antal producerede eller solgte stk. GODE KONKURRENTER KOLLEGER I ANDRE MARKEDER PUBLIKATIONER Bøger Artikler Elektronisk nyhedsbrev Eget magasin Rapporter Andre spillere Af David Madié, stifter af og direktør for Growth Company. Grossist salg Du indkøber varer fra forskellige producenter og videresælger dem i mindre mængder til forhandlere, som du fakturerer en pris, der dækker omkostninger til bl.a. lager og logistik. Du indgår en agenturaftale om et produkt og sælger en vare som leveres og faktureres Der er stor forskel på at have en god idé og have en god Mindst 22 forskellige forretningsmodeller Agentur (evt. import) af producenten, og fakturerer producenten en aftalt salgsprovision. forretningsidé. Forskellen består i, om man har fundet Når man skal vælge sin forretningsmodel, handler det ikke Du starter en butik og indkøber varer, som du sælger med en fortjeneste, der bl.a. frem til en god forretningsmodel for, hvor pengene skal handel blot om at finde frem til én enkeltdetail model - snarere handler dækker butiksleje, personale og annonceringsomkostninger. komme fra, og hvordan der skal tjenes penge på idéen. det om at finde frem til flere. De bedste HANDELSDu lægger dine varer i kommision hos en forhandler og fakturerer først forhandleren, Begrebet forretningsmodel er ikke et hverdagsord, og forretningsmodeller er oftest en kombination Kommision af flere FORRETNING når varen er blevet solgt. det bruges også tit på flere forskellige måder. Den mest forskellige måder at fakturere kunderne. enkle måde at forstå en forretningsmodel på kan være at se Abonnementer og Du indgår aftaler om løbende eller gentagne leverancer af en vare, og fakturerer licenssalg kunderne et fast aftalt beløb pr. måned, kvartal eller år. på, hvordan en virksomhed skriver fakturaer. Det er nemlig på Du koordinerer en leverance til en kunde og viderefakturerer leverancer fra De bedste forretningsmodeller er enviderefakturering kombination af fakturaens enkelte linjer, det underleverandører med en fortjeneste, der skal dække håndteringen. flere forskellige måder at fakturere kunderne. fremgår, hvad kunderne i sidste Salg og udleje af Du sælger synlig reklameplads i forbindelse med din forretning og fakturerer kunden en ende betaler for, og hvad reklameplads kontaktpris (pr. estimeret eksponering) eller en pris efter annoncestørrelse. forretningen dermed består i. Det kan f.eks. være, at der For de fleste iværksættere vil det være naturligt at Du erhverver dig en professionel viden eller en faglig kompetence og fakturerer sælges enten produkter med en stk. pris og/eller anvende mindst fem forskellige forretningsmodeller Timesalg kunderne efter det tidsforbrug, du anvender på opgaver for dem. serviceydelser, der faktureres efter timeforbrug. Og måske samtidigt, og for nogle kan det være en fordel at anvende Du leverer en ydelse og fakturerer kunden en fast pris for hele ydelsen, eller en pris der vil det fremgå, at kunden betaler på abonnementvilkår, op til 10 eller endda helt op til 20Ydelsessalg forretningsmodeller er bestemt af det ressourceforbrug, der medgår til leverancen. eller at der indgår faste priser på bestemte ydelser. Men samtidigt. Figuren Kilder til indkomst på næste side Du etablerer en organisation eller et netværk og fakturerer deltagerne et med hvilke forretningsmodeller kan man bedst tjene penge illustrerer 22 eksempler på forskellige forretningsmodeller, Event salg medlemskontingent for en periode. i sin virksomhed? og der findes sikkert endnu flere. SERVICE FORRETNING Institutioner Medier Organisationer BESKRIVELSE Du udvikler, producerer og leverer et produkt samt fakturerer kunderne produktionsprisen med tillæg af medgåede omkostninger og en margin til fortjenesten. Du producerer varer på bestilling og fakturerer kunden en individuelt beregnet pris på hver leverance. -på de gode idéer PROMOTION Merchandize Messer Events Sponsorship Vareprøver Product Placement ONLINE MARKEDSFØRING Webside Blog Webportal Netværkstjenester Sociale medier Finansiel indkomst Selv som finansiel virksomhed vil man i princippet kunne tjene penge i T-shirt branchen, selvom det nok hører til sjældenhederne. Man kunne forestille sig en udlejningsforretning af dyre designer T-shirts (det findes for solbriller, tasker og brudekjoler), og man kunne måske sælge dyre T-shirts med en afdragsordning, hvor man tjener penge på renteindtægterne fra kreditforretningen, ligesom forhandlere af fladskærms-tv gør det. Det ville ANDRE SPILLERE FINANSIEL FORRETNING Kontingenter Du udvikler et projekt, som kan opnå støtte fra fonde eller offentlige institutioner og fakturerer disse en aftalt sum, som skal dække alle projektomkostningerne. Fundraising Du udvikler et butiks- eller servicekoncept og fakturerer kunderne en franchise fee og evt. en royalty som en procentsats af den omsætning, de opnår på forretningen. Franchising Du investerer i noget udstyr, som du udlejer og fakturerer kunden en lejepris per. periode. Udleje og leasing Du lader dine kunder betale for din vare eller ydelse gennem en afdragsordning og fakturerer en rentesats på den kredit, kunden løbende har. Kreditforretning Du sælger i samarbejde med et forsikringsselskab en forsikring, der medfølger den vare eller leverance, du giver, og fakturerer kunden en forsikringspræmie. Forsikringssalg Du investerer i varer eller aktier og sælger dem efter en periode til en højere pris, der bl.a. dækker de omkostninger, du har haft i forbindelse med investeringen. Investering Du investerer i varer eller aktier og sælger dem efter en periode til en højere pris, der bl.a. dækker de omkostninger, du har haft i forbindelse med investeringen. Copyright 2008 Growth Company ApS. Licenseret til Væksthus SydDanmark. Mere information på og Startup Company NYC Inc. Version 2.0 Side 3 8

4 THE STARTUPWHEEL - WHITEPAPER All entrepreneurs need the same skills - that is why they can be taught It may sound like a very crude generalization to say that all entrepreneurs need the same skills. Would a service business have the same challenges as a production business? Would the furniture industry have the same needs as the IT-industry? And how about the differences in the challenges experienced by the early start-up and the growing company? Of course certain conditions are different. However, all companies have one thing in common, they must all develop great products, hire the right people, get the right clients and be profitable. The StartupWheel provides an overview of these four fundamental challenges. To create an attractive business concept The yellow segment of the StartupWheel holds the areas to work with to create an attractive business concept. In a teaching process the educator and the students would consider issues like: how to design the company's products and services in relation to certain customer segments, creating the right business model and how to relate to the competition. The development areas in the yellow segment are focused on design and development of the business idea, product portfolio, business model, customer portfolio and the company's market position. To establish a sustainable organization It is not sufficient for a start-up to have an attractive business concept. It is also necessary to assemble the right team of owners, employees and partners and this is the focus of the second segment, the red segment, in the StartupWheel. The organization is the foundation for the future development of the start-up. As educators we help the students explore questions like: how to assemble the right owners, how to find the right employees and how to form the right partnership agreements. The development areas in the red segment of the StartupWheel 2009 Startup Company NYC Inc. Version 2.0 concentrate on designing the internal structure of the start-up and the focus is on areas like owner group, board, employees, business processes, partnerships and legal issues. To build long term customer relations With an attractive business concept and the right organizational foundation, the start-up has a strong basis for development and growth. However, a startup also has to be able to sustain customers and to develop new customer relations. This is the focus of the development areas in the green segment of the StartupWheel. Here the teaching is concerned with how the start-up should manage the daily business development and how to most efficiently communicate with current and future customers. Focus is on the development areas: network, marketing, sales, public relations and branding. To develop effective business operations When the start-up has built the foundation for creating strong customer relations, the last challenge is to be able to deliver and to continue to improve the operations. This last area - business operations - the blue segment, is about this. Here the educator and the students delve into how the company can increase its productivity and how it can obtain positive cash-flow and finances. The development areas in this segment have to do with the development of the company's management accounting, financing, deliveries, IT-systems and facilities. Side 4 8

5 THE STARTUPWHEEL - WHITEPAPER Does the StartupWheel include everything? The StartupWheel s approach to start-up development and growth is one of many. One could easily find another structure possibly with five areas and the headlines for the twenty development areas could also be changed. For example, another word for customer portfolio could be customer segments. However, in a teaching process where the StartupWheel is used as a tool, it is not so important which terminology is used. Every educator has their own terms and use them in their own way. What is more important is whether the headlines are meaningful to the student during the process. Over the last five years, the StartupWheel has proven to be very robust and today more than a thousand entrepreneurs have used the concept without providing any significant suggestions for changes in the overall structure. But where is Strategy..? At first glance it might seem as if the StartupWheel lacks a number of the key terms typically used when working with business development - for example terms like "strategy", "management", "innovation", "quality management" and "internationalization". However, these terms are in fact present in every single development area of the StartupWheel. As far as strategy is concerned, a start-up can have both a product strategy as well as a communication strategy and a sales strategy. And when it comes to management, this is also a discipline that relates to both production management, human resource management and sales management. Also the term innovation is not only a discipline concerned with developing innovative products, as companies should also work on creating innovative business models, innovative delivery systems and innovative partnerships. In this way all these terms reach across the twenty development areas of the StartupWheel and are included in them all. STRATEGY MANAGEMENT QUALTY MANAGEMENT INTERNATIONALIZATION INNOVATION The StartupWheel provides no solutions Even if the StartupWheel is concerned with most of the issues related to starting and developing a business, it does not provide any solutions. First and foremost, the StartupWheel creates a structure and a common language. On top of that the Startup Toolbox can be used to clarify which decisions and actions are essential for the business development and growth. The Startup Wheel is only as useful as the work that the educator and students are doing together. The Startup Wheel process, when undertaken with dedication, will provide the solutions necessary to create a business Startup Company NYC Inc. Version 2.0 Side 5 8

6 OM VÆKSTHJULET - KONCEPTBESKRIVELSE The StartupWheel has an opinion about how to best develop startups The StartupWheel is more than just a list of tasks and themes. In itself this would be no more than a list of content in any other business plan. What sets the StartupWheel apart from other business development tools is the idea that four key activities are necessary to grow a start-up: To obtain overview, create progress, maintain passion and to establish a community. Overview provides confidence For an entrepreneur, an overview is necessary. because the lack of it can be a mental barrier - one that can potentially block the starting of important activities in the start-up. To have overview does not only involve having a 360 degrees perspective on your business, but also that you have overview of all the development areas in the StartupWheel and understand what they involve. With its detailed frameworks, the StartupWheel ensures this insight all the way through the StartupWheel - for the students and for the educator. Whereby the confidence to take action is established. Progress provides a successful experience It is necessary for entrepreneurs to make decisions that manifest themselves into concrete action. The danger is that the entrepreneur spends too much time analyzing - which rarely leads to real change. With its action-oriented worksheets, the StartupWheel enables the educator to systematically help the students in determining the next step and take action on it. This provides successful experiences that further encourage more initiatives. crucial for an entrepreneur to keep up the passion within the group of owners and other key people. The StartupWheel supports and strengthens the passion, both by being a creative and visual tool but also by the wide degrees of freedom in the way the toolbox is used. When the entrepreneur follows his energy and intuition there's a much greater likelihood that passion can be maintained, which will also increase the productivity so more things are done faster. OVERVIEW PROGRESS PASSION COMMUNITY Community provides competence To build a company requires a lot of different skills and resources that no entrepreneur can come up with on his own. That is why it is important to establish a community of people around the business, including educators, advisors, employees, lead user customers or advisory board members. The StartupWheel encourages the student to create a community in all development areas. With the right partners, the start-up will be able to master all twenty development areas of the StartupWheel. Passion provides productivity Passion might be the most important resource in the start-up, especially when the start-up is young and there is not enough money, employees and systems to keep it going. This is why it is 2009 Startup Company NYC Inc. Version 2.0 Side 6 8

7 OM VÆKSTHJULET - KONCEPTBESKRIVELSE The StartupWheel makes the teaching process engaging and entrepreneurial Due to the large degree of freedom in the use of the StartupWheel, each educator can design their own, individual learning process when designing their course curriculum. However, one method that many choose to adopt is as follows: 1st class: 360 degree overview In the first class, or classes, the educator provides an insight about the challenges found in the twenty development areas in the StartupWheel. With the students, the first work sheet is completed producing a profile of the business idea the student has chosen to work with. This will give the student an overview and the opportunity to decide which themes to work on outside the classroom or focus on for the remaining part of the course. The 360 degree perspective exercise will most likely also result in instant inspiration for a number of small research activities that the student can carry out right after the class. In this way the student is immediately provided with inspiration to work on their own. Following classes: presentations and group work For the following classes the educator selects which areas of the StartupWheel to cover in the course. Normally this will be 5-10 of the 20 development areas, depending on the length of the course. In each class the educator will make a presentation using the StartupWheel presentation materials for the specific topic. Following this, the students will be given a number of worksheets that can either be worked on in the classroom individually or as group work. Some educators also use the worksheets as assignments for the students to work on before the next class. Included in the StartupWheel materials are inspirational articles and subject-matter frameworks. Some educators choose to provide the inspirational articles and the frameworks to the students prior to the class for preparation, while others prefer to hand it out after the class to allow the teaching to provide new and interesting knowledge and insights for the students. Working on projects with action-based learning The StartupWheel exercise and assignments takes an actionbased approach to learning. The activities go beyond an academic approach of having the students discuss the models and their alternative applications. The worksheets encourage the students to use the tools to work on business cases in a way, which is as close as possible to the process of real-life entrepreneurs, which the StartupWheel is originally developed for. This enables the educator to have the students bring their practical experience (or empirical studies) back into the classroom, and have the learning process include the relationship between the models and theories introduced and the implications of practical application. Final Panel Presentation At the end of a course, using the StartupWheel Methodology some educators schedule a panel session in the curriculum. In this panel session, the students present the current status and challenges of their business to a panel that can include outside participants like experienced entrepreneurs, bankers, accountants, or people with specific experience the industries in which the students have crafted their projects. Knowing their work will be judged from a real-life perspective encourages the students further to have a practical approach and thereby obtain a real entrepreneurial experience from the course Startup Company NYC Inc. Version 2.0 Side 7 8

8 THE STARTUPWHEEL - WHITEPAPER How to obtain a license for the StartupWheel - and which license is right one for your institution? Over one hundred educators and business advisors today use the StartupWheel. It is being used in several different types of institutions and companies, who help start-ups develop and grow. The StartupWheel is now used in a number of different countries including Sweden, Netherlands, The United States, Greenland and in Denmark where more than one thousand students, entrepreneurs and start-ups have worked with the StartupWheel in the process of building a business. Get a license for unlimited use of the StartupWheel and the Toolbox As an educator, you can obtain a license for the StartupWheel by participating in a two-day seminar where you will be certified in using the StartupWheel, together with other educators. At this seminar you will receive the binder with all the worksheets and you will be provided access to the StartupWheel online where all parts of the Toolbox have been made digitally available. During those two days you will be introduced and trained in using the tools of the StartupWheel and its methodology, and you will get the opportunity to network and exchange experiences with other educators. About Startup Company Startup Company is a consultant company that specializes in advising start-ups. We have years of international experience in helping companies create platforms for growth - a task that requires developing your mindset as well as your business. Startup Company was founded in 2003 by David Madié and has the subsidiaries Growth Company and Export Company.. Further information For further information about the StartupWheel and the license agreements, contact Startup Company. 153 Roebling St., Suite 4W Brooklyn, NY Telephone: 1 (917) Fax: 1 (646) info@startcompanyinc.com Web: Different types of license for different needs The Startup Toolbox contains materials customized to the various target groups you work with as an educator. Currently, it is possible to obtain licenses to three different versions of the Startup Toolbox: The Startup Toolbox for Colleges and Universities The Startup Toolbox for Community Colleges The Startup Toolbox for Technical Colleges The Startup Toolbox for Social Entrepreneurship Contact us for further information about which version of the StartupWheel is right for your needs as an educator Startup Company NYC Inc. Version 2.0 Side 8 8