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Lecture 12

ENT 3003 Lecture Notes - Lecture 12: Financial Statement, There Are Known Knowns, Lastminute.Com


Department
Entrepreneurship
Course Code
ENT 3003
Professor
Christopher Garrett Pryor
Lecture
12

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Module 12 (Apr. 8)
Entrepreneurship in Established Companies, continued:
o [Redifferentiate] products/services
Customers don’t care about your product
They care about their own needs
Understanding their context
Who?
What?
[What else?]
When?
Where?
How?
Need Awareness
Information Search
Alternative Evaluation
Purchase
Post-purchase Evaluation
o [Resegment] our markets
These can help you flesh out the attributes map
You may also notice new customer segments
Segment by behaviors, not demographics
Upper
Upper-Middle
Lower-Middle
Lower
o [Reconfigure] wholly new solutions
Altering value chains
Wholly new offerings
Evolutionary: break through current barriers to create an ehancement in
your current offering
1) Why can’t we charge higher interest rates?
Because New York law caps interests rates at 14%
3) Why are they unwilling to act?
Because cardholders will blame the legislators for high interest
charges; it’s politically unpopular
4) Why do we have to stay in New York?
We’ve traditionally been located in New York
5) Why couldn’t we move the credit card operation to a location where
we can charge more interest?
This would be a big adjustment for our people
6) But does anything prevent us from moving?

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Not really
Radical: [of functionality] an offering meets needs that could never be
met before
Value Chain Recognition
Business Model Reconfiguration
o [Build] new capabilities
Goal Setting:
Set a clear goal, early
For us, this may mean monitoring key performance ratios
o 1) Select 7-10 key ratios (talk to bankers, industry experts, read trade journals)
o 2) Benchmark to competitors
o 3) Understand the link between behaviors in the firm and performance
How Smart Companies Grow:
What didn’t matter
o Markets
o Size or age
o Industry
o Entrepreneur founder
Department For Change
o Rapid adapters
o Lots of small innovations (Speed, Real options, Diverse product/service mix)
o Manage resources centrally
o Innovations is ‘built-in’ (Where are the important people?, What are they looking
at?)
Department Against Change
o Focus on building culture
o Hold talent
o Strategies stay consistent
Move fast
Small bets
Build culture
Set and maintain course
Other challenges
o Cash flow
o Quality control
o Culture control
The payoffs can be worth it…
o Economies of scale
o Economies of scope
o Being big is ‘legit’
o Being big is ‘safe’
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