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KEEN, ENTREPRERNEURSHIP AND VALUE PROPOSITION.pptx

IDEATION, INNOVATION AND ENTREPRENEURSHIP

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OVERVIEW

The importance of Ideation, Innovation and Entrepreneurship to Engineers

Define and discuss:

Ideation

Innovation

Entrepreneurship

How are they connected?

Discuss the KEEN Philosophy and the KEEN Pyramid

Identify the entrepreneurship websites visited

Discuss two examples related to entrepreneurship

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KEEN and the KEEN Philosophy

Kern Entrepreneurship Education Network (KEEN)

Robert Kern founder of Generac Power Systems

Seek to create tomorrow’s leaders and innovators

Goal is to create entrepreneurially minded engineers

Emphasis is not on creating entrepreneurs

Leverage Technology

“E” not limited to the business school

Graduate engineers with Entrepreneurial Minded Engineer (EME) who will contribute to business success

3

ENTREPRENEURIAL ENGINEERING

Entrepreneurship is self-employment through business ownership.

Entrepreneurial Engineering (EE) – design value-added products and processes that create demand through innovation.

New Products – If you can’t be unique be cheap

Attributes of EE’s:???

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Attributes:

Integrity

Tenacity

Ethics

Creativity (Ideation)

Intuition

Engineering Fundamentals

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THE KEEN PYRAMID

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Middle Section Engineer

Intrapreneurs

Employed within companies

Seek to communicate directly with end-user customers

Product benefits not features

Risk-neutral - to - risk-seeking

“Fail forward fast”

Appreciate time-to-market

Comfortable with uncertainty and ambiguity

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ENGINEERS WHO ARE ENTRPRENEURS

Seek to be market innovators

Redefine the rules of competitive engagement

Create entirely new markets (e.g. cell phones)

Understand risk management

They will be leaders

Do whatever it takes to develop product that will meet or exceed customer’s requirements

8

FOUR CORNERS

Technical Fundamentals: Theory and Practice of Engineering, design verification, validation and sustainability

Customer Awareness: Product Benefits, Probing Questions, Actively Listen

Business Acumen: Basic Financial Management, Team Effectiveness, Communication, Conflict Resolution

Societal Values: Global Economy, Service to Others, Free Enterprise, Intuition, Integrity, Tenacity, Honesty

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KEEN OUTCOMES

Effectively collaborate in a team setting.

Apply critical and creative thinking to ambiguous problems.

Construct and effectively communicate a customer appropriate “Value Proposition”.

Persist through failure to do what is needed to succeed.

Effectively manage projects and apply the commercialization process.

Demonstrate voluntary social responsibility.

Relate personal liberties and free enterprise to entrepreneurship.

10

OPPORTUNITY RECOGNITION

An opportunity has four essential qualities:

Attractive

Durable

Timely

Anchored in product, service, or business that creates or adds value for a buyer or end user.

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IDEA

Thought

Impression

Notion

It may not meet the criteria of an opportunity

Business may fail because there was no real opportunity to begin with.

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VALUE PROPOSITION

Michael Treacy and Fred Wiersema, “The Discipline of Market Leaders”

Operational Excellence

Product Leadership

Customer Intimacy

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OPERATIONAL EXCELLENCE

“Superb operation and execution often by providing a reasonable quality at a very low price.

The focus is on: efficiency, streamlining operations, supply chain management, no frills, volume counts.

Most large international companies work out of this “discipline”.

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PRODUCT LEADERSHIP

“Very strong innovation and brand marketing, operating in dynamic markets.”

The focus is on development, innovation and design, time to market , high market in a short time frame.

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CUSTOMER INTIMACY

“Excel in customer attention and customer service. Product taylored to individual customers.

Deliver products and services on time and above customer expectations.

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YOUR VALUE PROPOSITION MATTERS:**

“Your value proposition matters: Your “value proposition” is also called your core marketing message or your unique selling proposition. When figuring your company’s value proposition, ask yourself the following questions:

Who is your ideal customer?

What problems or challenges does your product solve for your customer?

What makes your product a better and more valuable solution than any other offering on the market?

What results or benefits can your customer count on?

How does your offer deliver value beyond the time and money customers will spend to obtain it?”

**”Business Plans Kit for Dummies”, Patterson, Jarret and Schenck, Wiley Publishing, 2005.

HOMEWORK – ENTREPRENEURSHIP

Possible Topic: “The Importance of Ideation, Innovation and Entrepreneurship to Engineers”

Research: “Instilling the Entrepreneurship Mindset…”, Kriewell and Mekemson The KEEN Pyramid

Eclips at Cornell Univ.

Stanford, Tina Seelig, Entrepreneurship

University of Detroit, Jonathan Weaver, Entrepreneurship Website.

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MULTIDISCIPLINARY DESIGN PRP_431_SP2017_Mod4.ppt

Multidisciplinary Design 1
ECE/MEE 431L

EMPHASIS ON

  • Product Realization Process (PRP)
  • Teamwork
  • Conceptualization
  • Decision Analysis
  • Meeting Client Needs
  • Communication
  • Commitment

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Overview

  • Introduction
  • Innovation Center, Clinic and Regulations
  • The Design Project
  • Major Components, PRP Sequence
  • Time Schedule and Hours (Gantt Chart)
  • Time – balance, don’t wait until the end
  • Use of Time and Timesheets
  • The 5 C’s, Commitment, Communication (Oral and Written), Customer, Critical Thinking and Completion
  • Forms and Procedures
  • Mentoring
  • Components of the Mini-Project

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Flexible Projects Lab

  • Store Project Construction Materials…NOT Projects..projects in KL151
  • Safety glasses must be worn an time power tools are being used
  • Workbenches – Construct the prototypes in this lab
  • Clean up your work area
  • Return Tables/Materials to Proper Location
  • Open 24/7 (student ID) provided there are 2 people present
  • No food or drinks at any time. Drinks only on sink/counter.
  • Doors kept closed at all times.

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Collaboration Studio

  • Available 24/7 – KL123/124
  • Accessible w/Student ID
  • Computers
  • Literature/Manufacturer’s Manuals
  • White Boards
  • Drinks OK –Travel Mugs and screw cap bottles
  • No food at any time – period.
  • Doors must remain closed at all times – security.

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Team Meeting Rooms

  • Teams in the clinic have priority in the meeting rooms during class time.
  • Local telephone in first room.
  • No food at any time!!!
  • Drinks OK – Travel Mugs and Screw cap Bottles. No beverage cups with plastic lids

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Storage Room

  • Drawers for storage of projects
  • Plastic bins are available
  • No Large Item Storage
  • Nothing Laying Around – Must be in Drawers
  • See Libby LoPresti for a key

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Conference Room

  • Multimedia Communication
  • Telephone – Long Distance
  • Computer, Projector
  • Video, Television
  • Team Presentations/Meetings with Sponsors
  • Limited Access - reserve up to 2 weeks in advance

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THE COURSE: MEE/ECE431L

  • Design Project (PRP)
  • Industry Sponsored Projects
  • Proposals, Conceptualization, Decision Analysis, Feasibility Analysis and Testing
  • Faculty and Business Mentors
  • Good communication is essential – proposal, status reports, informal discussions, oral presentations, final report

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145.bin

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146.bin

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Concepts

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Embodiment Design

  • Complete a “Detailed” drawing of your concept(s). - without dimensions
  • General Parts List
  • Updated and completed decision analysis
  • Identify calculations that will need to be performed
  • Perform calculations to determine feasibility
  • Perform tests (if possible) to determine feasibility
  • List team members and their responsibilities
  • Final oral presentation for ECE/MEE 431L
  • Examples: Air Purifier, Solar Powered Cabin

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WEEKLY STATUS REPORTS

 1.     Status Reports are due by Friday at Midnight.
 
2.     Major headings or discussion areas should be:
 
�       Activities from last week
�       Significant accomplishments
�       Problems encountered
�       Schedule
�       Immediate future activities
 
3.     Please write your reports with full sentences and provide results. Write the report as an e-mail message not as an attachment.
�       E.g., Research was performed to investigate widgets.” This does not tell the story. What was investigated? What were the results of the research?
�       E.g., “We met with the sponsor on Tuesday.” So? What was the purpose of the meeting? What was discussed? What were the action items?
 4.     Please include at least the name of the sponsoring company and the number of the status report in the “Subject:” location. (“Incigna-Status Report 1” )
 5. As a minimum, the status report should be sent to: (1) the sponsor, (2) UD mentors, and (3) all members of your team.
 

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The 5 C’s

  • Commitment
  • Customer Focus
  • Communication
  • Oral Presentations, Formal reports, Status Reports, Meeting Minutes, E-mails, Conference Calls
  • Critical Thinking
  • Completion of Deliverables

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Forms and Procedures

  • Timesheets
  • Purchase Requisition
  • Purchase Orders
  • Invoices
  • P-Card
  • Disclaimer Notice – Front of Report
  • Design Project Agreement
  • Non-Disclosure, IP, Fees, Expenditures

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Meeting with the Client/Sponsor

  • Agenda
  • Introductions
  • Summary of Project
  • Basics in the Project Description
  • Take Notes
  • More Information Required
  • From sponsor, from research
  • Ask Questions
  • Take Notes
  • Summarize Action Items
  • Follow Up: Write Meeting Minutes, Proposal, Status Reports

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Mentoring

  • Faculty Mentors – In-Class
  • Review
  • Advise
  • Status
  • Industry Mentors
  • Vendors

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Communication with the Sponsor

  • Speaker phones/etiquette
  • Get as much info over the phone
  • Develop more questions
  • Take notes
  • Set up tentative visit time
  • Take notes
  • Summarize meeting/Action items/Minutes
  • Take notes
  • Final Presentations at UD, April 27 & 28

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Mini-Proposal/Charter

  • Cover Letter (No)
  • Specifications
  • Functional Requirements – What is Needed?
  • Design Requirements – Quantitative Measures (Time, weight, etc)
  • Design Criteria – Pugh Ellipse (Cost, Safety, Reliability, Performance?)
  • Deliverables
  • Research
  • One “detailed” concept each (and one existing design)
  • Decision Analysis (Grid)
  • Hybrid Design
  • Final Concept
  • Gantt Chart
  • Letter Report
  • Oral Presentation - Outline

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GANTT CHART

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MINI-PROJECT SEQUENCE AND FORMAT

FUNCTIONAL REQUIREMENTS

DESIGN CRITERIA

DESIGN REQUIREMENTS

RESEARCH

GENERATE CONCEPTS

GENERATE CONCEPTS

REVIEW CONCEPTS/BRAINSTORM

SELECT TOP 4 CONCEPTS

DECISION ANALYSIS

ORAL PRES. & LETTER REPORT

LETTER REPORT

SPECIFICATIONS: Functional Requirements, Design Requirements and Design Criteria

RESEARCH RESULTS

INITIAL CONCEPTS

Review Concepts

Brainstorm

Hybrid Design

Final Candidates (3 or more)

DECISION ANALYSIS

Concepts

Criteria

Values

ORAL PRESENTATION (Appendix)

Figure 2.2 Product Realization Process (Doepker, 2)

PRODUCT REALIZATION PROCESS - METHODOLOGY

Functional Requirements

ITERATIONS Design Requirements

Design Criteria

Write Proposal

Innovation

Design Review

Oral Presentation (1)

Conclusion of MEE/ Team Assignments

ECE-431L Engineering Calculations

Oral Presentation/Meeting (2)

Design Review

Final Report

Cost Estimate Business Plan

Final Calculations

Oral Presentation (3)

FEEDBACK AND

CONTINUOUS

IMPROVEMENT Business Plan

Product Incubator

IDENTIFY NEED

CONCEPTUAL DESIGN,

DECISION ANALYSIS

ENGINEERING

CALCULATIONS

MANUFACTURE/

PROTOTYPE

FABRICATION

 MARKETING

 CUSTOMER

FEEDBACK

EMBODIMENT DESIGN

ENGINEERING

CALCULATIONS

FINAL DESIGN

TESTING AND/OR DATA

AND OPERATIONAL

ANALYSIS

MEE/ECE

-

431L

MEE/ECE

-

432L

Business Plan_Sullivan_Summary.ppt

Business Planning:
The Nexus of Venture Development and Product Realization

Diane M. Sullivan, Ph.D.

Management and Marketing Department

[email protected]

(Presented by Phil Doepker with permission of Dr. Sullivan)

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  • Areas featured in blue are those that that should be informed by the business planning process

How
Does Business Plan Development Fit Into
This
Process?

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Why Should We Develop a Business Plan?

  • Businesses are more likely to fail if they don’t develop a business plan (BP)
  • The analyses used to develop a BP provide a compass that dictate the direction the business goes
  • The analyses and results dictate what goes into the written plan
  • Why is the relevant to engineers?
  • Many analyses involve getting the product “right” early on. This means:
  • Studying what your target customer needs to get from your product so:
  • You can design it to meet needs, wants, to solve their problem(s), and at their price
  • You can design and manufacture it at a cost that will allow the business to be profitable
  • Understanding your competition so you can design your product relative to theirs
  • Understanding the industry and external environment so you can address any regulatory, technological, and/or economic factors may impact your design
  • Potential investors want to know that you have thought this out.
  • Who is you Customer and who is your Competition?

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What is a Business Plan?

  • A written document
  • Describes what a new business plans to accomplish and how it plans to accomplish it
  • The Business Plan can serve multiple purposes
  • Inside the firm: help company develop “road map” for executing strategies and plans
  • Outside the firm: introduces potential investors to business opportunity the firm is pursuing and how it plans to pursue it
  • Generally around 25 - 35 pages long

Our Focus Today

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Basic Business Plan Components

Cover Page (-)

Table of Contents (-)

Executive Summary (-)

Description of the Business Opportunity (Value Proposition)**

Description of the Industry**

Description of Target Market and Marketing Plan (Value Proposition)*

R & D (if applicable) and Legal actions taken to protect technology***

Firm Founding Location (-)

Management**

Critical risks**

Milestone Schedule = Gantt chart**

Financials**

Payback/Exit Strategy

Appendices

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Description of the Business (1 of 2)

  • Introduce the business by describing
  • The opportunity (basic description of the product offering): Paper thin solar panels
  • The problem/need addressed (what consumer need you address): Traditional solar panels are too heavy and too fragile for many uses
  • How the business addresses the problem/need: Developed solar panels the consistency of film…they are light weight and can be used for most applications
  • Include a brief history of the firm: How the business came to being and its current status
  • The company’s mission: The purpose of the business and what criteria should be used to measure performance
  • Explain the firm’s competitive advantage: How this ventures’ offerings are different/better than existing offerings

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Description of the Business: The Business Model (2 of 2)

  • A brief description of the business model (e.g., the logic behind the operations of the firm)
  • How you get your raw materials and where you store them
  • How you physically manufacture the product
  • How your store or warehouse finished products
  • How you physically distribute/ship finished products to customers
  • How you execute sales of your product (e.g., sales force, internet sales, etc.)
  • How you help customers after the sale (e.g., returns, warranty, tech support, etc.)
  • How you handle research and development
  • How you handle accounting, legal, and financial management issues

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  • Raw Material Attainment
  • Legal Concerns (e.g., patents)
  • Ongoing R&D

  • Product Manufacturing

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

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Description of the Industry & Competition (1 of 2)

  • Discuss important characteristics of the industry (e.g., size, growth rates, etc.)
  • Discuss major trends in the industry—Trends in the external environment
  • Discuss how the firm will address factors impacting the industry’s profitability (e.g., “Porter’s Five Forces” of industry attractiveness!!!!!!):
  • How much power do raw material suppliers have over firms in the industry?
  • Can they force firms to pay high prices for their supplies?
  • How much power do customers have over firms in the industry?
  • Can they bargain down prices of firms’ products?
  • How much competition there is in the industry and is competition intense?
  • Are there many types of products that can serve the same purpose (e.g., substitutes)?
  • Is it likely that many new firms will try to enter and compete within this industry?

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  • Factors impacting profitability with particular attention to:
  • Suppliers
  • Substitutes
  • Rivalry

  • External Trends:
  • Stay aware of and responsive to changes in technology standards
  • Regulatory concerns?

  • Industry Trends like growth rates and size help to determine potential market sizes, financial forecasting, and appropriate manufacturing scale

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Description of the Industry & Competition (2 of 2)

Discuss: In what stage of the lifecycle is the industry?

Discuss what implications the lifecycle stage has for the business

Discuss the competition and how the firm will fair relative to them

How many firms are vying for the same customers as you? (Henny Penny example)

Does your firm possess any distinctive resources or capabilities (high quality)allowing you to ward off competitors?

Intellectual property (e.g., patents on your technology)

Other difficult to imitate resources that can ward off competitors

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  • Competitor Analysis
  • Industry Life Cycle
  • Is the industry going to become obsolete?

  • Competitor Analysis can help you refine the final design so that it’s better/different from competitors

  • Competitor Analysis can help you determine if your product will be successful relative to how your competitors’ products perform?

  • Competitor Analysis can help you benchmark appropriate final costs and product pricing

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Description of the Target Market (Customers)

  • Describe exactly who the firm will target
  • Use primary research to find out
  • About how many customers you are likely to capture?
  • Discuss what their profile looks like
  • Discuss their preferences for a product like yours
  • Discuss the price that they perceive is appropriate for your product
  • Use secondary research (e.g., databases, articles, competitors’ websites, US Census data, trade association documents, etc.) find:
  • What competitors’ customers “look like”
  • What customers are willing to pay for competitors’ products
  • About how many units are sold in a year
  • If the firm has secured a contract with an important customer, discuss
  • Next slide: Customers!!!!!!!!

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  • Must understand customer preferences
  • Use concept tests and surveys/ interviews for initial designs

  • Initial customer data, industry trends, and competitor information help develop market size estimates. This should give you an idea how many need to be manufactured.

  • Focus groups and usability tests help refine the final design—Nintendo Wii

  • Will these allow you to develop the product at a price and with the features customers need?

  • Profiles help determine appropriate marketing

  • Concept statements and surveys help determine initial customer needs

  • Iteratively use primary research to refine the product

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Finding Industry, Competitive, & Customer Data

  • Research Databases in the Roesch Library (http://library.udayton.edu/) like:
  • Hoovers (general industry information)
  • IBISWorld Industry Reports (industry and market information)
  • Standard & Poor’s NetAdvantage (industry and company information)
  • Mintel Oxygen (research reports on industry and market information)
  • Business Source Complete (scholarly/popular articles about industries/consumers)
  • Industry Trade Association websites (often find trade associations on Hoovers)
  • Competitors’ websites, annual reports, SEC filings, etc.
  • When on a firm’s website, look for a link that says something like “investor relations”, “about the company”, or “company information”
  • Will direct you to internal firm publications (as long as it is a public company)

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Marketing Plan (Four P’s of Marketing)

  • Describe how you plan to create awareness about your business. Discuss the four P’s of marketing:
  • Product: What are you offering customers? (note: the fine-grained details of this are generally included in the R&D section)
  • Pricing: How are your offerings going to be priced? How does this compare to competitors? If it is significantly different, why?
  • Promotion: How are you going to generate awareness about your business? What types of advertising, promotions, etc. are you going to use and why?
  • Placement: How are you distributing your product (e.g., where/how to do customers physically purchase your product?). Internet? Retail store? Other direct sales? Catalogs? Sales teams? Discuss why you chose this/these distribution channels. (Macy’s…Hudson’s…future)

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  • A product should be developed because it meets the needs, wants, or solves the problems of some group(s) of users
  • Understanding what customers value and how that translated into the product design is critical at the beginning of the process
  • Continuing to revisit them to see if product preferences have changed

  • Here is where you create awareness of your product via promotional means such as ads, coupons, websites, etc.

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Research & Development

  • This section is particularly important for technologically sophisticated products
  • Discuss the technical details of the product
  • Discuss the current status of the design (e.g., prototype stage)
  • For tech-intense offerings, investors really like to see progress on prototypes
  • Provide details as to what has been accomplished and what is yet to be accomplished
  • Discuss time and financial implications for future prototype development and R&D
  • Be sure to clarify how cost estimates were developed

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Legal Concerns (In Depth in a future Class)

  • Very important section for tech-intense offerings
  • Investors very concerned about how firms protect their rights to their developments
  • Discuss the status of intellectual property (IP) protection
  • Do you have a patent or a patent pending?
  • Should you apply for a “provisional patent”?
  • Have you secured a patent agent/attorney specialized in IP? If so, discuss who they are and what the status of the patent is.
  • If you have not, discuss the timeline and procedures for pursuing IP
  • Search the US Patent office database for existing patents/patents pending (www.uspto.gov)

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  • Search the USPTO database and/or hire a patent agent to assist in the identification of existing patents on similar offerings
  • This will help you to learn how your product must vary so as not to infringe on any anyone’s intellectual property (IP)

  • Make sure the final design is protected with IP and that you are not infringing on anyone else’s IP

Identify Need

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing; Customer Feedback

Feedback & Continuous Improvement

*

Management Description

  • Discuss the legal form of the business (e.g., C-corp., partnership, LLC, etc.)
  • Briefly discuss why this legal form was chosen (e.g., advantages)
  • Other resource-related, legal (e.g., IP), etc. information included here
  • Describe the members who compose the management team
  • The key people in charge of the business and why they are uniquely qualified to competitively operate the firm
  • Background
  • Expertise
  • Their roles (e.g., CEO, CFO, CIO, etc.)
  • Describe other important “human” resources
  • Composition of the board of directors (if a corporation)
  • Composition of the board of advisors (if applicable)
  • If the firm has been endorsed by a reputable person/firm, discuss this
  • Has Bill Gates provided positive feedback about the firm?
  • Discuss the potential need and plan for recruiting future human resources

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Critical Risks

  • Businesses do not operate in a vacuum
  • They face uncertain futures and are based on many assumptions as to “how the game will be played out”
  • Must be realistic about potential risks and courses of action to combat risks
  • Discuss likely risks/problems the firm might face and how firm would deal
  • Examples:
  • Financial projections are somehow flawed
  • Unable to obtain IP protection
  • Assumptions about consumer preferences flawed
  • Speed and processes used to manufacture products flawed
  • Competitive responses are different from what expected

*

Milestone Schedule = Gantt Chart

  • Discuss timeline and actions for achieving business activities
  • Initial funding received
  • Prototype completion
  • Additional funding received
  • Manufacturing capabilities solidified
  • Advertising campaign designed and launch
  • Initial sales achieved
  • Expected time to breakeven
  • Actions taken to turn profit
  • Estimates for growth actions (e.g., expansions, increase production, increase R&D, etc.)
  • (Note the engineering and financial nature of the schedule)

*

Financials

  • Demonstrate the financial viability of the business
  • Explain funding needed next three to five years and how funds used
  • Where the funds will come from (e.g., self, family, loans, investors)
  • Include realistic financial projections
  • Develop a sales forecast
  • Discuss how fast you expect to go through the funds before turning a profit
  • Discuss at what rate do you expect profits to grow
  • The body of the BP, will include summary tables and prose
  • In your appendices, you include supporting and detailed financial statements to back up this discussion. Always include:
  • Assumption sheet: The assumptions you made in coming up with the projections
  • Income statement: Shows the estimated income and expenses over a year
  • Cash flows statement: Shows how the company is paying for its operations
  • Financial indicators: Financial ratios that indicate the “health” of the business
  • Venture Capital: FAMILY, FRIENDS AND FOOLS

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Payback/Exit Strategy, EXIT STRATEGY?

  • Discuss how and when you anticipate investors will recoup their money. Examples:
  • Go public (IPO), investors cash out
  • Liquidity event (e.g., sell to another company), investors cash out
  • Internal cash flows pay back investors
  • Discuss the timeframe expected for investor exit
  • Discuss likelihood and assumptions that lead to exit strategy

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Appendices

  • Supporting, detailed, documents that expand on Business Plan text
  • Common items included:
  • Pictures of the product/prototype
  • Management team resumes
  • Patent, IP, legal documentation
  • Surveys and summary data used to study target market
  • Financial statements
  • Other supporting documents that will help make your case for how this is going to become a lucrative business

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Other Resources to Help

  • Small Business Administration (www.sba.gov)
  • FREE advising at regional office; FREE help identify sources of financing, FREE help write business plan, other FREE business help (e.g., SCORE)
  • Small Business Development Centers (SBDC) (http://www.odod.state.oh.us/edd/osb/sbdc/default.htm)
  • Help with doing business in local regions
  • Business Incubators (http://www.techdayton.com)
  • Provide free or greatly discounted office space, R&D laboratories, administrative support, consulting, etc.
  • Most good-sized cities have at least one incubator
  • Many favor high-tech businesses
  • A variety of helpful business plan website links can be found at the following: http://www.sba.udayton.edu/entrepreneur/business_plan_links.asp
  • Free Sample Business Plans (http://www.bplans.com/sample_business_plans/index.cfm)
  • Many other helpful business-related websites can be found at: http://sba.udayton.edu/entrepreneur/

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PROJECT MANAGEMENT QUIZ OR PAPER.docx

GUIDELINES FOR PROJECT MANAGEMENT AND INNOVATION QUIZ AND PAPER

At the end of this week we will have completed all of the first half of the Project Management and Innovation Topics. This will conclude with a quiz next Tuesday (2/28) at the start of class OR a 6 page paper on at least three of the topics in this sequence.

The quiz (and paper) will be based on the lectures of the first 6 weeks. These are:

1. Management, Project Management, including Corporate Management.

2. Project Management and effective COMMUNICATION

3. Team Building, Seven Habits (Covey)

4. Engineering Ethics with an emphasis on management (Dr. Doll)

5. Innovation and Entrepreneurship, based on the KEEN (Kern Engineering Entrepreneurship Network) model

6. Business Plans as described by Sullivan and Doepker (Power Point)

7. Intellectual Property (IP), “The Patent Landscape”, Mat Willenbrink

The students in ECE/MEE 431 have/will choose if they will take the quiz (February 28) or submit a paper after semester break, March 7.

THE QUIZ

The quiz will cover the topics listed above. The areas of emphasis are contained in the Power Point lectures which have been highlighted and are in the 3-ring binder at Prof. Doepker’s desk. You are invited to review this in Doepker’s cubicle/office and must not be removed. (Libby will help you locate it.) All of the topics will be covered. The format of the quiz is not known and will not be discussed. If you know the material you will not have difficulty.

Students in ECE/MEE 431-02 have already identified if they will take the quiz or write the paper. Students in ECE/MEE 432-01 will identify their preference on Thursday. Once decided there will be no changes after Friday, February 24.

THE PAPER

The paper will be five pages of narrative, single spaced and 12 font. This should look like the “Design Project Handbook” provided in class last week. If you choose to present figures and images they can be included on page 6 and beyond. References and bibliography should also be after page 5 and can be listed after the figures. Figures and references should be cited in the text.

The topic of the paper should include segments of at least three of the topics listed above. For example, someone might want to write a paper on project management in an intrapreneurial environment that requires a business plan…just saying.

One topic is not sufficient. Three or more are REQUIRED. Some have already submitted their topics. The Product Realization Process in NOT a topic. There will be no changes after Friday (2/24). No, you can’t come to class on Tuesday, take a look at the quiz and then decide to write the paper.

Each person must submit their topics to me for approval. I will need to get back to some of the submissions from 431-02 because they do not meet the above criteria. I will discuss this further in class on Thursday (2/23).

ELEMENTS OF PROJECT MANAGEMENT_MEE431_S17_Mod5.pptx

INTRODUCTION (6 week + 6 week Agenda)

Project Management:

Mechanics of Management

Interpersonal Relationships/Communication

Managers vs. Leaders

Rules for Good Management

Rules for Good Communication

Team Building and 7 Habits (Covey)

7 Habits Applied

Innovation and Entrepreneurship

Business Plans

The Patent Landscape

Financial: Cost Estimating, Time Value of Money and Depreciation

1

MANAGERS VS. LEADERS

Management is doing things right (how)

Leadership is doing the right things (what)

Drucker and Covey

2

MANAGERS

Like to function within an organization

Solve problems

Maintain order

Control risk

Reconcile differences

Focus on how to get things done

Extrinsic, motivators of people

Promote stability

LEADERS

Desire for autonomy

Self-reliant

Visionary

Seek change

Risk takers

Developers of fresh approaches to solve problems

Intrinsic and Inspirational motivators of people

In many cases they are scientists

DEFINE PROJECT MANAGEMENT

Put Project Manager in a “Context”, Overview

Technical People

Financial People

Administrators

Management Ladder

Functional Manager (Dept. Chair)

Project Manager

Cross Functional Teams (Multidisciplinary Teams)

Challenge to Create a Cohesive Team – Relationships (China)

MANAGEMENT BOOK TERMINOLOGY

Management, Project Management, Project Manager, Project Organization, Organizational Structures

Scheduling, Gantt Charts, Scheduling Techniques, Project Planning, Project Control

Cost Estimating, Budget, Pricing, Estimating, Overhead Rates

Time Value of Money, Rate of Return (ROR)

Risk Management, Risk Analysis

Specifications, Reports, Conceptualization and Design Phases

Conflict & Negotiation

WHAT ARE THE CHARACTERISTICS OF A GOOD PROJECT MANAGER? WHAT ARE THE CHARACTERISTICS OF A POOR PROJECT MANAGER?

PROVIDE 5 EXAMPLES OF EACH

Break

EXAMPLES FROM PREVIOUS CLASSES

LIKES:

ENCOURAGING

GOOD COMMUNICATION

ENTHUSIASTIC

APPROACHABLE

ORGANIZED

KNOWLEDGABLE

RESPECTFUL

RELIABLE

TRUSTWORTHY

TEAM PLAYER

DISLIKES FROM PREVIOUS CLASSES

POOR COMMUNICATION

POWER HUNGRY

MICROMANAGER

EGOTISTICAL

CONTROLLING

UNAVAILABLE/NEVER AROUND

IGNORANT

CLOSED MINDED

DELEGATES EVERYTHING THEN TAKES CREDIT

PROJECT MANAGEMENT

What is the ultimate objective?

Covey: Begin with the end in mind

What determines if a project is a success?

On time

Within budget

Conforms to design requirements

Client satisfaction

All of the above requires effective communication (to be addressed later)

10

POLITICAL NATURE OF THE ORGANIZATION

Become adept at negotiating (experience)

Courage/Consideration

Win-Win

Lose/Lose – stubborn/bullheaded

Win/No deal

Handout/Figure

11

POLITICAL ACTORS

Naïve

Sensible

Sharks

12

POLITICAL – NAÏVE

Politics is unpleasant – avoids confrontations at all costs

Avoid politics at all costs

Tell it like it is – honest

Has no favorite tactics – the truth will win out

13

POLITICAL – SENSIBLE

Politics is necessary

Further Departmental Goals

Network; expand connections; management is a contact sport.

Tactics include negotiation and bargaining

14

POLITICAL – SHARKS

Politics is an opportunity

Confrontational

Self-serving and predatory

Manipulative and sometimes uses fraud and deceit

Tactics include being a bully; misuse of information; “use” friends and other contacts

Would you trust these managers?

15

SYNERGIZE

The whole is greater than the sum of its parts

Teamwork

Trust vs. Cooperation

Enthusiasm and Despair are both infectious

16

CONFLICT

Recognize that project team conflict as progress

This is a real source of anxiety

Can’t be pushed below the surface. Nip it in the bud, handle it early

Seek first to understand…

17

PLAN, PLAN, PLAN

Begin with the end in mind (Covey)

Strategic Planning

Vision

Mission

Goals

Strategies

Project proposal/charter

18

PROJECT MANAGEMENT – THE MECHANICS

Develop a Plan (Charter)

Scheduling (Gantt Chart)

Measures of Performance?

Done on Time

Within Budget

Met Specifications

Customer Satisfaction

Cost Estimating

Risk Plan – Contingency Plan

Brainstorming

Conceptualization

Decision Analysis

19

COMMUNICATION

PROJECT MANAGEMENT – INTERPERSONAL RELATIONSHIPS AND COMMUNICATION

A managers prime responsibility is to get things done with and through people. Communication is the most vital tool. You communicate not only with words but also through your apparent attitudes and actions. (AMA Short Course)

The Importance of Effective Communication

What are the conditions for good communication

What are the obstacles to good communication

TIMING (COVEY)

STIMULUS

RESPONSE

FREEDOM TO CHOOSE

22

SEEK FIRST TO UNDERSTAND AND THEN TO BE UNDERSTOOD (Covey – Habit 5)

Building Relationships

Empathic Listening

23

CONTEXT

The more specific the communication the more private the communication

A manager must be sensitive to the total settings within which they communicate

24

NON-VERBALS

How to read a person

Actions support your communication

25

“WIFM”

People on the job are most responsive to the manager whose messages take their own interests account.

Consider the other person’s interests and needs.

FOLLOW-UP YOUR COMMUNICATION

It is important to follow-up to see how well we have put our message across.

Make sure that every important communication has “feedback”.

Confirm meeting dates and times.

Ask questions

CONSULT WITH OTHERS

Participation of others in planning communication.

Add additional insight and builds commitment

Be open and honest in your communication lest your colleagues think that you are making “back room deals”.

PROACTIVE (Covey)

Make things happen

Reactive Language

I must, I can’t, They won’t allow that.

Proactive Language

I can choose, I will, I prefer.

TRUST, TRUST, TRUST

29

Additional Points

In a meeting, if you have not discussed your customer or competition at least once in the first 15 minutes and every 15 minute block the meeting has not been a success.

AVO + Avoid Verbal Orders. Follow up with written communication.

IDEATION, INNOVATION AND ENTREPRENEURSHIP

31

HOMEWORK – ENTREPRENEURSHIP

Possible Topic: “The Importance of Ideation, Innovation and Entrepreneurship to Engineers”

Research: “Instilling the Entrepreneurship Mindset…”, Kriewell and Mekemson The KEEN Pyramid

Eclips at Cornell Univ.

Stanford, Tina Seelig, Entrepreneurship

University of Detroit, Jonathan Weaver, Entrepreneurship Website.

32

HOMEWORK

The importance of Ideation, Innovation and Entrepreneurship to Engineers

Define and discuss:

Ideation

Innovation

Entrepreneurship

How are they connected?

Discuss the KEEN Philosophy and the KEEN Pyramid

Identify the entrepreneurship websites visited

Discuss two examples related to entrepreneurship

33

KEEN and the KEEN Philosophy

Kern Entrepreneurship Education Network (KEEN)

Robert Kern founder of Generac Power Systems

Seek to create tomorrow’s leaders and innovators

Goal is to create entrepreneurially minded engineers

Emphasis is not on creating entrepreneurs

Leverage Technology

“E” not limited to the business school

Graduate engineers with Entrepreneurial Minded Engineer (EME) who will contribute to business success

34

ENTREPRENEURIAL ENGINEERING

Entrepreneurship is self-employment through business ownership.

Tom Monaghan

Clay Mathile

Entrepreneurial Engineering (EE) – design value-added products and processes that create demand through innovation.

New Products – If you can’t be unique be cheap

Attributes of EE’s:???

35

Attributes:

Integrity

Tenacity

Ethics

Creativity (Ideation)

Intuition

Engineering Fundamentals

36

THE KEEN PYRAMID

37

Middle Section Engineer

Intrapreneurs

Employed within companies

Seek to communicate directly with end-user customers

Product benefits not features

Risk-neutral - to - risk-seeking

“Fail forward fast”

Appreciate time-to-market

Comfortable with uncertainty and ambiguity

38

ENGINEERS WHO ARE ENTRPRENEURS

Seek to be market innovators

Redefine the rules of competitive engagement

Create entirely new markets (e.g. cell phones)

Understand risk management

They will be leaders

Do whatever it takes to develop product that will meet or exceed customer’s requirements

Dak Lac Do - Advanced Engineering Solutions

Tim McCormick – Global Gauge

39

FOUR CORNERS

Technical Fundamentals: Theory and Practice of Engineering, design verification, validation and sustainability

Customer Awareness: Product Benefits, Probing Questions, Actively Listen

Business Acumen: Basic Financial Management, Team Effectiveness, Communication, Conflict Resolution

Societal Values, Global Economy, Service to Others, Free Enterprise, Intuition, Integrity, Tenacity, Honesty

40

KEEN OUTCOMES

Effectively collaborate in a team setting.

Apply critical and creative thinking to ambiguous problems.

Construct and effectively communicate a customer appropriate “Value Proposition”.

Persist through failure to do what is needed to succeed.

Effectively manage projects and apply the commercialization process.

Demonstrate voluntary social responsibility.

Relate personal liberties and free enterprise to entrepreneurship.

41

Opportunity Recognition – Value Prop.

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing/Commercialization

Feedback & Continuous Improvement

Competitor Analysis

Industry Life Cycle

Is the industry going to become obsolete?

Competitor Analysis can help you refine the final design so that it’s better/different from competitors

Competitor Analysis can help you determine if your product will be successful relative to how your competitors’ products perform?

Competitor Analysis can help you benchmark appropriate final costs and product pricing

42

OPPORTUNITY RECOGNITION

An opportunity has four essential qualities:

Attractive

Durable

Timely

Anchored in product, service, or business that creates or adds value for a buyer or end user.

43

IDEA

Thought

Impression

Notion

It may not meet the criteria of an opportunity

Business may fail because there was no real opportunity to begin with.

44

VALUE PROPOSITION

Michael Treacy and Fred Wiersema, “The Discipline of Market Leaders”

Operational Excellence

Product Leadership

Customer Intimacy

45

OPERATIONAL EXCELLENCE

“Superb operation and execution often by providing a reasonable quality at a very low price.

The focus is on: efficiency, streamlining operations, supply chain management, no frills, volume counts.

Most large international companies work out of this “discipline”.

46

PRODUCT LEADERSHIP

“Very strong innovation and brand marketing, operating in dynamic markets.”

The focus is on development, innovation and design, time to market , high market in a short time frame.

47

CUSTOMER INTIMACY

“Excel in customer attention and customer service. Product talored to individual customers.

Deliver products and services on time and above customer expectations.

48

EXTRA

The following are extra slides to be incorporated as needed. PED

EXAMPLES AND EXPERIENCES

Shannon Driskell – Math Manipulatives

What-If-Sports

Business Ideas and Failures – Risk

50

THE BUSINESS PLAN - SULLIVAN

52

53

Opportunity Recognition – Value Prop.

Conceptual Design, Decision Analysis

Engineering Calculations

Embodiment Design

Engineering Calculations

Iterations

Final Design

Manufacture/Prototype Fabrication

Testing &/or Data & Operational Analysis

Marketing/Commercialization

Feedback & Continuous Improvement

Competitor Analysis

Industry Life Cycle

Is the industry going to become obsolete?

Competitor Analysis can help you refine the final design so that it’s better/different from competitors

Competitor Analysis can help you determine if your product will be successful relative to how your competitors’ products perform?

Competitor Analysis can help you benchmark appropriate final costs and product pricing

54

NEXT WEEK: DR. DIANE SULLIVAN

“The Importance and Details of Business Plans”

55

56

57

OVERVIEW

General Goals and Objectives – I vs. T

Intro to Design Curriculum

Last Semester Evaluation

Move Away from Friday

Finish Earlier in the Semester

Clearer Expectations Up-Front

Importance of this Class – Why?

COURSE OUTLINE – EXPECTATIONS

Attendance

Homework Turned in On Time at the Start of Class

Homework due One Week after Subject Completed

No Computers Open

Grading - Spreadsheet

59

HOMEWORK – ENTREPRENEURSHIP

Possible Topic: “The Importance of Ideation, Innovation and Entrepreneurship to Engineers”

Research: “Instilling the Entrepreneurship Mindset…”, Kriewell and Mekemson The KEEN Pyramid

Eclips at Cornell Univ.

Stanford, Tina Seelig, Entrepreneurship

University of Detroit, Jonathan Weaver, Entrepreneurship Website.

60

61

Figure 2.2 Product Realization Process (Doepker, 2)

PRODUCT REALIZATION PROCESS - METHODOLOGY

Functional Requirements

ITERATIONS Design Requirements

Design Criteria

Write Proposal

Innovation

Design Review

Oral Presentation (1)

Conclusion of MEE/ Team Assignments

ECE-431L Engineering Calculations

Oral Presentation/Meeting (2)

Design Review

Final Report

Cost Estimate Business Plan

Final Calculations

Oral Presentation (3)

FEEDBACK AND

CONTINUOUS

IMPROVEMENT Business Plan

Product Incubator

IDENTIFY NEED

CONCEPTUAL DESIGN,

DECISION ANALYSIS

ENGINEERING

CALCULATIONS

MANUFACTURE/

PROTOTYPE

FABRICATION

 MARKETING

 CUSTOMER

FEEDBACK

EMBODIMENT DESIGN

ENGINEERING

CALCULATIONS

FINAL DESIGN

TESTING AND/OR DATA

AND OPERATIONAL

ANALYSIS

MEE/ECE

-

431L

MEE/ECE

-

432L