The Entrepreneur Framework

The new startups as well as existing organizations are creating new innovative products, solutions and services using hackathons, innovation bootcamps and innovation hubs and innovation competitions to support innovators of all types. These innovative startups are run by Entrepreneurs. 

Entrepreneurs can be any age group of people from diverse background with radical ideas that can, create new solutions to existing problems, create new solutions for addressing future needs, create innovative products, solutions & services that can disrupt the existing industry, sector and market segments.

The process of becoming an entrepreneur requires entrepreneurs to know about what problem they are trying to solve, what is their value proposition, who are their primary customers, what assets and resources will be required, how will the funding and investments be taken care as well as what will be the time to market and product roadmap. 

There are several other important areas to check (e.g., competitors, regulatory compliance etc.) for a successful entrepreneurship. It is easier said than done as often the devil is in the details and you require a lot of time to think through all the details.

The entrepreneur’s journey starts with the following framework,

Entrepreneur Framework
Entrepreneur Framework

1.     Create a Lean Value Proposition Canvas – Detailing out each area and segment of the business and answering the most important questions that matter most to start.

2.     Refine Value Proposition – The value proposition can then be refined by presenting it to various stakeholders and taking their point of views in account.

3.     Apply Design Thinking – The next stage is to use an ideation workshop to initiate design thinking steps and execution for creating ideas, validating them and creating rapid paper prototypes, brainstorming and seeing the product from the best and worst customer’s point of views using surveys and interviews. This stage could take some time unless it is planned and timeboxed in a manner that will work well.

4.     Update Value Proposition – The outputs and feedbacks received from Design Thinking stage can be fed back to further strengthen the value proposition and making it more crisp with every round of updates. Finalize the Mission, Vision, Purpose and end to end value chain.

5.     Build Roadmap, Blueprint and Secure Stakeholder Buy In – Next the idea and solutions have to be presented to the board or angel investors to get their buy in to initiate the execution process. This must include the detailed roadmap and blueprint.

6.     Initiate and Engage Resources – Again, execution requires a proper organization setup with right resources of each type which could take some time unless those are pre-identified in parallel which is normally not the case and might not be possible as well.

7.     Start Execution (Design, Prototype, Build, Test cycles) – The real work starts from this step when the organization starts working and must adapt Lean and Agile processes which can be flexible yet solid as a foundation to get things done.

8.     Apply Lean and Agile methods – The cycle of daily, weekly and monthly progress reviews using online dashboards and decision meetings with stakeholders begin to ensure we make progress as per the plan and report issues and risks requiring action and attention from stakeholders and board members.

9.     Prepare Go to Market Strategy and Plan Execution – While all this is in progress, the team needs to prepare for go-to-market strategy for launch and how to handle competition and regulations in the market. Next releases and speed to market along with desired quality are very important to make it successful.

10.  Measure Results and Do Continuous Improvement – Ensure results are measured to track what works and what needs to improve. Apply tracking, monitoring and continuous improvement cycles.

Entrepreneurs are all around us, some of them are big brands while others are in the process of becoming one and some others are just starting up. There are many examples of successful entrepreneurs who started and achieved great success. Here are some examples,

1.     Flipkart – Disrupting the retail market

2.     Amazon Prime – Disrupting retail and day to day consumable (groceries)

3.     Astons and Udders – Entrepreneurs in Singapore Food industry

4.     Zomato and Deliveroo – Entrepreneur in food delivery

5.     Ninja van and Lala move – Entrepreneurs in parcel deliver services

If we would add technopreneurs to the list then there will be many more names in the list.

Important to note that while there are several examples of successful entrepreneurs, there are also many more examples of failures where entrepreneurs are either ahead of time or behind time or addressing wrong market segment or having bad user experience etc.

The entrepreneurship journey requires thorough checks and solid commitment to keep on going in toughest of times to make it. There is a lot from entrepreneurs that went ahead of us and how they have survived the journey as it requires long term commitment and lots of trial and errors to get it right.

The entrepreneur and technopreneur lifecycles are almost similar except that technopreneur innovations, solutions and services are fully technology based and they change and transform with much larger speed then other innovations, solutions and services.

The Technopreneur Framework

The new startups as well as existing organizations are creating new innovative products, solutions and services using hackathons, innovation bootcamps and innovation hubs and innovation competitions to support innovators of all types. These innovative startups are run by Technopreneurs. 

Technopreneurs can be any age group of people from diverse background with radical ideas that can, create new solutions to existing problems, create new solutions for addressing future needs, create innovative products, solutions & services that can disrupt the existing industry, sector and market segments.

The process of becoming a technopreneur requires technopreneurs to know about what problem they are trying to solve, what is their value proposition, who are their primary customers, what assets and resources will be required, how will the funding and investments be taken care as well as what will be the time to market and product roadmap. 

There are several other important areas to check (e.g., competitors, regulatory compliance etc.) for a successful technopreneurship. It is easier said than done as often the devil is in the details and you require a lot of time to think through all the details.

The technopreneur’s journey starts with the following framework,

Technopreneur Framework
Technopreneur Framework

1.     Create a Lean Value Proposition Canvas – Detailing out each area and segment of the business and answering the most important questions that matter most to start.

2.     Refine Value Proposition – The value proposition can then be refined by presenting it to various stakeholders and taking their point of views in account.

3.     Apply Design Thinking – The next stage is to use an ideation workshop to initiate design thinking steps and execution for creating ideas, validating them and creating rapid paper prototypes, brainstorming and seeing the product from the best and worst customer’s point of views using surveys and interviews. This stage could take some time unless it is planned and timeboxed in a manner that will work well.

4.     Update Value Proposition – The outputs and feedbacks received from Design Thinking stage can be fed back to further strengthen the value proposition and making it more crisp with every round of updates. Finalize the Mission, Vision, Purpose and end to end value chain.

5.     Build Roadmap, Blueprint and Secure Stakeholder Buy In – Next the idea and solutions have to be presented to the board or angel investors to get their buy in to initiate the execution process. This must include the detailed roadmap and blueprint.

6.     Initiate and Engage Resources – Again, execution requires a proper organization setup with right resources of each type which could take some time unless those are pre-identified in parallel which is normally not the case and might not be possible as well.

7.     Start Execution (Design, Prototype, Build, Test cycles) – The real work starts from this step when the organization starts working and must adapt Lean and Agile processes which can be flexible yet solid as a foundation to get things done.

8.     Apply Lean and Agile methods – The cycle of daily, weekly and monthly progress reviews using online dashboards and decision meetings with stakeholders begin to ensure we make progress as per the plan and report issues and risks requiring action and attention from stakeholders and board members.

9.     Prepare Go to Market Strategy and Plan Execution – While all this is in progress, the team needs to prepare for go-to-market strategy for launch and how to handle competition and regulations in the market. Next releases and speed to market along with desired quality are very important to make it successful.

10.  Measure Results and Do Continuous Improvement – Ensure results are measured to track what works and what needs to improve. Apply tracking, monitoring and continuous improvement cycles.

Technopreneurs are all around us, some of them are very big brands while others are in the process of becoming one and some others are just starting up. There are many examples of successful technopreneurs who started and achieved great success. Here are some examples,

1.     Amazon – Leader in cloud computing

2.     Apple – Disrupted the mobile phone, apps and entertainment market

3.     Netflix – Disrupted the DVDs, Cinema and Entertainment market

4.     Google – Disrupted the internet search and browser market as well as the leader in cloud computing

5.     Microsoft – Leader in enterprise computers, software and cloud computing

6.     Uber and Grab – Disrupted the taxi and private care market

7.     Facebook (Meta) – Leading Social media platform

If we would add entrepreneurs to the list then there will be many more names in the list.

Important to note that while there are several examples of successful technopreneurs, there are also many more examples of failures where technopreneurs are either ahead of time or behind time or addressing wrong market segment or having bad user experience etc.

The technopreneurship journey requires thorough checks and solid commitment to keep on going in toughest of times to make it. There is a lot from technopreneurs that went ahead of us and how they have survived the journey as it requires long term commitment and lots of trial and errors to get it right.

The technopreneur and entrepreneur lifecycles are almost similar except that technopreneur innovations, solutions and services are fully technology based and they change and transform with much larger speed then other innovations, solutions and services.

Learn and Grow – The 21 Good Management Lessons

Here are the 21 good management lessons from 2021. Please take it to learn, share and relate to your own experiences.

  1. Always be your honest and absolute very best in everything you do. 
  2. Make suer you have solid values and clear conscience to lead, coach and genuinely help people grow.
  3. Only do things that will help the team and business grow in legit ways as per organization’s core values, purpose and vision.
  4. Dare to challenge the status quo and bring the change that others are overlooking or afraid to do.
  5. Use your connections and build your network of team members who can team up to make the difference.
  6. Manage and support your boss as well as management team in achieving the overall organization goals.
  7. Build Trust and Empower your team members. Trust and support team members and the team will reciprocate by delivering a much greater value in return.
  8. Ensure that the team players and their workloads are closely monitored to balance it in such a way that everyone has at least 10% to 15% time per week to balance their work, learn, share and grow themselves.
  9. Team building in smaller teams focused on specific programs or goals is essential. Team building must happen at work as part of the work. The real team building doesn’t need special high spending (costly) events as team members stick together and find time to bond and enjoy together as a team on their own.
  10. Recognition awards and some time off for members that have over worked for delivering results is a much better way of rewarding and creating work life balance.
  11. Refrain from calling team members after office hours, on public holidays and over weekends as that is not very professional unless that is required for specific preplanned events or activities.
  12. Appraisal is the time that should be seen in a positive way to give and receive feedbacks as well as to ensure every 2-3 years based on performance people are promoted and well paid for their efforts year on year. 
  13. Let the team participate in suitable internal and external competitions to shows the best of the best solutions. Support the team by allowing them time to prepare and do the needful on their own but with your and other guidance where required.
  14. Ensure individual team members are well recognised for their work and role model behaviours. Make sure right team members get the needful credit for the work done.
  15. If the team has done a great job in delivering value then ensure each of them get their shining moment in the organization as well as encouraged to continue their journey of delivering more greater value.
  16. Teaming up is much less about dividing & conquering and much more about taking joint ownership to deliver on commitment.
  17. Take teams credit to get the award from top management & in return give the actual team players close to nothing but more complex assignments.
  18. Hiring interns and contract staff to bring new generation & different nationalities on the team is a great step forward but ensure that they have a good career prospect for long term. Groom them well to identify talents and hire them for long term success.
  19. Keep a transparent environment and let team members have skip level meetings or lunch sessions with top management to share their views and ideas.
  20. Be as transparent as possible and be open with team members, never lie to them about organization changes as they will eventually know if you lie. Being transparent will ensure team members are fully aware and well prepared to move forward as a team.
  21. Always remember that as a leader or even a manager you have careers of your team members in your hands. Be the honest leader your team wants you to be.

There are many Good management lessons for sharing. The above list is just my observations from year 2021. I hope you will be able to relate to it and use it for the betterment of everyone in the team.

Learn to Unlearn – The 21 Bad Management Lessons

Learn the 21 bad management lessons to unlearn. Take it in a fun way to learn and relate to your own experiences and share your own views and lessons.

  1. Always be on your boss’s favourite list. Being the top favourite will ensure fully secured career and growth path. Just do whatever your boss says doesn’t matter if that’s a wrong thing to do. Because the Boss is always right.
  2. Use connections to get ahead as it doesn’t matter if you really know the job you are hired for. You get new positions purely based on your connections.
  3. Just manage upward (your boss and your bosses boss) as they are most important for your growth and not your team. Use your team to secure your own growth.
  4. Track your team members. Hire & put few people in team, responsible of tracking others.
  5. Load team players with so much work that they will have no time & life left outside work.
  6. Once every quarter choose 2-3 people that worked 60/70 hours per week and give them $100 vouchers for their 100 hours of extra work.
  7. Call up team players after work hours and over weekends to give them additional work as urgent top priority. This will ensure you can relax while you take every hour of your team players family life.
  8. When it’s appraisal time, talk about demotions coming, budget cuts for all to scare everyone. This will ensure no one ever asks for promotion & salary increases.
  9. Buy awards for systems that are not even in use and showcase as the best award ever to improve your own image & credibility with top management.
  10. Take teams credit to get the award from top management & in return give the actual team players close to nothing but more complex assignments.
  11. If a team player is doing a great job on a complex program/project then remove them after the program has crossed most complex milestones and put your own favourites. This will ensure favourites shine and get great image.
  12. Snatch team players’ work (Divide & Conquer) and pass it to your favourites. This will ensure team players fall flat & loose all the remaining motivation and your favourites grow.
  13. Hire lots of interns and contract staff even if you don’t really need them. This will create great image with top management that you are employing and creating value.
  14. When you are asked to reduce headcount, you just need to remove all the hired interns and contract staff that you hired earlier and meet your reduction target.
  15. For growing the team size, just remove the most hardworking players and then hire 6-10 new people to fulfil the same needs. This will automatically increase team size and budget.
  16. For the skip level meetings with your bosses boss, train the team with who can ask what questions, which questions are allowed, who is allowed to talk, what to say and what to hide. In addition join the meeting even after being asked not to join. This will ensure the team will only speak what’s discussed and not ask any meaningful questions.
  17. To ensure you are able to track who has submitted the employee engagement survey when and whether or not all have participated; make it mandatory to share screen print of when you submitted the survey. This will ensure full participation in the survey.
  18. To ensure only your favourites win the lucky draw at team events, ensure only their names are announced doesn’t matter who’s name really comes out from the draw chit.
  19. Ensure only your favorite and friends company receives contracts so that you can benefit and get your % cut. It doesn’t matter if their prices are high till the time you are benefiting. Create multi (3) years blanket POs which will make you gain even more.
  20. To meet your value creation KPIs, simply count in previous year value in this year. No one will know and no one will ask as everyone likes bigger numbers. Even if people get to know, so what, you are the Boss.
  21. To scare team members remove the hardest working, honest and experienced team players and block them from getting a new job. This will ensure no team member dares to speak about wrong things and no one will dare to leave either.

I hope you enjoyed reading these lessons and some of you smiled as well. Please unlearn these 21 bad management lessons, if you are doing any of these. Please help others incase you see anyone still doing any of these.

Look forward to my next article of 21 Good Management Lessons. Catch up with you all soon.