285B Week 7 Lecture 2 MouseDriver Lessons

285B Week 7 Lecture 2 MouseDriver Lessons - Click to edit...

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Unformatted text preview: Click to edit Master subtitle style ENG 185B/285B New Venture Creation: Entrepreneurship MouseDriver – Lessons Learned ENGR185B/285B 6 – Sales and Marketing ENGR185B/285B 6 – Sales and Marketing Today’s Roadmap • Turn in Assignment 10 • Branding • Marketing, Promotions, Pricing • Selling Note: Clarification of Assignments ENGR185B/285B – Week 2 Lecture 2 ENGR185B/285B – Week 2 Lecture 2 33 MouseDriver: Lessons Learned • Get a mentor who can add value & is motivated to help • Good is good enough, don’t over design • Stick to business principles (e.g., Infomercials are for fake jewelry) • Determine distribution early • “Brian was wrong” – Sales guys sell themselves & are always too optimistic in own abilities • Never trade money for words • Never grant exclusivity • Once you take some risks, taking more is easy • Ignore the needle on the mood meter • Having an office doesn’t suck ENGR185B/285B – Week 2 Lecture 2 ENGR185B/285B – Week 2 Lecture 2 44 MouseDriver: Lessons Learned • Don’t ‘think’, ‘sell’ • Stay close to customers – Fielding sales orders early on was ‘great experience’ • Sales solve all problems • “Rule of Four” – Everything takes longer, costs more and yields less • Bartering is good – Negotiate everything • The beauty of ‘low finance’ – Credit cards make the world go round • Four “P’s” of Entrepreneurialism – Passion, Persistence, Purpose & Patience (should have a lack of ENGR185B/285B – Week 2 Lecture 2 ENGR185B/285B – Week 2 Lecture 2 55 MouseDriver: Why Successful? • Passion – Something to prove to dot com classmates • Real product – Allowed emphasis on execution rather than invention • Laser focus – Right-handed, PC users! – Did not fall into trap of attempting to generate sales with ‘new’ products • Small complimentary team – Fast communication, low burn, used outsourcing where appropriate ENGR185B/285B – Week 2 Lecture 2 ENGR185B/285B – Week 2 Lecture 2 66 MouseDriver: Different Tactics? In addition to the issues raised by the Founders: • Raise more money • Partner with one of more potential acquirers • In year 2 – modestly expand product line • Greater leverage of online presence – Biased against dot com led to lack of ads which would have driven sales • Make situation a bit less ‘comfortable’: – Add to staff at junior level – Seek office space sooner ENGR185B/285B 6 – Sales and Marketing ENGR185B/285B 6 – Sales and Marketing 77 Ø Key – how you deal with pressure Ø Every job entails pressure Ø MouseDriver Founders needed more Ø Employees, rent, etc. force creativity Ø Jim Croce’s motivation?...
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This note was uploaded on 05/02/2010 for the course ENGR 185b taught by Professor Staff during the Fall '08 term at UCSB.

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285B Week 7 Lecture 2 MouseDriver Lessons - Click to edit...

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