285B Week 7 Lecture 2 MouseDriver Lessons

285B Week 7 Lecture 2 MouseDriver Lessons - ENG 185B/285B...

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Click to edit Master subtitle style ENG 185B/285B New Venture Creation: Entrepreneurship MouseDriver – Lessons Learned
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ENGR185B/285B 6 – Sales and Marketing Today’s Roadmap Turn in Assignment 10 Branding Marketing, Promotions, Pricing Selling Note: Clarification of Assignments
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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
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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 one)
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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
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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
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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? Ø The Doors vs. Love Ø Dennis Miller’s worst moment Ø Short-term pressure - lifetime of relaxing The Necessity Of Pressure
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ENGR185B/285B – Week 2 Lecture 2 88 MouseDriver: What Happened? See pdf on class website; newsletters through 2002 What do you think happened?
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