Browsed by
Tag: exercises

How to Teach MVPs

How to Teach MVPs

MVP is arguably the worst buzzword in entrepreneurship today.

  • It is not a “product”.
  • Nobody can explain what “viable” means.
  • Nobody can explain what “minimum” means.

We hear it every semester – students jumping right to an idea of a completely functional app, or video game, or restaurant / bar. To one day achieve that dream, students need to first understand what is the first Minimum Viable Product (MVP) they should build.

In this exercise, students will design their first MVP by identifying their riskiest business model assumption. They’ll then design the simplest experiment they can to test that riskiest assumption.

Specifically, students will learn:

  • What is an MVP?
  • What is the Riskiest (Business Model) Assumption?
  • How to identify their Riskiest Assumption
  • How to design a test using their first MVP

Before they sink the resources necessary to build that app, or that video game, or open that restaurant / bar, they will understand how to iterate through quick tests to make sure they build a product customers actually want.

MVP Designer Worksheet

What are MVPs?

Provide students this definition of an MVP:

A version of a new product which allows a team to collect the maximum amount of validated learning about customers, with the least effort. – Frank Robinson

The goal here is to emphasize the 4 major components of the definition:

  • Collect the maximum amount
  • Of validated learning
  • About customers
  • With the least effort

Walk students through the components one-by-one:

  • #2 (validated learning) means to run an experiment to validate a hypothesis
  • #3 (about customers) means that when they run experiments, students need to focus those experiments on their customer/business model (not solely on product)
  • For #4 (with the least effort), ask students “Why would it be important for entrepreneurs to run experiments with the least effort possible?”

Answer: to save resources (e.g. time/money), in the event their hypotheses are wrong. That way they can maximize the number of business model iterations they can make.

After this discussion, re-phrase the definition of MVP as:

The easiest way to test your most important business model hypothesis.

Once your students understand the concept of an MVP, the next step is to identify the most important business model hypothesis!

Riskiest Assumption

Ask your students to fill in the blank:

A chain is only as strong as its ___________ link.

In that way, the “weakest” link of a chain is the most important in the chain; it will determine whether or not the chain fails.

Ask students to consider each of the components of the Business Model Canvas as links in a chain. How would they decide which component, or link, is the most important to test?

The component they should test is the one that is most likely to lead to their business model’s failure.

Tell students that there’s a special name for the component of their business model that is most likely to lead to its failure. We call this the “Riskiest Assumption.”

The riskiest assumption is always the most important to test with an MVP.

Students often ask about testing multiple hypotheses (assumptions) at once. Make a strong point that if they tested multiple hypotheses at once, they would find it very difficult to discern which hypothesis they invalidated if a particular experiment fails. In other words, by focusing one one hypothesis at a time, they can be certain whether

For example, if a company were to test their pricing, channel and value proposition assumptions at the same time and the experiment failed to generate the number of sales they expected, it wouldn’t be clear which of the three assumptions was to blame (e.g. wrong channel, wrong value proposition, or wrong price). In this scenario, they would be no closer to building product customers want!

Given the necessity of focusing on the riskiest assumption, if we go back to the definition of an MVP once again, we get the following:

The Minimum Viable Product is the easiest way to test your riskiest business model assumption.

The next step, is for your students to identify their riskiest assumptions.

Finding the Riskiest Assumption

In order to identify their riskiest assumption, students need to rate all of their Business Model Canvas (BMC) components in terms of risk.

To do that, they’ll need to consider two characteristics for each component:

  1. How critical is that hypothesis to the success of their business model?
  2. How confident is the students that hypothesis is valid?

Students can evaluate the components using the Riskiest Assumption Matrix.

riskiest assumption matrix

Students will map each BMC component into one of the four quadrants of the matrix:

  • Lower-Left: Less Critical + Low Confidence. Assumptions that students have little data on but will not drastically affect the success of their business model.
  • Lower-Right: Less Critical + High Confidence. Assumptions that have plenty of supporting data but will not greatly impact their business model.
  • Top-Right: Highly Critical + High Confidence. Business model assumptions that could significantly impact the business model that have been validated.
  • Top-Left: Highly Critical + Low Confidence. Business model assumptions that could significantly impact the business model that have yet to be validated.

The assumptions in this top-left quadrant are the riskiest to the overall business model and students should test first with their MVPs. The closer to the top-left corner of the chart, the more risky the assumption.

Walk students through scoring, and plotting, the components from their BMC by using Customer Segments as an example. Ask students to rate their “Customer Segments” (CS) assumptions based on two criteria, both on a scale from 0 to 10:

  • How critical is this assumption to the success of their BMC? (0 = not at all critical. 10 = extremely critical)

“Critical” here is defined as, “If these hypotheses were proven false, how likely would that lead to the collapse of the overall business model?”

As they think about their score, tell students that while the customer segments component of their business model will always be critical to their business model’s success, meaning it should get a relatively high score, for some business models the CS component is more critical than others.

For example, if a student has several distinct, but highly related customer segments with similar problems (e.g. they can serve dog owners, cat owners, ferret owners, etc.), they might be able to quickly pivot their CS hypothesis if their current assumption gets invalidated. In that way, they may score their CS component as slightly less critical (e.g. 7 – 8) than a business model with a single unique CS (e.g. CIOs for federal agencies) that is more difficult to pivot without changing the entire business model.

Note: the actual scores don’t matter at all so you can tell students to just give them a “gut feel” number. What matters most is how they score the components relative to one another.

Once students have written in their critical score, ask them to score…

  • How confident are they that their CS assumptions are valid? (0 = not at all confident. 10 = extremely confident).

Their Confidence levels should correspond with how much evidence students have that their hypothesis is valid.

As students conduct customer interviews they should develop a moderate to high level of confidence this is the right customer segment for them to solve a problem for.

Ask students to write in their confidence scores for their CS component.

Once they write down their scores, students should plot the Customer Segments component on their Riskiest Assumption Matrix by putting a dot at the appropriate point on the chart, and labeling it with the letters “CS” above the point.

Students need to map all their BMC hypotheses onto the Riskiest Assumption Matrix. Provide them the following guidance to help students calibrate their risks:

  • Value Proposition: highly critical, medium confidence. Arguably the most important set of assumptions in the BMC (i.e. highly critical).
  • Customer Relationships: less critical, any confidence. Relationship models can often be altered as necessary to meet the demands of customers.
  • Channels: highly critical, low confidence. Students won’t be able to sell a solution to customer problems unless they have a means of reaching their customers.
  • Revenue Streams: highly critical, low confidence. Students won’t be able to build sustainable businesses without revenue streams.
  • Cost Structure: moderately critical, medium confidence. Costs are important because they have a direct impact on the financial sustainability of a business model, but costs can often be optimized and reduced over time, moderating the critical nature of these assumptions. Students should be able to collect at least a little validating data on the costs they will incur solving the problem they want to solve.
  • Key Resources: less critical, medium confidence. Key resources are typically assets the student already has access to, or will need to get access to in order to fulfill their value proposition. These are often less risky assumptions because the same activities can be delivered with different resources, if the originally assumed resources are not available. These assumptions typically have medium confidence because the student already knows if they have some of the resources they require.
  • Key Activities: moderately critical, low to medium confidence. Key activities, while pivotal to fulfilling the value proposition, are often flexible as there are a number of ways to solve any given problem, making these assumptions less critical. These assumptions may be well known, but can also be significantly influenced by the revenue streams (high revenue streams can often lead to more quality-oriented key activities).
  • Key Partners: low to moderately critical, low confidence. Key partners represent the external organizations that help deliver on the value proposition. Sometimes they are required, often alternatives can be utilized to deliver their portion of the value proposition if some key partner assumptions are incorrect.

Once students plot their BMC components on their matrix, ask them to identify their riskiest assumptions by locating the dot that is closest to the top-left corner of the canvas.

Students should identify either their Channel or Revenue Stream hypotheses as their most risky. If they don’t, discuss with them and the rest of the class why they should re-evaluate the risk.

Many students will identify that their Value Proposition assumption is their riskiest. Convey that they, like all humans, are incredible problem solvers and that if there’s enough demand to solve a problem (as demonstrated by revenue), you’re convinced they will find a solution to the problem by learning a new skill, or using all the money they get from customers to hire the right people to solve the problem. This confidence should cause the Value Proposition assumption to be less risky than the Channel or Revenue Stream hypotheses, for which they should have very low confidence.

Tell students it’s almost always harder to get people to pay to solve a problem than it is to solve it. Even with a cure for cancer, they would have to navigate the channels and revenue streams required to monetize pharmaceutical treatments.

MVP Storming

Next, your students will learn how to develop MVPs to test their riskiest hypothesis. To start, they’ll brainstorm potential MVPs for a hypothetical riskiest assumption that you give them. It is helpful to show students a few real example MVPs:

  • Dropbox’s “Demo” video was a combination of working code and video editing magic of features they would eventually implement if they validated their riskiest assumption – that enough people cared about the problem to make it worth solving.
  • Airbnb launched an MVP to test demand for rooms to stay at during conferences. One of their earliest MVPs was testing demand for their site at SXSW.

Channel Testing MVPs

Give your students the following scenario:

Let’s say you’ve spoken with working parents and the biggest problem they are trying to solve is that when their kids get sick, it’s stressful because getting their children care takes too long, and the parent loses their entire work day.

You’ve identified that channels are your riskiest assumptions. In particular you’re not sure if you can get enough people to click on your Facebook ads to meet your financial projections (annual reach of 45,000-people with a 5% click through rate (CTR)).

Then ask your students: What MVPs could you create to test these channel assumptions?

Remind students that an MVP is, “The easiest way to test their riskiest business model assumption.”

Discuss students’ answers, eventually letting them know that the easiest way to test this assumption would be to create a simple Facebook text ad targeted at working parents to measure how many people click on the ad.

Revenue Stream MVPs

Alternatively, propose to your students that:

You’ve identified that your riskiest assumption is your revenue stream. In particular that working parents will pay $199/month for access to 3 in-home pediatrician visits each year.

Ask your students what MVP could be created in this case?

Potential Answers:

Pre-Orders: Create a site that collects pre-orders from prospective working parents. The site should mention the price and ideally require a credit card to play the pre-order, but the credit card shouldn’t be charged until the founders are confident they can deliver on their value proposition.

Letters of Intent (LOIs): Collect Letters of Intent (LOIs) – signed, non-binding, documents indicating that the prospective customers will agree to using this service at a given price point.

While LOIs are typically used in business-to-business (B2B) scenarios, you can use this example as a way to introduce LOIs by explaining that they are non-legally binding documents that state a person/organization “intends” to take an action (e.g. buy your product once you build it). While LOIs don’t provide as much validation (i.e. increased confidence) as much as actual sales, an LOI still requires signatures and approval from stakeholders within an organization, which provides much more validation than a simple verbal agreement.

Tell students that asking their customers to sign LOIs is a great way to test their Revenue Stream assumptions if they are selling to other businesses.

Students’ MVP

With these examples in mind, and having previously identified their riskiest assumption, ask students to brainstorm their first MVP. Once they have an idea, ask a few students to present:

  • Their riskiest assumption, and
  • The MVP they’ll create to test it

Lead a discussion so the class can give them feedback to help them hone their MVP ideas.

Missed Our Recent Articles?

Whether you are new to our community of entrepreneurship educators, or you’ve been contributing for years, we wanted to give you a list of the posts our community finds most valuable:


Get the “How to Teach MVPs” Lesson Plan

We’ve created a detailed lesson plan for the “How to Teach MVPs” exercise to walk you, and your students, through the process, step-by-step.

Get the Lesson Plan

 

It’s free for any/all entrepreneurship teachers, so you’re welcome to share it.

 


Get our Next Free Lesson Plan

We email new experiential entrepreneurship lesson plans regularly.

Subscribe here to get our next lesson plan in your inbox!

Join 5,250+ instructors. Get new lesson plans via email.
Design Thinking 101: Design the Ideal Wallet

Design Thinking 101: Design the Ideal Wallet

Inject Design Thinking In Your Class

Whether starting a business, or working within a business to develop new products or services, understanding the design thinking process is a powerful tool to deliver and capture value in the marketplace.

design thinking process

The Wallet Project, from Stanford University’s d.school, is a fast-paced way to introduce your students to design thinking. This is a group activity (from 2 to 100+ participants) in which students rapidly do a full cycle through the design process. The project is broken down into specific steps (of a few minutes each), and students have worksheet packets that guide them. In addition, one or two facilitators (not participating in the project) prompt each step, and add verbal color and instruction. Students pair up, show and tell each other about their wallets, ideate, and make a new solution that is “useful and meaningful” to their partner.

This exercise is great because every student has an artifact (their wallet or purse) that contains so much meaning in it. You can get some really interesting information about someone just by asking about their wallet. This project also tends to yield final solution ideas that are physical, and more easily prototyped.

What Students Learn

Students get the feel of a design approach, gain some shared vocabulary, and get a taste of each design “mode” (empathize, define, ideate, prototype, test). Specifically, students learn:

  • the value of engaging with real people to help them ground their design decisions,
  • that low-resolutions prototypes are useful to learn from (take an iterative approach)
  • to bias toward action (you can make a lot of progress in a little bit of time if you start doing).

Step 1: The Wrong Approach

Tell students:

“Instead of just telling you about design thinking, we want to immediately have you jump right in and experience it for yourself. We are going to do a design project for about the next hour. Ready? Let’s go!”

Give students the “Design the IDEAL Wallet” worksheet and use this timer to count down the 3 minutes.

design the ideal wallet worksheet

Don’t give students any instructions here – just tell them to draw an idea for their ideal wallet. It’s important to remind them that you are not a good artist (whether you are or are not), and that they are not going to be judged at all by their artistic ability.

The intention here is to contrast an abstract problem-centric approach to a human-centered design thinking approach.

Remind students after each minute expires. After the 3 minutes expires, ask students:

“How did that feel?”

They will likely offer some emotions that are not that positive. Highlight those, and tell them “that was a typical problem-solving approach, taking on a given problem, working using your own opinions and experience to guide you, and with a solution in mind to be designed. Let’s try something else – a human-centered design thinking approach.”

Step 2: A Better Approach

Give students the “Your New Mission” worksheet and have them pair up.

your new mission worksheet

Their job is to design something useful for their partner. Tell students the most important part of designing for someone is to gain empathy. Students will do this through having a conversation with their partner.

Tell students that Partner A will have 4 minutes to interview Partner B, then they will switch. Have Partner A walk Partner B through the contents of their wallet. Encourage Partner A to ask questions about when they carry a wallet, why they have particular things in there, and to make notes of things they find interesting or surprising.

Start playing upbeat music (I like Motown) and start the 4 minutes. Partner A asks Partner B to go through Partner B’s wallet. Then they switch and spend 4 minutes in reversed roles.

Step 3: Dig Deeper

After this first set of interviews, encourage students to follow up on things they found interesting or surprising. They should dig for stories, feelings and emotions (around pictures, artifacts, etc.) Encourage students to ask “Why?” often and to let their partner talk.

Students need to understand that the wallet is a distraction, that what is important for them to discover is what is important to their partner. Remind students to make note of any unexpected discoveries and to capture quotes.

Step 4: Reframe the Problem

Give students the “Reframe the Problem” worksheet.

Reframe the problem worksheet

Have each student individually reflect for three minutes on what they learned about their partner. Tell students to synthesize their learning into two groups:

  1. Their partner’s goals and wishes. Students should use verbs to express these. Remind students that these should be needs related to the wallet and life, that they should think about physical and emotional needs. Give them an example of maybe their partner needing to minimize the number of things he carries, or he needs to feel like he is supporting the local community and economy.
  2. Any insights they discovered. Tell them they can leverage insights when creating solutions. Give them an example that they might discover their partner values purchases more when using cash to make it. Another example could be that the partner sees the wallet as a reminder and organizing system, not a carrying device.

Step 5: Take a Stand

This is where students articulate their point-of-view around which they will build solutions. Tell them to select the most compelling need and most interesting insight they gained from their partner. This statement is going to be the foundation for their design work, so encourage them to make it actionable, and exciting. Give them an example like these:

“Janice needs a way to feel she has access to all her stuff and is ready to act. Surprisingly, carrying her purse makes her feel less ready to act, not more.”

or

“Arthur needs a way to socialize with his friends while eating healthy, but he feels he isn’t participating if he isn’t holding a drink.”

Step 6: Sketch to Ideate

Give students the “Ideate” worksheet.

Ideate worksheet

At the top, they write their problem statement. Tell them they are now creating solutions to the challenge they’ve identified. Push them that quantity is better than quality here, that they should go for volume of sketches of ideas. Remind them the goal here is idea generation, not evaluation; challenge them by saying “see if you can come up with at least 7 ideas!”

Keep telling them as each minute passes, and remind them to be visual, to not use words but to use pictures.

It is important to remind them here that they may not be designing a wallet, but that they should create solutions to the problem statement they just created.

Step 7: Share Solutions and Capture Feedback

During this step, partners share their sketches with each other for 4 minutes each. As each partner gives reactions to the sketches, the other partner should take note of any likes and dislikes, and also listen for any new insights. Remind students the goal here is not to validate their ideas, and not to explain or defend their idea. This is an opportunity to learn more about their partner’s feelings and motivations. After four minutes, students switch.

Step 8: Reflect & Generate New Solutions

Give students the “Iterate based on feedback” worksheet.

iterate worksheet

Tell students to take a moment to consider what they learned about their partner and about the solutions they generated. Using all they’ve learned, ask students to sketch a new idea. This idea can be a variation on an idea from before, or could be something entirely new. It is OK if they need to adjust their problem statement to incorporate new insights and needs they discovered in Step 7.

Encourage students to provide as much detail and color around their idea as they can. They should think about how the solution fits into their partner’s life, when and how they might handle or encounter the new solution.

**NOTE: While students are working, grab the prototyping materials.**

design thinking prototyping materials

Step 9: Build!

Give students the “Build and test” worksheet.

build and test worksheet

Tell students the next step is to create a physical prototype of their solution. Explain they should not just make a scale model of their idea.

They should create an experience that their partner can react to.

They need to actually make something their partner can engage and interact with. Students who want to create a service will ask how they can create that. Talk about creating a scenario that allows the partner to experience it – they can use space, act it out, etc.

Push students to be quick, remind them they have only a few minutes.

Step 10: Share Your Solution & Get Feedback

Now one partner will share their prototype and collect feedback, then partners will switch roles. Tell students they are not interested in validating the prototype, but instead are interested in a targeted conversation around the experience, specifically focused on feelings and emotions. Remind students their prototype is not precious, that they cannot cherish it and should let go of it. What is valuable here is the feedback and new insights they will gain from their partner’s interaction with the prototype. Students need to watch how their partner uses and misuses the prototype. They should take note of what their partner liked and didn’t like, what questions and ideas emerged.

Step 11: Group Gather & Debrief

Create a space that all students can gather around – move tables together, clear chairs, etc.

Have everyone put their prototypes in the middle of the gathering space. Ask students

This step is important! A well facilitated reflection has the power to turn this exercise from simply a fun activity to a meaningful experience that could impact the way participants approach innovation in the future. Quickly pull together a few tables that everyone can gather around. Ask students:

  • “Who had a partner who created something that you really like?”
  • “Who sees something they are curious to learn more about?”

When a student is curious about a prototype, ask for the person who created the prototype and engage them in the conversation:

  • “How did talking to your partner inform your design?”
  • “How did testing and getting feedback impact your final design?”
  • “What was the most challenging part of the process for you?”

The key to leading this conversation is to relate the activity to the following takeaways:

  • Human-centered design: Empathy for the person or people you are designing for, and feedback from users, is fundamental to good design.
  • Experimentation and prototyping: Prototyping is an integral part of your innovation process. A bias towards action, toward doing and making over thinking and meeting.
  • Show don’t tell: Communicate your vision in an impactful and meaningful way by creating experiences and interactive visuals.
  • Power of iteration: Learn, try, fail, learn more, try again, fail again, learn more, and so the cycle goes. A person’s fluency with design thinking is a function of cycles, so we challenge participants to go through as many cycles as possible—interview twice, sketch twice, and test with your partner twice. Additionally, iterating solutions many times within a project is key to successful outcomes.

Missed Our Recent Articles?

Whether you are new to our community of entrepreneurship educators, or you’ve been contributing for years, we wanted to give you a list of the posts our community finds most valuable:


Get the “Design the Ideal Wallet” Lesson Plan

We’ve created a detailed lesson plan for the “Design the Ideal Wallet” exercise to walk you, and your students, through the process, step-by-step.

Get the Lesson Plan

 

It’s free for any/all entrepreneurship teachers, so you’re welcome to share it.

 


Get our Next Free Lesson Plan

We email new experiential entrepreneurship lesson plans regularly.

Subscribe here to get our next lesson plan in your inbox!

Join 5,250+ instructors. Get new lesson plans via email.
Teaching Finance in Entrepreneurship

Teaching Finance in Entrepreneurship

“When the P&L’s come out, students check out.” – Doan Winkel

We all face this problem when teaching the financial aspect of entrepreneurship. Students aren’t comfortable with the unknown, and often struggle with understanding the application of math or financial topics. This is a huge problem because financial modeling is such a crucial part of identifying and validating the business models students are working on.

So how do we balance creating a robust financial projection for a business model without overwhelming students?

Introducing the first version of ExEC’s Financial Projection Simulator (imagine fireworks going off in the background with AC/DC playing bagpipes and shooting flaming confetti!!!)

teaching finance in entrepreneurship

Incorporating feedback as we develop engaging lesson plans, we’ve added a fun way for students to experiment with their financial model to our comprehensive curriculum.

The Financial Projection Simulator leads students through an experimentation process so they can find a financially sustainable business model. Along the way, they discover the most important elements of a rigorous financial projection:

  • Customer Lifetime Value
  • Cost of Customer Acquisition
  • Cost of employee salaries (including benefits & taxes)
  • Initial capital investments
  • Unit costs
  • Legal fees
  • Etc.

Here is a quick overview of the simulator in action:

With a combination of default values in drop down menus and instructions for researching more detailed estimates, pilot students have reported this is a more approachable way to experiment with assumptions in their financial models. The simulator, “feels more like a game than a spreadsheet”, where they can quickly see the impact of their assumptions on the success of their business.

At each step along the way, we provide short, easy-to-understand tutorial videos so students understand what to input.

teaching finance in entrepreneurship

The format invites them to more deeply engage in learning about financial models.

No TAM-Based Estimates

ExEC’s financial simulator is also unique because it takes a strictly bottom-up approach to financial projections. Instead of largely inaccurate top-down/TAM estimates (e.g. “This industry is X billions of dollars and if we get Y% of it we’ll be rich”), which don’t take into account real-world difficulties and costs of customer acquisition, ExEC’s financial modeling is purely bottom-up (e.g. “Which channels will you use to acquire customers, what do you hypothesize your conversion rates will be, and how much will that cost?”) to give students a reality check on how viable their business model is.

Here’s more detail on how we approach this, and other areas of financial projections.

Revenue

As mentioned above, instead of wildly inaccurate revenue numbers based on a TAM / SAM approach, ExEC students estimate revenue based on the product price and how many times per year a customer will purchase that product. This leads to much more accurate evaluation of a business model, and an approachable way for students to get started. As we heard from a pilot  student:

“Even though it’s difficult to make our business profitable, this tool gave us ideas of concrete changes we could make in order to make it possible.” – UC Berkeley Student

Expenses

We offer an extensive set of expenses for students to consider, all of which have suggested default values, as well as instructions on how to calculate more detailed estimates to tailor those values to their business model. We’ve found this combination of default values, with pointers for more information, to make financial modeling much more approachable – allowing students to ease their way in and experiment with different combinations, without overwhelming them.

We’ve tried to make the simulator as comprehensive as possible without becoming anxiety-producing, so your students can feel confident their projections are sound.

Cost of Customer Acquisition

Students are often unsure the best channels to acquire customers, and how costly those channels are. They will want to default to social media channels, but they often do not understand the investment it requires to effectively leverage these platforms. We provide significant guidance so they understand what CAC is and the costs of various channels.

We have done extensive research to offer accurate estimates for CAC from the most likely channels students will choose. These drop-down menus offer students two benefits:

  • They don’t get overwhelmed having to calculate complicated customer acquisition costs
  • They work with realistic estimates so the conclusions about viability are more realistic

teaching finance in entrepreneurship

Of course students can also calculate and enter their own Cost of Customer acquisition estimates into the tool to get a more accurate sense of their marketing expenses.

Employee Salaries

Here we offer an expandable menu that includes accurate salary estimates for a wide variety of the most necessary jobs for a startup.

The tool also automatically calculates benefits and tax information, which are two very important aspects students often forget that have tremendous impact on a financial model.

Real Estate Costs

As with every section, the simulator  provides considerable guidance students can use to research particular markets and categories. Our goal is for students to understand the variety of financial inputs but also to understand where those estimates come from.

In every section of the simulator, we provide suggestions for ballpark costs, and also expandable menus with more detailed information and links to resources in case students want to dive deeper into a particular area.

teaching finance in entrepreneurship

The ExEC financial simulator gives students additional information in a variety of expandable menus, so they learn as they input their assumptions. One student mentioned:

“It makes it extremely easy to calculate various things. Helps you remember things that you may have forgotten.” – Northeastern Student

The power of this simulator is in the simplicity with which students interact with it, and the simplicity of the results. The ExEC Financial Simulator assesses the viability of a student’s business model as either red, yellow, or green. Students can very quickly see where they need to focus! In the example below, the simulator tells us the business model is not viable.

teaching finance in entrepreneurship

After working hard to provide what they think are accurate assumptions, most students will see red the first time they use this. Literally!

teaching finance in entrepreneurship

Students will feel disappointed that their business model is not viable.

How to WOW! Your Students

Bring a student up to the front of the class. Pull up his/her simulator on the projected screen. Walk through this example, live, in a couple minutes to turn a non-viable business model into a viable business model. Show your students in real-time how they can turn their business model from from red to green!

teaching finance in entrepreneurshipteaching finance in entrepreneurship

Students can quickly experiment by changing inputs to figure out how to achieve a viable business model. This leads to a powerful discussion in class about why they changed certain assumptions, and whether the assumptions are accurate.

Within minutes students understand how a variety of factors impact their financial, and therefore business, model! And it is fun!

This simulation lets students experiment with different revenue models very easily. This is important because it allows them to quickly iterate and identify a potentially viable revenue model in a rigorous way that doesn’t overwhelm them.

If you would like to play with the financial projection simulator, request a preview of our Experiential Entrepreneurship Curriculum (ExEC) today!


You Told Us You Want More Student Engagement

We’ve been listening!

Join us for our “4 Ways to Increase Student Engagement” webinar, where you will learn tips and techniques to engage all your students in a rich learning environment that excites and inspires them.

Register now for this webinar on 4 tips to double student engagement in your class next fall!


Want More Tools Like the Financial Simulator?

We email new experiential entrepreneurship tools, techniques, and lesson plans regularly.

Subscribe here to get our next lesson plan in your inbox!

Join 5,250+ instructors. Get new lesson plans via email.
Pivoting the Wish Game: The Reality of Entrepreneurship

Pivoting the Wish Game: The Reality of Entrepreneurship

“Can I take this class again?”

The student wasn’t asking because she enjoyed the class so much. She was asking because she realized she missed the opportunity. This is confirmation that I am creating a powerful experience for my students. And confirmation that I need to do a better job introducing it.

As we near the end of the semester, I see changes in my Wish Game course experiment. It began as a grand vision, with a ton of anxious excitement from me and my students.

It is morphing into a transformational experience for students.

Let’s catch up on the wishes and experience over the past month. I learned a few valuable lessons over these weeks:

  • I can give student too much agency (I need to provide closer guidance)
  • Singular focus on granting wishes all semester is probably too much; balance is better
  • Students prefer safety
  • Maybe wishes for others would be a better learning experience than personal wishes

Granting Wishes

A few weeks back, as is our pattern, we were granting two wishes per week. This particular week the two wishes were:

  • Take the money that would be spent on a wish to a casino and let it ride on blackjack.
  • Be on stage with Skrillex and Marshmello at Ultra Music Festival in Miami.

The first was extremely straightforward. As students interviewed the grantee for this one, they tried to encourage her to pick a more challenging wish, but she stood her ground. She loves the energy and excitement of the casino. The group granting her wish handed her $150 cash the night of class and she and two classmates headed to the casino. She reported back that she taught her classmates about blackjack and roulette, and ended up winning a few bucks along the way.

Image result for blackjack creative commons

This wish presented no problem in terms of execution. It did, however, present problems within the group. There was some conflict about whether to grant the wish the grantee asked for, or to go bigger and get creative. I have been encouraging the students to think big, to take a risk. But in this case, because the grantee so adamantly stated she just wanted cash to go to the casino, the group delivered the wish. Through customer interviewing, the students understood the grantee’s desire for the emotional experience of a casino trip, and they granted it.

The other wish that week was for a student to be on stage with Skrillex and Marshmello at Ultra Music Festival in Miami. This wish was technically possible because that festival was happening in the future from the week they were granting this wish. The students got right to work interviewing the grantee to understand why he wanted this wish.

As I always do, I encouraged students to use their network to actually accomplish this wish.

I pointed out that one John Carroll alum, who was just on campus speaking not long ago, was a very successful DJ – Mick Batyske. I gave the students his cell number and encouraged them to reach out as he would likely have some connections to the festival organizers and/or Skrillex and Marshmello. They did not reach out!

The group decided pretty quickly it was too expensive – airfare, lodging, festival tickets, etc. As far as I could tell from conversations I overheard and from reflections I read, they did not consider or act on the possibility of asking for donations or hustling up some alternative solutions. They quickly moved from the big plan (deliver the actual wish) to a skeleton of the wish. This group ended up putting on a Marshmello “show” at one student’s house – they created some ambiance with music, lights, had pizza to eat. They also got the grantee a Marshmello hat.

Image result for marshmello creative commons

What Went Wrong

I pound at students that their network is much larger and easier to activate than they think. Coworkers, John Carroll alum, high school friends, family connections, hometown connections, and the list goes on. I get disappointed watching students spend 30 minutes in class brainstorming how to execute delivering a wish. They don’t spend much time strategizing how to activate their network.

This week I realized (duh!!) I should model that for them.

I committed that during the last group of wishes I would pick one wish and grant it myself, showing them how it could be done. I hope this lights a fire as they realize what could have been, and encourages them to take the risk, to dive in the next time an opportunity presents itself.

Next Wishes

The next wishes proved some interesting lessons for myself and the students.

  • Travel to Ireland.
  • Have Chipotle for life.

For the trip to Ireland, the group quickly learned that the grantee doesn’t have a passport, and is very anxious about flying (having never flown before). They quickly ruled out actually sending him to Ireland that week 🙂

Related image

Through their interviews, they learned about his connection to Ireland, his dreams of what a trip there would entail, and highlights that would be meaningful to him. After a week of planning, they did their best to recreate the feel of Ireland in a room through decorations, music, and scenery. They also provided the grantee some gifts to commemorate his “trip” – a wool blanket, some Guinness, an Irish stone. The grantee was beaming as they showed a Photoshopped slideshow in class of his “trip” to the magical Irish destinations he dreamed of going.

The next wish was considerably more difficult – the student wanted Chipotle for life! Some students discussed what “for life” means – I can’t blame them for looking for the easy path. Eventually, the group coalesced around trying to actually grant the wish. They asked me about approaching the President of John Carroll to send a letter to the CEO of Chipotle. I advised them that would not be very realistic, especially within a week.

The students did reach out to another member of the leadership team at John Carroll to send a note to the Chipotle CEO. The response was a fantastic learning lesson for us all:

Thanks for reaching out.  I am not inclined to get involved in this activity as I don’t see any realistic role that I could play.  I don’t know the full context of your assignment but I would offer the following observations.
  1. The Ignatian characteristic of men and women with and for others, is meant to be directed at the poor and marginalized in our society, so not applicable in this context.
  2. Asking Chipotle executives for free food for an MBA student doesn’t appear to be a very compelling rationale on the face of it.  What is in it for them or their company?  If you are going to make this pitch, you’d better be creating value for them.  Would you make this a viral video, etc.?
During debrief, we had a rich discussion about Jesuit values, about privilege and philanthropy, about right and wrong, and many other related topics. It opened my eyes to the potential danger in this exercise, in terms of encouraging students to be very selfish and to expend resources on seemingly frivolous gifts.
We as a class decided after much discussion that the exercise was not about the selfishness of wishes, but about the generosity of granting wishes.

Related image

I encouraged students to think small to go big with this wish. I often hold myself back from offering suggestions. As my frustration with their inability to go big grew, I couldn’t hold back this time.

I encouraged them to figure out the Chipotle meal the grantee likes (let’s say it costs $6), and how many weeks he will be alive (let’s say 2,500). I then suggested each member of the group ask 10 people to each buy one $6 Chipotle gift card, and to ask those people to each ask 10 people to buy one, and so on. If they each started with 10, that would immediately be 140, and if each of those got 10 more people, that would be 1,400, and so on. Ultimately, they reported it didn’t work because their friends didn’t want to contribute money. Ultimately, they didn’t sell it. Instead, they bought him a $150 Chipotle gift card.

This wish provided a great learning opportunity on a much deeper level, but also a reminder that the students are still struggling to get uncomfortable and really push their boundaries of what is possible.

Adjusting the Pace

Students brought up that if they had two weeks to do wishes, they could deliver more impactful experiences. In their minds, time was the most valuable resource, which they were lacking. After some very rich discussion about evaluating and leveraging resources, we decided that each of the two groups (14 students in each) would deliver wishes every other week. The caveat was that each group had to deliver two wishes every other week so that each student got a wish during the semester.

Fun Note: Students argues that since wishes were due every other week, they should only have to turn in reflection papers every other week. When I told them those papers every other week would be worth double (so the total course points stayed the same) they balked. I explained that everyone benefited under this because they had to write 1/2 as much for the same grade and I had to grade 1/2 as much. But they chose to keep writing the reflection papers each week.

A New Pace of Wishes

We jumped into this new pace of granting four wishes every other week. The next wishes were:

  • Dive with great white sharks
  • Meet Baker Mayfield (Cleveland Browns quarterback and 1st pick in the 2018 NFL Draft)
  • Play a round of golf at Augusta National Golf Club with Tiger Woods
  • Drive a Jaguar F-Type 2016

These wishes seemed to me to be quite challenging. The students seemed invigorated because they had more time to plan and execute – I hoped that meant they would be able to deliver a more impactful wish experience.

Each group of ~14 split into two groups of ~7 and started interviewing grantees and planning for wish granting. For the shark diving wish, the group found out that the grantee had a trip planned with her husband to Thailand in the summer. They found a company near where they would be in Thailand that offered swim-with-the-sharks package, although not with Great Whites.

Related image

The group gave the grantee enough cash for her and her husband to purchase a package, and gave it to her in a bag that included suntan lotion, a snorkeling mask, and an underwater disposable camera. It was a very thoughtful presentation, and the grantee expressed sincere gratitude about their thoughtfulness to enhance her trip with her husband. She promised to send pictures with the sharks!

Meeting Baker Mayfield was going to be tough, because since it is the football off-season, he is not in Cleveland at the time. However, two students had connections to Baker through friends, so I was excited that they may be able to pull something off.

Image result for baker mayfield

I’m always doing what I can to create a safe space for them to go big. In this case, I would wander by the group brainstorming and say things like “he could use a private jet to come back” or “maybe the Browns will fly [the wish grantee] out as a PR stunt”. Ultimately, the students didn’t reach out to Baker, but just handed the grantee an authentic Baker Mayfield jersey. I was disappointed that they seemingly mailed it in.

During the debrief we discussed how they could have been more persistent with their network, and how it’s OK to do that as long as it’s respectful and transparent.

The next wish to be granted was to play round of golf at Augusta National Golf Club with Tiger Woods. This wish approached the realm of impossible more than any other, and the students quickly knew it. This is one of the biggest celebrities on the planet, and this is the most exclusive golf course in the world. And the Master’s was fast approaching.

Image result for amen corner augusta

The students quickly decided it wasn’t going to happen, so they set about with Plan B. In interviewing the grantee, they discovered his passion for playing golf, and for learning from people he plays with, from watching videos and live golf. They realized the two elements of this desire were to play an exclusive golf course and to play with someone who was really, really, really good.

Their Plan B wasn’t half bad. They purchased a framed picture of a famous hole at Augusta National Golf Club, and gave the grantee a t-shirt with Tiger Woods’ mugshot printed on it. They used their connections to get him and a friend a round of golf at Muirfield Village Golf Club.

The last wish from this batch was to drive a Jaguar F-Type 2016. The team tried contacting rental agencies, but could not find any in the area that had this particular car.

They next contacted Jaguar dealerships, but they won’t allow test drives of this car without a hefty fee. One student found this car for rent about an hour away on Turo.com (I never heard of this site, but it’s an incredible marketplace!). After much discussion with the owner, they realized he required at least a 2-day rental, and with all the fees it would have been close to $700. Additionally, they discovered the driver needed to be 25 (for insurance purposes) which the grantee wasn’t. One student offered to drive to rent it and chauffeur the grantee around, but the expense was just too high. When it came time to present the grantee’s wish in class, the group had nothing. They explained their process and apologized for failing. It was awkward, and a shame the grantee left without anything.

This experience enabled a deep discussion about failing. The students didn’t feel good about being the only group to not deliver some form of the wish. The grantee was gracious, but I could tell he was disappointed. We discussed how failure happens all the time, and is a learning opportunity. The group learned that part of their failure was waiting until the last minute; they iterated through many plans, but because they waited until the last minute, they ran out of time and were unable to do anything.

Another Batch of Wishes

The next batch of four wishes were

  • Visit the Amalfi coast in Italy
  • Get $3,000 for a Jeep for job in Uganda (this grantee had raised $6,000 already and needed $3,000 more to purchase the Jeep)
  • Play a round of golf with Charles Howell III
  • To learn to ski and own a cafè

The groups attacked the wishes with their usual gusto. They sat down to interview the grantees to understand the motivation for the wish. The class seemed energized – perhaps it was better to give them longer to grant the wish!

For the Amalfi coast the group discovered the grantee was going to be in Italy this summer with family. Taking a creative approach, they planned out a few days in the Amalfi coast region for the grantee and a guest and presented her with a detailed agenda and enough cash to cover the cost of all the activities.

They planned all the details based on the information they gathered from interviewing the grantee – job well done!

The group granting the wish to get $3,000 for a Jeep for the grantee’s job in Uganda faced an uphill battle. $3,000 in two weeks isn’t easy. They immediately decided on doing a GoFundMe campaign – check it out here. They interviewed the grantee, but realized as they started building the campaign that they needed more information and a video. The group struggled with communication issues – they couldn’t get all the information they needed, and had difficulty producing a high quality video. Eventually they launched the campaign, but not until right before the class when they were to present it. They explained that they started the GoFundMe, and would keep it open through the semester, hoping to generate $3,000.

I did not hear much about promotion. The group focused on execution and getting the campaign live, but neglected planning promotion efforts to drive interest in and traffic to the campaign. They could have utilized campus media to spread the opportunity to students, faculty and staff. Social media provides another valuable outlet to share the goal with their network, as well as with JCU alum and other parties who might be interested in supporting. The group shared how surprised they were at how complicated this effort was. We discussed how people see the “skin” of an effort – the website, the landing page, etc. but we don’t realize the work it takes to create that “skin”. The students now understand how much effort goes into designing, launching, and promoting a crowdfunding campaign. Lesson learned!

The next wish was to play a round of golf with golf professional Charles Howell III. Another golf wish! One student in the group working on this wish had a few contacts that he thought could help make introductions to Charles. I did not hear much in the way of interviewing this grantee, as I think this group focused almost immediately on executing actually getting a round of golf set up with Charles.

Image result for charles howell iiiUnfortunately, the group didn’t pull this off – instead, they gave the grantee two rounds of golf at a local exclusive club. I was disappointed in this effort, or lack thereof, and at this group honing in on one idea almost instantly and not being willing to budge from that idea, or developing alternative plans.

I need to do a better job of motivating students to challenge themselves.

For the last wish of this bunch, the group granting the wish wanted to try to grant two. The first was the grantee (who is from the Middle East) wanted to learn to ski. Since the weather turned to spring, this wish wasn’t physically possible at the time, so the group wanted to add a second wish to the docket. The group purchased two passes to ski lessons at a local ski resort for next season and checked off that wish. The second wish was the grantee wanted to own a cafè. The day they granted the wish, in a room next to our classroom, they set up a mock cafe for the grantee to provide coffee and pastries to the students in class. In this way, the grantee got to “run” a cafe for an evening. The grantee was overwhelmed at the generosity of receiving two wishes – this feeling is what the experience is all about!

Last Batch of Wishes

As we near the end of the semester, we have one last batch of wishes to be granted:

  • Visit New York City
  • Do goat yoga
  • Get a Brooks Brothers custom suit
  • Be a billionaire

I am personally taking the wish of visiting New York City, and have challenged the class to outdo me this time! I want to show them how I, as one person who is nobody special, can use creativity and my network to actually grant the reality of a wish.

Image result for new york city

I acknowledge that traveling to New York City from Cleveland is easier to manage than traveling to Ireland or the Amalfi coast of Italy. But the lesson here is the process of ideation, leveraging resources, and iterating. I’m already off and running with activating my network to make this dream come true – this student is from Tanzania and has some very personal and deep reasons for wanting to visit some places in New York City. While interviewing this grantee, I became so motivated to create this impact for her – I can’t wait to report back on how it all went. And on whether the class took my challenge!

Want To Follow Doan’s Journey?

We will run one last blog post wrapping up Doan’s journey through his semester-long Wish Game Course this Spring.

Get updates delivered directly to your inbox.

Join 5,250+ instructors. Get new lesson plans via email.

2019’s Top 5 Free Entrepreneurship Lesson Plans

2019’s Top 5 Free Entrepreneurship Lesson Plans

“Your posts help me keep my students engaged – they and I thank you!” – ExEC Curriculum Professor

Based on the popularity of our 2018 Top 5 Lesson Plans article, we’ve update our list based on feedback from our fast growing community of now 4,600-strong entrepreneurship instructors.

The following are all lesson plans we’ve designed to transform your students’ experience as they learn how to generate ideas, interview customers, prototype and validate solutions.

5. Idea Generation vs. Problem Generation

Many of our students believe an idea is the heart of entrepreneurship. In this lesson, we shatter that assumption, and replace it with an appropriate focus on customer problems.

We want your students to develop ideas that are more feasible, impactful, and creative.

This is the toughest challenges entrepreneurship professors face. Student ideas tend to be a repetition of low-impact or infeasible mediocrity. You want more from them. We can help! We focus your students on problems in this lesson, because the best business ideas come from problems.entrepreneurship, teaching, problem, solution, idea

After this lesson, your students’ ideas will be:

  • More feasible because they’re focusing on serving people they care about.
  • More impactful because they’re paying more attention to problems than they are products.
  • More creative because they’ll use those problems as inspiration.

View Idea Generation vs. Problem Generation Lesson Plan

4. Personal Business Plan

In this exercise, shared with us by Rebeca Hwang from Stanford University, students create a business plan about themselves. Students approach themselves as a company, and apply the tools they learned during their entrepreneurship course to understand how they add value to the world.

Students answer questions about their future vision and about their present plans and passions. One of our professor’s favorite components of this exercise is that students choose who grades their personal business plan (and that our colleagues at Stanford provide a very robust rubric)!

teaching entrepreneurship personal business plan

Through this exercise, students:

  • Learn to see themselves as a company,
  • Learn they must continuously invest in and develop a plan for their future,
  • Embrace the tools and methodologies they learned in the course because they are applying them to their future,
  • Understand learning is meaningful when applied to a personal context

View Why Business Plans Fail Lesson Plan

3. Teaching Customer Interviewing

We consistently hear from faculty that teaching customer interviewing is their biggest challenge. In this lesson plan students use a combination of ExEC Customer Interviewing Playing Cards, with an online collaborative quiz game (Kahoot), to learn:

  • What their problem interviewing goals should be and should not be
  • What questions they should and should not ask

customer interviewing teaching entrepreneurship

Students then get an interview script template they can use as the basis for their problem discovery interviews.

This exercise teaches your students:

  • What objectives they should and should not attempt to accomplish during a problem discovery interview and why,
  • What questions they should and shouldn’t ask during a customer discovery interview and why,
  • What a comprehensive interview script book looks like

View Customer Interviewing Cards Lesson Plan

2. 60 Minute MVP

One of our most popular lesson plans is the 60 Minute MVP. During this class, students launch an MVP website, with an animated video and a way to take pre-orders, in an hour with no prior coding experience. One of our professors told us after running this exercise:

“One student described it as like a Navy Seal mental training exercise. Not sure it was that intense, but they were amazed and proud that they got it done.”

Your students will love this class period; they progress from the anxiety of the challenge confronting them (build a website in 60 minutes) to the elation of their journey (launching a website they built in 60 minutes). This exercise creates tremendous energy in your classroom. Students create something real.

On the lesson plan page you can view an example video students created in about 20 minutes, built around actual customer problem interviews:

You can also view a great example of a website built in just 60 minutes:

Your students will create landing pages like thisUpscale dining at its finest!

Some critical learnings for your students are the true meaning of Minimum Viable Product (MVP), that it’s easier to launch a product than they thought, and that the easiest thing about building a business is launching that product.

View 60 Minute MVP Lesson Plan

1. Teaching Customer Observations

During our years of research on what topics entrepreneurship professors struggle to teach, we heard “customer interviewing” over and over again. Our ExEC curriculum includes a robust method of customer interviewing, but customer observation is another great way to gather customer information. So we developed our Teaching Customer Observations lesson plan to help students learn learn the value of seeing how their customers experience problems, as opposed to imagining their customers’ problems.

In addition to our community thinking this is a powerful experience in the classroom, this exercise also won first place in the Excellence in Entrepreneurial Exercises Awards at the USASBE 2019 Annual Conference!

This exercise positions your students to observe customers in their natural settings. This allows them to discover new business opportunities and increase their empathy and behavioral analysis skills.

Our goal with this exercise is to teach students to have an empathy picture/analysis that frames the problem they are trying to solve before they jump to a solution. Having this clear picture will allow them to come up with better creative solutions.

During this two-class exercise, your students will experience customer empathy and how to plan and translate an observation experience into ideas for products and services. This will provide the following benefits:

  • Introduce students to a powerful tool to gather information on customer experience in real life situations. This allows students to avoid predicting customer behavior by actually observing it.
  • Students practice how to listen with their eyes in order to understand what people value and care about, & what they don’t.
  • Provide a common reference experience for expanding on topics later in the course.

View Teaching Customer Observations Lesson Plan

Want 15 Weeks of Lesson Plans?

If you are looking for a fully structured, experiential entrepreneurship curriculum, with a semesters worth of lesson plans that students love, you don’t need to reinvent the wheel.

We’ve done the work for you.

Get our Next Free Lesson Plan

We email new experiential entrepreneurship lesson plans regularly.

Subscribe here to get our next lesson plan in your inbox!

Join 5,250+ instructors. Get new lesson plans via email.

 

Changing How You Teach Entrepreneurship: Georgann Jouflas

Changing How You Teach Entrepreneurship: Georgann Jouflas

It’s hard to engage students who are simply taking a class.

Like hundreds of educators, Georgann Jouflas was trained to teach entrepreneurship in Steve Blank’s Lean Launchpad methodology.

 

Like hundreds of educators, she struggled to adapt that curriculum from Stanford University and University of Berkeley MBA students to teach her students.

 

Georgann teaches at Colorado Mesa University in Grand Junction, Colorado. The views are spectacular.

So are the students! Georgann eventually came to understand that Stanford and Berkeley MBA students are trying to launch actual companies, whereas her students are taking a class. One or two every so often might want to try starting a business. Because of the different motivations and contexts, she struggled to adapt the Lean Launchpad approach to teach her course.

Georgann struggled to create meaningful learning experiences for her students.

Teaching A Typical Entrepreneurship Course

At Colorado Mesa University, like many other campuses around the world, Georgeann is teaching an entrepreneurship course, not an accelerator cohort. She needed a curriculum that was a better fit for students taking an entrepreneurship course.

She wanted to teach her students how to discover their passion and how to solve problems, not just work with ideas.

Georgann’s students needed to deeply engage with understanding the power of hidden assumptions, and how to prototype.

teach entrepreneurship

She wanted her students to understand the importance of customer interviewing, but more importantly, she wanted them to learn how to interview customers.

She knew gathering information from customers was critical, and that her students weren’t really learning that under her current course structure.

Georgann found her students faking validation; they would not get out of the building to interview customers each week because they were not comfortable interviewing people. She felt like a failure because she couldn’t get her students to get out of the building and conduct their interviews.

So, she decided to switch to teach with a new, fully experiential curriculum:

teaching entrepreneurship

Experiential Entrepreneurship Curriculum

15 weeks of structured plug-n-play experiential modules covering idea generation, problem validation, customer interviewing, prototyping, financial projections, and more!

The main value to Georgann is that ExEC coaches students into a comfort zone with interviewing customers so they actually do it, learn from it, and gain confidence.

“[I tell my students] if they get good at talking to people . . . listening to their clients, and asking questions, that’s a tremendous skill. So I’m really happy with that. Before they were doing that but they weren’t really doing it, and now we’re validating that they’re doing it.”

Why Teach with the Experiential Entrepreneurship Curriculum?

At the end of each semester using the Lean Launchpad, she was really frustrated with the experience of teaching the course. She didn’t believe her students were learning as much as they could or should, and weren’t very engaged in the learning process. A colleague of hers was sharing her excitement with Georgann about this new way she was teaching her entrepreneurship course. Her colleague was talking about a buzz of activity, about a classroom filled with engagement and excitement, about students deeply learning core entrepreneurial skills. Her colleague shared that she was using ExEC. Georgann got excited about creating this learning environment for her students.

We asked Georgann to share what she likes about using ExEC in her entrepreneurship course:

“The main thing I love is that it really gets [the students] out interviewing people. It gets them comfortable with the process.”

Georgann also shared that she enjoys working with the plug-and-play modules, because they are very easy to follow and to use. She feels empowered because she gets plenty of background material and then the applied exercise with each lesson plan. Perhaps more than anything, Georgann reports that she enjoys the experiential nature of the curriculum, because she isn’t left having to think up what exercises to use to engage the students in the learning.

“Interviewing customers is so far out of their comfort zone, but the interview script generator is tremendous. Before they didn’t know what to ask, so they just didn’t do it. Now they feel more comfortable.”

Georgann rediscovered the excitement of teaching entrepreneurship. Her students enjoyed learning the skills an entrepreneur uses to build something someone wants.

Here is the full interview with Georgann that digs much deeper into her experience searching for a new curriculum and adopting ExEC.

If you have problems with students

  • Not engaging
  • Lacking confidence doing their interviews
  • Faking their interviews

request a preview of our ExEC curriculum here.


Get our Next Free Lesson Plan

We email new experiential entrepreneurship lesson plans regularly.

Subscribe here to get our next lesson plan in your inbox!

Join 5,250+ instructors. Get new lesson plans via email.
Entrepreneurship Syllabus: Experiential Learning Across the Curriculum

Entrepreneurship Syllabus: Experiential Learning Across the Curriculum

The nerve center of any entrepreneurship course is the syllabus.

The syllabus creates a student’s first impression. It sets a tone for the course, and for the relationship between professor and student. A syllabus conveys information about expectations. It is a contract between professor and student.

We would love to see your syllabus built in an entrepreneurial way. But we know that’s not always possible. We asked our community of over 4,000 entrepreneurship educators to share their syllabi, and based on the common courses we saw, we developed a few syllabus templates you can use. Each syllabus injects experiential learning into your course from the first day until the last.

Your students will be engaged from the first experience in your classroom!

Each sample syllabus outlined below focuses on a variety of readings, examples, discussions, and experiential exercises students can use to explore and apply the principles of entrepreneurship in a variety of courses. 

Creativity & Innovation Sample Syllabus

Creativity is one foundation of successful businesses. Whether in the for-profit, not-for-profit, or public sector, organizations need employees who are creative thinkers and can thrive in an organizational climate that fosters innovation.

DOWNLOAD YOUR SAMPLE SYLLABUS

Introduction to Entrepreneurship Sample Syllabus

Entrepreneurship can be considered a process of economic or social value creation, rather than the single event of opening a business. This course focuses on opportunity recognition, assembly of the financial and human resources needed to develop the idea, and launching the new venture.

DOWNLOAD YOUR SAMPLE SYLLABUS

New Venture Creation Sample Syllabus

Creating a venture is one manifestation of entrepreneurship. Students in this course will have the opportunity to develop an entrepreneurial toolkit that allows them to successfully innovate in whatever professional life they choose to lead. This course focuses on problem identification and solving, customer interviewing, and prototyping.

DOWNLOAD YOUR SAMPLE SYLLABUS

Social Entrepreneurship Sample Syllabus

Social entrepreneurship can be explained as the practice of identifying, starting and growing successful mission-driven for-profit and nonprofit ventures. These organizations strive to advance social change through developing innovative solutions to problems that plague communities, cities, countries, and systems.

Through experiential exercises, guest speakers, and classroom dialogue, students will learn to think and act opportunistically with a socially-conscious business mindset. Topics will include problem identification, customer interviewing, prototyping, financial projections, business modeling, and storytelling.

DOWNLOAD YOUR SAMPLE SYLLABUS

MBA Entrepreneurship & Innovation Sample Syllabus

In this experiential, hands-on course, students will learn the customer-development approach to building products and services. More specifically, students will learn how to systematically identify and test assumptions to make decisions to pivot, proceed, or restart based on customer insights and evidence gathered.

DOWNLOAD YOUR SAMPLE SYLLABUS


What’s Next?

In upcoming posts, we talk about our evolving experiential curriculum, how to teach students about financial projections, and how to enable your students to tell a story people will remember!

Subscribe here to get our next lesson plan in your inbox.

Join 5,250+ instructors. Get new lesson plans via email.
Toothbrush Design Challenge

Toothbrush Design Challenge

Invalid assumptions are the root of most business failures. It’s important our students understand how easy it is for everyone, including them, to make them.

In just 15 minutes, this interactive exercise will help your students understand why they need to validate their business assumptions.

Winner of the 2019 Excellence in Entrepreneurship Exercises Competition

We introduced this exercise to our community here as part of a larger series of exercises. You all helped us tweak the exercise into a format that won the Excellence in Entrepreneurial Exercises Competition at USASBE 2019!

Given the success of this exercise, we wanted to provide an overview so you know how and why you might engage your students with this exercise.

Overview

We have two goals with the Toothbrush Design Challenge exercise:

  1. Give your students the experience of making hidden assumptions
  2. Help your students learn why it’s so important to validate assumptions

For more details on this exercise, check out this lesson plan.

The Exercise

Form teams of 3 or 4 students. Give each team an adult toothbrush.

Their assignment is to design a child’s toothbrush. The design must include at least the following elements:

  1. Color scheme
  2. Dimensions

The color scheme element is really a red herring. The colors they choose are irrelevant. We include the color scheme requirement to ensure students are not solely focused on the dimensions element. The dimensions are where students will unearth hidden assumptions, and create an ineffective product based on those hidden assumptions.

Hidden assumptions will likely cause students to design a toothbrush with the wrong dimensions for children. They will assume a smaller hand needs a smaller toothbrush.

Display the slide below that contains hand size data. Give students 3 minutes to design a child’s toothbrush.

The Debrief

After 3 minutes, ask teams whether their child’s toothbrush was larger or smaller than an adult’s. Most teams will end up making a smaller toothbrush. This is a very natural and logical assumption based on the hand size data we presented them. It is the assumption very experienced product designers at toothbrush manufacturers made, so your students are in good company!

Your students likely designed a child’s toothbrush that would fail in the market based on hidden assumptions. Show this video, where IDEO partner Tom Kelley drives home the importance of acknowledging and testing hidden assumptions:

Reflect on what hidden assumptions they made, and why they made them. Point out that many toothbrush manufacturers made the same invalid assumptions many of them made in terms of a smaller hand needs a smaller toothbrush.

Discuss how students could test their assumptions to determine their validity. Steer them toward observing customers using a product or service, and toward prototyping the product or service.

This exercise is fast, fun, and engaging for students. We designed it as a flexible experience that you can use to introduce various topics, such as:

  1. Why companies fail
  2. Planning vs. experimenting
  3. Business model canvas

If you want to introduce your students to a curriculum of these kind of award-winning experiential exercises, request a preview of our ExEC curriculum here.


Get the “Toothbrush Design Challenge” Lesson Plan

We’ve created a detailed lesson plan for the “Toothbrush Design Challenge” exercise to walk you, and your students through the process, step-by-step.

Get the Lesson Plan

 

It’s free for any/all entrepreneurship teachers, so you’re welcome to share it.


What’s Next?

In upcoming posts, we talk about our evolving experiential curriculum, why educators are adopting this curriculum, and how to enable your students to better identify opportunities!

Subscribe here to get our next lesson plan in your inbox.

Join 5,250+ instructors. Get new lesson plans via email.
Practicing Entrepreneurship By Granting Wishes

Practicing Entrepreneurship By Granting Wishes

“An entrepreneurship class should be alive.”

“An entrepreneurship class should be scary.”

“An entrepreneurship class should be a new experience.”

As I was reimagining my MBA entrepreneurship course, I kept these thoughts top-of-mind. I wanted to set an example with my class – to create an experience that solved my customers’ problem.

My customer? Students.

My customers’ problem? Disengaged learning.

I stumbled across Rebeca Hwang and her Wish Game idea. My students were in for an experience unlike anything they’d ever had in a classroom.

Because the experience is so different from their typical learning environment, it has been painful at time to watch them struggle to grasp the concept of learning entrepreneurship through granting each other’s wishes.

Wishes To Date

My students have granted 12 wishes so far. I’ve written about 7 of them already:

  • See the Mona Lisa
  • Pitching in a Chicago Cubs game
  • Repelling down the John Carroll University clock tower
  • To make homemade wine
  • To own a bottle of Pappy Van Winkle 23 Year bourbon
  • Play in a room full of puppies (especially golden retrievers)
  • Visit Greece

During these wishes, students have struggled with thinking big, with practicing entrepreneurial skills of ideating, customer interviewing, prototyping, and mobilizing resources. They deliver wishes, but I push them to keep aiming higher, dreaming bigger, failing faster.

As with most skills, with practice, they are getting better not just at execution, but at creating experiences.

The new wishes are:

  • An American baby shower
  • Tickets to the Ellen show, play a game & win a prize (2nd wish is 2 tickets to Disneyland)
  • A male, black & tan miniature Dachshund puppy
  • Be driven in a Rolls Royce Phantom

The first two showed my students’ execution capability. One Kuwaiti student is about 7 months pregnant, with her 4th child, and wanted an American baby shower. In her culture, I discovered, they do not have a celebration prior to the baby’s arrival. Given she’s in America, and I gave permission to dream big, this is her dream. Her fellow students attacked the wish with their now typical gusto.

I couldn’t stop smiling as they interviewed the wish grantee to understand her culture & her reasoning for wanting an American baby shower. The students are beginning to master customer interviewing! They asked about celebrating her previous children and about her expectations. This wish brought a new level of excitement to the class. As one student mentioned,

“I get it. I can deliver joy to someone while practicing entrepreneurship. How cool is that? What other subject offers that kind of opportunity?”

To be honest, this wish wasn’t a difficult one to execute – buy cake, flowers, decorations, presents. Play Pregnancy Price is Right. The students didn’t need to do much in terms of ideation for this one because the wish was to deliver something typical. Typical is what the grantee wanted, typical is what she got, but feedback from her confirmed that my students nailed it:

“This was my first and best baby shower. I was really needing this feeling to overcome my homesickness. It’s something beautiful to remember during my studies.”

Wish Game Baby Shower

The other wish that week took an interesting turn. The grantee had two wishes that fit well together:

  1. She is a HUGE fan of Ellen Degeneres, so wants to attend the Ellen Show, play a game on the show and win a prize.
  2. She is from Tanzania and wants to visit Disneyland before returning home.

Students in the group delivering this wish again nailed the customer interviewing, understanding her motivation for these particular wishes. I’ve encouraged the students to drill into the emotions driving the desire for a particular wish. Because if they cannot deliver the specifics of a wish, they can develop a plan b, or c, or d, or q.

They can prototype, like entrepreneurs.

This group contacted Ellen with our story as much as they could over the week – multiple form submissions, emails, and calls every day from everyone in class and from lots of other students and friends. They also worked on getting Disneyland tickets, airplane tickets, and hotel reservations donated. None of this happened, so their plan b was to buy a $300 Disney gift card, recreate the Ellen Show in the classroom (complete with a dude in a wig playing Ellen), and played Blindfolded Musical Chairs. Of course they fixed the game so the grantee won, and her prize was the gift card.

Debriefing the Wishes

Both groups felt so energized after these wishes. They nailed the interviewing. They felt they delivered a good idea, but also acknowledged they weren’t taking a risk with their ideas yet.

I push, and push, and push some more to get them beyond their fear and lead them into the uncertainty of big ideas.

We talked about how far they had come from the first wishes, and how far they had to go to deliver true awesome. I often forget what it is like to be ~20 years old. Stumbling through an uncertain present and staring into an uncertain future. Wanting to show confidence, but not feeling confident. It’s my job to build that confidence, by guiding them into uncertainty, supporting them while they struggle with it, and giving them the tools to reflect on it powerfully.

The Next Wishes

One of the wish grantees wanted a male, black & tan miniature Dachshund puppy. Her other wishes were to pay off her student debt, or to have a year’s rent in a nice apartment in downtown Cleveland. The group went with the puppy. As with the baby shower, this wish is really all about execution. The group got right to work to find a puppy – apparently this isn’t the most common kind of puppy to find. But they did it!

wish game puppy

One member of the group negotiated the price down to $300 – they are finally figuring out they can mobilize their financial resources to make wishes come true. The grantee met her puppy (she named him Morty) but she won’t be able to take him home for a couple weeks, until he is at least 8 weeks old.

The other wish in this class was the grantee wants to be driven in a Rolls Royce Phantom. His other wishes were to meet “the” Michael Jordan (I particularly liked how he intentionally included “the” so nobody could play games with just any Michael Jordan) and to call an offensive play for the Cleveland Browns. The group decided to go with the Phantom. I hadn’t heard of this car, but after looking at pictures and videos, I understood where his wish came from.

wish game rolls royce phantom

The group delivering this wish ignited their network to find Cleveland folks who owned this car. Unfortunately, they did not find any during the week. They did, however, realize they knew someone who worked at the local Rolls Royce dealership, so when the weather improves, they will work to get the grantee a test drive. They did buy the grantee tickets to the auto show in Cleveland over the weekend, where he can go see this car.

Future Wishes

The next two wishes on deck are:

  • Take the money that would be spent on a wish to a casino and let it ride on blackjack
  • Be on stage with Skrillex and Marshmello at Ultra Music Festival in Miami

One will challenge the group to actually deliver it, and that other will challenge the group to enhance the wish beyond the obvious to deliver a memorable experience.

 

PS – here is an updated picture of Morty at home with Katie!

Want To Follow Doan’s Journey?

We will continue to run blog posts highlighting Doan’s journey throughout his semester-long Wish Game Course this Spring.

Get updates delivered directly to your inbox.

Join 5,250+ instructors. Get new lesson plans via email.

Customer Interviewing Card Game

Customer Interviewing Card Game

Students don’t like customer interviews, but they do like games!

So we combined the two to make customer interviews more fun and approachable.

Our updated method of teaching customer interviews is using ExEC Customer Interviewing Playing Cards with an online collaborative quiz game to show students:

  • What their problem interviewing goals should and should not be, and
  • What questions they should and should not ask

Fully Engaged Class

When you run this exercise, your students will be fully immersed in the lesson as they hurriedly sort cards into different piles and compete with one another using their phones to see who can correctly answer the most questions, the fastest.

Here’s what it looked like when we presented it at USASBE:

And here’s what one of the professors who tested this lesson part of our Experiential Entrepreneurship Curriculum (ExEC) reported back:

Big hit tonight! Lots of competition!

Really got through on true purpose of problem discovery and what questions to ask / not ask. They are in much better shape going into interviews than my prior students.

– Jen Daniels, Georgia State University
Give the Customer Interview Cards lesson plan a shot. It’ll add a boost of energy to your course and your students will love it.

Step 1: Prepwork

To set students up for success, they need to do a little prework. Have your students watch this video on what to ask during customer interviews.

You need to do a little prework yourself:

  • Print and cut one set of Customer Discovery Interview Cards for every two students.
  • Get familiar with Kahoot; watch this Kahoot demo video, and review the Kahoot questions here.
  • Review the answers to the Interview and the Objective cards here and print a copy for your reference.
  • Print out one copy of the final interviewing script for each student.

Step 2: The Setup

Prior to this class session, familiarize your students with the purpose and he value of customer interviewing.

Pair students up, give each pair a set of the gray “Problem Interviews Objective” cards, and give them a few minutes to find the six objectives they should achieve during customer discovery interviews from the 12 objective cards.

Customer interview cards

You also need to set up Kahoot and project that on the screen. Turn all the game options off except for the following, which should be turned on:

  • Enable Answer Streak Bonus
  • Podium
  • Display Game PIN throughout

customer interview

Find detailed instructions for setting up Kahoot in the full lesson plan.

Step 3: Play the Warm-Up Game

Project Kahoot on the screen and read the first objective question aloud. Students use their phones to indicate if it’s a good or bad objective for a customer discovery interview based on how they categorized their cards.

After all students record their answer, you have an opportunity to discuss why a particular objective is good or bad for a customer discovery interview. Students will generally have different opinions for each of the 12 objectives.

This warm-up game is an opportunity for rich dialogue to help students deeply understand the purpose of customer interviews.

Progress through all 12 objectives, discussing each one as you go. Kahoot displays a live scoreboard – congratulate the winner after going through 12 objectives, but let everyone know this was just a warm-up game. The real game is next – to determine what are good and bad interviewing questions.

Step 4: Play the Real Game

Students now know what their customer interviewing objectives should be. Hand out the 24 Customer Interviewing Question cards, and students should identify which 9 questions are ideal to ask.

customer interview cards

Now start the Questions Kahoot game and have students join. Lead students through the same process you did with the Objectives Kahoot.

Students record their answer in Kahoot about what are good and bad Problem Interview questions. This is another powerful opportunity to discuss why a particular question is good or bad for a customer discovery interview.

Kahoot displays a live scoreboard – congratulate the winner after going through all the questions.

Crown the Customer Interviewing Champions! Reward them with some prize. Make a big deal of this to let students know how important customer interviewing is to entrepreneurs.

Step 5: The Interview Template

Your students now have a strong understanding of customer problem interviewing objectives and good questions to ask. It is time to give them an interview template they can use to connects all of the dots.

If you use this exercise as a part of the Experiential Entrepreneurship Curriculum (ExEC), we provide an interview template for your students to use. Otherwise, you can create your own.

After playing the warm-up and the real game, students understand why they should ask the “good” questions.

Students also understand why they should not ask many of the questions they would intuitively think to ask.

Review each question to ensure they understand:

  • How to ask the question, and
  • Why they should ask the question

Now is your chance to answer any questions or fears your students have before sending them out into the field to interview actual customers! But have no fear, your students are well-prepared with solid questions that will help guide their ideation.

If you want to help your students deeply understand why and how to interview customers, get the full lesson plan by clicking below!


Get the “Customer Interviewing Cards” Lesson Plan

We’ve created a detailed “Customer Interviewing Cards” lesson plan. This exercise walks you, and your students, through the process, step-by-step.

Get the Lesson Plan

 

It’s free for any/all entrepreneurship teachers, so you’re welcome to share it.

 


What’s Next?

In an upcoming post, we will share a companion exercise to the “60 Minute MVP” exercise. This will help students understand why it is critical to engage customers prior to launching!

Subscribe here to get our next classroom resource in your inbox.

Join 5,250+ instructors. Get new lesson plans via email.