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Your Day 1 Problem

Your Day 1 Problem

Students’ eyes glaze over when they read the syllabus.

How we can engage students and start teaching them entrepreneurship skills from the moment they walk into our classes?

Jay Markiewicz from Virginia Commonwealth University developed a novel way to start your semester that almost guarantees students will WANT to come back!

Step 1: Problem Definition and Customer Discovery

It’s the first day of class. We want to be anti-boring.

We want to put students in the middle of an engaging experience right away.

And even better, we want the engagement to be instructive.

By asking the question below, the moment is instantly relevant because students are experiencing it in real time. Students begin by using Post-it notes to answer this question

What are the challenges and concerns students face on day one of a new course?

Surprised and intrigued by the question, your students write down their answers on Post-It notes you’ve left on their desks before class started.

Then you tell your students to text their friends and ask them the same question. 

Surprised again (this time by being instructed to text during class) your classroom will fill with discussion and energy as students get replies.

Just like that, within the first 5 minutes of your course, your students are practicing the real-world entrepreneurial skill of problem discovery…and loving it.

In small teams of 3-4, students take a moment to meet each other and then collaborate by discussing with each other the challenges/concerns they wrote on their post-it notes. 

In this step, students start identifying problems, and progress into customer discovery, all in the first moments of class!

Step 2: Data Analysis

In this step, teams use their Post-it notes to group similar answers, ranking their top concerns/challenges.

Each team writes their top 2-3 answers on the board to start a list of all of the concerns/challenges students identified.

You can now engage the class in a discussion on the priority “problems” that students have on day one.

Here are some example answers you may see as the top priority”

  • “Getting to know each other. Avoiding day one awkwardness.”
  • “Getting interested in the course. Knowing what I’ll be learning throughout the course.”

In this step, students start analyzing customer discovery data – and you’re not even halfway through your first class!

Step 3: Solution Generation

Now we engage students even deeper, and have a little fun along the way!

They practiced problem definition, customer discovery, and data analysis. The next skill is generating solutions to the problem they just identified.

Ask students to write answers on the Post-it notes to the following question:

If you were me, what solutions would you design for these problems?

Students don’t need to text friends this time. Instead, have them form NEW teams of 3-4 students and go through the same steps as above – meet each other, identify the most common solutions, then debrief with answers grouped on the board or wall.

Step 4: Reflection

The last step of this amazing kickoff experience, included in the lesson plan below, are to have students reflect on the question, “How was this activity instructive to us about entrepreneurship?”

This is where students identify, in their own words, the entrepreneurial process – complete with their own ah-hah moments. It’s a really fun way for students to discover the key principles of entrepreneurship….all on the first day of the class!

Click below to….

Get the Full “What’s Your Day 1 Problem?” Lesson Plan

We’ve created a detailed lesson plan for the “What is Your Day 1 Problem?” exercise to walk you and your students through the process step-by-step.

 

It’s free for any/all entrepreneurship teachers. Please feel free to share it.

All we ask is that you leave us some feedback on it in the comments below so we can improve it!


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How to Teach Revenue Models

How to Teach Revenue Models

How do you engage students while teaching a financial subject like revenue models? Try the . . .

Revenue Models Matching Card Game

Step 1: Match the Cards

Students start by matching revenue model definitions cards like…

To familiar companies that use those revenue models:

teaching revenue models

The cards actually teach students the revenue model definitions – no textbook required!

Step 2: Brainstorm

Next, students brainstorm ways they could use 9 different revenue models:

After exploring a wide range of revenue models they could potentially use, they’re ready to…

Step 3: Apply

Finally, students pick the revenue model(s) they think will be most profitable for their company…

…and now they’re ready to add them to their Business Model Canvas (and start validating them).

Try It!

This is a really fun way to teach revenue models that we’ve had a lot of success with.

Get the “Revenue Model Matching Game” Lesson Plan

We’ve created a detailed lesson plan for the “Revenue Model Matching Game” exercise to walk you and your students through the process step-by-step.

 

It’s free for any/all entrepreneurship teachers. Please feel free to share it.

All we ask is that you leave us some feedback on it in the comments below so we can improve it!


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New Design Thinking: Backpack Design Challenge

New Design Thinking: Backpack Design Challenge

Tell students they are hired as a product designer. Their first job out of school is to design an ideal backpack. To help them do this, introduce the series of worksheets laid out in the Backpack Design Challenge lesson plan.

Step 1: The Most Exciting Purchase or Gift

The first worksheet asks students what is the most exciting thing they bought themselves, or were given as a gift recently.

It is really helpful with this exercise for you to share your perspective. At this step, share with them a concrete example of something that really excited you.

Make sure the thing they think of is something specific, and something they were really looking forward to. For example, a birthday present, or a holiday present, or something they’ve been wanting for months that they finally splurged on.

Design thinking backpack design challenge

Step 2: Feelings About the Purchase or Gift

Students record the feelings that came up as they made the purchase or received the gift. Give students time to reflect on the emotions they felt.

The point of these two steps is to build the foundation for the design thinking exercise to come.

Our goal is for them to learn a set of skills that helps them design products and services that get their customers as excited about the thing the student is creating as the student was about the purchase or gift. 

 Get The Lesson Plan Today!

Step 3: Must-have features

Now we will teach students to design a backpack that people get super excited about.

Ask students to describe their three “must have” features of their backpack.

A new approach to design thinking

Start by describing your three “must haves” and give them a few minutes to write down their three “must haves” that are unique to them.

Step 4: Draw the ideal backpack

The next step is for students to draw their ideal backpack. The point here is not beautiful artwork. The point is to visualize what the backpack with their must-have features looks lke.

Step 6: Ideal backpack reflection

Pair your students up for this step. Each student shares their drawings with their partner.

Each partner will ask lots of questions to dive deep into why their partner wanted certain features and anything else they are curious about.

design thinking reflection

Next, give students a few minutes to reflect on their partner’s backpack design. They describe what they saw and heard, how they felt about what they saw and heard, etc.

Components of the traditional design process

  • What should be built (start with product in mind)
  • How should it work / what should it look like? (functionality)
  • Do people love it?
  • Goal: build the best thing

Alternative approach: design thinking introduction

Explain to your students that what they just experienced is the traditional design process. Continue by sharing that this traditional way is not the best way to get customers excited about their product or service.

Ask them whether their partner offered to pre-order when saw other design. Was their partner so excited that they offered to give them real money? The answer will be no.

design process steps

Explain that in the traditional design process, someone

  • decides a product they should build
  • figures out the functionality of their product – what are the nuts and bolts
  • as a last step, they launch their product and work to figure out whether people love it

For your students to design something that gets people truly excited, they need to understand the design thinking process.

The design thinking process has five steps to create products people get really excited about:

  • Empathize
  • Define
  • Ideate
  • Prototype
  • Test

Talk to your students about the difference between the traditional design process and the design thinking process. In the traditional design approach, they start with thinking about the product they’re going to build.

In the design thinking process, they start with no product in mind. Instead, they start by understanding the customer’s emotional needs. In other words, what motives them on emotional level? This is the empathizing stage

If the goal is to build something people love, empathizing should be the first step in the process not the third step.

Step 7: Design something useful

Now that they are inspired to design something people want, pair students up again. Students interview the partner they previously worked with for 4 minutes each.

It is important here to tell them to forget about the backpack. They are taking a design thinking approach, so they don’t know what the “right” thing to build is. They learn what their partner really loves and why, so they can design something these customers truly want.

design thinking first step

The goal of this interview is to find out what’s the hardest part about being a student, how they felt, when they felt that way, and why it’s a problem.

Step 8: Dig deeper

Students then conduct another 4-minute interview with their partner. The difference is, this time they

  • What feelings arise for their partner when they have the problem they described before
  • Have they done anything to try and solve that problem
  • What didn’t they like about that solution

 Get The Lesson Plan Today!

Steps 9-11: Define the problem

Students next will define the problem their partner mentioned. They will

  • Synthesize data obtained from partner interview
  • Answer 3 questions
    • What goals is their partner trying to achieve?
    • What did they learn about their partner’s motivation
    • What is the partner point of view: [partner name] needs a way to [verb] because [problem to solve]

design thinking: define the problem step

This step outlines for the student a structure for the process of designing a solution that excites their partner.

Step 12: Ideate solutions

We now understand the problem. The goal here is to draw 5 different designs for alternative solutions using the new information they gathered. These designs can be anything. They don’t have to be based in reality – encourage your students to use their imagination.

design thinking new exercise

Step 13: Solicit feedback

In same pairs as before, students share their new solutions with each other and provide feedback. They share with each other what do they like, what don’t they like, and why.

design thinking feedback

Students will then iterate with their partners to come up with a more ideal solution for the problem based on their partner’s feedback.

design thinking iteration

This work will likely have nothing to do with backpacks – it will relate to the biggest problems the students experience. It could be about time management, or the dining hall, or parking, or boring classes.

That’s OK – we are working to get them trying to solve real problems for their partner!

Step 14: Reflect on new design

Students now have a new design based on feedback from their partner. Now we want them to reflect on that new design.

In pairs, they will answer two questions about the design their partner developed to solve their problem:

  • What emotions come up with thinking about partner’s new design, and why?
  • More excited about partner’s original design or new design, and why? 

design thinking reflection

Step 15: Compare approaches

Now you will recap everything with your students as a class. Tell them they went through two approaches to design:

  • Traditional design approach – their first design
  • Design thinking approach – their second design

They now fill out a comparison worksheet for these two approaches. First each student writes down the two different designs their partner create for them. The questions they will answer about these two designs are:

  • Which design are they most excited about?
  • Which design is more feasible?
  • Which design solves their partners’ problem better?
  • Which design would they choose?

design thinking comparison

Ask the class as a whole which design method feels more valuable. Specifically, ask them to put up the numbers of fingers representing the number of Xs they have in the Design Thinking row.

You should see an overwhelming number of students put up at least 3 fingers for the design thinking approach.

Highlight for students that this is why we do design thinking:

It is so much more powerful for creating ideas that are exciting to customers and that they want to pay for because the product actually solves their real problems.

Then, summarize for your students that they just completed the full design thinking process:

  • They empathized – they worked to understand their customer’s problems
  • They defined the problem – they gathered all the information they learned from their customer & now understand the problem that customer experiences
  • They then ideated on solutions for that problem – they developed multiple potential solutions for the problem their customer was experiencing
  • They prototyped products to solve the problem – here they would develop something that a user could actually interact with
  • Last, they tested their prototype – they solicited feedback from their customer to learn what appealed to them and what did not

The design thinking process is iterative. Students went through it once during this exercise. After testing, they can start again by empathizing with their customer based on their new product.

This approach is powerful because it will help your students work on solving problems that real customers actually experience.

After this exercise is a great place to segway into your syllabus and the topics you will cover and experiences students will have. You can connect this experience to the rest of your course by highlighting they will now be able to:

  • Understand a wide range of customer needs
  • Defining the problem
  • Iterating on a solution to that problem
  • Designing prototypes of that solution
  • Testing how customers feel about that solution

Get the “Backpack Design Challenge” Lesson Plan

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

 

It’s free for any/all entrepreneurship teachers. Please feel free to share it.

All we ask is that you leave us some feedback on it in the comments below so we can improve it!


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The NEW Marshmallow Tower Challenge

The NEW Marshmallow Tower Challenge

This revised version of the Marshmallow Challenge is a really fun way to teach the importance of iteration, experimentation, and the value of failure.

Students completing the marshmallow challenge by building a tower with string spaghetti and tape free standing structure

This updated exercise will help your students learn:

  • Why hidden assumptions hinder entrepreneurs

  • How iteration and experimentation weed out hidden assumptions

  • Why business experiments replace business plans

Note: if you’re already familiar with the Marshmallow Challenge, here are the key updates in this version:

  • This exercise isn’t just about team building or ice-breaking; it’s an analogy for business model assumptions, experimentation, and iteration.
  • Teams build towers twice: once to discover that they make hidden assumptions and once to resolve them.
  • There is a minimum height requirement to ensure students push their limits (and reinforce the learning objectives).
  • As homework, students write a short reflection on the dangers of hidden assumptions and the benefits of fast experiments and iterations.

Step 1: The Set Up

Students work in teams of four to build the tallest tower they can using only the provided materials.

Marshmallow Challenge Setup

Step 2: Build, Launch (and Fail!)

With only 18 minutes to build their towers, teams often follow a similar construction timeline:

  • ~3 minutes: Figuring out who is in charge
  • ~10 minutes: Planning
  • ~4 minutes: Taping spaghetti together
  • ~1 minute: Putting their marshmallow on top
  • ~1 second: Watching the tower crumble under the (surprising) weight of the marshmallow

Marshmallow challenge failure

Be sure to strictly enforce the rules and not give students tips.

The point of this first iteration is for students to experience the failure that comes from not testing their assumptions

For example, students often assume:

  • Marshmallows are light
  • Uncooked spaghetti is rigid enough to hold up a marshmallow

Most of the time, students find out these assumptions are incorrect far too late into the exercise to do anything to correct them.

Finish this step of the lesson by asking students what assumptions they made that may have led to their failure. Then ask them, “Do you know who doesn’t make these kinds of assumptions?”

Step 3: Kindergartners

Tell students that this exercise has been completed by a wide range of people and the average tower height is 20 inches tall.

What’s most interesting is that some people consistently perform better. While business school students often struggle, there’s one group of students who do particularly well:

Kindergartners!

Then show a slide like this to your students:

Marshmallow challenge results

Why Do Kindergarteners Build Better?

First thing: let your students know it’s not their fault – there’s nothing inherently wrong with them. They just made the mistake that virtually every first-time entrepreneur makes:

“You made assumptions about the world that turned out to be wrong.”

In the entrepreneurial context, that typically means making assumptions about who your customers might be, how much they’d be willing to pay for your product, and how many of them there are.

In this case, assumptions about their building materials led to sub-optimal performance, but why would kindergartners be able to build better towers than they could?

Because kindergartners don’t make assumptions!

Kindergartners don’t know that marshmallows are supposed to be light and uncooked spaghetti is supposed to be rigid, so the first thing they do is stick the marshmallow on the spaghetti and see what happens.

In other words, kindergartners don’t know enough about the world to make assumptions so instead of “planning” they naturally spend their time experimenting and iterating.

Tell your students that whenever they’re doing something they’ve never done before (e.g., launching a new product), the best way forward is often to run quick experiments so they can discover the hidden assumptions they’re making.

Once they’ve discovered their hidden assumptions, they’re ready to test out different solutions, which leads us to . . .

Step 4: Iteration

Now that they’ve had a chance to discover their hidden assumptions it’s time to let students act like kindergarteners and iterate and try again!

Give your students another set of supplies and let them build again. When they’re finished, compare the results of their first and second iterations. Use this as an analogy for:

  1. Why serial entrepreneurs are often more successful than first-time entrepreneurs
  2. Why business plans are often replaced by business experiments (e.g., quick experiments lead to more, faster, and validated learning than business plans).

FSU students building a marshmallow tower with string spaghetti and tape free standing structure
Florida State University students in Ron Frazier’s class

Step 5: Reflection

After class, ask students to write up a reflection on the difference between writing business plans and running business experiments:

  • When would they want to use a business plan?
  • When would they want to use a business experiment?
  • Why?

What if Your Students Have Already Done It?

It’s not uncommon for students to have done a version of the Marshmallow Challenge in another class. That said, they likely did it as an ice breaker or team-building exercise – not with a focus on iteration and experimentation.

Ask any students who have done this previously to form their own team of “experienced builders.” This will enable you to reinforce the learning objectives no matter how tall their towers are:

  • If the experienced teams build successful towers, you can point to them as examples of the power of iteration (their previous iteration being the first time they did the exercise)
  • If the experienced teams do poorly, you can cite how important it is to keep practicing the power of iteration throughout our careers – it’s an easy lesson to forget!

Get the Updated Marshmallow Challenge Lesson Plan

We’ve created a detailed lesson plan for the “Updated Marshmallow 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. Please feel free to share it.


 

Attribution

The original version of the Marshmallow Challenge comes from Tom Wujec. Here are his original instructions and associated TED Talk.

A version similar to the original exercise was also published by Bradley George:

George, B. (2014). Marshmallow Tower. In H. Neck, P. Greene & C. Brush (Eds.), Teaching Entrepreneurship: Challenging the Mindset of Entrepreneurship Educators (p.125-130).  Northampton, MA: Edward F. Elgar Publishing.


What’s Next?

In upcoming posts, we will share more exercises to engage your students.

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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:

  • Marketing MVPs. In this experiential exercise, students launch real ad campaigns on Facebook and Instagram to test demand for their MVPs
  • Pilot Your Purpose. This exercise helps students discover what they’re passionate about and see how learning entrepreneurial skills can turn that passion into their purpose.
  • 2021 Top Lesson Plans. Here is the list of our 2021 top entrepreneurship exercises and lesson plans based on feedback from our fast-growing community of thousands of entrepreneurship instructors.
  • “The best class I’ve taken!”  We all want a Dead Poets Society moment in our entrepreneurship class. One professor using the Experiential Entrepreneurship Curriculum got hers!
  • Teaching Customer Interviewing. This card and the online game is a powerful way to teach students the importance of customer interviewing, and the right questions to ask.
Prototyping Lesson Plan: Building 1-Hour No-Code Apps

Prototyping Lesson Plan: Building 1-Hour No-Code Apps

How often have you heard:

“I have an idea for an app!”

For many students, every idea…is an app idea.

And it’s hard to blame them. Between Instagram, TikTok, WhatsApp, etc. students are spending more than 7 hours per day on their screens.

Of course, they aren’t alone (and they may be on to something)…

Using Apps to Teach Skills

While apps aren’t everything in entrepreneurship, we can leverage our students’ love of them to:

  • Teach prototyping
  • Enable students to launch an MVP
  • Develop a skill (mobile design) they can use throughout their careers

All with…

An experience that engages students.

Now every student can build an app

How to Build a 1-Hour App

In the 1-Hour App exercise, students will:

  1. Use Glide to create a tutorial app (that would cost ~$70k+ to build from scratch)
  2. Launch their tutorial app
  3. Start building a custom app for their company (or their resume)
Uber Edibles App Template

Turn your students’ love of apps into learning opportunities.

Get the “1-Hour App” Lesson Plan

We’ve created a detailed lesson plan for the “1-Hour App” exercise to walk you and your students through the process step-by-step.

It’s free for any/all entrepreneurship teachers. Please feel free to share it.

All we ask is that you leave us some feedback on it in the comments below so we can improve it!


Coming Soon…

In our next exercise, we’ll share a lesson plan that combines Tinder with Plinko!

Subscribe here to get our next exercise, “Why Business Plans Suck: The Game” in your inbox.

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Failure Resume

Failure Resume

Have you ever had a student:

  • Pretend to interview more customers than they actually had
  • Skew the results of an experiment to make their product appear more successful than it really was?
  • Misrepresent why they weren’t able to complete an assignment?

The reason we see the above is because

Students fear failure.

And who can blame them! By the time they get to college, the threat of a “failing grade” has been used as a tool to ensure their compliance for the past 12 years.

Students spend elementary through high school literally being taught to fear failure.

Entrepreneurs can’t fear failure

If there’s one entrepreneurial scale we can teach our students to help them find success no matter where their career path leads them it’s

How to fear learn from failure

This is a scale that all successful entrepreneurs have navigated and mastered, learning from the bruises, and emerging more motivated and confident. Our students can learn from failure, and can learn from those who have found tremendous success because of their unique relationship with failure.

Greatness is Forged by Failure

Start by showing your students a slide featuring the following faces they will recognize:

  • Oprah
  • Elon Musk
  • Vera Wang
  • Steve Jobs
  • You (this is the most important one!)

Entrepreneurs who have failed and eventually been successful

Ask your students:

  • “What do all of these people have in common?”
  • Answer: They were all failures before they were successes.

Tell students:

  • Oprah, Elon Musk, and Steve Jobs were all fired from their jobs before they became successful.
  • Show Elon Musk’s Failure Resume, highlighting the number of failures he’s encountered on his way to success.
  • Vera Wang failed to achieve her goal of making the Olympic team in figure skating and failed to get the job as the editor in chief of Vogue (after working there for 20 years) before eventually starting her own fashion line. She’s now in the US Skating Hall of Fame for the costumes she’s designed for skaters.
  • Share one of your own failures.

Next, show a slide with this quote:

The difference between average people and achieving people is their perception and response to failure. – John Maxwell

Tell your students that if they want to find or create a job they enjoy that pays well, one of the most impactful things they can do is change their relationship to failure.

Share with them that failure is uncomfortable for all of us, but the difference between being an average and an achieving person is how they take advantage of failures when they arise.

Tell students in this class you will give them the opportunity to learn how to make the most of their failures. The first step towards doing that is to show them how valuable their failures have already been to them.

Failure Resume

You’re going to ask your students to be vulnerable and share their failures. The best way for them to engage with this exercise is for you to be vulnerable and share your failures with them. In doing so, you’ll demonstrate the failures are what we make of them.

Tell students that if an experience is too recent, or feels too sensitive to reflect on now, they’re welcome to skip that failure and move on to another one.

You want your students to create a resume, but not a typical resume where they document all of their successful accomplishments. This is going to be a failure resume.

Tell your students that using the following categories as inspiration, they should try to come up with at least their three biggest failures, they have experienced, thus far and their lives:

  • School
  • Work
  • Sports/competitions
  • Relationship

They don’t need to come up with failures in each category, they just need to try to come up with three failures in total.

To help inspire ideas, share some examples of your own failures with your students.

Here is my example I share with my students – I talk about failing classes and getting denied admission to school, and about failing at work (getting denied tenure), about getting cut from my high school basketball team, and about lying to my wife.

Example failure resume

For each of the failures that you share with your students, be sure that you have real impactful lessons that you’ve taken from them.

The reflection and lessons learned is the step you must demonstrate for your students. Don’t languish on the actual failure too long!

Tell your students you’ll give them a few minutes in silence to reflect on and identify their failures.

My Biggest Failure

Looking over their failures, ask students to identify the one that they learned from the most. In other words, the one that would change their behavior the most.

With that failure in mind, ask your students to fill in the bottom half of the failure resume, answering the questions:

  1. My Biggest Failure Taught Me…
  2. And Changed My Behavior By….

For example, I share with my students that I learned from my failures to be more thoughtful in my words and actions, which leads me to pause and slow down so I think of others before speaking and acting.

Failure resume: reflecting on failure

After students have written in their answers, pair them up, ideally with someone they don’t know. They share their biggest failure with their partner, what they learned, and how it changed the way they act now,

Once your students had a chance to share with one another, ask a few to share what they learned from their failure with the rest of the class.

Because students are being vulnerable and sharing sensitive information be sure to thank each person who shares and reflect on what positive things it reflects about them that they something helpful away from their failures.

As you’re early in your class. It’s important to appreciate students for sharing; it will set the tone for the rest of your course.

Failure Will Not be Penalized

Tell students in an entrepreneurship course and in their career path, they are likely to run many experiments. Some, if not most, of those experiments will fail.

We encourage you to determine students’ grades by how much effort they put into their experiments, how well they reflect on those experiments, and how much they learn from each one – successful or not. With that approach, you can tell students they will never be penalized in your class for failing.

Making the Most of Failure

Tell your students the key to making the most of any failure is reflection. Once a failure occurs, successful people take time to identify:

  • What failed
  • Why it failed
  • And understand how they can improve next time

Ask your students to complete the last portion of their Failure Resume. For my example, upon reflecting I realized I can be more successful by inviting my wife into helping me be more thoughtful.

Failure resume: planning ahead for failure

By identifying techniques they’ll use to analyze and reflect upon their failure, for example:

  • Journaling
  • Talking to someone
  • Meditating
  • Contemplating alone

Tell your students to commit to themselves that when they face a failure, they will make the most of it by trying some of these new strategies, and by reflecting on the failure.

Get the “Failure Resume” Lesson Plan

We’ve created a detailed lesson plan for the “Failure Resume” 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. Please feel free to share it.

All we ask is that you leave us some feedback on it in the comments below so we can improve 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.

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Teaching Failure Through Currency Testing

Teaching Failure Through Currency Testing

Learning from failure is one of the most important skills our entrepreneurial students need to learn. It’s also one of the most difficult to teach.

We can talk all day about running experiments and testing assumptions, but ultimately they’re a waste of time if our students can’t successfully extract learning from failed experiments and invalidated hypotheses.

The trick to teaching failure is that our students have grown up in an environment where they are taught to avoid failure at all costs. They are taught to fear failure.

In fact, many of your students’ previous teachers leveraged a fear of failure to compel your students to behave a certain way: do busy-work, memorize lists, etc.

[bctt tweet=”In entrepreneurship education, we need to change the perception of failure.” via=”no”]

As entrepreneurship educators, we need to create safe places for our students to engage with failures, so they can practice extracting knowledge from them.

As our students develop their failure analysis skills, they will:

  • Fear failure less – they will realize on a personal level that they can learn more from failure than from success.
  • Increase their confidence – entrepreneurship is less scary when you know even if one experiment fails, you’ll succeed in creating the foundation for the next.
  • Take calculated risks – which are prerequisites to thriving in an innovation economy.

Failure Always Invite Learning

Fast Forward Their First Failure

The Currency Testing lesson plan below will guide you through creating a constructive experience for your students to learn from their first entrepreneurship failure.

In our last exercise, your students launched an MVP, without a line of code. (If you haven’t read that exercise, you’ll want to now. Not only is it a blast, you’ll need to know it for this Currency Testing exercise).

Once they’ve learned that they too can launch a product, you’re ready to show them…

Launching the product is easy. It’s selling the product that’s hard.

In fact, it’s so hard, your students will likely fail their first time around, just like most entrepreneurs, which is the point of this exercise.

By fast-forwarding their first failure, you’re going to turn your students from first-time founders, into “serial entrepreneurs” 🙂 After satiating their drive to “build something” your students will realize…

[bctt tweet=”The only thing more fun than building something, is building something people want.” via=”no”]

As your students begin to focus less on what they want to build, and more on what other people want to buy, they’ll be eager for you to teach them problem validation.

The Currency Test

At the heart of this exercise is something called a “Currency Test.” A currency test is simply an experiment where entrepreneurs test if customers are willing to pay some form of currency (e.g. cash, attention, data, etc.) in exchange for a product.

A currency test is a much more powerful experiment than asking customers, “Would you use this?” or “How much would you pay for this?” because it’s forces them to put their money where their mouth is. Where it’s easy for a customer to say, “I’d definitely use that” to a hypothetical product, entrepreneurs will learn how customers really feel, when they’re asked to break out their wallets.

Best of all, the results of a currency test are always helpful.Either the test succeeds and the entrepreneur validates demand for their product, or it fails and the entrepreneur gets to ask what’s preventing their customers from buying, so they can improve their next iteration.

Your students will conduct their currency test using the MVPs they built.

When they struggle to get currency (which they will, because like most first-time entrepreneurs their MVPs were more product-focused than customer- and problem-focused), their experiment will fail. They’ll be wondering why they couldn’t find customers for a product they thought was such a good idea, and at this point they’re primed.

Having experienced their first entrepreneurial failure, they’re now ready to hear:

  1. Why being problem-focused is essential in entrepreneurship.
  2. Why talking to customers before building is the key to success.
  3. The value of identifying marketing channels.
  4. How important marketing copy is.

And most importantly, they’ll learn from personal experience…

[bctt tweet=”We learn more from our failures than we do our successes.” via=”no”]

The Failure Postmortem

After their failures, the lesson plan will show you how to walk your students through the most powerful part of this exercise: “The Currency Test Postmortem.”

In the postmortem, students answer questions related to what they learned about their customers and problems, and about marketing and selling their product. They’ll also begin to see first-hand the value of problem validation and testing their business model assumptions.

The postmortem also will model an approach to analyzing failures they can use in your class, as well as throughout their careers to overcome failures they and their products, teams, and companies will encounter in the future.

Increase their Grit

If you want to change your students’ relationship toward failure, if you want to instill in them the skills they need to not just recover from failure, but thrive because of it, give the Currency Test Lesson Plan a shot.

And remember the entrepreneurship proverb…

Teach a student how to fish; she’ll eat for a lifetime. Teach a student how to fail; she’ll innovate global food distribution... providing sustainable food sources for half the world’s population at a fraction of the cost while employing thousands of previously unemployed and under-employed. You should do this one.

😉

Get the Lesson Plan

We’ve created an experiential, 45-minute, Teaching Failure Lesson Plan to help you prepare your students to learn from failure. It encapsulates everything we’ve talked about above plus a few surprises!

Get the lesson plan


It’s free for any/all entrepreneurship teachers. Please feel free to share it.

All we ask is that you leave us some feedback on it the comments below so we can improve it!


What’s Next?

In a future article, we will provide a checklist for you to plan an experiential entrepreneurship class! Please subscribe here to get that post in your inbox.

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