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The Entrepreneurial Exchange Group is the leading resource for undergraduate entrepreneurial interests at New York University's Leonard N. Stern School of Business.

Blog

Professor Cynthia Franklin's 7 rules of ideation

NYU Stern EEG

Professor Cynthia Franklin of the W.R. Berkley Innovation Lab led EEG's first workshop of the spring 2017 semester. Professor Franklin spoke about the ideation process and how to go about creating a product that people actually want. Here are Professor Franklin's 7 Rules of Ideation:

1. Put passion (for your idea) aside (be passionate about customer)
2. Be willing to go where the evidence leads
3. Make finding a compelling value prop front & center
4. Get inside your customer’s head
5. Understand the job to be done
6. Survey the landscape
7. Listen and learn

Jun Group CEO gives advice on landing dream start-up job

NYU Stern EEG

On November 3rd, 2016, we hosted Mitchell Reichgut, the founder and CEO of ad tech company Jun Group. Here's his advice about landing a job at your dream start-up:

How do you get your foot in the door?
 
"Read everything you can get your hands on, ask for advice (and then ignore most of it, and go out and meet people - attend conferences, ask friends for introductions, join clubs and meet-ups and go on informational interviews. If you're interested in the creative side, take classes at SVA, Code Academy and The New School. The faculty here are working professionals at the top of their field and they teach partly to meet new talent." 

How do you differentiate yourself from everyone else?

"You can separate yourself from a thousand other people by doing a little research and writing something a little clever."
 
How do you interview for your dream job?

"Do your research, be personal, be brief, use proper grammar, be responsive, be persistent, BE ON TIME, follow-up and stand-out."

BLADE CEO talks aviation and entrepreneurship

NYU Stern EEG

On November 10th 2016, we hosted Rob Wiesenthal, the founder and CEO of the luxury "Uber-for-helicopters" aviation start-up BLADE. Some highlights from the event: 
 
What are different trends you are seeing in your industry?
 
People don’t want to talk to people when they transact. There’s too much friction. For your generation, you want instant gratification. You don’t want to talk to anyone. Are you going to talk to someone on the phone to order food or use Seamless?
 
People use Blade half for the experience and half to get from point A to point B. Your generation is much more interested in paying for an experience than paying for things. We have no-door flights and we fly during the SuperMoon, because everyone wants to be an Instagram God. We’re the first company that goes beyond just taking people places.
 
What are some pros and cons of not owning your helicopters?
 
We own nothing. We have our brand. We have some sippy-cups and lighters, but that's it. It allows us flexibility on the type of equipment we use. When there were rules in East Hampton about noise decibels, we could switch out our fleet within weeks. And our competitors who owned could not do that.
 
The downside is that we sometimes don’t get the equipment we want. But now that we’re one of the biggest customers of the fleet providers, we usually get what we want.
 
The issue with owning is you have to worry about maintenance and regulation.

What advice would you give to future entrepreneurs?
 
It was a little bit different for me because BLADE was a project I incubated. I didn’t really realize it was a start-up until it started doing well. It’s very important to have a singular mission. If it can’t be described in one sentence, it becomes clear the mission hasn’t been well-defined. Do one thing great.
 
If it feels like work, it’s not the right project. You’re probably in the wrong business.