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Thank you!
Happy  Learning

Final Note

Ankush Mittal

Though it was the last class learning but this course has given us the intent to learn for our complete life ,the intent of being an entrepreneur.I have learned many new things from Business model building,elaboration and edition of it.As the class proceeded i have learned how we can find new areas in one core business.My wish of being an entrepreneur became more strong after taking this course.I learned the benefits of taking interviews , persons and learned the skill of presenting the investment pitch to investors.

It was an enriching experience in the end. I would like to thanks Prof.António Lucena de Faria for sharing his valuable incites and experience in the class.

Thank You !
Happy Learning

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Nicolas Drouard

I really  enjoyed the Lean  Enterprenuershp class and being involved in Culturellement votre project , we learn very successful tools to create company on strong basis.I got a holistic overview of the business.

The best Quote i have learned from the class
"Work on it , not in It"

Thank You!

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Gaurav Bhate

The subject Lean Entrepreneurship was very interesting and interactive with Professor António, learning from an Entrepreneur who has actually done the work was very effective, the course has made me capable and confident enough of starting up on my own and I have already started towards validation of my own business Idea.

Thank You!

Lesson Learned : Class 6

Hello Everyone!

This would be our last class learning experience.

In this Class,we first studies the cost structure and how important is that for any business.As Profits and the revenue is the backbone of any business.We have studied different cost associated with business.
From this we have learned that how cost and investment are totally different from one another.We understood while making the cost sheets that it is always good to have variable cost greater than the fixed cost.

We understood from the class learning and group study how one can understand the expenses of business by making income statement,Balance sheet and CashFlow Statement.

Finally we have learned that how important an investment pitch for any  business if they are looking forward for funding. 

We understood the magic of 10/10/30 rule:
An ideal investment pitch should be of:
10 : Slides
10 : Minutes
30 : Font Size

We have  then saw many examples of best investment pitch as video presentation .For example Tred.com.

We have learned a lot from the class, it was very good experience overall.

Thanks for reading the Blog.

Happy Learning.!!

Lesson Learned : Class 5

    We had a surprise, a new professor to take the lecture!! We started with the presentations very strict on time. The discussion on resources helped us to analyse the resources needed for our business model, i.e. money, office space, journals for research, researchers, and last but the most important human resource. After learning the importance and advantages of having process for our organization we built process chart of entire business model from customer acquisition to completion of service to the customers. The main point “ get the work done from least capable people effectively” i.e. efficient utilization of human resource. A class exercise which motivated and made us to learn that we can even work without no resources.!! Well that was just a motivation for budding entrepreneurs like us.

      The most important part of business:- the product / service which earns revenues for us ; how can it be tested by the building Minimum Viable Product (MVP) ,the most important thing “ always charge for your MVP, don’t give it for free..!!” , after discussion with the professor we designed our MVP, how it can be tested and what we should price for it. One of the strategy of pricing was also learnt, that to extract most of the customer surplus by charging as maximum as possible to consumer but without dissatisfying him.                    

          After the class the Team discussed the case study of “Match, Mint Cup and Newspaper” and learnt the importance asking -relevant questions to the customers which impact the quality of service provided by company, the importance of processes which helped the hotel to provide the perfectly planned service to customer every time, weather it is done by same person or different person each time. The main point “ get the work done from least capable people effectively” i.e. efficient utilization of human resource. A class exercise which motivated and made us to learn that we can even work without no resources.!! Well that was just a motivation for budding entrepreneurs like us.

      The most important part of business:- the product / service which earns revenues for us ; how can it be tested by the building Minimum Viable Product (MVP) ,the most important thing “ always charge for your MVP, don’t give it for free..!!” , after discussion with the professor we designed our MVP, how it can be tested and what we should price for it. One of the strategy of pricing was also learnt, that to extract most of the customer surplus by charging as maximum as possible to consumer but without dissatisfying him.                       
          After the class the Team discussed the case study of “Match, Mint Cup and Newspaper” and learnt the importance asking -relevant questions to the customers which impact the quality of service provided by company, the importance of processes which helped the hotel to provide the perfectly planned service to customer every time, weather it is done by same person or different person each time.

Lesson Learned : Class 4

Hello Everyone!

 

Every group gave presentation on their business idea on the topics we have discussed before. 

 

We have learned many things in this class like 

 

·                     SWOT Analysis

·                     Communication channels 

• Free communication channels
• Paid Communication channels

·                     Revenue Sources

• Direct Revenue 
• Indirect Revenue

·                     Drip Marketing 

·                     Viral Marketing

·                     Pricing model

• Cost based
• Value based

As far as our learning are concern, we analysed many things this time.

 

1.            We sat and discussed about our strength and how we are differentiating ourselves. We discussed about how to create value and deliver to the customer through our services. Moreover we found out there are many threats from our competitor which we found out through SWOT analysis. We had never thought so many threats will come out of the analysis. Also, the opportunities are great in our business model because we found that there are not many companies exist in market which are providing services like us.

 

2.            We then discussed about Marketing Channels, though we know many of them before, but after discussion of the discussion we shortlisted some which are more effective in reaching our customers.

 

3.            We learned the most important aspect the revenue. We came out with two new things from discussion. First the subscription and selling space on or website. We also thought about selling tickets through our website but we do not wish to introduce it right now, as it will be a completely new business model, it may be introduced in the later phase or in the future.

4.            We learned how to better quantify our testings methods thorough hypothesis of channel, revenue source and relationship with customer.

This analysis of the class was a great learning experience, which will help us in future practical scenarios.

 

Thanks for reading the blog.

 

 

Happy learning.

Lesson Learned : Class 3

Hi Everyone!

Last class we had the pleasure to present our Hypothesis Form. Everyone made a short presentation explaining their strategy, especially for Value Propositions & Revenues Streams. He explain how he will test them, how risky it is and how can we measure it.

After doing our presentations, we learned about the importance of Problem, Solution and Market Fit, the P-S-M matrix. We then learned about the importance of mesuring a customer's problem and how to answer it by proposing a solution which lead us to success. We quickly spoke about the importance of being focus on B2B or B2C. It's always better to be focus !!

We also learned the importance of SWOT matrix, which is a tool we really know in business School, by using it very often !

We then learned about the EMPATHY MAP :

The Empathy Map provides insight into key players who are necessary for your company’s success.

Mister Lucena de Faria teach us how to use it, fill it and we saw some examples of « Pains » and « Gains ». Because we don't have enough time, we go quickly to the other section : Day-in-the-life, which explain our customer's lifestyles, need and schedule. An other good tool is the « Personas ». It explain the profile of our customers, by using the day-in-the-life and the customers' objectives.

We’ve also learned how to make a script for the Solution Interview.

Finally we talked about the Value Curve and how to identify it with attributes.

 “Strategy is defined by what you won't do. Excellence is defined by what you won't do well. ”

-Frances Frei, Harvard Business School

Lesson Learned : Class 2

Hi, as per instructions by our tutor, we made the team of three members

1.Nicolas Drouard:Nicolas is a Masters student from France, and is currently creating a communication company in Aix-en-Provence (close to city Marseille).

2. Ankush Mittal:Ankush has worked with Infosys , IT firm for three years and currently studying Masters of Business administration in Goa.

3.Gaurav Bhate:Gaurav is Engineering graduate , currently studying Masters of Business Administration in Goa Institute of Management, India               

We prepared Business Canvas model before the second class, and in the class we learnt three steps of lean Entrepreneurship
1.   Business Model building
2.   Hypothesis Building
3.   Testing the hypothesis

The hypothesis building and importance of hypothesis building for validating the business model or changing the business model was learnt. The important points in hypothesis are Value proposition and customers, without which there is no business!!!! In class we built hypothesis on value proposition, customers and Revenue stream.

The different methods and examples to test and validate the hypothesis were introduced such as Interviews, surveys, crowd funding, ad words. The different platforms such as Google ad words, survey website, kickstarter.com were shown.

Mr António Lucena de Faria shared his experience with actionflow.com, the mistakes he did i.e. not validating the business plan with the customers and thus we learnt the importance of lean entrepreneurship!!!

Overall the class was informative and interesting, it gave us some confidence to how to go about the validating our business idea through hypothesis building and testing.

Work done after the Class:

1.   Revision of the class presentation

2.   Review of business model and addition of new customer segment and value proposition

3.    5 hypothesis were built and means of testing decided

4.    Finally the blog upload!!!