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!!!