Introduction to essentials of entrepreneurship: What works and what doesn't!
Concept discussion with the help of case studies. Interactive session/videos nuggets of 2 entrepreneurs who talk about their unique success factors in the entrepreneurial landscape.
Assess a business idea on its merits. Share a potential business idea.
Instructor (along with two entrepreneurs/potential investors) to act as a sounding board to critically analyze the ideas shared by participants. Construtive feedback to be given to the participants on the feasibility of the idea.
Participants to come prepared to share a potential business idea. This idea will be carried forward throughout the course.
Analyze the industry environment based on the following factors: Demographic, Technological, Social-cultural, Economic and Politico-legal
Discussion and debrief of PESTLE analysis of Marriott Hotels. PESTLE analysis of the industries relevant to the participants' ideas with an entrepreneur.
Entrepreneurial Journal: Students to analyze the environment that their ideas will be operating in.
Define a typical customer of the service. Identify the target segment after understanding the market segmentation of an industry.
Instructor-led discussion quoting cases/examples from real life startups. (To be supplemented with videos.)
Entrepreneurial Journal: Students to describe the demographic and behavioral traits of their target customer.
Calculate the market size using the topdown
Excel exercises to calculate the size of the market of a business venture.
Calculate the market size for your venture.
Compare and decide which type of organization will suit the entrepreneur (Sole Proprietorship/Private Limited Company/Limited Liability Partnership/General Partnership)
Instructor-led discussion about comparison of different types of legal entities that an entreprenuer can choose from.
Participants to choose the legal entity suitable for their business.
Gain familiarity with the procedure to register your business enity
Video/talk by a practising Company Secretary
Hands on Exercise/Simulation
Practising Company Secretary
Three corners of a business: Profit and Loss Account, Balance Sheet and Cash Flow Statement Management Information Systems and KPIs
Instructor-led discussion and practice on Excel
Final Project to be assigned
Formulate a business plan: Industry Analysis,Marketing Plan, Operations Plan, Financial Plan, Management Team, Executive Summary
Introduction of concepts by the instructor followed by presentation of real life business plan by An Entrepreneur
Assignment based on creation components of business plan
Create a pitch for a crowd sourcing platform
Analyze real-life pitches by viewing real-life pitches
Create a video pitch for Kickstarter Multiple
(i) Understanding Entrepreneurship – Defining entrepreneurship and why opportunities are essence of any entrepreneurship story.
(i) Concept & case discussion on entrepreneurial journeys of Subash Chandra, Harsh Mariwala and Uday Kotak.
(i) Spotting Opportunities –
How does an entrepreneur know that it is time for finding an opportunity? Watch for early warning signs, because the urgency of opportunity and the ability to innovate are inversely proportional to each other.
(ii) Consumer is King – How can an entrepreneur spot opportunity by keeping 'Customer is the King' approach?
(i) Concept & case discussion on Netscape, YouTube and Kodak.
(ii) Concept & case discussion on P&G
(i) What are the indicators –
What indicates an opportunity for identification? Look for an important unsatisfied need or a problem that a customer is unable to address today.
(ii) Which customers should I target – Look for non-consumers that face a barrier inhibiting their ability to get a job done or need to be filled.
(i) Concept & case discussion on Innosight.
(ii) Concept & clase discussion on Godrej & Boyce.
(i) Finding Compensating Behaviours –
How can an entrepreneur find non-obvious choices? Consider targeting the compensating behaviour that an individual follows to cover the inadequacy of existing solution.
(ii) Get as close to context as possible – How should an entrepreneur investigate potential opportunities – Starting with deep observational or ethnographic research.
(i) Concept & case discussion on Wrangler and Lee.
(ii) Concept & classroom discussion on Sony’s Walkman.
(i) Don’t Innovate Blind –
How can entrepreneurs know that opportunities that they have spotted are for real? Invest the time to understand the market you hope to target and why others have not seized the opportunity that otherwise appears to be obvious.
(ii) How can an entrepreneur get inspiration for an idea? Try understanding the situation.
(i) Concept & case discussion on Quick MedX.
(ii) Concept & case discussion on DRTV.
(i) Seeking Ideas from everywhere –
Where should an entrepreneur look for inspiration. Rapidly exploring as many as avenues possible when searching for new ideas.
(ii) Quality is relative – How does an entrepreneur know whether the idea is high quality or not. Quality is a relative term that can only be determined.
(i) Concept & classroom exercise on how to explore avenues.
(ii) Concept & case discussion on Netflix.
(i) Do it differently –
What is disruptive innovation? Disruptive innovation creates new markets and transform existing one through simplicity, convenience, affordability and accessibility.
(ii) Embrace Business Model Innovation - What is a business model and how can an entrepreneur innovate it? A business models describes how a company creates, captures and delivers value; systematically considering a wide range of business model options can help enable business model innovation.
(i) Concept & classroom discussion on Personal Computers and discount retailers.
(ii) Concept & Analytical exercise on Google, Amazon & Netflix’s business models’.
(i) Bring it all together –
How can an entrepreneur translate work into a concrete blueprint? Summarize the work and people to create a comprehensive B-plan related to the opportunity.
(ii) Let Patterns Guide and Action Decide – How can an entrepreneur support good idea from bad ideas, use patterns to get directional sense as to whether an idea is any good and then run experiments to confirm directional sense.
(i) Concept & an exercise on B-plan
(ii) Concept & Experiment based exercise.
(i) Calculate Your Four Ps –
How can an entrepreneur estimate the financial potential of an idea. Multiply population, penetration, price and purchase frequency to gain quick insight into ideas potential.
(ii) Reverse engineer Checklist – How can an entrepreneur identify idea’s most crucial assumption. Determine what success looks like and then identify the two most critical that would have to happen for their success to obtain.
(i) Concept & an exercise on 4Ps.
(ii) Concept + Discussion on different approaches to making assumption.
(i) Test Critical Assumptions – How can an entrepreneur learn more about an idea. Tests are the best way to learn about existing critical assumptions and to identify new ones.
Concept + Exercise on how to assume in entrepreneurial landscape.
This session will reveal the importance of economics in business, taking the relatively unsuccessful case of Nokia and understanding what can go wrong in a business.
Session 2 will introduce the participants to different types of companies (limited liability, sole proprietors and partnerships) and industrial sectors and focus on the case of Rupert Murdoch’s News Corporation to see how ‘conversion’ happens.
This session will demonstrate basic concepts of the market mechanism like demand, supply and different market structures, using real product examples.
In this session, policy variables like inflation, unemployment and economic growth will be discussed. Emphasis will be laid on how a business should use these variables to appraise the economic environment.
By this session, participants will be ready to examine the targets for business operation like breaking even, sales revenue and managerial interests.
Sessions 6 to 8 will explore the strategies that are required to achieve business targets, specifically, Porter’s value chain, SWOT analysis and flexible management systems – TQM and lean production & just in time production. A relevant case of Maruti Suzuki India Pvt Ltd will be discussed in the context of how a business should produce.
In this session, we will take the case study of a music company and explore what ‘producing for profit’ really means in dynamic economic scenarios.
This session will exhibit the difference between short term and long term and related concepts of costs, revenue and profit. All these will then be related to the previous music company case study.
In this session, the concept of profitability and optimum production will be discussed, using the case study of the global car industry (seeking profitability) and the Indian automobile market (optimizing production).
Session 12 will validate the importance of markets viz. central planning by taking a case study of a failed communist state like the erstwhile USSR and understanding what really happened.
In these sessions, forces of market demand and supply will be discussed, with the purpose of unravelling the logic behind the market mechanism. This will get us one step closer to the elusive world of prices – how they are determined, what makes them tick and when do they change.
This session will investigate the practicalities of the pricing process and investigate price controls and how the black market bypasses them.
These sessions will introduce business strategies and discuss collusion and competition using the Paytm case.
This session will focus on the SME sector what businesses can do to overcome the ‘SME trap’.
In these sessions, the participants will be evaluated on the basis of their key takings from the course. This will include presentations, analyses and written tests.
There are several distinguishing features of this course:
This session explores the scope of the subject along with basic terminologies and explores the various financing choices for startups.
Course setup, Data on VC, Early needs and resources.
This session looks at the Major valuation, risk management and planning concepts, Types of investments and funding sources, Tools for analysis, Valuation, Business/financial plans, Capital structures, Sources of funding.
Financial statements, Financing needs, Business and financial plans, Cash flow valuation frameworks, Valuation, Options have value
The session starts with how it works, Funding rounds, Professional management vs. founders, the business of funding, Term sheets, Due Diligence, Funding stages, Venture Lending
VC mechanics, financing stages of growth, required rates of return for venture capital.
The session also discusses the Challenges of managing and funding growth, International growth, Liquidity events, exit strategies, Initial Public Offerings, Mergers, sales, Technology transfer, I.P. acquisitions, Corporate and strategic venture funds.
Exercise based Advanced funding needs, Valuation, Public offerings, International VC, Value to be gained, Corporate Entrepreneurship, R&D Commercialization.
This session looks at the method of systematic entrepreneurship. It looks at entrepreneurial history and economy that has evolved over a period.
This session stresses on that fact that entrepreneurship needs to be systematic, it needs to be managed. It also needs purposeful innovation to drive it forth.
Case Discussion on Bell Labs; IBM and 3M
This session looks at the role of innovation in entrepreneurial landscape and how innovation is a specific instrument of entrepreneurship and how
discipline of innovation is a diagnostic discipline for systematic examination of the areas of change that typically offer entrepreneurial opportunities.
Concept discussion on historical perspective of Innovation Opportunity
The session starts looking at two critical sources of innovation. The unexpected and incongruities. No other are offers richer opportunities
for successful innovation than the unexpected success or failure. The session explores how unexpected success is almost neglected, to make matters
worse, managements tend to actively to reject it.
On the other -hand failures, unlike success cannot be rejected and rarely go unnoticed. But they are seldom seen as symptoms of opportunity. The session looks at failures that generally happens despite being carefully planned, carefully designed, and conscientiously executed, that failure often bespeaks underlying change and, with it, opportunity.
Case Discussion on Macy’s versus Bloomingdale/ Ford Motor Company’s Edsel
The session also discusses how an incongruity that is often a discrepancy between what is and what “ought,” to be that is how an incongruity is an invitation to innovate. Like unexpected success or failure, incongruity is a symptom of change., either change that has already occurred or change that can be made to happen.
Exercise based on Incongruity in HealthCare services
The session discusses on specific type of innovation. Unlike the unexpected success and incongruities, it does not start out with an event in the environment, whether internal or external. It starts out wit the job to be done. It is task focussed rather than situation focussed. It perfects a process that already exists, replaces a link that is weak, redesigns an existing old process around newly available knowledge.
Exercise based on an existing process improvement for a firm
This session discusses how industry and market structures that are seemingly stable can be source of innovation. However, if the industry and market structure become brittle and disintegrate, a serious change is required that can be brought about by only innovation from almost every member of the industry.
Case discussion on Automobile Industry
The session discusses a unique source of the unexpected; incongruities, changes in market and industry structure and the process needs-the sources of innovative opportunity discussed so far generally manifest themselves within a business, an industry, or a market. The session looks outside these and discusses how demographics, an external phenomenon could lead to innovation.
Exercise on changing demographics and innovation.
The concluding session looks at how changes in the perceptions and new knowledge can be potential sources of innovation.
Case Discussion on “Window.”