IIMBx: EP101x DO Your Venture : Course Experience on edX

The best way to win is to show grit and bid on your strengths and intuitions. I have been trying to start my own company now for quite a some time. This course came into my mail box by edX, title looked captivating and thus I decided to take it.

It was a light course. Not much effort needed other that just watching the videos and doing some assignments.

The course was focused on making people get off with their venture from the idea phase to execution phase.

Throughout the course I was evaluating  my ideas and operations using the learnings given by the course and it has been of some help at least.

The course was divided into 5 weeks :

Week 1 : The “Do” Philosophy 

DO philosophy is based on “do or do not. There is no try”. There is a gap between intent and action and thus best bid is to don’t wait for halcyons days and just DO IT.

It proposed a term equifinality which means that every entrepreneur and his path is different and there are many ways to entrepreneurship.

It then provided interviews with various startups like Bums On Saddle, Hobby in a Box etc founders sharing their journey so far.

Week 2 : Opportunities, Idea Creation & Generation!

This week was focused on how entrepreneurs come up with ideas. Few of them are  :

  • Hobby driven ideas
  • Painstorming
  • Change in some rules and regulations

Each of these points can provide you with a nice venture idea. I already had my idea prior to the course and thus just thought about it again from these view points.

Week 3 : Idea validation and Evaluation

After the idea has been selected. We have got to validate and evaluate it.

Some if the methods for this are :

  • Personal feasibility
  • Market feasibility
  • Customer feedback

Best way to validate idea is to talk to customers. Real unknown customers. Not just people in your acquaintance. We here at Rainbow Shelf went out to talk to retail shop owners (around 10) and tried to explain them the idea. Response was not very encouraging but it was an experience that helped us.

Week 4 : Lean Canvas

This week was all about the lean methodology used in startups. I have read the book The Lean Startup  and thus this all made sense to me.

The 5 principles of lean startup are :

  1. Entrepreneurs are everywhere
  2. Entrepreneurship is management
  3. Entrepreneurship is validated learning
  4. Build, Measure, Learn
  5. Innovation Accounting

The course also provided a lean canvas that should be used by startup to assess their idea.

Week 5 : Effectuation

Effectuation, which is defined as a “logic of thinking, discovered through scientific research, used by expert entrepreneurs to build successful ventures“.

This week was about measuring the uncertainty in the entrepreneurship.

Effectuation has these 4 principles :

Bird in Hand Principle – Start with your means. Don’t wait for the perfect opportunity. Start taking action, based on what you have readily available: who you are, what you know, and who you know.

Affordable Loss Principle – Set affordable loss. Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside.

Lemonade Principle – Leverage contingencies. Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals.

Crazy-Quilt Principle – Form partnerships. Form partnerships with people and organizations willing to make a real commitment to jointly creating the future–product, firm, market–with you. Don’t worry so much about competitive analyses and strategic planning.

 

Overall. I wasn’t expecting very complex and hard material in the course just normal guidelines stuff and this was exactly what the course provided. This course was offered by IIMB. And showed many startups that are incubated there are NSRCEL.

As of now I have taken many scattered courses on entrepreneurship from University of Maryland to MIT to IIMB. Now i have decided to just take the specialization offered by Coursera  and that should be enough for time being until my company scales.

I have now shifted my focus to learn more core technical and domain knowledge that will be required to build remarkable company that can stand out that bring value to its customers.

 

10 Things I want to do before I graduate.

I am almost half an engineer by this time. Two and a half year and I will be a graduate. Sounds like fun. So I guess this is the best time to reveal 10 things I want to do before I die . Oh! sorry, before I graduate.

 

1. Google Summer Of Code

GSOC
Okay. First one should not be a surprise for computer students. Gsoc is like a dream for almost every computer engineering student. There is nothing better then this you get as a student. I am working with python and will try to get through with it into the Gsocers list.

2. Go to Goa

Goa
Now this should be obvious to every college student. The beach parties and the girls ;). Seems like fun.
I just want to get there and then declare it “The World Party!”.

3. Try to crack Codevita

Codevita
If you are unfamiliar with this one. It is not your fault. It is a coding contest organized by TCS. I am not that much of a hardcore competitive coder but still this thing deserves a shot.

4. Go River rafting

River Rafting
Okay! I am really excited for this one. About half a year ago we planned this but few back logs ruined the plans :'(. . Let us see when the glory comes to me.

5. Complete the Dragon Ball series

DBZ
It nothing compared to watching your favorite anime Dragon Ball and try to follow the super saiyan way of living. I have grown up watching this and want to live this awesome way my whole life. (Those good old times . I want to relive them 🙂 ).

6. Go to Sunburn

Sunburn
There is nothing more exciting and thrilling and electrifying and startling …( 😀 )then jumping with your hands flying in the air to the EDM of your favorite DJ.

7. Complete Data Science Specialization on Coursera

DS
Back to study stuff. Data science and Big Data are kind off booms in the IT industry now days. There are by now 11 courses provided by coursera on the topic and I wish to complete them all.

8. Plant a Start-Up

start up
As you guessed by the previous point, I am a techie person ( at least I consider myself as one ). It sounds thrilling and fun to start your own start-up. So just shut up and start-up.

9. Go to Bangalore for an Internship

Internship
Tech internship and Bangalore. The perfect duo. Meet new and talented people and grow yourself as well. As far as I have heard it is a very fun experience.

10. Get a Girlfriend

This one is in because I was having no other thoughts in my mind and I didn’t wanted the title to look like 9 things to do…
So if you are a girl, ping me! 😉