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.

 

Marketing Your Retail Store in the Internet Age by Bob Negen : Reading Experience

This was the book that I knew prior to reading it that it won’t be too interesting and might even feel too slow. I searched it on the internet and picked it to read to get a perspective of a retail seller. As me and my team are trying to start a company that will work very closely with retail stores and their owners I thought this book will provide some value.

What I liked about this book how it delivers simple and effective tactics that a store owner can use to create customer loyalty, make lasting seller-customer relationships and compete against online retail giants.

It compares getting customers to getting a girlfriend. They are demanding and they want to feel special or else they’ll move on.

It brings focus on few very effective retail techniques like bag stuffers and doughnut marketing. It also covers basics of copywriting and its importance.

What I didn’t like about the book was that it was too slow and dumb at times. As a young person who is aware of technology world you’ll feel few things too stupid to be covered in that detail in the book. May be that’s a better fit for old shop owners.

Overall it was a good read. Not as per my expectations but still can give you an image of a mind of a retailer.

I’ll definitely use the concepts of this book in my company as me and my team too believe that the best shopping experience for a customer can be provided at a local retail store. All they need  is a power up and better tools now.

My next book is “How to win friends and influence people”. Will share my experience about that too when’ll be done.

Thanks.