Business Management • Studio Art
ENTREPRENEURSHIP
MGMT 426 - Entrepreneurship: New Ventures Creation
This course consisted of entrepreneurship through the Lean Startup method. The Lean Startup is a methodology that consists of three phases: ideation, evaluation, and execution. These three phases are continuously implemented throughout the new venture and does not necessarily have an ending. Using this method, the Business Model Canvas was used as a replacement to the original Business Plan, as well as a Pitch Deck format. This experience was different, but a great chance to expand my knowledge.
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The class was separated into groups early on in the semester to begin conducting our final project. It consisted of coming up with a pain statement, and proceed to form a BMC and Pitch Deck for that pain using the methodology of the Lean Startup.
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This is the Business Model Canvas (BMC) that we created for our venture. This works as a "screenshot" of our Pitch Deck, so that the main points can be seen without reading the entirety of the Pitch Deck.
Pitch Deck
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To start off this project, all of the students had to create "pain statements" before getting into groups. Pain statements represent "pain" or issues that could motivate the consumer to buy a product/service.
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Our pain statement: There has been a lack of soft-skills in the upcoming workforce.
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This project was a great learning opportunity. I learned that not everyone has the same work ethic, and the importance of trial and error. It took a lot of initiative to get others working on what was needed. Trail and error not only helped the actual venture, but the communication between members as well. It is a process that needs a certain level of care.
Entrepreneurship helped me with working in a team structure, making decisions and solving problems, analyzing quantitative data, understanding the technical knowledge, obtaining and processing information, and creating written reports. It also helped to understand the lean start up model and how innovation can make a difference in a business venture.