#Session 1 - April 12th
What we did in the first class...
On the first class of Lean Entrepreneurship the Professor started by presenting himself to the class and then he asked us something about us and why did we choose to take this course. The professor also mentioned that this course would imply really hard work but also that it would be a fun course where we would follow a set of steps in order to build a successful business. The Professor told us about the evaluation criteria and then he asked us to send an email with our name and email account in order to share with us some of the courses materials. We also started to learn how to do a business canvas model with the example of Airbnb: we cover the company customer segments, their value proposition, their channels, their relationships, their revenue stream, their key activities, key resources and key partners and finally their cost structure.
The professor also talked about the importance of the problem-solution market fit and he told us that a business idea should always be a solution for a problem that a lot of people have. Sometimes good ideas are just 10% of everything and execution is what really matters to make a business work. He advise us to look always for monopolies because this means that we have an innovative solution in the market and thus we are the only players (and this means: no competition!). Also our solution should be disruptive, we should choose a large market, a scalable production (the more I do the less I pay for it); we should look for an easy path of distribution that has the possibility to become viral and also we should be aware of the mobility trend since 80% of people nowadays use smartphones.
In the end we write our business ideas in a paper using the elevator pitch model and we establish that those ideas would be presented in the next class.
The professor also talked about the importance of the problem-solution market fit and he told us that a business idea should always be a solution for a problem that a lot of people have. Sometimes good ideas are just 10% of everything and execution is what really matters to make a business work. He advise us to look always for monopolies because this means that we have an innovative solution in the market and thus we are the only players (and this means: no competition!). Also our solution should be disruptive, we should choose a large market, a scalable production (the more I do the less I pay for it); we should look for an easy path of distribution that has the possibility to become viral and also we should be aware of the mobility trend since 80% of people nowadays use smartphones.
In the end we write our business ideas in a paper using the elevator pitch model and we establish that those ideas would be presented in the next class.