#session 5 - may 11th
what we did on the fifth class
This week started with team presentations about the tasks asked to be done by the professor. Teams presented their and main competitors value curve, the interview/survey scripts and some insights taken until now, as well as shown the value proposition and channels hypothesis and creative ways to be test it. It was suggested to our group that chefs can be included in channels, since themselves can be a channel to promote the business. Also, we were advised to check similar businesses in all over the world and see if there are some hypothesis already tested, and, if so, we do not need to test that ones.
Regarding the tests and hypothesis we spoke about the Minimal Viable Product, which is a small, cheap and fast prototype of the product/service (does not need to be close to the final version) that can be used to test possibilities and can be changed every time it is needed in order to get to a final and correct response. We should not spend much time developing it and it should contain elements like value proposition and price! Without knowing it, groups were already doing some things in the field: surveys and interviews, landing pages and website in order to discover who our true costumer is. The product/service is only viable if people are willing to pay for it and, of course, use it.
Also, this week, we focused more in the left side of the Canvas Business Model: key activities and key resources. Professor referred the E-Myth, which is the idea that most businesses fail because the founders are technicians that were inspired to start a business without knowledge of how successful businesses run, meaning, they are not real entrepreneurs. An entrepreneur start a company with the objective to spread the word/processes to the others so that the business can run without him, with a possibility to sell it by a worthy value. However, technicians do not know about management skills, marketing, and finance, so they will see themselves in troubles to “teach” the business to others and feel a prisoner of their own idea.
Moreover, growing means learning how to work ON it and not IN it. Sometimes, managers wear many hats, usually because they can’t afford to hire anyone else. But the truth is that their job should be running the business and when they start delegating, the business will definitely grow. So, processes are needed! Most businesses do not have a description of their operations, but is an essential thing to be done since the very beginning. This processes should be drown, defined and then “the machine” is created in order to spread the word!
In what regards key resources, we spoke about people! People are an essential tool in every business, so it is vital to know what each one should do and their place in the company. However, we need to be careful when choosing the team: if they don´t have the right capability and attitude it is very difficult to continue the business.
People should have enough skills, but even more important, they should identify with the business values! Next week, groups should present their business process diagram and organizational chart with position descriptions.
In what regards key resources, we spoke about people! People are an essential tool in every business, so it is vital to know what each one should do and their place in the company. However, we need to be careful when choosing the team: if they don´t have the right capability and attitude it is very difficult to continue the business.
People should have enough skills, but even more important, they should identify with the business values! Next week, groups should present their business process diagram and organizational chart with position descriptions.