Startups- Identifying an Opportunity

Want to set up a Startup?
Have an idea?
Does it address any 'need'? Whose need?
How to take the first steps?
How to identify the opportunity?

Everybody knows that startups are all about an opportunity, mobilising resources and creating and sustaining value. So, the start point is identifying the opportunity.

I   I teach a  core course titled 'Entrepreneurship and Startup Management' (ESM) to PGDM students at VVISM Hyderabad. One of the Learning Outcomes of the course is "To be able to identify the opportunity for creating a new business venture or social venture". The course focuses on learning-by-doing. After initial introduction to Entrepreneurship and Startups, the students were given few inputs on identifying the opportunity. See the excerpts of lecture slides below.

    And just after four sessions, they were asked to identify a business or social opportunity for a new venture. The students had to submit their idea in one page and make a one-minute elevator pitch. 

    Even though most students in the graduating Class of 2019 are freshers i.e. without work experience, they did a brilliant job. A summary of some of the startup ideas is given below.

   Did you notice any common thread in these ideas? Those familiar with the subject of ESM, may have observed the following:

1.     Most of the ideas were innovative though some ventures may already be existing addressing similar needs.
2.     The students could think of new ventures across industry sectors
3.     The sample includes ideas for social ventures also
4.     The students could identify new venture ideas that are needed for the rural population as well
5.     Healthcare/eldercare seems to be a concern of the younger generation

    For a teacher like me it is satisfying to see when the students apply what we learn in the class. The next phase of developing these ideas into a Business Plan will follow. These individual ideas will now be debated, discussed and shortlisted for further team work. More on that later.

    A glimpse of the learnings and venture plans of the graduating class of 2018 can be browsed in the story 'Can Startup Management be Taught?'

   We close with a quote from Thomas Friedman, author of global bestseller 'The World is Flat'.

    If you are part of a startup or a teacher or a student, do share your experiences to further refine our learning-by-doing!  

   Thanks for browsing

      - Harsh-the-Ghumakkad/ 8th Aug 2018

     #Startups #entrepreneurship #identifyingopportunity #learningoutcomes #learningbydoing #experientiallearning #MBA #PGDM #VVISM #ghumakkadharsh #ghumakkadhb