Venture Discovery

What is Entrepreneurship?
Creation and management of a new enterprise to achieve some objective. It identifies opportunities in great
innovations, adds value and keeps the value improving over a period of time.
Invention -- Usually a “thing” – created for the first time
Innovation -- Continual upgrade of inventions | Introducing something new by using or modifying an existing invention
Could be an idea, product, model, process, or a service.
E.g. -- Introducing a new equipment that can reduce the electricity consumption by some percentage is an innovation.
First car – invention
TESLA – innovation
First phone – invention
Smartphone – innovation
First computer – invention
MacBook pro – innovation

Why is Entrepreneurship Important?
Enhances economic growth/productivity
• When someone starts a car company some companies supply raw materials, some provide essential services and machinery, and
some institutions train their employees to acquire skills to work in the company and improve efficiency
• A big number of unemployed find a job directly or indirectly.
• New services and products increases exchange of money in the country and abroad leading to increased economic growth.
• Multiple businesses in a region, leads to increased investor interest resulting in economic development
• Improvement of infrastructure speeds up economic growth and reduction of poverty in the country.
• The main importance of entrepreneurship is the creation of job opportunities, innovation, and improvement of economy
• Entrepreneurship plays a very important role in enhancing a country’s economic growth
• When entrepreneurs build businesses, it affects every part of the economy

Drives Innovation
• Ford was not the first car when launched in 1903, but cheapest and easiest to drive back then. Priced at $850 in 1903 --
continuously decreased with increasing sales.
• First car, Model A, was followed by a variety of improved models. Its four-cylinder, $600 Model N became best-selling
car in the country
• Ford’s vision - a better, cheaper “motorcar for the great multitude.”
• Model T, introduced on Oct 1, 1908: Easy to operate, maintain, and handle on rough roads. -- Huge success - Ford
became most popular and sold car in America.
• What made Ford special? – Innovation on customer‘s demand. Increase production and decrease costs. People wanted
a car, but cheap and comfortable to be in
Entrepreneurship is sometimes called the incubator for innovation. Bringing innovation to the society and industry for its
betterment is one of the most important functions of an entrepreneur. Entrepreneurs build businesses to fill the gap in
society and industry through their innovative ideas, useful product, and sincere services

CREATE NEW JOB OPPORTUNITIES
• One of the driving forces for a country’s economic progress is the creation of ample job opportunities for the
people of the country.
• When you start a business (no matter how small), you might have to hire workers someday.
• This happens as the business grows.
• As an entrepreneur, as your company gains more success you require more people apart from yourself - you
need innovators, marketers, distributors, account managers
• As you add more clients your company would need to hire on staff to handle different aspects of the business-
like Customer service, sales, marketing, accounting, product development etc.
• That’s how you create jobs.

PROMOTE SOCIAL CHANGE
Social entrepreneurship is the work of a social entrepreneur.
A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize,
create, and manage a venture to make social change.
Whereas a business entrepreneur typically measures performance in profit and return, a social entrepreneur assesses
success in terms of the impact s/he has on society.
• Founded by Tribhuvandas Patel and Dr. Verghese Kurien - Father of White Revolution
• The Amul model changed the socio-economic conditions of farmers by fighting against unfair milk trade practices in India
• Inspired local and marginalized farmers to form cooperative societies independent from trade cartels
• A.K.A. producer’s cooperative it negotiated directly with the buyers and thus eliminated the middlemen
• Small milk farmers did not have to sell their milk for extremely low prices
• Farmers got higher prices for their produce – motivated them to increase the milk output
• Today, India, the world's largest milk producer! ~ 200 million tonnes per year ~ 22% of global production!!
STORY OF AMUL

Co-operative Society: A voluntary association of people who come together and invest their small savings to form the
organization.
• It is formed for the mutual benefit of all the members
• Members come together and invest their small savings to form the organization to work towards their common cause
• The Co-operative Society is formed with an idea of supporting each other to achieve a common economic objective.
• For example, the farmers may come together and form a co-operative society to work jointly.
• When they work together, they will have a better bargaining power for buying raw materials.
• They will also enjoy a better bargaining power while selling their agricultural output.
Amul follows a three-tier cooperative structure
Dairy cooperative society at the village level affiliated with milk unions at the district level which in turn is federated to a
milk federation at the state level.
Milk collected at the village dairy society, procured and processed at district milk union and marketed at state milk
federation. The Amul cooperative model became so successful that it was eventually replicated all over India in 1965 –
Operation Flood.
https://blog.finology.in/investing/amul-business-model-verghese-kurien

Introduction
☼ 4 Stages, 20 Steps
I. Personal Discovery
II. Solution Discovery
III. Business Model Discovery
IV. Discovery Integration

Personal Discovery through Entrepreneurship” is composed of 4 stages:
1. Personal Discovery – process of discovering and connecting your personal and societal values to the core purpose and
mission of a new venture. Personal Values are “broad desirable goals that motivate your actions and serve as guiding
principles in your lives”. Personal values are desirable to an individual and represent what is important to someone. E.g.
adventure, creativity, family, trust, health, determination, friendship etc.
2. Solution Discovery – you design innovations based on a deep understanding of people – at work, at home or elsewhere.
What is the problem they are facing? How can my innovative idea solve their problem?
3. Business Model Discovery – you will learn how to transform the idea into a business, its revenue model, and how it
works as a business (operating model) to make and sell products and services
4. Discovery Integration – You integrate or bring together different pieces of your discovery, how the new business can
create economic and social value and how you can engage others to join your mission

Personal Discovery
10
1. Personal Values
2. Excite & Excel
3. Build a Team
4. Define Purpose
5. Mission Statement

☼ Myself – Team – Company

☼ Step 01. Personal Values
Workbook
(p.22)

☼ Step 01. Personal Values
Workbook
(p.23)

☼ Step 02. Excite & Excel
Workbook
(p.27)

Workbook
(p.28)

Workbook
(p.29)

Workbook
(p.30)

Workbook
(p.37)

20
• I want to improve nutrition / wellness
(Example: nutraceutical plant-based foods and supplements for specific conditions, such as pre-diabetes
or diabetes)
• I want to be an environmental innovator in building and home construction
(Example: I want to recycle trash materials into useful building products)
• I want to improve
transportation
(Example: low cost, electric
scooters for groceries and
restaurants to deliver food)
• I want to improve physical
safety for women and the
elderly
(Example: threat detection,
response, and alert; or
health alert systems for the
elderly)
• I want to help people learn
better
(Example: 3D interactive
book platform and LMS for
rural village systems)
☼ Step 03. Build a Team

☼ Step 03. Build a Team
(p.39)
Ideal teammates have similar core values and dreams to contribute to society but different skill sets.

Position/ Role Skills Required
CEO
Leadership – ability to lead a team
Strong communication skills
Drive and Direction
Building relationships
Realistic optimism
Understanding
Controlled Emotion
Decision making
Listening skills
Willingness to take calculated risks
Coaching employees effectively
Thinking outside the box
Marketing
Critical Thinking and Problem Solving
Storytelling
Excellent writing ability
Email tools e.g. MailChimp
Basic spreadsheet skills – Excel or google docs
Image & Design tools e.g. - Canva, Piktochart, SlideShare,
Photoshop
Google Ads
Social Media Marketing - YouTube,
Facebook/Twitter/Google/Pinterest/Instagram
Video animation and editing
UX Design
Basic HTML and CSS skills
Finance
Interpersonal skills
Good communication skills
Problem solving
Analytical ability – analyzing data, logic,
Strong numeracy skills, Basic accounting
Decision making
Handling Money
Time management - manage budgets, meet deadlines
Basic spreadsheet skills – Excel or google docs
Mathematics – calculations, budgeting, cost analysis
Operations
Interpersonal skills
Good communication skills
Problem solving
Planning and organizing
Data entry
Delegation
Supervising
Product design
Minimize operational costs
Oversee processes
Developing strategies
Support sales and manage customer support
Manage production and distribution of goods and provide technical
support

☼ Step 04. Define Purpose
Workbook
(p.49)

☼ Step 05. Mission Statement
Workbook
(p.52-53)

Empathy - ability to visualize the world from someone else’s perspective and understand their feelings
You design innovations based on a deep understanding of people – at work, at home or elsewhere. What is the
problem they are facing? How can your innovative idea solve their problem?
Solution Discovery
Customer empathy is all about understanding your customers on a deeper level:
 Who they are
 What they're going through and
 What their motivations are
It is delivering a delightful experience which anticipates customer needs and meets them before they're needed
because you understand the problem's impact.
It is built by gathering deep insights through real observations, face-to-face conversations and stepping into your
customers' shoes.

Empathy is a critical ingredient of ensuring successful innovation. Every great innovation has
come from a place of empathy. It is so often borne out of someone’s frustration with the
current way or state of things.
For example, Steve Jobs was frustrated that he could not carry his library of music around in his
pocket. He thought others might share his frustration. His answer? The iPod.
Ride-sharing services were borne out of people’s frustration with the overall taxi
experience.
E.g. Uber, Lyft, Ola and others have created through their technology and
services have come from a place of empathy.

Verizon: More at Home
American telecommunications company which offers
wireless products and services.
In addition to providing customers with free data during
the pandemic, Verizon also provided resources to support
at-home learning opportunities for those working in
education.
These included free resources for kids of all ages, access to
top educational sites, tools from the Child Mind Institute,
and free digital access to The New York Times for all high
school-aged kids and teachers.
Twitter: Permanent Work from Home Policy
While the COVID-19 pandemic set several companies
back, it also paved the way for companies to adjust
their business processes.
Social media giant Twitter saw an opportunity to
extend empathy toward employees whose lives
would be made easier by not having to go into the
office every day.
As of May 2020, Twitter employees are allowed to
work from home permanently

Eye Control feature - Allows users to operate an onscreen mouse,
keyboard, and text-to-speech experience using only their eyes
“which is tremendous for someone with ALS [for] because they can
now type with just their eyes.”
Seeing AI, a free app for iOS (mobile operating system created and
developed by Apple Inc. exclusively for its hardware) - uses a phone’s
camera to recognize people and objects (including printed text and
handwriting) and then the app audibly describes those objects for visually
impaired users.
For those with reading and writing difficulties such as children with
dyslexia there is the Microsoft Learning Tools set built into Office 365 and
other applications, designed to help improve comprehension. The user can
have content read aloud, adjust the settings to break words into syllables,
adjust text size and background color, and other features.

STEP-06: Ideation & Impact
Ideation - Act or process of forming ideas or images in one's mind
Impact - The force of impression of one thing on another : a significant or major effect
 Obama’s speech had a powerful impact on many people
 The world felt the full impact of COVID-19 in 2020– economy disrupted, unemployment,
business losses, deaths etc.

Commerce between business and individual consumer. E.g.: The online retail sites where consumers buy products.
Manufacturers such as Gap or Dell or small businesses that create and sell products- Online versions of department stores selling products
from a wide range of brands and manufacturers.
Examples:
a. McDonald’s - 100% traditional business-to-consumer model. The fast-food giant has its products available for customers only at
physical places, i.e., you cannot buy its meals online.
b. Amazon - example of a 100% e-commerce B2C model - doing business online. – online intermediaries - put buyers and sellers
together without owning the product or service.
c. Netflix or Hulu – D2C sites charge a subscription fee for access to their content. They typically include publications that offer a limited
amount of content for free but charge for most of it
B2B companies offer things other businesses need to operate and grow. They offer the raw materials, finished parts, services or consultations
that other businesses need to operate, grow and profit.
E.g. traditional B2B market -- automobile manufacturing. Everyone knows some of the biggest consumer-facing brands, but in every model of
car or truck they produce are dozens of other companies' products. Tires, hoses, batteries and electronics, essential for final consumer product
– vehicle – to operate properly. Manufacturer purchases these products from various suppliers and incorporates them into final product. When
you buy a car from one company, you're purchasing parts created by dozens or even hundreds of other businesses from all around the world.
B2B e-commerce – IndiaMart - India's largest online B2B marketplace, connects buyers with suppliers (not products). Platform to Small &
Medium Enterprises (SMEs), Large Enterprises as well as individuals.
B2G - Business-to-Government
B2B - Business-to-Business
B2C - Business-to-Consumer

To change your opinions, statements, decisions, etc. so that they are different to what they were before. -- A shift to a new strategy.
Coca-Cola, one of the world's largest soft drink manufacturers
became famous for its flagship product Coca-Cola. Coca-Cola
adopted different marketing strategies and built a strong brand
among the consumers.
The company faced stagnating sales in the 1980s due to shift in
consumer preferences from carbonated drinks to healthy
drinks like juices and green tea. With an aim to attract health-
conscious consumers Coca-Cola introduced fortified
carbonated drinks terming them as 'sparking beverages’.
To strengthen its efforts to gain competitive advantage in this
emerging segment, Coca-Cola initiated a new marketing
campaign for its new product 'Coke Zero' and simultaneously
launched 'Diet Coke Plus'.
Both drinks are sugar free and calorie free. Coca-Cola
zero sugar looks and tastes more like Coca-Cola
original taste, while Diet Coke has a different blend of
flavors which gives it a lighter taste.

STEP 07: Gaining Customer/User Insight
Customer Insight: - Having a deep understanding of your customers, their behaviors, their preferences and even their needs.
 You build products or offer services to make the lives of your customers better
 You learn who your customers are by actually finding and having a conversation with them
Ask open-ended questions:
“What do you like about this idea/product/service?”
“How do you see this fitting into your life?”
“What would you change about this?”
 Talking to customers face-to-face is one of the most valuable things you can do to better understand your brand.
Different ways to obtain customer insight: Primary Research & Secondary Research

Primary Research Methods
a. Are people fed up with long queues in a supermarket? Is there no one to assist them with locating a particular product or item?
b. You go to your favorite restaurant – do you face issues with parking? Do others face the same problem too?
c. When you try to book a train ticket or bus ticket online – is the process smooth? Do you face any issues?
d. While trying to search for the latest government or private scholarship available for UG/PG courses across all streams is there a
common website which provides all these information at the click of a button? Is there an app?
e. While trying to find out the best and cheapest PGs/ or rental homes in a new city do you get relevant information and are there good
sites which provide information of all properties available which are verified, and prices mentioned along with pictures, vacancy etc.?
Depending on your problem/innovative idea you have in mind, trying to get customer insights will help you fine tune your product or service
1. Observation - Observe users in their natural environment. Watch how customers buy a particular product – market – stores
– supermarkets. Pay close attention to how customers' approach, consider, and decide to buy a product. In physical
locations, do they simply purchase, or do they ask questions first? Do they seek additional product information, compare
prices online, or find a store representative to assist with the purchase?

2. Questionnaires - Paper or electronic form. Widespread in the age of internet.
• You can use it to get a feedback about your products or services
• Allows you to target a specific audience by comparing the answers of people with similar characteristics (i.e. people of a certain age
interval, people with similar habits or just people from the same town)
• Very easy to hand them out – through e-mails, online survey software to social media
3. Interviews – Phone interviews or F2F interviews – people at home, family, relatives, friends, neighbours, friends of friends, working
people etc. – anyone who might be within reach through your contacts or resources
4. Social media groups – (Facebook, Instagram, WhatsApp) & Emails
• School friend’s fitness page
• Pictures of participants – received lot of feedback - helped improve fitness plans according to customer needs
5. Focus groups - Market research method
• Brings together 6-10 people in a room to provide feedback regarding a product, service, concept, or marketing campaign
• A trained moderator leads a 30-90-minute discussion within the group to gather helpful information
• Moderator arrives with a set list of 10-12 questions
• Moderator’s goal is to hear from everyone and to encourage many different opinions and ideas to be shared
• Participants recruited based on purchase history, demographics, psychographics, or behavior and typically do not know each other
• While participants are responding to a moderator question, the moderator and/or other observers take notes.

Secondary research – internet – journals, websites, reports, libraries.
Example Case Study - Bluereo Suction Toothbrush – Seungmin Lee, Venture CEO, Korea

Bluereo electric suction toothbrush
1. https://www.youtube.com/watch?v=VIpLqz168us
2. https://www.youtube.com/watch?v=0q18ttke1g0
o A great example of Innovation through observation
of potential target customers
o In 2014, Bluereo developed the world’s first electric
suction toothbrush
(http://www.bluereo.com)
Q: What are the 5 key features of the electric suction
toothbrush?

Key features of the Bluereo G100 electric suction toothbrush:
1. Water suction
2. Sonic vibration
3. LED light (allows user to thoroughly examine oral cavity)
4. Antibacterial brush (removable head)
5. Foldable bottle – detachable – collects the fluids

Laddering During Customer Interviews
Laddering is a technique designed to acquire pieces of information which are otherwise very difficult to get at

☼Assess the Innovation Novelty

☼Assess the Impact Scope
Users

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