50 Rupees Exercise A Debrief

Experiential Learning Adopted by world class entrepreneurship programs/universities - Harvard has now adopted experiential learning through Immersion Experience Program to facilitate the transmission of key ideas in managerial practice through applied management projects, active learning exercises, and the expert guidance of faculty and business leads. National Entrepreneurship Network

Rs. 50 exercise This exercise was conceptualised by Tina Seelig, Director of Stanford Technology Ventures Program (STVP) The most popular in all our NEN campuses! National Entrepreneurship Network

Idea Generation How did you generate the idea? What was the kind of support you got from the team for choosing the idea and evaluating it? Was it a “me too” product or was it a potentially powerful novel idea? Only 3% are actually new to the world ideas! National Entrepreneurship Network

Marketing How did you find out about the customers? Where are they located? Do they really need your product? Were they willing to buy at that price? How will you reach them? National Entrepreneurship Network

Allocation of capital for expenses How was the money allocated? Did you leverage on any resources that are freely available around you? National Entrepreneurship Network

Planning Was there any execution planning done in the form of operational details? e.g. – Sourcing the raw materials – Location to sell – Differentiating the product – Pricing the product – Delegation of work National Entrepreneurship Network

Teamwork Was delegation of work necessary? Will team members choose their role : – Based on their competence OR – Because there is nobody else to do it? Was there a backup plan? Was the success of the venture due to everybody’s contribution and commitment? National Entrepreneurship Network

Handling crisis Did you have any crisis? e.g. – Demand exceeding supply – Unhappy customers – Rainy days National Entrepreneurship Network

Revenue vs. Profits What was your income? How much profit did you make? How were you able to make the profits? – Was it a sound strategy OR luck? Were you able to identify what actually contributed to the revenue? National Entrepreneurship Network

The AHA Moment Did you have any ‘AHA’ moment? Something that you did for the first time? Were you pushed out of your comfort zone? How does it feel? Did it transform apprehensions into wild enthusiasm? National Entrepreneurship Network

Changes If you got another chance, will you do the same venture… differently? What changes will you make? National Entrepreneurship Network

Engineering and Management students Although you are not using your technical skills to create a product isn’t this a simple way to provide the teams the experience of finding customers, pricing, refining the product in case of rejection, generating cash flow; all of which are key aspects of any venture! Where else can you put your management strategy in to action?! National Entrepreneurship Network

Do you think writing a Business Plan is necessary? National Entrepreneurship Network

Effective communication with stakeholders: How do you pitch? National Entrepreneurship Network

Wrap Up Although the winning team is the one that has made most profit – with the same financial resources – it has also leveraged on the opportunity to create value! More than the financial gains, it is the experience of being an entrepreneur. This exercise sets the stage for other lectures on entrepreneurship. National Entrepreneurship Network

NEN Resources All materials used in this session are available in the NEN CD Kick-Starting the Entrepreneurial Campus under Outside the Classroom - section “Real World Experience”, subsection “Hands-On” National Entrepreneurship Network