On the second semester of my MBA at IE we have started the course on Entrepreneurial Management. During our first class Paris de L'etraz, EM professor and Managing Director of the IE Venture lab shared interesting insights:
- Thinking lean! Just like recent article in HBR is suggesting in the dynamically changing world of today we can not rely on the standard Business planning. Business world has no fixed rules like in chess it is rather a set of Poker rounds. Lean Start Up approach perfectly corresponds to the market reality. Customer involvement represents the foundation of the "system". It suggests that instead of calculating cash flows and income for the next 5 years it is better to invest time in getting the prototype of the product to customer (e.g. real prototype, visualization). This approach will ensure the acid test for the product showing its viability and providing with valuable customer feedback to make the product a success or drop the idea.
- Monday of Friday? The question “Are you a Friday or a Monday person” seems very simple the answer to which though carries an important reveal whether we are happy or not with what we do in our work/life. It is an important indicator of whether the moment for a career change has arrived. Entrepreneurship offers a thrill of on-going Monday.
- Involvement or commitment? This derives logically from the Monday attitude. Venture capitalists and investors are looking for the “Why” when entrepreneurs are seeking capital. The personal “why” of pursuing the project represents commitment, which gives assurance that even in case of difficulties an entrepreneur will not give up on idea fighting to make it a success.
