MKTG7020 Entrepreneurship and Business Opportunities (3 units)
- Medium of Instruction:
Once identified, new business opportunities must be put into practice. However startups are a fundamentally a different activity than managing a business (“a startup is a temporary organization designed to search for a repeatable and scalable business model” - Steve Blank). This module provides hands-on experience to the students. It prepares them for the realities of building or working in startups (experiential entrepreneurship). It embraces startup management tools built around “searching for a business model” rather than the “execution of a business model” tools needed in larger companies. There are two fundamental steps in the search for the business model: Customer Discovery captures the founders’ vision, turns it into a series of business model hypotheses, and develops a plan to test customer reactions to those hypotheses and turn them into facts. Customer Validation tests whether the resulting business model is repeatable and scalable. If not, one returns to Customer Discovery.
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