Entrepreneurship Seminar Course

Summary of Class 1

What is entrepreneurship?
Entrepreneurship is a process whereby an individual or a group of
individuals use organized efforts to pursue opportunities.
Entrepreneurship always starts with an idea. Entrepreneurship is the
process of designing, launching and running a new business, which is
initially a small business. The people who creates this business are
called entrepreneurs.

ENTREPRENEURSHIP PROCESS

Idea/Problem

Idea Development

Opportunity

POC/PILOT

TBM

Growth

Sustain/Exit
EI- Entrepreneurship Intention.
It is the foundation of entrepreneurship process. It is a mindset
which turns into an intention to do something or to create
something new.
ET- Entrepreneurship Turbulence.
This is a kind of kick which a person gets and after that he/she takes
some strong decision and starts working seriously on his/her
entrepreneurship things.
Idea/Problem: This is the first step of entrepreneurship process.
There is a basic idea on which an entrepreneur works and tries to
solve problem associated with it.
Idea Development: The idea of an entrepreneur needs to be worked
on and it requires progress which happens to be idea development.
Opportunity: Opportunity is a process of entrepreneurship which has
three types-
(i) TAM- Total Available Market. It is the total number of
market size which is available for our product or service.
(ii) SAM- Serviceable & Addressable Market. It is the market
which we will target to provide our services or product.
(iii) SOM- Serviceable & Obtainable Market. Out of the
addressable market, it is the market which we will actually
obtain to provide our services or product.
POC/PILOT: It means Proof of Concept and it requires prototype. It
has three parts i.e.,
(i) Traction- This happens when a customer is interested in our
product but we don’t get paid for it.
(ii) Revenue- Revenue is when we get paid for our product.
Higher the revenue, higher will be the profit.
 (iii) Profit- After deduction of all the expenses and taxes from
the revenue, the amount which is left with us is our profit.
Under POC, we get our Product Market Fit which is the minimum
viable product which can cater the needs of people.
TBM: It is a Tentative Business Model which can be prepared after
the Product Market Fit. It is a sample business model which we
create to find out about the market conditions and competition.
Growth: After the launch of our TBM we find out ways to grow our
product in the market and make strategies for growth and profit.
Sustain/Exit: This is the last step of entrepreneurship process which
decides whether we can sustain in the market or not. Depending
upon the business performance, if we are getting good response and
are able to make profit, then we will sustain. If our product or service
is not getting decent response, then we will have to exit from the
market and will go back to step no. 1 (idea) and will make some
changes.