This phase includes creating a prototype of the product or service the entrepreneur wants to launch their business idea with. Complete with branding, digital marketing, business model canvas and client base, this phase is where the idea becomes a business.The objective is to enable the creation of a product/prototype/service model with a set of empanelled vendors and do a pilot launch for each entrepreneur to go to market eventually.
Outcome: Commercial launch of new businesses and platform to showcase family business with value addition done to them, through application of all previous phases.Coaches, Incubation Support team, industry experts and vendor panel to facilitate your business sees the light of the day and doesn’t remain just an idea.
This module is an extension of the Effectual Thinking module. An entrepreneurial leader has to embrace uncertainty and navigate his team smoothly through the challenges, this requires them to have a problem solving mindset and a collaborative spirit. Rather than “analyse and act” approach a successful entrepreneur has a “experiment and learn” approach. This action oriented module helps the students understand their leadership style and fine tune their skills.
This module consists of product design, branding and digital marketing. As the world of marketing moves from offline to digital, the great shift is explained through interactive case studies and activities, along with an outlook of what the resident entrepreneur needs to explore for his or her business from this arena.
Branding and Digital Marketing
Sales Strategies for Entrepreneurs
Sales is one of the most important functions of any new venture. The aim of the course is to give the Entrepreneurial perspective to basic practical and theoretical understanding of Sales Management which includes Sales force decisions, size, work allocation, recruitment, training, performance appraisal and control, route planning, traveling, personal selling, Art of selling, prospecting, planning a sales visit, Sales story, overcoming obstacles and closing the sale.
The best and most innovative ideas will never see the light of day unless they can obtain funding. How can you, as an entrepreneur, make the most convincing case to advance your projects and make them attractive to senior decision makers or outside investors? And how do successful companies and investors pick the best products and manage R&D investments? Effective product innovation relies on, clearly defined financial models and analysis.
Financing Business Ventures
Legal Aspects of Business
Legal aspects are an indispensable part of a successful business environment in any country. They reflect the policy framework and the mindset of the Governmental structure of that country. They ensure that every company is functioning as per the statutory framework of the country. Every enterprise must take into account this legal set up while framing the basic aims and objectives of its company. This is because; it is necessary for e cient and healthy functioning of the organization and helps it to know about the rights, responsibilities as well as the challenges that it may have to face.
To build expertise of founders and their teams in talent management aligned to the specific, short and long term business needs of their organizations. This competency is critical for successful launch, growth and long-term success of their businesses.
Talent Acquisition and Management
Family Businesses are often burdened with out of date legacy processes, which affect the efficiency of the organization. The practical and analytical approach of the module helps the students understand business operations, standard frameworks and practices. Students learn how to review their family businesses processes and procedures, determine the out of date practices, modernise and digitize the business, streamline the organization structure and create more synergy. A crucial component for growth of a startup is effective business operations. This module helps startups in creating operational viability for their business. Understanding of startup operational challenges, efficient frameworks and practices helps in preparing a better execution plan
Succession planning is about planning and executing a smooth transition of leadership positions of the organization.The purpose of succession planning is to make sure a company always has the right leaders in place. For a family business , succession plan ensures orderly transition of management and ownership to the next generation of the family. This includes establishing goals, decision making process, succession plan and transition plan. Key members of the family business under the guidance of the expert Coaches follow a systematic process which is supported by open communication.
New entrepreneurs are also encouraged to build a succession plan , where they identify key team members who can take up leadership roles and work towards training them in advance.
Conflict and Change Management
Conflict and change involves business situational as well as psychological dimension. Hence, it’s important to understand them in full context and deal with them effectively. This module focuses on the tactics and mechanisms for effectively managing the change and conflicts of the business. It addresses the challenges faced by the family business as well as new ventures
Self-development is most beneficial when the impact is beyond a certain parameter. This final phase of the module enables the deepest abilities of an entrepreneur to surface through by touching upon areas such as innermost competencies, family and friends circle and establishing values that a person would always abide by.
A unique offering among entrepreneurship courses in Pune at the end of the incubation phase, MIDAS students present their business ideas in an exhibition format to their family and friends, a panel of chief guests and industry experts who evaluate the business ideas, complete with detailed plans and prototypes, giving students a real-time Go to Market strategy.
The institute invites speakers from varied backgrounds for brief sessions on a regular basis. This gives students a sneak peek into the minds of entrepreneurs who have gone through the journey and built themselves up.