The PGCM in Entrepreneurship program begins with Idea Generation, during which the students identify opportunities and the Idea Validation stage enables them to analyze the feasibility of the business idea. The program follows a structured approach for converting the business idea into a startup.
Legal and Brand Identity
After making the decision to transform the idea into a business, the first thing entrepreneurs have to do is make the business official by creating its legal identity. This is achieved with the help of legal experts who guide the entrepreneurs in choosing the right legal entity option.
Brand identity is the compilation of elements that a company creates to portray the right image to its consumer. Your brand identity makes you instantly recognizable to your customers, they will associate your brand identity with your product or service, and this identity forges the connection between you and your customers.
Finding this need gap is the first step in commercializing any idea, and along this development or product specification work begins. Once the market’s need has been identified and the specifications are defined for the product, an entrepreneur needs to finalize the product offering
Finalizing Product Basket
Every entrepreneur needs to create a financial model to build an economically viable business. Based on the product offering entrepreneurs can make assumptions and estimate rational projections of costs and income for the startup’s financial model. This gives an overall picture of the firm’s costs, revenue, cash-flow summaries based on a variety of assumptions. It also helps you create different versions, i.e. “scenarios” so that you are more prepared for the future, especially if the strategy does not go the way you planned.
A minimum viable product (MVP) is a foundation of Lean Startup methodology that emphasises on the impact of learning in new product development. An MVP is the prototype version of a new product which allows an entrepreneur to collect the maximum amount of validated learning about customers; it has only the core features that make the product work.
Entrepreneurs have to start with certain assumptions about their product or service. The objective of a pilot launch is to test and validate some of these assumptions so that the final go-to-market business plan can be adjusted based on validated assumptions.
Sometimes entrepreneurs get lucky, but most of the time, they wound up making sophisticated products that no one wants. This cycle of taking feedback, making changes based on it and again reiterating these two steps is an incremental, iterative methodology that replaces assumption with knowledge and certainty.
Feedback, Changes, Reiterations
MIDAS Bazaar gives a platform to the budding entrepreneurs to 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, prototypes or sometimes the final product offering, giving students a real-time Go to Market strategy.
A go-to-market strategy is a tactical action plan that outlines the steps necessary to succeed in a new market. At the end of the program, the students undergo intense discussions with their Coaches and Experts to design this plan. This gives a clear roadmap for their entrepreneurial journey after passing out of MIDAS. The Alumni office at MIDAS provides constant support to the students to set up mentoring or discussion sessions with the Coaches.