Reflections

Top Lessons Learned

Experiments are the best way to determine whether there is a market for a new idea

Target customer determines the product/service

Team is extremely important Skills, experience, contacts, chemistry and

motivation

Importance of the window of opportunity

Creativity and Entrepreneurial Competencies

Creativity: Developing the product Creating a low cost experiment Investor campaign

Entrepreneurial competencies: Investor presentation Financial planning Market research Choosing a target customer

Courage and Resilience

Resilience was extremely important for this class. In order to conduct research, the team had to approach many different musicians and restaurants managers/owners/waiters in order to collect data, many of whom were not willing to set aside time to talk to us. It took us multiple phone calls and even some in person visits in order to get many of these people to take our survey. In the end, it was worth it because they were able to give us important insights that shaped our company.

Courage was another important aspect of this class. Giving investors presentations can be extremely nerve-wracking. It can be difficult to hear investors criticize the business, but incorporating their advice will make the company much stronger.

Collaboration

Long term team project Team of 5 people Written papers and presentations The final project required a significant amount

of collaboration. A lot of communication was needed in order to interview different musicians and restaurants in the area in order to gain insights, coordinate the creation of our website, and develop and complete the experiment.

The diversity of our team was extremely important to the success of our team. This allowed us to get a variety of perspectives and expertise.

Overall Reflection

This course was extremely useful for learning about entrepreneurship. By evaluating many case studies and developing our own company, I was able learn about the important aspects of a startup company. By knowing what details to focus on and how to quickly test the minimum viable product to determine if a market exists, I have started to develop the skill set to become an entrepreneur.