In this video, Bada Business Professor, Paritosh Sharma introduces the course, ‘How to Start a Start-up?’
It is the right time to see this course as the Prime Minister of India, Mr. Narendra Modi has asked the people to make ‘Aatma Nirbhar Bharat’. This will happen only when each and every Indian will watch this course.
In this course, you will learn about 24 sequential steps, which if you will implement in your business, then your startup will definitely become a successful startup.
You must have heard that 95% of the startups fail in India. This happens because entrepreneurs feel very enthusiastic and they miss these 24 steps mentioned in the course.
In this course, along with Mr. Paritosh Sharma, you will also meet Mr. Sanjay Kathuria and Ms. Samriti Grover who are the professors of Bada Business and have given a lot of incredible content.
Key Note #1: Types of entrepreneurship
SME (Small and Medium Enterprise)
SME is a revenue first entrepreneurship.
When you start a business by putting a factory or a manufacturing unit, you don’t consider funding, venture capital, and many other steps that you think when you work in an IDE model.
IDE (Innovation-Driven Entrepreneurship)
In this type of entrepreneurship, a lot of money is burned initially and there is nothing wrong in it as they are entering a new business model and disrupting the market by introducing new products.
Elon Musk, co-founder of Tesla introduced a self-driving electronic car and disrupted the market.
He needed money, so, he took the loan from the US government. As it was the money of taxpayers, so, he repaid the loan along with the interest.
A lot of people told him that his idea of the electric car will not be accepted by this generation and many big car companies also disagreed with his idea.
He faced a lot of difficulties, but today, Tesla is considered to be the most valuable car company.
IDE is difficult as you are innovating something at an early stage.
However, you can apply these 24 types in both types of entrepreneurship.
Comparison between SME and IDE:
The growth curve of SME is linear while the growth of IDE is like a J-curve as it goes down initially due to the burning of money or huge investment and then suddenly, massive growth is seen.
Key Note #2: 24 steps of the course
Beachhead Total Addressable Market (TAM)
Life cycle use case
High-level product specifications
Quantify Value Proposition
Next 10 customers
Define your core
Chart competitive position
Determine the decision-making unit
Map customer acquisition process
Follow on TAM
Design business model
Lifetime Value (LTV)
Map sales process
Cost of Customer Acquisition (COCA)
Identify key assumptions
Test key assumptions
Define Minimum Viable Business Product (MVBP)
Show “The Dog Will Eat Their Own Dog Food”
Develop a product plan
Key Note #3: Classification of these 24 steps
These 24 steps are classified into 3 different parts:
The first few videos of this course revolve around customer understanding.
Product| Solution| Service:
Once you understand the customer, you will be able to figure out if your product, solution or service is able to solve the burning problem of the customer.
When you have understood your customer and have launched the product, it is the time for strategy. You make some assumptions, business plan, and calculate the cost of business acquisition.
Remember, customers, are given a lot of focus because entrepreneurs get too passionate and assume that whatever they are doing is right. So, they have so much assumptions and hunch, which is a strong internal voice that says whatever you are doing is right. And suddenly, when they go to the market, they fail because they are not prepared as they don’t understand the competition and market dynamics.
Later, you spend a lot of money and face many failures. You may get successful after all this. But, you need to take care that you should watch these 24 videos around these 3 sections.
Key Note #4: Billionaire professors of Bada Business
In this course, 6 billionaire professors of Bada Business will tell you how you can start a startup. These professors are:
Acharya Balakrishna- Chairman, Patanjali
Rahul Narvekar- Co-founder, NDTV IndiaRoots
Anuradha Agarwal- Founder, Multibhashi
Samir Sathe- VP, Wadhwani Foundation
Anand Kumar- Founder and CEO, Super 30
Yashish Dahiya- Co-Founder and CEO, PolicyBazaar
They will share their knowledge and personal experience on how they started their startups.
Key Note #5: Ways to do a startup
Some people are passionate and they believe that they can build a company of Rs. 500 crore.
Some people can make a technology that becomes intellectual property. They also believe that even if they are unable to form a big organisation, they can sell the technology to someone.
Some people have a very strong idea and they feel that they can create a big company by hiring the people of technology and marketing.
You should start a startup when your idea and strategy is strong and you also have the knowledge of technology.
Key Note #6: Steps to move from passion to idea and technology
Knowledge: Deep knowledge of a subject
Network: The people you know and are going to support you when you start a startup.
Financial assets: As it is said that 95% of the startups fail in the first 3 years of execution, it happens because of the lack of finances.
Established brand: You need to check whether you already have an established brand or you have something on which you can build something. The brand can also be of your co-founder or you can partner with someone who has a big brand. In such a case, you have an added advantage.
Past work experience
Commitment: You need to check how much you are committed towards your idea or technology.
Find a founding team: Startup is not a lonely journey and therefore, you will have to find a founding team. There are many individuals who are founders on their own but they set-up a very strong management team.
The future of India is in your hands so create it as this is your moment.