Start Up MauritiusMY ONE MONTH ENTREPRENEURSHIP JOURNEY

Where you have reached? By now, you should know two things,

How to make a business plan

Lean management

What is the next step?

Well, you now have to start your entrepreneurship journey! We believe that you can now start working on your business idea

Team formationGETTING A CREW

Decision point You now have to decide between two things:

1. Either be a team member of a business idea

OR

2. BE A TEAM LEADER FOR A BUSINESS IDEA

Team leader path Well a team leader is nothing without a team, right?

So your first step is to recruit team members. How to do so? You have to post of the facebook group a brief of your business idea. People will then contact you about your idea so you can clear their doubts. Then once you have a team, please contact us so we know exactly who is in your group.

A group can have a maximum of 5 people only! Not more!

Team member path If you wish to be a team member, based on previous slide, you have to be on the lookout for team leaders posting their ideas.

Once you see one that interest you, you can go ahead and contact the person to ask your questions. Once cleared out, ask the person to confirm your position in the team.

Team formation The team formation should now be DONE.

Impact modelHOW WILL YOU MAKE AN IMPACT

Social impact model There are 2 main ways to make a social business:

1. Make a profitable business and direct profit towards social cause

Example: I will create a business that sells pizza. The profits I make in the business will go to feeding children.

Here you look for a clear cut profit at first! Then invest in the children.

2. Make a business that directly address social problem

Example: People don’t have access to clean bathrooms. You create a mobile bathroom service and allow access to people at a minimal cost.

here the price you charge is to cover your costs. You are looking to breakeven!

Start your journeySETTING SAIL TO CONQUER THE SEAS

Step 1 Creating a vision for your team.

Creating a vision for your business.

Step 2 Break your vision into two:

Value hypothesis

Growth hypothesis

Step 3 Find a way to test if people really have a problem and they are willing to pay for the solution.

Here it is recommended to do the Genchi Gembutsu

FEEDBACK TIME At this point, you have to send us:

1. 3 business ideas

2. The corresponding value and growth hypothesis

3. The corresponding test

LAUNCH the test Run your test and get the results

Decision point Based on test, you should now start working on only 1 business idea.

Developing business plan and canvas

You should now take some time for some deeper planning a write your first draft of a business plan.

Just try to fill in whatever you can right now and not to bother about the things you are unsure. On the contrary, if you don’t know something, for example marketing plan, just leave it blank or quickly write down a few ideas that come to the mind.

What the business plan is basically an idea of how to solve your problem.

FEEDBACK TIME Send us your first draft so we can help you fill the parts that are missing and we can fill.

Smoke test Once you have an idea for the problem, run a smoke test to see if people would buy the product.

For example, your business is to rent bicycles in Flic en Flac. Your next step is to create a poster to promote the service and put a phone number on the poster. If people are interested, they have to call on the number. What you have to do now is wait and see how many people actually call.

FEEDBACK TIME Share with us your smoke test so we can feedback you on how you can improve it.

Building an MVP Now that you have seen people are actually interested in your solution ,The next step is to build an MVP solution to your product.

For example, taking the bicycle business, you have to buy one bicycle and rent it to your first client.

Now when you launch the first MVP, you have to launch it to test your assumptions. You have to have a way to record data so that you can know how to improve your business.

For example, the first MVP will tell me more about the customer behavior. I will test if the customer will prefer to rent per hour or per day.

In this way, my MVP would be the payment proposal. I will ask the client which one they prefer

I also want to test the pricing of the rental.

On the proposal itself, I will tell different clients different prices. And see if they actually rent or not.

You can have a lot of test in the first MVP to test several assumptions.

Record your data Based on your first batch, you have to record your data.

Analyze the data and release an improved version of your business. See if improvements are causing a change in customer behavior. Should be observed in second batch of data.

USE kanban system to improve the product

Make small 3 A’s reports

FEEDBACK TIME Send us your data for each batch time so we can help you draw conclusions on your data

PERSEVERE or PIVOT This is the point at the end of your internship. After one month, write a report whether to persevere or pivot.