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SPOC Essay Module 1

The essay discusses the challenges and learning experiences of an aspiring entrepreneur, focusing on the protagonist's journey to develop a peer-to-peer rental app. Key mistakes identified include the lack of customer validation, insufficient entrepreneurial knowledge, and premature pursuit of investors without a viable business model. The importance of networking, mentorship, and demonstrating measurable progress is emphasized as essential for increasing the chances of success in entrepreneurship.

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3 views

SPOC Essay Module 1

The essay discusses the challenges and learning experiences of an aspiring entrepreneur, focusing on the protagonist's journey to develop a peer-to-peer rental app. Key mistakes identified include the lack of customer validation, insufficient entrepreneurial knowledge, and premature pursuit of investors without a viable business model. The importance of networking, mentorship, and demonstrating measurable progress is emphasized as essential for increasing the chances of success in entrepreneurship.

Uploaded by

b00814077
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SPOC- Introduction to entrepreneurship - Essay Module 1

When someone wants to become an entrepreneur there is an incommensurable


number of things that he has to take into account before even starting to launch
anything. In fact, starting an entrepreneurial trip and trying to become an
entrepreneur is an exhilarating yet challenging labour, filled with potential pitfalls and
traps, learning opportunities and a certain risk that make the experience exciting.
In the storylines presented in this first module, our protagonist, an ESSEC’s
student (me), tries to convert a late-night idea into a lucrative peer-to-peer rental
mobile app for students. However, the journey took an unexpected turn during a
meeting with an analyst from a prominent early-stage investment fund. Examining
the situation through the optic of fundamental entrepreneurial concepts, several
mistakes can be detected and valuable improvements can be made following the
first module of our course.

Firstly, one of the most striking errors of my approach was the absence of customer
validation. In the constantly changing landscape of startups, understanding and
addressing the needs of the target market is of prime importance when you want to
launch a startup. The analyst rightly pointed out the lack in customer validation,
underlining the importance of grounding insights about market needs. And by
adopting Lean Startup principles, emphasizing the Build-Measure-Learn loop this
mistake could have been reduced. By talking to lots of customers, doing surveys, and
checking if people liked the idea, I could have learned important things, improved the
idea using feedback, and made a better case to show to potential investors because
it's crucial to understand what people want .
But that's not my only mistake, an additional significant misstep was the pursuit of
an entrepreneurial dream without rudimentary knowledge about how to do it. Even
though we understood that I was very passionate and had a brilliant idea I clearly
lacked fundamental entrepreneurship education. And this can affect the effective
decision-making and the strategic planning. That’s why we understand that the
analyst's recommendation to enroll myself in entrepreneurship courses is a pertinent
one. And although we know that there is not a complete list of characteristics that
are needed to be an entrepreneur. Acquiring knowledge about startup strategies,
market analysis, and customer development is essential for navigating the
complexities of entrepreneurship. It would be very beneficial for me to attend online
courses, workshops, and educational resources that can serve as valuable tools in
equipping aspiring entrepreneurs with the skills needed to build successful ventures.
Because, of course, following entrepreneurial methods significantly increases the
likelihood of success.

Also the fact that I did not use all the opportunities at my disposal like the
mentorship or the incubator was a missed chance to tap into valuable support
networks. Incubators, like the one available at the ESSEC’s campus, provide not only
resources but also coaching, workshops, and invitations to entrepreneurial events
that surely help to develop an entrepreneur mindset. The analyst's suggestion to
apply to the Essec incubator aligns with the idea of surrounding oneself with a
supportive ecosystem. Engaging with an incubator early on can accelerate the
learning curve, provide essential guidance, and foster a network of like-minded
individuals who share similar challenges and triumphs.

I also made the mistake of looking for potential investors before the usual time and
without even receiving any confirmation for the business concept. Investors naturally
avoid any source of risk and want to invest in something that sounds sure. They seek
evidence of market demand and a viable business model before committing funds.
In this case, I should have prepared an MVP (Minimal viable Product) before even
talking about investments in order to make my approach much safer. Entrepreneurs
can use this iterative process to test their assumptions, collect feedback, and
enhance their offerings based on real-world insights. Embracing agile development
methodologies and taking a metric-driven approach can enhance the credibility of
the startup in the eyes of potential investors.similar challenges and triumphs.

Everyone knows that trying to build a startup alone can be tough. I could improve the
research in Finding co-founders because they sure can help with a new wave of
external ideas in order to make the startup evolve and help it going forward. The
analyst recommended enrolling in an opportunity development course and searching
for motivated co-founders. Success in entrepreneurship often involves working
together with people who bring different skills and ideas on the table.
Strategic networking is another aspect that cannot be overstated in the
entrepreneurial journey. In our case, the analyst accurately encourages the
entrepreneur to build a network within the entrepreneurial community by attending
some events, participating in different sessions of networking, and leveraging online
platforms. All these actions and involvement can lead to valuable connections,
mentorship opportunities, and potential partnerships or even some co-founder
relationship too. That’s why I clearly need to pay more attention to it.

Another thing that I could enhance is the metrics displaying : in the startup world, the
numbers you achieve and the results you show matter a lot. Demonstrating
progress and positive results not only attracts investors and launch a fundraising but
it also matches the analyst's advice to create a sample, test it with customers, and
get good results before seeking funding. An attractive metric is therefore super
important in order to make your startup a vitrine of qualities and good points. This
approach reduces risks for investors and boosts their confidence in the
entrepreneur's ability to make their idea successful.

To conclude, starting a business is full of challenges, and mistakes are part of


the learning process. Looking at this story, we see the importance of checking
with customers, having the right knowledge, networking, and showing good
numbers early on. By focusing on these basic concepts, an entrepreneur can
navigate the startup world better, increase the chances of success, and make
their venture more appealing to investors. And If I really want to be a smart
entrepreneur, I better take the potential of failure into account so that I can manage it
as part of the process. That’s why my opinion about entrepreneurship is that it is
something really complicated. And even though success is the thing that every
entrepreneur is looking for, if the startup doesn't succeed and goes bankrupt, the
entrepreneur can persist. Many times, success involves enduring failures and
gathering valuable lessons along the way.
I will finish by saying that just the fact of getting started and to launch something is
admirable if we think about the fact that no one would be able to predict whether
you would earn any money, and how much people prefer the stability of being an
employee rather than the insecurity of entrepreneurship.

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