Self Discovery

Overview

  • Identify your “flow” activity
  • Identify your means using the effectuation principle, Bird-in-Hand
  • Develop an entrepreneurial mindset by understanding the other four effectuation principles – Affordable Loss, Lemonade, Patchwork Quilt or Crazy Quilt, and Pilot-in-the-Plane
  • Identify your potential entrepreneurial style using the 5M model

Session 1: Finding Your Flow (CORE) - 2 Item[s]

Flow: A person is said to be in state of flow when they do something they love.

  • Person loses track of time
  • Get immersed in what they are doing
  • Need not to be pushed by someone to do it

NOTE: Flow is not Leisure. Ex: Ordinary person is not in a state of flow when he listens to music (It’s not work, but break), where as a musician who loves music is in flow as he is learning, growing, and improving his/her skills. It’s work which he loves.

=> Love and Passion are must. Flow or passion helps you persuade people to invest in your business.

! [[ 12915980_1573123223.pdf ]]

Session 2: Effectuation - I (CORE) - 3 Item[s]

By Dr. Saras Saraswati

What is it?

  • A set of common sense principles that entrepreneurs apply to face challenges
  • Focuses on what is doable as against pre-determined goals
  • Framework to make decisions
  • Mindset and practical approach to become an entrepreneur

What is it not?

  • It is not a formula
  • It does not imply entrepreneurs don’t plan

Principles

# Principle What it means
1 Bird-in-hand Start with your means
2 Affordable Loss Focus on the downside risk
3 Lemonade Leverage contingencies
4 Patchwork Quilt Form Partnerships
5 Pilot in plane Control vs. predict

Examples

  1. Nerdy Academy - Home Tutoring Services (Raipur, IN) Lacked: Technology ot create app + No Funding

    They connected school students with college students as a one-to-one offline service. Today they are global.

  2. Agilyx - Extracts crude oil from discarded plastic waste (US) Founder Kevin used his knowledge of chemical industry and started small basic “No Frills” Recycle unit. He thought what could he affor to lose?

  3. Chef - Potato chips When people complained about his fries being thick, he made it very thin and cooked potato chips.

  4. Paypal Partnered with Mastercard to form VeriSign Partnered with Discover networks

  5. Roos Production Started Dress-your-doll where kids could make clothes for their dolls themselves. Seized the oportunity and created a company over this idea.

! [[ 12916002_1573123246.pdf ]]

Session 3: Effectuation - II (FLEX)

! [[ 12916004_1573123247.pdf ]]

Session 4: Identify Your Entrepreneurial Style (FLEX) - 7 Item[s]

Styles of Entrepreneurship: ! [[ 12916021_1573123263.pdf ]]

First 3 are done. Rest 4 are left.

Session 5: Team Formation (CORE) - 2 Item[s]

! [[ Found-ENG-L1S5-STUHANDOUT-Form_Teams_and_Assign_Roles-Framework-Jan152020.pptx ]]

Second Handout Missing…