Week 3 of New Ventures Studio and our young entrepreneurs are getting out of the building! And let's be honest - it's bloody tough out there.
The week so far has been an interesting one. The group was tasked with coming up with a set set of hypotheses around a problem or need that they (as individuals) want to carry through the remainder of the course and into the business world.
First things first we asked them to come up with a potential Target Market where the "Pain" is currently being experienced; populating a Business Model Canvas with their assumptions. Then we asked them to "get out of the building" and start talking to people, experts, allowing conversations to flow with open-ended questions that ultimately lead the Entrepreneurs to finding out exactly what it is going on with that market on a repeatable basis.
Our only warning: Resist the temptation to talk about pre-conceived ideas and "solutions" - no matter how perfect they looked on paper a couple hours before. If the the product or service you have already come up with addresses the pain a market is experiencing; you can be sure it will come out through an effective interview process.
On Wednesday we held our first catch-up sessions. "Tough Love" was the theme for the day as the entrepreneurs were introduced to Marlene Wilson in the morning session - a straight talking, no-frills Life Coach and Journey Practitioner who challenged each individual on a primal level to journey back to the self.
Self development has been integral to the process so far and with customers, experts and competitors giving feedback that often may not have been expected - managing expectations is part of the deal. It certainly has been (and will continue to be) a baptism of fire in the New Ventures Studio, and I'd like to commend all participants for putting egos aside and committing wholeheartedly to the processes in front of them.