Last week, students learned about business model creation and its relevance in entrepreneurship. Most importantly, they connected and replicated what they had learned in a practical situation: that business models could actually solve some of the issues which they are currently facing. In Week 3, students looked further into another concept of entrepreneurship: Venture Gestation and Death Valley.
Dr. Goi likened the venture gestation to the period of pregnancy; as in that entrepreneurs might face some difficult situations, which might need professional consultation, and after which, they can make a decision which is believed to be most beneficial for their business ideas. However, for business models, besides ideas, feasibility is also essential. Hence, students tried to detail their business model this week and now, they have to ensure that they have the knowledge and skills to make it feasible. With the help of this week’s case, the gestation problems encountered by an entrepreneurial team of students, Dr. Goi shed the lights on how to test the feasibility and profitability of business models. Students also realized the importance of skills during their trial execution of their business models.