Sri Lanka 2013 Lecture 2 Lets talk about

Sri Lanka 2013 Lecture 2 Let’s talk about entrepreneurship http: //aiti. mit. edu

Sri Lanka 2013 I had a dream last night……

Sri Lanka 2013 Guess who appeared in my dream…. Anyone want to guess what he said?

Sri Lanka 2013 You are no longer students. … You are entrepreneurs!

Sri Lanka 2013 So I put on my entrepreneur hat and had a great idea

Sri Lanka 2013 So I put on my entrepreneur hat and had a great idea

Sri Lanka 2013 I like cricket…. esp India-SL matches

Sri Lanka 2013 But I don’t know how to play it

There must be others like me. What if I started a chain of schools in SL for girls to learn to play cricket Sri Lanka 2013

Sri Lanka 2013 Do you think this is this a good business idea?

Sri Lanka 2013 Do you think this is this a good business idea? What is the market - Size?

Sri Lanka 2013 Do you think this is this a good business idea? What is the market - Size? Determines revenue potential - Growth?

Sri Lanka 2013 Do you think this is this a good business idea? What is the market - Size? Determines maximimum revenue potential and scale - Growth? Determines long term revenue potential - Market share? Determines near term revenue potential

Sri Lanka 2013 In short… An entrepreneur makes things that LOTS OF people WANT TO USE. (Read this ten times)

Sri Lanka 2013 Break Time Take a 5 minute break.

Sri Lanka 2013 Let’s Talk About Our Problems: Part 1 Count off 1 to 4 Form Groups In 10 Minutes: Each person—Pick one idea from your problems list. Try to convince the group to pick your problem to solve by designing a mobile app. Each group—Discuss and unanimously select one problem to solve. • You will have to get investor funding; select carefully. HOW PERSUASIVE CAN YOU BE?

Sri Lanka 2013 Let’s Talk About Our Problems: Part 2 Do you know what crowdfunding is? Setup—Each person in the room has 10, 000 Rs. Team Goal—Crowdfund your idea. In 15 Minutes—Prepare a 3 min. pitch on why your idea deserves our money. Winner—Team with the most money REMEMBER, CREATIVITY WORKS WONDERS

Sri Lanka 2013 Let’s Hear About Your Problems Before Presentations—Everyone move to last 2 rows While Presenting—Be loud! If people can’t hear you, you won’t get any money, so be clear, loud and effective. After Presenting — 1 min for questions SHOW US WHAT YOU’VE GOT

Sri Lanka 2013 Who gets the money? Goal—Decide how to invest your 10, 000 Rs. to max your return. Time— 5 min How—On a piece of paper – Write how much you will give to each team (anonymously) Rules—Invest all, unequally – All investees have to all get unequal amounts – Feel free to give zero to any ideas that you think do not have potential to multiply your wealth – You have to invest the full 10, 000 Rs. THINK LIKE AN INVESTOR

Sri Lanka 2013 And the winner is………. APPLAUSE to our first entrepreneurs

Sri Lanka 2013 Let’s talk about the pitches Why do you think they won?

Sri Lanka 2013 Entrepreneurship Homework Complete Session Surveys • Sent via email; fill out today Select Top Problems • Compiled list sent via email this morning • Check off the 25 most compelling • Top problems and names to be shared Friday Prepare for a Discussion • You are an investor with one lakh Rs. You want to invest in a company • Which one? How do you decide? Create list of criteria for investing. • Be ready to discuss your criteria tomorrow

Sri Lanka 2013 Tomorrow’s Schedule • 9 am-12 pm: Entrepreneurship Session • 12 pm-1 pm: Lunch • 1 pm onward: Technical Session