The first Lean Start-Up Training shifted into full gear with ORT JET and ORT JET mentor and Aquaspresso owner Michael Harf, at the elegant Deloitte offices.
Michael split the participants into 4 separate groups to work on business case study sessions, where they had to create a business plan for a grocery delivery business. Groups named themselves ‘Kachisa Groceries’ who targeted the rural market, ‘Groceries4U’ and ‘GroceriesToGo’ who focussed on personalised deliveries, and ‘Wholefoods2U’ who had the idea of delivering groceries from specialised farms within a certain timeframe. Michael discussed these findings and the failed company ‘Webvan’, a grocery home-delivery business which went bankrupt in 2001. He gave the groups training with his ‘Lean-Canvas Creation’, using given criteria to stress-test their business ideas. This had a profound effect on the way the businesses viewed their ideas.
Some gems from the training:
1) Three vital questions entrepreneurs should ask: is there a market for the product/service, does the market want what is being sold, and how can that market be reached?
2) Passion; friend or foe: Passion is great, but it can be dangerous. Don’t let it cloud a vision.
3) Facts and assumptions: Don’t assume something is a fact if you are not sure. The validity of assumptions must be checked out.
After lunch, the businesses presented their business ideas and it provided a fantastic, brainstorming and sharing platform. This set the stage for the speed-mentoring session that followed with over 20 ORT JET mentors.
The following day, Michael gave a crash course on website pages and key search words and terms, including how to take your business to market, the perfect pitch, cost versus value and top reasons start-ups fail. This was all in preparation for pitching to the investor panel, made up of Ran Neu-Ner, Daniella Nerwich, Harael Salkow and Adrienne Hersch. The pitches were fantastic and well done to the businesses that made good contact with the investors.
Can’t wait for the next lean start-up!