University Entrepreneurship Event: A Lean Startup Reflection

This assignment is a reflective journal entry detailing a student's experience at an entrepreneurship development event centered around Eric Ries's "The Lean Startup" model. The reflection covers the event's content, including the core principles of the Lean Startup, such as vision, steer, and accelerate, emphasizing the importance of customer segmentation, market research, and sustainable business practices. The student discusses their learning outcomes, highlighting the event's impact on their understanding of entrepreneurship, including the importance of self-assessment, capital budgeting, and the development of business goals. Furthermore, the reflection incorporates personal insights, linking the event's teachings to personal and career development, and demonstrating an understanding of key entrepreneurial concepts like key metrics, customer segments, revenue streams, and cost structures, while also touching upon leadership, communication, and decision-making skills. The student emphasizes the value of the event in shaping their entrepreneurial mindset and providing a foundation for starting a new business.

Entrepreneurship
Entrepreneurship
Name of the student:
Name of the University:
The title of the event:
The date of the event:
The organizer & presenters of the event:
The location of the event:

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Ries has established the concept of Lean startup model from the knowledge and experiences he
gained. This model is focusing upon some advises which are essential for the development and
to start a new business in the as an entrepreneur or as a founder. The event was based on the
entrepreneurship development and there I was taught about the “The Lean Startup” by Eric
Ries. The theory which was taught by the presenter was very effective and the presentation was
well designed. The event gave me the idea of a new startup business and how we can learn from
a business and how these ideas make the business decisions more efficient and valuable. The
mysteries of the entrepreneurship development and the criteria related to a startup business id
reveled in the event with the help of the Ries’s Lean Startup Model. The way through which the
development can be made in the processes of starting new set up is revealed in an efficient way
so that the innovative ideas can settle down the situations of the business. I may call it the
revolutionary idea of the world of business and industries. The concept deals with the business
enterprises who are new and who have just started their business and also deals with the
consumer preferences and the effectiveness of the organization.
I have learned that entrepreneurship is the management. The Lean startup model which is
emphasizing upon the new startup of a business is the concept which is essential and imperative
to develop new business. With the well sound infrastructure facilities, technical support and
disciplines the business can be well structured but there should be effective plans and strategies
which will make the business efficient. The learning gave me the knowledge about how to
define and state that what kind of business have to start. The proper identification of the

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problems of the people at first has to understand to make to attempt next steps. After analyzing
the problems through proper observation about the problems of the community the next step is
to enhance some ideas and plans which will reduce the problems through some innovative ideas
and activities. The management is here which will assist the people with the give and take
policy. The new business should be a sustainable business and the entrepreneur should think
about the long term goals rather than the short term profits. Customer segmentation is another
step and activity that should be made by the expert to target their potential customers. The
segmentation should be based on the potential of the customer. I will be more effective in the
time while I will segment my targeted customers. I will also try to make some innovative idea
that will create the attention in the mind of the people. The market should be researched first as
per the result the innovative idea and plan will be implemented. The book written by the Ries is
evolving three concepts which are vision, steer and accelerate, it means that the vision always
should develop the sustainability in the business and there should be strategies based on the new
innovation and that will help in the critical situation. The proper assessment of the business and
risk measurement technique should be there. The scientific experiments also should be there.
The second part is the steer which emphasizes upon the test and detail analysis. This thing
taught me about how to cry out for difficult testing. The third technique is the acceleration. It
defines the exploration of the techniques to enable efficient organizational design and to make
the start. In the accelerate phase I have learned that how to increase the speed through feedback
loop. The strategies to make the growth in the business and in the product also can be explored
in this phase. After introducing a business the learning and the knowledge should be gained by

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me so that the proper and effective validation can be implemented and the business should not
only based upon earning profit and business expansion. The business should be based on the
ethics and discipline and the sustainable development should be there. I have learned about the
measurement technique and how to calculate the progress and how to set he mission, vision and
the milestones of the business. The way by which the prioritization in the work can be achieved
is learned. The key components which have the strong effect upon the business those are the
strategy, plan, and the market research. Without these key components the business cannot
achieve the growth and the startup become fail. If the entrepreneur realizes that the startup is
going to face some certain problem then they should analyze and study well so that the
upcoming threat can be solved. At the very first stage of the event I was wonder and eagerly
waiting for what I will be learning nut gradually the event taught me the ways through which
the development can be introduced in the business through proper method and strategies. In the
event I heard some terms those are very important in the settlement of the entrepreneurship
development and these are the core factors which are related to the functions of a business like
the key metrics of the business, customer segments, and revenue streams. The channels have the
essential role, through which the advertisements and the positioning strategies are implemented
can be developed. The cost structure has to define in a way that reduce the liabilities of the
business and expand the assets.
The other people usually observe that the people are facing certain problems but I will
make the proper observation upon it to create a suitable way which can reduce the problem of

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the people and the people also will be benefited after the attempt. I will seek the way through
which the settlement of the problem also opens the way for me to start a new business and to
make a new plan. The innovative idea will be there to create something new. I have learned that
how the new business startup will reduce the certain problems of the people and also create the
attention in the mind of the community. At first I have to make the self-assessment that what
strengths I have and what weaknesses I am possessing. After recognizing powers and
weaknesses then I will take the step which will obviously create a new startup with innovative
ideas. The self-assessment is very much necessary thing to select the right path. After the event,
I have understood that how to calculate the capital budgeting and the working capital which is
going to be deployed for starting a new business. The knowledge, experiences and the learning
which I have gained will obviously help me a lot to create a new and innovative one. The Eric
Ries’s idea will assist to make the business idea and to make the business more sustainable. I
will find innovative and creative steps which will assist me to create the strategies to implement
in the business. I have learned that how to make knowledge from the incidents of real life and
how to handle the critical situation with the help of own intellectuality. I have learned how to
make the decisions in the critical situations, how to choice the right decision among lots of
ideas, how to tackle the critical situations, how to make good communication, how to increase
the leadership power and how to motivate people. the goals of the business as well as the
mission and the vision also should be developed wqhile doing the plan for a new startup. The
book is really the best book for the entrepreneurs who are going to start the new business.