WEEK 7 :  What is 

Main Ideas and Topics of the Week:

This week we learned about two business techniques: lean start-up and business model canvas. Often social entrepreneurs need to create new enterprises or organizations knowing these two techniques can help in creating a successful business.

Lean start-up is a method for developing business and products. The founders of lean start-ups don’t begin with a business plan; they begin with the search for a business model. It has three main parts.  First, rather than engaging in months of planning and research, entrepreneurs accept that all they have on day one is a series of untested hypotheses—basically, good guesses.  Second, lean start-ups use a “get out of the building” approach called customer development to test their hypotheses. They go out and ask potential users, purchasers, and partners for feedback on all elements of the business model, including product features, pricing, distribution channels, and affordable customer acquisition strategies. Third, lean start-ups practice something called agile development. Agile development eliminates wasted time and resources by developing the product iteratively and incrementally. It’s the process by which start-ups create the minimum viable products they test.

The business model canvas is a visual chart that helps new and existing businesses document their value proposition, infrastructure, customers, and finances. It displays trade-offs and helps align activities. By using it, social entrepreneurs can recognize or create social innovations that maximize impact.

Reflection:

The video I enjoyed most this week was the TedX talk by Llusi Pareras. He said that he gets a bad reputation because he suggests that it is not only possible but more people should be getting involved with solving world problems and making money while doing it.  Honestly, at first I was put off by the idea, but then he said, “Some people think these two worlds shouldn't be reconciled. They say, Lluis, you're corrupting the soul of the social sector by bringing in for-profits into it. I say, look, the problems we're facing are massive in scale. Don't tell me about the soul. Don't you dare. Tell me about solving those problems. Let's put everybody to the task, for-profits and nonprofits to make things better.”

His thoughts allowed my brain to see solving problems in a new way. When there are more problems than resources, we have to be willing to solve problems while still being able to make a wage and take care of our personal financial needs. If we don’t, we either see problems as too big to fix and do nothing or don’t choose to help because we don’t have the means that we believe will make a difference.  

Writing Prompt:

How can sharpening your business skills help you help others? What skills are most important?

 

I thought of three business skills that are transferable to helping others not only in business but in everyday life.

1.    Time management

2.    Conflict/Resolution

3.    Effective Communication

 

In the professional world, employees are taught to practice good time management in a lot of different ways. Some of which include the creation of time-bound goals and allocating a specific amount of time to complete various projects. I can use this skill to help others make and set goals for themselves and be accountable for their time.

 

Conflict resolution is an incredibly effective business skill. With this skill, people can learn how to bring an end to disagreements and their resulting tension in order to ensure that the workplace does not become hostile or unproductive.  This skill reminds me of Fabio Rosa who we learned about in week three.  If he didn’t have conflict resolution skills, he never would have had the success he did.  He was constantly overcoming insurmountable odds while conflict ensued between him and the Brazilian government.

 

Having effective communication skills can limit miscommunication in the office setting, thereby making the daily operations of the company smoother and more productive. But being an effective communicator isn’t only best used in business.  This skill translates to everyday life.  Being able to express your ideas and thoughts in a way people understand and then tell others what you are hearing them say keeps relationships healthy and strong. 

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