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Discussion. Can you rephrase this top? We did  on campus class about start ups and I need to submit summery. This topic submitted by my classmates. I need from you to rephrase it. If you have any questions let me know.
Entrepreneurship

The class kicked off with the introduction on how a product idea can be turned into a company. Most of the startups fail to turn that product idea into a company. It is critical to learn from those failures and improve the next time. It is also important to leave the comfort zone, take risks to achieve success.
The main topics that discussed in depth during the class were:
• Ideas
• Execution and Growth
• Pivoting
• Building and Sustaining a Team
• Intellectual Property
• Capital

The idea selected doesn’t necessarily have to be unique. If it’s not unique, that means another set of people have already done the ground for you to launch. As an entrepreneur you can use the same idea and improve upon that. For example, GE didn’t invent the CT machines but delivered world class ones. Facebook didn’t introduce us to the social media but uprooted the industry with its product.

Professor defined entrepreneur as a person who organizes and operates a business or businesses in the presence of extreme uncertainty, taking greater than normal financial risks in order to do so. He himself started his journey by inventing digital colorization in the 80s and changed the process forever. The key principles that he followed were:
• Identified the trends in the market
• Recognized Opportunities
• Exploited the experience
• Took Risks
• Looked at existing technologies
• Engaged the customer base

The process to follow test your idea or hypothesis is to follow learn, work on ideas, build a prototype, test the product, get feedback and work with the data points. This process will help anyone to adapt and launch their company. One this is done; The next steps include:
• Identify the customer base and product/solution.
• Time to start growing and sustaining a team
• Use minimum number of people

Hiring and sustaining a team is not simple for a startup. Some of the inputs that can help are as follows:

Hiring for Your Startup
• Job descriptions are essentially meaningless in a startup.
• Not every job is full time at a start up
• Look for 10xers, don’t hire by consensus
• Hire for culture add, not for culture fit.
• Hire organically by stressing the system. Do not anticipate need.
• False positives = OK but false negatives are not
• Existing trust and loyalty are fleeting qualities. Build new
• Don’t hire anyone you cannot fire

Sustaining Your Team Brain Test
• Employees need to understand that they will likely need to wear many hats. Expectation is essential.
• Make sure team members feel ownership in the success of the startup
• Provide vested equity to essential team members
• Fire fast and move on

In conclusion, this workshop really helped in understanding how one can reach greater heights by just starting out with a product idea to building a successful company

  
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