On 9th May, the "International MBA":http://en.eae.es/full-time/international-programmes/international-mba students had a special day as part of their Leadership & Management Skills course: in the morning, they learned about entrepreneurship from a guest speaker Paul Mestemaker, an entrepreneur in the Tech Industry connecting from Silicon Valley via video conference. He gave an inspiring talk about career choices, developing the right set of skills and the Lean Start-up.
Afterwards, the students were given the following task: make as much profit as possible in 3 hours starting from 5 euro bootstrapped capital! They sold their hearts out, begged and cheated! One generated 31 euros profit by selling lotery tickets to more than 100 people in the school. We learned that execution is far more important than just having an idea.
The winning team, though, was the one who convinced a restaurant owner to buy a potential application they would develop. They were the winners because they applied all the principles of Lean Startup: Identify a problem to solve by closely observing the world around you, then develop a MVP (minimal viable product) and sell it before actually developing the product. They said they are seriously considering going ahead and launching this business.
Impressive what young entrepreneurs can come up with in 3 hours if given the right challenge!
Written by Alexandra Stoian, Lecturer at EAE Business School and Learning & Talent Specialist at Unilever Spain.