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Lean Start-up: Minimum Viable Product/Business

On 26th August, 2022 KC Group of Institution Organized a webinar on "Lean Start-up & Minimum Viable Product / Business" on 26 August ,2022 at 11:00 am on Microsoft Team Platform, in which all the Faculty Members and students of KC Group of Institution participated. Chandrashekhar Singh who is a Motivational Speaker and Business Coach, New Delhi was the key Speaker Of this Event. The Program began with a warm welcome address from Dr. Rashmi Gujrati (Director, KC Group of Institution). It was then followed by speech from Mr. Vivek Parihar (Campus In-charge) who spoke about the Entrepreneurial spirit of few College Students and Staffers. Dr. Mithlesh Sharma, Principal of KCGR&PI spoke about the importance of the chosen topic and said entrepreneurship is the need of the hour. KC Group of Institution was very fortunate to have Chandrashekhar Singh, a man with a wealth of experience in the filed of entrepreneurship, and acting as a business coach and a renowned Motivational Speaker as a resource Person. The Webinar began with him defining the term Lean-startup and entrepreneurship. He stated that entrepreneurs work for the betterment of society. Passion, commitment, leadership skills and the ability to teach are some of the characteristics an entrepreneur should have. He laid emphasis on the birth and importance of novel ideas which can lead to the creation of wealth for themselves and the society. An entrepreneur should also be a good mentor to guide and lead a team of people, as well as having multifaceted knowledge of the enterprise because the business environment is always changing and a need to adapt to the current situation is paramount. There is also a need for funding the entrepreneurial endeavor which may be sought from government and private institutions, angel investors and through personal funding. The primary goal is to develop the idea into a practical implementation. He Said a Minimum Viable Product (MVP) is a concept from Lean Start-up that stresses the impact of learning in new product development. He also said an American entrepreneur, Eric Ries, defined an MVP as that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort. This validated learning comes in the form of whether your customers will actually purchase your product. He Further said that the primary benefit of an MVP is one can gain an understanding of one's customers’ interest in the product without fully developing the product. The sooner one can find out whether the product will appeal to customers, the less will be the effort and expense on a product that will not succeed in the market. He then went ahead to explain the difference between Proof of concept, Minimum Viable Product and Minimum Marketable Product. He explained it with the help of an example of a Pizza chain. He also explained in detail about the Business Model Canvas. Finally, after the end of his presentation, he answered the questions posed by participants.