Entrepreneurship Skills for Engineers Essay Example | Topics and Well Written Essays - 500 words

Entrepreneurship Skills for Engineers - Essay Example Learning-based model minimizes time through a learning loop. The intention of the lecture to engineers and innovators is to preserve resources and make best uses of them while making discoveries. Business plan or business case serves as an executive summary of the highly detailed business plan. It gets an entrepreneur out of the building and tests the concept of the market. A detailed business case envisions benefits over a reasonable period that outweighs costs and risks. The weak business case does not justify moving forward with a comprehensive business plan. It renders it challenging to estimate the return on investment. Commercializing an idea involves building, measuring, and learning. The building is turning ideas into products. Measuring pertains to customers’ response to the products generated. Learning results in the decision made on whether to pivot or persevere. Innovation intersects invention and market insights. In essence, it is the process of changing ideas into products while market insight is identifying customers’ needs in the market. Innovation may also involve improvements on an invented product to improve acceptance in the market. The presenter outlines various steps to the nail it then scales its process. There are five distinct stages. First, nail the pain. Second, nail the solution. The third stage involves nailing the go-to-market strategy. The fourth stage involves nailing the business model. The fifth stage is to scale it. Nailing the pain is identifying the problem and the possible solutions. Nailing the solution is selecting the best solution to the problem. Nailing the go-to-market strategy involves marketing of the idea or product and evaluating the perception of potential customers. The business model has several sections that require an address. It ends at the completion of the business plan. Scaling the business entails knowing the potential competitors and determining the size of the business. Business model canvas has nine  key factors that a business must have.