18BCB0107 – SHASHVAT NAWANI

MGT 1022
LEAN STARTUP MANAGEMENT

DIGITAL ASSIGNMENT 1

Submitted to:
Dr. Suraj Kushe Shekhar
Department of Technology Management, SMEC, VIT Vellore

Slot-TE1

Submitted By: Date: 1st March 2021

SHASHVAT NAWANI
(18BCB0107)

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QUESTION:
All lecture videos are recorded from day 1. It will be available for download in MS
teams till 20 days from the date of upload.
Students are directed to listen to these videos (in case you have missed the classes or
any crucial take homes from my sessions) and present a brief summary of the sessions
covered [in this month] by the instructor in min 1000 words and max 2000 words.
Your Assessment 1 has to be uploaded on 1st March 2021 only in VTOP.

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I. Summary of Lecture 1:

Management:

• Management is essential to an orderly life and it is necessary to use all types of

management. Good governance is the backbone of successful organizations. Managing
health means making things happen to achieve health goals and managing an
organization means making things happen and using other people to achieve its goals.

• Whether management is an art or a science, will continue to be a debate. However,

most management thinkers agree that some form of formal education management
system contributes to effective governance. Generally, all CEOs receive a university
degree. Therefore, the reason for including business degree programs in all educational
institutions.
• In a changing world, management is a problem-solving approach to effectively
achieving organizational goals through the efficient use of scarce resources. It is a way
of making things human and using efficiently as a powerful source. Subsequently,
various administrative disciplines, such as the internal VIT, from the Councilor, Vice
Chancellor, Pro VC, Registrar, Dean and various existing departments of the college, as
well as the internal management structure such as the Head of Department, Vice HOD,
staff members and students from all branches be it technology or management.
Management can be called human art / science because it takes a different skill to
manage people who may have different skills to do the job for you.

• Principles/Functional areas of Management discussed:

P-O-D-S-Co-R-B (PODSCoRB)
o P - To Plan
o O- To Organize (includes Work Break down Structure, dividing work into
chunks and achieving objectives one at a time)
o D – To Direct
o S – Staffing (To find the right person for the job)
o C – Controlling people working as a unit to achieve the set
benchmarks. R – Reporting the completed work to the
subordinate
o B – Budgeting
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• Domains of Management
o The various domains discussed in management were as follows:
o Marketing
o Finance
o Human Resource Management
o Systems
o Operations (like Logistics and Supply chain Management)

Start-up:

A startup is a young company founded by one or more entrepreneurs to develop a unique

product or service and bring it to market. By its nature, the typical startup tends to be a
shoestring operation, with initial funding from the founders or their friends and families.

What is Lean Startup?

Eric Ries coined the term ‘Lean Startup’. Reliable implementation is a market setting and
product development approach that seeks to reduce product development cycles and quickly
assess whether a new business model is viable by incorporating hypothesis-driven business
evaluation, product-based product presentation, and validated learning. The stand-alone
initiative supports the production of goods that customers have already shown interest in,
ensuring that there is a need before a low-cost product is released.

Dependent startups are a clear set of building and design principles starting under limited
resources and great uncertainty to build their businesses with flexibility and low cost. It is
based on the idea that entrepreneurs can formulate their own clear ideas about how their
business operates transparently and mentally evaluate it.
A powerful test to remove / confirm these assumptions and gain an insights into the business
model of new businesses, and in doing so, new businesses are created repeatedly in a loop -
read-learning loop. Therefore, a small start is a set of principles for learning business and
designing a business model.
Specifically, it is a set of design goals that are intended to learn through experience under
uncertainty about how to engage.

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Usually, a small startup focuses on a few key principles:

• Find the problem that needs to be solved, and then explain the solution.
• Involving the first recipients to secure the market.
• Check and test for small, fast repetitions.
• Create work, measure customer feedback, and validate / refute the idea.
• Decisions based on evidence of when to “hit” by changing your course.
• Increase efforts for speed, learning and focus.

II. Summary of Lecture 2:

In lecture 2 we got to learn about eminent personalities and leaders of various startups
like Jack Ma, Arunachalam Muruganantham, and Karoly Takacs.

Kakoly, a Hungarian Pistol shooter and a sergeant in the army, who with his right hand was
seriously injured during a hand grenade during training, became the first shooter to win Olympic
gold medals in a 25-meter sprint fire, both with his left hand in 1948 and 1952. He proved
himself a good example to his competitors who shot with his right hand but Karoly Takacs
trained hard with his only hand.

Arunachalam M, a native of Coimbatore, Tamil Nadu, is the founder of a low-cost hygiene

program and is said to have created low-cost alternatives in rural India to raise awareness of
unhealthy menstrual cycles, giving millions of women in her country and around the world
access to hygiene. Her equipment created job opportunities for local women and accomplished a
job that could have been done by a $ 10000 machine to make world-class sanitary pads for
women. He started with the idea of helping women when he saw his wife and the community
burdened with the stigma of hygiene.
THINK BEYOND EVERYTHING- He would not like to extend his item as a money-
production machine, and his sheer conviction changed Pari's mentality towards making our
general public maintainable and liberated from issues. As a school dropout, Muruganantham
presently runs an organization in Coimbatore in the southern province of Tamil Nadu, providing
ladies with sanitary pads in 4,500 towns and giving innovation to his minimal effort cleanliness
items to 19 different nations.

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Jack Ma, a Chinese businessman and former English teacher, founded Alibaba Group, one of
the world's largest commerce companies, with a group of people and a total
$ 20,000 he raised with his wife. He is the first Chinese businessman to appear on the cover of
Forbes magazine. At $ 29.7 billion, he is the richest man in China and the richest man in the
world at 18.
Try not to Complain: Look For Opportunities Jack Ma once said he felt that individuals who
grumble botch openings. Also, it should be said that he is totally correct. Without a doubt,
openings are wherever however considerably more so when you experience impediments on
your way.
Have Passion: Work Hard By noticing the business visionaries of Silicon Valley, his enthusiasm
just developed further and he quickly knew in which course he should go with his future
organization Alibaba.

Important lessons learned from his life experience are:

a) Get used to the fear of failure and rejection when he remembers an anecdote in which he
applied to work for KFC, a popular chicken restaurant, and was the only one rejected
among the 24-person pool to apply. He also mentions the times when he was denied
access to the prestigious Harvard University
b) Jack Ma recounts all the life lessons he learned as an entrepreneur and his life experience
with movies and the art of saying no to many ideas and narrowing down a few as CEO of
a budding startup. He focuses on keeping his dream alive, embracing culture, ignoring
indifference and constantly striving to improve and stay focused.
c) As the chief executive of Alibaba Inc., he focuses on customer performance for the first
time. He emphasizes the best use of all opportunities and avoids complaining. And the
video highlights his famous conversation with people of his origin where he advised
Chinese heritage and how they were able to compete with Americans because of their
competitive culture, passion for work and vitality. He has made good use of Internet
technology to compete with tech giants like Yahoo and Ebay and always has a goal-
oriented approach. He wanted his company to present its first public IPO in 2002.

Through these books we learned important life and business lessons and discussed various
qualities such as morality, self-confidence, ingenuity, open-mindedness, hard work and
human-centered skills, love, heroism, determination and self-confidence.

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III. Summary of Lecture 3:

Lean Startup is an interactive approach. It uses a series of business-driven experiments, and

validated learning of emerging businesses and products while shortening product life paths
while delivering Low-Income Products (MVP).

Valid Learning - accepting a collection of ideas from customers and posting your own ideas so
that the learning barrier helps product development.
This process is aimed at success and involves a lot of risk and hypothesis before the action.

In lean startup management, it is necessary to eliminate three types of deviations that

cause improper distribution of resources during product delivery:

Muda shows damage, emptiness, and inefficiency, all of which contradict the importance of
addition. The process of adding value to a product or service that a customer is willing to pay for
is known as value-added work. The Line is divided into two types: Type 1 and Type 2. The Line
includes non-value-added functions in the processes required for the final customer to be
classified as Schedule 1. Non-value-added functions are included in Muda Type 2 processes, but
are not required for customers. Line Type 2 should, as a result, be removed.

Mura is a Japanese word meaning inequality, diversity, or uniqueness. Myrrh is the cause of
any seven plagues that exist. Mura, in other words, is the driver who leads Muda. For example,
during the assembly process in the production line, products must pass through several operating
channels.

Muri is a Japanese word meaning "heavy load," "beyond your control". Muri can be caused by
Mura or, in some cases, by removing too much Muda (waste) from the process. Muri is also
possible if the equipment or operator is used to complete the task with more than 100% power or
in a non-stop way. Employee inefficiency can be caused by Muri over time or fatigue in the
machines.

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Statups use the build measure learn loop to develop MVP.

Thereafter we observed short films of famous Indian entrepreneurs, like Bhavishya
Aggarwal (Founder OlaCabs), Kunal Shah(Chairman freecharge), Ritesh Ag
(Founder, OYO Rooms), Kunal Bahl (founder Snapdeal), Shashank ND (CEO
Practo), Deepinder Goyal(CEO, Zomato), Phanindra Sharma(CEO, Redbus), and
there were some important takeaways:

• Getting started is easy to say and hard to do.

• Real happiness in life lies in the pursuit of innovation.
• You do not have to imitate something to be successful.
• You get more to learn in startup than in a Multinational Company in early
ages.
• Choose your battles and fight them.
• Winners are ashamed to walk fast.
• Stay calm and go home happy after working on whatever you are doing.
• Accept change and inequality. Too much luxury can cause discomfort.
• Take risks when you are young.
• If you lose/ fail in life it’s a new learning

IV. Summary of Lecture 4:

Startup and marketing:

We discussed certain myths and misconceptions about marketing:

1. The aim of marketing is to develop good advertisements and marketing is

synonymous to selling and making money.
2. Marketing is a short term business and money making strategy, it is transaction
oriented and not customer relationship oriented.
3. It is a part of selling a product.

4. Marketing is Only to Acquire New Customers

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Following this, certain misconceptions were similarly clarified with real-world examples such as
White Hat Junior and Naaptol's marketing strategies while various actors / TV people endorsed
these companies.
The sale is just on the edge of the Iceberg ad. Marketing is a broad aspect of management. The
sale is aimed at the profit of the transaction but marketing ensures customer approval and
manages customer relationships.

Various examples of customer relationships between companies like Eureka Forbes that strive to
improve customer / customer experience and provide a lasting image even after purchasing a
new customer by asking for feedback by making regular phone calls, SMS messages and
relevant customer services.

Marketing creates a pull for the company that manifests long term consumer appeal and
support. Marketing involves advertisements, selling, promotions, maintaining inventory,
pricing, services, distribution of ideas and goods and much more.

Conception, pricing, promotion and distribution are known as ‘Marketing Mix’, which is
described as the 4 P’s of marketing:

• Pricing
• Promotion
• Product
• Place

These play a crucial role in market strategy development.

Product can be tangible or intangible.

Tangible products are touchable goods like pen, calculator, groceries, etc.

Intangible products are services offered like customer service, life insurance policy,
cashback through UPIs or via Amazon vouchers or special points on Credit Cards.

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MARKETING CONCEPT VS SELLING CONCEPT:

The concept of marketing is a business idea, which shows that the success of an organization
lies in its greater success than its competitors, in building, transferring and delivering a strong
customer motivation to the target market. It depends on four factors, for example targeted
market, strategic marketing, customer needs and production. The concept starts with a specific
market, tools for customer needs, organizes client-oriented tests and profitable profits by filling
clients.
The idea of marketing is that in the event that organizations and consumers remain locked up,
customers will not accept the many products produced by the organization. The concept can be
used in a contradictory way, due to unwanted sales, for example products that the customer
does not consider to buy and again when the company operates above the 100% limit, strong
intentions to sell what they produce, yet not what the market demands.

Marketing extended to services includes Seven P’s:

• Pricing
• Promotion
• Product
• Place
• People
• Process
• Physical Evidences

1. Price strategies work well in product marketing. As a 1 purchase get 1 free

offer on the product
2. Promotion involves donating first cards to UPI applications after doing
something.
3. The process in restaurants is a special skill in marketing the service.
4. Visual evidence also plays an important role in the environment, the external
environment such as music, etc.
5. The site also plays an important role in marketing the product either online
or at the door.
6. The people who are involved in the marketing of the service such as the
hotel management staff, the customer service agents play a key role in
marketing the product.

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PLAGARISM CHECK for 1st 1000 Words.

PLAGARISM CHECK for next 1000 Words.

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PLAGARISM CHECK for next 300 Words.

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