LZENSI 210_ Entrepreneurial Mindset_Lecture-20240229_140252-Meeting Recording
LZENSI 210_ Entrepreneurial Mindset_Lecture-20240229_140252-Meeting Recording
February 29, 2024, 1:02PM
48m 47s
576072292608Ash, Anirban 0:03It helps.
621792274320Ash, Anirban started transcription
576072292608Ash, Anirban 0:13Hey, I suppose we are rolling.Good.OK.Right.All right, so.Let's start so questions first.Who's gonna stop?I will also try to talk slowly so that the transcription that polygraph transcription is better.So yeah, just for the purposes.OK.Thank you.Be together is another great couple of you because we're revenue asking questions.So so that overview of the business side, that's so the, so the business idea is to create a smart portal smart recruitment portal.Initially I targeted my target group was the students, so students being matched to relevant jobs.For example, like uh, folks, whatever part time jobs you are doing, making it more relevant so that by the time and in three years when you're focused graduate, so you have three years of relevant work experience.So that's how the idea started.So eventually it became bigger and the product we are working on at the moment, so it will target the (Student) job market as well as the regular job market.So and of course, with evolution of the idea, the business model became more and more complex.So the idea was not and is not novel, so I'm not the first.Definitely not the first person to think about a job recruitment portal.It's just the business model and the quality of matches which would be different, so yeah.Umm, I'm researching the how the ability to reflect on past experiences shape the entrepreneurial mindset.And could you maybe please elaborate a little bit more, how did you reflect on your experiences spending?We're able to identify this opportunity in this business.The first experience was OK, and let's start with experience.So when I started the venture, I started with your sub strategy, consulting experience and investment banking experience, which under normal circumstances looks like quite a bit of an edge, but.When I started, I realized that I mean I was working on the idea, so I've I'm accustomed to working in a very organized setup, so I was acquainted to telling people what I need and if that's not available within the firm, we're gonna get it out sourced by someone else by some other firm.So bottom line is that whatever I needed to work, I got it, but here it was very different.So I was so I started the venture in that experience and therefore I started.I worked a lot on the number crunching the business model.What I ignored and a wave which was when I looked back, it was nine.It's naive that I needed an engineer in the team because I did not know I'm an engineering dropout.I had no idea how to code, so eventually what happened was I had a rock solid business model and the numbers where rock solid and I remember having an an investor meeting there was this very scenario investment banker who was trying to find a flaw in the business model and he continued and my challenge to him was that I will give him 5%.He can find a flaw at my numbers and the business model rationally.Like logically it went on for us discussion back and forth, but he could not find a flaw.Sounds great, but eventually when I started talking to investors for like the big money, they asked for the first version.The proof of concept the prototype.And so I got it out.So.So my business partner and I put some put our own money in.We we got it out.We tried to outsource it, but then we found out how difficult it is when you don't have an engineer in the team.So it really went South.So these guys had no idea how to do.How to?I mean, they knew their stuff, but they didn't understand what we exactly wanted and how to do that.So we lost a lot of time and now and so there will it reached the level where there was like you know like with the level of legal dispute.So bottom line of the story, that was the learning and now when I went back to square one, so I took the most important lesson that.I need a product expert who understand the technology, so learning from failure or learning from experience. You see.Thank you so much.Yes.Yeah.Dated, he setbacks inspiring.Motivating them.So entrepreneurship is about setbacks.So I started so like as I mentioned I worked a lot in the business model.So with my mentor I will working.So I travel to Bamberg so and my mentor and I we were, we worked intensively on the business model.So with every so sometimes I would come up with solutions, and after Oz do the number crunching and he would ask me one question and I will not be able to answer.And I like.Ohh I'll be back in a couple of hours so again I will just, you know, crawl back into my cave and start doing the number crunching again and like start scribbling on the boat.So the setbacks are, if we look at the term setbacks set back, so it's kind of setting back.So you just go back to draw, I mean to one step back you go you step one step, you go back by a step and you just approach it as a problem as a situation, as a hurdle.So and every time you bypass or cross that hurdle, it just makes you more convinced about the idea, and it makes you more convinced that, oh, no, you know, I passed five more hurdles.I'm gonna pause the next one too.And also there is also another aspect of I have given so much time on this to this idea.I'm not bottling it, so it might evolve.I mean to something different, but I'm not giving up right now.So if you have invested uh, you know, it's kind of like writing a story, writing a novel.I mean, if you have written 100 pages and if you just stop at that point, I mean you just wasted your time and effort and all that thought thought process, all the struggle of writing something or creating something.It's.I'd be searching the effects of feedback on the on the entrepreneurial mindset.Do you see a difference between positive and negative feedback on the way you see your venture?More positive negative.Getting too confident or less competent so.Personally, if it is negative feedback, I would say that's brilliant because if you're getting, if you have the opportunity to get a feedback on your idea on your project, gets as much as you can and the more negative the the feedback the better for you.Because if this, if your renter flies when you're venture flies, people have to raise money.And whenever you talk to the investors, you'll have to answer that question.They're not just gonna give you the money just like that.So negative feedback means that there are pranks.Howard, there are opportunities for a third party to criticize, can be a business model, can be a market.Research can be your idea itself.They can say that I don't think this idea will work.Anyone.I don't think that this anyone would buy that product.Yeah.That's like for discussion.But what is important is what comes next.Because when someone says that to you, then intuitively you're gonna ask why and that person will have to elaborate on that idea.It can be something like oh, there are.There are two more products like that.So after I leave point then that helps you to refine your thoughts.That is OK.So how do I differentiate myself?So what should be my differentiation strategy?What should be my unique selling proposition?Should I go for a price?Should I cheaper product that would that would basically help you to figure out what your next steps are gonna be.Where your idea lacks, it can also be like no one will have paid that money.So in that case, you'll have to ask a different question that how do I keep my cost down?So for example, so there are if there is not, if there is no logic, that person might just say that.Ohh I just don't like your idea.Fine.That's also fair.Like, not everyone needs to like the idea, but at least you know that that person just does not.It's a very personal opinion.So the positive negative.At feedback, whatever feedback you get get always great.I mean, and it's not only from like a third person or an investor, it can be from an like for example, if your product is very much engineering focused or software focused, you can get an idea you can get a feedback from an engineer software engineer and say that, OK, yes, you are gonna if you're trying to build this algorithm, yes, it is possible, but you will need like a substantial amount of test data.Do you have that data?And then you if you say that.Ohh, hang on a second, I don't have that data, so how do we train the algorithm?So I'll have to find out a way to to to acquire or procure that data somewhere.So look at it as a form of new problems arising at every step, and you are a problem solver at every step and with each time you solve a problem, you evolve and you become more and more confident in your idea and also emotionally attached to it.Yes.Your first.Sorry I didn't get the question.Can you repeat that, please?When you got the little thing that, do you know?How did you know it overcome the situation?So my my approach has been very uniform.It's a problem I'll have to solve the problem solve the problem.That's it.It's kind of like a Riddle, so that that's actually a good analogy to me.It's it's always a Riddle I'll have to solve the Riddle.So yeah, so for the end goal, what's the end goal is launching the product, making a successful dancer.That's the and that's I mean and all the end goals.The end goals vary based on the entrepreneurial, so my approach is just OK.Another Riddle, and if I can't solve it, that makes me even more focused.So it's kind of like obsessed with solving finding a solution.So I'll have to do it so yeah.So it's not that I'll have to do it right now or within the next 5 hours.I mean, they take breaks.I have taken breaks like sometimes even though vacation I spent days on a problem I don't know how to do it.How to solve it?And it's getting like, really, really intense.So I went away.Left, the laptop went away for a couple of days.Enjoy it.Went around and then return to after a few days and started and tried solving the Riddle again or the problem again and in most cases it actually works like magic.The break it kind of gives you a very different perspective and.Uh, yeah.On your experience, how did your personality traits affect your entrepreneurial decisions?Personality.Frank who?Umm.So I mean.OK, I I give this analogy to my friends that the closest I mean if I'm to choose an animal with which I have some similarity.So there are the theory.There are series of animals, one of the when it comes to my venture, the animal which I'm gonna choose is a bulldog.That is because the Bulldogs, if you have noticed, they don't have a snout.So that faced and that is because this is a man made breed to hunt bowls.And the reason because they don't have their snout the way it used to be.When the grab the throat of the bull, the bull or the price can't shake it off because of this fate, because of the shape of the snapped.So in a way, I'm similar to that if I grab if I am focused on something.I mean, I've always been like that.I'm not gonna give up.So the same goes with my PhD.So with so so getting 100% scholarship, it was extremely challenging and and different universe, especially with reputed universities.I competed with people who are way senior than I was there.I mean, from an academic perspective, I mean for I'll give you an example like someone, so I know someone who also wanted to apply for the scholarship while I was a master's student.I was applying for this scholarship and that person already had a PhD and taught at a university for like a few years.So these, but this is again this is a problem.So how do you solve this problem?So.So yeah, so I have always been very focused and this is something.So if I wanna solve something I will bigger something out.So I suppose I can call it a personality trade.So if you wipe out failure, the word failure Premier Dictionary, I mean then you continue trying till you succeed basically.So I suppose that's a way of looking at it.So yeah.So is this related to the venture?Yeah, or OK.Can you repeat the question again please?Umm.If it works, umm, how do you expectations and pressure or change your mindset on further steps?OK, it's it's a continuous journey, so it's not like, ohh, I'm OK.I had this problem which I wanted to solve now have solved that problem.For example, problem with.Then he shows funding.When I solved that problem then there is another challenge.Another problem, that is how do I get this thing?How do I create the proof of concept the prototype so it's it's a continuous journey, you know it's like if you look at a firm like just from a from a very different perspective, a firm, it reaches the introduction phase and so it starts with introduction.The introduction phase grows, grows and then when it's growing while it's growing at every level, they're on new sets of challenges.And then there is the.Yeah.Then there is a maturity level, new set of challenges when it was growing.The challenge is how do I grow such maturity?Then the question how do I stand at the maturity level or how do I prevent decline so and from an entrepreneurial perspective?So if I had the full product at this time, which I don't, that I would have had another challenge.So yes, so I would say from a short term perspective, yes, I wanted the beta version of the product.I have the beta version of the product, so now the next question is how do I market this product?Ohh I have a marketing plan.Ohh then the question is how do I get the money from that?I mean, how do I get the money to to spend?I don't know half a million on marketing.Ohh I have that money now how do I allocate the expenses?How do I, based on the conversion rate?So do I recruit some people so at every level so these so you can look at it, I I suppose it it can be looked upon as this way that it's uh, it's like little circles, little circles success, more challenges and other success.Failure.Go one step back.OK, now we have bypassed or you have solved it again, go ahead.Success.OK, now we have a new issue.OK, this is how it's a never ending journey, if that makes sense.Ohh yes absolutely.It's not only fulfilling, it's also I evolved as a person so and not only and and and also like the knowledge I have acquired during while working on my venture, I don't think that would be possible if I would just work somewhere or like I don't know or even in academia published and articles.So these are like hand on hands on experience.So yeah, every bit of it I would do that again.It's just that I will take the learning of the last years and I will poke.I will probably my strategy would be a bit different.Yes, you mentioned topic mentors through your killing your body.You feel you gain from being a mentor to others. Skillset.Uh scale of one to three.So see actually skills, skills.So skills scale OK?Yeah.So so are you asking about that impact of the mentorship or ship?So a mentor, I mean, I've always looked at it like a mentor should be a person who has experience, substantial experience and knowledge and the field.So and also these two are the key criteria.The third one is third person's perspective.Using that knowledge and the and the skills, so this is extremely important because when you are working on an idea by yourself, we tend to get carried away in a way I would.Compare it with the rule of a supervisor, like a doctoral thesis supervisor, if you will, so so that person criticizes York continuously and this is a fast track way to success that way.Otherwise, without the mentor, without my mentors, I mean, like, just to give you an idea, the development, the progress I made in a week like did we have used to have this marathon sessions?So the progress I made in a week, it would, without that, without a mentor, it would probably take me a year.That's the level of an.That's the level of impact on talking about.So yeah, so when you and acting as a mentor, what skills do you you again are quite so when I'm acting as a mentor?Yeah.So I am basically so with the interaction with my mentor I learned certain things and when I worked on my venture that gave me certain skills.So and now when I meant for someone so I just have the.I mean, I had the knowledge and skills so when I and also the experience of how I've been mentored and on top of that I have my venture.So I'm interacting with this.I'm going around and round over this again and again and again.So so now I have like way more experienced practical experience which I can use like and easy example is when I first started over here in Leipzig so I had no idea about the funding opportunities, what's required, what's not required.So it's about exploration.So I did the exploration.Now when I interact with you folks, it's that I already know the stuff.So multi mean some of it quite a bit of it.So so I know which of those which are the soft funding available, which are the hard funding available, the loans and all and everything.And what I don't know, I know whom to call to find out what I don't know.So all this is is not only about the idea, it's also about the how we're gonna run the shows you have.You can have the best idea in the world, but if you can sell it, if you can't convert it into a marketable product.So the point of it right?Office your background and salting.Improve your ability to materialize ideas.That's an interesting one.So I worked in strategy consulting so in different industries, so consulting is about substantially.It revolves around problems solving problems, making something better.So in a way that relates to my idea, I did not invent the wheel.I mean that that was because the reinvention was not required.That will was already invented.So I took the wheel.OK.Yeah, how can I make this wheel better?So it's so the methodology is the same.So and in consulting also as consulting you come across problems and you're expected to propose solutions which will fly when the sea level guys.So they need to agree to it.They need to like it.So.So it's in our way.It's consulting is also like in a way very.It's very it's very close to entrepreneurship because you need to think about a lot of aspects.It's not only the problem and the solution, you need to think about accounting.You need to think about the numbers.So how much money can you spend all kind of foreign can your clients spend in case of entrepreneurship?Can I spend all from investors?Money.Can I spend so and how do I go forward with that?So does it make sense if data if they are not happy with that?OK.Then I'll have to find out another solution in case of gender pronouns should.If I don't have the money, then I have to find out different solution like we have to uh we needed like over half a million to develop the product.So and of course, we did not have that money.So we have to figure out, we had to figure out some other deal, but which we can move forward with the venture.So we can have the proof of concept MVP and all something went wrong over there.OK, fine.Take a couple of steps back and focus on the mistakes.So again, so it's like, so in consulting also there is no one stop like one solution and you keep it like that, no, some new problem or will arise tomorrow if you have a come up with a competitive advantage today within six months or at Max a year, you will not have that competitive advantage because you will be copied.So now you have a new problem.You have to solve it so again this round, this title process the process of this cycle, it continues. You see.Thank you.And if we go another step, maybe further back, how have if you reflect on your experiences in University, not only the teaching, but maybe your interactions with other students, has that also improve your entrepreneurship skills?Yes, well.What is very interesting is the ideas.Fresh ideas.So with one of my modules with Umm last year so So what you folks did like, you know, coming up with your own ideas.So last year for another module, so I gave the option of to the students to work on my idea to make it better.So there are some very interesting suggestions.And I talked to our project manager about introducing those, but integrating those solutions.But so some of them, they were very interesting bought.Not exactly fitting to the product, but I can say that those suggestions were ideas by themselves like there was an idea of integrating a timetable, and we all know that there are.There are softwares in the market which but you have to pay for and the timetabling is absolutely terrible.So I mean, so those ideas are of course it can be integrated, but it might be out of scope from my perspective, another CEO might say.Ohh yes, we're gonna do that.So new ideas are always and sometimes actually.This is interesting because sometimes problems introduce you to the new set of ideas.You know that you don't.You can't go in that in a particular direction.In that case, you'll have to find another way out.So you rethink that.OK, maybe I can just like come up with something very different because this this is a dead end.So I take one step back and I come up with a something very, very different.So yeah, so it's kind of drawing and redrawing again.You draw again, you redraw.Yes, thank you.Did you ever get too confident with your?Ohh yes yeah yeah.Ohh yes absolutely.It was.I mean, when I heard the when I had the first investor meeting, that was the one I was talking about.So I went in.Basically, it's kind of like in in Wild West, they would call it guns blazing.So I went and it was like, so I need X amount of money and you're gonna give it to me.And I'm gonna tell you why.How, how and why?So that was kind of the approach that was like the meeting where I say I offered 5%.So I got some money, but not as much as I expected.So that was the level of overconfidence that, you know, my and again this was kind of like a it was a fallacy.She was mistake on my on my side because I did not have the proof of concept and I have a contract like which was worked like more than half a million more than the.I mean the value of the portal, but what I ignored is that.So I came from the industry where basically with the contract you can go way far on.It can really sort things out, but this investor had no idea about this stuff.He just had a lot of money and he just asked that in.I want to see it.I want to touch it.I touch it in the sense like on a operated play around with it and then I mean, I was kind of like, you know, I was, I was running at full speed and suddenly like at the Holt.Yeah, fair enough.I I never thought I thought that they're gonna question me.Grill me with my business model and the and the stacks and the math and the accounting stuff which I can defend.That's the question I did not I did not see coming.So yeah, so that's what overconfidence does.So yeah, but again it's a learning.So then next time I had something to show.So that's actually a very crucial learning and that's the reason why with some to some of you I asked like, do you have the proof of concept?So if you have the proof prototype, brilliant, that means you have crossed the first big huddle.Yeah.OK anyone else?Umm my I again touch upon the University topic.Thank you for sharing your experiences at lecture.Could you also touch upon your experience as a student in the university and how that has shaped your entrepreneurial skills?And OK, so if you, if I'm talking about my experience, so there are two parts of it.So I started working immediately when I started working, started studying at the evening so.And so there are like 2 parallel learning experiences which are going on.I mean, one was learning on the job, the second one will the second was what I was learning at the university, so.I mean, of course you cannot learn certain things like like accounting or statistics by I mean theoretically you can.But when you're studying at the university, theoretically you can do a lot of things.But when you're studying at the university, so you are learning under in a given setup.And that makes you very well.Well equipped, who would approach a venture, for example?Now if I if if you take yourselves, you have learned in the last 1 1/2 years you have learned about marketing.You have learned about organizational behavior.You have learned about financial accounting.You're learning about management accounting, so and a bit of ship too.So, so whatever knowledge you require to convert a fine idea which you had today in the morning when you woke up, you already have that knowledge.Echo the basic knowledge which is required.Actually you are way more equipped than an engineering student.Because there's no they don't know how a business works.So the question is.How far you're gonna go?I mean if you will have, if you, if you have the perseverance or if you would continue to stick to that idea.And of course, there are, although questions that, like if it is, if people would pay for it.So if there is an opening, I mean you don't get openings, you create your openings.If there are 20 products, 20 computers from the market, this isn't good thing in a way that means you do not have to create a market.Then you will have to differentiate the product from the 20 competitives.So your challenge is different.If it does not exist, that means you'll have to.That means folks don't know that this product exists.Probably can't even think of it, so therefore you have to create the market.Think about smart watches, iPads, laptops, smart screens.There's interactive screen.Did it exist 10 year back, ten years back?No.So someone thought of it, converted it to a marketable product and created the awareness.So they made the market.So when I was in school, I don't know if you felt.So there was like old school, blackboard and chalk.So from there now we have this interactive board.Team.Well, that's how the cookie crumbles.Yeah, I'm not getting a lot of questions from the last person.Yeah. Good.Yes.OK.Go on or you see the in the house.This one?No, not not yet.But yeah, feel free to raise your hand.Yeah.So you walk through your experience in one of your first and Western meetings.Can you walk us through the process of how after this meeting you are able to reflect and learn upon this experience you had?They asked for the proof of concept.I had a contract.Which was worked a lot erratically and in many industries that would suffice, but not with this particular investor.So the first learning was that I need to get the proof of concept as soon as possible.I will probably get money out of it without that which is hard, but I might be able to do it is just that the terms and conditions will be far worse, because then I'm just selling an idea, a vision, some numbers, some theorems.Excuse me if I with the product I'm selling a product.This is the product.This is how it looks like.I want your money to scale it up.I've said not a theory, not an idea and financial market.That's a different thing, but with these kind of investor relationship, it's so in financial market, you can look at the graph, the past performance of a financial instrument, it might decide to invest or not.But here, when you're talking about this kind of relationship, they're just gonna see something they would like to see something working.If it's a robo you're designing so they would like to see this really ugly machine with wires coming out from everywhere.At least doing something, moving something or making some sounds.Maybe just a red bulb blinking, but they would like to see something which is relevant, which makes them believe, Oh yes, that can't get me all.Make me really, really rich.So yeah, see.Yes.Uh, did you communicate your step back from challenges to stakeholder than that?Yeah.OK, so that's a good one.So my the main investor was also my client, so I worked for him.I mean, for his firm before as a as a consultant.So I pitched the idea and he immediately bought him.So.So communication.So I at the very beginning I so it was not really.I was also putting my.I mean, I I'm still putting my money in it, so they also that kind of takes the relationship to a different level.So because my financial interest is also intertwined to the venture, if it would be just a OPM, that is other people's money, then it's a different story.So then they can say, hey, what are you doing at my money?But now when my money is also involved, my time, effort and money is involved.They, I mean, they know that, you know, like I am.So it's kind of like the agency probe agency problem.So they know that I have my interest very much vested like their interest.So that makes certain dynamics easy.And also, uh, my main investor, they they already, I mean he already knew me beforehand or certain sultants.So I mean, the trust relationship is there, so and then the level of trust is that you will give me a pipe power of attorney without blinking and batting an eyelid.So that level of trust is there with the relatively swallow ones, so it is being it is about being absolutely transparent.But so like not overpromising the investor in my venture.In six months, I'll make you the second richest person in the world.No.So it's like so these are the risk associated to it as an investor, you should know what you're getting into and that either that the relationship quite and the transparency money does not disappear.So they also know whatever they invested.How the money is being spent.So and that creates like with the setbacks, I mean they're all mature people, but so they know that with these kind of ventures.So the risk is high.Also the the return the return is also high.So yeah, and communication straightforward.This is what I plan to do and I'll of course an important aspect is asking for their feedback.So what do they think about it?So I mean, as it's kind of the role of a senior, what are your plans?How do you plan to run it so it's not that different?You must upon a lot on this interview about that entrepreneurship is almost like a continuous cycle of this feedback.Learning feedback.Learning for you.How important is that growth oriented mindset or an entrepreneur like Hue?Growth oriented mindset.I wouldn't call it.I don't use the word growth.I would.I would say that it's more about milestones.So when you start with an idea, when you explore an idea.I mean, it's in your mind, it's and terrible.Nothing actually exists.Whatever exists is not tangible and it's kind of in a way, Cortana called ever use the word imagination.So you cannot think in terms of growth with an imagination when the product is when your product it's launched, then you can think about growth.So initially it is about milestones.So I have an idea what's the next step.Next step I wanna refine that this idea work on this idea.So let's say see if there's an opening in the market for this.So such an idea.See if I can come up with a proof of concept.If there is a proof of concept, if I have the proof.So that's one step.So if not, the proof of concept, maybe a design based on which I can develop the proof of concept, the proof of concept is actually not the first step, it's actually it comes at an advanced stage.So first you have an idea and then you think about what the stakeholders we're gonna buy.Who's gonna pay for it?And then you think about the design, the model, how would it look like and now you have thought about how it would look like then you start, you ask yourself what are the resources required to convert the sketch or this diagram into something into a tangible product website.So these are so we are talking about milestones.So this little milestones with every step.So there's a continuous problem problem solving Riddle and solving the Riddle you solve one Riddle.There is another Riddle, so yeah, and challenge.You can use the word interchangeably in this context.So, so growth, no, we can talk about growth when the product is launched.And I can talk about growth market capitalize that we can talk about a lot of things.But till that time it's for Riddle and solving the Riddle.OK.Any other questions?Still have a bit of time?Yes, so.How's your experience been to preneurship?Provided you tools for better decision making in your next potential ventures, absolutely it is.It is all about the process of learning.Entrepreneurship is about learning.If I would say, if I'm to choose one word, I would say learning which corresponds to my idea of entrepreneurship that would be learning and they tried to choose two words.The second would be failure.So yeah, and learning and failure.These two are intertwined because you learn from your failures or setbacks.If you wanna use that word, I would actually not use the word failure.I would use the word setbacks.A Riddle which you can't solve if you can't solve it, bypass it.Uh, we have time for one more question, yes.What's up relationship?Once on something.You made a a worry that came up with that or something like help outside.I'm I don't have any information that doesn't work.So how much like a consulting helps the internship with that?What you're asking. Yes.Yeah.So it's a problem solving.I mean, this is a similar to the question which clouds asked.So consulting is about your solving a problem.You bring multiple aspects into consideration.For example, as a consultant, if you're talking to reduce the costs, then at what expense?You can say that like there's a hypothetical example we can say, OK, fine, I'm gonna outsource.But in that case you probably are.I'm gonna do something in house whichever way.So you need certain resources for that.So if you do not have the resources to procure the resources or you have to come up with another solution.So and entrepreneurship, it's the it's similar.So, for example, with business models, so people will, I mean you you come up with a business model, you think that you're gonna earn revenue through that and then suddenly you find out that ohh actually the chance is the probability is not 10%, the probability is .01% that changes a lot, right?So OK, so that I can generate some income from that revenue from that, but I will not reach the burn not the break even.So the birth rate will continue to go up for the first, let's say 6 to 8 months.So I'll have to find an alternative source of revenue or an alternative solution which I can use solve this problem.So again, this problem and problem solving riddles and solving the riddles.So it's this process.So the so from called methodology perspective like the how the cookie crumbles, it's the same.Basically, I mean it's OK not the same, it's similar.Yeah.Yeah, we good.Any other questions?OK, I will still stop the recording.Now.Stop recording, yes.
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6305550762000I confirm that I have read and understand the information sheet for the above study. I have had the opportunity to consider the information, ask questions and have had these answered satisfactorily
I understand that my participation is voluntary and that I am free to withdraw at any time during my participation in this study, without giving any reason.6305550444500 If I withdraw, my data will be removed. If I am involved in focus groups and then withdraw, my data will remain part of the study.
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63055509334500If I am participating in the focus group I understand that any information disclosed within the focus group
remains confidential to the group, and I will not discuss the focus group with or in front of anyone who was not involved unless I have the relevant persons express permission.
63055508699500I understand that any information given by me may be used in future reports, academic articles, publications
or presentations by the researcher/s, but my personal information will not be included and I will not be
identifiable.
I understand that my name/my organisations name will not appear in any reports, articles or presentation
6305550127000without my consent.
63055508445500I understand that any interviews or focus groups will be audio-recorded and transcribed and that data will
be protected on encrypted devices and kept secure.
63055508763000I understand that data will be kept according to University guidelines for a minimum of 10 years after the
end of the study.
I agree to take part in the above study.
________________________ _______________ ________________Name of Participant Date Signature
I confirm that the participant was given anopportunity to ask questions about the study,and all thequestions asked by the participant have been answered correctly and to the best of my ability. I confirm that the individual has not been coerced into giving consent, and the consent has been given freely and voluntarily.
Signature of Researcher /person taking the consent__________________________ Date ___________Day/month/year
Participant information sheet
Start by presenting yourself:
I am an UG student at Lancaster University and I would like to invite you to take part in a research study about how entrepreneurs learn.
Please take time to read the following information carefully before you decide whether or not you wish to take part.
Please add to the sections below as you see fit for your study.
What is the study about?
This study aims to look at how entrepreneurs learn
Why have I been invited?
I have approached you because I am interested in understanding how you came to be an entrepreneur and how you learn.
I would be very grateful if you would agree to take part in this study.
What will I be asked to do if I take part?
If you decide to take part, this would involve the following: an interview with me, which will follow a question and answer type format. This interview will be designed to let me learn more about you as an entrepreneur and your learning experiences. This should take no more than one hour.
What are the possible benefits from taking part?
This process will provide me with insights which will contribute to my understanding about how people become entrepreneurs and how they learn about what this involves.
Do I have to take part?
No. Its completely up to you to decide whether or not you take part. Your participation is voluntary.
What if I change my mind?
If you change your mind, you are free to withdraw at any time during your participation in this study. If you want to withdraw, please let me know, and I will extract any data you contributed to the study and destroy it. Data means the information, views, ideas, etc. that you will have shared with me. You can only withdraw up to 1 week after taking part in the study.
What are the possible disadvantages and risks of taking part?
It is unlikely that there will be any major disadvantages to taking part. You will, however, have to invest some time for an interview. Therefore, it would be best to pick a time that is convenient for you.
Will my data be identifiable?
After the interview, only I, the researcher conducting this study and the marker will have access to the data you share with me. All personal information, recorded or written, will be kept confidential. That is, no other staff or students will be able to access the information.
How will my data be stored?
Your data will be stored in encrypted files (that is no-one other than me, the researcher will be able to access them) and on password-protected computers.
The hard copies of any data securely in locked cabinets in my office.
I will keep data that can identify you separately from non-personal information (e.g. your views on a specific topic).
In accordance with University guidelines, I will keep the data securely for a minimum of ten years.
How will we use the information you have shared with us and what will happen to the results of the research study?
I will use the data you have shared with only in the following ways:
I will use it for academic purposes only. This will include an assignment for my UG course titled Entrepreneurial Learning.
When writing up the findings from this study, I would like to reproduce some of the views and ideas you shared with me. When doing so, I will only use anonymised quotes (e.g. from my interview with you), so that although I will use your exact words, you cannot be identified through my academic work.
Who has reviewed the project?
This study has been reviewed and approved by the Faculty of Arts and Social Sciences and Lancaster Management Schools Research Ethics Committee.
