KESHAV MAHAVIDYALAYA

(UNIVERSITY OF DELHI)

BMS Generic Elective 1, Semester 1

ENTREPRENEURSHIP ESSENTIALS 1

PRACTICAL FILE
(September – December 2024)

Name of the Student :Divyansh pathak

College Roll Number :26008
University Roll Number :2403558014
Course :Bsc(H).electronics
 Table of Contents
● Activity 1: Identification of Market Gap September

2024
Objective: To develop skills to critically analyse existing market research and identify
areas where opportunities for innovation or improvement exist. This activity fosters
the entrepreneurial mindset by encouraging curiosity, analytical thinking, and
strategic vision.

● Activity 2: Entrepreneurial Mindset Assessment Using GETT October

2024
Objective: To assess and reflect on entrepreneurial mindsets by evaluating
competencies in the four core areas of the GETT framework,
Help students evaluate their entrepreneurial mindset, identify strengths and
weaknesses, and create a roadmap for personal and professional growth in
entrepreneurship

● Activity 3: Visit to an Incubation Centre/ Co-Working Space Oct. – Nov.

2024
Objective: Have a clear understanding of how incubation centres/co-working spaces
function and their role in fostering entrepreneurship

● Activity 4: Case Study Presentation and Review of an Indian Entrepreneurial

Venture November
2024
Objective: Understand the practical application of entrepreneurial concepts by
analysing real-world examples from the Indian startup ecosystem. This activity
allows students to critically examine the journey, strategies, challenges, and
achievements of a successful or emerging Indian entrepreneur or startup.

● Activity 5: Design Thinking Challenge December 2024

 Objective: Use the design thinking process to identify a personal problem, empathize
with own experience, ideate solutions, and develop a prototype to address the issue

● Activity 6: Crafting a Winning and Unique Value Proposition December 2024

Objective: Learn to define and articulate a compelling value proposition by

identifying customer pain points and aligning them with unique solutions
 Activity 1: Identification of Market Gap

Provide the link to the PPT prepared on the topic: -ACTIVITY - 1

Answer the following questions:
Q1: Look around yourself to analyse the market and identify a gap that exists. Explain the
problem/ business opportunity that you have observed.
ANSWER-I observed a significant gap in food safety and hygiene among Indian street food
vendors. Despite street food being an integral part of the culture, poor hygiene practices,
lack of sanitation, and improper storage are common, leading to health risks like food
poisoning. This gap presents a business opportunity to improve hygiene standards, build
consumer trust, and enhance the street food experience, which could boost vendor
income, improve public health, and attract more customers, including tourists.

Q2: Articulate the significance of the gap and why it matters to customers or the industry.
ANSWER-The gap matters because poor hygiene risks public health, causing foodborne
diseases and discouraging customers, especially tourists and health-conscious individuals,
from choosing street food. This impacts vendors’ sales and tarnishes the reputation of the
street food sector. Addressing this gap would safeguard health, improve the food
industry’s image, and attract more customers, boosting tourism and the economy.

Q3: Propose initial ideas or strategies to address the identified gap.

ANSWER- Hygiene Certification Program:
Create affordable certification and training for vendors to ensure hygiene standards,
boosting consumer confidence.

1. Portable Hand-Washing Stations:

Install low-cost hand-washing stations at busy street food spots to promote better
hygiene.
2. Cold Storage Solutions:
Set up shared cold storage facilities to help vendors store perishable items safely.
3. Awareness Campaigns:
Run workshops and campaigns to educate vendors on hygiene and inform
consumers on safe food practices.

These strategies would improve hygiene, build trust, and create a healthier street food
environment.
 Activity 2: Entrepreneurial Mindset Assessment Using GETT
(GETT: Grit, Experimentation, Teamwork, Tolerance for Risk)

The assessment consists of a self-reflection questionnaire and scenario-based evaluations

for each component of the GETT framework.
Part 1: Self-Reflection Questionnaire

Rate and write your agreement with statements on a scale of 1–5, in front of each
statement.
(1 = Strongly Disagree, 5 = Strongly Agree)

Grit (Persistence and Resilience)

1. I consistently work toward my goals even when I face setbacks. —4

2. I view challenges as opportunities to grow rather than obstacles to avoid.-----5

3. I am comfortable dedicating significant time and effort to a long-term goal.----2

Experimentation (Creativity and Adaptability)

4. I enjoy trying out new ideas and approaches, even if they might fail.----4

5. I regularly reflect on what works and what doesn’t in my projects.---5

6. I seek feedback to improve my ideas or strategies.-----1

Teamwork (Collaboration and Communication)

7. I actively listen to and incorporate ideas from others in a group setting.---2

8. I am comfortable resolving conflicts constructively within a team.----4

9. I value diverse perspectives when working on a problem.----3

Tolerance for Risk (Decision-Making Under Uncertainty)

10. I am willing to take calculated risks to pursue new opportunities.----5

11. I handle uncertainty and ambiguity with a positive mindset.----3

 12. I am open to investing resources (time, money, or effort) in projects without
guaranteed outcomes.----5

Part 2: Scenario-Based Evaluations

Rate your agreement in the real-world entrepreneurial scenarios in the same manner.

Scenario 1: Grit

You’ve launched a product, but initial feedback from customers is negative. How do you
proceed?

● A. Stop the project and move on to something else.-----2

● B. Analyze the feedback to improve the product and relaunch.-----4

● C. Keep promoting the product as it is, hoping customers adapt.----3

Scenario 2: Experimentation

Your startup idea isn’t gaining traction. A mentor suggests you pivot to a different target
market. What do you do?

● A. Conduct small-scale tests to explore the new market before fully committing.5

● B. Stick to the original plan, believing the market will eventually respond.2

● C. Drop the idea entirely and start fresh with a new concept.3

Scenario 3: Teamwork

Your team disagrees on how to allocate funds for a marketing campaign. What is your
approach?

● A. Make the final decision on your own to avoid delays.4

● B. Facilitate a discussion to understand everyone's perspective and find a

compromise.4
 ● C. Postpone the campaign until everyone agrees.2

Scenario 4: Tolerance for Risk

You’re offered an opportunity to pitch your idea to investors, but the product is only 50%
ready. What do you do?

● A. Take the opportunity, emphasizing the vision and potential of your product.5

● B. Decline the opportunity, as you want the product to be complete before

presenting.1

● C. Seek a partner to share the risk before agreeing to pitch.2

Scoring and Interpretation

Part 1: Self-Reflection

● Add the scores for each component (Grit-11, Experimentation-10, Teamwork-9,

Tolerance for Risk-13).

o 12–15 points: Strong entrepreneurial mindset in this area.

o 8–11 points: Moderate skills; room for improvement.

o 4–7 points: Needs significant development.

Part 2: Scenario Responses (9,10,10,8)

● Evaluate responses:

o Best answer: 3 points

o Acceptable answer: 2 points

o Least favorable answer: 1 point

Add scores for each scenario to identify strengths and areas to improve.
Reflection and Discussion Questions

1. Which area of the GETT framework do you feel strongest in, and why?

ANSWER-The area I feel strongest in is Experimentation. This is reflected in my high

self-rating for enjoying new ideas and reflecting on what works or doesn’t in my
projects. I enjoy trying out creative solutions and adapting strategies based on
feedback, even if they might fail initially. These qualities allow me to be open to
change and flexible in my approach, which is crucial for adapting to different
situations and continuously improving in any entrepreneurial endeavor.

2. Which area do you want to develop further, and what steps can you take to
improve? ANSWER-I want to develop further in the area of
Teamwork. Specifically, I rated myself lower on actively listening to and
incorporating others' ideas in a group setting. To improve, I can focus on:

● Practicing active listening: I can make a conscious effort to listen attentively without
interrupting and ask clarifying questions to ensure I understand others' viewpoints.
● Seeking more collaboration: By collaborating with others more often on team
projects or in brainstorming sessions, I can learn to appreciate diverse perspectives
and improve my teamwork skills.
● Resolving conflicts constructively: I can practice conflict resolution techniques to
ensure that I approach disagreements with a mindset focused on finding solutions
that benefit everyone

3. How might these competencies help you succeed as an entrepreneur?

ANSWER- These competencies will help me succeed as an entrepreneur by:

● Grit: Persistence and resilience are essential when facing setbacks or challenges in
entrepreneurship. Being able to stay committed to long-term goals despite
difficulties will help me stay focused and motivated.
● Experimentation: The ability to experiment with new ideas, reflect on what works,
and be adaptable will ensure my business can evolve and stay competitive in a
rapidly changing market.
● Teamwork: Strong collaboration skills will foster a productive and positive work
environment, helping me to leverage the strengths of my team and solve problems
together. By improving my communication and conflict resolution abilities, I can
build stronger, more efficient teams.
● Tolerance for Risk: A willingness to take calculated risks and handle uncertainty is a
critical trait for entrepreneurs, enabling me to seize new opportunities even when
the outcome is uncertain.
 Activity 4: Case Study Presentation and Review of an Indian Entrepreneurial
Venture

Name of the start-up/ venture considered for review: PAYTM

Provide the link to the presentation: -paytm

Answer the following questions:

Q1. What was the point of focus of the case study?

ANSWER-The point of focus of the case study was the launch and impact of Paytm's digital
wallet in India. It examines how Paytm revolutionized the payment landscape in India by
offering a secure, convenient, and user-friendly digital wallet, promoting cashless
transactions, and supporting the government's Digital India initiative. The case study also
highlights the challenges faced by Paytm, such as competition and security concerns, and
discusses the potential future innovations in the payment sector.

Q2. On the basis of your research on the start-up, explain in detail what has been your
learning or understanding about the point of focus.

Based on my research on Paytm's digital wallet, I have gained several key insights:

1. The Evolution of Payment Systems: The launch of Paytm's digital wallet represented
a major shift in India's payment systems. Before Paytm, cash was the dominant form
of transaction in India, and there were many barriers to financial inclusion,
particularly in rural areas. Paytm introduced a more accessible, secure, and efficient
method for making payments, offering benefits like instant money transfers, bill
payments, and rewards, which significantly simplified the payment process.
2. Addressing the Need for Digital Payments: The research reinforced the idea that
digital wallets like Paytm were essential in addressing India's challenges with cash
transactions and limited banking access. The necessity of secure and efficient digital
payment systems became clear as the Indian economy faced the limitations of
traditional banking, especially for small businesses and rural populations.
 3. Government Support and Digital India Initiative: The Paytm Wallet's success was
not just due to the company’s efforts but also because of the Indian government's
Digital India initiative, which aimed to increase digital literacy and promote online
transactions. Paytm’s alignment with this national agenda helped drive its adoption,
especially among people who were previously excluded from the formal banking
system.
4. Competition and Security Challenges: Despite its success, Paytm faced stiff
competition from other payment platforms like Google Pay, PhonePe, and others.
Additionally, concerns about digital security posed significant challenges, as users
were wary about the safety of their funds. Paytm's response to these challenges was
crucial for maintaining its user base and building trust. The company invested heavily
in robust security measures and continuously updated its platform to address these
concerns.
5. The Future of Digital Payments: The case study also highlighted how Paytm paved
the way for future innovations in the payments sector. With the growing adoption of
smartphones and internet access, digital wallets are likely to continue evolving with
more features, such as integration with other financial services (loans, insurance,
etc.), and further enhancements in security and user experience.

In conclusion, my understanding from the case study is that the success of Paytm's digital
wallet was not just a result of introducing a new technology, but also due to its strategic
alignment with the needs of the Indian market, its adoption of government initiatives, and
its proactive approach to addressing challenges such as competition and [Link]
 Activity 5: Design Thinking Challenge

1. Empathize: Identify a Personal Problem

● Task: Think about your daily life and identify one specific, recurring problem you

face.

● Output: Problem Description:One recurring problem I face is procrastination. I often

delay important tasks, which results in rushed work and increased stress. This issue
affects both my personal and professional life, making it difficult to manage time
effectively and meet deadline.

2. Define: Frame the Problem

● Task: Reframe your problem into a clear "How Might I...?" question.

● Output: How might I stop procrastinating and manage my tasks more efficiently?

How might I stay motivated and focused to complete my tasks without feeling
overwhelmed?

3. Ideate: Brainstorm Solutions

● Task: Come up with at least 5 different ideas to solve your problem.

o Use out-of-the-box thinking and include both realistic and wild ideas.

● Output:

● Pomodoro Timer App: An app that uses the Pomodoro technique to break tasks into

intervals, with short breaks in between, to improve focus and reduce

procrastination.
 ● Gamified Task Manager: A task management app where users earn points and

rewards for completing tasks, turning productivity into a fun game.

● Accountability Partner System: Pair up with a friend or colleague to set deadlines

and regularly check in on each other’s progress.

● Visualization Board: A physical or digital board displaying clear, visual goals and

deadlines to remind me of what I need to do each day.

● Digital Detox Days: Schedule one day each week with no access to social media or

distractions to help me focus purely on tasks at hand.

4. Prototype: Create a Low-Fidelity Prototype

● Task: Choose the most promising idea from your brainstorm and sketch or outline a

prototype.

o If it’s a product, sketch what it looks like and label its features.

o If it’s a service, draw the user journey (e.g., steps a user takes to use the
service).

o If it’s an app or software, design the main interface or flow.

● Output: Create a Low-Fidelity Prototype

Selected Idea: Pomodoro Timer App

● App Concept: A simple, user-friendly app that uses the Pomodoro technique.
● Features:
○ Timer that sets work intervals of 25 minutes, followed by 5-minute breaks.
○ A progress tracker to see how many sessions were completed in a day.
○ Notifications to remind users when to take a break or start a new task.
○ Option to adjust work/break intervals based on personal preference.

●
5. Test: Reflect and Gather Feedback

● Task: Pair up with another student and present your prototype.

o Explain the problem you are solving and how your solution works.
o Gather feedback:

Output:-Feedback from a peer:

● What they liked:

○ The idea of using Pomodoro for focus is great because it helps break down
tasks into manageable chunks.
○ The progress tracker motivates users to see how much they’ve accomplished.
● What could be improved:
○ The app could include a "task list" feature where users can assign tasks to
each Pomodoro session.
○ More customization options, such as the ability to change the length of work
and break intervals, would be beneficial for users with different work styles.
● Would they use this solution?
Yes, especially if it’s simple to use and customizable.

Answer the following questions:

Q1. What did you learn about your own problem-solving approach?

ANSWER- I learned that my problem-solving approach focuses on breaking down complex

problems into smaller, more manageable solutions. I tend to seek structure and simplicity
when addressing issues. In this case, I gravitated toward solutions that could be integrated
into my daily routine, such as apps and systems that provide consistent reminders and
progress tracking.
Q2. How did feedback influence your perspective on your solution?

The feedback made me realize that while the Pomodoro technique is effective, adding more
customization and task management features could make the app more versatile and user-
friendly. It also highlighted the importance of making the solution adaptable to different
user preferences, rather than a one-size-fits-all approach. This feedback has influenced me
to consider a more flexible and holistic design for the app.
 Activity 6: Crafting a Winning and Unique Value Proposition

Think of a customer persona (e.g., a young professional, a small business owner, a

busy parent, etc.).

1. Brainstorm Pain Points:

o List customer needs, desires, and challenges using the Customer Segment
part of the canvas:

▪ Jobs: What is the customer trying to do?

▪ Pains: What frustrates or challenges them?

▪ Gains: What outcomes do they want?

Customer Persona: Busy Parent (Working Mom)

Brainstorm Pain Points

Jobs:

● Balancing work, home life, and caring for children.

● Ensuring the household runs smoothly while maintaining professional
responsibilities.
● Managing family schedules (appointments, school events, etc.).

Pains:

● Struggling to find time for self-care.

● Feeling overwhelmed by the constant juggling of responsibilities.
● Difficulty managing family schedules and last-minute changes.
● Lack of personal time or energy to enjoy activities outside of work and family
duties.
Gains:

● Having more time for themselves and their family.

● Reducing stress by staying organized and in control of their time.
● Finding solutions that simplify daily tasks, allowing them to focus on what
truly matters.
● Enjoying family life without the constant pressure of work-life balance
challenges.

2. Propose Solutions:

o Use the Value Map section to match solutions to the pain points:

▪ Products/Services: What can we offer?

▪ Pain Relievers: How does it solve the frustrations?

▪ Gain Creators: How does it create positive outcomes?

o Articulate their proposed Value Proposition in a single sentence, e.g., “We

help [customer segment] solve [specific pain] by providing [solution].”

Products/Services:

● All-in-One Family Organizer App: A digital tool that helps manage family
schedules, to-do lists, meal plans, and reminders.
● Subscription to Meal Kit Service: Ready-to-make meals delivered to their
door, saving time on grocery shopping and cooking.

Pain Relievers:

● App Features: The organizer app integrates all tasks (work, appointments,
family activities) into one calendar, sends reminders, and syncs with other
 family members' devices. It automates task delegation and ensures nothing is
forgotten.
● Meal Kits: Pre-portioned ingredients and recipes to save time on meal
planning and grocery shopping, removing the burden of daily cooking
decisions.

Gain Creators:

● App: Helps the busy parent stay organized and manage their time efficiently,
allowing more space for personal time.
● Meal Kits: Eases meal preparation, giving the parent more time to relax and
bond with the family, and reduces the stress of deciding what to cook.

value Proposition:

"We help busy parents simplify their lives by providing a family organizer app and
meal kit subscription that save time, reduce stress, and bring families closer
together."

Answer the following questions:

Q1. Is the value proposition clear and compelling?

Yes, the value proposition is clear and compelling. It directly addresses the challenges faced
by busy parents, offering a solution that saves time and reduces stress, which are key pain
points for this customer segment. The combination of a family organizer app and meal kit
service appeals to their need for efficiency, convenience, and more quality time with family.

Q2. Does it address the customer’s needs?

Yes, the value proposition addresses the customer’s needs effectively. By focusing on time
management and simplifying daily tasks, it tackles the struggles of juggling work, family, and
personal life. The solutions proposed are designed to help busy parents feel more organized,
less stressed, and able to enjoy their time with family without being overwhelmed by the
demands of their everyday responsibilities.