Tags: AUT, Entrepreneurship, innovation, market research, students
I had the plessure today to be invited by Dr Shuyuan Wu as a guest lecture for a undergrad paper at AUT in Innovation and Entrepreneurship. One of the objectives of the paper was for students to generate a business idea and present it in front of a panel - just like Dragons Den. I used my own company, Transfercar, as a case study to demonstrate how an idea was turned into a new venture.
I was amazed with the quality and diversity of the ideas that these students have generated - but gee - what happend to good old fashioned market research? Not that the student have not done any market research - they had been told to identify their competitors and estimate the market potential - simple Google research - but none have actually been out getting their hands dirty. None have actually been out talking to real people - real customers - real suppliers.
I guess it is not the students fault - but maybe academics should spend less time teaching students how to do regression and Porter’s 5 forces - and spend more time teaching them how to use their network and communicate with people - because at the end of the day - isnt that what entrepreneurs do.
I am afraid it is quite a common occurance. Some get so obsessed by their big ‘idea’ that they do not want anything to prick their balloon i.e. marketplace reality.
Despite it being published in August, I just came across this post now and I couldnt agree more Brian.
The ‘just doing it’ factor is what defines entrepreneurs
Ironically the students will probably understand their academic studies more thoroughly by ‘getting their hands dirty’ with the market validation of their ideas.
Students (I still am one by the way) also tend to underestimate the power of their networks even though they will play a massive role in their futures.
Hopefully Spark and The UoA does this a bit better with its cohort of student entrepreneurs.
Cheers
Graeme