IDEA TO BUSINESS, Entrepreneurship Evening with Ola Sundell
Some of the moments discussed during the event
Yesterday we had the first Entrepreneurship Evening of the year. Our special guest at the event was Ola Sundell, inspiring lean entrepreneur and CEO of Hub Helsinki. In the context of the event’s topic Ola has introduced the lean business practices to the audience and talked about important aspects of startups on their way from ideation to actual business. Ola has mentioned that it is important for an entrepreneur to understand in the very early days, what type of business he/she is running exactly. Ola has also highlighted that the core difference between a startup and an enterprise is that startups cannot deliver from the first day, but instead they have to build something to deliver, therefore startup as a term is associated with presence of high product and market risks.
Ola has mentioned that team building is one of the core aspects in startup development, however idea is the foundation of everything. Ola has particularly emphasized that product-market fit is a necessity for going from idea to business. He has mentioned later on that before product-market fit it is also important to understand problem-solution fit. Furthermore, there are two strategies, which startups should know: market strategy (writing a business plan, how to dominate the market, that’s how entrepreneurship used to be taught) and market entry strategy. However, Ola continued by saying that “no business plan survives the first contact with a customer”. He said that it was not a bad tool, but it is only a goal rather than actual reality. Instead, developing an entry market strategy is more important for startups, whereas lean startup brings realization. Business plans are not trendy anymore in the conditions of our modern environment, where things change rapidly. Thus, startups should rather work on creating MVP (minimum viable offering), in other words “the minimum that sells”, which they can go to the market and test it with. Generally, MVP is a key to success not only for startups, but entrepreneurs in general, according to Ola. Thus, it is better to test if there is a market and if there is, “you should run back to the office, write a business plan and then pitch to investors”.
Just test, if there is a market. And if there is, then run back to the office, write business plan and start pitching to the investors with the result in hand
After the official speech the idea pitching took place, where one of the young enthusiasts presented his idea of opening a multi-activity center for Lappeenranta youth.
The evening was finalized by a discussion in the informal atmosphere with people, who wanted to know more about lean startups and their details. Ola was enthusiastic about giving advices and discussing the current topics of the modern entrepreneurship scene.
Brought to you by Veronika Kiseleva