Module 1

1. Explain the three primary sources of entrepreneurial ideas with examples.

• Problems/Needs in the Environment: Identifying societal gaps (e.g., PerSapien addressing Delhi’s pollution).
• Skills and Hobbies: Turning passions into ventures (e.g., Rohan Kini’s cycling tours).
• Combining Problems + Skills: Using expertise to solve challenges (e.g., Taga Rita reducing fruit wastage with Nara-abba).

2. Differentiate between risk and uncertainty using the jar experiment analogy.

• Risk (Jar 1): Predictable outcomes (e.g., Snickers/Ferrero Rocher). Managed via data (e.g., college fest budgets).
• Uncertainty (Jar 2): Unpredictable outcomes (e.g., lemon/ping-pong ball). Requires experimentation (e.g., testing e-curtain prototypes).

3. Describe four types of entrepreneurial ventures with examples and challenges.

• Revolutionary: Zero-to-One innovation (e.g., e-curtains). Challenge: High uncertainty.
• Niche: Specialized markets (e.g., vegan brands). Challenge: Limited scalability.
• Propagatory: Adapting models (e.g., Flipkart adding cash-on-delivery). Challenge: Contextual adjustments.
• Lifestyle: Founder-driven (e.g., design studios). Challenge: Over-reliance on founder.

4. Define effectuation and explain its five core principles.
Effectuation: Decision-making framework for uncertainty, starting with available means.

1. Bird in Hand: Use existing resources (e.g., Gyanesh Pandey’s engineering skills for microgrids).
2. Affordable Loss: Risk only what you can afford to lose (e.g., Chumbak founders selling their apartment).
3. Crazy Quilt: Co-create with partners (e.g., Greg Gianforte collaborating on CRM software).
4. Lemonade Principle: Turn surprises into opportunities (e.g., Bare Necessities pivoting in COVID).
5. Pilot in the Plane: Focus on controllable actions (e.g., Flipkart introducing cash-on-delivery).