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EntrepMind: Gateway to a Successful Venture
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JOURNAL #4
While COVID-19 has impacted on-campus learning lectures and seminars are still taking place online. I discover myself on how to make the most of this valuable contact time through attending series of lectures hosted by Central Mindanao University's Department of Business Administration.
A series of lectures on business and innovation was held last November 17, November 24 and December 1 via FB live and zoom, and the information imparted by the speakers will aid in the improvement of our innovation. The first lecture was titled "Intellectual Property Rights and Technology Transfer", and featured guest speaker Dr. Gamaliela A. Dumancas. I've learned that intellectual property encompasses anything created by the mind, such as inventions, artistic works, and much more. However, we must translate the generated concept into tangible products. Protecting one's intellectual property is critical to preventing competitors from copying your product, developing and enhancing its identity, and negotiating licensing agreements with other companies that allow them to reproduce your product. Additionally, I've learned about the various intellectual property rights available, including patents, utility models, copyright and related rights, industrial designs, and geographical indications. It was discussed what these rights are and how they differ from one another. We were able to incorporate Patents and Licenses into our BMC presentation. This lecture series will be instrumental in advancing our innovation.
The second lecture was about the START UP Journey of Ms. Krystel Nacua of EHATID. Ms. Krystel is a multi-passionate entrepreneur with various experiences in digital design, education, management, sales, and marketing. She co-founded her first company Luminaris Handicrafts with her brother at 17 and opened several other businesses after. Currently, she's the Marketing Head and Co-founder of Ehatid, an online grocery delivery start-app. On the lecture, I’ve realize that the Ehatid of Ms. Krystel is a logistics-ready online selling platform built for a collaborative effort to combat food security & economic problems during this crisis. I have also learned that through her journey startups like Ehatid create a new market or completely transform old markets by introducing products, services, and ideas that change the world. Ehatid as new technologies often create new opportunities for all and Im truly inspired on how Ms. Kyrstel was able to provide a successful startup venture. Truly Ehatid create an enormous value over mature businesses, inspiring competition, and pushing the economy to evolve. The speaker explained reasons start-ups fail, including a lack of market need, a lack of cash, an insufficient team, and being outcompeted. Additionally, prior to adopting ideas, we must understand the innovation's objective, which should not be exclusively based on profit, but on the value it provides to the mass and its growth. We must ensure that everything is in sync with its intended goal. Objectives should be quantifiable to ensure that they are both reasonable and attainable within the allotted time. Within a team, balanced personalities between members are critical for long-term success, and each member should have defined roles, as such businesses cannot scale without them. We must assemble the best team possible by identifying weak points, identifying viable candidates, debating and evaluating individuals, and continuing to create the start-up concepts.
And lastly, Ms. Keren Happuch Lacadin was the guest speaker for Lecture Series 3 on December 1, 2021. She discussed "Resource Generation for Startups". Numerous start-ups are implemented occasionally across boundaries, recognizing that individuals are digitally savvy. During the debate, she said that entrepreneurs today must leverage digital marketing to grow their businesses; else, they would fall behind. The speaker explained reasons start-ups fail, including a lack of market need, a lack of cash, an insufficient team, and being outcompeted. Additionally, prior to adopting ideas, we must understand the innovation's objective, which should not be exclusively based on profit, but on the value it provides to the mass and its growth. We must ensure that everything is in sync with its intended goal. Objectives should be quantifiable to ensure that they are both reasonable and attainable within the allotted time period. Within a team, balanced personalities between members are critical for long-term success, and each member should have defined roles, as such businesses cannot scale without them. We must assemble the best team possible by identifying weak points, identifying viable candidates, debating and evaluating individuals, and continuing to create the start-up concepts.
With the three lecture series conducted I have realized that it is critical to avoid focusing exclusively on one thing. We need to broaden our knowledge, gain additional experiences, and learn lessons that will help us improve the products. “Are there any other strategies you can employ to ensure the success of a product development?” Therefore, in order to build a successful business, we must be skeptical of every aspect and likely take the following steps: test hypotheses, launch quickly, and focus on non-scalable activities. I've gained a great deal of knowledge from our teacher's lessons on MVP. To my mind, this technique is beneficial for newly entrepreneur because it focuses on key development, app insights and feedback collection, early testing, market validation, and rapid application development.
On the other hand, on my entrepreneurial journey. I have come to realize that entrepreneurship can be tough and may pose as a long journey for some but thinking of it as luck wasn’t the best idea, I had to learn through trial and errors before making the most innovative and profitable startups. Being an entrepreneur is not the final destination of your professional journey. When you’ve accumulated the experience you need to succeed in your role, you still have to tackle the obstacles and challenges of the entrepreneurial life-cycle. Your business idea is only the first step. You’ll need to grow your enterprise with a strategy, a team, and a solid plan until it’s time to move to the next venture. The life-cycle of an entrepreneur is an exciting journey of new beginnings. However, before you can safely embark on this journey, you need to equip yourself with the skills every entrepreneur should have: business administration, marketing launch know-how, and high-pressure team management.
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JOURNAL #3
Prior to beginning the process of developing questions and conducting interview sessions to validate the product, our group debated whether to pursue such innovation. We're having difficulty determining whether our product is feasible and attainable. We discussed this thoroughly, and after discussing the Business Model Canvas, we decided to push this pitch because it is possible to make if a BMC is created for this innovation.
In general, based on my experience with my team, I've learned that Teamwork, Collaboration, and Cooperation are critical components for optimizing every aspect. Collaborating with these intelligent and hardworking individuals ensures that everything runs smoothly. Each of us is extremely responsible in carrying out their assigned tasks and is extremely receptive to improvement when errors are made. Prior to implementing an innovation, it is critical to validate the product or service offered to the public in order to determine whether the product or service is in demand and marketable. BMC is one of the factors to consider when pursuing the pitch in order to organize each category and include everything necessary to ensure that the business is implemented, reaches a million potential customers, provides excellent service, and endures for an extended period of time. We must embrace each lesson learned during the process as a steppingstone toward success.
A series of lectures on business and innovation was held last November 17 and 24 via FB live and zoom, and the information imparted by the speakers will aid in the improvement of our innovation. The first lecture was titled "Intellectual Property Rights and Technology Transfer", and featured guest speaker Dr. Gamaliela A. Dumancas. I've learned that intellectual property encompasses anything created by the mind, such as inventions, artistic works, and much more. However, we must translate the generated concept into tangible products. Protecting one's intellectual property is critical to preventing competitors from copying your product, developing and enhancing its identity, and negotiating licensing agreements with other companies that allow them to reproduce your product. Additionally, I've learned about the various intellectual property rights available, including patents, utility models, copyright and related rights, industrial designs, and geographical indications. It was discussed what these rights are and how they differ from one another. We were able to incorporate Patents and Licenses into our BMC presentation. This lecture series will be instrumental in advancing our innovation.
.The second lecture was about the START UP Journey of Ms. Krystel Nacua of EHATID. Ms. Krystel is a multi-passionate entrepreneur with various experiences in digital design, education, management, sales, and marketing. She co-founded her first company Luminaris Handicrafts with her brother at 17 and opened several other businesses after. Currently, she's the Marketing Head and Co-founder of Ehatid, an online grocery delivery start-app. On the lecture, I’ve realize that the Ehatid of Ms. Krystel is a logistics-ready online selling platform built for a collaborative effort to combat food security & economic problems during this crisis. I have also learned that through her journey startups like Ehatid create a new market or completely transform old markets by introducing products, services, and ideas that change the world. Ehatid as new technologies often create new opportunities for all and Im truly inspired on how Ms. Kyrstel was able to provide a successful startup venture. Truly Ehatid create an enormous value over mature businesses, inspiring competition, and pushing the economy to evolve. The speaker explained reasons start-ups fail, including a lack of market need, a lack of cash, an insufficient team, and being outcompeted. Additionally, prior to adopting ideas, we must understand the innovation's objective, which should not be exclusively based on profit, but on the value it provides to the mass and its growth. We must ensure that everything is in sync with its intended goal. Objectives should be quantifiable to ensure that they are both reasonable and attainable within the allotted time. Within a team, balanced personalities between members are critical for long-term success, and each member should have defined roles, as such businesses cannot scale without them. We must assemble the best team possible by identifying weak points, identifying viable candidates, debating and evaluating individuals, and continuing to create the start-up concepts.
We also had our discussion about Doing Things that Do Not Scale. The presentation includes businesses that are well-known and provide superior services to the public, similarly to how Doordash enables their business to develop an MVP. Doordash is a food-related business that specializes in food delivery. Just like how the founder started his business, the majority of people truly innovate something out of their passion; what they enjoy doing and what makes them happy. Because if you're passionate about something, you'll have the opportunity to fight for your business during difficult times. As if you're never going to give up on it. Additionally, it is necessary to identify problems in order to address them and take appropriate action. Additionally, it was explained how the business operates and what to do when utilizing their services. We learn a great deal as we build our businesses. In terms of Doordash, they've learned three lessons from developing an MVP.
Converting ideas into tangible products or services is a lengthy process, and in the interim, we will face challenges that will put us to the test. It is a process of education. We must not focus on the outcome itself, but rather on the lessons it teaches, which we must accumulate and apply in order to achieve the best results. However, before we can turn our ideas into reality, we must first determine the problem that needs to be solved. Extraneous variables may arise during the process of transforming our ideas into reality. However, such variables can be dealt with if we learn from them and have great minds to figure out how to overcome them through the use of proper processes. Hence, I've realized that we must make an effort to connect with our target customers because they will assist us in validating whether or not the products or services are in demand. Establish methods for contacting customers and enticing them to continue engaging with the services offered. Additionally, we must be transparent and receptive to customer feedback. As their feedback is valuable and critical to the product's implementation.
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WEEKLY JOURNAL #2
As the world population increases rapidly, one of the biggest challenges is how to ensure food security, without setting aside long-term sustainable development. According to the Food and Agriculture Organization of the United States (FAO, 2014), food production is needed to develop by 70% in order to feed the world population which is anticipated to reach 9 billion by 2050 (Kiaya, 2014).
The anticipated food shortage triggers the agricultural sector to face these challenges, and consider feasible solutions that guarantee the continuous food supply for everyone. In the Philippines, farmers are also faced with the challenges of drying crops. One of our teammates saw a photo on Facebook of the difficulties that are faced by our famers. There are still a lot of Filipino farmers who are struggling to get by, especially with the low income, high demands and day to day challenges.
As you can see on the figure above, the time it took to dry these crops was just soaked by the rain in an instant. All of these difficulties and many more are faced by our hardworking farmers every day. Thus, our group then discussed different methods or ways that can help our farmers. After much delegation, our group was able to come up with an idea which was the solar dryer.
As a result of this issue, we aimed to produce an Enhanced Multi-crop solar dryer with salt as a hygroscopic medium. In turn, this product will help those who are in the agricultural sectors especially those involved in drying their goods. Specifically, this will help farmers or companies that are in need of an alternative way of drying effectively and efficiently their crops and other plantations. The following figure below is the design we've made on our solar dryer.
Since we have already planned out the solution to the problem of our local farmers, we have developed a Business Model Canvas in which the hypotheses of how we create and deliver value for the business and the customer are laid out. A business model is best described through nine basic building blocks that show the logic of how a company intends to make money. The nine blocks cover the four main areas of the business: customers, offers, infrastructure, and financial viability. The nine building blocks are: Key Partners, Key Activities, Key Resources, Value Proportion, Customer Relationship, Channels, Customer Segments, Cost Structure and Revenue Streams. Each of it was planned in the upcoming defend this Oct, 21, 2021.
What contribution will you make to the market? This was a self-reflection inquiry. Throughout product development, each path to a final product is distinct, and each industry has its own set of oddities to contend with while creating something new. I realize that if you're having problems figuring it out, keep in mind that every product before yours had to overcome similar challenges. By following these steps as you go through your own product development process, we believe you will be able to break down the intimidating task of bringing a new product to market into more achievable stages. Therefore, no matter what project you're working on, you can ensure success by doing all of the necessary research, planning, prototyping, sourcing, and pricing.
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INTRODUCTION
The subject "The Entrepreneurial Mind" was first given to us by Teacher Leanne Aireca P. Tumaroy on August 26th. I first assumed it was the same as the "Entrepreneurship" class I took in my 12th year, but I was mistaken. There is a twist in this course because it focuses on Technopreneurship or Technology Entrepreneurship. During that day, we started introducing ourselves in which we just stated our entire names, addresses, expectations for our instructor and this class, as well as our problems in this new type of environment in the introduction. After everyone had completed their introductions, Teacher Leanne handed us the course syllabus and outlined the contents to us. It was comprehensively discussed and I am so happy because Teacher Leanne is explaining it well to us.
When I initially saw the Welcome! slide, I was a little worried. To the most difficult class, you'll ever take, with the most ambiguous and uncertain material, the most strategic thinking, and the most strategically difficult stuff. But it all vanished when I read the most fun you'll ever have. In addition, I enjoy listening to how our instructor approaches lectures because she is quite knowledgeable about the subject and I still have a soft spot for entrepreneurship. I fully participated throughout our discussion and was looking forward to everything I would learn throughout the course.
It was a wonderful class because our instructor gave us instances that we could relate to. I enthusiastically participated in the lesson, particularly when it came to understanding the name of the emblem that was shown. I learned a lot about these logos and how they disrupted or changed customary ways of doing things.
During the introduction to the subject, I learned a lot about the different types of start-ups, such as small businesses, mainstream, growth, and global, to which technopreneurship belongs. A start-up, according to Ken Singer, is a kind of defiance. It is valid since it conflicts with existing forms and proposed enhancements that are better and more appropriate. When you engage in entrepreneurship, your mindset changes, whether you are an entrepreneur or an intrapreneur. There were also misconceptions that entrepreneurship isn't linear, that it's complex and people-oriented, that there are many unwritten rules, and that there isn't enough data to develop a plan. It, like other disciplines, cannot be taught in a prescribed manner. The first week of our meeting was a smashing success, in my opinion. I gained a lot of fresh information about what it takes to be an entrepreneur. Hopefully, as I continue on this adventure, I will learn even more and I hope I can have my own business in the future.
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