AJ_EntrepMind

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Our journey: "It's just nowhere, and now we're here"

Hypothesis Definition

Since it's the last week before the final venture pitching, the following week was definitely a wonderful hustle for us. Our new concept was somewhat labor-intensive, and we had just recently come up with it. Starting from scratch, we had to work out again on our BMC model canvas, further and more rigorous validations and a draft of our prototype. Due to the simplicity and plainness of our proposal, we had so many doubts on whether we could pull off our idea or not. The sustainability of the business' potential to thrive, the moral character of our employees, and the administration of the company are just a few of the many factors we have had to take into account thus far. This is because we are still students and must put our studies first.

Hypothesis Testing

To test the ventures’ sustainability we had work more on the validation of our target customers which are the CMU students. We had conducted an online survey through google forms and imbedded there are the relevant questions which could help us conclude on whether our proposed business could sustain in the long run. We also browse for similar businesses and business proposals and there we find that there are already existing schools, universities and even communities who had ventured out this kind of business.  To ensure our employees honesty, we had decided to work on with its management on our free times during the day and will monitor it every 4 hours as possible.

Team Decision

It was intriguing to generate a positive response when we collected the data from the survey responses. As the final day draws near, our uncertainties gradually fade and our optimism builds. Despite the fact that our enterprise was relatively straightforward, we were confident it could be executed.  The team chooses to investigate the idea further and discover more flaws in order to be able to immediately refute it when we offered the idea. It was an in-depth conversation that made us value our endeavor more.

Teams Options

The team had no choice but to work toward a successful end with regard to the venture's viability over the final week. Up to the final presentation, we had done the best we could throughout the last week. The need to stand up for what we believe in and share the beauty of what we see made it necessary, not an option or a choice, to defend our business plan with brilliance.

Lessons

It was my delight to write the closing blog for the Entrepreneurial Mind course and to declare that I had enjoyed the subject. It has taught me the value of collaboration and partnership. It has helped me realize that you cannot succeed in the business world on your alone; you must a partner in order to succeed. I had shown that, with cooperation, an idea that looks unattainable may be just as likely as probable for future business owners.

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THIRD Blog/Journal

The Intuitive Beginning of our Spiteful Fiasco

Hypothesis Definition

Following the recent BMC Pitching, it was agreed that the group will choose to pursue a complete revision of our venture idea. This occurred as a result of the administration of the university not providing any encouraging validation. Although the initiative is actually doable, its implementation in a university setting (which is our target market) appears impossible due to the International Organization for Standardization (ISO) norm, which conflicts with our methodical approach to monitoring attendance.

In response, the group created the "Rent -A- Brella" business enterprise, which rents out umbrellas to Central Mindanao University students who forgot to carry their umbrellas for the day or had no umbrella at all. This project was not only doable but also practical because unexpected occurrences like a sudden change in the weather and occasional forgetfulness are unavoidable.

Hypothesis Testing

It was fortunate that this kind of concept would not be as difficult and complicated to realize if pursued as we set out to obtain the necessary validation for the new enterprise. In order to obtain the necessary certification on the topic, we had begun our initiative with the Office of Student Affairs. When questioned whether our notion is still relevant, a number of students fortunately agreed with the information above. In order to legitimize our business documents with the necessary substantive requirements, such as official receipts, delivery receipts, acknowledgement receipts, and the like, we had also sought counsel from the university's legal council.

Team Decision

We had realized that fraudulent rentals would unavoidably occur as we set out for the required validation. Since the project primarily makes use of manual recording, it would be relatively difficult to maintain track of each student's identification. With that in mind, we devised the idea of including both a delivery or acknowledgement receipt and a legal, formal receipt that would be binding on the renter. This will be our assertion on the transaction. In addition, we had thought about the location or region where the project might be located. The decision was made to seek our department's dean for permission to occupy a location close to the department.

Teams Options

There were other options, including the use of digital or computerized renting services. But it was not regarded as a feasible choice for a start-up like us due to the significant expense it might incur for the venturers. Even if dealing with dishonest tenants was more effective and simpler, cost consideration is important. If the company does well in the long run, such alternative would be workable and sufficient. Last but not least, the capacity would be threatened by the knowledge that classes wouldn't last the entire year, and it was anticipated that some students could decide to buy their own umbrellas rather than renting them sometimes. With it in place, the team had intended to continue expanding the product line in the future. And the company would briefly close during semester breaks and year-end breaks. This necessitates acting as a seasonal business.

Lessons

When we came up with a plan to completely revise our venture proposal, it was a breakthrough for us since we had truly made great progress and now we had to start over. Although it wasn't an easy choice, we managed to persevere. We had to identify the proper validation we required and the proper fix for the issue. It simply illustrates the phrase by Henry Ford that "Failure is the opportunity to begin again more intelligently." That's how we had been and that's the true essence of success.

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SECOND BLOG/JOURNAL

Hypothesis Definition Our venture proposal serves as a model of how QR scanners might be introduced and used in the classroom and at institutional or university-wide events. It was imaginatively put out using the team members' combined thoughts and viewpoints, and it was hypothesized to be the ideal answer to the issue of the burdensome and time-consuming pattern of the university's traditional way of recording attendance, both for class-based and university-based events. Hypothesis Testing Based on our recently concluded interviews, only one out of ten respondents said that manually signing attendance sheets during classes and college or university-wide events is neither impractical nor inconvenient because the university already does it and it could still lead to better results. However, 90% of the interviewees approved of the usage of QR codes and scanners as a replacement for paper attendance records and signatures during those activities. They contend that such a concept needs to be put into action since it would benefit not just the students but also the university in general, by providing faster and more reliable data. Team Decision We discovered several areas that our service needs to take into consideration after gathering some insights from our responders. First, a better security system is required to ensure that such dishonest acts such as fraudulently signing for attendance are reduced and stopped. Evidently, that said problem would be solved through the help of our IT experts and modern technologies, hence was not the best option for a start-up business with low financing capacity. Thus, the team had discussed that the best and possible option now was to instill honesty among students and put in some little work for personnel assigned to guard the system. The lack of unique and accessible features comes in second. We discovered that more features for our service are required to meet the needs of our users, such as offline access, which would allow users to continue using the service even when there is no internet connection. We made the decision to include this functionality so that it can still be utilized even in the absence of an internet connection by authorized people. Either way, it would not cause much inconvenience when an internet connection is lost. Team’s Options

Options such as the use of biometrics, QR codes, or scanners had been available. We have already seen one aspect of these solutions' differences: price. Although they are more expensive than QR code implementation, biometric solutions offer the same advantages. Due to these variations, we essentially went with the QR Codes option because it is less expensive. Lessons As far as what our interview has come up with, I now know that before beginning a business, it is important to look at alternatives that could provide the same or even greater benefits for the service or good we are providing while aiming to spend less money. We should explore widely and see what’s there that we failed to consider. The viability and profitability of these alternatives will next be evaluated.

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Introduction to Entrepreneurial Mind - First Blog/Journal

The past meetings involve a series of discussions and group activities which highlighted the topics envisioned for the course GEE 16 -Entrepreneurial Mind. It was a great session that helps us inculcate some exciting ideas from theories to real world scenarios which serves as a streak and a preparation for our upcoming major activity/requirements. As an introduction to the course, it was indeed as relevant as the main task expected for us ahead. The learnings thereat led us to a more insightful and feasible product idea to venture.              Insofar, of the few days we took up for the class, amazing realities were by chance unlocked. The idea that lies between an entrepreneur and a businessman was what struck me most. Throughout, I cannot seem to find any difference between the two, but surprisingly it was not the same. Entrepreneurs as I have recently learned are the so-called innovator which creates the real solution to the consumers common problem. Whereas businessmen are those who trades the existing products and as much as possible delve into strategies that maximizes profit. With the creativity and innovativeness of our world’s entrepreneur’s various product types with considerable uniqueness has come into existence. From our common goods to luxuries, transportations, and communications, and even on our digital world; a lot of ideas has been existing and at times will continue to exist. One similar product exists among others yet the value it perceives was continually enhance by our entrepreneurs by innovating new creations or disrupting qualities and abilities that one product lacks off. As stated by Leon C. Magginson; “It is not the strongest or the most intelligent who will survive but those who can best manage change.” This was tied to another important concept which I had learned during those sessions which was the thing about adaptability and good enough. Undeniably as times grow older, the world grows fonder. Fonder in a way that innovations, creations and even modifications are the patterns of everyday life. There now comes the perfect incorporation of adaptability and good enough.  As entrepreneurs, it is not a good strategy to strive for perfection because too much of it could leave you ahead. It is just right to think that its unique and is good enough to penetrate the market and go with the trend. Along the way, as it thrives, it should grow and be uniquely modified to go through market changes.   Furthermore, what is more important about innovating a product is not just the creative mindset but the logical ways to deliver it. Communicating an idea into reality may be a lot harder but with analytical ways and enough skills it could be more possible.