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The Final

Throughout this week, we are carrying out extra validation aimed specifically at students, in line with the advice provided by our panelists. As students are expected to be the primary users of our application, we have created two null hypotheses as stated below:

Null Hypothesis 1: The students do not express support for the proposed application.

Null Hypothesis 2: The students are reluctant to download and use the application due to inadequate internet signal.

Through the examination of these hypotheses, our objective is to collect data that will provide us with a deeper understanding of the students' viewpoints and their inclination to interact with our application. As part of our market validation process, we conducted interviews with students, ensuring that we obtained their consent and confirmed their willingness to take part. Within these interviews, we inquired about their access to electronic devices and their receptiveness to using the proposed application. The majority of the feedback we received regarding the application was positive, which served as a driving force in promoting its further development. Nonetheless, a subset of students expressed concerns about the limited internet signal at Central Mindanao University, which presented challenges in accessing and utilizing the app. It's important to note that we were well aware of this hurdle from the outset, as we anticipated the issue of low internet signal during the application's development phase.

Our team has recognized the immense importance of market validation in the application development process. It has become evident that market validation plays a pivotal role in determining the viability of proceeding with an application. Through market validation, we gain invaluable insights into the requirements and preferences of our target users. This understanding enables us to effectively address the specific challenges faced by our potential users, enhancing our ability to develop a valuable and impactful application.

We conducted our final pitching, and it turned out to be highly successful. During this process, I gained valuable insights from our panelists. They showed keen interest in discussing our projected cash flow, leading to a fruitful and informative conversation. Additionally, our services offer was well-received by the panelists, as we had prepared a prototype video that clearly showcased the essence of our product/service. It was an enjoyable experience engaging with the panelists and exchanging ideas with them.

Considering the user's perspective has now become a foundational element in our decision-making process, enabling us to create products that truly meet their needs. As we progressed this week, I have acquired invaluable knowledge and insights. One crucial lesson I've learned is the significance of thoroughly assessing various aspects and conducting market validation before embarking on the development of any product or service. This approach provides us with genuine understanding of the hurdles faced by our intended market, empowering us to craft impactful solutions that cater to their needs effectively.

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Validate to Create

A business pitch involves presenting a business concept to individuals who have the potential to support and bring your idea to fruition. The audience may consist of investors who can provide financial backing, as well as potential customers who are willing to pay for your product or service. In our case, we successfully presented our service offering to a panel of two experts, impressing them with the capabilities of our application. However, they expressed the need for further validation. Therefore, this week, we are focusing on gathering feedback from our customers to gain a clearer understanding of their opinions regarding our proposed application.

During this week, we are conducting additional validation specifically targeting students, as per the recommendation of our panelists. Given that students are expected to be the primary users of our application, we have formulated two null hypotheses as follows:

Null Hypothesis 1: The students do not support the proposed application.

Null Hypothesis 2: The students hesitate to download and use the application due to poor internet signal.

By testing these hypotheses, we aim to gather data that will help us better understand the students' perspective and their willingness to engage with our application.

As part of our market validation process, we conducted interviews with students, ensuring that we obtained their consent and confirmed their willingness to participate. During these interviews, we asked students about their access to electronic devices and their willingness to use the proposed application. The majority of the feedback we received regarding the application was positive, which motivated us to further promote its development. However, some students expressed concerns about the limited internet signal at Central Mindanao University, which posed difficulties in accessing and utilizing the app. We were aware of this challenge from the beginning, as we anticipated the low internet signal issue when we decided to develop the application.

Given this situation, our team explored two options:

Option 1: Develop an offline application that doesn't require internet connectivity.

Option 2: Proceed with the initial plan for the application but focus on minimizing its reliance on internet usage.

These options were considered to address the concerns raised by students regarding the limited internet signal at Central Mindanao University.

After considering the aspect of sharing location, our team has made the decision to proceed with the development of the "PASAKAY" application. However, we recognize the importance of improving the graphics and features of the application. Our research indicates that incorporating more features into the application will increase the required storage space and internet usage, making it challenging to access the application in areas with low signal strength. Therefore, it is crucial for us to minimize the internet usage in our application. By doing so, we aim to ensure that the application remains functional and accessible even in areas with limited signal strength. This optimization will greatly benefit students by allowing them to easily book rides through the application, even in low signal areas. Therefore, based on our hypothesis, "we rejected null hypothesis 1 but accepted null hypothesis 2," as the students expressed support for our proposed application but expressed concerns about the weak internet signal at CMU campus.

Our team has learned the significant value of market validation when developing an application. It has become evident that market validation plays a crucial role in determining whether to proceed with the application or not. By conducting market validation, we gain valuable insights into the needs and preferences of our target users. This knowledge enables us to better understand how we can effectively serve and assist our prospective users in addressing their specific problems. Taking into account the user's perspective has become a fundamental aspect of our decision-making process and enhances our ability to create a valuable and impactful application.

During our progress this week, I have acquired valuable knowledge and insights. One important lesson I learned is the significance of thoroughly assessing different aspects and performing market validation before initiating the development of a product or service. This approach provides us with a genuine understanding of the obstacles encountered by our intended market, empowering us to create impactful solutions that effectively cater to their needs.

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On the Journey to Pitch

During the course of this week, we engaged in a wide range of activities and discussions. However, there was a specific requirement that we needed to fulfill in order to continue with our pitching. Our task was to develop a product or service that not only benefits people but also allows us to generate income. As a group, we initially brainstormed and compiled a list of potential product or service ideas. The compilation consists of various ideas, including a food delivery app that provides access to all the food stalls on campus, an application that offers information about nearby boarding houses near CMU, an automatic traffic light sensor, an electric cup that adjusts its temperature according to the owner's preference, and a booking application that facilitates the transportation services such as motorelas or motorcycles for students and faculty members, where drivers can accept bookings through the app.

After carefully evaluating and assessing our ideas, we determined that our primary focus should be on creating a product that can make a significant impact on society. Ultimately, we selected a booking application called "PASAKAY," which combines the functionality of both motorelas and motorcycles. The intended users or target market for this app include motorela and motorcycle drivers, students, faculty members, staff, and residents in the Musuan area. Through the application, students, faculty, and staff will be able to conveniently book their transportation, while drivers can accept these bookings directly within the app. We opted for this particular application because, as CMU students, we have personally observed transportation issues on campus. While not everyone may have noticed it, we have observed that students residing in certain areas of Musuan face difficulties in accessing transportation. Additionally, there is limited vehicle availability for certain colleges within CMU, resulting in long waiting times for students. Consequently, some students are left with no alternative but to walk due to the lack of transportation options. That is the reason why we are actively promoting and supporting the development of this application.

During our venture proposal, the most significant recommendation put forth by our group was the importance of conducting market validation and considering the cost of developing the application. Therefore, this week, our focus is on carrying out the market validation process. As part of this, we have formulated a null hypothesis which is as follows:

No1: The motorela and motorcycle drivers are not in favor of the proposed application

No2: The students are reluctant to download and utilize the application due to its high cost

As part of our market validation process, we conducted interviews with students, motorcycle, and motorela drivers. Before proceeding with the interviews, we obtained their consent and asked if they were willing to answer our questions. We inquired about their possession of a gadget and their willingness to use the proposed application. Their feedback regarding the application was predominantly positive, which served as an encouragement for us to further promote its development.

Additionally, we received valuable input during these interviews. One important aspect we addressed was the exclusion of illegal transport vehicles from using the application. This issue has arisen among our own CMU motorela and motorcycle drivers due to the emergence of unauthorized transportation services. Therefore, in creating this application, we emphasize the principles of fairness and enhanced safety in transportation services.

After completing the market validation process, our team reached the conclusion that we had to “reject the null hypothesis”. The motorela and motorcycle drivers showed great enthusiasm for the proposed application. They expressed their satisfaction and appreciation, as they saw it as an opportunity to enhance their services and keep up with the advancements in technology. Additionally, students demonstrated a willingness to download and use the application, recognizing its potential to provide faster and safer transportation within the campus premises.

During this week, our team made some minor revisions to our revenue plans. Initially, we had considered implementing a commission structure of 10-15% on the total fare and incorporating advertising services. However, upon further reflection, we decided to revise this approach. We realized that including commissions would not take effect in getting a lot of users and having an ads from the start would add to the initial costs of developing our application. As newcomers to the market, it might not be feasible to attract businesses for advertising right away, as they are likely to observe our performance first. Additionally, considering the high cost of application development, we intend to collaborate with IT students and developers to reduce expenses and ensure easier maintenance of our application in the long run.

Throughout our journey this week, I have gained valuable insights. One of the key lessons I learned is the significance of evaluating various factors and conducting market validation prior to developing a product or service. This process allows us to truly understand the challenges faced by our target market, enabling us to develop effective solutions that address their needs.

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Exploring the Realm of Entrepreneurship

In previous meetings, we engaged in various discussions and activities related to our main subject, GEE 16 - Entrepreneurial Mind. During those sessions, we wrote our expectations regarding the subject, our professor, and our classmates. I anticipate that the topic will be enjoyable and not solely focused on theoretical discussions and reading textbooks. Instead, I hope our professor can share practical experiences that can be applied in real-world scenarios. As of now, my professor has surpassed my expectations by delivering excellent lectures and incorporating real-world scenarios that have truly impressed me.

The course introduction was highly relevant and aligned with the main objectives we have ahead of us. The knowledge and insights gained from those sessions have contributed to the development of a more insightful and practical product idea for us to explore in our entrepreneurial journey. The quote by Ken Singer, "A startup is an act of rebellion," initially puzzled me. I couldn't fully grasp the connection between entrepreneurship and rebellion since my perception of entrepreneurship was quite different. However, I later realized that the quote highlights how the actions of an entrepreneur can be seen as a form of rebellion. By introducing new ideas and challenging established norms, entrepreneurs disrupt the existing order and strive to bring about change from outdated practices.

The aspect that captivated my interest the most was the contrast between an entrepreneur and a businessman. Jokingly, the first thought that crossed my mind was the distinction in their spelling. I had perceived the two words as identical and struggled to comprehend the disparity. However, our professor enlightened us, and I came to the realization that entrepreneurs are seen as innovators who create authentic solutions to tackle prevalent consumer problems. On the other hand, businessmen are individuals who engage in the buying or marketing of products developed by innovators or entrepreneurs. They can be likened to investors who seek out promising products or services to invest in, with the expectation of receiving significant profits in return.

Moreover, I realized that as an entrepreneur, the goal is to strive for "good enough" rather than relentlessly pursuing perfection. In a world where individuals navigate fast-paced and fiercely competitive environments, embracing the concept of settling for "good enough" allows us to advance quickly and find personal fulfillment in our accomplishments.