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two cents...

I admit, at first I didn’t really see the need or value of business plan/ business model canvas in starting a business. Yes, I have done it before during our entrepreneurship subject, but I didn’t really take and made it seriously. Only during this time taking this course subject, that I understand why business model canvas/ business plan is the most important step in starting up you dream business. What I learned is that, business model canvas is a great way to divide and conquer any business strategy. Canvas may be used to show the essential structure of any organization, whether it's a small start-up or a major enterprise. By being more flexible (non-static), concentrating on consumers, and monitoring real performance rather than defining productivity simply by how well the firm adhered to the predefined plan, the business model is an effective alternative to the conventional business plan.

Despite the fact that, as I previously stated, I have written several business proposals in recent years (during junior and senior high school), I have never delved so far and that deep into business knowledge. When I initially looked at the Business Canvas, particularly the questions we were meant to answer in each area; I convinced myself that finding everything we needed would be impossible. Before that day, I always thought of a business as a corporation that makes money by serving or meeting its customers' demands in some way, and that advertises, has channels, and incurs expenditures in its operations or business cost. But I'd always thought and see of everything as a single entity, and I'd never viewed each piece of the Canvas, the value proposition, customer segment, customer relationship, key activities, revenue stream...as a separate/different entity.

At first, and like many of my classmates, I couldn’t see the point in presenting our own business model and characteristics to our target consumers. To ask them insights or feedbacks about the business venture we are planning. But, only after the presentation, I found out the importance of not only giving or obtaining an insight or a feedback about the business, but going a step forward, that is to say giving the us new ideas, suggesting solutions to problems. And this is what creating business model made me understand and comprehend: sitting and observing the world that surrounds us, noticing what is wrong or what could be improved, and design-thinking about a solution to do, redo, repair or improve something.

What I actually appreciate more in doing this canvas is that it made it easier for the businesses owners to control, manipulate, or alter changes in their business venture plan than the traditional long business plan report. Manipulating or controlling a business plan/model may be required and necessary for a variety of reasons, including unexpected economic or political developments or events, demand underestimation, and so on. This canvas is easier to manipulate, change, and communicate than a long business plan report. Manipulation of a business strategy/model could be necessary for multiple reasons such as; unseen economic or political events, miscalculation of demand, etc. In this business model canvas it would be easy to note down the modification in the relevant building block and find or see the repercussions, what effects it may have on the others.

Personally, the value proposition was the easiest building component for me to grasp and use. A company's value proposition is the set of products and services it offers to a certain consumer group. It is also the most evident building element is determining because no study is required to completely comprehend what they provide to clients. And when it came to studying a corporation, the essential operations or key activities were the most difficult to understand. The key activities building block involves all the important happenings that a company must do in order to function. And since, in any case, a perceived key activity may be outsourced through a key partnership; this building block may take longer to be completely implemented. All of the major events that a corporation must undertake in order to function are included in the key activities building block. And since, in any case, a perceived key activity may be outsourced through a key partnership, this building block may take longer to completely implement. A printing company, for example, may have a key partner that produces printing inks or digital tech products used for printing or it may be one of their main/ key activities. Nevertheless, even if this error is made, or if the printing company’s purpose has changed and has begun to outsource their printing production/services, the business model canvas is adaptable to changes occurring both outside and inside the company.

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START-UP

Our economic circumstances develop as our world is progressing alongside technological advancements, global economic competitions, education, and the thriving of industries. Given the current economic situation and economic status quo, making headway in business is facile. However, like what our teacher and speaker said, starting a business is not an easy task. You must undergo a lot of complex and mysterious process in order to build a strong foundation of your chosen business. But isn’t it great? I mean, venturing into a new business and starting it is actually pretty fulfilling for people who really dreamed about this. Like something miraculous just happened when your dream makes the transition from being a lofty desire or a whimsical wish to a sound and comprehensible target.

Every business starts with one aspect: an idea. Ideas drive everything forward; it creates the reason to invest and creates profits. There may be several aspects that contributes to the success of your start-ups, but there is no more important than the/your business idea. Well, now your head might be spinning with lots of ideas and that is actually great. Sadly, the business world is much cruel and tougher than you might take and think. Customers are much fickler and a lot more erratic than you suppose so you should take time to confirm your idea, get some feedback from your target or potential customers. And understand who your competition is, or competitions are. Producing a business idea is the primary stage of embarking on a business journey, it should be spent with the attention and concentration it needs. As being able to come up with an excellent business idea is already making a way to the road of true innovation and business success.

However, in pursuing your goals idea is not just the only thing that matters, financial aspect is also important in making it possible. Money is crucial in launching your business. It is one of the key elements in starting your business and fuels your business. In order to secure an adequate financial support, as our speaker said, it is important to follow a certain funding process. Before embarking on your business idea, it is necessary to figure out how much money or capital it needed and where it will come from.

Starting up is really challenging, though it may be small, but it creates ripple in the economy and changes people’s way of living. It creates new markets, boost production, and increases job opportunities and employment, among others. Startups are basically the engine of growth, the driving force behind every country’s economy. Successful start ups are not a consequence of good genes or being in the right time or place. It is and can be engineered and achieved by following the right process. Start-up path is actually a heck of and colorful journey, it might be confusing, yes, but it surely is sweet when you succeed.

Don’t be afraid to start and invest in something you are dreaming of, and something amazing can and will surely happen when we dare to take that first step. To see your dream miraculously materialized, the best way and strategy is to jump with both feet. Yes, it is scary stepping out and start something when we don’t feel fully prepare, which is why start-up plans, business model concepts, and / or pitch decks are here to helps us evaluate the business idea that we want to venture into.

Studying entrepreneurial mind actually made me think of all the unlimited possibilities of being rich, and I'm not kidding about this. But it sucks that in reality, it is really hard to think of business that can be successful. I was even having a hard time finding a problem that can be our opportunity to start a business. What I learned about this though is the things that one needs to start a business. First, you should know your product or service better than anyone. Second, know your customers. And lastly, you have to have burning desire and guts to succeed.

'A journey of a thousand miles must begin with a single step'- in this case, a 'start-up'.

Hi! I hope everyone is well. God bless and take care. Always remember: You're a cosmos flower. And it's still spring. Wait until fall, and you'll bloom beautifully. Be patient.

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The analogy of a customer journey to describe how customer progress in the customer lifecycle, to my understanding is the complete sum of experience that customers go through when interacting with your brand. Since we are still in the process of putting and strengthening our venture proposal, I have pitched our business idea to some of our possible customers and asked them their opinions and gathered their feedbacks on it.

Humans tend to create narratives to make sense of their world. They tend to use narratives as supporting mechanism to deal with the uncertainties of life, for they believe that if they are capable to understand the meaning of the past, they can somehow predict the future, or at last grow in confidence. Therefore, to influence a customer, you (entrepreneurs) have to understand their narrative, their level of confidence, needs, and their longing. By learning potential customers narrative, marketers may be able to change some of the weak links of the business and know how to coalign the brands’ service in line with the customers and in such a way that both narratives (customer and marketers) become entangled.

I began by questioning our possible customers on their experiences in taking modular and online classes. Majority of them answered it is hard considering that they are somewhat relying on their selves, self-studying, the lack of sleep and time to answer all the modules due to the great number of activities, distractions, and lack of focus. It is confusing to some, as first off modules and online materials are not substitute for teachers. Without a knowledgeable person around who can explain confusing and complicated concepts, the students won’t be able to understand it. It is also quite hard for the students because it is very different from the previous classroom set up where students and teacher can interact and have a discussion according to the students’ pace.

Some answered it is not really an effective type of educational system because first, the examples are limited. Modules aren’t perfect; some lacks explanations and have unclear examples. Second, some students are being left behind. Those who don’t have access in strong network connection might have a hard time in understanding the online materials passed and sent by their teachers, as he/she didn’t get to attend and hear the discussion. And lastly, there is a lack of feedback. Once the modules have been answered and delivered to the school, students only have to worry about the next modules coming. In online discussions, after the activity was submitted/turned in, you only have to wait for the score and then proceed to the next lesson without any further explanations. There is little to no feedback regarding what they have learned, if their answers are correct, and how they can and should come up with the correct answers.

One of the persons I have interviewed directly told me that online and modular learning is not ideal. It is a struggle for the students, teachers, and even the parents. The quality of education at these times have dropped. It maybe hard to admit but learning is really hard when it is done on your own. It’s hard to absorb new information when no one there is to guide you or at last empathize with you when things get hard, and the lessons get too much.

We were then pitching and explaining to them about our proposed business venture, and so far, these people saw a potential in it. They say, it is helpful for them students and parents if someone could help them with their lessons aside from their teachers or parents or their modules. It would be better because with it they might have a chance, a high chance, of understanding their lessons and possibly answering their modules and online activities without the need of google assistance, which they can’t understand sometimes because some have no clear explanations and other materials can’t be accessed. However, they are worried about the online set up. They are concern about the internet connectivity, as some have weak internet connection. They questioned about the rates per session and how effective the online facilitators, assistants, or tutors are. They are worried if the service is worth the rate and such.

“If we launch a new online assistance business in a municipality where internet connectivity is not an issue and have lower rate compared to others, then it will translate to increase in profits and possible customer”. This has been the considered hypothesis being tested while asking the possible consumer on their narratives about the proposed business venture. And so far, this is a possibility in the municipality of Nabunturan. Hypothesis testing allows us to test our theories and assumptions before putting them into action. It allows us to verify our analysis and make adjustments.

The team then decided to pursue this venture proposal and take a risk in betting on it because we all saw a potential in it. And the fact that this is really needed now that we are in a pandemic, and the only plausible education system is the modular and e-learning. We were actually torn in continuing this plan or changing the proposed business. The team was in a dilemma. We were thinking of changing our proposal because we don’t think we can pull this off. We have many competitors online, ones with established names and concrete resources. However, our teacher advised us to know explore our proposed venture more. She suggested to know more about our customer and our customers’ experience, and from there we should build our venture proposal. And so we did.

I learned from this the importance of customers’ narrative and knowing more your customer. That to build a solid venture proposal you have to give importance of your target customers. And always test your hypothesis before taking action because just assuming things based on flawed insights can lead to wasted resources, missed opportunities, and catastrophic outcomes.

Hi! it’s been a week since my last blog, and I just want to give everyone a tight hug. I know it has been a crazy week for all of us- with all the schoolwork, club requirements, students’ assembly, leadership orientation and quizzes we must take and attend, we all deserve to take a breather. But hold your horses people, we still have midterm exams coming and you still have to read this blog! I hope you can learn something from this.

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Takes...

As the dawn breaks, night became day, the encroaching brightness gave way to translucent images of the flowers passing through the window pane, I was still sitting behind the desk thinking of what to write that would impact and make people understand what I learned from the introduction (entrepreneurial mind).

Take a risk. Dream big with no limits. and Run your own race. This sums up what I've understand about entrepreneurship.

Take a risk. Take a risk and never be afraid pf failures, being misunderstood, and criticism. Pursue and seize opportunities regardless of the resources controlled. Have no fear of breaking new ground, initiating new ventures, and forging new paths just do well, give your best and take risk. Don't be afraid to try and make a new path, be a visionary because that's what makes the difference between merely living and being fully alive. We must risk of being wrong because that's how we can learn. We can only learn while trying to do it.

Dream big beyond and with no limits. Go out. Get the heck outside. Do not put limitation on yourselves or your dreams just because you feel stretched to the max as it is. Be someone who's willing to breakthrough that barrier. Allow yourselves to have a big dream, to stretch and grow in order to achieve it. In the long run other than attaining recognition, promotions, a bigger house, brand new car, and being financially stable with bigger bank accounts, expanding your horizon, broadening your knowledge, honing your talents, and making your dreams a reality are the greatest benefits you can receive from pursuing your business goals. Genuine success is all about who you are becoming in the process.

One reason people do not see their dreams turn into success is that, their dreams never go beyond a vague wish or an idea of what they might like to do 'someday'. Sometimes people don't realize that dreams are only a seed. Dreaming what you hope to accomplish or want to become is a good place to start but to be successful your dreams need to grow and branch out from mere wishing into solid goals, strategies, plans, and action steps. In doing this, surround yourself with people who can help you attain this goals. Do not aim for perfection but always be 'good enough'. Good enough in becoming the best.

Race your own race is a very powerful reminder and good life principle that we all should always remember. In business, being an entrepreneur is not as easy as it seem to be, you have to make your own path and start building from there. Make your own concrete path, let other people follow you than choosing to walk in an already concrete road. When you race, don't think too much about the other car, instead predetermine how fast you want to go and how quickly you want to get to the finish line, all while concentrating to how you're performing. Then simply run your own race. I certainly believe that our business in life is not to get ahead of other people, but to get ahead of ourselves. I do hope that people who wants to be entrepreneurs always think that rather than trying to be better compared to others, strive to surpass themselves. Always dream and shoot higher than you know you can do. Excel but run your own race at your own pace!

Welp! Oh look at the time, guess I have to stop and sleep. I hope you get to learn something about my takes in our lessons.

Have a great day everyone! and stay brilliant!

"Look inside yourself, Simba... You are more

than what you have become."

- The Lion King