Densyomerc

Denismerc Panganiban

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Time to Monetize

What is a Revenue Stream? That question was answered last meeting, our last discussion meeting in which we finalize our topic for all the segments in our BMC. Revenue Stream is not about how much to charge. That is the common mistake of some people, they think that revenue stream is about the price they charge to customers but it isn’t. It is about the potential ways to charge. Revenue Stream is the strategy that the company uses to generate money from the customer segment.

Our team had decided to have the smart planner, instead of the watch itself. It has the same feature but it’s just that it can be installed in smart phones, a software. The question will be, how can we get money from our customer through our product? Since, our product is a software application, we can generate money through installation and subscription. As we interview our customer segments, they want to avail our product, also they want to have our 30-day trial in order for them to discover more about our product. At first, we planned to have it for just 5-days of trial but we changed it to 30 days so that the customer can discover more of it. After the 30-day trial, the customer can have the lifetime subscription but with subscription fee of course, that is how we can generate money. If we can add more features with our smart planner, we can offer the customers the PRO Subscription which is monthly subscription. The customers will pay every month in order to use the additional features. There are problems that we can encounter, like what one of our interviewees had asked, what if I already have the software, can I easily share it to my friends? That is when we have decided to have the licensing of our software so that it cannot be share with others and it can only be used in one smartphone only. If one wants the app, have the lifetime or pro subscription.

For this week, we are preparing for the last pitching and last course requirements. We are to finalize our product yet. So, for the overall of our course subject, we have learned a lot about entrepreneurship. There are misbeliefs that were corrected and we know that the learning that we acquired in this semester can surely be used in the near future. After this semester, it is not yet the end of Technopreneurship but it is the beginning of the real one.

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Time to Get, Keep and Grow

Customer relationship is the topic that we have discussed this week. From what we understood, our relationship to our customers is an important aspect which we can get, keep and grow our customers. These customers are the ones that buy our products so it is needed that we gain good relationship with them. This week, it was discussed to us how to get, keep, and grow customers, the Customer Acquisition Cost, and the Customer Lifetime Value.

For this Monday, we will be presenting about our customer relationship.And also, there are some changes in our BMC especially, the customer segments and relationship. In order to get/attract customers, we are going to give a FREE 5-DAY TRIAL. This will give make them test our product if they will find it good, for sure they will purchase it. Also, to keep our customers, we have to give product updates, we will also let our customers know if there are updates about our products. For keeping customers, we can make it grow, our loyal customers can refer our product to their friends, co-workers and etc.Some of the data are to be discussed tomorrow.

We are also asked to make our prototype, an android application. It has also the same features like the one that we proposed last time but as software already. So, the hacker of our group leads in this work. We have already made a design of the product as an app but it is not fully functional. Soon, we will be continuing improving our product.

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Time To Go Software

Last week, we had our pitching about our product. We have learned lots of things since the panels had shared their insights and ideas about how we can improve our product and the solution that we are trying to make. They did not really tell us to change our product but instead they just commented that what if, what if like that and etc.

When our group introduced the product and presented the pitch deck, we were asked about how it works, are smart phones better, and many more. In our economics slide, we can give 10% discount. One of the panels suggested that maybe we can already give that 10% discounts to all, so instead of P3200 then give a discount, we can just price P2880/watch. And also, sir Pallugna suggested that instead of having the smart watch, what if we will just have it as software. He also added that the watch that costs P3200 can be purchased in a less costly price through software and more customers can be gained because of that. After the pitching, we gathered and think about having the software. So, in order for us to be certain of having that change of product, we validated it. We contacted those people we had interviewed in the past weeks. We told them about the changes and they thought that it is still good since it is less costly and the features are still the same. They also said that they can still manage their time with our product, so it is not a problem of changing it. 

Our team decided to pursue this change, from hardware to software. In this product, it still has the same feature as the smart watch but it is to be installed in smart phones. In smart phones, they already have alarms and calendar. But having our product comes easy in managing time. Smart phones can’t use many sound alarms, they just use one as default for all alarms. With our product, we can use different sound alarms for every alarm that is set. But the main feature of this is to record your voice and set as alarm sound. This recorded voice can be the things that you need to do at that certain time. 

Our team will do our best to achieve this product. TeamCHO will help you budget your time and will guide you to your future. 

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WATchoRTIME

Last week, we haven’t been able to continue our pitching since we were given time to get ready for the next one. So, for this week, our team made some changes and gave some additional details in our pitch deck.

We have already made our pitch deck last week but there are still some unsure slides, so we corrected it. First is the economic part, the price that we can offer is P3200. With cost of materials equivalent to P2000 and labor cost of P500. If we are to give some discounts, it may be around 10% which is equivalent to P2880 per watch. The least profit that we can get with the discount already subtracted is P380. So, if we multiply it with our SOM (7.4M)  we can accumulate at least P 2.81 Billion. And with our Traction, we describe how far we have gone as startup business company. And as for our competition, we have lots of competitors since there many producers of watch and smart watches. Some are expensive and some are affordable. We can consider our product as affordable and also we can have online transaction. People can purchase through physical store or online. Regarding in our ask section, we have assumed to ask funds from investors and this can gain much profit which can satisfy both investors and us. The greater the investments, the greater profit can be gained. 

So, for the summary, we the TEAMCHO, “Helps you budget your time and guides you to your future”. We have our facebook page, https://www.facebook.com/WATchoRTIME/. We will do our very best to develop our product soon, and we will be happy to serve you. 

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Pitching v2.0

Last week, we did our first pitching. We were not ready for it but we still went on since we are studying Technopreneurship, so we have to move forward and accept failures and move again. They say, there is always a first time for everything and first times are not perfect. Sometimes, you commit mistakes in order for you to learn. And that is what happened to us.  

It was our first time, we thought that it was already good enough but there are several corrections made. We learned from our mistakes and now we made some corrections especially in the target market, and competition slides. When we made our target market, as for our TAM(Total Addressable Market) we addressed it for everyone nationwide that could buy our product. And our SAM, we searched for how many people could we reached with our sales channel, offline and online(Facebook). Our SOM, we consider 20% of the SAM as our most likely buyers. For our competitors, we have  the advantage since we are affordable and we also have online transaction. While in the problem and solution part, we just elaborate it and add some more so that the investors or the people can easily understand our ideas. In the product, we put our design of the watch and the steps on how to use it. Our team made our own logo and tagline. And also, we made our FB page, named WATchoRTIME.

As a team, we will do our best to do our every task. The three of us are able to work to cooperate and do our responsibilities as students/entrepreneur. We have known one another for quite long already, we know each weaknesses and we are able to manage these together. We have made a 10 slide pitch deck and we will prepare ourselves to do the pitching tomorrow.

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Time to Pitch

Last week, we had interviewed people, asked them on how do they want to purchase our product, the channels and also search for the best and right customers for our product. In the early weeks, we asked them about their problems, solutions, what do they do in overcoming their day to day problems and etc. With the problems that we had gathered, we are to create a solution through the use of technology and sell that solution to our customers.

This week, we are assigned to create a pitch deck which we will discuss for 3 minutes-time. We, our team, had decided of the smart watch since the people that we had interviewed had problems about time, and they hardly manage their time and unable to do the activities that they need to do. So, that was the solution that we had offered, the smart watch. It is not only an ordinary product of a watch but it has an alarm system which the user can record his/her daily activities, appointments and other necessary things to do with the use of voice system and set the time for alarm. The user will then be alarmed and feel the vibration. It has 3 easy steps. First, the user will record his voice with what he wants to hear or the activities that he will do later. Second, set it as the sound for alarm. And third, you will be alarmed later to do the activity that needs to be done. 

Since, we are still a startup business, we will only be focusing in Cagayan de Oro because this is the area where we can easily contact the people that would avail our product. There are lots of competition in terms of watch, like Apple, Casio, and Timex but as far as we know, the features of product is quite different from theirs. There are existing smart watches that could record your health issues, the distance that you have walked and etc. We are trying to make a difference so that the customers would want our product. 

I and my teammates have known one another for long time already. We are good as a team. We have teamwork and we do our roles that are assigned to us. We are willing to helped one another to achieve the best possible outcome. No man is left behind.

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Channel Time

What we are assigned for this week is to know our potential customer segments and the channel that we are to use in selling our products. We stick in our customer segments, these are professionals who are working busily, loves using wrist watch, time conscious, and main consumers or economic buyers.

How do we know what should be the channel to use? We interviewed these professionals and asked them on how they buy things/products they need and can they suggest for more. And in order for us to know if the physical distribution channel that we had decided before is good or not. We asked them and gathered data and ideas that are very much useful in learning the best channel to use.

There are many who buy products through store since they find it easier, it has more assurance since they can physically see the product itself, and also some say that they are victims of “expectation vs. reality”. This means that in the online store or any virtual or non-physical distribution channel, they display the best of the best appearance of the product and you expect that it is somewhat like that and you are driven to buy it but in reality, it is somehow disappointing since it is not within your expectations, and even less. But some also purchase through online since there’s no hassle and can save more time. And also, the advantage of this is cash on delivery.

We learned something different this week about distribution channel. From what we have interviewed, some suggested that business card with contact no. can also be useful so that the consumers can easily contact the manufacturer if he’s in need of information or will buy products. And also, some suggested that brochures can also be good just like some of the companies like Avon, Boardwalk, and etc. And the products in the brochures have description so buyers can be filled with information about the products.

So, from what sir Mabulay said last week, we will just focus on one distribution channel and we’ll be doing that of course. We decided to do physical distribution channel through direct sales because people tend to buy things physically and some are not into virtual.

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Time for Professionals

Last week, we focus on students because we believed that these students need time management for they have lots of paper works, projects, and they still need time to study for other subjects. But sir Mabulay told us that students just say this and that but they are not the ones who buy things since they don’t have money/income to buy. He gave us this week to interview professionals.

Yes, it is time for us to interview those professionals since they are really in need of time management. And these people are the decision makers and buyers of things they need and want.

When we interviewed people, we have mistaken a student as professional but as we continue to ask her some questions, we have learned that she is a student and as well works in her vacant hours, thus we have thought that she needs time management. But when we asked her if does she finds time hard to budget? She said no, time is not a problem for her. So, we didn’t further ask her or even introduce our product since she doesn’t find time a problem. We also got rejected when we approached people.

But somehow, we interviewed people who are professionals that are really in need of time management. We asked questions like, what are their problems(pains)? Then, what are the things they do to solve those problems? What do they feel if they are able to solve those problems. And since time is our main problem to solve with our product, we asked them if is time a problem for them. And how they manage time, what do they to budget their time. Then after, we introduce our product, ask more questions. We also asked them if they are the ones who buy things, the ones who decide or the ones who endorse and etc.

After we interviewed professionals, there are things that were clarified. There are busy people who really need it, and there are some who don’t need it that much. There are some who list down the things they will do for the day, make a planner, or schedule. But smart watch can be useful as well. Some say that it is unique, new for them, and very nice. Naay 2 ka tao na among na interview na giganahan gyud kaayo sila. Ang isa kay graduate dw syag foodtech and willing siya magpagawas ug kwarta, and isa kay electrician na pastor nga willing pero trabahuan pa niya. Sila pd ang gagasto sa mga pamaliton nila. And some say that they are willing to endorse this product if nakita na nila na chada gyud siya. Some wants to buy but need to know if importante ba gyud, if makatabang ba gyud or kaya sa budget. So, from the people that we have interviewed, we can say that our product is helpful for them and that they are willing to buy it.

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Time to Validate

Last time, we focused on time as the problem to be solved. We thought about smart watch, that was the product that we endorsed in presenting our BMC last Monday. When we discussed about it, there are things that was clarified by Sir Mabulay. If it really is a solution for time management, and if people would really buy it. When sir Mabulay asked those questions, we were in doubt about the product.

So, what we did is we validated it by conducting some interviews. We focused on people that are in need of time management. When we introduced our product as a way to manage time , there were some who didn’t acknowledge it since the features can also be found from cellphones. But some also agreed on the product depending on the price. Some people thought that it is somehow a good idea to remind them in case cellphones failed to remind them. Because, sometimes, we get some notifications from our cellphones and ignore it not knowing that it is an important reminder. Most of the cellphones available is when you set an alarm, the ringtone for the alarm are the usual or common sound and that’s why it is ignored. Some also suggested that maybe it is better if we put some vibrations so that the user can easily be notified, and also the alarm should not be easily turned off since most of the alarms from clock, common watches or even cellphones can easily be turned off which is why people tend to go to sleep after a while. We also asked about the price that they can afford considering that it is a smart watch, not an ordinary watch. They gave a range of 500-800 pesos. And as we think about it, that is somehow a price that we can give when we are to sell the product. It is affordable to people who really can’t afford expensive smart watches that are sold in malls. So, those were the things that we found out from our interviewees.

What we are going to do next is to interview more and to gather more ideas from people. This is not yet a final decision to make but we are still in need of some more clarifications and suggestions.

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It’s About Time

Another week, another ideas. Yes, new ideas and different from last week’s ideas. We have conducted interviews this week for us to know if our online printing service that we thought of last week is really a solution to the problems of the students and employees. As we have looked into the results, we have come  to realize that “printing” is not a problem for students since there are several printing services near the school. So, we crossed out this idea since it would not much of help to others and obviously, less people would avail for that service.

When we conducted our interviews, we first targeted students since one of our main goals is to ease the lives of students. We interviewed 5 students in our university and 3 employees outside. There are 3 things that we asked in our interviews, first is the problem that he encounters, second is how will he be able to solve the problem and third is if we can make a product that can solve his problems will he be willing to buy it and what will be his standards. 

What we found is that most of the problems that exist are about time, money, internet, late because of traffic, morality of the children, and students lack of guidance. Lack of time can be solved by time management, money by putting up business or get a part-time job, not much for internet, traffic corresponds to time, if you are earlier than usual you perhaps won’t be in traffic, morality of the children and lack of guidance by giving them much attention and let them focus on things that’s valuable such as education.

Based on the problems and solutions that were stated, what we are going to do next is to make a solution that can answer most of these problems through the use of technology. We will create a device(wrist watch) that can help in time management, that can help someone to be earlier to avoid being in traffic, and the morality of the children for them to be more responsible in things they need to do, for them to value time and be more conscious of it. The wrist watch that can record what you have said and set it as the sound for alarm. Let’s say, you still have to do your homework at a particular time. You can record “I will make my homework” and this will be the sound for your alarm. This will remind you of things you have to do and somehow gives you the drive to do it since it keeps on telling you to do it. We will still interview some more for validation.

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Forming Ideas

I myself, as a student, is still responsible of finding solutions to the problems of society. I am not just going to focus on myself but as well think of how I can help others. In our society, there are a lot of issues that needs to be resolved. These issues are referring to the needs of the people that are not attained sometimes.

What I have in mind is to solve issues in the society. That is why I have teamed up with people that have similar ideas with mine. We have thought of a business that involves technology which could help improve lives of others and as well make us earn income. My teammates and I have shared ideas, we’ve brainstormed and we have talked about medicine. People who are in hospital need to look for pharmacies just to buy medicine that was prescribed to them by the doctors. And it would be such a hassle if they went to a pharmacy and the medicine that they’re looking for is not there. So, they would go look for another. They would look for a pharmacy and also look for the medicine. So, we have thought of doing an online pharmacy, people can easily ask and buy medicine though online store but the disadvantage of this is, it would be too expensive and we don’t have much money to even buy generic products. So, we crossed out that idea. We also thought of doing “buying and selling” but we didn’t proceed with that since it is too mainstream. Then, we focus on specific targets, the students. The students have lots of documents and files that need to be printed out but often they find it hard to look where to print since most students don’t have any printer at home. I am a witness of that since some of my classmates still ask me to print documents for them. So, my team have come up with an online printing service. Students or perhaps workers can send us their documents in our site and we’ll print and deliver. Easy as that. But since we are still students ourselves, we cannot go to far places, so we just focus here in CDO. 

We still need to conduct surveys and more and more surveys and interviews in order to correct some wrong ideas that we have. But as for now, we are planning to go for this online printing service. We hope this would be successful in months’ time.

#onlineprintingservice #teamryandenismercjaylord #technopreneurship

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Rejection Therapy

We have made a video in which we talked to strangers and asked them to do something without telling them any reason. So definitely, they would reject us since we do not know each other and we just approached them and asked for a weird favor. This is for us to accept rejections as early as now since in the near future, we will surely get rejections in life. This activity will make us feel calm, comfortable and steadfast even we are being rejected. And to remember, life still goes on no matter what.

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Rejection

Rejection is a common occurrence. Learning that early and often will help you build up the tolerance and resistance to keep going and keep trying.

- Kevin Feige