Ma. Theresa Palarca

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The week before Christmas

During this week, it was exciting of course because its the last week before Christmas. Christmas is basically what I’ve been waiting for the whole year. But along with the excitement and things to look forward for, their was a typhoon coming called Odette. Thankfully, my family was safe and sound because the our home was elevated and safe from those kind of disasters. But, other places were so much affected that it broke a lot of homes and it broke my heart knowing families were celebrating Christmas under a broken rooftop or even totally wrecked house. I know authorities were there to help. Im just really thankful my family were protected by God. Merry Christmas & a Happy New year!

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Corporate and Strategic Entrepreneurship

Entrepreneurship in the corporate setting refers to the process of establishing new enterprises, goods, services, or processes inside an existing organization. Doing corporate entrepreneurship offers a clear picture of the critical elements that must be considered or that are influenced in order for the organization to take action. Meanwhile, entrepreneurship with a strategic mindset is all about creating a competitive edge over the competition. To be successful and to stand out from the rest of our prospective rivals, we must take critical actions as a team and as individuals.

Our prototype and our Bullseye Framework were both presented during the first week of December, together with the traction numbers of our landing page. Then we discovered where we were short and what we needed to do to make up for lost time. Following an analysis of our traction indicators, we must connect with and market our product more in order for customers to have an understanding of and interest in it. As well, we must engage with them and listen to their input so that we may alter and enhance what we have in our product as well as what we do not have in it. As a result, getting information and feedback from our clients is the most effective approach for us to enhance our product and better meet their requirements.

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Entrepreneurial Finance and Venture Capital

Growing businesses, such as ours, might benefit from what is known as "venture capital." This have the ability to assist a company in its growth and success. Before providing a project with the funding it seeks, venture capital investors, like all other investors, assess criteria such as the team's competitors, risks, strength & weaknesses, market size, and other aspect we have to consider. I feel that in order to prevent the usual mistakes made by entrepreneurs before eventually pursuing their plans, project & investments, we must undertake significant study beforehand. Startup teams may confront concerns such as how much money is required for the concept, when the funds should be collected, and who will be the source of the funds, among others, at some point throughout their development. In order to support the processes of production, investment, and marketing, every type of entrepreneurial activity, which startups fall under, need the usage of a variety of funding sources. It is critical to know who to contact in order to do this.

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MVP & Traction

Numerous points raised during the discussion emphasize the importance of starting small and slow while paying close attention to user feedback, taking their suggestions to improve upon or change, distributing the implementation of those changes, and asking for their feedback again until a more complete product is formed based on their suggestions. This way, we can slowly develop the product based on what the user need or want to make it more of a user based development.

During the course of dealing with the MVP, we should also start thinking about small-scale marketing to help spread the word about the product. The power of word-of-mouth will eventually do its work. Maintaining a healthy balance between MVP and traction will result in investors becoming interested in our product.

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Business Model Canvas Creation

Using the nine components of the Business Model Canvas, an organization's capabilities may be evaluated and identified. It helps us to define and communicate a concept on a certain subject fast.

Most, if not all, companies and aspiring entrepreneurs should use the Business Model Canvas to get a more succinct (but full) picture of their idea, start-up, or business. Using the Business Model Canvas, you may examine your company's major partners, activities, and resources as well as your value propositions and relationships. In order to assess a company's or idea's potential, all of the areas listed above must be considered.

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Costumer, Competitors & Market Validation

In today’s modern society, different kind of businesses are drastically developing, business in one of the biggest contributor of the world’s development. How can we develop a successful business that would stand out no matter how wide the competition? It is hard to think about business ideas that would actually work this is why there are certain tools that would help us create an idea that is worth taking the shot.  A business can never be successful without any costumers using and enjoying a particular service and product. This is why, it is very crucial for a business to learn and identify their target audience or costumer as well as their needs and wants. Furthermore, A great stepping stone for a  business is to validate the product to the market. This is where you have to ask the questions. Will the target costumers actually use the product? What’s the value of my product? Who or what are my potential competitors? What makes my product unique compared to others? Will that uniqueness actually beat the existing ones? There are tons of possible questions that would actually pop out of our mind in market validation. But without actually answering those validating questions, we can never have a good chance to build a business that is ideal and robust.

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Value Proposition Canvas(VPC)

The Value Proposition Canvas is a kind of tool that is used to make sure that a product or a particular service is positioned to fulfill the costumers demands or needs. I believe this specific tool is very crucial for the new product to be easily recognized and soon be demanded in the market. It is so important in the fact that it helps the developers build up the ideas that is costumer centered and is a key for the product to be successful.  Our team talked about  the customer profile and that should be created for each customer part, as each part has distinct gains, pains and jobs.  Gains are the interests which the stakeholder expects and needs as well what would satisfy customers. On the other hand , pains is  the possible negative experiences, and that includes the emotions and risk that the stakeholder experiences in the attempt of getting the job done. And lastly, the costumer jobs is the functional, social and emotional task that the costumer is performing, conflicts they are trying to resolve and needs or goals they aim to reach and satisfy.

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How important is it to talk to users and validate your idea?

This week, I was reminded about something. Our work is no use if we don’t understand for whom we are doing it for. Knowing whom we are doing it for and understand what kind of situations and problem they are facing is the gateway for us to understand what our project should be like. It is important for us developers to seek thoroughly every details and possible scenario of a problem. Through that, it would help us think of a solution and sum up the features that we might add up in the project. So, how do we do it exactly ? First we need to find users with problem, get some talks with your friends, co-workers or even family members. It would be better if we dig deeper in their thoughts. Keep it casual, let them do the talking and we listen  but at the same time, be conscious about their time. It is also important to take note and have it detailed. After understanding their concerns, try asking them the solution.  A great way to understand how your work will stand out is if the idea comes from the one who needs it.

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Hacker, Hipster, Hustler?

Making a good team means communication, understanding and patience. While working on a project, it would be a lot easier to assign a role in every member. Through that, each and everyone would know what and how they could help.  Hacker, can be the one who’s responsible for the foundation of a system and building robust buildings and different creations. Example roles and occupations are programmers and software engineers. Hipster, are those who are creative enough to make sure that everything is presentable and looks attractive but at the same time, the designs must make sense and contribute to its functions. Hustler, are the ones who usually does the presenting, marketing and public speaking. They basically are the ones in charge in making sure that everyone gets to hear and know the system or product  and reach as much as they could so that their product would stand out and be successful. I think among the three, I would be more likely the hustler. I love talking specially if I know exactly what my goal is and how to deal in a certain situation and is literate about the discussion topic.

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Space Team Game

We found a game from an app called Bunch in the appstore. It was pretty cool because it allows you to play cool different games with your friends online and the best part is we didn’t have to see each other physically. So we picked this game called space team, it was basically a co operational game where you guys need to play a role as an astronaut and give commands to each other and putting the commands into action all at the same time. Although found it difficult at first, slowly we got a hang of it. But what we basically noticed is that, pressure was there as well as miscommunication because were giving commands at the same time, we started of playing only at level 2 during our first play, but as often as we played again and again, we started to reach until level 6. Though the game is a little bit testing your patience, everyone kept a cool head so that we don’t start of fighting over a game. The game basically reminded us the importance of communication, teamwork and patience.

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Group Virtual Meeting

Last week. Me and my group mates gathered for a virtual meeting. All of us spent hours online and offline trying to figure out what kind problems that we can make a solution from. Although we had a lot of things in mind. It was hard to decide which idea would really stand out and is worth taking the shot. Everyone took part in giving brilliant ideas and so it also came to a point where we also had to argue and criticize each other about some of the proposed feature from the presented idea. Though there was a little tension, everyone kept an open mind and was still kind to respect and listen towards each other and it made the meeting fruitful and peaceful.

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Honestly, these kinds of personality test can be fun and interesting but. Testing your personality would really need quite some time because it would be much much more accurate to test on how you deal with something with different kinds of scenarios rather than just asking series of questions.However, these tests can be useful in other ways if you need the result in a rush.  The results in other hand are quite accurate, it might just me feeling a little weird to get to know myself from these kinds of tests.