MUSUAN PIN
An entrepreneur is someone who pays close attention to his surroundings, continually examines them, and, when he spots an opportunity for success or a chance to make a difference, he'll transform it into a venture. That is how our group managed to come up with a product that we presented days ago. We considered the problems existing in different sectors, such as agriculture, education, and the medical field, and gathered information by interviewing some individuals who were knowledgeable enough regarding those fields. Upon gathering the information to be used in order for us to build a mock-up prototype solution, we generate hypotheses that we can use in creating this prototype solution. The null hypothesis is that the quality and purpose of the product are effective in raising the product's profitability and price value perception, whereas the alternative hypothesis is that the quality and purpose of the product are ineffective in raising the product's profitability and price value perception.
Finding an individual to be interviewed is perhaps one of the most challenging but important parts of building a mock-up prototype product or solution. It is often linked to the physical location, availability, and vulnerability of the interviewees. Their voluntary cooperation was incorporated in the hopes that this would bring them direct help or ultimately improve the situation in the fields they are in, and only a few would take part unless they could identify and understand its validity and relevance. Considering these factors, we conducted a convenience sampling, in which this type of sampling doesn’t depend on chance but rather involves choosing people who are easy for us to reach and get in touch with. The interview was conducted through Messenger chat and Instagram DMs (direct messaging) since the interviewees found it convenient for them. Aside from that, we also generate open-ended questions that encourage them to fully and unrestrictedly explain their responses in their own terms. Since we don't have any idea yet as to what business to start or what product to develop, we have decided and created the following questions:
1. What problems do you encounter in your daily work?
2. What problems exist that still need to be solved in the fields of agriculture, medicine, and education?
3. As a consumer, what is the current demand for products in the marketplace?
4. What factors are most important to you when deciding to purchase from a new business?
5. Upon evaluating the problems encountered in the fields, do you have any product suggestions that can be launched in the marketplace?
After doing the interview, we gathered all the information that we had collected. Totally, we were able to interview 64 individuals, and we have concluded that the majority of the interviewees agreed and said that most of the problems or issues that they have encountered can be found in agriculture, and they proposed a high organic fertilizer to solve some issues in the said field. Some individuals also point out some rampant issues faced today, such as sexual harassment, theft, and kidnapping. So instead of focusing on agricultural fields, our group decided to think of any product that motivated by a single, encompassing goal and that is addressing those issues or prevent those crimes. And we have settled on the idea of a tracker pin. We named it Musuan Pin. This pin is a tracking device in which the student who is in danger can click the button and the security personnel can track their location.
This week, we have learned to identify opportunities, conduct market research, plan effectively, and understand the importance of passion and purpose. We also noted some things to consider in creating a product, such as uniqueness, market, marketing, start-up cost or funding, and profit.
