The Entrepreneurial Mind

Hello Everyone! Welcome to my blog. This blog is intended for school purposes only. I'll be posting my journal about our possible business. Feel free to comment your thoughts. I'll be posting once in two weeks. See you!

[timgineer]

‘TEAMWORK AND TBI’

A start up is a business idea that resolves issues in the community. It’s an innovation that helps people around the world.  In our lecture series 2 & 3, it tackles about how important teamwork in starting a business and it also discuss about Technology Business Incubation (TBI). One saying that I remembered from the lecture is “TEAMWORK MAKES THE DREAMWORK”, indeed. Over 23% of businesses fail because of poor selection of teammates, the remaining percent are no proper ideas, making a product that does not solve anything etc.

We should be selective and strategic in picking our team, a team should have a Hacker, Hipster and the Hustler. Most importantly, a team should understand the “why’s” in the business. Aside from having a good team, students like me, who are starting a start-up should join TBI, because it supports start-ups, give access to facilities, provide resources and development programs, access mentorship and networks and provide venues for funding.

In our case, we were given a chance to pick our team for our start up – HelpMe app, our team consist of the Hacker, Hipster, and Hustler, although the hacking/programming skills are not that good because we are still learning the basics, especially that our start-up involves an app. For now, we haven’t make an app yet, we are still focusing on the Design, user experience of the app, the basic features, how it could benefit the people, and how are we going to earn from the app. Basically, as I have estimated, we are still in the 15% of our start-up.

Our team is really having that “teamwork” vibe, since all 5 members are helping and contributing to the output such as our BMC, Venture Proposal and Customer Validation. Everyone have their own roles to comply and if one is having a hard time, a member will help her out. Throughout the entire time that we are working together, there is camaraderie, which made us connected and understand each other, especially that we are just meeting virtually.

If I have the opportunity and the time to join TBI, I would not hesitate to join, because they make our ideas possible. They even provide your own office space and internet, has facilities, it trains and mentor people, they help with the branding, IP protection and marketing. Everything you need to develop your start-up ideas are here. It’s a very nice program for people who are about to start or already have their businesses.

[timgineer]

CUSTOMER VALIDATION

In the past few weeks, we have conducted an interview for our Empathy Map. An empathy map is a collaboration tool teams may use to gain a deeper insight into their customers. In this way, we can test our hypothesis, if people from different age groups needs a Security App or not. It answers the questions:

1. Who are we empathizing with?

2. What do they need to do?

3. What do they see?

4. What do they say?

5. what do they do?

6. what do they hear?

7. what do they think and feel?

 For question 1, the target market for the services offered by the HelpMe App is the general. It may be a child, woman, man or elderly who cares about their safety and security. As long as they’re technologically equipped and knows how to use the certain app.

For question 2, our customers need to Download the app, Know the features and services offered by the app, investing on this application that will ensure one’s safety, not to skip the advertisements on app, and Subscribe for Premium Offers to unlock other unique features.

For question 3, most of them answered that they have observe some apps that helps you in times of danger. They also don’t know anyone that carry self defense weapon and they are worried about their safety when they are alone.

For question 4, they said that they will avoid dangerous places, defend, ask for help and avoid going out at night.

For question 5, some knows self defense, such as boxing, arnis, karate and praying. When in trouble they answered that the first thing they do is to ask for help, run, and think.

For question 6, they haven’t heard any security mobile apps and they don’t know someone who is using one. Most of them haven’t heard any advice that they should consider having a security app.

For question 7, most of them feel scared when walking alone at night. They also think that they are not always safe.

To determine if our pitch is marketable, find out what it looks like and how it feels like to live life with danger from the perspective of our subject. HelpMe offers immediate security, but its functions would be obsolete if people tell each other that they are safe on their own. Based on the answers of our respondent, it is concluded that most of the people (adult, teenager, children) need a security app for their safety.

And so, the group can agree that the venture behind HelpMe proves marketable relevance.

We have also discussed in our first lecture series about the “Intellectual Property”. Intellectual property (IP) is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. The types of IP include: Patents, Copyrights, Trademarks, Franchises, Trade Secrets, utility model, & industrial design.

Act No. 8293, an Act prescribing the Intellectual Property Code and establishing the Intellectual Property Office, providing for its powers and functions, and for other purposes

I have learned that in order to claim that certain intellectual property, you have to register it first to the intellectual property office of the Philippines (IPOPHL). The number of years that it will be effective or ‘legally licensed’, depends on the type of intellectual property that you’ll register.

Intellectual property is important especially in starting your business because it protects your ideas, businesses, inventions against infringement by others.

[timgineer]

VENTURE PROPOSAL

A business venture is any new business created to make a profit that also involves risk. Business ventures can be anything from small lawn care operations to large Silicon Valley enterprises. Despite the risk of financing and starting a business, more than one-quarter of business founders (26%) started their ventures to improve their income potential. A strong venture capital proposal shows you've done your research and planning, and have business acumen, focus, and writing ability, as well as an in-depth understanding of your industry.

We were told to interview/ask people for our venture proposal. As decided by the group, we didn’t interview any customers/people, instead, each group member will contribute/ pass their own venture proposal and we will just vote on the best proposal we will pursue.

My group’s choices are:

(1) Site/app that helps mental health problems. It works like a pen pal, where you can choose to send a message to a stranger or receive the message. It is great if you wanted to talk to someone and you have no one to talk to. (2) Water Pollution - Activated carbon as water pollutant absorbents (3) Oil spills- Water lily as active absorbent of oil (4) Construction Related- Lego blocks concrete as retaining wall (5) Limestone based roof to desalinate potential stored rain water. (6) Dengue- Wireless diffuser monitoring system using citronella oil as mosquito repellant (7) Plastic Waste- Blocks with plastic waste (8) App that will keep you safe in dangerous situation (9) Rice husk ash as cement replacement (10) Bricks with a mixture of rice husk ash (11) Cleaning Services- skilled cleaning professionals that sanitize offices, restaurants and homes.

Among these choices, it is a unanimous decision that we will pursue the ‘App that will keep you safe in dangerous situation’. So how does this app work? If you feel that you are endanger or someone’s following you, you just have to open the app and press a certain button, and don’t let go until you are finally safe. By pressing the button, your location and your name will automatically be sent to the nearest police precinct. You can also sync it with a smart watch for kids.

Why this app? With the recent events in our town, where a young kid was missing and was later found dead.  We think that we could have prevented that to happen if we have this app. The app will surely help a lot of people not just in the Philippines but also around the world. Accordingly, the region's average monthly crime rate was around 90 per 100,000 people as of 2018. In a recent finding, the most prevalent crimes in the Philippines were theft and physical injury. Imagine if we can lessen these crime rates through this app. We can surely achieve a much peaceful country.

The lessons that we’ve learned while we are still deciding on our proposal are to respect one another’s opinion or suggestion and team work. By doing so, we can avoid conflict with one another. While writing our venture proposal, we equally divided the works in our team and set a deadline of submission. Thankfully, we all did our part and contributed for our output. That’s what we call ‘Team Work’.

[timgineer]

An Introduction

Ever since this pandemic started, I always wanted to start a business to sustain our needs because my mom is the only one who has a job in my family and somehow, I wanted to help. But… I don’t really know how and where to start because I don’t have any knowledge about business and money. I’m afraid that I’ll end up being bankrupt. I don’t really have any ideas how this industry works and there are still a lot of “What ifs” running around my mind. 

What if it won’t work?  What if my costumers won’t like it? What if I ended up being bankrupt?  What if I fail?  What if instead of helping my mom I ended up worsening the situation?

These questions will remain a question if I didn’t take up this subject (Entrepreneurial Mind). The first few weeks of class, I already learned a lot about entrepreneurship. It taught us how these successful entrepreneurs become who they are today, the true meaning of entrepreneurship, the behavioral patterns of entrepreneurs, and most importantly it taught us to take risk. These entrepreneurs didn’t become successful in just one night, they’ve been in to so many obstacles and hardships just to be successful. If it weren’t for their determination and hard work, we won’t be able to enjoy their inventions/ products today.

Business is not just about profit, it’s also about thinking outside the box. As I have read about the book of Robert Kiyosaki (Rich Dad, Poor Dad), I have learned that in order to succeed in this field we should be able to differentiate our liabilities and our assets, build business, INVEST, study the cash flow, be a financial literate individual and know the difference between WANT and NEED. The things that stuck in my mind from this subject are to take risks, believe in yourself, failing is okay, and pay it forward.

Now I know the reasons why I kept asking myself the “what ifs”, it’s because I don’t want to take risks and afraid of failure. I’m very thankful that we were taught this kind of subject in our school. It changes my perspective about business and somewhat love the idea of being an entrepreneur.

 “The real test is not whether you avoid this failure, because you won’t. It’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.” – Barack Obama

[timgineer]

it’s my first time here in tumblr..