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Lucky 9's Venture Journey

• Defining the Hypothesis

As we continue exploring our hypothesis which is online selling, we've undergone another set of validation among 3 interviewee in order to gain additional ideas to tighten our business concept. Given that online selling is one of the most efficient way of purchasing products without necessarily going to the mall, this business is to be launched within Valencia City proper with an aim of serving each costumer the best shopping experience and satisfy them with our products.

• Hypothesis Testing and Narrative Report

The hypothesis was validated through conducting a face to face interview among 3 person with existing business. The interview was composed of five questions; (1) what is the problem that your business solves? (2) How do you make money with your business? (3) Which aspects of your business are losing money? (4) Will your customers recommend you (your business) to their friends and family? (5) What are your most valued (and most expensive) customers?

The results we've gathered from the interview are the following; for the question 1, the respondents mentioned that the product sometimes arrived with damage and there is a big possibility that the fixed price for that particular product will be lesser than the regular price which will affect the profit of the reseller. In question 2, similarly they actually make money by tallying those sold products to maintain or to record the run of the business. However, in question 3, this question relates to question 1 in which they lose the money if there are more damage product arrived. In question 4, recommendation of friends and families and other companions of at least 1 of our customers will continue. Lastly, for question 5, these customers buy more or higher-value products than the average customer. This means that our most valued customers will receive a badge as being loyal and aside from this, we also give them a discount in every purchase of bundled items.

The results found that each interviewee with existing business were having different concepts on how they make their marketing strategy unique. In this sense, their idea coincide to ours wherein, they were able to address information that could help us with the concept of our business. Therefore, a continuous validation from various entreprenuers is necessary to be able to conceptualize well especially on what will be the flow of the business to prevent failures in a realistic view.

• Decisions and Options

Taking those idea from the respondents, the team came up with two options namely; (1) the monthly biggest sale particularly every 9th day of the month, and (2) the “saver’s choice” or promo which means that upon purchasing the items, the customer pay lesser than the original price.

Finally, the team decided to pursue the two options provided that it would gradually make an impact to our proposed business.

• Lessons Learned

The team learned that every people has its own needs and wants however, people's personal desires gradually change over time due to the influence of society such as the current trends. With that being said, planning and deciding a business is never an easy task especially when your business idea relates to fashion. That is why, it is important to consider and identify the various factors intelligently beginning from making hypothesis up to the testing of hypothesis to assess the opinions from other people. And to visualize the possible outcomes when we are going to launch a business. Moreover, a unique marketing strategy and a competitive edge will greatly provide an impact to the business because this would be a major tool which encourage potential customers to entertain the business. And in this online selling set up, we really have to be cautious on the things present in the online world especially with the bogus buyers and sellers. Lastly, with a positive mindset and motivation towards the business, the skills in handling the challenges in this venture will eventually develop.

Lecture series 2 discussed by Ms. Keren Lacadin talks about the team formation and the funding. The thoughts I gained from her very spontaneous discussion is that, team formation starts on how to understand the difference between working alone and working with the team. We are all aware that there is a significant difference in terms of the outcome when the work is done individually and with a team. Team work usually results to a more satisfying outcome than those done individually. But we cannot invalidate the fact that there are people who still find satisfaction when working alone. Moreover, the formation of the team is important and should understand one’s weakness and strength of the different field in the business. Funding on the other hand simply pertains to resources needed to finance a program or project. While this is usually in the form of money, it can also take the form of effort or time from an organization. The team funding is the fuel that starts and run consistently the business.

Lecture series 3 discussed by speaker Ma’am Geisha Mae Getuaban talks about the incubation program and how this signifies to start ups like us. The incubators refers to the one who help the start ups by giving an advice, resources, and bootstraps in the early stage of the business. This is important for us to become aware and knowledgeable enough as an entrepreneur especially in transforming a small business into successful one which also takes time and effort. Thus, for the entrepreneurs to enlighten their uncertainties, incubation programs really provide an advantage.

• Documentation (Lucky 9's validation)

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Lucky 9's Venture Journey~

Defining the Hypothesis

As the team continued in exploring the concept of our venture proposal, we've undergone thorough discussion of the current situation in our respective vicinity as to the problems encountered during pandemic. We came up with the idea of online selling as our hypothesis since it is one of the most efficient way of purchasing products without necessarily going to the malls. This business is to be launched in the local community with an aim of serving each costumer the best shopping experience as well as to satisfy them with our products. As part of the activity, the team asked a two (2) experienced resellers to help us conceptualize what would be the competitive edge of our business.

Hypothesis Testing and Narrative Report

The hypothesis that the team decided was tested and evaluated through conducting an interview via video call and face to face. The interview was composed of three questions (1) what are they reselling? (2) What are the common problems they encountered and how do they solved it? (3) The uniqueness of their online business.

Through the conducted interview, we've gathered valuable data to support our proposed business. The results found that the three resellers were having different concepts in creating uniqueness strategies for their online business. They also sell variety of products depending on what is trend, but most commonly on hygiene commodity. The problems they commonly mentioned are bugos buyer and those customers who are not able to meet at the settlement time and the location for meet ups. The reseller 1 also mentioned that to encourage the customers to buy, she suggested her idea of psychology pricing as an effective marketing strategy. While reseller 2 mentioned that it is basically depends on her willingness and interest since her online business was built just for personal matters.

In this sense, their idea coincide to our business to which they were able to address information which could help enhance our concept. Therefore, a continuous validation not just to our target market but from various entrepreneurs is necessary to be able to conceptualize the flow of business. Which could also prevent failures in the future.

Decisions and Options

Taking those idea from the respondents, the team proceed on the next step with a discussion on what are the options to consider with regards to our competitive edge along with existing online businesses in the community. The team came up with three options namely, (1) the psychological pricing, (2) the monthly biggest sale every 9th day of the month, and (3) the “saver’s choice” or promo which means that upon purchasing the items, the customer pay lesser than the original price.

Finally, the team decided to pursue the two options given on the previous blog provided that it would have an impact to our proposed business. Also, with the options we've gathered recently from the two respondents, we decided to use the three options as mentioned earlier since it enable us to create ideas with regards to our competitive edge.

Lesson Learned

The team learned that planning and deciding a business is not an easy task. There are also various factors to consider intelligently beginning from planning or making hypothesis up to the testing of hypothesis to assess the opinions from other people as well. Moreover, a unique marketing strategy and a competitive edge greatly provide an impact to the business because this would be a major tool which encourage potential customers to entertain the business. Thus, further validation is necessary to help us conceptualize a concrete idea on particular venture.

On the other hand, through the lecture series 1 last April 26, I personally learned how patent works and assures a property right by an authority to an inventor. Basically, the purpose of this process is to ensure the protection of your invention regardless of whether it is a product, a concept, or design. A patent can also provide safeguard to an inventor with up to 20 years if it meets a certain criteria in terms of utility and originality. The speaker also mentioned the topics on commercialization and technology transfer. I learned that the end goal of commercialization is basically to establish a commercial relationship with another party like sale and employment. While, technology transfer ensures that the interests and rights in the intellectual property are protected. Thus, these processes of assuring one's protection in terms of ownership is really important to prevent encroachment on the right towards particular property.

Documentation: Landicho's Group

https://drive.google.com/drive/folders/19zSpBY61S8yx-TkPL1GJC4dnqGttDgbr?usp=sharing

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LUCKY 9's Venture Journey

Defining the Hypothesis

As the team take on the very first step of our venture proposal, we've undergone thorough discussion of the current situation in our respective vicinity as to the problems encountered amidst pandemic. We came up with the idea of online selling as our hypothesis since it is one of the most efficient way of purchasing products without necessarily going to the mall and supermarkets. This business is to be launched within local community with an aim of serving each costumer the best shopping experience with satisfying products as well. We found out that sports activity became a trend today since most people has nothing to do, so they became more concious of their health. By that, our products could be ready to wear items (RTW's) and sports wear and accessories.

Testing the Hypothesis and Narrative report

The hypothesis that the team decided was tested and evaluated through conducting a random interview via video call thru messenger. Basically, each member of the team was assigned to interview at least one individual so, all in all we have four interviewee. The interview was composed of three questions; (1) What are the problems or struggles [you] encountered during this pandemic? (2) What are the measures [you do] to solve the problem? (3) What if we startup an online selling business of RTW’s and sports accessories?

Through the conducted interview, we've gathered enough data to support our proposed business. The results found that the most common problem or struggle the respondents has to deal often times is that they are not totally comfortable of going out especially to the mall since the covid outbreak is still rampant. Also, most of them find a hard time waiting for a public utility vehicle to go and purchase to the nearest supermarkets. They often get rid of wearing face mask and face shield which makes them tired of going out. The respondents also mentioned that understanding the situation along with patience and 'diskarte' are the measures they've done to at least minimize the anxiety or the effects that this pandemic had caused. Morever, our proposed business could be an efficient venue to help ease the problems they encountered. In this sense, most of them coincide with our business idea where they also mentioned that it is a more convenient and accessible way to save as much time with just a click away and by just waiting for delivery. One of the interviewee suggested that our products should not be limited on RTW's and sports wear only rather, we can also expand our business outlet by adding a barter system where an individual can trade goods or services in exchange for other goods or services.

Therefore, the proposed startup business was able to address the prospect solution of the problem to provide the needs of individual. The team also appreciate the positive comments coming from the respondents plus we recieve a helpful suggestion that could help the business outlet if taken into reality.

Decision and Options

The decision that we all agreed with is to launch or initiate an online business with ready to wear items and sports wear and accessories as the main product. We came up with this idea beacuse most of us resides in community that are miles away from mall and supermarket to purchase goods. That is why, we were able to visualize the opportunity in this kind of business venture. One option that the team is likely to consider is the online barter system as being suggested by one of the interviewee. This option could help the plan/decision by upgrading it since barter system is an interesting activity which enable the business to acquire broader customers in such a way that both parties who are invloved in this kind of activity will definitely have a win-win situation.

Finally, as a team, we decided to pursue and consider the option we have, provided that it could impact well with our proposed business.

Lessons Learned

We learned that planning and deciding a business is not really easy. There are also various factors to consider intelligently beginning from planning or in making hypothesis up to the testing of hypothesis to assess the opinions from other people as well as the capability of that particular community to respond on the kind of business if it is taken into reality. Brief analyzation really matter in all aspect and in this case the analysis method which is the five W's namely; What, Why, Where, When, and Who, and in some case How is being added. These are questions whose answers are considered as basic information in solving problems. Thus, this method is also useful before deciding a business venture to assess the desired result and to acquire more chances of success.

Link of our documentation: Landicho's Group

https://drive.google.com/drive/folders/1yY87Nk-RSOGHKJFnraMPrk5-jfpTqYW0?usp=sharing