rhoennaa

[rhoennaa]

From Ideation to Impact: Wrapping Up the Entrepreneurial Mind Odyssey

Welcome to the culmination of our entrepreneurial journey! As we embark on this final episode, let's reflect on the invaluable insights, challenges, and triumphs that have shaped our understanding of the entrepreneurial mind. Join me as we delve into the essence of innovation, resilience, and the unwavering spirit that fuels the entrepreneurial soul. This episode marks not an end, but a celebration of the limitless possibilities that await those with an entrepreneurial mindset.

The initial day of the entrepreneurial mind subject stirred a medley of emotions within me. As I stepped into the classroom, a buzz of cautionary tales circulated, with some classmates portraying it as a formidable challenge. The notion that this subject might be arduous cast a shadow of uncertainty over my expectations. Yet, paradoxically, nestled within this uncertainty was an ember of excitement.

Amidst the whispers of difficulty, there was an undeniable thrill in knowing that this course held the promise of turning imagination into reality. The prospect of creating a product or prototype uniquely mine, something I had long yearned for, injected a surge of enthusiasm into my being. It was the realization that, despite the perceived difficulties, this subject offered a canvas on which I could bring my ideas to life.

Our adventure from the start of our business idea to our final presentation was a team effort filled with creativity and hard work. We began by thinking of a useful product for today's world, something everyone could benefit from. Together, we fine-tuned our idea, considering how it could make a real impact. Then came the interviews, where we talked to potential users and experts to understand their thoughts. This step helped us improve our concept based on real feedback, teaching us the importance of being flexible in business. Then came the interviews, where we talked to potential users and experts to understand their thoughts. This step helped us improve our concept based on real feedback, teaching us the importance of being flexible in business. All our work led to our final proposal and presentation. These documents and talks showed how much effort we put in as a team. We were confident in our product's relevance and impact and ready to share our vision.

This entrepreneurial journey has been a profound learning experience, shaping my understanding of the business landscape from the ground up. One key lesson emerged during the process of deciding on a prototype product: the importance of adaptability. Navigating through various ideas and refining our concept highlighted the need to be flexible and responsive to market dynamics.

Furthermore, the iterative nature of both prototype development and business model creation taught me the value of feedback. Receiving input from potential users, industry experts, and peers proved instrumental in refining our ideas and strategies. It reinforced the idea that successful entrepreneurship is a continuous process of improvement, adaptation, and resilience.

In essence, this entrepreneurial journey has not only equipped me with practical skills in product development and business modeling but has instilled a mindset of constant learning and evolution. From the inception of a prototype product to the intricacies of a well-structured business model canvas, the lessons learned are invaluable assets as I continue to navigate the dynamic world of entrepreneurship.

[rhoennaa]

Entrepreneurial Blueprint: Building Futures with the Business Model Canvas

Hey there, fellow dreamers and doers! Welcome to another round of sharing stories, experiences, and the untold chapters of the entrepreneurial journey. 

For the past 2 weeks, we have planned and created our business model canvas, which is a valuable tool for us as it guides us through the process of developing, validating, and communicating our startup concept in a structured and practical manner. The Business Model Canvas is crucial as it provides a visual framework for startups and businesses to articulate, analyze, and iterate on key components of their business models. It helps in fostering a comprehensive understanding of how different elements like customer segments, value propositions, channels, and revenue streams interact, enabling more effective strategic planning and innovation. We made sure that everything that we have put in our BMC can not only cater to the needs of our customers, but we can also gain profit from it.

 The following week, after the Business Model Canvas presentation, our group discussed and took note of all the questions and comments raised by our instructor. It is noted that there are many factors that would need to be taken into account in order to establish our ideal business. In this activity, we had the same null and alternative hypotheses as last time. 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 perceptions.

After carefully considering feedback from our instructor and analyzing survey responses, we have made crucial adjustments to our business model canvas. First and foremost, we determined that the device's optimal range would be set at an impressive 10 km, ensuring a broad and effective coverage area. Two primary options emerged during this process: establishing a physical store and creating an online presence through a Facebook page. Following thoughtful deliberation, we have determined that option 2, comprising a Facebook page, aligns more closely with our strategic goals and market demands. This decision is rooted in the recognition of the evolving landscape of consumer behavior and the broader reach and accessibility offered by an online platform. We believe that embracing a digital presence will enhance our market penetration and overall business viability. This strategic shift not only capitalizes on the widespread use of social media but also reflects the evolving landscape of commerce. By integrating these features into our business model canvas, we aim to enhance accessibility and leverage the digital realm to connect with our audience effectively. 

This week we have learned to clarify and organize thoughts about the venture's value proposition, target audience, and revenue streams. We also noted and carefully considered some things, such as feedback loops, scalability, and market trends.          

[rhoennaa]

Empathy Mapping 101: A Guide for Savvy Entrepreneurs

In the fast-paced world of entrepreneurship, success often hinges on understanding and meeting the needs of your target audience. This is where the empathy map, a powerful tool borrowed from the realm of user experience design, plays a transformative role. By delving into the minds and hearts of your potential customers, you gain invaluable insights that can shape your products, services, and marketing strategies. In this blog post, we'll explore how entrepreneurs can leverage the Empathy Map to create businesses that truly resonate with their customers.

For the past few weeks, our group has been so busy developing an empathy map that'll help us provide a structured approach to comprehending the perspectives, emotions, and pain points of potential customers. Using the questions we had generated in the empathy map, we made a survey questionnaire and gathered 100 responses. In this activity, we had the same null and alternative hypotheses as last time. 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.

Upon reviewing the students' feedback, it is evident that the fear of going home late, particularly for students, stems from a combination of societal and personal concerns. Women, statistically, are more vulnerable to certain types of crimes, including harassment, assault, and robbery. Going out at night may amplify these concerns, as visibility decreases and certain areas can become less populated. Based on their responses, a tracking device can offer a layer of security. In the event of an emergency, a tracking device can quickly provide the exact location to authorities or emergency services, potentially speeding up response times. Additionally, they expressed a willingness to pay significantly for a tracking device for their safety. Some indicated a budget of 500 to 1000 pesos, while others marked amounts exceeding 3000 pesos. With that, we have concluded that this product meets the needs of our target customers. 

We've come up with two options. The first involved a decision to halt progress on the Musuan Pin tracking device business startup due to crucial considerations. These included technical expertise, as none of us possessed the requisite knowledge to navigate the intricacies of technology necessary in creating this product. Additionally, there were concerns regarding financial viability and the uncertainty surrounding potential customer reception. The second option, however, entailed a determination to forge ahead with the development of this crucial product. After careful thought, we've chosen the second option. Our decision is based on what we learned from a survey we did. It's clear that our product is really important for students. They're willing to buy it no matter the cost, because they value their safety that much. This strong response confirms our dedication to providing a product that meets a crucial need and keeps people safe.

The group unanimously decided to proceed with the development of the Musuan Pin tracking device for our business startup. This decision was greatly influenced by the survey responses from students, revealing a pressing need for this innovative product to enhance their security. The overwhelming demand expressed in the feedback underscores the device's potential significance in addressing a critical concern for our target audience. This collective endorsement reinforces our confidence in the product's viability and the positive impact it could have on the safety and peace of mind of students using it.

Overall, we have learned that empathy maps are a powerful tool for fostering customer-centricity, driving innovation, and ultimately building successful businesses.

[rhoennaa]

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.