Test a section of your business model outside of class with your team.

This was the first of many lectures in which we would have to test an area of the business model canvas outside the lecture itself this for us based on what Corrine told us would be the experimentation part of our business plan and would go towards proof of concept.

 

For our group this at first was hard to achieve the reason being that most of us had inadequate times in which we where available to meet, but when we did meet up we where able to design an structure for a questionnaire to define the feasibility of the idea. What we wanted from this questionnaire was to see what our customer segments would be and what they would want from the locker system in terms of value.

 

Furthermore we wanted to get an idea overall whether what I had suggested had been feasibility to begin with, this would be the foundation of future experiments and the overall starting point for creating the business plan and the writing up the report with proof of concept. What we thought for writing the questionnaire would be to ask the basic questions to identify the customer segment then this would lead on to the most relative and important questions which relate to the lockers themselves this would identify the value end of the business canvas. What we decided for the questionnaire was that each would be separated between each of the members of the group to which we would meet before and put together to which we would present to the class when it came to it.

 

Advertisements

Bright Ideas Competition

This was part on the previous semesters assessment. We where given an idea to which we would pitch to 3 Dragon’s but what was ask of us more was that was to enter an idea into a competition and see if it would win though the point was not to win but to express our creative ideas.

 

I arrived early to the competition it self and for the remainder of the time till the presentation there were numerous tasks being done based on the idea helping to improve communication and the elevator pitch overall. The tasks that where involved consisted of meeting new people and providing an elevator pitch of ourselves from explaining a film we watch or an event that happened to us similar to what was done during the 1 semester of ENVD.

 

For me this help refreshed what I already know but would help me prepare should I need it what I found was very useful in doing the various activities that we where assigned as on a whole it helped improve the various skills of networking and communicating to people that I don’t even know but had little time to get to know them with only a few key facts.

Welcome back! Business Model Canvas.

Its the second semester and that means the start of the final assignment. But for this lecture this is the starting point of the business canvas a structure that would help us create a business which we would write up and then present to a series of judges. With the help of our groups we debated with in each other the various possible ideas for a business each would come to the conclusion of one idea. For the group that I was with it was decided that a locker service would be the best idea for us this for me helped in understanding how businesses and people determine within a group what they should do.

 

Presenting the idea was simple and Corrine allowed for us to understand that if later on the idea was not viable and feasibility within the application of experimenting and application to the Business Canvas then we were allowed to change to another idea but we would need to state a reason why. I found it interesting and informative the ways in which people presented there ideas using different formats with people obviously looking at the ideas and assessing how the potential could be and this was mostly seen in the peoples comment when the presentation was over and their input for me I found quite helpful and interesting.

 

Dragon’s Den

This was a 7 minute presentation of the feasibility idea to 3 Dragon’s of the local Kingston area, of which 3 minute’s would be allocated to explaining idea in terms of the sections in the feasibility study, and the 4 minutes would be the response from the Dragons in terms of them asking questions.  This presentation was being held at Penrhyn Road in the Galsworthy Building and a few hours before Corrine had put up a timetable of who would be going were and at what time they will be presenting at. How this would help us is that it the response from the Dragon’s we would use to improve and structure our feasibility study, while also at the same time presenting would help us develop our skills more better in presenting to a group or audience in a short amount of time.

Financing for a business

From this lecture we had a special guest speaker who spoke about financing and using financing for your business. What he talked about was accounting properly the correct way so you can see where money is being spent.

 

For the first part of the lecture the speaker presented a power point presentation on his life. What he talked about in it was that he was an Kingston University student who went on to create his own picture framing company and in that he should use the pitfalls of bad accounting practices as an inexperienced person who looked over the accounts. Afterwards he talked about his life after that and how he opened up a franchise and now was more adept at organizing better how he managed and organized his accounting finances.

 

After this presentation was finished he then handed out a sheet which I recognized as a balance sheet which is something I constructed in my previous year of Business Management. What he then did was start a new power point slide, were he had created a scenario where this guy owns a business and he wishes to buy a car we would use the value given to us by the speaker to see whether he could afford it.

 

So what he did was that step-by-step he went through the costs explaining for some whether it suggest that money is being wasted or incorrect values are being accounted for. Furthermore he showed that by using modern technology e.g. Microsoft Office accounting can present a more wide perspective on the finances of a company. Also he showed that by using Microsoft Excel and using a balance sheet, cash flow and other forms of accounting framework, this can be presented in a formal businesslike manner so this would be helpful if presenting to a bank for a loan, or if predicting future trends it helps as numbers and values can be altered on a large scale without singular changing each value.

 

What I have learnt from the lecture is that accounting for your expenditures and other things is important. As well also presenting them using Microsoft Office or another spreadsheet software, it helps organize and facilitate a need to store and accurately calculate possible future earning or losses based on the automatic recalculation that happens with the spreadsheet.

 

Feasibility Study

What we had to prepare for this lecture was a brief explanation of what our idea would be for the feasibility study. What a feasibility study is, is that it explores the idea that a person has in terms of how is solves a problem, and of what value it is and whether there are any collaborators or competitors. It is also about being able to explain it clearly so the other person can understand it as well, the skills that this uses is what we have learnt in the previous lectures to help up do this feasibility study.

 

This brief explanation is called an ‘elevator pitch’, this was seen in the third lecture when Corrine was talking to us about storytelling, she showed us a young entrepreneur who used a ‘elevator pitch’ to tell a story of how he identified the problem. For the beginning of the lecture Corrine asked us as a class to tell everyone what the idea was in only 5 words, so people had to think carefully what they would say in a short amount to summarise their idea for the study.

 

After everybody had given their ideas in a summery of 5 words Corrine then asked us to look to the person next to us and pitch to them your idea in 30 seconds and then they do the same to you with their idea. So I turn to the person next to me and pitch my idea that I had chosen for the feasibility study, and then afterwards the person asked some questions about my idea.

 

When we had finished pitching each others ideas and asking questions about them Corrine then told us that this was helping us develop our skills for the ‘Dragon’s Den’ assessment, she then showed us some helpful websites to the few in the class who did not yet have an idea. This was to help us gain some perspective for those who couldn’t identify a problem and see what other people had created to solve the problem they had identified.

Marketing, Design & Branding

For this lecture Corrine noticed that the front of the room that we were in was more awake than the back so she decided to ask us to swap side’s so that front went to the back and the back went to the front this was so she could better interact with those who were falling asleep. After everyone was settled she then asked us were we came from and people gave various places she then asked us to take out a piece of paper and with the place that we come from draw one picture that represents it. From that various pictures were drawn in which the students thought represented their country.

 

Afterwards Corrine told that symbols and images are a form of branding and that before we could brand our product that we first needed to understand the marketing basics. Marketing is divided into Segmentation, Targeting and Positioning. She first started with segmentation and the various forms and how it linked in with our earlier lecture in creating a persona ‘Girl Effect’, and how this is interlinked in with Psychographic and Behavioral to create the persona or in marketing terminology and Profile.

 

Corrine then moved on to the marketing of the product explaining the 7P’s as well as the tools used for communicating and the stages of the strategies of the communication. This information was not new to me as currently during the module I am taking marketing and in the previous I was taught these things as well.

 

Subsequently Corrine put on a power point presentation which she stated was created by her what she started to talk about was ‘Branding’ what see talked about at the beginning was that with branding there is needed a communication strategy and a graphic designer if possible. And that with a branding it needs to create a unique message that has to be communicated for the brand, she showed us how brand logos are developed over time to fit trend or times, furthermore she showed us poor graphics which was the ‘London 2012’ logo.

 

Also she showed us that it is not just the image but also the character type used to type the lettering and when you put that all together with storytelling and advert like the one she showed us a communicated all the elements she had talked about.

 

For this lecture it has taught me that using branding means that it should communicate what your product or brand is and that it should tell a story as so to better help the customer gain a more interactive experience. Furthermore it has taught me that when branding everything is important that includes the logo, design and the lettering font, as any of this could detrimentally effect that perception towards the customer.

Previous Older Entries Next Newer Entries