Meeting 5 - Business Model Canvas Reflectiom

Meeting 5 – Business Model Canvas:

It was discussed in the previous meeting that knowing oneself is an important matter to anticipate for it guides students to know their passion, things that they love and do not love, and help them to become a technopreneur that they wanted to be. But other than these self-mastery and assessing oneself, it is also necessary in technopreneurship to understand what your product is all about or the purpose that the company wanted to portray. It is like knowing what your passion are and to figure out the steps to consider in doing so. It is relevant that before taking actions to fulfill your goal, planning before development should be anticipate. And to reflect the methods in starting your business, business model canvas are used to systematically understand your business. It is by business model where you can present the market status, your suppose average of profit, and so does the target customers for your product. Business model canvas is important in technopreneurship because it defines the strategy to use and what factors to deliberate in order for the product to work efficiently and effectively to the market. It simply acts as a guide to present your product in a business manner but can also be understood by other people. And as what was discussed by our professor, there are four areas in business canvas: the identifying or definition of ideas (what?), the possible customers that will purchase or avail the product (who?), ways or strategies to make the product (how?); and the revenues or funding for the business (money making). 

THE FOUR AREAS OF BUSINESS MODEL CANVAS:

Definition of ideas – this answers the question what in business model canvas. This area refers to the objective and/or purpose of the company in making the product. Also, it in this area where a person starts to think about an idea that is unique and first to the industry or market. However, in my opinion, to think of an idea is not an easy task because as what was also tackled before, you can always contemplate of an idea but a good and worthy idea does not come along in a matter of days or in an hour. It takes perhaps a series of serenity walks and external/internal analysis to come up with something that is truly valuable for your target users. Therefore, knowing what your product is and search for ideas should be given some time because I think it is by means of thinking of something that will be worth a shot for yourself and for the community.

Possible target customers or users – describes who your target customers are. It is essential in any business that target user are defined to understand their behavior and make use of their feedback in the testing stage of the business. Target customers are the one who will validate the satisfaction rate of the product, thus, it is necessary for customers to share insights or opinions for the product. I think that without target users, the product is nothing but irrelevant and out of purpose. I guess that when creating something, direct purpose and list of customers should also be projected. Also, I think one should always remember that you can’t represent a product effectively if you do not know who your clients are, and conducting interviews or surveys to people is something that I recommend in ensuring the good performance and gratification of customers prior to your product. 

Strategies and methods to market – I think this refers to the task or activities in developing or doing start-ups. This is where the requirement specifications and the procedure to make in the business takes place. Generally, it is in this area of business model canvas where the planning for the development usually happens and creating business model for the product. When generating a business model, there are nine elements that serves as a guide to emphasize some points in business:

1. Offer – denotes the resources and services that the business can offer. It typically includes the possible benefits if the client will use the product and its sole purpose in making the product itself.                                           

2. Key Resources – refers to the requirements specifications of the product either functional requirements or non-functional requirements. The key resources components somehow justifies that the needs of the clients or customer was fully met and so does the satisfaction that they experience. It is important to note that the user experience also plays a big role in the industry of business or technopreneurship.

3. Key Activities – is the list of tasks to accomplish during the development stage of the product. It describes the what-to-do activities and the whole plan for the product. It is also in this component where the roles and responsibilities of each team members are being drafted.

4. Key Partners – defines the relationship of the company to the venture capitalists of the market. I guess that it in this component of business model canvas where you start to seek actual funding and identifying who are the probable partners you can get in the community. 

5. Cost Structure – also weighs the funding of the company for a specific product. In my opinion, one of the scenarios during cost structure component is bidding the initial budget for the development of the product. This will also denote the probable profit that the company can get after the proper implementation and deployment of the product to the market. 

6. Customer Segments – identifies who are the users enlisted for the product. Customer segments mainly focus upon the target customers and knowing what might be their opinion or view prior to the product and company. 

7. Channels – states the possible platforms that the company can use to generate possible users for their product. Part of the channel component is promoting your product through social media and advertise it to the community.

8. Customer Relationship – describes the interaction and relationship of the company to its clients or customers. The objective of this component is to ensure a good bond to customers to assure them that the product is hundred percent efficient and reliable. Relationships with customer should not be taken for granted because after all your product is for them to use.

9. Revenue Streams – is the return of profits that the business will get or earn. Also, I think that it is in revenue streams where the company can see their statistical growth in terms of the sales and demands of the customers. 

Revenues and Funding – describes the money making process of the business. In this component, where the funding and budget for the product is being discussed. Another factor for revenues and funding is the fact that it answers the question how – how the to get the funding for the business and how the revenues relates to its corresponding service that it offers. In addition, I think that this area of business model canvas is the most crucial compared to all listed above, for it is in this stage where the real marketing happens. This is where you try to make method on how to promote your product and equally gain profit out of it. And this is where you try to pitch your product to venture capitalist, get yourself a great deal of funding and if you are fortunate enough, your product is set for development. I consider this area of business model as taking risks and chasing opportunities.

On the other hand, aside from the business model, based from the discussion we had with our professor, it was defined that start-up is somehow an organization with a purpose to think and conduct a research about what’s happening in the community and also the future. Or binding solutions for some problems that needs a technological measurements and resolutions. Compared to an accustomed company or small business, start-up focus more on repeatable and scalable activities that occurs in the community. It deals with the business hypotheses that there is a birth of new approach to business unlike established businesses. That its strategy does not limit upon the implementation of operational and financial plans, but I guess it describes the use of hypotheses to come up with new ideas that will help the community in technological means. Also, it is in start-up where the organizational structure is not define by designation of departments but rather it compromise a team and bringing chances to become a company owner themselves. For me, start-up somehow open opportunities to aspiring technopreneurs. It generates a place for those who dreams to have their own business themselves. Truly, start-up creates an environment where students and other’s with great ideas to make meaning and set their lives into motion. Start-up provides a way for those people who wants to pursue a career in technopreneurship or the Information Technology community. 

Moreover, the good thing about start-up is for the fact that it is widely open for new ideas rather than sticking and enhancing what was established alone. The main goal of start-up is to search for new opportunities in business technology and discover unknown concepts or ideas. It is like a search and execution for ideas that will support the needs and lifestyle of the people and the society. Start-up is also a method to convert these hypotheses into something that will not remain as assumptions but to possess bigger perspective and empowerment in the world of technology. Just like how a quote goes, “Canvas for start-up is not strategy but realize they are hypotheses.” This means that these hypotheses or ideas are mainly the root for any other start-up, because you can always make strategies out of something but an idea itself is hard to conceptualize especially that they are supposed to be unique and first in the market. Therefore, the tool for a successful start-up is an idea that has a greater value to the market. As what our professor said, there are ideas everywhere but it is always hard to search for an idea that is relevant, helpful, solution-wise and needed. You can make assumptions or hypotheses all you want but you have to remember that hypothesis is an educated guess that is somehow feasible and is based from real life situations. You can’t simply come up with something because in technopreneurship, it is important that your idea has a potential to gain profit and valuable to the market; and that it shares a purpose not only for yourself but for other people too. Try to address your passion in creating meaning and purpose to your products or services. 

Conclusion:

Business model canvas is indeed essential in business or technopreneurship. I realized that with business model, I can project the purpose and definition of my service to the market presentably. The fact that it presents the funding and revenue of business justifies the worth and value to the market without doubts from customers. It does not only focus with the idea to anticipate but shoulders the relevance between the relationship of the business and to its target customers. For me, the business model canvas that is also used in start-up will help turning hypotheses into an idea that is unique. I also think that the purpose of the business model canvas is not about how to gain profit and ensure funds from venture capitalists, but to assess that the product or service is in line with the four areas of business model canvas. That before making plans and strategies for revenues, the business should contemplate on what is their service, who are the target customers, how they will promote it and the money making of the product. Because I think that as long as you already identified all of these factors, you ca guarantee that the product is most likely effective and efficient. I guess with good establishment from the four core areas of business model canvas, the other factors to a successful business will surely follow. And I think that if one believes that the true canvas for business model canvas is the hypotheses or ideas, strategies and methods will follow; that if the idea itself is valuable, a good market will also reflect to the business.

Meeting 5 - Business Model Canvas Reflection

Meeting 5 – Business Model Canvas:

It was discussed in the previous meeting that knowing oneself is an important matter to anticipate for it guides students to know their passion, things that they love and do not love, and help them to become a technopreneur that they wanted to be. But other than these self-mastery and assessing oneself, it is also necessary in technopreneurship to understand what your product is all about or the purpose that the company wanted to portray. It is like knowing what your passion are and to figure out the steps to consider in doing so. It is relevant that before taking actions to fulfill your goal, planning before development should be anticipate. And to reflect the methods in starting your business, business model canvas are used to systematically understand your business. It is by business model where you can present the market status, your suppose average of profit, and so does the target customers for your product. Business model canvas is important in technopreneurship because it defines the strategy to use and what factors to deliberate in order for the product to work efficiently and effectively to the market. It simply acts as a guide to present your product in a business manner but can also be understood by other people. And as what was discussed by our professor, there are four areas in business canvas: the identifying or definition of ideas (what?), the possible customers that will purchase or avail the product (who?), ways or strategies to make the product (how?); and the revenues or funding for the business (money making).
THE FOUR AREAS OF BUSINESS MODEL CANVAS:
Definition of ideas – this answers the question what in business model canvas. This area refers to the objective and/or purpose of the company in making the product. Also, it in this area where a person starts to think about an idea that is unique and first to the industry or market. However, in my opinion, to think of an idea is not an easy task because as what was also tackled before, you can always contemplate of an idea but a good and worthy idea does not come along in a matter of days or in an hour. It takes perhaps a series of serenity walks and external/internal analysis to come up with something that is truly valuable for your target users. Therefore, knowing what your product is and search for ideas should be given some time because I think it is by means of thinking of something that will be worth a shot for yourself and for the community.
Possible target customers or users – describes who your target customers are. It is essential in any business that target user are defined to understand their behavior and make use of their feedback in the testing stage of the business. Target customers are the one who will validate the satisfaction rate of the product, thus, it is necessary for customers to share insights or opinions for the product. I think that without target users, the product is nothing but irrelevant and out of purpose. I guess that when creating something, direct purpose and list of customers should also be projected. Also, I think one should always remember that you can’t represent a product effectively if you do not know who your clients are, and conducting interviews or surveys to people is something that I recommend in ensuring the good performance and gratification of customers prior to your product.
Strategies and methods to market – I think this refers to the task or activities in developing or doing start-ups. This is where the requirement specifications and the procedure to make in the business takes place. Generally, it is in this area of business model canvas where the planning for the development usually happens and creating business model for the product. When generating a business model, there are nine elements that serves as a guide to emphasize some points in business:
1. Offer – denotes the resources and services that the business can offer. It typically includes the possible benefits if the client will use the product and its sole purpose in making the product itself.                                         
2. Key Resources – refers to the requirements specifications of the product either functional requirements or non-functional requirements. The key resources components somehow justifies that the needs of the clients or customer was fully met and so does the satisfaction that they experience. It is important to note that the user experience also plays a big role in the industry of business or technopreneurship.
3. Key Activities – is the list of tasks to accomplish during the development stage of the product. It describes the what-to-do activities and the whole plan for the product. It is also in this component where the roles and responsibilities of each team members are being drafted.
4. Key Partners – defines the relationship of the company to the venture capitalists of the market. I guess that it in this component of business model canvas where you start to seek actual funding and identifying who are the probable partners you can get in the community.
5. Cost Structure – also weighs the funding of the company for a specific product. In my opinion, one of the scenarios during cost structure component is bidding the initial budget for the development of the product. This will also denote the probable profit that the company can get after the proper implementation and deployment of the product to the market.
6. Customer Segments – identifies who are the users enlisted for the product. Customer segments mainly focus upon the target customers and knowing what might be their opinion or view prior to the product and company.
7. Channels – states the possible platforms that the company can use to generate possible users for their product. Part of the channel component is promoting your product through social media and advertise it to the community.
8. Customer Relationship – describes the interaction and relationship of the company to its clients or customers. The objective of this component is to ensure a good bond to customers to assure them that the product is hundred percent efficient and reliable. Relationships with customer should not be taken for granted because after all your product is for them to use.
9. Revenue Streams – is the return of profits that the business will get or earn. Also, I think that it is in revenue streams where the company can see their statistical growth in terms of the sales and demands of the customers.
Revenues and Funding – describes the money making process of the business. In this component, where the funding and budget for the product is being discussed. Another factor for revenues and funding is the fact that it answers the question how – how the to get the funding for the business and how the revenues relates to its corresponding service that it offers. In addition, I think that this area of business model canvas is the most crucial compared to all listed above, for it is in this stage where the real marketing happens. This is where you try to make method on how to promote your product and equally gain profit out of it. And this is where you try to pitch your product to venture capitalist, get yourself a great deal of funding and if you are fortunate enough, your product is set for development. I consider this area of business model as taking risks and chasing opportunities.
On the other hand, aside from the business model, based from the discussion we had with our professor, it was defined that start-up is somehow an organization with a purpose to think and conduct a research about what’s happening in the community and also the future. Or binding solutions for some problems that needs a technological measurements and resolutions. Compared to an accustomed company or small business, start-up focus more on repeatable and scalable activities that occurs in the community. It deals with the business hypotheses that there is a birth of new approach to business unlike established businesses. That its strategy does not limit upon the implementation of operational and financial plans, but I guess it describes the use of hypotheses to come up with new ideas that will help the community in technological means. Also, it is in start-up where the organizational structure is not define by designation of departments but rather it compromise a team and bringing chances to become a company owner themselves. For me, start-up somehow open opportunities to aspiring technopreneurs. It generates a place for those who dreams to have their own business themselves. Truly, start-up creates an environment where students and other’s with great ideas to make meaning and set their lives into motion. Start-up provides a way for those people who wants to pursue a career in technopreneurship or the Information Technology community.
Moreover, the good thing about start-up is for the fact that it is widely open for new ideas rather than sticking and enhancing what was established alone. The main goal of start-up is to search for new opportunities in business technology and discover unknown concepts or ideas. It is like a search and execution for ideas that will support the needs and lifestyle of the people and the society. Start-up is also a method to convert these hypotheses into something that will not remain as assumptions but to possess bigger perspective and empowerment in the world of technology. Just like how a quote goes, “Canvas for start-up is not strategy but realize they are hypotheses.” This means that these hypotheses or ideas are mainly the root for any other start-up, because you can always make strategies out of something but an idea itself is hard to conceptualize especially that they are supposed to be unique and first in the market. Therefore, the tool for a successful start-up is an idea that has a greater value to the market. As what our professor said, there are ideas everywhere but it is always hard to search for an idea that is relevant, helpful, solution-wise and needed. You can make assumptions or hypotheses all you want but you have to remember that hypothesis is an educated guess that is somehow feasible and is based from real life situations. You can’t simply come up with something because in technopreneurship, it is important that your idea has a potential to gain profit and valuable to the market; and that it shares a purpose not only for yourself but for other people too. Try to address your passion in creating meaning and purpose to your products or services.
Conclusion:
Business model canvas is indeed essential in business or technopreneurship. I realized that with business model, I can project the purpose and definition of my service to the market presentably. The fact that it presents the funding and revenue of business justifies the worth and value to the market without doubts from customers. It does not only focus with the idea to anticipate but shoulders the relevance between the relationship of the business and to its target customers. For me, the business model canvas that is also used in start-up will help turning hypotheses into an idea that is unique. I also think that the purpose of the business model canvas is not about how to gain profit and ensure funds from venture capitalists, but to assess that the product or service is in line with the four areas of business model canvas. That before making plans and strategies for revenues, the business should contemplate on what is their service, who are the target customers, how they will promote it and the money making of the product. Because I think that as long as you already identified all of these factors, you ca guarantee that the product is most likely effective and efficient. I guess with good establishment from the four core areas of business model canvas, the other factors to a successful business will surely follow. And I think that if one believes that the true canvas for business model canvas is the hypotheses or ideas, strategies and methods will follow; that if the idea itself is valuable, a good market will also reflect to the business.

Meeting 6 Reflection - External Analysis

Meeting 6 Reflection – External Analysis

In meeting 6 of our class Technopreneurship, our professor instructed us to write a reflection about External Analysis. External Analysis is an activity of examining the environment of the industry companies, and the industrial factors such as competitions. On the other hand, in macro scale, External Analysis considering the global, technological and macroeconomic analysis. The main purpose of the external analysis is that to determine or identify the threats and opportunities of an industry that will somehow drive to growth, and profitability of the company. External Analysis it concerns industry which refers to the group of business companies that offer products and services such as food and beverages, and external analysis also concerns to market which refers to the group of customers in the market that has different attributes and different kind of demands it includes the demography and behavior of customers. In addition, External Analysis is referring to the analysis outside of the company, unlike Internal Analysis which to conduct analysis inside the company, such as analyzing large set of data in the system, discovering patterns and many other. In External Analysis, it is the activity which is to conduct analysis outside of the company, such as analysis the behavior of the customers, analyzing the other competitive companies, and discovering patterns of other companies of what are the activities that drive them to the top of ranking. Furthermore, SWOT Analysis which stands for Strength, Weaknesses, Opportunities and Threats Analysis. SWOT Analysis is not actually just for Internal Analysis but it could be applied in External Analysis, such as identifying the Strengths of other companies, identifying what are their weaknesses so that we could plan ahead, and anticipate unwanted events that might arise, also identifying opportunities that might help to the company, and identifying the threats of others companies, and not just the other companies but also threats from the environment of the industry.

In External Analysis, companies could conduct analysis for the supply chain such that the system of supply chain of the company is involved which is converting the products and services from raw into a fine and high quality products and services so that it will be transported immediately to the customers. In addition, the supply chain of the company is considering the raw materials, the supplier of raw materials, manufacturers, the distributor of the products, the retailer, and the customers. External Analysis, is not just analyzing the processes outside the company but also analyzing the supply chain of the company, such that if the system of supply chain of the company is efficient enough or not. Also, supply chain means it includes the raw materials from the suppliers, such as metal, glass, fabrics, and many other that can be obtained from the other suppliers which later on will be processed into fine and high quality products so that it could be transported to the customers effectively. Moreover, External Analysis is not just referring or could be applied to the supply chain of the company like in the warehouse but also refers to the supply chain for the eCommerce websites. Because, in eCommerce, there is also a supply chain, and many other competitors that could provide their strengths, weaknesses, opportunities, and threats. Because there are also customers online, there are potentials buyers and subscribers to the products and services that the eCommerce offers, and there supply chain system that need to be monitored from time to time.

Moreover, External Analysis is also known as to PEST Analysis which stands for Political, Economic, Social, and Technological Analysis which is focuses more on the political, economic, social, and technological side. For the Political side, it includes many issues such as trade barriers from international regulatory environment changes. For Economic side, it includes different kind of issues like, the interests rate of the customers to the products and services, foreign exchange rates, and as well as economic inflation rate of the country. For Social side, it includes many kinds of issues like the population rate, and the age of the individuals might also be involved. And for the Technological side, it includes different kind of issues like technological advancement, trends of the technology, and technological investment might also be involved. Furthermore, External Analysis or PEST Analysis is very important because it can help for generating business plans, and business strategic actions so that the company can compete to the strong competitors. And also, so that the company is updated to the trend in the business industry. It is not just to be updated but also to earn more marketing growth, and for the company to be a successful and will run for many years. Moreover, External Analysis is also focusing on the competitors and how competitive is the company, it includes the rival of the company, and potentials threat of the other company, the buyers and suppliers and how often they offer bargains, and the threats of the substandard goods and services. For the rivalry of the company, it includes measuring the level of growth rate of the other company, and also analyzing the products it offers, the loyalty of the customers, and why they switch brands easily. For the buyers and customers side, it is also important to analyze how good they are at bargaining or how often they bargain because it could affect the marketing growth of the company. Also, so that the company could identify or determine the right market price for the products and services to offer. And for the threat of the substandard goods and services of the providers or of the company, it includes measuring the level of the impact to the companies that manufactures good and high quality products. So that they could find immediate solution that if the products and services becomes a threat to the market growth of the company, and so that they could provide a good and high quality products and service to the customers. Thus, if the company determines these factors and analyze those thoroughly they will immediately produce a very good solutions to the threats, and could identify the strength and weaknesses of other company, then eventually will find an opportunity for the company to be ranked higher in the competition.

With External Analysis, it could help us to make a right decisions, because in business it is really important that we decision to the right choice, we should decide what is right for the market and for the business. Because to be good at making decision, we will most likely be successful in the business, and to be to the top ranking in the competition. Also, External Analysis and Internal Analysis could also be applied in our life, such as we could identify what are our strengths that could help us achieve our goals, the weaknesses that we need to overcome, and we could find good opportunities for the to move forward as well as for achieving our goals, and threats that could destroy our plans, preventing us to achieve our goals, and to prevent us to be successful technopreneur. Moreover, it is important that we determine the things that we are good at, and the things we do not like, by determining these factors, we could decide for the business and for ourselves of what is good for us as well as for the company. And it help us to be more competitive and to be more of a rival to the other company. Also, understanding environment of the business operations is the key for us to make a right decision, for us to properly plan and will allow us to anticipate the opportunities and threats which associates with our business areas, thus, the External analysis and Internal Analysis could help to us achieve that factors that needed to be acquired for us to be successful and achieve our goals in business competitions, and also for our company to grow stronger and bigger.

For us to provide good and high-quality products and services, we should do External Analysis because, it is enable us to make good and right balance for the supply and for the demands of the customers. Also because, for the company will properly responds to the customers’ demands, and their needs, and so that it provide us insights for the opportunities and threats that might later on occurs, so that we could create a strategic plans, and anticipate everything. Moreover, for us to conduct External Analysis, we first identify the factors such as in the market section, such as classifying customers, economic trends, we should identify the things that are very popular in the meantime, also we first identify our competitors. For Market section, it includes the analysis of the opportunities and threats in the industry in which the company competes. Also, it includes measuring the size of the environment industry to know how many competitors with similar products and services provides and offers to the customers. And it also includes the system of distribution of the products and services, so that we could monitor the supply chain of the company, from the supplier back to the reseller, and also for us to adopt to a sudden change to environment that could affect the business, and to the company. Moreover, in market section, we should also identify changes in the global and national markets that provides opportunities for the company to sell products and services internationally. For classifying customers, it includes the loyalty of the customers to the company and to the other competitors, also identifying the products that they usually buy at and the services that they usually subscribe to, and also identifying the market trends. Because customers’ demands and needs are changing from time to time, and we cannot identify their behavior, and adopt to that immediately, that is why we need to identify their demands and needs, and provide them good and high-quality products and services to them, and have their loyalty stay on our companies. For Economic trends, it includes identifying the trends such as economic growth and rating, inflation rates, foreign exchange rates, and many other that could affect the business, that is why maintaining to be updated to the economic trends is the key for our company to be on the top ranking of the competitions, thus, we should conduct external analysis for the us to achieve our business goals. And for our competitors, it includes identifying who are our competitors with the same or similar products and services offering. We should always keep an eye to our competitors if we want to be on the top ranking in the business, because customers are very demanding that they want a good and high-quality products and services, and that is why we need to be innovative every time we produce products and offering services to the customers. We should identify their strengths and weaknesses for us to identify opportunities to outrank them in the competition and also identify threats that are very harming for our business, and we could strategically plan everything and anticipate everything. Therefore, External and Internal Analysis is important because of the benefits it gives to the company, and not just the company but also for the life of the individual, because it could possibly be applied to our life. We identify our strength, the things that we are good at, we identify our weaknesses which are the things that we are not good at obviously, so that we could overcome those weaknesses and become stronger. Also, we identify and look for opportunities so that we could achieve our goals in life, and to become a successful technopreneur, and we identify the threats that could possibly destroy our dreams in life, so that we could make a strategic plan, and become more logically skilled, and anticipate everything that might bring us down. And of course, for us to become successful we should have determination, passion, creativity, and innovative mind for us to achieve our goals. Because, in becoming a successful technopreneur it really up to us on how we handling things differently.