Submission #6 - Sruthi's Process Reflection.pptx

EXEC
by ____Sruthi Jammalamadaka__
help@teachinge.org
PROCESS REFLECTION
PROCESS REFLECTION - Page 1
Based on your understanding of the importance of the experimentation process, why does a successful
entrepreneur take those steps outlined above? (Base your answer on theory)
What entrepreneurial steps have you taken since the last submission?
ENTREPRENEURIAL STEPS
EXEC help@teachinge.org
Since the last submission, our group has taken many entrepreneurial steps. We first decided to meet as a
group and go over our business strategy. To understand better about a certain technology sector, as a
group we conducted a research where we got an idea of what our reasonable price can be and also got
to compare it with other products already in the market. We took some time to understand people’s
behaviour behind choosing the right product and based on that, we decided to keep our prices high enough
to let customers understand our product is good but not too high that customer will not be able to
afford it. Based off of that, we chose our price to be at $29.99. Our target market we decided was
anyone between 10-30 years old, as these types of products are mostly used my young adults and
adolescents. We brainstormed two main points when it came to effective marketing. The first is being
able to utilize social media to reach our target audience as it is one of the fastest source of channel. And
the second is ‘word of mouth’ where we talk to our family and friends about our product.
I believe that experiment process is important for a successful entrepreneur as it helps them see if
their assumptions are correct or not, validate their business model, and most importantly help them
identify areas of improvement. Entrepreneurs need this process as they it shows them if this product
truly solves a real problem, if there is a demand for it, and also if the customers are willing to pay the
price for it. The best learning is through experimenting. After experimenting, whatever the result might
be, this process can prevent entrepreneurs from the risk of investing their money and as well as time
into a product that might or might not be successful. To conclude, experimenting is a type of research,
but a lot better than just research as it provides valuable feedback, accurate data, and great insights
which can help make a successful business.
PROCESS REFLECTION - Page 2
How emotions played a role in transforming your Business Model Canvas during this course?
What role do emotions play in entrepreneurship? Why are so important?
EMOTIONS
EXEC help@teachinge.org
The choices and actions of an entrepreneur can be significantly impacted by emotions, which can have
both a positive and negative effect. Entrepreneurs' motivation, creativity, risk-taking, and capacity for
dealing with loss and uncertainty can all be impacted by their emotions. Identifying what emotions go
through your customer when thinking about your product is crucial as it can help you sell the product.
Customers tend to pay with less hesitation if you empathize with them by understanding their emotions.
(early adopters). Entrepreneurs who possess emotional intelligence are able to identify, control, and
handle their own emotions as well as those of others. By doing this, they can improve their decision-
making, forge solid bonds with their clients, partners, and team members, and eventually accomplish their
business goals.
We gathered a few issues and determined which one we thought would be the most important and would
lead to the most success, which helped us transform our Business Model Canvas. We discussed possible
business models when we first got together as a group. We soon realised that our charging cable
concept was the most practical and could emotionally connect with our target audience the best. We
used this to inform our field study, which included experiments and customer interviews to better
understand the feelings associated with this concept. We were able to focus on more specific
customer groups and get confirmation that this was an issue worth solving after hearing numerous
people mention feelings of stress and anxiety. Along with revenue and channels, emotions were a key
factor in deciding how and where we would attract customers for our product.
PROCESS REFLECTION - Page 3
How did your Business Model Canvas change/evolve during this course?
Why are experimentation and iteration so important in entrepreneurship? (Base your answer on theory)
EXPERIMENTATION AND ITERATION
EXEC help@teachinge.org
Experimentation and iteration are crucial steps in the entrepreneurial process because they give
business owners the chance to test their theories, polish their concepts, and create goods and services
that are specifically catered to the requirements of their target clients. Entrepreneurs can gather
input and data from stakeholders, verify or refute their assumptions, and modify their business models
as necessary through experimentation. Entrepreneurs can continuously hone and improve their goods or
services by iterating on them in response to customer input and data. By using these procedures,
entrepreneurs can lower the risks and uncertainty involved in starting their own business and improve
their odds of success. The lean start up approach places a strong emphasis on the value of
experimentation and iteration in entrepreneurship as a way to achieve long-term success and add value
for customers.
The greatest change in our channels over the course of this course can be seen in our Business Model
Canvas. We initially divided our attention between in-person interviews and social media sites. (primarily
Instagram). We immediately came to the conclusion that many people would not be interested in posts and
stories promoting our possible solution, and those who were interested were friends, which is biassed.
We had much more success conducting in-person interviews with acquaintances and discovered that
their responses were much more straightforward and sincere. We made the decision to focus our
efforts on in-person interviews to help us gather more information as a result of this achievement. We
also included Apple product consumers in our target market, but we also added information indicating
that if we were successful with the Apple version of the charger cable, we would also target other
markets, such as Android.
PROCESS REFLECTION - Page 4
If after this class you were going to create a brand new product/service, what steps you would take? Why?
PROCESS
EXEC help@teachinge.org
I would start by identifying an issue that, in my opinion, needs to be fixed. Any problem I choose, I need to be
about it in order to devote a lot of time and energy to developing a solution that will help a lot of people.
Next, I'd decide on my customer groups. I need to locate a group of individuals who share my issue and are
prepared to pay for a remedy.
Third, I would attempt to grasp the emotions that people around me are feeling by conducting a lot of
customer interviews. I can determine possible early adopters from this. If there are many of them, I'm
certain that it's an issue worth solving.
Fourth, I would construct a Business Model Canvas, add the knowledge I gained from client interviews, and
start to fill in the necessary components. (like value proposition, etc.).
Next, I would start working on and coming up with an answer. In order to develop a solution that is effective,
practical, and affordable for my early adopters, I will draw on the findings from earlier conversations.
Sixth, once I had come up with a plan, I would interview more people. I will benefit from these conversations
because they will give me more in-depth information about product design, cost, and other factors.
Then, to help maximise profit for myself and customer happiness for those purchasing it, I would choose a
revenue model and conduct additional research on cost structure and revenue streams.
Lastly, in order to successfully produce my product in large quantities and market it to a wider audience, I
would also spend some time developing key partners, initiatives, and resources.
PROCESS REFLECTION - Page 5
SKILLS
EXEC help@teachinge.org
Skill When did you develop this skill during the course? How will you apply it in the future?
Reflecting on the experiences you've had during this course, like:
What skills did you develop that you'll take with you?
Identifying who you want to serve
Launching a product/service Trying to get pre-sales Interviewing customers
Designing solutions to customer problems Testing business model assumptions Building financial models
Problem Solving
I developed refined this skill the most during the process of coming up with
a product/service that would solve a real problem
Communication
Strategic thinking
Problem solving can be used in my daily life and in my career as I would
need to be able to solve many problems
I have developed this skill through all the calls and messages I had with my
teammates. Conducting interviews has also helped me improve my skill more.
This skill can be applied in almost everything that I do. Effective
communication is crucial to build strong relationships with people.
I developed this skill from designing solutions to customer problems and as
well as testing the business model assumptions
This is a crucial skill that I can use in the future to clarify my objectives,
deal with change, and spot opportunities.
EXEC help@teachinge.org
2nd EXPERIMENT DESIGN
(AFTER MVP)
Our assumption will be wrong if we don’t achieve at least...
Failure Threshold
Our assumption will be right if we achieve at least...
Success Threshold
But, we are assuming...
Riskiest Assumption
And, we will measure...
Metric Description
To verify our idea, we will...
Experiment Description & Goal
EXPERIMENT DESIGN
EXEC EXPERIMENT DESIGN help@teachinge.org
We believe that...
Hypothesis To Test
6
5
Proceed
Optimize
Pivot
4
3
2
1
End Date
Start Date
Experiment Name
Second Experiment Design (after MVP) Mar 15 Mar 23
50% of users stating that their low battery life
is a key problem with their iPhones.
Continue trying to solve the problem
Targeted advertising to
potential customers who have
Apple products
Changing their problem for the better
80% success rate that this is indeed a problem
for iPhone users
Although there are other products available
like chargers, people are still willing to buy
our product
The percentage/n of people who say that
their iPhones' battery problems are a
common problem.
Interview people who are Apple device
users to see if this is an issue worth
solving
People that complain the most about batter
issues with their technologies are
Generation Z and Millennials
EXEC help@teachinge.org
EXPERIMENT ANALYSIS
ITERATION ANALYSIS
EXEC EXPERIMENT ANALYSIS #1 help@teachinge.org
Experiment Description & Goal
Hypothesis Tested
Experiment Results & Insights Next Hypothesis To Test
Date
Description
We believed that...
1
We learned that...
3
To verify our beliefs, we...
2
Therefore, we will...
4
After our First Experiment (and before our Second Experiment)
We assumed that iPhone users find it annoying
when their devices rapidly run out of battery in
public settings because many people do not carry
around chargers, leaving them with no other
option if their devices die. We anticipated that
iPhone users seeking a solution to this issue would
voice their complaints on Instagram publicly.
This experiment revealed that many of our customers had
a variety of issues with their Apple products; the most
prevalent issues were bad battery longevity and the
inconvenience of having to carry around items to plug in
their chargers. We got a lot of positive feedback about
our interviews, our hypothesis, and possible future
solutions to these issues, so it may be worthwhile to put
some effort into it and turn it into a product.
We looked for early users of this issue on
Instagram using hashtags like #phonebattery,
#batterydead, #chargers, and more to confirm
our assumptions and locate people we could
speak with. Additionally, we would walk around the
neighbourhood looking for individuals using iPhones
and then approach them to inquire about their
general usage of the device.
We intend to perform follow-up interviews in areas
farther from campus based on what we discovered
from the experiment to find out if these issues persist
there where less technology is being used. (ex: private
neighbourhoods). We do not feel the need to change our
hypothesis in light of the substantial amount of feedback
we have gotten that supports it. Every single person who
was questioned at some time brought up the phone
battery as a problem with iPhones, meaning that all of our
customers experience this issue. This implies that it is a
challenge worth tackling.
Mar 23
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Designed by: strategyzer.com
After our First Experiment (and before our Second Experiment)
Apple
device users
In-person
interviews (on the
street, on campus,
and at work)
Instagram
Messages
When their devices
run out of
battery, what can
they do because
they don't have a
charger?
Mar 23
Universities and
student
community
Top technology
companies (Ex:
Apple, Google, etc)
Product
manufacturers
and suppliers
Develop the
product software
Expand product
awareness
with word-of-
mouth
website/ online
store, marketing
team, location
to create and stor
e products
•Shipping supplies and other related expenses
•Cost of producing a model
•Patents and partnership fees
with major companies like Apple, Amazon, etc.
Order websites,
call centers, and
email-based
customer
assistance.
When the battery in the portable cable dies, the
customer must make a one-time purchase of a
new one every two to three years.
A portable device that
lets you switch the
battery between two
phones, doing away with
the need to tote heavy
portable chargers and
avoiding uncomfortable
situations when you're
out in public with a dead
phone.
EXEC help@teachinge.org
EXPERIMENT DESIGN
CHECK-IN
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Designed by: strategyzer.com
After my first hypothesis of Revenue Model (and before Financial Projections)
Apple
device users
In-person
interviews (on the
street, on campus,
and at work)
Instagram
Messages
When their devices
run out of
battery, what can
they do because
they don't have a
charger?
Date
Order websites,
call centers, and
email-based
customer
assistance.
A portable device that
lets you switch the
battery between two
phones, doing away with
the need to tote heavy
portable chargers and
avoiding uncomfortable
situations when you're
out in public with a dead
phone.
•Shipping supplies and other related expenses
•Cost of producing a model
•Patents and partnership fees
with major companies like Apple, Amazon, etc.
When the battery in the portable cable dies, the
customer must make a one-time purchase of a
new one every two to three years.
ITERATION ANALYSIS
EXEC FINANCIAL PROJECTIONS - Page 2 help@teachinge.org
Experiment Description & Goal
Hypothesis Tested
Experiment Results & Insights Next Hypothesis To Test
Date
Description
We believed that...
1
We learned that...
3
To verify our beliefs, we...
2
Therefore, we will...
4
After the Financial Projection Simulation
Users of iPhones find it annoying when their
devices rapidly run out of battery in public. They
get upset because there is no way to recharge a
dead phone in public places because most people
don't bring around chargers.
We discovered from these interviews that customers are
eager to pay for a fix to their issue. However, we found
that many consumers preferred neutral colours (black,
white, and silver) to more vibrant ones and did not want to
spend more than $50 for the product (red, blue).
Additionally, our clients preferred getting it online and
having it delivered to their homes over placing an order
over social media (such as Instagram) or making an in-
person purchase.
A total of over 10 original in-person interviews and
Instagram hashtag searches were done to identify early
adopters in our neighbourhood. When we determined that
this was a problem that needed to be solved, we did
additional in-person interviews to learn more about how
our prospective customers believe the product should
appear, operate, and cost in order to determine whether
there is a willingness to buy a potential solution to their
problem.
Based on these findings, we'll try to develop a fake
website where customers can make pre-orders so we
can see if their words and deeds match up in terms of
paying for the solution to their battery life issue.
Additionally, we'll try to form some networking
relationships with nearby universities like Laurier and
Waterloo to see if we can run in-person campaigns and
distribute flyers to raise awareness of our possible
solution. If we are successful, we will present our findings
to Apple to help us negotiate a contract and develop our
product.
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Designed by: strategyzer.com
After the Financial Projection Simulation
Apple
device users
(current target)
Dual-portable
chargers for
Apple and Android
(future product)
In-person interviews
(on the street, on
campus, and at work)
Instagram Messages
When their devices
run out of battery,
what can they do
because they don't
have a charger?
Universities and
student
community
Top technology
companies (Ex: Apple,
Google, etc)
Product
manufacturers
and suppliers
Develop the
product software
Expand product
awareness
with word-of-
mouth
website/ online
store, marketing
team, location
to create and store
products
•Shipping supplies and other related expenses
•Cost of producing a model
•Patents and partnership fees with major companies like
Apple, Amazon, etc.
Order websites, call
centers, and email-
based customer
assistance.
When the battery in the portable cable dies, the customer
must make a one-time purchase of a new one every two
to three years.
A portable device that lets
you switch the battery
between two phones, doing
away with the need to
tote heavy portable
chargers and avoiding
uncomfortable situations
when you're out in public
with a dead phone.
Our assumption will be wrong if we don’t achieve at least...
Failure Threshold
Our assumption will be right if we achieve at least...
Success Threshold
But, we are assuming...
Riskiest Assumption
And, we will measure...
Metric Description
To verify our idea, we will...
Experiment Description & Goal
EXPERIMENT DESIGN
EXEC EXPERIMENT DESIGN - Page 1 help@teachinge.org
We believe that...
Hypothesis To Test
6
5
Proceed
Optimize
Pivot
4
3
2
1
End Date
Start Date
Experiment Name
First Experiment Design (before MVP) Mar 24th April 1st
50 pre-orders
Test product in the market
Optimize product awareness by creating
a website and flyers
Go back to customer interviews
and figure out what aspect of the
problem is most important.
200 pre-orders
Instead of looking up answers online, people
will discuss their complaints with friends,
families, and other people.
The quantity of customers who pre-order
our goods as a result of product reviews
or recommendations.
Instead of conducting customer interviews, interview
potential consumers about our product to determine how
many would buy it right away. This approach will also
direct us to prospective early adopters.
People are more likely to speak to others
about their phones dying after hearing
about it from others.
SKILLS
How can you see yourself using this entrepreneurial skill in the pursuit of your career or purpose?
Be specific
What entrepreneurial skill is this exercise designed to teach? If an entrepreneur were to skip
developing this skill, what risk would their ventures face?
EXEC
1
2
EXPERIMENT DESIGN - Page 2 help@teachinge.org
One lesson we'd like to learn from this exercise is that you might not always find the answers you're
looking for. This lesson could be applied in everyday living moving forward. Numerous interviewees'
problems and solutions with regard to phones and school life varied throughout the many interviews that
were conducted, demonstrating how everyone has unique experiences and approaches problems in ways
that may not always be similar to our own. Although this makes it more difficult to find a remedy, it was
encouraging to see that there were many honest responses, suggesting that there may be more
problems than one might anticipate.
Whether or not we end up starting our own business, we believe the idea that people might not share
our opinions or respond in the way we anticipate can be very helpful for our job aspirations. For
instance, if you work in the field of injury rehabilitation, two clients with the same injury may experience
varying levels of pain, recovery times, and outcomes. I plan on pursuing my career as a Software
Engineer, my work experience may not be the same as the person working the same job as me due to
various factors such as difference in salary, difference in companies, and difference in the team
we’re in. It's essential to understand that everyone has different problems, so even though I might have a
problem or a solution, it might not apply to other people. Because of this, we believe it is more crucial
to listen to the customer's problem before taking any necessary action than to presume that since we
have a problem, others must also have one.
EXPERIMENT DESIGN CHECK-IN
Based on your understanding of the importance of the experimentation process, why does a successful
entrepreneur take those steps outlined above? (Base your answer on theory)
What entrepreneurial steps have you taken since the last submission?
ENTREPRENEURIAL STEPS
EXEC help@teachinge.org
Since the last submission, we have implemented the entrepreneurial skills we learned in this course in the
right ways to maintain a high level of market recognition for our product. We have been in continuous
contact with friends and coworkers to discuss methods to further enhance both our product and
website. With this knowledge, particular solutions that better handle the issues at hand can be developed.
We'll get a decent idea of how interested our customers are in our solution based on the number of
website pre-orders we secure.
A successful entrepreneur takes the steps outlined above because it shows how much effort and
continuous research is needed to ensure that your product can be successful within the modern
market. To create an effective product, an entrepreneur needs to understand the customer on a deep
level, which is more than what interviews can provide. Understanding a customer’s actions helps the
entrepreneur see what works for them and what does not. This can be helpful when it comes to
narrowing down the best product to choose for the customer segment group. The Resource-Based
View (RBV) of the firm suggests that a firm's success is influenced by the resources it possesses and
how it manages those resources. Therefore, research can be seen as a way for entrepreneurs to
acquire and manage valuable resources.
EXEC help@teachinge.org
TOOLS
BUSINESS PLANS vs BUSINESS EXPERIMENTS
EXEC BUSINESS PLANS vs BUSINESS EXPERIMENTS - Page 1
Reply to your eager friend’s email
help@teachinge.org
Hello friend,
There is no one right or absolute method to start a business; you must be prepared to take risks and
accept failure. But don't be afraid of it; failure is the greatest teacher and will help you on the path to
success. In light of this, I do advise that you take a few steps to make sure that you have a basic
understanding of how to structure the process of developing a product and releasing it to the public.
1. Find an issue that needs to be fixed. Make sure it's a problem you're fervently interested in fixing
and one that other people you know can empathise with.
2. Discover early adopters, a collection of people who are as enthusiastic about a solution as you are,
and learn more about the feelings they have about their issues.
3. Create a business model canvas, which will enable you to briefly describe your product, the
problems it addresses, the costs involved, and much more (let me know if you need more details on
this!).
4. Conduct additional study to learn more specific details about your product's pricing, color, and
other aspects after identifying this target market.
5. Make an effort to get in touch with important partners and resources that can lower production
expenses.
These are some recommendations I have for you. If you have any other inquiries, kindly let me know! I
hope this new adventure goes well for you!
Regards,
Sruthi Jammalamadaka
EXEC help@teachinge.org
CUSTOMER INTERVIEWS
CHECK-IN
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Designed by: strategyzer.com
After the Financial Projection Simulation
Apple
device users
(current target)
Dual-portable
chargers for
Apple and Android
(future product)
In-person interviews
(on the street, on
campus, and at work)
Instagram Messages
When their devices
run out of battery,
what can they do
because they don't
have a charger?
Universities and
student
community
Top technology
companies (Ex: Apple,
Google, etc)
Product
manufacturers
and suppliers
Develop the
product software
Expand product
awareness
with word-of-
mouth
website/ online
store, marketing
team, location
to create and store
products
Order websites, call
centers, and email-
based customer
assistance.
A portable device that lets
you switch the battery
between two phones, doing
away with the need to
tote heavy portable
chargers and avoiding
uncomfortable situations
when you're out in public
with a dead phone.
•Shipping supplies and other related expenses
•Cost of producing a model
•Patents and partnership fees with major companies like
Apple, Amazon, etc.
When the battery in the portable cable dies, the customer
must make a one-time purchase of a new one every two
to three years.
ITERATION ANALYSIS
EXEC CUSTOMER INTERVIEWS CHECK-IN help@teachinge.org
Experiment Description & Goal
Hypothesis Tested
Experiment Results & Insights Next Hypothesis To Test
Date
Description
We believed that...
1
We learned that...
3
To verify our beliefs, we...
2
Therefore, we will...
4
Before my 2nd round of 5 interviews (and after my first 5)
We assumed that iPhone users find it annoying
when their devices rapidly run out of battery in
public settings because many people do not carry
around chargers, leaving them with no other
option if their devices die. We anticipated that
iPhone users seeking a solution to this issue would
voice their complaints on Instagram publicly.
This experiment revealed that many of our
customers had a variety of issues with their
Apple products; the most prevalent issues were
bad battery longevity and the inconvenience of
having to carry around items to plug in their
chargers. We got a lot of positive feedback
about our interviews, our hypothesis, and possible
future solutions to these issues, so it may be
worthwhile to put some effort into it and turn it
into a product.
We looked for early users of this issue on
Instagram using hashtags like #phonebattery,
#batterydead, #chargers, and more to confirm
our assumptions and locate people we could
speak with. Additionally, we would walk around the
neighbourhood looking for individuals using iPhones
and then approach them to inquire about their
general usage of the device.
We intend to perform follow-up interviews in areas
farther from campus based on what we discovered
from the experiment to find out if these issues persist
there where less technology is being used. (ex: private
neighbourhoods). We do not feel the need to change our
hypothesis in light of the substantial amount of feedback
we have gotten that supports it. Every single person who
was questioned at some time brought up the phone
battery as a problem with iPhones, meaning that all of our
customers experience this issue. This implies that it is a
challenge worth tackling.
Mar 3rd
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Designed by: strategyzer.com
Before my 2nd round of 5 interviews (and after my first 5)
Apple
device users
(current target)
Dual-portable
chargers for
Apple and Android
(Future product)
When their devices
run out of
battery, what can
they do because
they don't have a
charger?
A portable device that
lets you switch the
battery between two
phones, doing away with
the need to tote heavy
portable chargers and
avoiding uncomfortable
situations when you're
out in public with a dead
phone.
In-person
interviews (on the
street, on campus,
and at work)
Instagram
Messages
CUSTOMER INTERVIEWS CHECK-IN
Based on your understanding of the importance of interviewing customers, why does a successful
entrepreneur take those steps outlined above? (Base your answer on theory)
What entrepreneurial steps have you taken since the last submission?
ENTREPRENEURIAL STEPS
EXEC help@teachinge.org
Since the last submission, we learned to identify what the key problems are that need to be identified.
This is an important entrepreneurial step because being able to receive a bunch of information and only
select the most important things from those that are not as important is crucial to maximize
productivity, time-efficiency, and accuracy with product development plans. This is applicable to the
interview assignment because we had to conduct a large quantity of interviews, and pull out the key
parts of each one and combine similarities in emotions and topics of interest.
Being able to choose the most important interview problem is what will make product truly beneficial
for customers, which is why it is so important!
A successful entrepreneur is able to identify the most important problems/ common themes from a
set of data because they need to be able to take this data in order to understand what it the problem
is that needs solving. The inability to identify the most important problem leads to unsuccessful ventures
and wasted time and resources. Our group only performed a few customer interviews, but people who
have actual entrepreneurial aspirations will likely conduct many more interviews. This means that they
are going to have to sort through lots of interview data, which can become confusing when trying to
find similarities. When problems and emotions are frequently stated, and they have no current solution to
them, it presents a perfect opportunity for the entrepreneur to be successful.
EXEC help@teachinge.org
TOOLS
{{exec-object--table-area}}
interviewee-01-
problem-01
5-INTERVIEW CHECKPOINT
EXEC help@teachinge.org
5-INTERVIEW CHECKPOINT - Page 1
I interviewed 5
through
Channel
Early Adopter Description
Interviewee Name
Problem 1
Action
Problem 2
Action
Problem 3
Action
Description
After my first round of 5 customer interviews
iPhone users in their early 20s who go to uni. In-person interviews
Short battery life
was inconvenient
borrows chargers
when in public
Connor Abbi Josh Ethan Kayla
staying in contact
with people when
abroad
keep phone on
her and schedule
calls
Making and
preparing healthy
meals for cheap
'Hello Fresh'
subscription
time management
with electronic
devices
reducing screen
time
phone was a
distraction while
studying,
decreasing
productivity.
put phone out of
sight
uncomfortable to
carry around
charger
put charger in
backpack
phone dying
throughout the
day when
travelling
carry charger in
fanny pack
balancing finances
as a student
creating budget
charts on excel
deterioration of
Apple products,
and poor battery
life
purchased
external battery
pack
constantly having
to upgrade phone
switch to android
or get better
phone plan
iPhones are
fragile and
require expensive
repairs
buy bulky phone
cases (against will)
communication
barrier when
travelling abroad
translate sentences
as best as possible
w/o devices
phone dying in the
middle of the day
while outside
buying a phone
case with a built-
in battery
Internet
connectivity and
reliability of
technology
purchasing brand new
electronic devices
phone not being
charged enough,
and dies while
she's out
carry a portable
charger with her
INTERVIEWING ACTION PLAN
EXEC INTERVIEWING ACTION PLAN help@teachinge.org
Date Date Date
Fill in the dates by which you will request, schedule, and conduct your Primary interviews
Primary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted
In-person interviews and conversations
March 4
March 6
March 7
Interviewing Action Plan Description Date
1
Date Date Date
Fill in the dates by which you will request, schedule, and conduct your Secondary interviews
Secondary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted
Instagram DM's
March 4
March 6
March 8
2
Before my 2nd round of 5 interviews (and after my first 5) Mar 3rd
5 CUSTOMER
INTERVIEW
SUMMARIES
( 1st ROUND )
EXEC help@teachinge.org
CUSTOMER INTERVIEW SUMMARY
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did the Interviewee Describe?
Short battery life was inconvenient, especially when out in
public.
Very annoying/uncomfortable to carry around a phone
charger with him everywhere he went.
iPhones are fragile and expensive to repair after they break.
stressful, embarrassing, and frustrating
frustrating, agitating, annoying, uncomfortable
Frustration and anger because of expenses.
If they are taking an action to solve the Problem, what action(s) (Solution) are they taking?
Asking restaurants/ people walking by to borrow a charger, wing it
Carrying around a backpack to put his charger and other stuff in.
Purchasing larger, bulkier phone cases to keep his phone safe.
https://otter.ai/u/8aspNPccuUaDj_0qYYv9-BaPpOM?utm_source=copy_url
Link to Recording & Transcript
Connor
Interviewee Name
iPhone users
Customer Segment
March 1st, 2023
Mar 1Interview Date
CUSTOMER INTERVIEW SUMMARY
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did the Interviewee Describe?
Difficult to stay in contact and communicate with family
and friends when abroad.
Her phone dying throughout the day when she is out and
about/ travelling abroad.
Communication barrier when travelling abroad.
anxiety, worry, and isolated
anxiety, stress, and worriedness
awkwardness, anxiety, stress
If they are taking an action to solve the Problem, what action(s) (Solution) are they taking?
Kept her phone on her at all times and scheduled times to call people.
Carried a portable charger in her fanny pack.
Try and translate her sentences as best as possible in conversations.
https://otter.ai/u/YzIyZ3q-zhbVSzPBJkGp_fAjajY?utm_source=copy_url
Link to Recording & Transcript
Abbi
Interviewee Name
iPhone users
Customer Segment
March 3rd, 2023.
Interview Date
CUSTOMER INTERVIEW SUMMARY
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did the Interviewee Describe?
Making healthy meals and having meals prepped rather
than eating out every meal which is expensive.
Balancing finances as a student. Fear of not having enough
money to do things that Josh enjoys.
Having his phone die in the middle of the day when on
campus or abroad.
Frustrated, angry, annoyed, and guilt
anger, frustration, stress
Self-frustration and annoyed for not being ready.
If they are taking an action to solve the Problem, what action(s) (Solution) are they taking?
Hello Fresh, a service where you pay for ingredients and recipes.
Creating budget charts in excel to track spending habits.
Purchased a phone case with a built-in battery supply.
https://otter.ai/u/r_d56f71F8HIZhChVQQXy2UgXL0?tab=summary
Link to Recording & Transcript
Josh
Interviewee Name
iPhone users
Customer Segment
March 3rd, 2023
Interview Date
CUSTOMER INTERVIEW SUMMARY
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did the Interviewee Describe?
The concept of time management was one of the primary
issues when using his devices (phone + laptop)
The deterioration of Apple products (iPhone) and the poor
battery quality.
Internet connectivity and the reliability of technology have
had detrimental effects on grades.
The frustration associated with performing poorly.
Disappointment due to the expectations built up.
Anger due to the impact the product has on work.
If they are taking an action to solve the Problem, what action(s) (Solution) are they taking?
Reduce screen time on his phone to improve productivity and quality.
Purchasing an external battery pack to carry and charge devices on.
Recently purchased a new laptop at his own expense to prevent issues.
https://otter.ai/u/w4fcKZUBgaKcMYDYM-QsbwNf3Wo?tab=summary Link to Recording & Transcript
Ethan
Interviewee Name
iPhone users
Customer Segment
March 3rd, 2023
Interview Date
CUSTOMER INTERVIEW SUMMARY
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did the Interviewee Describe?
Her phone was a big distraction to her while studying,
decreasing her productivity.
constantly needing to upgrade her phone because storage
gets full and the battery dies quicker
Her phone is not being charged enough before she leaves
the house, so it dies while she is out.
frustrated & stressed because of low self-control
irritated, frustrated, and annoyed
annoyed and frustrated at lack of places to charge
If they are taking an action to solve the Problem, what action(s) (Solution) are they taking?
put away her phone in a different room, backpack, or underneath books
contemplating changing over to android, or getting better phone plans
carry a portable charger around with her, despite its weight issues
https://docs.google.com/document/d/1dB-GHfH4Z6IIWDUxDY8xoddVSLm6vxzRhACyaUIj-
3I/edit?usp=sharing
Link to Recording & Transcript
Kayla
Interviewee Name
iPhone users
Customer Segment
March 3rd, 2023
Interview Date
SKILLS
How can you see yourself using this entrepreneurial skill in the pursuit of your career or purpose?
Be specific
What entrepreneurial skill is this exercise designed to teach? If an entrepreneur were to skip
developing this skill, what risk would their ventures face?
EXEC
1
2
CUSTOMER INTERVIEW SUMMARY - Page 6 help@teachinge.org
After completing this exercise, one principle we’d like to take away that we could apply in life going
forward is that you may not always get the answers you are looking for. Throughout the many
interviews conducted, lots of different interviewees had different problems and solutions regarding
both phones and school life, which showed that everyone’s experiences are different, and people go
about solving them the best way they see fit, which may not be the same method that we would have
chosen. Though this does make it harder to come up with a solution, it was good to know that the
answers were both many and honest as well, showing that there may be more problems that need
solving than one would think..
Despite whether or not we become entrepreneurs, we think the principle of understanding that people
may not think the same as us or give us the answers we expect can be very beneficial towards our
career pursuits. For example, if you work in the field of injury rehab, although two clients may have
injuries in the same area, the pain, recovery process, and aftermath will yield different results between
the two of them. It’s important to know that each person’s problems are unique to themselves, and
although I may have a problem or an idea on how to solve a problem, it may not be the same for others.
Because of this, we feel that it is more important to listen and then act on the customer’s problem
rather than to assume that if we have a problem, others have the same problem too.
EXEC help@teachinge.org
CLASSMATE
INTERVIEWS
CLASSMATE INTERVIEW TRANSCRIPT
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did your Classmate Describe?
For my classmate interview, I decided to pose the question
to him on what he thought was the hardest part about
being a student at Wilfrid Laurier University. Some
problems that I discovered when interviewing Anthony
were that he found it very difficult to find a quiet study spot
on campus, he found it very difficult to navigate D2L/
MyLearningSpace when trying to submit assignments, and
his time management skills concerning school were overall
not very good.
Throughout the interview, Anthony frequently mentioned
how these problems made him feel frustrated and angry,
mostly due to the inconvenience these problems would
cause him. In one specific instance regarding D2L, he
mentioned how a website error in the dropbox made him
feel furious to the point where he started screaming and
throwing things.
If your Classmate is taking an action to solve the Problem, what action(s) (Solution) are they taking?
For the first problem regarding his difficulties in finding study spots on campus, his solution was to text a friend to
see if they were at a study building and could save a table. If they weren’t there, he'd book time slots in the library to
study. If that didn’t work either, he would go home and study at his desk. For the problem regarding his D2L
submissions, he emailed his prof and provided proof that his submission was on time. For time management skills,
he asked Laurier Guidance for tips.
https://otter.ai/u/BwgXwziWj4-Fh-im4GbPZ_xGBT0?utm_source=copy_url
Link to Recording & Transcript
Anthony
Classmate Interviewee Name
Simao Araujo
Interviewer Name
March 1st, 2023
Interview Date
CLASSMATE INTERVIEW TRANSCRIPT - Page 1
What do you need to improve for your next interview?
What do you need to improve for your next interview?
(Interviewer) Your Feedback (Interviewee) Classmate’s Feedback
IMPROVE YOUR INTERVIEWING SKILLS
EXEC help@teachinge.org
CLASSMATE INTERVIEW TRANSCRIPT - Page 2
After reading through and listening to
the interview, I think that for future
interviews, I should try to elaborate
further with the customer being
interviewed. By this, I mean that I
sounded very script-oriented, so many
of the questions began to feel
repetitive and monotone. For future
interviews, I should try and ask some
more follow-up questions and relate
more to the customer’s struggles in
order to make it sound more like a
conversation rather than an interview.
Anthony was kind enough to provide a
lot of feedback regarding my
interview. He mentioned how he thought
that my voice projection and tone were
very good and made him feel
comfortable and safe. For future
improvement, he suggested that I try
and keep more eye contact during the
interview rather than spending my time
looking and typing on my computer in
order to provide a better overall
experience for the customer.
CLASSMATE INTERVIEW TRANSCRIPT
EXEC help@teachinge.org
What Problems did you Discover? What Emotions did your Classmate Describe?
Arfan primarily struggles with managing his time to do
activities that he enjoys, especially while using his
technology. The workload at the university level has forced
him to stay connected online through his computer or
phone which has put severe strain on the battery. The
largest problem he identified regarding his phone usage
was battery degradation and its short lifespan. Lastly,
staying focused when working in crowded spaces around
campus was also an issue
The tone and frustrations noted with having to manage his
technology usage were present throughout the interview.
Arfan described a scenario where his phone ran out of
battery on him when his mother needed to immediately
contact him. The frustration displayed through the
transcript and his words are clearly present as this appears
to be a consistent issue Arfan has faced previously.
If your Classmate is taking an action to solve the Problem, what action(s) (Solution) are they taking?
Limited solutions to prevent phones and other technologies from dying. The solution for charging his phone on the go
is to carry a charge cord with an iPhone block in his backpack in case of an outage. His last solution was to just buy a
new iPhone.
https://otter.ai/u/VHL9NOEUngdn6EDPwQZUfXYDf7o?f=%2Fmy-
notes&tab=summary
Link to Recording & Transcript
Arfan Classmate Interviewee Name
Cody
Interviewer Name
March 2nd, 2023
Interview Date
CLASSMATE INTERVIEW TRANSCRIPT - Page 1
What do you need to improve for your next interview?
What do you need to improve for your next interview?
(Interviewer) Your Feedback (Interviewee) Classmate’s Feedback
IMPROVE YOUR INTERVIEWING SKILLS
EXEC help@teachinge.org
CLASSMATE INTERVIEW TRANSCRIPT - Page 2
This was the first interview I conducted without
my laptop, so the line of questioning was less direct
and purposeful to the needs of our business.
Furthermore, I did address less relevant questions
and topics in the interview. Although, I believe that
interacting with the individual in a more personal
aspect will facilitate the best line of responses.
The way I directed the conversation was a
strength of the interview considering that I would
follow up on various points he mentioned. Lastly,
asking for personal testimonies or stories to drive
his point home was a strength since this provides
context for the real-life problems individuals face.
Following the transcribed interview Arfan
reflected on the process by touching on some of
the questions that I led with. This was a clear
weakness in the interview since I had led him in the
initial phases to discuss issues with tech as opposed
to letting him come to that conclusion.
Furthermore, Arfan noted that I interrupted him
on several occasions but was very clear in the line
of questioning I provided and the conversation I
produced throughout. Lastly, Arfan noted that I
could have been dressed more professionally
considering that this was an inquiry and
conversation of serious nature that would benefit
a potential business.
EXEC help@teachinge.org
EARLY ADOPTERS
CHECK-IN
Problem:
Solution:
help@teachinge.org
EXEC
BUSINESS MODEL CANVAS
Key Partners Key Activities Value Proposition Customer Relationship Customer Segments
Key Resources Channels
None at the time!
Cost Structure Revenue Streams
Designed by: strategyzer.com
Before finding my Ideal Early Adopters (after Idea Generation)
Apple device
users?
In-person
interviews (on the
street, on campus,
at work)?
or Instagram
(DM'ing close
friends)?
When their devices
lose battery and
they don't have a
charger, so
there's no way to
regain battery?
Based on your understanding of the importance of identifying early adopters, why does a successful
entrepreneur take those steps outlined above? (Base your answer on theory)
What entrepreneurial steps have you taken since the last submission?
ENTREPRENEURIAL STEPS
EXEC EARLY ADOPTERS CHECK-IN help@teachinge.org
Since the last submission, I have learned how to identify who my early adopters are for my solution.
Early adopters are the people who will very likely be the first to invest in your solution and buy your
product, since it also solves a problem that they have too. This is why it is so important that
entrepreneurs identify these people. Since the last submission, I identified early adopters for both my
ideal solution and my back up solution.
Based on my understanding of the importance of identifying early adopters, a successful entrepreneur
needs to identify early adopters because this group is the group that will be the first to invest in and
buy the product, so you need to make sure it targets their same problems and solutions. Most people
wait for others to try a product first and confirm it works before actually investing in it, but early
adopters are the first to order and use it without thinking twice! It is this group of people that you
should be aiming to please first, because they are the ones that will advertise your product and help it
grow exponentially in awareness and profit.
EXEC help@teachinge.org
EARLY ADOPTERS
Star
t
IDEAL EARLY ADOPTERS
EXEC EARLY ADOPTERS - Page 1 help@teachinge.org
Early Adopters Early Majority Late Majority Laggards
Emotional Intensity
Feel the Emotion
Aware of it
Trying to resolve it
My ideal customers are who feel Emotion
Role
when because
Trigger Root Cause
High Low
Apple device users frustrated
their devices lose battery and they
don't have a charger
there's no other way that they can get battery
back into their devices
Yes
Yes
Yes
Yes
Yes
No
Yes
No
No No
No
No
Succes
s
Using only observations, what behaviors will
you look for in these locations that tell you
someone is trying to resolve their needs?
frustration when closing their devices
anxiousness trying to plug in their devices
directing anger towards their phones and computers
What locations will you find Early Adopters
taking these actions in the real or digital
world?
on campus
at other people's houses
out in public places
online social media platforms
What specific actions might your Early Adopters be taking to resolve their emotional needs?
Bringing a charger with them wherever they go.
Ensure their devices are charged before leaving the house.
plug their phone charger into their computer to charge it, sacrificing a device.
IDEAL EARLY ADOPTERS
EXEC EARLY ADOPTERS - Page 2 help@teachinge.org
BACKUP EARLY ADOPTERS
EXEC EARLY ADOPTERS - Page 3 help@teachinge.org
My backup customers are who feel annoyed
Emotion
Role
when because
Trigger Root Cause
Using only observations, what behaviors will
you look for in these locations that tell you
someone is trying to resolve their needs?
Frustration when wiping hands while playing video games
Annoyance at wiping sweat off of the controller
Anger when losing in the game because of your sweaty hands that
distracted you.
What locations will you find Early Adopters
taking these actions in the real or digital
world? Be specific.
Local tech giants like Best Buy and The Source
Borrowing controllers from friends either in their own
homes or at your home
Gaming stores like GameStop
What specific actions might your Early Adopters be taking to resolve their emotional needs?
wipe their hands on their shirts/ pants
Keep a small cloth by their side to wipe hands
Wear appropriate clothing when playing to avoid sting
video gamers
they play video games using their controller it makes your hands sweaty and causes you to have to
constantly wipe your hands
EXEC help@teachinge.org
INTERVIEWING
ACTION PLAN
INTERVIEWING ACTION PLAN
EXEC INTERVIEWING ACTION PLAN - Page 1 help@teachinge.org
Date Date Date
Fill in the dates by which you will request, schedule, and conduct your Primary interviews
Primary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted
In-person interviews
(on the street, on campus, at work) February 4 February 6 February 8
Jan 31
Interviewing Action Plan Description Date
1
Date Date Date
Fill in the dates by which you will request, schedule, and conduct your Secondary interviews
Secondary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted
Instagram (DM'ing close friends and people that I know
and they know too) February 6 February 8 February 10
2
Before my first round of 5 interviews
1 de 49

Recomendados

3keysslides por
3keysslides3keysslides
3keysslidesEdwin Clerval
211 vistas10 diapositivas
Writing an effective brief - Panteion University, Ad & PR Lab por
Writing an effective brief - Panteion University, Ad & PR LabWriting an effective brief - Panteion University, Ad & PR Lab
Writing an effective brief - Panteion University, Ad & PR LabLina Kiriakou
709 vistas39 diapositivas
Engaging Businesses with Consultative Selling--PWDA Training por
Engaging Businesses with Consultative Selling--PWDA TrainingEngaging Businesses with Consultative Selling--PWDA Training
Engaging Businesses with Consultative Selling--PWDA TrainingMichele Martin
1.8K vistas119 diapositivas
REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT por
REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENTREFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT
REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENTLena Argosino
28.6K vistas3 diapositivas
Why the first 2 stages of Design thinking are important for a startup? por
Why the first 2 stages of Design thinking are important for a startup?Why the first 2 stages of Design thinking are important for a startup?
Why the first 2 stages of Design thinking are important for a startup?Anuradha Sridharan
3.5K vistas33 diapositivas
What Role Do Your Sales Professionals Play por
What Role Do Your Sales Professionals PlayWhat Role Do Your Sales Professionals Play
What Role Do Your Sales Professionals Playjscher
168 vistas4 diapositivas

Más contenido relacionado

Similar a Submission #6 - Sruthi's Process Reflection.pptx

8-steps-to-marcoms-success_2 por
8-steps-to-marcoms-success_28-steps-to-marcoms-success_2
8-steps-to-marcoms-success_2Jem Baker
385 vistas12 diapositivas
Explaining A Concept Essay por
Explaining A Concept EssayExplaining A Concept Essay
Explaining A Concept EssayPaper Writing Service College
4 vistas8 diapositivas
Speaker Magazine June 2016 por
Speaker Magazine June 2016Speaker Magazine June 2016
Speaker Magazine June 2016Jeff Korhan
164 vistas4 diapositivas
9 Lessons for New Product Managers por
9 Lessons for New Product Managers9 Lessons for New Product Managers
9 Lessons for New Product ManagersHubSpot
12.6K vistas30 diapositivas
Leveraging StoryVesting to Find Product-Market Fit por
Leveraging StoryVesting to Find Product-Market FitLeveraging StoryVesting to Find Product-Market Fit
Leveraging StoryVesting to Find Product-Market FitRocketSource
299 vistas37 diapositivas
Entrepreneur essentials the first steps - newsletter issue 1 por
Entrepreneur essentials   the first steps - newsletter issue 1Entrepreneur essentials   the first steps - newsletter issue 1
Entrepreneur essentials the first steps - newsletter issue 1ragzbiz
106 vistas8 diapositivas

Similar a Submission #6 - Sruthi's Process Reflection.pptx(20)

8-steps-to-marcoms-success_2 por Jem Baker
8-steps-to-marcoms-success_28-steps-to-marcoms-success_2
8-steps-to-marcoms-success_2
Jem Baker385 vistas
Speaker Magazine June 2016 por Jeff Korhan
Speaker Magazine June 2016Speaker Magazine June 2016
Speaker Magazine June 2016
Jeff Korhan164 vistas
9 Lessons for New Product Managers por HubSpot
9 Lessons for New Product Managers9 Lessons for New Product Managers
9 Lessons for New Product Managers
HubSpot12.6K vistas
Leveraging StoryVesting to Find Product-Market Fit por RocketSource
Leveraging StoryVesting to Find Product-Market FitLeveraging StoryVesting to Find Product-Market Fit
Leveraging StoryVesting to Find Product-Market Fit
RocketSource299 vistas
Entrepreneur essentials the first steps - newsletter issue 1 por ragzbiz
Entrepreneur essentials   the first steps - newsletter issue 1Entrepreneur essentials   the first steps - newsletter issue 1
Entrepreneur essentials the first steps - newsletter issue 1
ragzbiz106 vistas
8527 international marketing por Muhammad Imad
8527 international marketing 8527 international marketing
8527 international marketing
Muhammad Imad177 vistas
Sales Methodologies - A quick guide to boosting success - realSociable por Dalia Asterbadi
Sales Methodologies - A quick guide to boosting success - realSociableSales Methodologies - A quick guide to boosting success - realSociable
Sales Methodologies - A quick guide to boosting success - realSociable
Dalia Asterbadi1.2K vistas
Getting to Product Market Fit - An Overview of Customer Discovery & Validation por Jason Evanish
Getting to Product Market Fit - An Overview of Customer Discovery & ValidationGetting to Product Market Fit - An Overview of Customer Discovery & Validation
Getting to Product Market Fit - An Overview of Customer Discovery & Validation
Jason Evanish30K vistas
Demonstrating the value of communication por Colin Wheeler
Demonstrating the value of communicationDemonstrating the value of communication
Demonstrating the value of communication
Colin Wheeler569 vistas
Demonstrating the value of communication por Colin Wheeler
Demonstrating the value of communicationDemonstrating the value of communication
Demonstrating the value of communication
Colin Wheeler199 vistas
Demonstrating the value of communication 2nd edition por Jesper Andersen
Demonstrating the value of communication   2nd editionDemonstrating the value of communication   2nd edition
Demonstrating the value of communication 2nd edition
Jesper Andersen2.4K vistas
David Harding | Survey Says | Indianapolis por Dave Harding
David Harding | Survey Says | IndianapolisDavid Harding | Survey Says | Indianapolis
David Harding | Survey Says | Indianapolis
Dave Harding460 vistas

Último

Root Cause Analysis (RCA) por
Root Cause Analysis (RCA)Root Cause Analysis (RCA)
Root Cause Analysis (RCA)Operational Excellence Consulting (Singapore)
63 vistas28 diapositivas
Monthly Social Media Update November 2023 copy.pptx por
Monthly Social Media Update November 2023 copy.pptxMonthly Social Media Update November 2023 copy.pptx
Monthly Social Media Update November 2023 copy.pptxAndy Lambert
34 vistas49 diapositivas
Navigating EUDR Compliance within the Coffee Industry por
Navigating EUDR Compliance within the Coffee IndustryNavigating EUDR Compliance within the Coffee Industry
Navigating EUDR Compliance within the Coffee IndustryPeter Horsten
56 vistas33 diapositivas
Digital Strategic Business Planning Methodology por
Digital Strategic Business Planning MethodologyDigital Strategic Business Planning Methodology
Digital Strategic Business Planning MethodologyOperational Excellence Consulting (Singapore)
11 vistas23 diapositivas
proveitdeck.pptx por
proveitdeck.pptxproveitdeck.pptx
proveitdeck.pptxDerek Britton
24 vistas12 diapositivas
Integrating Talent Management Practices por
Integrating Talent Management PracticesIntegrating Talent Management Practices
Integrating Talent Management PracticesSeta Wicaksana
157 vistas29 diapositivas

Último(20)

Monthly Social Media Update November 2023 copy.pptx por Andy Lambert
Monthly Social Media Update November 2023 copy.pptxMonthly Social Media Update November 2023 copy.pptx
Monthly Social Media Update November 2023 copy.pptx
Andy Lambert34 vistas
Navigating EUDR Compliance within the Coffee Industry por Peter Horsten
Navigating EUDR Compliance within the Coffee IndustryNavigating EUDR Compliance within the Coffee Industry
Navigating EUDR Compliance within the Coffee Industry
Peter Horsten56 vistas
Integrating Talent Management Practices por Seta Wicaksana
Integrating Talent Management PracticesIntegrating Talent Management Practices
Integrating Talent Management Practices
Seta Wicaksana157 vistas
Learning from Failure_ Lessons from Failed Startups.pptx por Codeventures
Learning from Failure_ Lessons from Failed Startups.pptxLearning from Failure_ Lessons from Failed Startups.pptx
Learning from Failure_ Lessons from Failed Startups.pptx
Codeventures14 vistas
Navigating the Complexity of Derivatives Valuation 📈 por ValAdvisor
Navigating the Complexity of Derivatives Valuation 📈Navigating the Complexity of Derivatives Valuation 📈
Navigating the Complexity of Derivatives Valuation 📈
ValAdvisor16 vistas
Bloomerang_Forecasting Your Fundraising Revenue 2024.pptx.pdf por Bloomerang
Bloomerang_Forecasting Your Fundraising Revenue 2024.pptx.pdfBloomerang_Forecasting Your Fundraising Revenue 2024.pptx.pdf
Bloomerang_Forecasting Your Fundraising Revenue 2024.pptx.pdf
Bloomerang186 vistas
voice logger software aegis.pdf por Nirmal Sharma
voice logger software aegis.pdfvoice logger software aegis.pdf
voice logger software aegis.pdf
Nirmal Sharma48 vistas
Accounts Class 12 project cash flow statement and ratio analysis por JinendraPamecha
Accounts Class 12 project cash flow statement and ratio analysisAccounts Class 12 project cash flow statement and ratio analysis
Accounts Class 12 project cash flow statement and ratio analysis
JinendraPamecha53 vistas
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re... por Ilia Bider
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...
On the Concept of Discovery Power of Enterprise Modeling Languages and its Re...
Ilia Bider15 vistas
Top 10 IT Tasks Small Businesses Can Entrust to Offshore Professionals por altafhsayyednimetler
Top 10 IT Tasks Small Businesses Can Entrust to Offshore ProfessionalsTop 10 IT Tasks Small Businesses Can Entrust to Offshore Professionals
Top 10 IT Tasks Small Businesses Can Entrust to Offshore Professionals
Netflix Inc. por 125071027
Netflix Inc.Netflix Inc.
Netflix Inc.
12507102713 vistas

Submission #6 - Sruthi's Process Reflection.pptx

  • 2. PROCESS REFLECTION - Page 1 Based on your understanding of the importance of the experimentation process, why does a successful entrepreneur take those steps outlined above? (Base your answer on theory) What entrepreneurial steps have you taken since the last submission? ENTREPRENEURIAL STEPS EXEC help@teachinge.org Since the last submission, our group has taken many entrepreneurial steps. We first decided to meet as a group and go over our business strategy. To understand better about a certain technology sector, as a group we conducted a research where we got an idea of what our reasonable price can be and also got to compare it with other products already in the market. We took some time to understand people’s behaviour behind choosing the right product and based on that, we decided to keep our prices high enough to let customers understand our product is good but not too high that customer will not be able to afford it. Based off of that, we chose our price to be at $29.99. Our target market we decided was anyone between 10-30 years old, as these types of products are mostly used my young adults and adolescents. We brainstormed two main points when it came to effective marketing. The first is being able to utilize social media to reach our target audience as it is one of the fastest source of channel. And the second is ‘word of mouth’ where we talk to our family and friends about our product. I believe that experiment process is important for a successful entrepreneur as it helps them see if their assumptions are correct or not, validate their business model, and most importantly help them identify areas of improvement. Entrepreneurs need this process as they it shows them if this product truly solves a real problem, if there is a demand for it, and also if the customers are willing to pay the price for it. The best learning is through experimenting. After experimenting, whatever the result might be, this process can prevent entrepreneurs from the risk of investing their money and as well as time into a product that might or might not be successful. To conclude, experimenting is a type of research, but a lot better than just research as it provides valuable feedback, accurate data, and great insights which can help make a successful business.
  • 3. PROCESS REFLECTION - Page 2 How emotions played a role in transforming your Business Model Canvas during this course? What role do emotions play in entrepreneurship? Why are so important? EMOTIONS EXEC help@teachinge.org The choices and actions of an entrepreneur can be significantly impacted by emotions, which can have both a positive and negative effect. Entrepreneurs' motivation, creativity, risk-taking, and capacity for dealing with loss and uncertainty can all be impacted by their emotions. Identifying what emotions go through your customer when thinking about your product is crucial as it can help you sell the product. Customers tend to pay with less hesitation if you empathize with them by understanding their emotions. (early adopters). Entrepreneurs who possess emotional intelligence are able to identify, control, and handle their own emotions as well as those of others. By doing this, they can improve their decision- making, forge solid bonds with their clients, partners, and team members, and eventually accomplish their business goals. We gathered a few issues and determined which one we thought would be the most important and would lead to the most success, which helped us transform our Business Model Canvas. We discussed possible business models when we first got together as a group. We soon realised that our charging cable concept was the most practical and could emotionally connect with our target audience the best. We used this to inform our field study, which included experiments and customer interviews to better understand the feelings associated with this concept. We were able to focus on more specific customer groups and get confirmation that this was an issue worth solving after hearing numerous people mention feelings of stress and anxiety. Along with revenue and channels, emotions were a key factor in deciding how and where we would attract customers for our product.
  • 4. PROCESS REFLECTION - Page 3 How did your Business Model Canvas change/evolve during this course? Why are experimentation and iteration so important in entrepreneurship? (Base your answer on theory) EXPERIMENTATION AND ITERATION EXEC help@teachinge.org Experimentation and iteration are crucial steps in the entrepreneurial process because they give business owners the chance to test their theories, polish their concepts, and create goods and services that are specifically catered to the requirements of their target clients. Entrepreneurs can gather input and data from stakeholders, verify or refute their assumptions, and modify their business models as necessary through experimentation. Entrepreneurs can continuously hone and improve their goods or services by iterating on them in response to customer input and data. By using these procedures, entrepreneurs can lower the risks and uncertainty involved in starting their own business and improve their odds of success. The lean start up approach places a strong emphasis on the value of experimentation and iteration in entrepreneurship as a way to achieve long-term success and add value for customers. The greatest change in our channels over the course of this course can be seen in our Business Model Canvas. We initially divided our attention between in-person interviews and social media sites. (primarily Instagram). We immediately came to the conclusion that many people would not be interested in posts and stories promoting our possible solution, and those who were interested were friends, which is biassed. We had much more success conducting in-person interviews with acquaintances and discovered that their responses were much more straightforward and sincere. We made the decision to focus our efforts on in-person interviews to help us gather more information as a result of this achievement. We also included Apple product consumers in our target market, but we also added information indicating that if we were successful with the Apple version of the charger cable, we would also target other markets, such as Android.
  • 5. PROCESS REFLECTION - Page 4 If after this class you were going to create a brand new product/service, what steps you would take? Why? PROCESS EXEC help@teachinge.org I would start by identifying an issue that, in my opinion, needs to be fixed. Any problem I choose, I need to be about it in order to devote a lot of time and energy to developing a solution that will help a lot of people. Next, I'd decide on my customer groups. I need to locate a group of individuals who share my issue and are prepared to pay for a remedy. Third, I would attempt to grasp the emotions that people around me are feeling by conducting a lot of customer interviews. I can determine possible early adopters from this. If there are many of them, I'm certain that it's an issue worth solving. Fourth, I would construct a Business Model Canvas, add the knowledge I gained from client interviews, and start to fill in the necessary components. (like value proposition, etc.). Next, I would start working on and coming up with an answer. In order to develop a solution that is effective, practical, and affordable for my early adopters, I will draw on the findings from earlier conversations. Sixth, once I had come up with a plan, I would interview more people. I will benefit from these conversations because they will give me more in-depth information about product design, cost, and other factors. Then, to help maximise profit for myself and customer happiness for those purchasing it, I would choose a revenue model and conduct additional research on cost structure and revenue streams. Lastly, in order to successfully produce my product in large quantities and market it to a wider audience, I would also spend some time developing key partners, initiatives, and resources.
  • 6. PROCESS REFLECTION - Page 5 SKILLS EXEC help@teachinge.org Skill When did you develop this skill during the course? How will you apply it in the future? Reflecting on the experiences you've had during this course, like: What skills did you develop that you'll take with you? Identifying who you want to serve Launching a product/service Trying to get pre-sales Interviewing customers Designing solutions to customer problems Testing business model assumptions Building financial models Problem Solving I developed refined this skill the most during the process of coming up with a product/service that would solve a real problem Communication Strategic thinking Problem solving can be used in my daily life and in my career as I would need to be able to solve many problems I have developed this skill through all the calls and messages I had with my teammates. Conducting interviews has also helped me improve my skill more. This skill can be applied in almost everything that I do. Effective communication is crucial to build strong relationships with people. I developed this skill from designing solutions to customer problems and as well as testing the business model assumptions This is a crucial skill that I can use in the future to clarify my objectives, deal with change, and spot opportunities.
  • 8. Our assumption will be wrong if we don’t achieve at least... Failure Threshold Our assumption will be right if we achieve at least... Success Threshold But, we are assuming... Riskiest Assumption And, we will measure... Metric Description To verify our idea, we will... Experiment Description & Goal EXPERIMENT DESIGN EXEC EXPERIMENT DESIGN help@teachinge.org We believe that... Hypothesis To Test 6 5 Proceed Optimize Pivot 4 3 2 1 End Date Start Date Experiment Name Second Experiment Design (after MVP) Mar 15 Mar 23 50% of users stating that their low battery life is a key problem with their iPhones. Continue trying to solve the problem Targeted advertising to potential customers who have Apple products Changing their problem for the better 80% success rate that this is indeed a problem for iPhone users Although there are other products available like chargers, people are still willing to buy our product The percentage/n of people who say that their iPhones' battery problems are a common problem. Interview people who are Apple device users to see if this is an issue worth solving People that complain the most about batter issues with their technologies are Generation Z and Millennials
  • 10. ITERATION ANALYSIS EXEC EXPERIMENT ANALYSIS #1 help@teachinge.org Experiment Description & Goal Hypothesis Tested Experiment Results & Insights Next Hypothesis To Test Date Description We believed that... 1 We learned that... 3 To verify our beliefs, we... 2 Therefore, we will... 4 After our First Experiment (and before our Second Experiment) We assumed that iPhone users find it annoying when their devices rapidly run out of battery in public settings because many people do not carry around chargers, leaving them with no other option if their devices die. We anticipated that iPhone users seeking a solution to this issue would voice their complaints on Instagram publicly. This experiment revealed that many of our customers had a variety of issues with their Apple products; the most prevalent issues were bad battery longevity and the inconvenience of having to carry around items to plug in their chargers. We got a lot of positive feedback about our interviews, our hypothesis, and possible future solutions to these issues, so it may be worthwhile to put some effort into it and turn it into a product. We looked for early users of this issue on Instagram using hashtags like #phonebattery, #batterydead, #chargers, and more to confirm our assumptions and locate people we could speak with. Additionally, we would walk around the neighbourhood looking for individuals using iPhones and then approach them to inquire about their general usage of the device. We intend to perform follow-up interviews in areas farther from campus based on what we discovered from the experiment to find out if these issues persist there where less technology is being used. (ex: private neighbourhoods). We do not feel the need to change our hypothesis in light of the substantial amount of feedback we have gotten that supports it. Every single person who was questioned at some time brought up the phone battery as a problem with iPhones, meaning that all of our customers experience this issue. This implies that it is a challenge worth tackling. Mar 23
  • 11. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels Cost Structure Revenue Streams Designed by: strategyzer.com After our First Experiment (and before our Second Experiment) Apple device users In-person interviews (on the street, on campus, and at work) Instagram Messages When their devices run out of battery, what can they do because they don't have a charger? Mar 23 Universities and student community Top technology companies (Ex: Apple, Google, etc) Product manufacturers and suppliers Develop the product software Expand product awareness with word-of- mouth website/ online store, marketing team, location to create and stor e products •Shipping supplies and other related expenses •Cost of producing a model •Patents and partnership fees with major companies like Apple, Amazon, etc. Order websites, call centers, and email-based customer assistance. When the battery in the portable cable dies, the customer must make a one-time purchase of a new one every two to three years. A portable device that lets you switch the battery between two phones, doing away with the need to tote heavy portable chargers and avoiding uncomfortable situations when you're out in public with a dead phone.
  • 13. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels Cost Structure Revenue Streams Designed by: strategyzer.com After my first hypothesis of Revenue Model (and before Financial Projections) Apple device users In-person interviews (on the street, on campus, and at work) Instagram Messages When their devices run out of battery, what can they do because they don't have a charger? Date Order websites, call centers, and email-based customer assistance. A portable device that lets you switch the battery between two phones, doing away with the need to tote heavy portable chargers and avoiding uncomfortable situations when you're out in public with a dead phone. •Shipping supplies and other related expenses •Cost of producing a model •Patents and partnership fees with major companies like Apple, Amazon, etc. When the battery in the portable cable dies, the customer must make a one-time purchase of a new one every two to three years.
  • 14. ITERATION ANALYSIS EXEC FINANCIAL PROJECTIONS - Page 2 help@teachinge.org Experiment Description & Goal Hypothesis Tested Experiment Results & Insights Next Hypothesis To Test Date Description We believed that... 1 We learned that... 3 To verify our beliefs, we... 2 Therefore, we will... 4 After the Financial Projection Simulation Users of iPhones find it annoying when their devices rapidly run out of battery in public. They get upset because there is no way to recharge a dead phone in public places because most people don't bring around chargers. We discovered from these interviews that customers are eager to pay for a fix to their issue. However, we found that many consumers preferred neutral colours (black, white, and silver) to more vibrant ones and did not want to spend more than $50 for the product (red, blue). Additionally, our clients preferred getting it online and having it delivered to their homes over placing an order over social media (such as Instagram) or making an in- person purchase. A total of over 10 original in-person interviews and Instagram hashtag searches were done to identify early adopters in our neighbourhood. When we determined that this was a problem that needed to be solved, we did additional in-person interviews to learn more about how our prospective customers believe the product should appear, operate, and cost in order to determine whether there is a willingness to buy a potential solution to their problem. Based on these findings, we'll try to develop a fake website where customers can make pre-orders so we can see if their words and deeds match up in terms of paying for the solution to their battery life issue. Additionally, we'll try to form some networking relationships with nearby universities like Laurier and Waterloo to see if we can run in-person campaigns and distribute flyers to raise awareness of our possible solution. If we are successful, we will present our findings to Apple to help us negotiate a contract and develop our product.
  • 15. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels Cost Structure Revenue Streams Designed by: strategyzer.com After the Financial Projection Simulation Apple device users (current target) Dual-portable chargers for Apple and Android (future product) In-person interviews (on the street, on campus, and at work) Instagram Messages When their devices run out of battery, what can they do because they don't have a charger? Universities and student community Top technology companies (Ex: Apple, Google, etc) Product manufacturers and suppliers Develop the product software Expand product awareness with word-of- mouth website/ online store, marketing team, location to create and store products •Shipping supplies and other related expenses •Cost of producing a model •Patents and partnership fees with major companies like Apple, Amazon, etc. Order websites, call centers, and email- based customer assistance. When the battery in the portable cable dies, the customer must make a one-time purchase of a new one every two to three years. A portable device that lets you switch the battery between two phones, doing away with the need to tote heavy portable chargers and avoiding uncomfortable situations when you're out in public with a dead phone.
  • 16. Our assumption will be wrong if we don’t achieve at least... Failure Threshold Our assumption will be right if we achieve at least... Success Threshold But, we are assuming... Riskiest Assumption And, we will measure... Metric Description To verify our idea, we will... Experiment Description & Goal EXPERIMENT DESIGN EXEC EXPERIMENT DESIGN - Page 1 help@teachinge.org We believe that... Hypothesis To Test 6 5 Proceed Optimize Pivot 4 3 2 1 End Date Start Date Experiment Name First Experiment Design (before MVP) Mar 24th April 1st 50 pre-orders Test product in the market Optimize product awareness by creating a website and flyers Go back to customer interviews and figure out what aspect of the problem is most important. 200 pre-orders Instead of looking up answers online, people will discuss their complaints with friends, families, and other people. The quantity of customers who pre-order our goods as a result of product reviews or recommendations. Instead of conducting customer interviews, interview potential consumers about our product to determine how many would buy it right away. This approach will also direct us to prospective early adopters. People are more likely to speak to others about their phones dying after hearing about it from others.
  • 17. SKILLS How can you see yourself using this entrepreneurial skill in the pursuit of your career or purpose? Be specific What entrepreneurial skill is this exercise designed to teach? If an entrepreneur were to skip developing this skill, what risk would their ventures face? EXEC 1 2 EXPERIMENT DESIGN - Page 2 help@teachinge.org One lesson we'd like to learn from this exercise is that you might not always find the answers you're looking for. This lesson could be applied in everyday living moving forward. Numerous interviewees' problems and solutions with regard to phones and school life varied throughout the many interviews that were conducted, demonstrating how everyone has unique experiences and approaches problems in ways that may not always be similar to our own. Although this makes it more difficult to find a remedy, it was encouraging to see that there were many honest responses, suggesting that there may be more problems than one might anticipate. Whether or not we end up starting our own business, we believe the idea that people might not share our opinions or respond in the way we anticipate can be very helpful for our job aspirations. For instance, if you work in the field of injury rehabilitation, two clients with the same injury may experience varying levels of pain, recovery times, and outcomes. I plan on pursuing my career as a Software Engineer, my work experience may not be the same as the person working the same job as me due to various factors such as difference in salary, difference in companies, and difference in the team we’re in. It's essential to understand that everyone has different problems, so even though I might have a problem or a solution, it might not apply to other people. Because of this, we believe it is more crucial to listen to the customer's problem before taking any necessary action than to presume that since we have a problem, others must also have one.
  • 18. EXPERIMENT DESIGN CHECK-IN Based on your understanding of the importance of the experimentation process, why does a successful entrepreneur take those steps outlined above? (Base your answer on theory) What entrepreneurial steps have you taken since the last submission? ENTREPRENEURIAL STEPS EXEC help@teachinge.org Since the last submission, we have implemented the entrepreneurial skills we learned in this course in the right ways to maintain a high level of market recognition for our product. We have been in continuous contact with friends and coworkers to discuss methods to further enhance both our product and website. With this knowledge, particular solutions that better handle the issues at hand can be developed. We'll get a decent idea of how interested our customers are in our solution based on the number of website pre-orders we secure. A successful entrepreneur takes the steps outlined above because it shows how much effort and continuous research is needed to ensure that your product can be successful within the modern market. To create an effective product, an entrepreneur needs to understand the customer on a deep level, which is more than what interviews can provide. Understanding a customer’s actions helps the entrepreneur see what works for them and what does not. This can be helpful when it comes to narrowing down the best product to choose for the customer segment group. The Resource-Based View (RBV) of the firm suggests that a firm's success is influenced by the resources it possesses and how it manages those resources. Therefore, research can be seen as a way for entrepreneurs to acquire and manage valuable resources.
  • 20. BUSINESS PLANS vs BUSINESS EXPERIMENTS EXEC BUSINESS PLANS vs BUSINESS EXPERIMENTS - Page 1 Reply to your eager friend’s email help@teachinge.org Hello friend, There is no one right or absolute method to start a business; you must be prepared to take risks and accept failure. But don't be afraid of it; failure is the greatest teacher and will help you on the path to success. In light of this, I do advise that you take a few steps to make sure that you have a basic understanding of how to structure the process of developing a product and releasing it to the public. 1. Find an issue that needs to be fixed. Make sure it's a problem you're fervently interested in fixing and one that other people you know can empathise with. 2. Discover early adopters, a collection of people who are as enthusiastic about a solution as you are, and learn more about the feelings they have about their issues. 3. Create a business model canvas, which will enable you to briefly describe your product, the problems it addresses, the costs involved, and much more (let me know if you need more details on this!). 4. Conduct additional study to learn more specific details about your product's pricing, color, and other aspects after identifying this target market. 5. Make an effort to get in touch with important partners and resources that can lower production expenses. These are some recommendations I have for you. If you have any other inquiries, kindly let me know! I hope this new adventure goes well for you! Regards, Sruthi Jammalamadaka
  • 22. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels Cost Structure Revenue Streams Designed by: strategyzer.com After the Financial Projection Simulation Apple device users (current target) Dual-portable chargers for Apple and Android (future product) In-person interviews (on the street, on campus, and at work) Instagram Messages When their devices run out of battery, what can they do because they don't have a charger? Universities and student community Top technology companies (Ex: Apple, Google, etc) Product manufacturers and suppliers Develop the product software Expand product awareness with word-of- mouth website/ online store, marketing team, location to create and store products Order websites, call centers, and email- based customer assistance. A portable device that lets you switch the battery between two phones, doing away with the need to tote heavy portable chargers and avoiding uncomfortable situations when you're out in public with a dead phone. •Shipping supplies and other related expenses •Cost of producing a model •Patents and partnership fees with major companies like Apple, Amazon, etc. When the battery in the portable cable dies, the customer must make a one-time purchase of a new one every two to three years.
  • 23. ITERATION ANALYSIS EXEC CUSTOMER INTERVIEWS CHECK-IN help@teachinge.org Experiment Description & Goal Hypothesis Tested Experiment Results & Insights Next Hypothesis To Test Date Description We believed that... 1 We learned that... 3 To verify our beliefs, we... 2 Therefore, we will... 4 Before my 2nd round of 5 interviews (and after my first 5) We assumed that iPhone users find it annoying when their devices rapidly run out of battery in public settings because many people do not carry around chargers, leaving them with no other option if their devices die. We anticipated that iPhone users seeking a solution to this issue would voice their complaints on Instagram publicly. This experiment revealed that many of our customers had a variety of issues with their Apple products; the most prevalent issues were bad battery longevity and the inconvenience of having to carry around items to plug in their chargers. We got a lot of positive feedback about our interviews, our hypothesis, and possible future solutions to these issues, so it may be worthwhile to put some effort into it and turn it into a product. We looked for early users of this issue on Instagram using hashtags like #phonebattery, #batterydead, #chargers, and more to confirm our assumptions and locate people we could speak with. Additionally, we would walk around the neighbourhood looking for individuals using iPhones and then approach them to inquire about their general usage of the device. We intend to perform follow-up interviews in areas farther from campus based on what we discovered from the experiment to find out if these issues persist there where less technology is being used. (ex: private neighbourhoods). We do not feel the need to change our hypothesis in light of the substantial amount of feedback we have gotten that supports it. Every single person who was questioned at some time brought up the phone battery as a problem with iPhones, meaning that all of our customers experience this issue. This implies that it is a challenge worth tackling. Mar 3rd
  • 24. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels Cost Structure Revenue Streams Designed by: strategyzer.com Before my 2nd round of 5 interviews (and after my first 5) Apple device users (current target) Dual-portable chargers for Apple and Android (Future product) When their devices run out of battery, what can they do because they don't have a charger? A portable device that lets you switch the battery between two phones, doing away with the need to tote heavy portable chargers and avoiding uncomfortable situations when you're out in public with a dead phone. In-person interviews (on the street, on campus, and at work) Instagram Messages
  • 25. CUSTOMER INTERVIEWS CHECK-IN Based on your understanding of the importance of interviewing customers, why does a successful entrepreneur take those steps outlined above? (Base your answer on theory) What entrepreneurial steps have you taken since the last submission? ENTREPRENEURIAL STEPS EXEC help@teachinge.org Since the last submission, we learned to identify what the key problems are that need to be identified. This is an important entrepreneurial step because being able to receive a bunch of information and only select the most important things from those that are not as important is crucial to maximize productivity, time-efficiency, and accuracy with product development plans. This is applicable to the interview assignment because we had to conduct a large quantity of interviews, and pull out the key parts of each one and combine similarities in emotions and topics of interest. Being able to choose the most important interview problem is what will make product truly beneficial for customers, which is why it is so important! A successful entrepreneur is able to identify the most important problems/ common themes from a set of data because they need to be able to take this data in order to understand what it the problem is that needs solving. The inability to identify the most important problem leads to unsuccessful ventures and wasted time and resources. Our group only performed a few customer interviews, but people who have actual entrepreneurial aspirations will likely conduct many more interviews. This means that they are going to have to sort through lots of interview data, which can become confusing when trying to find similarities. When problems and emotions are frequently stated, and they have no current solution to them, it presents a perfect opportunity for the entrepreneur to be successful.
  • 27. {{exec-object--table-area}} interviewee-01- problem-01 5-INTERVIEW CHECKPOINT EXEC help@teachinge.org 5-INTERVIEW CHECKPOINT - Page 1 I interviewed 5 through Channel Early Adopter Description Interviewee Name Problem 1 Action Problem 2 Action Problem 3 Action Description After my first round of 5 customer interviews iPhone users in their early 20s who go to uni. In-person interviews Short battery life was inconvenient borrows chargers when in public Connor Abbi Josh Ethan Kayla staying in contact with people when abroad keep phone on her and schedule calls Making and preparing healthy meals for cheap 'Hello Fresh' subscription time management with electronic devices reducing screen time phone was a distraction while studying, decreasing productivity. put phone out of sight uncomfortable to carry around charger put charger in backpack phone dying throughout the day when travelling carry charger in fanny pack balancing finances as a student creating budget charts on excel deterioration of Apple products, and poor battery life purchased external battery pack constantly having to upgrade phone switch to android or get better phone plan iPhones are fragile and require expensive repairs buy bulky phone cases (against will) communication barrier when travelling abroad translate sentences as best as possible w/o devices phone dying in the middle of the day while outside buying a phone case with a built- in battery Internet connectivity and reliability of technology purchasing brand new electronic devices phone not being charged enough, and dies while she's out carry a portable charger with her
  • 28. INTERVIEWING ACTION PLAN EXEC INTERVIEWING ACTION PLAN help@teachinge.org Date Date Date Fill in the dates by which you will request, schedule, and conduct your Primary interviews Primary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted In-person interviews and conversations March 4 March 6 March 7 Interviewing Action Plan Description Date 1 Date Date Date Fill in the dates by which you will request, schedule, and conduct your Secondary interviews Secondary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted Instagram DM's March 4 March 6 March 8 2 Before my 2nd round of 5 interviews (and after my first 5) Mar 3rd
  • 29. 5 CUSTOMER INTERVIEW SUMMARIES ( 1st ROUND ) EXEC help@teachinge.org
  • 30. CUSTOMER INTERVIEW SUMMARY EXEC help@teachinge.org What Problems did you Discover? What Emotions did the Interviewee Describe? Short battery life was inconvenient, especially when out in public. Very annoying/uncomfortable to carry around a phone charger with him everywhere he went. iPhones are fragile and expensive to repair after they break. stressful, embarrassing, and frustrating frustrating, agitating, annoying, uncomfortable Frustration and anger because of expenses. If they are taking an action to solve the Problem, what action(s) (Solution) are they taking? Asking restaurants/ people walking by to borrow a charger, wing it Carrying around a backpack to put his charger and other stuff in. Purchasing larger, bulkier phone cases to keep his phone safe. https://otter.ai/u/8aspNPccuUaDj_0qYYv9-BaPpOM?utm_source=copy_url Link to Recording & Transcript Connor Interviewee Name iPhone users Customer Segment March 1st, 2023 Mar 1Interview Date
  • 31. CUSTOMER INTERVIEW SUMMARY EXEC help@teachinge.org What Problems did you Discover? What Emotions did the Interviewee Describe? Difficult to stay in contact and communicate with family and friends when abroad. Her phone dying throughout the day when she is out and about/ travelling abroad. Communication barrier when travelling abroad. anxiety, worry, and isolated anxiety, stress, and worriedness awkwardness, anxiety, stress If they are taking an action to solve the Problem, what action(s) (Solution) are they taking? Kept her phone on her at all times and scheduled times to call people. Carried a portable charger in her fanny pack. Try and translate her sentences as best as possible in conversations. https://otter.ai/u/YzIyZ3q-zhbVSzPBJkGp_fAjajY?utm_source=copy_url Link to Recording & Transcript Abbi Interviewee Name iPhone users Customer Segment March 3rd, 2023. Interview Date
  • 32. CUSTOMER INTERVIEW SUMMARY EXEC help@teachinge.org What Problems did you Discover? What Emotions did the Interviewee Describe? Making healthy meals and having meals prepped rather than eating out every meal which is expensive. Balancing finances as a student. Fear of not having enough money to do things that Josh enjoys. Having his phone die in the middle of the day when on campus or abroad. Frustrated, angry, annoyed, and guilt anger, frustration, stress Self-frustration and annoyed for not being ready. If they are taking an action to solve the Problem, what action(s) (Solution) are they taking? Hello Fresh, a service where you pay for ingredients and recipes. Creating budget charts in excel to track spending habits. Purchased a phone case with a built-in battery supply. https://otter.ai/u/r_d56f71F8HIZhChVQQXy2UgXL0?tab=summary Link to Recording & Transcript Josh Interviewee Name iPhone users Customer Segment March 3rd, 2023 Interview Date
  • 33. CUSTOMER INTERVIEW SUMMARY EXEC help@teachinge.org What Problems did you Discover? What Emotions did the Interviewee Describe? The concept of time management was one of the primary issues when using his devices (phone + laptop) The deterioration of Apple products (iPhone) and the poor battery quality. Internet connectivity and the reliability of technology have had detrimental effects on grades. The frustration associated with performing poorly. Disappointment due to the expectations built up. Anger due to the impact the product has on work. If they are taking an action to solve the Problem, what action(s) (Solution) are they taking? Reduce screen time on his phone to improve productivity and quality. Purchasing an external battery pack to carry and charge devices on. Recently purchased a new laptop at his own expense to prevent issues. https://otter.ai/u/w4fcKZUBgaKcMYDYM-QsbwNf3Wo?tab=summary Link to Recording & Transcript Ethan Interviewee Name iPhone users Customer Segment March 3rd, 2023 Interview Date
  • 34. CUSTOMER INTERVIEW SUMMARY EXEC help@teachinge.org What Problems did you Discover? What Emotions did the Interviewee Describe? Her phone was a big distraction to her while studying, decreasing her productivity. constantly needing to upgrade her phone because storage gets full and the battery dies quicker Her phone is not being charged enough before she leaves the house, so it dies while she is out. frustrated & stressed because of low self-control irritated, frustrated, and annoyed annoyed and frustrated at lack of places to charge If they are taking an action to solve the Problem, what action(s) (Solution) are they taking? put away her phone in a different room, backpack, or underneath books contemplating changing over to android, or getting better phone plans carry a portable charger around with her, despite its weight issues https://docs.google.com/document/d/1dB-GHfH4Z6IIWDUxDY8xoddVSLm6vxzRhACyaUIj- 3I/edit?usp=sharing Link to Recording & Transcript Kayla Interviewee Name iPhone users Customer Segment March 3rd, 2023 Interview Date
  • 35. SKILLS How can you see yourself using this entrepreneurial skill in the pursuit of your career or purpose? Be specific What entrepreneurial skill is this exercise designed to teach? If an entrepreneur were to skip developing this skill, what risk would their ventures face? EXEC 1 2 CUSTOMER INTERVIEW SUMMARY - Page 6 help@teachinge.org After completing this exercise, one principle we’d like to take away that we could apply in life going forward is that you may not always get the answers you are looking for. Throughout the many interviews conducted, lots of different interviewees had different problems and solutions regarding both phones and school life, which showed that everyone’s experiences are different, and people go about solving them the best way they see fit, which may not be the same method that we would have chosen. Though this does make it harder to come up with a solution, it was good to know that the answers were both many and honest as well, showing that there may be more problems that need solving than one would think.. Despite whether or not we become entrepreneurs, we think the principle of understanding that people may not think the same as us or give us the answers we expect can be very beneficial towards our career pursuits. For example, if you work in the field of injury rehab, although two clients may have injuries in the same area, the pain, recovery process, and aftermath will yield different results between the two of them. It’s important to know that each person’s problems are unique to themselves, and although I may have a problem or an idea on how to solve a problem, it may not be the same for others. Because of this, we feel that it is more important to listen and then act on the customer’s problem rather than to assume that if we have a problem, others have the same problem too.
  • 37. CLASSMATE INTERVIEW TRANSCRIPT EXEC help@teachinge.org What Problems did you Discover? What Emotions did your Classmate Describe? For my classmate interview, I decided to pose the question to him on what he thought was the hardest part about being a student at Wilfrid Laurier University. Some problems that I discovered when interviewing Anthony were that he found it very difficult to find a quiet study spot on campus, he found it very difficult to navigate D2L/ MyLearningSpace when trying to submit assignments, and his time management skills concerning school were overall not very good. Throughout the interview, Anthony frequently mentioned how these problems made him feel frustrated and angry, mostly due to the inconvenience these problems would cause him. In one specific instance regarding D2L, he mentioned how a website error in the dropbox made him feel furious to the point where he started screaming and throwing things. If your Classmate is taking an action to solve the Problem, what action(s) (Solution) are they taking? For the first problem regarding his difficulties in finding study spots on campus, his solution was to text a friend to see if they were at a study building and could save a table. If they weren’t there, he'd book time slots in the library to study. If that didn’t work either, he would go home and study at his desk. For the problem regarding his D2L submissions, he emailed his prof and provided proof that his submission was on time. For time management skills, he asked Laurier Guidance for tips. https://otter.ai/u/BwgXwziWj4-Fh-im4GbPZ_xGBT0?utm_source=copy_url Link to Recording & Transcript Anthony Classmate Interviewee Name Simao Araujo Interviewer Name March 1st, 2023 Interview Date CLASSMATE INTERVIEW TRANSCRIPT - Page 1
  • 38. What do you need to improve for your next interview? What do you need to improve for your next interview? (Interviewer) Your Feedback (Interviewee) Classmate’s Feedback IMPROVE YOUR INTERVIEWING SKILLS EXEC help@teachinge.org CLASSMATE INTERVIEW TRANSCRIPT - Page 2 After reading through and listening to the interview, I think that for future interviews, I should try to elaborate further with the customer being interviewed. By this, I mean that I sounded very script-oriented, so many of the questions began to feel repetitive and monotone. For future interviews, I should try and ask some more follow-up questions and relate more to the customer’s struggles in order to make it sound more like a conversation rather than an interview. Anthony was kind enough to provide a lot of feedback regarding my interview. He mentioned how he thought that my voice projection and tone were very good and made him feel comfortable and safe. For future improvement, he suggested that I try and keep more eye contact during the interview rather than spending my time looking and typing on my computer in order to provide a better overall experience for the customer.
  • 39. CLASSMATE INTERVIEW TRANSCRIPT EXEC help@teachinge.org What Problems did you Discover? What Emotions did your Classmate Describe? Arfan primarily struggles with managing his time to do activities that he enjoys, especially while using his technology. The workload at the university level has forced him to stay connected online through his computer or phone which has put severe strain on the battery. The largest problem he identified regarding his phone usage was battery degradation and its short lifespan. Lastly, staying focused when working in crowded spaces around campus was also an issue The tone and frustrations noted with having to manage his technology usage were present throughout the interview. Arfan described a scenario where his phone ran out of battery on him when his mother needed to immediately contact him. The frustration displayed through the transcript and his words are clearly present as this appears to be a consistent issue Arfan has faced previously. If your Classmate is taking an action to solve the Problem, what action(s) (Solution) are they taking? Limited solutions to prevent phones and other technologies from dying. The solution for charging his phone on the go is to carry a charge cord with an iPhone block in his backpack in case of an outage. His last solution was to just buy a new iPhone. https://otter.ai/u/VHL9NOEUngdn6EDPwQZUfXYDf7o?f=%2Fmy- notes&tab=summary Link to Recording & Transcript Arfan Classmate Interviewee Name Cody Interviewer Name March 2nd, 2023 Interview Date CLASSMATE INTERVIEW TRANSCRIPT - Page 1
  • 40. What do you need to improve for your next interview? What do you need to improve for your next interview? (Interviewer) Your Feedback (Interviewee) Classmate’s Feedback IMPROVE YOUR INTERVIEWING SKILLS EXEC help@teachinge.org CLASSMATE INTERVIEW TRANSCRIPT - Page 2 This was the first interview I conducted without my laptop, so the line of questioning was less direct and purposeful to the needs of our business. Furthermore, I did address less relevant questions and topics in the interview. Although, I believe that interacting with the individual in a more personal aspect will facilitate the best line of responses. The way I directed the conversation was a strength of the interview considering that I would follow up on various points he mentioned. Lastly, asking for personal testimonies or stories to drive his point home was a strength since this provides context for the real-life problems individuals face. Following the transcribed interview Arfan reflected on the process by touching on some of the questions that I led with. This was a clear weakness in the interview since I had led him in the initial phases to discuss issues with tech as opposed to letting him come to that conclusion. Furthermore, Arfan noted that I interrupted him on several occasions but was very clear in the line of questioning I provided and the conversation I produced throughout. Lastly, Arfan noted that I could have been dressed more professionally considering that this was an inquiry and conversation of serious nature that would benefit a potential business.
  • 42. Problem: Solution: help@teachinge.org EXEC BUSINESS MODEL CANVAS Key Partners Key Activities Value Proposition Customer Relationship Customer Segments Key Resources Channels None at the time! Cost Structure Revenue Streams Designed by: strategyzer.com Before finding my Ideal Early Adopters (after Idea Generation) Apple device users? In-person interviews (on the street, on campus, at work)? or Instagram (DM'ing close friends)? When their devices lose battery and they don't have a charger, so there's no way to regain battery?
  • 43. Based on your understanding of the importance of identifying early adopters, why does a successful entrepreneur take those steps outlined above? (Base your answer on theory) What entrepreneurial steps have you taken since the last submission? ENTREPRENEURIAL STEPS EXEC EARLY ADOPTERS CHECK-IN help@teachinge.org Since the last submission, I have learned how to identify who my early adopters are for my solution. Early adopters are the people who will very likely be the first to invest in your solution and buy your product, since it also solves a problem that they have too. This is why it is so important that entrepreneurs identify these people. Since the last submission, I identified early adopters for both my ideal solution and my back up solution. Based on my understanding of the importance of identifying early adopters, a successful entrepreneur needs to identify early adopters because this group is the group that will be the first to invest in and buy the product, so you need to make sure it targets their same problems and solutions. Most people wait for others to try a product first and confirm it works before actually investing in it, but early adopters are the first to order and use it without thinking twice! It is this group of people that you should be aiming to please first, because they are the ones that will advertise your product and help it grow exponentially in awareness and profit.
  • 45. Star t IDEAL EARLY ADOPTERS EXEC EARLY ADOPTERS - Page 1 help@teachinge.org Early Adopters Early Majority Late Majority Laggards Emotional Intensity Feel the Emotion Aware of it Trying to resolve it My ideal customers are who feel Emotion Role when because Trigger Root Cause High Low Apple device users frustrated their devices lose battery and they don't have a charger there's no other way that they can get battery back into their devices Yes Yes Yes Yes Yes No Yes No No No No No Succes s
  • 46. Using only observations, what behaviors will you look for in these locations that tell you someone is trying to resolve their needs? frustration when closing their devices anxiousness trying to plug in their devices directing anger towards their phones and computers What locations will you find Early Adopters taking these actions in the real or digital world? on campus at other people's houses out in public places online social media platforms What specific actions might your Early Adopters be taking to resolve their emotional needs? Bringing a charger with them wherever they go. Ensure their devices are charged before leaving the house. plug their phone charger into their computer to charge it, sacrificing a device. IDEAL EARLY ADOPTERS EXEC EARLY ADOPTERS - Page 2 help@teachinge.org
  • 47. BACKUP EARLY ADOPTERS EXEC EARLY ADOPTERS - Page 3 help@teachinge.org My backup customers are who feel annoyed Emotion Role when because Trigger Root Cause Using only observations, what behaviors will you look for in these locations that tell you someone is trying to resolve their needs? Frustration when wiping hands while playing video games Annoyance at wiping sweat off of the controller Anger when losing in the game because of your sweaty hands that distracted you. What locations will you find Early Adopters taking these actions in the real or digital world? Be specific. Local tech giants like Best Buy and The Source Borrowing controllers from friends either in their own homes or at your home Gaming stores like GameStop What specific actions might your Early Adopters be taking to resolve their emotional needs? wipe their hands on their shirts/ pants Keep a small cloth by their side to wipe hands Wear appropriate clothing when playing to avoid sting video gamers they play video games using their controller it makes your hands sweaty and causes you to have to constantly wipe your hands
  • 49. INTERVIEWING ACTION PLAN EXEC INTERVIEWING ACTION PLAN - Page 1 help@teachinge.org Date Date Date Fill in the dates by which you will request, schedule, and conduct your Primary interviews Primary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted In-person interviews (on the street, on campus, at work) February 4 February 6 February 8 Jan 31 Interviewing Action Plan Description Date 1 Date Date Date Fill in the dates by which you will request, schedule, and conduct your Secondary interviews Secondary Interview Channel(s) 30 Requests 10 Scheduled 5 Conducted Instagram (DM'ing close friends and people that I know and they know too) February 6 February 8 February 10 2 Before my first round of 5 interviews