Have you ever thought of starting your own business? Entrepreneurship is popular these days and with all the facilities available through the Internet, starting a business has never been easier. I am doing a module on Technology Entrepreneurship at Aberystwyth University (Mauritius) and post about it weekly. Here is what I learned during the tenth week:
1. Lectures Summary
This week was our last week with Jackie. We looked at a quiz with questions about our requirements and the things we learned from previous lectures such as:
- The hand-in dates for the group and individual reports.
- Group report: 15/12/17
- Individual report: 10/1/18
- The sections of the reports.
- Group report: Business Plan, Technology Plan, Marketing Plan
- To be included: basic financial details and not a detailed financial planning
- No need to follow template
- The date and format of the final presentation
- 4 P’s of Marketing Mix
- Product, Price, Place, Promotion
- Categories of needs that my influence marketing
- Basic, Social, Spiritual etc..
- The need for market research
- To clarify assumptions
- To understand the market: analyse data to find patterns
- What the individual report should include
- Analytical personal and team performance
- Problems with the team
- Individual development diary (blog)
2. Project achievements
This week there was no formal group meeting. We “stand-up meetings” but not everybody was present.
On Monday, I wanted to catch up with the group since I was not there for the last meeting. They told me that there was a lot of changes but when I asked for details they did not say anything.
Arjun was working on the marketing plan and showed us his document. We glanced at it and it looked nice. I also saw that Kavi was working with Fisayo on a new rich picture diagram. It seemed I was no more part of the technical team.
I asked whether I could work with Arjun on the marketing plan and told him to send me the document. The next day, Fisayo told me to work with Arjun also on survey questions. I took it as a sign that I was now part of the marketing team. So, I started to do some research and sent links in the group chat.
On Thursday, I received the market plan document. I examined it in depth an thought that there was too much information. It included sections on why we need to do market research and how it can be done.
I suggested that the market plan should be more concise and only contain information on the research we are carrying out. Arjun replied saying that the others agreed on the content and that we to show that we know what we are doing.
So, to convince him, I used the example group reports, showing that there was no “introduction to market research” required. He agreed but he said that we did not do a lot of research that he could include.
Later, I asked when was the next group meeting, nobody knew or replied.
On Friday, Fisayo told me to work on the technical plan again with Kavi. I told Kavi to send me the technical plan so far and he sent me when he got online, quite late at night.
On the next day I looked at the rich picture. There were new features such as liking products to receive notifications on similar products. The registration will now be done through institutions.
I messaged Fisayo for more information, he sent me a very brief text on what the website will be providing. I did not really understand and asked me to give details on the individual features.
I also asked how we will implement the like feature especially the suggestion part since he wanted to build the full program for the demo. His reply suggested that we were no more going for the full program, we will be presenting only a prototype for the demo. I had no objection to that but I wanted to know the features that will be presented in the demo.
In the group chat I posted that I looked both at the technical and market plan and was quite lost. I asked for the exact features of STUBUD but got no reply.
I tried to help Arjun by sending the following templates for the Market Plan:
I also sent it in a .txt file in case my handwriting is hard to understand. Arjun who was focusing on the survey, was also looking for a concise description of the service. I replied “STUBUD gives students discounts at their favourite (online/offline) stores” but was not 100% sure of my answer.
Total Time Spent
Aggregation of the time spent on the different sections to calculate the total time.
- Lectures: 2 hours
- Group Activity: 12 hours
- Panopto videos: 1 hour
- Week Submission: 2 hours
Total: 17 hours
Questions & Thoughts
This week, I’m starting to worry about the group project. I still have no clear idea of the changes and communication between members is slow. I hope that it gets better before next week as the deadline is very close.