Month: October 2019

MVP is minimal viable product. It is the product with the least features to be put out into the market. Its similar to a test because it sees what the market will think of your idea. It is done without putting in all the work for the final product.  This is to make sure that you dont waste valuable time and resources on the final product that may or may not work. The minimal viable product is a great way to infer how an idea might do in the market. Overall MVP is a strategy that works to help an entrepreneur when making a product.

Lately we have been getting close with other groups. We have been needing to get more blogs done but haven’t been making them. However we have bad some more pressing activities like the MVP activity but these aren’t enough. We need to have blogs done everyday hopefully. That should be able to help us secure a place above other groups. This means we need to do the activities fast and make sure they are right. To do this is our entire group needs to cooperate and get the projects done. Then after we can all make a blog or two. Overall i think our group needs to rethink how we operate so that we can do our best.

Lately there have been a multitude of group projects that we have been completing so I think it would be important to talk about group projects. In group projects we are pretty ok at sharing  the work and dividing it up between each group member. Sometimes we end up getting distracted however we can still get our assignments done. With group projects come conflicting ideas however we are able to handle these problems civilly. We also try to get our projects done as soon as possible so that we can do blogs and make moe money. Overall group projects have been an important component of our work.

This proposal assignment has been putting our team to work. We have all collaborated on this assignment and his been good towards our team  working skills. It has really made us think more deeply on our idea. The planning document has also helped us ask some important questions about our business. Like thinking about who our customers would be and how we would orchestrate different parts of the business. However I also thought more about the risks. This idea could be terrible and people might not want to buy the product. Overall this activity has made our group think more in depth about our business.

One customer group would be regular ordinary people. These people could be a group by buying products from business. They buy what a company is selling whether it is clothes ,toys furniture ,etc. In our case it would be buying a product made from recycled plastic. These people might be interested in buying something that is helping our environment. These people who are interested in buying things that help the environment would be a important customer group. These people would be the group to advertise and sell to as they would be the most interested in a potential product. Identifying who is in the group and what to do after that are important as this would be the main customer group.

Investors are important to any business trying to start up. They help businesses get the resources they need to get a great business going. Investors also get something themselves though in exchange for  equity in the company. Without investors it would be difficult to start a business. Shows like the Shark Tank are about investors those people are presented businesses and they can choose to invest in them. Investors usually have faith in the business that they are investing in so that can also be a good sign for the business owner. Overall investors are an important part of starting a business.

The importance of advertising is incomprehensible without it a business couldn’t take off. Advertising brings in new customers and there are many ways to do it. A video ad could be made along with a commercial on TV. There also billboards and poster that could be set up around the area. All these are methods of advertising and all bring in new customers. Another way of advertising that isn’t really made b the company would be word of mouth. If you sell good products or have a good service people will tell others they know this helps grow your business. Overall advertising is important to getting a business out there.

Having flexibility is important in a business. Without this we couldn’t adapt to new situations. Like is someone is gone, we would need to adapt to a new plan for the day. We would also have to change how we work and how much we get done. The group might need to pull the weight of the absent member. Also if somebody is gone that doesn’t mean that we should just give up and stop working. Another thing we might have to adapt to is our placement. If we are lower we need to get good work done and if we are higher we need to stay ahead. Overall flexibility is important to any and all workplaces.

Competition is a huge part of this workplace. There are many groups that rival us or are ahead of us, so we need to make sure we come out on top. However we also need competitors otherwise we would have nothing to strive for, nothing to beat. Even if we get ahead of them we still need to keep that lead. My plan to see how each of our competitors are doing and base the work needed done by that. To do that we need to make sure we are always ready to work. Overall competition is a good and bad thing for our business.

With an upcoming presentation of the fishbone process i feel it would be important to write about presentations. If done right they can sway the opinion of many people. This presentation should also hopefully help us prepare for presenting a pitch. Without a good presentation a great idea could never work. Also our presentation about the fishbone process is also a great time to see other people present and learn from their victories or mistakes. Presentations are also important in presenting who you are as a company. Depending on how you present someone could have a negative or positive opinion on your company. Overall presentations are important to being successful.