What a privilege that was to be given a talk by an existing entrepreneur. He brought us deeper into the insight of business and his experiences. His talk was engaging to me as he elaborated on the importance of understanding the mind of the customers which needed to be enlightened before the talk. He also stressed the significance of customers upon seeing value in your business. He covered a range of useful points that could help our thinking process in creating a successful business plan, such as the Blue Ocean strategy, business value proposition, strategies, profit, breaking even, revenue stream, marketing within social media, and gamification.
The highlight of the talk is definitely discovering the blue ocean strategy. This is one of the keys success to starting a potentially successful business and maintaining it well in the long run. The blue ocean strategy emphasized on battling the business competitors by simply being different. From personal experiences, I've learned it the hard way the importance of standing out from the rest in order to escape from mediocrity. It is crucial to make the competitors irrelevant in order for your business to grow and be relevant to the rise and fall market. Apart from that, customers must be able to see the value behind my business. I must be able to understand their wants and needs, as well as to connect with them emotionally in order for them to see the value in my business. This is important because the more your customers could relate to your business on an emotional level the higher qualified your business will most likely to succeed. This could also help to avoid wasting time competing with irrelevant customers by focusing on what's really important, which is the customer's needs.
Besides that, setting aside the capital by making a projection to break even is important. Meaning it is crucial for the start-up cost to be even with the amount you break in. You wouldn't want to rise only to fall back to square one. There are a few questions to consider such as what's my investment in terms of my time resources and whether to outsource or not to outsource. For my case, my business model would be business to consumer as I am doing a tutoring service. Outsourcing could come in handy to help reduce the risks in the finance department. The speaker also emphasized the importance of revenue stream and business stability. If the business stability is not present neither will the positive cash flow. I also believe in the importance of managing the cash flow well to withstand and handle negative scenarios.
One thing for sure I believe that advertising is one of the best ways to promote your business. However, the speaker does not believe in wasting too much money on advertising. I'll have to agree to disagree. For me, if you manage your budget on advertising well and know which platform is the most effective. Your money will definitely not be put to waste. This brings me to the marketing side wit...
