BUSINESS IDEA and PROBLEM STATEMENT

NAME : Y-Q SCAN.

Means that "Why do we have to queue?" We just have to scan and we can purchase our
preferred clothes anytime, anywhere!

PROBLEM STATEMENT (CORRECTION FROM PREVIOUS POST) =


CONSUMERS ARE NOT WILLING TO WAIT IN A LONG QUEUE.

What have I learnt?

by : NURUL SYIFA BINTI ABDUL RAZAK                  EEE110106

FIRSTLY, 

Okay, so what have I learnt in these past 5 weeks?
Before we start off any business, we must ask ourselves what is the problem facing in the industries.

A "PROBLEM"

- WHY THE PROBLEM

-PROBLEM HISTORY

-WHAT IS THE PROBLEM IN THE INDUSTRY

-WHO HAS THIS PROBLEM 

-WHY DOES THIS PROBLEM EXISTS

and try to find ourselves A POSSIBLE SOLUTION  to solve the problems using technologies
innovation.

Like what Bernard had mentioned in the lecture, "LENSE as EXAMPLE".

Earlier, in the past decades, humans are using these kind of lenses.

The first eyeglasses were made in Italy at about 1286, according to a sermon delivered on February 23, 1306 by the Dominican friar Giordano da Pisa (ca. 1255–1311): "It is not yet twenty years since there was found the art of making eyeglasses, which make for good vision... And it is so short a time that this new art, never before extant, was discovered... I saw the one who first discovered and practiced it, and I talked to him.

Then, human started to create eyeglasses with frame because humans have problems when it comes to

hold the eyeglasses. This is where the problem come, and human started to create something to ease themselves and make it more convenient.

Then, as time passes by, there are various of glasses with frames to choose.

But then, there are some people told that wearing glasses with frame makes us look ugly.

Therefore, human created something new which are "Contact lenses".

A contact lens, or simply contact, is a lens placed on the eye. Contact lenses are considered medical devices and can be worn to correct vision, forcosmetic or therapeutic reasons.

Now, since the contact lenses users have some problems with their lenses because when they sleep,
their contact lenses will be dry, and it will irritates their eyes.
Therefore, now, Scientists are inventing new solutions that have "lense power in it" which if
we put 2/3 drops of that solution into our eyes, we'll have perfect vision for 2-3 hours, then the
power will fade and we'll add another drops and our vision will be perfect again.

SO, in my conclusion of writing this post about lenses is that, we as an entrepreneur must make sure
what are the problems facing by the humans or industries and we must find a possible solution to that problem.

SECONDLY,

We must work as a team. "OUR AWESOME MATES"

Simple idea and Awesome people. 

WORK IN PROGRESS.

What we thought

What we did

What we found

What we  are going to do next

THIRDLY,

OUR BUSINESS MODEL

We MUST have our business idea. 

Our Problem Statement.

and the most CRUCIAL PART : 9 BUILDING BLOCKS CANVAS.

which is divided into :

1. Customer Segments – This building block defines the different groups of people or organizations an enterprise aims to reach and serve. Who is our  customers? Age? Demography?

2. Value Propositions – This block describes the bundle of products and services that create value for a specific customer segment. Value propositions are delivered to customers through communication, distribution and sales channels. What are the benefits does our customers gain from our product?

3. Channels – This block describes how a company communicates with and reaches its customer segments to deliver value propositions. How can we reach our final product to our customers? Advertising? 

4. Customer Relationships – Customer relationships are established and maintained with each customer segment. This block describes the types of relationships a company establishes with specific customer segments.

5. Revenue Streams – Revenue streams result from value propositions successfully offered to customers. This block represents the cash a company generates from each customer segment – costs must be subtracted from revenues to create earnings. How much is the additional revenue could we make from our products?

6. Key Resources – Key resources are the assets required to make a business model work. It requires physical, intellectual, human and financial. Which the physical consist of physical assets.

7 Key Activities – These work by performing a number of key activities. This block describes the most important things a company must do to make its business model work.

8. Key Partnerships – Some activities are outsourced and some resources are acquired outside the enterprise. This block describes the network of suppliers and partners that make the business model work. For example, credit card companies? courier services? social networks?

9. Cost Structure – The business model elements result in the cost structure. Cost driven and Value driven, which if we are using the cost driven, we are minimizing at the lowest cost.

• EASY ILLUSTRATE HOW IT MAKES FINANCIAL SENSE
• SHOW ALL PROJECT MEMBERS IN THIS VISUAL WAY BOTH THE BIG PICTURE, (THEIR IMPORTANT OWN ROLES IN IT) AND THEIR INTER-DEPENDENCIES. 
• TRANSLATE BUSINESS PLANS TO BUSINESS PROCESS
• REALITY CHECK
• REMINDS THE TEAM TO THINK HOLISTICALLY BOUT THEIR BUSINESS AND PREVENTS FROM GETTING STUCK ON DETAILS.
• ESTABLISH A COMMON LANGUAGE AND FRAMEWORK WITH COLLEAGUES. 

What I have learned??

Basically, I was not very interested in business and do not want to bother to know how a business is run. But after attending classes with Bernard, I have learned something and opened my mind broader. By way of teaching effective by Bernard made ​​me more spirit to venture into business. Here’s what I learned whenever you choose to invest your time or money, you’re simultaneously choosing not to do everything else you could potentially do with that investment. The principle of opportunity cost applies to everything: every choice has hidden costs, whether you’re buying groceries, quitting your day job, or taking on a new project.The more you can uncover the implicit costs behind the decisions you intend to make before you move forward, the better your decisions will be. And remember Bernard said there is no right, there is no wrong unless u try it.

From 0 to 9

The 9 building block canvas

From zero knowledge of entrepreneurship, the 9 building block canvas of entrepreneurship is very useful and has taught me a lot about entrepreneurship skills. Even though I am not planning to open up a business or involve in entrepreneurship in the short period but at least using the 9 building block canvas, I have the basic ideas on how to start a successful business, maybe in the future.

The 9 block segment written in a canvas is actually a summary of our group business start up process which covers all part of the process in a simpler way and step by step. The 9 block segments are :

1)      Customer Segment

2)      Value Propositions

3)      Channels

4)      Customer Relationships

5)      Revenue Streams

6)      Key Resources

7)      Key Activity

8)      Key Partners

9)      Cost Structure

Generally, the main objective of the 9 building block canvas is to :

      1)    know the basics of problem solving start up process

      2)    identify the market problem in the industry (what are the problem faced by society in the industry)

      3)    analyze the market of product (market price, cost of production and customer demand)

      4)    ideation of possible solutions (generating ideas on how to solve the problem in the industry)

      5)    develop the action plan (plan what to do and how)

      6)    implementation of the solutions (sell the product to the market)

It is a good and simple technique to explain about the basic entrepreneurship to students besides of let them having a critical thinking skills rather than reading all the notes in the textbook.

Revenue Stream

 

How do we generate cash from this business?

*    We generate money through the subscription of this application by companies which provides online shopping service such as Prada and Armani and also online shopping website for apparels such as Zalora.com. We charge the consumers  when they download the application while we charge the retailer when they are subscribed to our software.

*    Product upgrading fee. This product is subject to constant upgrade. Thus we can charge the clients whenever we are improving the products.

*  Advertising. We advertise for retailers on our application. For example, when there is a sale at a certain store, we advertise it and encourage consumers to scan as much as they could to get additional discounts.

Group members

GROUP MEMBERS

GROUP LEADER : 

SHAKILLA BINTI SHAFIEE                     EEE110119

MEMBERS :

NURUL SYIFA BINTI ABDUL RAZAK                      EEE110106

ZAQIAH BINTI NAJIB          EEE110108

QURRASHIDAH ANIS BINTI BAHARUL HAFIDZ         EEE110115

PUA THIAN SEONG                    EEE110114

OOI ZHEE RHONG                       EEE110111

POH SHYANG JOO              EEE110113

FIND THE PERFECT FIT

Did you know that approximately 20 per cent of clothing bought online gets returned? 

     

             That's because people are still unsure how to calculate their exact size.Most customers often give up buying when they constantly find size variation. In fact, if they are online shoppers, they are not sure whether the clothes will fit right when the clothes arrive. Even if there is any measurement provided in the website, people will not be satisfied until they see how they look when the clothes is on.

       This scanner provides you with a simple and less time spending for shopping. It is a home-based body scanning device that lets you save time to try the clothes one by one in the fitting room. Once your measurements have been calculated, you can virtually try on all the clothing in the store without taking much time to change each and every clothes. I am pretty sure that this scanner can helps to eliminate most, if not all, customer frustration on fitting issues and you will get clothing that fits you perfectly.

Scan your body and upload the image.

Choose your favorite clothes.

Get your image with the clothes on from every angle.

WOMEN

MEN

When technologies lead, everything is just on the fingertips.