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.

Change? Mission?

For replacement class today (7.30-10.00pm) Bernard has told us about DiGi project which is #dgcfc (DiGi Challenge for Change) - bringing Malaysians together, one App at a time. before he explain about this project, he has told us about what the guy from SAMSUNG now who are designer ask him 11 years ago. his friend come up with crazy or maybe he can say ridiculous idea.
His friend ask Bernard, "Young man, do you believe that phone doesn't need keypad?"
Then he replied, "You're crazy"
But now, he realized that crazy ideas could happen. It seems to be true what was his friend ask him about 11 years ago. he kept remember about 11 years ago, 11 years ago, 11 years ago... if he saying YES at that time, he could be a millionaire today. maybe his name could be on the list of strong people in SAMSUNG. waahh  : ) Nowadays, almost everybody have phone without keypad. Bernard has told us also that he doesn't want to leave his house without his laptop.
What are the possibilities that you will change the world? No one knows. So, in this project they let young people to think about crazy ideas. For example, what about we having the Touch n Go application in our phone? Bernard keep remind us "There is no right, and there is no wrong"
they expecting 2,000 ideas. crazy ideas. awesome ideas. ridiculous ideas.

Event   : Digi's Challenge for Change ( Kuala Lumpur )
Date    : 1st December 2012
Venue  : D'House Lot 10, Jalan Delima 1/1, Subang Hi-Tech Industrial Park, 40000 Shah Alam, Selangor Darul Ehsan, Malaysia.

Top 5 ideas: 
RM5,000 cash prize each Smartphone or Tablet with DiGi Smartplan Prime Minister’s Innovation Award: 
RM25,000 cash prize Award and Certificate Mobile Application Development: 
RM25,000 cash prize for development of each top 5 ideas into Apps Further Marketing and Commercial support

If we don't want to come, we can submit online.

#iamthechange

A Girl Must Shop! :)

This week is the horrible week for this sem..Seriously i feel like dying, I do not know how to express those feelings and thoughts..Since I do not have mood and motivation to study,so the best way to pamper myself is to go for shopping! :) I am one of msia's shopping carnival's "loyal" customer..but the problem is I just hate to wait in a long queues..But I have to since I love shopping, but later on I felt like it's just wasting of time, so I decided to buy from online..More convenient and cheaper I guess..but sometimes I feet cheated with the pictures on the web,which is nice, beautiful and so on but when I received the thing, its not nice as in the picture..So i really need a "device"  for a shopaholic like me and girls out there to help out this problem :)

What does it takes to be an entrepreneur?

Okay, Sooooo, not everyone is cut to be an entrepreneur. There are various ways, but, in my opinion, one has to sacrifice, and live, practically, by risk and faith. One has to be ready for any challenges, obstacles and never ever ever give up.

 Practicing entrepreneurship in real life takes lots of discipline and dedication. Being a technologist, I would say it requires keeping up with the current technology, building and promoting products and services and above all sustaining the practice. The key to successful entrepreneurship is to keep it alive when the chips are down.

—Quoted from someone 

In my opinion, I think that to be an entrepreneur, we should have passion in what we are doing. Things that we enjoy by doing it, and something that we are proud of and give out social benefits. 

We Love Customers

Customer always are right??YES, it is what we always get heard whenever u going for interview a jobs. Trainee will tell us no matter what is happen you should respect to our customer. HOW you think this? does customer always is right? yes it is because customer is main revenue that company can get from them . IF no people demand on it there is no supply. So how to win customer loyalty??

To gain a new customers for your business is easy compared to maintaining the old and loyalty because there are the one who are always get interest on your marketing strategics and support your company always.Therefore it is a great challenge for customer to stay with your company instead of turn up to another company therefore value proposition is a very important to a company.Repeat customer sales are the foundation to most successful businesses as it adds a impact to overall profits.



There is a lot of marketers are put effort on study how to maintain their old customers. To maintain 100 loyal customer is more satisfied client have more impact compare to have 1000 new customers. Loyal customers will always concern on your catalogue which they know what you can provide and solve their problem with get their jobs done in times.For new customer they might only get intention on your roadshow and campaign  after that they will continue to their own loyal product.     Thus, the base to get revenue is loyal and satisfied customers are less likely to ignore.

Besides that, a company have to keep new customers regularly informed therefore might get their intention. A new catalogue must not forget to give out to new customers due to new products and services will be interest on them. Special discount or gift will let them remember a company.Keeps tabs on what your competition is up to. Make sure a company can provide timely offers and clear product differentiation to convince them to make a purchasing decision fast. If not they will check out the competitors who may provide a more services.

 To maintain loyal customer, marketing team have play an important role on it. They have to pay attention on those customers. Marketers also can by doing survey or feedback which focus on what actually customers are concern when bought of one product such as promotion ,branded, quality or pricing? From the surveys,.marketers will know what issue have to concern to increase their customers.

ROLE MODEL

Indeed there are many great leaders out there and some might still be a living legend while some left us with great impact in our daily lives .. Who will be your favourite role model after all ? Will it be someone from our family ? Or is it Bernard ? Hahaha .. I am pretty sure that there is at least a person who really inspires us to be OURSELF at this point of life =)

Well I would like to share a short and a very meaningful story for me .. And yes the moral of the story really lead me to live my life now =D As a childhood dream of mine trying to be successful person in the future and the thought of “In what sense can I impact the world rather than what the world can offer for me” which plays in my mind every now and then ..

Will anyone take A BUS DRIVER as their role model ? Indeed this might not sounds like some BIG shot or LEGENDARY person in the world but I would like to share this and hope it can inspires this blog readers too .. SO WHY A BUS DRIVER ..

Like a captain in a sailing crew, a bus driver is the captain himself in his own bus .. Have you ever wonder who is the first person to enter the bus early in the morning ? Who is the person who starts the engine and keep it running ? The commuters will be going nowhere without a bus driver in a bus .. Being committed and keeping his discipline in the route that he takes .. It does reflect many other characteristic of a true leader .. 

We also know that the road in our lives faces many challenges and many ups and down .. It can be directly compare to the bus driver where he needs to get stuck in jams, entertain and handle all walks of life (communication skills comes into the picture where we have to handle humans xD), difficult weathers, and might even face road accidents .. The journey will not be that smooth all the time but it teaches us how to handle the situation and a magic word which is WHAT DON’T KILL YOU WILL EVENTUALLY MAKE YOU STRONGER !! And yes I really do believe that experience gives us an upper hand in future as we will know how to handle the same situation again which MIGHT occurs again ..

I believe we all also aware that many more challenges awaiting us in the future and different and new problems will pop out anytime and anywhere without any warning .. This goes the same as the bus driver as he also will not foresee what will happen throughout the day other than his normal routines .. There might be a puncture tire while driving passengers around too rite ? Running low on fuel during a peak hour ? At times things like this can’t be avoided .. Are we going to sit down and think of what actually happened or instead think of a solution to solve the problem that occurs right in front of us ?

As the bus driver approaches the end of his shift he will get back to the deport and park his bus .. No matter how far we travelled or move forward and how successful we get in the future .. DO REMEMBER WHERE WE start and make sure that our both feet stays on the earth and finish the task that we started .. The bus driver is the 1^st and the last person who got up and down from the bus and we should have the initiative to start a work and end it not matter how much challenges we face in the future =D

HOPE dis inspires you all =D

John xD