NVC Reflection 2

Venture idea

How has our idea developed over the last week?

Not much progress this week. We have delivered our first presentation and decided on what we should be doing for the next week. We quickly agreed that a weakness in our venture is evidence – evidence to support the drivers and dimensions that we presented, they were mainly based on our own feelings rather than fact.

So we’re going to fix that and then work out a plan for the remaining two weeks before our final pitch.

What are its main strengths and limitations; has anything happened that requires additional skills or resources?

Strengths lie in the social aspect of the venture still, the team cooperation and positivity, and we also have a quirky brand now.

Weaknesses include evidence, finances, and we must turn our idea into a reality by addressing the operational issues. How much money is needed? Who are our growers and buyers? Where are we going to set this up in the country first? How can we manage the risks?……..

What techniques or approaches could we apply in order to produce a more convincing proposal and an improved business model?

Cash flow forecasting
Combine concepts idea to create a more robust business idea
Network analysis and identify/bridge gaps
Manage risk – plan to mitigate weaknesses and reduce risk for the investor.

Venture team

How well are we working as a team this week?

Still working well. A little slower due to other commitments though I’m sure. The slower pace in this weeks research reflects that. The following two weeks will be busy!

Do we have compatible values and ambitions for the venture?

Still yes. Difficult to identify and keep to boundaries for the venture. It’s all too easy to get ahead of ourselves sometimes and discuss large scale, longer term aspirations before sorting out the basics.

What could we do differently in order to become more effective?

Maybe allocate jib titles? Finance lead, operations lead, stakeholder lead, network development lead…….

What role(s) am I playing in the team?

Similar to before, although taking a little off of the gas to allow others to come forward this week. Sometimes I feel frustrated with the leads I’m trying to generate with development of the venture, but I need to understand that others are busy too.

How could I make a more effective contribution?

Perhaps take more of a leading role, but don’t want to step on others’ toes. I’ll continue to try and be creative in what we need to be doing and influence the agenda if possible.

How do our experiences compare with those of established entrepreneurs and with research findings?

…

Entrepreneurship

What have I learned about entrepreneurship this week?

That having ideas is great but it pays to quickly get to the operations and nitty gritty of how you will achieve the plan. There is a lot to consider.

This aspect reminds me of the entrepreneurs role in taking something that is a creative idea and making it happen (Blunder and Locket p.70)….

Creativity: Gearing New ideas……..  the initial grower/seller marketplace idea, transportation and storage growth, and geographic expansion ,use of local schools/businesses to help fill resource gaps and so on.

Entrepreneurial Role: Translating ideas in to practice…. in order to ‘translate ideas in to practice’ we have now picked a ‘start location’ (East Wiltshire) which allows us to determine exactly who our customers are, how many of them there might be, transport links and main commuter routes for storage perhaps, who in the local area might actually help us and so on….  I think this has been an important development in our project.  It will also help us to present a more realistic venture for our final presentation where we will be able to make things ‘real’.

We have also assigned (determined and agreed) ‘roles’ in the team.  This will help us to each take ownership of what we see as the main areas of the venture (operations, marketing, finance and network development) – and we are now each working on presenting information relating to these for our presentation.  It helps to present a professional approach and will help to control how we manage any questions at the end of our presentation.  This aspect of our experience relates to ‘Session 2.4 – Organisations, individuals and teams, particularly the early stages of venture development and a limited capacity, perhaps the need to adopt additional roles that we would rather not.  Role flexibility.  As our venture/network grows roles may change – we may need particular expertise, or the venture may take a new dimension that requires a new focus.  Collaboration between roles will be important as we identified that some areas will help, affect others.

Innovation: realisation of new ideas…….We also spent an amount of time to determine the boundaries of the venture.  We have loads of ideas for growth but were getting ahead of ourselves a little.  It seemed silly to plan huge developments before we had got anything off f the ground – i guess this related to a risk of not actually having a venture if we don’t start small?  This made us revisit our growth model – just sell/buy in year )-1 then look to grow either with the same model geographically, or through delivery/storage services dependent on the emerging dynamics.  This approach will help us with identifying capital structure and cash flows for the first few years.

 

How do my experiences compare with those of established entrepreneurs and with research findings?

….

What theories, concepts or frameworks might help me to understand or to address recent experiences?

Review entrepreneur traits and motivations in order to pitch my suggestions for progress in a better context?

Other thoughts…..

Do you have any other thoughts or questions that you want to record for a future discussion with your tutor or other team members?

Is there anything you want to follow up later (e.g., further reading suggestions for the EMA)?

NVC Reflection 1

Venture idea

How has our idea developed over the last week?

This week we took on the idea for an online marketplace – where small vegetable growers and buyers can come together in order to sell/buy produce. It’s developed a lot this week during our first two Skype sessions and asynchronous work in Evernote – the Opportunity Business model has helped to promote wider and detailed thinking. The idea developed particularly well after each of us took on an aspect of the model to complete. We have been able to identify potential market size and revenue, customer and other stakeholders, and realised some important drivers that have confirmed our thoughts about this being a strong social venture.

The first review of our attempt at applying the business model created some great development discussion….. Our estimation of revenue highlighted that profit might sit between £1-10k if we were to operate within 1 twenty mile radius market, not great in monetary terms but still allowing good societal returns. In moving on to discuss ‘processes’ we found opportunities to develop the storage and delivery aspects of the venture, but in comparing resource costs to revenue found that obtaining storage and transport could be difficult without some form of capital/investment. This discussion led us to consider adopting a more community based model where partnering with other companies in order to achieve storage/transport capabilities, we also discussed the possibility of selling in partnership with schools in order to increase scale and this too raised the idea of partnering with a school/tech college in order for them to assist us with the web-based market place development – providing tech students with important practical experience.

An exciting development has been that – as a result of storage and transportation issues – we have been able to generate a growth strategy. Year 1 = sell/buy and collect. Year 2 = sell/buy/store/collect. Year 3 = sell/buy/store/collect/deliver! This helps with managing risk for the venture.

What are its main strengths and limitations; has anything happened that requires additional skills or resources?

The ventures strength lies in its community/social vision. In keeping operational costs low it also offers the possibility of cheaper, and more environmentally friendly veg – as no huge CO2 impact, that fits with more recent social drivers. It also provides the opportunity for micro growers and small households/retailers to access a market that they are otherwise priced out of.

At the moment it is limited in its network. We need to focus on finding partners for tech development, storage and transportation. We also need to start pinning down some growers and sellers. Somehow they need to be encouraged to come together in our market place.

We also need to create a brand and venture name.

What techniques or approaches could we apply in order to produce a more convincing proposal and an improved business model?

Market research to support grower/seller needs and problems. Network mapping and our own personal contact network analysis in order to identify ties/links or even latent relationships that we might capitalise on.

Venture team

How well are we working as a team this week?

Our team is 4 strong and are spread across Oxford, Wiltshire, Hampshire and Italy! Despite the geographic issues we work well. We put venture aims and started to write ideas into our shared Evernote book which is working well, and we’re able to discuss/rule out/in each idea sensibly and agree on the option to take forward with no problems.

Importantly, I think we’re using the teams strengths well. We have a good organiser and meeting coordinator, a member who works in the social sector and plenty of enthusiasm. Everyone has a willingness to learn from each others experiences and to consider any new ideas.

Do we have compatible values and ambitions for the venture?

Yes I think we do. Otherwise we would be working so well as a team. Sometimes we’re a it ambitious but with each new growth idea we discover that we should probably reign things in a bit.

What could we do differently in order to become more effective?

I think geography could obviously be better and if we were all closer we could meet more often to discuss things face to face. Maybe we could each adopt the lead on a business function so that each of the key areas were covered as things progress?

What role(s) am I playing in the team?

I think I’m adopting a bit of an IT role, a ‘keep thugs on track role and like other an idea generator role. I’m enjoying it and trying to link problems to potential solutions.

How could I make a more effective contribution?

I could be more effective if I spent more time researching aspects of the venture: competitors, pricing for the web application…….

How do our experiences compare with those of established entrepreneurs and with research findings?

Similar to Facebook at the start where Zuckerberg didn’t have everyone he needed to create the venture. He developed his PCN in order to find others with the resources needed.

Entrepreneurship

What have I learned about entrepreneurship this week?

I have learned that team satisfaction is important if you want to avoid conflict, no one has fallen out! I’ve also confirmed learning from my last assignment – networks are really important if you want to succeed especially when it comes to accessing knowledge and resources. I’ve learn the there is a lot to consider and that it will take time to cater for each of the aspects required from a business model – research, research, research! I think my biggest area of learning has been around social entrepreneurship – of you take the moral approach and try to make a ‘better world’ then there’s nothing wrong with approaching other people/firms in order to develop a business that benefits the community. You might just achieve things at very little cost and get things going!

How do my experiences compare with those of established entrepreneurs and with research findings?

Comparable to teams being based on values rather than skills alone. And comparable to networking theory where without a wide array of ‘links’ to skills /resources you can quickly become stuck. Perhaps a creative approach to overcoming problems is needed too – must be some examples to be found here!

What theories, concepts or frameworks might help me to understand or to address recent experiences?

Network analysis and mapping.
Risk – financial/growth model.
Creativity and innovative approach to problem solving?

Other thoughts…..

Do you have any other thoughts or questions that you want to record for a future discussion with your tutor or other team members?

Is there anything you want to follow up later (e.g., further reading suggestions for the EMA)?

I want to review the other areas of entrepreneurship that we have covered already.

New Venture Creation Challenge…

A new thread (tagged NVC) to record learning and reflections relating to my Entrepreneurship module.

A team of us are starting a ‘New Venture Creation’ challenge in a week or so and this will be the place to keep track of it.

The reflections will also form part of my final assessment on this module.  Looking forward to creating a new venture with the rest of the team!