Reflection Essay for Venture Blocks PDF

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Summary

Reflection Essay after the VentureBlocks simulation is completed. Reflect what you learnt from it and what business strategies can be taken from it....

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Reflection Essay The Venture Blocks simulation helps guide an aspiring entrepreneur who is interested in the new growth in nanus as pets. In this simulation, I as the entrepreneur try to identify any potential business opportunities that may arise in the nanu market. The simulation has given me the opportunity to interview various nanu owners in order to learn more about nanus and their habits. At present, I have identified that nanu owners need a reliable and affordable way to obtain nanu toys. The first step after the simulation would be to focus on more interviews with potential customers in the nanu market. I, as the entrepreneur would conduct as many interviews with nanu owners as possible in order to establish a clear pattern around the needs identified. The more data I can collect from these interviews, the more precise observations I can use. During these interviews I can identify a need within the nanu market, and my proposed business plan would be a solution to that need. Furthermore, I can ask nanu owners more specific questions that relate to the need. For example, “Where do you obtain most of your nanu toys?” and “how often do you buy or change up the toys?” These questions can give a more in depth understanding to the need of constant access to nanu toys. Once the problem has been identified, I would have another set of interviews with customers to discuss potential solutions to the need identified. To begin with, I would point out the need and ask various customers if they may have a solution to this need. After hearing out their various solutions, I would then explain to them my solution which is to set up a website where nanu toys can be traded easily and safely. Thus, nanu owners will have a reliable way to obtain nanu toys and instead of owners constantly buying new toys, they can trade in toys online with other nanu owners. After explaining my solution to the various customers, I would ask for their opinions/insights to establish whether they may be interested in my solution. This is to ensure that the product is desirable in the target market and if I should continue to invest in the solution or create other solutions to the need. Finally, if the product solution is in fact desirable to the target market, the next step would be to ensure that customers are interested in the final product. I would do this by talking to customers about the proposed website prototype. I would illustrate to potential customers how the website would run and how one is able to join as well as who can join. Afterwards, I would conduct customer reviews to get back feedback on how they find the website and if there is anything that needs improvement. The feedback will also help me get a sense of how the customers like or dislike the website solution....