Personal Takeaway.

I feel that in a course like entrepreneurship when you are set on working with a business idea with a group of people, it is crucial that everyone in the group must genuinely love the idea. Not only that but I feel that when composing this group there should’ve been a skills profile something like a mini Facebook. So when I’m looking to build an idea with e-commerce and someones portfolio says e commerce experience I would value having that person in my group rather then someone who possesses the same skill set as me. I feel that the group an individual works with is the most important part of trying to grow a business. Everyone in the group should have that state of mind and the hunger to win, like they say one bad apple can ruin the batch. 

The Feedback

After seeing the feedback our group has gotten from it gave us a lot to think about in terms of what to take think of the information given. However much of the feedback that was given was very vague and focused on how our business would really work. Autorevolution is a business thats main goal is to alter perceptions of consumers towards rebuilt vehicles, our main idea focused on how to convince people that its harmless buying a rebuilt vehicle. We really weren’t given feedback on how to better our overall business model it was more critical then anything. This was probably the most surprising thing of the feedback. What didn’t surprise me were the scores given from both groups, since these were around the same marks our entire group gave the other groups. This stood out to me as everyone had a very very critical and constructive state of mind as they were giving these evaluations. 

Promising Business Idea

From the final presentations in the library I would probably say that the Mobo was the best idea. I was really breaking it down and seeing how much they could actually supply to builders and the numbers are impressive. It was a very good model that would need some serious sales power to get those in as may houses as possible. 

Practise Pitch

Coming up with a 3 minute pitch for a business is quite the task. The most challenging part was actualy determining what points we needed to target. To accomplish that our group sat together on a table and we put ideas on the table, then we categorized each of our main points under certain sub headings as we did in class the one day.

By doing this we narrowed our pitch points down to 4 which were. 

The problem 

The solution 

Business Model 

Product Extension

By doing this we felt we were leaving the audience with a tid bit of information about each heading giving them the urge to want to ask more questions and wonder about our idea. 

Its funny because all of the questions that our class had asked us we already knew were coming since this was an industry that not a lot of people had experience in. 

I felt that we did have enough time to relay our information. However I feel that we put emphasis on parts that the crowd already understood, we felt that we should add more emphasis on the technical aspect of the business model like what is salvage and the actual process from salvage to rebuilt to road worthy. 

The audience we felt was able to follow what we had to say and our overall concept but needed more educating around the technicalities of the model. 

SWOT of the Auto Revolution

The SWOT analysis is a model highly repetitive model in all commerce courses. An analysis of the overall company is determined, attempting to cover them all may not always be accurate only because you could accurately confirm a strength or weakness until money is in the equation and the business model is actually in process. We determined that we were faced with more pros then cons that for sure. Our business model really only faced us with one very detrimental con which was attempting to alter the perception people had towards rebuilt vehicles. Once we were able to overcome that hardship it was just a matter of keeping up with the demand of consumers from there onwards. 

Say we were able to alter the perceptions of 10 people and they were comfortable with buying a rebuilt, and they knew they would be saving money. Why wouldn’t they buy it if they had no negative stigma associated with the rebuilt title. This I would say was our biggest weakness, actually not being able to alter the perception of a good chunk of people was extremely crucial. Our greatest opportunity was the fact that we could control was price to pay for the vehicles as well as how much it would cost to get them fixed. 

By determine that there is a comprehensive cost analysis formula for repairmen to use to determine the cost of the repair, if a huge opportunity so we know what we can resell the vehicle for before we even purchase it. This reduces our risks greatly as we know our risk before buying.  Overall I feel that the SWOT analysis is a great tool used to give a feel for the overall business environment. 

An External Wow

Tackling a business idea from multiple angles was probably one of the biggest challenges in starting  a business. During several meetings our group would assume that everything was flawless in our business model and nothing can be improved or nothing in the environment can actually help us out.

One of the most important factors in getting rebuilt vehicles on the road was unknown to us. We were not away that ever rebuilt vehicle is to undergo a structural safety. This was a certain motor vehicle inspection that is completed before any salvage titled vehicle is put back on the road. The vehicle goes through inspection from bumper to bumper to ensure the vehicle as not welded together from two different cars, and the body parts and mechanical parts are all put on for free. Now with getting a structural safety completed there was a fee imposed by the ministry. 

http://www.mto.gov.on.ca/english/dandv/vehicle/branding/mandatory.shtml

This inspection is done to make sure that the structure of the entire vehicle is at ministry standards after its repair.

This was greats news for our team in my opinion because our focus was by emphasizing the high quality of standard of our vehicles. Now with the knowledge of vehicle need to pass a ministry inspection is something we would proudly inform customers. This in turn y be a relief to them, and a reassurance that would hopefully alter their perception towards rebuilt vehicles.

 We assumed that the every vehicle would just undergo a safety and emission test like would non accident vehicles.

Gotta say it I truly do love business, something that potentially could have posed a problem now is something extremely advantageous. 

Think It and Cheetahs

Its been a busy past few days. As many of you may know Think It uses a cheetah as the company logo. We are in the works of forming a photo shoot at african lion safari with their cheetahs to use as promotion. 

Pretty big things headed our way.