Thursday, August 21, 2014

Random thoughts: entrepreneurship competition

My wife told me she is bringing her NT kids for competition.

As a business prospector, I am naturally interested.

The finalists will mass produce their prototype for sale at a venue of the organizers.

Her pupils come up with twin message in a bottle that glows and can serve as key chain.

I ask questions like: what is the targeted audiences. She reiterate her pupils reply. They went to scout the venue, there were plenty of youngsters and many of them couples,such products should be in demand. Also, there is a PRC boy who can source the materials and mass produce the product with a cost per unit for about a dollar, which they will sell for 3. Since there is no rent to be paid and labor cost, margin is good and it is easier to break even or earn a profit.

It was said that presentation is not a criteria in the scoring, rather the process and business is.

My wife was disappointed when the judge just spend less than 10 min asking questions but were wowed by another group laptop's presentation.

I said:" maybe that group has a better business idea too" she told me what she overheard from the other group, seriously, while I am not a businessman, I really see that there business concept has already boxed itself in terms of revenue ceiling.

I ask, who are the judges. Was told they were ALL LECTURERS. "Good job, never mind them. I believe your pupils will survive and prosper outside."

8 comments:

  1. I would have thought that an entrepreneurship competition would have to be judged by someone who had done his own business and survived in one way or another LOL

    As you've said, nevermind about the competition :)

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  2. Me too...

    I thought it has the wrong mindset, and wrong judges.

    I think her pupils should do ok in real life

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  3. sillyinvestor,

    Sometimes we just have to smile and laugh things off ;)

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  4. SMOL,

    Actually I felt the pupils have put in much efforts, they even have by products to go with it. I nice red box with hearts dots to contain the bottle, so it can package nicely. The box only cost $1.

    If I can get involved, I will use the bottle to tell a story.

    "Save me from my lonely island". Will he/she get my bottle. I will then do customized paper messages, which can be very quickly and cheaply printed out, and that will come as free service.

    Show a movie/ story about faith...

    I know you will come for me.

    Blar blar... CHeezy ??? hahaha

    Just some imagination...

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  5. There you go!

    A story is spin. And spin is snake-oil selling.

    Whoever said presentation not important was obviously lying.

    Laptop presentation with sound and graphics evidently got their attention ;)

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  6. Actually I believed in pitching. In my work, I pitch everything... Just that cilents are at my "mercy" hahahahaha

    But, please la, if you say, your focus is on product, then stay that way la...

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  7. Heh, sometimes people don't know what they want. They thought they wanted this but they really wanted to see that. As a master saleman, you have to sell to people before they even know they needed that ;)

    A valuable lesson for the students. Sales is about understanding humans haha

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  8. True... When my wife told me presentation does not count.

    My first reaction is: that's part of my marketing.

    She says she the organizers wanted weaker pupils that are not good in English to have a fair chance too.

    Irony ... The lesson is handicapped given are artificial barriers to entry that would crumble at first sight

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