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Individual Diary & Reflection

 Essay on Individual Journal  Expression

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Individual Diary

TIMS7301: Entrepreneurship and Fresh Ventures – Diary and Key Decisions

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1: Brainstorming: 17/04/2014

I had developed trouble locating a group affiliate having not really openly promoted myself to other class mates. I had been beginning to anxiety and believed I'd better hurry. My own last attempt was to examine the discussion board on Blackboard to see if anybody else was looking and luckily enough, there was. I actually met with my personal new partner, Xu Yin, after school on this particular Thursday thus we could talk about the basics, that is certainly, how we desired to approach the task we had been set. We all laid out some ground rules which includes; where and how often we would meet, the way you would talk in-between conference dates, crucial expectations and even more. Once it was established we moved on in order to a formal start our idea. Some interesting ideas were discussed, however , we had no base from which to draw creativity from thus we determined we would spend time, between conference next, learning and narrowing down tips of interest.

a couple of: Consolidation of Ideas: 24/04/2014

Our decision was certainly one of external excitement, given that all of us weren't able to identify a need through our experiences. Somewhat, we had found an idea that already been with us, though, we felt acquired opportunity to become refined and re-modelled. Our idea was for a peer-to-peer based financing platform in Australia. I found this kind of idea through browsing various websites looking for successful startup companies in international countries inside the past 2 years. Xu Yin had some good ideas as a result of her own research, though collectively, we all felt our P2P loaning idea is the most practical. Our basic research told all of us that in the U. S. A, startup companies such as Be successful and Loaning Club was effectively disrupting the credit lending marketplace, however , nationwide much less was happening. All of us set out to discover what business model we could utilise to replicate the achievements of our foreign counter-parts. It had been also through this meeting that people decided, in the years ahead, our enterprise would be known as, The Loaning Bay.

TIMS7301: Entrepreneurship and New Undertakings – Diary and Crucial Decisions

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3: Research: 1/05/2014

Xu Yin and I fulfilled again to go over some of the further more research we had conducted. We had hoped to raised understand the cycle and competitive environment of P2P loaning in Australia. We both discovered that there is several companies working these systems, however , only 1 in particular, SocietyOne, stuck out as being a key threat. SocietyOne was supplying similar benefit to buyers that we got hoped to capture. That was; low-interest rates for credit seekers, a platform for equally investors and convenience. It was a similar model to U. S. A's first movers, Prosper and Lending Club. We likewise realised that being a credit licensee means competing with traditional financial institutions such as; financial institutions, short-term lenders, credit-card firms and more. This gave us a better perspective on how we might differentiate each of our business model. Our goal for the next week was to understand, through research, the aspects of our competitors which were either strengths, weaknesses or perhaps opportunities. By understanding this kind of, we could differentiate our business design so as to support an underserved niche in a growing industry. Specifically, it was my objective to understand what value was available to always be captured and what need/want could potentially be created. To get Xu Yin, it was an issue of being aware of what were each of our critical presumptions.

4: Collating information: 8/05/2014

The week that exceeded had been important in the ingredients of our start-up. A lot of research had been collected and it was today a matter of creating definitive decisions toward the venture's direction. As a result of examination (environment, situation), I was in a position to narrow down the value offerings to provide a specific market segment. Study indicated that competitors, especially SocietyOne, had been largely...

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