Final Term Week 1: Back on Track
“There is no competitive advantage in being just like everyone else.” — Daniel Burrus.
Taking short breaks following our midterm pitch deck allowed us to refuel our energy, replenish our drive, and renew our optimism as we prepare to face the second half of our Technopreneurship journey. As we began the first week, we were able to ease into it by developing our competitive advantage and determining our target market as well as our market size. Our team responded to the task at hand, and due to internet connectivity problems, we were only able to meet asynchronously over Facebook Messenger.
Creating our competitive advantage made me realize how critical it is, especially for startups like us. It assisted us in recognizing our strengths, which provided us with a competitive edge over our competitors in the market. This also allows us to identify our weaknesses in terms of product services and design, which would be a great subject for improvement, particularly in addressing the demands of our target clients. Developing our advantage also led me to think that establishing such is one of the most significant goals of every company because firms would struggle to stay in the market if they did not have something that makes them unique.
Identifying the size of our market is also related to this. This task reminded me of the importance of recognizing our market’s potential, which helps in formulating pricing strategies, distribution methods, and effective marketing tactics and campaigns. This also aided us in determining how we should go to maximize the potential of our product. Upon completing these tasks, we become complacent about the thought of launching our product or service will become less of a risk and more of a calculated and strategic investment. With that being said, I am looking forward to more insightful tasks to accomplish with my team now that we are back on track.
