The most recent piece of work we have submitted was our mid-term delivery. As mentioned before it generally made up of our business case that we have been working on since October. Additional features such as Technical delivery, Functional specification, Project timeline and a responsibility matrix. Overall the work was a collaborative effort except for areas we wanted to gain experience in or areas we were most comfortable in.
I, myself, took the task of the project plan, timeline, and division of work. From this we allocated our individual time to each of the assigned technical deliveries features. The intended outcome of this task was to present a clear scope of our project from start to finish.
The business case was a collaborative effort, improving particular areas such as financial projections, marketing, and sales strategy. Other features added to our business case included:
Below is an image of the timeline used in our mid-term delivery.
We received a grade of 71%, overall we were very happy because we found working as a group of three can be difficult due to technical but also social aspects. That being said, I am grateful for this new experience when in comparison to my previous group work in college and team leadership in my job profession.
We met with our supervisor Maria, she expressed concern in certain areas of our work and presentation which we plan to change promptly so we are kept ahead of schedule with all submissions.
We recently presented two sets of work which I mentioned in my previous post. Our entrepreneur module feedback was still quite vague, we were still missing something but we couldn’t put our fingers on it. Our idea was tailored for bridging the gap between virtual and physical gambling, in our minds it is clear what we are thinking but we are still struggling to physically describe this idea thoroughly. Overall we were happy with how the presentation went, Myself Luke and Michael are confident talkers and as long as we are comfortable with the work that has been done that we will try and discuss this thoroughly.
Our second presentation was in front of a panel of two, Cathal Gurrin and Paul Clarke who are lecturers, staff involved in EC4 projects. This presentation went quite well I felt, Luke took the introduction, Michael discussed the target market and I discussed the financial projections and how they relate to our market research. Overall the feedback was positive, we were asked a few questions on the business case, the security of this type of service and the motivation behind our idea. Also Paul gave us a rough work of potential questions we should ask ourselves before moving forward. We also submitted our initial proposal which will be graded alongside our presentation. Key aspects to this document include
- Project Summary
- Technical Delivery
- Financial & Market rationale
- Workload Distribution
We had a substantial amount of this workload done due to our entrepreneur module, I am grateful for the re-structuring of modules for this course as it helped with this heavy workload. We slightly adjusted the financial after some feedback, Luke was the most comfortable in this area therefore he headed this task. I, myself managed the timeline and structure of the project and the work which was to follow. Vizzlo charts are an easy, manageable application to use which I would recommend. Our workload distribution was decided on past experience and what skills best suited our team but keeping in mind we aim to collaborate our work extensively following a groupware concept. We await the marks for this so we can effectively assess our work but until then we are working on our next investors pitch.
Our recent work has been situated around our market research and financial projections documents which were submitted this week. As this is completely new to our team we wanted to prioritize the financial projections as we felt it would need the most work. Our market research document represented all the relevant information needed to understand,plan and execute our marketing and sales strategy which was directly connected to our financial projections. The most relevant aspects to our market research document include:
- Target market
- Market value
- Market trends
- Advantage type ( Competitive or differential )
- Competitor profiling
- Benefits to clients
- Key assumptions
The most beneficial part of this section of work was the competitor profiling, I headed this task myself and found it quite intriguing to show the comparison to how companies such as Paddy Power and Boylesports vary but are within the same business market. As I had direct contacts within both companies the work was made substantially easier and I gained tacit knowledge that I would not of found through a means of website researching. Overall we were happy with our financial projections, our forecasts consist of the next three years taking into account all our marketing, wages, miscellaneous expenses, revenue stream, loans etc. We also represented clear profit and loss accounts. Luckily Luke had some experience in this area so as a collaborative effort between the whole team taking the market research we obtained we channeled this information to correctly forecast our financial projections. Our next section of work involves two presentations, one in front of panel of representatives for our final year project and another for our entrepreneur module which commenced in October. We have a brief meeting this week to discuss the structure of our presentation and also allocate sometime to answer some questions on the technical side to our business as we haven’t discussed that in depth as we are currently focusing on the business case.
Since my last entry our group, consisting of myself Michael and Luke have consolidated our business idea. Our initial idea was named Legi-Till with the aim of stopping till discrepancies. I came up with the idea as I work in retail and have seen first hand the annual figure of discrepancies is very high. We correctly created our business canvas model around this idea but unfortunately we were told this would not be acceptable for our business idea as its more tailored for engineering students as it is has more hardware components than software. upon learning this we decided to go back to the drawing board for our idea. Michael expressed interest in QR codes, gambling while I had more practical idea but again weren’t completely achievable due to our skills. From this “LUCKY HOUR” was formed. As a collaborative effort we completed our business canvas based on this idea. Our initial plan for this business was to bridge the gap of virtual and physical gambling due to the huge revenue streams stemming from virtual gambling.
Below is an image of our business canvas model
From this submission we started on our business propositions, this brief document outlined answers to questions on our potential customers, our market research, revenue streams and activities we had to achieve to deliver this service. We achieved our answers through a means of our own researching. We created a survey outlining our business idea with subsequent questions. I myself asked members of staff in gambling companies on their opinion, some of their basic service deliverable’s and revenue information as a basis to use to obtain our demographic and to have realistic and reliable revenue figures.
This week marks the commencement of our entrepreneur module that has been added to our module list with the aim of aligning our final year projects with this module. It is week four, we have been given a week to think of an initial business idea within our realistic technical capabilities. From this idea our final goal will consist of a fully documented business plan clearly representing our objective, scope, research, financial forecasts, technical & functional requirements. This business plan will inevitably be used for our final year business case. I have briefly looked at the idea guidelines and expected submission dates. I felt the ideas guideline were very useful but especially useful for students struggling to consolidate their own idea. I also looked briefly at Renatt’s functional spec as it was the area I was least comfortable with. This area would be the section I would like to prioritize as our particular modules may have only touched on some applications/technologies needed to successfully represent our functional spec. To summarize our task for this week, it is to:
- Determine a business idea
- Using the business canvas model, represent our business idea
- Plan to present this work and acquire feedback.