Week 4

Week 4 is cool! We had our presentation on the Jurong Bird Park and the move of using toy as the wireless device has received a very positive feedback! Thanks Tian Yi for proposing of such idea! On the other hand, other teams also had presented very innovative ideas. The use of radio for audio messages and the idea of electronic travel guide are very interesting business opportunities. At the same time, the discussion of these business ideas has stimulated my thoughts more for the current business idea that I mentioned last week in my blog.

Coincidentally, this week seminar focuses more on the business model. Thank God! This is something I should be good at as an Economic-Major student! Haha! However, this week seminar brought us even deeper into the value chain of the hospitality industry. What I am very glad of is that our toy that is used for the Bird Park Project seems to be the only viable product that can create value to the users at the retirement stage out of all the other teams which used better and more advanced technology.

This reminds me on the disruptive technology that was taught in the 1st lecture. There is no need to invent revolutionary technology in other to be an entrepreneur. What’s more important is how to improve and use the existing technology to create an entirely new experience to the users. Commercial value is always the key for the market! Technology alone is not enough. Business model is necessary to finance the organization operation.

Last week, my business idea was very brief and doesn’t really look deeply into the whole value chain of the industry. Week 4 helped me to think in a much more strategic manner as I have exposed many innovative business ideas from other teams. I have to say this…Although seminar size is very small; all teams’ ideas are uniquely different from one another. This made the whole learning experience so interactive. From others’ business plans, I can identify each individual team’s strength and weakness and further improve on my own business idea.

Continue from last week business idea, I decided to look into very specific market segments. Language barrier is seriously a problem in Singapore tourism industry especially for Korean and Chinese tourists which account for a huge percentage of our tourism market. We can work along this problem and come out with personalized language services on our mobile devices. At the moment, I have already told the team to start designing the product. So, audience! Stand-by for more information!!! Yo!