Today we are going to discuss our progress with our contact person at SEEDS. We are well on track and have our challenge almost finished. We have been working on an improved marketing model for SEEDS since that’s what is lacking for them at the moment. We are really interested in the feedback our contact person at SEEDS will be sharing with us tomorrow. Furthermore we are going to define a clear plan about our challenge and business case for the next two months since at the moment we are lacking clear research. Next week we will have our plan ready. We are going to organize interviews about the usability of the SEEDS website and furthermore we are going to do in-depth usability literature research of the SEEDS website. Next week I will present our schedule with interviews and literature research.
At the same time it does become clear for us how SEEDS is contributing to a better entrepreneurial climate. This is done by only allowing companies on the platform, who contribute to the environment. SEEDS is not allowing companies which are only started and running for personal gain. This is totally different approach compared to other crowd funding platforms. Other platforms are running for personal gain, and do not mind whether or not a company adds value to the environment and entrepreneurial climate.
This week we had been working according to our schedule, we are making quite some progress. We are working on 3 parts of our marketing model this week. These parts are: Interest, Conviction and Desire.
This is one of the most challenging stages in this marketing model. You’ve got the attention of a chunk of your target audience, but can you engage with them enough so that they’ll want to spend their precious time understanding your message in more detail?
Gaining the entrepreneurs’ interest is a deeper process than grabbing their attention as described last week. They will give you a little more time to do it, but you as a company must stay focused on their needs. This means helping them to pick out the messages that are relevant to them quickly. So use bullets and subheadings, and break up the text to make your points stand out. Not only presenting your USP’s.
The idea of conviction is that before you get to a final purchase action or agreement, a cognitive state of understanding the value is needed that matches the emotional state of desire. This takes some time but is really beneficial.
The Interest and Desire parts of our marketing model go hand-in-hand: As you’re building the entrepreneurs’ interest, you also need to help them understand how what you’re offering as a company can help them in a real way. The main way of doing this is by appealing to their personal needs and wants. Explain to entrepreneurs what’s in it for them.
Next week we will be meeting at SEEDS to present our progress and discuss any questions and feedfack our contact person has for us.
Last Friday we presented our new challenge to our contact person at Seeds. He told us it is a very interesting challenge which would definitely be helpful for Seeds. The goal of our challenge is to improve the process of signing-up new entrepreneurs and their campaigns on the Seeds website. We divided this process is four separate steps. Eventually these different steps should streamline the signing up process. Furthermore is should make the signing-up process more attractive. As a crowd funding platform Seeds has a unique target group compared to other crowd funding platforms. The target group are ambitious entrepreneurs who are pursuing their opportunity in an durable manner.
By using the marketing model AICDAS we aim the design the signing-up process as efficiently and attractive as possible. While incorporating seeds’s future plans and goals.
We have analyzed multiple available marketing models which influence the communication process between a company and a customer. Most models are based on the basic AIDA model. The AIDA process is divided in attention, interest, desire and action. The main drawback of this model is that it stops after action (siging-up). It is however very important to stay in contact with an entrepreneur since this causes satisfaction.
After some discussing within our group we have decided to use the AICDAS model. We have chosen this model since it’s more detailed and extensive compared to the widely used AIDA. It also incorporates the ‘after-sales’, satisfaction. This is really important since the entrepreneurs, customers, need support when running a campaign. Creating a bond between SEEDS and the entrepreneurs is beneficial for both parties. Another important benefit is C, conviction, we need to convict entrepreneurs to chose for seeds by presenting our strong USP’s compared to the other crowd funding platforms.
Lots of work to be done!
In this blog I want to share our progress with the internship for this week. Last week was very very busy with exams and paper so we did not spend any time in the internship that week. That is why I skipped a blog about it for one week. But now we are back, working harder then ever. This week we had two meeting for the internship. The first meeting was on monday. At monday we finished our powerpoint presentation for the challenge. Made some appointments and decided that I would do the presentation on wednesday.
At wednesday we met in Utrecht at the location of the fenixgroep. All six of us were present and two members of the Fenixgroep were present too. They were the jury. The other group started and explained there idea. The idea was to make a flyer, in which they would tell people what to do when you are in trouble with their business.
We were a little bit shocked because that was also one of our idea. However, they had only one idea, and we had three. In this way we were able to stand out. Our ideas were to (1) make a flyer (just like the other group), (2) make a very short movie, (3) try to have a world record. These last two ideas were mainly to gain awareness while the flyer was more focussed on educating entrepreneurs.
After the two presentation the jury decided to combine the two ideas. We are going to make a flyer and a movie, and with the movie we will not focus on the entrepreneur, but on his children and partner. We want to achieve that they are aware of the situation and that the are confident enough to step out to the entrepreneur.
Have a nice weekend,
Joep van Gelder
Introduction to Entrepreneurship
Today, it is time for a special blog. Rather than talking about the internship, I will talk about other things. This week there were two deadlines and in my case, there also will be an exam tomorrow (Friday, ed.). Seen as I’m not the only one with an exam as well, we decided, together with the guide of our challenge, that this would be a ‘week off’. It is therefore that I will talk about the two final assignments of this week. Furthermore, I will give a brief evaluation on how I experienced the course Introduction to Entrepreneurship.
For the final assignment of Introduction to Entrepreneurship we had to make an entrepreneurial analysis of a biography. In my case this was Gordon Ramsay. He is a British chef who owns 27 restaurants internationally, good for seven michelin stars. He had a difficult childhood and this was an incentive for him to work hard; and with success. He earns lots of money and is one of only four chefs in the United Kingdom to maintain three michelin stars with his restaurant Gordon Ramsay at Royal Hospital Road. I would really recommend the autobiography, called Humble Pie. It is a fascinating story and it is easy to read.
For Entrepreneurship Industry, the other course of this period, I described the role of entrepreneurship professionals when it comes to consultancy. I will not reveal the content, as we are still pending the deadline. For questions about it, you can contact me on firstname.lastname@example.org.
When I look back at this course, I can say that I really enjoyed it. I especially like the practical work, on which one’s grade is based. In my opinion, this gives more motivation, seen as you do not just reproduce the stuff that you’ve learned; you also apply it. By this, you learn more from it and this makes it way more useful than when you just have an exam.
The course comes to an end. I hope to see you all during the next course and hopefully, I can tell you more about the activities at ACE@VU by then. Ciao!
This week was a very productive week, when we look at the internship. There were two days that we worked on the assignment of the internship. The first day, was an opportunity for only one of us. One of us was able to go to the Fenixgroep and meet with several entrepreneurs. After some negotiation we decided that Floris was the chosen one, he was going to do the interviews. The interviews were with different people, some of them went bankrupt and some of them really struggled with their finances.
To Floris it was very surprising that he was going to interview people, because he only heard this one our before the start of the meeting. However, he really managed to ask the right questions. It was striking that only two out of three had an exit strategy and that the only exit strategy they had was a takeover by their son or daughter. Nobody really thought about what to do when you go bankrupt.
An other remarkable detail was that all of the entrepreneurs weren’t really negative about the reactions they got from other people, like family, friends or other entrepreneurs. The all say that, if you are open about what happend, people will listen to you, but they will not treat you different. I thought that it was very special that all these entrepreneurs were so open about there bankruptcy.
The other day that we spend for our internship was again an other brainstorm session. But this time a bit more explicite. We thought about the details of our plan and made an power point. Next week we will try to finish our idea and really work it out perfectly. For now our main focus will (of course) be on the assignments.
Have a lovely weekend,
Hi there fans,
This week there was no internship for me so I’ll be writing about my experience of the course introduction entrepreneurship. One of the most interesting things was the analysis of the biography of a successful entrepreneur. In my case Dirk Scheringa, for the ones who don’t know. He built a billion euro bank and as the chairman of this bank it also went bankrupt. So whenever I build up a billion euro bank, I won’t fail. Hopefully.
I enjoyed the insights of the exchange students in all the lectures, raising more awareness of the cultural differences between countries’s that shouldn’t differ that much in my opinion. These two countries for instance, need a different approach to succeed when introducing a new product .
But also the guest lecturers were very interesting. Alekksander borger from the Rabobank learned some new things for me. I was surprised that this bank won’t finance any business plans like erotic shops. I wasn’t planning opening one of these shops myself but I’ve never thought of this and the potential reputational damage for the Rabobank. Another thing what was food for thought, was the fact that starting entrepreneurs wouldn’t be denied for a loan whenever they are the first or the thousandths in a week trying to get a loan for the type of product/service. I can imagine everyone deserves a fair chance, but on the other hand only a few of them will succeed which automatically means that the others will fail. And when they fail it’s hard to get the money back for the Rabobank.
Just some examples of things that stuck to my mind, I enjoyed the course and definitely learned me some new important things.