Lecture on Entrepreneurship and Product Development
Experience in Entrepreneurship
- 10 years of experience after graduating from college
- Developed several startups and products
- Emphasis on the abundance of failures in entrepreneurship, but the excitement and learning process
Development of Awareness Tea
- Launch of a new FMCG product
- Ideal in product development: not just for money, but for the thrill
- Importance of hands-on involvement at maximum touchpoints of the product
Identification of Problems and Solutions
- Product initiation begins with a problem
- Personal problem: dissatisfaction with premixed tea while traveling
- Market research showed a need for tea at various locations
Team Building
- Lack of experience in team building, but importance of passion and collaboration
- Involving friends and family in the team
Market Research and Survey
- Three flavors decided through customer surveys (masala, cardamom, ginger)
- Testing available brands in the market
- Three parameters for testing: taste, consistency, color
Challenges in Product Development
- Measurement of 100 ml of water
- Matching water at the appropriate temperature
- Improvements based on customer feedback
Production and Quality Control
- Obtaining the right product from manufacturers
- Ensuring quality at various stages of production
- Transportation logistics
Design and Branding
- Brand building process
- Direction for packaging design
- Design development through a design agency
Financial Aspects and Costs
- Fixed costs before production
- Production costs and ongoing expenses
- Distribution and marketing costs
Marketing and Sales of the Product
- How to present your product in the market
- Cost of various promotional campaigns for the product
- Pricing and profit margins
Conclusion
- The difference between a brand and a commodity
- Importance of a profitable brand position for the long term
Personal Experience and Learning
- The thrill of product development and personal satisfaction
- Using education and experience for better product development in the future
Note: Several personal experiences and thoughts shared during this lecture reflect the complexities of product development.