IA20170
Individual Reflection
Student No. 23315863
Moya Li Kehoe
Having completed the module IA2170, Essentials of Entrepreneurship, I have been
fortunate to undergo an eye-opening journey filled with collaborative experiences,
innovation, and invaluable insights, developing my entrepreneurial mindset. Reflecting on
the four-day-long journey, it's evident that each phase—from forming teams to pitching
our business idea—contributed to my personal and professional growth.
Before starting the actual content of the module, I was to meet my teammates. Initially, I
had a concern regarding whether each member would contribute equally. However, as we
progressed through the initial stages of brainstorming, where diverse opinions and ideas
were shared, it was apparent that my teammates would hold themselves accountable. To
strengthen the initially weak communication we shared, a WhatsApp group chat was
created, and I do believe this was beneficial for the foundations of our subsequent
discussions and collaborative work. I was fortunate to work with ambitious, intelligent
individuals with various interests and backgrounds, however, I will say that because our
degrees/studies were very similar (economics/finance/commerce/social studies), I did
consider the possibility that our idea ‘reach’ or capacity may be capped. With this in mind,
I did personally try to ‘think outside the box.’ This process was surprisingly challenging, but
I did reap the rewards on a personal level, in the sense that I felt my own thinking broaden.
Despite the initial challenge of brainstorming, a stout-beer enthusiast in my group
formulated an innovative, ‘untapped’ good. Under the given guideline of creating a product
in the food and beverage sector, Dylan offered the idea of a protein Irish stout.
Subsequently, our team, named "Tipsy Tates," started conceptualizing this business idea,
with the aim of it be revolutionary for the food and beverage sector. Through this process,
I realized how seemingly simple it can be to generate a viable product idea when
approached with creativity and market and commercial awareness. Conducting primary
research via personal connections, predominantly family and friends, further affirmed the
feasibility of our first product, "Irish Strength Stout." That said, we did receive some
feedback regarding the potentially small market we would be entering. My team and I
found that the typical demographic for the average stout-drinker was that of an 18–60year-old male and so, to mitigate the possible risk of entering too niche a market, we
introduced another similar product, but targeted for the average female drinker, “Proteini,”
a healthy alternative to the traditional cocktail. With this minor setback, the importance of
understanding your target market was underlined heavily to me, as well as the necessity
for a business to be able to adapt efficiently and effectively when demanded.
From just the first day of this four-day journey, I can confirm that I honed and strengthened
my communication, problem solving, risk-assessment and collaborative skills immensely.
The middle stage of our journey, focused on prototyping and furthering the context and
concept of the products, proved to be particularly enlightening, especially since I gained
beyond the expected growth of my entrepreneurial mind. Under the guidance of William
Davis, we explored modern prototyping methods, including the use of various online tools
which utilized artificial intelligence in exciting ways. Before taking this module, I only knew
ChatGPT, so witnessing Davis use artificial intelligence in an unimaginable way (creating
various pieces of digital content) was quite eye-opening. I would have never anticipated
this exponential augmentation of artificial intelligence’s power. Though I now have a
newfound sense of urgency to understand artificial intelligence’s tools and be abreast of
the current technological trends, it is a very positive enlightenment that I know will play a
role in my productivity, work-efficacy and hopefully, any future entrepreneurial ventures I
may embark on.
The experience shed light on the implications artificial intelligence has for the survival of
businesses, and start-ups in particular, emphasizing the importance of adaptability in the
current economic and technological climate, and leveraging technological advancements
to best optimise business operations, and fundamentally, profitability.
During this day, we additionally conducted further research of our potential market with
secondary research revealing the potential for a global reach, specifically in Germany, given
the synergised high demand for both beer and protein in the country. Having carried out
this additional research, I think it’s noteworthy to emphasize that as the team and I invested
more effort and time into the project and its potential, more opportunities seem to arise.
In other words, I have learned that as one gains more knowledge and insights in a particular
area (in this case, a business idea), more opportunities become apparent. In addition to the
technical skills, adaptability skill, analytical skills and innovation skills, this was a key notion
I took from my time in the Innovation Academy.
On a side note, sustainability was an aspect that was heavily underlined during the
teachings I received in the module. This was of course appropriate given the increasing
awareness revolving sustainability on various fronts (environmental, social, political etc)
and ESG goals. My team and I were encouraged to adopt sustainability into the operations,
product production and processes that would occur in our hypothetical start-up, which
further emphasized the fact that start-ups and established firms must always adapt to what
the economy and market wants, otherwise, there will be a possibility of being out-dated
and thus losing the customer basis, revenue and finally, profit.
On the final day of the four-day module, my team and I were to create a set of presentation
slides with the motive of pitching our business and product idea to our fellow classmates
and the lecturer. In order to best optimize our time and resources, we decided to work
together on a shared document via the free online design application, Canva. This allowed
for a surprisingly seamless creation of slides and effective execution of the message we
wanted to deliver and the problem we aimed to address with our products and business
idea. Upon finishing the actual material that was to be used for the pitch, the team and I
negotiated and discussed how to best allocate the content of the presentation so as to fairly
give everyone a chance to speak and engage during the pitch. Fundamentally, I think we
collaborated very well and delivered quality material efficiently.
However, when the pitches began and upon seeing other teams’ pitches and slides, we
realised that we had actually forgotten one or two elements that should have been included
in the pitch material. Fortunately, my team and I were able to rectify the situation through
extremely acute awareness, engagement and communication. Before our presentation
began, we had improved our presentation slides and information just in time, which I am
certain solidified our overall pitch. Apart from the temporary panic in this moment, I think
the team and I delivered informative and insightful material as well as a persuasive pitch.
On a personal note, I admit that I was quite nervous leading up to our pitch, since the
content I was presenting on was not my area of expertise to say the least. That said, as soon
as I started presenting, I feel that I communicated the business idea effectively and fluently
enough whilst also offering the information in a visually appealing way.
All in all, despite the slight time pressure to construct quality material, the minor errors,
and a personal anxiety to present, I think it is fair to say that I advanced my ability to
present, to communicate, to collaborate, to problem solve and to work efficiently under
time pressure. I can also acknowledge that I have learned to trust others more with regards
to handling certain tasks and working in teams in general. Before this module and the team
tasks that we were assigned, I found it difficult to have full faith in others’ ability to execute
a task, or to be accountable for their part, however, I can confidently say that I have a
greater desire to work with others and do not find as a great a need to try finish all the
tasks on my own.
In conclusion, I have evidently benefited greatly from this module in the sense that my skills
and entrepreneurial mindset have advanced beyond my expectations. From learning how
to collaborate and share thoughts and ideas to learning how we, as consumers and business
owners, can make productive use of AI, I have learned an invaluable array of skills and
insights. This module has equipped me with the ability to effectively collaborate with
others, share ideas, and work in diverse teams. I have honed my communication skills,
enabling me to articulate and exchange thoughts more effectively. Furthermore, the
module has provided me with a deep understanding of how AI can be leveraged to enhance
productivity and create innovative solutions. As a result, my overall growth in both soft
skills and understanding of AI's potential has exceeded my initial expectations, positioning
me to thrive in an increasingly technology-driven business landscape.