Reflection on First Stage of Business

On October 8th, our group, Secret Seal was asked to deliver our Proof of Concept. It was conducted in a form of slideshow presentation. Proof of Concept served as the next step that followed after our group’s previously successful Rocket Pitch presentation.

The presentation content was completed mainly to proof and convince potential investors, teachers and classmates, that our Secret Seal business is profitable. Peers voted five groups out of the remaining nine business concepts based on whether they think Secret Seal is profitable or not. Thus the presentation main objective was giving evident that our Rocket Pitch idea is visible and financially viable.

Market research acquired from primary qualitative research was used as the basis for Proof of Concept. The research was obtained through conducting focus groups in which a group of people were asked about their attitude towards Secret Seal’s product concept, idea, selling method or price. Each of our six Secret Seal members asked different peers ranging from various college students and companies regarding their knowledge of our product, ensuring that the participants are still part of the supposed target market.

Constructing primary market research before starting a new business is important. It has helped our company to determine the general value, the identity and market share of Secret Seal. Not only that, this knowledge of the market size, market demand, market purchasing behavior and market purchasing ability was important for entrepreneurs to understand the potential market acceptance of the product. Open-ended questions asked on focus group made us able to notice the strength/weaknesses in respect to our products and company: since Secret Seal is a new invention,