- List five compelling take-aways from the Art of the Start.
- Choose a mantra – not a mission statement. Mantras are for employees and it is a simple phrase that inspires them to perform; mission statements are for customers. In the beginning, it is more important to motivate employees.
- The ice is smooth when businesses first start. Entrepreneurs need to prioritize the most important aspects and not get wrapped in trivial details.
- Highlight the unique value that the product offers the consumers. Make the consumers feel like they need the product or service for its inherent value.
- Create meaning by demonstrating how a product/service increases quality of life or corrects a wrong.
- When giving presentations apply the 10x20x30 rule – 10 slides, 20 minutes, and size 30 being the smallest font used. This will force the entrepreneur to fully understand the product and will retain the investors’ attention.
- Articulate your value propositions for your diverse customer segments.
For small farmers who have difficulty optimizing copra production and lose potential profits, our efficient and cost-reducing copra oven is the copra farming equipment that saves you valuable time from the drying process and increases copra production.
- Discuss your Total Available Market and Total Addressable Market. List all your assumptions and hypotheses.
Total Available Market:
- Male and female coconut farmers whose primary source of income is their copra farm.
- 15 million Filipino copra farmers.
- Low-income, small coconut farmers whose purchase power parity is less than $1.90 per day.
- NGOs whose mission is to help low-income, small coconut farmers (whose PPP is less than $1.90 per day) expand their market and optimize profits.
- Key Assumptions:
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- Copra is one of the most important exports of the Philippines – in 2018, the Philippines exported approximately 49% of the world’s copra products.
- The global coconut oil market revenue is approximately $5.9B.
- 25 million Filipinos are directly or indirectly dependent on the coconut industry; 9 million of those directly involved live in poverty.
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Total Addressable Market:
- 3.4 million copra farmers whose income suffered from a 64% reduction in the world’s coconut prices
- Key Assumptions:
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- It currently takes 4 days for farmers to properly dry their copra.
- Filipino copra farmers median annual income is $620, living on approximately $1.70/day.
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