Individual Diary & Reflection
s4343298
Individual Diary
TIMS7301: Entrepreneurship and New Ventures – Diary and Key Decisions
1
s4343298
1: Brainstorming: 17/04/2014
I had trouble finding a group member having not openly advertised myself to other class mates. I was beginning to stress and thought I'd better hurry. My last attempt was to check the discussion board on Blackboard to see if anybody else was looking and luckily enough, there was. I met with my new partner, Xu Yin, after class on this particular Thursday so we could discuss the basics, that is, how we wanted to approach the task we had been set. We laid out some ground rules including; where and how often we would meet, how we would communicate in-between meeting dates, key expectations and more. Once this was established we moved on to making a formal start on our idea. Some interesting ideas were discussed, however, we had no foundation from which to draw inspiration from so we decided we would spend some time, between meeting next, studying and narrowing down ideas of interest.
2: Consolidation of Ideas: 24/04/2014
Our decision was one of external stimulation, given that we weren't able to identify a need through our own experiences. Rather, we had stumbled across an idea that already existed, though, we felt had opportunity to be refined and re-modelled. Our idea was for a peer-to-peer based lending platform in Australia. I found this idea through browsing various websites in search of successful startups in foreign countries within the past two years. Xu Yin had some great ideas as a result of her own research, though collectively, we felt that our P2P lending idea would be the most viable.
Our basic research told us that in the U.S.A, startups such as Prosper and Lending Club had been effectively disrupting the credit lending market, however, in Australia much less was happening.
We set out to discover what business model we could utilise to replicate the success of our foreign
Individual Diary
TIMS7301: Entrepreneurship and New Ventures – Diary and Key Decisions
1
s4343298
1: Brainstorming: 17/04/2014
I had trouble finding a group member having not openly advertised myself to other class mates. I was beginning to stress and thought I'd better hurry. My last attempt was to check the discussion board on Blackboard to see if anybody else was looking and luckily enough, there was. I met with my new partner, Xu Yin, after class on this particular Thursday so we could discuss the basics, that is, how we wanted to approach the task we had been set. We laid out some ground rules including; where and how often we would meet, how we would communicate in-between meeting dates, key expectations and more. Once this was established we moved on to making a formal start on our idea. Some interesting ideas were discussed, however, we had no foundation from which to draw inspiration from so we decided we would spend some time, between meeting next, studying and narrowing down ideas of interest.
2: Consolidation of Ideas: 24/04/2014
Our decision was one of external stimulation, given that we weren't able to identify a need through our own experiences. Rather, we had stumbled across an idea that already existed, though, we felt had opportunity to be refined and re-modelled. Our idea was for a peer-to-peer based lending platform in Australia. I found this idea through browsing various websites in search of successful startups in foreign countries within the past two years. Xu Yin had some great ideas as a result of her own research, though collectively, we felt that our P2P lending idea would be the most viable.
Our basic research told us that in the U.S.A, startups such as Prosper and Lending Club had been effectively disrupting the credit lending market, however, in Australia much less was happening.
We set out to discover what business model we could utilise to replicate the success of our foreign