Lesson learned Coaching Class #1: In creating business model, it should not only covers the collection of assumptions or strategy in gaining profitability but it should be scalable. Scalable means that the business could both generate profit and able to grow in a certain period of time. Rather than using assumption, we better use hypotheses by which we test our product directly to the customers. By doing so, we will be able to obtain hard data as a validation of our business existence. This is the first time we learned about lean startup methodology, which it is applicable to verify our business model. From what we got, the methodology is used to test our product in a small-scale to the targeted customers then we can redevelop the missing points based on the testing review, so it basically creates fast, flexible, and repeatable process. On the other hand, pitching our startups to potential investors will be crucial. Because in pitching business startup it is better to have a story on how we found a problem and how to solve it by showing a real case that we have tested in our hypotheses. According to Lemonilo journey in developing their business model, it is amazing to know that they are actually implementing an actual research, by using hypotheses. They testified three hypotheses about healthy lifestyle, then tried to overcome each of the problem by creating an healthy, affordable, tasty and practical food for Indonesian people. To sum up, Lemonilo has an appealing business model approach along with its process to validate that their products could compete and grow in a fierce consumer goods industry. Lesson learned Coaching Class #2: In order to have a sustain business, an entrepreneur must have their paying customer. Whereas this related to the business opportunities. In the end of the time, the entrepreneur will be able to identify their market segmentation based on their location or willingness to buy the product. In that way, the entrepreneur can estimate whether their product has the ability to compete within the industry. Nevertheless, what we learned from HARA, it is important for entrepreneurs to see the business opportunities from the big picture first in order to solve the issues. It is really inspiring to acknowledge that HARA could fill the financial access gap between the farmers and money institutions. They are not only coping with the business process, but also synergizing with their customers behavior (where they obtained some representatives called agripreneur to engage with the farmers directly). To sum up, despite the business aspects, it values people empowerment, diversity, and skill set differences which makes HARA has a potential to expand their business in the future. Lesson learned Coaching Class #3: How founders Startup Building Their Core team - This is the most crucial part of establishing a startup. We required to find the right person that could help. For instance, looking for someone who has expertise in marketing or finance if we are as an idea planner has a background in engineering. The core team should be included people who are from different backgrounds, to get the right perspective when overcoming an issue or decision making. Creating prototype and Costumer Feedback - Prototyping helps to deliver a working model of our innovation to bring it to life. It gives us a tangible way to project its potential and help stakeholders understand it’s worth. In addition, we need to prove it that does the people want to pay for our product or not. If not, we need to re-evaluate our product prototype based on customer feedback. - When we initially introduce a new product, brand or service to market we probably have an idea about customer needs. Market research that we conduct before the introduction gives us an idea if potential customers would be willing to buy it and also they can give us some tips on how we could improve it. However, only after our customers use our product or service we can learn about all the advantages, flaws and actual experience. On top of that, their needs and expectations evolve with time. Customer feedback is an insight into what is working well about our product or service and what should be done to make the experience better. We might have the best expertise in the industry in which our company operates, but our professional knowledge will never be more valuable to business performance than customer insights. Their opinions help us ensure that the end product will actually meet their expectations, solve their problems and fulfill their needs. Market Visibility - We must conduct research before launching our product since we still need to know that our product is required by the market or not. Most startups fail because they forget this crucial step. They just launching their product even doing product visibility. Moreover, this part could be determined how long our startup ideas could exist on the market in the future. Social Impact and Profit - Startup Ideas often come when there is an existed problem. This idea should be implemented to overcome the problems. Then, when the problem has been solved, it can be called a Social Impact. We create a positive impact on the society. However, the social impact should be equalized with profit. Because without generating profits, our startup company would no longer be sustained anymore. However, if our company generates a lot of profits, surely we could influence a bigger social impact on the society. How do the investors could entrust their money to the startups? - The first aspect that the ventures companies consider before gives funding to the startups is they want to know more about the Co-Founder and ensure that this person is reliable and trustworthy. Alpha JWC Ventures VP said that first, they put the trust in the Co-Founder then thinking about their business model, etc.