Final Reflective Blog

I will summarize what I learned in the first semester of this course, managing a creative business. This course combines multiple disciplines, from theoretical knowledge to practical knowledge, I learned multi-disciplinary knowledge, business model, new venture development, intellectual property, enterprise financing, advertising and brand management, business strategy. Next, here’s a summary of each section.

I remember the first week of the course was business model, Business Models show how an enterprise or organization creates, delivers, and captures value, In order to realize the maximization of customer value, the business model integrates the internal and external elements of enterprise operation to form a complete and efficient operation system with core competitiveness, which can meet customer needs and realize customer value through the optimal realization form, and at the same time make the enterprise achieve the goal of profit. It shows the core values that a business creates. Behind every business there is a business model that puts an idea on a canvas. The business model canvas with nine modules in one canvas. It can not only provide a variety of plans, but also more easily meet the needs of customers. It emphasizes the interaction and connection between nine modules. Learning this business model canvas has a great effect on the future work, which can help us reduce the speculation in the future entrepreneurial path, ensure the right goals and reasonable problem-solving tools. It’s an effective tool for putting our ideas on the business canvas.

In the second week of the course, New Venture Development, before that, we were asked by the teacher about the difference between the two. The example of banana made it easier for me to understand the use of different values of banana by entrepreneurs and businessmen. The concept of occupation and the concept of behavior are two concepts that do not exclude and do not overlap in some way. How to make a profit on the way to start a business, it’s a process of finding a product or service or an idea, then buying a product, then improving and prototyping it, showing people the results, filling in the gaps, reinventing it, finding partners, finding investors, selling the product. Many reasons why entrepreneurs fail are summarized in the courseware, such as capital exhaustion, no market demand, price and cost. Putting an idea into practice is a process of starting a business. Any business venture has the risk of failure.

In the classes with Simon Hulme, the two sections on Entrepreneurial Finance also made me review the relevant knowledge I had learned in college, and understand the important role that finance plays in the operation of enterprises. (Karen and Joe, 2008) said that to get a clear picture of a company’s profitability, look at the income statement, balance sheet, and cash flow. The balance sheet and profit and loss statement, help us more clearly understand a company’s internal financial situation, that we can forecast and judgment, and then make the right choice. An income statement that reflects the results of an enterprise’s production and operation during a certain accounting period. The operating results of an enterprise during a certain accounting can show the profit, may also show the loss, so the income statement is also called profit and loss statement, it reveals the various revenue of the enterprise at a specific period, all the fees, costs and expenses, and enterprises to achieve profits or losses, according to revenue minus expense obtain profits.

Business strategy games, I won’t forget, my team and I go to the library every Wednesday after class to analyze data and make decisions. In my opinion, it was just a game, but I learned how to analyze data and strategy theory. Before that, I had no idea what ocean strategy was and what porter’s five forces were. Meeting after meeting, I also learned how to cooperate with others. It is not easy to be a good chairman. When to buy and when to sell is not just a matter of adjusting the data. In the business strategy game, we analyze the results of the last round of decisions, analyze our data, and make decisions before each round of decisions. In the first few rounds of decision making, we neglected to analyze the data of our competitors, which led to the defeat of another team. We suddenly realized the seriousness of the problem. We should not only focus on our own data, but also compare with our competitors and make a comprehensive macro analysis. Stewart Clegg said that strategy is knowledge and power. A good strategy allows us to keep our heads clear, to gain a sustainable competitive advantage. PESTEL, an effective macroeconomic analysis tool. P-political, E-economic, S-social, T-technology, E-environment, L-legal.Through these six factors to analyze the situation facing the enterprise. It can not only analyze the external environment, but also identify all the forces that have impact on the organization.

Two sections of Intellectual Property also impressed me. Copyright is used to express the rights enjoyed by the creator for his creation. After China joined the World Intellectual Property Organization (WIPO) in 1980, WIPO currently has 192 member states, 188 of the UN member states. In China, the copyright period is the life of the author plus 50 years. it subsequently enacted trademark rights, patent laws, Copyrights and so on. In China, the duration of the patent right for invention is 20 years, from the date of filing. Copyright protection covers works of literature, music, drama, radio, film and art. Creative Commons is a non-profit organization dedicated to building global knowledge and cultural sharing. The types of licenses are CC BY,CC BY SA, CC BY NC, CC BY ND, CC BY NC SA, CC BY NC ND. Intellectual property rights play an important role in enterprises. Intellectual property rights not only protect creators’ creativity, but also respect creative people. If there is no effective protection, it may be stolen, infringement, harm the interests of the creator.

Advertising is everywhere in our life, advertising is the source of information for consumers, but there are also false advertising in the market, exaggerate the role, but consumers can still get information. Interesting advertisements can attract consumers’ curiosity and enhance their desire to buy. Effective advertising has a clear target audience and the best positioning. The first is mainly to select the target audience, the second is to understand the decision of the target audience, the third is to determine the best position, then develop a communication decision, and finally set up a media strategy(Percy, L. 2016). The development of advertising begins with background analysis, identifying the market and advertising targets, and then making advertising strategies. Through language, text, images, information, and inform activities through extensive publicity, advertising as a means of information dissemination, shortens the producers of the distance between products and consumers to buy, it can reduce the cost of seeking consumers, through certain media, such as goods and services information in a timely manner to convey to the target consumers. Targeted to stimulate consumer desire to buy.

Many advertisements rely on slogans, pictures and information display. The ultimate goal is to attract attention. Although most consumers know that advertisements are not authentic, they can still accept them because they can get more product information. Of course, a good advertisement can also have an interesting story. In class, we created an interesting story for Bolney Bubbly to make it more attractive. Learning advertising is of great help to my future work.

In business, brand management and advertising are inseparable, brand is related to reputation, promotion advertising makes the brand more famous. The last class is brand management. The existence of a brand gives consumers a sense of trust and makes it difficult for products to be replaced by other products. Brand is the symbol of corporate image, shaping corporate brand and enhancing corporate competitiveness. A brand’s popularity and loyalty come from the internal quality and performance represented by the brand. Such as cold medicine, white plus black, in the current many brands of cold medicine, innovative proposed to eat white tablets during the day, black tablets at night, relying on its unique time-sharing cold medicine concept, become the image and sales good cold brand representative.Points-of-parity is a common similarity for brands, and points-of-difference is what sets them apart from their competitors.

Incorporates a number of skills, this course is to let we convert ideas into new products and services required skills, is to combine diverse creative subject, we obtain knowledge, we study business model, using the business model canvas to show our ideas, advertising management and brand management, or the business decision making game, entrepreneur financing, these are our future of innovative enterprise management skills. This course is of great help to my future work. I have learned the knowledge of enterprise management, which can be applied to the actual business in the future creative industry.

References: Clegg, S. 2017. Strategy:theory and practice. 2nd Edition. Karen, B. and Joe, K. (2008) Financial Intelligence for Entrepreneurs Percy, L. and Rosenbaum-Elliot, R. (2016) Strategic Advertising Management. Fifth Edition: Oxford.

Lean Canvas

What is Lean Canvas? In week 8 of design thinking, I have learned about Lean Canvas.

Lean canvases are designed by entrepreneurs to test their ideas and it consists of nine modules. Entrepreneurs use lean canvases to form clearer strategic goals and key initiatives. The main purpose of a lean canvas is to go from an idea to a blueprint for a successful startup, bringing together nine components, From the perspective of customer segmentation, each customer group is different, and no one product can satisfy all groups in the market. Only for clear users, products and services are more targeted, the closer to the core needs of users. Secondly, we talk about problems, which are the unmet needs of our target population, and the problems we need to solve. Followed by solutions, aiming at the problems in front of the target customer group of specific solutions, in the process, the customer may not be willing to pay the time or money to purchase a product or service, so we developed our MVP, first to test our idea and scheme is correct, if the customer accepted our MVP, that shows that our design is correct, on the other hand, the customer demand, we will again go back to mining design of our products.

For the design of our solutions, what is the value we provide? This is very important. The establishment of value positioning is the characteristic that enterprises should consciously plan and gradually form in external publicity. It is the reason why users choose our products and services, and what value we provide to customers. Alibaba, for example, offers businesses that are easy to do. Their business is helping people do business. The Unfair advantage is to grasp the scarce resources in the market. For example, regular coffee costs only 15 yuan per cup, while starbucks charges 35 yuan per cup. The starbucks brand is unique. How to make users perceive our core value positioning, we need to consider how our products and services reach users.

There are also revenue streams and cost outlays to consider on the lean canvas, and we need to think about what the monetization model is for our products and how we price them. In dealing with customers, take into account who is the real payer and who is the user. Different revenue models may have different revenue sources. The cost structure is an important part of where our profits come from. We have to decide where the money is going and whether we are going to make a budget.

For entrepreneurs, the most important thing is to find the entry point of the business model, which represents the ideas of entrepreneurs. Products are really in demand and can satisfy a group of people. Lean canvas is an effective model tool to increase the success rate of entrepreneurship. This is very helpful for my future work. The sum of more focused thinking about entrepreneurial projects, after analyzing your own canvas, you can have a concrete and feasible implementation plan.

New Venture Development

In the second week of school, we learned about New Venture Development. Starting a business is always risky. In business, the uncertainty involved in starting an activity with an idea is risk. In class, we break down venture development into three steps, from product development to organizing activities, and finally disbanding. The fixed life cycle of a business includes seed and development, startup, growth and establishment, expansion, maturity/exit. The 4P innovation space includes product, positioning, paradigm, process. It breaks down the concept of innovation into four modules. 20 factors that make a startup fail, such as lack of market demand, running out of money, not having the right team, or not having a good product. Starting a business requires enough courage to face the possibility of failure. In The class, The Artist Entrepreneur called Azza AI Qubaisi helped me better understand new venture development. The reason for her success is that she created a market to sell her products and found an opportunity for innovation.

Do you know what’s different between businessman and entrepreneur?

The picture on the left gives me an idea of the difference. I think this picture on the deck is a good example. Businessman though competition make money, they are participants in market, they offer products or services for people. On the country, the entrepreneur have creativity, create new market and guide the market. Businessman is basic on make money, however, entrepreneur is know how to create higher and greater value. In the process of creativity, there is risk, absolutely.Risk-taking is the foundation that entrepreneurs must have. another important is creativity, it is a tool. Luke said whenever you have an idea, write them down. Some idea will get weeded out when you move forward.

What is Lean Startups? According to Eric (2011), it’s a new way of looking at innovative new product development that emphasizes customer insight and rapid iteration. Lean entrepreneurship is a set of practices that helps entrepreneurs increase their odds to build a successful business. Lean Startups use proven learning, scientific experimentation, and iterative publishing to deliver products and services that accurately meet customer needs with minimal initial funding. The minimum viable product in the lean startup step refers to a simple prototype that is first made during the development of the product to minimize the formable product, and then the product is revised continuously through testing and user feedback collection to finally adapt to the market demand.

After class, we visited Launch & Pitching Event. The most bright ideas I think it is called Heaven sent. This is a service that gives you the chance to say your final goodbyes. There are two reasons that I love it so much, firstly, it is a unique way to express our feelings, it is so meaningful. Second is this service human-based, through time and space, whatever your share way. This bright ideas not only meet people’s needs, but also unique. Maybe I will start to pay attention to every detail of my life now and write it down.

References: Eric, R. (2011) The Lean Startup: How Constant Innovation Creates Radically Sccessful Businesses.

Advertising

Would you buy a product because of an advertisement?Advertisements are everywhere. So, What is the purpose of advertising?what’s different between advertising and promotion?

Advertising is to build a long-term positive brand attitude by shifting consumers to the brand. Promotion is now the short-term tactical goal of advancing brand sales. (Percy, L. 2016)

The advertising development process includes the following sections

Background analysis
Determination of marketing & advertising objectives
Budget planningtarget audience identification
Advertising strategy
Identification of core message
Development of campaign
Testing
Implementation
Monitoring and evaluation

The two most important ones are identification of core message and development of campaign. About choice of advertising appeal, our lecturer also told us that rational appeals was only 10 percent. Advertising also has the effect of making people consume blindly. The purpose of advertising is to sell more branded products or services. Although advertisements are everywhere nowadays, about 70 percent of consumers believe that advertisements are not true and often contain a lot of false and exaggerated information. However, most people accept the advantages of advertisements because they are a source of information. The goal of many forms of advertising is to attract attention, whether it’s celebrity endorsements, or music, slogans and slogans. Effective advertising must be from the consumer’s point of view, and persuasive. One of the key relationships between a consumer and a brand is trust. Developing a communication strategy and positioning strategy helps establish how managers deal with the two core communication objectives of brand awareness and brand attitude. The first is mainly to select the target audience, the second is to understand the decision of the target audience, the third is to determine the best position, then develop a communication decision, and finally set up a media strategy. (Percy, L. 2016)

In the class, I chose the advertisement of BMW 3 series for analysis. This advertisement not only conveys the clear line, outline and technology of BMW 3 series, but also reflects its cutting-edge quality, joy and passion. The BMW 3 series is aimed at car enthusiasts and people who want to buy cars. Intended Message is that has modern clear-cut lines, customers and technologies that speak to its cutting-edge quality. Medium chosen is social media, TV.

After lunch, in class, the teacher told us about Bolney Bubbly, and all we had to do was think of an advertisement for it. My team and I came up with a special story for this sparkling wine to make it more appealing. The story behind the product makes sparkling wine more attractive and valuable,I think that’s the magic of advertising!

Social media has also played an important role in our lives, providing a new way to deliver advertising. This allows us to get a lot of information from advertisements, but have we ever thought about the issue of advertising and morality, whether advertisements lead to harmful behaviors of consumers, or whether some people may blindly buy products they do not need because of advertisements, what constitutes unethical behaviors of advertisers?

References: Percy, L. and Rosenbaum-Elliot, R. (2016) Strategic Advertising Management. Fifth Edition: Oxford.

First Dragons' Den

Last Friday, December 6th, our group showed our bright idea to the judges, classmates and teachers, Dragons’ Den is a place to show our business idea, although we think about our idea from the start, but there are still many problems, the experience of the Dragons’ Den, let’s get a lot of constructive Suggestions from the judges, we got a lot of feedback, we might be a little fuzzy on some issues, but not everything is perfect, it is a learning process, we will make our thoughts more further clear, although they have practiced many times, but came to power in the face of so many classmates and teachers and the judges became tense. But I believe I will do better and better each time.

Our idea was to design second-hand clothes shops for Asians, and this idea came from our experience that for us Asians living in the UK, we often couldn’t find clothes that fit us, that didn’t fit us in terms of size and style. The idea is not only environmentally friendly but also solves the problem of people like us. As a team, we met many times to get our ideas into action, even though we had no background. We have all promoted our products within the specified time, including requirements, product content, competitors and market, etc. The feedback from the judges helps us better understand our products and some problems that have not been considered. We will continue to improve our ideas. We found our ideas through empathy, brainstorming, and helping the Asian population solve their needs. In the Dragon’s Den competition, how to express our ideas clearly and make everyone understand, we rehearsed for this many time, just looking forward to this day, want to be more confident to show everyone.

Our first customers may be our friends, because we would like to tell our friends what we think, they are also studying in the UK in the Asian community, they will be interested. We have a cool name, AS-zone, AS like Asian.

This simulated dragon’s den competition let us know our shortcomings and learned a lot from it. Both ideas and speeches need to be improved and hard work. Some problems may be unclear expression. The point of pride is that we like to refer to notes for previous speeches, but this time we are off script, hahaha. : )Pitching is not an easy thing to do, so we keep practicing, over and over again. It’s not enough to just talk about our products, we have to understand how our business works, we have to think about our competitors, our costs and benefits, a 5-minute speech and a 10-minute Q&A. State our ideas and advertise our products clearly. The other team is also very good, very confident, believe that next time I will do better.

Next, we’ll think about and refine the Suggestions the judges give us, such as where we collect our clothes, and some ideas need to be clearly expressed.

A special experience

In the fourth week of the design thinking course, I had a very special experience with my team members. I never thought the course could be in this form.

I played different roles with two other partners. I played a mute, while the other two played a robot and a blind. In this game, the robot needs to help the blind from the classroom to the bathroom at the end of the corridor, and the mute can only act as an observer. The three of us play the role of impassability, standing in a different position, as my mute, observe if there is no robot, so difficult to complete this series of actions for the blind, the blind can very cautious slow to touch everywhere, their heart is very fear, they don’t know the situation around, not only by the ear to listen to, with the hand to touch and they were terrified by the sounds around them, and the robot and I were able to take the blind man to the bathroom. That class impressed me very much!

After the game, we use the empathy map canvas to describe what each of our characters feels, hears and thinks from different perspectives. Without a doubt, this is the most interesting class I have ever had. We need to learn, but what we need more is to get and learn from this experience, because it’s a process. If it’s just boring theoretical knowledge, I don’t think anyone is interested. In entrepreneurship, we need to feel and experience in person, so that we can understand our target population from various aspects and obtain useful information.

In the seventh week, our group went to marks & spencer, we observed items in the supermarket, people’s behavior, finally we decided to redesign label, we found that some people in the supermarket this inspiration is because when standing in front of the shelves selected items, blocking the others and therefore becomes very crowded, so we came up with a good idea, is to add qr code on the label, so that each customer can scan qr code to get the detailed information of the item, can solve a lot of people surrounded in a flurry of supermarket. When we go to the supermarket, I think of myself as a customer, and I look around and think about what is not perfect, what would be easier and more convenient if there were improvements, and we observe customers in the supermarket, and after every action they take, we think about what could be improved.

To build empathy with others, we need to see the other person’s emotions, try to communicate with him, and fully accept and agree with his point of view. The empathy map helps companies to supplement the implementation framework for developing empathy based on consumer needs from seven perspectives. In my opinion, it is not only a convenient tool, but also a design thinking way that allows us to maintain empathy when using tools.Putting thinking and feeling elements at the center, in the mind, and emphasizing the differences between thoughts and feelings that can be observed, add some thought-provoking questions that make it easier for team members to promote practice.

Branding

source: Canvas

What is the difference between a brand and a commodity?

Brands give value to commodity, Products are easily replaced, but when brand is added, they become specific products in the market, because customers have certain loyalty to specific products.

Value of branding
For organisation a brand is a source of financial return, a legal statement of ownership, it's a sign, a name, that distinguishes it from other goods.
Brands allow organizations to create differentiation, build brand loyalty, protect themselves from competition, and enhance their influence over retailers. On the other hand, brand is a kind of guarantee and promise for customers.

Points-of-parity VS Points-of-difference

Parity point means that a brand may have some similarities with other brands, and it is an element that a brand needs to be considered in the eyes of consumers. Point of difference is the differences between a company or service and its competitors. Good differences will increase customer interests and brand loyalty.

In my opinion, there are many kinds of commodities in the market, but different brands give value to the commodities and make the commodities unique. For customers, they choose the commodities of a certain brand because they trust the brand and they believe in the guarantee of quality. The Internet has become a way for consumers to delegate purchasing decisions to smart shoppers, who can learn which prices and brands they want to choose. The Internet also allows consumers to exchange information and their passion for brands online. On the one hand, this strengthens the connection between brands and other consumers, which is an opportunity for enterprises, but on the other hand, it is also a threat, because higher transparency may increase the number of competitors.(Dall’Olmo Riley,F ,2016)

Let’s talk about brand positioning, Starbucks, for example, does not define itself as a mere coffee shop. It is a place for thinking and imagination, a place for gathering and talking, and a comfortable harbor with a sense of community. In the competition, a general brand has found its own positioning, an excellent brand advantage and can locate its category. A consumer USES a brand of product, and if his task is perfectly resolved, he will continue to use it the next time. Over and over again, consumers begin to connect with the brand and a good brand story will also enhance the customer’s impression of the brand in favor.

Brand mantras refers to an expression of the core spirit of a Brand, usually a 3-5 word phrase expressing the essence of the Brand connotation and Brand positioning. Core brand

Mental map Consciousness map is a method to help organizations find the positioning of brands. It is similar to the process of association. It is like asking consumers what they will associate when they see the logo. Next I will put a slide in the content, is a few famous companies of the brand mantras.

BRAND ME POSTERS & PRESENTATIONS

Reference
Dall'Olmo Riley, F. (2016) 'The roles of brands revisited', pp. 394-414

Intellectual Property

In the fifth week, Nick Bennett intellectual property conference made me really start to understand different types of intellectual property related to creative enterprises, such as copyright and trademark. Week 9 meeting with Naomi Korn Associates about licenses, contracts and social media.

What is Intellectual Property?

Intellectual Property right is the exclusive right that the right holder enjoys according to law to the result that intellectual labor creates and the mark in management activity. Types of Intellectual Property are Copyright, Patents, Trademarks, Industrial designs, Geographical Indications, Trade secrets.http://www.wipo.int/about-ip/en/. Intellectual property protection enables people to gain recognition and economic benefits from their innovations or creations.

Copyright Protects the work and prevents others from using it without permission. Original literary, music and artistic works, photography, illustrations, film and television videos, radio, written and theatrical works will be protected by copyright when created. For most types of writing, copyright lasts at least 50 years and for photographs at least 25 years.http://www.gov.uk/copyright

What is Creative Commons?

Creative Commons is a non-profit organization dedicated to building a global sharing of knowledge and culture. The types of licenses are CC BY,CC BY SA, CC BY NC, CC BY ND, CC BY NC SA, CC BY NC ND.

CC BY - Attribution 
CC BY SA - Attribution Share Alike
CC BY NC - Attribution Non-Commercial
CC BY ND - Attribution No Derivative
CC BY NC SA - Attribution Non-Commercial Share Alike
CC BY NC ND - Attribution Non-Commercial NO Derivative
BY - You can copy freely, but you must trust the author and keep his name.
SA - May freely copy, if changes to this work, under the same terms of license as this work, can distribute the derivative works produced by this work.
NC - This work may be reproduced and displayed freely, but may not be used for commercial purposes.
ND - May freely copy and distribute the work, but may not change the work.

Intellectual Property in China have been acknowledged and protected since the 1980s. In 1980, China became a member of the World Intellectual Property Organization(WIPO). WIPO currently has 192 member states, 188 of the UN member states. In China, the copyright period is the life of the author plus 50 years.

Intellectual property plays an important role in enterprises. Strengthening the protection of intellectual property rights can enable enterprises to enjoy the market benefits brought by intellectual property rights, avoid the loss of intellectual property rights, and ensure the safety of enterprise operation. Innovation is the soul of intellectual property. No matter trademark right, copyright or patent, if it is not effectively protected, competitors will obtain intellectual property at a low cost through imitation, replication and other improper means, which not only disrespects the original author but also damages the interests of others. Learning about intellectual property will help me a lot in my future career, at least if the company fails to provide good property protection.The protection of intellectual property is the protection of creators and the protection of innovation.

Entrepreneurial Finance

Profit & Loss

The Profit and Loss statement is like a video, it is recording the company’s revenuer and expenses over a period of time (maybe a month, quarter, or year).

Profit and Loss = Income — Expense

The five levels of profit
1. Gross Profit is the profit made directly from sale products or services.
2. EBITDA is Earning Before Interest, Taxes, Depreciation and Amortization.
3. Operating Profit (EBIT, Earing Interest and Tax, or Trading profit)
4. Profit Before Tax (Net Profit Before Tax, or Earnings)
5. Profit After TAx (Net Profit After Tax, or Net Earnings)

Balance Sheet

The Balance Sheet Statement contains important information about the business. It is like a photograph. It is a statement of the assets, liabilities and owners’ equity owned by the company. It shows the assets a business holds and how those assets are financed.

Assets— Liabilities = Shareholders’ Equity

Debits and Credits, For all financial statements, debits and credits are the most basic components, and each debit must have a corresponding credit. It could be in the income statement, it could be in the balance sheet, but they have to balance, and if one side is out of balance, there must be something wrong. An asset, for example, is an increase in the debit and a decrease in the credit.

Cash Flow is the net amount of cash and cash-equivalents being transferred into and out of a business.

10 ways to improve the Cash Flow
Improve Profitability
Get Customers to Pay with Order
Collect Payments using Direct Debit
Optimise Stock Levels
Speed Everthing up
Factor your Debt
Negotia Better Supplier Terms
Invest in Credit Control Procedures
Asset Financing
Delay paying your Suppliers

For example, Carl’s cafe, gross profit is total sales minus cost of sales. Fixed monthly expenses such as wages and rent are Fixed Costs. Fixed Costs is a cost that does not change with an increase or deccrease in the amount of goods or services produced or sold. On the contrary, Varible Cost is a cost of labor, material or overhead that changes according to the change in the volume of production units. (Simon, 2019)

Karen and Joe (2008) mentioned that Entrepreneurs can read income statements, Balance Sheets and Cash Flow statements to get a clearer picture of the company’s profitability. Financial statement is the dynamic analysis of the historical data of an enterprise. It is the prediction and analysis of the future based on the study of the past, so that the company can make a correct decision. Through the analysis of the Balance Sheet, the company can understand its financial status, and judge its solvency and liquidity adequacy. Through the analysis of Profit and Loss statement, understand the analysis of the company’s profitability, profitability and empirical efficiency. By analyzing the Cash Flow statement, we can understand and evaluate the company’s ability to acquire cash and predict the company’s future cash flow.

Simon, H. (2019)  UCL Entrepreneurial Finance.
Karen, B. and Joe, K. (2008) Financial Intelligence for Entrepreneurs: what you really need to know about the numbers.

The Design Museum

The fifth week of design thinking, before that, I visited the design museum with my team members. I have to say, I saw a lot of interesting things there. It’s a collection of innovative designs nominated for 12 months by design experts from around the world. These include fashion, graphic design, digital, transportation and products. Design is everywhere in our lives, whether it’s transportation, whether it’s a piece of clothing, all of these objects, services or systems that are designed.

What problem is this product solving, who is it designed for, why is it relevant, and we go to the design museum with a list of questions, we chose the three products that we thought were the most innovative, and we showed our speech to our classmates and teachers in class.

Self-Driving Shuttle Bus GACHA

Designed by MUJI in collaboration with sensible 4, this is the first driverless bus to operate even in bad weather. Sensible 4 found out when it was first designed that the bus wouldn’t work in light rain, so with modifications they solved this problem. It solves the problem of people traveling safely in bad weather conditions.

MEGA SWITCH

This is a product designed by IKEA, which solves the problem of difficult to find the switch button for the elderly and disabled. It is very useful.

Rethinking the meal tray, this product was designed for customer with flight.

These products are people-oriented, to meet the needs of people. The process from idea to practice is a five-step process in design thinking. Behind every innovative design is a reason, perhaps to solve a problem. I have to sigh, some products look very ordinary, but very practical, considering its functionality, can bring convenience to people’s life, although some small changes. There are so many steps from an initial idea to the final prototype. Just like the driverless shuttle bus, I did some information research and learned that currently driverless vehicles can only drive in good weather and clear road markings. However, this gacha has improved this deficiency when it is designed, so that it is not affected by the weather and people can travel safely. It is so cool!

Here is a focus on thinking about the relationship between design and life. The design maker user showcases nearly 1,000 designs across a wide range of design disciplines, I met a 1980 keyboard by Stephen Hobday and Lilian malt. From mobile phones to computers, generations of innovative products have been designed. A product, service, or system is constantly evolving, requiring observation, research, and communication with users for information. Today, with the development of science, from digitalization to artificial intelligence, every research has brought convenience to life and improved the quality of life. We should pay more attention to our life. Maybe it’s just a small detail, but it can make a big difference. Finally, I want to say, it was a great experience to visit the design museum and visited a lot of innovative designs.

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