What is the BARS approach and why should every young startup use it?

The BARS approach abbreviated as Branding, Awareness and Acquisition, Retargeting, Responding and Retention and Support, is an outbound strategy that every startup should abide by. As a GenZ entrepreneur and a startup owner, I have identified them as the 7 pillars of every startup and even a working enterprise. Having these 7 pillars, the startup can avoid and even dodge the high tides that the market of red oceans throws at them.

Branding: What every startup founder aims for is a brand that sells itself, brands that are easily distinguished and known by people. Every startup, in order to be successful has to have a consistent branding strategy that stirs up curiosity and contentment amongst its audience.

Awareness: A brand that the audience is aware of and is able to distinguish from other brands, is a successful brand. It is essential for every startup, to make its target audience aware of the products or services that they offer. There are two key components of brand awareness, Brand recall and Brand Recognition, that every awareness campaign should abide by.

Acquisition: When the startup makes the audience aware of the products or services that it offers, it is time to acquire them. It acquires the set of customers by attracting them, using marketing and sales campaigns, offering them value and also solving their issues. They do this by maintaining consistency in their offerings and when the audience observes the credibility, they are converted into potential leads.

Retargeting: It is essential for every startup to retarget its potential leads. Losing prospective clients and not converting them, is what every startup should avoid. As a startup owner, I’ve been through the situation of losing a prospect due to not paying much attention, and as a result, I consider Retargeting as a very important step of Customer Acquisition.

Responding: After retargeting it now becomes important for the startup to respond to its prospects. Potential clients have some doubts about the product or service and it is very important for every startup to solve these doubts and assure them. Responding is the last step of customer acquisition and is indeed a very important one.

Retention: What every young startup needs is a set of loyal clients. Every startup goes through thick and thin during its run, and what really distinguishes a successful startup from a failed one is the number of customers that stayed loyal to the firm even when it faced hard times. Having proper retention strategies can make a startup stand ahead of its competition.

Support: Retention can not occur if the startup does not provide good customer support. What every customer needs is a two-way relationship. They stay loyal to the startup and the startup stays loyal to them. A startup that provides value and support to its customers can win and stay ahead when competing in a space of red oceans.

When executed with precision, these 7 pillars can become the pioneers of the company and can help gain a competitive edge over the competitors. In a contested market space of red oceans, having a competitive advantage can help the startup sail through and create a brand that the audience loves to use.

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Business

3rd Blog for Entrepreneurial Mind

Full Name: SHERYLLE MAE G. RAFOLS

Course: BS Business Administration Major in Financial Management

Section: BSBA-FM2B

Greetings! 🚀✨ Delving into a virtual lecture series on November 15, 2023, was a game-changer for me. Unpacking the intricacies of Intellectual Property and Technology Transfer, I discovered the vital role legal frameworks play in innovation. The insights into Startup Ecosystems shed light on the dynamic support systems propelling emerging businesses. Perhaps most inspiring was the spotlight on VIRTUALAHAN, where Ms. Doreen Elsie Jane Gersava's initiative beautifully bridges companies with people with disabilities, creating meaningful opportunities and breaking barriers. Join me on a journey through these transformative topics that are shaping the landscape of innovation and social impact!

In delving into Dr. Gamaliela A. Dumancas's insights on Intellectual Property (IP) and Technology Transfer, I've learned about the legal foundations in the Philippines, notably R.A. 8293 (Intellectual Property Code) and R.A. 10055 (Technology Transfer Act of 2009). Understanding that IP constitutes the "creation of the mind," encompassing inventions, artistic works, symbols, and designs, the key takeaways emphasize the need to regulate, validate, monetize, transfer, exclude others, and take ownership to safeguard intellectual assets. Protecting IP is crucial for preventing competitors from copying trademarks, avoiding wasteful investments, and enhancing corporate identity. The realm of Intellectual Property Rights spans patents, utility models, industrial designs, trademarks, copyrights, and more. Dr. Dumancas stresses the significance of patent searches to support research, improve patent applications, and prevent legal disputes. The learning extend to technology transfer and commercialization, involving modes like deployment, extension, and outright sale or licensing. The necessity of securing fairness opinion reports and written recommendations is emphasized. Ultimately, the key lesson is the importance of timely commercialization post-IP protection to maximize its benefits before expiration. As a future entrepreneurs think out of the box… GO and INNOVATE… “YOU CREATE, WE PROTECT”

In my exploration of the Startup Ecosystem by Alice Therese L. Caballeda, I've learned that an ecosystem is like an environment where everyone's role is crucial in creating and achieving something. The startup ecosystem, in particular, involves a group of people working together, interacting, and playing different roles to develop or support startup. Startups benefit from this ecosystem by gaining support in terms of infrastructure, investment, finding mentors, networking, and connecting with additional founders, ultimately helping them thrive and survive. The enabling factors in this ecosystem include funding, government support, networking, human resources, and education. Looking specifically at the Philippines' startup ecosystem, it encompasses government programs, startups themselves, finances, incubators, accelerators, human capital, and digital infrastructure. The key learning is that to take advantage of the ecosystem, one should explore and connect, staying informed about agencies, identifying startup needs, connecting through incubators and accelerators, participating in joint startup competitions, and supporting ecosystem initiatives.

Ms. Doreen Elsie Jane Gersava is the Co-Founder of VIRTUALAHAN , a remarkable initiative dedicated to matching companies with people with disabilities. The business model employed by VIRTUALAHAN is designed not only to facilitate employment but also to uplift individuals out of poverty. This innovative approach emphasizes the inclusion of people with disabilities in the workforce, recognizing their talents and capabilities. By creating meaningful connections between companies and individuals with disabilities, VIRTUALAHAN not only addresses a societal need for inclusivity but also contributes to the broader goal of poverty alleviation. This initiative showcases the power of social entrepreneurship in creating positive and impactful change in the lives of marginalized communities.

As the virtual lecture series concludes, my key takeaways echo the power of innovation, the importance of fostering inclusive ecosystems, and the transformative potential of initiatives like VIRTUALAHAN. The knowledge gained on Intellectual Property and Technology Transfer has illuminated the path to responsible innovation. Understanding the dynamics of Startup Ecosystems has shown that collaboration and support are the true engines of entrepreneurial success. Finally, the story of VIRTUALAHAN reminds us that impactful change begins with inclusivity. Excited to apply these learnings and embark on a journey of growth and positive impact! 🌱🚀

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Say goodbye to chaos! Hello to productivity with SchedAid.

As we are close to our final pitching, we remembered and noted the suggestions and comments made by our instructor and the other panelist during the Business Model Canvas Pitching Presentation. 

One of the suggestions made by our panelist was to add a feature that is more likely related to our main problem which is the time management or problems in schedules. So, aside from organizing schedules our group decided to add more features such as automatically import deadlines and other agendas from other application or platforms, booking system where people can add events or appointments through a generated link, provide tips and tricks to make most of the customers time, shows report and analytics to track productivity, and lastly, lock distracting applications which is optional. With these added features, we believe that this will not only help our customers to be productive, but also be able to use our app comfortably and conveniently. Also, it is much easier to schedule their classes, tasks, appointments, and etc. 

Aside from the suggestions and comments made by the panelists, during the lecture series on April 19, 2023, at the University Convention Center in Central Mindanao University, we listened and took notes of the lessons and tips given by the speaker. Each speaker has their own comments and tips, we learned and decided to apply these comments and tips which we know to be a massive help for us, not only in this subject (Entrepreneurial Mind) but also in our life. One of the things that we noted in the said lecture series was about Intellectual property rights, technology transfer, and copyright. It is very important for us to be knowledgeable and protect our intellectual property knowing the fact that we are producing an application and website. 

Lastly, we let two (2) customers try our "SchedAid" and asked for their comments and suggestions about our Start-up. Based on the participants, they believe that this is helpful especially if students have problems and difficulties with their schedules and time management, just like them. SchedAid is easy to use and convenient, unlike the Certificate of Registration (COR), which sometimes has issues like schedule, subjects, and time errors. Also, COR can be damaged easily knowing that it's just a printed copy and there's a possibility that it can be lost.

Overall, we are confident that we take note of the suggestions and comments made by the panelists, participants, and speakers from the lecture series. Applying those makes us believe that our start-up is valuable and helpful, especially for students or anyone with problems with their schedules and time management.

My insights:

I have learned that in order for us to have value in our start-up project we must take notes on activities that needed for us to take, we must attend seminars or programs related to our project to have more understanding of our project.

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A moment that still feels like surrealistic. We are pleased to inform you that Headstart Kerala has chosen Team Interval as one of the top 23 startups in Kerala to watch in 2023. Thankyou all for trusting us.❤️

@teaminterval

There is a lot about me that even I have yet to discover. Each one of us has innovation capabilities that we possess. Through using the Berkeley Innovation Index (BII), I have learned that my innovation mindset is not yet fixed. I have learned that I develop some traits that are necessary to have an innovative mindset, and I do have some traits that I still need to improve.

There is power in diversity. That is what I believe. Sharing and collaborating with individuals whom I don't know is somewhat refreshing and helps me become more open-minded. Allocating time and effort to getting to know someone you've never met before widens your perspective. The different ideas and skills you all hold are a lesson for everyone. Failures are part of our journeys, and I do my best to not get affected by them for a long time. There is something so much bigger you deserve in every failure. The innovative traits that I already possess are resilience, diversity, belief, allocation, and collaboration. Even though I already possess these traits, I still lack trust, a comfort zone, and an innovation zone that prevent me from getting all out and sharing my ideas and capabilities.

Forming the right team is risky, especially if you have no idea what your team members' traits are. It is important that you enjoy your group because the entrepreneurial journey goes on for one semester. You will face rejections and failures together and be creative and imaginative as a team.

Enjoy and learn from the journey.

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2nd Blog for Entrepreneurial Mind

Full Name: SHERYLLE MAE G. RAFOLS

Course: BS Business Administration Major in Financial Management

Section: BSBA-FM2B

Group: A

"Creating the New and destroying the Old"

Startup Name: FutherFlask

I've learned through our experience over the past few weeks studying the Entrepreneurial Mind that entrepreneurship is more than just starting a business; it's a mindset, or way of thinking that emphasizes innovation, risk-taking, and adaptability. We've went into the complicated world of identifying opportunities, analyzing markets, and coming up with realistic business concepts.

We have been tasked with answering the empathy map with responses from potential customers, so our group has decided that each of us will speak with potential customers to learn what they think and say about our startup product. Once we have gathered all the information we need, we will summarize it and put it into the empathy map. I have learned many lessons from listening to the responses of our potential customers, including the fact that everyone has a different lifestyle and set of needs in life. While some people always consider prices when making purchases, others would rather know the product's quality, even if it means spending more money.

The foundation of our venture was doing client interviews. We learned the value of listening and empathy through it. We learned that we have to put ourselves in our customers position in order to develop a solution that actually addresses a need. Their input gave us essential information that allowed us to improve our concept and adjust it to the needs of the marketplace.

As we move forward in our entrepreneurial endeavors, I've come to realize that the entrepreneurial mind is not just about building businesses; it's about building a better future, one innovation at a time. Our subject has instilled in us the passion, creativity, and determination to embark on this exciting path, and I'm eager to see where our entrepreneurial journey will take us next.

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