October – My first gap year project

During the month of October I was focusing on initiating my first business idea rather than blogging. My business idea stemmed after LuminAID in my previous blog post.

  1. The concept was to contact businessmen I know and to persuade them as to why they should purchase LuminAID’s lanterns. I am not an employee of LuminAid. However, I was planning on establishing a strong connection with LuminAID in order to get better discounts for the businessmen I would be working with.
  2. How would I make money? There were two ways: either charging a flat consultancy fee and a small percentage per LuminAid they buy through me OR just charging a slightly larger percentage fee without the flat fee. Since I didn’t manage to strike any deals as of now I didn’t work out the percentages yet. 
  3. Now that I’ve gotten a skeletal framework of the business model, I decided to approach 2 businessmen in order to challenge my formal communication skills. The criteria I had for the business were: they had to be passionate about sustainability and they must have had a significant amount of expertise in running businesses. The second criteria was important as this was my first business idea and I wanted feedback on it.
  4. Time frame: In the first 2 weeks of October I had created the skeletal framework of the business idea and ordered my own LuminAID so that I could bring it with me to the meetings with the businessmen. By bringing the LuminAID with me I can convince them about the quality of the product and how effective it would be in areas where light is a scarce resource all while being sustainable. The last two weeks consisted of approaching the businessmen and meeting them individually. Initially they were interested however I have not heard back from them since our meetings and my follow-up emails. Thus I have kept the idea on hold.

What I have learnt in this month:

  • My formal language seems to be of an acceptable level and my written work is of a good level as well. However, I need to work on explaining my ideas more articulately verbally. – What I need to focus on next: verbal communication skills
  • I have also noticed that during this project, the only thing I was focused on for most of the month was the business idea. By solely focusing on the business idea I wasted time for example waiting for emails when I could have done more productive things like write a blog post. However, by focusing on the business idea alone it shows that I was passionate and determined about the idea which is a skill that entrepreneurs need. – What I need to focus on next: time management
  • In the business world most people are busy. Therefore, I should have been more persistent in order to demonstrate how serious I was with the idea.

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Saran

Founder at Econaki
Hi! My name is Saran and I am the Founder of Econaki. My goal with the business is to provide in-depth information about the sustainability of popular products/services so that we can combat climate change amongst other problems.

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