MMCQ #166 – Event Reflections_
About MMCQ: Monday Morning Coffee Queries is a free event tailored for Entrepreneurs, Students and Start-ups. This event provides a platform, for people from different entrepreneurial and professional background to meet with market peers and share their perspectives about business and entrepreneurship. Every Monday Morning the attendees together interact, share their learnings and support each others.
MMCQ is an unconferencing style meet up event where attendees come with their entrepreneurial queries which they can discuss and share with their peers. Whether, you are a student, employee or an entrepreneur, at MMCQ, you will meet people of various backgrounds who are more than willing to listen and contribute to your queries. You can also add an opinion and provide any suggestions on other participant’s queries.
Essentially, MMCQ provides an environment where you can learn and express yourself.
Key topics covered 166thMMCQ held on 15thJuly 2019
I’ve just started my business and my friends are my initial customers, so what shall I do in order to expand my business from my inner circle consisting of friends and make it bigger or mainstream:
This was an interesting question asked by one of our attendee friend who has newly launched his online vegetable and grocery business. This query offered an exciting and varied sum of responses by all our attendees. Some of the helpful suggestions offered are described below:
Expansion of business through word of mouth.
Notifying people about your business through right marketing strategies and channel.
Putting more effort on digital marketing and working in niche market where others haven’t worked on.
Customer segmentation to find out the type of customers you are looking for and making strategy to cater to those customers. Adopting marketing research and positioning can also be very efficient.
One of our attendees suggested contacting and asking foodmandu and getting some relevant information about the customers who would be interested in purchasing groceries and vegetables online.
All our attendees gave their valuable suggestions and we all believed that, we shouldn’t treat our friends as our immediate customers especially in the early stages. But instead, your focal point should revolve around bringing new people and customers. If you are capable of supplying goods to hundred people than you should centre your interest on those hundred rather than thousand people. Firstly, you have to analyze and figure out the nature of your business and the customers that you are targeting instead of expansion. Referrals and word of mouth is the most powerful source of marketing but at the same time, you should focus on moving forward slowly through learning and experience rather than seeking to expand at an early stage.
What is the importance of legal framework like VAT and Tax filing aspects in the context of Startups:
This was a very important topic for discussion because not many of us are familiar with the legal aspect of the business especially young students and soon to be entrepreneurs. It was an informative discussion where our entrepreneurs shared their experiences and gave an idea of how legal system operates in the business. Some of which are:
- For any startup, it is essential to have a good lawyer and an auditor.
- It is not only important to understand the legal aspect of the business but also your working environment.
- It is crucial to hire a good business consultant along with a lawyer and an auditor. Consultant can act as great advisor in times of pressure and confusion.
- You can study and analyze report but you don’t need to fully engage yourself fully in the legal and financial framework of the business.
During ideation stage, it is important to invest your time and money on the legality of the business but the real question is, would you be able to invest the same in the other aspects of the business?
Significance of logo design for a company:
We found this topic to be quite compelling as it sparked a friendly debate among all our attendees. The discussion moved to-and-fro, with half our attendees suggesting that the logo plays a vital role in the existence of a company, and the other half believed that all the other elements like names, titles and slogans are equally as important as the logo. The discussions involved were as follows:
Logo design is a very important character of a company but it is not obligatory to inform customers about the meaning of your logo but rather to your partners, employees and stakeholders.
Company’s name and title is much more important than the logo design.
A logo is not a brand, nor your identity. All the other components like slogans, names, color and title, all have different roles and that together with the logo form a perceived image for a business or product.
Some of the opposing views of our other attendees were as follows:
Logo is essential as it identifies a company’s brand or product.
Logo represents an emotional part of your company which people can get attached to.
Logo creates a feeling of familiarity which resonates with people. It is created though visuals, audio or even smell and touch.
As our attendees shared that logo is very important but during startup phase of the company, should the company spend more money on their logo design or focus on the other aspects of their business?
We had an amazing time with all our attendees. The flow of discussion was smooth and we were able to cover a lot of ground related to the expansion of business, legal aspect of the business and the importance of logo design. Some of our attendees suggested us to involve more physical activities to make the discussion more engaging. All the attendees brought their experience and engaged in such constructive and open exchanges throughout the 2 hour duration of MMCQ.
MMCQ is a free-weekly event held every Monday, 9AM at Kaffe Codes, Central Business Park, Thapathali. We invite you to join our future edition of the event.
For details: 01-4426267/8, 9822550791