This is the last blog post for the class and it feels a bit unsettling. I have actually gotten used to writing a blog post every week and I will probably continue this tradition. I want to thank everyone in the class for the unabashed criticism for the betterment of my venture. I feel having such open discussions really helps in terms of flushing out new ideas for a particular part of the venture. For example, measuring LUVwater's impact is now going to be tied back to its goals and mission instead of just simply listing down the different ways to measure impact. This will show us which measure of impact actually matters. I would like to thank Tim Zak for his guidance and making the class informal enough that ideas flow easily and everyone gives constructive criticism.
Well, getting down to financials was pretty hard for me. This may sound like a rant but financials are probably the last things I would focus on when I am thinking of a business plan as I know I don't have the expertise nor the patience to assume, although intelligently about the various aspects of the business plan. I realize it is a very critical part of the plan and its the sole measure of the ventures health. I am glad that Tim kept this part for the end so that we could spend more time on it. It takes a lot to think of what could come to you 5 years in the future and where your venture would be.
I actually had a really good experience this past two weekends regarding financials. A friend of mine and I started a Chaat Cart at CMU which is open at the Wean lobby every Friday from 5.30 pm for an hour or till stocks last. We sell Indian street food which is of course lip smackingly tasty and its something I and all Indians miss since we have come here. Its good news for us as we have been not only covering our investment costs but making some good money on the side too. This project did not start with a business plan, we just dove straight into it and now that we have done two pilots we are going to write a business plan with financials we've already proved.
Well of course this isn't entirely possible with LUVwater as it is a product that will take time to develop and test and get approvals from various authorities. From this class I have charted out the product development plan and I will definitely be working on it when I have downtime. I also feel it has great licensing opportunities. One of the goals for LUVwater is for it to be available to everyone and I would really like for it to be completely open source. The is to be able to make it so that its a DIY job and just ship the LED's, filter and the circuit. I am working on a product that can be released much sooner but uses the same principle as LUVwater so that we can start generating revenue for funding research for the LUVwater filter.
Well, getting down to financials was pretty hard for me. This may sound like a rant but financials are probably the last things I would focus on when I am thinking of a business plan as I know I don't have the expertise nor the patience to assume, although intelligently about the various aspects of the business plan. I realize it is a very critical part of the plan and its the sole measure of the ventures health. I am glad that Tim kept this part for the end so that we could spend more time on it. It takes a lot to think of what could come to you 5 years in the future and where your venture would be.
I actually had a really good experience this past two weekends regarding financials. A friend of mine and I started a Chaat Cart at CMU which is open at the Wean lobby every Friday from 5.30 pm for an hour or till stocks last. We sell Indian street food which is of course lip smackingly tasty and its something I and all Indians miss since we have come here. Its good news for us as we have been not only covering our investment costs but making some good money on the side too. This project did not start with a business plan, we just dove straight into it and now that we have done two pilots we are going to write a business plan with financials we've already proved.
Well of course this isn't entirely possible with LUVwater as it is a product that will take time to develop and test and get approvals from various authorities. From this class I have charted out the product development plan and I will definitely be working on it when I have downtime. I also feel it has great licensing opportunities. One of the goals for LUVwater is for it to be available to everyone and I would really like for it to be completely open source. The is to be able to make it so that its a DIY job and just ship the LED's, filter and the circuit. I am working on a product that can be released much sooner but uses the same principle as LUVwater so that we can start generating revenue for funding research for the LUVwater filter.
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