mido

This week for our meeting, it was unrealistic to have everyone's advisors come together at the same time and place for an hour. So, we decided that we would each talk to our own advisors at their convenience and get feedback that way. We collectively as a group sat down and discussed how we wanted our meetings to go so that we didn't get side-tracked and we all covered the same topics. Here are our main points:

1) Briefly thank the advisor for their time, and give a quick overview of the main points from our last meeting

- last meeting's main point of discussion was revenue and whether or not we would choose a niche market or expand to a general market

2) Discuss what we have done in the past week and major decisions we have made

- After careful thought and taking your advice from our last meeting into consideration, and we have decided to pursue a niche market of green, organic, healthy, ethical consumers. We chose this because we truly believe we will have a better chance of building a stable community of committed, returning customers and then we can expand to a more general market after we break even and start to gain significant revenue. What do you (advisor) think about this decision? Do you have any advice for making this decision a reality?

3) We have decided that it is going to cost us a very minimal amount to get a customer. This cost will be approximately $2 per customer, but we don't have an EXACT figure because there are many variables on this decision. If time equals money then it will cost more, but we are going to put our own individual time into acquiring customers. Also, another variable

is the effect of social media. Sometimes, information spreads very quickly with minimal effort on our part, therefor costing us less. In your expert opinion, do you think this is a realistic approach? Would you increase or decrease the amount we need per customer?

4) This week, Peter has put a great deal of effort in to creating a working prototype and we have decided we are going to launch to our ideal customers in hopes of generating more productive, specific feedback. Do you think it is too early to do this? Our thought process

was that customers don't know what they want until they try something and then they can decide whether or not they like it. Last week, we had all went out and pitched our venture to 3 of our ideal customers. Some of the feedback was negative, which helped us pivot and rethink our current direction with the venture. Some of it was positive, so we used that to

encourage us to know we are on the right track in some areas. We felt that by putting out a minimal viable product, we could generate even more specific feedback rather than trying to explain our idea properly and hoping that the ideal customer can interpret it the way we tried to convey it.

5) We would like to leave the rest of the time for you to offer any other feedback or suggestions that may have come to mind during this meeting.

6) Also, I would like to thank you for your valuable time and I will email you shortly with our meeting minutes.