Welcome to Students Incorporated. I'm your host, Mr. Jason. Join me weekly as my team and I produce content that's informative, positive, fun, and uplifting.
This podcast is created and produced with the help of students from the International Community School of Bangkok.
Hello. In today's episode, my co-host, me and Frank, along with several of our marketing team members, will be discussing the topic of entrepreneurship,
what it is, the five stages of entrepreneurship, followed up with some stories about entrepreneurs you've probably never heard of before.
Today's episode is sponsored by TEDx. This Saturday, February 8th from 1 to 3 p.m. on the campus of the International Community School of Bangkok, ICS,
TEDx is hosting an event you don't want to miss. Several brilliant ICS students are speaking and will be covering a range of thought provoking topics.
There will also be special guests who will dive into even more educational and fascinating topics. Grab your early bird tickets for just 150 baht.
If you miss that, normal tickets are 200 baht at the door. So mark your calendars, get your tickets and don't forget to join us for an afternoon full of inspiration and learning.
Again, this Saturday, February 8th from 1 to 3 p.m. at the ICS campus in Bangnao, Bangkok. See you there and thank you, TEDx, for your sponsorship.
Now, before we get into our first segment, let's hear our quote of the day and get some headline news.
Thank you for our quote of the day, Frank. Today, I want to introduce to you some of the new tech products that were unveiled either in 2025 or in late 2024.
Starting with our first product, NVIDIA released the RTX 5000 series, which is expected to launch sometime during the first quarter of this year.
As for the specs, the top of the line model, the 5090, would be about 33 percent better than the previous 4090 model and would be priced around 2000 US dollars or just a little over 67000 baht.
The next product would be Apple's smart home tablet, unveiled around late March this year, and will be a direct competitor of Google's Google Home.
The product will feature an entirely new operating system and will integrate seamlessly with Apple's existing ecosystem.
The rumored price is 1000 US dollars or 33000 baht and will likely feature a robotic limb to adjust the camera.
The final product is for the kids, game lovers or anyone who likes games.
The rumored Nintendo Switch 2 was finally unveiled at CES 2024, with its release date being set around March 2025.
Its original predecessor, Nintendo Switch 1, was released in 2017 and for eight years, it's been loved from kids to seniors.
It's also rumored to be backwards compatible too, which allows you to play older games on the Switch 2.
And that's our headline news for this episode.
Thank you for the quote in the headline news.
In this first segment, I'm joined by Mia, Frank, Highlight and Premi.
And we'll be presenting you with the five main stages of entrepreneurship, including an example to go with each stage of the process.
I guess you could call this first segment Entrepreneurship 101.
Mia, go ahead and get us started with telling us what entrepreneurship is and then give us the first stage.
Yeah, no problem.
Entrepreneurship is the process of identifying a problem or opportunity, then creating a product or service to solve it or meet the need.
It's about taking risks, being creative and using your skills to bring new ideas to life and make a positive impact all the while seeking to make profit.
So this definition of entrepreneurship leads me to the first of five stages, which is the Discovery Stage.
The Discovery Stage of entrepreneurship is when you identify problems, needs or opportunities that could be turned into a business idea.
During the stage, you brainstorm, research and explore creative solutions focusing on understanding your target market and the value your idea can bring.
You can actually break down a business idea into a formula.
That formula is business idea equals problem plus solution plus business model.
So you're saying that not every idea a person has can actually be turned into a business.
I want to make sure our audience hears that not every idea that pops into your head can actually be turned into a viable business.
Before we move on to the next stage, maybe share what the difference is between an idea and a business idea and then give us an example of that first stage discovery.
Sure.
The difference between a regular idea and an actual business idea is that third element in the equation, the business model.
You see, an idea basically only has two main components, a problem and solution, while a business idea consists of that all important third component, which is a business model.
The business model helps to find who the customer is, what they value, how will you make money and how you will deliver that value to the customer at a reasonable price.
So the first stage is discovery.
Here's an example of this discovery stage utilizing the business idea formula.
Busy parents struggle to find healthy, affordable meals for their kids after school, which would be the problem.
Snack buddy provides pre packed nutritious meals available for pickup at local schools, which would be the solution.
Parents subscribe to a weekly meal plan for a flat fee, which would be the business model.
Now on to stage number two of entrepreneurship.
Thanks Mia. Stage two is the planning stage.
The planning stage of entrepreneurship is when you turn your idea into a clear strategy for execution.
This includes outlining your business goals, creating a business plan, identifying resources, setting a budget and developing a roadmap for how your product or service will be launched and sustained.
Continuing with our example in the planning stage of snack buddy, the focus shifts to a developing simple plan for launching and running up the business.
The plan should include identifying the target market, such as parents with school age children, and then conducting research to find out if there would be demand.
The plan would also include estimated cost of ingredients, packaging, deliveries, and other operational costs.
Subscription pricing would then be set in order to maintain profitability.
The plan could also include other things such as potential partnerships with local schools for pickup and drop up locations.
A simple marketing strategy would be included in the plan, so they're in the clear avenues of reaching those busy customers with customized messaging that speaks of the value proposition of each snack buddy meal.
Okay, so now that the plan has been made, we move on to the next stage of the entrepreneurship process.
Thanks Frank. The third stage in the entrepreneurship process is the resource stage.
The resource stage involves gathering the necessary resources to turn your business idea into a reality.
This includes securing funding, hiring the right team, obtaining materials or equipment, and establishing partnerships with suppliers or other businesses that will help support your operations.
Let's continue with our snack buddy business idea example.
In the resource stage for snack buddy, the focus would be on requiring the necessary resources to launch the business.
This includes securing funding through savings, loans, or investors to cover the initial costs of kitchen equipment, ingredients, packaging, and delivery services.
The team would also need to hire staff for meal preparation, packaging, and customer service.
Additionally, the business could form partnerships with local food suppliers and schools to ensure smooth operations and access to the target market.
By this time in the process, the entrepreneur would be entering into a large amount of risk.
This risk not only includes the finances needed, but also the brand of the new company and the reputation of the entrepreneur.
These risks follow the entrepreneur and the new company into the next phase.
Haylet will explain this next phase to us.
Thanks, Rami. The fourth stage in this process is called the launch stage.
The launch stage is when the business officially starts operating and delivering its product or service to customers.
During this stage, entrepreneurs focus on marketing their business, building brand awareness, attracting customers,
and ensuring that all systems such as production, distribution, and customer service are running smoothly.
Let's follow our business snack buddy into this phase.
In the launch stage for snack buddy, the business would begin offering its pre-packed nutritious meals for pickup and delivery at local schools.
The marketing team would promote the service through social media, school newsletters, and local events to attract busy parents.
The first few weeks would focus on ensuring the meal preparation and pickup and drop off process run smoothly.
This stage also includes gathering feedback from customers in order to fix and refine the service.
The business would also monitor initial sales, assess customer satisfaction,
and make any necessary adjustments to improve the experience and boost subscriptions.
Now, onto the last stage in the entrepreneurship process, and we give the mic back to Mr. Jason.
Thanks, Haylet. The fifth and final stage in the entrepreneurship process is called the harvest stage.
Harvest is an agricultural term, meaning that one reaps what they have sown.
The harvest stage is when the entrepreneur focuses on reaping the rewards of their hard work,
either by selling the business, expanding, or enjoying the profits.
During this stage, the business should be stable and generating consistent revenue,
allowing the entrepreneur to step back and decide whether to continue growing, sell the business, or transition into a new venture.
And to continue with our example for this final stage, we'll see what happens with our business called snack buddy.
Snack buddy has grown and established a loyal customer base.
The entrepreneur might decide to expand the service to more schools or offer additional meal options to increase revenue.
Or they could consider selling the business to a larger company interested in the healthy meal industry
or transitioning to a new venture while enjoying the profits generated from the successful model.
If the business is stable, the entrepreneur might also consider hiring a management team to run daily operations while they focus on new opportunities.
So as you can see in this final stage, the entrepreneur may have several different choices depending on the health of the business.
So there you have it. Those are the five stages of entrepreneurship.
Discover, plan, resource, launch, and harvest.
And if the entrepreneur is known as a serial entrepreneur,
they will go through this cycle many different times during their career as they would be creating startups on somewhat of a regular basis.
And with that, part one is over. We will be right back with part two after this short PSA announcement.
One, two, three, four.
For today's PSA, we're changing things up a bit.
In the spirit of our entrepreneurship episode, I'll be giving you a quick elevator pitch on our beloved ICS uniform shirts.
Looking to inspire unity and elevate your brand?
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Crafted from high quality, durable materials,
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The deep navy tone, along with the sun-faded effect collar after three months, commands authority and trust.
The style and sleek fit makes each uniform a unique extension of the school's brand.
Whether for algebra class, AP stats, or the friendly four square match during lunch,
our uniforms absorb the sweat while staying comfortable and functional.
Invest in a cohesive look that empowers yourself to be the best looking student while communicating exceptional school spirit.
Elevate your image today. Go Eagles!
And we are back with our second part and we'd like to introduce you to a number of entrepreneurs who haven't necessarily been in the headline news.
But nonetheless, these individuals have in some way made a significant impact or contribution to a specific industry or group of people.
So we won't be talking about Elon Musk, Steve Jobs, Bill Gates, Richard Brunson, or Jack Ma.
We have a list of seven and Mia will start us off with our first non-famous entrepreneur you've probably never heard of.
Sure. Here we go. Meet Shiza Shahid from Pakistan.
She was the co-founder of the Malala Fund, which advocates for the education of girls worldwide.
On the home page of their website, it states their vision, which says,
The Malala Fund is working for a world where every girl can learn and lead.
This organization is still active and works to secure 12 years of free, safe, quality education for all girls so that they can learn and lead without fear.
They focus on secondary school, typically grades 7 to 12, when gender discrimination increasingly affects adolescent girls' futures.
Completing secondary school opens up opportunities for girls to make their own life choices, allowing them to reach their fullest potential.
What lesson can we learn from this entrepreneur and what has she helped start?
We can learn that by combining social impact with strategic business practices can create meaningful change.
This organization is unique from the others in our list because it focuses on education advocacy and addressing global inequality.
All right, onto our next entrepreneur you have probably never heard of.
Next, Alati Industries U2, two guys named Rafia and Yacher, both of whom are first generation Americans whose parents emigrated to the U.S.
But that didn't stop them from creating something unique and popular.
They started a company named GoPuff, which is an on-demand delivery service which now operates in 650 U.S. cities.
GoPuff is a delivery services that brings you what you need and when you need it.
GoPuff delivers everything from groceries, drinks and snacks to home essentials in as fast as 15 minutes.
With no middleman, we offer the cheapest on the planet price and reliable services.
Customers can access this service via their phone app or online web platform.
So what lesson can we learn from these two entrepreneurs?
We can learn to start by solving local and specific problems and scale based on demand.
OK, moving on to the next entrepreneur.
We go into the recent past for our next entrepreneur.
Her name is Jean-Marie Lenvin.
She was a French couture fashion designer.
She founded the Lenvin Fashion House and the beauty and perfume company Lenvin perfumes.
She passed away in 1946, but her work lives on.
She started her career designing clothing for her daughter and she helped pioneer children's fashion and expanded,
which then expanded into perfume and home decor.
She created a luxury brand that emphasized elegance and sophistication and left a diversified legacy.
Lenvin is now owned by Fossin Group.
What lesson can we learn from Jean-Marie Lenvin?
Well, we can learn that creativity paired with business can establish a brand that stands the test of time.
All right, on to our next inspirational entrepreneur you've probably never heard of, but maybe you've eaten the product.
Yes. Now, let me introduce you to Mr. Hamdi Ulaqayya, who's originally from the country of Turkey and is ethically Kurdish.
Mr. Hamdi is in his early 50s and lives in the United States.
He started a popular Greek yogurt company named Chobani.
Chobani is now one of the leading Greek yogurt companies in America and Chobani earned more than $2 billion in sales in 2023.
Mr. Hamdi grew up in a Kurdish dairy farm family in Turkey and raised sheep.
He eventually left to study political science and then immigrated to the US in 1994 to study English.
With a loan from the Small Business Administration, he bought an old yogurt plant in upstate New York in 2005,
developed a recipe and then started selling yogurt in 2007.
So what lessons can we learn from Mr. Hamdi from Turkey?
We can learn that you can build a successful business while maintaining strong ethical values and that authenticity resonates deeply with consumers.
Now, on to Mia with our next entrepreneur.
Thank you, Frank. Now, let me introduce to you Anita Roddick from the UK.
She is the founder of a company you may have heard of called The Body Shop.
However, you've probably never heard of her name before.
The company she started, The Body Shop, is a global cosmetics and skincare brand known for its ethical stance on environmental issues and human rights.
Ms. Roddick said, business shapes the world.
It is capable of changing society in almost any way you can imagine.
She believed that business can be a driving force for societal change and has the ability to influence various aspects of life from culture to technology.
Businesses through innovation and action can reshape societal norms, values and systems on a global scale.
The Body Shop is now owned by Natura.
Well, what can we learn from this entrepreneur?
We can learn that business success can be built on strong ethical values and that it's possible to create a profitable,
globally recognized brand while prioritizing social responsibility, environmental sustainability and fair trade.
These values resonate deeply with the customers.
Onto our next entrepreneur you have probably never heard of.
Meet Xiangping Zhao, or CZ for short.
CZ is a Chinese-born Canadian.
He is the co-founder and former CEO of Binance, the largest cryptocurrency exchange in the world, recognized for its user experience and innovative products.
Now, maybe some of you have heard his name before, but I would venture to say that mostly you have no idea who this is.
Unless you follow digital assets and digital coin exchanges like Binance and others.
CZ was involved in some controversy because it was discovered that some criminal elements were laundering money through the exchange that he had created.
He ended up serving a four-month prison sentence and stepping down as CEO.
He pleaded guilty to charges that he had failed to maintain an effective anti-money laundering program.
He was quoted to have said to the judge at that time in a letter,
Rest assured that it will never happen again.
With his current holdings in crypto and other assets he's valued at over 12 billion USD.
What can we learn from CZ?
We can learn that entrepreneurs and founders are accountable to their actions or non-actions.
There are positive elements in this story.
CZ saw an opportunity early on and utilized technology and his own skills to help build one of the world's most popular online exchanges for crypto.
His success teaches that being agile and forward-thinking in a fast-evolving market can lead to a massive growth.
And market leadership, all the while that accountability ultimately rests on the shoulders of the founder.
Now, onto your last entrepreneur and I'm pretty sure you've never heard of this person.
Meet Michaela Ulmer, whose entrepreneurial journey started in 2009 when she was just four years old after getting stung by a bee twice in one week.
Michaela is the founder of Me and the Bees Lemonade and incorporated her grandmother's flax seed lemonade recipe while adding a twist of honey.
Michaela's social mission of saving bees brought awareness to the importance of the honeybee to the environment.
Her inspirational story helped to land large contracts from major outlets like Whole Foods, World Market, Target and the Fresh Market.
And her parents on Shark Tank in 2015 then propelled the company even further.
In 2024, Michaela celebrated 15 years of being in business.
She has become an inspiration to many young people and often shares and speaks about her journey and story.
What can we learn from her story?
Well, we can learn that through passion and persistence, it is possible to turn a childhood idea into a thriving business.
Her journey teaches that it's never too early to pursue a business idea.
And with dedication, creativity and a strong sense of purpose, young entrepreneurs can make a meaningful impact while growing their business.
And there you have it.
We want to save one of the best for last.
Thank you.
And this concludes our second segment.
I hope these stories will help inspire you that average day people can help change the world.
Even if it's in smaller ways than say building rockets or being the next Google creator.
These entrepreneurs show that success doesn't require fame or new segments.
What matters is finding unique solutions, being customer focused and staying authentic to your mission.
Which of these stories resonates most with you?
Send us a message or send us your own personal story.
Stay tuned for our next episode as we talk with a group of diverse educators and discuss different styles of teaching and the benefits of each.
And as always, this podcast will not be possible without the hard work and support of our international student production team.
All music and sound effects are courtesy of Pixabay.com, a vibrant community of creatives sharing copyright free images, videos and music.
And we are signing off until next time.
We are Students Incorporated, because your voice matters.