Dr Ed Morato and his staff usually say that it is better to have the entrep students shot down in the classroom, rather than having the student lose zillions once he implements it.
In the submission of the NU 12, I guess some students are sometimes dumbfounded that their ideas were not accepted/published.
Early in my entrep life, I got engrossed in joining the growth business then - consumer electronics. i bought a lot of new books on consumer electronics ranging from ICs, robotics, medical electronics, radios, telephony. I befriended a lot of engineers and technicians from Panasonic whose plant was in a nearby town. Matsushita became a business hero.
I organized the assembly, bought materials equipment and came out with hundreds of radio. We called the company Novateq. I had 3 engineers working for me and a former senior design staff of National was working for me. I had the assembly and making the product all figured out. I was too much focussed on production side.
However, I made the dumbest mistake of all: not knowing how to sell the product. I did not know whether the radio we made was desired by the market or the contacts at Raon. My marketing knowledge and asset was 0. It could have been avoided had I joined a class just like I am conducting on NU 12. The SOB professor would criticize my ideas and shoot the wild ones down. There was none. I wish there was one.
I lost PHP 300,000, a large sum at that time. It was a commission for a job well done at a real estate project. Sayang.
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