Introduction
This paper reflects on the topic of two lectures attended through the prism of banking and the importance of professional experience. The topic of start-ups is relatively new in business, but at the same time, it is open even for amateurs, leaving many questions. In order to obtain a better assessment of the materials taught, use the Gibbs model, which reflects the subjective understanding and applied value for the listener.
Question 1
Description
I got to know the speaker’s lecture “The Unique Start-Up,” which tells about the entrepreneur Scott Deighton’s experience, who succeeded with his Gamezsation idea. The speaker classified the main points in creating any start-up and presented them questions to listeners and the form of applied examples from his own life. For clarity, the examples are supported by links to external resources and images in the presentation.
Feelings
The lecture is generally quite inspiring: the speaker encourages listeners not to stop and constantly develop their ideas. Some questions and examples are illustrative, as in the elevator and the dragon, diluting the seriousness of the issue at hand. At the same time, most examples reflect the positive features of one of the aspects, while, the action plan and product freshness support do not have common samples. The author cites his start-up not in every aspect, which creates an understatement.
Evaluation
In addition to the shortcoming above in the question of “ideal” examples, it is worth noting that in almost every start-up, an important detail was introduced by a bit of luck: change of partner at Gamezsation, competitor Groupon’s agreement to place vouchers, and many other points that are not emphasized. Otherwise, the systematization, built on applied practice, looks reasonable and inspires attempts to create and promote ideas.
Analysis
As an individual role, the creation of a start-up implies the development of a particular idea, especially on those points that the speaker proposes. Otherwise, in any case, a team is required for the effective start of the enterprise. Accordingly, in banking, one of the promising areas is security due to the rapid technological developments in finance (Mangala and Soni, 2022, Ohiani, 2021, Taiwo and Agwu, 2018). It is possible to develop advanced security systems based on biometrics, either storing this data in particular databases or integrating it into customers’ daily payment mechanisms. It is possible to find investments and even angel financing for these current developments since security is a reflection of the reputation of any bank.
Conclusion
As a member of a larger team in a start-up like this, I could take on the position of action coordinator as the originator of the idea. If the main idea of ​​a start-up belonged to another person, I would take the position of a technical product specialist for lead support or be responsible for finding funding and investments in the project. Given the team’s experience in working within the financial sector, a detailed analysis would allow for more accurate planning of expenses and income, cash flow, potential accounting and breakeven analysis.
Action Plan
In the event of a new meeting with this speaker, I will be ready to express all the doubts that were voiced in the feelings section of the Gibbs model. In addition, I will invite the speaker to discuss the importance of application specifics in the selected councils. In my opinion, luck and specificity play a much more critical role in the success of a start-up, which the speaker spoke about implicitly. Professionalism gives rise to intuition in practical knowledge, which can become an essential basis for a new idea or solution to a problem.
Question 2
Description
The second workshop is more structured than the classification proposed in the first lecture. While much of the talk is repetitive, this time, it has a citation and a further reading list and is supported by more practical advice, such as specific planning tools. At the same time, this paper highlights the specifics of an IT company, with detailed examples of calculations for different selected types of start-up products.
Feelings
It seems that this speaker has applied experience in the IT field; however, the theoretical issues of creating a start-up were better disclosed in the first lecture. The best effect is produced by gradually absorbing material from two workshops at once when immersion in the specifics of the digital market is necessary. Otherwise, the second lecture is distinguished by a well-developed evidence base due to referencing. Due to the first way of distinguishing the author’s practice from theory, a feeling of specific numbers is achieved against the background of the forecasting example, which gives an idea of ​​the order of the considered amounts for a start-up in this area. The second way includes specific pitfalls in each type of digital provision. Finally, the third method involves specific advice on funding in this area.
Evaluation
Using concrete and abstract examples, the speaker used the typification and classification of start-ups in the digital product market to show four aspects of planning. To do this, the author uses citation, referring to examples of companies or scientific papers, when it comes to proven theoretical ideas. Although the specifics of the digital market are disclosed in sufficient detail, they practically do not represent any applied value for a start-up in others.
Analysis
Nevertheless, the main advantages and conclusions from these lectures are the importance of at least a minimal immersion in the technological aspect since it forms the basis of almost any field: software and computer use. In addition, introspection through questions as a tool for developing ideas is promising. Moreover, understanding the order of magnitude of costs for start-up forecasting directs thinking in a more realistic direction. Finally, examples of exceptionally successful start-ups are inspiring.
Conclusion
Technology is an exciting development in banking, as security issues are discussed daily. Collecting and storing biometric data that facilitate user identification poses a threat and value to fraudsters in bank databases (Mulia, Usman, and Parwanto, 2021, Rawwash et al., 2020). Research on this topic tends to look at multiple mechanisms for protecting user data and finances at each stage of interaction (Bakken, 2021, Chaimaa, Najib and Rachid, 2021, Goode, 2018, Vinoth et al., 2022). As a banker, I now tend to more often consider the aspect of security specifically from a technological point of view as a potential start-up because such projects are in demand in the market and may receive funding from various sources, including the state (Hommel and Bican, 2020, Knafo, 2022, Molyneux, 2018). The knowledge gained will allow for better integration of the operations with the technical department for better efficiency.
Action Plan
The financial side of start-ups is attractive due to the unique payback mechanism of the project. Such tools can be integrated into my theoretical knowledge to effectively calculate the feasibility of any costly actions (Blakstad, S., and Allen, 2018; Gaur and Potnis, 2022). As a result, I will increasingly focus on start-ups and technology to find potential solutions in my operations.
Conclusion
These workshops were crucial in universality, although the speakers delved into specific points or hushed up essential nuances. However, I have learned the importance of emphasizing values ​​such as work, new beginnings, and technology that can significantly impact any business area. The Gibbs model allowed me to comprehensively evaluate the received materials and come to understandable results and conclusions that can serve my operational activities.
Reference List
Bakken, S. (2021) ‘Biometrics light the way for secure financial services’, Biometric Technology Today, 2021(6), pp. 10-12. Web.
Blakstad, S., and Allen, R. (2018) ‘New standard models for banking’, in FinTech revolution (pp. 147-166). London: England: Palgrave Macmillan, Cham. Web.
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Gaur, A., and Potnis, D. D. (2022) ‘Service innovations in mobile banking for creating value for the poor in developing countries’, The Electronic Journal of Information Systems in Developing Countries, 88(4), p. e12209. Web.
Goode, A. (2018) ‘Biometrics for banking: best practices and barriers to adoption’, Biometric Technology Today, 2018(10), pp. 5-7. Web.
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Mangala, D. and Soni, L. (2022) ‘A systematic literature review on frauds in banking sector’, Journal of Financial Crime, 22(2) pp. 3509-3517. Web.
Molyneux, P. (2018) ‘Developments in banking research and areas for future study’, International Journal of the Economics of Business, 25(1), pp. 167-179. Web.
Mulia, D., Usman, H. and Parwanto, N.B. (2021) ‘The role of customer intimacy in increasing Islamic bank customer loyalty in using e-banking and m-banking’, Journal of Islamic Marketing, 12(6), pp. 1097-1123. Web.
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Rawwash, H., et al. (2020) ‘Factors affecting Jordanian electronic banking services’, Management Science Letters, 10(4), pp. 915-922. Web.
Taiwo, J. N. and Agwu, M. E. (2018) ‘The role of e-banking on operational efficiency of banks in Nigeria’, Basic Research Journals, 6(1), pp. 1-10. Web.
Vinoth, S., et al. (2022) ‘Application of cloud computing in banking and e-commerce and related security threats’, Materials Today: Proceedings, 51, pp. 2172-2175. Web.