www.ooompf.com.au
Entrepreneurial journey told by two students
Story written by Yui Shimamoto
Entrepreneurial innovation is imperative to understand, as decisions within start-ups could mean the end or a beginning to a bigger picture. It is key to consolidate our understanding of innovative thinking and decision-making processes in which entrepreneurs take to overcome objectives and balance the risks over rewards to proceed with operations on a daily basis.
This paper will aim to portray the processes in which founders Mahesha and Faisal have generated a company idea. It will explore the fundamental ways in which an entrepreneur attempts to construct a company brand through their unique values using strategies within the dental industry.
Through the entrepreneurial interview, we will obtain qualitative and quantitative research based on personal and career-based questions directed to the entrepreneurs. Obtaining the results, we are able to apply the knowledge to frameworks to understand the specific decision making processes of the entrepreneur. It will uncover the systematic method in which an opportunity was recognised and put to use through innovative creation. A concept where the idea was generated to construct an operating business, will be analysed using an entrepreneurial thinking framework in which when and how the idea was formed. The frameworks will also discover the key values in which the entrepreneur aims to deliver and obtain a market fit by ceasing an opportunistic market gap. The analysis will also define the entrepreneurs strategy implementations to detail the understanding of growth and expansion of the company. It is also important to realise the potential losses in which the entrepreneur has made to achieve the position that they are currently within.
From utilising prior expertise knowledge to maximising networking potential, the two founders explore the essence of entrepreneurial business and the extent to which personal knowledge can extend the quality of work that they can implement in OOOMPF.
From the research, we can deduce that OOOMPF is only laying down its foundations. We cannot determine the level of success in which the entrepreneurs are currently within. However, the research suggests that the strategic vision of the company aims to expand the company to a global scale in which they can set milestones along the way to determine the ability to be “successful”. Obtaining market share percentage, insurance partnerships and cash flow positive, will all become a leading factor to client satisfaction in the future of OOOMPF.
Story written by Luyao Xian
“We met when we were students at Newcastle University, where we studied oral health therapy together. When we were in university, we had the idea of starting a business, but like many young people, we had no start-up capital and no work experience. So after graduating in 2018, we worked for a few years to get funding and experience to start our own business. In fact, we have been in this industry for a long time, we found that the cost of dental care is very high, so our initial intention is to provide affordable and satisfactory products and services for patients.
We did market research to analyze customers, and last year we did a survey of 150 people to help us shape our business. After the investigation, we develop all our products in house and are vertically integrated, so we own our customer relationship. At the same time, in addition to selling our products in this B2C way, we also cooperate with 9 dental clinics to sell our products. In order to maintain our reputation, we always work with dental experts to provide a safe environment for patients.
Currently our OOOMPF’s strategy lies in the marketing, we are mainly e-commerce because we do not have stores. So our target market is all digital native market, thus we are using Facebook, Instagram and etc, and that’s what we have to do, otherwise we won’t be found.
Our first immediate short-term goal is to develop a plan for the next three years is to grow in Australia and New Zealand. So we now want to be the number one aligner in Australia and New Zealand. And then in the second or third year, we plan to expand overseas. In Australia, the dental industry is worth 10billion. In this huge industry, OOOMPF has been thinking about how to provide better service for customers and how to produce innovative products.”