1) Tell us about a time this past semester that you failed – whether in this class, or outside of this class. Don’t spare any details! It’d be even better if there was something you tried several times this semester, and failed each time.
During this past semester I often had a hard time getting interviews, both for this class and for my innovation academy class during Summer A. Many times, particularly when I had to interview experts, I would initially fail in getting the interviews I needed and would have to send many calls and emails to eventually get them. The problem was that they weren’t often in their offices or they were too busy to talk to me. It was very frustrating and exhausting because of the sense of discouragement you feel when you can’t achieve something, or in the face of innocuous rejection.
2) Tell us what you learned from it.
I learned that patience and consistency are very important when you want to achieve something, even if it’s just a simple 10 minutes interview. Also, I realized that maybe I would have a higher chance of success if I had looked for experts and numbers to call earlier, as well as if I had planned my interview pitch and interviews in advance. I had a better call back rate and interview rate after working out a pitch to tell the secretary, who would pass me on to the person I needed to talk to. I also learned to better accept being told no and not let that discourage me from calling. So, I think that arranging everything in advance could decrease the chances of failing, even if you always have to take into consideration possible setbacks and have lots of contingencies plan in who to contact if you don’t get the response you need
3) Reflect, in general, on what you think about failure. Failure is hard, isn’t it? It’s embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failures (emotionally, behaviourally). Finally, talk about how this class changed your perspective on failure – are you more likely to take a risk now than you were just a few months ago?
I find failures very frustrating, above all if I realize my efforts are vain. Failures are also hard to accept, and I think that’s why they sometimes discourage me. I also didn’t like asking for something when I could be told no because it feels like failure. What I often do to handle failures is talking to a friend about it who tries to motivate me. Also, when I realize that most of my failures aren’t critical or serious, I manage to find the determination to keep trying. That’s why I believe that failures and tenaciousness are somehow linked. This class changed my perspective on failures; after reading the book by Scott Adams I started to see them as positive and inevitable if you want to be successful, because not only you learn from them, but you also gain experience and new skills. So, the next time I encounter a failure I’ll try to accept it and learn from it.
Friday, July 26, 2019
27A – Reading Reflection No. 3
1) What was the general theme or argument of the book?
I read Inbound marketing by Brian Halligan and Dharmesh Shah. Its general theme was inbound marketing and what a business can do to be found on the internet. This book explained all the techniques a business should use to go beyond traditional outbound marketing and start pulling potential customers toward your business through the internet.
2) How did the book, in your opinion, connect and enhance with what you are learning in ENT 3003?
I think there are many ways in which the book I read connects with this class. The book’s purpose is to explain how to attract more potential customers and at the same time this class allowed me to interview members of my target group to find out what I can do to make my business and idea more appealing. Also, ENT 3003 is a class that develops mainly around a blog and Inbound Marketing often highlights the importance of blogs, websites and social media to attract more visitors and convert them into real customers. I’d even go further and connect it to the whole marketing strategy of the business idea I developed through ENT 3003.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise for this class, it would involve the creation of a remarkable blog content to be posted in our business blog. This content can include an article or a video with a catchy title and it can’t be used as an advertisement for our business/product. In fact, according to Halligan and Shah, the purpose of remarkable content is to attract as many visitors as possible, to make them take part in the conversation by leaving a comment and to make them subscribe, so that later they could become customers. Essentially it would be in exercise in developing value-added content similar to how Bob Ross created value added content in the form of free painting tutorials which acted a vehicle to sell his branded paint supplies.
4) What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed most from your expectations?
I didn’t really find any surprise moment while reading this book. The only thing that differed from my expectations was that inbound marketing requires a lot of effort and constant control, even when hiring specialized employees, because they have to fulfil certain requirements. In fact, there are ways to track your progress in every chapter of this book. Even if a lot of effort is required, this type of marketing is today more profitable and less expensive than the traditional one, so I believe it would be worth it to adopt all the techniques described in the book.
I read Inbound marketing by Brian Halligan and Dharmesh Shah. Its general theme was inbound marketing and what a business can do to be found on the internet. This book explained all the techniques a business should use to go beyond traditional outbound marketing and start pulling potential customers toward your business through the internet.
2) How did the book, in your opinion, connect and enhance with what you are learning in ENT 3003?
I think there are many ways in which the book I read connects with this class. The book’s purpose is to explain how to attract more potential customers and at the same time this class allowed me to interview members of my target group to find out what I can do to make my business and idea more appealing. Also, ENT 3003 is a class that develops mainly around a blog and Inbound Marketing often highlights the importance of blogs, websites and social media to attract more visitors and convert them into real customers. I’d even go further and connect it to the whole marketing strategy of the business idea I developed through ENT 3003.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise for this class, it would involve the creation of a remarkable blog content to be posted in our business blog. This content can include an article or a video with a catchy title and it can’t be used as an advertisement for our business/product. In fact, according to Halligan and Shah, the purpose of remarkable content is to attract as many visitors as possible, to make them take part in the conversation by leaving a comment and to make them subscribe, so that later they could become customers. Essentially it would be in exercise in developing value-added content similar to how Bob Ross created value added content in the form of free painting tutorials which acted a vehicle to sell his branded paint supplies.
4) What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed most from your expectations?
I didn’t really find any surprise moment while reading this book. The only thing that differed from my expectations was that inbound marketing requires a lot of effort and constant control, even when hiring specialized employees, because they have to fulfil certain requirements. In fact, there are ways to track your progress in every chapter of this book. Even if a lot of effort is required, this type of marketing is today more profitable and less expensive than the traditional one, so I believe it would be worth it to adopt all the techniques described in the book.
28A – Your Exit Strategy
1) Identify the exit strategy you plan to make.
After about six years spent running my business, I plan to sell it, probably to a larger company interested in expanding their business or just acquiring the relationships and employees I’ve built up.
2) Why have you selected this particular strategy?
I’ve selected this particular strategy because I believe that in six years my revenues will start to decrease and the opportunity I’m taking advantage of now will disappear as the market penetration of LED lights reaches saturation. I would have to innovate new revenue drivers or there would have to be another technological shift for me to take advantage of. So I think that running this kind of business wouldn’t be as worth it as it is now. Before selling my business, I intend to conduct an analysis to identify another profitable opportunity in my surroundings and depending on whether my existing business would help me exploit it would affect my decision to sell. Then, I would invest the money earned from the sale of my business into this new company, which I’d like to be innovative and offer a solution to more local problems in Florida.
3) How do you think your exit strategy has influenced the other decisions you’ve made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I think my exit strategy has influenced many aspects of my venture concept. In fact, I identified an opportunity that is likely to end when LED lights reach the majority of the population. Other elements of my venture concept influenced by my exit strategy regard my growth intentions and the employees I intend to hire. In fact, I don’t plan to expand my business beyond nationally, I plan for my business to sell mostly in Florida and to operate mainly online. Also, at first, I’d hire only one employee and if my business is successful I’d hire others, but not more than 5/10 employees because I don’t believe in the longevity of the profitability of the business.
Friday, July 19, 2019
25A – What’s Next?
What I think is next: online store, the possibility to personalize your lights online, discount on lights if you purchase a lot of lights, discount on other eco friendly products if you purchase a minimum number of lights (thank to partnerships), and possibly the sale of connected lighting controls.
Existing Market interviews:
1. They are interested in the discounts and were thinking of another discount if you bring a friend
2. They like how they can personalize their lights online and were thinking of an option where they could pick them up in a store (like when they go shopping)
3. Interested in discounts and were thinking of a showroom (so partnership with those who produce Chandeliers) to display all the kind of lights (for parties, for the garden, for the house etc) to choose the one which suits them better
Reflection: they are mainly interested on discounts. I could do the bring a friend thingy cause it would mean more costumers and to enlarge my existing market. They all had different ideas to satisfy their needs. I also think it would be good if they could pick their LEDs in a physical store because it would take less time for them to get them. Overall, it seems that they liked my ideas to grow the existing market
New market: those who pay for their bills but are not interested in being eco friendly or in long term benefits and don't have money to invest. This target group would be very hard to reach because I would have to overcome the obstacles that prevent them to buy my product. I think that with information (after getting to know all the benefits for them) I could overcome these obstacles and make them interested in buying my product, but this would cost me a lot of money and time.
New market interviews:
1. Person in their 40s. They own a house but have no money to invest. I explained all the advantages and they agreed with the benefits but still weren't interested because they prefer to pay less for their lights, and they suggested they could anticipate a little money and give me the rest when they started saving from their electricity bills. He seemed more interested.
2. She owns an apartment, she's interested in saving but not in being eco friendly. She suggested selling a lot of lights to get discounts on their price and offer a satisfaction guarantee in order to entice people like her.
Reflection: the first person gave me a new idea and I realized that if they are informed they are more interested and this surprised me particularly. The second person gave me a suggestion I had already thought of. Overall,
I was right in thinking this target group is hard to reach because I would need a lot of money to make them interested in my product and I couldn't be sure they'd become interested, because they still don't seem to show all the needs my product would satisfy. I was already thinking about offering a financing service for our sales so the interviews did strengthen some of my beliefs. Maybe other new markets could be better, like for example businesses, hotels, libraries and so on (those who want to renew their image), also because they would need a lot of lights. The new market I picked is less attractive than the existing market.
Existing Market interviews:
1. They are interested in the discounts and were thinking of another discount if you bring a friend
2. They like how they can personalize their lights online and were thinking of an option where they could pick them up in a store (like when they go shopping)
3. Interested in discounts and were thinking of a showroom (so partnership with those who produce Chandeliers) to display all the kind of lights (for parties, for the garden, for the house etc) to choose the one which suits them better
Reflection: they are mainly interested on discounts. I could do the bring a friend thingy cause it would mean more costumers and to enlarge my existing market. They all had different ideas to satisfy their needs. I also think it would be good if they could pick their LEDs in a physical store because it would take less time for them to get them. Overall, it seems that they liked my ideas to grow the existing market
New market: those who pay for their bills but are not interested in being eco friendly or in long term benefits and don't have money to invest. This target group would be very hard to reach because I would have to overcome the obstacles that prevent them to buy my product. I think that with information (after getting to know all the benefits for them) I could overcome these obstacles and make them interested in buying my product, but this would cost me a lot of money and time.
New market interviews:
1. Person in their 40s. They own a house but have no money to invest. I explained all the advantages and they agreed with the benefits but still weren't interested because they prefer to pay less for their lights, and they suggested they could anticipate a little money and give me the rest when they started saving from their electricity bills. He seemed more interested.
2. She owns an apartment, she's interested in saving but not in being eco friendly. She suggested selling a lot of lights to get discounts on their price and offer a satisfaction guarantee in order to entice people like her.
Reflection: the first person gave me a new idea and I realized that if they are informed they are more interested and this surprised me particularly. The second person gave me a suggestion I had already thought of. Overall,
I was right in thinking this target group is hard to reach because I would need a lot of money to make them interested in my product and I couldn't be sure they'd become interested, because they still don't seem to show all the needs my product would satisfy. I was already thinking about offering a financing service for our sales so the interviews did strengthen some of my beliefs. Maybe other new markets could be better, like for example businesses, hotels, libraries and so on (those who want to renew their image), also because they would need a lot of lights. The new market I picked is less attractive than the existing market.
24A – Venture Concept No. 1 Save on LIghting
SAVE ON LIGHTING
• Opportunity:• According to the US department of energy LED lights are the most efficient form of lighting yet have only reached 12.6% market penetration in the US as of 2016
• According to the US department of energy the average American using incandescent lights could save $75 a year replacing only their 5 most used bulbs, the average American home has 45 lights and switching them all to LED’s to incandescents would save $230 a year in lighting costs.
• Stagnating wages have led to a need to save money for the average American
• The forces in the environment that created this opportunity were advances in efficient LED light technology, decreasing costs as technology develops, climate change, changing societal attitudes towards waste, greater awareness for the environment, stagnating wages in the American middle class.
• The window of opportunity is open until the switch to LED lighting reaches the masses, according to the diffusion of innovations chart we are entering the early majority phase
• The opportunity is large and the entire market is worth $52 billion, but I am only trying to target a very small subset of niche residential needs that can be targeted through advertising. Based around the percentages of residential use and my target markets population size I very roughly estimate it to be worth around $300 million a year.
• Customers are currently satisfying their need using traditional light or CFL’s because that was the last lighting break through.
• The window of opportunity will be open until market wide adaption of led lights, or when the late majority adopt them. This is around 70% market penetration.
• Innovation:
• For individual consumers I will offer a residential package that offers 45 lightbulbs for $60 and installation for $60 and it will offer in-house financing which is the key innovation that allows our business to harvest the savings of consumers who wouldn’t ordinarily make an investment in themselves.
• For businesses with different needs and a larger budget I would offer durable lights and more niche lights that aren’t as widely used as lightbulbs such as ballast lights, their installation and the general knowledge of what goes into that. The key innovation is the knowledge of the different electrical needs.
• Initial profits would be found with a very small $50 social media campaign targeting the key identifiers I found of someone needing this, being eco, friendly, older, live in an older home or older side of town etc. This would also be used to refine and test if my interview collected information accurately reflects reality and the market at large.
• Venture Concept:
• Individuals will buy my product if they are concerned about the environment, are price conscious of their electric bill, are looking to save money, or need to replace dying lights
• Businesses will buy my product to decrease their operational costs and thus increase their net profits, they could also buy it to signal social initiative/responsibility. Due to the developing social and environmental consequences there’s a push for companies to be ethical and show they care about society/the environment. Modern day branding attempts almost try to humanize the corporation as an entity and signaling their values is integral to this marketing. Many companies are switching to green energy, this achieves the same goal as that by reducing pollution by reducing consumption.
• Online individuals will buy my product in order to be socially and environmentally conscious
• The major competitors are Home Depot, Lowes, and Amazon
• Price points: The price point will be based on the cost of goods sold, value of the convenience I provide, the savings I enlighten people about, the financing as well as competitors prices. They will be priced around $60 for 45 lightbulbs and $15 for 10 lightbulbs. Installation will cost $60 as well.
• Distribution: Ideally it will be initially online. There will be a webpage powered by shopify. LED Lightbulbs bought in bulk from China will be repackaged with bulk branded cardboard materials. Labels will be printed and it will be shipped through USPS. Leads will be directed there by a targeted online ad campaign.
• Customer Service: Plays a crucial role, convenience and customer relations are the lifeblood of any business to consumer type company
• Location: It will mostly be based online but after the ideal customer is confirmed a small location will likely open up in South East Gainesville by the apartments.
• Packaging: Minimalist plain packaging based mostly around cardboard with no Styrofoam and minimal plastic and ink to really give the feeling and branding of of eco friendliness
• Employees: I’m estimating around 1 employee to begin with in order to keep the company very lean and test the market and my assumptions
• They should be primarily skilled in online marketing but will do assist in the miscellaneous tasks as well
•Minor Elements
• Unfair advantage: My unfair advantage are my public speaking skills, and my unique connections. My analytical thinking skills are also key in me identifying opportunities. The relationships I have built up with wholesalers and suppliers in the industry through this class and the relationships I have built through UF as a whole
• What’s next: I want to reduce energy use, save the environment and generate profit.
• For Me: I think I tackled a very broad issue, next I would want to think of more innovative solutions to more local social issues so that I could more directly see my impact. I had an idea for seaweed fertilizer a while back and think I would want to look into that as a solution to the beach Seaweed problem we’ve been experiencing in Florida. I think I would be more driven to tackle a local issue than my initial issue.
23A – Your Venture’s Unfair Advantage
1. Public speaking: I developed this skill through practicing and thank to a public speaking class I took last year.
• Valuable: this is extremely valuable as communication is crucial within a business and outside of it, to communicate effectively with potential customers and partners.
• Rare: I believe this ability is not rare because many people know how to speak in public.
• Inimitable: I think this skill can be easily copied, even though it would be difficult to imitate the way I personally speak in public.
• Non-substitutable: I think no other resource could substitute public speaking because talking directly to your audience is the most effective way to convince them about the validity of your product/service.
2. Web design experience: through the years I got experience in web design and I managed to set up websites too.
• Valuable: I consider this skill valuable because it could allow my business to be known and to sell worldwide.
• Rare: this ability is not rare and mastered by many people.
• Inimitable: I think this skill can be copied, as anyone could learn how to set up websites.
• Non-substitutable: I think I could get the same benefits from ads (either online or on magazines/newspapers) if I wanted my business to be known, but I couldn’t sell my products through ads as I could through a website.
3. Investment experience: I got experience in this field when my father told me about investments and gave me a small capital to invest.
• Valuable: I consider this experience to be very valuable because it could represent a way for my business to raise funds.
• Rare: it’s not rare because many people invest their money.
• Inimitable: it could be imitated but not easily because investments require the understanding of foreseeing what happens in the world.
• Non-substitutable: it can be substituted by any other way of fund raising.
4. Analytical thinking: this ability is part of my human capital and I think it could be useful when running a business.
• Valuable: this skill is very valuable because it allows me to solve problems by finding solutions quickly and it would be particularly effective in a business environment.
• Rare: I think this skill is somehow rare because there are many people who struggle before finding a solution to their problems.
• Inimitable: this is not imitable because it’s part of one’s human capital.
• Non-substitutable: I think there’s nothing that could substitute this skill.
5. Contacts with experts in my field: this class allowed me to expand my networking skills by making first contacts with people employed in my field.
• Valuable: I consider this part of my social capital valuable because I could get information and advice to improve my business/product from these people.
• Rare: I believe this aspect of my social capital is not rare.
• Inimitable: anyone in this field can connect with experts, but it is not likely that they will get the same information and advice I got.
• Non-substitutable: I don’t think there’s any other resource to substitute the experts’ advice, if not personal experience collected through the years.
6. Partnership with eco-friendly companies: I think it would be easy for this business to have eco-friendly organisations as partners because we all have the purpose of protecting the planet.
• Valuable: these partnerships would be very valuable because all the business involved (including mine) would get benefits from it and also because we would all support the same cause.
• Rare: I think these partnerships are not rare because many companies fighting for the same cause decide to cooperate.
• Inimitable: With the right capital (both human and social) and the right product, it shouldn’t be difficult to recreate these partnerships.
• Non-substitutable: I believe there is no resource to substitute these partnerships.
7. Ability to work under pressure: this is part of my human capital and I think it represents an advantage for my future business.
• Valuable: I think that’s notably valuable because I believe that running a business often demands you to work hard in a stressful environment.
• Rare: I think this skill is rare because many people get anxious and panic when they have to work under pressure.
• Imitable: I believe this skill is not imitable because it’s part of one’s human capital.
• Non-substitutable: I think the only resources I could use having the same benefits would be human resources, that is employees working for me.
8. Personalized led lights: the product I’m offering is simple and well-known, but at the same time it has a unique feature that can’t be easily found in the market.
• Valuable: I think the feature of being customizable is extremely valuable for my product, because this way it is able to satisfy everyone’s needs.
• Rare: it is rare because at the moment there aren’t many products with the specific feature I’m offering.
• Inimitable: this feature could be easily copied by others.
• Non-substitutable: I believe the specific feature of my product is not substitutable, but I could get the same benefits from any other rare product.
9. Contacts with my target group: this class gave me the opportunity to connect with many members of my segment. Also, it is very easy to find and make contact with the people who fit my target group.
• Valuable: I think this aspect of my social capital is very valuable because establishing contact with the target group is essential to satisfy their needs by improving your product/service.
• Rare: I think this is not rare because it is not difficult to reach my segment.
• Inimitable: I think that making contacts with the members of my target group could be copied, but the specific information I got by talking to them cannot be imitated.
• Non-substitutable: I believe the direct experience with the target group can’t be substituted by any other resource, if not maybe online surveys.
10. Experience in creating a product/service: I had to create a product in my innovation academy class for the Catalyst showcase and this allowed me to start thinking like an entrepreneur.
• Valuable: I think this experience is very valuable because it forced me to think and act like an entrepreneur for the first time.
• Rare: I think this experience could be rare somehow because many young entrepreneurs often don’t get the chance to try and create a new product for a specific market before actually starting their business.
• Inimitable: the experience of creating a product/service is imitable and can be copied by anyone.
• Non-substitutable: I think there are no resources to substitute this experience because it is crucial and essential for every entrepreneur who wants to start a business.
TOP RESOURCE: I believe my top resource to be public speaking. Even if I don’t think I’m great at it right now, I think that improving this skill could only bring benefits to my business. Through public speaking I could convince possible investors and partners and better understand my target group and their needs, growing my segment, social and financial capitals. I consider communication to be essential because a business can’t survive without communicating with the environment surrounding it.
• Valuable: this is extremely valuable as communication is crucial within a business and outside of it, to communicate effectively with potential customers and partners.
• Rare: I believe this ability is not rare because many people know how to speak in public.
• Inimitable: I think this skill can be easily copied, even though it would be difficult to imitate the way I personally speak in public.
• Non-substitutable: I think no other resource could substitute public speaking because talking directly to your audience is the most effective way to convince them about the validity of your product/service.
2. Web design experience: through the years I got experience in web design and I managed to set up websites too.
• Valuable: I consider this skill valuable because it could allow my business to be known and to sell worldwide.
• Rare: this ability is not rare and mastered by many people.
• Inimitable: I think this skill can be copied, as anyone could learn how to set up websites.
• Non-substitutable: I think I could get the same benefits from ads (either online or on magazines/newspapers) if I wanted my business to be known, but I couldn’t sell my products through ads as I could through a website.
3. Investment experience: I got experience in this field when my father told me about investments and gave me a small capital to invest.
• Valuable: I consider this experience to be very valuable because it could represent a way for my business to raise funds.
• Rare: it’s not rare because many people invest their money.
• Inimitable: it could be imitated but not easily because investments require the understanding of foreseeing what happens in the world.
• Non-substitutable: it can be substituted by any other way of fund raising.
4. Analytical thinking: this ability is part of my human capital and I think it could be useful when running a business.
• Valuable: this skill is very valuable because it allows me to solve problems by finding solutions quickly and it would be particularly effective in a business environment.
• Rare: I think this skill is somehow rare because there are many people who struggle before finding a solution to their problems.
• Inimitable: this is not imitable because it’s part of one’s human capital.
• Non-substitutable: I think there’s nothing that could substitute this skill.
5. Contacts with experts in my field: this class allowed me to expand my networking skills by making first contacts with people employed in my field.
• Valuable: I consider this part of my social capital valuable because I could get information and advice to improve my business/product from these people.
• Rare: I believe this aspect of my social capital is not rare.
• Inimitable: anyone in this field can connect with experts, but it is not likely that they will get the same information and advice I got.
• Non-substitutable: I don’t think there’s any other resource to substitute the experts’ advice, if not personal experience collected through the years.
6. Partnership with eco-friendly companies: I think it would be easy for this business to have eco-friendly organisations as partners because we all have the purpose of protecting the planet.
• Valuable: these partnerships would be very valuable because all the business involved (including mine) would get benefits from it and also because we would all support the same cause.
• Rare: I think these partnerships are not rare because many companies fighting for the same cause decide to cooperate.
• Inimitable: With the right capital (both human and social) and the right product, it shouldn’t be difficult to recreate these partnerships.
• Non-substitutable: I believe there is no resource to substitute these partnerships.
7. Ability to work under pressure: this is part of my human capital and I think it represents an advantage for my future business.
• Valuable: I think that’s notably valuable because I believe that running a business often demands you to work hard in a stressful environment.
• Rare: I think this skill is rare because many people get anxious and panic when they have to work under pressure.
• Imitable: I believe this skill is not imitable because it’s part of one’s human capital.
• Non-substitutable: I think the only resources I could use having the same benefits would be human resources, that is employees working for me.
8. Personalized led lights: the product I’m offering is simple and well-known, but at the same time it has a unique feature that can’t be easily found in the market.
• Valuable: I think the feature of being customizable is extremely valuable for my product, because this way it is able to satisfy everyone’s needs.
• Rare: it is rare because at the moment there aren’t many products with the specific feature I’m offering.
• Inimitable: this feature could be easily copied by others.
• Non-substitutable: I believe the specific feature of my product is not substitutable, but I could get the same benefits from any other rare product.
9. Contacts with my target group: this class gave me the opportunity to connect with many members of my segment. Also, it is very easy to find and make contact with the people who fit my target group.
• Valuable: I think this aspect of my social capital is very valuable because establishing contact with the target group is essential to satisfy their needs by improving your product/service.
• Rare: I think this is not rare because it is not difficult to reach my segment.
• Inimitable: I think that making contacts with the members of my target group could be copied, but the specific information I got by talking to them cannot be imitated.
• Non-substitutable: I believe the direct experience with the target group can’t be substituted by any other resource, if not maybe online surveys.
10. Experience in creating a product/service: I had to create a product in my innovation academy class for the Catalyst showcase and this allowed me to start thinking like an entrepreneur.
• Valuable: I think this experience is very valuable because it forced me to think and act like an entrepreneur for the first time.
• Rare: I think this experience could be rare somehow because many young entrepreneurs often don’t get the chance to try and create a new product for a specific market before actually starting their business.
• Inimitable: the experience of creating a product/service is imitable and can be copied by anyone.
• Non-substitutable: I think there are no resources to substitute this experience because it is crucial and essential for every entrepreneur who wants to start a business.
TOP RESOURCE: I believe my top resource to be public speaking. Even if I don’t think I’m great at it right now, I think that improving this skill could only bring benefits to my business. Through public speaking I could convince possible investors and partners and better understand my target group and their needs, growing my segment, social and financial capitals. I consider communication to be essential because a business can’t survive without communicating with the environment surrounding it.
Friday, July 12, 2019
22A – Elevator Pitch No. 3
Reflection from No. 2: I didn't actually receive feedback on
my last pitch so I had a friend give their own reflection on it. Then I based
the changes I made to my pitch on that feedback. I see now that I hadn't
actually had the last pitch focus on describing the reasons to invest and it
was missing key information that an investor would want to know before they
invested in something like this. I see now that I should have spent more time
on thinking about the pitch itself from the investors perspective. I should
have been trying to fill them in on exactly what I am doing, and why the
industry and venture are likely to be worth looking into.
What I changed: I added a more concrete business plan and
fleshed it out and included more statistics provided by the US department of
energy describing why this is a great industry to be in. I also described why
its a great time to invest since the industry is in a transitional phase and
provided a detailed marketing scheme and focused on making the entire pitch
feel smoother and more cohesive as a whole. I also removed a lot of extraneous
or less relevant details to fit the pitch into the new time span. I think this
was overall a positive change since it leads investors into the most important
details quicker. I felt a lot more calm and collected after doing it so many
times I think my pitch was a lot better than previous attempts.
20A – Growing Your Social Capital
Domain Expert:
Who they are, what their background is:
Sam, from Graybar Electric Supply
https://www.graybar.com/store/en/gb (
How this person is a “domain expert”:
He is an account manager for the Gaineville branch of the
company Graybar Electric Supply, specialized in selling lighting and electrical
equipment. He has worked there for 2 years and amassed a lot of experience
dealing with the sale of lighting.
How I found and contacted this person:
It took a while to find them. I googled local businesses
that specialize in lighting and gave them phone calls. Eventually this one
answered and I talked to the secretary explaining what I was trying to do and
they passed me to another employee and then to Sam.
Nature of Exchange: What they did for me, what is the return
expectation:
I explained to him my idea napkin, that is my product ideas
and my value added proposition and how I would market the service. Then I asked
him various questions detailing this experience.
How will including them enhance my ability to exploit an
opportunity:
He told me about the added competition placed on them by the
market, but that they are able to continue attracting business by being efficient
wholesalers and adding value through their intricate knowledge and real world
examples. Lighting is a complicated industry and even though the information is
out there customers often don't have the right understanding they would need to
buy the most efficient product.
Market Expert:
Who they are, what their background is:
Sarah is a sales representative for Graybar Electric Supply.
How this person is a “market expert”:
It's a little bit cheating but I couldn't find other people
targeting the same market. She targets the more commercial side of sales but
they do residential sales as well.
How I found and contacted this person:
From the same call I made to Graybar Electric Supply they
passed me to her.
Nature of Exchange: What they did for me, what is the return
expectation:
I detailed to her what I was doing for my school assignment
and talked to her about my idea napkin then asked her about how she acquires
sales and I had her walk me through the sales process.
How will including them enhance my ability to exploit an
opportunity:
I started building relationships with multiple people in the
organization and had an experienced sale representative telling me about how
she acquires sales.
Industry Supplier:
Who they are, what their background is:
Xiu Xing is a sales representative.
How this person is a “industry supplier”:
She works as a sales presentative for a large indsutrial
chineses manufacture/supplier of led lights and manages large trancsactions
happening throught the company, amassing knowledge from working on that.
How I found and contacted this person:
I went on Alibaba and searched for LED light manufacturers
and began message them until a representative responded and we talked on
WeChat.
Nature of Exchange: What they did for me, what is the return
expectation:
I explained to them my situation and class and described
both my idea napkin and pitch. Then I told her about the specific lighting
items I would need and asked her questions about their manufacture price max
quantities suppliable and minimum order quantities, the shipping costs
involved, dealing with customs etc.
How will including them enhance my ability to exploit an
opportunity:
Before this exchange I hadn't really thought about the intricacies
of buying items in bulk and in the usual shipping options. I had a little bit
of knowledge from my accounting class of free on board shipping point and free
on board destination point and liability and how important that is. But this
encounter really made me think about the various ways I could keep my costs and
liability low when purchasing product.
Finally: Reflect. This experience requires you to do a
little 'targeted networking.' How will this experience shape how you
participate in any future networking events? Did this experience differ from
your networking experiences in the past? How?
I think it opened my eyes a lot to how
so many industry experts are willing to communicate with you and even help and
share their information with you. It would definitely encourage me to approach
more people in future networking events. While the previous networking events I
have attended were already pre-established with connections to people, for this
one I had to find and communicate with my own experts and that presented its
own challenges, especially dealing with non responses or even a couple
rejections from business I contacted.
21A – Reading Reflection No. 2
1) What was the general theme or argument of the book?
The book I picked was, How to fail at almost everything and still win big by Scott Adams, the creator of the comic strip Dilbert. It focuses on how to be successful in life. This general theme is embedded in the personal experience and career path of the author, who highlights the most useful elements and strategies to become successful.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think that many aspects highlighted by Adams connect with what I’m learning in this class. First of all, the author stresses the importance of social and human capital, saying that if you acquire many different skills and you’ become good enough at them you have a higher chance of becoming successful. Also, Scott Adams believes that failures need to be embraced because it is likely that you’ll encounter many failures before reaching success and because through them not only can you learn from your mistakes, but you can also acquire new skills or knowledge thank to your experience.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The exercise I would design for this class would involve goals and systems, following Adams’ perspective. Since Adams considers goals to be unproductive, in my exercise each student would firstly set a series of goals regarding their businesses and then turn them into long-lasting systems, adding personal ways to stay energized and motivated.
4) What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed most from your expectations?
The chapter about goals and systems surprised me particularly because I had never thought about the importance of the latter. In his book, Adams talks about how he first learnt about systems and how he realized they are better than goals. In fact, since goals are set in the future and are very specific, it is more likely to collect failures and get demoralized. On the contrary, systems are strategies to follow through time no matter what, so that eventually you will achieve something and feel satisfied. This part differed from my expectations because I am used to setting concrete goals anytime I have something to do, so that I often focus more on goals than systems and I sometimes can’t reach my goals.
The book I picked was, How to fail at almost everything and still win big by Scott Adams, the creator of the comic strip Dilbert. It focuses on how to be successful in life. This general theme is embedded in the personal experience and career path of the author, who highlights the most useful elements and strategies to become successful.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think that many aspects highlighted by Adams connect with what I’m learning in this class. First of all, the author stresses the importance of social and human capital, saying that if you acquire many different skills and you’ become good enough at them you have a higher chance of becoming successful. Also, Scott Adams believes that failures need to be embraced because it is likely that you’ll encounter many failures before reaching success and because through them not only can you learn from your mistakes, but you can also acquire new skills or knowledge thank to your experience.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The exercise I would design for this class would involve goals and systems, following Adams’ perspective. Since Adams considers goals to be unproductive, in my exercise each student would firstly set a series of goals regarding their businesses and then turn them into long-lasting systems, adding personal ways to stay energized and motivated.
4) What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed most from your expectations?
The chapter about goals and systems surprised me particularly because I had never thought about the importance of the latter. In his book, Adams talks about how he first learnt about systems and how he realized they are better than goals. In fact, since goals are set in the future and are very specific, it is more likely to collect failures and get demoralized. On the contrary, systems are strategies to follow through time no matter what, so that eventually you will achieve something and feel satisfied. This part differed from my expectations because I am used to setting concrete goals anytime I have something to do, so that I often focus more on goals than systems and I sometimes can’t reach my goals.
Friday, July 5, 2019
17A – Elevator Pitch No. 2
Reflection: I received a lot of good feedback in my last elevator pitch and I worked to improve my elevator pitch based on that feedback. I received two comments that were both positive abut my elevator pitch. The first one described how he related to the problem and possible alternative solicitous to my pitch. The second one also expressed how they related to the problem and complemented my use of statistic. I agree with both pitches and enjoyed their feedback and was surprised by what a common problem seaweed on beaches was. I think the feedback that was the most helpful was the one highlighting what I did well and which parts of my pitch resonated with them, so I could expand on those ideas and further connect with my audience.
Feedback Changes: The feedback that I received was mostly positive complementing my pitch and ideas. So my changes consisted mostly of expanding on the ideas and parts of my pitch that they liked the most. This consisted of mostly the data and statistics parts of my speech.
19A – Idea Napkin No. 2
1. You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
I am Cesar Yapura, I am an information systems student at the Warrington business college at UF. I have mild experience in graphic design and won the power of design award at Catalyst. I have some web design experience and have set up websites before. After reflecting about my human capital and after interviewing the five people who know me the most, I realized my skills lie primarily in the analysis of situations in order to understand what happens around me. I also became aware that resilience and self-confidence are some of my strengths, because I keep trying without worrying about what others say. I still think I’m not a great public speaker but I can power through it when needed. After graduating, I want to start working in the private sector and eventually start my own business after acquiring some experience and capital. I see the development of the concept as benefiting me in my future endeavors by teaching me through experience. It would likely give me experience in attempting entrepreneurial endeavors in the future and increase my future success.
2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
The product I’m offering to customers is still the same, that is the possibility to be healthier, to save money and to save energy by substituting their old CFL lights with led lights in a convenient manner. My product still has all the benefits and features I previously stated, but, in addition to these, I realized I could target niches by making my product customizable, so that it can adapt to everyone’s needs. Also, my product must have a good quality/price ratio and last long to be appealing to my segment.
3. Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
I’ve changed the characteristics of my customers a little after taking into account the feedback I received. My product is still made for people who own a home and pay for their own electricity bills. However, they do not necessarily have to be around 40-65, but they could also include younger men and women who, since they are likely to be environmentally friendly, are also willing to invest some money in this product and they are looking for long-term benefits.
I did not change the characteristics of my other target group: businesses that would like to renew their image. However, I’m focusing on selling my product to individuals because finding and interviewing people is a lot easier than interviewing businesses.
4. Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
Like in the last idea napkin, I keep thinking that people will pay for this product because they would satisfy their needs and because of the benefits experienced after its purchase, like saving money on their electricity bills or saving energy and reducing pollution. However, I realized that to make my solution valuable, it is important that my customers share their positive experience with others and that they find the right information about the actual benefits.
5. What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
My core competencies are in offering a simple, convenient way to do this with information provided. Convenience, intuitiveness and ease of access above all else seems to be the core driver of behavior. I even see this reflected in myself. Where my actions are largely motivated by what is convenient to me. In addition to this, after interviewing the five people who know me the most, I realized that having a different and wider perspective on things could help me be more creative and therefore make my product more appealing to my customers.
6. Do these elements fit together? Are there aspects of your business concept that are weaker/out of joint with the others?
These elements somewhat fit together. I think my skills and previous experience in web design and setting up websites can be useful but I still have to work more on the core competency, which I think is the weakest element. However, even if it is still not well differentiated from other existing products, I am working on targeting different niches with specific needs, focusing on what they need and what particular features would make my product more appealing than the other ones.
7. Feedback memo:
• I included my human capital, based on my personal reflection and the five interviews I carried out with the people who know me the most. In fact, I think that analyzing my surroundings analytically, trying to understand what is happening around me is essential to the idea I am developing, as well as creativity and having a different perspective on things.
• Based on my feedback, I changed my target customer age range, so that I am not offering my product only to older people, but also to younger people who have money to invest in it and are environmentally aware.
• I changed the way I see my product, as I am now focusing on the satisfaction of specific needs (by making it customizable) and on the quality/ratio price.
18A – Create a Customer Avatar
Customer Avatar:
My customer avatar is a married woman and mother of two. She lives with her family in Florida, in a large suburban house that will soon be partially renovated. Being 36, she feels like she’s not young anymore because of all the responsibilities she bears and the pressure she feels. In fact, she has a very busy life: in the morning she drives her children to school with her blue Prius just before going to work to and when she comes back home she likes relaxing watching Discovery channel with her family, playing with her children or just reading books. She and her husband have been married for 14 years, after 2 years of engagement. She organized her wedding in details and made sure everything was as planned. She and her husband met when they were 20 during a cooking class and since then they like cooking and try new recipes together, even if now they both are very busy. In fact, he works a lot too and very often at home with his computer. Every Saturday morning, after writing down a grocery list, she goes buying food and other products she needs for the incoming week. She is a very well organized woman and plans everything she does. For example, she organizes the family holidays and manages the family finances. Although she has a very busy life, she is still able to find time for her hobbies, like gardening. In fact, she grows plants and vegetables she later cooks in her backyard. She tried to share this interest with her children, but the oldest, a 12-year-old girl, seems to be interested in spending time with her friends only and likes hosting sleepovers, while her 7-year-old boy prefers playing with videogames. However, even if she has a very busy life, she still finds time for her family and friends as she sometimes organizes barbeques at night.
What do you have in common with the customer avatar?
I do have something in common with my customer avatar. Like her, I also have a very busy life and often feel under pressure. However, I still manage to spend time with my family and friends. Also, we both respect nature and feel a strong connection to it that we express through gardening. Another thing my customer avatar and I have in common is that we are both well organized and control every aspect of our lives.
If you have anything in common with the avatar, do you think that is a coincidence?
I don’t think it is a coincidence.
Why?
It’s not a coincidence because my ideas are based on my own views so I would naturally target a type of consumer with similar views as myself.
My customer avatar is a married woman and mother of two. She lives with her family in Florida, in a large suburban house that will soon be partially renovated. Being 36, she feels like she’s not young anymore because of all the responsibilities she bears and the pressure she feels. In fact, she has a very busy life: in the morning she drives her children to school with her blue Prius just before going to work to and when she comes back home she likes relaxing watching Discovery channel with her family, playing with her children or just reading books. She and her husband have been married for 14 years, after 2 years of engagement. She organized her wedding in details and made sure everything was as planned. She and her husband met when they were 20 during a cooking class and since then they like cooking and try new recipes together, even if now they both are very busy. In fact, he works a lot too and very often at home with his computer. Every Saturday morning, after writing down a grocery list, she goes buying food and other products she needs for the incoming week. She is a very well organized woman and plans everything she does. For example, she organizes the family holidays and manages the family finances. Although she has a very busy life, she is still able to find time for her hobbies, like gardening. In fact, she grows plants and vegetables she later cooks in her backyard. She tried to share this interest with her children, but the oldest, a 12-year-old girl, seems to be interested in spending time with her friends only and likes hosting sleepovers, while her 7-year-old boy prefers playing with videogames. However, even if she has a very busy life, she still finds time for her family and friends as she sometimes organizes barbeques at night.
What do you have in common with the customer avatar?
I do have something in common with my customer avatar. Like her, I also have a very busy life and often feel under pressure. However, I still manage to spend time with my family and friends. Also, we both respect nature and feel a strong connection to it that we express through gardening. Another thing my customer avatar and I have in common is that we are both well organized and control every aspect of our lives.
If you have anything in common with the avatar, do you think that is a coincidence?
I don’t think it is a coincidence.
Why?
It’s not a coincidence because my ideas are based on my own views so I would naturally target a type of consumer with similar views as myself.
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