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.