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 (352) 224-4150

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.

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.

15A – Figuring Out Buyer Behavior No. 2

1) Report the findings. Simply summarize your interviews.
Interviews

INTERVIEW 1: 35-year-old woman who has just moved in her fiancee’s house.

·     Most important factors when buying led lights:

1.       Price

2.       Power consumption

3.       Brand

4.       How the light adapts to every room

·     She is most likely to buy led light in a general store. She says she won’t buy them online because she doesn’t want to wait (not even for one day). She prefers paying with cash.

·     She thinks it’s a good product when it doesn’t consume much electricity, it’s ecofriendly and it’s not that expensive.

·     She thinks it’s a bad product when the light isn't bright enough.

INTERVIEW 2: 66-year-old man who lives in his house

·       Most important factors when buying led lights:

1.       Price

2.       Brand

3.       Power consumption

4.       Lasting

5.       Watts

·       He is most likely to buy in a hardware store because there are more products there. He is not likely to buy online because he’s not familiar with computers. However, he would pay in both cash and with a credit card.

·       He thinks it’s a good product if it lasts long emitting much light.

·       He thinks it’s a bad product if it doesn’t last long.

INTERVIEW 3: Wife and mother of two

·       Most important factors when buying led lights

1.       Watts (depending on the room for which she needs the light)

2.       Saving

3.       Price

4.       Brand

·       She doesn’t mind buying lights online or at the store. However, she is most likely to pay with her credit card because she rarely uses cash.

·       It’s a good product when it lasts long, is cheap and ecofriendly and makes her save money.

·       It’s a bad product when it doesn’t last long and the light is too warm in terms of color, she prefers a light blue cool light.

2) Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation?

CONCLUSION: The segment gives importance to price and savings. Their ideal product has a good quality/price ratio, is ecofriendly and can easily adapt to every room of their house, lasting long. They are more likely to buy a product from a producer they trust in non-online stores. I think the key thing I realized was that the customizability of LED lights and the variety are the key to finding the unaccommodated niche or segment of consumers.  

16A –What’s Your Secret Sauce?

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

Patience- I think I am an exceptionally patient person both with other people and in completing challenges. I see this demonstrated when I garden and often have to wait months or years to see any progress in what I am trying to create.
Resilience-  I am resilient in the face of challenges. This often expresses itself when faced with challenges and meeting deadlines.
Perspective- I provide a different perspective then most people. I think I offer a unique perspective as having been born in a different country, having a multicultural upbringing and even just through the own uniqueness of my personality expressing itself. 
Calmness- I am very calm in the face of challenge and can work through it. I see this often expressed when meeting deadlines or taking tests.
Analytical- I think of things in a very calculated and analytical way. This expresses itself most when working on projects or working with others.

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are. There is no time limit on these recordings. As long as you cover the information asked for above, that's all you need to do. (Audio recordings are fine. You'll need to use a platform like Soundcloud to host your files.)

 She says that I am very curious and have a need to understand the world. She says that I am resilient and have a need to understand things. He says that I am confident in myself. He also says that I am sociable and a very calm person. She says that I am very self confident in my own own abilities. She also believes that I have the ability to inspire others. She says that my drive and resilience make me different. She elaborated especially on my drive to learn new things and my need to understand them.
She says that I have a different perspective on things due to my cultural background. She says that it allows me to be more creative because of the different cultural forces I have grew up with.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

I see myself in much the same way others see me. Although there are a few differences. I think the differences are caused from differences in perspective and how only I have the complete view of my own emotions and motivations, while others have to view me through what I express to them. They only have a limited view of who I am, and vice versa. Looking back at list 1 I don't think I would make any corrections to it. It seems to reflect both the way I and others see me, in an accurate way.