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.
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