Venture Concept No. 1

ENT3003 Venture Concept – Lillian Gilmore

All around the world, people use smart phones every day, at all hours. While phones have been developed over time to have a longer sustaining battery power, many people face the struggle of their smart phones running out of charge before the end of the day. This is why many people must carry their chargers with them so they are able to plug in their devices at all times of the day so they can stay connected via smartphone. With all the transporting and usage of chargers to solve the problem of phones running out of battery, a new problem arises. The phone chargers people use, though they are sleek, can rarely withstand the wear and tear. After a short period of time, they fray and break. Many people are forced to buy phone charger every couple of months because theirs simply do not last. Now, who has this need? Nearly everyone with a smartphone faces the problem of phone chargers that simply do not last. While some people are lucky enough to not encounter this dilemma, many smart phones users are not as lucky. This market of customers with the unmet need spans across the nation, and even across the globe, as it affects people of all backgrounds. Currently, most people facing this problem are using two of the following solutions: trying to make their charger last at all costs, or simply buying a new charger. The second solution, which many people choose, can be quite costly over time, especially when combined with the already present expenses of owning a smart phone. Customers are most likely relatively loyal to their current smart phone supplier, which is why they continue to buy chargers from them. However, this is an opportunity that has the potential to meet the need of a lot of customers from all over. This “window of opportunity” will last until someone else creates the same product, or one similar to it.

            My solution to this problem would be to create and successfully distribute phone chargers that resist the wear and tear of everyday life to deliver a consistent charge to a customer’s smart phone/device. This phone charger will have a slinky like design, which will allow it to resist overextension, bending, and fraying which very often leads to a cord breaking. Its design also allows it to stretch over a long distance of 6 feet, but when it is not fully extended it will condense back down to a smaller size. This slinky like design will also keep the charging cord from tangling too badly, which overall will create an easier, more reliable experience for the customer. It will be available in several colors: black, white, pink, blue, and green. I will be selling this charging cord for somewhere between $8-$12 depending on production and distribution costs.

            This product will solve the problem of chargers breaking over time due to wear and tear. The slinky like design allows the cord to be flexible, yet durable so the cord can bend and stretch to accommodate the customer without overextending and breaking. Its design also allows it to resists tangling, which many people struggle with when they are carrying many cords at once. I believe people will buy this product because it is a one time purchase that will allow people to stop buying multiple chargers throughout their time as a smart phone user. People will switch to this product because it is more durable, more flexible, and it is available in different colors which makes it fun—and takes away from an industrial appearance. I think initially it will be difficult to convince people that my product truly works, but over time, with marketing and customer feedback, I believe that other customers will be more willing to switch, and they will buy my product. Competitors in this market are any company/person that is selling other phone chargers with similar capabilities. While they may be more established than I am, I believe that I have more expendable time to donate to my product and the organization of its distribution, because I am a young adult in college. I think because I am in college, the business location, customer service, and distribution will be easier in the onset because at the start I believe that I will most likely be selling to college kids and people in my surrounding area. I think that my price is appealing to consumers because many college students are on a budget and $8-$12 is a normal price for a charger, especially if you won’t need to buy another in the future. In the start of this business, I would like to run a smaller company to keep costs down, that way I would be employing a few people to help me with production and distribution of the product to customers. If the company grows, then I can reevaluate and hire more people to support the growing needs of the company.

            I believe that because I am in college, my proximity to the market (of college students) and my expendable free time will be my most valuable resources that will allow me to compete with other companies. Once I have a stable footing in this market, I would like to expand my business and offer a new product: a set of headphones that are retractable (to avoid tangling) but that also a good sound quality. Assuming this venture launched, in five years, I would like to run this business with the help of fellow employees. I would like to have this as a side business, that way I can also pursue my career as an accountant, or potentially a corporate lawyer. This venture will allow me to develop my entrepreneurial skills, so that in the future I can pursue other venture and maybe run my own business full time.

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

My biggest surprise in this reading was finding out that innovative ideas do not fail usually due to execution. I had always assumed that execution (or the lack thereof) was the reason that new innovative ideas at companies failed. 

2) Identify at least one part of the reading that was confusing to you.

I thought it was odd that without a business strategy, the different factions within a business, such as: marketing, sales, R&D, and finance, can all try to make the innovation suit their specific field, rather than it suiting the company as a whole. 

3) If you were able to ask two questions to the author, what would you ask? Why?

1. Although not every strategy will work for every business, is it acceptable to use another company's strategy to model yours after?

2. How do you gear your innovation strategy towards maintaining customer loyalty and attracting new customers? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in this article that I disagreed with the author about. I thought it was an interesting read. 

The Amazon Whisperer

So far in my business, the main way I have been making money is by selling my product: a phone charging cord that has a design like a slinky, that resists tangling and breaking. I believe the next step is to create headphone that avoid tangling (if I am to stay on the path of tech products that do not tangle). I believe that the best way to have headphones that avoid tangling, which is a near impossible feat, is to have a retractable feature. Many people complain about their headphones tangling (and in some cases, breaking over time), and I believe that selling retractable headphones would increase customer loyalty and maybe even bring in more customers. I went on Amazon and found headphones that had a retractable feature: 

I like that this product has many color options available, and I could even incorporate that idea into my other product (the phone charger) to expand my customer base. The customer reviews on Amazon said that the customers loved the price and the retractable feature, yet it had terrible sound quality- which I think it crazy because don't you buy headphones to hear sound?? 

If I were to create a product similar to this, I would make retractable headphones with higher quality sound even if it meant raising the price a little. After all, selling headphones with high quality sound will increase customer loyalty. 

My Unfair Advantage

Human Capital:

1. Patience

• V: This is a valuable resource in any setting. 
• R: I do not think patience is a rare resource. 
• I: I think that patience can be hard to teach/copied. 
• N: No. 

2. Organizational Skills

• V: Yes. It is very important to be organized. 
• R: Organizational skills are not rare. 
• I: Potentially. People who do not already have organizational skills can learn them/develop them. 
• N: No. There is no way to get around not being organized in one way or another. 

3. Interpersonal Skills

• V: Yes. It's very important to have strong interpersonal skills. 
• R: In some cases. Not everyone has the exact same conversation skills or personality. 
• I: Some people may develop their interpersonal skills (in a sense copying).
• N: It is hard to succeed in a people oriented industry without interpersonal skills. 

4. Oriented towards developing and maintaining relationships 

• V: Yes. It is very important to be able to maintain relationships with people, especially in business. 
• R: No.
• I: People can practice developing their interpersonal skills and maintaining relationships.
• N: It can't be substituted as many people do not have a strong ability to maintain strong relationships with many people at once. 

5. Unifier

• V: Yes. It is very valuable to be able to create harmony in a group/team setting. 
• R: No.
• I: No. Many people if they lack this skill will have a hard time developing it. 
• N: Yes. Some people choose to work in a group without creating harmony among its members. 

6. Creativity

• V: Yes. It is important to be creative in business, for finding solutions to problems or in marketing and expanding the customer base.
• R: Yes. Not all people are creative. (There are varying levels of creativity) 
• I: Depends on the situation if someone can copy being creative (potentially hiring more creative people and using their ideas?)
• N: Yes. Someone who is not very creative can get around this obstacle by working with other more creative people to help them along. 

Social Capital:

7. Connection to a Supplier

• V: It is very valuable to have someone in my network who is experienced with creating and distributing a product in a market similar to mine.
• R: Depends. Not all people are able to network with suppliers. 
• I: Yes. Other people can network with other suppliers. 
• N: Yes. People can use their network with other types of people to develop their business. 

8. Connection to a Market Expert 

• V: Yes. It is valuable to know someone who is an expert in my market.
• R: Depends. It all depends on who people network with.
• I: Yes. People can simply expand their network to meet more people in their market. 
• N: Yes. People can use their network with other experts to develop their business. 

9. Connection to a Domain Expert 

• V: Yes. It is valuable to know someone who is an expert in my domain. 
• R: Depends. It all depends on who people network with.
• I: Yes. People can simply expand their network to meet more people in their domain. 
• N: Yes. People can use their network with other experts to expand their business. 

Miscellaneous:

10. Time

• V: Time is an extremely valuable resource. 
• R: Yes. Because I am in college, I have a lot of free time, which not all people have access to. 
• I: No. People who do not have the time to work on their business cannot copy my use of time. 
• N: It is hard for people to get around the obstacle of not having the time to do things. 

I believe that time is my most valuable resource. As a college student, I have the most expendable free time that I will ever have access to, so now would be the best time to develop a business. 

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I have always liked math and I was surprised to see the sales forecast represented by a line in the format of: y= a + bx. It makes sense now to use this formula given the purpose of the sales forecast and the information available.

2) Identify at least one part of the reading that was confusing to you.

I was confused slightly by the cash-flow statement. I thought it was odd how cash flows do not always reflect the balance sheet. 

3) If you were able to ask two questions to the author, what would you ask? Why?

1.What is the best way to measure how much of a mixed cost is fixed or variable?

2. How should a break even analysis be set up if an entrepreneur doe not have any sales yet?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in this reading that I thought the author was wrong about. 

Growing My Social Capital

In this exercise, I tried to use personal relationships of mine to find people who are involved in the industry related to my business venture. 

Here I found a friend of a friend or a relative of a friend to expand my network. 

1. Domain Expert

• Felipe Gomes, Sales Associate at Best Buy
• Felipe worked at the Best Buy store in Orlando, FL, where I am from. I have shopped there a few times and I was able to use his insight into the market to help with my business venture.
• I contacted him via Facebook, as we have many mutual friends. We simply discussed the potential of my product selling in a store like Best Buy. 
• Including Felipe in my network will give me access to an insider's opinion in the market for tech devices and their accessories.  

2. Market Expert

• Nicole Hebel, UF Marketing Major
• Nicole is a fellow student in the business school and she is currently studying marketing. 
• I contacted her via Facebook, as she and I also have many mutual friends. We discusses the ways in which to market my product, especially to younger people (like college students) 
• Including Nicole in my network will allow me access to the perspective of a college student studying marketing techniques which will aid me in my venture and my marketing strategies.

3. Supplier

• Hank Goradesky, owner of a phone case company
• Hank is a relative of one of my friends from high school
• I contacted him via email and we discussed the potential of my product and the ways in which he has been able to grow his business
• Having Hank in my network will allow me to expand my knowledge about producing and distributing a (tech device/accessory) product to customers 

This networking experience has made me more comfortable in reaching out to people and discussing my product with them as a business venture. I hope that over time networking will become easier and easier. 

Elevator Pitch No. 3

Here is my third time recording my elevator pitch! Listening to my feedback from my last post, this time I am wearing a color that is less bright and distracting. Although it is a professional pitch (which is why I chose to wear a neutral color), I wore casual clothing so that I am able to relate to a large portion of my target consumer group: college students. This time I also payed careful attention to keep my hands by my side, so that I don't have distracting hand gestures!

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was that companies still use more antiquated forms of surveying (via mail). I had just assumed that given all of the technology in our lives, that marketers had stopped using paper, mail in surveys. 

2) Identify at least one part of the reading that was confusing to you.

I was confused that the customer-driven philosophy and sales-driven philosophy are considered to be 2 different philosophies. I believe that to have a truly effective sales strategy, you must gear your product towards the customer in order to sell it. 

3) If you were able to ask two questions to the author, what would you ask? Why?

1. How do you think social media marketing will evolve in the next 5 years? 

2. How would you encourage entrepreneurs to seek out primary and secondary data, and to convince them that these strategies aren't useless?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in this reading that I disagreed about with the author. 

My Secret Sauce

While the 5 characteristics that I have listed below are not unusual or extremely unique, I believe that the way these elements come together to create part of my personality is what makes me unique.

1. I am extremely patient.
2. I love talking to people, and getting to know them.
3. While I would consider myself a talker, I am also a good listener.
4. I try to be very conscientious of others and their feelings, which I feel helps me maintain strong relationships with people.
5. I try to bring harmony (or keep the peace) in any group that I work in.

I think that the major difference between my list and the people I interviewed, was that my family was a little biased. My parents pulled the classic parent card, and exaggerated my qualities a little. But I still appreciate them :)

Idea Napkin No. 2

Me: 

Who am I? Good question. I'm a first year Finance major from Orlando, FL; I am also pursuing a Spanish minor. I love talking to people and getting to know them, which I believe will help me when I am networking with potential clients, and maintaining positive relations with them. I also am a very organized person, which is extremely important when running a business. After college, I want to go into the finance world, or maybe even corporate law. The experience from running this business has the potential to develop my business-related skills. Specifically regarding to this business, I think it would be easy to run if I set it up correctly, and it could fit nicely alongside a career in business or law. 

What am I offering to customers?

The product that I am proposing is a phone/computer charging cable that has a slinky-like design. (It is also similar to the slinky water hose, just a charging cord instead.) This product will be more durable than the other phone/computer charging cords, meaning it is resistant to fraying, breaking, and being unable to charge. It also will resist tangling, which is a fun added bonus. 

Who am I offering this to? 

EVERYONE (that has a cell phone or computer).

Why do people care?

Because they're nice. Just kidding. This product will change the charging cable game. Everyone knows the struggle of charging cords that lose their elasticity and/or break. This is the solution!

What are my core competencies? 

I have strong communication skills, which will help when I am spreading the word about this new product. I also am a college kid, living in a town full of entrepreneurs who are ready to help and give advice about the process. 

I think that all of these five elements fit well together, and they will aid me in creating a business. Running a business requires actual business skill and interpersonal skills. I am studying business so the more "textbook" skills will come with time, whereas I already have strong interpersonal skills which will be helpful in the onset of my business (though they develop with time, as well.) The hardest part about this business will be spreading the word and creating the product at a low enough price to appeal to consumers. 

Feedback from my previous idea napkin: 

1. My post was extensive and interesting. 

2. My five elements work well together.

3. The area in which I live and my business major will help me in the process of starting a business. 

4. This product will appeal to the millennial generation. 

5. Networking is a very important skill to develop. 

From this feedback, I tried to keep my post as interesting (and extensive) as it was the first time. I am trying to capitalize on my strengths (5 cohesive elements) and take advantage of the resources around me so that I may successfully market my product. I will also work on networking and developing these skills.