Sunday, March 27, 2016
Amazon Whisperer
The way my business produces revenue is through university administrations purchasing the product and paying for it to be installed into the dorms. There would also be a way for people that like the product and want it for their homes or apartments could buy and have one of the systems installed. I couldn't find a compliment product that I have thought of on amazon so I found a possible competitor which is a bluetooth key locator. These are cheap and could be put on keys however they receive poor reviews averaging a 2.5/5 star rating. People complain about it annoying them because it alerts your phone at odd times and is constantly running rather than when you want it to be working. I think this is a strong competitor but with these reviews, I believe that there is still a wide market to impress consumers and improve upon. Thus I think my bluetooth key system would be better because you don't even need keys at all to have access to your room or apartment.
Week 11 Reading Reflection
The biggest surprise to me was the amount of thought and preparation goes into innovation and the importance of being able to keep up with an evolving market. The part that I found confusing was how different business mode innovation and technological innovation can be because I always saw them as a joint thing. Given the opportunity, I would ask the author what is the best way to adapt with an evolving market? And also, what sectors do you believe will evolve the most in the coming years? I don't disagree with anything the author wrote this week.
Wednesday, March 23, 2016
My Unfair Advantage
1. Untapped market
The market I'm targeting is very large but it is currently not being served
2. Cheapness and Laziness of the target market
College administrations just want something cheap and effective, thus if you give it to them then all of them follow suit
3. Connections
The connections are in multiple fields that improve the product and help me with the business side as well
4. Dedication
I am very tenacious and not many people want to succeed as bad as I do
5. Financial Capital
I have already discussed this idea with certain investors and they would be willing to invest
6. Ability to develop more
This idea has the ability to develop into a larger scale operation with the proper timing
7. One buyer follows another
Once it breaks out that my product is successful, all college administrations will want it
8. Management
This company would be run well and efficiently under capable leadership
9. Hard-working culture
This company would be regarded as a very hard-working company, and always on top of their work.
10. Efficiency
This product offers efficiency and the company will be efficient which sets it apart from the rest
The greatest resource to my company is it's target market, they are cheap, it is untapped, and once one has a good experience with the product the rest will follow. All I have to do is be the first to emerge as a candidate, keep my prices low, and wait for the benefits as long as I maintain a good relationship and keep the product working efficiently.
The market I'm targeting is very large but it is currently not being served
2. Cheapness and Laziness of the target market
College administrations just want something cheap and effective, thus if you give it to them then all of them follow suit
3. Connections
The connections are in multiple fields that improve the product and help me with the business side as well
4. Dedication
I am very tenacious and not many people want to succeed as bad as I do
5. Financial Capital
I have already discussed this idea with certain investors and they would be willing to invest
6. Ability to develop more
This idea has the ability to develop into a larger scale operation with the proper timing
7. One buyer follows another
Once it breaks out that my product is successful, all college administrations will want it
8. Management
This company would be run well and efficiently under capable leadership
9. Hard-working culture
This company would be regarded as a very hard-working company, and always on top of their work.
10. Efficiency
This product offers efficiency and the company will be efficient which sets it apart from the rest
The greatest resource to my company is it's target market, they are cheap, it is untapped, and once one has a good experience with the product the rest will follow. All I have to do is be the first to emerge as a candidate, keep my prices low, and wait for the benefits as long as I maintain a good relationship and keep the product working efficiently.
Sunday, March 20, 2016
Growing Social Capital
1) Mike Lucarelli- Domain expert
Mike is an app designer which is exactly what I am trying to do. I contacted him through e-mail and he gave me advice on how to go about developing my app and what steps I have to take to get it approved. He's a great asset because he has developed apps before and can be a mentor to me.
2) Josh Denison- Market expert
Josh served as an RA for one year at Grove City College and knows the struggle of students in their dorms. I contacted him by email and he was able to give me his thoughts on whether he thought my idea would be accepted.
3) Nadir Rechka- Supplier
Nadir has developed a design that would allow bluetooth to grant students access to their rooms. I also contacted him by email and he told me about how much they would be and how hard the devices are made.
This experience allowed me the opportunity to make friends in the industry that I'd like to start my business. It was an interesting experience and it helped me discover how if I can make friends I can be even more successful.
Mike is an app designer which is exactly what I am trying to do. I contacted him through e-mail and he gave me advice on how to go about developing my app and what steps I have to take to get it approved. He's a great asset because he has developed apps before and can be a mentor to me.
2) Josh Denison- Market expert
Josh served as an RA for one year at Grove City College and knows the struggle of students in their dorms. I contacted him by email and he was able to give me his thoughts on whether he thought my idea would be accepted.
3) Nadir Rechka- Supplier
Nadir has developed a design that would allow bluetooth to grant students access to their rooms. I also contacted him by email and he told me about how much they would be and how hard the devices are made.
This experience allowed me the opportunity to make friends in the industry that I'd like to start my business. It was an interesting experience and it helped me discover how if I can make friends I can be even more successful.
Week 10 Reading Reflection
The amounts and forms of liability was what surprised me the most in this week's reading. I also have never thought of a loan as a liability before reading this week. One thing that confused me this week was the balance sheet because accounting is just something that doesn't come to me quite as easy as I want it to sometimes. If given the chance I would ask the author why operating expenses are counted in admin expenses. I would also ask what's the easiest way to gain capital to start a business. I didn't disagree with anything in the reading this week.
Wednesday, March 16, 2016
Elevator Pitch No. 3
The feedback that I received was very positive but what stuck out to me was that people said I should show a little more enthusiasm. In this pitch I think I added some enthusiasm and it helped make this pitch more convincing.
Sunday, March 13, 2016
My Secret Sauce
1) I'm an extremely hardworking person and whatever I set my mind to gets done. I also have very strong leadership skills that I've developed throughout my life which allows me to succeed in various settings. I'm very perseverant and I always try to overcome adversity rather than let it break me down. I also believe I'm fairly smart and have the ability to generate new ideas. I also like to think that I have an entrepreneurial spirit that drives me to success.
2)
My key takeaways from these interviews were that people see me as someone who's dedicated to what I do. I think that's a good thing to portray to people, I'm not just someone who will stop when something is okay, I'd rather drive myself to excellence.
3) I see myself as someone that's dedicated and hardworking as well, but I do think that I'm very lazy at times and that hinders me from overcoming some things. I think there are always differences in how you see yourself and how others see you because people don't know whats going on in your life or in your mind, they only see what you show them or what you tell them. I do believe that my interviewees were right about me and I hope that I can prove them right because I think if that's how people see me then I can be successful.
2)
My key takeaways from these interviews were that people see me as someone who's dedicated to what I do. I think that's a good thing to portray to people, I'm not just someone who will stop when something is okay, I'd rather drive myself to excellence.
3) I see myself as someone that's dedicated and hardworking as well, but I do think that I'm very lazy at times and that hinders me from overcoming some things. I think there are always differences in how you see yourself and how others see you because people don't know whats going on in your life or in your mind, they only see what you show them or what you tell them. I do believe that my interviewees were right about me and I hope that I can prove them right because I think if that's how people see me then I can be successful.
Week 9 Reading Reflection
What surprised me about this reading was when the author addressed how recently, marketers changed their focus and made their efforts much more customer-oriented. It made me think about what their approach was before if they're now turning to customer oriented. The marketing strategy that confused me the most was that some marketers believe penny differences in prices attract more customers. I've never noticed how prestigious items end in an even number and common goods end in an odd number. A question I would ask the author is, why haven't marketers always focused on the consumer, why are they changing now? Another question I would ask is, does the author really believe that penny differences in prices truly attract more customers? I didn't really disagree with anything the author wrote, I just question a couple things.
Wednesday, March 9, 2016
Idea Napkin No.2
1. I believe that I'm a strong leader as I've held several leadership positions in many organizations and teams throughout my life and have developed very strong leadership skills. I'm also very persistent and if I set my mind to something I'll make it happen. I think this business idea is a very strong idea and cold be huge if I can develop it, which means that I'm aspiring to become more technologically savvy to produce and maintain this idea.
2. What this product is offering is a way to create one less thing to worry about for college students. You don't need keys anymore, just remember your phone.
3. My target market is college administrations by showing how it could save them money and help students avoid unneeded stress if they are unorganized or in a rush like everyone can be sometimes.
4. It costs money to have to change locks for students and produce keys for students, especially if they are constantly losing or forgetting their keys. It's much less of a hassle for the universities to install my technology. This also reduces an unneeded element of stress for students, which may seem minuscule but all stress adds up and takes a toll on the body.
5. What sets me apart from other people is my drive to succeed. Like I said before it takes a lot for me to stop pursuing something I set my mind to.
I think I need to figure out how I'm going to convince administrations that this is essential to the student's experience in a dorm. I think it would be easier to sell to the students, however it's up to the university to actually install them and allow them which is something that I overlooked at the beginning. I definitely have to solidify this aspect before I can move on.
"Feedback Memo"
1. Sell to the administration rather than the students- I changed the target market from students to universities and now want to attack that market strongly.
2. UF wouldn't have to waste money on keys- I incorporated this as a way to pitch my idea to the new target market and it helped me realize that I should change my target market as well.
3. This would be great for my freshman roommate- Helped show that there is a need out there and that this is something that could be successful in the future.
4. This idea has already been achieved- Competition is key and I think that I could compete well with my attributes, however I'm unaware of this technology available in dorms.
5. You are on to something big- I like to think that I am on to something big sometimes and I believe that changing my target market was the first step in a direction that could lead me to success.
2. What this product is offering is a way to create one less thing to worry about for college students. You don't need keys anymore, just remember your phone.
3. My target market is college administrations by showing how it could save them money and help students avoid unneeded stress if they are unorganized or in a rush like everyone can be sometimes.
4. It costs money to have to change locks for students and produce keys for students, especially if they are constantly losing or forgetting their keys. It's much less of a hassle for the universities to install my technology. This also reduces an unneeded element of stress for students, which may seem minuscule but all stress adds up and takes a toll on the body.
5. What sets me apart from other people is my drive to succeed. Like I said before it takes a lot for me to stop pursuing something I set my mind to.
I think I need to figure out how I'm going to convince administrations that this is essential to the student's experience in a dorm. I think it would be easier to sell to the students, however it's up to the university to actually install them and allow them which is something that I overlooked at the beginning. I definitely have to solidify this aspect before I can move on.
"Feedback Memo"
1. Sell to the administration rather than the students- I changed the target market from students to universities and now want to attack that market strongly.
2. UF wouldn't have to waste money on keys- I incorporated this as a way to pitch my idea to the new target market and it helped me realize that I should change my target market as well.
3. This would be great for my freshman roommate- Helped show that there is a need out there and that this is something that could be successful in the future.
4. This idea has already been achieved- Competition is key and I think that I could compete well with my attributes, however I'm unaware of this technology available in dorms.
5. You are on to something big- I like to think that I am on to something big sometimes and I believe that changing my target market was the first step in a direction that could lead me to success.
Subscribe to:
Posts (Atom)