If I were to make the decision right now, assuming my company grows and becomes successful, I think I would want to sell my company due to the fact that entrepreneurship has never really been a passion of mine, and I would want to focus my career within the professional soccer industry. However, I am unsure how I would feel if I were to carry out this project and will need to be in the same shoes in order to accurately predict what I would do. I might find it super-fun and want to do it for the rest of my life. I could also pass it down to my family in order to have a great asset that can be expanded and I would never have to worry about my family financially speaking.
This exit strategy has influenced my other decisions I have made because I have not really gone all in. I am basically building this idea for this class but have no real intention of ever making something out of it. That is, because, I am not passionate for entrepreneurship and would like to focus my thoughts elsewhere.
Friday, July 26, 2019
27A - Reading Reflection No. 1
Thinking, Fast and Slow, by Daniel Kahneman
1) The general theme of this book is to explain how our brain and decision making works and how fear, past experience and bias affects our frame of thinking. Kahneman argues that the best thoughts are those who are intuitive and logistical and will guide us throughout or life.
2) This book connected with what I am learning in this class because it talks about how one should create goals and plans which is something that an entrepreneur should think about when forming a business. Also, Kahnman explains how the brain uses conscious and subconscious influences, such as fear and memories, to frame our way of thinking and make a decision. One needs to keep this in mind when thinking about a large consumer base that has many altering perspectives.
3) If I had to design an exercise for this class, I would simply play chess, and tell the students to think about what moves one should make vs the moves that your opponent is thinking about making. Doing this analysis will help the student analyze a consumer base better and think about outside influences to make a decision.
4) I did not really experience much surprises when reading this book but I did learn about how some people can spend so much time on a project that will not work simply because they are not thinking about the project in the best possible way.
1) The general theme of this book is to explain how our brain and decision making works and how fear, past experience and bias affects our frame of thinking. Kahneman argues that the best thoughts are those who are intuitive and logistical and will guide us throughout or life.
2) This book connected with what I am learning in this class because it talks about how one should create goals and plans which is something that an entrepreneur should think about when forming a business. Also, Kahnman explains how the brain uses conscious and subconscious influences, such as fear and memories, to frame our way of thinking and make a decision. One needs to keep this in mind when thinking about a large consumer base that has many altering perspectives.
3) If I had to design an exercise for this class, I would simply play chess, and tell the students to think about what moves one should make vs the moves that your opponent is thinking about making. Doing this analysis will help the student analyze a consumer base better and think about outside influences to make a decision.
4) I did not really experience much surprises when reading this book but I did learn about how some people can spend so much time on a project that will not work simply because they are not thinking about the project in the best possible way.
26A - Celebrating Failure
I have failed many times in my life. However, I have learned to get up and be better than before as well as my strengths and weaknesses, and how to best utilize them.
My most impactful, yet recent, failure has been when I had to drop out of my Business Finance class. Even though I would watch all of the lectures, read the textbook, and study for 14 hours before each exam, the material was just too much for me which led me to not be able to get good grades on the exams. That class taught me that, I was not good at math (which I always knew), and that I am not Superman and I cannot be a full time employee while also having 3 classes online plus Business Finance.
Failure is hard, no one likes to go through it. Failure can come easy or hard depending on how much you care about the subject. However, failure is probably the best thing that can happen to you, because it will be likely that you will never have that mistake again. It forces you to reflect, analyze and reach a conclusion on what alternatives you can use next time. Which is also good because it makes you hopeful for that next time.
Personally, I do not like to fail. I take it harsh but realize quickly that it is just a part of the process. I am a very competitive person and want the best possible outcome each and every time. This class has not really changed my perspective on failure since I have not actually failed any assignments and have not created any product in order to experience failure. I am always likely to take risks.
My most impactful, yet recent, failure has been when I had to drop out of my Business Finance class. Even though I would watch all of the lectures, read the textbook, and study for 14 hours before each exam, the material was just too much for me which led me to not be able to get good grades on the exams. That class taught me that, I was not good at math (which I always knew), and that I am not Superman and I cannot be a full time employee while also having 3 classes online plus Business Finance.
Failure is hard, no one likes to go through it. Failure can come easy or hard depending on how much you care about the subject. However, failure is probably the best thing that can happen to you, because it will be likely that you will never have that mistake again. It forces you to reflect, analyze and reach a conclusion on what alternatives you can use next time. Which is also good because it makes you hopeful for that next time.
Personally, I do not like to fail. I take it harsh but realize quickly that it is just a part of the process. I am a very competitive person and want the best possible outcome each and every time. This class has not really changed my perspective on failure since I have not actually failed any assignments and have not created any product in order to experience failure. I am always likely to take risks.
Friday, July 19, 2019
25A- What's Next?
Existing Market
After gathering the countless data that I have received from my friends and family, my own observations, classmates, professors and teachers, and industry professionals, I can say that the future looks bright for myself and my product.
With so many technological changes coming into the world today, this just fits the need. Everyone I have talked to has experienced losing their control remote and spending minutes, hours if necessary, trying to find a control remote in order to change the channel on the TV or lower the volume. The professionals whom I spoke to this week about my product mentioned that I should really be trying to look into selling whole packages to houses specifically, that is, sell the products as packages for one house. That way, the bed, chairs, desks maybe, anything would all be a SmartSofa product. I also expanded on my ideas to expand the product and try to fix many needs with the product. They wold me that it was a great idea but to not expect to release all products that would appeal to everyone.
I think all of these ideas combined are a great source of knowledge that can definitely help me to take this product and company in the right direction.
New Market
For my radically different market, I imagined someone that does not watch TV and spends most of their time outdoors. I also thought that the MAIN consumer base of my product would be individuals, so I had to come up with a business that spends most of their time outdoors. Tour guides. I talked with some of UCF's (I live in Orlando) campus tour guides to see what they thought of the product.
I would think that this creates no value for them because their consumers are mostly on their feet and looking to see the campus rather than sitting comfortably in a room. Maybe, I thought, it could be used as a rest space while on campus tours.
After speaking to the UCF tour guides, I learned that before every tour they take their consumers to a movie-theater like room, with many chairs and a big screen, and here they teach the possible students and parents about the numbers side of the school and rankings. They told me that this product could be used here as many parents and students are looking for how "luxurious" a school might be. Having SmartSofa chairs instead of normal chairs can look good for a school in the eyes of an applicant. They mentioned that the product would have to be very visually appealing and fit in with the rest of the room.
I was very surprised that they were kind enough to really take my questions into consideration and actually come up with a possibility for the use of this product. Even though it had nothing to do with the main aspect which is a retractable remote, it made me really think about style and how visually appealing the product has to be. This new market, however, is still not as appealing as the rest of the existing market.
After gathering the countless data that I have received from my friends and family, my own observations, classmates, professors and teachers, and industry professionals, I can say that the future looks bright for myself and my product.
With so many technological changes coming into the world today, this just fits the need. Everyone I have talked to has experienced losing their control remote and spending minutes, hours if necessary, trying to find a control remote in order to change the channel on the TV or lower the volume. The professionals whom I spoke to this week about my product mentioned that I should really be trying to look into selling whole packages to houses specifically, that is, sell the products as packages for one house. That way, the bed, chairs, desks maybe, anything would all be a SmartSofa product. I also expanded on my ideas to expand the product and try to fix many needs with the product. They wold me that it was a great idea but to not expect to release all products that would appeal to everyone.
I think all of these ideas combined are a great source of knowledge that can definitely help me to take this product and company in the right direction.
New Market
For my radically different market, I imagined someone that does not watch TV and spends most of their time outdoors. I also thought that the MAIN consumer base of my product would be individuals, so I had to come up with a business that spends most of their time outdoors. Tour guides. I talked with some of UCF's (I live in Orlando) campus tour guides to see what they thought of the product.
I would think that this creates no value for them because their consumers are mostly on their feet and looking to see the campus rather than sitting comfortably in a room. Maybe, I thought, it could be used as a rest space while on campus tours.
After speaking to the UCF tour guides, I learned that before every tour they take their consumers to a movie-theater like room, with many chairs and a big screen, and here they teach the possible students and parents about the numbers side of the school and rankings. They told me that this product could be used here as many parents and students are looking for how "luxurious" a school might be. Having SmartSofa chairs instead of normal chairs can look good for a school in the eyes of an applicant. They mentioned that the product would have to be very visually appealing and fit in with the rest of the room.
I was very surprised that they were kind enough to really take my questions into consideration and actually come up with a possibility for the use of this product. Even though it had nothing to do with the main aspect which is a retractable remote, it made me really think about style and how visually appealing the product has to be. This new market, however, is still not as appealing as the rest of the existing market.
24A- Venture Concept No.1
1. Opportunity
The SmartSofa will cover the need of eliminating the bother and annoyance of having to look for your control remote every time it gets displaced (which can take up to weeks at times). People who have this need are mostly mid-day nappers or people who tend to fall asleep while watching TV. However, anyone that has a living room and likes to sit in a comfortable couch and a TV that you like to watch has this need. Also, individuals can have this need as well as entire businesses.
The forces or changes in the environment that are creating this opportunity is the fact that more and more people are opting to stay at home and watch TV instead of doing something outdoors. Because there is so much more time being spent watching TV, it is more likely that ou will lose your control remote, which makes the need greater. Also, with this world becoming so technologically efficient, people are getting lazier. The SmartSofa allows someone to be lazy, as they can not work as hard trying to find the control remote all the time.
This market is not really defined geographically, as sofas are an object that many households have, no matter what part of Earth they live in. Demographically, this product will be targeted mostly to recently graduated 20 year olds as well as anyone who likes watching TV or anyone who tends to fall asleep while watching TV.
Currently, customers are not satisfying the need of eliminating the possibility of losing your control remote because they do not think of it as an option. Customers now purchase mundane sofas that do not do anything besides allow you to sit on them or maybe even recline backwards. I do not think that consumers will be very loyal because everyone changes their furniture from time to time, and once they do this there will be an opportunity to show how our product is simply better.
This opportunity is pretty big since most people that I have talked to seem to really enjoy the idea, as well as the fact that it has such a large target market so many people would be interested in buying it. The window of opportunity is open until a Sofa company releases a version of the product that offers a retractable remote control.
2. Innovation
The SmartSofa will be a furniture item (ranging from Sofas, sitting chairs, beanbags, beds, etc.) that will have a control remote attached to the SmartSofa itself. The control may detach and will be held on by a chord so no consumer loses it. This will eliminate the need of having to look frantically for your control remote whenever it gets misplaced, which happens a lot. The SmartSofa will be connected (via Bluetooth or WiFi) to the TV.
The money for this product will come from individual people or businesses that purchase the product either from retail or online. Since there will be many products, some as basic as a sitting chair and some as extravagant as a full sofa or bed, there will be different prices but we expect it to range from $200-$2,000.
3. Venture Concept
Consumers would switch to this new product because the sofa, or any type of furniture, that they have at home today, I can guarantee, has caused them issues at least once as the control remote has gotten lost in between the pillows/sheets of simply it was just misplaced and hard to find. This product will eliminate that problem as well as have a more luxurious item in comparison to the mundane piece of furniture that was there before. I do not think that it will be very hard for consumers to switch because it will be a better product for relatively the same price.
Competitors are all other bed, sofa, and furniture brands. Their weaknesses and vulnerabilities are the fact that these are just furniture items, while my product will be a furniture just like theirs with the addition of having a retractable control remote, and have your sofa connected to the TV an have better speakers, sound, etc.
Packaging plays a role as there needs to be large and strong package to migrate the furniture from the store to home or business or from the inventory (online purchase) site to the purchase location. Price points will also be very important because I want the product to be as cheap as possible, to have many consumers who are able to purchase the product, as well as maintain a high-end brand. Customer Support will also be very important because, in the scenario that the chord breaks off, eliminating the purpose of the product, we would send a repair man to the house or business to fix the issue as soon as possible. This way, all customers can trust that the product will be a good and useful purchase.
If I were to carry on with this business, I would look to partner with a big time investor and probably someone that already knows the ins and outs of this market. Since I have never ran a business before, especially in this market, I feel that I would need much outside help for me to make all of the right decisions of the company.
The three minor elements
1) The "unfair advantage" that this product will have will be the extremely large target market. This product will be aimed for young and experienced, men or women, and any type of culture and personality. The fact that the target market is so big allows for there to be many consumers, which is crucial because if we manage to get enough, it will be very hard to not earn a profit.
2) The next opportunity I would want to tackle with this product is expanding it and adding more features to each piece of furniture. In order to do this, however, the first product must be released and I will need to wait for customer reviews and ideas on what they would want to do to better this product.
3) If I end up going with this project, I see myself as selling the idea to a large entrepreneur and possibly working alongside them. Entrepreneurship has never really truly been my passion, so I can admit that others can make more rational choices.
The SmartSofa will cover the need of eliminating the bother and annoyance of having to look for your control remote every time it gets displaced (which can take up to weeks at times). People who have this need are mostly mid-day nappers or people who tend to fall asleep while watching TV. However, anyone that has a living room and likes to sit in a comfortable couch and a TV that you like to watch has this need. Also, individuals can have this need as well as entire businesses.
The forces or changes in the environment that are creating this opportunity is the fact that more and more people are opting to stay at home and watch TV instead of doing something outdoors. Because there is so much more time being spent watching TV, it is more likely that ou will lose your control remote, which makes the need greater. Also, with this world becoming so technologically efficient, people are getting lazier. The SmartSofa allows someone to be lazy, as they can not work as hard trying to find the control remote all the time.
This market is not really defined geographically, as sofas are an object that many households have, no matter what part of Earth they live in. Demographically, this product will be targeted mostly to recently graduated 20 year olds as well as anyone who likes watching TV or anyone who tends to fall asleep while watching TV.
Currently, customers are not satisfying the need of eliminating the possibility of losing your control remote because they do not think of it as an option. Customers now purchase mundane sofas that do not do anything besides allow you to sit on them or maybe even recline backwards. I do not think that consumers will be very loyal because everyone changes their furniture from time to time, and once they do this there will be an opportunity to show how our product is simply better.
This opportunity is pretty big since most people that I have talked to seem to really enjoy the idea, as well as the fact that it has such a large target market so many people would be interested in buying it. The window of opportunity is open until a Sofa company releases a version of the product that offers a retractable remote control.
2. Innovation
The SmartSofa will be a furniture item (ranging from Sofas, sitting chairs, beanbags, beds, etc.) that will have a control remote attached to the SmartSofa itself. The control may detach and will be held on by a chord so no consumer loses it. This will eliminate the need of having to look frantically for your control remote whenever it gets misplaced, which happens a lot. The SmartSofa will be connected (via Bluetooth or WiFi) to the TV.
The money for this product will come from individual people or businesses that purchase the product either from retail or online. Since there will be many products, some as basic as a sitting chair and some as extravagant as a full sofa or bed, there will be different prices but we expect it to range from $200-$2,000.
3. Venture Concept
Consumers would switch to this new product because the sofa, or any type of furniture, that they have at home today, I can guarantee, has caused them issues at least once as the control remote has gotten lost in between the pillows/sheets of simply it was just misplaced and hard to find. This product will eliminate that problem as well as have a more luxurious item in comparison to the mundane piece of furniture that was there before. I do not think that it will be very hard for consumers to switch because it will be a better product for relatively the same price.
Competitors are all other bed, sofa, and furniture brands. Their weaknesses and vulnerabilities are the fact that these are just furniture items, while my product will be a furniture just like theirs with the addition of having a retractable control remote, and have your sofa connected to the TV an have better speakers, sound, etc.
Packaging plays a role as there needs to be large and strong package to migrate the furniture from the store to home or business or from the inventory (online purchase) site to the purchase location. Price points will also be very important because I want the product to be as cheap as possible, to have many consumers who are able to purchase the product, as well as maintain a high-end brand. Customer Support will also be very important because, in the scenario that the chord breaks off, eliminating the purpose of the product, we would send a repair man to the house or business to fix the issue as soon as possible. This way, all customers can trust that the product will be a good and useful purchase.
If I were to carry on with this business, I would look to partner with a big time investor and probably someone that already knows the ins and outs of this market. Since I have never ran a business before, especially in this market, I feel that I would need much outside help for me to make all of the right decisions of the company.
The three minor elements
1) The "unfair advantage" that this product will have will be the extremely large target market. This product will be aimed for young and experienced, men or women, and any type of culture and personality. The fact that the target market is so big allows for there to be many consumers, which is crucial because if we manage to get enough, it will be very hard to not earn a profit.
2) The next opportunity I would want to tackle with this product is expanding it and adding more features to each piece of furniture. In order to do this, however, the first product must be released and I will need to wait for customer reviews and ideas on what they would want to do to better this product.
3) If I end up going with this project, I see myself as selling the idea to a large entrepreneur and possibly working alongside them. Entrepreneurship has never really truly been my passion, so I can admit that others can make more rational choices.
23A- Your Venture's Unfair Advantage
Resources:
1. Modern
- SmartSofa would be modern because it would be a Sofa that not only looks good but is more than just a Sofa. Because of this, it can be labeled as modern and consumers will always look to try to purchase an object that is as modern as possible.
2. Easy-to-use.
- For a lot of technological objects, such as Google Home, it takes a long time in order to set up. However, the SmartSofa will just be a quick Bluetooth (or WiFi) connection (or a cable) in order for it to be completely set up. Also, once using it, it will be just like controlling a control remote, but the only difference being that it is attached to the Sofa. This makes it valuable because it does not require an expert to use.
3. Unique
- This product is unique not because there are no other sofas in the world, but unique because most sofas do not eliminate the possibility of your control remote falling in between the pillows and you having to look for it. Also, it would be a Sofa that acts as more than just a sofa, which makes it rare and valuable.
4. Multi-use.
- This brand will be unique because it will cater to many different needs. For example, one can purchase a full sofa, but one can also purchase a sitting chair if he or she does not actually want to spend too much money.
5. Capability of expansion.
- This product and company are valuable because without the product existing just yet, there already is an opportunity of expanding the product into something more, maybe install a mini fridge to the sofa itself, or quality-sound speakers, etc. This is valuable because it already gives the company the possibility of future growth which might attract future investors.
6. Opportunity
- This product is rare because it offers a solution to a problem that has never been handled before (losing your control remote in between the sheets) since it has not been deemed as important. There is an opportunity to attract those consumers who really do not want to spend their precious time looking for a control remote.
7. Large target market.
- The fact that the target market for this product is so big is very valuable. This product can be sold to an individual at home or can be sold to businesses. Also, we could produce high-end products such as large sofas that would attract high-income consumers. With that being said, we could also create less-expensive options such as a sitting chair.
8. Social Capital
- This product is valuable because everyone that has heard of this idea has said that this is something that they would see themselves doing. This is very valuable because it means the product has the potential to grow and grow quickly, which would attract some investors for the funding of the company.
9. Can sell in retail as well as online.
- This is rare because for most products, it is a case that it can either be sold best in retail or sold best online. this product however, will be in some retail stores to people to see and experience prior to purchase, but it would also sell online as word-of-mouth is what is expected to work the best.
10. Fit different needs:
- This product will also be unique because not only does it get rid of the annoyance that is having to look for your control remote all the time, but it will also focus a lot into style, in order to make it look good so it fits within various rooms, as well as how comfortable it will be. This is unique because not many products can offer a solution to so many things at once.
Top Resource:
Having done this analysis, I would say that this product's top resource is its large target market. With having heard of so many people that have liked the idea of the product so far, and the fact that it can be sold not only to individuals but to businesses as well. Also, no demographic, young or old, high-income or low-income, men or women, etc. is left out of the possible consumer base for this product. The fact that the potential of many people wanting to buy our product is our top resource.
1. Modern
- SmartSofa would be modern because it would be a Sofa that not only looks good but is more than just a Sofa. Because of this, it can be labeled as modern and consumers will always look to try to purchase an object that is as modern as possible.
2. Easy-to-use.
- For a lot of technological objects, such as Google Home, it takes a long time in order to set up. However, the SmartSofa will just be a quick Bluetooth (or WiFi) connection (or a cable) in order for it to be completely set up. Also, once using it, it will be just like controlling a control remote, but the only difference being that it is attached to the Sofa. This makes it valuable because it does not require an expert to use.
3. Unique
- This product is unique not because there are no other sofas in the world, but unique because most sofas do not eliminate the possibility of your control remote falling in between the pillows and you having to look for it. Also, it would be a Sofa that acts as more than just a sofa, which makes it rare and valuable.
4. Multi-use.
- This brand will be unique because it will cater to many different needs. For example, one can purchase a full sofa, but one can also purchase a sitting chair if he or she does not actually want to spend too much money.
5. Capability of expansion.
- This product and company are valuable because without the product existing just yet, there already is an opportunity of expanding the product into something more, maybe install a mini fridge to the sofa itself, or quality-sound speakers, etc. This is valuable because it already gives the company the possibility of future growth which might attract future investors.
6. Opportunity
- This product is rare because it offers a solution to a problem that has never been handled before (losing your control remote in between the sheets) since it has not been deemed as important. There is an opportunity to attract those consumers who really do not want to spend their precious time looking for a control remote.
7. Large target market.
- The fact that the target market for this product is so big is very valuable. This product can be sold to an individual at home or can be sold to businesses. Also, we could produce high-end products such as large sofas that would attract high-income consumers. With that being said, we could also create less-expensive options such as a sitting chair.
8. Social Capital
- This product is valuable because everyone that has heard of this idea has said that this is something that they would see themselves doing. This is very valuable because it means the product has the potential to grow and grow quickly, which would attract some investors for the funding of the company.
9. Can sell in retail as well as online.
- This is rare because for most products, it is a case that it can either be sold best in retail or sold best online. this product however, will be in some retail stores to people to see and experience prior to purchase, but it would also sell online as word-of-mouth is what is expected to work the best.
10. Fit different needs:
- This product will also be unique because not only does it get rid of the annoyance that is having to look for your control remote all the time, but it will also focus a lot into style, in order to make it look good so it fits within various rooms, as well as how comfortable it will be. This is unique because not many products can offer a solution to so many things at once.
Top Resource:
Having done this analysis, I would say that this product's top resource is its large target market. With having heard of so many people that have liked the idea of the product so far, and the fact that it can be sold not only to individuals but to businesses as well. Also, no demographic, young or old, high-income or low-income, men or women, etc. is left out of the possible consumer base for this product. The fact that the potential of many people wanting to buy our product is our top resource.
Friday, July 12, 2019
20A- Growing Your Social Capital
1) Martin Eseverri - Engineering student at UF. He will be the "domain expert" since he knows a lot about constructing technical products. I found this person through connections made with friends at UF. Martin explained how feasible it would be to make this product, which really would not be difficult at all. However, he said that the hard parts come with how many extensions I want to create for the product. This would include a speaker system, for example, refrigerators, etc. Including Martin in my network allows me to have more knowledge and more connections when I will approach the actual building of the product.
2) Sonia Prieto- Event Manager with focus on aesthetics. Sonia fit as a market expert because she is used to dealing with many different types of people, and organizing different types of events to meet different needs. I found Sonia because I worked with her when I lived back home and I just gave her a call. Sonia told me that the product was really good, and she gave me some of her thoughts at we can make the sofa look better, and what types of furnitures could be used most for businesses as well as events. Including Sonia will help me because she will help me spread the word about my product since she was worked with so many professionals.
3) Sabrina Bolivar- Sabrina is a former soccer teammate's mom of mine. She is a salesman and has worked for different companies selling all kinds of products, ranging from skin care to real estate. Sabrina will be the supplier because she is used to selling products to any type of industry. I asked my friend for her number and gave her a call. Sabrina told me how to approach potential clients and what to look for when speaking to a possible client of mine. She also gave me tips and tricks on where to start and how to be noticeable.
Reflection: This experience helped how I would participate in future networking events because it taught me how to think about other people that might have to do with selling and even making the product. This experience did differ from other networking events because in others that I have been to, I was mostly selling myself. In this one, it was the first time that I was "selling" a product.
3) Sabrina Bolivar- Sabrina is a former soccer teammate's mom of mine. She is a salesman and has worked for different companies selling all kinds of products, ranging from skin care to real estate. Sabrina will be the supplier because she is used to selling products to any type of industry. I asked my friend for her number and gave her a call. Sabrina told me how to approach potential clients and what to look for when speaking to a possible client of mine. She also gave me tips and tricks on where to start and how to be noticeable.
Reflection: This experience helped how I would participate in future networking events because it taught me how to think about other people that might have to do with selling and even making the product. This experience did differ from other networking events because in others that I have been to, I was mostly selling myself. In this one, it was the first time that I was "selling" a product.
22A- Elevator Pitch No. 3
1) Pitch: https://www.youtube.com/watch?v=_JRyyas_aZs&feature=youtu.be
2) Reflection: My feedback was generally positive as most people seem to like the product. There was some confusion, however, about the last elevator pitch that I made as I read in the comments that $200 was way too cheap for a price. I thought about this a lot and clarified that this is due to the wide range of furnitures that SmartSofa will have, and $200 could just be a sitting chair. Also, I kind of like having cheap products so that many people could enjoy it and feel luxurious.
3) I changed my speed as well as my dress code. This time was a little bit more comfortable since it was the third time I delivered this speech, only a week removed from the last one. Also, I clarified the price range situation.
2) Reflection: My feedback was generally positive as most people seem to like the product. There was some confusion, however, about the last elevator pitch that I made as I read in the comments that $200 was way too cheap for a price. I thought about this a lot and clarified that this is due to the wide range of furnitures that SmartSofa will have, and $200 could just be a sitting chair. Also, I kind of like having cheap products so that many people could enjoy it and feel luxurious.
3) I changed my speed as well as my dress code. This time was a little bit more comfortable since it was the third time I delivered this speech, only a week removed from the last one. Also, I clarified the price range situation.
21A - Reading Reflection No. 2
How to Fail at Almost Everything and Still Win Big, Scott Adams
1) The general theme or argument of the book was that it is okay to fail. Through failure one gains more experience and learns from their mistakes. It does not matter whether you have failed once or 100 times, each failure gives you an opportunity to learn. The challenge is to not become discouraged by failures and remain positive so you can "Win Big" in the future.
2) The book connected with what I am learning in ENT3003 because it reminds you that the product is far from perfect and to not be discouraged if not everyone loves the idea right away or if there are parts that do not make sense. Everything that does not make sense or appears to be wrong will teach you something that will help you out in the future.
3) If I had to design an exercise, I would lay out an adequately sized jigsaw puzzle, and give the player one minute to complete the whole thing. Once a minute passes, the whole puzzle will be destroyed. This will teach the player that failure is imminent and the player will realize that every time that he or she starts the puzzle over, he or she will do it faster since he or she can recognize the pieces that go first. Much like the book, you are learning more and more each time you fail.
4) I learned that it is good to follow systems instead of goals, because they are too specific and take a long time in order to achieve. If one creates and follows a system, you will be proud and content with the progress, rather than waiting for the result.
1) The general theme or argument of the book was that it is okay to fail. Through failure one gains more experience and learns from their mistakes. It does not matter whether you have failed once or 100 times, each failure gives you an opportunity to learn. The challenge is to not become discouraged by failures and remain positive so you can "Win Big" in the future.
2) The book connected with what I am learning in ENT3003 because it reminds you that the product is far from perfect and to not be discouraged if not everyone loves the idea right away or if there are parts that do not make sense. Everything that does not make sense or appears to be wrong will teach you something that will help you out in the future.
3) If I had to design an exercise, I would lay out an adequately sized jigsaw puzzle, and give the player one minute to complete the whole thing. Once a minute passes, the whole puzzle will be destroyed. This will teach the player that failure is imminent and the player will realize that every time that he or she starts the puzzle over, he or she will do it faster since he or she can recognize the pieces that go first. Much like the book, you are learning more and more each time you fail.
4) I learned that it is good to follow systems instead of goals, because they are too specific and take a long time in order to achieve. If one creates and follows a system, you will be proud and content with the progress, rather than waiting for the result.
Friday, July 5, 2019
17A - Elevator Pitch No. 2
Pitch: https://www.youtube.com/watch?v=anD-fBGEDo8&feature=youtu.be
Reflection: The fact that the feedback was very positive and how many people related to having the problems that I mentioned during my first pitch confirmed the validity of the product and how it can be used to cater to a very large target audience.
Most of my feedback was very good including comments on HOW I delivered the message (speed, tone, hand movements, etc.). I did not and do not think that any feedback can be labeled as silly because the consumer will speak what he thinks and any opinion is valuable especially when speaking about a product that will be used by a large target market.
Changes: I made a couple of changes in the overall delivery and word choice for my elevator pitch as well as included prices and purchase locations which I did not include in my last elevator pitch.
Reflection: The fact that the feedback was very positive and how many people related to having the problems that I mentioned during my first pitch confirmed the validity of the product and how it can be used to cater to a very large target audience.
Most of my feedback was very good including comments on HOW I delivered the message (speed, tone, hand movements, etc.). I did not and do not think that any feedback can be labeled as silly because the consumer will speak what he thinks and any opinion is valuable especially when speaking about a product that will be used by a large target market.
Changes: I made a couple of changes in the overall delivery and word choice for my elevator pitch as well as included prices and purchase locations which I did not include in my last elevator pitch.
19A- Idea Napkin No. 2
Me.
Just your average, regular college student with an internship and passion and determination to succeed and have constant improvement to maximize my happiness.
I love sports a lot and am hoping to continue my pursuit of establishing myself in the sports industry. My goal would be to become the head coach of a professional soccer team in Europe or the Venezuelan (where I am from) national team. Much of my feedback included people commenting on my passion for sports which was cool since I would have a topic of conversation with possible investors.
Entrepreneurship has really never been my passion so I will most likely be discontinuing this idea. However, if I were to do it, I would probably look for investors to then sell the company or product.
What am I offering to customers?
The product is a SmartSofa, which is a sofa, bed, or any type of sitting furniture that has a bluetooth pairing to the TV, in order to eliminate the existence of a control remote. The 'new' control remote will be attached through a retractable chord to the sofa, in order to be able to pull it out and retract it back to the Sofa, or its' 'keeping' spot.
Who am I offering it to?
The product will be offered to individuals, families as well as businesses. More specifically, the product's main target market will be the group of people who watch TV as they are falling asleep, or like to take mid-day naps on the couch. However, the product is not limited to these users as anyone can relate to purchasing a better sofa.
Why do they care?
Customers will have an interest in my product because it will eliminate a bug in their life which is that they have to constantly look for the control remote when it falls under the pillows or sheets or it is in an unknown location.
One of the feedbacks that I received was someone who asked: "Can't you just tie a rope to the Sofa and the control remote?" The answer is yes, you can. However, I do not know how good this would look, or if any businesses would adopt that idea and save money but appear less professional. The product could be labeled as a "luxury" item, which means that consumers who purchase this are not necessarily trying to save money, but just overall buy a good, modern-day sofa or furniture.
What are my core competencies?
What sets me apart from everyone else is that it is a unique product, that solves a lifetime bug, that nobody has. I built a LEGO the other day for the first time in years. Now, it comes with a little tool that makes unsticking the pieces easier. It eliminated a bug. This product will do the same and that is why it is different. Also, this product has the potential of expansion.
I think all of these elements fit well together because the product can be targeted to so many different markets. While there are big competitors, no one will offer what the SmartSofa can offer. Next, I would like to investigate what the price for this product would be. Hopefully, it could be cheap so I can establish a base of consumers and get the word around about my product.
Feedback Memo:
- I received feedback on my sports interest, which was cool because a lot of people watch sports in their couches and I think it is a great topic of conversation with anyone.
- I also received feedback that there is a way less expensive solution to this problem, which would be to just tie a rope. However, this would probably not look as good as I explained above.
Just your average, regular college student with an internship and passion and determination to succeed and have constant improvement to maximize my happiness.
I love sports a lot and am hoping to continue my pursuit of establishing myself in the sports industry. My goal would be to become the head coach of a professional soccer team in Europe or the Venezuelan (where I am from) national team. Much of my feedback included people commenting on my passion for sports which was cool since I would have a topic of conversation with possible investors.
Entrepreneurship has really never been my passion so I will most likely be discontinuing this idea. However, if I were to do it, I would probably look for investors to then sell the company or product.
What am I offering to customers?
The product is a SmartSofa, which is a sofa, bed, or any type of sitting furniture that has a bluetooth pairing to the TV, in order to eliminate the existence of a control remote. The 'new' control remote will be attached through a retractable chord to the sofa, in order to be able to pull it out and retract it back to the Sofa, or its' 'keeping' spot.
Who am I offering it to?
The product will be offered to individuals, families as well as businesses. More specifically, the product's main target market will be the group of people who watch TV as they are falling asleep, or like to take mid-day naps on the couch. However, the product is not limited to these users as anyone can relate to purchasing a better sofa.
Why do they care?
Customers will have an interest in my product because it will eliminate a bug in their life which is that they have to constantly look for the control remote when it falls under the pillows or sheets or it is in an unknown location.
One of the feedbacks that I received was someone who asked: "Can't you just tie a rope to the Sofa and the control remote?" The answer is yes, you can. However, I do not know how good this would look, or if any businesses would adopt that idea and save money but appear less professional. The product could be labeled as a "luxury" item, which means that consumers who purchase this are not necessarily trying to save money, but just overall buy a good, modern-day sofa or furniture.
What are my core competencies?
What sets me apart from everyone else is that it is a unique product, that solves a lifetime bug, that nobody has. I built a LEGO the other day for the first time in years. Now, it comes with a little tool that makes unsticking the pieces easier. It eliminated a bug. This product will do the same and that is why it is different. Also, this product has the potential of expansion.
I think all of these elements fit well together because the product can be targeted to so many different markets. While there are big competitors, no one will offer what the SmartSofa can offer. Next, I would like to investigate what the price for this product would be. Hopefully, it could be cheap so I can establish a base of consumers and get the word around about my product.
Feedback Memo:
- I received feedback on my sports interest, which was cool because a lot of people watch sports in their couches and I think it is a great topic of conversation with anyone.
- I also received feedback that there is a way less expensive solution to this problem, which would be to just tie a rope. However, this would probably not look as good as I explained above.
18A- Create a Customer Avatar
Hobbies: Watching cable TV and/or Netflix, watch movies with friends at his/her house, plays videogames.Car: White 2015 Nissan Altima
TV Shows: They like to watch: "How I Met Your Mother," "The Office," "Black Mirror," "Friends," "Criminal Minds," etc.
Children: While many of my consumers may have children, this specific stereotypical consumer is in his early 20s and therefore does not have children.
Books: Does not really read books because he likes watching TV and falling asleep to it, but he has read books for school before such as "Fahrenheit 451."
Politicians: Very liberal dude, therefore likes Bernie Sanders.
Age: The ages of my consumers will vary because a very large portion of society will be targeted since a lot of people watch TV. However, this stereotypical consumers is about 24 years old and watches much of his TV after getting back from his first "real" job. They feel young because they do not feel that they have the responsibilities that they will have later on in life, such as taking care of children or being in a marriage.What do I have in common: The fact that we are both very chill and tranquil dudes is something that we have in common. We like to watch Netflix as well as cable and can fall asleep for hours in the couch. We also like to take naps after work and wear comfortable clothing around home. I do not think this is a coincidence because there are a lot of people like this and the product is not targeted to a specific target market but rather targeted to meet the needs of a lot of people in the society.
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