1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I think it is very hard to decide an exit strategy without knowing how the business turns out and how America and beyond responds to my business. Assuming it is a big success and does great things for reducing the amount of yearly plastic thrown into our oceans, I would love to keep my business in the family and grow it until everyone in the world is using straws made of hemp and corn and plastic straws are obsolete. I would love for my children to continue the venture I grew and started from the ground up.
2) Why have you selected this particular exit strategy?
I selected this exit strategy because I think my product could do great things for the environment. We really need to start caring more about the harm we are doing to our planet and reduce the negative effects we have on earth if we want to keep it a safe and healthy place to live. I think my product is just one great step towards that happening and I’d hope that if it is successful, my children would want to continue that and maybe use this business to find other ways to help reduce waste on our planet.
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 my other decisions because it has always been my end goal to have my product completely replace plastic straws and help reduce plastic in our environment. This end goal is the number one thing that gave me the idea for this product in the first place and made me realize our need for such a product. It has also influenced my intentions for growth because I started with the idea for just America, and now I could see the whole world using my product and needing it.
Wednesday, November 28, 2018
27A- Reading Reflection No. 3
Book: How to fail at almost everything and still win big — Scott Adams
1) What was the general theme or argument of the book?
The general theme of this book is how to become successful by going about life in a different way. Adams talks about tips on how to stay motivated, keep your energy up and go about building your life around systems instead of goals. He thinks goals are just a series of failures until the day you reach the goal, but systems focus you on a plan of what you’re going to try to do every day, so that every day is a win instead of a fail. He thinks you need to have a reason to get out of bed every morning, if its not your job you have to find side gigs that you’re excited about. The whole book focuses on ways to simply better yourself and change your perspective in order to stay happy and motivated.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connects to ENT3003 because if you follow the tips and tricks Adams talks about in his book, it will make an entrepreneurial adventure that much better. Instead of focusing on an end goal for the business idea, just using a system like a game plan will make the process that much more fulfilling.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would create an exercise for students to come up with a system of their own. I would have them change a goal they have for their entrepreneurial idea into a system. Like if they want to have sold $100,000 in sales in the first year, just come up with a system of day to day what to do to better their business instead of focusing all their energy on that one end goal.
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 think the biggest surprise from this book was when he talked about the order of priorities he believes in for your life. He says it is important to put your health, exercise, and overall self first, then your economics, then your friends and family, etc. I was surprised because a lot of people may say this sounds like a selfish idea, but I totally understand where Adams is coming from and agree with it. You must be happy with yourself and your economics first, or else you will become a burden on your friends and family. If you are happy with yourself you will be a better friend/family member/ member of society to others.
1) What was the general theme or argument of the book?
The general theme of this book is how to become successful by going about life in a different way. Adams talks about tips on how to stay motivated, keep your energy up and go about building your life around systems instead of goals. He thinks goals are just a series of failures until the day you reach the goal, but systems focus you on a plan of what you’re going to try to do every day, so that every day is a win instead of a fail. He thinks you need to have a reason to get out of bed every morning, if its not your job you have to find side gigs that you’re excited about. The whole book focuses on ways to simply better yourself and change your perspective in order to stay happy and motivated.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connects to ENT3003 because if you follow the tips and tricks Adams talks about in his book, it will make an entrepreneurial adventure that much better. Instead of focusing on an end goal for the business idea, just using a system like a game plan will make the process that much more fulfilling.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would create an exercise for students to come up with a system of their own. I would have them change a goal they have for their entrepreneurial idea into a system. Like if they want to have sold $100,000 in sales in the first year, just come up with a system of day to day what to do to better their business instead of focusing all their energy on that one end goal.
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 think the biggest surprise from this book was when he talked about the order of priorities he believes in for your life. He says it is important to put your health, exercise, and overall self first, then your economics, then your friends and family, etc. I was surprised because a lot of people may say this sounds like a selfish idea, but I totally understand where Adams is coming from and agree with it. You must be happy with yourself and your economics first, or else you will become a burden on your friends and family. If you are happy with yourself you will be a better friend/family member/ member of society to others.
26A- Celebrating Failure
1.) I failed at getting into the Agency at UF. I applied hoping to get more advertising experience during my senior year before I entered the workforce post-graduation. I did my best on my application, made my resume the best it could be, got pointers from people I knew in the Agency and still didn’t even get an interview. After receiving my rejection email I asked why they did not take me so I could get some constructive criticism, and they never gave any real advice or information that I could learn from. This was a hard hit because I really thought I was going to get in. I also was mad that they didn’t give me any constructive criticism on my application or resume.
2.) Even though I didn’t get in or receive any constructive criticism from the Agency, I still learned from this experience. Them choosing to not give me a chance or help me learn from why I wasn’t chosen, I learned that you aren’t always going to be given other’s time to learn from. That’s a learning experience all in its own. I learned that doing free work isn’t always the best for your future either, I ended up being happy that I wasn’t in the Agency for my senior year because of this. I also learned that you won’t get the positions you always want, learning to accept rejection from this was very important for me.
3.) I was very angry after learning I wasn’t given a chance for the position I applied for in the Agency, but I learned from my failure and it has made me better at accepting rejection. I wasn't angry anymore after I accepted that rejections will happen. My perspective on failure is that it is hard, but its inevitable. I think it is even more important to apply for everything I want, because even if I fail at getting in, at least I tried and I can learn from it and make myself better for the next one.
2.) Even though I didn’t get in or receive any constructive criticism from the Agency, I still learned from this experience. Them choosing to not give me a chance or help me learn from why I wasn’t chosen, I learned that you aren’t always going to be given other’s time to learn from. That’s a learning experience all in its own. I learned that doing free work isn’t always the best for your future either, I ended up being happy that I wasn’t in the Agency for my senior year because of this. I also learned that you won’t get the positions you always want, learning to accept rejection from this was very important for me.
3.) I was very angry after learning I wasn’t given a chance for the position I applied for in the Agency, but I learned from my failure and it has made me better at accepting rejection. I wasn't angry anymore after I accepted that rejections will happen. My perspective on failure is that it is hard, but its inevitable. I think it is even more important to apply for everything I want, because even if I fail at getting in, at least I tried and I can learn from it and make myself better for the next one.
Thursday, November 15, 2018
25A- What's Next?
Existing Market
1.) Whats next in terms of product: I want to expand my product line and also make disposable cups, plates, and silverware out of the same hemp and corn material that I will make my straws out of.
2.) Interviews:
Female, age 21
She said how I should be making other disposable products out of this same material like party cups and plates. She loved the idea of using this material because it is not only recyclable, but also biodegradable. A lot of plastic cups and plates aren’t. I told her how I was planning on doing this and silverware as well and she loved the idea.
Male, age 22
He suggested making to-go boxes out of the material as well as disposable cups and plates. I told him how I was thinking about the same things plus silverware and thought the to-go boxes were a great idea. He loved all of my ideas and my whole business concept.
Female, age 20
She suggested to also think outside of the food and beverage industry, she is a pre-med student and thought that disposable gloves could also be made of this material maybe. I thought this was a great idea and told her that I had only thought of disposable cups, plates and silverware. She also thought these were good options too.
3.) After my interviews, I think I definitely want to stick with the food and beverage industry supplies first in order to get my business going. After straws, I will broaden my product line into to-go boxes, cups, plates, and silverware as well. Then maybe in the future look into other industries, such as medical, for gloves and other potential items.
New Market
1.) A different market that I could target my product to would be schools and hospitals. I was only thinking about individuals in the retail space and business in the food and beverage industry like restaurants, fast food, bars and coffee shops. Hospitals have to give beverages to all of their patients, plus at their cafeteria. Schools and colleges do the same at their dining halls.
2.) Interviews
Female, age 51
I interviewed my friend’s mom who is a nurse and works in a hospital. She loved my product and business idea and thought that it would be a great product for all hospitals because they go through so many straws every day. She thinks it would be an easy switch from plastic straws to my product and the patients wouldn’t even notice. She doesn’t think I need to change the product at all.
Female, age 25
I spoke to my boyfriend’s sister who is a kindergarten teacher. She loved the idea of using straws in her school, and every other school and college in America, that don’t put more waste into the environment. She thinks her students would love the idea and love knowing that they’re helping keep plastic out of ocean life. She also didn’t think I needed to change the product at all.
3.) I think these are two great markets for my product that I could reach outside of the food and beverage industry, but still stay B2B mainly. I am surprised that I didn’t think of these industries sooner. I think this assignment forced myself to think about options that I haven’t considered before, and it paid off.
Nothing really surprised me about my interviews, I can’t see anyone being against the idea of a product that reduces plastic waste in our oceans. My expectations were correct, both people I interviewed loved the idea. These markets seem just as attractive as the ones I have already considered. I think they could be a great additional target audience.
1.) Whats next in terms of product: I want to expand my product line and also make disposable cups, plates, and silverware out of the same hemp and corn material that I will make my straws out of.
2.) Interviews:
Female, age 21
She said how I should be making other disposable products out of this same material like party cups and plates. She loved the idea of using this material because it is not only recyclable, but also biodegradable. A lot of plastic cups and plates aren’t. I told her how I was planning on doing this and silverware as well and she loved the idea.
Male, age 22
He suggested making to-go boxes out of the material as well as disposable cups and plates. I told him how I was thinking about the same things plus silverware and thought the to-go boxes were a great idea. He loved all of my ideas and my whole business concept.
Female, age 20
She suggested to also think outside of the food and beverage industry, she is a pre-med student and thought that disposable gloves could also be made of this material maybe. I thought this was a great idea and told her that I had only thought of disposable cups, plates and silverware. She also thought these were good options too.
3.) After my interviews, I think I definitely want to stick with the food and beverage industry supplies first in order to get my business going. After straws, I will broaden my product line into to-go boxes, cups, plates, and silverware as well. Then maybe in the future look into other industries, such as medical, for gloves and other potential items.
New Market
1.) A different market that I could target my product to would be schools and hospitals. I was only thinking about individuals in the retail space and business in the food and beverage industry like restaurants, fast food, bars and coffee shops. Hospitals have to give beverages to all of their patients, plus at their cafeteria. Schools and colleges do the same at their dining halls.
2.) Interviews
Female, age 51
I interviewed my friend’s mom who is a nurse and works in a hospital. She loved my product and business idea and thought that it would be a great product for all hospitals because they go through so many straws every day. She thinks it would be an easy switch from plastic straws to my product and the patients wouldn’t even notice. She doesn’t think I need to change the product at all.
Female, age 25
I spoke to my boyfriend’s sister who is a kindergarten teacher. She loved the idea of using straws in her school, and every other school and college in America, that don’t put more waste into the environment. She thinks her students would love the idea and love knowing that they’re helping keep plastic out of ocean life. She also didn’t think I needed to change the product at all.
3.) I think these are two great markets for my product that I could reach outside of the food and beverage industry, but still stay B2B mainly. I am surprised that I didn’t think of these industries sooner. I think this assignment forced myself to think about options that I haven’t considered before, and it paid off.
Nothing really surprised me about my interviews, I can’t see anyone being against the idea of a product that reduces plastic waste in our oceans. My expectations were correct, both people I interviewed loved the idea. These markets seem just as attractive as the ones I have already considered. I think they could be a great additional target audience.
24A- Venture Concept No. 1
Opportunity:
1.) Who has the need?
Every restaurant business and individual who cares about their impact on the environment has a need for my product concept. Anyone who uses disposable straws needs my product. Many coastal cities are banning plastic straws, so a lot of these restaurants will need an alternative like mine. As well as any restaurant or individual who wants to stop using plastic straws for their own moral reasons, not just because they are banned.
2.) The nature of the need:
Plastic straws are one of the top ten trash items found on beaches, sea life can injure themselves because of them and they are harmful to the ecosystem. Making a simple switch in the material used to make disposable straws can make a huge impact on the reduction of waste in our environment. There is a huge movement going on now where people want to ban the use of plastic straws in restaurants, this relates to and supports the creation of my product in order to be the solution to this need.
Changes in the environment that created this opportunity are all the publicity of how bad climate change is and how much of an impact humans have on the negative environmental problems we are seeing in the world. Adding trash and plastic to our oceans only worsens these issues, so people have started to really care and create a movement to stop using disposable straws because of how bad they are. The market is all the U.S., internationally they may need this product as well, and it is mainly focused along the coast where people pay more attention to the effect on beaches and ocean life. People currently use plastic straws to satisfy their need for a disposable straw, a lot of restaurants and individuals are very set in their ways of using plastic straws because they have for so long probably. This is a huge opportunity because it is needed all across America, and beyond. People are going to have to start caring more about our impact on the environment, and this is a great start. I think this window of opportunity will be open indefinitely. This will still be needed for years to come because changes need to be made for our world’s well-being. The wave of the movement to ban plastic straws may be a shorter trend, but the need will always be there.
Innovation:
My innovation is a product that will replace plastic straws, it will be biodegradable and recyclable. Plastic straws do neither of these things and end up in our oceans forever. My product will be made of corn and hemp materials. These materials are so much better than plastic because they work in the same way and are plastic-like but can be recycled or will biodegrade if they are thrown out into the environment. Paper straws are the current alternative to plastic straws, but they are not as durable and begin to fall apart when in liquid too long. My straws sold to individuals through grocery stores and other retail locations will sell in packs of 100 for $4.99, 200 for $6.99, or 500 for $11.99. For restaurants, bars, etc. who are buying in bulk, my straws will cost $22 a case and the price will lower per case the more cases bought at once.
Venture Concept:
My product solves the opportunity I found because it is a environmentally-friendly alternative to the plastic straw. It will reduce the amount of trash dumped into our oceans daily. Customers will buy and switch to my product because of its benefits to the environment, and because it is priced competitively to normal plastic straws. Why would an individual or company buy straws that harm our environment over ones that don’t for almost the exact same price and work the same way? It shouldn’t be hard to convince people to buy my straws over normal plastic straws or paper ones because of how well they work and how inexpensive they are. The hardest part will be building awareness of my new product, letting people know that it exists. My competitors are plastic straw companies, paper straw companies, and anyone else making straws that are less harmful to the environment than plastic straws. Their weaknesses are that they are harmful to ocean life, fall apart once left in a drink too long, or aren’t recyclable or biodegradable.
Packaging will be important for the retail sales to individual consumers, I will need to make sure it pops out on the shelf and clearly explains how much better my straws are to the environment than my competitors. Packaging doesn’t matter as much for bulk sales to restaurants, as long as the product arrives safe. Price needs to stay in the same range as most plastic straw options. I will also make sure I have great customer support and distribution. I would start out small until I got into those big retail stores and got big customers in the restaurant industry, then grow when necessary and hire only the amount of employees I need in order to keep up with demands.
Three Minor Elements
1.) My most important resource is how there is a movement happening now where people want to stop the use of plastic straws, this proves that there is a market for my product. All I need to do is be the first brand out there with this straw idea made out of hemp and corn.
2.) The next venture would be to expand the product line and begin making disposable cups, plates, silverware, etc. out of this material too because of its benefits from being biodegradable.
3.) In five years if I pursued this venture, I would want to see restaurants all along the east coast using my product instead of plastic straws. In ten years, I would want them to be in every restaurant in America. Also, I would want to see that expanded product line created and selling as well.
1.) Who has the need?
Every restaurant business and individual who cares about their impact on the environment has a need for my product concept. Anyone who uses disposable straws needs my product. Many coastal cities are banning plastic straws, so a lot of these restaurants will need an alternative like mine. As well as any restaurant or individual who wants to stop using plastic straws for their own moral reasons, not just because they are banned.
2.) The nature of the need:
Plastic straws are one of the top ten trash items found on beaches, sea life can injure themselves because of them and they are harmful to the ecosystem. Making a simple switch in the material used to make disposable straws can make a huge impact on the reduction of waste in our environment. There is a huge movement going on now where people want to ban the use of plastic straws in restaurants, this relates to and supports the creation of my product in order to be the solution to this need.
Changes in the environment that created this opportunity are all the publicity of how bad climate change is and how much of an impact humans have on the negative environmental problems we are seeing in the world. Adding trash and plastic to our oceans only worsens these issues, so people have started to really care and create a movement to stop using disposable straws because of how bad they are. The market is all the U.S., internationally they may need this product as well, and it is mainly focused along the coast where people pay more attention to the effect on beaches and ocean life. People currently use plastic straws to satisfy their need for a disposable straw, a lot of restaurants and individuals are very set in their ways of using plastic straws because they have for so long probably. This is a huge opportunity because it is needed all across America, and beyond. People are going to have to start caring more about our impact on the environment, and this is a great start. I think this window of opportunity will be open indefinitely. This will still be needed for years to come because changes need to be made for our world’s well-being. The wave of the movement to ban plastic straws may be a shorter trend, but the need will always be there.
Innovation:
My innovation is a product that will replace plastic straws, it will be biodegradable and recyclable. Plastic straws do neither of these things and end up in our oceans forever. My product will be made of corn and hemp materials. These materials are so much better than plastic because they work in the same way and are plastic-like but can be recycled or will biodegrade if they are thrown out into the environment. Paper straws are the current alternative to plastic straws, but they are not as durable and begin to fall apart when in liquid too long. My straws sold to individuals through grocery stores and other retail locations will sell in packs of 100 for $4.99, 200 for $6.99, or 500 for $11.99. For restaurants, bars, etc. who are buying in bulk, my straws will cost $22 a case and the price will lower per case the more cases bought at once.
Venture Concept:
My product solves the opportunity I found because it is a environmentally-friendly alternative to the plastic straw. It will reduce the amount of trash dumped into our oceans daily. Customers will buy and switch to my product because of its benefits to the environment, and because it is priced competitively to normal plastic straws. Why would an individual or company buy straws that harm our environment over ones that don’t for almost the exact same price and work the same way? It shouldn’t be hard to convince people to buy my straws over normal plastic straws or paper ones because of how well they work and how inexpensive they are. The hardest part will be building awareness of my new product, letting people know that it exists. My competitors are plastic straw companies, paper straw companies, and anyone else making straws that are less harmful to the environment than plastic straws. Their weaknesses are that they are harmful to ocean life, fall apart once left in a drink too long, or aren’t recyclable or biodegradable.
Packaging will be important for the retail sales to individual consumers, I will need to make sure it pops out on the shelf and clearly explains how much better my straws are to the environment than my competitors. Packaging doesn’t matter as much for bulk sales to restaurants, as long as the product arrives safe. Price needs to stay in the same range as most plastic straw options. I will also make sure I have great customer support and distribution. I would start out small until I got into those big retail stores and got big customers in the restaurant industry, then grow when necessary and hire only the amount of employees I need in order to keep up with demands.
Three Minor Elements
1.) My most important resource is how there is a movement happening now where people want to stop the use of plastic straws, this proves that there is a market for my product. All I need to do is be the first brand out there with this straw idea made out of hemp and corn.
2.) The next venture would be to expand the product line and begin making disposable cups, plates, silverware, etc. out of this material too because of its benefits from being biodegradable.
3.) In five years if I pursued this venture, I would want to see restaurants all along the east coast using my product instead of plastic straws. In ten years, I would want them to be in every restaurant in America. Also, I would want to see that expanded product line created and selling as well.
Wednesday, November 14, 2018
23A- Your Venture's Unfair Advantage
Resources:
1. There is already a huge movement to stop using plastic straws nationwide, so I already have support and need from the public for a product like mine.
VRIN: This resource is extremely valuable, it ensures that there is a market for my product. It is also rare because it is hard to come up with products that have such a huge movement behind them, they don’t come by often. Others could possibly use this same movement and come out with my product first, but you can’t just copy a movement and make people believe in any product you come up with like mine. Other resources are similar but cannot substitute.
2. Many cities are banning plastic straws so there are already businesses who need a product like mine.
VRIN: This is very valuable, it forces many businesses to find an alternative to plastic straws and the only options really are paper or my product. It is rare for a ban to benefit a product as well as this one. You can’t copy or substitute this resource.
3. I already know of grocery bags being made out of the hemp and corn materials I want to use for my straws, so I know that the material works in the same way plastic does, I can create this similar product going off of theirs.
VRIN: This resource is semi-valuable, it is great knowing that this material works for creating plastic-like products, but it will be hard learning how these companies make their products. This resource is rare because not many products are made of this material. I hopefully will be able to copy this resource by learning how it is made and apply the same materials but in the shape of a straw instead of a bag. I can substitute this resource if I just find someone who can come up with a way to make the straws out of hemp and corn without the grocery bag company’s help.
4. I have a past restaurant owner in my network, which is very helpful in order to know what restaurants (my primary target audience) think about when buying a new product.
VRIN: This is semi-valuable, this is only one person’s opinion and can’t speak for the whole restaurant industry. This is not a very rare resource, there are a lot of restaurant owners. I can copy this resource by just finding a different restaurant owner to learn from, making it a resource that is easy to substitute too.
5. I have a person in my network who works at a company that also sells supplies to restaurant owners, meaning I can learn tips and tricks on how to sell to my target audience.
VRIN: This is a valuable resource, it is hard to come by people who work in this industry who I personally know and will share information with me. This is a rare resource because I don’t know anyone else that works in the industry that supplies to restaurants. Others could copy this resource by finding someone else in this same industry through their own network. I can’t substitute this resource because I don’t know anyone else that would be a substitute.
6. I have a lot of personal skills that will set me apart from others and will make me successful in this startup. I am tenacious, passionate about the environment and business, and driven.
VRIN: I know myself and know that I will succeed at whatever I set my mind to, so I see myself as a very valuable resource. I think this is a rare resource because no one else is like me and has the same exact skills as I do. Others could copy this resource to an extent, there are many other people who are tenacious, passionate and dedicated as well. I could not substitute this resource because it is me.
7. I have a lot of people backing me and supporting me, they will be a huge part of pushing to make this product successful.
VRIN: This is a very valuable resource because without my support group I wouldn’t be able to be successful. It is not rare to have a great support group, a lot of others do as well. No one can copy my exact resource because they are unique and specific to me. I could not substitute this resource and find others who have known me for years and believe in me like my current friends and family do.
8. I have great resources in order to get into contact those who would be interested in financially backing this business idea.
VRIN: This is a valuable resource, I will need business loans to start my product design and business. It is not rare to find people who care about the environment and would want to possibly invest in my product idea. Others could copy this resource by finding their own financial support system. I could substitute this resource by getting bank loan instead or finding others to invest instead.
9. I will be frugal with my loans in starting up this product and focus on growing awareness of my product and the need of it without running through my finances quickly.
VRIN: This is a valuable resource, but only if I can stick to it and no unknown large expenses come up. It is semi-rare to be able to be financially smart with loans, many people spend money carelessly without thinking about the consequences. Others could copy this by also being financially smart. I could not substitute this resource.
10. I believe it will be easy to get free advertising and PR for this product because of its ability to create less plastic waste in our oceans, I believe many people will post on social media about it and spread the word without me spending a dime.
VRIN: This is an extremely valuable resource because advertising can be costly, so getting a lot of free PR is very helpful to a startup business. This is a rare resource because not every product has a good cause behind it that will get people talking about it for free word of mouth. Others can’t copy this resource unless they also have a product with a good environmental or social cause behind it. I can’t substitute this resource.
My top resource is my first one—how there is already a huge movement in America for people to stop using plastic straws in an effort to stop putting so much plastic into our environment. This is the most important resource over the others because it proves that there is a need for my product and people will be interested in buying it. There isn’t a great alternative on the market, so mine will shine through and hopefully will completely replace plastic straws in the future. This resource is my biggest asset because it is a sort of proof of concept and ensure that I have an audience for my product.
1. There is already a huge movement to stop using plastic straws nationwide, so I already have support and need from the public for a product like mine.
VRIN: This resource is extremely valuable, it ensures that there is a market for my product. It is also rare because it is hard to come up with products that have such a huge movement behind them, they don’t come by often. Others could possibly use this same movement and come out with my product first, but you can’t just copy a movement and make people believe in any product you come up with like mine. Other resources are similar but cannot substitute.
2. Many cities are banning plastic straws so there are already businesses who need a product like mine.
VRIN: This is very valuable, it forces many businesses to find an alternative to plastic straws and the only options really are paper or my product. It is rare for a ban to benefit a product as well as this one. You can’t copy or substitute this resource.
3. I already know of grocery bags being made out of the hemp and corn materials I want to use for my straws, so I know that the material works in the same way plastic does, I can create this similar product going off of theirs.
VRIN: This resource is semi-valuable, it is great knowing that this material works for creating plastic-like products, but it will be hard learning how these companies make their products. This resource is rare because not many products are made of this material. I hopefully will be able to copy this resource by learning how it is made and apply the same materials but in the shape of a straw instead of a bag. I can substitute this resource if I just find someone who can come up with a way to make the straws out of hemp and corn without the grocery bag company’s help.
4. I have a past restaurant owner in my network, which is very helpful in order to know what restaurants (my primary target audience) think about when buying a new product.
VRIN: This is semi-valuable, this is only one person’s opinion and can’t speak for the whole restaurant industry. This is not a very rare resource, there are a lot of restaurant owners. I can copy this resource by just finding a different restaurant owner to learn from, making it a resource that is easy to substitute too.
5. I have a person in my network who works at a company that also sells supplies to restaurant owners, meaning I can learn tips and tricks on how to sell to my target audience.
VRIN: This is a valuable resource, it is hard to come by people who work in this industry who I personally know and will share information with me. This is a rare resource because I don’t know anyone else that works in the industry that supplies to restaurants. Others could copy this resource by finding someone else in this same industry through their own network. I can’t substitute this resource because I don’t know anyone else that would be a substitute.
6. I have a lot of personal skills that will set me apart from others and will make me successful in this startup. I am tenacious, passionate about the environment and business, and driven.
VRIN: I know myself and know that I will succeed at whatever I set my mind to, so I see myself as a very valuable resource. I think this is a rare resource because no one else is like me and has the same exact skills as I do. Others could copy this resource to an extent, there are many other people who are tenacious, passionate and dedicated as well. I could not substitute this resource because it is me.
7. I have a lot of people backing me and supporting me, they will be a huge part of pushing to make this product successful.
VRIN: This is a very valuable resource because without my support group I wouldn’t be able to be successful. It is not rare to have a great support group, a lot of others do as well. No one can copy my exact resource because they are unique and specific to me. I could not substitute this resource and find others who have known me for years and believe in me like my current friends and family do.
8. I have great resources in order to get into contact those who would be interested in financially backing this business idea.
VRIN: This is a valuable resource, I will need business loans to start my product design and business. It is not rare to find people who care about the environment and would want to possibly invest in my product idea. Others could copy this resource by finding their own financial support system. I could substitute this resource by getting bank loan instead or finding others to invest instead.
9. I will be frugal with my loans in starting up this product and focus on growing awareness of my product and the need of it without running through my finances quickly.
VRIN: This is a valuable resource, but only if I can stick to it and no unknown large expenses come up. It is semi-rare to be able to be financially smart with loans, many people spend money carelessly without thinking about the consequences. Others could copy this by also being financially smart. I could not substitute this resource.
10. I believe it will be easy to get free advertising and PR for this product because of its ability to create less plastic waste in our oceans, I believe many people will post on social media about it and spread the word without me spending a dime.
VRIN: This is an extremely valuable resource because advertising can be costly, so getting a lot of free PR is very helpful to a startup business. This is a rare resource because not every product has a good cause behind it that will get people talking about it for free word of mouth. Others can’t copy this resource unless they also have a product with a good environmental or social cause behind it. I can’t substitute this resource.
My top resource is my first one—how there is already a huge movement in America for people to stop using plastic straws in an effort to stop putting so much plastic into our environment. This is the most important resource over the others because it proves that there is a need for my product and people will be interested in buying it. There isn’t a great alternative on the market, so mine will shine through and hopefully will completely replace plastic straws in the future. This resource is my biggest asset because it is a sort of proof of concept and ensure that I have an audience for my product.
Thursday, November 8, 2018
21A- Reading Reflection No. 2
1) What was the general theme or argument of the book?
I read The Long Tail: Why the Future of Business is Selling Less of More by Chris Anderson. The general theme was about how its completely different nowadays with how you need to sell to the public due to technology advances in the past couple decades. It now makes more sense to sell a lot of products to reach many specific, niche markets instead of trying to come up with one big hit that everyone will want. The author, Chris Anderson, also talks about how easy it is now for anyone to produce and sell products because of how easy it is to access the internet and technology. For example, music software and websites to share it on are easily accessible to the public today, you don’t need a big recording studio to show off your musical talent. The long tail is related to supply and demand. It is all of the niche products that are out there that aren’t bought by a huge market, but because there are so many of them, they make up a long tail of thousands of items.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connects with our class because it gives a lot of tips and insights into people starting a business. It tells about the best ways to make more sales, which is by having a variety of products that will reach many markets, not just one. It makes you think about how much business and selling has changed in the past few decades. There used to be such limited options in products and ways to buy, but with all the technology we have now there are infinite ways. It is important to know this information if you are wanting to become an entrepreneur, or at least learn about it, which is what this class is all about.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would ask students to look up how things were sold in the 60s and 70s and compare it to today. Compare the business models and see what a difference technology has made on how businesses need to approach selling and who they should sell to.
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 think the overall concept of how beneficial it is to have a lot of products and options for customers, because the more niche products you have, the more audiences you will reach. Having only one or a few products is like putting all your eggs in one basket and hoping that you reach the one target audience you want to reach before your competitor does.
I read The Long Tail: Why the Future of Business is Selling Less of More by Chris Anderson. The general theme was about how its completely different nowadays with how you need to sell to the public due to technology advances in the past couple decades. It now makes more sense to sell a lot of products to reach many specific, niche markets instead of trying to come up with one big hit that everyone will want. The author, Chris Anderson, also talks about how easy it is now for anyone to produce and sell products because of how easy it is to access the internet and technology. For example, music software and websites to share it on are easily accessible to the public today, you don’t need a big recording studio to show off your musical talent. The long tail is related to supply and demand. It is all of the niche products that are out there that aren’t bought by a huge market, but because there are so many of them, they make up a long tail of thousands of items.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connects with our class because it gives a lot of tips and insights into people starting a business. It tells about the best ways to make more sales, which is by having a variety of products that will reach many markets, not just one. It makes you think about how much business and selling has changed in the past few decades. There used to be such limited options in products and ways to buy, but with all the technology we have now there are infinite ways. It is important to know this information if you are wanting to become an entrepreneur, or at least learn about it, which is what this class is all about.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would ask students to look up how things were sold in the 60s and 70s and compare it to today. Compare the business models and see what a difference technology has made on how businesses need to approach selling and who they should sell to.
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 think the overall concept of how beneficial it is to have a lot of products and options for customers, because the more niche products you have, the more audiences you will reach. Having only one or a few products is like putting all your eggs in one basket and hoping that you reach the one target audience you want to reach before your competitor does.
Wednesday, November 7, 2018
22A- Elevator Pitch No. 3
1.) The Pitch
2.) Reflection:
The only constructive criticism I received from the last pitch was simply to emphasize my final slogan and really sell it. The other comments about my last pitch were very positive. People thought it was good that I switched to record with my computer instead of my phone because they could hear me better, they thought I had more energy and emotion, and that they believed in my product and how I sold it.
3.) What I changed based off my feedback:
I made sure to make my final selling point, my sort of slogan, really stand out. I made sure to smile and put emphasis on my final words because that is what the viewer is left with remembering the most. I also think I performed better because I did have it almost completely memorized and was used to selling it on camera, so it felt more natural to me. I made sure to keep my energy up and stay engaged in order to keep my viewers interested in what I was saying. I definitely think this was my best pitch of the three.
Friday, November 2, 2018
20A- Growing Your Social Capital
1) One person must be a domain expert in your industry.
Rob Pollack who works at BDI which is a B2B business that supplies parts to other businesses who need them. I chose Rob as my domain expert because even though his company sells different kinds of products, it is the same type of business. They stock supplies to other companies for them to use them to better their business. I found this person through my boyfriend, it is his uncle and I reached him through the phone. I asked Rob what he thought of my product idea and he thought it was great and that all restaurants on the beaches would want to use them. There was nothing I did in return except just have a conversation catching up. This person will be very helpful to have in my network because he will be able to teach me great selling skills and ways to reach out to other businesses in a B2B market. I have never worked in a company like this and he has years of experience to share and help me.
2) One person must be an expert on your market.
Rosella Rossi used to own a restaurant in my hometown, Corned Beef Corner. Rosella fills the market expert slot because she used to be an owner of a company that is a target audience for my product. She knows all about being on the buying end of purchasing restaurant supplies and lives in a coastal town. I found this person through my father, she was a friend of his and I used to work at her restaurant when I was younger. I called and asked her about my product, what she thought, and if she would have used it in her business. She said she definitely would have, and thought it was the best alternative to plastic straws that restaurants could use. She would be great to have in my network because I could use her to learn about what my target market looks for in a supplier and learn from that.
3) One person must be an important supplier to your industry.
Ron Pollack works at CBI, Cheney Brothers, which is a business that sells food and restaurant supplies to food service companies. Ron fills the supplier slot because his company sells very similar products to the same target market that I have for my product. They sell disposable plastic supplies (along with many other products), such as cups, cutlery, straws, etc. These are very similar to my disposable straw product idea. I found Ron through my boyfriend as well, he is his father and I contacted him through the phone. I asked Ron what he thought of my product and he loved it. He thinks this is what all restaurants should be using instead of straws, especially in Florida because of our beautiful beaches where plastic highly effects. This person is great to have in my network because he is in a very similar business, he has been working there for years and could give me a lot of tips and tricks on how to deal with businesses in my target audience.
Reflect: This was a great experience that taught me to push to find people that can help me in specific ways, instead of waiting until I fall upon them. My networking experiences in the past have always been in person at events, like student organization meetings, company tours, etc. This was very different because I went into it seeking out specific people instead of meeting people from a large group.
Rob Pollack who works at BDI which is a B2B business that supplies parts to other businesses who need them. I chose Rob as my domain expert because even though his company sells different kinds of products, it is the same type of business. They stock supplies to other companies for them to use them to better their business. I found this person through my boyfriend, it is his uncle and I reached him through the phone. I asked Rob what he thought of my product idea and he thought it was great and that all restaurants on the beaches would want to use them. There was nothing I did in return except just have a conversation catching up. This person will be very helpful to have in my network because he will be able to teach me great selling skills and ways to reach out to other businesses in a B2B market. I have never worked in a company like this and he has years of experience to share and help me.
2) One person must be an expert on your market.
Rosella Rossi used to own a restaurant in my hometown, Corned Beef Corner. Rosella fills the market expert slot because she used to be an owner of a company that is a target audience for my product. She knows all about being on the buying end of purchasing restaurant supplies and lives in a coastal town. I found this person through my father, she was a friend of his and I used to work at her restaurant when I was younger. I called and asked her about my product, what she thought, and if she would have used it in her business. She said she definitely would have, and thought it was the best alternative to plastic straws that restaurants could use. She would be great to have in my network because I could use her to learn about what my target market looks for in a supplier and learn from that.
3) One person must be an important supplier to your industry.
Ron Pollack works at CBI, Cheney Brothers, which is a business that sells food and restaurant supplies to food service companies. Ron fills the supplier slot because his company sells very similar products to the same target market that I have for my product. They sell disposable plastic supplies (along with many other products), such as cups, cutlery, straws, etc. These are very similar to my disposable straw product idea. I found Ron through my boyfriend as well, he is his father and I contacted him through the phone. I asked Ron what he thought of my product and he loved it. He thinks this is what all restaurants should be using instead of straws, especially in Florida because of our beautiful beaches where plastic highly effects. This person is great to have in my network because he is in a very similar business, he has been working there for years and could give me a lot of tips and tricks on how to deal with businesses in my target audience.
Reflect: This was a great experience that taught me to push to find people that can help me in specific ways, instead of waiting until I fall upon them. My networking experiences in the past have always been in person at events, like student organization meetings, company tours, etc. This was very different because I went into it seeking out specific people instead of meeting people from a large group.
19A- Idea Napkin No. 2
1) You. I am a senior advertising major at UF who is interested in account management in an advertising agency in the future. My talents include being very organized, great people skills, and able to handle a lot on my plate while still being able to meet deadlines. My friends and family describe me as very organized and dedicated as well which further makes me believe I am. I have experience managing a team from my internship this past summer when I lead a team of interns on a nonprofit campaign for a client. I think my skills and experiences would allow me to do very well with making my business concept successful. It would be a great addition to my life and I would be able to handle balancing my work and life well because its something I’ve had to do in the past as well.
2) What are you offering to customers?
My product is a plastic-like straw that is made from corn and hemp materials making it recyclable and biodegradable, unlike regular one-time use plastic straws. My product will make a huge difference in the environment if it is adopted by all restaurants, coffee-shops, bars, individuals, etc. I believe this will solve customer’s needs for a straw that doesn’t fall apart in their drinks (like paper straws) or hurts the environment and ocean life.
3) Who are you offering it to?
My primary target audience for this product is business owners who sell beverage products at their locations. This includes restaurants, fast food chains, coffee shops, bars, etc. These customers will buy my product in bulk and use them very often, this is good for my business and the environment because one restaurant location can use thousands of plastic straws a year. My product will stop this plastic from going into the environment. My second target audience is individuals who use one-time use straws at home. My customer is most likely a college student, age 21, who likes using straws to make mixed drinks with at home before going out. They are most likely female and buy their straws from wherever they grocery shop.
4) Why do they care?
My customers will pay for my product because many businesses are caring more about their footprint on the environment because their own customers care about it more. It would look very good to their customers if they used a biodegradable option instead of one that hurts our ocean life, especially restaurants along the coast.
5) What are your core competencies?
My core competencies are that I am very creative, passionate, and dedicated. If I set my mind to something, I will get it done. If I set out to make this business opportunity happen I know that I would be successful. I believe it is a good product that the world genuinely needs.
I believe these five elements fit very well together. I don’t see any aspect of my business plan that doesn’t fit in or is weak. I think this is an idea that could really take off, and I think it is something that my target audience would really get behind. People are realizing that we need to do something about our negative effects on this planet, and this is a big step towards making that happen.
Feedback Memo: One piece of feedback that I thought about when doing this idea napkin is the feedback I got from my friends and family about me. It was great hearing a lot of the things I thought about myself proven by the people who know me best. They also said some things that I never thought of, like how my dad mentioned I’m a good leader because of my experience in JROTC in high school. Another piece of feedback that has been very helpful is different audiences that I hadn’t considered to target. I realized there were a lot of places I hadn’t thought of until someone I interviewed pointed them out, such as coffee shops and fast food restaurants.
2) What are you offering to customers?
My product is a plastic-like straw that is made from corn and hemp materials making it recyclable and biodegradable, unlike regular one-time use plastic straws. My product will make a huge difference in the environment if it is adopted by all restaurants, coffee-shops, bars, individuals, etc. I believe this will solve customer’s needs for a straw that doesn’t fall apart in their drinks (like paper straws) or hurts the environment and ocean life.
3) Who are you offering it to?
My primary target audience for this product is business owners who sell beverage products at their locations. This includes restaurants, fast food chains, coffee shops, bars, etc. These customers will buy my product in bulk and use them very often, this is good for my business and the environment because one restaurant location can use thousands of plastic straws a year. My product will stop this plastic from going into the environment. My second target audience is individuals who use one-time use straws at home. My customer is most likely a college student, age 21, who likes using straws to make mixed drinks with at home before going out. They are most likely female and buy their straws from wherever they grocery shop.
4) Why do they care?
My customers will pay for my product because many businesses are caring more about their footprint on the environment because their own customers care about it more. It would look very good to their customers if they used a biodegradable option instead of one that hurts our ocean life, especially restaurants along the coast.
5) What are your core competencies?
My core competencies are that I am very creative, passionate, and dedicated. If I set my mind to something, I will get it done. If I set out to make this business opportunity happen I know that I would be successful. I believe it is a good product that the world genuinely needs.
I believe these five elements fit very well together. I don’t see any aspect of my business plan that doesn’t fit in or is weak. I think this is an idea that could really take off, and I think it is something that my target audience would really get behind. People are realizing that we need to do something about our negative effects on this planet, and this is a big step towards making that happen.
Feedback Memo: One piece of feedback that I thought about when doing this idea napkin is the feedback I got from my friends and family about me. It was great hearing a lot of the things I thought about myself proven by the people who know me best. They also said some things that I never thought of, like how my dad mentioned I’m a good leader because of my experience in JROTC in high school. Another piece of feedback that has been very helpful is different audiences that I hadn’t considered to target. I realized there were a lot of places I hadn’t thought of until someone I interviewed pointed them out, such as coffee shops and fast food restaurants.
Subscribe to:
Comments (Atom)