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.
Wednesday, November 14, 2018
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.
Thursday, October 25, 2018
18A- Create a Custom Avatar
My customer avatar is a 21-year-old girl who is a junior in college. She is in a sorority so some of her hobbies include Greek life events, other hobbies of hers include going to her college’s sporting events, going out with friends, throwing parties at her apartment with friends, shopping and volunteering. She likes buying one-time use straws for when she has parties at her apartment with her friends, so they can all use them to mix drinks. She drives a silver 2016 Ford Focus and enjoys watching Riverdale, Stranger Things, and any other current popular TV show that streams on Netflix or Hulu. She is a Democrat (who will be voting on November 6th like everyone else should) and enjoys staying up to date on current events and important news.
I have a lot in common with my customer avatar, I am also a 21-year-old in college and have a lot of other similarities to the avatar’s personality that I listed. I don’t buy one-time use straws much, but I can see myself in the segment I would want to target for my product. I think it makes sense that I based my avatar off of myself some because of this.
17A- Elevator Pitch No. 2
1.) Pitch
Elevator Pitch No. 2
2.) The feedback I received last time was mainly people telling me how I needed to better my sound quality because it was hard to hear, and that I didn't seem excited enough about my product. Nothing about the feedback surprised me too much, I realized this is all points that I needed to work on for my next pitch. The most useful feedback was the person who said I didn't sound very excited about my product, it made me realize to focus more on how I'm saying things not only what I'm saying.
3.) I recorded my video with my computer instead of my phone, I think this made it a lot easier to hear me in the video. I also tried to seem more enthusiastic about my product and talk with more passion and less robotic.
Elevator Pitch No. 2
2.) The feedback I received last time was mainly people telling me how I needed to better my sound quality because it was hard to hear, and that I didn't seem excited enough about my product. Nothing about the feedback surprised me too much, I realized this is all points that I needed to work on for my next pitch. The most useful feedback was the person who said I didn't sound very excited about my product, it made me realize to focus more on how I'm saying things not only what I'm saying.
3.) I recorded my video with my computer instead of my phone, I think this made it a lot easier to hear me in the video. I also tried to seem more enthusiastic about my product and talk with more passion and less robotic.
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