1. My exit strategy would be to sell in the next 5 years and to hopefully get as much money as I can from it.
2. I have selected this exit strategy because my goal has always been to go to law school. That is something that is more important to me and my family has multiple lawyers in it. To be able to sell this and gain money that would be able to put me through law school would be a dream come true.
3. It probably has made an impact on the way I have thought about it. I subconsciously have had it in the back of my head the whole time that this is just something small in the grand scheme of things, and that this would be a fantastic way to just boost my career from the start.
Friday, July 27, 2018
Reading Reflection No. 3 27A
The Reading I chose was Innovation and Entreprensurship by Peter Drucker
1. The general theme of this book is obviously about innovation and entreprensurship but also how it involves discipline and the best ways to practice them.
2. This book has connected with this ENT class in the ways we think. This whole class has been about innovation and ways to make our product better. Combine that with the entrepreneurship part and learning how to market products and classify them is literally what this class is about.
3. An exercise would be at the end of the class, describe how the original product has been innovated and changed, and how the original market and target audience has changed over the course of this class.
4. I think part 2 was where the "aha" moment hit me. It wasn't necessarily a particular moment, but it talks about the managerial strategies and entrepreneurship strategies. From what he was saying, it seems as if he almost think entrepreneurship competence may be even mire important than the product and innovation itself. Obviously the product must be quality, but without any entrepreneurship skills, the product is worthless.
1. The general theme of this book is obviously about innovation and entreprensurship but also how it involves discipline and the best ways to practice them.
2. This book has connected with this ENT class in the ways we think. This whole class has been about innovation and ways to make our product better. Combine that with the entrepreneurship part and learning how to market products and classify them is literally what this class is about.
3. An exercise would be at the end of the class, describe how the original product has been innovated and changed, and how the original market and target audience has changed over the course of this class.
4. I think part 2 was where the "aha" moment hit me. It wasn't necessarily a particular moment, but it talks about the managerial strategies and entrepreneurship strategies. From what he was saying, it seems as if he almost think entrepreneurship competence may be even mire important than the product and innovation itself. Obviously the product must be quality, but without any entrepreneurship skills, the product is worthless.
Celebrating Failure 26A
1. The time I have failed this past semester has been in another class. I am currently working full time and have an internship as well, while managing two classes. In the other class, which has exams, it is hard to find time to study a lot. So for the first two exams, I was a bit too confident in how easy the exams would be and with work and whatnot, I did not find myself studying a whole lot. That first exam did not end up too well. The second exam, I found myself studying more but still, not enough. That exam ended up just alright. With that being said, for the third exam, I found myself studying a lot to prepare myself for the exam. Even bringing in study notes to work to look at for when I'm on break. And the result was much much better.
2. I learned that it just takes time and patience. Everything will come with time. I also learned that failure doesn't mean you're bad or not as smart or worth less than others. It is just a lesson we learn from and that helps make everyone better.
3. Failure is just a lesson. How will we ever learn anything if we don't fail? The best way to handle failure is just to encourage yourself, stay confident and know you will learn from it and do better next team. This class has helped me realize to embrace failure. Use it to motivate yourself, and also to continue and strive to do better. I have always been a risk taker, but this class just encourages it even more because you should never be sacred to fail.
2. I learned that it just takes time and patience. Everything will come with time. I also learned that failure doesn't mean you're bad or not as smart or worth less than others. It is just a lesson we learn from and that helps make everyone better.
3. Failure is just a lesson. How will we ever learn anything if we don't fail? The best way to handle failure is just to encourage yourself, stay confident and know you will learn from it and do better next team. This class has helped me realize to embrace failure. Use it to motivate yourself, and also to continue and strive to do better. I have always been a risk taker, but this class just encourages it even more because you should never be sacred to fail.
Friday, July 20, 2018
What's Next? 25A
Existing Market:
What is next for my products and services would be to put my product in stores and also have them available to order form online. Hopefully if it becomes popular enough, I could have them sold through mass distributors such as Amazon.
After speaking to the three interviewees, what they suggested I do next is to be planning for what customers might want next. They said my product is a great idea, but what about when something goes wrong and say someone gets sick, I will need to be ready and prepared to defend the product not just to potential customers, but also to make sure it is safe and able to keep being sold. They also said customer may next want products in the same field with benefits. Like for example, someone who may hike and use this water bottle, may want a different product they can use for hiking such as some sort of knife or any object that can be potentially innovated and made better. That way, the customer can shop my brand and that also expand my company.
Based on my own expectations, I would hope to be one of the top selling water bottles in stores. The idea would be to place them in stores that sell sports equipment but also outdoor and recreation activities. An example of a store would be like a place near me named "Modell's" which sell sports stuff but also stuff for hiking, hunting, etc. Another thing I would hope, is to sell enough through my website, that I would be able to start mass distributing them to companies like Amazon.
New Market:
A radically different market would be to try and introduce products that would be specific to certain audiences, such as sporting equipment. I think it would allow me to branch out and to attack a certain audience with new products.
After interviewing two people, I found that is is probably not the best idea. I have no clear product that would be able to stand out in a specific market like sports equipment. Because the market is so big, sure, there is opportunity, but it will require something special. Both interviewees explained how it is pretty pointless to attack a specific audience like that because my product is so universal and that market probably isn't the best market to begin with. They both agreed that customers from that department will most likely not be my best customers in terms of sales.
I have learned that it would be a bad idea to try and adapt my product to a specific department such as sports. With them not being my main customers to begin with, it would be hard to get them to buy more. My product is more designed for outdoor actives, not so much team sport activities. That is what gatorade bottles are for, where teams carry like 12 of them for the team. My product is designed more for people to use in recreational activities. I realized the existing market is the market to continue to try and impress.
What is next for my products and services would be to put my product in stores and also have them available to order form online. Hopefully if it becomes popular enough, I could have them sold through mass distributors such as Amazon.
After speaking to the three interviewees, what they suggested I do next is to be planning for what customers might want next. They said my product is a great idea, but what about when something goes wrong and say someone gets sick, I will need to be ready and prepared to defend the product not just to potential customers, but also to make sure it is safe and able to keep being sold. They also said customer may next want products in the same field with benefits. Like for example, someone who may hike and use this water bottle, may want a different product they can use for hiking such as some sort of knife or any object that can be potentially innovated and made better. That way, the customer can shop my brand and that also expand my company.
Based on my own expectations, I would hope to be one of the top selling water bottles in stores. The idea would be to place them in stores that sell sports equipment but also outdoor and recreation activities. An example of a store would be like a place near me named "Modell's" which sell sports stuff but also stuff for hiking, hunting, etc. Another thing I would hope, is to sell enough through my website, that I would be able to start mass distributing them to companies like Amazon.
New Market:
A radically different market would be to try and introduce products that would be specific to certain audiences, such as sporting equipment. I think it would allow me to branch out and to attack a certain audience with new products.
After interviewing two people, I found that is is probably not the best idea. I have no clear product that would be able to stand out in a specific market like sports equipment. Because the market is so big, sure, there is opportunity, but it will require something special. Both interviewees explained how it is pretty pointless to attack a specific audience like that because my product is so universal and that market probably isn't the best market to begin with. They both agreed that customers from that department will most likely not be my best customers in terms of sales.
I have learned that it would be a bad idea to try and adapt my product to a specific department such as sports. With them not being my main customers to begin with, it would be hard to get them to buy more. My product is more designed for outdoor actives, not so much team sport activities. That is what gatorade bottles are for, where teams carry like 12 of them for the team. My product is designed more for people to use in recreational activities. I realized the existing market is the market to continue to try and impress.
Venture Concept No. 1 24A
I believe there is an opportunity for a product that is able to serve as a filtration water bottle, and people can literally scoop up water from the ground and with .01 infiltration, it becomes drinkable and safe. Furthermore, with the price being comparable to regular water bottles, it is far more superior, not even including the idea of creativity and how the designer will stand out more.
The people who are in most need of a product like this are people who are often involved in outdoor activities or people in general who don't trust public places water fountains. This is a regular water bottle that is able to make you feel comfortable drinking from wherever you are. For example, people who hike and camp, are able to pick up water from a stream and once filtrated, are able to drink it. This also allows people to not have to worry about binging their own water, as long as they have the bottle. They also don't have to drink their water thats been in the heat all day, when they can scoop up fresh cold water from the river.
What is helping this product is it is also good for nature and the environment. No more plastic water bottle, which also helps with the littering problem and getting the rivers and streams polluted with garbage. This market is defined geographically and demographically by people who are most likely in their 20s or 30s. People who are active a lot. The best part about the product though, is that anybody can use it. It is literally a water bottle, it just has features that others don't such as the .01 infiltration. Customers are currently satisfying their needs with regular water bottles or a brita, but britas are not to be walking around with. It is more for at home and sitting in the fridge. Also, it does not have the ability to pick up ground water and make it healthy and clean. The opportunity us pretty big, as their are none like it. The customers are also loyal if the product is high quality. A prime example is the company yeti, they are the high quality water bottles on the market, but they also do not have the ability to filtrate water from the ground and make it drinkable. The window of opportunity is most likely closing. With technology these days, it probably will not be long before someone is able to invent it.
The product is essentially your typical water bottle. Take it to class, take it to the gym, take it when you just leave the house. The product however, is also special in the way it is able to scoop up ground water and make it perfectly healthy and clean and drinkable. I would most likely try and sell it online and through sports stores. Stores that sell not only stuff for sports but also outdoor and recreational activities. The goal is to sell it comparable to the other water bottles in the market. That way, not only is the price relative to what they would buy anyway, but my product is superior and provides more functions and would therefor be the best option on the market.
My product solves the opportunity I have identified because it is a multipurpose product that can be used for anything. There will no longer be a need to prepare water for when you leave the house. As long as you have the bottle with you, you will be able to obtain fresh water wherever you are, that is unless you are in a desert. Customers will buy my innovation because it will be the most superior product on the market, with a fair price. When comparing the price to other products, and then factoring in the benefits and features my product provides, it is an easy choice. The reasons customers would switch is because there is no product like it. Like I said, it would be the most superior product on the market, and if I am able to hire a great design person, and the designs on our water bottles are also better, it would be quite easy to make the switch. The competitors are people who sell water bottles. While there are none that sell products with the same features, there are loyal customers to companies like yeti. Their weakness would be that they do not sell filtration water bottles. I believe price distribution will be huge, because no matter the product, people will always look for the cheapest outlets. In the end though, I believe customer service and support will be most important, making sure customers are getting what they are saying for. I would need employees to help manage online sales and some to manage in store sales. Also, employees to help with creativity and innovation ideas and also people with just organizing and helping keep the profits on track.
My "secret sauce" would be my connections. I have very bright people with very high educations that would be able to help get me started and also run the business. Through them, I know many people who would be interested in helping with the business or people that would give my product a try. Also they have connections who may even be interested in investing in the company. The next thing I would like to tackle would be the the design and creativity. I believe creativity is very important in this market. Assuming the launch, I would like to continue improving the product, but also innovating on other products in the same field so I would be able to sell family products that all attract the same audience, that way customers would be lying more than one item from the company.
The people who are in most need of a product like this are people who are often involved in outdoor activities or people in general who don't trust public places water fountains. This is a regular water bottle that is able to make you feel comfortable drinking from wherever you are. For example, people who hike and camp, are able to pick up water from a stream and once filtrated, are able to drink it. This also allows people to not have to worry about binging their own water, as long as they have the bottle. They also don't have to drink their water thats been in the heat all day, when they can scoop up fresh cold water from the river.
What is helping this product is it is also good for nature and the environment. No more plastic water bottle, which also helps with the littering problem and getting the rivers and streams polluted with garbage. This market is defined geographically and demographically by people who are most likely in their 20s or 30s. People who are active a lot. The best part about the product though, is that anybody can use it. It is literally a water bottle, it just has features that others don't such as the .01 infiltration. Customers are currently satisfying their needs with regular water bottles or a brita, but britas are not to be walking around with. It is more for at home and sitting in the fridge. Also, it does not have the ability to pick up ground water and make it healthy and clean. The opportunity us pretty big, as their are none like it. The customers are also loyal if the product is high quality. A prime example is the company yeti, they are the high quality water bottles on the market, but they also do not have the ability to filtrate water from the ground and make it drinkable. The window of opportunity is most likely closing. With technology these days, it probably will not be long before someone is able to invent it.
The product is essentially your typical water bottle. Take it to class, take it to the gym, take it when you just leave the house. The product however, is also special in the way it is able to scoop up ground water and make it perfectly healthy and clean and drinkable. I would most likely try and sell it online and through sports stores. Stores that sell not only stuff for sports but also outdoor and recreational activities. The goal is to sell it comparable to the other water bottles in the market. That way, not only is the price relative to what they would buy anyway, but my product is superior and provides more functions and would therefor be the best option on the market.
My product solves the opportunity I have identified because it is a multipurpose product that can be used for anything. There will no longer be a need to prepare water for when you leave the house. As long as you have the bottle with you, you will be able to obtain fresh water wherever you are, that is unless you are in a desert. Customers will buy my innovation because it will be the most superior product on the market, with a fair price. When comparing the price to other products, and then factoring in the benefits and features my product provides, it is an easy choice. The reasons customers would switch is because there is no product like it. Like I said, it would be the most superior product on the market, and if I am able to hire a great design person, and the designs on our water bottles are also better, it would be quite easy to make the switch. The competitors are people who sell water bottles. While there are none that sell products with the same features, there are loyal customers to companies like yeti. Their weakness would be that they do not sell filtration water bottles. I believe price distribution will be huge, because no matter the product, people will always look for the cheapest outlets. In the end though, I believe customer service and support will be most important, making sure customers are getting what they are saying for. I would need employees to help manage online sales and some to manage in store sales. Also, employees to help with creativity and innovation ideas and also people with just organizing and helping keep the profits on track.
My "secret sauce" would be my connections. I have very bright people with very high educations that would be able to help get me started and also run the business. Through them, I know many people who would be interested in helping with the business or people that would give my product a try. Also they have connections who may even be interested in investing in the company. The next thing I would like to tackle would be the the design and creativity. I believe creativity is very important in this market. Assuming the launch, I would like to continue improving the product, but also innovating on other products in the same field so I would be able to sell family products that all attract the same audience, that way customers would be lying more than one item from the company.
Your Venture's Unfair Advantage 23A
1. Money Available
V: Will be what helps me get started and set up the company
R: I am fortunate to have money readily available because not everyone does
I: It is something that either you have or you don't
N: Not directly substitutable but can be helped out by others to get started
2. Very smart people in my family willing to help
V: Can help with great business ideas but also just in general running the company
R: Not rare, but everyone in my family has a college degree and lots with higher degrees such as law degrees
I: Not really something you can "copy"
N: There is the internet, which can help you with pretty much anything but its not first hand help
3. Connections
V: Through family and friends I know lots of people, which may either want to help, or may be interested in the product
R: It is hard to make connections, not all people have great connections with power or the willingness to help
I: Easy to "copy" lots of people know other people so its pretty easy
N: All you have to do is get lucky once, but experience is the only thing that can really replace connections
4. Experience in helping customers
V: I know how to handle customers well, which is big in getting them interested
R: Not everybody has experience taking care of customers
I: Many people on the other had have probably had a job or two where they interact with customers often
N: A substitute would be something like just being good with people
5. Friends that sell similar products
V: They know what customers look for in the product and what interests them
R: Pretty rare, I just si happen to know someone who sells sports equipment and specifically products like mine
I: Not something you really "copy" its almost like a connection
N: Connections are the biggest substitute because they may know someone who knows someone
6. Personable and easy to relate to
V: I am good with people and that may lead to customers taking an interest in my product
R: Some are outgoing and some are shy, so its kind of rare but not entirely
I: This cannot be copied
N: A substitute would be to have an exceptional product, second to none that way no interactions re necessarily needed
7. Knowledge about the target audience
V: I know what people look for in this product
R: Not everybody has experience in the field they work
I: This cannot be copied
N: Once again just a phenomenal product because then it already has what they want
8. Drive to be successful
V: It is needed to succeed and get through the ups and downs
R: Not rare
I: Cannot be copied
N: No substitute, either you got it or you don't
9. Location
V: I live in a populated area, also near Annapolis and D.C.
R: Pretty rare, its near the capital of the USA
I: Can be copied, anybody can choose a location
N: No real substitute, location isn't permanent
10. Superior Product
V: It would be the best product on the market
R: Very rare, it doesn't exist where you can scoop up ground water and it filtrates to be drinkable and safe
I: Can be copied but my father is a patent attorney and I would be able to get a patent
N: A similar product, but it would still be inferior
I think my top resource would be connections. Through my dad and my other family members with grad school degrees, they know lots of powerful people and people with money and great careers. I am a firm believer that connections are the most important resource for everything.
V: Will be what helps me get started and set up the company
R: I am fortunate to have money readily available because not everyone does
I: It is something that either you have or you don't
N: Not directly substitutable but can be helped out by others to get started
2. Very smart people in my family willing to help
V: Can help with great business ideas but also just in general running the company
R: Not rare, but everyone in my family has a college degree and lots with higher degrees such as law degrees
I: Not really something you can "copy"
N: There is the internet, which can help you with pretty much anything but its not first hand help
3. Connections
V: Through family and friends I know lots of people, which may either want to help, or may be interested in the product
R: It is hard to make connections, not all people have great connections with power or the willingness to help
I: Easy to "copy" lots of people know other people so its pretty easy
N: All you have to do is get lucky once, but experience is the only thing that can really replace connections
4. Experience in helping customers
V: I know how to handle customers well, which is big in getting them interested
R: Not everybody has experience taking care of customers
I: Many people on the other had have probably had a job or two where they interact with customers often
N: A substitute would be something like just being good with people
5. Friends that sell similar products
V: They know what customers look for in the product and what interests them
R: Pretty rare, I just si happen to know someone who sells sports equipment and specifically products like mine
I: Not something you really "copy" its almost like a connection
N: Connections are the biggest substitute because they may know someone who knows someone
6. Personable and easy to relate to
V: I am good with people and that may lead to customers taking an interest in my product
R: Some are outgoing and some are shy, so its kind of rare but not entirely
I: This cannot be copied
N: A substitute would be to have an exceptional product, second to none that way no interactions re necessarily needed
7. Knowledge about the target audience
V: I know what people look for in this product
R: Not everybody has experience in the field they work
I: This cannot be copied
N: Once again just a phenomenal product because then it already has what they want
8. Drive to be successful
V: It is needed to succeed and get through the ups and downs
R: Not rare
I: Cannot be copied
N: No substitute, either you got it or you don't
9. Location
V: I live in a populated area, also near Annapolis and D.C.
R: Pretty rare, its near the capital of the USA
I: Can be copied, anybody can choose a location
N: No real substitute, location isn't permanent
10. Superior Product
V: It would be the best product on the market
R: Very rare, it doesn't exist where you can scoop up ground water and it filtrates to be drinkable and safe
I: Can be copied but my father is a patent attorney and I would be able to get a patent
N: A similar product, but it would still be inferior
I think my top resource would be connections. Through my dad and my other family members with grad school degrees, they know lots of powerful people and people with money and great careers. I am a firm believer that connections are the most important resource for everything.
Friday, July 13, 2018
Reading Reflection No.2 21A
1. I would say the theme is just never give up. Scott Adams talks about all of his failure and how it is better to just embrace them and continue striving to get where you want.
2. This book is related to this class in the way it encourages you to keep going. Not every product or company is going to work out, but keep working at it until it does. It also relates in the ways to express being different and creativity.
3. An assignment I would make after reading this would be to think of an idea or product in several different areas such as Scott Adams did with his inventions, investments and computer programming to even owing restaurants. So to think of different ideas in different fields would be interesting.
4. I guess the biggest “aha” moment is just when you realize how many failures Scott Adams has actually gone through and to still see him becoming famous off of his comic strips in just a few years. So it just goes to show, you just have to push through the failures and eventually you will break through.
2. This book is related to this class in the way it encourages you to keep going. Not every product or company is going to work out, but keep working at it until it does. It also relates in the ways to express being different and creativity.
3. An assignment I would make after reading this would be to think of an idea or product in several different areas such as Scott Adams did with his inventions, investments and computer programming to even owing restaurants. So to think of different ideas in different fields would be interesting.
4. I guess the biggest “aha” moment is just when you realize how many failures Scott Adams has actually gone through and to still see him becoming famous off of his comic strips in just a few years. So it just goes to show, you just have to push through the failures and eventually you will break through.
Growing Your Social Capital 20A
Domain Expert:
1. Steven Detwiler, he currently works as a mechanical engineer at the Ft. Meade military base. He graduated from Penn State with a mechanical engineering degree. He had an internship there in high school, all the way through college, until he was offered a job straight out of college.
2. I am filling him as the domain expert because he would be able to help with anything technical, whether it be creating a website, to just producing advertisements on the web. He also would be able to give advice on the creation of the product.
3. He is my cousin, so it was simple just shooting him a text and asking when he is free, and we got together for lunch one day and I was able to complete the interview then.
4. There was no real exchange because we are quite close. We are family, so he was genuinely interested in helping me and hearing my idea.
5. He is very good with computers and everything online and I know having him on the team would be beneficial with everything technology related, and with the bond we share as family, we obviously get along very well and he would be a great addition.
Market Expert:
1. Jay Stelacone, is a patent attorney based out of Arlington, Virginia. He currently works for Oliff Plc. He graduated from Penn State with an aerospace engineering degree. Then went to The University of Nebraska for law school.
2. I am filling him as the market expert because of his ability as a patent attorney to search the market for any competition, and he would also be able to help with patenting the product.
3. He is my father, so it actually difficult to get his interview because of the long hours he works, and then when he comes home, he has deadlines, but it was also as easy as getting him in some of his free time to sit down.
4. There was no exchange because he is my father, and he wants to see me succeed in everything.
5. He is able to patent my product, so nobody else would be able to "think" of the same idea. also part of his job is looking to make sure that no item exists, and he would be able to find products similar to my idea and find the differences so that we can advertise our strengths compared to other companies. At the same time, if you look at his credentials, he is quite brilliant and would be able to help in multiple other fields.
Supplier:
1. Jacob Buhaj, he is a student at the University of Maryland. He has worked at Modell's Sporting Goods for two years now.
2. I am filling him in the supplier role because of his expertise in all sports and outdoor products. His job is to be able to describe these products to customers to suite their needs.
3. He is a friend from high school that I hang out with when i am home from school. It was quite easy connecting him and just casually interviewing him while were hanging out.
4. There was no exchange because we are friends and he said it was no big deal and that I could just ask some question while we hung out.
5. Because of his interest and expertise in such products, he knows what is most important to customers, and also knows how to sell products and communicate with customers as to which are the best.
Reflection: While these people were only friends and family, it was interesting to see how people that actually work in such fields can help to plan, create and sell these products. These friends can also use their connection to help gain more outside ideas from their co workers. This was just the first step in building a network.
1. Steven Detwiler, he currently works as a mechanical engineer at the Ft. Meade military base. He graduated from Penn State with a mechanical engineering degree. He had an internship there in high school, all the way through college, until he was offered a job straight out of college.
2. I am filling him as the domain expert because he would be able to help with anything technical, whether it be creating a website, to just producing advertisements on the web. He also would be able to give advice on the creation of the product.
3. He is my cousin, so it was simple just shooting him a text and asking when he is free, and we got together for lunch one day and I was able to complete the interview then.
4. There was no real exchange because we are quite close. We are family, so he was genuinely interested in helping me and hearing my idea.
5. He is very good with computers and everything online and I know having him on the team would be beneficial with everything technology related, and with the bond we share as family, we obviously get along very well and he would be a great addition.
Market Expert:
1. Jay Stelacone, is a patent attorney based out of Arlington, Virginia. He currently works for Oliff Plc. He graduated from Penn State with an aerospace engineering degree. Then went to The University of Nebraska for law school.
2. I am filling him as the market expert because of his ability as a patent attorney to search the market for any competition, and he would also be able to help with patenting the product.
3. He is my father, so it actually difficult to get his interview because of the long hours he works, and then when he comes home, he has deadlines, but it was also as easy as getting him in some of his free time to sit down.
4. There was no exchange because he is my father, and he wants to see me succeed in everything.
5. He is able to patent my product, so nobody else would be able to "think" of the same idea. also part of his job is looking to make sure that no item exists, and he would be able to find products similar to my idea and find the differences so that we can advertise our strengths compared to other companies. At the same time, if you look at his credentials, he is quite brilliant and would be able to help in multiple other fields.
Supplier:
1. Jacob Buhaj, he is a student at the University of Maryland. He has worked at Modell's Sporting Goods for two years now.
2. I am filling him in the supplier role because of his expertise in all sports and outdoor products. His job is to be able to describe these products to customers to suite their needs.
3. He is a friend from high school that I hang out with when i am home from school. It was quite easy connecting him and just casually interviewing him while were hanging out.
4. There was no exchange because we are friends and he said it was no big deal and that I could just ask some question while we hung out.
5. Because of his interest and expertise in such products, he knows what is most important to customers, and also knows how to sell products and communicate with customers as to which are the best.
Reflection: While these people were only friends and family, it was interesting to see how people that actually work in such fields can help to plan, create and sell these products. These friends can also use their connection to help gain more outside ideas from their co workers. This was just the first step in building a network.
Friday, July 6, 2018
Idea Napkin No.2 19A
1.) Once again, My name is Nick Stelacone and I am entering my 3rd year at the University of Florida. I am a sports management major with a minor in business administration. I am also a member of the fraternity Pi Kappa Phi. My strengths are that I am personable and relatable and that I have experience in many different fields. I have worked in the restaurant industry as well as the landscaping industry, which is extremely hard work. My aspirations are to work in the sports field in some way, and the idea of a cheap, portable brita water bottle that can use ground water would be perfect for sports and other recreation activities. I don't really see this playing a major role in my life, its just an idea and it would be pretty hard to actually invent with .01 infiltration, but at the same time, it is something I myself would use often and I know friends that would also.
2.) I am offering a portable, brits water bottle that only has .01 infiltration and can use ground water straight to fresh water that is safe and consumable. The idea is for it to be cheap for the market, so that many kids my age and even younger can afford it so they can experience it when they do recreation activities and play sports.
3.) It is literally offered to anyone, of any age. That is why it is so uniques, it can be used as a normal water bottle for some who say just don't trust the water fountains at school, so they bring that and filter the water out and have a fresh clean bottle of water, to someone who is hiking and can pick up water from a stream and then minutes later have a fresh clean water bottle.
4.) Customers will pay for a product that actually works and is able to preform what it says it can. They will pay for uniqueness as you can customize how your bottle looks and the designs in it. They will also pay for price as it will be the cheapest product of that nature on the market.
5.) What I have is the uniqueness and price that nobody else can match. It is also of higher quality being that you can go from ground water straight to fresh drinking water on the go.
I believe these elements do all fit together as one. The idea is to have a product that can perform in a way that none others can, and going from ground water to drinking water is just that. It also offers the best price as well as uniqueness because customers can customize them in any way they want. And the best part, is that anyone can use it for any reason. They are not customarily built for one specific purpose.
Feedback Memo: I took away that it is good I am involved with sports and that I can think of ways to market it rather than just a matter bottle and how else it can be used. I also took away the fact that I should focus on design, hence the idea of customization from the customer. I incorporated these into this post by adding the uniqueness to the benefits as well as explaining how it can be used for literally anything.
2.) I am offering a portable, brits water bottle that only has .01 infiltration and can use ground water straight to fresh water that is safe and consumable. The idea is for it to be cheap for the market, so that many kids my age and even younger can afford it so they can experience it when they do recreation activities and play sports.
3.) It is literally offered to anyone, of any age. That is why it is so uniques, it can be used as a normal water bottle for some who say just don't trust the water fountains at school, so they bring that and filter the water out and have a fresh clean bottle of water, to someone who is hiking and can pick up water from a stream and then minutes later have a fresh clean water bottle.
4.) Customers will pay for a product that actually works and is able to preform what it says it can. They will pay for uniqueness as you can customize how your bottle looks and the designs in it. They will also pay for price as it will be the cheapest product of that nature on the market.
5.) What I have is the uniqueness and price that nobody else can match. It is also of higher quality being that you can go from ground water straight to fresh drinking water on the go.
I believe these elements do all fit together as one. The idea is to have a product that can perform in a way that none others can, and going from ground water to drinking water is just that. It also offers the best price as well as uniqueness because customers can customize them in any way they want. And the best part, is that anyone can use it for any reason. They are not customarily built for one specific purpose.
Feedback Memo: I took away that it is good I am involved with sports and that I can think of ways to market it rather than just a matter bottle and how else it can be used. I also took away the fact that I should focus on design, hence the idea of customization from the customer. I incorporated these into this post by adding the uniqueness to the benefits as well as explaining how it can be used for literally anything.
Create a Customer Avatar 18A
As you can see below, my customer is wearing a tank top, it is it symbolize the fact that they go out a lot, and are active, whether it be in the gym or if they do stuff like hiking and jogging. They are of any age really, but its probably best to symbolize young people as that would be the main target audience. Their car is probably just something black without a roof that they can drive around with and just feel the fresh air and enjoy beautiful weather as that is what they live for. They spend time watching action movies and sports whenever it is on. They have most likely been enjoying the world cup this summer. Their favorite things to read consist of magazines with cool places to visit and places to travel to. You will most likely catch them at the gym 5 days a week and jogging around campus.
Final Question: I do have many of these things in common, I pretty much only watch sports if they are on, it doesn't even matter what sport, and I have been waiting for the world cup for like a year now. I pretty much based the avatar off my self because I enjoy going to the gym and doing stuff that involves nature and because it is my age sector, it is easy for me to relate and think of ideas that others my age would enjoy and appreciate.
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