Final Reflection 30A

1. The experience I will remember for years will definitely just be the process of this whole class. The way we started off with a simple product idea and expanded it into so much more. My most joyous experience was probably just the finishing product. After all the work and interviews and knowing that this is a legit idea and possible product. The experience I’m most proud of is probably just the fact that I created a whole business model based off a simple idea.

2. I don’t think I have a complete entrepreneurial mindset yet, however I do think it’s has moved me closer to it. We have gone over every step thoroughly and it has definitely helped me understand how to think like an entrepreneur and how to make a complete business model.

3. I would recommend to just stay positive. Not every idea is going to work out, but continue to work on it and everything will work out. To do well in this course, just do the assignments honestly, they aren’t that hard, just put solid effort and time in and it will work out. To foster that mindset, I think a good way is to just try and think about making the most money, like a seller and how the best way to sell a certain item.

Venture Concept No. 2 29A

1. 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 bottles, 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 made 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 is pretty big, as their are no other products 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 going to be open for awhile. While technology is increasing at a devastating rate, this product will take multiple attempts to perfect. With that in mind, it does sound quite impossible to be able create a product with this ability with no imperfections. And with that being said, there is a great chance this product will not be available for a long time.

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.

2. I didn't receive much feedback, only one person commented on that post, but they stated how such a product will be very difficult to create and actually produce, but overall, if the idea is able to come to fruition, it would be a one-of-a kind product.

3. Basically, the only thing I changed, was the window of opportunity. This product has a quite simple concept, it is just a matter of how hard this product will be to create. I received feedback on how hard it may be, and it made me realize, this window will probably be open for awhile, considering how hard it may be to actually create the product.