Youtube Link ------> https://www.youtube.com/watch?v=5yvYyqnioCo&feature=youtu.be
The feedback I received was very helpful. What surprised me the most was that I did not make enough eye contact with the camera last time so I made sure to try and fix that, along with more facial expressions in this video.
Based on the feedback, I Made more eye contact and I cut down my pitch a lot, down from 90 to 60 seconds.
Friday, March 30, 2018
Assignment 23A: Your Venture's Unfair Advantage
Human Capital: Leadership Experience
I have sufficient experience being in leadership roles, being the captain of my high school tennis team junior and senior year, and being the vice president of one of my high school's only community service clubs.
Valuable: These experiences are very valuable, they teach you lessons and develop skills that you cannot learn in a classroom setting
Rarity: For an entrepreneur as young as I am it is uncommon to have plenty of leadership experience
Inimitable: My unique experiences are not possible to be imitated, but the skills strengthened by being in a leadership position can be learned easily by others.
Non - Substitutable: There are many opportunities available for people to learn leadership skills and have the chance to be a leader in some organization
Human Capital: Fundraiser Experience
As captain of the tennis team, I was in charge of running the fundraisers for the team and we raised over $1000 both my junior and senior year
Valuable: These experiences were valuable, it taught me effective ways to organize events to gain funding and how to manage the money we gained
Rarity: Experience running fundraisers is not all that common at my age
Inimitable: Anyone can start their own fundraiser but its hard to imitate the success of one unless you have the skills to know how to do it right
Non - Substitutable: There are many types of fundraiser activities available and other ways you can fund money for a business such as investors
Organizational: Lack of Competitors
There are barely any competing firms making breathalyzer attachments for vehicles to prevent driving under the influence
Valuable: This is extremely valuable, to have a needed solution to a problem with a lack of competitors can be very profitable
Rarity: It is rare to have a business that solves such a large problem and not have anyone else competing against you for your customers
Inimitable: The product can be imitated unless I try and patent it which would be one of my first steps
Non substitutable: You can still get a majority share of the market buying your product even with competitors if you have something proprietary and different in your product to make it stand out.
Human Capital: Relate to Target Market
One of my target markets are college students who go out frequently, and although I do not go out a lot, many of my friends do and i am familiar with numerous amounts of people in this market segment
Valuable: This is valuable in my opinion, being able to relate to the target market and understand their thought process is important in being able to effectively reach your market
Rarity: This is not too rare, most people who start a business have a good relation or have many contacts with those in their target market
Inimitable: This can be imitated by reaching out to your own target market or conducting surveys to figure out what your buyers like, and learn more about them.
Non - Substitutable: You can get this benefit by hiring employees that can better relate to your target market
Social Capital: Publicity
The issue of drunk driving is a very hot issue today as it causes thousands of fatalities a year. News channels and papers always report incidents like this and awareness of the issue is at an all time high
Valuable: This is an extremely valuable resource because it makes people become more and more aware of this problem and will force people to look for ways to solve the problem which is where my product comes in
Rarity: This is very rare to have a product that answers a problem that has this much publicity. Drunk driver awareness is very high and and is a problem that has high awareness as well
Inimitable: It is hard to imitate having this level of publicity, but there are awareness raising advertising campaigns that you can do to get some publicity
Non - Substitutable: The benefit you get from publicity is hard to get in other ways, you cannot get a product to be very successful without ways for people to learn about it
Social Capital: Heavener Student
Being in the Heavener School of Business, I have the opportunity to meet and talk to many ambitious business students and get recommendations on how to better my product and hear other good advice
Valuable: This is somewhat valuable to me, those in Heavener like me are also inexperienced and may not be able to offer the best advice in going forward
Rarity: This is not very rare, it is easy to find people with a business background who can atleast give you advice and help in other ways
Inimitable: It can be pretty easy to imitate this, you can join business clubs anywhere or reach out to people you know and get help
Non - Substitutable: You can get the benefit of good social connections in many places and in all types of organizations
Financial Capital: Funds Saved From Work
Having worked in a food store junior and senior year and over the summer, as well as currently having a job here at UF, I have a lot of money saved up that I can use toward building my business
Valuable: This is very valuable, you cannot start a business without spending some of your own money and so having money to spend makes building the business a possibility
Rarity: This is not rare at all, every business that starts up has money to use towards it and if you do not have any of your own, then people find investors or get loans
Inimitable: This is easy to imitate, anyone can spend their own money to start a business or get a job to help you get money
Non - Substitutable: There are many ways to get money without using your own, you can raise funds, or you can get a loan or seek out an investor
Human Capital: Marketing Knowledge
Having taken almost a full semester of Principles of Marketing, I have sufficient knowledge on the types of marketing and what could work best for a product like this
Valuable: This is somewhat valuable to a business. I am by no means a marketing expert but I have learned sufficient knowledge that can save me the trouble later of learning how to market my product
Rare: Knowledge in how to sell your product is not something that is rare, it is pretty common, it is almost a necessity to make a product successful
Inimitable: It is fairly easy to imitate this skill, you would just need to learn and research the art of marketing to be able to expand your knowledge on the subject
Non - Substitutable: You can just hire an employee who has expertise in marketing knowledge to help you in this situation
Human Capital: Sufficient Writing Skills
Being able to write with a nice flow to it as well as constructing elevator pitches that best get your point across can be a helpful tool in acquiring investors and selling to consumers
Valuable: This is very valuable, being able to effectively write speeches that allows you to get a clear point across will allow you to gain many more customers and acquire investors
Rare: Solid writing skills are not that uncommon, people have access to many opportunities online and through classes and experience to strengthen writing skills
Inimitable: Writing comes easier to some and not to others. You can imitate good writing skills but it can take more work than someone who is naturally talented
Non - Substitutable: You can always hire people to write for you to gain the same benefit or just rely on being a good orator to get the same results
Human Capital: Comfortable Speaking Publicly
I have had many experiences public speaking in small groups and to large audiences, and have grown accustomed to the pressures of public speaking
Valuable: This is a valuable trait, being the owner or creator of the company, you are often a public figure and will have to give many speeches to investors or to consumers and so being comfortable is essential
Rare: Pubic speaking skills are becoming more common and not as rare. It is not so uncommon to be a good orator and speak well
Inimitable: You can learn to be a good speaker with practice, but it may not come as easy to some as others, making it difficult to imitate
Non - Substitutable: Being the face of the company, being able to public speak effectively and persuasively is critical and difficult to find a way to get this benefit in another way
Top Resource: I believe my top resource and best advantage I have is the sheer level of publicity this problem already has. Many people create products for a niche market or for a need that not many people have, but drunk driving is a widely known problem that many people are in need of a solution for, and so by having a product answer to a problem that already so many people face is my biggest advantage thus far.
I have sufficient experience being in leadership roles, being the captain of my high school tennis team junior and senior year, and being the vice president of one of my high school's only community service clubs.
Valuable: These experiences are very valuable, they teach you lessons and develop skills that you cannot learn in a classroom setting
Rarity: For an entrepreneur as young as I am it is uncommon to have plenty of leadership experience
Inimitable: My unique experiences are not possible to be imitated, but the skills strengthened by being in a leadership position can be learned easily by others.
Non - Substitutable: There are many opportunities available for people to learn leadership skills and have the chance to be a leader in some organization
Human Capital: Fundraiser Experience
As captain of the tennis team, I was in charge of running the fundraisers for the team and we raised over $1000 both my junior and senior year
Valuable: These experiences were valuable, it taught me effective ways to organize events to gain funding and how to manage the money we gained
Rarity: Experience running fundraisers is not all that common at my age
Inimitable: Anyone can start their own fundraiser but its hard to imitate the success of one unless you have the skills to know how to do it right
Non - Substitutable: There are many types of fundraiser activities available and other ways you can fund money for a business such as investors
Organizational: Lack of Competitors
There are barely any competing firms making breathalyzer attachments for vehicles to prevent driving under the influence
Valuable: This is extremely valuable, to have a needed solution to a problem with a lack of competitors can be very profitable
Rarity: It is rare to have a business that solves such a large problem and not have anyone else competing against you for your customers
Inimitable: The product can be imitated unless I try and patent it which would be one of my first steps
Non substitutable: You can still get a majority share of the market buying your product even with competitors if you have something proprietary and different in your product to make it stand out.
Human Capital: Relate to Target Market
One of my target markets are college students who go out frequently, and although I do not go out a lot, many of my friends do and i am familiar with numerous amounts of people in this market segment
Valuable: This is valuable in my opinion, being able to relate to the target market and understand their thought process is important in being able to effectively reach your market
Rarity: This is not too rare, most people who start a business have a good relation or have many contacts with those in their target market
Inimitable: This can be imitated by reaching out to your own target market or conducting surveys to figure out what your buyers like, and learn more about them.
Non - Substitutable: You can get this benefit by hiring employees that can better relate to your target market
Social Capital: Publicity
The issue of drunk driving is a very hot issue today as it causes thousands of fatalities a year. News channels and papers always report incidents like this and awareness of the issue is at an all time high
Valuable: This is an extremely valuable resource because it makes people become more and more aware of this problem and will force people to look for ways to solve the problem which is where my product comes in
Rarity: This is very rare to have a product that answers a problem that has this much publicity. Drunk driver awareness is very high and and is a problem that has high awareness as well
Inimitable: It is hard to imitate having this level of publicity, but there are awareness raising advertising campaigns that you can do to get some publicity
Non - Substitutable: The benefit you get from publicity is hard to get in other ways, you cannot get a product to be very successful without ways for people to learn about it
Social Capital: Heavener Student
Being in the Heavener School of Business, I have the opportunity to meet and talk to many ambitious business students and get recommendations on how to better my product and hear other good advice
Valuable: This is somewhat valuable to me, those in Heavener like me are also inexperienced and may not be able to offer the best advice in going forward
Rarity: This is not very rare, it is easy to find people with a business background who can atleast give you advice and help in other ways
Inimitable: It can be pretty easy to imitate this, you can join business clubs anywhere or reach out to people you know and get help
Non - Substitutable: You can get the benefit of good social connections in many places and in all types of organizations
Financial Capital: Funds Saved From Work
Having worked in a food store junior and senior year and over the summer, as well as currently having a job here at UF, I have a lot of money saved up that I can use toward building my business
Valuable: This is very valuable, you cannot start a business without spending some of your own money and so having money to spend makes building the business a possibility
Rarity: This is not rare at all, every business that starts up has money to use towards it and if you do not have any of your own, then people find investors or get loans
Inimitable: This is easy to imitate, anyone can spend their own money to start a business or get a job to help you get money
Non - Substitutable: There are many ways to get money without using your own, you can raise funds, or you can get a loan or seek out an investor
Human Capital: Marketing Knowledge
Having taken almost a full semester of Principles of Marketing, I have sufficient knowledge on the types of marketing and what could work best for a product like this
Valuable: This is somewhat valuable to a business. I am by no means a marketing expert but I have learned sufficient knowledge that can save me the trouble later of learning how to market my product
Rare: Knowledge in how to sell your product is not something that is rare, it is pretty common, it is almost a necessity to make a product successful
Inimitable: It is fairly easy to imitate this skill, you would just need to learn and research the art of marketing to be able to expand your knowledge on the subject
Non - Substitutable: You can just hire an employee who has expertise in marketing knowledge to help you in this situation
Human Capital: Sufficient Writing Skills
Being able to write with a nice flow to it as well as constructing elevator pitches that best get your point across can be a helpful tool in acquiring investors and selling to consumers
Valuable: This is very valuable, being able to effectively write speeches that allows you to get a clear point across will allow you to gain many more customers and acquire investors
Rare: Solid writing skills are not that uncommon, people have access to many opportunities online and through classes and experience to strengthen writing skills
Inimitable: Writing comes easier to some and not to others. You can imitate good writing skills but it can take more work than someone who is naturally talented
Non - Substitutable: You can always hire people to write for you to gain the same benefit or just rely on being a good orator to get the same results
Human Capital: Comfortable Speaking Publicly
I have had many experiences public speaking in small groups and to large audiences, and have grown accustomed to the pressures of public speaking
Valuable: This is a valuable trait, being the owner or creator of the company, you are often a public figure and will have to give many speeches to investors or to consumers and so being comfortable is essential
Rare: Pubic speaking skills are becoming more common and not as rare. It is not so uncommon to be a good orator and speak well
Inimitable: You can learn to be a good speaker with practice, but it may not come as easy to some as others, making it difficult to imitate
Non - Substitutable: Being the face of the company, being able to public speak effectively and persuasively is critical and difficult to find a way to get this benefit in another way
Top Resource: I believe my top resource and best advantage I have is the sheer level of publicity this problem already has. Many people create products for a niche market or for a need that not many people have, but drunk driving is a widely known problem that many people are in need of a solution for, and so by having a product answer to a problem that already so many people face is my biggest advantage thus far.
Friday, March 23, 2018
Assignment 21A: Reading Reflection No. 2
Andrew Carnegie - David Nasaw
1) What was the general theme or argument of the book?
The book did not just tell his story and the facts behind it, but attempted to go into Carnegie's mind and elaborate on what shaped his success, his philosophical opinions, and the choices and reasoning behind his decisions that allowed him to become one of the wealthiest men of the 19th and early 20th century. The author wants to argue that Carnegie was not just a smart businessman, but a true visionary and an inspiring success story because of not only his rags to riches story, but because he never abandoned the lower class, he knew of the responsibilities of the wealthy and and truly defined the roles of the upper class.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I remember in one of the lectures an important point made that you actually have a better chance of succeeding as an entrepreneur by not having a lot of money to spend and use freely than that of an entrepreneur with a large amount of money available for use. This was proven with the story of Andrew Carnegie, part of a poor family who emigrated to the US from Scotland, he had to work for the money he got and used it carefully once he began investing in companies and building his capital and wealth. Another important point was when i read that he took advantage of the connections he made working as a telegraph boy on the railroads for his future business endeavors. He used a form of networking to advance his career.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
Carnegie wrote about the Gospel of Wealth - the responsibilities the rich and upper class wealthy people have in order to help out the lower class and ensure those fortunate enough to be rich are giving back and doing their part. For the class, I would have everybody write what their responsibilities as a UF student are, what are the advantages you have as someone in a top 10 public university over someone in a less prestigious college?
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?
Before reading David Nasaw's book, I had pictured Carnegie as someone who exploited the free market capitalism of the industrial revolution and amassed his fortune with the desire of getting as rich as possible. But what shocked me was how much he detested people who were wealthy, believing to die rich was a sin. So he drafted a Gospel of Wealth written for wealthy people to argue his view that the rich had a responsibility to give back as much as possible. I was astounded to find that Carnegie's philanthropic work had amassed over 76 billion dollars in today's adjusted count.
1) What was the general theme or argument of the book?
The book did not just tell his story and the facts behind it, but attempted to go into Carnegie's mind and elaborate on what shaped his success, his philosophical opinions, and the choices and reasoning behind his decisions that allowed him to become one of the wealthiest men of the 19th and early 20th century. The author wants to argue that Carnegie was not just a smart businessman, but a true visionary and an inspiring success story because of not only his rags to riches story, but because he never abandoned the lower class, he knew of the responsibilities of the wealthy and and truly defined the roles of the upper class.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I remember in one of the lectures an important point made that you actually have a better chance of succeeding as an entrepreneur by not having a lot of money to spend and use freely than that of an entrepreneur with a large amount of money available for use. This was proven with the story of Andrew Carnegie, part of a poor family who emigrated to the US from Scotland, he had to work for the money he got and used it carefully once he began investing in companies and building his capital and wealth. Another important point was when i read that he took advantage of the connections he made working as a telegraph boy on the railroads for his future business endeavors. He used a form of networking to advance his career.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
Carnegie wrote about the Gospel of Wealth - the responsibilities the rich and upper class wealthy people have in order to help out the lower class and ensure those fortunate enough to be rich are giving back and doing their part. For the class, I would have everybody write what their responsibilities as a UF student are, what are the advantages you have as someone in a top 10 public university over someone in a less prestigious college?
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?
Before reading David Nasaw's book, I had pictured Carnegie as someone who exploited the free market capitalism of the industrial revolution and amassed his fortune with the desire of getting as rich as possible. But what shocked me was how much he detested people who were wealthy, believing to die rich was a sin. So he drafted a Gospel of Wealth written for wealthy people to argue his view that the rich had a responsibility to give back as much as possible. I was astounded to find that Carnegie's philanthropic work had amassed over 76 billion dollars in today's adjusted count.
Assignment 20A - Growing Your Social Capital
Domain Expert:
I recently got into contact with Stacey Sachs, the vice president of marketing at BACtrack, which is the industry leading company in standard alcohol breathalyzers. What makes her a domain expert is that she is in charge of gaining awareness and making sure her marketing strategies translate to sales for the business. This would most likely be my role in the business idea that I am proposing, I would not be the one making the product or designing it, but in charge of making sure my breathalyzer sells, and the right audience hears about it.
My first step was to figure out who was the biggest breathalyzer company and then from there, see who I could get in contact with from that company. Her name was listed on the contacts page of the company website and i initially sent a brief email to her stating who I was and what advice she can give me, but as the due date started to roll around and with no response, I just decided to call the number that was listed under her name. I did reach her and she briefly explained what her role was in the company and told me she was very supportive of my idea and impressed with the initiatives I took to reach out to bigger companies, and the advice she gave me was simple, make sure that this is something you are absolutely passionate about, and that you feel is innovative and realistic enough to sell to a large amount of people.
Market Expert:
My friend Brett, from back home is my age and also is a freshmen but at FGCU. I emailed his dad, Will Delucca, because I realized that he was a perfect fit for my target market, and thus, represents a major piece of my market of parents with college aged kids with a car. I had always remembered him as someone who could be at times strict but like most parents, he cared most about his children, in this case, his only son, and would do anything to make sure he was safe.
I explained to him the reason for reaching out, and asked him if he thought he would buy a product like this one and what changes he would make to the business idea if he had any. He responded quickly, and said that he would indeed buy a product like this for his son if it was available and that he does worry a little bit about Brett having his car at Florida Gulf Coast and making sure he is always safe and responsible when it comes to going out and driving, but he said he was also confident in that he raised a smart and responsible young man and does not feel Brett would ever drink and drive. But he also mentioned that some kids may object to this being placed on their car and that sometimes parents just need to trust their kids. By having assurance that my target segment would buy this product as well as a better understanding of the thought process a parent has when considering how much control you should have over your kids life and when to give them independence helped me grip a better understanding of the mindset of my target audience.
Industry Supplier:
While looking to find suppliers to a business or firm that sells breathalyzers, I came across something I found very interesting. With recent state law changes that now allow recreational marijuana, there is a rush to develop and sell breathalyzers that can detect marijuana, which can also hinder a persons ability to drive and put peoples lives at risk.
I got in contact with media spokesperson Scott Ledingham of Cannabix Technologies, a company developing breathalyzers for THC, to try and find out more about the development process and the plan to to sell to other firms. There were not many details he was allowed to share with me but he said they were going to launch the product by the end of the year. Once I explained that I was doing this for my Entrepreneurship class, he was willing to hear my business plan and encouraged me to continue doing research and to try and get in contact with some of the manufacturers of standard alcohol breathalyzers to talk more about my idea. I was grateful for his help and the information he provided allowed me to realize how competitive this industry was, to my surprise, and to figure out what my next steps should be.
Reflection:
This experience was like nothing I have ever done before. Actually calling and emailing people that worked in this industry and were willing to help me was very encouraging. For future events, I need to remember to be prepared with what I want to say and what message I want to get across, and I should have more of my business idea more thoroughly thought out or progressed more before I continue with more target networking. I have never networked before when it comes to a professional business idea, it was an entirely new experience for me and it felt like a great starting point to improve on.
I recently got into contact with Stacey Sachs, the vice president of marketing at BACtrack, which is the industry leading company in standard alcohol breathalyzers. What makes her a domain expert is that she is in charge of gaining awareness and making sure her marketing strategies translate to sales for the business. This would most likely be my role in the business idea that I am proposing, I would not be the one making the product or designing it, but in charge of making sure my breathalyzer sells, and the right audience hears about it.
My first step was to figure out who was the biggest breathalyzer company and then from there, see who I could get in contact with from that company. Her name was listed on the contacts page of the company website and i initially sent a brief email to her stating who I was and what advice she can give me, but as the due date started to roll around and with no response, I just decided to call the number that was listed under her name. I did reach her and she briefly explained what her role was in the company and told me she was very supportive of my idea and impressed with the initiatives I took to reach out to bigger companies, and the advice she gave me was simple, make sure that this is something you are absolutely passionate about, and that you feel is innovative and realistic enough to sell to a large amount of people.
Market Expert:
My friend Brett, from back home is my age and also is a freshmen but at FGCU. I emailed his dad, Will Delucca, because I realized that he was a perfect fit for my target market, and thus, represents a major piece of my market of parents with college aged kids with a car. I had always remembered him as someone who could be at times strict but like most parents, he cared most about his children, in this case, his only son, and would do anything to make sure he was safe.
I explained to him the reason for reaching out, and asked him if he thought he would buy a product like this one and what changes he would make to the business idea if he had any. He responded quickly, and said that he would indeed buy a product like this for his son if it was available and that he does worry a little bit about Brett having his car at Florida Gulf Coast and making sure he is always safe and responsible when it comes to going out and driving, but he said he was also confident in that he raised a smart and responsible young man and does not feel Brett would ever drink and drive. But he also mentioned that some kids may object to this being placed on their car and that sometimes parents just need to trust their kids. By having assurance that my target segment would buy this product as well as a better understanding of the thought process a parent has when considering how much control you should have over your kids life and when to give them independence helped me grip a better understanding of the mindset of my target audience.
Industry Supplier:
While looking to find suppliers to a business or firm that sells breathalyzers, I came across something I found very interesting. With recent state law changes that now allow recreational marijuana, there is a rush to develop and sell breathalyzers that can detect marijuana, which can also hinder a persons ability to drive and put peoples lives at risk.
I got in contact with media spokesperson Scott Ledingham of Cannabix Technologies, a company developing breathalyzers for THC, to try and find out more about the development process and the plan to to sell to other firms. There were not many details he was allowed to share with me but he said they were going to launch the product by the end of the year. Once I explained that I was doing this for my Entrepreneurship class, he was willing to hear my business plan and encouraged me to continue doing research and to try and get in contact with some of the manufacturers of standard alcohol breathalyzers to talk more about my idea. I was grateful for his help and the information he provided allowed me to realize how competitive this industry was, to my surprise, and to figure out what my next steps should be.
Reflection:
This experience was like nothing I have ever done before. Actually calling and emailing people that worked in this industry and were willing to help me was very encouraging. For future events, I need to remember to be prepared with what I want to say and what message I want to get across, and I should have more of my business idea more thoroughly thought out or progressed more before I continue with more target networking. I have never networked before when it comes to a professional business idea, it was an entirely new experience for me and it felt like a great starting point to improve on.
Assignment 19A: Idea Napkin No. 2
1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
My name is Matthew Walsh, and the classes and experiences I've had has allowed me to sharpen my writing and public speaking skills as well as quick problem solving and the ability to work in groups effectively. My aspirations include graduating with a business degree at UF while having gained enough skills to excel in the field of work that I decide to pursue after my college education. One of my goals would be to start up a successful business and should I choose to continue working on my business idea, I would put all my time and energy into it to either ensure its success or know that I gave all my effort into trying to make it work. If I did decide to start my own business, I would be all hands in and make it my top priority.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
My product idea is a breathalyzer attachment that would be able to be installed into any vehicle and would require a successful use of it in order to actually start the vehicle. This would only be necessary at certain times of the night, possibly 10 PM to 4 AM, in order to make this seem less of a nuisance to safe drivers and to make it more practical to buy. Drunk driving deaths are a major problem all over, and a product like this has the potential to severely dwindle those annual drunk driving related deaths.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
I have two main target segments in mind when I think about marketing this product. The first one would be those who are actual threats to drink and drive, this may be those with an extensive nightlife or repeat offenders of driving while under the influence. These are the people that need a product like this most but I assume many of them would not buy this for themselves. If there were a way to implement a program where someone charged with a DUI can have the option to purchase this product so as to minimize the charges against them would seem like the optimal way to reach this market.
My other target segment, the one that seems more likely to purchase and most of the feedback I've received have supported this segment, are concerned parents of high school and college aged kids that have a car. Parents want to make sure their kids are safe and make the right decisions, and this is a solution for parents of young drivers and teens that go out a lot. What these customers all have in common is their desire to not have themselves or someone they care about ever involved in a drunk driving incident or in a situation where they are vulnerable to making a poor decision. This product eliminates the option of driving while under the influence for you.
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
There are many reasons why a product like this is valuable to a purchaser. For those that have been charged with a DUI, preventing a second DUI could save themselves the trouble of losing their license or their car, but most importantly, this product can prevent people from injuring or killing themselves or other innocent people. Most parents believe that above everything else, the safety of their kids, their family members well-being, is the most important thing, and if this product can lesson the chance of something bad happening and prevent poor choices being made that can endanger their children, parents will buy it.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
When I thought of this product, I looked it up to see if anyone was selling it already and it turned out there were a few things similar to this available. But I had never heard of a company that sells these, and everyone I talked to had not seen this in stores or even known about the existence of a product like this that was readily available to buy. What I can do differently is market this product a different way. I would appeal to the right market segments, get this product in retail stores available to everyone, and I would ensure that my product was the best, making it easy to use and attach, and compatible with any type of vehicle. If I were able to accomplish these goals, people would be aware of this product, understand its benefits, and be compelled to buy it.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
What fits together of these business elements for me is who I am offering it too, and why they should care. Whether you are a risk of drunk driving and want to avoid legal trouble and protect yourself or others, or whether you are a parent looking to make sure your kids are safe behind the wheel, this product has value to both these market segments. Both of these market segments have problems that can be solved with this product which makes it valuable to them. What does not fit in my business plan is that these two market segments are vastly different groups of people for the most part. It would be difficult to display two different messages to two different demographics, I would need to find a way to have one consistent message that appeals to both parties and maybe people that fall outside these two defined groups of people in order to maximize sales.
Feedback Memo
The feedback I received included points made about including government support for this product and the price and making sure it is affordable. I thought it would be an excellent idea to try and incorporate government support into the product so I decided to add a proposed system into my idea napkin that included a way to have those charged with a DUI given a minimized sentence or fine for getting this attachment installed into their vehicles. This way, those who have driven under the influence are heavily encouraged to buy this product, and it can dwindle the number of drunk driving occurrences.
Being able to work an affordable price while making this product higher quality than other products like this is trickier to answer. I cannot say for sure right now how I would be able to build this and ensure it is a price low enough so that people will buy it, but what I can offer is high amounts of advertisement and marketing to the right segments so there is increased awareness of this product, and if people knew this existed, they would buy it anyway, because the safety of their children has no price.
My name is Matthew Walsh, and the classes and experiences I've had has allowed me to sharpen my writing and public speaking skills as well as quick problem solving and the ability to work in groups effectively. My aspirations include graduating with a business degree at UF while having gained enough skills to excel in the field of work that I decide to pursue after my college education. One of my goals would be to start up a successful business and should I choose to continue working on my business idea, I would put all my time and energy into it to either ensure its success or know that I gave all my effort into trying to make it work. If I did decide to start my own business, I would be all hands in and make it my top priority.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
My product idea is a breathalyzer attachment that would be able to be installed into any vehicle and would require a successful use of it in order to actually start the vehicle. This would only be necessary at certain times of the night, possibly 10 PM to 4 AM, in order to make this seem less of a nuisance to safe drivers and to make it more practical to buy. Drunk driving deaths are a major problem all over, and a product like this has the potential to severely dwindle those annual drunk driving related deaths.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
I have two main target segments in mind when I think about marketing this product. The first one would be those who are actual threats to drink and drive, this may be those with an extensive nightlife or repeat offenders of driving while under the influence. These are the people that need a product like this most but I assume many of them would not buy this for themselves. If there were a way to implement a program where someone charged with a DUI can have the option to purchase this product so as to minimize the charges against them would seem like the optimal way to reach this market.
My other target segment, the one that seems more likely to purchase and most of the feedback I've received have supported this segment, are concerned parents of high school and college aged kids that have a car. Parents want to make sure their kids are safe and make the right decisions, and this is a solution for parents of young drivers and teens that go out a lot. What these customers all have in common is their desire to not have themselves or someone they care about ever involved in a drunk driving incident or in a situation where they are vulnerable to making a poor decision. This product eliminates the option of driving while under the influence for you.
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
There are many reasons why a product like this is valuable to a purchaser. For those that have been charged with a DUI, preventing a second DUI could save themselves the trouble of losing their license or their car, but most importantly, this product can prevent people from injuring or killing themselves or other innocent people. Most parents believe that above everything else, the safety of their kids, their family members well-being, is the most important thing, and if this product can lesson the chance of something bad happening and prevent poor choices being made that can endanger their children, parents will buy it.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
When I thought of this product, I looked it up to see if anyone was selling it already and it turned out there were a few things similar to this available. But I had never heard of a company that sells these, and everyone I talked to had not seen this in stores or even known about the existence of a product like this that was readily available to buy. What I can do differently is market this product a different way. I would appeal to the right market segments, get this product in retail stores available to everyone, and I would ensure that my product was the best, making it easy to use and attach, and compatible with any type of vehicle. If I were able to accomplish these goals, people would be aware of this product, understand its benefits, and be compelled to buy it.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
What fits together of these business elements for me is who I am offering it too, and why they should care. Whether you are a risk of drunk driving and want to avoid legal trouble and protect yourself or others, or whether you are a parent looking to make sure your kids are safe behind the wheel, this product has value to both these market segments. Both of these market segments have problems that can be solved with this product which makes it valuable to them. What does not fit in my business plan is that these two market segments are vastly different groups of people for the most part. It would be difficult to display two different messages to two different demographics, I would need to find a way to have one consistent message that appeals to both parties and maybe people that fall outside these two defined groups of people in order to maximize sales.
Feedback Memo
The feedback I received included points made about including government support for this product and the price and making sure it is affordable. I thought it would be an excellent idea to try and incorporate government support into the product so I decided to add a proposed system into my idea napkin that included a way to have those charged with a DUI given a minimized sentence or fine for getting this attachment installed into their vehicles. This way, those who have driven under the influence are heavily encouraged to buy this product, and it can dwindle the number of drunk driving occurrences.
Being able to work an affordable price while making this product higher quality than other products like this is trickier to answer. I cannot say for sure right now how I would be able to build this and ensure it is a price low enough so that people will buy it, but what I can offer is high amounts of advertisement and marketing to the right segments so there is increased awareness of this product, and if people knew this existed, they would buy it anyway, because the safety of their children has no price.
Friday, March 16, 2018
Assignment 17A: Elevator Pitch #2
The feedback I received was all supportive but there were a few changes I made to my pitch in order to make it more concise and closer to the 90 second time limit given. I cut out some of the unnecessary details that made the pitch longer and I also tried to make more eye contact.
In my last video I spoke in a more monotone voice than I intended to so I also tried to add more enthusiasm and facial expressions in this video than in my last.
Assignment 18A: Creating a Customer Avatar
This product can be sold in many markets to a wide variety of people, but I believe the majority of purchasers would be concerned parents, more likely concerned mothers, of high school age or college age kids that drive frequently.
Susan is a devoted mother of two in between accounting jobs at the moment, struggling to keep busy at home while the kids are in school and the husband is putting in long hours at the factory. She lives in a middle class suburban neighborhood in Morristown, New Jersey, driving the same 2005 Chevy SUV she's had since the days of picking up the kids from soccer practice. Sue fancies cooking and scrap booking, enjoys bonding time at Tuesday nights family game night, and the occasional glass of Chardonnay before a home cooked meal. The enduring difficulties of coping with her children's increasing desire to break away from the tight family knit shes woven as they continue to grow up and spend more time with their friends independent from the family, have dominated her thoughts recently. She tries to talk to Bill at night, but he just brushes her off and turns the other way in bed. Having dismissed all of Elisa's pleas for a car to drive to her high school for senior year has really put a strain on their mother-daughter relationship, and so fearing a falling out, Susan finally compromised and granted her daughters wish by buying an old 2007 grey Honda Civic on clearance at the lot. With a son about to take his permit test for the 3rd time and a daughter now driving and going off to college in the near future, Susan realizes that she is losing control, and is determined to keep her kids safe when they are on the road, and out of her grasp. But how? she wonders, pondering while seated on a bench outside Payless Shoes, when a newspaper flutters by with an advertisement that sticks out, a breathalyzer attachment that can work with any vehicle and requires a successful use to start the vehicle at certain times of the day. To Susan, this was a gift granted from the heavens.
What do I have in common with her?
We would be willing to do anything to ensure the safety of our loved ones, and that includes buying a product like this. We both are caring and devoted strongly to our families. Overthinking and obsessing on things we care about are a commonality we share as well, especially in situations in which we feel we are losing control and things are starting to not go our way. But a strong desire to feel like our loved ones are safe, and maybe coupled with a tendency to be impulsive with our purchasing decisions, is something that we not only share, but is important that my target market also shares because people who also have those traits will buy this product. I do not think it is a coincidence, my desire for the safety of myself, those I care about and others is what inspired me to try and work on this idea as a product.
Susan is a devoted mother of two in between accounting jobs at the moment, struggling to keep busy at home while the kids are in school and the husband is putting in long hours at the factory. She lives in a middle class suburban neighborhood in Morristown, New Jersey, driving the same 2005 Chevy SUV she's had since the days of picking up the kids from soccer practice. Sue fancies cooking and scrap booking, enjoys bonding time at Tuesday nights family game night, and the occasional glass of Chardonnay before a home cooked meal. The enduring difficulties of coping with her children's increasing desire to break away from the tight family knit shes woven as they continue to grow up and spend more time with their friends independent from the family, have dominated her thoughts recently. She tries to talk to Bill at night, but he just brushes her off and turns the other way in bed. Having dismissed all of Elisa's pleas for a car to drive to her high school for senior year has really put a strain on their mother-daughter relationship, and so fearing a falling out, Susan finally compromised and granted her daughters wish by buying an old 2007 grey Honda Civic on clearance at the lot. With a son about to take his permit test for the 3rd time and a daughter now driving and going off to college in the near future, Susan realizes that she is losing control, and is determined to keep her kids safe when they are on the road, and out of her grasp. But how? she wonders, pondering while seated on a bench outside Payless Shoes, when a newspaper flutters by with an advertisement that sticks out, a breathalyzer attachment that can work with any vehicle and requires a successful use to start the vehicle at certain times of the day. To Susan, this was a gift granted from the heavens.
What do I have in common with her?
We would be willing to do anything to ensure the safety of our loved ones, and that includes buying a product like this. We both are caring and devoted strongly to our families. Overthinking and obsessing on things we care about are a commonality we share as well, especially in situations in which we feel we are losing control and things are starting to not go our way. But a strong desire to feel like our loved ones are safe, and maybe coupled with a tendency to be impulsive with our purchasing decisions, is something that we not only share, but is important that my target market also shares because people who also have those traits will buy this product. I do not think it is a coincidence, my desire for the safety of myself, those I care about and others is what inspired me to try and work on this idea as a product.
Friday, March 2, 2018
Assignment 15A: Figuring Out Buyer Behavior No. 2
In my first interview, I presented my idea to a middle aged male parent. After explaining the concept, I received feedback in what I should fix, or be sure to implement, if I launch a product like this. He said that the size would be important to many potential customers. A breathalyzer that was too big and took up to much room would not look very appealing to buyers that care about the look of their car. Being able to attach a small breathalyzer in a color that would not stick out like black or grey would greatly enhance the appeal of purchasing one and would not deter as many people caught up in trying to look stylish or cool he felt.
My second interview was with a female parent of young children who had an idea in making the product less susceptible to being bypassed by a flaw in the system that I had thought of previously. She informed me that if the breathalyzer test detected a blood alcohol level above the legal driving limit when tested, there should be either a type of facial recognition scan in order to make sure that the ones that test the breathalyzer are the ones that are driving the vehicle, or another suggestion was that an Uber or some other transportation service is immediately called once detecting a failing test. It would be difficult to implement these ideas but I can see how this can further solve problems and close loopholes in the product function.
My last Interviewee did not suggest any innovative ideas to add to the product to make it better, but was adamant in believing that the best way to sell a product like this would be through online sales and that the quality was the single most important aspect. He stressed that when it comes to human lives at stake, the product must be as accurate as possible to prevent people who are intoxicated from being on the roads. Not only that, but to wrongly fail a test and keep a sober person from driving their vehicle home could scare a huge percentage of people from purchasing a faulty product. Also, he mentioned that people may be embarrassed or feel self conscious when buying this in a store, not wanting to feel judged by others, so online would be the best medium to buy this product in his opinion.
Reflection: I was encouraged by the amount of helpful feedback and suggestions I received for my potential business product and based off these interviews, I can start to shape the best way to market a product like this. Purchasers will feel they made a good decision buying this product if it serves its function and if they feel was bought at an affordable price, and would feel its a bad idea of the product was faulty or became a nuisance to someone that would never drink and drive. Other important elements to the product to some people would be how it looks and how difficult it would be to "get around" its designed function by exploiting a loophole of some sort. Retail could be an option in large generic stores like Walmart or Target, but could work in other locations such as auto parts stores. Yet, I think that online would be the most successful medium of purchase due to its size and possible negative connotation associated with buying a breathalyzer for your car.
My second interview was with a female parent of young children who had an idea in making the product less susceptible to being bypassed by a flaw in the system that I had thought of previously. She informed me that if the breathalyzer test detected a blood alcohol level above the legal driving limit when tested, there should be either a type of facial recognition scan in order to make sure that the ones that test the breathalyzer are the ones that are driving the vehicle, or another suggestion was that an Uber or some other transportation service is immediately called once detecting a failing test. It would be difficult to implement these ideas but I can see how this can further solve problems and close loopholes in the product function.
My last Interviewee did not suggest any innovative ideas to add to the product to make it better, but was adamant in believing that the best way to sell a product like this would be through online sales and that the quality was the single most important aspect. He stressed that when it comes to human lives at stake, the product must be as accurate as possible to prevent people who are intoxicated from being on the roads. Not only that, but to wrongly fail a test and keep a sober person from driving their vehicle home could scare a huge percentage of people from purchasing a faulty product. Also, he mentioned that people may be embarrassed or feel self conscious when buying this in a store, not wanting to feel judged by others, so online would be the best medium to buy this product in his opinion.
Reflection: I was encouraged by the amount of helpful feedback and suggestions I received for my potential business product and based off these interviews, I can start to shape the best way to market a product like this. Purchasers will feel they made a good decision buying this product if it serves its function and if they feel was bought at an affordable price, and would feel its a bad idea of the product was faulty or became a nuisance to someone that would never drink and drive. Other important elements to the product to some people would be how it looks and how difficult it would be to "get around" its designed function by exploiting a loophole of some sort. Retail could be an option in large generic stores like Walmart or Target, but could work in other locations such as auto parts stores. Yet, I think that online would be the most successful medium of purchase due to its size and possible negative connotation associated with buying a breathalyzer for your car.
Assignment 14A - Halfway Reflection
1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course?
This course has required me to think and expand on ideas like I never have before in any other class. For most classes I have taken, you complete the assignment and move on to the next thing, leaving what you did already in the past, but this class is different. The assignments build on each other and what you wrote about and conducted interviews for in the past are relevant in each forthcoming assignment. This forces me to put all my effort into each assignment and to look back and learn from past blog entries.
2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?
I felt like giving up when I had procrastinated on my assignments and had to complete two ENT blog entries after a 9-5 shift at work. Other obligations can make it difficult to complete my assignments early and specifically on this occasion when I came home from a long day at work, I was not motivated to complete two assignments, believing that skipping one or two entries would not hurt my grade too much. But I knew that if I gave in now, it could possibly result in bad habits developing and so I forced myself to sit down and get everything I needed to done and on time. I do believe I have developed a tenacious attitude over the past two months, no matter how busy i get, I always make sure to leave time to watch every single lecture, complete all of my assignments to the best of my ability, and provide helpful feedback on every assignment thus far. Having friends and other peers I know in the class help me complete my tasks because we motivate each other to get our work done and keep up with the lectures.
3) Three tips. What are three tips you would offer next semester's students about (1) fostering the skills that support tenacity and (2) developing the "tenacious mindset"?
To be successful in this class, you have to be determined and motivated to get work done that is accurate and done with effort. It can be easy to cut corners, publish the bare minimum, or not conduct proper interviews, but you are only doing a disservice to yourself. Do all the required work if you want to get the most out of the class.
Your mindset should be focused on the big picture more so than just the individual assignment. Each assignment is meant to develop research and entrepreneurial skills and once you have done a certain amount of assignments, including the ones that require you to expand upon an entrepreneurial idea, you will begin to see the skills you have learned overtime, that you don't notice when just typing up your individual entries.
Don't let the lack of exams fool you into thinking this is just a course you can blow off and not focus on. Take advantage of the skills being taught to you and try to study them, not for some exam, but because they are useful in your everyday life.
This course has required me to think and expand on ideas like I never have before in any other class. For most classes I have taken, you complete the assignment and move on to the next thing, leaving what you did already in the past, but this class is different. The assignments build on each other and what you wrote about and conducted interviews for in the past are relevant in each forthcoming assignment. This forces me to put all my effort into each assignment and to look back and learn from past blog entries.
2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?
I felt like giving up when I had procrastinated on my assignments and had to complete two ENT blog entries after a 9-5 shift at work. Other obligations can make it difficult to complete my assignments early and specifically on this occasion when I came home from a long day at work, I was not motivated to complete two assignments, believing that skipping one or two entries would not hurt my grade too much. But I knew that if I gave in now, it could possibly result in bad habits developing and so I forced myself to sit down and get everything I needed to done and on time. I do believe I have developed a tenacious attitude over the past two months, no matter how busy i get, I always make sure to leave time to watch every single lecture, complete all of my assignments to the best of my ability, and provide helpful feedback on every assignment thus far. Having friends and other peers I know in the class help me complete my tasks because we motivate each other to get our work done and keep up with the lectures.
3) Three tips. What are three tips you would offer next semester's students about (1) fostering the skills that support tenacity and (2) developing the "tenacious mindset"?
To be successful in this class, you have to be determined and motivated to get work done that is accurate and done with effort. It can be easy to cut corners, publish the bare minimum, or not conduct proper interviews, but you are only doing a disservice to yourself. Do all the required work if you want to get the most out of the class.
Your mindset should be focused on the big picture more so than just the individual assignment. Each assignment is meant to develop research and entrepreneurial skills and once you have done a certain amount of assignments, including the ones that require you to expand upon an entrepreneurial idea, you will begin to see the skills you have learned overtime, that you don't notice when just typing up your individual entries.
Don't let the lack of exams fool you into thinking this is just a course you can blow off and not focus on. Take advantage of the skills being taught to you and try to study them, not for some exam, but because they are useful in your everyday life.
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