Venture Concept No. 1

Howdy! The following is my initial venture concept.  Enjoy!

VENTURE CONCEPT

OPPORTUNITY

The major need of customers is one that promotes energy saving and also is an affordable convenience.

If the word “environment” is taken literally, the fact that energy is constantly being wasted helps create this opportunity. Generally speaking, however, the fact that the current market has not changed in such a long time also generates potential opportunities.

The market for this product would be those with access to electricity. The product could be sold to people of almost all ages that are able to make conscious purchases for themselves, from young adult to elderly people. All age groups could use the product for its energy saving potential.

Customers are currently satisfying this need through getting up to make sure that every electric object is turned off whenever not in use. Based on the interviews from random customers, they seem to be pretty loyal to this process. Because of this, realistically speaking, this opportunity is moderately sized. This is because although it caters to almost every age group and demographic, it can easily be replaced by something that already exists (other conveniently located and accessible objects) or through people sticking with what they already do. Nonetheless, this “window of opportunity” will be open indefinitely until someone, whether it be a large company or a small business, decides to cater to the need of being a convenience to people while being energy efficient.

INNOVATION

My product is a battery-powered, infrared remote-controlled attachment that would adhere to the wall around a light switch. When activated via the remote, the attachment would either press the light switch in the on or off position. The light switch would still be able to be used manually, but with this attachment, one could turn off the light from a distance without having to leave their comfortable position.

This product will make money via selling the attachment for more than it costs to make it. The price would range from $25 to $35, varying by light switch type, the amount purchased, and whether or not batteries are included in the package. As demand increases, the price would definitely drop. The product would be available online via Amazon.

VENTURE CONCEPT

My innovation will solve the aforementioned opportunity by enabling people to remain in their comfortable positions while giving them the potential to save energy with ease. They will buy my innovation purely for those reasons. People love products that make their lives easier. Customers would switch to this new product because not only does it help prolong the users comfort, it also has safety bonuses, especially for older customers. Through the use of the light switch attachment, there is a decreased chance of falling down and injury. However, it would be difficult for consumers to switch from their current methods because they would not have to spend any money to continue to get up and manually turn on and off lights. There are not any major competitors, but the existence of desk lamps and overhead lights that are already remote-controlled may sway consumers from purchasing my product. However, since not everyone has lamps on their bedside table or can afford built in remote-controlled lights, customers would be more inclined to buy my innovation.

Since the product would be distributed through Amazon, the shipping costs would follow their standard (the product would be prime eligible). Business location and packaging would not have any influence on my business concept for this reason too. As any online purchase goes, there would be a review system that would allow the business to address any concerns of any customer (Amazon also supports this) to ensure the best possible customer experience. The price may be a slight deterrent, thus making the growing process somewhat slow until lots of units are purchased. Nonetheless, the product would be affordable.

I would organize the business to have the attachments assembled in a factory by machines to eliminate the possibility of human error. They would then be transported to the Amazon distribution centers. The business would need employees to communicate with consumers online via the business' website, Amazon, and social media outlets. It would also need employees to transport the product from the factory to the distribution centers.

THREE MINOR ELEMENTS

I believe that my most important resource is a tie between the good network I currently possess and my knowledge of electronics. The former because every entrepreneur needs a good network to accomplish anything and the latter because it is the fundamental reason as to why the product would exist in the first place. The unique and genuine designs of the product would make it difficult for other companies to copy.

Once this venture conquers the initial opportunities, I would want to adapt the wall attachment to work with objects other than switches and buttons. As for specific ways I would apply the product, I am not sure yet.

If I were to launch this business, in five years I would want this product to be one of many successful creations that promote convenience and energy saving. However, within a decade of running this business (and hopefully several patents later), I would step down and let someone else within my company run it for me. I would still have partial ownership, but I would not be in control. Although this first venture made me see that I would not want to run my own business for too long, it also would have given me the irreplaceable experience of being an entrepreneur.

Amazon Whisperer

Howdy! Here is the Amazon Whisperer assignment.

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

Within my business concept, I can make money from actually selling the product for more than how much it costs to produce it. I can also make money from selling my idea to larger companies. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I think my customers would want something else that would make their lives slightly easier. Possibly something that keeps blankets on the bed (could also be remote controlled). 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

I think it does improve user experience because I always end up losing my blanket in my sleep. It would be a shame if other people suffered from this issue. It does foster customer loyalty because they would know that I make their lives easier. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

I couldn't find a product on Amazon that matches this product idea. However, I did find tips that helped me with the design. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Since there is nothing on Amazon like this (that I could find), there are not any customer reviews on the product. 

• Describe what design/usability changes you'd make to the product. 

For my design, I would either implement an automatic zipper with a sleeping bag-esque appearance. I would also maybe include temperature settings so that it the blanket will let cooler air in when the user becomes over heated. 

• Describe why you think this product would make a good addition to your current product/service offering.

I think that this product would be a good addition to my current product offering for the reasons listed under the third billet point - customer loyalty and better customer experience. 

My Unfair Advantage

Howdy! Here is my "staying power" reasons.

Resources:

1. I am very determined to make my life and other peoples lives easier (I'll do anything to fuel my laziness).
• VRIN: Not very valuable (laziness can sometimes be an issue), not very rare (almost everyone likes to procrastinate sometimes), somewhat inimitable, non-substitutable.
2. I have a good network of people that I could consult if I need help.
• VRIN: Very valuable (it's not what you know, it's who you know), rare in that everyone knows different people, inimitable for the same reason it is rare, non-substitutable because it's very difficult to go on business ventures alone.
3. I possess a lot of knowledge on how electronics work and what I would need to create my product and make it effective.
• VRIN: Very valuable (kind of the point of my product), not very rare (lots of people can have it), somewhat inimitable (some knowledge is different than others and can be applied in a different way), non-substitutable (see reason why it's valuable).
4. I give a lot of effort in everything I do.
• VRIN: Very valuable (effort is important), somewhat rare (not everyone gives a lot of effort), kind of inimitable (not found in everyone, but I suppose everyone has the potential to give effort), non-substitutable.
5. My product can help a lot of people save energy and reduce falling risks.
• VRIN: Valuable (safety is important), not very rare (lots of things can hep safety), inimitable, definitely non-substitutable. 
6. My product has the potential for different designs (all of which I have created already).
• VRIN: kind of valuable, somewhat rare (they are my ideas, after all), not very inimitable, non-substitutable.
7. I am very enthusiastic about making life easier for other people.
• VRIN: valuable (who would buy from someone not enthusiastic about their work?), somewhat rare (not everyone is enthusiastic), inimitable (everyone express enthusiasm in different ways), non-substitutable.
8. I have had many life experiences involving not wanting to get up to turn off my light/fan.
• VRIN: somewhat valuable, rare in that some people may not have to get out of bed to turn off their lights (like for lamps), inimitable (not just anyone can know your struggle the way I do), non-substitutable.
9. I know how and where to get affordable materials for this product. 
• VRIN: valuable, rare, inimitable, non-substitutable.
10. I have taken this class and have the business creation experiences from it (even though we weren't technically supposed to make a business in this class).
• VRIN: SO valuable, INCREDIBLY rare (it's unique to the unique to the University of Florida), very inimitable, somewhat non-substitutable (there could be other entrepreneurship classes out there, but they would more than likely be different).

My top resource is my knowledge of electronics because it is the main reason I would be able to create this product in the first place.  However, I will not be making this product because I do not want to start a business.  Maybe someday.  Just not today.

Week 10 Reading Reflection

Howdy! This is week 10's reading reflection.

1. What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
• There wasn't anything that surprised me. 
2. Identify at least one part of the reading that was confusing to you.
• I didn't find anything confusing.   
3. If you were able to ask two questions to the author, what would you ask? Why?
• Which of the budget types is the most important to you?
• Since there are a lot of financial matters to take into account (pun intended), I would like to know if any of them take precedence. 
• Which financial statement do you use the most/pay the most attention to?
• I would ask this for the same reason as question 1.
4. Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
• I did not disagree with the author.

Week 9 Reading Reflection

Howdy! This is week 9's reading reflection.

1. What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
• The fact that some entrepreneurs don't conduct marketing research was surprising to me.
2. Identify at least one part of the reading that was confusing to you.
• None of the reading was confusing to me.  All of it was pretty straightforward.  
3. If you were able to ask two questions to the author, what would you ask? Why?
• Have you not conducted marketing research? If so, why not?
• There were 4 main reasons for not carrying out research.  I am curious as to the authors potential reasons for not doing so.
• What do you think is the best method for social media start-ups to get their name/brand known?
• I use pretty much every social media outlet in existence and I would like to know why the author would think some are more successful than others.
4. Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
• There was nothing I thought the author was wrong about.

My Secret Sauce

Howdy! For this assignment, I will be talking about how wonderful and unique I am!

Five Ways I think I am Unique

1. I am very determined to complete whatever task at hand.  I don't like quitting (not specific to me, but I know that I can be more stubborn than most).
2. I do my best to put others needs before my own.
3. I try to make everyone smile even if it's at my own expense.
4. I'm somewhat quick-witted.
5. I do my best to put forth 100% effort (super hard sometimes though).

From Others' Perspective

Interview 1 - Niamh

Summary: Niamh says that I always give 110% and that I would give my life for the people I care about. 

Interview 2 - Allison

Summary: Allison says that I'm unique because I've only had girl scout cookies once (two years ago.  Barely remember the experience).  

Interview 3 - Veronica

Summary: Veronica thinks I'm funny and punny (true lol).

Interview 4 - Logan

Summary: Logan says I care about the people around me even if I don't know them.  He also says I'm dedicated to both Doritos and whatever I set my mind to.

Interview 5 - Anna

Summary: Anna says I worry about others regardless of my situation.  

Reflection

Based on the interviews with my dearest friends, they all seem to think that I'm incredibly generous and selfless regardless of the cost or situation.  Compared to my list, they think more highly of me than I do.  I think general self esteem causes the differences between the two views.  I'd like to think that what my interviewees said is true.  I certainly do my best to live up to that standard.  I wouldn't change my list all that much because I still think of myself the same way I did before.  

Idea Napkin No. 2

Howdy! This assignment is my product idea tied together with all of the information I've obtain via interviews and research and such (part 2).

1. About Me?
• My name is Nika de Vries and I am good at designing and assembling electronics.  I used to be a part of my high school's robotics team so I have had previous experience with creating a machine that would perform a specific task.  Regarding my business concept, I do not seeing it playing a major role in my life.  However, I think it would be interesting to materialize an idea of mine.
2. What are you offering to customers?
• I am offering a product that provides the convenience of not having to get out of bed to turn off an overhead/ceiling light.  The switch would be activated by using an infrared remote, so it could be controlled from a distance. 
3. Who are you offering it to?
• Although the product can be used for all ages, I believe that college students and young adults would find the most use from it.  Based on my interviews, the older people living in houses (adults and elderly people) had lamps by their bedside table, whereas college students living in apartments only had access to the overhead light. However, elderly people with trouble walking may also be able to use this product. 
4. Why do they care?
• The customers would care because it would expedite their whole going to sleep process and save them a small amount of energy. Personally, I have no other way of turning off my light other than standing up and doing it manually and it has been a terrible inconvenience.  I will sometimes go to sleep without turning off the light, thus expending energy.  Customers would pay for this product to save them energy when it comes to lighting in their homes and to get rid of an inconvenience. 
5. What are your core competencies?
• When compared to everyone else, I believe that I would be able to create this and other products effectively because I will do anything to make my own life easier.  

Reflection

From Napkin No.1: I believe these elements somewhat fit together in that the product does solve a problem. However, there since everyone has different room layouts the product may not apply to everyone.

From Napkin No. 2: Compared to the last napkin and from the feedback I received, I believe that these elements will fit together without any issues. 

Feedback Memo

1. My idea would be very easy to market to all age groups.

2. Aside from saving energy, there are more benefits to this product. 

3. College students would very much enjoy my product as all of the people that commented on my last post seemed to like the idea. 

4. Elderly people will be less likely to trip and fall on the way to turn off their light (bonus safety feature).

5. If there is a cost effective way to create this product, it would probably do well on the market. 

Since no one really said anything was wrong with my idea napkin, I didn't really change too much.