Existing Market
Two of the people that I interviewed had relatively similar views on what they thought would be next for the future of my business. They gave me the idea to stay future focused since staying just in the southern US will probably not work in the long term. They suggested in the the somewhat near future to spread to the rest of the US by taking advantage of branding. Many people already like a brand of t-shirt "comfort colors" just for the name attached to it. This could be applied to my shirt when going to the northern US.
The other person I interviewed suggested that I ensure the style of the shirt is not taken away by the hydrophobic material. She said that even if it is incredible, people may never adopt it from they already have if it is seen as ugly. While this could prolong the time it takes to produce the shirt, this is definitely something I would consider. If it does not go well visually at first, I will also have the opportunity to change the brand and keep the material.
New Market
I talked to people who were focused on selling food since they also reach a large audience, but for a different need. They related since they have to compete against many other people with a very similar product which is what I would be doing. I was surprised at how imperative location was for them and I took into account how that could also be important for me in the future. I was right in believing that the most of differentiation for them was based off of how well they could develop their brand with loyal customers.
I was wrong in thinking that the style of food would be pretty important to getting customers. Since food is so diverse, there is almost someone that will want to try your food and like it. This market does sound interesting in that it would be a very exciting business everyday. I would not want to be a part of it though because competition is so heavy and it is almost impossible to find a foothold to stand on at this point.
Friday, November 16, 2018
Venture concept
Opportunity
My potential customers are people who live in hot/humid areas that do not want to feel sweaty. This need is a want for people that are uncomfortable feeling sweaty. The sun and humidity are the forces that lead people to sweat a lot. Geographically the business is in the southern US states, demographically it would be focused towards teenagers and young adults. The problem is currently solved by just staying out of the sun. Customers would be interested in a better fix. This opportunity could be quite big if it were able to also take off as a fashion statement. It will be open for as long as the sun is hot.
Innovation
It is a material in shirts that is hydrophobic. The product innovates shirts so that they do not retain sweat from your body but instead it rolls down your shirt. The hydrophobic material rejects your sweat, causing it to roll down the shirt as opposed to sticking to it. Money will be made by selling shirts for $20. This price is higher than the average shirt, but this shirt offers something no other shirt does. Additionally, the shirt can be sold to other companies to be designed and a profit could also be made that way.
Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.
3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur.
Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.
3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur.
My Venture's Unfair Advantage
Resources
1. I am determined when it comes to things that are central to me.
V- Determination helps things get done
R- Many people care a lot about their own business
I- Determination has varying levels of how it can be copied
N- Nothing can replace a desire to take action
R- Many people care a lot about their own business
I- Determination has varying levels of how it can be copied
N- Nothing can replace a desire to take action
2. My father is an experienced salesman.
V- Can lead to avoiding making unnecessary mistakes
R- Very few people could get serious advice from him
I- There are other people with experience in sales
N- Experience is very unique to each person
R- Very few people could get serious advice from him
I- There are other people with experience in sales
N- Experience is very unique to each person
3. I have the capability to get money to start this company.
V- Capital is the lifeblood of business
R- There are many ways to make money
I- See the above
N- Nothing can directly replace money itself
R- There are many ways to make money
I- See the above
N- Nothing can directly replace money itself
4. I am experienced in selling t-shirts.
V- Personal background experience leads to better decisions
R- Many people have sold t-shirts
I- The knowledge is easy to attain
N- Knowledge can attained through other methods
R- Many people have sold t-shirts
I- The knowledge is easy to attain
N- Knowledge can attained through other methods
5. I am personally invested in this venture.
V- Investment means a person will work for the long term
R- Not all people are interested in the long term
I- Investment can only be copied to such an extent
N- There is no alternative to being invested in a venture
R- Not all people are interested in the long term
I- Investment can only be copied to such an extent
N- There is no alternative to being invested in a venture
6. My culture will be perfect for this industry.
V- Everyone will love working there
R- Perfect is impossible to find
I- Perfect is unique to each situation
N- Culture is based on your workers environment
R- Perfect is impossible to find
I- Perfect is unique to each situation
N- Culture is based on your workers environment
7. I am at a university that has many people to help me.
V- A university gives unique knowledge
R- There is only one UF
I- There are many other universities
N- Few institutions other than a university offer the same opportunities
R- There is only one UF
I- There are many other universities
N- Few institutions other than a university offer the same opportunities
8. My product has a unique spin on an already successful business.
V- Differentiation is huge to success
R- Making a god difference can be hard
I- This difference could be copied easily
N- The difference itself is quite unique
R- Making a god difference can be hard
I- This difference could be copied easily
N- The difference itself is quite unique
9. I have friends that could help me with the process.
V- People to help can get more work done
R- Workers are easy to attain
I- Workers are easy to copy
N- Workers can be replaced easily
R- Workers are easy to attain
I- Workers are easy to copy
N- Workers can be replaced easily
10. I am well informed in what needs to be done for this business.
V- Knowing your business is imperative for deciding what to do
R- This information is not hard to come by
I- Knowledge can be found out and learned
N- You can not alter knowledge
R- This information is not hard to come by
I- Knowledge can be found out and learned
N- You can not alter knowledge
Best resource is: my perfect culture.
If I could have every person working in business happy and stoked to come to work then I could do more than any other business has.
If I could have every person working in business happy and stoked to come to work then I could do more than any other business has.
Friday, November 9, 2018
Elevator Pitch 3
https://www.youtube.com/watch?v=kSegs0QbYP4
2. From my feedback, I thought it was important that I paid special attention to telling the story of what product does and why someone would want it. I was surprised that my group thought I should spend less time on the mechanics of the shirt, as I thought a deeper understanding of how it worked might intrigue a listener. Overall, I had quality feedback that was all helpful in way or another.
3. As I stated above, I dedicated much more time selling how the shirt helps a customer. I elaborated on the problem that it would fix. I also emphasized how much of a pain it would be if you did not have my shirt. Lastly, I spent much less time talking about the science of how the shirt works in an attempt to avoid boring whoever I would be speaking to.
Reading Reflection 2
1. The theme of Cognitive Surplus by Clay Shirky is how people have begun to utilize free time and become more creative. He argues ion the past, free time was used for purely personal reasons and was wasting an opportunity to do better.
2. The book was related to the class as it talked about being able to use all parts of what you have. In this class, we regularly break down how what we have accessible to ourselves can benefit our idea. The book uses this exact idea in reference to how we can better use our time. Time is what allows us to get ahead of our competitors so it is extremely important to take advantage of what time we have.
3. A good exercise would be an assignment early on in the class. It would be a simple assessment on how each person uses there time on a day to day basis. The whole day would be recorded and then the deeper portion of the assignment would to be to look at how their free time was used. This viewing could allow students to recognize the potential that free time has given us and how we could use it to advance ourselves.
4. Honestly, the most surprising part of my reading of this book came after I finished it. I realized that the majority of Shirky's description of technology was strictly positive and did little to discuss the negatives associated. For much of my life I have been warned about how the internet is only a place to waste time. His story tells that there is certainly more available to us since technological advances have benefited us in so many different ways. I did not expect such persistent positivity in regards to the internet.
2. The book was related to the class as it talked about being able to use all parts of what you have. In this class, we regularly break down how what we have accessible to ourselves can benefit our idea. The book uses this exact idea in reference to how we can better use our time. Time is what allows us to get ahead of our competitors so it is extremely important to take advantage of what time we have.
3. A good exercise would be an assignment early on in the class. It would be a simple assessment on how each person uses there time on a day to day basis. The whole day would be recorded and then the deeper portion of the assignment would to be to look at how their free time was used. This viewing could allow students to recognize the potential that free time has given us and how we could use it to advance ourselves.
4. Honestly, the most surprising part of my reading of this book came after I finished it. I realized that the majority of Shirky's description of technology was strictly positive and did little to discuss the negatives associated. For much of my life I have been warned about how the internet is only a place to waste time. His story tells that there is certainly more available to us since technological advances have benefited us in so many different ways. I did not expect such persistent positivity in regards to the internet.
Friday, November 2, 2018
Growing my social capital
1a. Daniel Nelson is a wine salesmen who focuses on selling in the southeast to businesses.
2a. He is a domain expert for me because he is a salesman and is proficient in the art.
3a. Daniel Nelson is my father and I contacted him by text. I obviously am close with him already so I did not need to do any extensive searching to be able to contact him.
4a. He has provided for me for my entire life. He is there for me when I need help and is able to give me a wide variety of advise if I need it. He expects respect and love in return, just as he gives it to me. He also expects me to use what he has given me to the best of my ability. For example, he would like me to do very well in college since he has helped me get to this point.
5a. Including him in my network gives me the great opportunity to learn from someone who has an extensive background in sales. He has been a salesman for over 20 years and is successful in his ventures. Such advice is very rare and quite valuable for someone new to the venture.
2a. Ms. Hartung is a manger at dole and is in charge of ensuring their products are properly targeted towards the younger market.
2b. She the market expert because she has a good understanding of how to target young people with her products.
2c. I found her through my high school friend and contacted her through a call I made after getting her number from my friend.
2d. She taught me the techniques she uses to target young people and in exchange she expects me not to spread the information around. She also wants me to stay friends with he son.
2e. Having her in my network will allow me to be able to better reach my target audience. This is vital as I can not make any money if I cannot make a sale.
3a. Mr. Tumlin is an accountant in the tshirt business. He is well versed in thee numbers behind selling shirts.
3b. He is the supplier because he knows a lot about the ins and outs of the shirt business.
3c. I found him through my roommate and contacted him using the number that my roommate gave to me.
3d. He was able to tell me how I could go about attaining the pieces I would need to create the shirts. His only request was that if I did follow through, he wanted me to go through him to get the pieces.
3e. Having him in my network also allows me to have a direct channel to the materials that I need to create my product.
Reflection
This gave me confidence to be able to approach other, new people in networking events so that I may increase my social capital even more. This was very unique in my networking experience as I have done very minimal networking at all.
2a. He is a domain expert for me because he is a salesman and is proficient in the art.
3a. Daniel Nelson is my father and I contacted him by text. I obviously am close with him already so I did not need to do any extensive searching to be able to contact him.
4a. He has provided for me for my entire life. He is there for me when I need help and is able to give me a wide variety of advise if I need it. He expects respect and love in return, just as he gives it to me. He also expects me to use what he has given me to the best of my ability. For example, he would like me to do very well in college since he has helped me get to this point.
5a. Including him in my network gives me the great opportunity to learn from someone who has an extensive background in sales. He has been a salesman for over 20 years and is successful in his ventures. Such advice is very rare and quite valuable for someone new to the venture.
2a. Ms. Hartung is a manger at dole and is in charge of ensuring their products are properly targeted towards the younger market.
2b. She the market expert because she has a good understanding of how to target young people with her products.
2c. I found her through my high school friend and contacted her through a call I made after getting her number from my friend.
2d. She taught me the techniques she uses to target young people and in exchange she expects me not to spread the information around. She also wants me to stay friends with he son.
2e. Having her in my network will allow me to be able to better reach my target audience. This is vital as I can not make any money if I cannot make a sale.
3a. Mr. Tumlin is an accountant in the tshirt business. He is well versed in thee numbers behind selling shirts.
3b. He is the supplier because he knows a lot about the ins and outs of the shirt business.
3c. I found him through my roommate and contacted him using the number that my roommate gave to me.
3d. He was able to tell me how I could go about attaining the pieces I would need to create the shirts. His only request was that if I did follow through, he wanted me to go through him to get the pieces.
3e. Having him in my network also allows me to have a direct channel to the materials that I need to create my product.
Reflection
This gave me confidence to be able to approach other, new people in networking events so that I may increase my social capital even more. This was very unique in my networking experience as I have done very minimal networking at all.
Idea Napkin #2
1. I am a 2nd year finance student here at UF. I am good at talking to others and getting to the point of a problem. These are useful for this situation as you need to be able to assess a person's needs as someone selling their idea. I have the experience of selling shirts through band in high school where I sold shirts to friends and family. My aspirations for this idea, if it ever happens, would be to do this after I have retired from my career. I intend to work in capital markets which will take up almost all of my time in the first place. Therefore, if this concept were to come about, it would be after I have already retired.
2. I am offering a hydrophobic shirt to customers. This means that the shirt will look as stylish as other brands but will not absorb sweat like other shirts do. Instead, the sweat would slide down the shirt and no longer stick to your person. This frees a customer from the uncomfortably that the average shirt has.
3. The target audience is young adult/teenage men and women who have the ability to purchase their own clothes and live in hotter/humid temperatures. To narrow it even further, college students in Florida. Their motivation comes from their want to avoid having sweat in their clothes and choosing to buy my shirt to accomplish this goal.
4. This group will want my clothing because people will spend money to be more comfortable. On the higher scale, luxury cars are an entire type of car because people will spend money to be comfortable. On the attire level, people will buy shoes that have memory foam shoes over those that do not because memory foam is more comfortable. These examples show that customers would pick my shirt over the average shirt because people will spend more to be comfortable.
5. I am different from other shirts because these shirts do not absorb sweat. I am also different form "breathable" shirts because these shirts do not handle the sweat that accumulates on your back. Additionally, if there is no wind then breathable shirts fail. My shirt does not need anything beyond the material within it.
The biggest problem with these points is that I lack motivation to actually use my idea. Since I do not want to be an entrepreneur, it will most likely never be used. Two things I learned from my feedback is that people really like my idea and would buy my shirt. I also learned that my idea is already structured well since no real changes were suggested. With this, I made minimal changes to my idea napkin to preserve the essence of my idea napkin.
2. I am offering a hydrophobic shirt to customers. This means that the shirt will look as stylish as other brands but will not absorb sweat like other shirts do. Instead, the sweat would slide down the shirt and no longer stick to your person. This frees a customer from the uncomfortably that the average shirt has.
3. The target audience is young adult/teenage men and women who have the ability to purchase their own clothes and live in hotter/humid temperatures. To narrow it even further, college students in Florida. Their motivation comes from their want to avoid having sweat in their clothes and choosing to buy my shirt to accomplish this goal.
4. This group will want my clothing because people will spend money to be more comfortable. On the higher scale, luxury cars are an entire type of car because people will spend money to be comfortable. On the attire level, people will buy shoes that have memory foam shoes over those that do not because memory foam is more comfortable. These examples show that customers would pick my shirt over the average shirt because people will spend more to be comfortable.
5. I am different from other shirts because these shirts do not absorb sweat. I am also different form "breathable" shirts because these shirts do not handle the sweat that accumulates on your back. Additionally, if there is no wind then breathable shirts fail. My shirt does not need anything beyond the material within it.
The biggest problem with these points is that I lack motivation to actually use my idea. Since I do not want to be an entrepreneur, it will most likely never be used. Two things I learned from my feedback is that people really like my idea and would buy my shirt. I also learned that my idea is already structured well since no real changes were suggested. With this, I made minimal changes to my idea napkin to preserve the essence of my idea napkin.
Subscribe to:
Posts (Atom)