The potential customers for my product are those that tend to lose their phone, keys, wallet, or other household items like the tv remote or even your dog or cat. This is a very large demographic of people which means that the opportunity is very big. The need is always there which means your window of opportunity will keep growing. The demographic ranges from college and high school students as well as parents or other adults.
The innovation I have is a product that helps you find any of your lost items. The innovation starts as a small tag with a button that goes on your key ring. Once you purchase this, you download the corresponding app on your phone that allows you to find either you phone or keys if you have one or the other. So, if you lose your phone and you have your keys, you push the button on our key chain and it makes your phone start to beep loudly until you find it. If you lose your keys however, you can use the app to either make it beep loudly, or you can use the locating service that shows you the exact location of your lost item. The next part of the innovation is he small dots that you can also purchase and place on other items you may lose. You put their serial number into the app and it allows you to also locate the item with the map. These dots can be placed on items like your wallet, tv remote, or even the tags of your pets. We would make money on this product by first having the customers purchase the key chain finder and then the dots as secondary products. The key rings will cost more, this being $30. The secondary products, the dots, cost about $10 each.
This innovation will solve the problem of losing important objects that you need. It will make finding your lost items easier when you're in a hurry. People will want to buy this product because it will make their lives easier in case they lose things or their children like to hide things. The other thing is pets can run away or be somewhere in the house or yard you don't know about, by putting the dot on their collar, you can track and find them easily. This can make it easier than putting a chip in the animal and not being able to track them from your phone. We do have competitors but they do not have the dots like our company would have. This makes it more likely for people to switch to our product because they leave more options for usage. The only strength that they have is that they have been around longer so they do not have to build up their customer base.
My most important resource would be my determination and creativity. This makes it easier for me to come up with new ideas and designs and follow through with them. To continue with my services, I will plan on finding a way to make the app work through an account on the internet so that you can find things without the app on your phone in case you lose your phone, keys, and wallet on a night out. In five years, I would like to be successful with this product and making a profit. As an entrepreneur, in ten years, I would like to be coming up with more venture ideas and following through with them.
Wednesday, March 30, 2016
Sunday, March 27, 2016
Amazon Whisperer
1. I make money by selling the key chain that attaches to your keys so you can find your phone, or vice versa. We also sell the dots that help you find your other household items.
2. The next big thing would be to make it so the app can actually locate your items similarly to find my iPhone type of mapping system along with the ability to make them beep loudly until you find them.
3. This next big thing will allow for me to improve sales since there is a better system to finding your lost items.
4. The item I found on amazon is very similar to mine, yet they only have the key chain part and not the dots that can be placed on other items.
2. The next big thing would be to make it so the app can actually locate your items similarly to find my iPhone type of mapping system along with the ability to make them beep loudly until you find them.
3. This next big thing will allow for me to improve sales since there is a better system to finding your lost items.
4. The item I found on amazon is very similar to mine, yet they only have the key chain part and not the dots that can be placed on other items.
5. This product on Amazon got 4 out of 5 stars. Most people love it and think it works great, yet others say they have problems getting it to work when they're keys are in their wallet or purse and not just on a table. Other people said that it was too thick.
6. I would change this product by making it thinner as well as making sure that it would work when inside of something, especially with the dots that stick on things like your remote that may be in between the couch cushions.
7. I think this product would be good for my product line because it helps people locate their lost items now also with a map and not just a beeping sound. This way you can locate lost luggage or your wallet even if its not in your close proximity.
Friday, March 25, 2016
Week 11 Reading Reflection
1. I was surprised that a lot of companies give up on pursuing basic research for innovation because the market changes so much, you think that they would want to innovate their products.
2. I was confused by what architectural innovation exactly was, even though the author explained it. It seemed to be a very confusing topic.
3. The first question I would ask is, "what's the best way to disrupt a market?"
My second question would be, "could you explain architectural innovation more in depth?"
4. I did not see anything that I disagreed with or thought was wrong.
2. I was confused by what architectural innovation exactly was, even though the author explained it. It seemed to be a very confusing topic.
3. The first question I would ask is, "what's the best way to disrupt a market?"
My second question would be, "could you explain architectural innovation more in depth?"
4. I did not see anything that I disagreed with or thought was wrong.
Friday, March 18, 2016
My Unfair Advantage
Resources:
1. Hardworking
V- You have to be hardworking to get things done and make sure your company succeeds.
R- This quality isn't so rare, yet there are plenty of people who would rather glide by and do the bare minimum, while I try to go above and beyond.
I- This can be imitated by others, but everyone has different levels of how hard they work, and I believe that I work harder than a lot of people.
N- This could possibly be substituted with determination.
2. Straightforward
V- This is valuable because most people try to spare your feelings by beating around the bush or not giving you what you really need to know to make yourself better. I tend to be very blunt and tell people the truth even if it hurts.
R- This is rare because as I said before, most people like to make sure everyone likes them and don't hurt their feelings for any reason and most people will not give you a truthfully straight answer.
I- This is something that can be slightly imitated by others but is hard to change your personality to become blunt, so it is hard to imitate unless you have that personality.
N- This cannot be substituted by any other resource because it is very unique to the rest of my resources.
3. Outgoing
V- This is valuable because you have to be able to network and talk to people when you run a company and be friendly and comfortable being in charge and leading.
R- This is not so rare as a lot of people are outgoing, but there are also a lot of introverted people who have problems talking to people they do not know.
I- This is not easily imitated as it is either your personality type, or its not.
N- This is not replaceable by any other resource because it is very specific and different from the rest of my resources.
4. Organized
V- This is valuable because if you aren't organized, you won't be able to run your company well and can lose out on opportunities, clients, or money.
R- This is not very rare but is highly necessary for any type of leadership position.
I- This can be imitated but it can be hard to imitate if you are not already an organized person.
N- This is not substitutable because it is very different from the other resources I have.
5. Creative
V- This is valuable because you have to be able to come up with ideas to engage your employees, market your products, and promote your business.
R- This can be very rare because it is a specific mindset you have and not something you can learn.
I- This is not able to be imitated because it is not something you can learn.
N- This is not a interchangeable with any of my other resources.
6. Analytical
V- This is very valuable because being able to analyze situations is important in business situations.
R- This can be rare because not everyone is able to analyze situations and make a rational decision.
I- This is not easily imitated by others because it is something that you have and not something you can learn.
N- This is not interchangeable with any of the other resources because it is unique from the other resources I have.
7. Cautious
V- This can be very valuable because even though you have to take risks in business, you have to also be cautious and make rational decisions.
R- This is not as rare because people tend to be cautious about things.
I- This is easily imitated because most people are cautious.
N- This is not interchangeable between the other resources I have.
8. Money conscious
V- Being money conscious is important because you have to being able to balance your money to manage your business.
R- This is sometimes rare because a lot of people don't spend their money wisely and you need to be able to run the company and not go into debt.
I- This can be imitated but it can be harder because sometimes it is in your nature to spend money on more expensive things rather than be economical.
N- This is something that is you can maybe substitute with being cautious.
9. Determined
V- This is a very valuable for someone to have because you need to be determined in order to get things done.
R- This can be rare because some people are determined and some people are not.
I- You can imitate determination because it is something you can have if you are passionate enough about something.
N- This is something that can possibly be substituted by my hardworking resource.
10. Passionate
V- This is a very valuable resource because if you are not passionate about what you are doing, you won't be able to accomplish anything.
R- This is rare because you have to really love what you are doing to be passionate.
I- This cannot be imitated because if you don't like something, you can't fake passion.
N- This is not something that substitute because it is a very specific resource.
My top resource is creativity because it is rare, not able to be imitated, and is not substitutable.
1. Hardworking
V- You have to be hardworking to get things done and make sure your company succeeds.
R- This quality isn't so rare, yet there are plenty of people who would rather glide by and do the bare minimum, while I try to go above and beyond.
I- This can be imitated by others, but everyone has different levels of how hard they work, and I believe that I work harder than a lot of people.
N- This could possibly be substituted with determination.
2. Straightforward
V- This is valuable because most people try to spare your feelings by beating around the bush or not giving you what you really need to know to make yourself better. I tend to be very blunt and tell people the truth even if it hurts.
R- This is rare because as I said before, most people like to make sure everyone likes them and don't hurt their feelings for any reason and most people will not give you a truthfully straight answer.
I- This is something that can be slightly imitated by others but is hard to change your personality to become blunt, so it is hard to imitate unless you have that personality.
N- This cannot be substituted by any other resource because it is very unique to the rest of my resources.
3. Outgoing
V- This is valuable because you have to be able to network and talk to people when you run a company and be friendly and comfortable being in charge and leading.
R- This is not so rare as a lot of people are outgoing, but there are also a lot of introverted people who have problems talking to people they do not know.
I- This is not easily imitated as it is either your personality type, or its not.
N- This is not replaceable by any other resource because it is very specific and different from the rest of my resources.
4. Organized
V- This is valuable because if you aren't organized, you won't be able to run your company well and can lose out on opportunities, clients, or money.
R- This is not very rare but is highly necessary for any type of leadership position.
I- This can be imitated but it can be hard to imitate if you are not already an organized person.
N- This is not substitutable because it is very different from the other resources I have.
5. Creative
V- This is valuable because you have to be able to come up with ideas to engage your employees, market your products, and promote your business.
R- This can be very rare because it is a specific mindset you have and not something you can learn.
I- This is not able to be imitated because it is not something you can learn.
N- This is not a interchangeable with any of my other resources.
6. Analytical
V- This is very valuable because being able to analyze situations is important in business situations.
R- This can be rare because not everyone is able to analyze situations and make a rational decision.
I- This is not easily imitated by others because it is something that you have and not something you can learn.
N- This is not interchangeable with any of the other resources because it is unique from the other resources I have.
7. Cautious
V- This can be very valuable because even though you have to take risks in business, you have to also be cautious and make rational decisions.
R- This is not as rare because people tend to be cautious about things.
I- This is easily imitated because most people are cautious.
N- This is not interchangeable between the other resources I have.
8. Money conscious
V- Being money conscious is important because you have to being able to balance your money to manage your business.
R- This is sometimes rare because a lot of people don't spend their money wisely and you need to be able to run the company and not go into debt.
I- This can be imitated but it can be harder because sometimes it is in your nature to spend money on more expensive things rather than be economical.
N- This is something that is you can maybe substitute with being cautious.
9. Determined
V- This is a very valuable for someone to have because you need to be determined in order to get things done.
R- This can be rare because some people are determined and some people are not.
I- You can imitate determination because it is something you can have if you are passionate enough about something.
N- This is something that can possibly be substituted by my hardworking resource.
10. Passionate
V- This is a very valuable resource because if you are not passionate about what you are doing, you won't be able to accomplish anything.
R- This is rare because you have to really love what you are doing to be passionate.
I- This cannot be imitated because if you don't like something, you can't fake passion.
N- This is not something that substitute because it is a very specific resource.
My top resource is creativity because it is rare, not able to be imitated, and is not substitutable.
Week 10 Reading Reflection
1. I was surprised about how much this chapter reminded me of the accounting classes I had taken. It was surprising to see so much overlap of accounting in an entrepreneurship class.
2. I was confused by the fact that the author was clear how to value tangible assets, but not how to value intangible assets.
3. My first question for the author is "do spread sheets come in handy more often than not?" I feel like spread sheets are very helpful for certain things, but are more annoying than helpful in other situations.
My second question is "What financial metric is best for getting an accurate valuation of a company?" I would ask this because each company differs and I would like to know what is best for what.
4. I did not disagree with the author on any part of this reading.
2. I was confused by the fact that the author was clear how to value tangible assets, but not how to value intangible assets.
3. My first question for the author is "do spread sheets come in handy more often than not?" I feel like spread sheets are very helpful for certain things, but are more annoying than helpful in other situations.
My second question is "What financial metric is best for getting an accurate valuation of a company?" I would ask this because each company differs and I would like to know what is best for what.
4. I did not disagree with the author on any part of this reading.
Growing My Social Capital
Person 1
1. Roy, a financial advisor
2. Expert in my industry
3. I found him through my parents, as he is one of their friends, and I contacted him over the phone because he lives in my hometown.
4. He was able to advise me on how I would complete this task financially. He told me how to make sure that I invest correctly in order to make a profit off of the app. He did not expect anything in exchange because he was doing this as a favor to me since he was friends with my parents.
5. Having him in my network will allow for me to possibly get an internship with his company in the future.
Person 2
1. Jennifer, market research analyst
2. Expert in my market
3. My friend's mother put me in contact with her because it was a friend of hers. I contacted her over the phone because she lives in another state.
4. She was able to tell me who my demographic would be for my app and if I was correct on who I thought it would be most useful to. In return, I let her take my idea to one of her clients since their app was a very similar idea.
5. Having her in my network will allow me contact her again if I ever have an idea that I actually want to turn into something and need help on what the demographic I should be aiming towards selling to.
Person 3
1. Linda, sales rep
2. Supplier in my industry
3. She is my half sister's dad's wife and my sister put me in contact with her. I contacted her over the phone because she lives in another state.
4. She was able to help me by telling me how she markets and sells items to people and what would work for me to be able to do to sell the app that I would be making. She expected nothing in return from me because she said it was a favor for my sister.
5. She is a good person to have in m network because she could possibly help me get an internship or job at her company in the future.
Reflection
This type of networking is very similar to networking I have done in the past to be able to get internships. This was only slightly different because this was for help on how I would market and sell a product and not about becoming a potential employee.
1. Roy, a financial advisor
2. Expert in my industry
3. I found him through my parents, as he is one of their friends, and I contacted him over the phone because he lives in my hometown.
4. He was able to advise me on how I would complete this task financially. He told me how to make sure that I invest correctly in order to make a profit off of the app. He did not expect anything in exchange because he was doing this as a favor to me since he was friends with my parents.
5. Having him in my network will allow for me to possibly get an internship with his company in the future.
Person 2
1. Jennifer, market research analyst
2. Expert in my market
3. My friend's mother put me in contact with her because it was a friend of hers. I contacted her over the phone because she lives in another state.
4. She was able to tell me who my demographic would be for my app and if I was correct on who I thought it would be most useful to. In return, I let her take my idea to one of her clients since their app was a very similar idea.
5. Having her in my network will allow me contact her again if I ever have an idea that I actually want to turn into something and need help on what the demographic I should be aiming towards selling to.
Person 3
1. Linda, sales rep
2. Supplier in my industry
3. She is my half sister's dad's wife and my sister put me in contact with her. I contacted her over the phone because she lives in another state.
4. She was able to help me by telling me how she markets and sells items to people and what would work for me to be able to do to sell the app that I would be making. She expected nothing in return from me because she said it was a favor for my sister.
5. She is a good person to have in m network because she could possibly help me get an internship or job at her company in the future.
Reflection
This type of networking is very similar to networking I have done in the past to be able to get internships. This was only slightly different because this was for help on how I would market and sell a product and not about becoming a potential employee.
Wednesday, March 16, 2016
Elevator Pitch No. 3
2. The feedback that I got on my past elevator pitch was that I needed to have more gestures and be more animated. Other than that, I had very positive feedback.
3. This time I tried to use some hand gestures and be more animated. It was hard because I normally do not talk like that. Other than that, I just tried to be enthusiastic about everything I was saying.
Sunday, March 13, 2016
My Secret Sauce
The 5 things that I think set me apart and makes me unique:
1. I am hardworking and when I set my mind to something, I have to get it done.
2. I tend to be a very organized person who plans out what needs to happen.
3. I work well in group settings because I feel it is better to have the thoughts and ideas of everyones input.
4. I have a very straightforward, blunt personality. I don't like when people don't tell you how it is, an that is something I continuously do.
5. I am very outgoing and tend to make friends easily.
Interviews
1. I am hardworking and when I set my mind to something, I have to get it done.
2. I tend to be a very organized person who plans out what needs to happen.
3. I work well in group settings because I feel it is better to have the thoughts and ideas of everyones input.
4. I have a very straightforward, blunt personality. I don't like when people don't tell you how it is, an that is something I continuously do.
5. I am very outgoing and tend to make friends easily.
Interviews
She focused on a lot of what I also believe to be true about myself. I do tend to be brutally honest with people. I also liked how she talked about my dance ability and not just my personality.
She talked about how I am a caring person and always go out of my way to help others. I see this in myself but it is never something I thought made me unique.
Reflection
I think that I see myself very similar to how other people see me. I think that in my first 5 things I think make me unique, caring is something I should add. I think overall, my interviewees were very correct about me.
Week 9 Reading Reflection
1. I was mostly surprised that there was a whole section focusing on the Internet. We all know that it is important in today's society, so I was surprised that they spent that amount of time on the subject.
2. The part I found confusing was the section on marketing philosophy. I wasn't quite sure what the author was meaning, as they weren't very clear.
3. The first question I would ask is, "How important is knowing the financial ratio to the success of a business?" I wonder how the author feels about the importance of this concept, as I think it would be very important.
The second question I would ask is, "when it is good to do market research?" The author discusses what types of marketing to do, but not when they are useful.
4. There was nothing that I found that I didn't agree with the author on.
2. The part I found confusing was the section on marketing philosophy. I wasn't quite sure what the author was meaning, as they weren't very clear.
3. The first question I would ask is, "How important is knowing the financial ratio to the success of a business?" I wonder how the author feels about the importance of this concept, as I think it would be very important.
The second question I would ask is, "when it is good to do market research?" The author discusses what types of marketing to do, but not when they are useful.
4. There was nothing that I found that I didn't agree with the author on.
Friday, March 4, 2016
Idea Napkin No. 2
1. I am very good at marketing, sales, and financial aspects of businesses. I have worked for Student Government Finance as well as at a company doing jobs all across the board from accounting to social media. My aspirations are to help people and make a difference in their lives with my business.
2. The product I would be offering, is one to help others organize and coordinate their lives so they are able to better manage their time. It would be an app on your phone to help you organize dates by color grouping, lists for things like groceries or to-dos, as well as a way to sync it to your computer to disable the use of certain sites, like Netflix or Buzzfeed, for extended periods of time to decreases distractions. Another thing the app can do is allow you to sync your calendar with other people. This is something that would be helpful in the work force where you may need to coordinate with coworkers or a partner.
3. The app would be best suited for high school to college-aged students who have to juggle a social life, school, and free time efficiently. It could also work for people in the work force who need to stay focused on their jobs and not get distracted.
4. People would pay money for this app if they are one who is easily distracted and not good at managing their time. Some people struggle with grades because they don't complete assignments, or don't do them to the best of their ability because of a lack of time.
5. My app incorporates more than other list or calendar apps do. It also can keep you from being unproductive by blocking certain websites until the time runs out on the app. So if you set it for an hour, you can't access Netflix until that hour is up.
I believe all of these concepts go together. I know of all of these products being sold separately, but not combined. I believe with the demographic we would be focusing on and the product itself, there would be a huge market willing to buy this product. More importantly, parents would be willing to spend money on the product in order to ensure their child does well in school and stays on track as well as employees or bosses who need their workers or themselves to stay focused and share their schedules.
Feedback Memo
The main points that I took away from the feedback were:
1. How necessary the app is for people in their everyday lives.
2. That I should expand it from just focusing on students to also focusing on people in the work force.
3. Making it so the app also allows you to share calendars with other people.
4. That no other app allows this all to work together.
5. That I understand the main demographic of people that would want to purchase this app.
I incorporated numbers 2 and 3 into my idea napkin. I feel like the ideas were very smart and would help the app be successful. I incorporated them as calendars that could be synced with other people who also have the app so that it would expand the demographic to those in the work force.
2. The product I would be offering, is one to help others organize and coordinate their lives so they are able to better manage their time. It would be an app on your phone to help you organize dates by color grouping, lists for things like groceries or to-dos, as well as a way to sync it to your computer to disable the use of certain sites, like Netflix or Buzzfeed, for extended periods of time to decreases distractions. Another thing the app can do is allow you to sync your calendar with other people. This is something that would be helpful in the work force where you may need to coordinate with coworkers or a partner.
3. The app would be best suited for high school to college-aged students who have to juggle a social life, school, and free time efficiently. It could also work for people in the work force who need to stay focused on their jobs and not get distracted.
4. People would pay money for this app if they are one who is easily distracted and not good at managing their time. Some people struggle with grades because they don't complete assignments, or don't do them to the best of their ability because of a lack of time.
5. My app incorporates more than other list or calendar apps do. It also can keep you from being unproductive by blocking certain websites until the time runs out on the app. So if you set it for an hour, you can't access Netflix until that hour is up.
I believe all of these concepts go together. I know of all of these products being sold separately, but not combined. I believe with the demographic we would be focusing on and the product itself, there would be a huge market willing to buy this product. More importantly, parents would be willing to spend money on the product in order to ensure their child does well in school and stays on track as well as employees or bosses who need their workers or themselves to stay focused and share their schedules.
Feedback Memo
The main points that I took away from the feedback were:
1. How necessary the app is for people in their everyday lives.
2. That I should expand it from just focusing on students to also focusing on people in the work force.
3. Making it so the app also allows you to share calendars with other people.
4. That no other app allows this all to work together.
5. That I understand the main demographic of people that would want to purchase this app.
I incorporated numbers 2 and 3 into my idea napkin. I feel like the ideas were very smart and would help the app be successful. I incorporated them as calendars that could be synced with other people who also have the app so that it would expand the demographic to those in the work force.
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