1. My exit strategy and plan is to sell this business within the next 5 years. The design and our product will hopefully be sold completely to one of the larger tech accessory companies or directly to Apple, Samsung, LG etc.
2. I choose this because I can see the writing on the wall in this market. The large companies basically control everything and when there is someone new that enters the market they buy them out. That is the goal here because even though this product meets a need our customers have that we want to fill, that's not where we see the most value in this product. The reason that I see value is because this product will fill a need and take business away from the big cell phone companies. It basically calls out their design and pegs the question, why didn't you guys design this? I believe this won't give them much choice but to buy our business to protect theirs.
3. Having this exit strategy in mind has altered the way that I have gone about designing this product and laying out the road-map. There is a lot more we could do with this product and many different chargers/accessories that we could branch off of it. However, that would not fit our exit strategy because that would be typical of company that is trying to last awhile and expand their product. 5 years or less and hopefully this will be sold entirely to Apple, where they will then have another competitive advantage over Android by beating them to the punch.
Thursday, November 29, 2018
27A-Reading Reflection No. 3
The Art of Social Media: Power Tips for Power Users, Guy Kawasaki
1. The general theme for this book is how to use the major social media networks and it describes just this through over one hundred tips.
2. This book is full of great information and tips that are helpful for anyone that is wanting to use social media whether it be for business or personal use. In ENT3003 I have realized that social media can be a huge asset for an entrepreneur and can contribute to your success. All of the tips that Kawasaki mentions could help with this success. For example, he talks about why it is important to understand what your audience values when thinking of what to post.
3. Create a social media page for your product or business and focus on five tips from the The Art of Social Media when starting up your page.
4. There were a few things I read where I sort of had an 'aha' moment and it was because they were ideas that I had never thought to look at in that way. They talk about being a 'mensch' on social media meaning to be honorable and do somethings for others without expecting anything in return. Doing so will really change the way your audience views your content.
1. The general theme for this book is how to use the major social media networks and it describes just this through over one hundred tips.
2. This book is full of great information and tips that are helpful for anyone that is wanting to use social media whether it be for business or personal use. In ENT3003 I have realized that social media can be a huge asset for an entrepreneur and can contribute to your success. All of the tips that Kawasaki mentions could help with this success. For example, he talks about why it is important to understand what your audience values when thinking of what to post.
3. Create a social media page for your product or business and focus on five tips from the The Art of Social Media when starting up your page.
4. There were a few things I read where I sort of had an 'aha' moment and it was because they were ideas that I had never thought to look at in that way. They talk about being a 'mensch' on social media meaning to be honorable and do somethings for others without expecting anything in return. Doing so will really change the way your audience views your content.
Tuesday, November 27, 2018
26A-Celebrating Failure
During this semester there was one big failure that I experienced and in doing so it consisted of numerous small failures. This experience happened outside of class at my job as an assistant high school football coach. In my field failure and losing really go hand in hand and losing is something we became too familiar with this past season. Going into it before even taking the job we knew this situation would be tough as this school had lost 13 games in a row, but we still hoped our guidance would be able to turn this failure into a success. This was not the case, we lost nine games and failed to accomplish what we wanted to. However, this experience taught all of us coaches a lot about failure. Don't get me wrong, we have lost games every year with teams I was coaching for, but not like this. 12-2, 6-4, 9-2, those were the seasons I had become accustomed to. Over the course of those seasons we lost games and we failed to reach goals, but nothing like going 0-9 and honestly not even being competitive in most of our games. There were somethings that I learned for how to succeed in the future, but what this failure really taught me was that sometimes in some situations there is just too much going wrong that you will never we able to get control off. So basically I am saying that sometimes you are just set up to fail. I absolutely believe this was one of those situations and it led to a lot of coaches resigning, including me for the first time in my coaching career resigning from a school with no current plans to go elsewhere and simply because we felt like there was nothing more we could do to turn it around. There are just some things that you can't control such as: only having 18 dressed players in our last game of the season due to injuries and suspensions, not having a player on the team that runs below a 5 second 40 yard dash, and an all around lack of size. A lot of these issues that caused us to fail are just things that you can't coach or teach. We can't make a 5'10 175 lineman type kid 6'2 240 like most others. We can't control a kid from getting tackled and tearing his ACL. When you fail like this we can't make big enough strides in the weight room to correct it and we can't fix it all with scheme and coaching. There are improvements to be made by working hard these areas, but even if we did all of this to our highest potential it still wouldn't be enough. If you are set up to fail because of one reason or another you will continue to fail until you have the tools to come close to competing on the same playing field as your competitor.
Friday, November 16, 2018
25A-What's Next?
Existing Market
The next step for our product will be taking the design to be manufactured and then the biggest hurdle of getting the product out there. The design is relatively basic and the materials won't carry a high cost, in fact every feature of our design is very common in terms of being manufactured for other tech products out there. Basically we have just combined a few different tech features and the only hurdle in terms of manufacturing it will be making sure we obtain a strong enough power supply for the capabilities we desire. The consensus when talking to a few people that are very familiar with the market about what is next for us was that we should expect some resistance getting the product into the hands of retailers. Unless my connections are stronger than they are thinking, I could be a little disappointed in the early results. The reasoning was that with the tech accessories market they are very much dominated by the major brands. So, not only will you have to compete with the phone companies own line of accessories, but also fight off the major tech accessory companies. Having heard all of this I think it makes the most sense for our product to spend more money and more resources to create brand awareness. Rather than trying to get our product on the shelves at Best Buy and Target as fast as possible we should build our brand first. Social media is certainly one of the ways we can do this. Contests and giveaways will get people talking about it and into the hands of consumers. Another idea we will explore will be celebrity endorsement. I have a few contacts in the music world and they all have a lot of followers on social media that we could target to build our brand.
New Market
If we were to enter a new market radically different from our current one it would need to target a poorer part of society. Essentially meaning we would like to make a cheaper type of product, not necessarily off limits to wealthy people, but they won't be the more frequent customer. This market would be for rechargeable AA batteries. The cost for our product would be much lower and the customer will be able to use it for anything in their household requiring AA batteries. The value a product like this creates is it is a money saver in the long run. You will no longer have to go to the store and buy AA batteries. Talking with a couple customers of the market I heard a couple of things that I had already known. I knew going into this it there are other companies out there with this product and there isn't much we can do to separate us from our competitors. The best thing we can do is pride ourselves on having the cheapest rechargeable batteries out there. This would echo our idea of targeting a poorer part of society and the hope is that it would push our brand into as many consumers as possible. Profits wouldn't be much off of this, but people would be more aware of our brand and look into purchasing other products of ours, products where we are turning more profit. This market is not going to be one where we will make a lot of money, but getting into it would serve a purpose.
The next step for our product will be taking the design to be manufactured and then the biggest hurdle of getting the product out there. The design is relatively basic and the materials won't carry a high cost, in fact every feature of our design is very common in terms of being manufactured for other tech products out there. Basically we have just combined a few different tech features and the only hurdle in terms of manufacturing it will be making sure we obtain a strong enough power supply for the capabilities we desire. The consensus when talking to a few people that are very familiar with the market about what is next for us was that we should expect some resistance getting the product into the hands of retailers. Unless my connections are stronger than they are thinking, I could be a little disappointed in the early results. The reasoning was that with the tech accessories market they are very much dominated by the major brands. So, not only will you have to compete with the phone companies own line of accessories, but also fight off the major tech accessory companies. Having heard all of this I think it makes the most sense for our product to spend more money and more resources to create brand awareness. Rather than trying to get our product on the shelves at Best Buy and Target as fast as possible we should build our brand first. Social media is certainly one of the ways we can do this. Contests and giveaways will get people talking about it and into the hands of consumers. Another idea we will explore will be celebrity endorsement. I have a few contacts in the music world and they all have a lot of followers on social media that we could target to build our brand.
New Market
If we were to enter a new market radically different from our current one it would need to target a poorer part of society. Essentially meaning we would like to make a cheaper type of product, not necessarily off limits to wealthy people, but they won't be the more frequent customer. This market would be for rechargeable AA batteries. The cost for our product would be much lower and the customer will be able to use it for anything in their household requiring AA batteries. The value a product like this creates is it is a money saver in the long run. You will no longer have to go to the store and buy AA batteries. Talking with a couple customers of the market I heard a couple of things that I had already known. I knew going into this it there are other companies out there with this product and there isn't much we can do to separate us from our competitors. The best thing we can do is pride ourselves on having the cheapest rechargeable batteries out there. This would echo our idea of targeting a poorer part of society and the hope is that it would push our brand into as many consumers as possible. Profits wouldn't be much off of this, but people would be more aware of our brand and look into purchasing other products of ours, products where we are turning more profit. This market is not going to be one where we will make a lot of money, but getting into it would serve a purpose.
24A-Venture Concept No. 1
Opportunity
There are roughly six billion cellphone users
worldwide and that number is constantly growing. Phones, and smartphones in particular,
have become a large aspect of everyday life. Therefore, from an entrepreneur’s
perspective you can see that there is a large number of potential customers in
this market. So, with such large market I felt that there has to be a need out
there these customers have that is not being filled. What I discovered was an
area in the cell phone accessories department that was lacking and realized a
wireless charging would fill this unmet need. For this opportunity there is an
unbelievable number of potential customers, possibly six billion like previously
mentioned, but I would focus on the white-collar workers. The customers that recognize
this opportunity the most are the ones that are in the business world, using their
phones all day, multiple electronic devices, and thus are familiar with the
latest technology. The need that they have isn’t a full-on crisis, they could
survive without this product. However, there is a level of convenience and
sustainability that this product would provide that will drive their desire for
it. The wired way of charging is not sustainable for the phone or the cord and is
a hassle at times. This poor design on the phone manufacturers part has created
the opportunity and their customers deserve better for what they are paying for.
Our product likely won’t be to the liking of the phone manufactures because they
won’t have to purchase new chargers from them frequently or new phones as often,
less money for them. Which leads me to be wary that the window for opportunity won’t
last forever. Their answer will either be to create their own form of wireless
chargers or design future phones in a way that doesn’t fit our design. At this point we will go back to the drawing board,
but those counter moves would take time, time that we will certainly capitalize
on.
Innovation
There are forms of wireless chargers out there, but
they are very few and present a laundry list of complaints. None of the ones I
have found are manufactured by one of the bigger names in phone accessories. Most
of them are designed to only charge one device at a time and the phone has to
be sitting on the charging mat allowing your use to limited while charging. In
addition to this, the biggest gripe is that there are very few ones that it is
actually compatible for. Thus, our product was created in attempt to address all
of the issue and then some. Picture this, a relatively compact mat about the size
of a book. On this mat there will be a power supply on the back end of it that
connects via usb like most of your phone chargers out there. This will provide
power to the four wireless chargers that are docked on the charging station,
but removable. The idea for this is that if you don’t need to be using your
phone while it charges you can lay it down on one of the four chargers and walk
away. On the other hand, if you need to use your phone and charge at the same
time you can grab one of the removable chargers and it will have enough power
for one full charge before it needs to be put back on the dock. No longer will
you have to plug into your charging port with one of the cheap iPhone cords
that frays or snaps at the tip. No longer do you have to worry about that
charging port on your phone giving out. Anyone that has had to experience these
negative effects to the current charging design will buy this product. We will
get them on shelves in BestBuy and Target most importantly. After this we will
attempt to get them in stock at the phone retailers. The reason this wouldn’t be
the first priority is because usually that’s only where you go to buy a new
phone or get yours fixed and this wouldn’t generally be an accessory you would
considering buying at those times. This is separate from the phone manufacturers,
like Bose selling wireless earbuds that they want people to buy instead of Apple’s.
Currently our best estimate for price will be somewhere around $40. Considering
it can serve as four separate charges, that’s a bargain and it could be higher.
Venture
Concept
Not all customers will buy this product right off the
bat, it could be an underwhelming amount in fact and we will be prepared for that.
The reason for this is large in part due to the number of customers that for a
product like this will want to watch others be the guinea pig. Also, there will
be another group of customers that have yet to experience the complications
with wired chargers, so they won’t understand the need yet. All of this being
said, eventually word will get out and people will recognize the convenience of
them, they will then become common in households across the country. All it is going
to take is our product to appeal to enough of those consumers that always buy
the newest technology because they are curious and those that have experienced the
unmet needs that created the opportunity. From there it will become like
everything else in technology where people want what everyone else has. There
will be competitors come along the way, but none with more control than those
that design the phones themselves. They can create their own design and with
their brand they will outsell us even if they have an inferior product. This
product will still be able to succeed though. It is just going to take the
right connections and some strategic marketing along with releasing the product
at the ideal time.
Thursday, November 15, 2018
23A-Your Venture's Unfair Advantage
1. Reliable contacts at Best Buy, T-Mobile, and AT&T: Having these are very valuable to get the product on the shelf initially, get us our start. It's not all that rare though and easy for someone else to obtain contacts of this degree.
2. Knowledge about technology and specifically what other tech people want: Meaning that I believe I provide a value nobody else can truly match or possess when it comes to knowing what people want out of this product. Smartphones have been around for a long time now and nobody has yet to create a reliable product that fills these needs, so I have to assume nobody with the right connections possesses this vision.
3. Engineering and computer design connections: They would help to design a prototype, but really these connections don't provide as much value as I really need. This isn't their specialty and I wouldn't consider their skill set for this field to be rare.
4. Investors that already believe in the product and willing to jump on board: This financial resource is probably the most valuable resource we have. For a product like this to manufacturer it up to our specifications is going to be costly. Thankfully I have friends and family members that are investors and they have friends that also have friends and they all will potentially invest. I would consider to these investors rare because I feel like I know a lot more than most people would, but that's not say someone else couldn't obtain just as many.
5. Personal savings that I am willing to commit: Not a lot value compared to how much the investors would be able to contribute. Therefore, not rare, easy for someone else to be able to commit more.
6. A currently unique design: I have never seen a charging station like this that can charge up to four devices, different types of phones, and be able to use it while it is wirelessly charging. How rare it is provides the value of this resource. In a way it could be copied, but if we secure a patent for the design they would have to figure out another way to accomplish these things.
7: Easy to acquire technology products: There is a lot of value in this because it is vital to building the products, but anyone can acquire them and they might even have connections to get cheaper supplies.
8: Over 6 billion potential customers, anyone with a cellphone: This is what separates this market from all other markets. So many people now have phones and technology is in. There are a lot of customers out there. They are also available to every other person in the cell phone accessory business.
9. A unique appeal for why people need this: Not many people are willing to separate them selves from the actual phone companies, but for us to get people motivated to purchase this we think we need to. It's not right that cell phones are being designed to not last so you have to buy a new one after a few years. Not many other companies will replicate this position because it is a risk.
10: International business community contacts: I don''t have near as many as someone that is based overseas would have, but I do have friends and family that work for large corporations based internationally and these white collar workers I believe will be our largest customers.
The unique design is the most valuable resource. Personally I have only ever seen a wireless charger that charges one phone at a time and it has to be a certain iPhone. It also only charges if you leave your phone right there, can't even sit on the couch and use your phone while it is charging. This resource is the best thing going for us. The functions could be copied, but the design itself will hopefully allow us to secure a patent.
2. Knowledge about technology and specifically what other tech people want: Meaning that I believe I provide a value nobody else can truly match or possess when it comes to knowing what people want out of this product. Smartphones have been around for a long time now and nobody has yet to create a reliable product that fills these needs, so I have to assume nobody with the right connections possesses this vision.
3. Engineering and computer design connections: They would help to design a prototype, but really these connections don't provide as much value as I really need. This isn't their specialty and I wouldn't consider their skill set for this field to be rare.
4. Investors that already believe in the product and willing to jump on board: This financial resource is probably the most valuable resource we have. For a product like this to manufacturer it up to our specifications is going to be costly. Thankfully I have friends and family members that are investors and they have friends that also have friends and they all will potentially invest. I would consider to these investors rare because I feel like I know a lot more than most people would, but that's not say someone else couldn't obtain just as many.
5. Personal savings that I am willing to commit: Not a lot value compared to how much the investors would be able to contribute. Therefore, not rare, easy for someone else to be able to commit more.
6. A currently unique design: I have never seen a charging station like this that can charge up to four devices, different types of phones, and be able to use it while it is wirelessly charging. How rare it is provides the value of this resource. In a way it could be copied, but if we secure a patent for the design they would have to figure out another way to accomplish these things.
7: Easy to acquire technology products: There is a lot of value in this because it is vital to building the products, but anyone can acquire them and they might even have connections to get cheaper supplies.
8: Over 6 billion potential customers, anyone with a cellphone: This is what separates this market from all other markets. So many people now have phones and technology is in. There are a lot of customers out there. They are also available to every other person in the cell phone accessory business.
9. A unique appeal for why people need this: Not many people are willing to separate them selves from the actual phone companies, but for us to get people motivated to purchase this we think we need to. It's not right that cell phones are being designed to not last so you have to buy a new one after a few years. Not many other companies will replicate this position because it is a risk.
10: International business community contacts: I don''t have near as many as someone that is based overseas would have, but I do have friends and family that work for large corporations based internationally and these white collar workers I believe will be our largest customers.
The unique design is the most valuable resource. Personally I have only ever seen a wireless charger that charges one phone at a time and it has to be a certain iPhone. It also only charges if you leave your phone right there, can't even sit on the couch and use your phone while it is charging. This resource is the best thing going for us. The functions could be copied, but the design itself will hopefully allow us to secure a patent.
Friday, November 9, 2018
22A-Elevator Pitch No. 3
https://youtu.be/niWlKjkb7GY
2) I was not able to submit my elevator pitch for reasons that were entirely my bad with poor planing ahead. Therefore, I went off of feedback I received in the past. The two major things I was told to improve from a previous elevator pitch was to get to the point faster and have a better stance (I was swaying a lot, bad habit).
3) I made it clear pretty quick that I'm pitching a wireless phone charging station and this is exactly what it will do for you. In addition, I did my best keep a solid stance and avoid swaying or slumping in order to avoid distracting my audience.
21A-Reading Reflection No. 2
How to Fail at Almost Everything and Still Win Big, Scott Adams
1. The general theme of this book by Scott Adams is that you can fail time and time again, but still achieve what you want to and Scott gives first hand examples for why this true.
2. Scott Adams is the creator of one of the biggest comic strips out there. He has a net worth of $75 million. However, success wasn't all he experienced and along these lines is the take away that could connect to ENT3000. You are going to fail as an entrepreneur, many of the best have numerous times, but you can still win big. He talks about attitude and how having a positive attitude is key to success. You can't just have a positive attitude in certain moments, but all the time.
3. Make sure to focus on systems rather than goals. Create an exercise related to our current ideas that we have been running with now and move away from goal-oriented ideas that we have for our product or business. Create a system-oriented approach to attain what you desire from your idea.
4. Scott Adams talked about passion and more so how it doesn't cause success. This wasn't something I had thought of before. He says that it is actually the other way around. This was sort of eye opening for me and makes me question whether having a passion for something is a good enough reason to pursue it.
1. The general theme of this book by Scott Adams is that you can fail time and time again, but still achieve what you want to and Scott gives first hand examples for why this true.
2. Scott Adams is the creator of one of the biggest comic strips out there. He has a net worth of $75 million. However, success wasn't all he experienced and along these lines is the take away that could connect to ENT3000. You are going to fail as an entrepreneur, many of the best have numerous times, but you can still win big. He talks about attitude and how having a positive attitude is key to success. You can't just have a positive attitude in certain moments, but all the time.
3. Make sure to focus on systems rather than goals. Create an exercise related to our current ideas that we have been running with now and move away from goal-oriented ideas that we have for our product or business. Create a system-oriented approach to attain what you desire from your idea.
4. Scott Adams talked about passion and more so how it doesn't cause success. This wasn't something I had thought of before. He says that it is actually the other way around. This was sort of eye opening for me and makes me question whether having a passion for something is a good enough reason to pursue it.
Friday, November 2, 2018
20A-Growing Your Social Capital
1) A support person for "Seneo" wireless phone chargers.
2) Domain expert because he is employed by a company that sells wireless phone chargers.
3) The Seneo Facebook page where there was a contact to ask questions about their product.
4) They generously answered a couple of questions I had about their product and it's capabilities. Knowing this gives me a better idea how my design would compare to their product.
5) Including him in my network is a great resource for when it comes to actually designing our product. Features that they came up with might be something we look at and most importantly looking at what they lack to try to add to our design.
1) The manager for Verizon in Destin, FL. He has been in the cell phone industry for 10 years now and has dealt with all of the latest phones and the purchasers of them.
2) Market expert. He has extensive connections and knowledge about the cell phone market and our product will be an accessory for cell phones.
3) The Manager has been a friend of my family for years now ever since we moved to the area.
4) He answered a lot of my questions for how I could go about entering my market and what the first step is for getting the product on shelves. The only return he is expecting is for his store to see the product when finished and consider whether they want to sell it in their store or not,.
5) Phones and phone chargers go hand in hand. This would be a great place to sell our product and also obtain information or recommendations from people that work with cell phone customers every day. Nobody will know better than them if this is something people would purchase.
1) A CYD Electronics employee. He has supplied USB chargers among many other electronics to phone companies for years.
2) Supplier. They supply electronics that will be necessary for our charging stations.
3) The contact us link on their website. It took a little while and he gave generic answers at first, but then I was able to obtain an email address.
4) It wasn't an extensive exchange, but he didn't have to answer questions that I did ask anyways so I was thankful. He told me about some of the products they offer and if he can meet some of the needs for my design. In return I said I would purchase from them when the final designs are ironed out.
5) Suppliers are vital to our success. Having a good one that offers all of our product needs is important so we don't have to deal will numerous companies. Buying many electronics all in bulk will allow us to keep prices low.
In the future I hope to have more specific question that I can ask and more importantly know exactly what we will need for our product. When everything is finalized we will be able to get more out of the networking because they will have a better for feel for what we are looking at.
19A-Idea Napkin No. 2
1. You. I'm a passionate person that whenever I get rolling on something I will basically plan the rest of what's going on in my life around it. Failure is not something that I find enjoyable and I don't plan on failing at this. This business concept with receive my full attention because not only do I have the need for the product, but I also want others to be able to experience the conveniences of this product.
2. What are you offering to customers? The product is a wireless charging station for cell phones and it will meet the need for a form of charging that does not result in future costs due to breaking cords and worn down phone charging ports. It will also be one that you allows you to use your in moderation while it is still charging, a unique feature that the few charging stations out there do not offer.
3. Who are you offering it to? All of my customers will have in common that they are cell phone users. They will be split into two groups; one being iphone users and one being android users. The product will offer the feature of charging up to 4 cell phones or two tablets at one time. What is unique to our product is that we are offering it to a much larger pool of cell phone owners. Current wireless chargers only function with a select group of phones, but our design allows for many more phones.
4. Why do they care? People will care because not only will this charging station be cooler and more "high tech", but easier in the end and that's important to most people. Customers will pay the money for this product because it will potentially save them money in the long haul. There will also be a group that purchases the product because of the convenience of not having to plug and unplug your phone.
5. What are your core competencies? There are not a lot of products on the market like this and the phone companies will not offer something like it because the current way of charging actually creates more revenue for them. This station will charge your phone and you will still have the ability to use it while charging unlike other products. They want you to have to spend money on new chargers because they snap and new phones because the port gives out and will no longer charge.
I received great feedback and a lot of it echoed some of the concerns I had already been having. The two ideas that stood out were the need to be able to use the phone while charging and the importance of creating a product unlike any other out there. I have addressed these and modeled around this in the second idea napkin.
2. What are you offering to customers? The product is a wireless charging station for cell phones and it will meet the need for a form of charging that does not result in future costs due to breaking cords and worn down phone charging ports. It will also be one that you allows you to use your in moderation while it is still charging, a unique feature that the few charging stations out there do not offer.
3. Who are you offering it to? All of my customers will have in common that they are cell phone users. They will be split into two groups; one being iphone users and one being android users. The product will offer the feature of charging up to 4 cell phones or two tablets at one time. What is unique to our product is that we are offering it to a much larger pool of cell phone owners. Current wireless chargers only function with a select group of phones, but our design allows for many more phones.
4. Why do they care? People will care because not only will this charging station be cooler and more "high tech", but easier in the end and that's important to most people. Customers will pay the money for this product because it will potentially save them money in the long haul. There will also be a group that purchases the product because of the convenience of not having to plug and unplug your phone.
5. What are your core competencies? There are not a lot of products on the market like this and the phone companies will not offer something like it because the current way of charging actually creates more revenue for them. This station will charge your phone and you will still have the ability to use it while charging unlike other products. They want you to have to spend money on new chargers because they snap and new phones because the port gives out and will no longer charge.
I received great feedback and a lot of it echoed some of the concerns I had already been having. The two ideas that stood out were the need to be able to use the phone while charging and the importance of creating a product unlike any other out there. I have addressed these and modeled around this in the second idea napkin.
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