Venture Concept No. 2 - The High End Chocolate Bar

An opportunity that I have designed is with the hearing impaired in mind. Potential customers would be anyone whom has a need to maintain safety for themselves as well as others on the road. Loud music can cause an issue while driving making the driver unable to hear an oncoming emergency vehicle or being distracted by your phone. I find the potential customers would initially be hearing impaired drivers but expand to families, younger drivers, and even truckers when the product gets more advertising and great reviews. The nature of this need is to provide and ensure safety as technology advances each day that may take away safety aspects while driving. The environment is allowing visual features and dashboard creativity but not fully equipping vehicles with a multitude of safety features. For example, the cars that begin to break for you can cause more accidents than help therefore taking away safety. I think the market is designed rather well geographically for my product because I believe my product can be used worldwide or anywhere there are roads around the world. Demographically, I know my product will be useful for men, women, families, and even children just learning to drive with their permit or license. My device, HereWheel, will be a great opportunity that will especially be helpful in larger cities. My opportunity will be open for a long time going forward since as stated above, technology continues to advance which makes safety not as great of quality as it used to be in the past.

HereWheel is a product that would connect to your steering wheel and a small cord to the cigarette lighter for power purposes. This is an attachable device that can detect, within a two mile radius, sirens or emergency vehicles coming towards the vehicle. The device will then alert the driver of the vehicle using HereWheel an emergency vehicle is approaching by gently vibrating the steering wheel. This is how the device functions to warn you to look in all mirrors, pull over, or safely avoid being in the way of the emergency vehicle. The vibrations are not hard or would interfere with the use and driving of the steering wheel. It would apply enough pressure to notify the driver there is an emergency vehicle approaching. Even for petite drivers this will be designed with sleek innovation that will not hinder the space between the wheel and the drivers’ legs. HereWheel will locate within a two mile radius, similar to a GPS which alerts you before a turn) if there are any emergency vehicles in route to an emergency coming in your direction. It will have a 360 degree detector so it can be most efficient for the driver. This product could also be installed for elderly costumers with a small fee at purchase. HereWheel will also team up with respective car insurance companies to offer a small discount to customers who have active HereWheels within their vehicle. This not only makes the insurance company look great in supporting safety but reflect well on my company and generate more revenue. These would be the ways I would make money.

HereWheel will solve the issue of reckless driving and prevent accidents from happening on the roadways while an emergency vehicle is in the process of trying to save an accident. There have been countless times when a vehicle did not move out of the way simply due to distractions, loud radio or did not hear the sirens approaching. As a result the vehicle may have crashed in to another vehicle in the process but HereWheel would prevent these issues from happening. There will not be much difficulty for customers to switch because there is not a product within the market that does this job at the moment. There are similar features in vehicles being produced today that beep when you reverse to alert you are too close to an object or person. But there is not a device or feature within a vehicle to provide the service HereWheel will. Therefore this is a new product for a new market to be tested. It is great because it truly is an original and first of its kind. However with no competition or market; getting off the ground will be kind of difficult. I know that HereWheel is ready for the challenge and will prevail all obstacles. HereWheel will be offered at a reasonable price because it is an attachable device and will work for all vehicles that have a way to access power. If this were a device that needed installment then the price would greatly rise as you are adding an additional permanent device so to speak. Packaging will be soothing but eye catching colors to grab someone’s attention in an aisle who may not be aware of the product but essentially HereWheel grabbed their attention based on packaging. The packaging will be a light sunshine yellow with purple text and borders. The design of the box will be unique as it does not exist on the market today. I would want the packaging to be square like from front on but have an extension on the lower half from a rear view. This would be the part that stores the cord that will connect to the cigarette outlet in the vehicle. The packaging would also be sleek and slim at a glance on a shelf. It would not be an overwhelming sight which may turn customers away. The all yellow will attract the eyes as most boxes on shelves at auto stores are deep colors such as black, orange, red or a combination there of. Statistically, purple is a soothing color and will also pair well with the yellow to have a pastel off-set to other products near HereWheel. My distribution would play a large role in my business concept because I want everyone to have the opportunity to buy and try my product. I find with the three different ways HereWheel may be found will reach all demographics and customers geographically. Using auto department stores is the best avenue as it is a car product offered and most car products or parts can be found at places such as Auto Zone. Using insurance companies to offer discounts to those using HereWheel will allow for people to buy the product but save money from that point forward and everyone loves to save money. Also, having displays and select hearing specialist offices use my product will help directly target the hearing impaired drivers which was my original intention, to help ensure safety and provide a device to do just that. I would organize a business to help support and maintain HereWheel by getting my family involved. My brother is very knowledgeable about business - specifically marketing and accounting. He would help in the role of accountant and marketing ideas. My aunt has numerous law degrees which would be handy just in case anything went astray in a customer complaint or malfunctioning product. She would essentially be the business lawyer to ensure our safety and cover all bases. Aside from the two of them, I would hire a hand full of people to monitor distribution, sales, and packaging. I would be in charge of continuing to put the product name out in ads and monitor the revenue as well as scheduling when it comes to shipments from a warehouse to different stores, insurance companies, and even my employees’ schedules! There would be roughly 12 employees aside from myself as we are a new company in the starting process. As the demand grows for HereWheel then more employees will be needed for this business. But I also would like to ensure I make a profit and not break even after paying employees.

I think my unfair advantage would be that I am not only working to help a specific demographic, the hearing impaired, but I am on the inside of this demographic. I myself am hearing impaired and personally know what it is like to struggle while driving and through day to day activities. I believe that businessmen with great ideas can help to an extent for the hearing impaired. But I have a personal connection and understanding of how to market, what the hearing impaired like versus dislike as well as my own experience with this disability. With the extra level of connection I think it makes my product more trustworthy which is what all companies want from their customers.

My next opportunity would be creating a new edition of my product after a few years of being on the market. The trick is the perfect timing where people would want to buy the newest HereWheel as well as getting original customers to buy the new one as well. My second edition of the HereWheel will provide the option of three different settings of intervals for vibration as well as the option of a soft beep. Since this product is meant for others aside from the hearing impaired, some users of the HereWheel may want the option of both vibration and beep, just beeping, or just vibrations.

If I were to launch, I would hope to have a stable job with this company and have it continue to grow within five years of the release date. Maybe it was a product that was the first from a first time entrepreneur to save a life in a freak accident overseas or here in America. If I end up getting some sort of recognition and of course profit, I would consider it a success. I would assume this product would be the new great device until something new comes along but in the moment would make much success. I see myself on the cusp of a fading product in five years. It is not being doubtful of myself or product but once it comes out there will be people in the works to create knock off versions and others creating a better version with my concept. I think in five years I may be working closely with my brother making a new company that is a local hit. For years we have discussed and we are determined in our own ways, together our determination would make a very professional and successful business. Something a little less broad of a scope such as a local dance studio or combination service business would be in the works within the next decade as well. This first step helps me achieve my vision by not being so scared to get out there and try to pitch an idea and see/learn the different business strategies needed for success. These first steps are also important for building references and partnerships within the business world.  

Looking at the feedback from my classmates, I did not change my Venture Concept. Everyone gave me such positive and wonderful feedback. My classmates could also be potential customers one day as most pointed out the safety my product will provide on the road. This was one of my number one goals when developing this product and to see that this gets across in my venture concept makes me feel super fantastic. The feedback throughout the semester has been awesome and helpful to guide me to where I am now, an entrepreneur!  

Sorry for the jumbo size. When I proofread and typed it in Microsoft, it was two pages, single spaced, Times New Roman, size 11 font.   

Happy Families With HereWheel

Final Reflection - Should I Grab Seconds?

Looking back at my posts from this semester I feel like I have grown a bunch in this course. One of the moments I recall drudgery was the very first assignment of doing our own bug list. It truly set the tone for class and I was really not understanding how I would create a list of things I dislike that made sense and was honest. It was the first part of class and I wanted to give u. Some posts I found fun were reflections and analyzing my production thus far in the class.

This may sound very odd as being my formative experience but it would have to be the “My Secret Sauce (BBQ!)” assignment. It was an uncomfortable feeling asking those close to me to answer questions about me while recording them. I think if I was not present I may have gotten some different answers. It is easier to say somethings in person and other times it is easier to not have that person present. So it was making me stress out slightly with what responses I would get. But it is something I will remember for many years to come as it was so different and to have the feedback that I did made me feel special but also accomplished. I think I will recall this assignment down the road to see how far I have come. As interviews got rolling, I would have to say introducing myself to random strangers and interviewing them became super joyful. I got better each time at finding people to interview and it was super fun once the weirdness came and left! I would say that one of my most proud moments was completing the “Need Awareness and Information Search” assignment. I had kind of done this assignment without meaning to for “Testing the Hypothesis, Part 2” as part of my questions. I was happy I kind of filtered in some of the requirements from both assignments in both and able to get the information I needed and submit substantial work.

Now that we are at the end I do see myself as an entrepreneur. I remember there was an assignment, I cannot recall the post name, but it had asked if I felt I have developed the mindset, and I had remembered answering no. I have changed my mind as I have finished this course and believe now that I am truly an entrepreneur. I do believe I have moved closer to developing an entrepreneurial mindset as I have taken my idea throughout this semester and believing it could be done. It was a roller coaster kind of experience that I do not think any other class at UF can offer. It really was a neat process that truly stretches students and makes you develop characteristics and strengthen abilities that I personally did not know I had.

My one recommendation I would give to students taking this course in the future is to stay ahead of the pace to not only eliminate stress but to ensure success. I think when I am ahead of pace in this course working on assignments I can work ahead on; that I can get deeper into material and in turn I learn more from the assignment. This is the alternative to rushing to submit assignments on time and doing the minimum. There is not anything wrong with the minimum but when you can walk away from an assignment learning so much it makes me feel really accomplished as a student. I think that would be super helpful to know beforehand. I would recommend having a physical planner to write out dates and different assignment preparations needed by whatever date. I think this goes hand in hand with what I said about being ahead of pace. But that way you do not miss any chance at submitting assignments or the extra credit quizzes. I would write on each Friday to be sure and look for an extra credit quiz to ensure any point boosters! 

Making It Real - The Midnight Sandwich

Resume

We did it!

My Exit Strategy - Think Positive

The exit strategy that I intend to take is selling my product to a car manufacturer for a decent sum of money. My original goal is still intact which is to get as any people as possible to purchase and use this device. By selling this device to a manufacturing company; the device can be modified to be installed into newer vehicles coming out in the future. For instance, all of the newer technology provided in vehicles for 2015/16 makes and models includes functions to help you reverse the vehicle and show what is behind you or customize settings. I believe selling my product to manufacturers will ensure the product to be hidden and work properly as well as being seen as a bonus feature in a new car.

I chose this exit strategy because production, profit and the product itself can only go so far as a small business. My biggest fear in the first five year plan I laid out in a prior assignment is not developing the device and having enough revenue to make a significant profit as a business owner. With having partnerships with possibly an insurance company and select hearing specialist offices, the product can only go so far. I would not have the money to hire numerous people to spread the word of HereWheel in different regions and would not be willing to take out a business loan. By building the product as best I can with the resources I have; the first five years will be the most pivotal and having my name attached to that will be a large responsibility but I would be accredited for the invention and beginning stages of the product. By handing off my product it will gain the attention it deserves and will have manufacturers’ mindset to further develop and perfect the invention.

I think that my exit strategy has helped how I view my opportunity and opportunities to come in the future. These opportunities may not have to be business related but setting a realistic timeline is important. By thinking ahead to the point of an exit strategy it will further allow someone to pin point milestones that one would like to set and accomplish in a certain time frame. I think there have been times when an opportunity has slipped away because there was not a realist timeline set with an end goal or exit strategy in mind. This tends to lead to stalling the beginning steps or not starting a concept at all because there was no push to do so. My exit strategy has certainly influenced my growth intentions as it will limit my success with limited resources. I do think that I can only go so far because if I go to a bigger company and present my elevator pitch, I would not have the numbers to back my idea. I would predict having minimum customers and not continuous profit which would make it difficult to continue moving forward. Therefore, I do think my growth is limited unless I sell to a manufacturer or bring in larger companies (which would cost more money than I would gain). My exit strategy does feed into resources as I would want my resources to know the plan so there would not be any surprises in the future to throw anyone off. I think that by including everyone on the plan would ensure everyone is certain of our progress and can prepare for the future as best they can, not only for our company but for themselves. I also think by including everyone on the "bigger picture" that it shows good entrepreneurship qualities on my behalf that can reflect well when it comes time to sell the product to a larger manufacturer. In my mind, a manufacturer who may be interested may interview employees I have hired to see how I treated and ran my company. By keeping everyone in the loop there would be no secrets and productive management on my behalf. I find this would be a win/win/win situation for everyone involved! 

My car, it fits the product. Valerie the bug!

Venture Concept No. 1 - The "?" Lollipop (The Future!)

 An opportunity that I have designed is with the hearing impaired in mind. Potential customers would be anyone whom has a need to maintain safety for themselves as well as others on the road. Loud music can cause an issue while driving making the driver unable to hear an oncoming emergency vehicle or being distracted by your phone. I find the potential customers would initially be hearing impaired drivers but expand to families, younger drivers, and even truckers when the product gets more advertising and great reviews. The nature of this need is to provide and ensure safety as technology advances each day that may take away safety aspects while driving. The environment is allowing visual features and dashboard creativity but not fully equipping vehicles with a multitude of safety features. For example, the cars that begin to break for you can cause more accidents than help therefore taking away safety. I think the market is designed rather well geographically for my product because I believe my product can be used worldwide or anywhere there are roads around the world. Demographically, I know my product will be useful for men, women, families, and even children just learning to drive with their permit or license. My device, HereWheel, will be a great opportunity that will especially be helpful in larger cities. My opportunity will be open for a long time going forward since as stated above, technology continues to advance which makes safety not as great of quality as it used to be in the past.

HereWheel is a product that would connect to your steering wheel and a small cord to the cigarette lighter for power purposes. This is an attachable device that can detect, within a two mile radius, sirens or emergency vehicles coming towards the vehicle. The device will then alert the driver of the vehicle using HereWheel an emergency vehicle is approaching by gently vibrating the steering wheel. This is how the device functions to warn you to look in all mirrors, pull over, or safely avoid being in the way of the emergency vehicle. The vibrations are not hard or would interfere with the use and driving of the steering wheel. It would apply enough pressure to notify the driver there is an emergency vehicle approaching. Even for petite drivers this will be designed with sleek innovation that will not hinder the space between the wheel and the drivers’ legs. HereWheel will locate within a two mile radius, similar to a GPS which alerts you before a turn) if there are any emergency vehicles in route to an emergency coming in your direction. It will have a 360 degree detector so it can be most efficient for the driver. This product could also be installed for elderly costumers with a small fee at purchase. HereWheel will also team up with respective car insurance companies to offer a small discount to customers who have active HereWheels within their vehicle. This not only makes the insurance company look great in supporting safety but reflect well on my company and generate more revenue. These would be the ways I would make money.

HereWheel will solve the issue of reckless driving and prevent accidents from happening on the roadways while an emergency vehicle is in the process of trying to save an accident. There have been countless times when a vehicle did not move out of the way simply due to distractions, loud radio or did not hear the sirens approaching. As a result the vehicle may have crashed in to another vehicle in the process but HereWheel would prevent these issues from happening. There will not be much difficulty for customers to switch because there is not a product within the market that does this job at the moment. There are similar features in vehicles being produced today that beep when you reverse to alert you are too close to an object or person. But there is not a device or feature within a vehicle to provide the service HereWheel will. Therefore this is a new product for a new market to be tested. It is great because it truly is an original and first of its kind. However with no competition or market; getting off the ground will be kind of difficult. I know that HereWheel is ready for the challenge and will prevail all obstacles. HereWheel will be offered at a reasonable price because it is an attachable device and will work for all vehicles that have a way to access power. If this were a device that needed installment then the price would greatly rise as you are adding an additional permanent device so to speak. Packaging will be soothing but eye catching colors to grab someone’s attention in an aisle who may not be aware of the product but essentially HereWheel grabbed their attention based on packaging. The packaging will be a light sunshine yellow with purple text and borders. The design of the box will be unique as it does not exist on the market today. I would want the packaging to be square like from front on but have an extension on the lower half from a rear view. This would be the part that stores the cord that will connect to the cigarette outlet in the vehicle. The packaging would also be sleek and slim at a glance on a shelf. It would not be an overwhelming sight which may turn customers away. The all yellow will attract the eyes as most boxes on shelves at auto stores are deep colors such as black, orange, red or a combination there of. Statistically, purple is a soothing color and will also pair well with the yellow to have a pastel off-set to other products near HereWheel. My distribution would play a large role in my business concept because I want everyone to have the opportunity to buy and try my product. I find with the three different ways HereWheel may be found will reach all demographics and customers geographically. Using auto department stores is the best avenue as it is a car product offered and most car products or parts can be found at places such as Auto Zone. Using insurance companies to offer discounts to those using HereWheel will allow for people to buy the product but save money from that point forward and everyone loves to save money. Also, having displays and select hearing specialist offices use my product will help directly target the hearing impaired drivers which was my original intention, to help ensure safety and provide a device to do just that. I would organize a business to help support and maintain HereWheel by getting my family involved. My brother is very knowledgeable about business - specifically marketing and accounting. He would help in the role of accountant and marketing ideas. My aunt has numerous law degrees which would be handy just in case anything went astray in a customer complaint or malfunctioning product. She would essentially be the business lawyer to ensure our safety and cover all bases. Aside from the two of them, I would hire a hand full of people to monitor distribution, sales, and packaging. I would be in charge of continuing to put the product name out in ads and monitor the revenue as well as scheduling when it comes to shipments from a warehouse to different stores, insurance companies, and even my employees’ schedules! There would be roughly 12 employees aside from myself as we are a new company in the starting process. As the demand grows for HereWheel then more employees will be needed for this business. But I also would like to ensure I make a profit and not break even after paying employees.

I think my unfair advantage would be that I am not only working to help a specific demographic, the hearing impaired, but I am on the inside of this demographic. I myself am hearing impaired and personally know what it is like to struggle while driving and through day to day activities. I believe that businessmen with great ideas can help to an extent for the hearing impaired. But I have a personal connection and understanding of how to market, what the hearing impaired like versus dislike as well as my own experience with this disability. With the extra level of connection I think it makes my product more trustworthy which is what all companies want from their customers.

My next opportunity would be creating a new edition of my product after a few years of being on the market. The trick is the perfect timing where people would want to buy the newest HereWheel as well as getting original customers to buy the new one as well. My second edition of the HereWheel will provide the option of three different settings of intervals for vibration as well as the option of a soft beep. Since this product is meant for others aside from the hearing impaired, some users of the HereWheel may want the option of both vibration and beep, just beeping, or just vibrations.

If I were to launch, I would hope to have a stable job with this company and have it continue to grow within five years of the release date. Maybe it was a product that was the first from a first time entrepreneur to save a life in a freak accident overseas or here in America. If I end up getting some sort of recognition and of course profit, I would consider it a success. I would assume this product would be the new great device until something new comes along but in the moment would make much success. I see myself on the cusp of a fading product in five years. It is not being doubtful of myself or product but once it comes out there will be people in the works to create knock off versions and others creating a better version with my concept. I think in five years I may be working closely with my brother making a new company that is a local hit. For years we have discussed and we are determined in our own ways, together our determination would make a very professional and successful business. Something a little less broad of a scope such as a local dance studio or combination service business would be in the works within the next decade as well. This first step helps me achieve my vision by not being so scared to get out there and try to pitch an idea and see/learn the different business strategies needed for success. These first steps are also important for building references and partnerships within the business world.  

Sorry for the hefty size. When I proofread and typed it in Microsoft, it was two pages, single spaced, Times New Roman, size 11 font.     (=

Celebrating Failure - When the Cookie Falls on the Floor

I thought about this assignment a lot before actually beginning to write it out. I am going to use an example from work as it was something I have tried countless times and failed each and every time. At work, there are several different excel spreadsheets that are updated daily and sent to all the states the company I work for operates in. A few months ago I was in charge of a specific daily update that included a report about where specific units were (city or state). I had misread a document and put into the excel sheet the wrong state and city which led to my boss sending out a report that essentially was false. Therefore it led to different regional managers taking time out of their busy day to track down something that did not exist. I was warned about this mistake and I felt terrible! Well the next 20 times I did this report; who makes the same mistake? The answer is this person right here (if you could see me, it would be me). I could not seem to understand how to read the document and update excel properly and send out the email to all the states properly. I not only kept stating I understood and messing up but kept assuming when I changed one aspect it made it somehow work out. The last few of those 20 times I began to call and have a manger take over my work computer to see the screen I was looking at and tell me what was wrong. After many different manager explanations it made sense. It was super embarrassing and it slowed everyone’s day each time I did this report. Luckily, I am really great at this report and am in charge of documenting everyone’s progress on it within my department. Crazy how things can take a complete 180.

What I learned from this repeated mistake is that it is okay to take your time and spend longer to produce what is correct. Of course this is something we all know but not in all cases do we apply this mindset. The department I work under has always worked very hard and is usually behind on work. There are never down times or times when we can sit on our phones, etc. Therefore, I felt in my mind I did not have much time to spend making this report perfect and ensure that it had correct information. It is a report that needs to be sent out as soon as possible so I would rush to complete it. I learned it is great to take your time and ensure your work is fantastic and correct. I also learned that there really are not any stupid questions to ask.

I am not the best when it comes to failure. Growing up a dancer I was always taught to perfect my art and try not to be incorrect with form, performance, or posture. This filtered into the rest of my life as I did not want to fail at anything. It got really intense when I was in two different dance companies at one time and I knew failure was bound to happen at some point. I was honestly scared to fail! I have to say now that I am older I still am not great when it comes to accepting my failures however I am more open to them. I will usually be upfront with failures or that I will not be great with, or at something, to forewarn someone (like at work!). I handle failure by usually getting in a very bad mood. I am usually pretty spunky (caffeine free, too) so when I am not it is usually because I feel I have failed at something. Emotional wise, I tend to close off from others and think about what I did and how I can make myself better or recover from said failure. I really do not deal with failure well I must say. I am also a perfectionist and a tad OCD which does not help either. I also find my zodiac sign agrees with me in that respect! This course has certainly helped me to understand failure is ok and a part of life. Everyone is human and mistakes happen. There have been numerous times that I will log in on a Monday morning and see the work due for this week. Yet, I would still fail to complete and submit all assignments. I do not beat myself up over it as much as I used to. I know there will be more assignments next week and I will just have to plan out my completion time wisely and move on. I do not think my risk factor has increased since this course. I love talking to random people and this class has given me the excuse to do just that. But I am the same way about taking risks now as I was when I began this course. 

Amazon Whisperer for the Win

Revenue Drivers:

Hearing specialist offices paying to obtain my product in their office for sale (maybe in a rural area where this product is not easily accessible).

Holding EMT training for the product and device through larger hospitals.

My sleek patent design that companies may want to purchase and adapt for their products.

AutoZone stores that also pay to obtain my product for sale.

A company whom may want to team up to offer their product with mine. Buy X; get Y for discounted price or for free, etc.

Car companies that may offer this product for purchasing a new make or model.

What’s Next?

Smaller cords that extend to the cigarette lighter.

Offering different colors to accommodate different dashboard color themes in vehicles.

A vibration of the steering wheel as well as a beeping noise for customers who are not hearing impaired.

An optional button that can switch between the choice of vibration, beeping or both.

Enhancing the service:

This will show that customer feedback is heard and taken into effect for a better product. It will improve the user experience and offer versatility.

Similar Product:

https://www.amazon.com/Clarity-Amplified-Telephone-Indicator-SR200/dp/B00009WCBT/ref=sr_1_6?ie=UTF8&qid=1468537889&sr=8-6&keywords=hearing+impaired+devices

This is for a phone but it offers visual alerting the phone is ringing and I could offer this in addition to the selections my product would have.

Customer Reviews:

Everyone loves the loud volume this ringer provides and a few even said they will be buying a second product. A disliked side are those who were looking for a replacement to one they loved and this does not ring as loud compared to the product they bought before. One customer said it does not work with Comcast and they were very disappointed in the product because it was essentially useless to them.

Design Changes:

I would add options button to customize how you would like the device to alert you. I would want the option of just beep/ring/small light. Or a combination thereof that would make the hearing impaired person(s) feel at ease and be alerted the proper way when the phone rings.

 Good Addition:

This product made me think of adding louder tones to choose from for the driver to feel comfortable or a lighting option to add as well as a beep. It was difficult searching on Amazon.com as there is truly not a product like this to alert for emergency vehicles out on the market yet. So I chose this as it was similar but not something that would be as useful as HereWheel.