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.

Elevator Pitch No. 3 - Getting to the Right Floor!

I was purely shocked by the feedback I received from my second pitch – as I was my first. Everyone was very open to my product idea, my use of a whiteboard, and the minor changes made. I was very pleased and surprised to see such sweet feedback from classmates. It honestly made me so happy. I felt I could be stronger when it came to overall presentation and including more details about the product. So this time I decided to shorten my explanation of the product but also include details of where this product can be found. I tried not to talk too fast but I believe I may have done so in trying to get all the information in there. I did use a visual again with the whiteboard since it seemed like a hit. It was right under one minute but I wanted to throw myself into “the elevator” like the last time so it really was true to the assignment. And yes, I colored my hair since the last pitch!  

https://www.youtube.com/watch?v=mUdtCi1bnWk 

My Unfair Advantage

As part of my human capital, I am able to associate and connect with anyone.

With that being said, this is a resource I can use to my advantage in the marketing and business world as I present my product to large investors or businesses to collaborate with. This can also relate to connecting with my prototypical customers.

[Valuable due to building clients, business relations and brand. Rare due to the fact not everyone can say they can approach everyone and also follow through with doing so. Inimitable level would be a 7 out of 10 - can be copied. Non substitutable because the internet can only go so far in building information, face to face communication is still best form.]

A resource I possess is being close to my own hearing specialist who is known internationally. This is an important reference and someone who I would want to collaborate with in marketing or advertising for my product.

[Valuable due to having a long history therefore trust has been built. Rare due to knowing him since I was seven years of age and not many hearing impaired patients have this long of history. Inimitable because it is not able to be copied by others unless they have the same connection and history. Non substitutable because you cannot sub in for family, friends, or very close friends you may consider family (i.e. my hearing specialist).]

My social capital includes my brother whom is working on his masters for business and is very knowledgeable about business. Not only do we have similar ideas and work well together; we would not be as argumentative over finances as we are family and trust each other. He is great at handling finances, as he works for a bank, and if we became partners we would not have to worry about which name is on the business because it is the same!

[Valuable due to knowing each other’s quirks, values and beliefs. Rare due to our vast differences in studies and abilities while being able to work well together. Inimitable because we are close in age to where most would assume we despise one another given the generation however we go against the grain. Non substitutable because my brother is one of a kind.

Reverting back to my human capital, I am very open and honest with people. This may not always be great in the business field but I would firmly stand my grown and negotiate deals I see best fit for my product and the ideal customers.

[Valuable due to the fact I will not be taken advantage of. This VRIN is not that rare sadly. Inimitable because it may be copied in a specific setting but not in all settings and situations. Non substitutional because you either are set in your ways/firm or you are not.]

I have two friends who work in the computer technology industry and create really in depth designs and computer designs that make absolutely no sense to me. But this is a resource that is extremely beneficial if I am in contact with a company who needs a mock makeup of the product device itself. Since they can make ideal images and have appropriate scales and moving graphics it would provide a realistic image that may be universal to other companies in the process.

[Valuable due to the fact I will not have to learn this difficult field to create such images and designs. Rare because I am sure I could trade something in return or have them complete this for free. Inimitable because it would be my own unique design which would not be similar to anything else and not copied. Non substitutional because it is a one of a kind idea and product design.]

A resource that I will possess once my product is created is the marketing of having different colors to draw in customers if this device where to be in an auto store or something of that nature. Just like with fast food the golden arches bring in attention with the striking yellow and red colors – products on a shelf have the same approach. Boxing is important (why else would there be unboxings on YouTube?) and the color and presentation is just as important. I am leaning toward the fact in the beginning process auto stores will be my safest bet aside from a few offices where hearing specialists may advertise as long as they get a percentage cut per sale. To draw in costumers I would like to design a unique shaped box as well as have soothing color tones such as purple to bring in a different audience.

[Valuable due to keeping these ideas in mind and will be following through with them. Rare because as a non-business major I would want a cool shaped box because who would not want that. Inimitable because it would be vastly different from other product packaging. Non substitutional because I would have rights to the packaging style.]

Tracing back to my human capital once more I am a great public speaker. This is a useful resource I possess as I can go to different colleges and events to advertise my product and make my product known.

[Valuable because good public speaking skills is important to looking professional even for a specific product like HereWheel. This resource is not that rare, sadly. Inimitable because I like coming up with one of a kind lines. For example, the Idea Napkin assignments I like to name after phases at a restaurant which is not something all students would do I am sure. Same would go for my speeches and pitches. Non substitutional because I am too out there to be duplicated.

Another social capital aspect I have as a resource is my old sign language teacher. She is well known in North Central Florida and is the sweetest woman ever. I personally should know how to sign but I can only partially sign. It would be the equivalent to knowing Spanglish. Although I should really know ASL, I do not. But having the resource of my old sign teacher would be beneficial in reaching out into the deaf community locally as my product first starts out. She can sign what I am saying and possibly get even more costumers than I could on my own.

[Valuable due to reaching out into the deaf and hearing impaired community more than I can. Rare because not every individual knows sign language or has taken classes to learn. Inimitable because it would be from someone well known in the area whom is actually deaf herself. She is a master at reading lips and can sign anything in this world. It is truly amazing and not replaceable.  Non substitutional as well as inimitable.]

A capability of mine is being a college student. I can market toward to the college student body and demographic separately at Gator football games in the swamp or at a pep rally. These outlets would be a little more challenging but since everyone comes together in excitement it may allow for better listeners and allow people to open their wallets, too!

[Valuable due to keeping these ideas in mind and will be following through with them. Rare because as a non-business major I would want a cool shaped box because who would not want that. Inimitable because it would be vastly different from other product packaging. Non substitutional because I would have rights to the packaging style.]

A resource I also possess is knowing recent history of hearing impaired products. Of course many people know hearing aids exist but the technology that is available for hearing impaired individuals is astounding. That is why it is shocking there is not more for hearing impaired drivers. With that being said it helps to know how to filter in and out all the pros and cons of previous products and what costumers did not like to ensure my product does not disappoint.

[Valuable due to keeping costumers happy. Rare because if I do team up with other businesses or individuals they may not be aware of certain strategies that I know as being from within the demographic being targeted. Inimitable due to it being a completely different type of product to assist hearing impaired individuals. Non substitutional because it is unlike any other device in a vehicle to assist drivers.

My top resource would be my long term friendship with my hearing specialist. He has built such a name for himself and has many patients that refuse to go elsewhere. He build up his own practice and again is well known internationally. He knows everything hearing impaired related but knows business techniques for this industry specifically and has many contacts of his own. With him believing in me and trusting me, he may have contacts who would be willing to help make my product better and stronger and teach me things along the way. It would be really beneficial and put my product in the limelight and may speed up the process to having a bestselling product. My brother was a close second but he would not know all the resources my specialist would when it comes to the market I am pitching to. In the end it is about making the best product I can and I know my brother would agree to that.

Who knows, HereWheel may be on Fox and Friends morning show soon. J

Reading Reflection No. 2

The book I chose was “Mindset: The New Psychology of Success” from the second reading list. The general theme of this book was to demonstrate different mindsets people have while attempting success. The author, Carole Dweck, analyzes two different mindsets someone can have when trying to succeed in something. It may not have to be business but can strongly connect to it. The general theme overall seemed to be training your mind. In my opinion, this was the major theme, too. You can train your mind to think a certain way. Just like in cultures or society we train our minds to think a specific way and adopt a lifestyle. The mindsets Dweck set to compare in this book were the “fixed mindset” and the “growth mindset.” The titles kind of give away the meaning behind each. But this book broke down each in their own ways and build success and how to train your mind properly to continuously gain success in life.

This book connects to this course because as we develop our business concepts, we have to grow and keep an open mind. Moreover, the mindset we present will reflect in the assignments we submit. If I did not feel passionately about my product then my elevator pitched will be weak unenthusiastic, and heartless. I could choose to submit nothing at all if I have the wrong mindset. Connecting a better mindset, like the growth mindset, then I will present better material and assignments and gain more knowledge for future business endeavors beyond this course.

I thought about this as I read the book, I would create an exercise that involved interviews. I would have students’ select three people to interview. These interviews would have the theme of mindsets but the interviewee would not know the mindsets being tested. The student would have to come up with three situational questions to present and the interviewee would have to honestly answer each of these situations. It would be similar to “What Would You Do?” and through the responses the student must analyze which mindset the person falls into overall (fixed or growth). After the interview, the student must ask one of those situation questions again and have the person respond with what they believe the student would do in that situation. At the end, the student would write a reflection of their findings and see if they agree with the category the interviewee placed them in.

My aha moment in this book was when Dweck said those who find that anything can be improved are more likely to enjoy life and succeed while doing it. This connects to the growth mindset and it hit me that I am a mixture of the two. I do want to improve but there are some aspects in my life that I do not think I can improve on which place me in the fixed mindset. Other areas I see myself improving and ready to take risks which exemplify growth mindset. It was when Dweck mentioned this particular sentence it just hit me! This differed to me because I just expected straight comparisons and analogies. A good portion was such that and it was a surprise to read a direct thought without connections or pulling from another source.  

My Secret Sauce (BBQ!)

I think five ways that make me different within my human capital is that I am great at creating solutions on the spot. Granted this seems like something everyone can do but not in every situation. One of my past jobs dealt with the general public and every situation was different. You had to create solutions on the spot for each different situation which was not always easy but I felt I did it smoothly and easily. A second way that my human capital is truly unique is that since I know so many different people – I know everyone’s story. With that being said, I can somehow connect and relate to pretty much anyone you put in front me. It may connect to my life or experience or someone I have met prior to meeting that person. This is useful in the business world because customers always want someone (or product) that is similar to them and relatable. This may seem off but I feel it is important in making me unique! I am fairly short in height but I am mighty strong for my size. I love working out and staying fit. Although I am not bulging with muscle; I lift and workout constantly. There have been times when people have doubted me in my physical strength because they see a small girl in heels. But I can move a lot and have a lot of endurance which I think makes me unique. You never know, when creating a business, when you will have to put on your construction hat or presentation attire. Therefore, having all these abilities makes the process easier. Fourthly, I am not afraid to show my true colors these days. I am not someone to hide part of who I am because that would not be me. I do not act any way but myself and I think that shows strength that may set me a part in my own human capital. If you are not yourself in an interview then the job may not know who the person really is. If you are in a pitch and act like what you think they want – it may not be what the company is looking for to invest in. So it is best to always be yourself at the end of the day. And I am truly beginning to understand that concept. Lastly, I think what makes my human capital different is that I am a perfectionist but am not afraid to show my weak points. I will gladly tell you what I am not capable of doing (or doing poorly) I would not want to jeopardize something important to “get by” but would rather be up front that I am terrible at a certain task but offer what I am good at to be the best of help to others.   

I interviewed with my brother and it was honestly nice hearing him give raw and natural feedback. It was simply cool to hear his thoughts without knowing what the interview would be about beforehand to then create a rehearsed response.

I interviewed one of my close friends who knows me very well. What stuck out to me the most that she said was that I am an ice breaker. No one has ever called me an ice breaker but it was really awesome to have that kind of analogy so to speak. I can see it now that she mentioned it. I thought it was unique and interesting to hear her perspective.

I interviewed my grandma, mom, and dad in the last video. It was awesome to hear my family because it has been a long time since I have seen them. My key take away was that my grandma thinks I am confident. If only she saw me in my day-to-day life. But hearing her say that made me feel really special and somewhat accomplished!

I see myself as someone who is ever changing and evolving into someone better and stronger. That may sound cheesy but I can see it within the difference of a month versus myself comparing to myself at age 14. I think all these changes are for the better and continue to grow and learn a whole bunch about what I am truly capable of. Others seem to see me as someone who has a bigger than life personality. I think this is a little exaggerated but that seems to be the general consensus. Most see me as someone who is kind and willing to do for others. I mostly agree with that but I think people think too highly of me, in all honesty! There is certainly a discrepancy when comparing how I assess myself as others do. I think what causes these differences is past lower self-esteem. I still tend to think poorly of myself but am more comfortable with who I am in a sense that I am not timid or shy (never been a word to describe me). So sometimes I think that old part of me still creeps back in and does not allow me to see what others do. Since I chose five of the closest people to me, I would say they are correct about me. I take their opinions to heart and would not think they would lie to me so I would say they are correct. I would not change my list as I meant each difference that makes my own unique BBQ secret sauce human capital. 

https://www.youtube.com/watch?v=3bgMoG3hJgA

https://www.youtube.com/watch?v=nOs6SzySAck 

https://www.youtube.com/watch?v=8hRgYjkfy-g 

Idea Napkin No. 2 - When the Entrée Comes Out

My name is Isabella. I am a junior at UF studying sociology. I am 20 years old and would classify myself as somewhat creative. I grew up a dancer and have tons of creativity within a dance studio or stage setting. In regards to business building and being an entrepreneur – I would not classify myself as being talented as it is not something I am very familiar with.  I believe I have strong people skills along with experience with the general public. My aspirations would honestly be to get this idea off the ground. My brother recently graduated from UF with a business degree and it would be really awesome to team up on this concept. To actually begin making a prototype or having potential customers would be really awesome to see happen. This would play a huge role in my life as it would be my business and work. I would make sure everything is up to date, customers are happy, and always trying to think of ways to make my product better. Whether that is teaming up with top names in the industry or offering better warrantee or price comparing to make it the best.

What I am offering to costumers is a device to attach to a steering wheel in a vehicle to locate emergency vehicles sound coming within a 2 mile radius of the vehicle. This device would then alert the driver by vibrating the wheel. This would be beneficial to hearing impaired drivers who may not detect the sound as quickly as others. I am offering assurance to hearing impaired drivers. Being hearing impaired myself, it is really difficult to detect where sounds are coming from and often hearing impaired drivers are delayed with their response. It may also be helpful to other drivers; as nowadays many use their phones and other devices while driving. Being alert is important for anyone behind the wheel. My product would have the name "Here Wheel." I will be solving customers unmet needs by providing a safety feature within vehicles that has not yet been introduced but is much needed this day in age.

I am offering this product to anyone who is hearing impaired. This includes those whom are just slightly hearing disabled. It is not just intended for fully deaf individuals. As stated above, I think others who are not hearing impaired would also benefit from this product. In that aspect I am targeting young teens, possibly those learning to drive (i.e. permit drivers), young moms with children riding in the car as distractions, and college age students with loud sound systems too. I project that a majority of my costumers’ will be hearing impaired and they all would have less than “normal”/average hearing in common.

Customers will pay me money to use this product as I made this connection and designed it with the hearing impaired in mind. As someone who is hearing impaired, it has depth and perspective from the inside versus being a company or inventor of a device that is from the outside looking inward on the issue. With that being said, it is a product that has purpose and use for hearing impaired drivers who need more assistance with locating siren sounds and warning time just as everyone else does.

My core competencies include being able to understand marketing toward hearing impaired drivers and population as a whole. There are certain phrases and ideologies that are very offensive toward a majority of those who are hearing impaired. Marketing is key in this production and being able to understand the balance line is important. I am very close to my hearing specialist as well. My specialist is well known in the North Florida region and well respected. I think this sets me a part by having a “shoe in” with someone to advertise and push my product with his patients. He is known all over the U.S. as well as his home country which could really help market my product internationally. Although someone may have a hearing specialist nearby – or find one via Google Maps, I have a personal connection to my specialist that could spread the word internationally.

All in all, I do think all of these elements fit together nicely. I do have a primary focus on helping assist hearing impaired drivers. Although someone reading this post may see some disconnects, overall I think so far it is okay for the stage I am at currently. My only concern would be if this product were to be developed further that someone may think I created a hasty generalization when in reality, I am not. I do think my weaker points for my business concept is my doubtfulness when it comes to believing it could really take off. This then affects my ability to sell a pitch and goes downhill from there. I have hesitation about how it may be perceived but I suppose that is part of the process! 
_____________________________________________________________________________

Feedback Memo:The three comments I received from my first napkin idea were all very kind. What I did was go back and reread them and sat thinking about their feedback. I then reread my napkin idea and tweaked what I feel differently about now. Overall, I do feel the same about my product idea and the process thus far. The comments were nice and all felt that I had a connection to my product, creativity, determination, concrete planner, and knowledgeable about my product market. 

My Customer's Avatar

I believe that my customers share a hobby of a love for sleep, exercise, and food. These may seem typical but sleep is a wonderful thing when you can get it! For the most part, those who have hearing impairments are elderly and therefore enjoy naps and sleeping when they can. Exercise is important for anyone but especially to help with balance for the hearing impaired. This can be a very difficult skill to achieve when your natural balance is already off. Lastly, a fun hobby is food. Exploring different foods and simply eating is fun, let’s face it – it’s a hobby.

I picture a majority of my costumers driving beige or white colored Toyota sedans. This seems like a safe choice and not too large for one or two people. And it seems a lot of older folks like lighter and natural colored tones.

Reruns of the Golden Girls because it is a funny show. Or any rerun of a television show from “the good ole days.”

I think most of my customers will have children, whether they are grown or not, children with be a common theme among my costumers.

I also think my customers would also be great at not letting their struggles get in their way. It truly is a silent struggle everyday but customers can read mouths, sign, and move easily through their day as best they can. Being able to not let their impairment hinder or stop them from completing something is important. This would be something a customer can purchase and install themselves and make one thing easier for them, driving. 

I would suspect most of my costumers to be 55+ in age. I debate whether I think my costumers would feel older or younger based on other abilities they have. I always feel older being that I have a hearing deficit and I am young. But my grandpa, who had a hearing impairment, always said he felt older. I think it depends on how long one has had a hearing problem to assess. But I would guess it would be a half and half of feeling much older than they are and feeling much younger than they are.

What I have in common with my avatar is that we both are natural brunettes. I chose to make the avatar not look like me in all ways because the product is for others. Of course, I too, am hearing impaired which would be a common thread. It is not a coincidence that my customers/avatar and I have this in common. I sought out a product or business idea in this class that can be related to those who have hearing impairments. There are a lot of devices but not enough day-to-day activity products to help make things easier. So this was designed with [me] in mind! 

Designed with my mom in mind. 

Elevator Pitch No. 2 - Going Up!

https://www.youtube.com/watch?v=26mPKrAt8Jk

I was purely shocked by the feedback I received from my first elevator pitch. Everyone was very open to my product idea, “seeing” me for the first time, the way I outlined my pitch, and my use of a whiteboard. I was very pleased and surprised to see such sweet feedback from classmates. It honestly made me so happy. I felt I could be stronger when it came to overall presentation and including more details about the product. So this time I decided not include reasoning of why I came up with the product but included price range whereas in the last pitch I did not include pricing at all. I did use a visual again with the whiteboard since it seemed like a hit. It was right under one minute but I wanted to throw myself into “the elevator” like the last time so it really was true to the assignment. 

#Meriout

Meriout

Mer/ee/out

1.      Someone whom feels self-worth and deserving.

2.      To praise oneself with reward.

I began using this word two weeks ago and boy was it weird. I did not know how to bring this up in a conversation. I began by using it while talking to my brother on Skype. He thought the connection was bad and could not understand what I was saying. Then he thought I was trying to say the hotel ‘Marriott’ and it went downhill from there. I then used it at work in regards to another coworker who does think highly of themselves. Two coworkers pretended like they knew what I said but the others asked what I was trying to say. My coworkers thought it was weird but when I wrote it out; many of them agreed it made sense and should be a synonym for the word ‘pompous’ however my word is not as harshly meant in manner as pompous. But this week, a coworker of mine remembered and referred to my new word. I finally began to use this word around my friends and I got some strange looks. After explaining the meaning, all of my friends thought it was a word that could become a hashtag pretty soon. I think that is a little bold to say but maybe the word could catch on in the future if it had a few tweaks. If it did become a popular new phrase for youngsters, I would like to patent the word/phrase!  

From Taste of Home magazine