Chapter 8: Sources of Capital for Entrepreneurial Ventures
1) The biggest surprise for me in this reading was the fact that shareholder pressure can lead to a major collapse in a company. It explained how most of the time management decisions are kept short to "maintain good performance record for earnings and dividends to the shareholders" (page 215), but I never thought about it that way, so it was pretty surprising and fascinating for me to read.
2) The part I found most confusing about chapter 8 was Figure 8.2 on page 222. The venture capitalist system in its entirety is initially confusing, but the different levels explained in the figure really had my brain going in circles. The thing that really got me confused was the fractions listed under each, and I'm still not so sure what they signify.
3) I would first ask the author why he dedicated a whole entire chapter to venture capitalism. He went well into detail about it, but I would just like to know because I enjoy being aware of someone's motives behind what they are doing. I would also ask if he has ever worked with a venture capitalist, so that I could put some personal and real life experiences behind the words that I am reading.
4) I think the author wasn't necessarily wrong, but could've changed the "Review Questions" on page 233. Although some of questions were effective, I feel like he could've made some more application-based questions rather then just definitional ones.
Sunday, February 28, 2016
The Twenty Percent
1) The business owner who I had the pleasure of speaking with is the owner of The Breakfast Club, a very popular breakfast place in my home town. A lot of people enjoy going to this precious little restaurant, especially on Sundays around brunch time. Unfortunately I couldn't get a recording because we talked over the phone, but I can sum up the conversation for you.
I asked the following questions:
2) While talking to 'target customers', I saw similar trends. It was easy to find three target customers, because a lot of people fit into what they serve (people who enjoy eating out, like family-orientated activities, enjoy home-town restaurants). I asked them the same questions I asked the owner, yet turned around the wording. I actually went to The Breakfast Club, and here are the recordings of my customer interactions:
3) The owner seemed to have very good insight on what their customers thought about the questions regarding their restaurant. It's no wonder they get slammed with service everyday. People really enjoy spending quality time with their loved ones, especially while eating. There was some discrepancy with the demographic part of the interviews. I think this exists because people aren't necessarily okay with disclosing demographic information on camera in a very random setting. I feel like this a common flaw with all the recording assignments, because a lot of the time people do not feel comfortable participating, but in order to get raw and unharmed results you must make it random. Additionally, I don't think people interpreted the "unmet needs" question in the correct way, but I still enjoyed their feedback. A very clear similarity in all of my interviews was that they all said that a lot of senior citizens come to the restaurant. Overall, the owner has found ways to connect with his target audience, and it shows by the amount of people that continue to walk through their doors.
I asked the following questions:
- Who would you say your target customers are?
Our target customers are anyone with an empty stomach. I think we appeal greatly to the older folks, but we try to make it a sweet little restaurant that a whole family enjoys dining at. I would say our biggest target is families as a whole.
- What unmet needs do you customers have?
The people that come through our doors share the need of food, and quality time with others. A lot of our customers come with friends, family and loved ones to spend a nice afternoon out. People really treasure and desire these small moments. They also love our prices.
- Where do you find most of your customers?
Most of our customers come from people who live within the city, yet we do get some customers form other places (usually long-distance friends of other customers who are in town, people passing threw etc). Newspaper ads really seem to help us bring in new customers.
- What are the customer's demographics?
We usually get mild class individuals who have steady jobs, and are loyal customers. Most people in the town of New Port Richey are middle-lower class, with some distantly wealthy folks.
- What kind of media do your customers consume?
Most of our older customers (the ones that will come into our restaurant after Sunday's mass) don't really utilize social media, but I know that the younger generation uses it extensively. We have tried to make our website easy to read for all audiences, since we do try to appeal to the family as a whole. We also put ads in the paper, and we get a lot of local business' that like to advertise at our locations.
2) While talking to 'target customers', I saw similar trends. It was easy to find three target customers, because a lot of people fit into what they serve (people who enjoy eating out, like family-orientated activities, enjoy home-town restaurants). I asked them the same questions I asked the owner, yet turned around the wording. I actually went to The Breakfast Club, and here are the recordings of my customer interactions:
https://youtu.be/fBk2zYxf8yA
https://www.youtube.com/watch?v=YNV_D7hlq_U
https://youtu.be/5oiJ81DSM1M
3) The owner seemed to have very good insight on what their customers thought about the questions regarding their restaurant. It's no wonder they get slammed with service everyday. People really enjoy spending quality time with their loved ones, especially while eating. There was some discrepancy with the demographic part of the interviews. I think this exists because people aren't necessarily okay with disclosing demographic information on camera in a very random setting. I feel like this a common flaw with all the recording assignments, because a lot of the time people do not feel comfortable participating, but in order to get raw and unharmed results you must make it random. Additionally, I don't think people interpreted the "unmet needs" question in the correct way, but I still enjoyed their feedback. A very clear similarity in all of my interviews was that they all said that a lot of senior citizens come to the restaurant. Overall, the owner has found ways to connect with his target audience, and it shows by the amount of people that continue to walk through their doors.
Thursday, February 25, 2016
Half-way Reflection
Dear future ENT3003 student,
Some of the skills that I have obtained to keep up with the copious amount of requirements for this class include organizing what needs to be done ahead of time, not leaving the assignments until the day the are due, and putting in full effort even if it's just a comment on someone else's blog. I would say out of everything this class requires that organization is major key. You must be constantly on top of your assignments, just like anything in life. Staying organized will help you stay ahead; which means you'll never face any unwanted surprises. With staying organized also comes the time you can take to truly indulge in the exercises you must do. I've also learned just how important being tenacious is, and how without it, you're just mindlessly doing work.
At points, you will feel like giving up. I felt this feeling when we had to do our first elevator pitch. I had absolutely no idea what to make my business concept, because I'm usually not very creative. With having no where to turn, I just didn't think I could complete the exercise. After contemplating, I realized how much the benefits outweighed the costs, and I decided to try to come up with an idea. I thought about a constant problem I faced in my life, and that's how I came up with 'quick fix for a dance shoe' idea. From this and the rest of the exercises we have had to do, I would definitely say I've become more tenacious. Having to do a lot of assignments is something that no one wants to do, but I've learned to become more persistent and determined with everything that I do. Particularly the video assignments contributed to my new attitude towards my work.
The three tips I would give to you include:
Some of the skills that I have obtained to keep up with the copious amount of requirements for this class include organizing what needs to be done ahead of time, not leaving the assignments until the day the are due, and putting in full effort even if it's just a comment on someone else's blog. I would say out of everything this class requires that organization is major key. You must be constantly on top of your assignments, just like anything in life. Staying organized will help you stay ahead; which means you'll never face any unwanted surprises. With staying organized also comes the time you can take to truly indulge in the exercises you must do. I've also learned just how important being tenacious is, and how without it, you're just mindlessly doing work.
At points, you will feel like giving up. I felt this feeling when we had to do our first elevator pitch. I had absolutely no idea what to make my business concept, because I'm usually not very creative. With having no where to turn, I just didn't think I could complete the exercise. After contemplating, I realized how much the benefits outweighed the costs, and I decided to try to come up with an idea. I thought about a constant problem I faced in my life, and that's how I came up with 'quick fix for a dance shoe' idea. From this and the rest of the exercises we have had to do, I would definitely say I've become more tenacious. Having to do a lot of assignments is something that no one wants to do, but I've learned to become more persistent and determined with everything that I do. Particularly the video assignments contributed to my new attitude towards my work.
The three tips I would give to you include:
- Always strive to not just get your work done, but to do it with the utmost amount of effort. Yes, it's easy just to lazily complete the assignments by doing the bare minimum, but I truly do encourage you to put 150% into each exercise you do. Doing this will help you grow academically and as a person by making you more tenacious in nature.
- Create a calendar of your events and assignment due dates. Even if you're not a "calendar person", I highly recommend doing this. It will encourage you to keep organized and you'll never miss a thing!
- Think deeper and bigger than the assignment. You may see some assignments and say, "how does this relate to the class?" In these situations, you should look at the big picture, because I swear there's a reason the professor has us do these things. Looking at the assignments from a different angle will help open your mind and cause you to learn more than you would've before.
Sunday, February 21, 2016
Free Money!
My plan:
Although this assignment is intimidating, planning out what I was going to do really helped. First, I decided to go to the bottom floor of my dorm, because I always see people passing by this area. Furthermore, I decided to go out right around noon, because a lot of people are leaving/coming back from lunch. For two of my dollars I actually went into the common area of my dorm, because I know that people are always hanging out there doing work. I plan to approach people that seem friendly, but that are distracted by something (so that I can catch them off guard). I will begin the conversation with a simple "hello", and then go into an explanation about my dollar. I plan on asking the person if they would like to tell me a cool fact about themself in exchange for a dollar. I honestly expect all five people to take my dollar- because us college students will jump at any chance for an extra buck, and the reason for receiving the dollar isn't too stressful.
Here are my two recordings:
Reflections:
I found this exercise to be much easier than I thought. At first, I was concerned because I didn't want to go and talk to random people, but actually doing it wasn't that nerve racking! Everyone was really nice, even if they weren't willing to take my dollar (one person didn't take my dollar). Therefore, my prediction wasn't correct- I thought that everyone would accept my dollar but one person did not. They were just confused as to why I was just giving away money. I thought that everyone would be so willing to take free money, but it turns out I made a wrong assumption!
Although this assignment is intimidating, planning out what I was going to do really helped. First, I decided to go to the bottom floor of my dorm, because I always see people passing by this area. Furthermore, I decided to go out right around noon, because a lot of people are leaving/coming back from lunch. For two of my dollars I actually went into the common area of my dorm, because I know that people are always hanging out there doing work. I plan to approach people that seem friendly, but that are distracted by something (so that I can catch them off guard). I will begin the conversation with a simple "hello", and then go into an explanation about my dollar. I plan on asking the person if they would like to tell me a cool fact about themself in exchange for a dollar. I honestly expect all five people to take my dollar- because us college students will jump at any chance for an extra buck, and the reason for receiving the dollar isn't too stressful.
Here are my two recordings:
https://youtu.be/a0qh2xmLVOw
https://youtu.be/p577jkmKNjs
Reflections:
I found this exercise to be much easier than I thought. At first, I was concerned because I didn't want to go and talk to random people, but actually doing it wasn't that nerve racking! Everyone was really nice, even if they weren't willing to take my dollar (one person didn't take my dollar). Therefore, my prediction wasn't correct- I thought that everyone would accept my dollar but one person did not. They were just confused as to why I was just giving away money. I thought that everyone would be so willing to take free money, but it turns out I made a wrong assumption!
Saturday, February 20, 2016
Week 7 Reading Reflection
Rediscovering Market Segmentation:
1) One thing in the reading that really surprised me was how after the 1950's, consumer buying habits were unpredictable. This statement caught me off guard because I find it hard to believe that within a couple of years that consumer habits changed so drastically that they were untraceable. It was interesting to read about how after this point, consumer's tastes and preferences didn't match up with their age and income- but it was still cool to analyze.
2) The most confusing part of the reading was the part about "human types". When I think of the word "human types", I think about visual things such as demographics. Yet, in this article, it is referring to psychographics, which is human types in regard to people's lifestyles, values, and attitudes. I think it was initially confusing because I decided to infer what it meant in my head, and then later found out it was actually something different yet related.
3) I would first ask the author why he decided to write about market segmentation- to find his true motivation for the work. I think it is important to know why someone does what they do, to give even more meaning to the piece. After this, I would ask why it is unfortunate that not a lot of marketing chiefs have thought about their companies strategic decisions. I understand the obvious reasons, but I would just like to further know what the outcome of lack of strategic marketing would result in.
4) Although I do not think that the author was necessarily wrong about anything in the reading, I would alter the wording on the part that talks about how some segmentation initiatives have disappointed (page 131). I just think that the author's wording is very blunt, and some organizations may find this offensive. With the growing important of diversity in all businesses, I think it's important to observe even the smallest of things that might offend someone.
1) One thing in the reading that really surprised me was how after the 1950's, consumer buying habits were unpredictable. This statement caught me off guard because I find it hard to believe that within a couple of years that consumer habits changed so drastically that they were untraceable. It was interesting to read about how after this point, consumer's tastes and preferences didn't match up with their age and income- but it was still cool to analyze.
2) The most confusing part of the reading was the part about "human types". When I think of the word "human types", I think about visual things such as demographics. Yet, in this article, it is referring to psychographics, which is human types in regard to people's lifestyles, values, and attitudes. I think it was initially confusing because I decided to infer what it meant in my head, and then later found out it was actually something different yet related.
3) I would first ask the author why he decided to write about market segmentation- to find his true motivation for the work. I think it is important to know why someone does what they do, to give even more meaning to the piece. After this, I would ask why it is unfortunate that not a lot of marketing chiefs have thought about their companies strategic decisions. I understand the obvious reasons, but I would just like to further know what the outcome of lack of strategic marketing would result in.
4) Although I do not think that the author was necessarily wrong about anything in the reading, I would alter the wording on the part that talks about how some segmentation initiatives have disappointed (page 131). I just think that the author's wording is very blunt, and some organizations may find this offensive. With the growing important of diversity in all businesses, I think it's important to observe even the smallest of things that might offend someone.
Tuesday, February 16, 2016
Elevator Pitch No. 2
Just in case you aren't familiar with my first elevator pitch, I'll briefly re-explain my idea. As a dancer, I always find my brand new and expensive dance shoes ripping as soon as I get them. That's why I came up with "Pointe n' Fix", my company that sells patches of shoes adhered with a super durable glue and strong fibers to cover any of the holes you may get.
The Pitch:
https://youtu.be/BrEf9nolcO8
Reflection: Everyone seemed to like my idea, dancer or not. Nothing about my feedback was very surprising or silly; people were really nice and encouraging. One person told me to look more realistically at my idea, for example how to ensure that my shoe patches will be reliable. It helped me get a more realistic approach to my idea, and to expand on the details in my pitch. On the other hand, actually doing the pitch was a different story; I found it to be very difficult because I didn't feel really comfortable. My voice was very nasally (I'm getting over a pneumonia still) and my hands were moving way too much for the small frame of the recording.
Changes: I made some drastic changes in this pitch, including getting a better recording of myself. I also tried to move my hands less- which I think made my pitch less distracting. Furthermore, I also added a little more detail about my product, to really let my investors know what my idea is all about.
Sunday, February 14, 2016
Interviewing Customers No. 3
Concept Description: What's on my Index Card:
My business concept is one that will better our communities and the world in general. My idea is to create solar powered speed limit signs that would replace every normal speed limit signs we see today. These electronic speed limit signs would have the ability to automatically change when the weather does- so that in harsh conditions the speed limit would easily decrease to enhance safety on our roads.
My interviewing strategy: From doing this twice now, I have really progressed with my
interviewing skills. My plan this time around was to get people to tell me even more about their personal experiences, so that I could reflect and learn more about my own idea. I've realized that I've only asked females in my interviews, so this time I also tried to find males to interview- because they might share different viewpoints on driving. Additionally, I tried to ask more specific questions to get more specific answers. I intend on asking the following questions, but to still let the interview take a course of its own:
1) Tell me a little about yourself
2) Would you say you usually like or dislike driving?
3) When it begins raining/ snowing (if you're from out of state), do you slow down to take precaution or do you continue to do the speed limit?
4) Have them read my index card and ask "What is your reaction?"
My interviews:
What I've learned: I learned a lot about my idea and myself throughout this whole process. The most effective round of interviews was defintely this one, and I think it was so effective because of the index card they had to read aloud. Doing this really helped them get the greatest sense of my idea, and it made them give me a true reflection right on the spot. I also learned that the people doing the interview are just as nervous as me, so that I need to just relax and not get anxious! Things go much more smoothly if you have confidence in yourself and your idea. What surprised me the most out of all my interviews was how friendly and open everyone was. From these interviews, I really got to see people's thoughts on driving which helped me think realistically about my idea.
Saturday, February 13, 2016
Week 6 Reading Reflection
The Five Forces that Shape Competitive Strategy:
1) The biggest surprise in this reading for me was the part that talked about how industries such airlines and hotels do not earn great returns on their investments. This surprised me the most because when you think about how much it costs to get an airplane ticket or stay a night at a hotel, it's not exactly always cheap. Since these are such demanded services it's hard to believe that they do not make "attractive returns on investment" (page 80).
2) The most confusing part of this text for me was the bar graph located at the top of page 83. Although I see that it is trying to show the difference between industries in the US using their average returns on invested capital, it was confusing at first because there are so many random industries named. It was difficult to pinpoint the goal of the graphic because when I look at it, I just see a bunch of random industries that don't really go together- and that's how I found it to be confusing.
3) I would ask the author how he came up with the idea to write about the five forces that shape competition, to learn more about the motives behind this piece. I would also ask if he ever owned a business where it was effected by any of the forces, to see if he has had actual experience with the things he is writing about.
4) I think the author wasn't wrong but could change the wording on the part that says "managers often define competition too narrowly". Although this may be true, just stating it without evidence to back up the claim makes it seems like an overgeneralization and stereotype of managers. He should either include statistical evidence for his claim, or just leave that sentence out all together.
1) The biggest surprise in this reading for me was the part that talked about how industries such airlines and hotels do not earn great returns on their investments. This surprised me the most because when you think about how much it costs to get an airplane ticket or stay a night at a hotel, it's not exactly always cheap. Since these are such demanded services it's hard to believe that they do not make "attractive returns on investment" (page 80).
2) The most confusing part of this text for me was the bar graph located at the top of page 83. Although I see that it is trying to show the difference between industries in the US using their average returns on invested capital, it was confusing at first because there are so many random industries named. It was difficult to pinpoint the goal of the graphic because when I look at it, I just see a bunch of random industries that don't really go together- and that's how I found it to be confusing.
3) I would ask the author how he came up with the idea to write about the five forces that shape competition, to learn more about the motives behind this piece. I would also ask if he ever owned a business where it was effected by any of the forces, to see if he has had actual experience with the things he is writing about.
4) I think the author wasn't wrong but could change the wording on the part that says "managers often define competition too narrowly". Although this may be true, just stating it without evidence to back up the claim makes it seems like an overgeneralization and stereotype of managers. He should either include statistical evidence for his claim, or just leave that sentence out all together.
Sunday, February 7, 2016
Interviewing Customers No. 2
To get acquainted with my idea and first round of interviews, check out my 'No. 1' blogpost here: http://cassidymckbusiness.blogspot.com/2016/01/customer-interviews-no-1.html
1) I think that my speed limit sign idea still has great opportunity, because almost everyone on this planet drives, and everyone I interviewed said that they that they loved the idea that it would enhanced safety on our roads. Now, I think that my idea still has true potential, but that since it is a government issue that it might face trouble trying to be implemented.
2) Last time I talked to some pretty good customers, and their input was valuable because they did have all been driving for a few years now. In this round of interviews, I tried to talk to some older people, because last time all the people I talked to were freshman and thus haven't been driving as long as upperclassman. My conceptualization of my customers is still the same; it's the very large group of people on this earth who operate a motor vehicle, especially in places where dangerous weather conditions occur more often.
3) This time I around, I made changes to my questions by first asking if they enjoy/ don't enjoy driving- to see if any cynical feelings would translate into their opinions towards my idea. Then, I put in that I would ask if they usually obey speed limit signs, to gage how effective the current regulations are. Then I would proceed to tell them about my idea and get more feedback!
4) Here are my five interviews:
https://youtu.be/lvdHFyQkoAM
https://youtu.be/f1y_XgtJy6g
https://youtu.be/f47SLhPUuqM
https://youtu.be/NSh8gobMuHQ
https://youtu.be/5mZ2s-spcC8
5) Now that I have conducted more interviews, I have definitely learned to take a more realistic look at my idea. Of course it's easy to throw ideas out there, but actually looking into it becoming a reality is a totally different story. I was able to think about possible factors that would cause my idea to be a failure, which includes how expensive it is (and it would be us taxpayers money paying for it). Furthermore, the legislation regarding speed limit signs would have to be altered.
6) My three tips for future students would be the following:
1) I think that my speed limit sign idea still has great opportunity, because almost everyone on this planet drives, and everyone I interviewed said that they that they loved the idea that it would enhanced safety on our roads. Now, I think that my idea still has true potential, but that since it is a government issue that it might face trouble trying to be implemented.
2) Last time I talked to some pretty good customers, and their input was valuable because they did have all been driving for a few years now. In this round of interviews, I tried to talk to some older people, because last time all the people I talked to were freshman and thus haven't been driving as long as upperclassman. My conceptualization of my customers is still the same; it's the very large group of people on this earth who operate a motor vehicle, especially in places where dangerous weather conditions occur more often.
3) This time I around, I made changes to my questions by first asking if they enjoy/ don't enjoy driving- to see if any cynical feelings would translate into their opinions towards my idea. Then, I put in that I would ask if they usually obey speed limit signs, to gage how effective the current regulations are. Then I would proceed to tell them about my idea and get more feedback!
4) Here are my five interviews:
https://youtu.be/f47SLhPUuqM
https://youtu.be/NSh8gobMuHQ
https://youtu.be/5mZ2s-spcC8
5) Now that I have conducted more interviews, I have definitely learned to take a more realistic look at my idea. Of course it's easy to throw ideas out there, but actually looking into it becoming a reality is a totally different story. I was able to think about possible factors that would cause my idea to be a failure, which includes how expensive it is (and it would be us taxpayers money paying for it). Furthermore, the legislation regarding speed limit signs would have to be altered.
6) My three tips for future students would be the following:
- Don't be nervous! I was anxious about doing my first round of interviews, because it's hard to tell someone about your personal ideas when you don't know how they will react.
- Always have an open mind. Whether or not people like your idea, ALL feedback is good feedback! Like we said in the entrepreneurs mantra, praise leads to complacency. Be open to hearing people's criticism, and use them to better yourself and your idea!
- Let the person your interviewing talk. We all love to talk, and the best interviews are always the ones where you let the interview take a course of its own. Let the person talk about their personal experiences and you will get a much better outcome.
Week 5 Reading Reflection
Chapter 9: Assessment of Entrepreneurial Opportunities
1) What stood out most to me in this reading was the part about logarithmic net sales. I've learned about logarithms in precalculus and calculus, but seeing this equation in my business textbook really surprised me! Basically it measures the velocity of capital, by using the equation =ln(net sales), which utilizes the natural log.
2) Most of this chapter was easy to understand, because it dealt with looking at your product/business idea in a realistic way. Yet, I did find the section about "Importing Good Ideas" a little confusing. It talked about how one entrepreneurial path to take was importing someone else's idea- which initially threw me off guard, because wouldn't someone else's ideas just take away from your own? Turns out, it can help!
3) I would first ask the author why he chose to put the Minucius quote on the front page of the chapter. It is a great quote, so I would just like to know what inspired him to pick that specific one. Then I would want him to explain how it relates to the chapter, so that I could make connections about the reading to the quote.
4) This chapter was pretty straight forward- it had a lot of facts that corroborated the arguments made. If there's one section I wish he would've done differently, it would have to be the "eBay Entrepreneurship" part. It was cool to read about, but too wordy, which made it hard to read and unappealing.
1) What stood out most to me in this reading was the part about logarithmic net sales. I've learned about logarithms in precalculus and calculus, but seeing this equation in my business textbook really surprised me! Basically it measures the velocity of capital, by using the equation =ln(net sales), which utilizes the natural log.
2) Most of this chapter was easy to understand, because it dealt with looking at your product/business idea in a realistic way. Yet, I did find the section about "Importing Good Ideas" a little confusing. It talked about how one entrepreneurial path to take was importing someone else's idea- which initially threw me off guard, because wouldn't someone else's ideas just take away from your own? Turns out, it can help!
3) I would first ask the author why he chose to put the Minucius quote on the front page of the chapter. It is a great quote, so I would just like to know what inspired him to pick that specific one. Then I would want him to explain how it relates to the chapter, so that I could make connections about the reading to the quote.
4) This chapter was pretty straight forward- it had a lot of facts that corroborated the arguments made. If there's one section I wish he would've done differently, it would have to be the "eBay Entrepreneurship" part. It was cool to read about, but too wordy, which made it hard to read and unappealing.
Saturday, February 6, 2016
Idea Napkin No. 1
The Five Important Elements of my Business Concept:
1) Me: I'm a friendly person who enjoys working hard. I have always had an interest in business, ever since I joined the Future Business Leaders of America (FBLA) organization in high school- in which I won first in States and placed in Nationals for Business Presentation. From this I learned how to make an effective yet entertaining presentation. On another hand, I've been dancing for 14 years now, so my dance-involved business idea truly resonates with me. It would play a huge roll in my life; it would combine my passion of dance with my interest in business.
2) What I'm offering: I'm offering appropriately sized patches of either canvas or leather material, but not just any regular canvas or leather. My patches of material would be so high in quality and durability that they would not tear. I would make this possible by increasing the thread count and making the material twice as thick. We would also do personalized orders for customers who need a different type of material/ if they needed it to be for a specific type of dance floor (e.g. wood floors vs. spring floors). Furthermore, my patches would come with a very strong glue, in which you just peel and adhere to the hole in your dance shoe.
3) Who I'm offering to: This product is designed for people of all age who dance- whether they are beginning babies or older instructors. Of course, some styles of dance (like contemporary and lyrical) don't necessarily call for shoes, so this is more geared specifically to people who do ballet, pointe, jazz or tap. What all of my customers have in common is that they dance and that they own their respective dance shoes.
4) Why they care: People would purchase my product because it's the easiest, cheapest, and quickest alternative for shoe repair. Of course, someone could go buy new shoes, but that could cost upwards of $200. From personal experience, if my shoes are brand new and I get a hole, I am definitely not going to invest in a whole new pair- and a lot of my friends who I have danced with said the same thing! So, it's easy to see how dancers would be interested in my idea
5) Core competencies: What sets me apart from everyone else is that there is not a company currently doing this. There are patches on some dance websites, but they are only for attaching to your existing shoe to make it the best fit for the type of floor you use. My patches would be designed specifically for holes and also to fit the floor; not to mention that they will be so incredibly durable customers will be begging for more.
I believe that all of my elements fit together- except for my adhering idea. I say "a very strong and durable glue", but I'm not entirely sure exactly what kind of glue would be used. Normal super glue may destroy the material, and I'm not too sure what other kinds of strong glue exist. This part of my idea is weaker than the other components just because I'm not very knowledgable in the field of glue.
However, once I figure out this bump, I think that my product and company could be very successful!
1) Me: I'm a friendly person who enjoys working hard. I have always had an interest in business, ever since I joined the Future Business Leaders of America (FBLA) organization in high school- in which I won first in States and placed in Nationals for Business Presentation. From this I learned how to make an effective yet entertaining presentation. On another hand, I've been dancing for 14 years now, so my dance-involved business idea truly resonates with me. It would play a huge roll in my life; it would combine my passion of dance with my interest in business.
2) What I'm offering: I'm offering appropriately sized patches of either canvas or leather material, but not just any regular canvas or leather. My patches of material would be so high in quality and durability that they would not tear. I would make this possible by increasing the thread count and making the material twice as thick. We would also do personalized orders for customers who need a different type of material/ if they needed it to be for a specific type of dance floor (e.g. wood floors vs. spring floors). Furthermore, my patches would come with a very strong glue, in which you just peel and adhere to the hole in your dance shoe.
3) Who I'm offering to: This product is designed for people of all age who dance- whether they are beginning babies or older instructors. Of course, some styles of dance (like contemporary and lyrical) don't necessarily call for shoes, so this is more geared specifically to people who do ballet, pointe, jazz or tap. What all of my customers have in common is that they dance and that they own their respective dance shoes.
4) Why they care: People would purchase my product because it's the easiest, cheapest, and quickest alternative for shoe repair. Of course, someone could go buy new shoes, but that could cost upwards of $200. From personal experience, if my shoes are brand new and I get a hole, I am definitely not going to invest in a whole new pair- and a lot of my friends who I have danced with said the same thing! So, it's easy to see how dancers would be interested in my idea
5) Core competencies: What sets me apart from everyone else is that there is not a company currently doing this. There are patches on some dance websites, but they are only for attaching to your existing shoe to make it the best fit for the type of floor you use. My patches would be designed specifically for holes and also to fit the floor; not to mention that they will be so incredibly durable customers will be begging for more.
I believe that all of my elements fit together- except for my adhering idea. I say "a very strong and durable glue", but I'm not entirely sure exactly what kind of glue would be used. Normal super glue may destroy the material, and I'm not too sure what other kinds of strong glue exist. This part of my idea is weaker than the other components just because I'm not very knowledgable in the field of glue.
However, once I figure out this bump, I think that my product and company could be very successful!
Wednesday, February 3, 2016
Elevator Pitch No. 1
First, I will tell you a little about the business idea that I have. The opportunity I found revolves around something that has always been close to my heart, dance. As a dancer, I've always found that my brand new canvas ballet shoes begin to rip just a couple weeks into first using them. The same thing happens with my pointe shoes, which is especially troublesome, because a new pair of pointe shoes range from $100-$200. All dancers know exactly what I'm talking about, but don't fret- I've found a solution! My idea for a company, called "Pointe n' Fix", sells patches of whatever material your dance shoe is made out of, and with a super strong glue already attached, you just adhere the appropriate piece to your shoe for a reliable, quick, and easy fix.
Here's my elevator pitch:
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