Chapter 13: Strategic Entrepreneurial Growth
1) The biggest surprise for me in this reading was that some variables of entrepreneurship have less risk than others. I found this so surprising because I thought every aspect of entrepreneurship and business in general was highly risky, so it was weird to see a entrepreneurial strategy matrix that outlined risks.
2) The most confusing part of chapter 13 was table 13.3 on page 433. This very long, intricate table outlines two different types of cultures: entrepreneurial and administrative. I could kind of understand the concept at hand before this large, confusing table came into play. After scrutinizing it, I finally understand how it is beneficial.
3) I would ask the author if he liked the entrepreneurial culture or the administrative culture better, and why. I would ask this to see what mindset he better identities with, and it would help me understand the rest of his writing. I would also ask the author if he is a fan of outsourcing, since he wrote a whole section of how outsourcing can lead to increased competition.
4) Everything in this chapter was pretty straight forward, so there was nothing that was wrong/ could be fixed that stood out to me. I thought that the Microsoft part of the reading was effective and not offensive- which is strange because I sometimes find that these things can come off as offensive. The author did a great job with this chapter!
Thursday, March 31, 2016
Monday, March 28, 2016
Venture Concept No. 1
My business concept is one that could do very well in the world of dance. All throughout this class I have spent time deciding on the concept I wanted to create, who my target audience is, why people would like my product, and what is next. Through all of this I have learned so much about myself and my product. In this post, I will elaborate extensively on the points I have been analyzing all this time.
Opportunity: I saw my idea as an opportunity at the exact moment I discovered my target market. My group of consumers with unmet needs are all of the dancers in the world who can't keep spending money on expensive dance shoes right after their brand new pair gets a hole. My product is great for anyone who dances and therefore uses dance shoes. A large part of my target market also includes dance moms and dads, the people who go out and buy their child the supply he/she needs for dance. I am closing out a large group of my market (those who don't dance), but the product truly just doesn't appeal to them in anyway. However, my "next" idea does appeal to a wider range of people. The idea is for a "skin patch", which basically is a super flexible patch with ultra-healing powers that goes on ripped pieces of skin on your toes. Sneakers and other types of shoes can cause painful tears in the skin that eliminate your ability to effectively practice, which is why people in any sport could utilize this product.
I foresee my product being sold via a dance store online, so I guess my idea is more B2B than I thought. However, doing this would allow me to reach just about anyone geographically, since most sales would be done online. My product would also be in dance wear stores, so that people in that area could conveniently walk in and buy the product too.
As of today, customers with this problem are satisfying their need by either dancing with hole-filled shoes or are going out and spending a lot of money on new shoes. My idea would eliminate the need to waste money on brand new shoes, especially if you just bought a pair. Current customers facing dance shoe problems are "loyal" to their methods of shoe fixing because it's the only option they really have. Once my idea exists, how they purchase dance shoes will forever be changed. This leaves my product with a pretty big window of opportunity in its market. I think this window should stay open until a better and cheaper product comes along, which is probably inevitable.
Although a lot of popular dance websites exist, there is no other company doing what I am doing. 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 incredibly durable.
Innovation: Unfortunately with all great ideas come other great products that can make your product become unsuccessful. Companies are constantly coming up with new ways to innovate, and it's a scary thing to analyze. The development of my "next" idea (the skin patch) is the way I have innovated my original product, because it adds value and opportunity to my concept. Now, let's take a closer look at my product: what exactly it is and how much it will cost.
My shoe patch patch idea named "Pointe N' Fix" is an idea that 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, and my idea for a company 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.
Now, for what goes into my product to determine cost estimates. Dance shoes are rather expensive in nature, so I envision buying patches of the material might be pricey. Other than this, all need is super strong yet flexible glue for adherence purposes, which shouldn't cost too much. My costs would approximately be:
Opportunity: I saw my idea as an opportunity at the exact moment I discovered my target market. My group of consumers with unmet needs are all of the dancers in the world who can't keep spending money on expensive dance shoes right after their brand new pair gets a hole. My product is great for anyone who dances and therefore uses dance shoes. A large part of my target market also includes dance moms and dads, the people who go out and buy their child the supply he/she needs for dance. I am closing out a large group of my market (those who don't dance), but the product truly just doesn't appeal to them in anyway. However, my "next" idea does appeal to a wider range of people. The idea is for a "skin patch", which basically is a super flexible patch with ultra-healing powers that goes on ripped pieces of skin on your toes. Sneakers and other types of shoes can cause painful tears in the skin that eliminate your ability to effectively practice, which is why people in any sport could utilize this product.
I foresee my product being sold via a dance store online, so I guess my idea is more B2B than I thought. However, doing this would allow me to reach just about anyone geographically, since most sales would be done online. My product would also be in dance wear stores, so that people in that area could conveniently walk in and buy the product too.
As of today, customers with this problem are satisfying their need by either dancing with hole-filled shoes or are going out and spending a lot of money on new shoes. My idea would eliminate the need to waste money on brand new shoes, especially if you just bought a pair. Current customers facing dance shoe problems are "loyal" to their methods of shoe fixing because it's the only option they really have. Once my idea exists, how they purchase dance shoes will forever be changed. This leaves my product with a pretty big window of opportunity in its market. I think this window should stay open until a better and cheaper product comes along, which is probably inevitable.
Although a lot of popular dance websites exist, there is no other company doing what I am doing. 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 incredibly durable.
My shoe patch patch idea named "Pointe N' Fix" is an idea that 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, and my idea for a company 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.
Now, for what goes into my product to determine cost estimates. Dance shoes are rather expensive in nature, so I envision buying patches of the material might be pricey. Other than this, all need is super strong yet flexible glue for adherence purposes, which shouldn't cost too much. My costs would approximately be:
- Cost to make a single patch: ($6.00 for material $3 for adherence glue)= $9.00
- How much I would sell the patch for: $15.00
- Margins: $6.00 for each sale
- Package will have a sleek, colorful design
- Instructions on package of how to adhere patch will be easy to follow and succinct
Venture Concept: Now that the details of my plan are more clear, I can finalize everything about my concept. In regard to my customers, they would want to use my product over other ways of shoe fixing because it is the cheapest and most reliable alternative. Like I mentioned earlier, there is nothing very similar to my product out on the market yet- so I don't envision it being hard for them to switch, but rather it will be hard for them to believe in the greatness of my product. Since many competitors don't exist, I think my biggest threat will be large dance wear/ dance shoe companies making a very similar product but stamp their brand onto it. My competitors weaknesses include not having a product similar to mine right now.
The price of my product is very appealing, and since I'm not a widely known brand- packaging, customer support and experience, and distribution are defining factors in my venture concept. Furthermore, I would need a nice group of around 30 employees/staff to upkeep with my productions. I would of course oversee all operations, but I would need a COO and CFO to be my right and left hands as well.
Overall, I think my most important resource would be myself. My idea, combined with my diligence and yearning for success cannot be replaced by any competitor. The next things on the list for my venture would be to grow my company (product) to as big as possible and then to eventually happily retire. Tying into my future plans, I do see myself still with my company after 5 years, but still retiring soon after. As an entrepreneur I want to continue to learn about and better myself in the ways of business.
The price of my product is very appealing, and since I'm not a widely known brand- packaging, customer support and experience, and distribution are defining factors in my venture concept. Furthermore, I would need a nice group of around 30 employees/staff to upkeep with my productions. I would of course oversee all operations, but I would need a COO and CFO to be my right and left hands as well.
Overall, I think my most important resource would be myself. My idea, combined with my diligence and yearning for success cannot be replaced by any competitor. The next things on the list for my venture would be to grow my company (product) to as big as possible and then to eventually happily retire. Tying into my future plans, I do see myself still with my company after 5 years, but still retiring soon after. As an entrepreneur I want to continue to learn about and better myself in the ways of business.
Saturday, March 26, 2016
The Amazon Whisperer
Revenue driver: The main revenue driver based off of my business concept will be the ballet and pointe shoe patches. The main and really only product I thought up of was my patches, so technically all of them will drive my revenue, but I think specifically the ballet/ pointe shoe patches will do the best because those types of dance shoe rip much more easily and frequently.
My next product: It's hard to think of a "next" because so many different goodies for dancers already exist, and just about every dance website sells it. Yet if I had to come up with something, it would be patches for your toes that you can adhere when your skin rips (this happened to me from doing pointe all of the time).
How my "next" product will enhance my original: Although my original idea has a lot of potential, my next product product will enhance my brand, causing more people to become enthralled with my ideas. I foresee brand loyalty and sales doubling with the creation of another product. Additionally, the skin patch idea would be so useful if it worked like how I envision it. I know for a fact that dancers everywhere would utilize this.
Similar product to mine (found on Amazon):
Link: http://www.amazon.com/Super-low-friction-pivoting-concrete-industrial-strength-self-adhesive/dp/B00JN7QXVG/ref=sr_1_7?ie=UTF8&qid=1458853990&sr=8-7&keywords=dance+shoe+material+patch
This was the closest thing I could find to both my original idea and my "next" idea. Unfortunately, it is closer to my first idea, but I still continued to analyze it:
My next product: It's hard to think of a "next" because so many different goodies for dancers already exist, and just about every dance website sells it. Yet if I had to come up with something, it would be patches for your toes that you can adhere when your skin rips (this happened to me from doing pointe all of the time).
How my "next" product will enhance my original: Although my original idea has a lot of potential, my next product product will enhance my brand, causing more people to become enthralled with my ideas. I foresee brand loyalty and sales doubling with the creation of another product. Additionally, the skin patch idea would be so useful if it worked like how I envision it. I know for a fact that dancers everywhere would utilize this.
Similar product to mine (found on Amazon):
Link: http://www.amazon.com/Super-low-friction-pivoting-concrete-industrial-strength-self-adhesive/dp/B00JN7QXVG/ref=sr_1_7?ie=UTF8&qid=1458853990&sr=8-7&keywords=dance+shoe+material+patch
This was the closest thing I could find to both my original idea and my "next" idea. Unfortunately, it is closer to my first idea, but I still continued to analyze it:
- Description: These are high-tech stick-on dance soles are a revolutionary product that allows dancers to pivot and slide with ease on even the stickiest dance floors.
- Customer Reviews: Everyone who reviewed this product LOVED it! They all rated them 5 stars, and said they truly worked and were effective on every kind of surface. There weren't any complaints about the product, leading me to believe it is of high quality.
- Changes I would make to this product: I really like this product, and I would make the same type of thing but make it to have the ability and strength to patch a whole- instead of just going on top of an existing shoe. With this being said, I still do believe in the product because it got outstanding reviews.
- Why this product would make a good addition to my product: This product is as close as I could get to the idea that I have, and since it is very similar but offers different options, it would make a great addition to my business concept. It would act as an expanded version of what I came up with. Together, I feel like sales would be great.
Week 11 Reading Reflection
Gary Pisano:
You Need an Innovation Strategy (Harvard Business Review, June 2015)
1) I was most surprised by the part of the reading that talked about how not one system can fit every company, and that these respective companies need to find their own way to have competitive advantages. You would think that previously successful methods would prove successful for every company, but I guess that just isn't the case!
2) I was very confused by the point the author made about how that even if there is a strategic business plan, conflict can still arise. It's strange to think about how if a clear plan exists problems can still occur, but this confusion helped me realize that different parts of a company can still confuse their priorities, and different mindsets and management styles may ultimately create conflict.
3) I would first ask the author why he felt the need to dedicate an article to innovation strategy, to get to know his motivation behind the piece. I would also ask what research he did to find out that the real problem with big companies not sustaining performance was due to lack of innovation strategy. I would like to know this to test how credible and reliable the information in the article is.
4) I don't think that the author was necessarily wrong but could instead change the part that lists a bunch of companies who went out of business. We all know of these companies, but blatantly calling them out may be found offensive to some.
Tuesday, March 22, 2016
My Unfair Advantage
Resources in my venture:
1) My open personality:
V: My openness is valuable because it could open a lot of doors to me. Being open to new opportunities and change can lead to new ventures.
R: This is a rare quality because a lot of people get closed up when they have too strong of opinions.
I: A lot of people probably have this quality, but it's not too popular because a lot of people are usually stubborn and stick to their own ways of thinking.
N: Other people with this quality can provide this same resource, but I am my own person and there is no one else like me out there, so its pretty non-substitutable.
2) My worldliness
V: My worldliness is valuable because the understanding of others is vital in respect to knowing my target market and consumer.
R: A handful of great CEO's and leaders have this quality, and so do those with a wide understanding of people.
I: It is not that easy to copy, because it is a quality that is found and expanded on from within.
N: Other people can have this quality and it can reap the same benefits, but I feel like I have my own interpersonal air.
3) Years of dance experience
V: This is an incredibly valuable characteristic, since my idea revolves around dance (creating an easily attachable patch to quickly fix a ripped dance shoe). I have danced ever since I was 4, and it is a huge part of my life.
R: Although a lot of people dance, not everyone who dances goes on to pursue an entrepreneurial venture. I think this is pretty rare, and defintely gets me a hand up.
I: This attribute is kind of inimitable because anyone can put their kid in dance and they could follow through with it, but it is a sport that few people do for as many years as I have.
N: Other dancers with as much experience as me could provide the same resourceful benefits.
4) Managing with a level-headed attitude:
V: This is a rather valuable trait, because it is amongst the most important of a good leader. A good leader cannot be an extremist when it comes to dealing with dilemmas.
R: It is a rare quality, because only the best of leaders (successful CEO's, for example) have traits like this.
I: This trait is especially hard to be copied by others because it is something that must be learned in a strategic and technical manner.
N: Other great managers can have this quality and provide similar benefits, but it is a pretty rare thing.
5) Behavioral orientated:
V: This is one of the managing types that I found out I represent (I am in MAN3025 right now, and had taken a test to decide my management style). It is pretty valuable and different from the other styles because I am able to connect with people on an emotional level.
R: Since there are only a limited amount of precise styles, a lot of others probably share this with me. It is still unique because I am able to take peoples feelings and emotions into consideration.
I: This management style is not necessarily easy to copy, but it might be pretty easy to find someone else with similar traits if you randomly selected from a big enough pool.
N: Kind of like what I stated previously, other people probably have this innate feeling of emotion and sense that comes out when they manage others.
6) Dance wear modeling experience
V: This is incredibly valuable and I am so lucky to have experienced this. Having the ability to know things about a dance wear store, how their public relations work, and other cool things I wouldn't have previously known has defintely changed me.
R: This is pretty rare, because not everyone gets to model for a dance clothing store. In fact, normal models probably out number dance wear models, because dance wear is a very specific category and requires physical dance background.
I: This isn't that easy to copy, because one must have extensive dance background and camera qualities in order to be selected for a position like this one.
N: People with other experience in the dance wear store industry could provide similar benefits to what I have gained by doing this.
7) Emotional stableness
V: I won't be a crazy manager who isn't stable enough to keep everything under control.
R: It is not too rare but it is defintely an important thing. Being in the mental and physical shape to undergo all the things that started your own product/ company takes can be detrimental.
I: This is easy to copy and control, through continuous strict methodology. A lot of people can go through a series of teaching to learn how to control their emotions, or even anger issues.
N: A lot of other people with a controlled self-awareness can have and thus emulate this trait.
8) Kindness yet firmness
V: This is a great trait to have, because people who you work with will not respond well to overruling strictness or on the other hand, a pushover.
R: I'd say it's not necessarily a rare attribute, but it is a very important one. You have to be able to balance both personalities while still having the ability to be both strict or nice at certain times in certain situations.
I: This is semi-easy to copy just because if you can learn how to balance both traits, you instantly have obtained the ability to maintain control of your employees/situation, whatever it may be.
N: The same benefits can be reaped once again by anyone who has learned to balance these traits, and can handle a rough situation successfully.
9) Ability to communicate with others:
V: This is extremely valuable in any career and/or situation- pretty much anything in life. Communication is a vital part of anything us humans engage in, and can make the difference between so many things. My ability to communicate with others will help me to understand my target customers and relate to people on a whole new level.
R: There are a rare group of people in this world who have the natural ability and can talk with ease to others.
I: This isn't necessarily easy to copy, but it can totally be learned. Multiple speaking classes are offered in college at undergraduate and graduate levels, and for almost all majors at least one is a requirement.
N: The skill of communication can bring similar benefits for others who are naturally good at it.
10) My established network with people in the dance wear industry:
V: This is by far the most valuable part of me, because networking can make or break a company. I found out just how important networking is by visiting the career fair this past fall, and witnessing all of the networking happening right before my eyes!
R: This is rare because not everyone has connections in the dance world. From multiple conventions, performances, but most importantly my model experience with Dance Wear Corner, I have established so many connections.
I: This is pretty hard to emulate just because not everyone can be given the opportunity I was.
N: This experience and networking that I have can bring so many benefits for me and my business concept (since it revolves around dance shoes). I bet no other person can say they have the same exact experience that I have.
My Top Resource:
My top resource would defintely have to be number 10. I touched on it in my "v" of my analysis, but allow me to elaborate. The networking experience I have had from working with a dance wear store matches up PERFECTLY with my business concept, the idea to sell patches of dance shoes that can be adhered to the shoe for a quick and easy fix. Already knowing a handful of people in this industry, including the wife and husband team that took over building there own dance wear store in Orlando, defintely has its advantages. I know photographers, business men, dancers, and marketers who I could reach out to at any time. This is for sure my most unfair advantage!
1) My open personality:
V: My openness is valuable because it could open a lot of doors to me. Being open to new opportunities and change can lead to new ventures.
R: This is a rare quality because a lot of people get closed up when they have too strong of opinions.
I: A lot of people probably have this quality, but it's not too popular because a lot of people are usually stubborn and stick to their own ways of thinking.
N: Other people with this quality can provide this same resource, but I am my own person and there is no one else like me out there, so its pretty non-substitutable.
2) My worldliness
V: My worldliness is valuable because the understanding of others is vital in respect to knowing my target market and consumer.
R: A handful of great CEO's and leaders have this quality, and so do those with a wide understanding of people.
I: It is not that easy to copy, because it is a quality that is found and expanded on from within.
N: Other people can have this quality and it can reap the same benefits, but I feel like I have my own interpersonal air.
3) Years of dance experience
V: This is an incredibly valuable characteristic, since my idea revolves around dance (creating an easily attachable patch to quickly fix a ripped dance shoe). I have danced ever since I was 4, and it is a huge part of my life.
R: Although a lot of people dance, not everyone who dances goes on to pursue an entrepreneurial venture. I think this is pretty rare, and defintely gets me a hand up.
I: This attribute is kind of inimitable because anyone can put their kid in dance and they could follow through with it, but it is a sport that few people do for as many years as I have.
N: Other dancers with as much experience as me could provide the same resourceful benefits.
4) Managing with a level-headed attitude:
V: This is a rather valuable trait, because it is amongst the most important of a good leader. A good leader cannot be an extremist when it comes to dealing with dilemmas.
R: It is a rare quality, because only the best of leaders (successful CEO's, for example) have traits like this.
I: This trait is especially hard to be copied by others because it is something that must be learned in a strategic and technical manner.
N: Other great managers can have this quality and provide similar benefits, but it is a pretty rare thing.
5) Behavioral orientated:
V: This is one of the managing types that I found out I represent (I am in MAN3025 right now, and had taken a test to decide my management style). It is pretty valuable and different from the other styles because I am able to connect with people on an emotional level.
R: Since there are only a limited amount of precise styles, a lot of others probably share this with me. It is still unique because I am able to take peoples feelings and emotions into consideration.
I: This management style is not necessarily easy to copy, but it might be pretty easy to find someone else with similar traits if you randomly selected from a big enough pool.
N: Kind of like what I stated previously, other people probably have this innate feeling of emotion and sense that comes out when they manage others.
6) Dance wear modeling experience
V: This is incredibly valuable and I am so lucky to have experienced this. Having the ability to know things about a dance wear store, how their public relations work, and other cool things I wouldn't have previously known has defintely changed me.
R: This is pretty rare, because not everyone gets to model for a dance clothing store. In fact, normal models probably out number dance wear models, because dance wear is a very specific category and requires physical dance background.
I: This isn't that easy to copy, because one must have extensive dance background and camera qualities in order to be selected for a position like this one.
N: People with other experience in the dance wear store industry could provide similar benefits to what I have gained by doing this.
7) Emotional stableness
V: I won't be a crazy manager who isn't stable enough to keep everything under control.
R: It is not too rare but it is defintely an important thing. Being in the mental and physical shape to undergo all the things that started your own product/ company takes can be detrimental.
I: This is easy to copy and control, through continuous strict methodology. A lot of people can go through a series of teaching to learn how to control their emotions, or even anger issues.
N: A lot of other people with a controlled self-awareness can have and thus emulate this trait.
8) Kindness yet firmness
V: This is a great trait to have, because people who you work with will not respond well to overruling strictness or on the other hand, a pushover.
R: I'd say it's not necessarily a rare attribute, but it is a very important one. You have to be able to balance both personalities while still having the ability to be both strict or nice at certain times in certain situations.
I: This is semi-easy to copy just because if you can learn how to balance both traits, you instantly have obtained the ability to maintain control of your employees/situation, whatever it may be.
N: The same benefits can be reaped once again by anyone who has learned to balance these traits, and can handle a rough situation successfully.
9) Ability to communicate with others:
V: This is extremely valuable in any career and/or situation- pretty much anything in life. Communication is a vital part of anything us humans engage in, and can make the difference between so many things. My ability to communicate with others will help me to understand my target customers and relate to people on a whole new level.
R: There are a rare group of people in this world who have the natural ability and can talk with ease to others.
I: This isn't necessarily easy to copy, but it can totally be learned. Multiple speaking classes are offered in college at undergraduate and graduate levels, and for almost all majors at least one is a requirement.
N: The skill of communication can bring similar benefits for others who are naturally good at it.
10) My established network with people in the dance wear industry:
V: This is by far the most valuable part of me, because networking can make or break a company. I found out just how important networking is by visiting the career fair this past fall, and witnessing all of the networking happening right before my eyes!
R: This is rare because not everyone has connections in the dance world. From multiple conventions, performances, but most importantly my model experience with Dance Wear Corner, I have established so many connections.
I: This is pretty hard to emulate just because not everyone can be given the opportunity I was.
N: This experience and networking that I have can bring so many benefits for me and my business concept (since it revolves around dance shoes). I bet no other person can say they have the same exact experience that I have.
My Top Resource:
My top resource would defintely have to be number 10. I touched on it in my "v" of my analysis, but allow me to elaborate. The networking experience I have had from working with a dance wear store matches up PERFECTLY with my business concept, the idea to sell patches of dance shoes that can be adhered to the shoe for a quick and easy fix. Already knowing a handful of people in this industry, including the wife and husband team that took over building there own dance wear store in Orlando, defintely has its advantages. I know photographers, business men, dancers, and marketers who I could reach out to at any time. This is for sure my most unfair advantage!
Sunday, March 20, 2016
Growing My Social Capital
Domain expert: Mike Farella
1) Mike is now owner and photographer for Exulting Images- but he has a long background in the dance industry. As a professional dancer himself, it has always been something very close to his heart. He has been a constant force in the dance wear industry, photographing and working with Dance Wear Corner (a popular dance wear store).
2) Mike fills the spot of the domain expert because of the number of years he has dedicated and continues to dedicate to the dance/ dance wear industry. He knows a lot about the ins and outs of dance, dance clothing, and dance shoes.
3) I actually had the pleasure of modeling for Mike, and that is how I met him. I contacted him via email.
4) Mike answered a lot of my questions about his life before photography (all of his dance experience that I didn't know about)! In exchange, I told him about my dance shoe idea by giving him the link to my Idea Napkin No. 2. He told me he thought it was a great idea, and would be really useful during photoshoots- a quick fix for if a shoe were to break during a shoot.
5) Including Mike in my network will enhance my idea tremendously. He has so many connections in the industry himself that with enough hard work my idea could actually become a reality.
Market expert: Collette Mruk
1) Collette is also a dance photographer, who has a wide range of experience in dance wear public relations and sales. She keeps up a blog and really knows how to relate to customers. She continues to get more and more involved with PR and dance wear in general.
2) Collette makes the perfect market expert because she knows how to communicate effectively with our target market. By responding well to messages, making the customer feel involved and up-to-date with sales, and engaging in social media in a way that best reaches our generation; she has an extremely well sense of our market.
3) Since Collette works at DWC, I contacted her via email, where she was nothing but sweet to me. She said she would love to have me come back and visit the store and do a segment on the old models (I used to model for the store).
4) Collette gave me a little insight into the things she does to truly connect and keep connections with their customers. She said they want people to keep coming back and buying more (whether in-store or online), and just how vital it is to build customer loyalty. In exchange, I showed her my Idea Napkin No. 2 also, so that she could get a sense of who I am as a person, and a little more about my idea.
5) Collette will be a great addition to my networking because she has a special talent for realizing what consumers want, and what will keep them coming back for more.
Supplier in the industry: Rosemary DeMott
1) Rosemary is a dance studio owner, past VP for Florida Dance Masters Convention, and part owner of the Orlando Dance Wear Corner. Her husband, Jon, was a business man himself and they took over building up the Orlando DWC. Her life has always revolved around dance- it is her passion and her business.
2) Rosemary would be the perfect help with supplying because she had to do it all when they built their dance wear store from the ground up. Having background in consumers, marketing, accounting, dance and so much more, she would know exactly how to deal with the supply aspect of my venture.
3) I knew Rosemary since my time modeling with DWC, and ever since I first met her she made a long lasting impression on me. I contacted her via email as well.
4) The nature of our exchange was cheerful and felt very good. She told me about some of the things she had to go through setting up a store, and I showed her my Elevator Pitch No.3 (even though it was embarrassing). She enjoyed my idea and thought it had a lot of potential.
5) Rosemary is an excellent person to network with because she has a lot of connections in the dance and dance wear industry. Her husband job has a lot of Business experience too, so that's a bonus.
Reflection:
By networking again with these people who are big figures in the dance wear world, my goals seem so much more achievable. This assignment also caused me to realize just how important networking is. When I network in the future, I will be much more forward and personal, so that I am memorable. I've never purposefully networked before, so I can't really relate this experience to my other networking experiences, but it was defintely a game changer. I now realize that networking requires communication and energy from both sides. Overall, the assignment was great for organizing my business concept and for learning a little more about the importance of networking.
1) Mike is now owner and photographer for Exulting Images- but he has a long background in the dance industry. As a professional dancer himself, it has always been something very close to his heart. He has been a constant force in the dance wear industry, photographing and working with Dance Wear Corner (a popular dance wear store).
2) Mike fills the spot of the domain expert because of the number of years he has dedicated and continues to dedicate to the dance/ dance wear industry. He knows a lot about the ins and outs of dance, dance clothing, and dance shoes.
3) I actually had the pleasure of modeling for Mike, and that is how I met him. I contacted him via email.
4) Mike answered a lot of my questions about his life before photography (all of his dance experience that I didn't know about)! In exchange, I told him about my dance shoe idea by giving him the link to my Idea Napkin No. 2. He told me he thought it was a great idea, and would be really useful during photoshoots- a quick fix for if a shoe were to break during a shoot.
5) Including Mike in my network will enhance my idea tremendously. He has so many connections in the industry himself that with enough hard work my idea could actually become a reality.
Market expert: Collette Mruk
1) Collette is also a dance photographer, who has a wide range of experience in dance wear public relations and sales. She keeps up a blog and really knows how to relate to customers. She continues to get more and more involved with PR and dance wear in general.
2) Collette makes the perfect market expert because she knows how to communicate effectively with our target market. By responding well to messages, making the customer feel involved and up-to-date with sales, and engaging in social media in a way that best reaches our generation; she has an extremely well sense of our market.
3) Since Collette works at DWC, I contacted her via email, where she was nothing but sweet to me. She said she would love to have me come back and visit the store and do a segment on the old models (I used to model for the store).
4) Collette gave me a little insight into the things she does to truly connect and keep connections with their customers. She said they want people to keep coming back and buying more (whether in-store or online), and just how vital it is to build customer loyalty. In exchange, I showed her my Idea Napkin No. 2 also, so that she could get a sense of who I am as a person, and a little more about my idea.
5) Collette will be a great addition to my networking because she has a special talent for realizing what consumers want, and what will keep them coming back for more.
Supplier in the industry: Rosemary DeMott
1) Rosemary is a dance studio owner, past VP for Florida Dance Masters Convention, and part owner of the Orlando Dance Wear Corner. Her husband, Jon, was a business man himself and they took over building up the Orlando DWC. Her life has always revolved around dance- it is her passion and her business.
2) Rosemary would be the perfect help with supplying because she had to do it all when they built their dance wear store from the ground up. Having background in consumers, marketing, accounting, dance and so much more, she would know exactly how to deal with the supply aspect of my venture.
3) I knew Rosemary since my time modeling with DWC, and ever since I first met her she made a long lasting impression on me. I contacted her via email as well.
4) The nature of our exchange was cheerful and felt very good. She told me about some of the things she had to go through setting up a store, and I showed her my Elevator Pitch No.3 (even though it was embarrassing). She enjoyed my idea and thought it had a lot of potential.
5) Rosemary is an excellent person to network with because she has a lot of connections in the dance and dance wear industry. Her husband job has a lot of Business experience too, so that's a bonus.
Reflection:
By networking again with these people who are big figures in the dance wear world, my goals seem so much more achievable. This assignment also caused me to realize just how important networking is. When I network in the future, I will be much more forward and personal, so that I am memorable. I've never purposefully networked before, so I can't really relate this experience to my other networking experiences, but it was defintely a game changer. I now realize that networking requires communication and energy from both sides. Overall, the assignment was great for organizing my business concept and for learning a little more about the importance of networking.
Week 10 Reading Reflection
Chapter 11: Financial Preparation for Entrepreneurial Ventures
1) The part of this reading that stood out was how many financial ratios existed, specifically the table on page 341 (figure 11.12). There is a page and a half of different formulas, what they measure, and how they are useful. I'm not really into math, so all of these formulas caught me off guard (especially since this is an entrepreneurship class and not financial accounting)!
2) This chapter in its entirety confused me. I didn't realize how many different budget plans there were, and how many different ways you can prepare them. I also really didn't understand any of the formulas that I mentioned in question 1, and a few other math-based concepts had me really confused.
3) I would ask the author why he included vocabulary like "cash" (page 314) in the writing. It's a very straightforward word, so I was just wondering why he felt is was necessary to include it. I would also ask why he included almost every single financial ratio formulas. Did he expect people to memorize these or did he just put them in for reference?
4) I never think that the author is wrong, but that he could instead change something about the text. In this chapter, I think he should alter the part about financial ratios. I can tell he tried to put it in a visually pleasing way to promote understanding, but the whole thing is just way to confusing and it should be condensed.
1) The part of this reading that stood out was how many financial ratios existed, specifically the table on page 341 (figure 11.12). There is a page and a half of different formulas, what they measure, and how they are useful. I'm not really into math, so all of these formulas caught me off guard (especially since this is an entrepreneurship class and not financial accounting)!
2) This chapter in its entirety confused me. I didn't realize how many different budget plans there were, and how many different ways you can prepare them. I also really didn't understand any of the formulas that I mentioned in question 1, and a few other math-based concepts had me really confused.
3) I would ask the author why he included vocabulary like "cash" (page 314) in the writing. It's a very straightforward word, so I was just wondering why he felt is was necessary to include it. I would also ask why he included almost every single financial ratio formulas. Did he expect people to memorize these or did he just put them in for reference?
4) I never think that the author is wrong, but that he could instead change something about the text. In this chapter, I think he should alter the part about financial ratios. I can tell he tried to put it in a visually pleasing way to promote understanding, but the whole thing is just way to confusing and it should be condensed.
Wednesday, March 16, 2016
Elevator Pitch No. 3
The pitch:
Reflection: Everyone loved the way I made the video, they said that the camera was very still and that it made me remain the main focus throughout. I did the video on a limb, but people still said it looked pretty professional- which was defintely surprised me. Another thing that surprised me was that a commenter said I "had a lot of confidence", which was not something I was expecting because I didn't feel too confident.
What I changed: One commenter gave me a great idea, that the glue could be sold to dancers who would then fix their own shoes, so I decided to add it into my pitch. Someone also said that they were criticized for propping up their camera, but that for me it seemed to work pretty well, but this time around I still tried to get a better angle for the video. By getting a closer view of my face, I feel like the interview was much more personal. This time around I was more nervous and messed up a few times, but I tried to power through it.
https://youtu.be/fE8_A_FYR_A
Reflection: Everyone loved the way I made the video, they said that the camera was very still and that it made me remain the main focus throughout. I did the video on a limb, but people still said it looked pretty professional- which was defintely surprised me. Another thing that surprised me was that a commenter said I "had a lot of confidence", which was not something I was expecting because I didn't feel too confident.
What I changed: One commenter gave me a great idea, that the glue could be sold to dancers who would then fix their own shoes, so I decided to add it into my pitch. Someone also said that they were criticized for propping up their camera, but that for me it seemed to work pretty well, but this time around I still tried to get a better angle for the video. By getting a closer view of my face, I feel like the interview was much more personal. This time around I was more nervous and messed up a few times, but I tried to power through it.
Sunday, March 13, 2016
Week 9 Reflection
Chapter 10: Marketing Challenges for Entrepreneurial Ventures
1) The thing that stood out the most for me in the reading was how many different consumer characteristics existed. It was surprising to see how intricate and lengthy the characteristics were; I guess I never really looked passed things like income and general backgrounds.
2) A part of the reading that confused me was the section on marketing information systems. When I think of information systems, I think of quantifiable data that gets entered into a computer. So when I read that information systems can actually monitor "the strategies, decisions, and programs concerned with marketing", I was really caught off guard.
3) I would ask the author why he included the "Perils of Marketing" section in this chapter. It's cool that he brought in worldly perspectives, but I would enjoy knowing his motivation behind the piece. I would also ask why he included the Peter R. Dickson quote at the beginning of the chapter, and how he feels it relates to the rest of the chapter.
4) I don't think that the author was wrong but could alter the table on page 286. The table (figure 10.1) shows the common elements in entrepreneurs. I think that some of the wording is a little biased and could be found offensive; for example, the part that says "that others consider foolish." Someone could take the world foolish to be offensive towards them if they think that they are not a risk-taker, so it may be better to get rid of that section.
1) The thing that stood out the most for me in the reading was how many different consumer characteristics existed. It was surprising to see how intricate and lengthy the characteristics were; I guess I never really looked passed things like income and general backgrounds.
2) A part of the reading that confused me was the section on marketing information systems. When I think of information systems, I think of quantifiable data that gets entered into a computer. So when I read that information systems can actually monitor "the strategies, decisions, and programs concerned with marketing", I was really caught off guard.
3) I would ask the author why he included the "Perils of Marketing" section in this chapter. It's cool that he brought in worldly perspectives, but I would enjoy knowing his motivation behind the piece. I would also ask why he included the Peter R. Dickson quote at the beginning of the chapter, and how he feels it relates to the rest of the chapter.
4) I don't think that the author was wrong but could alter the table on page 286. The table (figure 10.1) shows the common elements in entrepreneurs. I think that some of the wording is a little biased and could be found offensive; for example, the part that says "that others consider foolish." Someone could take the world foolish to be offensive towards them if they think that they are not a risk-taker, so it may be better to get rid of that section.
Friday, March 11, 2016
What's My Secret Sauce?
Human capital is what sets us all apart, and I think that my most unique qualities are:
1) My bubbly personality. People always used to say that I "always had a smile on my face", and it's pretty true. My whole life I have always tried to be bubbly and nice to everyone. I think it is super important to be an approachable person, because it will open up doors for you.
2) My willingness to talk to strangers. A couple of weeks ago I was tabling in Turlington, and my friends were all saying how they wish they could be as willing as me to talk to strangers. I get happiness out of communicating with others, although sometimes you do get some people who don't want to be interfered with. Never the less, I thoroughly enjoy communicating with others.
3) My diligence. Ever since I was little, I always strived for success. Furthermore, I always put 110% in whatever I do. I know that there are certain things that one must do in order to achieve their goals, and I have always had that mindset.
4) My overall positive attitude. Connecting to the "bubbly personality" trait, I always keep a positive outlook on life. I know that things will never be too hard for me to handle, and that I am far more capable of things than I may think.
5) My fairness. I never try to blame people for things before hearing the full story. I am always the person who stands in the middle of two sides, and the one who helps people see every point of view. I think that this is an important quality because if you aren't able to open up your mind to other's opinions you will always be very one-sided.
Here are my videos:
Most of the qualities I see in myself other people saw too, but it was defintely weird hearing people say these things. I'm a more humble person, so even writing about my human capital qualities was super strange for me. From this, the main difference between what others said and what I said was that mine was less detailed. People said really nice things about me, things that I would've never have imagined coming out of their mouths. I think that my interviewees were right, but that they were way to generous. Going back to my list, I wouldn't change anything. I like what I wrote, and I think it reflects my positive, bubbly personality.
1) My bubbly personality. People always used to say that I "always had a smile on my face", and it's pretty true. My whole life I have always tried to be bubbly and nice to everyone. I think it is super important to be an approachable person, because it will open up doors for you.
2) My willingness to talk to strangers. A couple of weeks ago I was tabling in Turlington, and my friends were all saying how they wish they could be as willing as me to talk to strangers. I get happiness out of communicating with others, although sometimes you do get some people who don't want to be interfered with. Never the less, I thoroughly enjoy communicating with others.
3) My diligence. Ever since I was little, I always strived for success. Furthermore, I always put 110% in whatever I do. I know that there are certain things that one must do in order to achieve their goals, and I have always had that mindset.
4) My overall positive attitude. Connecting to the "bubbly personality" trait, I always keep a positive outlook on life. I know that things will never be too hard for me to handle, and that I am far more capable of things than I may think.
5) My fairness. I never try to blame people for things before hearing the full story. I am always the person who stands in the middle of two sides, and the one who helps people see every point of view. I think that this is an important quality because if you aren't able to open up your mind to other's opinions you will always be very one-sided.
Here are my videos:
https://youtu.be/0fZY4DNMVmE
This is my friend Brianna, who I met at the beginning of the year here at University of Florida. She is a hard worker herself; she's actually from Rhode Island and did her best to make it here to UF. What she said was sweet, and it was rewarding to know that my human capital traits are noticed and appreciated.
https://youtu.be/AMqubeUiiaI
This was my dad, who I explained the question to before recording him. All of a sudden he started talking, so I quickly began recording. My brother came around and tried to mess with my video by shouting "no", but don't mind that! He basically said that I have always been a "go-getter", which I was happy to hear, because it made me feel like he appreciated all the things I have done in my life this far.
https://youtu.be/1Ng93gkbtfI
This is one my newest friends, Olivia. She is from Pensacola and I met her through mutual friends. She said nice things about me, which surprised me considering I don't know her as well as my other friends.
https://youtu.be/WYZVDci32rg
This was my friend Danielle, who I got while she was driving. Along with Olivia and Brianna, I met her this year at UF. Danielle is an Honors student here, and always helps keep me on track. Since she is a go-getter herself, it was nice to hear what she had to say.
https://youtu.be/lM38WbywR00
This is my brother, who didn't really care about doing my interview, so he kept it short and simple. My mom always wanted my brother to have the work ethic I did, so hearing him say that he thinks I work hard was sweet.
Most of the qualities I see in myself other people saw too, but it was defintely weird hearing people say these things. I'm a more humble person, so even writing about my human capital qualities was super strange for me. From this, the main difference between what others said and what I said was that mine was less detailed. People said really nice things about me, things that I would've never have imagined coming out of their mouths. I think that my interviewees were right, but that they were way to generous. Going back to my list, I wouldn't change anything. I like what I wrote, and I think it reflects my positive, bubbly personality.
Thursday, March 3, 2016
Idea Napkin No. 2
The Five Important Elements of my Business Concept:
1) Me: I'm a freshman at the University of Florida who loves to dance and work hard. I have always had an interest in business, ever since I joined the Future Business Leaders of America (FBLA) organization in high school. I did competitions and actually got to go to Nationals last year after winning first place in Business Presentation. This very thing got me into the idea of business, and increased my love for communicating with others. My aspiration regarding my business concept is to have it really take flight. It's one thing to come up with an idea but another to make it a reality- and I want to make mine a reality. This business would play a huge role in my life; in fact, I would dedicate all of my life to it.
2) What I'm offering to customers: I'm offering my customers a reliable, cheap, and personalized product that they will love. 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 perform 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).
3) Who I'm offering my product to: I'm offering my product to anyone who dances and therefore uses dance shoes. A large part of my target market is also dance moms and dads, the people who go out and buy their child the supply he/she needs for dance. I am closing out a large group of my market (those who don't dance), but the product truly just doesn't appeal to them in anyway. People who don't dance don't really understand the product.
4) Why they care: My customers care because they care for their sport, dance. Us dancers know how hard it is to keep buying new shoes, especially since they cost SO much money. Having my easy solution is a game changer for dancers everywhere. People will buy my product because they will know just how reliable it is.
5) My core competencies: Although a lot of popular dance websites exist, there is no other company doing what I am doing. 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 durable that intense customer loyalty will exist right away.
Does it all fit together? I think that all of the pieces of my puzzle fit well together, but there are some discrepancies in my idea. Even with much thought, I really don't know what kind of super durable glue with be used on my patches. The glue must be very strong but still flexible. Maybe I could get some people to work in a lab to figure out the composition for the ideal glue. Besides this part of my business concept, the rest of plan pieces together perfectly. I am aware of my market, and I know from experience how horrible it is to spend too much money on dance shoes.
Feedback Memo: My feedback was very polite and nice to read; people had said that I had one of the most organized blogposts that they've read this far. Yet, something that stood out to me would be the fact that neither of my commenters had danced/ knew anything about dance. It was weird to read because even though they didn't know anything about dance they still approved of my idea. But this got me thinking... my product only appeals to a slim amount of people. That's why in this post, I majorly changed around my "Who I'm offering to" section. I added in there how my market is smaller than I would like it, but that there is still a lot of potential. Even though I discovered this from my comments, I still think that my business concept has the ability to grow exponentially. Other than that, my commenters didn't give me constructive criticism in my feedback.
1) Me: I'm a freshman at the University of Florida who loves to dance and work hard. I have always had an interest in business, ever since I joined the Future Business Leaders of America (FBLA) organization in high school. I did competitions and actually got to go to Nationals last year after winning first place in Business Presentation. This very thing got me into the idea of business, and increased my love for communicating with others. My aspiration regarding my business concept is to have it really take flight. It's one thing to come up with an idea but another to make it a reality- and I want to make mine a reality. This business would play a huge role in my life; in fact, I would dedicate all of my life to it.
2) What I'm offering to customers: I'm offering my customers a reliable, cheap, and personalized product that they will love. 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 perform 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).
3) Who I'm offering my product to: I'm offering my product to anyone who dances and therefore uses dance shoes. A large part of my target market is also dance moms and dads, the people who go out and buy their child the supply he/she needs for dance. I am closing out a large group of my market (those who don't dance), but the product truly just doesn't appeal to them in anyway. People who don't dance don't really understand the product.
4) Why they care: My customers care because they care for their sport, dance. Us dancers know how hard it is to keep buying new shoes, especially since they cost SO much money. Having my easy solution is a game changer for dancers everywhere. People will buy my product because they will know just how reliable it is.
5) My core competencies: Although a lot of popular dance websites exist, there is no other company doing what I am doing. 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 durable that intense customer loyalty will exist right away.
Does it all fit together? I think that all of the pieces of my puzzle fit well together, but there are some discrepancies in my idea. Even with much thought, I really don't know what kind of super durable glue with be used on my patches. The glue must be very strong but still flexible. Maybe I could get some people to work in a lab to figure out the composition for the ideal glue. Besides this part of my business concept, the rest of plan pieces together perfectly. I am aware of my market, and I know from experience how horrible it is to spend too much money on dance shoes.
Feedback Memo: My feedback was very polite and nice to read; people had said that I had one of the most organized blogposts that they've read this far. Yet, something that stood out to me would be the fact that neither of my commenters had danced/ knew anything about dance. It was weird to read because even though they didn't know anything about dance they still approved of my idea. But this got me thinking... my product only appeals to a slim amount of people. That's why in this post, I majorly changed around my "Who I'm offering to" section. I added in there how my market is smaller than I would like it, but that there is still a lot of potential. Even though I discovered this from my comments, I still think that my business concept has the ability to grow exponentially. Other than that, my commenters didn't give me constructive criticism in my feedback.
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