Venture Concept No. 1

Opportunity

The opportunity that has risen for me in finding my venture concept helps the needs of college kids, gym-goers, and fitness enthusiasts around the country. The potential customers are basically anyone that lives in a dormitory in the United States and anyone who showers at their fitness center. The need arises from the problem of shower shoes not being suffice. The demographics of this market is generally healthy, young, elderly folks who are willing to pay a premium for a product that will be more convenient, cleaner, and cooler than the original shower shoe. This is a huge opportunity that has not been tapped into, and after hearing feedback from multiple customer bases, I think that this opportunity is a viable source of income for our company. This window of opportunity will not be open for long, considering that the idea may come about if action is not taken soon.

Innovation

I believe that my product is unique, proprietary, and is something that nobody else has ever come up with before. It is taking a simple product and twisting it into an innovative, more helpful product. The formula in the bottle will spray on to people’s feet and will protect their feet from the ground, against bacteria and will give them the peace of mind knowing that their foot is not touching the dirty, gross shower floor. I would sell this product in a can for $20/can and the can would have about 50 uses out of it.

Venture Concept

My innovation will solve the problem of stinky gym bags, athlete’s foot, toe fungus, stinky cars, and wet gym bags. Customers will buy this product because it will save them time, energy, and from having to buy a new gym bag that does not stink. My competitors are the shower shoe people who will try to knock me off. Packaging, price points, and distribution will play a huge role in my product. I plan to have a sweet logo and will license my product to colleges, gyms, and fitness centers around the country. 

Minor Elements

My most important resource will be testing. I have to get this blend tested to make sure it is safe on the feet and does not cause any harm to the user. Our next innovative product will be a traction shoe for the pool that people can use to play pool volleyball, aerobics, or work out in the pool. I want to create this product relatively soon after my first product in order to create a strong backing from both the swimming world and the gym world. 

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was how simple the reasoning behind innovation strategies works. The reason that innovation improvement does not work is due to the lack of an innovation strategy. It may seem too simple, but it is surprising that nobody has figured out that in order to innovate properly you must first create an innovation strategy or plan. 

2) Identify at least one part of the reading that was confusing to you. 

Right as I started reading the first few sentences were confusing. I am not sure if this is because I should have had some previous knowledge of the subject, but it all seemed to be very new to me. The talk about crowdsourcing and customer co-creation were confusing. 

3) If you were able to ask two questions to the author, what would you ask? Why?

 If I were able to ask two questions to the author they would be: what is crowdsourcing and what is customer co-creation and how do they relate to the innovative strategy? I would ask these questions because it seems vague to me why these parts of the business cycle are included in this article and also because I did not previously know what they meant. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I did not find anything that the author was wrong about. I thought that the author had some interesting points and peculiar stances on topics, but I did not disagree or think that the author was wrong about anything in particular. 

Amazon Whisperer

The revenue drivers that make up my company are the cans of spray that we sell to our customers directly or license deals. We make money by licensing our product to colleges, gyms, and fitness centers.

The next thing that our customers want is some kind of product that can not only be used in showers, but a product that can actually be used in pools. Almost like a water shoe, but it would be a film that helps people in pools with traction to the floor.

This next pool shoe will enhance our existing product because they can be complements and when someone sees the usefulness of one of them then the other one becomes a no-brainer. This definitely improves the user experience, both in the shower and in the pool, and for sure fosters brand loyalty.

There is not a single product on amazon that is truly similar to my product. The only product that comes close in function and in style is the Freely Barefoot Water Skin Shoes Aqua Socks for Beach Swim Surf Yoga Exercise. These are skin-tight shoes that are used to protect the foot when at the beach, in the shower, or during any type of exercise that requires the use of protection of the foot without actually wearing shoes. 

The customer reviews were very mediocre. The customers liked the fact that the shoes fit true to size, but the complaints were never ending. The problem arises from the fact that the shoes rip within the first 30 minutes and are not durable at all. They like that the price is not too high and that the fit true to size, though. 

The design changes that I would make to the product would be to engineer a polymer-based solution that sprays on and off as opposed to the stretchy material that rips super easily. 

I think that this product would make a good addition to my current product because it gives an alternative to people who want a shoe that is physical and that their whole foot goes into. 

My Unfair Advantage

1. Persistence - This resource is valuable because not many people have the durability to stick out challenges and bounce back from defeats. This is also why it is rare, due to the fact that when people go through a crisis they tend to get discouraged. The successful people do not let challenges describe who they are, but rather define who they are themselves. This is also what makes persistence hard to teach, and therefore inimitable and non-substitutable.
2. Uniqueness - There are not many people I have talked to that share the same idea that I have about my product, CleanLine. I believe that it is rare and valuable to have an idea that no other people have come up with. Even after research, it is clear that I am the only person who has the idea that I have. This is also what makes this idea inimitable and non-substitutable. You could argue that this product can be a substitute, but I believe it is a remarkable first option to shower shoes.
3. Networking - I think that I have the ability to network well with others, especially after learning from the assignment, “growing your social capital.” It is valuable and rare that a college student can successfully network with younger students, older students, and also alumni. This is a skill that is hard to imitate and it is difficult to substitute due to the fact that it is so unique.
4. Creativity - The ability to think outside of the box is something that is extremely valuable to any venture. A unique product requires rare creativity and a vision that nobody else has. Not a single individual has imitated my idea and there is no substitute, since the idea requires a proprietary blend formula.
5. Productivity - I do not like to wait until the last minute to get things done, nor do I complete assignments in this class or in other classes with half-effort. It is worth my time to do, then it is worth my full attention and productive efforts. I think this is a valuable resource that not many other students possess because I am able to see in the future and see how this will eventually pay off in the upcoming days. This is skill that is hard to develop, you either have it or you don’t. I like to think of productivity as an inner-drive that does not stop for anything. 
6. Not procrastinating - As stated in the previous human capital, I hate waiting until the last minute because I want my projects to be as best as possible and to have my full attention, which requires me to not wait until the last minute. This is valuable because it correlates to a more successful business and a means of getting work done. Procrastination is so common among my peers, it seems as though the idea of it is inimitable and non-substitutional. 
7. Proprietary - The product that I am wanting to produce is proprietary and is like no other. It is uncommon in our day and age to come up with a product that has already not been produced. It seems to be that most products are knockoffs of already made products that are on the market. This adds value to our company and is rare to find in a college student’s idea. 
8. Values - Values are the backbone of my existence and I believe that having a strong core is vital to my business. There are so many fraudulent companies and corrupt firms, where it is rare to find a truly moral company. This is what I aim to do. It may be imitable, but having a moral conscience is a value that can not be easily substituted for or imitated. 
9. Family backing - Having the greatest family ever at my side and who is always there for me in my ventures is an irreplaceable necessity to my business. It is such a unique circumstance that all of my family is so close and important to me, which is valuable to my well-being and the success of my potential product. 
10. Relationship - Building undying relationships with those around me is something that I take pride in and is valuable to me. I strive to make my relationships about service and how I can help others first. This is a rare quality that I find that few people have and has shown to pay off in future ventures. Being a genuine person is non-substitutable and always being an honest individual does not go unnoticed and is hard to really imitate. 

I believe that my top resource is my values. All of the other nine resources fall under the umbrella of values and morals. It is the all-encompassing factor that drives what I do on a daily basis. I feel that all of the factors point toward my values, which I have found to be something rare in the generation that I have grown accustomed to and grown up with all of my life.  

Growing My Social Capital

Domain Expert

1) Who they are and what their background is. I contacted David Smith through Facebook because I was searching for people who had experience in the same industry that I want to get into. He is very knowledgeable in the space of gym equipment and has worked in the industry for over 15 years. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. I am filling the spot of the domain expert because I am looking for someone who has worked in the gym industry for a while and who has experience dealing with this time of customer and target market. 

3) A description of how you found the person and contacted the person. I found the person through mutual friends and then contacted him through Facebook to see if he would let me ask him about his background and if he had any advice with the product. I sent him the video of my elevator pitch to see if he would consider helping a student for an entrepreneurship class. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? The favor that they did for me was explaining the gym industry and how in our society at the current moment there has been a strong shift toward going to the gym more often and healthy eating, which is why my product would be a great fit if it were engineered properly. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including Mr. Smith in my network will enhance my ability to exploit the opportunity of identifying my target market and potentially overcoming any obstacles that I might face when dealing with a whole new industry. 

Market Expert

1) Who they are and what their background is. I went to Southwest Recreation Center and talked to employees or people that frequent the gym and utilize other fitness centers. I met Logan Braswell who is a student at the University of Florida. He is training to be a personal trainer for Southwest Rec and is extremely knowledgeable about the fitness industry. He knew a lot about the shower aspect of the gym and I talked to him about my potential product. He talked about all different kinds of ways it could be improved and why it would work in his industry. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. I am filling the spot of the domain expert because Logan is passionate about the gym, frequents it often, and has a ton of connections in the fitness center industry.

3) A description of how you found the person and contacted the person. I found the person by going to the gym and talking to employees about who is the most knowledgeable in the field and they recommended I talk to Logan. I contacted him by getting his phone number and meeting up at the rec to discuss my venture. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? He gave me tips on what I should do to perfect the replacement for the “shower shoe” and he talked to some of his friends in the same area who agreed that it would be of interest for them to see turned into an actual product. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including this person in my network will enhance my ability to exploit an opportunity because he has so many connections in the space that I am trying to get into and he knows so much about fitness centers, the target market, and how to develop my product into something that many people will want to use. 

Supplier

1) Who they are and what their background is. The supplier that I found is a guy by the name of Ryan Hudson. He has been working in the meat industry for a few years out of college supplying to grocery stores and other local markets. He is now working on supplying equipment to gyms, which is why I wanted to talk to him. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. The slot I am trying to fill is the spot of supplier. This person fills this spot because they have experience in the supply industry and went to school to learn about the supply chain management of goods and services, which is exactly what I need if I want to license my product and get the word out. 

3) A description of how you found the person and contacted the person. I found this person by talking to my family about this assignment I had to do for entrepreneurship and they knew someone through a friend who then hooked me up with Ryan. I then called him and sold him on my idea and told him all about it, and asked for advice in the supply side of my product and to see potential issues.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? Ryan helped me out tremendously in realizing the difficulty in getting a product from conception to the shelf. It takes a lot of time, effort, energy, and hours working to relentlessly meet your goal. He told me that if I needed more help down the line to contact him as a mentor. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including this person in my network will enhance my ability to exploit an opportunity that arises from knowledge of the supply-side of a business. There is a lot of thinking that goes in getting a product from the business into consumer’s hands. 

Reflect

This experience will shape how I participate in future networking events by allowing me the confidence to talk to people that are older than me, people I have never met before, and not feeling intimidated. This experience has differed from my previous networking experiences because this one has been something that was not already organized. Most of the networking events that happen in college are organized, planned, and connect two people together fairly easily. This networking requires work and is something that is ultimately, more rewarding. 

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was the part of knowing when to walk away. If your customers are not making you money and the relationship is not going well, then it is totally justified to walk away. 

2) Identify at least one part of the reading that was confusing to you. 

The few parts of the reading that were somewhat confusing were the parts about the balance sheet. The accounts receivables and the allowance for uncollectible accounts were confusing, but after researching more it is more understandable.

3) If you were able to ask two questions to the author, what would you ask? Why?

 If I were able to ask two questions to the author they would be: how does a business know when receivables are not collectible and how do you differentiate between liables? I would ask these two questions because they were the parts of the reading that stood out to me and I would want to know more. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I did not find anything that the author was wrong about. He seems knowledgeable in the subject and it is fascinating listening to him talk all about the assets of a company and their balance sheets. 

Elevator Pitch No. 3 CLEANLINE

1) The pitch. Same as last time, 1-minute long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly.

I was very surprised that I received overwhelmingly positive feedback. The one criticism I did have, though, was the fact that getting this blend approved by the FDA for potential hazards that could arise in the showering areas. It would be expensive, but it is something that we are currently working on and is a goal of ours to get better and cut the costs down. Also, there was criticism about having to mass produce this product. And to my disagreement with the person, I believe that this product would be extremely cost-effective and we could have great margins and would make a killing with maybe outsourcing.

3) What did you change, based on the feedback? 

I did not change a whole lot based on the feedback. I received feedback that my cadence was smooth and that I was passionate about the product so I tried to emulate what I did in the first two elevator pitches and to keep the enthusiasm at a high level. I talked more about the logistics of getting the substance ran through multiple tests to evaluate cleanliness which would indeed cost a lot more money than expected. But overall, I think that the third elevator pitch was the most sound of the three.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. Drive - this is something that sets me apart from many people in that I work relentlessly toward my goal until it is completed.

2. Morals - I have a strong sense of moral compass that I live by on a daily basis that sets me apart from many of my peers.

3. Kindness - I like to think that I am kind to others and do not accept anything in return for doing others favors. I like to serve others as it makes me see the world in a different perspective. 

4. Humor - being funny is something that many people find joy in and to make others laugh is priceless.

5. Time management - being able to not procrastinate, especially in a class like this, is something that makes me different than most people who wait until the last minute.

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? I see myself as someone who is loyal to my family, friends, God, and myself. I try my best to please others, but sometimes it is in my best interest to not let others dictate how my feelings are. I think that the interviews were correct about myself because many people noticed my work ethic and sense of convictions which are principle to my being. I would not make any corrections to the list because I think that it accurately describes what sets me apart from others and what makes me truly unique.

Will talked about my sense of purpose and drive, which is one of the facets that I believe makes me different. Being filled with tenacity and dedication to school is what I strive to do.

Alex talked about my dedication to my morals, values, and faith. This is something that I hold very dear to my heart and keeps me ethical in my relationships.

Austin also talked about my drive in school and my goal-setting platform that I like to live by. The first step to achieving a goal is to set it and write it down.

Andrea talked about my sense of humor and ability to make others laugh. She also talked about me staying true to who I am as a person through my faith and unfailing values.

Allie talked about me being different from others in being able to recognize trends and see business patterns. This correlates to working hard in school and never ceasing to give up on a dream.