1. After coming up with this idea and creating this company, I definitely do not intend to sell it. I intend to finish up my time with creating and further developing my business and then retiring! Upon my retirement, I would pass my business on to someone that I really trust.
2. I chose this exit strategy because I think it is important that I stay with this business and continue to work on it rather than sell it. It was my creation and I do not want anyone else to be in charge of it or mess it up.
3. I think my exit strategy has influenced the way that I run my business. I am doing it in the most efficient and effective way. I will experiment with new ideas and new markets even if I fail at that. This is because I am not trying to make the business look valuable or attractive to a potential buyer because I am not selling it ever. So this does influence my thoughts of growth and resources because I am looking at things for the long haul rather than the short quick turn around and sell. I am going to continue to work and develop it because I know that in the end, I will be the one running it.
Friday, July 27, 2018
27A – Reading Reflection No. 3
The Wright Brothers, David McCullough
1. a. What surprised me the most of the Wright brothers' is their ability to create a product from nothing. Today, many inventions are based on something that has already been created, we are just making it better, but they basically invented something everyone thought was in possible.
b. I admired their innovation and just pure brain power to create the first ever airplanes. It would be the equivalent of creating a flying car today.
c. I'm not sure I least admire anything that they have done. The only thing would be that maybe they could've done more with their company then they did.
d. Many times, the Wright Brothers encountered failure because they were trying to make something that many felt were impossible. They faced adversity, not only through their invention mechanisms but also with others around them.
2. The entrepreneurs exhibited great skills in innovation and creativity. They also had keen engineering skills to be able to create such a machine. Their intelligence and innovation were ahead of their time. The fact that they had this idea is one thing, but then the ability to go out and make it a reality is amazing.
3. It wasn't really confusing especially because we all learned about the Wright brothers in our childhood, so I was able to understand everything that the author was talking about. The mechanisms of the plane are always confusing but that would be the only thing.
4. I would ask: 1. Did you think you would be able to accomplish as much as you did when you had the idea? 2. Where did you develop the motivation to go and make your idea a reality?
5. I think the entrepreneurs' opinion of hard work was something that was necessary for the success of themselves. They probably believe that hard work was essential to their success and was not an optional thing. With as much success as they had, I'm sure they mostly enjoyed working on this invention even though it was obviously hard work.
1. a. What surprised me the most of the Wright brothers' is their ability to create a product from nothing. Today, many inventions are based on something that has already been created, we are just making it better, but they basically invented something everyone thought was in possible.
b. I admired their innovation and just pure brain power to create the first ever airplanes. It would be the equivalent of creating a flying car today.
c. I'm not sure I least admire anything that they have done. The only thing would be that maybe they could've done more with their company then they did.
d. Many times, the Wright Brothers encountered failure because they were trying to make something that many felt were impossible. They faced adversity, not only through their invention mechanisms but also with others around them.
2. The entrepreneurs exhibited great skills in innovation and creativity. They also had keen engineering skills to be able to create such a machine. Their intelligence and innovation were ahead of their time. The fact that they had this idea is one thing, but then the ability to go out and make it a reality is amazing.
3. It wasn't really confusing especially because we all learned about the Wright brothers in our childhood, so I was able to understand everything that the author was talking about. The mechanisms of the plane are always confusing but that would be the only thing.
4. I would ask: 1. Did you think you would be able to accomplish as much as you did when you had the idea? 2. Where did you develop the motivation to go and make your idea a reality?
5. I think the entrepreneurs' opinion of hard work was something that was necessary for the success of themselves. They probably believe that hard work was essential to their success and was not an optional thing. With as much success as they had, I'm sure they mostly enjoyed working on this invention even though it was obviously hard work.
26A – Celebrating Failure
1. Thinking back at this semester, I haven't had too many failures. One could be that I haven't successfully created my product yet, but that doesn't count. I failed many times attempting to do my elevator pitches. It would always take me several pitches until I was able to get it right. I always stumbled over my thoughts in my head and say something out of order, or leave something out.
2. I learned how to properly plan a speech out without having a notecard or something to tell me what to say. I also learned how to present an elevator pitch in a calm and organized way so I don't get frustrated and I say everything I want to say.
3. I think that failure is similar, if not the same thing, as losing- and in that regard, I think about a quote that I read from Nelson Mandela It states that "You either win, or you learn", and that is essentially what failing is. When we fail, we just eliminate a way of doing something or find a way that something doesn't work. This works to help us find the solution. I think that this class has shown me that failure is inevitable, but it will ultimately be necessary for you to complete the task or goal at hand. I am definitely more likely to take a risk now with a business idea, or a way of doing something, then I was a few months ago.
2. I learned how to properly plan a speech out without having a notecard or something to tell me what to say. I also learned how to present an elevator pitch in a calm and organized way so I don't get frustrated and I say everything I want to say.
3. I think that failure is similar, if not the same thing, as losing- and in that regard, I think about a quote that I read from Nelson Mandela It states that "You either win, or you learn", and that is essentially what failing is. When we fail, we just eliminate a way of doing something or find a way that something doesn't work. This works to help us find the solution. I think that this class has shown me that failure is inevitable, but it will ultimately be necessary for you to complete the task or goal at hand. I am definitely more likely to take a risk now with a business idea, or a way of doing something, then I was a few months ago.
Friday, July 20, 2018
24A – Venture Concept No. 1
Venture Concept 1
Throughout this class, I have developed an idea that I believe could not only contribute to society and fix a problem that people all over the world are having, but also create a solid business for myself. With my idea involving a more effective alarm clock, I think that the opportunity and innovation are there for this product to succeed.
This opportunity arose when I realize the need for people to have a factor alarm clocks in order to help them wake up in the morning. Many people struggle with every day whether that is the factor of a malfunctioning alarm clock or if they are in too deep of a sleep with their current alarm clock cannot wake them up. This product address is this need first hand as we bring in motion to the sound of an ordinary alarm clock. I have tested this hypothesis with many interviews that I have gone through, many people have told me that they have slept through their alarm clocks and I’ll continue to look for an alternative. Many people of told me that they have looked all over the Internet for something that could help them wake up whether that would’ve been medicine or even a more effective alarm clock and there are no real proper products out there. This product addresses that problem as well, this product uses the mattress pad as a mechanism to help wake you up in the morning using motion. The sound of a normal alarm clock would continue to be utilized with this product however, motion would be the most unique factor of this product. The market and demographic area that I would be targeting with this product would primarily be younger generation and younger age group, somewhere in the range of 16 to 40 years old. These are the folks who are either in high school or college or joining the workforce for the first time. Some of these people have erratic office meetings erotic off, erotic office hours, or even early morning appointments that they are not used to. As far as students go, there are many reasons why they would benefit from this product. Not only as high schoolers having to wake up so early in the morning, but also in college due to the fact that frequently students have early morning exams that they have to make and if they failed to make those exams and I could be the difference in a passing grade in their class. Sometimes alarm clocks don’t work, and this has been the experience of the folks who I have interviewed along with my own personal experience. I believe that this opportunity is very big and can be exploited for the first time with my product. I think the window of opportunity for this product will continue to remain open until something changes that something close the window, and I plan for that to be my product. I feel that consumers would not necessarily switch to this product, but they would by end of this product because there’s nothing like it on the market. There would be no necessary switch it would just be a new product to help them fill and fix a problem that has been on fixable to this point with the current products out there. The competitors in this market are all the other alarm clock makers who are working to find innovative way to wake people up, to find a way to wake people up that has not been exploited before, and so the competition in this market is vast, I believe that this product has the potential to compete hand-in-hand with these competitors. The roll of packaging in price points does play into this product however the biggest thing in this particular product would be the uniqueness of it obviously I would need pricing to be an affordable cost somewhere around below $100 because I am targeting a group that is not necessarily wealthy it is a younger age group therefore they do not possess the financial stability of those in the higher age group the employees of this company would be a large amount due to the fact that this product would have to be constantly manufactured on a daily basis. I also believe that the public relations and the marketing aspect in a product like this would be critical to having it succeed. Because I am aware that people are looking for this kind of product but if they are unaware that it is out there, then there would be no success in the business if I cannot exploit the consumers that I know are there.
Altogether, I do believe that there is a significant market for a product such as this one because of the demand for the need to find an alternative to their alarm clocks that do not currently work, but also for those who are looking for an easier way to wake up in the morning.
25A – What’s Next?
Existing Market:
1. I think that off of my original vibrating alarm clock idea, there are many other things that could be next. I could make it into customizable mattress pads, but not only that. I could make it into vibrating pillows and blankets as well, that market could keep expanding.
2. Interview 3 people about the market and ask them what they think is next: Completed
3. Based on my interview with the customers in my market I have gotten some new input on my ideas and how I see this business moving forward. All three of the interviewees said that the product had really good potential to succeed the way it currently is, but then I asked them what else could be done and what else could I do to improve it. One of them said by adding possible comfort features to the bed clock alarm would be beneficial to consumers because then they could use it both as a mattress pad alarm clock but also a mattress pad. Another person suggested that I look into the brain and sleeping patterns more and try to connect my current product to that in some way. The third person who I spoke to said she would like to see it be transformed into a whole bed. So this design would be much bigger than what I originally planned but it may be beneficial to some.
Altogether, the feedback was really interesting and helpful and it provided a closer look at what I could be doing with my business. There were also Ideas thrown at me that I would have never thought about so it was very beneficial.
New Market:
1. The new market that I will identify is the older community that generally does not have trouble waking up in the morning.
2. I might be able to create value for people in that market by promoting the idea that it is more for comfort and not as much as a waking up aide. This would be a hard sell, but if I could promote the idea that this product makes waking up more soothing and relaxing then I would have a winner amongst this market.
3. I interviewed 2 people from this market and I got 2 completely different reactions. One of the older people who I talked to said that he does not see a need for this product. He did warn me that he doesn't like change so he is probably not the best person to comment on it. However, I told him that he is in my target market and it was important that I heard his opinion. He said he probably would not need this product because he wakes up fine every morning and doesn't mind it. The second person that I talked to said that she definitely would give this product a try. She said that she doesn't have a problem waking up in the morning but if this product would make that process a more comfortable one then she would be open to trying it out.
After interviewing these folks it was evident to me that there did seem to be a small market for this product in this drastically different market than the one that I was originally targeting. I think that this market could offer a possibility to do business in and I will not close off any market to my product.
1. I think that off of my original vibrating alarm clock idea, there are many other things that could be next. I could make it into customizable mattress pads, but not only that. I could make it into vibrating pillows and blankets as well, that market could keep expanding.
2. Interview 3 people about the market and ask them what they think is next: Completed
3. Based on my interview with the customers in my market I have gotten some new input on my ideas and how I see this business moving forward. All three of the interviewees said that the product had really good potential to succeed the way it currently is, but then I asked them what else could be done and what else could I do to improve it. One of them said by adding possible comfort features to the bed clock alarm would be beneficial to consumers because then they could use it both as a mattress pad alarm clock but also a mattress pad. Another person suggested that I look into the brain and sleeping patterns more and try to connect my current product to that in some way. The third person who I spoke to said she would like to see it be transformed into a whole bed. So this design would be much bigger than what I originally planned but it may be beneficial to some.
Altogether, the feedback was really interesting and helpful and it provided a closer look at what I could be doing with my business. There were also Ideas thrown at me that I would have never thought about so it was very beneficial.
New Market:
1. The new market that I will identify is the older community that generally does not have trouble waking up in the morning.
2. I might be able to create value for people in that market by promoting the idea that it is more for comfort and not as much as a waking up aide. This would be a hard sell, but if I could promote the idea that this product makes waking up more soothing and relaxing then I would have a winner amongst this market.
3. I interviewed 2 people from this market and I got 2 completely different reactions. One of the older people who I talked to said that he does not see a need for this product. He did warn me that he doesn't like change so he is probably not the best person to comment on it. However, I told him that he is in my target market and it was important that I heard his opinion. He said he probably would not need this product because he wakes up fine every morning and doesn't mind it. The second person that I talked to said that she definitely would give this product a try. She said that she doesn't have a problem waking up in the morning but if this product would make that process a more comfortable one then she would be open to trying it out.
After interviewing these folks it was evident to me that there did seem to be a small market for this product in this drastically different market than the one that I was originally targeting. I think that this market could offer a possibility to do business in and I will not close off any market to my product.
23A – Your Venture’s Unfair Advantage
Resources that I possess and analysis of them:
1. Ability to identify with people
This one is important because it contributes to the idea that I can identify and relate to my potential consumers. This is something that not everyone can do because some people see a need that is only for themselves and not for the masses, but I believe the needs that I come up with are universal ones.
2. Social Capital
Having a good social network is always incredibly important to the success of a business. I believe that I have a strong social core of folks who I can rely on and can help me grow my business endeavors.
3. Innovation/Creativeness
If you're not creative and innovative thinker than it will become very challenging to create new products and businesses. It's all about thinking ahead of the times and into the future, what will be the needs of today and tomorrow, that is how innovation is capitalized.
4. Critical Thinker
Coming up with the product or business idea is one thing, but then taking the next step and developing a plan on how to create and the overall market plan is the important part. For this, you have to be an effective critical thinker, and I believe I am one of the best critical thinkers.
5. Effective Time Manager
Time management is essential to any successful business. This was a skill I have only recently begun to possess. I used to have a lot of great ideas, like many people do, but was not able to develop any of them because I did not have effective time management. However, now I believe that I am an above average time manager.
6. Organizational skills
This goes hand and hand with the critical thinking skills. You can have great ideas and aspirations but if they are all over the place, and your mind is too, then you will never be able to be productive with those thoughts. That is why organization is a unique skill that is key to the success of an idea or business, and I believe my organizational skills are very strong.
7. Communication Skills
Being an effective communicator is an underrated part of having a successful business. Nobody will know what you create or accomplish if you don't get it out there properly and effectively. I am a journalism major so I believe that my communication skills are very solid.
8. Humor skills.
This is another resource that could be used sparsely in the business world but when it is used, it could be the key to being relatable and successful with a fellow business leader or consumers. Keeping the mood light when it is necessary is always a positive.
9. The big picture thought processes-
It is always important to look at things from a broad perspective because that is the ultimate goal. I believe that I harness the ability to look at the big picture of certain product ideas and determine how best to go about creating them,.
10. Confidence
This is a resource that not everyone has and some people have a really hard time possessing it. Sometimes your sheer confidence alone could propel you to the next level in regards to whatever you are doing. I have complete confidence in myself and I believe that one day I will accomplish all that I set out to do.
My top resource is probably my communication skills because I think that the way I choose my words and put them into context may stand above how some people do. I also think that effective communication is critical to a successful business, much more than people think.
1. Ability to identify with people
This one is important because it contributes to the idea that I can identify and relate to my potential consumers. This is something that not everyone can do because some people see a need that is only for themselves and not for the masses, but I believe the needs that I come up with are universal ones.
2. Social Capital
Having a good social network is always incredibly important to the success of a business. I believe that I have a strong social core of folks who I can rely on and can help me grow my business endeavors.
3. Innovation/Creativeness
If you're not creative and innovative thinker than it will become very challenging to create new products and businesses. It's all about thinking ahead of the times and into the future, what will be the needs of today and tomorrow, that is how innovation is capitalized.
4. Critical Thinker
Coming up with the product or business idea is one thing, but then taking the next step and developing a plan on how to create and the overall market plan is the important part. For this, you have to be an effective critical thinker, and I believe I am one of the best critical thinkers.
5. Effective Time Manager
Time management is essential to any successful business. This was a skill I have only recently begun to possess. I used to have a lot of great ideas, like many people do, but was not able to develop any of them because I did not have effective time management. However, now I believe that I am an above average time manager.
6. Organizational skills
This goes hand and hand with the critical thinking skills. You can have great ideas and aspirations but if they are all over the place, and your mind is too, then you will never be able to be productive with those thoughts. That is why organization is a unique skill that is key to the success of an idea or business, and I believe my organizational skills are very strong.
7. Communication Skills
Being an effective communicator is an underrated part of having a successful business. Nobody will know what you create or accomplish if you don't get it out there properly and effectively. I am a journalism major so I believe that my communication skills are very solid.
8. Humor skills.
This is another resource that could be used sparsely in the business world but when it is used, it could be the key to being relatable and successful with a fellow business leader or consumers. Keeping the mood light when it is necessary is always a positive.
9. The big picture thought processes-
It is always important to look at things from a broad perspective because that is the ultimate goal. I believe that I harness the ability to look at the big picture of certain product ideas and determine how best to go about creating them,.
10. Confidence
This is a resource that not everyone has and some people have a really hard time possessing it. Sometimes your sheer confidence alone could propel you to the next level in regards to whatever you are doing. I have complete confidence in myself and I believe that one day I will accomplish all that I set out to do.
My top resource is probably my communication skills because I think that the way I choose my words and put them into context may stand above how some people do. I also think that effective communication is critical to a successful business, much more than people think.
Friday, July 13, 2018
22A – Elevator Pitch No. 3
2. The feedback that I got said that it was important that I listed all of the different people that this could be impacting. This way people and possible consumers can relate to this product.
3. The third time around I cut out some of the unnecessary information that was not as relevant in the short introduction speech about this product. It also doesn't take that many takes for me to get the video correct anymore, I do almost have what I want to say completely memorized.
21A – Reading Reflection No. 2
The book that I chose was: How to Fail at Almost Everything and Still Win Big, Scott Adams
1. The theme of this book was perseverance. A big point is that failure is not necessarily a bad thing and that it can ultimately give you the ingredients to success. Failure can be a learning experience rather than a negative one and ultimately you can still have success.
2. I think the book tied in perfectly with this class and what we are doing here in ENT 3003. This book relates to the fact that we are currently trying to work on our products and business ideas in this class. Some of us may find failure in our ideas because we don't know how to make it or it has already been done, whatever it may be, we can take it as a learning experience and it will give us the tools needed to succeed.
3. My exercise that I would create in relation to this book would have to do with failure. I would probably have the exercise say to list out all of the failures that you have experienced, minor or major. Once you have listed the failures, list what steps you took after those failures, how did the failures influence you and change the way you may go about something. This way we can see how our failures shape our success.
4. The biggest aha moment that I took away was how valuable failures can be. I think that if you have nothing but few successes you may not realize the greatness that you can achieve if you don't go through failure.
1. The theme of this book was perseverance. A big point is that failure is not necessarily a bad thing and that it can ultimately give you the ingredients to success. Failure can be a learning experience rather than a negative one and ultimately you can still have success.
2. I think the book tied in perfectly with this class and what we are doing here in ENT 3003. This book relates to the fact that we are currently trying to work on our products and business ideas in this class. Some of us may find failure in our ideas because we don't know how to make it or it has already been done, whatever it may be, we can take it as a learning experience and it will give us the tools needed to succeed.
3. My exercise that I would create in relation to this book would have to do with failure. I would probably have the exercise say to list out all of the failures that you have experienced, minor or major. Once you have listed the failures, list what steps you took after those failures, how did the failures influence you and change the way you may go about something. This way we can see how our failures shape our success.
4. The biggest aha moment that I took away was how valuable failures can be. I think that if you have nothing but few successes you may not realize the greatness that you can achieve if you don't go through failure.
Friday, July 6, 2018
17 A elevator pitch 2
1. Link: https://www.youtube.com/watch?v=mhmLQB-kkVc
2. The feedback that I got was very positive and very helpful. The feedback said that I did a good job of introducing the problem and providing a proper solution. I also appreciated the feedback of how I listed for ways the problem occurred.
3. I tried to make the consumers with the problem more specific and to include more people with this problem. This way I would appeal to a larger consumer base. I also included more ways that this problem could occur to people.
19A – Idea Napkin No. 2
1. I am Jacob McManamon and I am a junior journalism major, business minor at the University of Florida. I believe that my major has increased the efficiency in my ability to communicate effectively, along with increasing my creative outlook on the world. I have aspirations of being successful in what I set out to do, and once I determine exactly what that is, I hope to excel at it. I think that if I were to start this business, it would play a large role in my life. I have always wanted to start a business and believe that I have some good ideas so this business would play an important role in my life.
2. I am offering an alternative to the prototypical alarm clock, it is called MattressRise, it helps users wake up. This way consumers having a helping hand (literally) in waking up on time for school or work. This product solves the need for an alarm clock malfunction or not being able to wake up just with sound. This product wakes the user up with sound and motion and doesn't stop until the user wakes up and gets up from the bed. This solves the problem that many users face with normal alarm clocks that are not reliable for deep sleepers or sleepers who struggle to wake up.
3. The demographic that I am appealing to is the age group of 18-50. Younger people who are in school or work and have to wake up for early morning obligations. These people tend to be in deeper sleep due to the fact that they have late-night social activities or just don't go to sleep as early as older people. My customers all have a tough time waking up in the morning for one reason or another, such as deep sleep problems or not having effective alarm clocks, or hitting snooze too often.
4. Customers care because they are missing important aspects of their life because their alarm clocks do not do the job of waking them up. Many people look for alternatives or stronger alarm clocks but there is not a strong product out there that uses motion like this one. Throughout my many interviews of potential consumers for this product, many people said they would spend the money to buy this product if it helps them wake up better.
5. This product is set apart from the rest of ordinary alarm clocks because it is something that impacts your entire body and won't stop until you stand up out of bed. This product uses motion and sound to wake the user up, something that no other alarm clock does.
I believe that these elements fit together properly and in a way that is supportive of a solid business idea. I think that many of the people in this segment of the younger generation has this issue, especially with electronics keeping more of us up at night. I also think that this idea is one that everyone who I talked to was really interested in trying out and maybe something that is much more effective to many people than just ordinary alarm clocks. I think the weakest part of this idea is how many people out there will actually want this product, versus the number of people who will just try and fix their sleep schedule with time to create an internal alarm clock.
Memo: 2 elements that I addressed here were narrowing down the exact age demographic, and distinguishing this product from other normal alarm clocks. I incorporated these elements by narrowing down an exact age and type of people that would find this product most effective. I also provided a clear explanation as to why this product is unique and different from other alarm clocks.
2. I am offering an alternative to the prototypical alarm clock, it is called MattressRise, it helps users wake up. This way consumers having a helping hand (literally) in waking up on time for school or work. This product solves the need for an alarm clock malfunction or not being able to wake up just with sound. This product wakes the user up with sound and motion and doesn't stop until the user wakes up and gets up from the bed. This solves the problem that many users face with normal alarm clocks that are not reliable for deep sleepers or sleepers who struggle to wake up.
3. The demographic that I am appealing to is the age group of 18-50. Younger people who are in school or work and have to wake up for early morning obligations. These people tend to be in deeper sleep due to the fact that they have late-night social activities or just don't go to sleep as early as older people. My customers all have a tough time waking up in the morning for one reason or another, such as deep sleep problems or not having effective alarm clocks, or hitting snooze too often.
4. Customers care because they are missing important aspects of their life because their alarm clocks do not do the job of waking them up. Many people look for alternatives or stronger alarm clocks but there is not a strong product out there that uses motion like this one. Throughout my many interviews of potential consumers for this product, many people said they would spend the money to buy this product if it helps them wake up better.
5. This product is set apart from the rest of ordinary alarm clocks because it is something that impacts your entire body and won't stop until you stand up out of bed. This product uses motion and sound to wake the user up, something that no other alarm clock does.
I believe that these elements fit together properly and in a way that is supportive of a solid business idea. I think that many of the people in this segment of the younger generation has this issue, especially with electronics keeping more of us up at night. I also think that this idea is one that everyone who I talked to was really interested in trying out and maybe something that is much more effective to many people than just ordinary alarm clocks. I think the weakest part of this idea is how many people out there will actually want this product, versus the number of people who will just try and fix their sleep schedule with time to create an internal alarm clock.
Memo: 2 elements that I addressed here were narrowing down the exact age demographic, and distinguishing this product from other normal alarm clocks. I incorporated these elements by narrowing down an exact age and type of people that would find this product most effective. I also provided a clear explanation as to why this product is unique and different from other alarm clocks.
18A – Create a Customer Avatar
My customer avatar is a man or women in the age range of 16-50 who have jobs or are in school and have obligations with these activities that are early in the morning. My customer is probably more of a night owl, they like to go out at night after class or work to take the stress off of the day. They don't usually get home until later so they have a harder time to wake up in the morning. They drive an average car and have an average to above average social life. They care about their jobs or classes a lot but still like to have a good time with their friends. The older range of my customers may not have kids, and if they do they probably have developed an internal alarm clock to wake themselves up. They are into Netflix and probably enjoy binge watching shows deep into the night hours. Drama shows and comedies are their favorites and they don't particularly like sci-fi films. They are realists who want to be productive and contribute to society, they just need a helping hand waking up because they are so productive during the day and into the night. I think that I have a lot in common with my avatar and we experience the same problems and have similar life experiences. I think this is not a coincidence because I came up with this product due to the reason that I had trouble waking up to just my alarm clock in the morning, and many people similar to me do as well.
Google Images.
Google Images.
Friday, June 22, 2018
15A – Figuring Out Buyer Behavior No. 2
For this exercise, I continued my interviews in the segment that ranges from buyers between the ages of 18-25. This time, as the directions stated, I focused on how they determine what product they want to buy and what kinds of things they look for. When I asked two college students who were in their sophomore and junior years about this, their answers differed slightly. One of the students said that price does matter to him and although he wants a quality product, he is on a budget so the price can make a big difference. The other student said that he looks for the best product no matter what the price is. He said when it comes down to it when he's looking to shop for a product to fulfill a need he has, then the goal is to fulfill that need, not to save money. They both said that the medium at which they shop in doesn't necessarily matter, but they both said they prefer online shopping because it's easier than going in the stores. One of the students said that when he gets the product and it achieves the need or reason that he bought the product than it was a successful buy for him. The other student agrees but also assesses his idea of whether it was a good purchase on whether or not he got a good deal on the item. I also interviewed someone who has already graduated from college and has begun her career in the workforce. She says that when she is looking for a product like this one or any product, the first thing she looks at is price and the quality is second. She said she will sacrifice some money for quality but doesn't want to break the bank doing so. She said that if she has tried a lot of alternatives and still doesn't have a solution to her problem then she will look for the product that has the best quality and is almost guaranteed to work, which is normally the most expensive one. She said that she views the purchase as a good purchase if the product works and she is satisfied with what she got for the amount of money that she spent. Obviously, if she thinks the opposite, then it was a bad purchase. All of my interviewees said they pay with cash or their debit cards depending on how high the price is.
Throughout these interviews, I was pretty interested as to what everyone looked for and prioritized when they look to purchase a product. I think this segment displayed fairly normal alternative evaluation, I think that weighing options is always a good thing and that is what they appear to be doing. The purchase -decision and post-purchase evaluation is also something that I was not too surprised a lot. However, it did show me that this segment was willing to spend more on a product if it meant the need was fulfilled or the quality was better.
Throughout these interviews, I was pretty interested as to what everyone looked for and prioritized when they look to purchase a product. I think this segment displayed fairly normal alternative evaluation, I think that weighing options is always a good thing and that is what they appear to be doing. The purchase -decision and post-purchase evaluation is also something that I was not too surprised a lot. However, it did show me that this segment was willing to spend more on a product if it meant the need was fulfilled or the quality was better.
14A – Halfway Reflection
1. I have developed better time-management skills to keep up with all of the assignments in this course. I think that I have also developed more creativity and open-mindedness when looking at products or possible business opportunities
2. During one of the assignments for interviewing people, I wanted to give up and not to that assignment because it was hard to find specific people that fit the criteria I was looking for in my interviews. However, I decided not to give up and kept pushing through. I feel like I have developed a tenacious attitude over the past few months because I feel like I been more determined to finish my research on the opportunities for my product and determined to try and make it work. I think that trying to go through with this product and look at all of the aspects of it and who would/wouldn't buy it has helped contribute to this attitude.
3. a. Don't ever give up on seeing a product through that you think has a chance to work.
b. Look at everything as a step-by-step process, not all at once because then it becomes overwhelming.
c. Picture yourself as the CEO of the company that is making your product and do everything you can to see how you would make it work, this develops the tenacious mindset.
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2. During one of the assignments for interviewing people, I wanted to give up and not to that assignment because it was hard to find specific people that fit the criteria I was looking for in my interviews. However, I decided not to give up and kept pushing through. I feel like I have developed a tenacious attitude over the past few months because I feel like I been more determined to finish my research on the opportunities for my product and determined to try and make it work. I think that trying to go through with this product and look at all of the aspects of it and who would/wouldn't buy it has helped contribute to this attitude.
3. a. Don't ever give up on seeing a product through that you think has a chance to work.
b. Look at everything as a step-by-step process, not all at once because then it becomes overwhelming.
c. Picture yourself as the CEO of the company that is making your product and do everything you can to see how you would make it work, this develops the tenacious mindset.
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Friday, June 15, 2018
13A – Reading Reflection No. 1
Steve Jobs by Walter Isaacson
1. a. What surprised me the most was the sheer creativeness that Jobs used in being able to create the first Apple computer.
b. I most admire Jobs' large-scale thinking in taking a product that he and his friends created and making into more than just a computer, but an empire.
c. The thing that I least admire was probably the fact that at one point he resigned from Apple. I think that as a company that he created with his own two hands, he should not have been so quick to leave it and should've fought harder to stay with the company.
d. All entrepreneurs experience adversity of failure at one time or another and Jobs was no exception. He faced huge adversity when the board wanted to remove Jobs from the Macintosh Group. I think that this was huge adversity as this was being pushed out by his very own company.
2. The things that Jobs did well was nothing short of amazing. I think that his creativeness was one of the biggest things that I noticed. I also think that he was a really great businessman because many people can develop products but not run a business effectively, Jobs was able to do both and that was a huge competency in my mind.
3. It was confusing as to why his company tried to make him leave in the 1980's after his company became a huge success. I have heard this happening before with other executives but it was still confusing to me as to why they would think that was a good idea.
4. I would ask, 1. What gave you the idea to start creating something that had never been thought of before? 2. What enabled you to see this unmet need by the public that they seemingly didn't even know that they had.
5. I think that his opinion of hard work was that it would be lead to money and success in the end. I think that is a good opinion to have and would like to share that opinion.
1. a. What surprised me the most was the sheer creativeness that Jobs used in being able to create the first Apple computer.
b. I most admire Jobs' large-scale thinking in taking a product that he and his friends created and making into more than just a computer, but an empire.
c. The thing that I least admire was probably the fact that at one point he resigned from Apple. I think that as a company that he created with his own two hands, he should not have been so quick to leave it and should've fought harder to stay with the company.
d. All entrepreneurs experience adversity of failure at one time or another and Jobs was no exception. He faced huge adversity when the board wanted to remove Jobs from the Macintosh Group. I think that this was huge adversity as this was being pushed out by his very own company.
2. The things that Jobs did well was nothing short of amazing. I think that his creativeness was one of the biggest things that I noticed. I also think that he was a really great businessman because many people can develop products but not run a business effectively, Jobs was able to do both and that was a huge competency in my mind.
3. It was confusing as to why his company tried to make him leave in the 1980's after his company became a huge success. I have heard this happening before with other executives but it was still confusing to me as to why they would think that was a good idea.
4. I would ask, 1. What gave you the idea to start creating something that had never been thought of before? 2. What enabled you to see this unmet need by the public that they seemingly didn't even know that they had.
5. I think that his opinion of hard work was that it would be lead to money and success in the end. I think that is a good opinion to have and would like to share that opinion.
12A- Figuring Out Buyer Behavior No. 1
The segment that I am picking is those in the age group of 17-25 who are struggling to adjust to new schedules or new points in their lives.
What I found in my interviews: I interviewed those who were in this segment of their lives. Most of the people within this age group are either developing to a new school, new job, or both. These changes normally come with a change in schedule, and for that, normally a new time to wake up in the morning. The first person that I interviewed just started grad school at UF. She said that over the course of her college career she was able to pick her classes to be later in the day so that way she would avoid the struggle of having to wake up in the morning. However, now that she is in grad school she is finding that she doesn't have as much flexibility with her scheduling and has to start waking up early for some classes. She said that she has always struggled with waking up on time because when she sets her alarm it goes off, but then she just keeps hitting snooze. I asked her about an idea like my product that has vibrations and wouldn't stop trying to wake up you up until you got up out of bed. She said she would probably hate that in the morning and not being able to stop the alarm system without getting up, but she said it would be very effective on her. She said she would probably invest in it to see if it would help her wake up better, even if there is no snooze option, since, that is the cause of all of her problems in the first place. I also interviewed someone who just got a job at Starbucks. He said that the shifts can be incredibly early in the morning and he has never had to wake up that early before. He said that he has already slept through his alarm clock a couple of times just in the short time he has had the job. He thinks that a product like mine would be an ideal situation for someone like him who probably would never get out of bed unless the alarm mechanism absolutely made him. He believes that the vibrations paired with the sensor would be really useful in helping him wake up in the morning. The third person I interviewed just started undergrad in college and said that she is used to waking up early for high school, but that doesn' mean she doesn't struggle to do so. She thinks that without her parents with her at college to help make sure she gets up for school on time, that she will not have the proper motivation to wake up for classes in the morning. She said the vibration mechanism may be the perfect kick-start that she would need because it would basically shake her to wake up and wouldn't stop until she did similar to what her mom did. She also said that this product would also be useful because the vibrations and motion wouldn't necessarily disturb her roommate since it is only going to be shaking her bed so it would be useful in a dorm. When I talked to all three of these people about what they did when this problem was presented to them, they all had very similar answers.
All 3 of them told me that they have told other people to call them and wake them up before. Which of course comes with a fault, because if that person forgets to wake you up or doesn't wake up themselves, then that option is gone. One of them told me that she has used multiple alarms before and sometimes that works but it is a lot of trouble to have to set more than one alarm before bed. The guy who just got the job says that he has tried to go to sleep earlier but it's just too early and to large of a schedule adjustment to make and he has been unable to solve the problem. They said that they have all googled for better alarm clocks, the grad student even googled tactics to wake up in the morning, but nothing like this product had ever come up and if it had they all would've at very least considered it.
I think that this segment is clearly in need of this product, as I had predicted, and is probably the leading segment to need this product. I think that this segment's awareness of the problem is very real and known to most of them and if the product was used by people in this segment, I think that it could become very popular very quickly. This segment would probably be my target group to focus because I believe their need awareness is high and it would be easy to spread the information of this product quickly and effectively throughout this segment.
What I found in my interviews: I interviewed those who were in this segment of their lives. Most of the people within this age group are either developing to a new school, new job, or both. These changes normally come with a change in schedule, and for that, normally a new time to wake up in the morning. The first person that I interviewed just started grad school at UF. She said that over the course of her college career she was able to pick her classes to be later in the day so that way she would avoid the struggle of having to wake up in the morning. However, now that she is in grad school she is finding that she doesn't have as much flexibility with her scheduling and has to start waking up early for some classes. She said that she has always struggled with waking up on time because when she sets her alarm it goes off, but then she just keeps hitting snooze. I asked her about an idea like my product that has vibrations and wouldn't stop trying to wake up you up until you got up out of bed. She said she would probably hate that in the morning and not being able to stop the alarm system without getting up, but she said it would be very effective on her. She said she would probably invest in it to see if it would help her wake up better, even if there is no snooze option, since, that is the cause of all of her problems in the first place. I also interviewed someone who just got a job at Starbucks. He said that the shifts can be incredibly early in the morning and he has never had to wake up that early before. He said that he has already slept through his alarm clock a couple of times just in the short time he has had the job. He thinks that a product like mine would be an ideal situation for someone like him who probably would never get out of bed unless the alarm mechanism absolutely made him. He believes that the vibrations paired with the sensor would be really useful in helping him wake up in the morning. The third person I interviewed just started undergrad in college and said that she is used to waking up early for high school, but that doesn' mean she doesn't struggle to do so. She thinks that without her parents with her at college to help make sure she gets up for school on time, that she will not have the proper motivation to wake up for classes in the morning. She said the vibration mechanism may be the perfect kick-start that she would need because it would basically shake her to wake up and wouldn't stop until she did similar to what her mom did. She also said that this product would also be useful because the vibrations and motion wouldn't necessarily disturb her roommate since it is only going to be shaking her bed so it would be useful in a dorm. When I talked to all three of these people about what they did when this problem was presented to them, they all had very similar answers.
All 3 of them told me that they have told other people to call them and wake them up before. Which of course comes with a fault, because if that person forgets to wake you up or doesn't wake up themselves, then that option is gone. One of them told me that she has used multiple alarms before and sometimes that works but it is a lot of trouble to have to set more than one alarm before bed. The guy who just got the job says that he has tried to go to sleep earlier but it's just too early and to large of a schedule adjustment to make and he has been unable to solve the problem. They said that they have all googled for better alarm clocks, the grad student even googled tactics to wake up in the morning, but nothing like this product had ever come up and if it had they all would've at very least considered it.
I think that this segment is clearly in need of this product, as I had predicted, and is probably the leading segment to need this product. I think that this segment's awareness of the problem is very real and known to most of them and if the product was used by people in this segment, I think that it could become very popular very quickly. This segment would probably be my target group to focus because I believe their need awareness is high and it would be easy to spread the information of this product quickly and effectively throughout this segment.
11A- Idea Napkin 1
1. I am a third-year journalism major and business minor at the University of Florida, one of my professional talents is being able to communicate effectively, along with building strong relationships and connections. My aspirations for this business idea that I have come up with are very high. I truly believe that this is a product that many people will have in the future, this could turn into the normal thing people use to wake up. As far as my life, I believe that I would use my product in my life too, and I think that this business idea could be successful and could lead to other business ideas as well.
2. The product I am offering to customers is a new way of waking up in the morning. This new way will help people wake up more effectively. Ordinary alarm clocks will soon be in the past and my product will be at the mainstay to wake people up. This product sits on the mattress and uses vibrations along with the alarm noise to help wake people up, and will not stop until you get up.
3. The people who will find this product most useful will be those in the younger demographic who do not have as much experience waking up early. This can be utilized for kids of all ages going to school or college. This could also be used for younger adults who are going into or are already in the workforce. This will help them wake up on time for work. This can also be used by folks who have trouble waking up erratically early to make an appointment or anything like that. These customers will all have trouble waking up due to a deep sleep or just somewhat laziness, this will help give them the boost they need.
4. The customers will care because they need this product to effectively wake up on time. Many possible customers who I have interviewed have said they this is something they need and there is nothing like it on the market. They need an extra jolt to wake them up in the morning or else they can not be productive with their lives.
5. The fact that this wake-up mechanism utilizes the motion aspect rather than just the sound aspect is something that sets this product apart from the others. This product not only uses motion which is unique, but it also uses a sensor to make sure the user gets out of bed, unlike most products which have a snooze button, which normally leads to being late to whatever the function is.
I believe that all of these elements to fit together and form a great problem/solution situation with this product. There is a clear need, in the world of waking up early, for a better more effective product to the typical alarm clock that has gone unchanged for decades. This product is not only newer and innovative but will also be more comfortable and easier to use. This business plan will be successful because there is a clear problem and opportunity, and I believe this product meets that oppurtunity's needs.
2. The product I am offering to customers is a new way of waking up in the morning. This new way will help people wake up more effectively. Ordinary alarm clocks will soon be in the past and my product will be at the mainstay to wake people up. This product sits on the mattress and uses vibrations along with the alarm noise to help wake people up, and will not stop until you get up.
3. The people who will find this product most useful will be those in the younger demographic who do not have as much experience waking up early. This can be utilized for kids of all ages going to school or college. This could also be used for younger adults who are going into or are already in the workforce. This will help them wake up on time for work. This can also be used by folks who have trouble waking up erratically early to make an appointment or anything like that. These customers will all have trouble waking up due to a deep sleep or just somewhat laziness, this will help give them the boost they need.
4. The customers will care because they need this product to effectively wake up on time. Many possible customers who I have interviewed have said they this is something they need and there is nothing like it on the market. They need an extra jolt to wake them up in the morning or else they can not be productive with their lives.
5. The fact that this wake-up mechanism utilizes the motion aspect rather than just the sound aspect is something that sets this product apart from the others. This product not only uses motion which is unique, but it also uses a sensor to make sure the user gets out of bed, unlike most products which have a snooze button, which normally leads to being late to whatever the function is.
I believe that all of these elements to fit together and form a great problem/solution situation with this product. There is a clear need, in the world of waking up early, for a better more effective product to the typical alarm clock that has gone unchanged for decades. This product is not only newer and innovative but will also be more comfortable and easier to use. This business plan will be successful because there is a clear problem and opportunity, and I believe this product meets that oppurtunity's needs.
Friday, June 8, 2018
9A – Testing the Hypothesis, Part 2
1. The interviews: The first person I interviewed is a stay-at-home mom who told me that she wakes up around 7 every morning to walk the dog and start the day. I asked her if she uses an alarm to wake up and she says she does but doesn't always need to rely on it. She said she had slept through her alarm before, rarely albeit, but it had happened. She says that she has trained her internal clock to wake up at around this time just about every morning now because she has to, she didn't have a choice. She said that the product would probably be a good thing for her kids, but she herself would not need it because she wakes up fine already. I interviewed two coworkers who have to report to work every day by 7:30. They both said at first this was hard for them to adjust themselves to doing. One of them said he hadn't needed to be consistently up at that time since high school, and the other said he was just never a morning person. I asked them both how they adjusted to the early wake-up call that they have to deal with. One of them said that it took a lot of time to get used to the change, he said that he had to set multiple alarm clocks to wake himself up and it took him a couple of months to get adjusted and did sleep through alarms in the past. Both of them now say that they are comfortable with getting up at that time and struggle to sleep-in when they don't have to be up at 7:30. They said that the product is good and they may have been able to use it earlier in life but neither one of them would purchase it now. The last two people I interviewed was a retired couple. Obviously, these people were those who may not have this need and I wanted to talk to them and see what they thought about it. The wife told me that she said normally doesn't sleep very late, but that there are also times when she does need to wake up earlier than she normally does, she said the product wouldn't be something she would pursue because she feels that if she has to get up earlier, than the alarm clock is enough. The husband, however, said that the product would indeed be useful to him. He said that sometimes he sets the alarm incorrectly and does still have to wake up early for miscellaneous things. This product is something that seems simple to him and he said he would always wake up with the motion. Now the question becomes, how would we be able to have it for one person and not the other if they are in the same bed. These were my findings with the people who may not have this unmet need and I wasn't all that surprised by the information. I thought it was interesting that one person wanted it and one didn't who sleep in the same bed. I also am aware that many people have built-in internal clocks to wake themselves up early and this product would not really be for them. This would reach the people who are probably younger or who are deep sleepers and have trouble waking up to just sound.
Inside the boundary | Outside the boundary |
| Who is In: People who have trouble with waking up early, people who don't have experience waking up early, people who are deep sleepers and sound alone is not enough to wake them up, people who want to be woken up more effectively | Who is Not: People with an internal clock, People who have experience with waking up early, People who use their alarm clocks just fine, people who don't have to wake up early. |
| What the Need Is: To be assisted in waking up, to be assisted in coming out of a deep sleep, to be assisted in having a reliable alarm clock. | What the Need Is Not: To be assisted to wake up, To use motion to be woken up, To need to wake up early at all. |
| Why the Need Exists: People sleep through their alarms, their alarms are not effective, their alarms are not strong enough, people have to make appointments on time and can't if they are sleeping. | Alternative Explanations: Experience of waking up early, More mature internal clocks, the need of waking up early isn't present. |
8A – Solving The Problem
1. The opportunity that I have identified and formed a hypothesis through the previous assignment is the fact that people regularly sleep through their alarm clocks or the ineffectiveness of modern alarm clocks.
2. The product that I have come up with is something that will be much more effective and useful than the current alarm clocks we use today. This product will combine motion into the wake-up process along with being unable to be turned off until the user is up and out of bed. This will be the MattressRise. This product will be able to effectively enable you to rise up in the morning so you are not late for anything. This product will act as a mattress pad, it will be placed on top of the mattress and will be strapped to it. Then, at night, the user will set the time and vibration level that they want to be woken up to in the morning. Once the morning hits, the product will play an alarm sound along with the vibration of choice to wake the user up, and with a sensor built in, the alarm will not stop until the user is out of bed not laying on the mattress.
2. The product that I have come up with is something that will be much more effective and useful than the current alarm clocks we use today. This product will combine motion into the wake-up process along with being unable to be turned off until the user is up and out of bed. This will be the MattressRise. This product will be able to effectively enable you to rise up in the morning so you are not late for anything. This product will act as a mattress pad, it will be placed on top of the mattress and will be strapped to it. Then, at night, the user will set the time and vibration level that they want to be woken up to in the morning. Once the morning hits, the product will play an alarm sound along with the vibration of choice to wake the user up, and with a sensor built in, the alarm will not stop until the user is out of bed not laying on the mattress.
Friday, June 1, 2018
7A- Testing the Hypothesis
1. Alarm Clock Opportunity
2. Many people struggle every day with waking up on time for school, work, or appointments because their alarm clock is not powerful enough and they sleep through it.
3. Hypothesis: I believe that by making a powerful alarm clock such as an alarm clock mattress, where it creates motion to awaken the sleeper, would provide a solution to this problem. To be clear, the who are those who are impacted by waking up early for school, work, or appointments. The what is the fact that people are typically challenged when they have to wake up early for multiple reasons including their alarm clock is not powerful enough to wake them up. The why for this is because the alarm clock is simply a sound and many people can sleep through sounds, even loud ones. People do not necessarily get woken up by their alarm clocks and they need a solution.
4. The interviews I conducted were wide-ranging. I interviewed 2 people who are in school, 2 people who go to work, and 1 person who had an early-morning appointment. These were my results: When I talked to the people who were in school (college and high school students) they said that they never wake up perfectly and they normally have multiple alarms set on their phones or other devices to ensure that they wake up on time. They said that they have slept through their alarm on several occasions and also know of people who had done the same thing. I then proposed my solution to them. The college student thought it was a great idea especially if the mattress was also comfortable. He said he believed that it would "correct the problem" he has of not waking up on time. The high school student said that she thinks it would be a good idea but also suggested having varying vibrations or movements because if it is the same movements than it acts as more of a soothing thing rather than something trying to wake you up. I then talked to the two people who are in the workforce. One of them told me that he regularly had problems waking up early for his meetings or shifts he had to make. However, because he had this problem early in his life he has worked to correct it and has been able to nearly eliminate this problem through a different sleep schedule and more powerful alarms. The second person I talked to said she still has problems waking up early for work. She said that she is an incredibly deep sleeper and loud noises tend to not wake her up, especially if she is really tired when she goes to bed. She said that she frequently has to have her husband come and wake her up so that she can get to work on time. Both of these working people said they would welcome a new alternative to the traditional alarm clock. When I told them about my idea involving the mattress that moves/vibrates, the woman thought that it would really help her and she thinks that it could solve her problem. The guy said he thinks it’s a good idea but probably wouldn’t buy it because he thinks the alarm clock he now uses normally does the job. When I talked to the women who was making an early hair appointment, she said that she struggled to get up for this appointment but that was just because she went to sleep late the night before. She said that her alarms do normally wake her up, but she worries that they sometimes do not go off. She said she gets nervous when she has to wake up early because her alarm clocks don’t always go off. When I told her about my solution she said it sounds like a great idea and she would consider it, but she also would like to have a more reliable traditional alarm clock as well.
5. These interviews that I conducted were very helpful and insightful to the early stages of my opportunity. I believe the market and target consumers are out there for a product like this. Although the older crowd may have waking up early solved, I think that for many people waking up early is still a struggle. For some, simply not having a reliable alarm clock is the problem, but for many it is just not strong enough or they are too much of deep sleepers. Overall I was satisfied with the information that I received from my interviews about this opportunity.
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