Venture Concept No. 1

Opportunity

The potential customers for my product, which is a solar powered battery charging station, are students at the University of Florida who bring their laptops or cell phones to campus and need a place to charge them. My potential customers has the potential to grow to other universities who will implement my product on their campuses. Also, the potential customers are people who value sustainability and look for new ways to live sustainable lives. My product gives them the opportunity to do so. The nature of the need lies in how there are limited areas to charge devices around campus and also in how UF tries to be sustainable wherever possible. Students at the University of Florida are on campus for multiple hours every day of the week, and many of them bring their laptops and cell phones to campus to use for school work and communication. There are limited outlets in the libraries and buildings on campus for students to use to charge their devices, and there are no places outdoors for students to charge them. It would be useful to place solar-powered charging stations in various areas around campus. Implementing solar-powered charging stations into the mix would not only contribute to improving UFs sustainability efforts on campus, but also provide students with places to charge their electronics on the go. Sustainability is a growing industry in that climate change and the fear of depleting our resources is a growing concern in the world. Implementing a product that is useful but also can give people the opportunity to see how easy it is to be more sustainable in their everyday lives may appeal to the market. There are solar-powered charging stations already, but my product would provide students with immediate access to the stations as they will be placed all over campus for usability. This opportunity I would say is not huge but it isn’t small either. With a growing need for being ecofriendly and with UF valuing sustainable practices, I think it would be easy to implement. This opportunity will be open until someone comes up with a more efficient way to use renewable energy!

Innovation

I am offering a way for students to be sustainable by using a renewable energy source (solar energy). I believe that my product is incrementally innovative because I did not invent the product, but I have a way to make a more useful product that people will use more frequently. My innovation is a station that will be set up on different parts around campus, that will have multiple battery charging outlets that students can use to charge their laptops or phones. The energy source comes from the solar power, so there will not be a need to plug in the station to any form of electricity; it just has to be outside with exposure to the sun. my idea is to use a strong solar panel that will allow for quick charging of devices, even if it is more expensive. Students are on busy schedules and need quick options especially for charging electronics. By plugging in your device to the station, it charges your electronic using solar energy. I originally thought this would just be a nonprofit business where students just use it for free. That is still the case, however, I want to sell the actual charging stations to campuses nationwide, for students to use all over and be sustainable. I would sell each station for $500, if I am able to contract with the solar contractor that I have contact with.

Venture Concept

My innovation will address the opportunity I have identified because it is an immediate way for people to be more sustainable in their everyday lives, and it is accessible and easy to use for anyone. By implementing this product, UF will have another way for students to be sustainable on campus and show how easy it is to implement solar energy into products that can be used in everyday life. People who value the earth and believe that climate change is a big issue will care about this product and want to use it. Customers would use this product because it is free to them and they can charge their electronics sustainably. The competitors of my product are other solar energy companies, such as the ones who sell cell phone chargers that are solar powered. I may add another product line to my product that would be a customizable solar powered charger that would be an individual purchase. Packaging does not play a significant role in my business, it is more about the benefits of implementing and using my product. I would find people who value the environment to help me start my business. I would also contact the UF Office of Sustainability for advice and about the possibility of implementing my product onto campus.

I think that my most important resource will be financial resources and business contacts. Both of these are vital to starting a business. Having a contact in the solar power industry will be a huge advantage when figuring out how to keep my costs low to start up my business. The next thing for my venture would be to increase my product offering such as selling solar powered individual chargers that are customizable to each consumer. What is next for me would be that I would hopefully build a prototype and sell it to the school, and then be able to sell my product to universities and campuses nationwide.

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 was how much goes into the process of being innovative an d keeping up with the market. Companies have to think through what complementary assets , capabilities, products, or services, that could prevent customers from defecting to rivals and keep their position in the market strong.

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

I was confused about how much time one would spend towards technological innovation verses business model innovation, because I feel like these are similar since technology can be included in a business model.

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

How would a business owner go about developing an innovative business plan in a very diverse setting? There seems like there are so many different ways to go about having a strategy.

What types of things would fall under the "keystone components" part of a business strategy?

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

I think that being innovative can definitely create value, no matter what kind of way one is being innovative because it is different and change is good in any business if it stimulates forward progression. I agree that value-creating innovations attract imitators as quickly as they attract customers, but if you have a reliable customer base then hopefully this will not hurt your business.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

As I have mentioned about my product, (solar powered charging stations for college campuses) it does not produce much revenue because it is something that is placed outside for people to use whenever they wish without paying. However, my idea is to sell the solar power stations to other colleges for their students to use around campus, and that is how I would be making money from my product.

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I think next I will produce something more personalized and usable. Something like a solar-powered pack that consumers would put on their backpacks that would charge their devices wherever they are. This would produce more revenue because I would sell more of them because they would be a cheaper price and each individual person would have one instead of just having a charging station that everyone can use.

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

I think it will enhance it because it will be customizable and more accessible to users. Instead of having only one place to charge their phones, they could have a portable charger for their devicesthat only requires sunlight to recharge. it makes the user experience easier. This would increase customer switching costs, only because the original charging station would be free to use but each individual would have to purchase the charging patch for use. I think this is not only a cool product, but it also is a way to save energy and be sustainable, which is needed because of climate change. I know that variations of this product is already available for sale, but I would make mine more compatible and also allow consumers the option of personalizing their product to have a different product in the market.

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

I found a product similar to what I would like to offer on Amazon, a solar power bank 10000mAh Portable Charger. It is a portable solar panel charger that has a portable design that can easily hang on a backpack with the strap, and is hands-free on the go. It also has an LED flashlight attached to it, which I think is a great addition because you can use it if it gets dark and it won't waste your phone battery like the flashlight does on your phone.

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

The customer reviews for the product are decent, with 3.5 out of 5 stars. What customers do not like about the product is the usability and amount of time it takes to solar charge before charging their phone or devices. They like how it is portable and that it can easily attach to their backpack or purse on the go.

• Describe what design/usability changes you'd make to the product. 

I would change it so that the design is customizable to each consumer, To make it more appealing to consumers. Also, I would make it so that the solar power was strong enough to charge a phone without needing to be recharged.

• Describe why you think this product would make a good addition to your current product/service offering.

I think this product would make a good addition to my current offering because it provides a better more efficient way to make revenue and it also is personalized to each consumer. It will add another eco friendly product to my line without compromising the usage of my original product offering.

My Unfair Advantage

• Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). This can include your human capital, social capital, financial capital, and capabilities. You may also discuss the organizational culture you intend to create (but, obviously, it's not a resource that you have, now.) 

1. Education in the field of sustainability. VRIN: this is valuable because if I am going to advertise my business as sustainable, then I need to be educated about what it means to be sustainable and how to run a successful eco friendly venture.
2. Human capital. VRIN: this is valuable because I have a business contact in the solar industry and I can use this to my advantage when figuring out the logistics of my product and how to properly implement it into the market. I also know people who would be dependable and willing to help me with this business venture.
3. Physical resources. VRIN: I have the resources I need to successfully build a prototype for my product at an inexpensive start up cost.
4. Financial resources. VRIN: I will be able to build this product at a low cost so that I can start out with low costs and build many prototypes. 
5. Basic knowledge about solar energy. VRIN: I have been to places that function solely on solar power and learned a lot about the financial matters and how you can save ,only using solar power. This can help me in the future as I expand my product line.
6. Business contacts. VRIN: this is important because I have a contact who I can go to for advice and ideas on how to best implement my product. 
7. Versatility in the market. VRIN: my product has the capabilities of being very versatile because there are many different ways that I can use solar power to make products, and also makes there be many different ways to make money too.
8. Personable personality. VRIN: I believe my personality is valuable because I am personable and open minded to new ideas which is a very important thing to be as an entrepreneur. I am also hardworking and easy to communicate with.
9. Social media. VRIN: this is a resource because I will b able to use social media to ,y advantage when Implementing my product. Not only is it s free for, of advertisement, but also I can get my product out quickly especially by using college Facebook pages and so on.
10. Importance of being sustainable. During this time where climate change is very critical, people are looking for ways to be more sustainable and my product would attract consumers who want to be sustainable.

• After conducting the VRIN analysis, determine what your top resource is. Explain why it's more important to your venture than all of the other resources.

I believe that my top resources are my financial resources and my business contacts. Both of these are vital parts to starting any venture because you need money to start your business and you also need ways to implement your design. Having contacts can help me strategize and build a successful business model.

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 fact that an entrepreneur is able to use a sales forecast when determining the operating budget is a surprise to me just because it is amazing that you are able to forecast what you project your sales to be in your business.The simple linear regression formulas make it easy for you to determine what your sales could be based on different ways of implementing your product.

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

The part where they talked about capital budgets was a little confusing because I'm not sure what it means for the inflows to be equal to the net operating income or what depreciations are.

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

Do all businesses use cash-flow statements? It seems very beneficial to businesses but also very time-consuming and difficult.

If there was a problem in your business inventory or something was not documented as being sold would this throw off the entire cash-flow budget? I'm sure there a lot of ways to make sure this doesn't happen but it must be hard to tell.

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

This chapter was about a lot of business facts and statements, so I don't really think there was anything that I could disagree with. It was very well laid out and explained by the author.

Elevator Pitch No. 3

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 received mostly positive feedback from my last elevator pitch, so I did not change the pitch content that much. I kept a focus on sustainability because most everyone loved that my product focuses on being sustainable and bringing more ways to be sustainable to campus. The feedback that surprised me was about being more interactive and less serious, because I feel like you are supposed to be straight and to the point in an elevator pitch and also be serious about talking about your product. 

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

Based on the feedback I received, I kept my main focus on the idea of sustainability throughout my pitch. I did try to include a few more smiles in my pitch this time to be a little less serious and hopefully to come across as more personable.

Week 9 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 table about the changing priorities and purchases in the family life cycle because it is something that everyone goes through but doesn't really think about happening. After having gone through two of the stages, I can already see how these priorities have changed without even realizing it.

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

One part that was confusing to me was the part about the guerrilla marketing plan because how would an entrepreneur know exactly the seven marketing issues without it taking a lot of time to figure out if it's a new venture.

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

How long would an entrepreneur on average take to understand and correctly reach his/her target consumer? It seems like a very difficult and long process.

How do you determine your best customers when taking into account all the other factors? There are a lot of things to consider.

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

I don't necessarily agree with what the author says about the Internet market. Although not everyone has access to it, it still comprises populations of people that are higher than some of the largest countries' populations. So, I think that marketers should overemphasize this marketing medium and use it to their advantage because most internet advertising and marketing is free.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique.

I think what makes me different is that I truly care about others, I am a hard worker, I always try to be happy and positive, I am a people-pleaser, and I try my best to lead by example. I always try to be empathetic and understand how others are or might be feeling, so that I can cater to their needs or try and solve their problems. In whatever I do, I make sure that I work hard and push my limits to make myself better for the future. In whatever I do, I try to always keep a smile on my face; I believe this makes me personable, approachable, and easy to work with in all life situations. Being a people-pleaser can sometimes come off as being a pushover, but for me it means that I enjoy making people happy no matter what the cost. I am good at reading others, so I use this to my advantage during work or other situations to achieve what they are aiming to accomplish. Lastly, I have always been one to lead by example. Playing sports has a lot to do with this, and being captain on various teams showed me the importance of this trait; anyone can tell you to do something, but when you, as a leader or authority figure, are also able to do it, it makes it that much more rewarding for your followers and gives them incentive to work harder.

2) Interview the five people who know you the best.

Key takeaways from my Stepdad: My stepdad thinks my biggest asset is a moral sense of right and wrong. He says I appreciate fair play and that I treat others very fairly. He also thinks that I am very intelligent and have a great work ethic and determination! Thanks Cliff!

Key takeaways from my boyfriend: He thinks that I have an infectious attitude (he might be biased hehe) and that I bring and "ora of happiness" around others. He also thinks that I have a great character and that I am intelligent and dedicated to everything that I do.

Key takeaways from my mom: My mom thinks that I am very dependable and have an "enormous" work ethic. She also said that I bring everyone together around me and that I am a peacemaker, or the one who is always fair. She thinks I am a great leader and have a unique ability to make people happy!

Key takeaways from my stepbrother: He thinks that I am personable and a nice person. He thinks this will help with things in business because I am approachable. He said that in event planning, it's important to be personable and keep people happy, and that I am good at doing those things.

Key takeaways from my sister: My sister said that she thinks I ama very happy, easy-going, go-with-the-flow person. She also said that I am always there for her when I need to be and she knows she can count on me. 

3) Reflect on the differences.

I have always seen myself as a personable, happy person, so it was really nice hearing everyone say those things about me to kind of show me that I actually am those things. I think I am harder on myself than I should be after hearing the things that everyone said about me. Both my stepdad and my mom recognized that I am a fair person, and I never really considered that as something that could set me apart from others but obviously they think that it is a really good quality to have. I think that my interviewers are correct about me because they know me best! It was so nice to hear some of the things they had to say about me, and honestly a couple of them made me tear up because they were so sweet. The only thing I would add to my list is that I am a fair person, since two people mentioned that in the interviews.

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

This hasn't really changed from my 1st Idea Napkin, but I did add how this may be the future of our technology industry because of the feedback I received: I'm Jennie Carmody and I'm a girl who is passionate about sustainability and helping people. I aspire to make positive changes in people's lives by showing them the value of preserving the environment and being sustainable. My talents include baking gourmet desserts, playing basketball, and excelling at my job. I would say I have good people skills because I am personable and aim to make people feel comfortable. I have experience in the hospitality industry, being a front of house manager and also assistant events coordinator for a restaurant here in Gainesville. I also have experience in sustainable practices as I learned about sustainability while studying abroad in Australia for one month. The experience I had there really pushed me to live a more sustainable life and to encourage others to lead sustainable lives. I aspire to be an event planner who uses sustainable practices in business. I see this business concept expanding into other opportunities to use solar energy in people's everyday lives, and hopefully it will encourage students to find ways to be more sustainable because soon solar energy may be at the forefront of the technology industry.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

Did not change from Idea Napkin 1: I am offering a way for students to be sustainable by using renewable energy (solar power). This will be free to all students who wish to use it, but there will be start-up costs that I will need to look into. This is a business not for profit, but for the greater good of society and the planet, which will hopefully lead to other Eco-friendly projects that could potentially bring in some cash!

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering my product to students and people who visit the UF campus. Particularly, I am aiming to satisfy customers who value sustainability and try to be environmentally friendly while also raising awareness of how important it is to be sustainable. Also, if I were to start this business, I would hope that it could spread to college campuses worldwide and lead to other sustainable business ventures in the future.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

My product is unique in that it is free to customers, but the value that it will bring to the Uf campus will outweigh the costs of starting it. By implementing this product, UF will have another way for students to be sustainable on campus and show how easy it is to implement solar energy into products that can be used in everyday life. People who value the earth and believe that climate change is a big issue will care about this product and want to use it.  Also, using this product doesn't just benefit one person, but it benefits everyone; for the greater good of the people. This is one of the core components of being sustainable: doing the most good for the most amount of people. Also, I have a contact who is a solar contractor who said he could build a solar power charging station that would not be expensive- so that is what I would tell consumers who think that this would be difficult to implement.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

I have experience living and learning about sustainable energy sources. While I studied abroad in Australia, I stayed in various places that were completely solar powered or used renewable energy, and it showed me just how capable everyone and every country on the planet is of using renewable energy instead of fossil fuels. I think that what sets me apart is my passion for the environment and spreading my knowledge to other people who might not know about ways to use solar energy that could replace gasoline and oil. Also, I am a personable, easy-going person who is easy to work with. I would take any feedback or suggestions with an open-mind and be open to new ideas as well. 

I believe that most of the elements i have discussed fit well together. I a passionate about sustainability and would like to implement a product into the college campus that promotes and uses sustainable practices, so this venture fits my needs as an entrepreneur. Also, it would be relatively easy to implement since I am in contact with a solar contractor who believes he could design this product for relatively cheap. The only thing that doesn't fit is that this is a not-for-profit business, but I believe having a product that is for the good of society is just as important! 

I incorporated a lot of the feedback I received into my new post. I will discuss five main things I added in this paragraph: In particular, from my feedback I talked about how using solar energy may be very important in the technology industry in the future, so this venture could jumpstart that and begin using solar energy now. Also, I talked about how I know a solar contractor who could develop a charging station for an inexpensive price. A lot of people liked that I was passionate about sustainability, so I made sure I emphasized that in my post. I also added that I am personable and open-minded so that may help me when implementing my product.