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.