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.