Week 8 The Twenty Percent

I talked to a business owner of a local art gallery and home decor shop.  She did not wish to be recorded, but was willing to answer my questions about her customers.  My questions and her answers are below:

1. Who is your target customer?
"My shop mostly attracts an older crowd because the pieces I sell are more mature and are more suitable for home decor and furnishing.  I do see quite a few younger faces, but they rarely buy anything.  I call them my window shoppers."

2.  What are your customers unmet needs?
"I try to offer a wide selection of art from wall paintings, to picture frames, to unique trinkets that customers can't find everywhere.  I also offer to custom frame wall paintings in-store so customers don't have to go elsewhere to get that done."

3. What are your customer's demographics?
"Well, like I said, I attract an older crowd that is settled down and has a bit more money to spend than younger folks.  I find that a pretty even number of men and women shop in the store honestly, but probably a bit more women.  I would say the target age range is 40's to 60's.  However, I do see some young folks like I said, who are in their mid 20's or so who occasionally may buy a piece."

4. Do your customer's use social media?
"oh, I'm sure they do in this day and age, especially the younger ones.  Everyone's on their phones in here and lot's of people like to take pictures in the store for future reference if they are undecided and want to come back another day.  I'm not really on any platforms right now, but I'm looking into that.

Based on these customer demographics, I interviewed an older man and an older woman (who preferred to read the questions aloud as you will see), and I also interviewed a girl about my age.  Prior to conducting the interviews, I asked each of these people if they enjoyed shopping in home decor/ art galleries to make sure I was questioning the right target customer.  Note, two of them wished not to be shown in video so I recorded their feet for privacy.  Unfortunately, the camera stopped recording on my last interview, but I have supplied this Q&A below:

Question: Do you enjoy shopping in art galleries for art and home decor?
Answer: "I would like to go to art galleries, but there's not any art galleries where I live.  But I certainly do like shopping for home decor and there is a lot of that around here."

Question: What are your unmet needs when it comes to shopping for art and home decor?
Answer: "I don't really feel like I have any unmet needs because I am an interior designer and that is what I do for a living."

Question: Do you prefer shopping in store or online?
Answer: "I definitely prefer shopping in store for both art and home decor.  I have to see it in person for me to know if I like it or not."

Question: What social media outlets do you use?
Answer: "I do, but not as much as most people.  I am on Linkedin and Facebook."

Well, the owner was right that she offers something unique in that there are few art galleries in her area, as the woman I interviewed said it is hard to find art, but easy to find home decor.  I think the owner needs to make a social media presence to attract more of the young market that she doesn't saturate currently; the young interviewee commented that she would definitely be encouraged to shop in more art galleries if she were exposed to more content on social media sites like Instagram.  Everyone said they preferred shopping in store for art and home decor, however, because they like to look, touch, and feel the product they are after and enjoy the one-on-one associate interaction.  So, I don't think it is necessary that she move her shop online or become a multi-channel business, but I do think marketing on Facebook and Instagram would be a great idea to attract more customers and let them know what she offers in terms of product selection and uniqueness.

Week 8 Reading Reflection

1. What stood out in the reading?
Figure 8.1 "Who is Funding Entrepreneurial Start-Up Companies" was very interesting.  The least amount of funding comes from the owners themselves while the most amount of money comes from IPOs.  I thought a lot of entrepreneurs had to save up a large amount of money to start a businesses, but seed capital, venture capital, and government programs can significantly help.  I also found it interesting that venture capitalists add value to entrepreneurial firms beyond simply the money they supply, especially in high-innovation ventures.  I also didn't know there were various types of angel investors.

2. What were some confusing aspects?
I suppose the main differences between business angels and venture capitalists are a bit confusing to me.  I just wonder why they differ so much in the contracts that are used, how important the locations of investments and rate of return are.

3. What was the author wrong about?
All of this information was actually pretty new to me, as I've never been educated on the specifics of funding business ventures.  So everything I read I read with an open mind and didn't find any disagreements.
4. What two questions would you ask the author?
How do venture capitalists initially decide if a new venture is capable of "sustained intense effort?"
Has an entrepreneur's track record really mattered that much in having a successful new venture?

Week 8 Half-way Reflection

1. What are the behaviors that you have used to keep up with the requirements of this course?

I have taken advantage of the comments that students leave on my blog posts to learn from their critiques and opinions.  I suggest really evaluating these comments and applying others' suggestions.  If I didn't receive much feedback on a particular post, I may view other students' posts, view the comments they received, and see if their critiques can apply to my post.  There are a lot of people in this class with you, so learn from everyone and listen to what everyone has to say, even if critiques aren't necessarily directed at you specifically.  Also, I've learned to just have fun in the class and not get to worked up or nervous to interview people.  It's not a big deal at all, and you will learn a lot from each experience which will prepare you for the next!

2. Talk about a moment when you felt like giving up.  What pulled you through?  Do you feel like you've developed a tenacious attitude during the past two months?

The "Free Money" exercise when we were asked to hand out a dollar to five individuals was definitely the hardest for me.  Because I neither had an idea/product to talk about nor a legitimate reason to approach someone and ask them for opinions, I felt unprepared.  I knew what I was going to say, "Hi, I just wanted to do something nice for a few people today, and I would like you to have this dollar."  However, I didn't know what would happen next. And this was a bit daunting.  In the previous exercises, I knew I would simply be asking questions and receiving answers, but this time around I didn't know if I would receive answers, or if I did, what they would be.  I like to know what to expect, so doing this exercise was a bit out of my comfort zone.  But, like all things, once I actually went up to everyone, it wasn't hard at all.  I've learned that by just pushing myself a little harder and by stepping out of my comfort zone a little more with each exercise, I build my tenacity bit by bit and become more confident each time.

3. Three tips about fostering the skills that support tenacity and developing the tenacious mindset.

Be confident in your ideas and your ability to convey your messages accurately and assertively.
Practice your questions and speeches so you are knowledgeable and prepared
Swallow your pride and just have fun with everything

Week 7 Reading Reflection

What interested me:
I found it interesting that psycho-graphic segmentation impacts both advertising choices and the creation of new products.  Consumer psycho-graphics also impacts brand reinforcement and positioning.  Being able to effectively evaluate a customer's attitudes, self-image and aspirations in order to produce products and advertisements that will drive sales is very intriguing,

What confused me:
The gravity of decision spectrum was a bit confusing.  What elements truly constituted the "shallow end" "middle" and "deep end" were not as clear as they could have been.

What did I disagree with?:
I didn't particularly disagree with anything in the article.  The author provided very detailed information that was factual rather than opinion-based.

What two questions would I ask the author?:
How much time and effort goes into researching consumer psycho-graphics and what is the process like?
What is the most significant role of a social scientist?

Week 7 Free Money

For this exercise, I decided to approach five people who I walked by in the airport (I was traveling this past Friday).  I felt like this would be the best place to find busy people on a mission to their destinations who probably didn't want to be bothered.  I honestly predicted that everyone would be in a hurry, wouldn't take me seriously, and therefore decline my offer.  Nonetheless, I was open to seeing what would happen, and I actually found that people were very friendly!

To every person I stopped, I introduced myself and said, "Today I just wanted to do something nice for someone, and I would like to offer you this dollar."  Three out of the five people I talked to (who were all around my age) gave me a big smile, took the dollar, and graciously thanked me for my offer!  The other two people I approached were both older, and each of them said something along the lines of, "thank you, sweetie but I want you to keep it."  Everyone was very kind and polite, and it made me happy to make others happy!  So three out of five dollars were delivered that day! :)

At the airport I discovered there was not enough data on my phone to conduct video recordings...I tried deleting a lot of my pictures to clear up some storage space, but I still recieved the error message.  I wish I could have recorded my conversations because everyone was very friendly! I certainly learned that having an open mind can have a positive impact on your daily encounters.

Week 7 Elevator Pitch No. 2

I only received one comment giving feedback on my previous elevator pitch, and didn't receive any specific advice on what to change (I appreciate your kind words, Nika!).  So, I tweaked my pitch a bit based on the others that I watched.  I noticed I was speaking a bit too fast in my first one, so I slowed my pace this time around.

 I also made sure to include who I thought could benefit from my product.  I decided to begin my pitch differently, and I talked about the error message that everyone who has experienced the issue of their Iphone overheating is familiar with.  I felt the familiarity would help capture the attention of my audience.  One thing I didn't include in my first pitch was how my product actually worked.  So, this time I gave more information about the thermal insulated technology and its temperature regulating properties.

Week 6 Customer Interviews No. 3

This exercise was my second round of interviews, and I will discuss each topic for both weeks 2 and 3 below:

Fine tune your opportunity. You began with an idea of what an opportunity might be. After your first round of interviews, what do you think, now? 

I definitely think there is an opportunity for a subletting resource for UF students.  Most of the apartments that are close to campus only offer 12 month leases, and many UF students end up paying three to four months of extra rent because they are unable to find sub-letters or do not wish to deal with the hassle of finding someone.

Fine tune the "who." Did you talk to the right customers last time? What did you do differently this time? How did you adjust your conceptualization of who your customers are?

Last time I found three our of five people who were interested in additional subleasing resources.  Two out of the five people I interviewed actually live in Gainesville as full time residents, so they were not the right customers to ask.  This time, I made sure to conduct the interviews with UF students who do not live in Gainesville full time and typically go home or another location during summer months.  

Tweaking your interview questions. You might need to ask different kinds of questions to get at a fuller, richer idea of what your opportunity is. What kind of changes did you make?  

During the first round of interviews, if I discovered that an interviewee did not have previous or current experience with subleasing, I just said "thank you" and ended the interview.  The second time around, if I discovered that my interviewees hadn't had experience with subleasing, I then asked if they knew anyone personally who had (such as a roommate or close friend) and to describe their experience.  This gave me additional insight and information from second-hand sources.

Tell us what you learned about interviewing customers. 

3 tips:

Be prepared with additional questions in case the on-paper questions do not give you any useful information

Try not to sway your questions in a direction that will only give you answers that you want to hear.  Let your interviewees be honest.

Be clear with your questions.  Some interviewees would misinterpret my questions and give me information that wasn't relevant to the opportunity in question.

Reflect on what you learned. What did you learn from the interviews? What surprised you the most? What do you expect to change as an outcome of these interviews?

Asking open-ended questions is actually quite difficult, and this surprised me.  I learned that some questions, when asked in my head, sounded unbiased and direct, but when actually asked out loud seemed less open-ended and more swayed.  I would alter my questions and clarify any ambiguities better during the interview process.

My interviews are below:

Week 6 Reading Reflection Porter's Article

1. Surprising Information
The headline, "eliminating rivals is a risky strategy" was interesting to me.  I've never considered what might happen to a business who successfully eliminated all of its competitors, apart from the business receiving more customers, increased sales, and larger profit margins.  I found it interesting that the business in question would actually be putting itself in great risk if it were to eliminate all competition in that new business would then be free to enter the market and existing customers may become dissatisfied with the particular business's selection due to lack of choices in terms of actual products and product prices.
2. Confusing Information
The section discussing the role of the government in being a sixth competitive force was a bit confusing.  The author did not cover much information on this topic and argued that the government neither helps nor inhibits businesses' profitability.  He stated that government policy such as patents, pro-union movements, and bankruptcy rules has an impact on business-to-business rivalry and affects each of the five competitive forces.  He stated that the government should not really be considered a sixth competitive force based on these factors,and we are left uncertain about how to accurately categorize the government's role in the industry.
3. Disagreements
This article was very informative and information was given based on factual data rather than opinion, so I did not find anything specific that I disagree with.
4. Two Questions to the Author
If industry structure is always changing, why doesn't industry profitability follow suit?
You claimed that "the expiration of a patent...may unleash new entrants."  Speaking solely on how this competitive opportunity will effect existing business, I can understand why you would word this statement with a negative connotation, but would you agree that this new outlet to entry is actually good for the US economy and unemployment rate?

Week 6 Idea Napkin No. 1

1) You. 
I am very driven and results oriented.  I do not put my efforts into projects and ventures that I do not feel will offer benefits and rewards to someone in return.  I have retail work experience and am a great communicator.  I like to be of service others and help my customers find exactly what they looking for when they come into the store.  My entrepreneurial business would allow me to be of service to more people, and help more people solve an unmet need.

2.) What are you offering to customers?
With the use of better technology, I am offering customers who live in or visit hot/cold climates for leisure or work a product that will make their day-to-day activities, duties, tasks, etc. run more smoothly.

3.) Who are you offering it to?
I am offering this thermal, insulated phone case to smart phone users (Iphone or Android) who live/visit/plan to travel to cold or hot climates.  I am hoping to add to my product line and offer thermal, insulated tablet and Ipad cases as well.

4.) Why do they care?
My customers value being able to use their devices outdoors and in any desired location.  For example, someone at the beach on a hot, summer day who wishes to play music on their phone should have that capability.  And someone traveling on business up north should be able to have a phone conversation outdoors without the call dropping.

5.) What are your core competencies?
My core competencies are differentiation, strong performance level, and reliability.  Currently, there are no existing products on the market similar to my phone cases.  My product performs extremely well and does what it says it will deliver: providing unlimited outdoor use of a device in extreme temperatures.  

Week 5 Customer Interviews No. 2

This experience was my first take on interviewing customers.

1.  I know it is often difficult for UF students who live off campus in apartments to sublease their rooms during summers when they won't be on campus.  So, often times students continue paying their monthly rent even when their room is unoccupied for a given amount of time.

2.  Students living off campus who have signed a 12 month lease on an apartment may have the unmet need of easy and successful summer subleasing.

3. In general, I tried to ask my interviewees (UF students) open-ended and non-leading questions, though my first couple of questions were yes/no solely for the purpose of discovering if whom I was interviewing was in my target audience. I asked my interviewees if they lived off campus and if they go home during summers.  Depending on their answers I would then ask, "describe your experience with subleasing."  Depending on their answers I would then ask, "What resources should be available to help with the sublease process?"

4. I interviewed a few people that I met at the First Friday Food Truck Rally, and one of my friend's roommates that I did not know personally.

5. After interviewing 5 people, I do still think there is an opportunity, because I spoke with people with this unmet need. A few people I interviewed actually said they stay on campus during the summers, so they weren't able to provide much information for me.  Next time I will make sure to ask the interviewees ahead of time more yes/no questions so I know whether or not to proceed with the interview.

6. I was a bit hesitant to go up to people randomly and ask if they would participate, but everyone was very welcoming and willing to answer a few questions for me!  The more people I asked, the easier it became.  I think the food truck rally's casual setting helped a lot, because the attendees were already expecting to converse with people and socialize.

My interviews are below!

Week 5 Reading Reflection ch. 9

1. Biggest Surprise or Most Interesting
I thought the section, "No Real Insight into the Market" was very interesting, especially because the information relates directly to a project in another class I am currently taking, International Business.  As a group of students, we are required to examine the market structures in different countries, and based on this information and the projections that we make, we must create new products that will be successful in the countries we decide to sell our products in.  In this section, the author states, "entrepreneurs must not only project the life cycle of the new product, they must also recognize that introducing the product at the right time is important to its success.  Timing is critical.  Action taken too soon or too late will often result in failure."  This information is very true, and pertinent to what I'm learning in this project for International Business.  As a group, my teammates and I have to determine what life cycle for our products will give us the most-desired release dates, so that our products will produce maximum sales.

2. Confusing Aspects
I suppose the different feasibility approaches were a bit confusing simply because of the amount of information given in each approach.  However, figure 9.3 helped to connect them all.

3. My Two Questions to the Author

A. How do you think start up companies could improve their sales and marketing efforts since this sector is still the most problematic in the growth stage of new businesses?
B. What would you recommend entrepreneurs to do to become less "ignorant of costs."  What are the best research and planning methods?

4. Was the Author Wrong about Anything?
In the "Lack of Venture Uniqueness" section, the author stated, "pricing becomes less of a problem when the customer sees the product as superior to its competitors."  While this can be true for the customers who value differentiation, it is not always the case for price-sensitive customers who do not value differentiation.  Some customers' goal is to find the best deal.  Entrepreneurs should consider different product offerings for different target markets, for both the budget-conscious customers and the performance-based customers.

Week 5 Elevator Pitch No. 1

Have you ever experienced your cell phone shutting off because of extreme outdoor temperatures?  I have a solution for you and the millions of others who face the same issue. Introducing my thermal insulated temperature regulating cell phone case by Temp Tec!