Week 11 My Unfair Advantage

Resources:
Human Capital:
1. Education
2. Training
3. Skills
4. Productivity
5. Experience
Social Capital:
6. Social Networking
7. Diversity
Financial Capital:
8. Funding
Capabilities:
9. Time Efficiency
10. Strong Communication

1. Education:
valuable- My education in business administration with a major in marketing and minor in retail from the University of Florida is valuable
rare-I wouldn't say my education is rare, as there are many reputable four-year universities from which to obtain the same/similar degree
inimitable-Every other marketing major at the University of Florida has roughly the same educational experience as me, so this isn't very inimitable either
non-substitutable- My educational experience can be be substituted for any other college degree program at another accredited university.

2. Training:
valuable-I have training in working as a retail sales associate and fashion marketing intern for an online California boutique
rare-I don't thinking working in retail is a rare experience, but the tasks I've completed in my internship are more rare-contacting bloggers, planning lookbook photo shoots, selecting new products, writing blog posts, managing media, etc.
inimitable-Others who work in retail or who have had a retail/marketing internship can imitate this training somewhat, but training is a bit different everywhere.
non-substitutable-my training is substitutable, but the training I have is very valuable to my particular venture.

3.Skills:
valuable-I am a very creative person and have skills in creating lookbooks, designs, etc.
rare-creativity is not necessarily a rare skill in itself, but in being creative, my deigns can be rare.
inimitable- my designs can be difficult to imitate
non-substitutable- my designs can be difficult to substitute

4. Productivity
valuable-I am very productive with my time
rare-productivity can be a rare resource
inimitable-it is hard for others to imitate specific levels of productivity
non-substitutable-it is hard for others to substitute one method of productivity with other methods

5.Experience
valuable-I have personal experience with my phone shutting off after becoming overheated or too cold when exposed to extreme temperatures, so I can use this experience to relate to others and develop a solution to this problem
rare-my experience isn't rare, others also have had this experience, which is actually beneficial to me, because this means I have a market for my product.
inimitable-this experience is not necessarily inimitable
non-substitutable- this experience is not necessarily substitutable

6.Social Networking
valuable-I have had the opportunity to communicate my product idea with several people, especially people in this class who agree that there is a demand for my temperature regulating iphone/android phone cases.
rare-social networking in itself is not rare, but I am sure my unique group of individuals I have had the opportunity of speaking with and getting information from is differentiable to that of others.
inimitable-I would say that social networking is definitely able to be imitated
non-substitutable- I would say that the people in a social-networking group are also able to be substituted.  Other people of similar demographics/interested can be interviewed to provide similar information.

7. Diversity
valuable-the people that I have had the opportunity of gathering information from regarding my product idea are diverse in terms of age, gender, interests, jobs, etc.
rare-Being able to effectively interview of group of diverse individuals and gather meaningful information from the interviews can be rare.
inimitable- The beauty of living in a world of individuals is that you can find diverse people anywhere you go, so interviewing diverse people can be imitated.
non-substituable-  Interviewing certain diverse people can also be substituted for interviewing other diverse people.

8. Funding
valuable-I have funding that I would be able to use to start my venture, and of course I could always take out a loan.
rare-I wouldn't say that my funding for this venture is rare
inimitable- My funding for this venture could easily be imitated
non-substitutable- my funding for this venture could easily be substitutable

9. Time Efficiency
valuable-My ability to be time efficient is very valuable for my venture
rare-Not everyone is necessarily great at managing time, so I feel like this capability can be considered rare.
inimitable- time efficiency really cannot be imitated.
non-substitutable-time efficiency really cannot be substituted with something else either.
 
10. Strong Communication
valuable-my people skills and strong communication skills (both written and spoken) are valuable for my venture.  Being able to get opinions from others, communicate my ideas with others, etc. is very important.
rare- strong written and verbal communication is more rare these days.
inimitable- strong communication skills really cannot be imitated.
non-substitutable-strong communication skills really cannot be substituted by something else either.

My top resource is my creative mindset.  Being creative is very important to my venture so that I can craft a desirable product for my customers that is both visually appealing and practical.  My creativity is something that others would have a hard time imitating or substituting as well.

Week 10 Growing My Social Capital

1. Domain expert in the industry
I contacted a member of the Best Buy Geek Squad because I knew he would be knowledgeable about the product I am producing (temperature regulating Iphone and Android cases).  He is a technical expert on anything electronic related, so he could really help me exploit my opportunity.
2. Expert on my Market
I contacted the manager of an Apple store since his customers will be my customers.  Iphone and Android users are my target market.  He was able to tell me the general demographics of the majority of the customers.  I can apply this information to help me exploit my opportunity.
3. Important Supplier to My Industry
I contacted the manager of a Best Buy store since I think Best Buy would be a great retail chain to sell my product.  We discussed where my potential product would be located in the store, how we could feature it so more people would notice it, etc.

For everyone that I contacted, I found contact names via Google, and then searched on LinkedIn for their contact info.

I explained to everyone the idea for my product, and they all thought I had a solid idea.  They recommended that I focus on only a couple regions in the U.S. first where the largest market is.  They each thought southern Florida, Georgia, and California would be the most successful off the bat.  They advised that after I establish a following for my product, then I could expand to other regions in the U.S. and then eventually abroad.

This experience definitely differed from my networking experiences in the past because this is the first time I sought out people who could give me specific information that I can apply to a tangible product.  Before, I sought out people who seemed like they could give me helpful insight, but this time I actually researched the people before contacting them.  I will research more like I did here for any future networking events.

Week 10 Elevator Pitch No 3

For my third elevator pitch I took everyone's comments and suggestions into consideration.  I received excellent feedback on how I could improve and make my pitch stronger.  I filmed my pitch away from my window this time because it was distracting to someone before.  I also dressed a bit nicer than my previous t-shirt and shorts for a more professional look as suggested by a couple people.  I also got closer to the camera this time because someone mentioned I was a bit far away before.  In my previous pitch, I only mentioned that my cases are for Iphones, and someone was interested if I make the same cases for Android phones.  So, I added Androids into the mix.  Someone wondered how my product compares to Lifeproof cases so I touched on that topic briefly and added how my product is also waterproof.  I also related to someone who commented on my pitch saying they always throw their phone under their towel at the beach to keep it from getting overheated.  And finally, I went into more specifics on how the case actually blocks the heat from getting through to the phone; someone made a comment that they were confused how a "thermal insulated phone case" wouldn't cause the phone to get overheated in itself. 

I was just speaking freely here, but it probably seems like I am looking at a script!  Who knew you have to look at the camera lens and not at your reflection...

Week 9 Idea Napkin No. 2

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 to others, so I would like to be able to help my customers find exactly what they looking for when they come into a 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?
I'm offering customers Iphone and Android cases with improved technology that stabilize external phone temperatures.  In doing so, customers who live in or visit hot and cold climates for leisure or for work purposes will be able to complete their day-to-day activities via cell phone hassle free.

3.) Who are you offering it to?
I am offering these thermal, insulated phone cases to smart-phone users (Iphone or Android) who live in or travel to cold or hot climates.  I know that customers living in very hot southern climates like Florida and very cold winter climates like North Carolina would be interested in and benefit greatly from this product.  I know that the young college demographic would be very interested in this product, and am fairly certain that an older, working demographic who use phones regularly for business and travel would be interested as well.  I am also hoping to add to my product line and offer thermal, insulated tablet and Ipad cases as well for these college-age and business clientele.

4.) Why do they care?
My customers value being able to use their devices outdoors and other desired locations.  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.  

I believe all of these elements fit well together.  I know this because I'm customers a product that I know has a demand and that satisfies an unmet need.  With my drive and results-oriented action plan, I know I would be able to deliver a high-quality product to my customers.  Also, my core competencies will allow me to provide a product that is different, has strong performance, and is reliable.

Feedback Memo:
I only received two positive comments on my previous idea napkin and no criticisms.  What I learned from these comments though was that each of the students was interested in becoming a customer.  Obviously each of the students are in the young, college-age demographic, so I included this information in the "Who are you offering it to?" category.  I also learned that one of the students lives in North Carolina and is always outdoors in the wilderness.  She said she could greatly benefit from my product, so I included this information in the "Who are you offering it to" category as well.

Week 11 Reading Reflection

1. What stood out in the reading?
Reading about Corning's Breakthrough Innovations since 1879 was interesting.  I neither knew that Corning developed the glass envelope for Thomas Edison's lightbulbs nor that they  developed a process for mass-producing television picture tubes.

2. Confusing aspect of the reading
Earlier in the reading, the author stated that an innovation is only something that creates value for the customer, but later he talked about business model innovations which only seem to benefit company operations, not end users.  But, I suppose that having a more effective business model will allow the company to better satisfy customer needs in the long run.  And I suppose this is what the author could have meant.

3. What two questions would I ask the author?
How do you know when it is necessary to innovate and better to keep with current production, and how do you evaluate costs and decide what route will be most effective at increasing profits?  Does producing complementary assets yield more profit or creating new product all together?

4. Was the author wrong about anything?
The author stated that he disagrees with much of the writing on innovation today which supports radical innovation claiming it is the key to growth.  The author rebutted that the vast majority of profits are created through routine innovation.  Well, I think that radical innovation is what makes the biggest impact and can very effectively set one company apart from competitors, attract new customers, and support growth.  While routine innovation does pretty much guarantee steady increase in profits, a major way for a company to get ahead of others is by radically innovating when possible.

Week 15 Reading Reflection

1. What stood out in the reading?
I found it interesting that SKS's business strategy is based on entrepreneurial principles that are also used by Starbucks and McDonald's.  Like these two giant companies, SKS standardizes its products and front-line processes in order to achieve profitability.  


2. Confusing aspect of the reading
I guess one confusing aspect was how the company guarantees its customers a large market share.  Little detail was given on how this is done.


3. What two questions would I ask the author?
How did you decided that a high volume approach was the way to go for your business, and how do you manage to provide high quality goods at such low costs even with high volume?  How did you effectively communicate your business to the women so that they would accurately understand your offering and be sure to give their payments on time?


4. Was the author wrong about anything?
The article was about the personal business strategy of SKS Microfinance and what the company does to achieve profitability.  So no, I did not particularly disagree with anything stated.  I simply learned more and more about the company as I continued reading.

Week 14 Reading Reflection ch. 3 and 4

1. What stood out in the reading?
I hadn't heard of the term "intrapreneurship" before, so it was interesting to learn about the infusion of entrepreneurial and large bureaucratic structures.  Companies are seeking innovative talent now more than ever, and this concept easily lets them do so.  As a result, companies are re-engineering their organizational structures and changing the way employees think as a whole.  "Ecovision" was a new concept.  I learned that this particular leadership style encourages openness and flexibility within the organization with attention to social demands that are constantly evolving.


2. Confusing aspect of the reading
Figure 4.1 "Classifying decisions using a conceptual framework" was a bit confusing following the different quadrants and layers within the inner circle.

3. What two questions would I ask the author?
Why did you say, "Today’s entrepreneurs are faced with many ethical decisions, especially during the early stages of their new ventures?"  I would think that ethical issues would constantly resurface as the business grows and evolves.  You said yourself, "continual conflict over the ethical nature of decisions is quite prevalent."
Why do you think that legal requirements typically follow behind moral standards of society?  Are businesses more proactive in addressing these moral issues of society than is the law?


4. Was the author wrong about anything?
I don't particularly agree with rule 7 in table 3.1 "Rules for an Innovative Environment."  The rule states, "expect clever bootlegging of ideas-secretly working on new ideas on company time as well as on personal time."  I think a more effective way of getting workers to be innovative while still being productive on company time is set aside actual "innovation hours" where it is the employees' tasks to think of innovative ideas for the company.  I don't think employees should be encouraged to innovate above all else because then other important business operations can become unfinished or carelessly attended to.  Also, I think personal time should be personal time...not more work time.  Having employees constantly innovate on their time away from work can backfire on in-office work time due to fatigued employees and low morale.

Week 13 Reading Reflection ch. 14

1. What stood out in the reading?
Reading about the importance of an LOI was interesting.  I wasn't informed on the difference between a term sheet and an LOI before.  Reading about the development of Dubai was also interesting.  By diversifying the clientele of it's large development companies, Dubai's economy was able to continue to grow.

2. Confusing aspect of the reading
The checklist for analyzing a business was a bit long and hard to follow.  One must check the business history, the market and competition, the sales and distribution, manufacturing, physical facilities, ownership, financial information, and management.

3. What two questions would I ask the author?
What are the most important elements to look for when analyzing a business?  What do you think is the most effective venture valuation method?

4. Was the author wrong about anything?
There wasn't anything in this chapter that I questioned or disagreed with.  Apart from maybe not placing such a high importance on the order of the steps in analyzing businesses operations, the steps themselves seemed logical and well thought-out.

Week 12 Reading Reflection ch. 13

1. What stood out in the reading?
It was interesting to learn that entrepreneurial actions and strategic actions overlap in creating wealth for businesses.  I also found the entrepreneurial strategy matrix interesting in that it measures a business's level of risk and innovation.

2. Confusing aspect of the reading
Following the strategic management process map was a bit confusing.  Seeing how strategic inputs affect strategic actions which affect strategic outcomes and provide feedback was pretty elaborate.


3. What two questions would I ask the author?
Since a lack of planning often results in poorly executed new ventures, would you recommend a business continuing with current ventures and procedures until adequate time, knowledge, expertise, trust, and costs are sorted out among employees or leaping into new ventures with the help of outside sources that can provide these missing qualities?
Does there come a point where strategic planning wouldn't pay off as well as it could in other condition and circumstances?  What would you suggest business do in these cases in terms of starting new ventures?


4. Was the author wrong about anything?
The author stated that "the actual execution of a strategy is almost as important as the strategy itself," but I would have to say that the execution is more important than the planned strategy.  Without action, there is no use for a strategy.  Also, strategies are ever-changing due to various factors in the market place.  While having strategies are good guidelines, a company is most successful with a strong workforce who can execute efficiently and effectively, while realizing that deviation from the plan is sometimes necessary in order to receive the most beneficial outcome for both the business and its stakeholders.

Week 10 Reading Reflection ch. 11

1. What stood out in the reading?
I was familiar with almost all of the information in this chapter because I've already taken financial and managerial accounting classes.  However, I wasn't necessarily familiar with investing activities, and I learned some new information here.  It was interesting to learn how long-term investing activities affect cash flow.  I also learned quite a bit about pro forma statements that I didn't know before.

2. Confusing aspect of the reading
In "entrepreneurship in practice: watching your accounts receivables" the author made a statement that entrepreneurs sometimes have to "take on credit cards" that charge high interest rates so that they can keep their business running.  I am just a bit confused on what the author meant by this statement.  Are the business owners requiring their customers to use particular credit cards that have high interest rates?  Or are the business owners charging their customers extra to use credit? Both?  Also, understanding horizontal analysis and vertical analysis was a bit confusing.


3. What two questions would I ask the author?

How would you recommend start-ups to lower their amount of uncollected account receivables?  What exactly is meant by "taking on credit cards" that charge excessive interest rates?

4. Was the author wrong about anything?

I didn't disagree with or question anything the author introduced.  Because the chapter was discussing the basics of accounting, the information was all pretty straight-forward and fact-based.

Week 9 Reading Reflection ch. 10

1. What stood out in the reading?
It was interesting to learn about the three different marketing philosophies.  I also found it interesting that three major factors influence ones selection of a particular marketing philosophy.

2. Confusing aspect of the reading
The "changing priorities and purchases in the family life cycle" table was a bit confusing to follow.  There were a lot of "priorities" and "major purchase" changes for each stage in one's life cycle.

3. What two questions would I ask the author?
What instances have you personally seen that prove that the consumer-driven philosophy is the most successful?  Then, if little competition exits, is it necessary to follow a consumer-driven philosophy?

4. Was the author wrong about anything?
In the Consumer Behavior section, the author discusses five types of consumers: innovators, early adopters, early majority, late majority, and laggards.  I remember reading about these types of consumers in a previous class as well.  However, I don't necessarily believe that any one person falls directly into one category during each of his/her shopping experiences.  Someone may be an early adopter in one particular product category such as personal care items yet be laggard when it comes to clothing.  The opposite can just as easily be true.  A person may be so passionate about new trends in fashion that they are the first to purchase a new hot-ticket piece of clothing.  However, this same person may be a laggard when it comes to replenishing basic personal care items like toothpaste that they opt for home remedies like lemon juice and baking soda before finally deciding to go to the store and purchasing more.  Peoples' emotions and day-to-day changes in lifestyle can also affect their buying behavior.