1) The shoe cleaning product itself
- This product would be our own formula that would allow for a quick shoe cleaning spray. This would be a mix of chemicals or other products that would be hard to copy unless given inside information.
2) The people working with me
- These people on my development team would be hand selected by me, so I know their human capital would be centered around the business, which is something very unique to my business.
3) The business culture
- My company would be filled with people that truly appreciate and enjoy the business they are in. These would be people who have always been interested, either through basketball, magazines, etc.
4) Social media presence
- The product would be heavily featured in Instagram ads and other such ways of social media. However, this is not as valuable and unique since any company can do this.
5) The price of the product
- The product will be cheap, however, so are many such cleaning products that can be used around the house. One of the main target groups will be college-aged kids, and thus one of the main selling points is the price.
6) The multi-fabric use
- The shoe cleaning product will be able to be used on all shoe materials, from leather to mesh, etc. This will be a unique quality of my product.
7) The development process
- The product will be constantly updated to keep up with the shoe trends of the time, so as to constantly work and not ruin anyone's look.
8) The unmet need
- This is a product that will constantly be needed, as there will never be a world in which shoes don't get dirty. Because of this, people will always have a need for the product so as long as they want to clean their shoes.
9) The joy of the business
- When I would ultimately go through with producing this product, I would need financial backing from years of previous work. Because of this, this product would be made because I enjoy the process, rather than out of financial necessity. This would ensure positive vibes throughout the staff that would make people want to work together.
10) Pairing this product
- Ideally, my product would be sold in skate shops and at places like Sports Authority. I would have these placed next to where the shoes are, or at the counter because people would want to buy those items together. People are always buying shoes so this will be unique to my product because it will allow for consistent demand.
My companies most valuable resource, in my opinion, is number eight. This is because having a company based on a need that will always be there will ensure for constant sales, and will not be a product that goes in and out with phases. This part of the list would be a main point of my business model.
Friday, March 30, 2018
Friday, March 23, 2018
Reading Reflection No. 2
The book that I chose to read for this assignment is "How to Fail at Almost Everything and Still Win Big" by Scott Adams. This book was one of my favorite reads and was constantly interesting. The main theme of the book was about priorities, and how to value the ways that you live your life. The book enhanced my views and understandings of this class. It can easily be said, but Adams really elaborated on the idea of looking at yourself and making sure that you are healthy, both mentally and physically. He wrote often about how a good diet, a good fitness plan, and adequate sleep can lead to a much more successful and happy life. By doing so, and then evaluating how much you value wealth and happiness, a person can find the optimum level of contentment. If I had to design an exercise for the class based on this book, I would have the student make a list that prioritizes their top ten goals in life, this would include both business and personal life. My "aha" moment of the book came when Adams began to describe and talk about how a person living a moderate life can be overall happier and enjoy their day to day activities more than someone that is rich to the point of owning their own private island. This more "flexible schedule" as he describes can lead to more time to pursue leisure activities that the person enjoys, which then boosts their mental state further.
Idea Napkin No.2
Who Am I? I am James, and I am a twenty-year-old male from New Jersey. My talents include networking and face to face interactions with people, as well as having a pretty reasonable understanding of the markets. My business aspiration is to provide a reliable product to people that have the same passions as me.
What Am I Offering to People? I am offering a shoe cleaning product. It will be a spray on product, that once sprayed and then rubbed in, will quickly remove all blemishes and dirt marks on the shoes.
Who Am I Offering it to? I am offering this product to active people in their late teens, twenties, and thirties. The reason for this is that this type of customer is typically out and about, and will thus have consistently dirty shoes since they are always on the move. This is a kind of person who enjoys going on runs, playing intramural sports, or even taking their dog for a walk.
Why Would They Care? They would care if they are concerned with their appearance, or if they get irritated by wearing dirty apparel. This would ensure that their shoes would look as good as new constantly.
What are my Core Competencies? What sets my product apart is that there is currently no name brand products that people consistently use to clean their shoes. Most people have long and/or expensive other ways that they currently do to fulfill the task.
I believe that many of these aspects of myself and my business fit well together. The people who I would most likely be in business with would be people who are around a similar age and enjoy a similar lifestyle. Because of this, I believe that they would have many of the same unmet needs as myself.
After the last post, I had a few takeaways that were very central to the way that I proceeded. The first is that this product would be seen as something that college-aged kids would want, which was my hope. Secondly, which is related to the "Growing Social Capital" assignment, is to get feedback from industry experts. These people would be able to accurately assess the risks of the business and tell me if it is worth it to pursue. The comments were very good feedback.
What Am I Offering to People? I am offering a shoe cleaning product. It will be a spray on product, that once sprayed and then rubbed in, will quickly remove all blemishes and dirt marks on the shoes.
Who Am I Offering it to? I am offering this product to active people in their late teens, twenties, and thirties. The reason for this is that this type of customer is typically out and about, and will thus have consistently dirty shoes since they are always on the move. This is a kind of person who enjoys going on runs, playing intramural sports, or even taking their dog for a walk.
Why Would They Care? They would care if they are concerned with their appearance, or if they get irritated by wearing dirty apparel. This would ensure that their shoes would look as good as new constantly.
What are my Core Competencies? What sets my product apart is that there is currently no name brand products that people consistently use to clean their shoes. Most people have long and/or expensive other ways that they currently do to fulfill the task.
I believe that many of these aspects of myself and my business fit well together. The people who I would most likely be in business with would be people who are around a similar age and enjoy a similar lifestyle. Because of this, I believe that they would have many of the same unmet needs as myself.
After the last post, I had a few takeaways that were very central to the way that I proceeded. The first is that this product would be seen as something that college-aged kids would want, which was my hope. Secondly, which is related to the "Growing Social Capital" assignment, is to get feedback from industry experts. These people would be able to accurately assess the risks of the business and tell me if it is worth it to pursue. The comments were very good feedback.
Growing Your Social Capital
The first person that I talked to was the domain expert. He is my friend Blake, and he runs his own business where he will buy rare or retro shoes and then will sell them again to different buyers after restoring them. He has been doing this since his sophomore year of high school since shoes are his passion, especially Jordans. I know him because of a mutual friend during our freshman year of college. The exchange was just a regular conversation, and he did not expect anything in return. He described to me in full his process of buying a pair of shoes and then the expenses that it requires to make them look like new again. Having Blake in my networking circle will provide a possible business partner who would buy my product, and would be able to introduce me to other people who have a passion for restoring shoes.
The next person who I talked to was my friend Justin's father, who works in advertising. He works for many different companies to consult them on target groups, which does include shoe companies and has been doing so for many years. He is fulfilling the expert on the market slot since he has been conducting research for many years. I know him because he is my roommate's father, and talked to him when he was here over the week visiting. The nature of the talk was a very civil and regular conversation with nothing expected in return. He would be helpful in my networking circle because he would be able to provide advice on marketing the product in the best way possible.
The third and final person that I talked to was Dave, who is the manager at my family's surf shop, and he fulfills the industry supplier role since he is constantly buying shoes in bulk and selling them, and other related products. I contacted him over the phone since he is currently in New Jersey. He did not expect anything in return since he is a friend, but he might hope for me to purchase some clothes next time I'm home. He is good to have in my networking circle because he is managing a store, and knows the other surf shop managers in the area. This is a good way to introduce my product to people who would buy it in bulk.
This experience was different than from what I had expected. It will help me in future networking events because by the end I was much more comfortable talking to people who are heavily involved in the same, or at least similar, industry. By the end, my questions were also much more refined and helped me to get the answers I needed.
The next person who I talked to was my friend Justin's father, who works in advertising. He works for many different companies to consult them on target groups, which does include shoe companies and has been doing so for many years. He is fulfilling the expert on the market slot since he has been conducting research for many years. I know him because he is my roommate's father, and talked to him when he was here over the week visiting. The nature of the talk was a very civil and regular conversation with nothing expected in return. He would be helpful in my networking circle because he would be able to provide advice on marketing the product in the best way possible.
The third and final person that I talked to was Dave, who is the manager at my family's surf shop, and he fulfills the industry supplier role since he is constantly buying shoes in bulk and selling them, and other related products. I contacted him over the phone since he is currently in New Jersey. He did not expect anything in return since he is a friend, but he might hope for me to purchase some clothes next time I'm home. He is good to have in my networking circle because he is managing a store, and knows the other surf shop managers in the area. This is a good way to introduce my product to people who would buy it in bulk.
This experience was different than from what I had expected. It will help me in future networking events because by the end I was much more comfortable talking to people who are heavily involved in the same, or at least similar, industry. By the end, my questions were also much more refined and helped me to get the answers I needed.
Friday, March 16, 2018
Customer Avatar
This exemplifies the prototypical customer when I am describing my segment of people who would be interested in buying a quick, shoe cleaning product. He is an active college student that can consistently be seen walking to and from class, going for runs in the park, or even playing with his dog in the backyard. Because of this, his shoes constantly get dirty and are in need of cleaning. Yet, he loves to spend his money on other discretionary things, such as going out to eat with his friends or going to basketball games. Becuase of this, and his busy school schedule, he only tends to buy an item when he knows the purchase will be worth the money. In his free time away from working out and school, he likes to watch sporting events, and especially go to the beach. Because of this, he works part-time as a manager at his local gym as a lifeguard. His favorite movie is Batman the Dark Knight, and his favorite television show is The Office. His dog's name is Kevin, and he is a 3-year-old yellow lab.
I have a few things in common with this avatar. Both him and I are college-aged kids who enjoy exercise and the outdoors. However, I do not own a dog and generally enjoy home cooked meals more than from a restaurant. Both him and I tend to analyze our purchases to ensure that the money will not be wasted. I do not think this is a coincidence that I have a lot in common with my avatar. I created a product out of a need of mine, so therefore the person would be similar to me. This is because I believe the need to be a common problem for someone my age.
Friday, March 2, 2018
Halfway Reflection
At first impression, this class can look intimidating with all of the required assignments, and that only missing a few can drastically drop your grade. However, I would advise to stick with it and to not get intimidated by the process. By repeatedly doing what is asked and all of the assignments, you will build a great work ethic and will become very enthusiastic about doing the work. There were times this semester when the assignments of this class and others seemed as if it would be impossible to complete. However, the end result and what is gained from persevering and completing all the work is well worth it. It may be stressful at times, but putting in the effort is a very rewarding feeling. If I had to give you three tips it would be to: 1) Always maintain a positive attitude towards the school work, 2) Know that every midterm and finals season will come to an end, and the seemingly endless amounts of work won't always be so bad, 3) Don't be afraid to ask teachers or friends for help, they can provide significant feedback on the work that you have done already. Stick with the class, as you will emerge with a new outlook on not only the process of chasing an idea but the business world as a whole!
Figuring Out Buyer Behavior No.2
The segment that I once again interviewed was college-aged kids, and particularly those that are more active than not. Before the interview, I made a quick list of possible alternatives to my idea of a spray-and-scrub cleaner for shoes. These included:
- Putting the dirty shoes in the washing machine.
- Doing nothing with the shoes.
- Buying a new pair of identical or similar shoes.
- Trying to find remedies around their apartments/houses.
I interviewed three different friends this time, and for each of them the choice came down to a combination of factors. The first, my friend Dave, said it would come down to whatever was the cheapest for him and that could fit into his busy schedule. My two other friends that were interviewed, Dean and Matt, said that price was a major factor for them as well, and quality of the finished product also mattered immensely. Each of the three said that their preferred method of purchase would be online because it does not require the time and effort to go to a store and buy a product. However, Dave said that if going to a store would provide the quickest and cheapest way then he would do that instead of shopping online. Dean and Dave said that determining rightness would be about how much cleaner the shoe looks, and for how long it lasts. Matt based this decision based off of how long the actual product would last, and how many times he would be able to use it. All three said it would only be a bad purchase if the product did not work well or did not match the price expectations. Based off of this, I concluded that selling this product online would be the best way to reach the biggest client base. I also concluded that the main factor for many college-aged kids is the price of the product, so providing it for as cheap of a price as possible is a needed step. I would describe this segment as very rational and very thoughtful of their purchases due to the lack of a major budget for college kids.
- Putting the dirty shoes in the washing machine.
- Doing nothing with the shoes.
- Buying a new pair of identical or similar shoes.
- Trying to find remedies around their apartments/houses.
I interviewed three different friends this time, and for each of them the choice came down to a combination of factors. The first, my friend Dave, said it would come down to whatever was the cheapest for him and that could fit into his busy schedule. My two other friends that were interviewed, Dean and Matt, said that price was a major factor for them as well, and quality of the finished product also mattered immensely. Each of the three said that their preferred method of purchase would be online because it does not require the time and effort to go to a store and buy a product. However, Dave said that if going to a store would provide the quickest and cheapest way then he would do that instead of shopping online. Dean and Dave said that determining rightness would be about how much cleaner the shoe looks, and for how long it lasts. Matt based this decision based off of how long the actual product would last, and how many times he would be able to use it. All three said it would only be a bad purchase if the product did not work well or did not match the price expectations. Based off of this, I concluded that selling this product online would be the best way to reach the biggest client base. I also concluded that the main factor for many college-aged kids is the price of the product, so providing it for as cheap of a price as possible is a needed step. I would describe this segment as very rational and very thoughtful of their purchases due to the lack of a major budget for college kids.
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