Elevator Pitch No. 2

I wasn't given a lot of advice on how to improve the last pitch but I did review other pitches and took some ideas from them that I liked.  I tried to be more professional and less emotional in my pitch this time. Someone suggested that I use a bag as a prop but I decided against it.

Customer Interviews No. 3

1) Describe your interviewing strategy.

I definitely found this to be the most challenging of the customer interviews because of the interview format.  I wrote down information about a potential product and wanted to get their reaction to the product.  I also asked them how much they thought a product like this would be worth to gauge its profitability. I continued asking apartment renters as they would be the primary user of the product.

2) Conduct the interviews. 

3) Reflect on what you learned.

This interviewing process was a lot different than the others.  Without opening up and talking myself it seemed like the potential customers didn't want to either.  I also spoke with more people that lived closer to a dumpster and for that reason were less interested in the concept.  It could have been my presentation of the product that made the product seem better than just an idea on paper.  Either way, these interviews have taught me about keeping a constant eye out for the problems people have.  You may be able to market a profitable product if you find a good enough solution.

Week 6 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?

 I really enjoyed reading this article as it had many specific examples in many different industries as to what attributed to a business's profitability.  Everything in the article makes a lot of sense but weren't necessarily things I have thought about before.  The example of how Microsoft decreased the profitability of the personal computer manufacturing industry by increasing the software price was very interesting.

2) Identify at least one part of the reading that was confusing to you.

At the beginning of the article it mentions toiletries as an example of an industry with rather benign forces acting on it.  I assume it is due to the advertising involved, but I would think that it would be an industry with relatively high competition with the available substitutes.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author about the toiletries question that I found confusing above.  I would also ask the author to create an industry analysis for electricity suppliers as I would be interested to see the competitive forces at play.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I didn't disagree with the author, they seemed very well informed in many different industries.

Idea Napkin No. 1

1)  About Myself- My name is Robert Rogers and according to the Myers&Briggs type indicator, I am an ENTJ.  Being an ENTJ means that I am extroverted and energetic, I enjoy completing work as much as I enjoy the work being completed.  One of my strongest strengths is my efficiency, I strive to create productive systems with as little wasted resources as possible.  Another strength is my ability to quickly analyze large amount of information and create an efficient solution to any issue.  I am skilled at multi-tasking, negotiating, prioritizing, and delegating.

I enjoy learning and trying new things.  When I was younger I wanted to be a pilot so I learned how to fly a plane.  I decided against being a pilot and considered being a pharmacist, so I applied to work in a pharmacy and shortly after passed the national certification exam.  After determining that I needed more of a challenge, I took coursework in chemical engineering and got accepted to UF's Chemical Engineering Program.  After speaking to many chemical engineers I discovered that I may be happier in a field that is more people-oriented.

My junior year I decided to switch to a degree in business administration hoping to open up many new avenues for personal growth.  Regarding this business concept, I don't see it playing a major role in my life.  It is a potentially marketable product but there isn't much that can be done to enhance the final product.

2) What are you offering to customers? I am offering an easier way to transport trash in apartment complexes and condos.

3) Who are you offering it to? The type of customer that would buy my product would live in a location where they have to drive a short distance in their vehicle to transport trash to a central location.  These would most likely be apartment renters and condo owners.  These people dislike putting trash in their car as they don't like to make the car smell.  They also don't like putting trash on top of their car for fears of it falling off.

4) Why do they care? These customers care about their car and don't like the smell of trash in their car.  They also don't like driving over speed bumps while the trash bag is on their car with fear that it might fall off.

5) What are your core competencies? A product like this doesn't exist as far as I know.  This means their is potential for patenting and selling the concept itself or making the product and selling it.  There currently isn't any competition but unfortunately the product could be easily be imitated and reproduced. 

I believe that this concept holds well for an "As-Seen-On-TV" product.  There aren't many enhancements that could be made to the product.  During a customer interview, one customer mentioned the possibility of different sizes, which is a potential option.  The company could continue to grow if it produced different products but after competition arises, it will be hard to differentiate the product.

Week 5 Reading Reflection

So I just realized that I have the ninth edition of the textbook and the reading reflections have been from the eighth edition.  For this reason I had been a little out of sync with the chapter reflections but the error has been rectified.

Assessment of Entrepreneurial Opportunities (Ch. 6 in 9th edition)

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? 

While reading this chapter I thought a lot about the idea of residential solar as I had used the idea for my initial customer interviews.  While reading this chapter it listed a lot of the reasons that start-ups fail and a major reason is a lack of initial cash flow and marketing problems.  While looking at a lot of balance sheets for solar companies, they aren't expecting to break even for a few years which could cause trouble if any obstacles arise before then.

2) Identify at least one part of the reading that was confusing to you.

I found it a little confusing to follow the figures used in the chapter, the explanation of the failure process of a newly started firm described how to calculate ratios but didn't give any indicators at what would be a good ratio to aim for.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author if they could better explain the key performance indicators at the early stage of a company.  I would also ask the author give specific numbers as to what those numbers should look like during the different stages of the company.  The author told us how to calculate them but gave no explanation to their meaning.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I didn't disagree with the author as they were mostly putting for statistics about failing companies in this chapter. I did enjoy reading about the different aspects of what causes start-up failures, management, marketing, and financing.  

Interviewing Customers No. 2

1) 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? 

After researching the price of solar panels and the lack of subsidies for solar in Florida, I decided to ask potential customers about another idea. This idea is explained in the elevator pitch blog. 

2) 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?

I did speak with the right customers last time as they were homeowners with nothing obstructing their roof from the sun.  I could have spoken to customers in a different neighborhood with higher incomes to get different results.  For the Trashport Pro, I decided to interview people who lived in apartments as this would be the most likely customer.

3) 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?

Due to changing the idea to the Trashport Pro, I asked questions about their "garbage day" habits.  I saw other student's customer interviews that asked what a person might pay for the product and I thought that was a great idea so I added that to my list of questions.  I asked how they transported the trash to the dumpster, then explained my idea and asked if they were interested and how much they think the product would be worth.

4) Go talk to customers! This is the same deal as last time: 5 people, you can't know them, you must video record them.

5) Tell us what you learned about the opportunity. You now have 10 interviews under your belt. What do you think about your opportunity now that's different from where you started?  

I was really surprised with the reactions I received about the Trashport Pro concept.  Unfortunately, I didn't record the entire videos because once I got my answers I shut off the camera.  But after the recording people started to really get into the idea and asked me more questions about it. Some even putting forth their own ideas on how the product could work.

6) Tell us what you learned about interviewing customers. You're practically an expert on interviewing customers. Please write three tips that you'd like to offer students in this class next semester about interviewing customers.

I have had a lot of fun interviewing potential customers and have learned quite a bit about how to get started with the interview.  First off, if you are knocking on people's doors, they are automatically thinking you are selling something or preaching the good word, which they want none of.  

Do not start by asking if the person has a minute, time is money, and a random person doesn't want to give you anything for free.  A good tactic is to introduce yourself by saying your name and mentioning that you are a student doing an assignment.  This will make the person feel at ease as you are not a potential threat to their finances or beliefs. Another tip would be to relax and have fun, this will lower the customer's stress level so they will be more likely to open up and give you more input about your idea.  

Elevator Pitch No. 1

Introducing the new "Trashport Pro", created by R&R Labs.

1) Opportunity- I see a lot of people putting their trash bags on top of their car and driving to the dumpster in my apartment complex.  It sometimes falls off and makes a large mess, or people put the trash inside their car and the bag leaks in their car leaving an unforgiving odor.

2) Solution-  This would be a rubber collapsible carrier for cars that could hang on the door and carry the trash while transporting it to the dumpster.