23A- Your Venture's Unfair Advantage

1.      Hardworking attitude and desire for success.

Valuable: This resource is valuable because to be successful you need to give it your all and do everything to the best of your ability.

Rare: I would say this is not rare but to make it rare be the best at anything you do.

Inimitable: Being hard working is not hard to copy but takes effort.

Non-substitutable: There are other qualities that can replace hardworking.

2.      Experience going to the beach and facing sand as an obstacle.

Valuable: This is valuable because having this need shows that there is a clear need that needs to be addressed.

Rare: Having an experience and showing there is a problem is not rare.  Many people have this experience when going to the beach.

Inimitable: This experience shows there is a clear need which cannot be copied.

Non-substitutable: There is not much that can replace having first hand experiences.

3.      Contacts and knowledge from people selling beach products.

Valuable: Having contacts in this specific industry is very valuable.  These contacts can be a reference for any advice or questions.

Rare: Having contacts and knowledge is not rare.

Inimitable: Having specific contacts and knowledge is hard to copy.  These contacts are built on relationships.

Non-substitutable: It is hard to substitute contacts for other resources.

4.      Concerns and information from frequent beach goers.

Valuable: Having people who see a need voice their concerns for a problem is very valuable in solving the need.

Rare: This is not rare because people have concerns and bugs about many things.

Inimitable: Since people have many concerns it would be hard to copy.

Non-substitutable: This could be replaced with questioning about solving a problem rather than having direct concerns.

5.      Proficient in using technology.

Valuable: For a business I think being proficient in technology is very valuable to help reach new markets and promotion.

Rare: In 2018, this is not rare as many businesses are getting better at with using technology.

Inimitable: The use of technology is easy to copy.

Non-substitutable: New technology is advanced and could not be substituted for an advancement at this time.

6.      Ability to manage finances successfully.

Valuable: For a business being able to manage finances for revenues and expenses is very important.  Having experience in this is helpful.

Rare: Businesses must be able to do this successful to succeed so this is not rare.

Inimitable: Being able to do this can be copied but to the extent it is matters upon success.

Non-substitutable: This cannot be substituted.

7.      Good communication skills and ability to listen and take advice.

Valuable: Being able to listen and communicate while taking advice is very valuable resource to have. 

Rare: Being able to take advice can be rare because sometimes people do not want to listen to others.

Inimitable: This can be easily copied but takes time and effort.

Non-substitutable: This is hard to substitute because listening is very useful.

8.      Knowledge that who you know sometimes outweighs what you know.

Valuable: This resource is a very valuable on to have.  Having knowledge on a product is great but sometimes who you know is more important to help advance your idea.

Rare: Knowing people is not rare but knowing the right people and making great connections may be hard.

Inimitable: Making connections and networking is not hard but some people may be more helpful than others.

Non-substitutable: Making strong connections cannot be substituted.

9.      Desire to create a useful and beneficial product.

Valuable: This is valuable because making a product that is useful and successful is the end goal.

Rare: For a business this is not are as this is the goal for many.

Inimitable: The can easily be copied.

Non-substitutable: This can be substituted by other resources such as hard work.

10.  Having relationships with other businesses.

Valuable: This is valuable because when creating a product having connections with suppliers and distributors would be great.  My neighbor owns a business o talking to him has bene helpful.

Rare: This is not rare because relationships among businesses is common.

Inimitable: Having strong relationships can be copied.

Non-substitutable: These relationships cannot be substituted.

I think my top resource is   knowledge that who you know sometimes outweighs what you know.  Networking and building connections are extremely important when starting a business.  I may have  a large depth of information but still can use help from others to succeed.  Being able to understand to continue to network and make connections can be a very important resource to have.

20A- Growing Your Social Capital

Domain Expert:

1)      Who they are and what their background is

I contacted Kathy Benson who is the key account manager for the product pro towels which is a company that sells sand repellent beach towels.

2)      How the person fills the spot.

Kathy Benson is a domain expert because she is the account manager of a product that has similar features to the product I want to sell.

3)      A description of how you found the person and contacted the person.

I spent time searching the internet for sand repellent products that would be comparable to the product I was trying to create and found the pro towels website.  While on the website I looked for a reputable representative to talk to and found the email address of Kathy Benson.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

I sent Kathy an email asking her questions about the sand repellent towel product that they sell.  One thing in specific I asked was if they had any specific feedback that she could share about the customer’s satisfaction levels about the product.  I also wanted to know if she would be willing to share her thoughts on my idea of a sand repellent spray.  I hope to get a response, but I understand people are busy.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

If I decide to further my idea, I hope to keep Kathy Benson as a resource that I could reach out to about the ways to advance the product to satisfy the customer desires of sand repellent products. 

Market Expert

1)      Who they are and what their background is

I contacted Sarah Jacobs who is the owner of a small beach product distributer.  She sells unique beach products such as nifty chairs, bags, and toys for kids.

2)      How the person fills the spot.

Sarah fills this position because we have the same target audience that we are trying to reach which is parents who go to the beach with their kids and families.

3)      A description of how you found the person and contacted the person.

Sarah is a family friends with my neighbor, so I was able to get her phone number to have a short conversation with her to talk about her business and her thoughts about my product.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

I presented Sarah my elevator speech to discuss her thoughts on my product and ways to improve my idea.  I enjoyed hearing her opinion due to her level of expertise on selling beach products to local families in south Florida.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

I enjoyed our conversation.  I am not sure how she can help me but I think having Sarah as a contact can be helpful as she said she would answer any questions I have in the future. 

Supplier Expert

1)      Who they are and what their background is

I contacted Eytan Benzeno who is the manager of a beach product supplier website called beachstore.com

2)      How the person fills the spot.

This person fills my need because he is a large supplier of beach supplies in the south Florida area which I consider to be a large portion of the target customers I want to reach.

3)      A description of how you found the person and contacted the person.

This part of the assignment I had some trouble with.  However, I found the website and tried to find someone I could contact.  I ended up finding Eytan’s email on linkdin and sent an email.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

I was only able to send an email to Eytan asking some questions about supplying beach products.  I also included a link to my elevator pitch and asked for suggestions, but I have not got a response back yet.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

I would love to get a response from Eytan but as of now I have not received one.  I understand that not all networking opportunities pan out but this assignment has shown me that it does not hurt to try.

Finally: Reflect.

At first, I was a bit reluctant to extend my comfort zone and reach out to people who could help my networking.  However, this assignment has taught me that it is okay to ask people who have experience for help and advice because they are usually readily available to provide some input.  In future networking opportunities I hope to gain new contacts that can help point me in the direction of success.

21A- Reading Reflection 2

1)      What was the general theme or argument of the book?

Overall, I enjoyed the book, How to Fail at Almost Everything and Still Win Big by Scott Adams.  Scott Adams preached simplicity throughout his book and went from working behind a desk to the creator of one of the most well-known comic strips Dilbert.  Throughout the book, we learn about many of Scott’s failures, one for example is his idea to create a dill flavored burrito.  While learning about these failures he explains the ways you can learn from these failures to become successful as well as trying took look at the world in a different way.  Scott Adams also highlights ways to think to succeed such as passion is bullshit, stay steeped in failure, goals vs systems, appearance matters, and deciding versus wanting.  Learning from failure Scott Adams explains that goals are for losers and day to day acting and always doing the next step.  Also, it is important to decide and take action as opposed to just wanting something.

2)      How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think this book connected well with what we are learning in ENT3003 because it is important to understand that failure is not the end but rather an obstacle to overcome.  Becoming a successful entrepreneur is a process and cannot happen overnight.   As Scott Adams said one must try and fail, learn, and grow to succeed.  I think understanding that failure is a part od success is important thing to understand as an entrepreneur.  Additionally, having desire, being hard working, and having an appetite for success can put an entrepreneur on the path to success.

3)      If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

One thing I learned from this book is the importance of affirmations to become successful.  Scott Adams said that he would write down what he wanted 15 times in a row.  This would help him stay on track and generate ideas to become successful.  In the end, this affirmation led to the creation of the Dilbert comic strip.  I think the exercise of writing down what we want 15 times in a row would be a successful exercise and one that would not be that hard to do.

4)       What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations

The biggest surprise while reading this book was what Scott Adams said about being selfish.  Scott Adams explains that there are three kinds of people which are selfish, stupid, and being a burden on others.  Given these options, there is only one logical choice which is to be selfish.  Many people struggle with creating a balance between being selfish and not selfish enough.  However, the example Scott Adams has given shows that as an entrepreneur being selfish is the only way to succeed.  I would not expect being selfish as a positive quality to consider when running a business.  I now see that successful entrepreneurs must be selfish ad dedicate countless hours of time and dedication to become successful.

19A- Idea Napkin 2

1.      You- I am a 19-year-old from south Florida.  I love sports, traveling, and trying new things.  I am very organized, determined, and am proficient in time management skills.  I have worked a variety of different jobs which has taught me how to balance my finances.  I see opportunity in the business concept I created of a way to prevent sand from sticking to the skin because I see this as a potential need.  Growing up in south Florida my family and I often attended the beach which has given me experience on how to address this need.  Additionally, while reviewing peer reviews the people from south Florida agreed that there is a need to prevent sand from sticking to the skin.  I value this feedback because it has proven there is a need.

2.      What are you offering to customers- At this point the product I am trying to offer to customers is an idea that needs to be developed.  I want to create a spray on product that would be used at the beach to prevent sand from sticking to the skin.  I have no experience creating such a product so as of now this is just an idea.  One of the feedbacks I got said my product would be successful if I had a patent.  I do not have the knowledge or understanding of that process right now but I agree that a patent on this product could be very beneficial to differentiate my products from others.

3.      Who are you offering it to- This product would be most useful for people located near the beach.  Originally, I was narrow minded and put that this would include most Florida residents because of the location near the beach. I agree with the feedback I got that this product could be used by all people who frequently attend the beach which could include people worldwide as there are many beaches around the world.  I still conclude that the target customers would also be mainly adults both male and female in the age range of twenty-forty as they are the ones most likely to go to the beach and use this product.  This product would be ideal for people of middle class income with families as opposed to adults who are always working and have no or desire to go to the beach.

4.      Why do they care- When going to the beach, there are ways to attempt to wash and wipe away sand.  These options may be the use of a towel or the local showers provided.  The people who gave me feedback agreed that these options do not typically do a good enough job to get all the sand residue off.  This has reassured me that a spray that prevent sand from sticking has value because it’s an added way to prevent the irritation and annoying factors associated with sand including the main reason of getting sand in the car. 

5.      What are your core competencies- With the feedback I have gotten from this assignment I think a patent on my idea would be able to set this idea apart from others.  This would allow my product to be unique, so other competitors could not replicate it.

I think the five items fit well together for the overall concept of solving a need with the introduction of a product or service.  Using my experiences with the beach and sand I was easily able to link all the answers to fit together.  Additionally, talking to people about their potential needs has helped me answer the questions for the idea napkin.  At first, I was not sure how to differentiate my product but with feedback can see that getting a patent would make this product unique as it could not be replicated.  Without a patent, anyone could create this product if it were to become popular.

Feedback Memo-

Overall, I found the feedback for my idea napkin very helpful because I had five people respond to my post.  One point that I think really helped me was that the majority of the people who gave feedback enjoy going to the beach but agree that sand can be annoying.  This feedback was helpful because it shows there is a need for opportunity which is one of the first questions that needs to be answered as an entrepreneur.  The second feedback I got that I thought was helpful was the idea of considering a patent.  I don’t know how this would be done but this idea would help make my product unique so it could not be replicated.  I used the feedback on this assignment to further my ideas on the idea napkin.  This included going into more depth on what the product is and who I would target.  I appreciated all the feedback I got.

16A- What's Your Secret Sauce

Describe five ways in which you think you have human capital that is truly unique.

1)     Drive for success- In everything I do, I try becoming successful.  I have always strived to be successful in academics, socially, and anything else I pursue.  In specific, when in times of adversity I try and overcome to be successful.

2)     Desire to be inclusive- I consider myself to be a very easy-going person that gets along with everyone.  However, at times I can be shy and not want to be the center of attention.  This has helped me become observant to try and include everyone in anything I do no matter the size of the group.

3)     Lead for change when I hold strong beliefs- I am not a very outspoken person.  However, if I have strong beliefs about something I try to make my voice heard to have my pint of view shown.  This does not happen often but when it does I am strong minded in what I believe.

4)     Willingness to ask questions- I consider myself to be a curious person who is not afraid to ask questions.  Whenever I do not understand something I try to ask as many questions as possible to gain a better understanding.

5)     Hardworking, Organized, Dedicated- I think I am a very hardworking, dedicated, and organized person.  I consider every situation I am put into to try and make the best decision I can.  When making these decisions I work hard and keep a level and organized head to succeed.

Interview the five people who know you the best

https://soundcloud.com/max-pfau-296797825/mom/s-fpEpG

1)     I spoke to my mom in my first interview.  I think my mom was very honest in her answers and was not afraid to tell me the reasons why I am different and key qualities I have that make me different.  I agree that I can be stubborn at times but am a true go-getter.

https://soundcloud.com/max-pfau-296797825/dad/s-6902Z

2)     I spoke to my dad in my second interview.  One thing that stood out to me was that he connected my desire to achieve my goals with a desire to have a business and make money.  He also made the point that I try to stray away from drama which I think is very accurate and has helped me be inclusive in any situation.

https://soundcloud.com/max-pfau-296797825/poppy/s-t9qQK

3)     I spoke to my grandpa in my third interview.  In this interview my grandpa explained that I have grown into the person I am today through life experiences such as traveling and being different.  Also, he talked about how he considers me to be very enthusiastic and I will continue to improve and differentiate over time.

https://soundcloud.com/max-pfau-296797825/grandma/s-xkVMY

4)     I spoke to my grandma in my fourth interview and she told me that at times I may need to expand my comfort zone to try new things.  However, she considers me a loveable person and that I am always comfortable in being welcoming and comfortable with who I am.

https://soundcloud.com/max-pfau-296797825/mandy/s-1PfER

5)     I spoke to my sister for my fifth interview.  She elaborated on the fact that I am hardworking in anything I do.  She explained that she would describe me as a dedicated person that is organized and able to succeed.

Reflect on the differences. 

I think for the most part, my answers similarly reflected what other people had to say about me.  For example, everyone I talked to noted that I am dedicated and hardworking when I set my mind to do something.  However, I did notice differences in how I see others and others see me.  Some see me as not willing to try new things.  I see this as the case due to my stubbornness but overall, I feel like I am willing to try new things.  I understand that I may be afraid to try things out of my comfort zone but I hope to improve on that moving forward.  Overall, I think these interviews were correct about me.  If I were to correct my list I would not change much.  However, I would put in that at times I choose to rely on comfort rather than trying new things.

17A- Elevator Pitch #2

One piece of important feedback that I got was that my hook was captivating, so I decided not to change it at all.  This was helpful in gaining confidence throughout my elevator pitch.  I was surprised that in my peer review I was told to use more enthusiasm because I thought my enthusiasm was solid.  However, in this updated elevator pitch I tried to be very enthusiastic and use my hands because body language can be very key when trying to portray a message.  Also, in my first elevator pitch I was sitting down which I know now was a downfall in my pitch.  In my second elevator pitch I was standing and I think this was an improvement on my pitch.   Overall, I think doing these elevator pitches take practice and time to perfect.  Overall, I was happy with how it turned out and think.  Overall, I did not make any major changes to my pitch but rather focused on trying to perfect the smaller things as much as possible.  I hope to continue to work on this in the future.

18A- Create a Customer Avatar

For my product I picture the customers to be mainly mothers of children who enjoy spending time with their family and kids.  This would involve being active in getting their children to their commitments, acting as a team mom for any sports, and volunteering at the school of their kids.  As a devoted mother, she does whatever her kids want but wants to make sure they are safe.  Additionally, she is usually responsible for cleaning up after the mess of her kids.  She enjoys reading books and watching tv shows on the food network.  To satisfy the needs of her three kids she drives a minivan.  Her job as a school teacher is important to her but has flexible hours on weekends and summer vacation allow her to have time to spend with her kids.  Having off during the summer time, my ideal customer avatar would be able to go to the beach on a frequent basis with her kids.

What do you have in common with the customer avatar?

As a college student, I do not have much in common with my customer avatar.  My product is designed to appeal to adults rather than college students.  However, if I were to have kids down the road, I think it would be important to spend time with your kids and make them happy.  This would include going to the beach even if one does not like the sand.

If you have anything in common with the avatar, do you think that is a coincidence? Why?

As I mentioned, I do not have much in common with my avatar.  The product is designed to appeal to parents of children.  Adults tend to have willingness to spend money on a product compared to college students.  Additionally, college students may not be as bothered by the sand at the beach compared to a adults.