Opportunity: The unmet need that I am focusing on for my venture concept is the need for college students to manage their finances properly so that they do not put themselves in a financial hole. I think that an opportunity exist here because many college students would love to save money or learn about the various financial resources available, but this information may not readily accessible to them. Also, between school, family, bills, etc. managing your money properly in college can be an extreme challenge. Students are on their own and they have the choice to spend their money however they desire, but I believe that should have all of the financial resources available to them so that they can make the most informed financial decision. The financial stress of college students is the primary force that is creating this need. This market expands on a geographically large scale because there are college students all around the world. This opportunity is average in my opinion. It is not a huge opportunity, but it is not a small one either. This window of opportunity will continue to be open until college debt decreases or students begin to manage their finances properly.
Innovation: My service is an course or workshop that is available for students to sign up for at any time to gather some financial advice or help. This workshop will focus primarily on the spending habits and lifestyles of college students, but it will also expand to other topics as well. Things such as credit cards, interest rates, car loans, etc., are all potential topics to be discussed within the workshop. This service is designed to benefit students not only for the present, but for the future as well. This service would be sold to the respective university or school.
Concept: I do believe that it will be difficult for me to attract new customers to my market. One reason is because there are other products and services who claim or actually do sell similar products to what I am selling. Students may feel like it is just the same old information coming from a different source. This is not the perception that I want for my product, my product will actually make a change in someone's life and provide them with a path for a better future. It will provide them with valuable knowledge that they may not have had access to before. It will dive into various aspects of financial management that are so important to understand during the early years of your adult life. The competitors will be those who claim to sell similar services to my service. It is essential that I find a way to distinguish my service from the others and stand out in a unique way.
I believe that my most important resource will be my ability to connect with my customers. I have been in many of the same situations in which college students are presented with difficult financial decisions. I understand the life of a college student and what it takes to manage your finances properly. This will allow me to connect and engage with my customers on a personal level while also providing them with valuable information.
The next venture for my service is geographical expansion and content expansion. Increasing my brand awareness around the world and improving the perception of my product will be essential to my short-term and long-term success. Also, diving into various financial concepts that may be outside of the realm of a typical college student is a potential area of expansion for my product. In the future, I hope to have my business located in numerous entities around the world and I hope to expand into various commercial businesses.
Friday, November 16, 2018
Assignment 25A- What's Next?
Existing Market: In terms of what is next for my product, I believe that geographical expansion is the next big step. I could possibly try to implement my program into different schools around the country or even in high schools. This would allow high school students to possess valuable financial information before they even get to college. Also, I think that eventually it will be important for me to expand my target market. Currently, I'm just focusing on college students, however my service can be useful for a plethora of individuals and businesses.
Interview 1- This individual stated that I should be planning as if I'm going to be unsuccessful for the first few years. I should have a legitimate back up plan and understand the financial risks if my product completely fails. Also, we should be planning on we are going to respond to negative feedback and negative growth for our product. This individual focused a lot on backup plans and worse case scenarios. However, this an essential piece of information for our organization and is a very realistic possibility.
Interview 2- This individual focused on the content of my product and suggested that content expansion could be the next big thing for my service. For example, instead of simply focusing on how to save money in college, we could provide information about mortgages for houses, interest rates, loans outside of school, car loans, etc. Provided information about these topics can allow my service to grow and also broaden my target market because now I will be able to focus on a different group of consumers.
Interview 3- This individual suggested trying to dive into different businesses where my information could be useful. For example, there are always businesses that are looking for financial help or financial advice. We could hugely expand if we were able to dive into some of these markets. Banks, grocery stores, real estate agencies, etc., there is a plethora of businesses that we could attempt to reach out to and expand our business.
In terms of growing, it seems that geographical expansion would be best move initially if our product becomes successful. Expanding our product to numerous locations around the world and increasing our brand awareness will give us a huge advantage when trying to venture out into larger scales. This will allow us to develop connections and relationships with individuals who could help our business reach the next level. After expanding geographically, I believe that content expansion can be a huge benefit for our business. Having a versatile service can allow us to reach different markets with different purposes. We don't want to become so broad, that we lose sight of our core mission for our service, but providing more areas of service can be a huge benefit for us.
New Market: My initial market is college students, the new market that I think my product can venture into is individuals who are nearing retirement but still have some years to go. Many individuals are looking for financial advice which can be beneficial to them within the next 5 to 10 years or once they are getting ready to retire. This is why I feel that my product can be of service to them. The core of my product focuses on college students, however many of the principles can be applied to older individuals as well.
Interview 1- This individual suggested that my product has the potential to benefit to this group of individuals, but I will need to cater the information to the needs of older individuals instead of 18-20 year old students. For example, a unique approach could be to focus on the children that are present in the household. While many individuals want to manage their finances properly for themselves, an essential reason is so that their children won't have to suffer when they are older. Parents have a true weakness for their children and making sure that they have everything they need to be successful, this is a potential area that my service could try to penetrate.
Interview 2- This individual suggested that it may be difficult to attract customers for this new market. The primary reason being that, many older individuals have their beliefs and they stick with them and don't have time or energy to invest in something else. They may consider my service the same "stuff" that everyone tries to sell to them. This grounded attitude may make it more challenging for me attract customers for this new market.
My new market does not appear to be as attractive as my new market. It seems as though it will be very difficult for me attract new customers because of the stage in life that many of these individuals are at. They do not want to endure radical changes which require extra time and energy. They want to stick to their routine and focus their energy on what they can currently control. I did not analyze this aspect of the market when I initially thought that this market could be a potential new venture. Furthermore, this market will be much more difficult to penetrate than I anticipated.
Interview 1- This individual stated that I should be planning as if I'm going to be unsuccessful for the first few years. I should have a legitimate back up plan and understand the financial risks if my product completely fails. Also, we should be planning on we are going to respond to negative feedback and negative growth for our product. This individual focused a lot on backup plans and worse case scenarios. However, this an essential piece of information for our organization and is a very realistic possibility.
Interview 2- This individual focused on the content of my product and suggested that content expansion could be the next big thing for my service. For example, instead of simply focusing on how to save money in college, we could provide information about mortgages for houses, interest rates, loans outside of school, car loans, etc. Provided information about these topics can allow my service to grow and also broaden my target market because now I will be able to focus on a different group of consumers.
Interview 3- This individual suggested trying to dive into different businesses where my information could be useful. For example, there are always businesses that are looking for financial help or financial advice. We could hugely expand if we were able to dive into some of these markets. Banks, grocery stores, real estate agencies, etc., there is a plethora of businesses that we could attempt to reach out to and expand our business.
In terms of growing, it seems that geographical expansion would be best move initially if our product becomes successful. Expanding our product to numerous locations around the world and increasing our brand awareness will give us a huge advantage when trying to venture out into larger scales. This will allow us to develop connections and relationships with individuals who could help our business reach the next level. After expanding geographically, I believe that content expansion can be a huge benefit for our business. Having a versatile service can allow us to reach different markets with different purposes. We don't want to become so broad, that we lose sight of our core mission for our service, but providing more areas of service can be a huge benefit for us.
New Market: My initial market is college students, the new market that I think my product can venture into is individuals who are nearing retirement but still have some years to go. Many individuals are looking for financial advice which can be beneficial to them within the next 5 to 10 years or once they are getting ready to retire. This is why I feel that my product can be of service to them. The core of my product focuses on college students, however many of the principles can be applied to older individuals as well.
Interview 1- This individual suggested that my product has the potential to benefit to this group of individuals, but I will need to cater the information to the needs of older individuals instead of 18-20 year old students. For example, a unique approach could be to focus on the children that are present in the household. While many individuals want to manage their finances properly for themselves, an essential reason is so that their children won't have to suffer when they are older. Parents have a true weakness for their children and making sure that they have everything they need to be successful, this is a potential area that my service could try to penetrate.
Interview 2- This individual suggested that it may be difficult to attract customers for this new market. The primary reason being that, many older individuals have their beliefs and they stick with them and don't have time or energy to invest in something else. They may consider my service the same "stuff" that everyone tries to sell to them. This grounded attitude may make it more challenging for me attract customers for this new market.
My new market does not appear to be as attractive as my new market. It seems as though it will be very difficult for me attract new customers because of the stage in life that many of these individuals are at. They do not want to endure radical changes which require extra time and energy. They want to stick to their routine and focus their energy on what they can currently control. I did not analyze this aspect of the market when I initially thought that this market could be a potential new venture. Furthermore, this market will be much more difficult to penetrate than I anticipated.
Assignment 23A- Unfair Advantage
1) Domain Expert- This is an extremely valuable resources within my venture. Having an individual who possesses knowledge within my field can be a huge advantage for my product. The domain expert is not a rare component to have, as most products or services have a domain expert for their product. It may or may not be difficult to copy this aspect of my product. The information that the domain expert possesses may be obtained by others as well, however, the way the information is presented may not be as easy to copy. There are other resources that may provide the same benefit.
2) Marketing Expert- The marketing expert is an extremely valuable tool to possess, especially when my product can be used by various individuals. The marketing expert is not rare because most products or services will have someone who specializes in marketing within their department. This aspect can be hard to copy because there are so many different aspects of marketing, that one can take a new approach each day. I think that it can be difficult to find resources which will easily replace a marketing expert. This is a specialized field that one needs to have experience in to become an expert.
3) University/School- The school that I sell my product to will be extremely valuable to the success of my product. I do not think that this aspect is rare because of the vast amount of schools available all around the world. However, I do believe that the respective school will be difficult to imitate. Each university has their own special way of doing things and their unique way to put their touch on something to make it different. Also, depending on how successful my product is within the school, the school may or may not be substitutable. However, it will more than likely be substitutable.
4) Students- The students are very valuable to the service that I am provided because they are my primary customers. Students are not rare, they are found all over the world. This resource is easy to copy because students are available in a vast amount of areas. The actual individuals will be difficult to copy, but the concept of students is not difficult to imitate. There are not many replacements to this group, if the students are not accepting my product well, then I will have to move to a completely different target market.
5) Personal Experience- This is an extremely valuable resource as it will allow me to connect with my target market and understand everything that they are going through. It will also help me understand how they think and why they make the choices they make. I would consider this resource rare, because not every business is able to connect with its customers from personal experience. However, I have been through many of the same situation that my target market has gone through, so I will be able to connect with them. My personal experience is not easy to copy, it would be extremely challenging for someone to have personal experience that is similar to mine. This aspect is not substitutable, it is difficult to replace.
6) Financial Managers- Financial managers are an extremely important resource to my service because finances are the focal point of my product. Financial managers are not rare, there are many of them around the world who study finances and handle the financial aspects of the respective business. I think that it is difficult to copy what a financial manager does, because their position usually requires a high level of expertise. Financial managers may be substitutable by other financial mangers who possess similar knowledge, however I do not feel that their position is easily replaceable. This is a very skilled position which requires a lot of education and training.
7) Existing Services- Existing services can be valuable to me at certain instances, but I do not feel that they are extremely valuable. This aspect is not rare, most services have existing services which performed similar duties to what they are trying to perform. Depending on various legal aspects, it may or may not be easy to copy existing services. Due to trademarks, patents, etc. it can be very challenging and illegal for someone to imitate the services of another company. However, many companies do perform similar services. This aspect is not very substitutable.
8) Potential Marketing Area- This is an extremely valuable resource to my product. The geographical locations that I am able to reach with my product is a vast amount. This is a rare component, because there are many products that have geographical limitations. This is not an easy component to copy, it all depends on the product or service. This aspect is not substitutable, having is a large potential marketing area is a great resource to have.
9) Individuals who are not students- I believe that this is a valuable resource because real life examples can always spark a change within an individual. This aspect is not rare as most businesses are able to apply real world scenarios and examples to their product or service. This resource is fairly easy to imitate. Also, this resource is not substitutable.
10) Ability to Connect- I feel that the ability to connect with those who are a part of my business I an extremely valuable resource. No one wants to feel like their opinion isn't valued or like no one is listening to them. I think that my ability to listen and understand will take me a long way. This is a rare component because not all individuals possess this capability. It is not easy to imitate, this is a skill that I am working on and training to get better at each and every day. This trait is not substitutable, this is a skill that is difficult to replace.
I think that my most important resource is the ability to connect. I feel that if you can't connect with your employees nor your consumers, then it will be difficult to get people to buy into what you are trying to do. The ability to connect is an essential resource and it can truly affect the organizational culture.
2) Marketing Expert- The marketing expert is an extremely valuable tool to possess, especially when my product can be used by various individuals. The marketing expert is not rare because most products or services will have someone who specializes in marketing within their department. This aspect can be hard to copy because there are so many different aspects of marketing, that one can take a new approach each day. I think that it can be difficult to find resources which will easily replace a marketing expert. This is a specialized field that one needs to have experience in to become an expert.
3) University/School- The school that I sell my product to will be extremely valuable to the success of my product. I do not think that this aspect is rare because of the vast amount of schools available all around the world. However, I do believe that the respective school will be difficult to imitate. Each university has their own special way of doing things and their unique way to put their touch on something to make it different. Also, depending on how successful my product is within the school, the school may or may not be substitutable. However, it will more than likely be substitutable.
4) Students- The students are very valuable to the service that I am provided because they are my primary customers. Students are not rare, they are found all over the world. This resource is easy to copy because students are available in a vast amount of areas. The actual individuals will be difficult to copy, but the concept of students is not difficult to imitate. There are not many replacements to this group, if the students are not accepting my product well, then I will have to move to a completely different target market.
5) Personal Experience- This is an extremely valuable resource as it will allow me to connect with my target market and understand everything that they are going through. It will also help me understand how they think and why they make the choices they make. I would consider this resource rare, because not every business is able to connect with its customers from personal experience. However, I have been through many of the same situation that my target market has gone through, so I will be able to connect with them. My personal experience is not easy to copy, it would be extremely challenging for someone to have personal experience that is similar to mine. This aspect is not substitutable, it is difficult to replace.
6) Financial Managers- Financial managers are an extremely important resource to my service because finances are the focal point of my product. Financial managers are not rare, there are many of them around the world who study finances and handle the financial aspects of the respective business. I think that it is difficult to copy what a financial manager does, because their position usually requires a high level of expertise. Financial managers may be substitutable by other financial mangers who possess similar knowledge, however I do not feel that their position is easily replaceable. This is a very skilled position which requires a lot of education and training.
7) Existing Services- Existing services can be valuable to me at certain instances, but I do not feel that they are extremely valuable. This aspect is not rare, most services have existing services which performed similar duties to what they are trying to perform. Depending on various legal aspects, it may or may not be easy to copy existing services. Due to trademarks, patents, etc. it can be very challenging and illegal for someone to imitate the services of another company. However, many companies do perform similar services. This aspect is not very substitutable.
8) Potential Marketing Area- This is an extremely valuable resource to my product. The geographical locations that I am able to reach with my product is a vast amount. This is a rare component, because there are many products that have geographical limitations. This is not an easy component to copy, it all depends on the product or service. This aspect is not substitutable, having is a large potential marketing area is a great resource to have.
9) Individuals who are not students- I believe that this is a valuable resource because real life examples can always spark a change within an individual. This aspect is not rare as most businesses are able to apply real world scenarios and examples to their product or service. This resource is fairly easy to imitate. Also, this resource is not substitutable.
10) Ability to Connect- I feel that the ability to connect with those who are a part of my business I an extremely valuable resource. No one wants to feel like their opinion isn't valued or like no one is listening to them. I think that my ability to listen and understand will take me a long way. This is a rare component because not all individuals possess this capability. It is not easy to imitate, this is a skill that I am working on and training to get better at each and every day. This trait is not substitutable, this is a skill that is difficult to replace.
I think that my most important resource is the ability to connect. I feel that if you can't connect with your employees nor your consumers, then it will be difficult to get people to buy into what you are trying to do. The ability to connect is an essential resource and it can truly affect the organizational culture.
Friday, November 9, 2018
Assignment 22A- Elevator Pitch 3
https://www.youtube.com/watch?v=M06zsPbHe8M
The piece of feedback that stood out to me the most was to sound more enthusiastic when presenting my pitch. This was a very useful piece of information as I did not realize how dull I sounded throughout my presentation. Also, it was mentioned to me that I tend to use a lot of hand movements and shifting from side to side when I am speaking. I tried to cut this out as much as possible and not make any movements that may distract the audience from my presentation. Both pieces of advice have been extremely helpful in helping me make my pitch better. Lastly, I am more comfortable presenting in front of a camera and my pitch has become much easier to remember. With practice and advice from my peers, my most recent pitch is definitely an improvement from my first one.
The piece of feedback that stood out to me the most was to sound more enthusiastic when presenting my pitch. This was a very useful piece of information as I did not realize how dull I sounded throughout my presentation. Also, it was mentioned to me that I tend to use a lot of hand movements and shifting from side to side when I am speaking. I tried to cut this out as much as possible and not make any movements that may distract the audience from my presentation. Both pieces of advice have been extremely helpful in helping me make my pitch better. Lastly, I am more comfortable presenting in front of a camera and my pitch has become much easier to remember. With practice and advice from my peers, my most recent pitch is definitely an improvement from my first one.
Assignment 21A- Reading Reflection 2
The Art of Social Media: Power Tips for Power Users
1) The general theme of this book is to provide a plethora of tips and strategies to implore for the presence of your social media accounts. This book describes how one should treat their social media presence like a business and the methods one should use to promote their product and/or business. It goes into elaborate details about how your social media accounts affect you and how you can use social media to your advantage.
2) Throughout this semester, we have constantly discussed how and why opportunities come about and potential ways to exploit these opportunities. By performing consumer research, product research, analyzing the environment, etc., one can have an in-depth view of why the respective situation continues to occur. In relation to this course, I also feel that social media can be an opportunity for one to take advantage of. It is an opportunity to engage and promote yourself and your product to numerous individuals without seeing them face to face. It is an opportunity for you to create a first impression of yourself before you actually meet someone. It is an opportunity to enhance your brand, create publicity, and embark on a new journey.
3) If I had to design an exercise for this course based on the book, I would ask students to create one social media post which enhances their brand, product, or business. The purpose of this assignment will be for students to be creative as well as impactful. As far as which social media account to use, what to post, when to post, etc., that will be up to the student. This assignment will have few limitations, so that the students can post something unique and purposeful.
4) The biggest surprise for me while reading this book was the importance and emphasis of treating your social media presence like a business. I've always understood that you must be very careful when posting on social media. The content will be available for a long time to an enormous amount of individuals. You don't want to post anything that could potentially harm your reputation or someone else's. However, the concept of treating it like it is a business is relatively new to me. This involves taking a serious and dedicated approach to your social media accounts. Also, treating your social media presence as if you are a professional in the respective field or are trying to become an expert in that field. All of these factors should be considered when one is addressing their social media presence.
Friday, November 2, 2018
Assignment 19A- Idea Napkin 2
1) My name is Prince Powell and I'm a 3rd year Sport Management major. My talents are playing basketball, bowling, and working on improving other aspects in my life. I have a plethora of experience in customer service and retail roles. I've also been involved with the sales aspect of retail as a sales associate. I also have experience within the facility operations field as well. My aspirations are to obtain my master's degree and find an employment opportunity within the collegiate or professional basketball industry. If I were to start my business, I see it playing an important part in my life, because this situation plays an important role in my life today. Therefore, I believe that I will be focused and determined to help others achieve their goal.
2) My solution is to offer an workshop or course for students to take regarding aspects about financial management which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is an investment on themselves and on their future. This minor investment can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
I did not receive much feedback for this, so I simply tried to incorporate the elements that have been mentioned to me throughout the semester.
2) My solution is to offer an workshop or course for students to take regarding aspects about financial management which will be required for them to graduate. This class or workshop will teach individuals about a plethora of aspects surrounding their financial opportunities and strategies. It is not designed too take up a lot of time, but it is designed to deliver essential information to the students that will better their future.
3) The primary customers for my product will be college students who are struggling to save money for various reasons. An essential theme with this primary target market is that they are struggling to save money. It is not that they don't want too or are not making an effort, but they need additional help and advice to take the necessary steps.
4) Customers will pay money for this product because they will look at it as an investment. It is an investment on themselves and on their future. This minor investment can set one up for great success in their future. I will invest my time and resources for them and give them the tools and resources that they need to achieve their goals.
5) One thing that sets me apart from everyone else is that I am currently experiencing the same issues as those that I'm going to help. I know what they are going through and I can directly relate to their problems. This firsthand experience will give me information necessary to connect directly with my customers.
The elements that I believe fit together are my customers and their reasoning for having this unmet need. Many of the individuals will have similar concerns and problems regarding this unmet need. I also believe that many students will want to enroll in this course because college students want value from the courses that they are paying for. This course can be very impactful for all students who enroll in the class. The aspect of my product that may be weaker than the others is what sets me apart from everyone else, I need to ensure that I'm offering essential information and tools which may be life changing. It cannot be the same advice and strategies that everyone gives to everyone else, it needs to be different.
I did not receive much feedback for this, so I simply tried to incorporate the elements that have been mentioned to me throughout the semester.
Assignment 20A- Social Capital
1) Domain Expert- Accounting/ Financial Analyst: This individual has experience within the accounting field and has an accounting background. I chose this individual as my domain expert because I thought that it would be beneficial for my product if the individual had experience with various financial concepts. My product is a mandatory financial management course or workshop that is required for students to complete upon graduation, therefore knowledge within the financial field will be extremely important for my product. This individual was someone that I grew up with back in my hometown, we've maintained contact, so it was not an extremely difficult process to get in contact with them. An essential aspect of this exchange was for me to expand my knowledge and gather as much information as possible. Including this individual in my network gives me a valuable person to contact whenever I need financial advice regarding my product.
2) Market Expert- This individual has an marketing background and is heavily involved with college students. This individual has engaged with college students numerous times and they pay attention to how students think and act. They focus on what their thought process is. They analyze what factors impact student's decisions the most. I found this individual through my Health and Human Performance program here at UF. This exchange involved analyzing how customers/students think about their finances. What are their initial thoughts and what is the most important component to analyze? This individual will be an excellent resource due to their marketing background. Marketing is always an essential component when one is trying to sell any product or service.
3) Supplier- This individual gives financial management workshops to students from time to time throughout the semester. However, not many students attend this workshop because they do not know about it or because it is not mandatory. Therefore, the valuable information may not be reaching the individuals that it needs to reach. I have attended one of the workshops before and this is how I interacted with the individual. Including this individual in my network can provide with me with a heads up for things that do work and do not work for students. It can help me be proactive rather than reactive.
In future networking events, I plan to be more engaging and try to establish authentic contact with the individual. Yes, this experience differed from others because it forced me to network using a method that I am not familiar with.
2) Market Expert- This individual has an marketing background and is heavily involved with college students. This individual has engaged with college students numerous times and they pay attention to how students think and act. They focus on what their thought process is. They analyze what factors impact student's decisions the most. I found this individual through my Health and Human Performance program here at UF. This exchange involved analyzing how customers/students think about their finances. What are their initial thoughts and what is the most important component to analyze? This individual will be an excellent resource due to their marketing background. Marketing is always an essential component when one is trying to sell any product or service.
3) Supplier- This individual gives financial management workshops to students from time to time throughout the semester. However, not many students attend this workshop because they do not know about it or because it is not mandatory. Therefore, the valuable information may not be reaching the individuals that it needs to reach. I have attended one of the workshops before and this is how I interacted with the individual. Including this individual in my network can provide with me with a heads up for things that do work and do not work for students. It can help me be proactive rather than reactive.
In future networking events, I plan to be more engaging and try to establish authentic contact with the individual. Yes, this experience differed from others because it forced me to network using a method that I am not familiar with.
Subscribe to:
Comments (Atom)