Sunday, July 31, 2016
My Exit Strategy
2) I choose this strategy because I want to do what is best for me. I do not want to live my life with regret and thinking "what if"
3) My exit strategy does influence my other decisions because one decision will have me doing everything I can to make it grow while another would make me want to do everything to set it up right so I could let it go, so it is all a matter of where I am going with my decision.
Sunday, July 24, 2016
Celebrating Failure
My most common failure that I have had recently has to be in my internship. I can not count the amount of mistakes that I have made that has been the internship an experience, to say the least. The failure at times has been my fault for not paying enough close attention and making the "rookie" mistakes. Then others have been because I was put under the assumption of knowing how to do something but my fellow coworkers forgot I am new and do not know everything yet. Plus there have been days where the seconds have felt like minutes with how ridiculous and stressful things were going at work. At the end of the day though I can look back at it all and see what I have learned, how I have grown and know what I do not want to deal with in the future. Failure is hard for me, I am a perfectionist when it comes to many things. But for somethings, I am open to mistakes happening and learning in stride with what is going on. This internship was that, taking the time to accept mistakes are going to happen and then be able to learn from them to be able to capitalize in the future. Failure is something that is emotional and mental for me, I like to think a lot and failures are something I ponder about quite a bit at times. I have been much more open recently to taking risks because I have learned for me at least, it is what life is all about. Taking that risk for that reward.
Venture Concept No. 1.
Opportunity: The opportunity that is out there for the future customers is the chance to enhance their driving experience. There are vehicles out there today that have really bad blind spots and that makes driving dangerous and stressful. With offering a device where there be alerted of vehicles in their blind spot is would make the driving experience much more pleasant. The need is really any driver out there with a vehicle that doesn’t have blind spot sensors already on their vehicle which is millions of drivers in the U.S. alone. This window of opportunity will be open for many years to come until it becomes a basic part of vehicles to include blind spot detection.
Innovation: This idea of mine is not exactly new, it has already been done in a way. The issue is that it hasn’t been marketed in a way for it to have success. It has not been taken out and shown to people about it and how it can enhance their driving experience. The product is out there and for a while now, it just has not been presented in a manner yet where people feel that this can be a benefit to their lives. It is applying sensors on the blind spot of the vehicle so that the driver and feel confident and comfortable driving at all times. The price of the sensors will be determined on the manufacturing of the product as well as the amount of sensors that are bought, they will be sold in packs of two for the customers.
Venture Concept: Customers would buy this product because they will realize a way to benefit their life on the road in a way they never realized they could. And anything that makes life easier and better is a life that many people would want. For that reason people would by the product and the way to keep them is by keeping the product high quality and consistent in its use and experience. Competitors are already out there and that is where the idea came from in a way.
Minor Element
My secret sauce would have to be the connections that I have already made of individuals in the automotive industry. This would definitely help with getting my foot in the door and in the right direction to make this all happen.
The next opportunity for the venture would be making improvements to enhance the experience of the customers who are already using the product and finding ways to bring new customers in.
In five years of launching I would like to have the company to be self-sustaining, making its own revenue to run on. And in the next decade make a contract with a major automotive company to put the product into mass production in all vehicles.
Sunday, July 17, 2016
My Unfair Advantage.
1. Ease of use
v- High, something easy to use is wanted especially if it has benefits
r- Low, not an original idea
i, Low, can be duplicated
n- High, there are others out there that offer similar benefits
2. Potential to grow
v- High, for investors this may seem worthwhile
r- Medium, something like this can be new to some people
i- Medium, if a similar product was to come out it can compete
n- Low
3. Industry connections
v- High, great foot in the door for a big job
r- High, not normal for such potential
i- Medium, someone with similar connections can capitalize
n- Medium, someone with similar connections can do the same
4. Personal drive
v- High, needed to achieve success
r- Low, not rare but at the same time not everyone has it
i- Low- anyone can get a drive for success
n-
5. Multilingual
v- High, can expand into many regions and countries
r- Low, others know the language as well
i- Low, anyone can learn the language
n- Low, many resources out there can translate
6. Growth
v- High, any growth is good growth for the company
r- Low, growth is needed for success so not necessarily rare
i- Medium, could be duplicate but could lead to different results
n- Low, not many resources that are perfect
I am aware I am 4 short of the requirement. I had a tough time thinking of good advantages that can be brought to the table. But out of the 6 mentioned above I think the biggest advantage would have to be the connections I have in the automotive industry. As the saying goes, "its not what you know, its who you know."
v- High, something easy to use is wanted especially if it has benefits
r- Low, not an original idea
i, Low, can be duplicated
n- High, there are others out there that offer similar benefits
2. Potential to grow
v- High, for investors this may seem worthwhile
r- Medium, something like this can be new to some people
i- Medium, if a similar product was to come out it can compete
n- Low
3. Industry connections
v- High, great foot in the door for a big job
r- High, not normal for such potential
i- Medium, someone with similar connections can capitalize
n- Medium, someone with similar connections can do the same
4. Personal drive
v- High, needed to achieve success
r- Low, not rare but at the same time not everyone has it
i- Low- anyone can get a drive for success
n-
5. Multilingual
v- High, can expand into many regions and countries
r- Low, others know the language as well
i- Low, anyone can learn the language
n- Low, many resources out there can translate
6. Growth
v- High, any growth is good growth for the company
r- Low, growth is needed for success so not necessarily rare
i- Medium, could be duplicate but could lead to different results
n- Low, not many resources that are perfect
I am aware I am 4 short of the requirement. I had a tough time thinking of good advantages that can be brought to the table. But out of the 6 mentioned above I think the biggest advantage would have to be the connections I have in the automotive industry. As the saying goes, "its not what you know, its who you know."
Amazon Whisperer
-For revenue drivers I could look into doing sponsorships or contracts via automotive services such as insurance companies, rental companies, automotive dealerships and much more.
-The next thing I could think of to offer "next" for customers is a product that could compliment the driving aid which is possibly connecting it with the phone via an app or an additional product to go with the car awareness sensors.
-The "next" offering would enhance the customer's experience by making it more beneficial and enjoyable for them.
-The next thing I could think of to offer "next" for customers is a product that could compliment the driving aid which is possibly connecting it with the phone via an app or an additional product to go with the car awareness sensors.
-The "next" offering would enhance the customer's experience by making it more beneficial and enjoyable for them.
-The product listed above is similar to my product except is uses the aid of an app as well for the use for the customer.
-So far I had no luck finding reviews with the product to see what people like/dislike of the product.
-For changes I'd make it more clear for the customer, looking into using actual camera to show the customer exactly what is out there.
-This product would make a good offering to customers is because apps for mobile devices are what people want, being able to offer them one will help bring interest and use for them.
Sunday, July 10, 2016
Growing My Social Capital
1) I had no success making contact with anyone who I would consider being a domain expert.
2) I met with the manager at a local automotive electronics store. Being that my product is an electronic for vehicles it seemed an appropriate individual to contact for the industry and my expert in the market. I met him through my father who has done business with him before with our cars here at home. I reached out to them in person at their store to speak with them. With him I spoke how he got started and what has he done to remain in business through the years and maintain that success. They did me the favor of informing me about the automotive electronic industry locally and with this I can see what the market is for my area and my idea. Having this conduct is important because it could be a business relationship where he could do the installation for the product for customers.
3) I had no success making contact with anyone who I would consider being a supplier expert.
Reflection: In the future I would put some more time and energy making the necessary contacts, I know it is a hit or miss when it come to these things. I just made sure to keep my head up because not hearing back from individuals did not feel good but is just motivation to make improvements and to try again. This did differ from my networking experiences in the past because I have mostly done it solely in person so having to go through social media, emails, etc. was a little more difficult for me.
2) I met with the manager at a local automotive electronics store. Being that my product is an electronic for vehicles it seemed an appropriate individual to contact for the industry and my expert in the market. I met him through my father who has done business with him before with our cars here at home. I reached out to them in person at their store to speak with them. With him I spoke how he got started and what has he done to remain in business through the years and maintain that success. They did me the favor of informing me about the automotive electronic industry locally and with this I can see what the market is for my area and my idea. Having this conduct is important because it could be a business relationship where he could do the installation for the product for customers.
3) I had no success making contact with anyone who I would consider being a supplier expert.
Reflection: In the future I would put some more time and energy making the necessary contacts, I know it is a hit or miss when it come to these things. I just made sure to keep my head up because not hearing back from individuals did not feel good but is just motivation to make improvements and to try again. This did differ from my networking experiences in the past because I have mostly done it solely in person so having to go through social media, emails, etc. was a little more difficult for me.
Reading Reflection No. 2- How to Fail at Almost Everything and Still Win Big
How to Fail at Almost Everything and Still Win Big -Scott Adams
1. General Theme) Is finding the right way of thinking mentally to then be able to take the appropriate physical actions for success. Knowing how to better yourself is important and vital to actually have the success of getting better.
2. In my opinion I feel this book was phenomenal with not only the course itself to have success in a business but to also have personal success, I found that amazing. I love a new way to look at things and ways to better myself as a person. I have always been one to help other but it is nice learning ways to better myself.
3. If I was to designed an exercise it would be one where people would take what they read and find what things to they can personally do to better themselves and list and explain those out. Then to take a week and actually perform those tasks to see if it does help them out.
4. The moment for me was realizing that being selfish isn't so bad, if done correctly. It is important to be selfish and to be able to do things that you want to do. You are living your life, you need to make yourself happy and better. You need to focus on you.
1. General Theme) Is finding the right way of thinking mentally to then be able to take the appropriate physical actions for success. Knowing how to better yourself is important and vital to actually have the success of getting better.
2. In my opinion I feel this book was phenomenal with not only the course itself to have success in a business but to also have personal success, I found that amazing. I love a new way to look at things and ways to better myself as a person. I have always been one to help other but it is nice learning ways to better myself.
3. If I was to designed an exercise it would be one where people would take what they read and find what things to they can personally do to better themselves and list and explain those out. Then to take a week and actually perform those tasks to see if it does help them out.
4. The moment for me was realizing that being selfish isn't so bad, if done correctly. It is important to be selfish and to be able to do things that you want to do. You are living your life, you need to make yourself happy and better. You need to focus on you.
Idea Napkin No. 2
1. Me) I am a senior Marketing major at UF. My talents would have to be working with a team and dealing with people with all sorts of personalities. I also am very good at listening and improvising in various situations when the obvious solution is not working. I also have a background and experience with automotive mechanics with my at home and work experience. I aspire to be running a business, I enjoy a challenge and leading teams to success. If I were to start this business I would be very hands on and passionate about it, whenever my ideas come to life I treat them like my child to help them grow and prosper.
2. What am I offering to customers?) I am offering a simple product that can be installed in any vehicle where it will alert the driver of the vehicle their blind spots while driving so that can avoid any accidents while driving in any situation.
3. Who am I offering it to?) My demographic is any individual on the road in an urban area where there are many merging ramps for highways. As well as anyplace that has a vast amount of vehicles that causes traffic on a daily basis. Also, it is for individuals with vehicles that are not equipped with the "blind spot sensors" from the factory. All these customers have in common is having to constantly check their blindspots which mean taking their eyes off the road for a split second which can be dangerous.
4. Why do they care?) The customers will actually pay money for this product if they are someone who wants to have the extra confidence of driving on the road. Also for anyone who would like to add modern technology to any vehicle which can save them the cost of buying a new car.
5. What are my core competencies?) By offering a product that is simple and can be used in any vehicle and will allow the customer/driver who cannot afford the luxury vehicle that this type of service is offered in. What I have that nobody else has is the product to offer to aa wider audience to lead to a better experience on the road for all.
I do believe these elements do all fit together for the business concept. They touch on the points of what I am here for, what I am offering, what is its purpose and why it all matters. I feel all those points need to be touched for any business to have success. It gives a clear picture for others to learn what exactly is being offered. Without these you will have struggle sometime down the road with any business.
Feedback memo: Based on the feedback I was only really questioned on how is this different that what is already offered out there on the road now. I made it clear the difference here is offering a product that can be used in any vehicle, not just newer vehicles. Other than that everything else people enjoyed and supported and those ideas I kept the same.
2. What am I offering to customers?) I am offering a simple product that can be installed in any vehicle where it will alert the driver of the vehicle their blind spots while driving so that can avoid any accidents while driving in any situation.
3. Who am I offering it to?) My demographic is any individual on the road in an urban area where there are many merging ramps for highways. As well as anyplace that has a vast amount of vehicles that causes traffic on a daily basis. Also, it is for individuals with vehicles that are not equipped with the "blind spot sensors" from the factory. All these customers have in common is having to constantly check their blindspots which mean taking their eyes off the road for a split second which can be dangerous.
4. Why do they care?) The customers will actually pay money for this product if they are someone who wants to have the extra confidence of driving on the road. Also for anyone who would like to add modern technology to any vehicle which can save them the cost of buying a new car.
5. What are my core competencies?) By offering a product that is simple and can be used in any vehicle and will allow the customer/driver who cannot afford the luxury vehicle that this type of service is offered in. What I have that nobody else has is the product to offer to aa wider audience to lead to a better experience on the road for all.
I do believe these elements do all fit together for the business concept. They touch on the points of what I am here for, what I am offering, what is its purpose and why it all matters. I feel all those points need to be touched for any business to have success. It gives a clear picture for others to learn what exactly is being offered. Without these you will have struggle sometime down the road with any business.
Feedback memo: Based on the feedback I was only really questioned on how is this different that what is already offered out there on the road now. I made it clear the difference here is offering a product that can be used in any vehicle, not just newer vehicles. Other than that everything else people enjoyed and supported and those ideas I kept the same.
Sunday, July 3, 2016
My Secret Sauce
My five unique ways:
1- Natural leader
2- Communication abilities
3- Prioritizing
4- Others before myself
5- Adaptive
5 people Interviews: (Audio got deleted, paraphrased the best I could from memory)
Paola- "What makes you special is your ability to know when to be serious and when to have fun. How you always know the appropriate time to say/do something. Because of that, it makes it so easy to talk to you."
Jonathan- "Always been the same old Louis from day 1. Known you since the 7th grade and now were pretty much 'adults' but you're the same guy I met back in Middle school. And I know if I need someone to count on, I can count on you."
Nadia- "You're one of a few people that get me. You are also one of a few people that I few genuinely comfortable around with. Between your personality and actions, you make me feel comfortable about myself.
Philip- "Once we officially bonded the beginning of sophomore year it seemed like our friendship was set. You've always been there for me and looking out for me even when I didn't ask for it. I know I can count on you for anything."
Marielle- "You've always been weird, but in a good way. You manage to always make everyone feel better whenever you see them. You are a very caring individual and have no problem putting others before yourself."
Comparisons
There are differences from how others see me and how I see myself but I am not surprised by what I was told. I know when I was thinking about myself I thought about things that were solely about me, however, I know in reality I am someone who looks out for others as from what was told from the interviewees. I completely agree with the interviewees and if there was anything I would change from my personal list is that I am more considerate and concerned for others over myself.
1- Natural leader
2- Communication abilities
3- Prioritizing
4- Others before myself
5- Adaptive
5 people Interviews: (Audio got deleted, paraphrased the best I could from memory)
Paola- "What makes you special is your ability to know when to be serious and when to have fun. How you always know the appropriate time to say/do something. Because of that, it makes it so easy to talk to you."
Jonathan- "Always been the same old Louis from day 1. Known you since the 7th grade and now were pretty much 'adults' but you're the same guy I met back in Middle school. And I know if I need someone to count on, I can count on you."
Nadia- "You're one of a few people that get me. You are also one of a few people that I few genuinely comfortable around with. Between your personality and actions, you make me feel comfortable about myself.
Philip- "Once we officially bonded the beginning of sophomore year it seemed like our friendship was set. You've always been there for me and looking out for me even when I didn't ask for it. I know I can count on you for anything."
Marielle- "You've always been weird, but in a good way. You manage to always make everyone feel better whenever you see them. You are a very caring individual and have no problem putting others before yourself."
Comparisons
There are differences from how others see me and how I see myself but I am not surprised by what I was told. I know when I was thinking about myself I thought about things that were solely about me, however, I know in reality I am someone who looks out for others as from what was told from the interviewees. I completely agree with the interviewees and if there was anything I would change from my personal list is that I am more considerate and concerned for others over myself.
My Customer's Avatar
My Customer's Avatar- 16+ year old driver. Is a fan of modern technology, Drives a car that lacks the ability to warn about cars in blind spots. Lives in an urban city with high traffic volume.
What do I have in common with Avatar?
- I am the avatar, I am a driver in an urban city with high traffic volume driving a car that lacks the ability to warn me of my blind spots and I am a fan of technology.
Do I think it is a coincidence I have anything in common with my avatar?
- I do not think it is a coincidence because the idea I came up with is sparked because of a problem I experience and a possible solution to it.
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