Week 12 Reading Reflection

1) The biggest surprise to me was the intricate planning and pattern on must follow in order to succeed in strategic planning.  I found it very interesting how the diagram illustrated steps and a process.

2) I was confused in the fatal visions in strategic planning section.  The author so delicately when one show important it is to use strategic planning and made it sound like their was no disadvantage in doing it but this section points some out and i got confused as to why there would be.

3) One question i would ask the author is why he feels strategic approaches are beneficial in every company.  Another question is risk taking importance when building a strategic plan.

4) I disagree with the move quickly statement in figure 13.4.  I think if a business is taking a risk, it should be done quickly to avoid further complicating things.

Venture Concept No. 1

The ULTIjack is a product designed to fulfill the purpose that most jackets and long sleeve sports wear does not do successfully.  People who frequently spend their time outdoors are potential customers of my product.  Whether these people are walking, playing a sport, exercising, hiking or traveling, the ULTIjack is guaranteed to keep you insulated when it is cold and cool when it is hot.  Anywhere is the world, anytime of the year, anytime of the day, the ULTIjack can perform successfully.  Instead of layering up endlessly, one can simply use the ULTIjack and it reaches the same measure as a north face jacket over two long sleeve shirts and a scarf. This jacket not only provides a safe layer but an extra layer when needed.  Customers are currently using the only thing close to the ULTIjack, which goes for a whopping $350, that does not entirely meet the need of the people looking for something o that sort.  The opportunity for the ULTIjack is very big considering there is nothing like it in the market.  This window of opportunity will be open until someone acts before I do and creates and produces their own version of the ULTIjack.  I chose something very intricately built and also very useful and needed by society.  The ULTIjack can replace the multiple layers of clothing most people load on to keep themselves warm and remove frequently every time they enter a room that has the heat on high.  It is a never ending cycle of putting on and taking off for the long winter months.  The ULTIjack will use automatic sensors made from electron powered electrolytic cells, which are rechargeable, to determine the weather it is exposed to.  That process will trigger the cooling or heating systems made from 70% alcohol based solution to deliver heat or cool temperatures throughout the jacket.  I will make money by selling the jacket at an affordable price so anyone anywhere can purchase the ULTIjack.  Ranging form $70-$100 to cover cost of production and release.  The ULTIjack will put an end to the days where one had to buy sweaters, jackets, coats, parkas, long-sleeved shirt, etc. The ULTIjack will come to the rescue during the days one does not know what to wear.  The ULTIjack is something simple and useful that will fulfill the need of everyone.  My business will be organized according to the success of my product.  I will be based on supply and demand.  I will have producers, manufacturers, promoters, advisors and overseers.  There is no worry I have towards this venture concept except the possibility of someone else acting faster than I do and creating their own ULTIjack and selling it in the market.

Amazon Whisperer

• Some Revenue drivers i currently include in my business concept for this class are promotion through social media to expand my clientele and prestigious business owners ready and willing to launch my idea by providing me with any necessary resources.
• I believe the next product offering is something customers rely on and can access easily.  The next product offering should be customizable and suited to its owner.
• My current product is unisex but not customizable.  By creating something that customers can build from scratch based on their taste, my product can improve user experience, switching costs, and foster customer loyalty.
• I found a Nike Shield runner flash women running jacket sold for $350.00

• Hooded full-zip and approx. 3" mock collar for added coverage, warmth, and weather protection

• Duel zipper with lockdown zipper, zipper garage, and wind flap for a secure seal

• Two buttons along top of zipper to secure jacket and allow for temperature control

• Drawcord at hood for a customizable fit around the head

• Storm-FIT fabric provides breathable weather-resistance

  
• There are no customer reviews for this product.  I suspect because of the insane price.
• I would make the jacket more simple.  There are so many options, zippers, buttons, drawcords to this Nike jacket that make it really complicated.  My initial plan was to make my product for people of all ages.  Something even a 2 year old can figure out and handle easily.  This Nike jacket should come with an owners manual considering all the alterations/features it has.
• This product can make a good addition to people looking for something not as advanced, successful as the ULTIjack.  For people just looking for something to keep them warm as they go for a run.

Week 11 Reading Reflection

1) The biggest surprise to me was the big name brands that this article stated in the first paragraph that have a hard time sustaining their performance.  I didn't think such big and successful companies would be lacking in such a vital area. 

2) I found the majority of the thirds paragraph very confusing.  I don't understand what a 'grab-bag of much touted best practices' is.

3) I would ask the author why he thinks so many companies have problems building an innovation system. This especially applies to large companies who should have this all thought out and properly planned.  I would also ask what he thinks provokes companies into thinking that they donned an innovation strategy.  Clearly, this article deems it necessary.

4) I disagree with the statement the author made about long term investments not being for everyone.  If some company devotes themselves to that investment, whether long-term or not, they can successfully utilize it and advance themselves as a business.

My Unfair Advantage

• Potential customers
• Technology
• Plan/Idea 
• Business experience
• Space
• Product material
• Promote
• Business supporter
• Budget list
• Autodesk

1.  Potential customers-  This is important because i already have people interested in my product.  They are willing to buy it after i produce it.  This resource is very valuable.

2.  Technology- This is valuable because the technology behind the ULTIjack is very complicated and i already have the right resources to develop my product successfully.

3.  Plan/Idea-  This is rare because i have a business plan and product concept already developed and this will not only help me advance but correctly create the ULTIjack.

4.  Business experience-  Because of the previous courses, along with this one,  I have gained some valuable insight into business and developing a product from scratch.  This is rare and a very good skill to possess.

5.  Space-  I frequently go to my drop zone, which is 30 minutes away from where i live, and the amount of extra unused space there is unbelievable.  I could possibly use that space to create my prototype, test it, and make any necessary improvements over time.  

6.  Product Material- I already possess  some of the proper product material needs to successfully build my ULTIjack.  This is valuable because all i would have to do is create it.

7.  Promote- I have a Instagram account solely based on promoting my product.  This is rare and valuable because i can expand my clientele and reach many people all over the world.

8.  Business supporter-  I know someone who owns their own business that will support mine and help me build my company.

9.  Budget list-  I have created a solid budget list so i know what to spend and where.

10.  Autodesk-  I am autodesk certified and can create my prototype there to have steps and an idea on how to create the actual ULTIjack.

The most valuable resource is the business experience.  With that i can make proper decisions and arrangements under any circumstances and build my company successfully.  Without this resource, all others would not matter.

Week 10 Reading Reflection

1) The biggest surprise to me was the financial glossary for the entrepreneur.  I didn't know such an intense and complicated process goes into developing key components of a financial segment.  Its impressive that so many crucial parts are needed in order to complete any individual task.

2) The section concerning liabilities is what most concerned me.  The general definition of that word is very different than the business definition.  I don't understand how a liability can turn into a long term debt.  

3) I would ask the author if a bank loan is a long term liability worth taking.  What measures must be taken in order to reach that level of debt.  Another question i would ask is if there are ways to completely avoid liabilities.  Long term and short term ones.

4) This chapter was mostly factual information.  There was no section i did not disagree with because it is all known to be true.  

Elevator Pitch No. 3

2) The feedback that i received is mostly stating the research and development of my product.  How i can make my ULTIjack affordable for the customers and not so expensive to develop on my end.  This was a very good point and will come up with a practical solution.  Also, i received some feedback on target customers which i have already explained in all my previous assignments.  

3) I won't change anything.  I will only add on to my product.  I will create a accurate plan as to how the research, material and development of my product will be initiated.

My Secret Sauce

1) I am unique because;

  1.  I do cancer research and have made break-throughs in the very short time (8 months) that i have worked in the lab.

  2.  I skydive on the weekends

  3.  I play rugby for UF 

  4.  I dance for UF

  5.  In the past, I have contributed to end world hunger by raising enough meals to feed 1,300 people.

  6.  I have 8 siblings, all older,  whom have made me patient, devious, and skilled in many areas.

2) The first interview is my friend explaining my skills during challenges.  

  The second interview is my friend explaining the confusion and stereotype that pretty girls can't be smart.

  The third interview is my friend explaining me in general.  She knows me very well

  The fourth interview is my friend whom also knows me very well.  She explains whatever Rachel missed.

  The fifth is my friend explaining my political views and patriotic behavior. 

3) I see myself as ambitious, motivated, determined, and focused.  Other people see me as impulsive, outgoing, happy, and smart.  I set my mind on something and nothing can make me deviate from that thing until i achieve it.  I assess myself according to this.  No one knows what goes on in my head, so they can only form an opinion based on what i reveal and demonstrate.  I think some of the things mentioned in my interviews are correct.  I would add that i seem outgoing and smart onto my list.

Week 9 Reading Reflection

1) What I found to be the biggest surprise in the reading is the section talking about marketing research questions.  The questions are separated into several different categories which is surprising because most of the question seem very similar.

2) The part that i found really confusing is the web design section.  I don't understand how a change in behavior is necessary for Internet marketing to really take off.

3) One question i would ask is why the three major factors influence the choice of a marketing philosophy.  The other question i would ask is which does he think has more importance than the other three?

4)  I disagree with a part of the current sales analysis section. Calling cannot always give you the results you want.  

Idea Napkin No. 2

1)  I am a dominican first generation pre-med college student with hopes of becoming an OB/GYN.  I play rugby for UF, dance for UF Sabor Latino dance team, and i am an active skydiver and member of falling gators skydiving club.  I also do brain immunotherapy research creating a cure for brain tumors in the UF Brain Tumor Immunotherapy Program.  I want to create something that can impact the entire human race beneficially.  My business concept is to provide you with something that you can entirely make your life easier forever.

2)  2)  I am offering a jacket that can keep you insulated during the cold and cooled during the heat.   Through multiple alcohol based technological ice and insulation packets converted into material safe to wear for a prolonged amount of time. 

3) I am offering my product to anyone in need of this item.  Outdoor sportsman, students, parents, grandparents, children, all genders, all ages.  Anyone that is tired of having to put up with the heat and cold wearing unsuitable clothing, as well as anyone fed up with putting on multiple layers of clothing during the winter months.

4) My item will not only relieve your closet of unnecessary clothing items for the season, but also relieve your wallet from loosing its insides. :) 

5)  There hasn't been something made yet that provides both services during anytime of the year.  My item it one of a kind and unmatchable.  I have a product suitable for anyone and everyone.  I could even create and animal sized one to keep your pet comfortable always. 

I believe these elements fit together.  The only weak link is the possibility of having skeptical customers.  People that don't believe my item does its job.  I would have to demonstrate every aspect of my product and prove that it does its job expertly. 

1.  The technology was incorporated into my idea napkin.

2.  Getting rid of excess clothing.

3.  Rapid change in temperature.

4.  Sold in all market segments.

5.  Plausible company idea.

I incorporated each feedback idea by re-creating my entire business idea.  I wanted to make it clear what I am selling and have all potential customers.