Final Reflection

I honestly could not choose just one assignment that stood out to me, so I am going to give you my top 3 (in no particular order). Starting off with the Elevator Pitch assignments, I really enjoyed the process from writing up my script to recording it. I think I created a persuasive pitch that was informative and eye-catching, something I am proud of. Next is the Venture Concept assignment. This was something that allowed students to put all the information and ideas together on paper. It helped me concrete a path for my business idea, while also gave me a sense of accomplishment knowing that I was able to come up with a solution to a problem. Last, but not least, my second Reading Reflection. The book I read, Mindset: The New Psychology of Success by Carol Dwek, truly opened my eyes to the kind of mindset I had about learning. I was too focused on the end result, and not on actually retaining and learning new information. I also put too much value in talent and not enough on hard work. Since reading the book, I have been putting 10x more effort, ensuring that I strive for excellence in everything I do.

When I first joined this class, I was stuck thinking that one had to be born an entrepreneur. I now know that it is something you can learn and implement into your life. I definitely have moved a lot closer to developing an entrepreneurial mindset, taking advantage of opportunities I see.

My first recommendation would be to read Mindset: The New Psychology of Success. It will set them on the right path towards achieving the mindset needed to succeed not only in this class, but in your life. Then I would say the best thing you can do to perform well in this class is to make an organized schedule of when you will complete assignments. This will keep you accountable, ensuring you get everything done with enough time, so you don’t have to rush.

Reading Reflection No. 3

Book: Thinking, Fast and Slow, Daniel Kahneman

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

The main theme was how the different ways we think may be affecting our decisions both in business and in life. There are two thinking systems, one is intuitive & quick, while the second is slow & logical. It is important to take the time to analyze problems instead of quickly jumping to conclusions and taking the first thinking system. He also goes into detail about the various ways our minds trick us, by association or comparison bias (perspective plays a big role).

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

This book gave me increased insight into the complex mind that humans hold. This class has taught me that you do not need to be born with a special talent or intelligence to be successful. It is all about how much work you put in, how well you prepare yourself, and the habits you have for yourself. Kahneman aligns with this belief by enforcing the importance of not always relying on your intuition but rather taking the time to understand things before making decisions.

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

I would give exercises similar to the ones mentioned in the book that teach people about the different ways the mind thinks and tricks us. For example, I would ask you “Do you think the tallest building in the world is greater or less than 2500 feet?” then I would ask you a follow up question, “approximate the size of the tallest building in the world?”. This would help students understand the idea of anchoring bias, which involves using previously given information to make your decisions. The answer people have will change significantly if I switch the number from 2500 feet to 135 ft in the first question.

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 was how much these tactics are used by businesses to sell products. I had not put so much thought into how strategic certain promotional strategies were. I will now be more careful in making sure I do not get tricked into making the wrong decisions. I’ve never been a big spender so in a way those advertisements never really worked on me, but I will keep my eye open so I can help those around me not fall into the trap.

Venture Concept No. 2

Opportunity

I originally encountered this opportunity when looking through local news articles and finding out that people have trouble deciding whether to replace or repair their broken appliances. I realized that whenever I would find myself with a broken item, too much time was spent looking for someone who could help, then having them come to take a look at it, and then waiting a couple more days for them to get the materials to fix it. It also reminded me that with the current pandemic going around, people would benefit from a virtual type of repair that would eliminate some of the frustrating steps. I began to do research by interviewing people until I found the best group to target to. I found that my stereotypical customer would fit this demographical description: homeowners in their 30s who find themselves lost when deciding between repairing or replacing a broken appliance. I could even extend it and say a homeowner who wants a quick and reliable solution to deal with a broken appliance. Customers are currently satisfying this need by either asking a friend, googling for tutorial videos/how-to sites, or calling a handyman nearby. I believe that there isn’t too much loyalty associated with these solutions. This is a 5-billion-dollar industry (IBIS World), with approximately 40% of appliances breaking within their first 5 years of life. I would say it is a huge opportunity. The opportunity window is a lot bigger now due to COVID-19, but it will remain an opportunity regardless of what occurs on that front. After conducting further interviews of people outside my target market, I realized that people in the older demographic could see value in simplified version of the app. I will explain this with more detail in the section below.

Innovation

The solution I have come up with is an app that aids in the process of repairing/replacing broken home appliances. This would include virtual visits as well as in-app technology that will allow users to send a picture to specialists and receive a prompt response on what needs to be done. If the repair can be done easily, then users will be given access to a tutorial video on how to fix their broken appliance. If the verdict is that it needs to be replaced, the best deals will be presented, and you will be able to order directly from the app. If it can be repaired, but needs special tools, users will be able to schedule visits by hand-selected professionals. With COVID-19, a special tool renting service will be provided where if the person does not want anyone in their house, the app will ship them what they need so they can do the repair themselves. Additionally, all repairs and replacements will be matched with current market prices so that customers know they are getting the best deals possible. The app will be free to download with a small 2% fee being charged for every transaction that takes place (repair or replacement). The payment structure will be similar to apps like Uber or Lyft, meaning handymen will be paid and contracted all through the app. This means that we will be a middleman that connect buyers and sellers together all in one marketplace. I also developed a second version of the app that could appeal to the older generation of homeowners who might want to reap the benefits of such a tool. The way it would work would be to display only three buttons: call, rent, upload. This will make it very easy for less tech inclined individuals to get the solution they are looking for. All they will have to do is press the call button to speak to a representative who will guide them and direct them on what to do (based on their needs). They will be there every step of the way, from teaching them how to upload a video of the broken appliance, to connecting them with a handyman who can help. I would like to mention that I will most likely not pursue this version of the app unless I see huge demand for it. I believe that the promotion costs of targeting this type of customer will not be worth it. I would much rather focus on my previously mentioned market, and launch these alternative versions as the business expands, later down the line.

Venture Concept

This app will put an end to the time-consuming process that is involved when dealing with a broken appliance. Customers will no longer have to contemplate between repairing or replacing an item, nor trying to figure out the quickest and most reliable way to fix the issue. Additionally, we will tailor to clients who do not want anyone in their homes due to COVID-19 or other reasons, by giving them access to a tool renting service as well as videos that guide them on how to fix the issue without the need of a physical repairman there. Moreover, this app will give customers quick responses that will take away the extra step of the handyman coming in to check out the problem just to have to leave again and come another time. This app will save its users a lot of time and money (its free to download), so I don’t think it will be hard to get people to switch from the other alternatives. That being said, I identified a few similar apps that offer a database of handymen available to help with a variety of home repairs. I noticed that it was positioned in a way that tailored more to construction rather than specifically appliances. I believe that all the features I provide, as well as the type of person I market to, will make it stand out from competitors and bring new customers to the mix. The app itself will have very strict guidelines and requirements for repairmen, ensuring that we get the best and most experienced people. Customer service will also be exceptional, with people on call 24/7, always ready to help. At the beginning we will need at least one employee in each of these categories: App Development, Marketing and Sales, Customer-Service, Finance, and Human Resources. As the business grows, more hiring will be done to handle the demands. The handymen will not be employees but independent contractors. If I were to add the simple version, I would need to employ multiple phone representatives that can be on call to respond to inquiries.

Secret Sauce

I believe that my most important resource is my experience starting a business before. This is something that will save me a lot of time and money because I am more knowledgeable of how business really works. It will prevent a lot of trial and error that usually breaks businesses and people.

What’s Next?

I will continue to develop and improve upon the original idea, tweaking as I see fit. Budgeting will play a huge role in what happens next. First step will defintely be to select an app developer that can turn this to life. This idea will be more of a side hustle as I continue to study for my degree. I have a huge passion for Finance, so I will most likely pursue that as my main job. That being said, I could see myself growing this into a million-dollar business that I will later sell to an interested buyer.

What I Changed

After conducting the last few interviews of the class, I came up with a new implementation that I could add to the business. While I do not think it is plausible in the beginning, I definitely think it could be a lucrative bonus to have in the future. I did not receive any feedback on my first Venture Concept, but I decided to implement the new added insights from interviews/other assignments into this new version.

Citations

Consumer Reports. “How Long Will Your Appliances Last?” Consumer Reports, www.consumerreports.org/appliances/how-long-will-your-appliances-last/.

“Industry Market Research, Reports, and Statistics.” IBISWorld, www.ibisworld.com/united-states/market-research-reports/appliance-repair-industry/.

Jameson, Marni. “MARNI JAMESON: Experts Answer Age-Old Question: Repair or Replace Broken Home Appliances?” The Palm Beach Post, The Palm Beach Post, 22 May 2020, www.palmbeachpost.com/news/20200522/marni-jameson-experts-answer-age-old-question-repair-or-replace-broken-home-appliances.

Your Exit Strategy

1.     As I have said in previous posts, I have a huge passion for Finance. That is the career I wish to pursue. That being said, I plan to build up this business as I study in college, and have it be a side/passive job while I work. Eventually, once the business has seen significant growth (3-5 years), I will sell it.

2.     I selected this particular exit strategy because while I believe I identified a great opportunity with a lot of potential, I want to pursue my dream of being a wealth manager or the CFO of a large corporation (still haven’t decided).

3.     My exit strategy only reiterates the fact that I need to put a lot of effort now to get it ready to be sold in three years. I would like it to equate to a large sum of money that I can use to invest into real estate early on in my life.  As far as how my exit strategy influences my resources, I will continue as previously planned.

Celebrating Failure

     As a long-term investor, I tend to stay away from consistently day trading. I find that it usually ends in a loss because at the end of the day, you are a calculated gambler. This semester while in quarantine, I found myself day trading way too much. Getting into riskier positions and putting more at stake. I spent 2 months doing this and was able to come out with a sizable profit. All of a sudden, all my good luck (skilled strategies) had took a turn for the worse. I had a super red week that nearly wiped 2 months of gains. I stayed in positions too long (hours instead of minutes) and didn’t cut losses. This brought me back to the reality that my original thoughts on day trading had been correct, and that long-term investing was the best way to consistently make money in the stock market. It also taught me the importance of sticking with the strategies that work, and not letting emotions get the better of you. I took this loss/failure as a redirector that put me back on the right track. While some may see this as me quitting at the sign of loss, I see it as a teaching moment that I should stay true to what I know. This class has reiterated my belief that without failure, nothing is possible. It is what keeps us learning and growing, not only in business but in life. I have always been a person that takes calculated risks, so I believe this class has only confirmed the idea that failure is ok as long as you learn from it.

What's Next?

Existing Market

My current market is homeowners in their 30s who find themselves lost when dealing with a broken appliance (they don’t know whether to fix or replace an item).

After conducting three interviews with people in my target market, I have realized that my next steps would be to develop a clean and user-friendly way of organizing all of the features that the app offers. When first listening to the idea, interviewees are quite satisfied with everything the app has to offer but are just concerned with the complexity of it all. They want to ensure that it is clear and easy to use, doesn’t take long to get the hang of, and really saves people time.

In terms of growing in my existing market, it will be critical that I am able to create an easy-to-understand way of displaying all of the benefits, so that it is appealing to the potential customers. They need to know that they are truly saving time and money by using this alternative. Not only will creating the app in this manner be key, but also promoting it in a way that forms customer loyalty.

New Market

Given my current market is targeted to more tech savvy individuals (millennials), a radically different market to reach out to will be the older generation that may not be so tech inclined. They may see great value in the app but could feel intimidated with the way it is presented. Additionally, given the pandemic, older individuals are more at risk, so this virtual side of the app could be of great interest. I also think that as the app becomes more popular in the US, a new market to reach could be other second or third world countries. This, of course, would be very much in the future (5 years ahead).

After conducting interviews with senior individuals, I found that their initial reaction was to reject the idea. They tend to run away from things that sounds too technical or complicated from a software/technology standpoint. They wanted to understand how the system would distinguish between a repair or replacement, and also struggled with the idea of having to take a picture (how do I know I took the picture correctly, one person asked).

Once further explaining the concept, interviewees were in agreement that the app would solve a huge problem, especially with everything going on in the world. One senior from Miami said that she would need my help learning how to use it, but that she liked the idea. Another senior said that we should offer a phone number to call that could quickly connect them to a handyman so they could explain the problem directly to them. He said he was more comfortable talking on the phone than doing it through the app.

Reflection

I think that with the responses I got, it is clear that this new alternative market could have some potential. It would have to be positioned in a different way, so that it attracts the new type of customer. Maybe creating two versions of the app, one that is really simple and only has three buttons, and the real more complex version. The simplified version would have the following buttons: Call, Rent, Upload Picture/video. This way it will be very easy to use. All they have to do is click the call button, explain the problem, and upload a picture/video of their broken appliance and a representative will send someone over. If they opt for the ‘do it yourself’, then they click the rent button to get the tools/parts they need, as well as a person who will guide them in the process virtually.

That being said, I believe that promoting to this new market will be quite costly and I would much rather focus on my original stereotypical customer. While I was not surprised with the responses I got, it did provide some insight on how I could potentially sell to that new market (I came up with the simple app method).

Venture Concept No. 1

Opportunity

I originally encountered this opportunity when looking through local news articles and finding out that people have trouble deciding whether to replace or repair their broken appliances. I realized that whenever I would find myself with a broken item, too much time was spent looking for someone who could help, then having them come to take a look at it, and then waiting a couple more days for them to get the materials to fix it. It also reminded me that with the current pandemic going around, people would benefit from a virtual type of repair that would eliminate some of the frustrating steps. I began to do research by interviewing people until I found the best group to target to. I found that my stereotypical customer would fit this demographical description: homeowners in their 30s who find themselves lost when deciding between repairing or replacing a broken appliance. I could even extend it and say a homeowner who wants a quick and reliable solution to deal with a broken appliance. Customers are currently satisfying this need by either asking a friend, googling for tutorial videos/how-to sites, or calling a handyman nearby. I believe that there isn’t too much loyalty associated with these solutions. This is a 5-billion-dollar industry (IBIS World), with approximately 40% of appliances breaking within their first 5 years of life. I would say it is a huge opportunity. The opportunity window is a lot bigger now due to COVID-19, but it will remain an opportunity regardless of what occurs on that front.

Innovation

The solution I have come up with is an app that aids in the process of repairing/replacing broken home appliances. This would include virtual visits as well as in-app technology that will allow users to send a picture to specialists and receive a prompt response on what needs to be done. If the repair can be done easily, then users will be given access to a tutorial video on how to fix their broken appliance. If the verdict is that it needs to be replaced, the best deals will be presented, and you will be able to order directly from the app. If it can be repaired, but needs special tools, users will be able to schedule visits by hand-selected professionals. With COVID-19, a special tool renting service will be provided where if the person does not want anyone in their house, the app will ship them what they need so they can do the repair themselves. Additionally, all repairs and replacements will be matched with current market prices so that customers know they are getting the best deals possible. The app will be free to download with a small 2% fee being charged for every transaction that takes place (repair or replacement). The payment structure will be similar to apps like Uber or Lyft, meaning handymen will be paid and contracted all through the app. This means that we will be a middle man that connect buyers and sellers together all in one market place.

Venture Concept

This app will put an end to the time-consuming process that is involved when dealing with a broken appliance. Customers will no longer have to contemplate between repairing or replacing an item, nor trying to figure out the quickest and most reliable way to fix the issue. Additionally, we will tailor to clients who do not want anyone in their homes due to COVID-19 or other reasons, by giving them access to a tool renting service as well as videos that guide them on how to fix the issue without the need of a physical repairman there. Moreover, this app will give customers quick responses that will take away the extra step of the handyman coming in to check out the problem just to have to leave again and come another time. This app will save its users a lot of time and money (its free to download), so I don’t think it will be hard to get people to switch from the other alternatives. That being said, I identified a few similar apps that offer a database of handymen available to help with a variety of home repairs. I noticed that it was positioned in a way that tailored more to construction rather than specifically appliances. I believe that all the features I provide, as well as the type of person I market to, will make it stand out from competitors and bring new customers to the mix. The app itself will have very strict guidelines and requirements for repairmen, ensuring that we get the best and most experienced people. Customer service will also be exceptional, with people on call 24/7, always ready to help. At the beginning we will need at least one employee in each of these categories: App Development, Marketing and Sales, Customer-Service, Finance, and Human Resources. As the business grows, more hiring will be done to handle the demands. The handymen will not be employees but independent contractors.

Secret Sauce

I believe that my most important resource is my experience starting a business before. This is something that will save me a lot of time and money because I am more knowledgeable of how business really works. It will prevent a lot of trial and error that usually breaks businesses and people.

What’s Next?

I will continue to develop and improve upon the original idea, tweaking as I see fit. Budgeting will play a huge role in what happens next. This idea will be more of a side hustle as I continue to study for my degree. I have a huge passion for Finance, so I will most likely pursue that as my main job. That being said, I could see myself growing this into a million-dollar business that I will later sell to an interested buyer.

Citations

Consumer Reports. “How Long Will Your Appliances Last?” Consumer Reports, www.consumerreports.org/appliances/how-long-will-your-appliances-last/.

“Industry Market Research, Reports, and Statistics.” IBISWorld, www.ibisworld.com/united-states/market-research-reports/appliance-repair-industry/.

Jameson, Marni. “MARNI JAMESON: Experts Answer Age-Old Question: Repair or Replace Broken Home Appliances?” The Palm Beach Post, The Palm Beach Post, 22 May 2020, www.palmbeachpost.com/news/20200522/marni-jameson-experts-answer-age-old-question-repair-or-replace-broken-home-appliances.

Your Venture's Unfair Advantage

1.     Human Capital- Discipline and persistence. These characteristics are valuable because it will ensure that I don’t give up at the first sign of failure. It shows that I will be able to put in the work, day-in and day-out, no matter the downfalls. This is rare because human nature is usually to run away from failure and discomfort. This is inimitable because it takes a certain kind of person to stay consistent, not everyone has what it takes, and it is hard to learn (drive is something that comes from within). It is non-substitutable as you will never find a person exactly like me (we are all unique).

2.     Social Capital- Connections in the industry. This is valuable because the people I know will help give me insight as to how to succeed in the business I am in. It will also allow me to potentially receive special discounts that will give me an advantage over other competitors. This is rare because not everyone has the right contacts. This is inimitable because it is very hard to get in contact with important people (high up in the ladder). It is non-substitutable because while there are other connections out there that people may have, not all will be as willing to help.

3.     Financial Capital- personal savings. This is valuable because money is needed in order to take an idea and turn it into a business. This is rare because 60% of Americans have less than $1000 in their savings account (CNBC). This is inimitable because everyone has different financial situations and money practices. Through time, people can learn money management, but it is hard to do so in this society. While there are many alternatives to get funding for a business, personal savings will be the quickest/easiest way (non-substitutable).

4.      Customer-focused: This is valuable because it will build a loyal customer base. This is rare because not a lot of companies out there are focused on making sure the customer is satisfied (they just want the sale). This is inimitable because it is hard to 100% copy how someone deals with each customer interaction. That being said, there are a lot of thing a business can do to improve their customer service. There aren’t that many other resources that will build customer loyalty as much as having excellent customer service (non-substitutable).

5.     I will build an uplifting, positive, and inclusive organizational culture that pushes employees to help others succeed. The value in this is that it will create loyalty amongst the people working as well as motivate them to work harder. This is rare because there is a lot of toxicity in the workplace at other businesses. It is also very difficult to make everyone follow along with a culture (can’t be forced, so the hiring and training process has to be extensive), making it inimitable. The culture is non-substitutable because every organization will have different people with a variety of personalities.

6.     The idea itself. There is value in this because every business starts with an idea, so without it, there is nothing. It is rare because most people aren’t sitting around looking for opportunities, nor are they going to have the exact same idea as another person. There is uniqueness in every mind. It can easily be copied because it is a concept, but the execution is what is truly inimitable. There is a similar app out there, but it has a different target/positioning, as well as lacks all the features that my idea has (non-substitutable).

7.     Communication skills: (Value)Being able to express your ideas in a concise and persuasive manner will be imperative towards not only bringing clients but also additionally funding. This is rare because it takes a certain kind of person to successfully organize an idea into a practical and direct form that is easy to understand. It can be taught, which makes it less inimitable. The substitute would be to hire someone who has those skills, or learn it yourself, but that takes time and money.

8.     Research capabilities: You must be able to correctly research your market and target customers. This is valuable because without it, there would be a lot of time lost (trial and error would be the only other alternative; substitute). It is not super rare as people in this era have become very good at finding information due to the resources available (Google). It can be taught so it is not very inimitable.

9.     Previous experience starting a business: This is valuable because I will be better prepared to take on the challenges that come with starting a business. This also means there is a higher probability of success. This is somewhat rare as not everyone has started a real business. That being said, entrepreneurs usually start multiples business before they ‘make it’ with one, so having started only one business is not much compared to others. First-hand experience is inimitable and cannot be substituted. The only way to truly learn in business is by actually doing.

10.  Previous experience getting funding for a business idea: This is valuable because getting funds can be quite difficult in the beginning. Having this experience is pretty rare and will help make the process easier. Similar to the one above it can only be truly learned by doing it yourself (inimitable/non-substituted)

My top resource is my experience starting a business before. This is something that will save me a lot of time and money because I am more knowledgeable of how business really works. It will prevent a lot of trial and error that usually breaks businesses and people.

Elevator Pitch No. 3

Click the link below to watch Elevator Pitch No. 3 

https://youtu.be/6s-XU5OZ2X4

Reflection: 

I received very positive feedback on my second attempt at the elevator pitch. I could not think of anything to add to the speech itself, so in my last attempt, I focused on presentation. I tried to take more pauses, giving the audience more time to digest the information. Additionally, I used a prop (my phone) to make the speech not only more exciting but also to aid viewers in better picturing the idea in their heads. By now, I had practiced my speech so many times that I could focus on fine tuning the presentation, rather than worrying about saying the right things. I believe this helped make the last attempt, the best one.

Reading Reflection No. 2

Book: Mindset: The New Psychology of Success, Carol Dweck

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

The book creates two different mindsets, the fixed and the growth mindset. The fixed mindset believes that skills and talents are natural born, and that the more work you put in, the worse you look. They are afraid of failure and want to appear smarter than they really are. The growth mindset focuses more on the learning experiences and that hard work beats natural born talent. This book tries to push its readers to develop a growth mindset that is always open to learn and expand their knowledge. It enforces the importance of hard work and dedication in the hunt to success, as well as the need for failure.

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

It further drilled the idea that there is no such thing as a “natural born entrepreneur”, and that anyone can do it as long as they put in the work and dedication. It also allowed me to better understand that it is ok to fail and that it is what you do with those failures that make you who you are.

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

It would be a questionnaire that decides the kind of mindset the student has. The only way to change is by knowing that you have a problem, so I think it is critical that students find out what their current mindset is. Then I would explain the difference between both mindsets and provide an explanation as to why a growth mindset will propel you forward.

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?

On Chapter 3, it talked about a person not trying so that they always have the excuse that they didn’t try, if they fail. This really resonated with me because during High School, there were many times that I did not put much effort into what I was doing, and I thought I was doing it out of ego, to show that I was smart enough to do well without putting in the work. This opened my eyes that while it was my ego, it was also the fear of putting in 100% effort and failing. That would mean that I really wasn’t smart enough, and that was something I did not want to risk. I liked having the safety net of saying that I did not try and that if I did try, I would have done better. This also proved that I was stuck in a fixed mindset, which needs to change. Overall, this book was a great eye opener for me, I will now strive to have a growth mindset.

Growing Your Soical Captial

1)    Who they are and what their background is.

His name is Josu Gaubeka and he is the owner of La Cuisine, which sells high-end appliances. He started the business as a teenager, so he has extensive knowledge on the industry. 

2)    Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

I am filling the market expert slot because he has been in the industry since he was a teenager (30+ years of experience) and knows a lot of how the appliance market works. Not only does he know suppliers, but he knows what customers look for when purchasing new appliances.

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

He is one of my dad’s friends from high school, so my dad connected me with him.

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

He gave me some insight on how the industry works and explained the importance of building good relationships with suppliers. He did not ask for anything in return, although he could always be a business to have on the app when directing users to potential replacements of appliances.

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

He could be a business to include on the app when users are given the option to purchase. With enough negotiation, we could have him lower his prices if we provide him with free referrals to new clients.

1) Who they are and what their background is.

His name is Carlos and he is a local handyman for the South Florida area. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

He is a supplier as he fixes people’s broken appliances, helps with installations, and deals with any home repairs.

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

I found him through an organization my dad is a part of at our local church. I was given his phone number and was able to contact him through WhatsApp.

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

He told me about what he does and how he brings in clients. He explained the importance of word of mouth. We talked about him being one of the contacts in the app for potential repairs, which allows for a win-win situation (he gets a job and I get a supplier of the job).

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

He can not only be a handyman to include on the app, but he can also refer the app to other contacts he has in this line of work, bringing in more suppliers to the app.

1) Who they are and what their background is.

App developer that works for a company called Chetu.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

I am filling the domain expert slot because given the nature of my business idea, I am looking for a contact that will help me develop the actual app. I was looking for someone with experience creating an actual app, which will fill the technical expert requirement in this spot.

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

I searched the web for app developers and came across this business which connects you to a handful of app developers.

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

They were able to tell me if this app was feasible to create, as well as the potential cost of making it. The return expectation was that I would choose him to develop the app, therefore paying him for his services.

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

Having this connection will give me someone to go to when I get to the app developing phase of this business.

 

Reflection: How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

This experience has made me more comfortable in reaching out to people and having a conversation with them. I’ve noticed that most people will be willing to help you, all you have to do is ask. This did differ a little from other networking experiences because I had a real concept to show and talk about, giving me major talking points to bring up. It also allowed for a mutual collaboration as the concept of the app brings in a win-win situation.

Elevator Pitch No. 2

Here is the link to my second Elevator Pitch: 

https://youtu.be/KaxDCIVi1tg

Reflection: The feedback I received was very positive, something that was super nice to see. Everyone liked the statistics I added to make the point more convincing, as well as, the story that I presented to really set the scene. I put a lot of effort into making sure it sounded persuasive, informative, and concise. Now as far as the edits I made to this one, I emphasized another great feature the app would offer (competitive market pricing), a suggestion I received from one of my peers. I also tried to speak more clearly and at a slower pace, but because I had added a section to my speech, the time constraint was definitely a challenge. Additionally, one of my peers stated that she was curious as to what I would name the app, so I decided to implement that into the speech. This allowed for viewers to put a name to the idea, making it more memorable.

Idea Napkin No. 2

1.     You: I am an analytical, curious, and persistent person who will always stick to their goals until they are achieved. I am also very structured and organized with everything I do, making sure I have strict short- and long-term plans set for myself. I have started a business in the past, one that won 2^nd place on Entrepreneurship competition, as well as been an assistant for two ecommerce businesses. I also was a house manager at a local theatre for 2 years, as well as worked as an usher for 2 years prior to that. I am very passionate about the field of finance, specifically markets, with stock trading being my main source of income. I aspire to be a management director or partner at an investment firm, which is quite an entrepreneurial type role. This business I have come up with would definitely be more of a side hustle to have another source of income. It has been proven that having multiple sources of income is the key towards financial security. 

2.     What are you offering to customers? I will be solving their dilemma of whether to fix or repair broken appliances, as well as helping them repair things all by themselves. There will also be comparable pricing that allows users to find out what an accurate and fair price is for what they are looking for. Using the tool renting service, clients who do not want anyone in their homes (due to COVID-19 or other reasons) will be guided on how to fix the issue without the need of a physical repairman there. Moreover, this app will give customers quick responses that will take away the extra step of the handyman coming in to check out the problem just to have to leave again and come another time.

3.     Who are you offering it to? 

The stereotypical customer I will be reaching out to with this product is millennial homeowners who find themselves lost when dealing with broken appliances in their home. As far as the demographic, I noticed that seniors usually are more wary about people coming in their home due to COVID-19, so it could also potentially reach them. That being said, I also interviewed people in their 30s that saw themselves using this app and are more closely aligned with the interface of the app. These kinds of customers will enjoy searching the web, watching Netflix, and doing DIY projects. As far as the location, I would focus on towns/residential areas and not so much cities as it seems that it is not as big an issue there due to apartment complexes having a handyman available.

4.     Why do they care? 

This service is very valuable because it will save customer time and money when dealing with broken appliances. Time is the most precious thing humans have so in helping people get a quick and easy solution to their problems, many will see this app is greatly beneficial to their lives.

5.     What are your core competencies? 

What sets me apart from everyone else is my discipline and persistence to keep going no matter what happens. I have noticed that many people give up really early due to failure, or they lose interest fast and stop putting in the work. I have a very structured way of thinking, so once I set my mind to something, it doesn’t matter if the world is ending, I will be there every day putting in the work to get closer to my goal. This is actually the one common characteristic I have seen in great entrepreneurs. Additionally, through interviews, I have identified that I was born with great communication skills, which is also critical in this line of business. Whether it is to pitch an idea to a client or investor, being able to share your thoughts in a concise and clear manner is key.

6.     While I do not have much experience coding nor repairing broken appliances, I know that there are people out there who do, so all I need to have to make this happen is the leadership skills to find the right team and bring it all together. In life, one cannot and will not know everything. Instead, one must use a little bit of everyone’s talents to make something great happen. I believe that while my lack of knowledge on the industry might give me disadvantage, my ability to stick to things, lead, and my overall business acumen will overpower the negatives.

 

There wasn’t much to edit as the feedback I received was for pretty positive. That being said, I added a few things I had learned through the interviews I conducted. The two main points I added were giving a more specific view on the stereotypical customers, as well as adding the communications skills that I bring to the table. I believe that the addition of these factors will greatly add value to the way I will market the app, as well as give me a boost in confidence knowing that I have what it takes to make this happen.

Create a Customer Avatar

What kind of hobbies does your customer have?

My customer will probably enjoy watching Netflix, searching the web, going on social media, and lastly doing DIY projects.

What kind of car do they tend to drive?

The car they drive will probably be in the 25K-50K range.

What TV shows do they watch?

Comedies like Friends, How I Met Your Mother, Everybody Loves Raymond. They could also view the occasional thriller.

Do they have children? Are any of them adopted?

They most likely will have at least one kid but they could also just have dogs. They are not adopted.

How old are they? How old do they feel?

They are most likely millennials in their 30s. They feel like they are in their 20s, being open to new technology and wanting to stay in the loop of the new trends.

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

I have a few similarities like the TV shows, cars, and hobbies. I am a college student without any kids or dogs, who enjoys watching Netflix & searching the web (reading upon business articles & researching companies to invest in). I don’t think it’s a coincidence per say, as they are pretty common. The important factor is that they are homeowners in their late 20s to 30s, which I don’t fit.  

What's Your Secret Sauce?

The five things that set me apart from others and make up my human capital are:

1.     First-hand knowledge and experience trading securities using my own money.

2.     Persistence and discipline: Once I set my mind to something, I will put my 110% to make it happen. I will show up day in and day out, never giving up until I have reached my goal.

3.     Intellectual curiosity: I have shown this throughout my whole life with my passion for Finance, weight-lifting, and business in general (Reading the series 7 book, SEO, wallstreetprep courses, continuous research of the markets and current economic news, hours of lifting content, weightlifting club, DECA, etc.)

4.     Ability to enable others to act: Because lifting completely changed my life, I have made it my mission to push and motivate all of my friends to begin their fitness journey. Being able to motivate peers/co-workers, as well as influence clients to put their trust in the company is key.

5.     Organized + Structured: I plan out my days in order to maintain optimal efficiency. Not only do I keep my living area clean/neat, I also maintain order when it comes to work. This is very beneficial in business, as you must be able to juggle a plethora of things, making sure to not lose track of anything.

Questions to ask:

1)    What sets me apart from other people? Name three skills/abilities that I have.

2)    What is my number one strength?

3)    Do you think the strengths you have mentioned will help me succeed in business or as an Entrepreneur? If so, how come?

Recording of the five interviews I conducted:

https://soundcloud.com/user849710710/ent-interviews-whats-your

Reflections- How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How?

It seems that everyone I interviewed had similar things to say about me. All included my passion and dedication for the things I love (stocks and the gym). The only one that really stood out was creativity as I have never known myself as the creative type. I would not make any corrections to the list because everyone had the same style of answers as me. I believe the reason for this is because I am very expressive and outspoken about my passions so whenever someone thinks of me, that is what they remember.

Figuring Out Buyer Behavior No. 2

I interviewed three homeowners who find themselves lost when deciding between repairing or replacing a broken appliance.

Picking the alternative- Does price matter the most? Does quality? Is there more than one factor that is important to your customer segment?

The alternatives seemed to be either calling a friend/family to come help, googling for tutorial videos/how-to sites, or calling a handyman nearby. One of the people I interviewed seemed to be very expressive about her need for accurate and comparable pricings. She mentioned having been scammed a few times by workers because she didn’t know what the correct pricing would be for the kind of labor she was requesting. The other two said that of course they care about the pricing of the actual repair, as well as the service my app would provide. This confirmed the need for a cheap and reliable service. Quality also seems to be critical as one of the guys I talked to said there have been many times the person he contracted didn’t do the job right, and he ended up having to find someone else to come and fix it. He said he would have rather payed a little more upfront if it meant getting a higher quality job. This shows that in this particular segment, quality is more important than pricing.

How/where do they buy?

When purchasing a new appliance, they usually go to Costco, Home Depot, or Walmart. All three said they usually opt for financing when buying a costly appliance. As far as online or in person, one person enjoyed buying it online, while the other two liked going in and physically seeing the appliance. Although one of the two mentioned that currently she would rather buy it online due to everything going on in the world.

As far as the repairs, they all said that they either went online to find a repairman or they had a friend refer someone who can come and help. They usually pay in cash.

What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea? 

The most important thing that they think back on is how easy the whole process was. If it was a tedious affair, that took too much back and forth, as well as cost more money and time then expected, than it is seen as a negative experience. It seems that if everything is done smoothly at the right price and without too much personal intervention, it is seen as a good idea.  

Conclusion- How would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation?

Overall, it would be safe to say that this segment prefers quick and reliable solutions to their appliance dilemmas. They would rather pay more upfront and get quality work, than have to waste a lot of their precious time on something as simple as a broken appliance. Based on previous interviews, I have also come to learn that some people are ok spending more time doing the repairs themselves to ensure that it is done correctly. This adds to the conclusion that in this particular market, customers look for things to be done efficiently and correctly. They also enjoy having the right information at their fingertips so they can make the appropriate decisions.