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.

Halfway Reflection

1)    Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

The behavior I have used to keep up with the requirements of the course is organization and discipline. Due to the nature of this class, it is up to you to stay accountable and get the work that needs to be done, on time.

Personally, the way I structured it was as follows:

Monday: Complete assignment 1 + watch one video

Tuesday: Begin assignment 2 (complete if possible) + watch two videos

Wednesday: Finish assignment 2 and begin assignment 3

Thursday: Finish assignment 3 + finish videos

Friday: Complete the peer reviews + cupcake.

Right when you begin the class, create a schedule like the one above, and stick to it. This will ensure you finish all the assignments correctly and on time.

2)    Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I haven’t felt like giving up in this class. That being said, there were definitely times I felt somewhat stuck on certain assignments. For example, during the Bug list, I genuinely could not think of any more things that bugged me. What helped me pull through was thinking of other people’s problems rather than my own. Slowly but surely, it become easier to come up things to add, simply by putting myself in other’s shoes. I also talked to friends and family, asking them what bothered them. This class has taught me the importance of reaching out to others for their opinions, as it can really help amplify your understanding of something. Everyone has a different perspective, so it is important to be aware of that. I have always had a tenacious attitude, especially since I started working out. I have come to learn that a human can achieve anything if they set their mind to it. This class has helped build this attitude further.

3)    Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?

The first tip would be to stay organized, write your schedule down and stick to it. Don’t let procrastination get the better of you, count to 3 and do it! This will help you become a more structured individual that can achieve things in a more efficient manner.

The second tip would be to talk to more people. In this class you will have to interview quite a lot of people. At first, it may feel uncomfortable, but as time goes by you will learn to see the value in it. The more people you know, the more you will learn, and the more skills you will have access to.

The last tip is to be confident in yourself. Don’t feel bad if you get stuck or fail, just take a moment to recover, learn from your mistakes, and keep going. When I recorded my fist elevator pitch, I got quite frustrated because I wanted it to be perfect. It took me like 45 minutes to record a 90 second clip. Eventually, I decided that no one is perfect, and that I was being too hard on myself.

Reading Reflection No. 1

Book- Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

What surprised you the most?

I didn’t know that he had struggled so much to arrive to where he is at. I was aware of his more recent affiliations (PayPal, Tesla, etc.) but had no idea of his early life working at life threatening jobs just to make ends meet.

Most admire?

He never stopped being himself. He kept true to who he was without changing for anyone or anything. Even though he amassed a huge amount of wealth, he didn’t let that get to his head, instead he kept being his nerdy self that would code for days on end.

I also like the fact that he stayed persistent and never gave up on his dreams, even when people doubted him. 

Least admire?

His poor way of dealing with people. While he has significantly improved from his early days working with Zip2, he still seems to lack emotional intelligence when leading. This was even discussed in the early chapters of the book, where Elon himself noticed that not everyone saw things the way he did and that caused his reactions to things to look rude or insensitive from the outside. 

Did he encounter adversity or failure?

 Yes, not only was he bullied in his early life, but he also lacked serious opportunities while living in Africa and had to experience a lot of hardship in order to finally get to America. He first moved to Canada by himself, taking dangerous jobs in order to make more money and pay his bills. Eventually he was able to make his way to the USA, but it definitely wasn't easy. Once there, he talked about early days working with Zip2 and how no money would come in. Success does not come easy... 

Competencies that Elon exhibited

He had a strong ability to think differently and focus on his goals (persistent). He not only has the technical knowledge when it comes to engineering, coding, and business, but he also has the passion to truly make an impact on this earth.

Confusing parts?

There wasn’t a specific time in the book where I was necessarily confused but I will say that Elon’s way of thinking is so different from what one is used to, that it sometimes can be quite difficult to understand what he is trying to convey or say. That being said, Vance did a great job at compacting his life in an understandable manner.

Two questions I would ask

First, I would ask him what his next goal will be once he finally accomplishes his mission of starting a civilization on Mars.

Then, I would ask him if he ever feels any regret for living the way he has (always working and consumed by his missions), and if he ever wishes he had a more calm and normal life.

His opinion of hard work?

He thinks that you should always be working. You can see that work is his entire life and takes priority over everything else. He stated: “if there was a way I could not eat, so I could work more, I would not eat.”

Do I agree?

I believe that his outlook on work is great but a bit excessive. You want to do something you love so much that it doesn’t even feel like working and it becomes your life. That being said, I am a big believer in having a balanced life filled with a variety of different things. The way he lives, in my opinion, is too obsessive and not optimal for your mental/physical health.

Figuring Out Buyer Behavior No. 1

 

The segment I have chosen is homeowners who are unsure whether to replace or repair broken home appliances and are interested in a more efficient solution.

 

I interviewed three people who fit in that category, and asked them the following questions:

 

When, how, and where did you become aware of this issue?

 

All three people stated a specific story of a time one of their appliances broke and they considered replacing it because they weren’t sure if fixing it would be worth it. Two were sitting at home when they realized, while one said they got a call while at work from their kid and found out it was broken.

 

When the person you are interviewing becomes aware of their need, what is the very first thing they do to find a solution to their problem?

What sources of information do they look for? When they search in Google, what are their search terms? Do they talk to friends and family?

 

One of the people I interviewed said that they called their brother to ask him for his opinion on the matter, in which he went to look at it and claimed it was better to replace it (brother had experience working as a mechanic but hadn’t done it in years). The other two said they looked on Google for repairman in their area and called them to come in to take a look at it. They all also proceeded to look for deals online to try and find out how much a replacement would go for. Two of the three mentioned that they looked at Home Depot or Costco for the new appliance. Some of the search terms they used were: “Cheap refrigerators”, “Handyman near me”, and “How often should I replace my dishwasher.”

 

Additionally, it appears that the whole process takes too long as the repairman usually comes the next day, takes a look at it, then schedules to fix it a couple days later. After adding it all up, it takes a minimum of three days or more depending on the severity of the damage. This allows the opportunity to skip the first two steps: looking for a person to come in & having to wait for the person to come in and look at the problem. With the app, a handyman can identify the problem and either help virtually or schedule one visit to come in and fix it.

 

In conclusion, it is safe to say that people can find themselves quite stuck when it comes to having a broken appliance. One of the people I interviewed stated they were at work and had to figure out a solution to their broken fridge before all the food spoiled and it was quite stressful. She said that if she had the app, her son could have taken care of everything without her help (son is in his teens). This shows how helpful an app could be to people who don’t have time to solve these pesky problems that can arise in the day or who just don’t have experience dealing with appliances in general. Using all the information I have collected; I can describe the segment as people who lack the knowledge of whether to fix or replace appliances as well as need a quick solution to their problems.

Idea Napkin No. 1

1.     You: I am an analytical, curious, and persistent person who will always stick to their goals until they are achieved. 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 get repair things all by themselves. 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 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 definitely reach them. That being said, I also interviewed people in their 30s-50s that saw themselves using this app. That is why I have created a broader category in saying that any adult with a home (not apartment) will and could be interested in this sort of product. 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.

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.

Elevator Pitch No. 1

Click the link below to access my Elevator Pitch! 

https://www.youtube.com/watch?v=uA9nw01N2Xw&authuser=0

Testing the Hypothesis, Part 2

-After conducting the previous 5 interviews, I have come to realize that this product can be expanded to focus on the whole country and not just the Palm Beach County Area. This time, I decided to interview people across the country who still fit the category of homeowner/renter who struggles to identify whether to replace or repair broken appliances.

#1- Singer at a Nightclub who rents an apartment and does not know whether to replace or repair broken items

He stated that while he sees the benefits of using the app, he personally does not like doing any kind of repair work, and he already has someone who he uses to solve those kinds of issues. This brought up the idea that people may already have a handyman they trust and are not in need of new ones.

#2- Mother of two who works as a part-time nurse (owns a home)

“I understand the need for an app like this, I just don’t think I would use it. My husband usually deals with all the appliances so between dealing with the kids and working, I am never involved in those sorts of issues.”

#3- Cousin who lives in an apartment building in New York City

She said that usually, she would not know what to do when appliances break. Luckily, the building she lives in has its own personal handyman who is there on a daily basis, solving any issues that go on. “I totally will need this app when I move to a more suburban area, but for now I totally taken care of on this front.”

#4- 30-year-old currently building their own home in Utah

“There is a somewhat similar app I recently discovered which has the virtual visits and a huge data base of contractors available at your fingertips. While yours seems to include more features, and be more focused on repair vs replace, I don’t know if I would go through the trouble of switching to another service. I’ve gotten used to the interface of the HomeAdvisor app.”

#5- 55-year-old male living in Boca Raton, who works for a kitchen appliance company (CCO) in Miami

He talked about not needing an app like this because he usually fixes things on his own by using YouTube or Google, and if there is something he doesn’t know how to fix, he already has someone he calls (having lived in the same area for over 20 years). He also receives heavy discounts on kitchen appliances (if a replacement is needed) because of his position in the company, so he wouldn’t utilize that aspect of the app either. That being said, he acknowledged that it was a good idea and that there was definitely a need for it in the market.

Who: Are there certain people or certain businesses that, although they share a lot in common with the others in your opportunity, nevertheless fall outside the boundary? Why?

Yes, it seems that while there are definitely homeowners who do not know whether to repair or replace their broken appliances, there are many that have already identified a solution that works for them. These interviews also exposed the fact that there are people that suit the who, but don’t necessary need/want the new solution.

What: At what point does the need you identified differ from another need? (Is thirst the same as hunger? Or is the desire to appear fashionable the same as the desire to be loved by others?)

This question can be seen in interview #4, as I discovered that there is already a similar app that provides some of the services I stated. This competitor will suit the need in helping people identify a handyman to come and fix their home, as well as the virtual visits, but does not necessary meet the need of those who are stuck between replacing and repairing. This shows how very similar needs can still be different in their own ways, all depending on how the product is positioned.

Why: Is the underlying cause of the outsiders' need different than people who are inside the boundary?

No, the cause of the need seems to be the same. People do not take the time to understand their appliances either because they are not interested or because they do not have time to. The need comes from the lack of knowledge on the matter, or even the lack of access to the information. This app would solve this issue by helping people save time as well as fixing their problem. Interview #5 showed that there are people out there who are able to get by using online resources to fix their appliances, but nonetheless proved that it is not enough, as he still has a professional who helps him do the jobs he can’t.

Inside the Boundary		Outside the Boundary
Who is in	-Homeowners interested in the replacement or repair of their broken appliances -People living in apartments without a handyman -Someone who is in need of affordable and quick help to make repair decisions	Who is not	- Homeowners not interested/involved in the replacement or repair of their broken appliances - People living in apartments with a handyman -Those who are not in need of a new repairman.
What the Need Is	-Lacks the knowledge of whether to repair or replace   -In need of virtual repairs -Looking for affordable replacements -Contactless repairs -Tool renting	What the Need Is Not	-Already have knowledge on the matter. -Already identified a solution that works for them -Already uses an app -Already has discounts -Already has a repairman they trust
Why the Need Exists	-Lack of knowledge on the matter -No time to discover the information. -Lack of cheap solutions to their appliance problems -Lack of speed to fix their appliances	Alternative Explanations	-Already have a person they trust -They don’t need access to cheaper or quicker ways because they are content with their current solution -Already have the knowledge to make the decisions on their own

It is clear that there is a need for this app, and that with the right positioning it can surely reach a lot of customers. Everyone that I have interviewed seems to like the idea, and while not all would be needing it, they saw the potential it had.  

Solving the Problem

The Problem: 

Homeowners are struggling to figure out who to call to repair a broken appliance, and whether it is best to just replace them. This dilemma has quite an easy solution.

The Solution: 

There is a need for 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.