1. Since my business venture is a service, I can not really sell it in the next five years for a large return. My service is seasonal because it is hurricane shutter installations each summer. Hurricane season usually is at its peak in the middle of the summer. I am not sure how much longer I will continue to run this service each year as I grow older and find a career path. However, as long as I am in college I think I will do it. I do not intend to protect this venture by passing it down to my children. I simply do it as a way of making solid money that will help pay for my college education.
2. I have selected this particular exit strategy because it makes the most sense and I am not sure exactly when I will be done with this venture.
3. This exit strategy has not really influenced the other decisions I have made in this concept. As I have already said, this is only something me and my friends do on the side. This has not really influenced my growth intentions or how I plan to acquire and use resources. Although, I did have fun going in depth about this service and I believe it will help it be more successful.
Tuesday, June 30, 2020
27A Reading Reflection No. 3
I chose to read "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki.
1. The overall theme of the book is how social media can be an effective way to build a strong online presence. There are many ways to implement marketing on social media on apps such as Instagram, Twitter, Facebook, etc. A main message from this book is to post with a purpose and strategy that will make your brand unique from competitors.
2. This book definitely related to the material in ENT3003. For example, the book puts an emphasis on knowing your target market. By having a precise group of people in mind to target, we can specialize our venture for those customers. It is important to have a very solid understanding of your market so that you can give them exactly what they want.
3. If I had to design an exercise for this class based on this book, I would require the students to describe their individual profiles on apps such as Instagram and Twitter. I would ask them to respond to the following questions:
How much thought goes into the pictures that you post?
Do you care about what people think about you?
Who are you trying to impress?
In my opinion, these are all valid questions because society is being controlled by social media. It is important to not be fake and show who you really are despite the "haters".
4. When reading the book, the biggest "aha" moment for me was a direct quote. "If you're not pissing someone off on social media, you're not using it aggressively enough". This did not really differ from my expectations but this quote resonated with me. I agree with this quote because as people in such a unique society we should not feel afraid to express ourselves.
1. The overall theme of the book is how social media can be an effective way to build a strong online presence. There are many ways to implement marketing on social media on apps such as Instagram, Twitter, Facebook, etc. A main message from this book is to post with a purpose and strategy that will make your brand unique from competitors.
2. This book definitely related to the material in ENT3003. For example, the book puts an emphasis on knowing your target market. By having a precise group of people in mind to target, we can specialize our venture for those customers. It is important to have a very solid understanding of your market so that you can give them exactly what they want.
3. If I had to design an exercise for this class based on this book, I would require the students to describe their individual profiles on apps such as Instagram and Twitter. I would ask them to respond to the following questions:
How much thought goes into the pictures that you post?
Do you care about what people think about you?
Who are you trying to impress?
In my opinion, these are all valid questions because society is being controlled by social media. It is important to not be fake and show who you really are despite the "haters".
4. When reading the book, the biggest "aha" moment for me was a direct quote. "If you're not pissing someone off on social media, you're not using it aggressively enough". This did not really differ from my expectations but this quote resonated with me. I agree with this quote because as people in such a unique society we should not feel afraid to express ourselves.
26A Celebrating Failure
One memorable instance of failure for me this semester was when I did not do particularly well on one of my essays in my other class I am taking. I learned that leaving 1000 words for the last few hours of the due day is a bad decision. I also failed on this assignment because I did not watch any of the readings or videos that were required. I was lazy that week and watched way too much TV. I paid the price by getting a low score that hurt my overall grade. I learned that time management is super important and that essays require more than just a day of work. This has encouraged me to get ahead on assignments in both of my summer classes and relieved stress for me. I am very competitive in anything I do. Therefore, I take failure pretty harshly. I tend to need some immediate alone time to reflect. In the end, though, I learn from my mistakes and become a better person. This class has definitely changed my perspective on failure because taking risks are encouraged! I am definitely more likely to take a risk now than I was just a few months ago. I owe it all to ENT3003!
25A What's Next?
Existing Market
To provide an additional service to customers and make more money, I am contemplating adding a shutter removal package. The price would be the same amount that it cost for the shutters to be put up for each home. Prices may vary. All 3 customers I interviewed mentioned that they believe I should offer shutter removals. This would be convenient for the customers while being another way to generate quick and easy cash. They said that assuming my customers are happy with the shutter installation process, I would contacted by them to take down the shutters. Lastly, they really appreciated that I am looking to keep people safe and save them money. The feedback I received from my customers was similar to my expectations.
In terms of growing in my existing market, the first step would be to develop a strong online platform to promote my service to as many people as possible in Broward County.
A shutter removal service is another way my venture would grow in my existing market.
New Market
I do not think there is any other feasible market for my service. I put up shutters that are already purchased by homeowners. However, for the purpose of this exercise, I guess I could work for home depot and be an independent contractor. That would still be a B2C market though. I think I could create value for people in this market by reaching out to them at Home Depot when they are shopping. By initiating a relationship, I envision being contacted by numerous people regarding shutters. After interviewing 2 more people, I determined that my service will definitely help customers like them. They told me that they are always looking to save money on shutters and usually pay more than double the price of my service. To be successful in this market, they told me to get my name out to as many people as possible.
The market remained the same but a slightly different way of offering the service. Nothing really surprised me. I like my existing market plan better.
To provide an additional service to customers and make more money, I am contemplating adding a shutter removal package. The price would be the same amount that it cost for the shutters to be put up for each home. Prices may vary. All 3 customers I interviewed mentioned that they believe I should offer shutter removals. This would be convenient for the customers while being another way to generate quick and easy cash. They said that assuming my customers are happy with the shutter installation process, I would contacted by them to take down the shutters. Lastly, they really appreciated that I am looking to keep people safe and save them money. The feedback I received from my customers was similar to my expectations.
In terms of growing in my existing market, the first step would be to develop a strong online platform to promote my service to as many people as possible in Broward County.
A shutter removal service is another way my venture would grow in my existing market.
New Market
I do not think there is any other feasible market for my service. I put up shutters that are already purchased by homeowners. However, for the purpose of this exercise, I guess I could work for home depot and be an independent contractor. That would still be a B2C market though. I think I could create value for people in this market by reaching out to them at Home Depot when they are shopping. By initiating a relationship, I envision being contacted by numerous people regarding shutters. After interviewing 2 more people, I determined that my service will definitely help customers like them. They told me that they are always looking to save money on shutters and usually pay more than double the price of my service. To be successful in this market, they told me to get my name out to as many people as possible.
The market remained the same but a slightly different way of offering the service. Nothing really surprised me. I like my existing market plan better.
24A Venture Concept No. 1
James and co- Hurricane protection at an affordable rate!
Opportunity- Residents of South Florida in Broward County have this need. They are my target market segment. Hurricane season is impactful each year in South Florida and everyone knows how important it is to prepare the exterior of their homes. I believe I have many people that are my potential customers whether they live in a house or apartment. Demographically speaking, my customers come from a variety of backgrounds and differ greatly in age. The nature of the need is urgent and somewhat hidden. We are still in the midst of the Corona Virus pandemic that began in March. Countless Americans have been laid off and are facing tight budgets. Thousands of people are still being affected and that is the only thing we hear on the daily news. Due to the whole country being preoccupied with the virus, I believe many people are forgetting that hurricane season is beginning. I think people will seek my service instead of competitors because of my extremely low prices. People will be looking to save as much money as possible. There are already some tropical storms forming in the ocean so I definitely think it is time for people to start preparing. Customers will satisfy this need by enlisting the help of services like mine to install their hurricane shutters. As previously stated in earlier assignments, this is only something my friends and I do when home for the summer each year. Therefore, the "window of opportunity" will be open for roughly three months.
Innovation- My innovation is a creative service that may be applied in the marketplace to address customer needs of protection and saving money. My innovation is hurricane shutter installations. My customers provide my crew with the shutters and we put them on each window of the home. This ensures maximum safety from dangerous hurricanes. There are different types of shutters but my employees are experienced with all of them. Homes with 7 or less windows will be charged $125. Homes with 8-15 windows will be charged $150. If the home is two stories, an additional $25 will be added to the total. Competitors usually charge anywhere from $300-500 for hurricane shutter installations. There is no doubt that putting up shutters is grueling work. However, I think the prices some people are charge are very unreasonable. As a result, I think many customers will seek out my service upon hearing my prices. I envision making a lot of money from this venture because I believe everyone will be trying to save money.
Venture Concept- The venture concept write-up guide defined one as the application of a specific innovation to address a specific opportunity. The main innovation my service incorporates is low prices and the opportunity for people to save as much money as possible. This pandemic has put countless people on a tight budget and I understand that. That is why the prices I am offering are so low. People want to be well-protected from hurricanes and will be more than willing to pay for it. On top of my attractive prices, customers will buy my innovation because my team has more than 5 years of experience. We do our jobs efficiently and effectively. Additionally, we are all South Florida natives. We understand how chaotic hurricane season can be and have experienced them firsthand each year. This will help us relate with our customers, form a real connection and ensure them that they are in good hands. I do not think it will be hard to get customers to switch contractors for this service because of the price they usually pay. I am offering the same service for more than half off what they normally pay. There are many competitors and their main weaknesses are not having enough employees and over-charging their customers. Essentially, I am saying that they "rip-off" their customers. The location is set in stone since I live in South Florida in a big county called Broward. My pricing plays a huge role in defining my business concept. We also send our customers a survey to rate the service upon completion of the job. I currently have 12 employees and that is more than enough. We are able to split up and work on multiple houses at once. I am the main communicator, set up the appointments and assign the crews to the homes.
The three minor elements- I think my most important resource will be my unbeatable low prices. This is my venture's "secret sauce" or "unfair advantage". Besides my actual innovative service, I have authentic employees who are born and raised in South Florida. This gives us firsthand expertise on top of our 5 years of experience installing shutters. This will make it hard for competitors to copy my success. The next step for the venture is potentially launching a shutter removal service. This is difficult though because all of employees are college students and sometimes go back to school before hurricane season is over. However, I definitely see a need for this service because my customers know that my prices will be the best. In five years, I want to be one of the most sought after people for hurricane shutter installations in the summer. I do not anticipate on this being my main focus or job. This is only something I would participate in on the side each hurricane season. This is exactly how I have been operating for the last 5 years. I am still a college student and have bigger aspirations. Lastly, I do not have any desire to be an entrepreneur in the next decade. All in all, I think I will continue to grow my business each year and attract more customers. I want to help as many people in Broward County stay safe and save money.
Monday, June 29, 2020
23A Your Venture's Unfair Advantage
1. Experience- We are efficient and experienced with all kinds of shutters for more than 5 years. Our service is rare because there are not many college kids doing what we do each year. It is not hard to copy, anybody can put up shutters. The price and quality of job would vary. The main substitute is wood to cover windows instead of shutters.
2. Unbeatable low prices- Our prices are valuable because it will save many people money. Our prices are rare as most competitors charge more than double what we charge. Anybody can attempt to lower their prices but most people are not willing to sacrifice that much money.
3. 10+ employees- The more people the better. This is valuable because we can attend to multiple houses at once. This is rare because most people work in groups of less than 5 to put up shutters. Anybody can assemble 10 or more people for the job so it is not hard to copy.
4. South Florida natives- This is valuable because we all understand the dangers of hurricane season and have experienced them first-hand. This is somewhat rare. This is hard to copy by competitors and this is non-substitutable.
5. Social media presence- This is valuable because this allows us to reach countless customers. This is rare because I have noticed most competitors only grow their businesses by word of mouth. This is not hard to copy and there are substitutes such as a business card that can provide the same benefits.
6. Determination- This is valuable because I will not be satisfied until my service is the most successful in South Florida. This is rare because some people do not have the same drive as me. This hard to copy by others because each person is unique. This is substitutable as other character traits can be just as beneficial.
7. Instant communication- Once someone reaches out to us, I answer right away and set up an appointment within 2 days. This is valuable because the customers will appreciate the quality and quick service we provide. I think this is rare because I value fast communication. This is not hard to copy but sometimes people do not answer right away because they are busy with other things.
8. Word of mouth- Each year, my friends and I go throughout our neighborhoods and explain our service. Additionally, our customers from previous years always refer us to new customers. This is valuable because it grows our business. This is rare because sometimes people are not happy with how the job came out or the prices they paid. This is not hard to copy but it takes a lot of work and a quality service.
9. Flexible schedule- Since hurricane season is usually in the summer, we are all home from school and have relatively free schedules. This is valuable because we can help customers right away. This is rare because competitors have already busy schedules since hurricane shutter installations is mostly a side job. This is hard to copy and non-substitutable.
10. Customer surveys that are emailed to each customer after we finish installing their shutters- This is valuable because it gives the customers an opportunity to rate our job and give us feedback on how to improve. This is rare as I doubt competitors do this. This is not hard to copy. There are substitutes such as calling them after hurricane season and asking about how the shutters did.
My top resource is the low prices because that is what truly separates my service from competitors. Especially during this pandemic, everyone will be looking to save as much money as possible.
2. Unbeatable low prices- Our prices are valuable because it will save many people money. Our prices are rare as most competitors charge more than double what we charge. Anybody can attempt to lower their prices but most people are not willing to sacrifice that much money.
3. 10+ employees- The more people the better. This is valuable because we can attend to multiple houses at once. This is rare because most people work in groups of less than 5 to put up shutters. Anybody can assemble 10 or more people for the job so it is not hard to copy.
4. South Florida natives- This is valuable because we all understand the dangers of hurricane season and have experienced them first-hand. This is somewhat rare. This is hard to copy by competitors and this is non-substitutable.
5. Social media presence- This is valuable because this allows us to reach countless customers. This is rare because I have noticed most competitors only grow their businesses by word of mouth. This is not hard to copy and there are substitutes such as a business card that can provide the same benefits.
6. Determination- This is valuable because I will not be satisfied until my service is the most successful in South Florida. This is rare because some people do not have the same drive as me. This hard to copy by others because each person is unique. This is substitutable as other character traits can be just as beneficial.
7. Instant communication- Once someone reaches out to us, I answer right away and set up an appointment within 2 days. This is valuable because the customers will appreciate the quality and quick service we provide. I think this is rare because I value fast communication. This is not hard to copy but sometimes people do not answer right away because they are busy with other things.
8. Word of mouth- Each year, my friends and I go throughout our neighborhoods and explain our service. Additionally, our customers from previous years always refer us to new customers. This is valuable because it grows our business. This is rare because sometimes people are not happy with how the job came out or the prices they paid. This is not hard to copy but it takes a lot of work and a quality service.
9. Flexible schedule- Since hurricane season is usually in the summer, we are all home from school and have relatively free schedules. This is valuable because we can help customers right away. This is rare because competitors have already busy schedules since hurricane shutter installations is mostly a side job. This is hard to copy and non-substitutable.
10. Customer surveys that are emailed to each customer after we finish installing their shutters- This is valuable because it gives the customers an opportunity to rate our job and give us feedback on how to improve. This is rare as I doubt competitors do this. This is not hard to copy. There are substitutes such as calling them after hurricane season and asking about how the shutters did.
My top resource is the low prices because that is what truly separates my service from competitors. Especially during this pandemic, everyone will be looking to save as much money as possible.
22A Elevator Pitch No. 3
https://vimeo.com/433733446
I made sure to project my voice loud and clear. I also made an effort to speak passionately about the service I am providing. I did not receive any surprising or silly feedback. My peers offered great support and encouraged me to keep up the good work. I spoke about my low prices compared to competitors. I did not change much compared to what I changed from Elevator Pitch 1 to 2. I had my pitch almost completely memorized and was more comfortable in front of the camera. Overall, I think my pitch is solid.
I made sure to project my voice loud and clear. I also made an effort to speak passionately about the service I am providing. I did not receive any surprising or silly feedback. My peers offered great support and encouraged me to keep up the good work. I spoke about my low prices compared to competitors. I did not change much compared to what I changed from Elevator Pitch 1 to 2. I had my pitch almost completely memorized and was more comfortable in front of the camera. Overall, I think my pitch is solid.
Sunday, June 14, 2020
21A Reading Reflection No. 2
I chose to read "Cognitive Surplus" by Clay Shirky.
- The main argument in the book is that new technology is impacting society in countless ways such as by making people interact with one another and come up with innovative solutions for the world. He talks almost exclusively about the internet and how we can make better use of our free time.
- The book definitely related to the material that I have learned so far in ENT3003. Shirky talks all about the results of collaboration through social media that have solved many unmet needs. I believe that by using our free time more wisely, we can drastically improve the world.
- If I had to design an activity for this class based on this book, the exercise would involve having students list 5 main things that take up their free time and why. Next, I would have them come up with 5 new ways they could better use their spare time.
- I had one "aha" moment when reading this book. I learned that Shirky rejected any non-passive activity and provided some examples that were really eye-opening. For example, this book has forced me to start watching less television and be more proactive with my spare time. This differed from my expectations because I was expecting to read all about cognitive surplus. I believe that some of the examples he provided are not valid for his argument. However, I certainly agree that social media and TV have taken over our lives.
20A Growing Your Social Capital
- Henry Sloan- 15+ years of hurricane shutter installation experience
- Domain expert- He is engaged in the same business activity
- I found the person by interviewing one of my neighbors who provided me with Henry's name and contact information. Some of my neighbors have had Henry put up their hurricane shutters in the past.
- Henry gave me a few tips on how to have a successful business. He told me that word of mouth is key and that my low prices are very attractive. After hearing me out, he recommended that I offer a shutter removal package as well. This will allow me and my friends to make more money in a convenient way for my customers. The tips he gave me were very helpful and completely unnecessary considering he is one of my competitors. He enjoyed helping me and my friends out since we are college kids.
- I believe including Henry in my network will enhance my ability to exploit an opportunity because I can use his advice to grow my business.
- John Seyd- 6 years of hurricane protection for homes in South Florida
- Market expert- John has been targeting my market for a long time. Instead of installing hurricane shutters, he puts wood on windows to protect homes from hurricane damage. He is offering a similar service.
- I also found about this person from one of my neighbors. They told me that John is excellent at what he does and doesn't charge as much as most people. I contacted him shortly after to talk about my business and we set up a call a few days later.
- He explained to me that he originally was in the hurricane shutter installation business but switched to wood because it was less competitive. Similar to Henry, John grew his business by getting his name out there to as many people as possible. John told me that with my prices I should have no problem bringing in customers.
- John provided me with valuable information at no cost, which will save me time and money and allow me to exploit my opportunity.
- Richard Lew- 11 years working at Home Depot
- Supplier- He works for a very large company that sells wood and metal shutters to my customers.
- Richard is one of my dad's co-workers. My dad provided me with his phone number and we spoke for about 10 minutes.
- Richard told me all about the different types of wood and shutters Home Depot has to offer. He also told me how much each type costs and the most popular choices. This information allowed me to modify my prices and get a good grasp on the amount of people who have actual shutters.
- I think that having Richard in my network will enhance my ability to exploit an opportunity by giving me a leg-up on my competitors.
Reflect:
This exercise about building my social capital was very helpful. This experience of "targeted networking" is definitely something I would like to participate in again. Additionally, this was the first time I ever did something like this. In the past, I had not contacted any of my competitors, experts, or suppliers in this market.
This exercise about building my social capital was very helpful. This experience of "targeted networking" is definitely something I would like to participate in again. Additionally, this was the first time I ever did something like this. In the past, I had not contacted any of my competitors, experts, or suppliers in this market.
Saturday, June 13, 2020
19A Idea Napkin No. 2
1. My name is James Klopman. I am a hard worker, organized and determined. I have taken rigorous courses in high school and throughout college so far. I always tried to work ahead and have made the necessary adjustments to succeed in each class. I worked at a movie theater for two years and gained valuable customer service experience. I do not know which specific career path I want to pursue. However, I know that I am interested in business and have a passion for sports. This hurricane shutter business would not play a major role in my life because it is seasonal and something that my friends and I would do on the side.
2. I am offering customers inexpensive hurricane shutter installations in the Broward County area of South Florida. Many people are on a tight budget as a result of the Corona Virus pandemic. Customers will save hundreds of dollars using my service compared to others and of course remain safe from the storms.
3. My customers will all be located in Broward County. Additionally, they will be looking to save money because they can't afford high-priced shutter services as a result of the Corona Virus pandemic. They are also seeking protection from hurricanes.
4. Customers will actually pay for my service because my friends and I have years of experience putting up hurricane shutters. We will be helping customers save anywhere from $200-400. We believe our friendly prices will attract many customers.
5. I believe my many years of experience and extremely low prices set my business apart from everyone else. I also believe I will be able to relate on a personal level with my customers. I have been a South Florida resident all my life and am aware of the pandemonium that comes with hurricane season.
I believe all these elements fit together and will allow me to have a very successful business each hurricane season. I am a perfectionist and will never give up. My peers suggested that I come up with a shutter removal package as well. I took that into consideration and will soon be determining if that is feasible. Additionally, my peers raved about the low prices my business offers, so I continued to emphasize that.
2. I am offering customers inexpensive hurricane shutter installations in the Broward County area of South Florida. Many people are on a tight budget as a result of the Corona Virus pandemic. Customers will save hundreds of dollars using my service compared to others and of course remain safe from the storms.
3. My customers will all be located in Broward County. Additionally, they will be looking to save money because they can't afford high-priced shutter services as a result of the Corona Virus pandemic. They are also seeking protection from hurricanes.
4. Customers will actually pay for my service because my friends and I have years of experience putting up hurricane shutters. We will be helping customers save anywhere from $200-400. We believe our friendly prices will attract many customers.
5. I believe my many years of experience and extremely low prices set my business apart from everyone else. I also believe I will be able to relate on a personal level with my customers. I have been a South Florida resident all my life and am aware of the pandemonium that comes with hurricane season.
I believe all these elements fit together and will allow me to have a very successful business each hurricane season. I am a perfectionist and will never give up. My peers suggested that I come up with a shutter removal package as well. I took that into consideration and will soon be determining if that is feasible. Additionally, my peers raved about the low prices my business offers, so I continued to emphasize that.
18A Create a Customer Avatar
Although there was a website available for me to create my own customer avatar, I did not feel that was necessary because there are countless people who look different that are prototypical customers for my service. This is because I am offering the service to anyone who has shutters and lives in a home with windows in South Florida. I am not sure if I can accurately say what my customers favorite hobbies are, what cars they drive, what shows they watch, what children they have etc. However, I can say that most of my customers are usually adults. I do not necessarily consider myself a prototypical customer for hurricane shutter installations because I do not own a home or have a steady income. However, my parents are definitely prime customers for this service. It is hard for me to say if I share any similarities with my customer avatar because my customer base is so broad. I hope that I can help solve my customer needs of saving money and staying safe!
17A Elevator Pitch No. 2
https://vimeo.com/428854775
I received very helpful feedback from my peers on my first elevator pitch. The main advice was to speak with more passion, which I believe I did in this second pitch. Additionally, someone recommended that I add in the amount of money that people usually pay for hurricane shutter installations. I thought that tip was very useful and insightful for my customers so I added that in this video. I did not receive any feedback that was outright wrong or silly. I appreciate all the helpful feedback that my peers gave me. I am eager to hear their thoughts about this pitch!
I received very helpful feedback from my peers on my first elevator pitch. The main advice was to speak with more passion, which I believe I did in this second pitch. Additionally, someone recommended that I add in the amount of money that people usually pay for hurricane shutter installations. I thought that tip was very useful and insightful for my customers so I added that in this video. I did not receive any feedback that was outright wrong or silly. I appreciate all the helpful feedback that my peers gave me. I am eager to hear their thoughts about this pitch!
16A What's Your Secret Sauce
My unique human capital
- Organized- I am extremely neat and organized in everything that I do. This allows me to be efficient and maintain order.
- Bilingual- I took Spanish classes for 6 years from middle school to high school. I am fluent in the language and can communicate well with people who speak the language
- Determined- Whenever I have a goal in mind, I do not stop until I achieve it.
- Athletic- I have played sports all my life and am in good shape.
- Great work ethic- Similar to being determined, I consistently put in the necessary work in anything I do in order to be successful.
Interview #1
This is my friend Nick speaking. I have known him since we played little league baseball together. He talked about my strong work ethic and my ability to speak Spanish.
Interview #2
My friend David is speaking in this. He talked about my passion for sports and how I am always organized.
Interview #3
This interview was with my friend Eli, the funniest kid I know. He talked about my organizational skills and desire to keep everything clean. He also mentioned that I am determined.
Interview #4
My friend Ben is featured in this interview. He talks about how I am funny and athletic. He also mentioned my hair makes me unique lol.
Interview #5
My friend Jordan talks in this interview. He says I am a hard worker and very organized.
Overall, I would say that my friends view myself the same way I do. There were basically no differences in how we assessed myself. I had a feeling they would all talk about my organization skills. I think all my interviewees had accurate reports about me. I do not think that I would make any changes to my original list.
Wednesday, June 3, 2020
15A Figuring Out Buyer Behavior No. 2
I continued to interview people that fit the segment of homeowners in Broward County. I interviewed three more of my neighbors who don't live as close to me. I would say each interview lasted roughly 10 minutes.
After providing them with alternatives such as prices that other people are offering to put up shutters, I realized that price mattered most to them. They all told me that my prices are over 100 dollars cheaper than what they usually pay. The quality and style of shutters are up to them since they are the ones who are providing me with the shutters to install for them. They mentioned that given these rough times, many people will search for the lowest possible price to save money.
My customers usually pay with cash. The people that I interviewed also said that they are more likely to pay with cash.
When my customers think back on the "rightness" of the service, they care most about getting their money's worth of what they paid for. That is, they look at if the shutters were installed correctly and if their families and homes were protected. Essentially anyone can put up shutters, even though it is sometimes grueling work. My interviewees explained that they will definitely contact me to put up shutters for them this hurricane season and beyond if all goes well. Otherwise, they would have been circling around the same potential people who are charging unfair prices.
Based on what I know about this segment and the information I gathered from my interviews, my target market segment care most about saving money for this service. They will pay with cash and determine if the service was worth it using the same criteria. This exercise helped me practice opportunity assessment which allowed me to refine my plan for this service.
After providing them with alternatives such as prices that other people are offering to put up shutters, I realized that price mattered most to them. They all told me that my prices are over 100 dollars cheaper than what they usually pay. The quality and style of shutters are up to them since they are the ones who are providing me with the shutters to install for them. They mentioned that given these rough times, many people will search for the lowest possible price to save money.
My customers usually pay with cash. The people that I interviewed also said that they are more likely to pay with cash.
When my customers think back on the "rightness" of the service, they care most about getting their money's worth of what they paid for. That is, they look at if the shutters were installed correctly and if their families and homes were protected. Essentially anyone can put up shutters, even though it is sometimes grueling work. My interviewees explained that they will definitely contact me to put up shutters for them this hurricane season and beyond if all goes well. Otherwise, they would have been circling around the same potential people who are charging unfair prices.
Based on what I know about this segment and the information I gathered from my interviews, my target market segment care most about saving money for this service. They will pay with cash and determine if the service was worth it using the same criteria. This exercise helped me practice opportunity assessment which allowed me to refine my plan for this service.
Monday, June 1, 2020
14A Halfway Reflection
1. To keep up with the requirements of this course, I have constantly been getting ahead. By the time a new week starts, I am already done with the corresponding assignments. I am already writing this post 18 days in advance of the due date.
2. I have felt like "giving up" multiple times because I have wanted to either watch TV, hang out with my friends or play basketball instead. My desire to get ahead and give myself more free time this summer pulled me through. A main reason why I have been getting ahead in this class is because I am also taking another class and have a job. I definitely feel like I have developed a tenacious attitude during the past two months.
3. Three tips that I would offer to next semester's student:
- Take advantage of every assignment being unlocked. Get ahead!
- Watch each lecture because the cupcake questions come directly from them.
- Set goals for yourself and plan a schedule that will keep you from falling behind.
13A Reading Reflection No.1
I selected to read "Shoe Dog" by Phil Knight from the first half of the Official ENT 3003 Reading List. This was a very interesting autobiography. I chose this because I have countless shoes, shirts and shorts from Nike.
1. I was most surprised to learn that he operated out of the trunk of his car the first year that he was given shoes to sell in America. I most admired the fact that he followed his dreams and did not let negativity from others get in the way. Additionally, I thought it was very cool that he called the CEO of the Tiger brand at such a young age. This showed that he had courage and knew the importance of being a "go-getter" in life. I could not come up with anything about Phil Knight that I did not admire. He was awesome. He overcame tons of adversity and struggles by being persistent and keeping his eyes on the prize.
2. I noticed a few competencies that Phil Knight exhibited. He had a knack for surrounding himself with great people that would propel the business. He also let his employees in on big decisions and it was this transparency that separated Nike from its competition. The employees of this company were also given freedom and creativity because of Knight's way of thinking. He was a genius.
3. I was a little bit confused about the original agreement that he came to with the Tiger brand and Mr. Onitsuka.
4. If I were able to ask two questions to Phil Knight:
If you could go back in time to any point in your journey, what would you change and why?
What sports brand is most likely to eventually de-throne Nike?
I would ask him the first question because I believe people always have regrets and desires to "re-do" certain things in their life. I would ask him the second question because currently there are tons of successful sports brands other than Nike such as Adidas and Under Armour. Nike is still the best. Although, it is only a matter of time before Nike is surpassed. I am curious as to who he would say would be the most likely to do it.
5. I think Phil Knight valued hard work in the highest regard. He had worked hard his whole life and turned nothing into one of the most successful companies of all time. He was a perfectionist and was almost never satisfied. He always searched for improvement! I do share that opinion and think that mindset is required in order to lead a successful business.
1. I was most surprised to learn that he operated out of the trunk of his car the first year that he was given shoes to sell in America. I most admired the fact that he followed his dreams and did not let negativity from others get in the way. Additionally, I thought it was very cool that he called the CEO of the Tiger brand at such a young age. This showed that he had courage and knew the importance of being a "go-getter" in life. I could not come up with anything about Phil Knight that I did not admire. He was awesome. He overcame tons of adversity and struggles by being persistent and keeping his eyes on the prize.
2. I noticed a few competencies that Phil Knight exhibited. He had a knack for surrounding himself with great people that would propel the business. He also let his employees in on big decisions and it was this transparency that separated Nike from its competition. The employees of this company were also given freedom and creativity because of Knight's way of thinking. He was a genius.
3. I was a little bit confused about the original agreement that he came to with the Tiger brand and Mr. Onitsuka.
4. If I were able to ask two questions to Phil Knight:
If you could go back in time to any point in your journey, what would you change and why?
What sports brand is most likely to eventually de-throne Nike?
I would ask him the first question because I believe people always have regrets and desires to "re-do" certain things in their life. I would ask him the second question because currently there are tons of successful sports brands other than Nike such as Adidas and Under Armour. Nike is still the best. Although, it is only a matter of time before Nike is surpassed. I am curious as to who he would say would be the most likely to do it.
5. I think Phil Knight valued hard work in the highest regard. He had worked hard his whole life and turned nothing into one of the most successful companies of all time. He was a perfectionist and was almost never satisfied. He always searched for improvement! I do share that opinion and think that mindset is required in order to lead a successful business.
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