Wednesday, August 3, 2016

Final Reflection

Looking back through my blog posts really reinforced how much I loved the format of this class! Making us get out there and take a stab at being an entrepreneur rather than simply reading about what someone thinks it takes or how someone succeeded before us was a truly valuable lesson. Not that it was without much anxiety and uncomfortableness. I dreaded customer interview assignments; I’m just not that much of an outgoing person. However, gathering feedback and making adjustments to my original idea was definitely a highlight of the course. I really enjoy solving problems and providing solutions, and those assignments gave me the ability to do so. Elevator pitches were also a bit of a pain, but over the course of three attempts, I felt myself become more comfortable and confident. Again, something I would not have gained from reading a textbook.

Creating my customer avatar and the Amazon whisperer were two of my favorite assignments this semester. In creating a customer avatar, I had to take a hard look at who will benefit from my concept as well as alter my concept slightly to reach a larger market. This was an eye opening exercise that taught me the importance of being open to change. The Amazon whisperer assignment, along those same lines, showed that the customer is king and a successful venture need not be a radical new idea or invention. Putting everything we learned in this class together to develop the venture concept was probably the assignment I am most proud of because it really showed the value of each and every assignment leading up to it.

Putting together that venture concept solidified to me that I have taken the first steps in developing the entrepreneur mindset. From opportunity identification to establishing a true business or marketing plan, my eyes have been opened to a new way of thinking and working. Thanks Dr. Pryor!


My recommendations to new students besides setting a schedule and not being afraid to step outside your comfort zone, is simply to work with an idea you feel passionate about. Try to identify an opportunity you yourself need or want. As the assignments progress, they will remain relevant and interesting. This of course makes them more desirable to complete as you gather information and feedback which only help your original cause. Good luck.


Tuesday, July 26, 2016

My Exit Strategy

Once my business is fully set up and sales begin to climb of the Ring Thing and a few other spin-off items, I will eventually step back from the day to day operations.  I suspect it will take 4 to 5 years to make my brand a household name and to develop the additional items in the line. At that point, I will turn over operations to my sons who will run and grow the business. I will be available for consultation and will keep a close eye on product development, but more so as a hobby rather than an active participant. Keeping the business in the family is important to me initially as a tool for my sons to gain real world experience. I would take a reasonable percent of the business profits to be able to enjoy a comfortable but not overly extravagant lifestyle.  Simply not being tied down to a true occupation is what I am after, and having a stream of income from the business is key. If my sons wanted to move on and sell the company after a proven track record, I will feel like I did my job and share in the profits equally.



This sort of hands off attitude that I expect to enjoy down the road absolutely influenced my opportunity identification. I was looking for a simple creation that can be universally marketed and will become a common household necessity. The same applies to any product line extensions. The fun is in the research and development and then they will pretty much sell themselves. I prefer to look at this venture as a lucrative hobby and not something that steals away my time, energy, and happiness. Nothing in my opinion is worth that!

Making it Real

My Resume..

https://uflorida-my.sharepoint.com/personal/jclark10_ufl_edu/_layouts/15/guestaccess.aspx?guestaccesstoken=e78Oh019aEw%2busBVJc7egb%2bR2B%2f%2b4UsXy4jIOGThy04%3d&docid=2_099feb8ee004d4c6587224bf6887920ca&rev=1



Wednesday, July 20, 2016

Celebrating Failure


My brother and his family are currently vacationing in Anna Maria Island for a couple of weeks. Being just a 30 minute drive for us, we had the pleasure of spending all day Saturday and Sunday with them enjoying the sun, gulf waters, and family. We decided to give stand up paddle boarding a whirl and rented a couple of boards and headed out to the gulf. My teenage sons and nieces were up in no time, paddling around and navigating the small waves coming in on the beach. They looked like naturals and so of course I thought how hard could it be? One attempt to stand up on a piece of wood floating on the water soon gave me my answer. Epic Fail! I consider myself to be a fairly coordinated person, but continued attempts to stand up resulted in continued crashes and splashes back into the water. This was a source of extreme pleasure to my family, particularly the teenagers who performed this simple task with ease. After taking a pretty lengthy break and giving others an opportunity to try their luck, I gave it another shot. I won’t be winning any paddle board prizes but after a few more tries, I was eventually able to get up on my feet and paddle around in the gulf. It was worth the effort.


I look at failure in general as a bump in the road to success. Failure to me isn’t absolute or the end all in any situation. I would be foolish to believe I can do anything anytime I choose, or that I will make the perfect decision the first time. What I do put a lot of credence into is learning from past attempts or experiences. I have made a lot of bad decisions in my life, but I don’t consider myself a failure by any means. I do not possess the skill to do all things, but again I am not a failure. If there is something I want to do I must learn how to do it and practice what I have learned. The framework of this class is a perfect illustration. My first elevator pitch got some pretty bad feedback, but my third pitch was greeted with positive enthusiasm. Three legitimate tries at anything should show some improvement, imagine what a hundred tries would look like. Keep your head up and stay confident! 

Tuesday, July 19, 2016

Venture Concept #1

The Ring Thing

We live in a world that thrives on continued improvement and increased efficiency. Internet speed, GMO food sources, miles per gallon, alternative fuel sources, and the list goes on and on. Why not take that same stance with the small tasks we encounter every day? Everybody encounters objects that need to be pried apart, be it a key ring, Lego toys, staples, or fasteners. Maybe they need to cut lengths of twine, or tape from packages from IKEA. Others may need to make adjustments on small electronics. Whatever the situation, we all tend to risk injury and frustration by not employing a tool to make it easier and more efficient. What can be more efficient than having a tool literally become part of your finger. My product is one for the masses. There are no geographic or demographic limitations, simply a better way to accomplish tasks that get performed millions of times a day. This opportunity is very large in scale and is somewhat time sensitive in that others are constantly looking for opportunities to exploit as well. Delaying production and marketing could mean a missed opportunity in no time.

The Ring Thing is simply a ring worn on the finger or thumb with an attached tab to simulate the fingernail or other small tool. They can be made of metal or plastic and the tabs will be available in different orientations and shapes to match the customers need. For example a flat, blunt tab would be ideal for someone prying apart key rings or fastener retaining rings, whereas a sharp curved tab would be ideal for someone cutting something. I eliminate the need to hold a tool in your hand, or to use your fingernail as a tool and risk injury. I would offer these rings in different sizes, colors, and tab configurations and would charge about $3 to $4 for each one depending on my exact production and marketing expenses.

Generating awareness of my creation will be my number one priority. When people see this simple, practical, and common sense approach to everyday situations, they will immediately be intrigued and curious about its application. It is not something on the forefront of peoples mind all the time, and that is something I would need to change. My product will be packaged in a small convenient container which allows it to be viewed and placed at checkout aisles in hardware, automotive, home improvement, and marine stores. I will be reliant on word of mouth recommendations from hands on individuals who are early adopters of practical gadgets or contraptions. By flooding literally every purchase point such as the above mentioned stores, it will be difficult for a competitor to find a place to sell their knock off that my invention is not already available. Once the word is out and people hear how useful it is, the extremely reasonable price point will not hold anyone back who wants to try it for themselves. I envision my product being a staple product in every household similar to a flashlight or calculator. The overlap of making everyday tasks easier for people and the innovation of my product allows for an extremely lucrative and successful business.

I believe that my strong family support and my personal desire and perseverance to succeed are my top resources from which to draw on. I do have quite a few advantageous resources such as seed money and a large potential customer base from which to get the ball rolling, but nothing compares to the drive within myself and the support of loved ones who share in my confidence and determination. I never feel alone, and that is an amazing feeling!

In expanding my business, I imagine I will stay with the small, inexpensive gadget type products for hands on individuals. I will take a look at lighted hand tools or work gloves with additional features. Staying within a small defined class of products will help me with customers buying multiple items in the line when they are happy with another item. Additionally, my products will be fairly cheap and therefore will carry less risk for the consumer as well as appeal to the spontaneous shopper. People will begin to see correlation between these gadgets that offer real world solutions and will trust in my products and want to try them out.


Once this business is set up and sales begin to climb, I will eventually step back from the day to day operations and allow others to run and grow the business. Possibly my teenage sons can take over operations in four to five years. Keep the business in the family and give them the head start I so badly want to. I have no intention of being tied down to anything, I just want to share in the rewards and be able to live a fruitful life with my amazing wife. 

Sunday, July 17, 2016

Elevator Pitch #3

https://www.youtube.com/watch?v=ps_yui9CK5I

Pretty much a replay of Elevator Pitch #3. Tried adding more inflection in my voice as was recommended in a feedback comment. I feel like I still need some more practice if I were to actually be presenting my product to an investor, but you've got to start somewhere.


Friday, July 15, 2016

My Unfair Advantage

11.       I have strong family support from my wife and two teenage sons.
·         Valuable- yes
·         Rare- yes, although I am extremely biased
·         Inimitable- yes
·         Non-Substitutable- yes
22.       I currently have a $10,000 I am willing to invest into my business
·         Valuable- yes, for me
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
33.       I have engineering training that will assist in product creation
·         Valuable- yes
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
44.       My wife and business partner has a Bachelors in Business and a Masters in Education
·         Valuable- yes
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
55.       I own a home with ample space for an office and production area (garage)
·         Valuable- yes
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
66.       This class has taught me how to reach out to experts and receive feedback from strangers
·         Valuable- yes
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
77.       I have what I believe to be a terrific and new idea for a product
·         Valuable- yes
·         Rare- yes
·         Inimitable- no
·         Non-Substitutable- no
88.       I have a large source of potential customers from my local sailing community to get things started
·         Valuable- yes
·         Rare- no
·         Inimitable- no
·         Non-Substitutable- no
99.       I have real life experience that can pinpoint when and where my creation could be used
·         Valuable- yes
·         Rare- no
·         Inimitable- yes
·         Non-Substitutable- no
110.   I have the desire and perseverance to succeed
·         Valuable- yes
·         Rare- yes
·         Inimitable- yes
·         Non-Substitutable- yes

It’s interesting to see that resources that I feel are a big deal don’t measure up to all four of the VRIN characteristic traits. For example having some money already set aside to start a business is not necessarily a game changer in the grand scheme of things. Or having a well-educated business partner for that matter. What did measure up and what will give me a leg up is the (1) strong family support and the (10) desire and perseverance to succeed. This was a very interesting and enlightening assignment.