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.

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

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! 

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. 

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.

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.

Amazon Whisperer

Revenue driver for the Ring Thing is direct sale of the item. My product will be offered at numerous brick and mortar stores as well as online.

I imagine I will stay with the small, inexpensive gadget type products for hands on individuals if I were to expand my product line. Possibly 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.

The following is a pair of work gloves with a built in bottle opener in the palm of the right hand. I think this is an awesome idea and was a bit surprised and disappointed that it already exists. It is not well known about or publicized at this point.

https://www.amazon.com/StoneBreaker-Gloves-Tailgating-Glove-Large/dp/B018QUNMMI/ref=sr_1_3?ie=UTF8&qid=1468494563&sr=8-3&keywords=gloves+with+bottle+opener

There is only one review for this product, and as you can imagine it is a wonderful review. The user says the bottle opener works as described, but also that the gloves are extremely comfortable and useful for yard work as well.

Because there is only one positive review, I feel that I would need to match the quality of the existing product, but at a price of $29.99, maybe I could undercut the price a little. The existing gloves look pretty heavy duty, so maybe I could offer a product that is a little more comfortable and light weight that is used only for opening bottles and not ones that can also double as high quality work gloves.

These gloves are a perfect extension of the Ring Thing line in that they offer a simple solution to a problem people rarely think about until they need it. They are a novelty item that has the potential to take off and be a staple item in every person’s gadget drawer or tool box. 

Reading Reflection No. 2

I chose to read How to Fail at Almost Everything and Still Win Big by Scott Adams. The general theme of this very humorous, informative, uplifting, and genuine book is to look at small or not so small failures as opportunities to learn and grow. Everything that happens to us in life is making us stronger, more intelligent, and positioning us for different and possibly better situations in the future. He does an excellent job of combining humor and his own personal setbacks to inspire others to never give up or settle for what is right in front of us.

The number one connection I made between this book and what we are learning in class is perseverance. Some of the exercises in ENT 3003 have been draining and downright difficult to complete. They have even left me feeling pretty miserable about my competency and intelligence. However, I know I need this class to earn my Bachelor’s Degree and so I push on. I am learning new things and testing my comfort zone to become a better person in the end. Scott discusses how learning multiple skills is far more beneficial than being a master of one. He shares numerous setbacks and failed attempts at success that helped create what he is today. We must persevere, and enjoy the journey of learning. So far, I am accumulating my own list of failures and setbacks that will hopefully culminate into a prosperous future.

The exercise I would recommend for future ENT 3003 students is to create a list of what they believe to be personal failures and setbacks they have experienced in their life up to this point. It will feel pretty terrible at first, but then I would ask each person to reflect on what they learned from that experience and how it has changed their thinking and actions in the present. Scott’s extensive list of failures helps break the stigma of failing in general, and is uplifting to see how much stronger we can become after dealing with a setback.

My biggest ‘aha’ moment of the book, which probably should not have been that big of a surprise, was learning that Scott Adams was embedded into corporate America for sixteen years. I often read the Dilburt comics and thought how spot on some of the strips were with what was going on in my job environment, but never knew he was drawing from actual experience. The acronyms, business speak, and office interactions were all learned on the job and became valuable resources to him later in life.

This is a really good book, and a great way to look at all of life’s experiences as building blocks to a better self. 

Idea Napkin No. 2

I am an organized, detail oriented, and motivated individual who is always searching for a more efficient way of doing things. I am a husband, father of four, Navy veteran, part time student, and a full time employee. Reducing task time and effort expended are of the utmost importance to me. I have an engineering background thanks to the Naval Nuclear Propulsion Program, and have been a supervisor at a gas turbine power plant for the past 15 years. I recently became the Process Safety Management and Risk Management Plan Coordinator for my company’s anhydrous ammonia refrigeration system. I plan to earn my Business Degree over the next couple of years and continue to advance my career within my organization. I recently took up the hobby of sailing and discovered fasteners on my sailboat that proved cumbersome and awkward to operate.

My original goal was to fabricate something that allowed my family and I to split the cotter pin retaining rings of these fasteners more effectively; a simple device worn on the finger with a metal or hard plastic tab to simulate the fingernail and pry the rings apart. What I have discovered is the multitude of items and situations in which people need to pry something open. The resulting product has therefore grown into a ring with several different tab orientation and design options and has become more universally marketable.

I offer my product to customers who are not satisfied with the current condition of things, and who can recognize a better, simpler, safer, and more efficient solution to a problem. Those that are set in their ways or choose not to look for improvements in their day to day life will not see any value or necessity in my product. They must have an open mind and be willing to try something new. I see this as my key customer characteristic. There are no demographic exclusions that I can think of.

My customers will immediately see the value in my product by the time it saves and the frustrations and injuries it reduces. It will be a significant bargain for a couple of dollars.

Being trained and working in the engineering field has ingrained in me an attitude of always searching for continuous improvement. There is always an opportunity to become more efficient. Coupled with that is my strong attention to detail and desire to help others. These characteristics will ensure a quality product that does what it says it will do.

I believe these five elements absolutely fit together. My product is something that I believe in and need in my own personal life. I will take the time and care to create it to my specifications and then share it with whoever is willing to give it a try. 

The feedback I received was thoughtful and inspiring. People seemed to be able to get behind my idea and could find benefit in owning my creation. Keeping the price down is going to be crucial. People will only be willing to pay a couple of bucks and that is OK with me and fits into my marketing plan just fine. Someone liked how my creation can help prevent injuries, so that will become a more focused point of discussion moving forward. Another piece of feedback was that this product will be beneficial on and off the boat, which I have received many times and is why the design has changed to adapt to the needs of many different applications. I cannot change who I am, but I am willing to listen to feedback and change my concepts and designs to help anyone I can. I am also willing to become better educated, and develop and improve competencies that will help me along the way. Thank you so much for your feedback. 

Elevator Pitch No. 2

https://www.youtube.com/watch?v=-8fIJvpq-BQ

Elevator pitches are just not my thing! It is very difficult for me to try to memorize a pre-written pitch and then deliver it with passion and emotion. I would prefer to just speak from the hip about something I was truly passionate about. Many people slammed my first pitch because I used notes or spoke too monotone. I did try harder this time but suspect I will receive some of the same feedback. This is something that will take more than 3 attempts to perfect.

My Customer’s Avatar

My customer is a hands-on individual who is constantly on the lookout for continuous improvement. He or she drives a later model vehicle which requires some routine maintenance from time to time and enjoys a do it yourself project over paying a contractor. They recognize a bargain and are therefore smart with money because they don’t have a huge surplus of it. My customer is a problem solver. They enjoy puzzles and riddles, and get a great deal of satisfaction from seeing a project to completion. Their hobbies are active and somewhat competitive but not overly so. Again, they mostly are looking for self-improvement. They are early adopters of products that make their life easier and more enjoyable, but also on the lookout for ways to help others. They are generous, kind, and motivating.

To put it simply, I am my customer avatar. My product fits my needs and personality to a tee and I don’t think at all that it is a coincidence. It would be difficult to be passionate about something that contradicted your personality or lifestyle. I believe entrepreneurs start with what they know and are familiar with. The product or service may change as feedback is presented over time, but the core and soul of the idea is firmly founded in the personality of the entrepreneur.

Halfway Reflection

It’s hard to believe we are halfway through this course already! Dr. Pryor does an outstanding job of giving a baseline of information and asking us to interpret and dissect it into real world practical application. I really enjoy the style and structure of this course, and the ability to make the information individually relevant. We are not simply quoting or memorizing, but building a lasting understanding of the entrepreneur’s journey. The difficulty of assignments varies from simple self-reflection to way out of my comfort zone recorded interviews and elevator pitches.

I have set up a schedule for myself that up to this point is working out pretty well. I read the assignments for the upcoming week when I have completed the current week’s assignments and begin brainstorming and figuring out the logistics. Next, I work on reading and commenting on other student’s blog posts. A lot of valuable information can be gained from this as well as the comments made on my own posts. I watch the lectures for the week prior to jumping into the assignments because often tips or direction is given which makes the assignments easier or at least better defined. I then complete the assignments and start the process over again. I try not to forget about the free extra credit quizzes on Fridays. I know that if I stick with this schedule, I will succeed in the class, so that’s what I do.

Some of the assignments cause a little stress when first reading them but I try to remember that every one of us is in the same boat. I trust in Dr. Pryor’s techniques and move forward with the exercises knowing that the process is what’s important and not necessarily the final product. I’m not sure if I would call that tenacious as much as simply overcoming a little stage fright and just doing what needs to be done. For the most part, everyone in class is very supportive and constructive in their comments and it feels good to accomplish a goal no matter how small.

The advice I would offer to future students is to set up a schedule that works for you. I have detailed my schedule above, and it feels logical and productive. After a couple of weeks it just starts to flow. Next, don’t worry about what your classmates think of your ideas or how you perform your assignments at first. Follow your own intuition and then utilize the comments and suggestions to fine tune your process. We are all on the same path and there is no need to be embarrassed or scared. Lastly, I would recommend watching the lectures and then doing some additional research on the topics that are of interest or seem particularly relevant to your cause. This is an introductory class with no textbook, but Dr. Pryor gives multiple resources and recommendations of where to go for additional information. Digging a little deeper on your own can give you valuable knowledge, and knowledge makes everything that much easier.  

Sheed

Sheed – The combination of the words Should and Need. When the expectation exists for you to complete a task and also great benefit comes from performing it.

I sheed to eat healthy today so I feel better tomorrow.

I sheed to go to crossfit today so I can get stronger.

I sheed to get this assignment done on time.

This word came out of my mouth by accident when talking to a coworker about going to crossfit one evening. He certainly understood the context of what I was saying and didn’t even bat an eye. I decided to run with it for the past two weeks. I presented it to my family at dinner stating that I sheeded to cut down on the pasta so I don’t feel bloated. My family laughed at my word, but again they understood the meaning perfectly. I spoke the word at least once daily and was never corrected on my speaking error and was never questioned about what the meaning behind it was. I suppose people just believed I misspoke and went about their business. My sons and wife were the only ones who chuckled and felt comfortable enough to call me out on it. A few nights ago my son mockingly used the word telling me, “I sheed a new pair of tennis shoes”. We laughed about it and I explained the assignment to him. It definitely feels weird purposely saying a word I know doesn’t exist, but I think I can continue the experiment intermittently and see where it goes.

Reading Reflection No. 1

I chose to read The Wright Brothers by David McCullough and was not disappointed in the detailed history about these amazing brothers. I previously had limited knowledge of their remarkable invention and have even visited the Wright memorial in Kill Devil Hills, but had no idea the level of dedication and ingenuity these brothers possessed. They were truly a gift to mankind and innovators on the most magnificent scale.

I was surprised to learn that neither Wilbur nor Orville were ever married or had children. Their dedication to the mission of flight was unyielding and took priority over families of their own. I was also unaware that Wilbur died at the young age of forty five. It is amazing to me what he was able to do during his short life span and the lasting effect it has had on mankind.

The consistency of character of the Wright brothers is what I admire the most. They were always true to themselves, never swayed by outside influences, and possessed a sort of humble confidence and indifference to popular opinion. They were not greedy or selfish or egotistical in any way. What rare traits in men of genius.

The Wright brother’s quest for flight was wrought with adversity and failure. The gliders and flyers they fabricated crashed hundreds of times and needed to be rebuilt again and again. But each failure provided valuable information and the ability to grow and improve. The limited information on aeronautics at the time was riddled with errors, so the Wright brothers needed to learn on their own the physics behind their flyers and create new designs and concepts. They created wind tunnels to study wing designs and observed birds for hours to gain inspiration. They were also 100% self-funded during their ordeal and needed to maintain a successful business in their bike shop to afford them the opportunity to pursue their dream. I’m certain this slowed down their progress, but the work ethic and drive they possessed was unparalleled .

Both Wilbur and Orville were highly intelligent men. They took it upon themselves to seek out information or create their own. They were not educated beyond a high school level, but as innovators and inventors, they were masters of their trade. They were also skilled mechanics and good businessmen. The successful bike shop business kept just enough money coming in to fund their dream of flying. After the success of their airplane, they demonstrated extremely noble diplomatic relations with high ranking government and military officials of multiple countries as well as the common man. I consider this a gift to be able to remain true to yourself no matter the company you are in.

After the successful flight, the book goes into detail of how the brothers attempted to sell their design and turn a profit off of their invention. The United States initially declined to support the Wright’s airplane but the French were extremely interested. A brokerage company also wanted to broker sales of the airplane in Europe. The demands for demonstrations and the underhandedness of all parties involved was a little confusing to digest. This at a time when the brothers should have been in full celebration mode with the support and praise of the United States government and private US companies alike. I felt ashamed that the brothers were not treated more fairly.

Reading the book gave me a feeling of closeness to the Wright brothers and an admiration beyond words. I would love to ask them since they chose never to fly together when perfecting and marketing their airplane, what they were feeling when they finally did go up together. They had been through so much together and it must have felt like the ultimate victory lap. I would also ask what their secret to staying so dedicated and committed to something that spanned over a decade. They never seemed rushed, and went about every detail methodically and patiently.

Clearly the Wright brothers believed in and displayed unbelievable hard work. They never took shortcuts and rarely outsourced any job or duty. They relied on and gained strength from one another. Their dedication and workmanship is certainly something I hope to model and aspire too. 

Idea Napkin No. 1

I am an organized, detail oriented, and motivated individual who is always searching for a more efficient way of doing things. I am a husband, father of four, Navy veteran, part time student, and a full time employee. Reducing task time and effort expended are of the utmost importance to me. I have an engineering background thanks to the Naval Nuclear Propulsion Program, and have been a supervisor at a gas turbine power plant for the past 15 years. I recently became the Process Safety Management and Risk Management Plan Coordinator for my company’s anhydrous ammonia refrigeration system. I plan to earn my Business Degree over the next couple of years and continue to advance my career within my organization. I recently took up the hobby of sailing and discovered fasteners on my sailboat that proved cumbersome and awkward to operate.

My original goal was to fabricate something that allowed my family and I to split the cotter pin retaining rings of these fasteners more effectively; a simple device worn on the finger with a metal or hard plastic tab to simulate the fingernail and pry the rings apart. What I have discovered is the multitude of items and situations in which people need to pry something open. The resulting product has therefore grown into a ring with several different tab orientation and design options and has become more universally marketable.

I offer my product to customers who are not satisfied with the current condition of things, and who can recognize a better, simpler, safer, and more efficient solution to a problem. Those that are set in their ways or choose not to look for improvements in their day to day life will not see any value or necessity in my product. They must have an open mind and be willing to try something new. I see this as my key customer characteristic. There are no demographic exclusions that I can think of.

My customers will immediately see the value in my product by the time it saves and the frustrations and injuries it reduces. It will be a significant bargain for a couple of dollars.

Being trained and working in the engineering field has ingrained in me an attitude of always searching for continuous improvement. There is always an opportunity to become more efficient. Coupled with that is my strong attention to detail and desire to help others. These characteristics will ensure a quality product that does what it says it will do.

I believe these five elements absolutely fit together. My product is something that I believe in and need in my own personal life. I will take the time and care to create it to my specifications and then share it with whoever is willing to give it a try. 

Elevator Pitch No. 1

Hey there! Have you ever jammed something under your fingernail when trying to pry something apart? Man! That is some of the worst pain around. It’s like a torture technique to remind you of how dumb you can be. It just makes me cringe to think about it. I believe everybody can think of something that needs to be pried apart and can use a little help in doing so. Bartenders, mechanics, sailors, fishermen, battery installers, the elderly, and many, many more are all viable customers for a fantastic and simple new product that will become available very soon. The beauty of this product is its simplicity. What I’m talking about is a ring worn on the finger with an attached tab to simulate the fingernail. We no longer need to injure ourselves or go through the frustration of not quite getting that damn thing apart! These rings can be made in all sizes and colors and the tabs can be of different shapes and orientations to match the customers need. Pointy, flat, thick, thin, curved, or sharp like a blade. The possibilities are endless. These rings can be sold in hardware stores, marine stores, auto parts stores, convenience stores, and of course online. Who wouldn’t spend a couple bucks to try out an incredible new product that saves time, frustration, and maybe even a fingernail or two? Can I set up a meeting with you to discuss in detail my product and proposal? You won’t be disappointed.

https://www.youtube.com/watch?v=zc4GK6c-f38

Testing the Hypothesis Part 2

The interviews continue to offer valuable insight to my original design and concept. I have simply not come across many people who encounter these fasteners on sailboats, but the more I discuss the reasoning with people, more opportunities pop up. From the interviews and through observation, I am gaining valuable insight as to where my device could be utilized. These range from diesel truck mechanics, bartenders, the elderly, box openers, frequent key ring users such as rental managers, and battery installers. Some people simply don’t have a need at all or are satisfied with how they are currently coping with prying apart difficult objects. But for the most part, I am discovering that with small variations, this could be a useful tool to just about anyone.

https://www.youtube.com/watch?v=W3Ee0CCIVY8

https://www.youtube.com/watch?v=n1042D9CZok

https://www.youtube.com/watch?v=Emwt3xnsLyk

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

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

Inside the Boundary

Anyone who has difficulty prying apart things and who are open to innovation fall inside the boundary of opportunity. My device saves time, frustration, and offers a layer of safety previously not thought about. The more people encounter the need to pry things apart, the more relevant it seems.

Outside the Boundary

As stated above, some people are just not interested because they don’t encounter these situations often enough to seek a better option or are satisfied with how they currently are doing things. To them, there is no need, and there is no convincing them otherwise. Stubbornness, set in their ways, and resistance to innovation are some explanations as to why they fall outside the boundary of opportunity.

Tweaking the Innovation

My product is a wearable device with a specific design to assist in opening retaining rings (think key rings) such as those found on sailboat fasteners. The sale of this device is my only revenue driver at this time.  The items would be slight variations of the device such as ring size, color, and shape of the tab.

The benefit of my product is preventing fingernail injury, decreasing frustration, and saving time.

The tangible is as basic as it sounds, simply a metal ring to be worn on the finger with a tab that extrudes from it to simulate a fingernail.

I really can’t pinpoint an augmented benefit. You basically are getting the device with no extra bells or whistles beyond the tangible components and the benefit it will provide.

As far as innovation goes, this is where my product can be tweaked to offer better utility to much larger market. For the original purpose, a tab that extends beyond the finger is great, but I could make that tab able to swing around 180 degrees and be out of the way when not needed. The tab could be a small fixed tab extending upward if that is more comfortable to users, maybe when more force is needed to pry something open. The tab could be larger for a bartender or someone opening cans repetitively. The tab could be equipped with a knife edge for someone who opens cardboard boxes all the time. These innovations center around changing the tangible or basic design of the original concept, but with those slight changes, more customers receive benefits to suit their needs.

Testing the Hypothesis, Part 1

The opportunity I would like to pursue is designing a product which will aid customers in opening cotter pin retaining rings found on sailboat hardware.






The who: Sailboat owners or users.

The what: Fasteners on sailboats are designed with a retaining ring that threads through a cotter pin to hold it in place.

The why: These retaining rings are difficult to open and become cumbersome.

During my interviews, I will discuss and request input on who else uses these types of fasteners, what other types of fasteners could be used or if a better design is available, what other applications could my product serve, and why does this need exist. Here is a picture of the fastener I am talking about.


https://www.youtube.com/watch?v=r2fXrV_bxr8

https://www.youtube.com/watch?v=r3e3yVL64_M

https://www.youtube.com/watch?v=Q8La5EhK9aM

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

Recorded phone interview that did not save using call recorder app.


I was able to retrieve some valuable feedback from my customer interviews, but still need to research more where other fasteners such as these are used to be able to expand my market. Obviously more than just sailboat owners have come across fasteners such as these. All of the customers interviewed can see the value in a product that will make it easier to open these retaining rings and several gave good insight as to what else my product could be useful for. That helps in broadening the target market. A couple people gave alternative solutions to the identified problem including a change in design of the fastener itself, but in the end, I believe the current design offers the most safety and my inexpensive solution will prevail. The need isn’t going anywhere, I just need to show people an easy solution to the problem.

My Solution

My solution to cotter pin retaining rings that are hard to open and can cause injury is a simple device that can be worn on the finger with a tab that simulates the fingernail. Simple as that!

Looking for Opportunity

1. Regulatory Change Opportunities

Executive Order 13650, signed by Obama in August 2013, was signed to help improve chemical facility safety and security following several catastrophic incidents in the United States. The Environmental Protection Agency has issued proposed rule changes called the Risk Management Modernization Rule to satisfy the intent of this order. These rule changes can be found at www.gpo.gov/fdsys/pkg/FR-2016-03-14/pdf/2016-05191.pdf. Facilities that use extremely hazardous substances are required to develop and maintain a detailed Risk Management Plan. The Risk Management Plan or RMP, addresses hazard assessment, prevention, and emergency response programs for facilities that fall under the requirements of the EPA's Risk Management Program.

One of the proposed rule changes centers around increased independent third party audits of covered facilities. These independent audit companies must have knowledge of RMP requirements, be experienced with the facility type and the covered process, be trained or certified in proper auditing techniques, have at least one member who is a licensed P.E., and have not done business of any kind with the host company in the previous three years and will not do business with the host company for two years following the audit. With these kind of stringent requirements, I believe we will see a drastic increase in the demand for independent third party auditing companies. Most existing auditing companies currently have consulting contracts or some form of relationship with facilities that require RMP and therefore would not be eligible to satisfy the "independent" caveat. Every RMP covered facility in the United States (well over 15,000 sites) could be a potential customer of a newly formed company designed strictly for auditing of Risk Management Plans. Recruiting team members would be fairly easy, simply drawing from industry workers, auditing professionals, and licensed Principle Engineers. Business would be good.

Another opportunity coming from the same proposed rule change is based on Emergency Response preparedness. RMP facilities must coordinate with local response authorities (EMS, Fire, Hazmat) to ensure resources and capabilities are in place to respond to and protect against accidental release of hazardous substances. Field exercises must be conducted, and if found to be inadequate, must be brought up to standards with the burden placed on the host facility, not local response authorities. This means that a facility must have employees trained extensively on emergency response and be equipped with the appropriate emergency response gear. We will see an increased need in training and consulting companies to assist facilities with their emergency response programs. Again, forming a company of this sort would be fairly easy drawing from industry workers and local response authority workers. 

I have extensive knowledge about the proposed rule changes because I am currently the Risk Management Plan and Process Safety Management Coordinator at a facility in Bradenton, FL. Industry feedback to the EPA is that these rule changes could place undue burden on facilities, but I believe they will be approved non the less, and can offer some opportunities to aspiring businesses.

2. Economic Trend Opportunities

This wont be as long and drawn out as the regulatory change opportunities because I am just going with my gut here a little bit. For nearly ten years the federal funds rate has been either 0.0 or 0.25%. Many things have a relationship with this rate including account interest paid by banks (which has been next to nothing), and mortgage interest rates charged by banks for loans they issue (which has been historically low). The news of an impending interest rate increase is everywhere, but I will credit an article I read on CNNMONEY.COM. 

Raising the interest rate will likely give the banks some more money in their pockets because of course they will be raising interest rates on the loans they issue. They in turn give customers slightly higher interest on the accounts they have with those banks. The opportunity here is for the banks to increase their account holders by finally giving a decent interest rate on CD's, savings, checking accounts ect. In doing so, they will have more money to lend at a higher rate and the world keeps spinning. It should easy for the banks to attract new customers by simply sharing some of their new found profit with customers.

For the customer, increasing interest rates means that home mortgages are going to get more expensive. The monthly payment on $200,000 loan at 4% is less than what it will be at 4.5% no matter how you slice it. An opportunity here is for real estate professionals to push their listings on buyers now before the rates go up. If someone is considering a home purchase, the thought of paying more per month for the exact same thing is motivation to act now. Realtors should see a nice bump in business.

I pay attention to this economic trend because years ago I had my real estate license and bought several homes to rent. I followed every piece of information I thought would help me out. I no longer use my real estate license, and now have only one rental house, but I still keep an eye out.
 

Forming an Opportunity Belief

When setting up my sailboat for a day on the water, I encounter 12 or more fasteners that involve a cotter pin and a retaining ring to hold the cotter pin in place. These retaining rings are the exact design of a key ring with wound metal that needs to pried apart and fed through a hole in the cotter pin. The rings for the sailboat however are only about ½ to ¾ inches and are extremely difficult to pry open, especially when trying to do it quickly because someone is holding steady a 25 foot mast. I believe I could design something that can be worn on the finger like a ring that would aid in prying these rings apart and make setting up the sailboat faster and less painful.

I believe anyone who encounters these types of fasteners could benefit from my device. I know they are prevalent on sailboat hardware, but am sure they are used in other applications as well. Even someone who has difficulty with their own key ring could benefit.

The need for a device like this is not new, but the product I have in mind is a new concept.

I imagine people, myself included, have tried different techniques in prying the metal rings apart with screw drivers, knives, and fingernails. All could lead to injury and discomfort, as well as slowing down the process. I am 100% sure that this opportunity exists for myself, and will be fabricating something for personal use regardless of the outcome of this assignment, but realistically I am only 50% sure others would see the benefit or like the design of my creation.

https://www.youtube.com/watch?v=GFBQxJRTxf0  

Customer #1 was extremely open to the idea of my concept and was willing to offer advise on how it would better serve her. She definitely has the need I believe exists and is eager to try out the product. Her need developed when she started to encounter these fasteners on a sailboat, but prior to that, she did not have the need.

                

https://www.youtube.com/watch?v=TgTn7C5faJQ

Customer #2 does not share the need, but after explaining the product to him, has an interest in it because he has an interest in sailing in the future. In my opinion however, he would not have thought of the need until he experienced for himself the handling of these fasteners, which may or may not ever take place.

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

Customer #3 has limited experience with the fasteners, but seems open to the concept of a device that would make things easier. He also believes anyone with a key chain could also benefit.

I still believe strongly in my original opportunity. I received favorable feedback from customers who had direct knowledge of why I was creating the product, but also from a customer who didn't yet know he had a need. I learned that my target market could be greatly expanded by researching where else these fasteners are used, and simply bring attention to my idea. I definitely have a more defined sense of direction for my product. I absolutely believe entrepreneurs should adapt their opportunities based on customer feedback. Without a willing customer, the opportunity doesn't exist.

Identifying Local Opportunities

1. Carmike Royal Palms 20 to offer 'sensory sensitive' screenings of 'Angry Birds', 'Alice'

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FD57C5CCD8?p=AWNB

A local cinema presented  'The Jungle Book' with the house lights half up and the volume half down for patrons with special needs such as autism. The screening was at the request of a Sarasota non profit called Face Autism. The sensory sensitive showing gave families a chance to get out to a movie with other families in similar situations, and not be looked down on. People could get up and move around, or howl with the wolves, and nobody cared. The cinema plans to offer more sensory sensitive showings throughout the summer if demand continues.

Not many cinemas are offering this kind of opportunity for a group in need. This is the first sensory sensitive showing of a movie in Bradenton.

Individuals with autism have a brain development disorder that impacts social interaction and can make it difficult to do things in public like going to the movies.

2. Wildlife advocates concerned for pelicans that get fish carcasses stuck in throats

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FDB52894E0?p=AWNB

Wildlife advocates are fearful for pelicans that get fish carcasses caught in there throats and die from septic poisoning or starve to death because they cant eat. The fish carcasses are from fishermen that clean their fish at cleaning stations on piers and toss the scraps to hungry pelicans. The advocates are pushing for more education for the public and as many fish carcass disposal pipes as possible throughout Manatee County.

When pelicans age given scraps of fish by fishermen cleaning their haul, the carcasses can get caught in their throats and they can die.

Pelicans and other birds are at risk when fish carcasses are not disposed of properly.

3. All animals at Manatee Animal Services only $10 through May

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CEC8FD79102398?p=AWNB

The Manatee County Animal Services is at beyond critical capacity with 155 dogs and 102 cats looking for forever homes. An adoption special is underway to save these animals from euthanasia. All animals are sterilized, micro-chipped, and up to date on vaccinations. Animals can be adopted for $10 and licensed for an additional $15.

Manatee county Animal Services is beyond critical capacity meaning there is no more room for cats and dogs in their facilities.

The cats and dogs in the Manatee County Animal Services are at risk if a forever home is not found for them.

4.  New Bradenton planner says affordable housing a 'must' within the city

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CE203DF29E86D0?p=AWNB

Bradenton's new Planning and Community Development director stresses how important affordable housing is to the redevelopment and improvement of the city. Getting people living in an area is what will drive the commercial growth of that area. The infill projects and revitalization of vacant areas in the city are key to providing affordable housing.

Affordable housing is extremely limited in the city of Bradenton, but stagnant or vacant areas exist that can be better utilized. With an increase in affordable housing, commercial development will follow.

The city of Bradenton, property owners, and local citizens are faced with a shortage of affordable housing.

5. Rubonia Community Center renovations underway

http://infoweb.newsbank.com.lp.hscl.ufl.edu/resources/doc/nb/news/15CDCBDCF4557218?p=AWNB

The Rubonia Community Center which has been shut down since 2013 is getting renovation and repairs for an upcoming summer youth program. The Manatee County Commission approved a nearly $100,000 funding agreement with the Community Association to get the summer program underway. At the conclusion of the summer program, the center will cease operations for more improvements to the building.

The Rubonia Community Center has been shut down since 2013, offering nothing to the community it should be serving. With the funding agreement issued by the County, a summer program can get underway, but the community center needs to take responsibility and take care of its own and serve the community.

The citizens of Rubonia, who would be served by the community center, have not been since 2013. After the summer program, it remains to be seen if the center can stay afloat.

Bug List

1. The cost of auto insurance for a teenage drivers is astronomical. My bill tripled just adding my son to our policy. (Why? Inexperienced drivers, higher risk of accidents, they know they can get away with it.)
2. Check engine lights that come on for no apparent reason. (Why? There probably is a reason but I just cant figure it out.)
3. The parking spots at my work are extremely tight for large vehicles. (Why? They were probably able to increase number of spots by skimming inches away from every spot, or the line painter drives a Fiat.)
4. After reaching the age of 40, your body has the ability to grow a half inch hair on your ears or nostrils overnight. (Why? Some kind of sick joke.)
5. Gas pumps that "click" and shutoff multiple times when you're no where close to being topped off. (Why? Maybe pressure build up or non calibrated sensors.)
6. Removing a staple you have two options, rip your fingernail off or use the fancy tool and rip holes in your document. (Why? The window of opportunity for someone to improve the staple remover has closed)
7. When my computer locks up, freezes, or does just about anything I didn't tell it to do. (Why? Some idiot thinks viruses are cool and that idiot is smarter than me.)
8. Waiting at a red light when there is no other human being within miles. (Why? The county would not spring for the embedded sensors in the road and instead just loaded the standard timed program.)
9. The god awful smell of paint. (Why? Not sure about this one seeing as how we can make candles that smell like the rain forest or some other botanical euphoria.)
10. It takes four solid minutes of running my shower before the hot water starts to be felt. (Why? My bedroom shower is as far away from the hot water heater as could be possible.)
11. Magnetic strips on debit / credit cards that wear out and the machines wont read them. (Why? Too much use, or rubbing together with other cards in your wallet.)
12. The cost of a soft drink at a restaurant. Seriously $2.50? (Why? They can get away with it.)
13. Driving on a two lane road behind someone refusing to go the speed limit, but oncoming traffic is perfectly spaced out so you can't pass. (Why? Sometimes life just gangs up on you.)
14. Needing over ten different log on and password combinations just to make it through my day. (Why? People trying to steal my identity, money, or property are just assholes.)
15. When people are late...for anything and everything. (Why? They believe themselves to more important than the rest of the world.)
16. Having a cat litter box in general. How disgusting. (Why? When you have to go, you have to go I guess.)
17. When items ring up at the register differently than what is marked in the aisles. (Why? The store did not load the sale program for the week, or the mysterious bar-code system is out of whack.)
18. When the dryer lint screen does not get cleaned despite my repeated reminders. (Why? There are way too many more important things to worry about in life.)
19. When my most comfortable clothes begin to wear out. (Why? Probably worn more often and have a shorter shelf life.)
20. The entire reality television genre. It doesn't appear to be based in reality. (Why? Cheaper to produce than regular shows.)

Doing this bug list assignment was interesting and took a little bit of effort. I kept a list going throughout the week and just jotted down an idea or two as they came to me. I generally try to make it through the week with a positive attitude and try to not let things bug me, but this week I was all in. I hope you can relate to at least a few of my bugs.

My Entrepreneurship Story

First the easy stuff…I enrolled in this class because I am an online business degree seeking student and ENT 3003 is a required part of the curriculum. I take only one class at a time and this is my fifth of fifteen classes toward my degree. I hope to learn the process of entrepreneurship and how to successfully apply it to my personal goals and needs. I see a great deal of potential in applying the learned skills to advance my career or be aware of other opportunities that may lie ahead.

The most obvious time I have been exposed to entrepreneurship is when my wife and I decided to get into the rental home business and bought houses to rent out and watch the money roll in. What a wonderful hands on experience in how to be completely stressed, broke, overwhelmed, and full of doubt. We certainly had the passion and drive, but lacked experience and resources. We handled everything ourselves from finding tenants to changing out hot water heaters. Every aspect was a learning experience. Being cash conscience, we didn’t think we could afford to sub anything out. After several years of struggling (and learning) we decided to pull back the reins and now have just one rental house which is completely managed by a professional. 100% hands off! The potential reward may not be as great with just one house, but the peace of mind that comes with allowing an expert handle the day to day operations is priceless. I have no regrets because the valuable lessons learned in my opinion make me better positioned for future opportunities. Hopefully this class will help hone those skills, and then maybe one day I can afford this...

First try at blogging

Never thought I would be a blogger! Hope this class goes well.

Test new blog UF