Showing posts with label Week 10. Show all posts
Showing posts with label Week 10. Show all posts

Sunday, March 20, 2016

Week 10 Reading Reflection

Week 10 Reading Reflection

1)      The biggest surprise for my in the reading was that there are so many different kinds of budgets. I always kind f figured every business either big or small kind of operated under the same principles/ budgeting process.
2)      One part of the reading that was confusing to me was how operating budget was projected only by advertising, seems like it should be based on other factors too.
3)      2 questions I would ask the author are:
a.       If you were to start a business what kind of cost structure would you use?
b.      What is the bare minimum an entrepreneur must know in this field to be successful?

4)      One thing I disagree with the author about was the all the “required” different statements. It seems as a small business owner you wouldn’t necessarily need every different kind of statement that a big business uses that presents just about the same information. 

Saturday, March 19, 2016

Week 10- Growing your Social Captial




Growing Your Social Capital 
For those who want more information on my product here is my idea napkin: http://ckm-ent3003.blogspot.com/2016/03/week-9-idea-napkin-no-2.html
Ryan Rosenbaum: The domain expert in my industry
1)    Ryan Rosenbaum is the owner of a company named Phlex. Phlex is a company that provides quantitative data regarding specific athlete’s performance.  Phlex takes a scientific approach to improve a swimmer’s strength, efficiency, and training so that these athletes can improve in ways they have never seen before.
2)    I am filling the domain expert in my industry with Ryan and his company. While we are not in the exact same industry, we both have the same end goal: we want to help athletes better their training. Phlex was formed from UF varsity swimmers and coaches.
3)    I had heard about Phlex through the Florida Club Swim and Dive. I contacted Phlex through Facebook due to the fact that I thought it would be easiest and quickest.
4)    I messaged Phlex telling them about my product and asked for advice as far how to continue with my product, and how I would market my product in the future. Ryan was the person who responded to me, and it was fantastic. He gave me advice as far as making my product. He told me I should calculate how much it would cost to make, being an individual with no factory, and if this product would be financially profitable. He also suggested that I expand my customer base to open water swimmers and cyclists; two kinds of athletes that can’t just get out of the pool and get some food. Overall, he was extremely helpful. In return I will be putting his information below in case anyone is interested in Phlex’s services.
5)    Knowing Ryan and the entire Phlex team will help me break out into the college swimming customer base. While this does not cover every athlete I would like to reach out to, it is a start.

Lacey Daunt: The expert in my market
1)    Lacey is a traveling yoga instructor based in New York who offers personal counseling in health and wellness.
2)    I am putting Lacey in “expert in my market” because a large part of her market are young athletes. Lacey’s ultimate goal is to help athlete’s improve as people both physically and mentally. This aligns perfectly with my ultimate goal with the Snack Pack. Lacey also does a majority of her marketing online through social media, so I was curious about how well this tactic worked for her.
3)    I contacted Lacey through Facebook once again because of the ease and swiftness of the contact.
4)    When I contacted Lacey with my product and the questions about social media marketing she was ecstatic to help. Lacey told me about the best ways she thought I could get my product out to my customer base. She suggested becoming very active on social media and “following” pages that relate to young athletes health and fitness. She also suggested to just get out there and start talking to people at different athletic events. In return I will also be sharing her page.
5)    Knowing Lacey will help me further my business in that she can help me with my marketing and appealing to the younger population. She is an expert in social media and that will help me tremendously with my product.

Athletic Foodie: The supplier for my market
1)    Athletic Foodie is a company that produces energy chews meant for athlete’s midway through or after a workout.
2)    I am filling the supplier for my market with Athletic Foodie because they make the kind of snack I would want to put in my Snack Pack.
3)    I contacted Athletic Foodie through Facebook message, once again because it is easy and quick.
4)    When I contacted them they gave me an interesting answer. They asked me if my product was needed. Their energy chews already come in waterproof pouches. This was really helpful in that it helped me realize I need to do more in differentiating my product.
5)    Athletic Foodie has helped me rethink my product, and that is awesome. I wouldn’t want to make a product that was already in production. I offered nothing in return except that they will receive minimal advertising through this assignment.
For anyone interested in help with any form of aquatic training you should check out Phlex on Facebook and online. For anyone interested in living a vegan lifestyle, yoga, or a personal wellness coach check out “Ideal Living” on Facebook, Instagram, and online.

Reflect: This connecting assignment was super helpful in that it helped me realize more setbacks to my product that I will need to overcome. It also helped in marketing my product if I were to make my Snack Pack. Without the business advice my product would have completely failed and I will forever be appreciative of this! These entrepreneurs also taught me that the best way to market my product was to just get out there and start talking to people!

Wednesday, March 16, 2016

Week 10- Elevator Pitch No. 3

Third time is the charm...I hope.

So here it is, the last try.
On my last elevator pitch one piece of feedback that I received  was that I should try to explain how my "Snack Pack" could be used for sports other than swimming. I am a swimmer myself so it does not surprise me that I talked too much about swimming. I tried to change that this time. I gave a few statistics on other sports, and tried to be more general about the sports that could use the Snack Pack. Overall, I intend my product to be used by every sport! I am just giving examples. Second, classmates suggested I include statistics in my pitch as well, as explained earlier, I did that this time! I included how many calories are burned in an hour, on average, in  3 different sports. Lastly, someone told me to not worry about staying under a minute. This round I just relaxed about time, and ended up finishing under a minute anyways, so that's cool. All in all, I think this pitch was definitely the best. I really appreciated everyone's comments!