Week 12- Venture Concept No. 1

Venture Concept:

Opportunity:

I first came up with my “Snack Pack” idea when I had to come home early one day from swim practice simply because I was hungry. The problem I am aiming to solve is mid workout hunger. Often time’s people will become hungry during an intense workout, and this hunger leads them to suffer and for their workout to suffer. When an athlete is hungry they cannot perform at the same level as when they are not hungry and satisfied. I want swimmers to be able to fuel up during a workout so they can keep pushing through and reach their goals faster than they would have before. The good part about my product is there is nothing like it, so no one has it, yet there is always a need. The closest thing to my product is a Ziploc bag, but there are chances of your snack getting lost or dirty or broken. Another good thing about my product is that just about any athlete that trains for long periods of time would benefit from a snack.

Innovation:

I have created a product called the “Snack Pack”. The Snack Pack is a small reseal able pouch that is waterproof that holds a small snack. The snack is intended to be eaten mid-way or after a workout. The pouch is easily attached to a water bottle, bike, or bag and can be easily accessed during the workout. I will be selling the actual packs themselves, the water bottles, and other various mounts. I intend to sell the Snack Pack for about $10 with the water bottle-Snack Pack combination for about $15. All other mounts I expect to be about an extra $5.

Venture Concept:

Right now, the only thing close to my Snack Pack is a Ziploc bag. Ziplocs can be easily lost and/or broken, that is why people will buy my Snack Pack. My product attaches to a water bottle or bike and is therefore easily identified. It will also be made of extremely durable waterproof plastic, so it will not break. The biggest designing factors of my business are the production areas, packaging, and shipping. My product will most likely be sold on websites like Amazon, with no physical stores. I will have to find some place to produce, package, and ship my products out of. I will then need to set a price based on the cost of making my product. I would start off very small, with only a few employees, then I would grow as demand grew. I would employ people in every segment of the production process and I would also hire people to work customer service so I can make sure people are happy with their purchases.

3 minor elements:

·         My most important resources right now is my human capital and my networking. I have lots of experience so I can relate to my customers really well. I also have a lot of connections in the athletic industry such as swim teams, varsity teams, and club teams. I will use both of these resources to market and sell my product.

·         The next thing I want to tackle with my product is the problem of snacks not being warm or cold when you get to them. If my Snack Pack is successful I want to add a feature that keeps warm food, warm, and cold food, cold. It would be like a lunch pack, but on a smaller scale. It allows the athlete to pack fresh or frozen food in their Snack Pack without the worry of it going rotten during the day.

·         In five years I hope to have my business up and running and I hope to have a pretty solid customer base. If I could be in a position where I have a small area for production and I am selling my product to most of the athletes at UF, I will be satisfied. After that, I can take things to a bigger scale. 

Week 11- The Amazon Whisperer

• -    Revenue drivers I currently have in my business is the actual Snack Pack, a water bottle that the Snack Pack will attach to, and optional energy chews that can be included in the package.  My customers will have the option to buy any of all of the package.
• -          The next thing my customers will want is a Snack Pack that can attach to other things such as bikes and your arm.
• -          This “next step” will allow my customers to have options as to what mounts will work best for their own Snack Packs. Options will always sell.
• -        
  
     
• -          This was the closest thing I could find to my snack pack. This is a sandwich pack that is resalable and water proof. The biggest marketing aspect is that the pack is supposed to keep the product inside hot or cold. The biggest difference between that product and my Snack Pack is that it does not attach to any water bottles or anything else.
• -          The customer reviews were very mixed. Some people did not like that product did not keep the food warm or cold. But they did really like that it re-sealed easily and was compact.
• -          I would make this product attachable to bike or water bottles so that this pack can be used mid workout.
• -          This product would be a good addition in that I think it would be awesome to make my Snack Pack in a way that it will keep food hot or cold depending on the food that is put in. 

Week 11 Reading Reflection

Week 11 Reading Reflection

1)      The biggest surprise to me in the reading was that there was such a thing as an innovation strategy in the first place. I always just kind of thought inventions were just kind of a spur of the moment thing that just came to people.

2)      One part of the reading that was confusing to me was the trade-offs section. How is one supposed to trade stuff if all the capital is ideas? Do they just trade ideas?

3)      Two questions I would ask the author:

a.       How does a company chose which innovation strategy they should use?

b.      Do companies ever come up with their own strategy?

I do not disagree with the author about anything in this reading, I was just very interested. It was a concept I had never read about before.

Week 11- My Venture's Unfair Advantage

1)   I am experienced when it comes to training hard. I can relate well with my customer base.

a.    I have been swimming for 11 years, I know what it is like to train hard. This experience will help me relate to my customer base. This is very rare because there is only one of me!

2)   I have good contacts with UF’s Varsity Swim Team.

a.    I have 2 close friends that are managers of UF’s varsity swim team. They will be able to help me try out my product with the varsity team. This is somewhat rare, but it is a very helpful connection.

3)   I have good contacts with local club swim team

a.    I have worked on several swim teams before so I could get my product out to younger kids to see what they think. This will be valuable in developing my product further.

4)   I have good contact with several club sports at UF

a.    I am active in several club sports and through these I know people in almost every club sport at UF. This will help me market my product to many different sports.

5)   I am very active on social media

a.    Social media is a very popular way to advertise new products now, so it is good that I will have a starting point for marketing my product.

6)   I know several people who are “famous” on social media

a.    “Famous” on social media means a person has many people who frequently check their pages and keep up with what they are saying. I know a couple people who have thousands of followers and that means I will be able to market my product to all of those people through my friends.

7)   I have good contacts with a company named “Phlex”

a.    Phlex is targeting the same customer base that I am so they can help me get into different events where I could sell my product. This is an exceptionally beneficial and rare connection.

8)   I am a good people person

a.    I am very good at talking to people, so this will help me sell my product in every situation.

9)   I am a business major

a.    I understand the basics of how businesses work and this will help me develop my business without having to pay for as much help.

10)  I have some money to start a business

a.    This small amount of money will at least help me get my business off to a start.

My most valuable asset I believe I have is myself. Several of these resources are based off my skills, so I think as a whole I am the greatest and most rare advantage I possess. I am a good people person, with lots of experience in my field, and with business knowledge. My skills are what are going to allow me to develop and market my product for the least amount of money. 

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. 

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!

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!