Final Reflection

After looking through all of the assignments I've turned in for this class during the past semester, it's actually pretty amazing to see how my way of thinking has changed along with the concept for my water bottle idea. While I was doing the assignments it seemed like they would never end but now that I'm writing the last blog post, it's somewhat bittersweet. I never thought I would feel that way but I feel like I've put a decent amount of work conducting interviews, fleshing out ideas, and really considering my venture concept. It's hard to just stop and basically give up on this idea but at the same time, it's nice to have some closure and not have as much work.

I think the most fun activity was the "Create a Custom Avatar" one because it was fun to put a narrative twist on a helpful assignment. This assignment was not only really fun but I think it's one of the most helpful assignments because having a clear picture of my market makes it much easier to cater my product to them and really understand how they envision the problem I'm trying to solve. The most productive activity was "Venture Concept No. 2" because it was really a culmination of everything from the semester and shows my biggest ideas all in one place. I would probably refer to that assignment the most if I was to ever come back to this idea in the future. 

I don't see myself as a full-blown entrepreneur yet. I feel that for someone to truly have this it must become a lifestyle for them and it's not a lifestyle for me. However, I definitely have a more entrepreneurial mindset now that I've really thought about a business concept in more ways than I ever thought I would. For example, before taking this class I never thought about how critical it is to consider the different aspects of your target market. Honestly, if I ever decide to take an entrepreneurial route, this class will have prepared me very well for a beginner's understanding of how creating a business works. 

One recommendation I have for future students is that if you put a solid effort into these assignments then you will get exponentially more out of this class. Obviously, if you put in more effort then you'll likely get a better grade, but that's not the most important thing because it's not too hard to get a good grade in this class. If you constantly strive to further your idea with each assignment then you will notice growth in your entrepreneurial mindset. Lastly, watch the lectures because Dr. Pryor is hilarious and also has amazing tips for entrepreneurship in general as well as for these assignments. 

Venture Concept No. 2

Here is a revised version of my venture concept for the EZ-Clean Hydro Bottle:

EZ-Clean Hydro Bottle -- Venture Concept

Opportunity

My product is an environmentally friendly water bottle with a larger mouth. The opportunity that relates to this product is anyone that has a problem washing their water bottle because the mouth of it is too small to fit either of their hand into it. Another sub-segment of customers would be people searching for a durable, sustainable, and eco-friendly alternative to traditional plastic water bottles. The nature of his need is that it is realized whenever people are washing their bottles, however, there is currently no readily available alternative for the water bottles they already use. The forces in the environment that create this opportunity is basically a lack of action by water bottle companies; no leading water bottle company has created a product specifically designed to be easier to wash. There really is not much of a limit geographically to the customer base because where you live doesn't affect whether you use a water bottle or not; at least, it shouldn't. Demographically, I would like this product to be affordable enough for anyone to be able to purchase one, but currently making new plastic is cheaper than recycling and removing harsh chemicals is even more expensive, so this product might end up singling out the middle and upper class. Another demographic that will be more affected is the environmentally active/sustainable group because of this water bottle's qualities, including being recycled and BPA-free. Customers are currently satisfying this need by either disregarding the issue or coming up with their own solution. Many customers I interviewed said they would create a device/tool to reach inside and clean the inside of the bottle. They said they would consider buying a bottle that solved that issue if it was functional and reasonably affordable. This opportunity is fairly large because everyone needs to drink water and many people (this number is rising as society is ever more progressive) use water bottles to decrease the use of plastic. I don't see this opportunity going away soon, unless another big-name brand, such as Nalgene, created a similar product.

Innovation

My innovation is a water bottle that has a large mouth (one that the average-sized hand could fit inside). This product not only solves the issue of washing a bottle that has a small mouth, which by conducting more than several interviews I have confirmed is a relevant issue, but it also is durable, sustainable, and adaptable. The bottle would come with a limited lifetime warranty so anyone could replace the bottle if it's damaged. It is also made from recycled plastics and is BPA (bisphenol A) free, making sure to reduce waste on land and at sea. Lastly, the bottle will come in three sizes, 24 oz, 32 oz, and 48 oz so that people can purchase whichever size suits their needs. Someone that's going to be working in the yard all day might want a 48 oz. so they don't have to go inside to fill up, while someone that's just taking their bottle to work likely will buy a 24 or 32 oz. bottle. For this bottle to be realistic and functional the mouth has to be big enough to fit a balled-up hand into it and also easy to drink from. To make sure that's possible I would widen the mouth to a larger circle (instead of having the lid be a smaller diameter than the body of the bottle, which is typical). This would allow an average hand to fit inside and be able to move about and clean while also still providing easy-drinking capabilities, including still being able to fit it in an average cupholder. This image should make that easier to visualize. Now I will break down the pricing. Each water bottle will come with a water bottle (made up of the body and the lid) and a small card that incentivizes them purchaser/recipient to buy more products. The card will advocate 25% of the proceeds on their next purchased item will go to the wildlife/environmental/sustainability charity of their choice. Each size of the water bottle will be priced differently. The 24 oz. bottle will cost $10, the 32 oz.will cost $15 and the 48 oz. will cost $25. The pricing is a little higher than I would like to see, but as I said earlier, using recycled plastics and making the bottle BPA-free is more expensive than using new plastic that has all of the typical chemicals. As far as the research backing these numbers goes, I did my best to provide an estimate. It would probably be impossible to get accurate production costs from a manufacturer for my intents so I had to base the price on industry prices. The company with water bottles most similar to mine is Nalgene. I just added some to their prices because my production costs will be higher than theirs due to diseconomies of scale. Also, my water bottles are made from more expensive materials so that factor into a higher production cost.

Venture Concept

My water bottle will solve all of the issues water bottle users have with washing their own bottles in addition to providing added value, such as being environmentally friendly, durable, and adaptable to any situation. Customers will buy this innovation because they will no longer have to be frustrated while cleaning their bottle and they'll be able to keep their bottle cleaner. Customers would switch to this new product if they use water bottles often enough to be consistently faced with the issue of not being able to fit their hand into their bottle to effectively clean it. It might be hard for them to switch if they have brand loyalty to big-name brands such as Nalgene or Hydroflask, but if the person values quality over status then they would probably make the switch. Two large competitors that I immediately think of are Nalgene and Hydroflask. Hydroflask mostly makes metal bottles, which are outside of the scope of my opportunity, so I won't focus on them. Nalgene is a very large and well-established company so it's hard for me to think of a disadvantage for them. The packaging isn't a problem because I will sell my water bottles without a package. They will simply have a removable label that can be printed out and applied to them. I would have to work with distributors to have my products in grocery stores, gas stations, sports stores, etc. because the variety of people that use water bottles is extensive.

Secret Sauce

My most important resource is going to be my passion for this product's growth and mission. I believe that you can't fake passion and if you have a passion that you truly believe in then you'll always stay committed and true to your intended purpose. For more detail, you can reference my previous blog post.

What's Next For the Venture?

The next opportunity I would tackle is determining the bottom line for my product and really crunching the numbers behind the production, distribution, advertising, etc. of my water bottle. This is super helpful because it will allow me to think creatively as well as analytically about my product to forecast if it makes financial sense.

What's Next For Me?

Assuming I launched this goal, I would want my product to be dispersed throughout the Southeast at least within five years. Within ten years I could make it up the coast into the Northeast and potentially into some Western states including California. This might be a little aggressive but I think if I'm ever going to compete with top water bottle companies then I need to focus on aggressive growth.


Feedback

People that commented seemed to generally like the detail that I put into describing my product and its market. They mentioned the "Opportunity" section as well as the "Secret Sauce" sections. One person particularly likes my idea of attaching a discount card to each water bottle that encourages them to buy another water bottle and donate to an environmental charity at the same time. I'm glad I got feedback on this idea because it was a new idea and I wasn't sure if it would be effective. As far as the more constructive feedback goes, there were a few things. They said my water bottle should be able to fit in cupholders. This is a very relevant point and also something I've heard from interviews before. They also said my design should have a name, which was confusing because the name is clearly at the top of the page. Lastly, they wanted to see how I decided to use the specific prices I chose for my water bottles.

What I Changed

First addressing the concern about my water bottle fitting in cupholders. The EZ-Clean Hydro Bottle will definitely be able to fit into cupholders. I'm only modifying the shape of the top of the bottle, specifically, I'm widening the diameter of the mouth, not the entire water bottle. So, the bottom of the bottle will remain unchanged and it will be able to fit in any average cupholder. I've included a picture so hopefully, that's easier to visualize.

Next, there was a concern that my prices weren't backed by production costs or economies of scale. Production costs are very hard to accurately guess because you can't just go out and ask Nalgene what their production costs are or any other manufacturer unless you're seriously considering producing something. So, I did my best to base my prices on the prices on Nalgene bottles with some adjustments. I obviously won't be able to achieve the same economies of scale as giant companies such as Nalgene so my prices will naturally be higher. Also, I'll be using recycled and environmentally-friendly material to produce the bottles, so that raises the price. I just did my best guess of what I could make the price by adding some to the prices of similarly-sized Nalgene bottles.

My Exit Strategy

1. For my exit strategy, I think I would stay with the firm for several decades and eventually retire, handing down the firm to whoever I think is responsible and capable enough of running it in the future. 

2. I selected this strategy because my product and company mean a lot to me. If you read my Venture's Unfair Advantage post then you know I consider my top resource to be my passion for my product and the motives behind it. Due to this abundance of passion, I wouldn't want to let go of my company after five years even if it was for a large profit. I also feel like I would have a hard time letting go of the company after all of the work that I have hypothetically put into it up to that point. I most likely wouldn't protect the venture as a family company because I wouldn't want to limit my talent pool to a group of people just because they are close to me already. 

3. Like I mentioned earlier, choosing my exit strategy relates to my passion for the company and creating a sustainable product that is also highly functional. This relates to my opportunity identification because I was focussed on solving a problem that many people can relate to (including myself) while also putting a lot of effort into making the product as best as it can be for the consumer and the environment. This whole idea of sustainability factors heavily into my passion and decision to remain in the company until I retire. My exit strategy also influenced what I thought were my top resources, two of them being sustainability and company culture. Obviously, I don't actually have a company culture but hypothetically speaking I would want my employees to feel valued so that they stay with the company for a long time, not just two or three years and leave. My growth intentions are still focused on aggressive growth because of the competitiveness of the water bottle market but I wouldn't be growing fast just to sell off the company; I would be growing fast to get my feet off the ground and lead the company for a long time. 

Reading Reflection No. 3

I chose a book from the second half of the reading list, The Long Tail: Why the Future of Business is Selling Less of More by Chris Anderson.

1. The general argument that Chris Anderson is making is that selling niche products is the future wave of business. He makes this argument through an analogy to help visualize the idea. By imaging a firm's revenue model on a hockey stick-shaped curve. A few products generate the most revenue and the multitude of other products form the tail of the curve, which just tapers off. Anderson argues that the tail's revenue, aka the niche products, can compete with the revenue from the most popular products if you sell enough of them. He then states that in today's day and age of content creation, almost anyone can create something of value so the tail gets exponentially longer. Finally, aggregators such as Amazon and Netflix and make accessing and purchasing the content easy, which makes the tail fatter, essentially driving up the revenue from these niche products.

2. The book connected with lessons I've learned about markets in ENT 3003. I've learned that it's better to target a specific audience than try to make a product that appeals to everyone. This book is saying something similar by emphasizing the importance of niche products. Of course, niche products have their own very specific niche markets. By targeting the niche markets, and with the help of aggregators which streamline the process of selling and revenue collection, niche products can outsell some of the most popular products. The first step to selling the products is determining who your market is and this class has taught me a lot about how to pinpoint my own market and what kinds of questions I should be asking myself when doing so.

3. An exercise I could design for ENT 3003 based on this book would be about niche markets. The exercise would ask you whether you think your product or service is niche. Second, it would say, if you think your product is niche, explain its niche market and how you would utilize aggregators to generate revenue. If your product or service isn't niche, think of a niche product or service that's related to yours and explain its niche market and how that product or service could use aggregators.

4. I was surprised about the book's emphasis on aggregators' importance in selling niche products to niche markets. I didn't even think about how large of a role companies like Amazon and Netflix play in the businesses that market and sell niche things. For example, previously when people tried to find a specific, uncommon book they would have to go to bookstores and physically look for the book and if it wasn't in any then they were out of luck. Nowadays people can go to Amazon and search for that book in a matter of seconds and the effort you have to put into the search is effortless. This applies to any niche product that sells on Amazon. Personally, I just bought joystick grips for my Xbox One controllers off of Amazon, and if it weren't for Amazon listing that product I bought, I don't know if I would have found it or even have been to buy joystick grips.

Celebrating Failure

This exercise is all about learning from failure and using it to improve yourself. The example of failure I'm going to tell is going to be kind of embarrassing for me, but hopefully, I'll learn from reflecting on it.

So this past Fall semester I was pledging for Delta Sigma Pi, a professional business fraternity, and one of our tasks was a case competition. Our pledge class was broken up into groups and each group was presented with a case scenario. We had to make a presentation that communicated our group's decision, reasoning, and back all of that up with statistics and visual aids. I've never done this type of presentation before and it was something I felt pretty uncomfortable doing. Eventually, my group formulated our presentation and I felt pretty good about what we had put together. Fast-forward a week or so and each group finds out their scores on the presentation. To my surprise and embarrassment, my group tied for the last place. Essentially we failed the case study.

Initially, I was just super self-conscious about having come in the last place. I was pretty ready just to give up case studies once and for all just because I failed my first time ever doing one. Now that I have had some time to reflect on that situation I feel like I have learned some things. First, it's really easy to beat up on yourself when you're doing something for the first time and don't accomplish your goal. But I can't let that temptation to quit guide me because showing perseverance and persistence will allow me to improve over time. I haven't done another case study since then but I'm sure I could do better than last time, taking into account everything I learned from the judge's feedback. Second, I shouldn't feel embarrassed when I fail most of the time, especially with something completely new. Don't get me wrong, humility is a good characteristic to have, but I shouldn't expect too much when I explore new grounds.

Failure is definitely hard and something I always struggle with being a perfectionist and achiever. It's hard for anyone to admit that they're bad at something, but I think the trick lies in flipping the message you perceive while experiencing failure. Instead of viewing it as a problem, view it as an opportunity. If I failed, I know for sure that I can improve and that provides a challenge for me, which I typically view as fun. The biggest hurdle I have to get over is the emotional pit failure can just suddenly throw me into; after I get over that, I can turn failure into a lesson to improve from. I don't think this class has really changed my mind about failure, however, I can see how failure connects so well with entrepreneurship because the entrepreneurial experience is basically repetitive failure that either ends in success or death. Entrepreneurs have to be especially insensitive to failure because they are faced with many challenges and they won't be prepared for all of them. The successful businesses will learn from mistakes and persevere.

What's Next?

Existing Market

When I think about what's next for my product, I think of increased customization as far as more sizes and ability to create designs goes. I also think of different types of cups/water bottles, including a coffee mug, a sports-size jug cooler, and a recycled glass bottle/cup. There's a lot of room for customization such as this because there are many types of water bottles and accessories that accompany them.

While I'm not able to interview customers for this assignment, I think they would agree with me. They would probably like to see more sizes available, different styles of cups, and various accessories for the base water bottles I have designed. This could include different styles of lids, handles that fit over the body of the bottle, and a line of water bottles specifically designed for sports.

In terms of growth within my existing market, expanding into accessories would be my best bet I think. Once people own one of my water bottles then they will likely want to customize it to their needs and wants. Like I said before, one accessory that comes to mind is a different style of lid. There could be the standard lid that just screws on and you drink from the mouth of the bottle. There could be another lid that comes with a nozzle from which to drink out of. Another possibility is a nozzle that is not free-flowing and would require sucking. To make this customization accessible for customers, I would build a "lid option" into the individual websites where each of these items is available for purchase.

New Market

When I was asked to describe my stereotypical customer I placed their age somewhere in the "young adult to middle-aged" section. One radically different market I could target is young children, specifically, the market for sippy cups for young children. I could use the same materials that I currently plan on using for my traditional water bottles, except make them smaller and designed for a baby.

I don't see any sippy cups or small water bottles designed for children that focus on being environmentally friendly. While everyone else advocates using a sustainable bottle, sippy cups don't really get thought of, so maybe there's something to exploit in that.

While I'm once again not able to conduct any interviews, I think the issue at the forefront of every parent's mind is the safety of their child. I believe they ould want to make sure the sippy cup is safe for their child since it is made from different materials than they are used to seeing in typical sippy cups. To make my product and company credible to this market I would likely have to do research on the safety of recycled plastics and BPA-free plastic, although I believe their completely safe because water bottle companies are already using those materials.

I was kind of shocked when I first thought of babies or young children as being a potential market, but it makes sense because of everyone, no matter your age needs to be able to drink water, or the liquid of choice. This market is unique because my target market isn't directly who the product is for. I have to focus on the needs of the parents of young children instead of the children. This market doesn't appear as attractive as my primary market because it's not as broad and seems like it would be hard to market to.

Venture Concept No. 1

EZ-Clean Hydro Bottle

Opportunity

My product is an environmentally friendly water bottle with a larger mouth. The opportunity that relates to this product is anyone that has a problem washing their water bottle because the mouth of it is too small to fit either of their hand into it. Another sub-segment of customers would be people searching for a durable, sustainable, and eco-friendly alternative to traditional plastic water bottles. The nature of his need is that it is realized whenever people are washing their bottles, however, there is currently no readily available alternative for the water bottles they already use. The forces in the environment that create this opportunity is basically a lack of action by water bottle companies; no leading water bottle company has created a product specifically designed to be easier to wash. There really is not much of a limit geographically to the customer base because where you live doesn't affect whether you use a water bottle or not; at least, it shouldn't. Demographically, I would like this product to be affordable enough for anyone to be able to purchase one, but currently making new plastic is cheaper than recycling and removing harsh chemicals is even more expensive, so this product might end up singling out the middle and upper class. Another demographic that will be more affected is the environmentally active/sustainable group because of this water bottle's qualities, including being recycled and BPA-free. Customers are currently satisfying this need by either disregarding the issue or coming up with their own solution. Many customers I interviewed said they would create a device/tool to reach inside and clean the inside of the bottle. They said they would consider buying a bottle that solved that issue if it was functional and reasonably affordable. This opportunity is fairly large because everyone needs to drink water and many people (this number is rising as society is ever more progressive) use water bottles to decrease the use of plastic. I don't see this opportunity going away soon, unless another big-name brand, such as Nalgene, created a similar product.

Innovation

My innovation is a water bottle that has a large mouth (one that the average-sized hand could fit inside). This product not only solves the issue of washing a bottle that has a small mouth, which by conducting more than several interviews I have confirmed is a relevant issue, but it also is durable, sustainable, and adaptable. The bottle would come with a limited lifetime warranty so anyone could replace the bottle if it's damaged. It is also made from recycled plastics and is BPA (bisphenol A) free, making sure to reduce waste on land and at sea. Lastly, the bottle will come in three sizes, 24 oz, 32 oz, and 48 oz so that people can purchase whichever size suits their needs. Someone that's going to be working in the yard all day might want a 48 oz. so they don't have to go inside to fill up, while someone that's just taking their bottle to work likely will buy a 24 or 32 oz. bottle. For this bottle to be realistic and functional the mouth has to be big enough to fit a balled-up hand into it and also easy to drink from. To make sure that's possible I would widen the mouth to a larger circle (instead of having the lid be a smaller diameter than the body of the bottle, which is typical). This would allow an average hand to fit inside and be able to move about and clean while also still providing easy-drinking capabilities. Now I will break down the pricing. Each water bottle will come with a water bottle (made up of the body and the lid) and a small card that incentivizes them purchaser/recipient to buy more products. The card will advocate 25% of the proceeds on their next purchased item will go to the wildlife/environmental/sustainability charity of their choice. Each size of the water bottle will be priced differently. The 24 oz. bottle will cost $10, the 32 oz.will cost $15 and the 48 oz. will cost $25. The pricing is a little higher than I would like to see, but as I said earlier, using recycled plastics and making the bottle BPA-free is more expensive than using new plastic that has all of the typical chemicals.

Venture Concept

My water bottle will solve all of the issues water bottle users have with washing their own bottles in addition to providing added value, such as being environmentally friendly, durable, and adaptable to any situation. Customers will buy this innovation because they will no longer have to be frustrated while cleaning their bottle and they'll be able to keep their bottle cleaner. Customers would switch to this new product if they use water bottles often enough to be consistently faced with the issue of not being able to fit their hand into their bottle in order to effectively clean it. It might be hard for them to switch if they have brand loyalty to big-name brands such as Nalgene or Hydroflask, but if the person values quality over status then they would probably make the switch. Two large competitors that I immediately think of are Nalgene and Hydroflask. Hydroflask mostly makes metal bottles, which are outside of the scope of my opportunity, so I won't focus on them. Nalgene is a very large and well-established company so it's hard for me to think of a disadvantage for them. The packaging isn't a problem because I will sell my water bottles without a package. They will simply have a removable label that can be printed out and applied to them. I would have to work with distributors to have my products in grocery stores, gas stations, sports stores, etc. because the variety of people that use water bottles is extensive.

Secret Sauce

My most important resource is going to be my passion for this product's growth and mission. I believe that you can't fake passion and if you have a passion that you truly believe in then you'll always stay committed and true to your intended purpose. For more detail, you can reference my previous blog post.

What's Next For the Venture?

The next opportunity I would tackle is determining the bottom line for my product and really crunching the numbers behind the production, distribution, advertising, etc. of my water bottle. This is super helpful because it will allow me to think creatively as well as analytically about my product to forecast if it makes financial sense.

What's Next For Me?

Assuming I launched this goal, I would want my product to be dispersed throughout the Southeast at least within five years. Within ten years I could make it up the coast into the Northeast and potentially into some Western states including California. This might be a little aggressive but I think if I'm ever going to compete with top water bottle companies then I need to focus on aggressive growth.

My Venture's Unfair Advantage

V- Valuable
R- Rare
I - Inimitable
N- Non-Substitutable

1. Organizational Culture

Obviously, this isn't something that my company possesses yet, but hypothetically speaking I would like my company to have a sustainable, compassionate culture. A functional and prosperous organizational culture is very valuable because it makes the employees feel like they fit within the company, causing higher productivity and satisfaction. This type of organizational culture is becoming less rare, yet to find one that is 100% what it says it is is rare. Culture is very hard to imitate correctly, and even when people try, they usually get things wrong that are essential to the culture's success. Good company culture is not substitutable because it provides a backbone for the values and mission of the company.

2. Environmental Friendliness and Sustainability

Being sustainable and environmentally friendly is a necessary part of my water bottle idea. Making a product that not only benefits the customer but also the Earth is very valuable to anyone that cares for our future. Just like organizational culture, sustainability is increasingly more common than it used to be as society becomes more progressive. That being said, it is more rare than not when analyzing everyday products. The technology, science, and processes to make products that benefit the environment are readily available nowadays so it is imitable. You can't really substitute a good conscience for the environment; no matter what you do, you will somehow affect the Earth is some negative way so you might as well lessen the effects.

3. Unique

After all of the browsing, I've done on the Internet to search for water bottles, I am very confident that there isn't another water bottle that directly resolves the issue of a small mouth. Having a unique product is valuable because it limits competition during the initial stages. Being unique is rare just based on the definition of each word. After my product hits the market I imagine it wouldn't be long until some company imitates my product. Being unique can kind of be substituted for having resources. Ultimately, the product with more resources backing it will be able to replace a similar product in the long run, even if the other product is more unique.

4. Financial Resources

I have a pretty strong relationship with my local credit union, having worked for them for two years and being a member for five years. This could potentially serve as a resource for me when I need capital to back the startup of my product. Having money is valuable because it's the language of business, however, it's not rare. Money is relatively easy to come by ad everyone has it. Having a lender financially back me is imitable especially by another company that has a better and longer track record and better credit score in general. Capital isn't substitutable in most cases. When it comes down to it, you're going to need money to get stuff done.

5. Passion

This somewhat aligns with my first resource. Having a passion is very important to the success of the product because it is what fuels your drive to endure when you're feeling worn out and inspires you to keep on going. Having passion is very valuable for the reasons stated previously. I wouldn't say it's super rare but it's also not the most common resource on the list. Passion is hard to copy because it is intrinsic, either you have it or you don't. You can't fake a passion because if you have to fake it or inorganically grow it then it isn't real. Passion can't be substituted for anything; even if you have substantial amounts of other resources, having a passion for your business if what takes a company to another level.

6. Entrepreneurial Contacts

I currently know a couple entrepreneurs that have developed and executed successful business ideas, one of which is Imprint Genius. Having entrepreneurs to bounce ideas and concepts off of is extremely valuable because they have the most similar experience to yourself and can give helpful feedback and ideas. This is a pretty rare resource because entrepreneurs are somewhat rare to find and to know well enough to consult. This process is easily replicable by anyone that has access to an entrepreneur, but first, you have to find one. You might be able to imitate an in-person entrepreneurial contact with a blog or website that also gives advice, but there's still something to be said for a one-on-one conversation.

7. Detail and Diligence

Whenever I commit to an exercise or activity, whether that's an assignment for this course or a fully fleshed-out business plan, I fully commit and put a lot of attention, detail, and effort into it. This is valuable because the initial stages of forming a business model, brainstorming your market, etc. are very time consuming and detail-oriented. The more work you put in, in the beginning, the easier it will become later on. Among entrepreneurs, these characteristics are not very rare because being an entrepreneur is only cut out for the most committed people. You can't imitate natural attention span and focus unless you use unnatural methods such as drugs. You could substitute detail and diligence work persistence but ultimately being persistent rather than detailed is going to be more work.

8. Market Representability

Understanding the market of my product is essential, and although it's hard to see every section of the market, I can learn about the market by analyzing myself. I think I fit into a large section of my target market and by understanding why I came up with the water bottle idea and how I would feel as a consumer I can further understand my market. This is a valuable resource because I get insight into the market, however, it's not super rare because when we decide to solve problems, most of the time that starts with solving our own problems. You could imitate this through extensive research and consumer studies, but it's easier to be able to examine yourself. Like I previously said you could substitute market representability with market research and surveys, but that's less efficient.

9. University of Florida

Simply being a college student gives me access to many unique resources, such as clubs/organizations that also advocate for the environment, professors that have essential entrepreneurial advice, etc. This is extremely valuable due to the variety of resources available, and somewhat rare because entrepreneurs are only college students for four to six years of their life. The spiderweb of resources provided by a university is imitable by other college students and even graduates than keep in touch with their contacts at the university. You could theoretically substitute this basket of resources by gathering your own basket, although it would take a lot of time and energy.

10. Analytical

I've always been stronger in analytical fields such as math and science than in other subjects such as history and English. This could come to my advantage when I'm figuring out the numbers for my business including the bottom line and how I can finance my prospect. Being analytically talented is valuable because it provides a perspective that plays very well with business and being profitable. It is not super rare, but many people are more creative than analytical. Another company/entrepreneur could imitate natural analytical ability by hiring someone that's analytical and they could also substitute analytics with creativity and develop their product using creative ideas and such.

 Top Resource

After going back through and reading my resources, I think passion and organizational culture would tie for the best resource, however, since I don't have an organizational culture yet I'll go with passion. It's more important to my water bottle venture than the other resources because it's extremely valuable, somewhat rare, hard to imitate and you can't fake it. Because it's so intrinsic and deeply personal it's my op resource.

Elevator Pitch No. 3

Round Three of My Elevator Pitch

Here is the link to my third pitch on the "EZ-Clean Hydro Bottle":

Elevator Pitch #3

Reflection on Feedback

This time around I had five comments on my elevator pitch. After reading and analyzing all of the comments, I couldn't dissect any piece of constructive advice from them. Everyone had really positive things to say about the changes that I made, so I'm going to make sure I maintain those improvements for this video. Once again I'm going to make sure I incorporate lively tone and voice inflection to ensure the audience perceives my passion. I'm also going to make the lighting and quality of the video are good so I don't distract the audience from the content of my pitch.

In the spirit of reflection, recording my elevator pitch the third time around was soooooo much easier than the first and even second time. Dr. Pryor was right when said we'd be more comfortable in front of the camera and I feel like my pitch is truly much improved.

What Did I Change?

Not too much has changed from my last pitch. It was a little difficult to think of ways to fine-tune my pitch because I didn't receive any constructive feedback (I can't complain but it doesn't necessarily help for the purpose of this part of the assignment). The best thing I could think of is to change up my camera angle so it looks like the camera is eye-level, although this is hard because I'm pretty tall and we have to stand. I know the pixel quality of the video isn't ideal but it's the best I could do given my current situation. Lastly, as stated before I'll try even harder this time to use meaningful gestures and emotions while I talk.

Reading Reflection No. 2

I chose to read How to Fail at Almost Everything and Still Win Big by Scott Adams. 

1. The general theme of this book is failure. The book includes Adams talking about his own failure, how he dealt with it, and how he reaped the benefits from every failure he experienced. He also provides different strategies for going about life to make it easier on yourself that he learned along the way. 

2. One of Adams' pieces of advice that he offers in this book is to learn to change your perception. He makes a point of saying that if you are constantly trying to perceive things in a way that makes you happy, then you're likely hiding the truth from yourself. The same applies to many principles of entrepreneurship. When you're developing a product and fleshing out the business model for that product you need to keep an open mind. If you chose to view everything you do as correct (which is very likely not the case) then you'll disservice yourself. Instead, learn to change your mind about things and be open to a constantly evolving idea.

3. A helpful exercise for ENT 3003 based on this book would be Create a System. Adams' talks a lot about creating systems instead of goals. His reasoning behind this is that goals set up a person for failure. Even in the case that you don't eventually fail at a goal, the person is still in a state of "continuous pre-success failure." However, a system sets up an action for someone to achieve while working toward something. While they execute on that system they are achieving consistent success and this is important for maintaining energy and preventing burnout. An ENT 3003 activity based on this concept could be the following. Create a system for your entrepreneurial idea. While creating this system make sure to think about (1) what action(s) will your system complete, (2) how often that action will be repeated, and (3) what will the end result of your system be. It's easy to get tired while constantly fleshing out your everchanging ideas during an entrepreneurial experience so make it easier on yourself by creating a system.

4. My biggest surprise while reading this book was Adams' lesson on selfishness. He says that it's very important to be selfish. Make sure you pay attention to your own health, family, and whatever else may be important to you before focusing on the needs of others. Once your needs are satisfied, then you can spend your energy on others. I was a little surprised by this philosophy but in terms of "taking care of yourself," it makes sense. If you can't take care of yourself then you likely won't be able to take care of others. So, get yourself on the right track first and you'll be able to put that much more into what you're doing for other people. 

Growing My Social Capital

Domain Expert on Industry

Scott Allan was the first President and CEO of Hydro Flask before it was acquired by Helen of Troy. He currently serves as a member of the advisory board for Hydro Flask great outdoor services expertise, as well as "expansion stage CEO" experience. Allan fills this spot because he has a ton of experience running a water bottle company and has engaged in the same type of activities that I would be doing. I found this Allan by researching the leaders of top water bottle companies around the United States. Then, I found his LinkedIn and connected and messaged him about my water bottle idea. The nature of the exchange is that I will present my idea in exchange for advice about the industry and the important lessons he learned that are pertinent to the water bottle business. Including Allan in my network will enhance my understanding of the industry as a whole because our products are very similar.  

Market Expert

Eric Hansen is Director of Marketing for Nalgene Outdoor of Thermo Fisher Scientific, a company that collabs with Nalgene to create a variety of products. Hansen has been the Director of Marketing for over ten years and was previously a Sr. Business Manager and Sr. Marketing Manager. Hansen fills this spot because he has extensive knowledge regarding Nalgene products, including water bottles, and knows how to market such products to target audiences. I found him after researching Nalgene and Thermo Fisher and picking an employee that seems like they would have plenty of expertise about targeting the water bottle market. I contacted him through connecting on LinkedIn and then messaging him, however, none of the people I contacted, Hansen, responded (probably partially because of all of the craziness that's going on in the world right now). The idea is that in exchange for sharing my idea, he will be able to help me better understand my market and how to target them. including this person in my network will increase my comprehension of the variety and size of my market as well as provide someone to discuss marketing with. 

Supplier to Industry

Nalge Nunc International is the company that manufactures, distributes, and supplies Nalgene Outdoors with all of its materials. I wasn't able to find a specific person within Nalge Nunc International to call or email, so I sent an email to nnics@nalgenunc.com, which was listed on the website. Nalge Nunc fills the "Supplier to Industry" spot because it is the only supplier to Nalgene, which is one of the biggest water bottle companies in the world. I found Nalge Nunc by researching who supplies Nalgene and going from there. Once again, I'm telling my water bottle idea to one of the biggest water bottle company's in the world, so I should expect an email soon getting back to me. Including Nalge Nunc in my network would increase my knowledge about what goes into a water bottle as well as helps me set up supply chain system eventually. 

Reflection

These experiences will have shaped how I participate in future networking events by opening my eyes to the industry, market, and supplies. This experience definitely differed from the networking experiences that I've been used to. This is largely due to the fact that I mostly socialize and network in person, so emailing them and then constantly checking my phone to see if they answer is not something I'm very used to. 

Idea Napkin No. 2

My Idea "Napkin," Round 2

Disclaimer: My second Idea Napkin is very similar to the first due to the nature of the feedback I received.

1. Me

I'm a college student. I'm really involved in and enjoy anything outdoors from sports, hiking, camping, fishing, etc. I've been taught from a young age to engage in sustainability and help preserve the Earth, so that's a big part of any decision I make. Some of my biggest skills are analytical and logical thinking, whether that means crunching numbers or solving complex word problems. My aspirations are to advance to the high executive positions in a public or private science/technology-related company and to have an amazing work-life balance so I can spend time with my family and the people I love doing the things I love to do. If I were to start my water bottle business, I see it playing a side role in my life. I would still be doing the things I just described but my water bottle would be an addition to my accomplishments. 

2. What do I offer?

My product is the EZ Clean Hydro Bottle. It is a recycled, BPA-free reusable water bottle designed to provide the everyday water-drinker with a convenient and effective way to hydrate. The bottle's key feature is a large mouth to enable easy cleaning and eliminate bad odors and bacteria. The large mouth doesn't inhibit drinking in any way, so you won't have to worry about spilling water. Finally, the bottle comes in three sizes (24, 32, 48 oz.) to maximize the adventure that awaits with your bottle.

3. Who is it for?

My water bottle is for anyone that owns/needs/wants a reusable, non-insulated water bottle. If you are unsatisfied with your current water bottle because it's difficult to clean and you would like an "easy-clean" bottle, then the EZ Clean Hydro Bottle is for you. If you don't find yourself drawn to my bottle for that reason, chances are your current reusable water bottle isn't very durable or environmentally friendly. My water bottle would have a limited lifetime warranty, so you don't have to worry about dropping it during various activities. Also, in this day and age, it's very important to be aware of your environmental footprint. My bottle is recycled and BPA-free, which limits the waste and chemical signature related to my product. If you want a quality-built bottle, care about the environment, and want to wash your bottle easily then the EZ Clean Hydro Bottle is for you. 

4. Why should you care?

At this point, you may be asking yourself why you would pay for the EZ Clean Hydro Bottle. The answer is simple and comes in a few parts.

• Ease of Use: Don't ever worry about the cleanliness of your water bottle again. With my bottle's larger mouth, anyone can fit their hand inside and scrub away the dirty residue. You'll never again find yourself procrastinating one, two, or even three weeks to wash your bottle.

• Reliability: Have a bottle for any situation. My bottle comes in three sizes to promote use in any type of activity, whether that means your daily commute, weekly hiking trip, or summer excursions. This bottle will last you a lifetime and has a lifetime warranty just in case!

• Sustainability: Feel great about owning your bottle. As the world grows, the environmental impact of everyday products takes the spotlight. My bottle is made from safe, recycled materials and is BPA (Bisphenol A) free, meaning your bottle won't harm land or marine life. 

5. My core competencies

I set myself apart from everyone else by putting the passion I have for the environment and logical, sustainable solutions together to form a resolution to a relevant water bottle problem. This sets me apart because the problem I'm addressing takes high priority on my agenda and will, therefore, be thoroughly addressed and analyzed from every available angle to find the best solution for you, the customer. 

Evaluation

Overall, when taking in all of the different elements of my business concept, they all seem to fit together. My personality, passion and drive all funnel into the creation of the EZ Clean Water Bottle and the characteristics of my bottle all reflect my biggest goals and beliefs. The product attributes all align with the needs and wants of a potential customer for this type of product and even go above and beyond by making the customer feel good about buying a bottle and reassuring them that their purchase is well worth the money they spent. The only thing I'm slightly bothered by is not locking onto the insulated bottle community. I could launch an insulated bottle, but the problem is that most existing insulated bottles are easy to wash, which solves the thing I take issue with the most. So far I can't think of a way to tap into that market without being crushed by existing water bottle companies' economies of scale and resources. 

Feedback Memo

So I know that I'm supposed to revise my first Idea Napkin based on the feedback and critiques I received in the comments, however, no one that commented had anything to critique. Everyone that commented seemed content and impressed by my post, which I can't complain about, but it makes this section somewhat more difficult. Since I didn't receive any peer criticism, I'll try and make some changes myself. The first time around I missed some grammatical and formatting errors. I've corrected those to streamline the post and make it easier to read.

Create a Custom Avatar

The segment I'm describing using this avatar and his story are the environmental enthusiasts and advocates.

Carson Whittier is a 32-year-old who lives in Asheville, North Carolina. He graduated from the University of North Carolina - Asheville in 2010 with a major in Environmental Studies and a minor in Sustainability. He currently works for Engineering Consulting Services, Ltd. as an Environmental Staff Project Manager but he previously worked for the City of Asheville as an Associate Sustainability staff. He's been married for 5 years to Paige Daley Whittier, has one 2-year-old child named Elly, and they live in a two-story, 2000 square-foot house in the community of Shiloh, just outside of the city. His home has solar panels installed on the roof and he composts his leftovers for the raised-bed vegetable gardens he has in his backyard. He drives a 2014 Toyota 4-Runner which has been lifted and modded with larger tires and better suspension for his frequent off-roading adventures. His main hobbies include fly-fishing the streams and rivers throughout Asheville, hiking around western North Carolina, and visiting craft breweries and hole-in-the-wall eateries. His dream is to one day hike the entire Appalachian Trail with his friends from UNC - Asheville and to vlog the trip with his GoPro Hero 5. He enjoys reading the NY Times every day while he drinks his coffee - he special delivers his newspapers because he needs to read physical copies (his eyes are sensitive to blue light). Speaking of reading, one of his short term goals is to read one book every two to three weeks for the rest of 2020 because he enjoys the escape and it allows him to de-stress. Carson doesn't watch cable TV; instead, he uses Roku to watch all of his favorite TV shows and movies through Netflix, Hulu, etc. He volunteers quarterly with his firm at the local Habitat for Humanity and enjoys handyman activities such as these. In fact, when anything gets broken around the house he usually ends up fixing it himself to save money and to expand his knowledge about the subject. When he asks how other people describe him, they say he is outgoing, resourceful, and sustainable. They also say he acts about 10-20 years older than he actually is and commend him on his maturity. Last but not least, if you ever run into Carson you'll notice that he always carries around his 32-oz Nalgene water bottle because he hates using plastic water bottles (they're wasteful!).

Reflection

I have some aspects in common with Carson but I don't think this is a coincidence. In general, we enjoy the same kinds of activities and I can see myself as a younger version of this person in some ways. When I came up with my product I didn't think about the customer base at all, but now that I reflect on that, I realize that I probably embody some qualities/characteristics of the people in each segment of my product's market.

Elevator Pitch No. 2

My second elevator pitch for the "EZ-Clean Hydro Bottle" is attached in the following link:

Elevator Pitch #2

Reflection on Previous Pitch's Feedback

Out of the three comments on my previous post, only one of them had criticism. They said to use more meaningful hand gestures or to just put my hands down by my side. I don't think putting my hands down by my side is a good idea in general for public speaking, however, I tried to use better body language this time around. I also tried to put more emotion and passion into my tone when giving the pitch because last time around I was a little bit monotone.

What Did I Change?

For my second elevator pitch, I tried to infuse more liveliness into the pitch. I did this by incorporating stronger body language, facial expression, and more inflection in my presentation. Also, I changed up my background to improve the lighting of the video.

What's Your Secret Sauce?

Five of My Characteristics:

1. Driven - I'm not trying to toot my own horn but I will work, work, and then work some more at something until it's finished. I have a strong commitment to finish a task or work towards a goal once I've started it. This not only applies to my school work but to the social and extra-curricular goals I've set.

2. Responsible - Once I have dedicated myself to something or someone I have a really hard time breaking that responsibility. I also act very socially and environmentally responsible and realize the risks if I don't act that way.

3. Organized - I have an almost extreme level of organization throughout pretty much every anticipated aspect of my life. This allows me to take on more tasks at once because I can stay focused and maintain clarity. 

4. Generous - I really enjoy helping other people out whether that means taking out their trash or fundraising $8000 for an organization. I have a sense of moral obligation when someone needs assistance or if I see something I can lend a helping hand with. 

5. Active - I love being involved and fully-present in anything and everything I can get my hands on. Since my first semester at UF, I've been involved in the business school and actively participating in different things I devote my time to. 

Five Interviews

1. Interview #1 - The first person I interviewed was my dad. His main points were that I am versatile, analytical, thoughtful, and socially adaptable. 

2. Interview #2 - The second person I interviewed was my mom. Her main points were that I am organized, prepared, passionate, and team-oriented.

3. Interview #3 - The third person I interviewed was my aunt. Her main points were that I am determined and driven. 

4. Interview #4 - The fourth person I interviewed was my friend, Ashlynn. Her main points were that I am generous and committed to relationships. 

5. Interview #5 - The fifth person I interviewed was my friend, Amy. Her main points were that I am a good communicator, culturally aware, and socially adaptable. 

Reflection

When I thought about five characteristics that set me apart it was very hard; I kept on thinking that although I exhibit this quality, many other people also share it with me so it must not be special. However, I don't think the characteristic has to necessarily be unique per se to contribute to your own "special sauce" so long as it is true to who you are. The qualities that I described were somewhat different than the ones described of me by my interviewees. There were some similar ones, however, including driven, organized and generous. A couple of the most common qualities that I took away from the interviews were socially adaptable and team-oriented/communicative. I think my interviewees are overall correct about their opinions but I'm always striving to improve myself so I'm constantly growing all of these. If I had to change one of my characteristics, I would change active to adaptable because, while I am active, being adaptable seems more unique.

Figuring Out Buyer Behavior No. 2

Looking at Buyer Behavior Cont.

The segment of my potential market base I'm examining again is the environmental enthusiasts. As a reminder, these are the people that enjoy outdoor activities and need a convenient media for hydration (enter my water bottle) and ALSO likely includes the sustainability advocates.

Interview #1

This person described alternatives to my water bottle by illustrating different styles for the bottle. It seemed that they were mostly concerned with making their decision based on the style and functionality of the bottle, rather than cost or quality. One alternative he proposed was a water bottle that was shaped more like a canteen with a larger mouth. This person said they would look for options online first so they could scout out all of the different types of bottles. Once they narrowed down their options they would go to a store that carried the bottle they picked out. Most likely they would use cash/debit. He said when he evaluates a product post-purchase he thinks the most about whether the product actually satisfied his reason for buying something and if it was worth the money. If the product doesn't "live up" to its expected quality then that makes it a purchase not worth making.

Interview #2

This person mostly spoke about price when they were thinking of alternatives. They said that what they would probably end up doing is choosing the cheapest option, which in their mind is using a tool to clean the bottle instead of buying a new bottle. She described using a new toilet brush as a possible tool that would work and cost significantly less. However, I asked her to imagine she was going to buy a new bottle instead. This shopper says she usually shops in-person rather than online. She says she prefers to be able to physically see and touch whatever it is she's buying to ensure it's exactly what she wants. She would probably use a debit card because she never carries cash and the purchase wouldn't be expensive enough to finance it. Because her transactions would be solely in-person it would B2C. This person says that the usability and durability of a product are what matters most to her after she's made a purchase. If the product is dysfunctional or breaks it signals a bad purchase to them. 

Interview #3

The third person said that when considering alternative water bottles, price is the most important aspect to her and it drives most of her purchasing decisions. She said because she is a college student, she doesn't have much extra money to spend on a new water bottle when she needs to save money for rent and groceries; so, when she decides to buy a new item it must be reasonably priced and quality. She said she'd be more likely to buy online for convenience in picking out the right water bottle and just because it's easier to not have to drive to the store. They would use a card because they don't ever use cash to pay for anything but they definitely wouldn't finance it because they don't have a credit card. The main thing that matters to her after she makes a purchase is if the product works. If it gets the job done, it was worth the money; it doesn't have to blow my expectations out of the water to be worth buying. 

In Conclusion...

Overall, this subset seemed to be focused on the cost/quality of the product the most when they consider alternatives. This means that to target this section of my market I will have to ensure an affordable water bottle that serves its purpose to a tee. These customers will likely shop online at some point, if not exclusively and will use their checking accounts or cash to pay for the bottle. All in all, these customers thought that the product would be worth the purchase if it's usable to their expectations and not worth the purchase if it's dysfunctional. 

Halfway Reflection

My Halfway Reflection

Throughout the first half of this course, I've definitely channeled different behaviors to keep up with the requirements of this course. I'd say persistence and a creative mindset are two that pop up first in my mind. Some of the assignments for this class are tedious, long, and require a decent amount of sitting down and thinking. I think what makes a lot of these assignments harder is the fact that you're forced to think about real-life situations and put yourself into those scenarios. Over time, this definitely gets tiring but you just have to be persistent. A lot of times the class seems like a "grind" but it gets easier the more you're forced to think from an entrepreneurial perspective. Another behavior that I'm not used to having to exercise very regularly until this course is a creative mindset. For this course, you're forced to think outside of the box at times and it was good to be creative for certain assignments. The thing about the entrepreneurial process is that you're constantly forced to adapt and adjust and this really brought out my creative side.

There have been times when I've felt like giving up. This mostly occurs when I'm forced to go out into the world and find people to interview. At those times I think about how much work testing the bounds of my product is and if it's even worth it in the end. Obviously, within the bounds of the class, it is, because I need to get a good grade and that requires that I complete the assignments. Honestly, what pulled me through those moments was the fact that I had to complete them to survive the class. But when I think about what entrepreneurship is, a lot of the time it can be just that, survival. You have to figure out how to live from one moment to the next and your plan is constantly changing. In addition to being tenacious, I think I've become more adaptable and that helps deal with those moments when you feel like giving up. Another way to think about it is in terms of everything you've already dedicated to the process. That means time, effort and energy. Personally, I want to say it's all for something, rather than nothing, so giving up just isn't an option.

If I had to come up with three tips for a future Prin. of Entrepreneurship student it would be this:

1. Don't hesitate to be adaptable when you're developing your entrepreneurial idea. If you have to start over, then start over. Don't waste your time continuing to develop something that you don't believe in.

2. Firmly believe that things will get easier. The entrepreneurial process can be hard to start and it's even harder to persist through certain activities. Eventually, you'll find that assignments are a little easier because you learn to be tenacious.  

3. Ask for help. When you get stuck on an assignment ask for help. I found that someone else's opinion can bring new light to something and give you a fresh perspective. 

Reading Reflection No. 1

Shoe Dog by Phil Knight 

What surprised me the most?

The most surprising part of Phil Knight's mentality to me was his philosophy about how life means growth. He saw two possibilities when it came to his business: grow or die. This is a pretty extreme statement because I would think it would be okay to tone down growth little bit for more financial stability but that just wasn't Knight's ideology. During the beginning years of Nike, which was named Blue Ribbon at the time, Phil was constantly reinvesting profits to buy larger shipments of shoes. He didn't set money aside like he was advised to do by banks; instead, he focussed solely on growing the business.

What about the entrepreneur did I admire most?

Phil's most admirable quality was his desire for challenges. Even when he was in college he had this mentality, straying away from the corporate job lifestyle. After he started Nike he faced challenges that made me think, "It's amazing that this guy didn't give up by the end of it all." During one part of the book, he talks about his struggles during 1976, including finding a larger warehouse, fixing existing factories that were underperforming, and ramping up production of new products, just to name a few. The pressure he felt to execute on all of those goals must have been immense and his ability to translate that challenge into desire is incredible.

What about the entrepreneur did I least admire?

Okay, I'll admit that this quality is really great, but, in my opinion, not to the extent that Knight executed it. Knight was very interested in leadership under high-stress situations (such as his startup) so he learned to become a very hands-off leader. While this is good to an extent because it allows for radical growth in employees by letting them solve their own problems and learn more from their experiences. However, where I think Knight took it a little too far was when he often didn't respond to his employees' communications, such as memos. Some degree of communication and feedback is necessary and healthy, so I probably would've responded to those.

Did the entrepreneur encounter adversity and failure? What did they do about it?

Yes, Phil Swift absolutely encountered adversity every step of the way to creating hat we think of as Nike today. First I'd like to say I have crazy respect for him because he was shortly out of college when he went to Japan and scheduled a meeting with Onitsuka, the Japanese shoe company that sold Knight the shoes he resold in the US. At the time he had no business experience and pretty much no money; yet, he winged-it and still made a business deal. That takes some MAJOR guts. That's just one example of adversity he's faced. Another example and probably one of the biggest moments of adversity he experienced was when Onitsuka, who shipped Nike their shoes, ended the business relationship. Knight suddenly had to produce his own shoes and find places to produce them in the US. His key to making everything happen was persistence and unwavering belief in his business.

What competencies did I notice that the entrepreneur exhibited?

The most prominent competencies that I noticed that Phil Knight exhibited were initiative, persistence, and leadership. Obviously, all entrepreneurs show initiative but Phil Knight showed a level of initiative that most people wouldn't even get close too. The prime example of this initiative is when he pitched to Onitsuka with no business experience or money. His persistence is clear through his constant goal of growing the company as fast as possible by reinvesting the profits into larger orders. Most people would want to keep those profits for themselves but Knight was persistently dedicated to his company. Finally, he showed great leadership while growing Nike; he and his employees faced some substantial adversity and without a good leader to guide them through troubles the company may not have survived. He also learned how to delegate tasks and made his employees learn.

Identify at least one part of the reading that was confusing to me.

One part of the reading that confused me was when Knight talked about the name/logo of a company not making a difference in the end. I get what he's saying; if Nike was named something different, ultimately they'd still be the same company that sells running shoes. However, I think the company name and logo matters at least initially before your brand is established. If you choose a very generic name that doesn't really speak to the product/service that your company provides then it might be hard for potential customers to realize what your company is doing. It might even reduce your market size if people are searching for the product/service you provide and can't recognize your company as one that provides what they need.

If I was able to ask Phil Knight two questions what would they be? Why?

Q: How can I apply your concept of oneness to my everyday life and my future career?

Why? - I'm interested in how Knight's idea of oneness can apply to everyday situations and eventually working. Knight talks about how everything he's done for Nike has been focused around oneness, culminating in an IPO that completed the oneness of Nike.

Q: What was the secret behind staying confident in the eventual success of Nike through all of the adversities and hardships that your company faced?

Why? - I want to know how he stayed motivated and kept such a firm belief in his company. I'd like to know if there was something he did that helped him fight through it all. Was it just mental toughness? Passion?

What do I think the entrepreneur's opinion of hard work was? Do I share it?

Phil Knight wasn't afraid of hard work. In fact, he thought challenges were what made his startup so interesting. He was quoted in the book as saying "The cowards never started, and the weak died along the way -- that leaves us." If that doesn't portray how he feels about hard work then I don't know what does. I would like to think I share this opinion of hard work but to be honest I'm definitely not as hardcore bout it as Knight is. I'm not afraid of hard work, but I think I'm less likely than Knight to engage in a new challenge such as his startup.

Figuring Out Buyer Behavior No. 1

A Closer Look at Buyer Behavior

The segment of my potential market base I have chosen to examine is the environmental enthusiasts, which I think would make up a large portion of my market. These are the people that enjoy outdoor activities and need a convenient media for hydrate (enter my water bottle) and ALSO likely includes the sustainability advocates. 

Interview #1

The first person I interviewed thought that they would mostly find themselves thinking about this issue when they go to wash the bottle, whether that's in the kitchen or the outdoors in a stream. They said that if they were on the trail hiking and needed to clean their bottle, there isn't any access to utensils and they would have to make a tool to clean it. They also mentioned that the first thing they would do to search for information about the problem would be to use Google search using key phrases such as "easily washable water bottle" or "hand washable water bottle." They noted that they might talk to family or friends, saying maybe friends at an event or family while hiking or doing something outdoors.

Interview #2

The second person I interviewed said they would realize this problem at the sink, while they're trying to wash their water bottle. They said another situation they would think about the problem is when they're searching and buying a new water bottle. Their first instinct when coming up with a solution is to use a tool to wash it. If they were searching for an entirely new water bottle then they would first look in a physical store. If they couldn't find anything to satisfy their need then they would look online. They would probably Google search "wide mouth water bottle" or "water bottle you can wash by hand easily." One interesting thing they said was that they would want to see the bottle in person before they purchased it. 

Interview #3

The third person I interviewed said they would take issue with this problem while they're washing it at the sink. They also said they go camping quite often and would think about it during camping if the trip was long and they wanted to wash it or it it got dirty. They said they would most likely get a brush to clean the inside of the bottle but if they wanted to get a new water bottle to eliminate the problem altogether they would search on the Internet before a physical store. They would Google search "wide mouth water bottles" or something including "wide mouth" specifically. When asked about who they would consult about the problem, they said they wouldn't talk to their friends but would ask their family about different solutions and get their take.

Describing this Segment

The people in the "environmental enthusiasts" market segment are only aware of their need when they come into direct contact with the source of the problem (washing the bottle) and rarely when they are looking to invest in a new bottle. The environmentalists think of innovative approaches to creating a "tool" to clean the bottle before they think of buying a new bottle. Once they think of buying a new bottle they mostly rely on the Internet, but more traditional people will resort to physical stores first. Most of their search terms on google include "wide mouth," "water bottle," and "washable."

Idea Napkin No. 1

My Idea "Napkin"

1. Me

I'm a college student. I'm really involved in and enjoy anything outdoors from sports, hiking, camping, fishing, etc. I've been taught from a young age to engage in sustainability and help preserve the Earth, so that's a big part of any decision I make. Some of my biggest skills are analytical and logical thinking, whether that means crunching numbers or solving a complex word problem. My aspirations are to advance to the high executive positions in a public or private science/technology-related company and to have an amazing work-life balance so I can spend time with my family and the people I love doing the things I love to do. If I were to start my water bottle business, I see it playing a side role in my life. I would still be doing the things I just described but my water bottle would be an addition to my accomplishments. 

2. What do I offer?

My product is the EZ Clean Hydro Bottle. It is a recycled, BPA-free reusable water bottle designed to provide the everyday water-drinker with a convenient and effective way to hydrate. The bottle's key feature is a large mouth to enable easy cleaning and eliminate bad odors and bacteria. The large mouth doesn't inhibit drinking in any way,so you won't have to worry about spilling water. Finally, the bottle comes in three sizes (24, 32, 48 oz.) to maximize the adventure that awaits with your bottle.

3. Who is it for?

My water bottle is for anyone that owns/needs/wants a reusable, non-insulated water bottle. If you are unsatisfied with your current water bottle because it's difficult to clean and your would like an "easy-clean" bottle, then the EZ Clean Hydro Bottle is for you. If you don't find yourself drawn to my bottle for that reason, chances are your current reusable water bottle isn't very durable or environmentally friendly. My water bottle would have a limited lifetime warranty, so you don't have to worry about dropping it during various activities. Also, in this day and age it's very important to be aware of your environmental footprint. My bottle is recycled and BPA-free,which limits the waste and chemical signature related to my product. If you want a quality-built bottle, care about the environment, and want to wash your bottle easily then the EZ Clean Hydro Bottle is for you. 

4. Why should you care?

At this point you may be asking yourself why you would pay for the EZ Clean Hydro Bottle. The answer is simple and comes in a few parts.

• Ease of Use: Don't ever worry about the cleanliness of your water bottle again. With my bottle's larger mouth, anyone can fit their hand inside and scrub away the dirty residue. You'll never again find yourself procrastinating one, two, or even three weeks to wash your bottle.

• Reliability: Have a bottle for any situation. My bottle comes in three sizes to promote use in any type of activity, whether that means your daily commute, weekly hiking trip, or summer excursions. This bottle will last you a lifetime and has a lifetime warranty just in case!

• Sustainability: Feel great about owning your bottle. As the world grows, the environmental impact of everyday products takes the spotlight. My bottle is made from safe, recycled materials and is BPA (Bisphenol A) free, meaning your bottle won't harm land or marine life. 

5. My core competencies

I set myself apart from everyone else by putting the passion I have for the environment and logical, sustainable solutions together to form a resolution to a relevant water bottle problem. This sets me apart because the problem I'm addressing takes high priority on my agenda and will therefore be thoroughly addressed and analyzed from every available angle to find the best solution for you, the customer. 

Evaluation

Overall, when taking in all of the different elements of my business concept, they all seem to fit together. My personality, passion and drive all funnel into the creation of the EZ Clean Water Bottle and the characteristics of my bottle all reflect my biggest goals and beliefs. The product attributes all align with the needs and wants of potential customer for this type of product and even go above and beyond by making the customer feel good about buying a bottle and reassuring them that their purchase is well worth the money they spent. The only thing I'm slightly bothered by is not locking onto the insulated bottle community. I could launch an insulated bottle, but the problem is that most existing insulated bottles are easy to wash, which solves the thing I take issue with the most. So far I can't think of a way to tap into that market without being crushed by existing water bottle companies' economies of scale and resources.