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. 

Elevator Pitch No. 1

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

Elevator Pitch Number One

Testing the Hypothesis, Part Two

Interviews

Interview 1: The first person I interviewed owned a 32-oz. reusable water bottle, so I assumed they would identify with my solution. However, after talking to them, it became clear that they were very brand-loyal. They thought that it wouldn't be worth an easy cleaning to ditch the brand that they've been using for so long.

Takeaway: I thought anyone that owned a 32-oz. water bottle would identify with my solution, but it turns out that some people are so brand loyal that they aren't willing to switch brands.

Interview 2: The second person I interviewed has multiple 32-oz. water bottles, so I assumed that they would definitely feel the pain of cleaning them. I was surprised to hear that they had mostly received the water bottles as gifts and wasn't willing to spend considerable money on a new water bottle when they have multiple ones that they deem "good enough."

Takeaway: There are some people that aren't willing to invest more of their money into a new water if they already own one, despite the added benefit of being easier to wash.

Interview 3: The third person I interviewed owns 32-oz. bottle and when I described the problem and my solution they acknowledged my idea but said they wouldn't buy it. They said that they wouldn't buy it because they have come up with their own way to wash the inside of the bottle and they said that it cleans the inside well. They weren't willing to spend money on a product that fixes a problem that they can fix themselves.

Takeaway: There are people that have the problem, but have come up with their own solution that they think works just fine.

Interview 4: The fourth person I interviewed had a 36-oz. Yeti Rambler. I thought they would fit inside the boundary but they gave me a couple reasons why they don't. First they said that they wouldn't ever use a non-insulated water bottle because they only drink cold water. Second, they said that the Rambler is already easy for them to wash, so they don't have the same problem I thought they would.

Takeaway: People that have an insulated water bottle don't need my solution because my solution because it's non-insulated. Also, some larger water bottles are already easy to wash on the inside, which eliminates my opportunity.

Interview 5: The fifth person I talked to said that they would rather not buy a new water bottle just so it cleans better. They like the uniqueness of their bottle and would rather buy a product that is made to clean the inside of small-mouth bottles. They added that it would be important to them for this product to be environmentally friendly.

Takeaway: Some people would rather buy a product that's designed to clean a water bottle rather than a new water bottle that's easier to clean.

Comparison

Inside the Boundary	Outside the boundary
Who is in: People who own a 32-oz. water bottle, haven't come up with their own solution to it, have the money to spend on a new water bottle, and would rather buy a water bottle than a specialized cleaning device	Who is not in: People who don't own a 32-oz. water bottle, don't have extra spending money, have come up with a solution on their own, and would rather buy a specialized cleaning product
What the need is: For a water bottle that is easy to clean but also convenient to drink from	What the need is not: A waste of money when people can come up with their own solutions or would rather buy a cleaning item made for water bottles with small mouths
Why the need exists: People have a hard time cleaning the inside of 32-oz. water bottles because the mouth of the water bottle is too small.	Alternative Explanations: People would rather just clean the bottle they always have; some even said that they don't really see it as a problem.

Solving the Problem

Opportunity

Traditional 32-oz. reusable water bottles are great, but they're inconvenient and difficult to wash. The average-sized hand cannot fit into the opening of one of these bottles and therefore people can't effectively wash the interior of the water bottle. The opportunity arises because there is a need for a 32-oz. style reusable water bottle that has a larger mouth to support easier washing.

Solution

My product will mirror all of the established good qualities of 32-oz. reusable water bottles but will also have a larger mouth. Another desirable quality of the water bottle is it's environmentally friendly. Sustainability is very important to me because I spend so much time outside, so I wanted to create a bottle that would benefit the user and the Earth. My bottle will be recycled, BPA-free, non-insolated and reusable. The bottle will come in three sizes (24, 32, and 48 oz.), all of which will be convenient to wash.

Testing the Hypothesis, Part 1

Who else has a reusable water bottle that they use daily? If you don't, then you need one; it is 2020 after all and it's better for the environment. The most popular reusable water bottles I see are the 32-oz. Nalgene bottles. But anyone that owns one of these knows how hard it is to wash them. You have to TRY to jam your hand into the small mouth of the bottle, and I think it's an overwhelming consensus that it's nearly impossible to do that. I would like to pursue making a recycled, BPA-free reusable water bottle that has a larger mouth (one that your hand can fit through).

The who: Anyone that owns a reusable water bottle (or is interested in owning).
The what: Reusable water bottles (specifically 32-oz. bottles) are difficult and inconvenient to wash.
The why: Traditional 32-oz. water bottles' mouths are too small for an average-sized hand to fit through.\

Testing

Testing the who: Perhaps "everyone that owns a reusable water bottle" is too broad of a scope for the customers I would be selling to. People that own Yetis or Hydroflasks may not even use a non-insolated bottle. So I would refine my who to anyone that owns a non-insolated, reusable water bottle (or is interested in buying one). I believe my who is very large because no matter who you are, you need to drink water, so why not make it easier on yourself and buy the one that's easier to wash.

Testing the what: There are only specific types of water bottles I will be able to implement the larger mouth on. Any insolated bottle is out of the picture because my bottles will be non-insolated. I state "specifically 32-oz. bottles" but it's possible that I could also make a 24-oz. and a 48-oz. to slightly expand my market to anyone that needs a slightly smaller or larger bottle.

Testing the why: I love everything about my 32-oz. bottle beside the fact that I can't stick my hand inside of the mouth to clean it. Other than that, I haven't experienced any downsides. I can see how some people would say that there's no need for a new style of water bottle. Maybe they would say that instead of redesigning the typical 32-oz. bottle, create a product that effectively and efficiently cleans the inside of these bottles. The only problem with that is that it's not very sustainable and that's an image I would be trying to create. Keeping sustainability in mind, I'd rather buy one water bottle that's easy to wash than a hundred of these cleaning devices over the life of my hard-to-wash bottle.

Interviews

Interview 1: The first person I interviewed said that they do not use reusable water bottles because they're too lazy to buy one. However, she says that she would be more compelled to buy one if it was easier to wash. The thing that really bothers her is that water bottles are already expensive, and with some brands (Hydroflask) they encourage you to additionally buy cleaning tools. She agrees that 32-oz. bottles are difficult to wash because she can't fit her hand in it to scrub and clean.

Interview 2: The second person I interviewed uses a 32-oz. bottle somewhat regularly but also uses a Yeti too. They said that they have large hands so cleaning the inside with their hands is impossible. Instead, they pour soap and water in the bottle, close the lid, and shake until they're satisfied. They said that they would be interested in my style of water bottle if it was less expensive than the one they already own.

Interview 3: The third person I interviewed uses a 32-oz. bottle exclusively. They literally bring the water bottle everywhere they go and they couldn't imagine using anything else at this point. This person immediately connected with my idea because their hand won't fit in the bottle to clean it either. They did point out something that I hadn't thought of before; they said that a smaller mouth could make the bottle more difficult to drink out of because the mouth might be too big for our mouth.

Interview 4: The fourth person I interviewed was kinda nasty. They said that they use a reusable water bottle daily, but they rarely wash it. When I asked why they don't wash it to try to get to the bottom of it, they said they are usually just too lazy. I asked why they felt like they were being lazy (to see if it was because of the inside being difficult to wash) and they said that they recognize that issue but they don't wash their bottle enough to care.

Interview 5: The fifth person I interviewed uses a 48-oz. reusable water bottle when she goes to the gym. She says that she doesn't have a problem cleaning her bottle at all because she has small hands and her 48-oz. bottle is large enough that she can fit her small hands into the mouth. When I asked her if she would ever use a 32-oz. bottle she said no because that's not enough water for her when she goes to the gym.

Summary: Most of the people I talked use a 32-oz. bottle (if they used on at all). The people that did use a 32-oz. bottle could identify the need for a larger mouth so the inside can easily be washed. One of the most important things I learned from these interviews is that there might be an issue with creating a larger mouth when it comes to drinking out of the bottle. If the opening is too large it will be inconvenient to drink out of and that defeats the purpose of the bottle in the first place. I will have to overcome that if it is an issue.

Economic & Regulatory Trends

1. I found this information in the New York Times, in an article titled, "How's the Economy? Fed Increasingly Turns to Private Data." Recently, as we all know, the U.S. government experienced a shutdown and the Fed was trying to analyze consumer spending data because of fears over a potential trade war. The problem is, the Fed has historically accessed government economic data to make decisions regarding the state of the economy, but the government was shut down so the Fed couldn't access it. Because matters were so urgent, the Fed turned to private economic data, which they had never done before. The opportunity, in this case, is exploiting the Fed's newfound need for private economic data. The prototypical customer is the Fed or any other large companies that require big data. This opportunity is somewhat difficult to exploit; you would need extensive experience in data compilation and mining, plus you would have to compete with companies that already gather said data.

I saw this opportunity because I remember Dr. Pryor saying that there isn't a bigger business than the U.S. Government, so I thought if you could tap into their needs that would be a great opportunity.

https://www.nytimes.com/aponline/2020/02/05/business/bc-us-federal-reserve-big-data.html
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2. I found this information on Commercial Observer, in an article titled, "Real Estate Leaders Discuss How Technology Technology is Shaping Commerical Real Estate Trends in NYC." Commercial Observer hosted an innovator forum in NYC, where top companies involved with NYC's commercial real estate discussed trends in real estate innovations related to larger economic trends. There is a large need for technology-oriented real estate, one example being life science centers, which combine medicine, technology and science. New technological facilities are attracting companies and industries which haven't been there before. The opportunity is large, economically-active cities (NYC, Boston, Philly, Seattle, Austin, etc.) have a relatively new and rapidly growing need for next-generation highly technical facilities. The prototypical customers are the companies that need these kinds of buildings, such as life science, pharmaceutical, and research centers. This opportunity is also difficult to exploit because you would have to have experience with high-end advanced technology and large-scale real estate.

I saw this opportunity because I'm very interested in the way that technology is shaping and molding our world. Real estate is a prime example of an industry that will change as technology becomes more important.

https://commercialobserver.com/2020/02/real-estate-leaders-discuss-how-technology-is-shaping-commercial-real-estate-trends-in-nyc/
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3. I found this information on Statistica, in an article titled, "Barriers to greater investment in blockchain technology worldwide in 2018 and 2019." Blockchain is a relatively new technology that allows businesses to link data using "blocks," which is a secure method of encryption that relates every piece of data to the previous one. This technology allows data to be stored on a global scale. However, there are regulatory problems with implementing the use of blockchain. A world-wide survey of 1,386 companies indicated that the primary barrier to investing in blockchain technology is regulatory issues. The opportunity here is removing the regulatory barriers that these companies face regarding blockchain. The prototypical customer are the companies that would like to use blockchain (one example I know is Deloitte, which conducted the survey). This opportunity would be less hard to access. If anyone is familiar with blockchain and is willing to go to these companies to figure out what the specific regulatory problems are, they could likely lead reform that would financially incentivize the companies that want to use blockchain.

I saw this opportunity because it's another technology-related trend that needs to be rapidly addressed. Also, I realized that the market is massive because the opportunity is recognized on a global scale. 

https://www.statista.com/statistics/878686/worldwide-investment-barriers-blockchain-technology/
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4. I found this information on Financial Planning, in an article titled, "Voices: Regulations to Watch in 2020." The article lists regulations that will likely be hot topics in 2020; one such regulation is Congress passing legislation increasing SEC penalties on corporate lawbreakers. The movement was seen in 2019 and both Republicans and Democrats agreed that the penalties should increase, but ultimately the legislation never passed. The topic is expected to make a comeback this year. The opportunity is for lawyers willing to defend corporate criminals in the court. If the penalties actually worsen, I'm sure that corporate people will pay more for a lawyer. The prototypical customer is a corporate criminal and the people that should take advantage of this opportunity are lawyers, specifically ones that specialize in corporate law. This opportunity would be easy to exploit for experienced lawyers but relatively difficult for everyone else.

I saw this opportunity because I put myself into the guilty shoes of corporate high-rollers. If I were in their situation and new that penalties are likely increasing, I would want to hire the best lawyer possible and would be willing to spend a decent amount for it too.

https://www.financial-planning.com/list/cipperman-predictions-for-2020-regulatory-agenda