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.