Thursday, April 9, 2020

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.



Thursday, April 2, 2020

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

Amazon.com: How to Fail at Almost Everything and Still Win Big ...
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. 


Friday, March 27, 2020

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.

Thursday, March 19, 2020

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.