Venture Concept No. 1

Holding my bike with one hand and an umbrella on the other while walking around University of Florida, I realized I wasn’t the only one who was forced to get off their bike due to the rain. Seeing how this was a regular occurrence, I asked myself “why?”. Why should I get off my bike rather than continue on biking through the rain? Well I and the majority of UF don’t want to get our personal items wet. Why not just juggle an umbrella on one hand while biking? That takes focus and too much effort. With all these questions roaming around my head, I thought of a product that would meet many bikers needs. Why hold an umbrella while biking when you can have one already installed onto your bike? No longer would bikers have to get off their bike or be forced to wear garbage bags on them. This is a big opportunity because this need is yet to be met and with the constant rainy weather in Gainesville, many students who both ride a bike as well as a motorcycle/moped will now be protected under a bike cover, umbrella.

   The name of the product I have designed is called “Coverella”. It’s not a normal umbrella attached to a bike, but rather a clear plastic material that is collapsible. You first attach it to the bottom of your seats bar and it will extend a few inches out towards the wheel and then be able to be pulled up and around you towards your handle bars under bar that is attached to your frame. This will allow you to be safely protected from the rain and wind while you’re biking. Not only is it a simple cover, but there will also be two things installed onto it to allow you to have clear visibility while biking. You will have collapsible rain wipers on all sides of your bike that are to be put into outlets that will power it to function. The second installation will be a small heating mechanism that will be attached to all sides of the cover that will heat the cover and evaporate the fog from the cover. The cover will also include to windows that you’ll be able to unzip if you need to. Once this product is officially developed and looked at it, I will start contacting stores who want to buy my product and have them in turn sell it to their loyal customers. I will also develop a website where customers will also have the option to buy it online rather than bike shops and other stores. It will go for sell on line for about 100-200$ depending on how much it cost to develop one and other related costs to keep the business running successfully.

     

Week 11 Reading Reflection

The biggest surprise from my reading was coming to the conclusion that the customer is in control and makes all the decisions rather than the entrepreneur him/her self. What was both confusing yet shocking was reading that mobile marketing is going to be a major key to successful marketing for companies. Two questions I would ask the author is why are entrepreneurs scared by the idea of sampling, surveying, and statistical analysis . Second question would be why is mobile marketing going to be our future. There was one thing is disagreed on . I don't believe mobile marketing is our future because no everyone has a phone nor is it the only electronic we use.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

The current revenue drivers I include in my business concept is hight profit margins and angel investors. Angel investors are investors that basically invest in your company for nothing in return. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want? I already have a set plan on creating a bike umbrella/cover for bicycles. 

Due to the feedback on covers for motorcycles, I will start drawing a model for it. After that I want to design a moped , motorcycle or even a bike that already has a cover installed into it. Think tiny one seat car.

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

This "next thing" will improve the users experience as well as please the customers needs. They've asked for a cover for their mopeds, and I'm starting to draw a sketch for it. It will also push customers to buy my product  instead because my product will already include a cover on their moped that will also be detachable or be able to be collapsed with an easy button . 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

I couldn't find a cover/umbrella for a moped or motorcycle, but the photo below is a picture of an umbrella attached to a bike. Please not that my design is not what is shown in the picture. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

All six reviews were negative and described the product as one with many problems. Its a good product if used my itself, but they have problems attaching it to the bike as well as it not doing its job well.

• Describe what design/usability changes you'd make to the product. 

The main problem I had with the design is that the umbrella seems to small. It will most likely just cover your face and not your whole body. If I had to make a small adjustment to the design of this product, I would definitely make the umbrella wider so that it reaches the back of the bike. I would also fix the attachment part so that it is able to adjust on the bikes handle bar.

• Describe why you think this product would make a good addition to your current product/service offering.

This product would be a good addition because I will be able to meet several customers needs rather than those that ride bicycles . I'll have a varied selection of items that most people would able to purchase.

My Unfair Advantage

Resources in my venture:

1. Connected to many organizations with University Of Florida: This resource VRIN because it allows me to connect and gain support with those organizations that I am a part of
2. Over 4 years of job experience: This recourse is VRIN because with all the experience and knowledge I gained while working in various stores, it will allow me to run a business with people that are willing to work as hard as I.
3. Amazing team of people supporting my product: This is VRIN because not many have people surrounding them that believe in them and their goals.
4. Great credit score: This is a VRIN because with my credit score I am able to take out loans if necessary
5. Education: This is a VRIN because many entrepreneurs create businesses without a college degree. Taking this course has allowed me to have a better insight in the business world
7. Access to innovation hub: This is a VRIN because it allows me to have access to other entrepreneurs and potential investors
8. Amazing team: This is a VRIN because I have several people on my team who each study a different major but who can all contribute to the company and input great unique ideas because of their background
9. Selling to a specific customer: This is a VRIN because I have a specific targeted customers that will buy my product because it is made for them.
10. I've come up with a unique idea of wanting to sell a bike umbrella/cover: The is a VRIN because this is the sort of product that needs to be put onto the market and is much needed but has yet to be introduced to world.

My top recourse is probably having an amazing group of people who have given me great feedback throughout this course. With their feedback, I was able to manipulate my product to an even better one. It still needs some work, but I'm sure with them on my side I will be able to accomplish great things.

Growing My Social Capita

John is a sales rep that has been working at chain reaction for many years. He has a lot of experience and knowledge on bikes and how they work. He also rides. Due to Johns experience with bikes, he will be considered as the domain expert. I was able to contact John because his store is where I bought my bike and sometimes pop in to get a quick fix or new merchandise. Knowing his background with bikes, I asked him if I could receive his feed back on my bike cover idea. He nicely said yes, and didn't ask for anything in return. With his feed back I hope to better improve my model and eventually seek out investors.

With John's help, I was able to get in touch with the owner of the shop who would be great because he owns one of the many successful bike shops in Gainesville. The owner of chain reaction will be my market expert. He will fill the spot because he knows the bike market because he's been selling products to my customers for many many years so he knows what sells and what doesn't. Essentially, the demand. He will be giving me feedback on my product as well as advise . The only favor he wanted mack was to let him see the actual model if I were to ever go for bringing my product to real life.

 With both of the above help, I was also able to get in contact with on the suppliers who apparently supplied the bike light I currently use when riding. Sam also has a background with riding and has been the supplier for chain reaction since their doors first opened. This meant a lot to me because not only was he a suppler to a great store, but also loyal due to the many years he worked for them. Sam will take up the supplier slot. He will fill this slot by giving me advise on my product because he does supply to the peoples demand. He will be able to not only just give advise on how to put my product out there in the market but how I can get it mass produced and where to sell it. 

Speaking to all three men was amazing and eye opening. I'm glad I got the opportunity to talk about my product and how to make it better as well as how to introduce it . With their input, I will make subtle changes to my product as well as think of the next steps on how I get big investors to check my product.

Week 10 Reading Reflection

Being a college student, you don't normally worry about your assets and equity until you've graduated and settled down. Reading the section regarding the balance sheet was interesting because I got to gain new knowledge on how liabilities all works. One part of the reading that was confusing to me was the type of liabilities and which were considered long or short term. Two questions I would ask the author is how is a loan considered a long term liability if there is some out there that you would have to pay after 6 months? Why is there no affect on the market value of the stock? Throughout my reading, I found no issues with the authors topics/explanation.

Elevator Pitch No. 3

During my last elevator pitch, the feedback that I received were mostly positive. Everyone seemed to like my product, and thought my product could become the next trend. However I did receive feedback on the way I presented my pitch. This did have something to do with me not feeling well on the day of the recording. Based on past feedbacks, I decided to not just describe the product but persuade you to why you should invest in my product. You don't have to be a bike rider to buy my product. This is meant for those that have a bike or motorcycle and those that are looking for a unique gift to get for their friend. My product like described before will have a built in heating mechanism that will allow you to have visibility when riding as well as window wipers to assist with seeing. This seems like a bulky product but it isn't. You'll be able to carry it on you like a bag and it will also be affordable! With my product you don't have to worry about getting you and your belongings wet . Say good bye to awful long rain coats.

Week 9 Reading Reflection

The biggest surprise from my reading was coming to the conclusion that the customer is in control and makes all the decisions rather than the entrepreneur him/her self. What was both confusing yet shocking was reading that mobile marketing is going to be a major key to successful marketing for companies. Two questions I would ask the author is why are entrepreneurs scared by the idea of sampling, surveying, and statistical analysis . Second question would be why is mobile marketing going to be our future. There was one thing is disagreed on . I don't believe mobile marketing is our future because no everyone has a phone nor is it the only electronic we use. 

My Secret Sauce

What makes me unique?

1. I'm part turkish and Venezuelan 

     2. I am a first year generation student

 3. I aways drive myself to to better 

                 4. Lived on a boat for the majority of my life

      5. Traveled to many parts of the world

To summarize, I am aware of the many issues surround animal agriculture due to my major. I'm very independent and hardworking. According to her, I'm also a great cook.

To summarize, I am very creative especially with my innovative idea of producing a bike umbrella.

What makes me unique is my organizational skills and the fact that I'm part Turkish.

To summarize, I do many unique things and is an all around good friend. 

To summarize , I am self motivated and able to get the job done as well as push other to do the same. I also put other first before I put myself.

Those that know me best, and what you've just watched is how I see myself. I am hardworking, driven, loyal, kind, unique and all those traits described. The people that know you best are the best way to know what kind of person you are because they are constantly around you. You can try to describe yourself, but many of us tend to make us look better than we actually are compared to those who surround you on a daily basis and are able to judge your character, and tell you if you did something wrong. To conclude, there are no differences between what I said and what they said other than the fact that I've lived on a boat. After watching the interviews, I can say that I agree with them and I wouldn't want to make any corrections on my list.

Idea Napkin No. 2

Hello my name is Stephanie, I've had five jobs working in retail . In these five jobs, I learned how to sell , lead a team, organize, money handling skills and other operation skills that one would learn from working in retail. My skills other than what was listed above are, creativity in the arts, computer skills, first aid , food safety, etc. In the field of entrepreneurship , my aspiration is to be able to graduate with knowledge on how to succeed on being a better entrepreneur so that I can open my own business one day and have my product be sold in multiple stores. The product I would be distributing to other stores via my business is a bike cover that would protect the rider from both the wind and rain while biking. The product would be clasped around the bar under your bike seat and will extend over your wheel and then go over your head towards the bikes handle bars. Think of a cover you'd find on a car. However, with the feedback that I have recently received there has been a few adjustments made. Due to the fog and rain drops, a small heating mechanism to heat up the cover will be emplaced to allow the rider to have a clear view of the road. Small adjustable wind wipers will also be attached to the cover. All will be powered by solar energy. Although this may seem bulky the product will still be able to collapse to a carry on bag. Due to this being being only made for bikes/scooters, my aim is to sell this product to all bike and scooter riders , especially those that are in school or bike to work. I believe bikers will buy my product because like me, I struggle to ride when it's raining. It worse when I get up in the morning and I'm in a rush but when I leave the house it's raining so Im forced to walk to class. Those like me have probably thought to themselves while they was to class, that they wished there was an umbrella attached to the bike. The problem with that however, is that an umbrella won't be able to protect you from the wind and the your belongings might get soaked.

                                                          Feedback Memo
During my round of interviews, I received both good and bad feedback from those I interview and those that commented on my blog posts. Hearing these feedbacks opened my eyes because I never thought my inventions had an faults. It's a simple product, however even the simplest things can cause the most problems. I realized that I didn't think of the visibility of the product and how the rain would affect the cover. The cover will now have wipers, to clear off the rain, and a small heating mechanism to clear off the fog. With all these feedback, I hope to make a better and safe product.