Week 6 Reading Reflection

During my reading, I came upon the topic "Threat of entry". What surprised me , was learning that new entrants to an industry bring the desire to gain market share which then puts pressure on the business's price , cost, etc. Reading this also brought a question to mind? How does a company diversify itself from other companies when there is so much innovation going on as well as how do they predict on whether or not they will out rank their competitors. Upon reading " The power of suppliers, the question on how does the supplier him/herself gain the most out of the value and price of the product compared to the business whose actually selling it to the public dawned on me. Normally I would think whoever bought the product from the supplier would then sell it for even more money unless of course, the company crashes. Although this is a question I'm asking, it is also a part of the reading that most confused me . During my reflection on the reading, I couldn't think of a topic that I disagreed on with the author.

Customer Interviews No. 3

                                       

Compared to my first round of interviews, this was more of a challenge. What surprised me the most was hearing the negative feedback on my product . I never thought to think about the affects of the rain may have on the cover itself such as fog. Without installed wipers or some sort of mechanism to stop the cover from being covered with fog, the rider will face many problems such as crashes. With all the feedback that I received, I hope to better design my product in a way that it will cause little to no problems for the buyer.

Idea Napkin No. 1

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. Due to this being being only made for bikes, my aim is to sell this product to all bike 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.