28A - Your Exit Strategy

1)      As an entrepreneur, I want to create something that lasts. That’s why in the next 5 years, I hope to be expanding my business nationwide. By perfecting the customer experience here in Florida first, I hope to replicate it with offices across the country. Then, once I retire, I hope to pass the ownership/authority over the business through my family.

2)      I have elected this because I have always wanted to make something as a legacy for myself. By expanding my business idea and eventually passing it on to my family in the future, I am fulfilling that want for accomplishment that I have had my entire life. I would also like to be able to support those I love even after I retire.

3)      I think this strategy has a role to play when I decided that I wanted to perfect my customer experience. That way, expansion would be easier. Furthermore, I think that me eventually wanting to pass this on to my future family influenced my decision to provide all-around service even after purchase. Maintaining an amicable sentiment in my costumers’ minds goes hand in hand with being a “family business” in my mind, so if I can give off that image early on, that’s a win for me.

27A - Reading Reflection No. 3

1)      For this assignment, I read Thinking, Fast and Slow by Daniel Kahneman. In it, Kahneman discusses the ways that humans think and make decisions. He talks about research that has been conducted that demonstrates ideas such as heuristics, optimism/overconfidence, the way we make choices, and more. Ultimately, this book is highly informative, and is a valuable tool for those looking into how to influence or understand human decision making.

2)      I believe that the numerous studies that Kahneman named in this book are beneficial to an entrepreneur trying to connect with their audience. I think that if someone wants to get a better understanding of the way that people make decisions, frame situations in their life, or experience things (for the purposes of business opportunities and social networking), this book is the go-to.

3)      I think that a good exercise for this class is figuring out ways to exploit what Kahneman called the “System 1” way of thinking. This is the way that we make quick, unconscious decisions. These situations include driving on an empty road, reading an advertisement on a billboard, and adding 2 + 2. Therefore, entrepreneurs can exploit this by crafting marketing/relational campaigns with potential customers that require quick decisions. Furthermore, these ideas can be framed in a way that encourages involvement with the entrepreneur’s business.

4)      My biggest “aha” moment with this book was when I read about framing. More specifically, Kahneman cited a study that found that more people elected to do a surgery with a 90% survival rate than when they were told it had a 10% mortality rate. This made me realize how susceptible we really are to the way choices are framed for us. Furthermore, it gave me an optimistic sense of opportunity as I was learning about a whole new way to market myself or my ideas to others.

26A - Celebrating Failure

1)      This semester, I am taking Principles of Marketing, as well as this class. I severely underestimated the course load, and it really came back to kick me in the *** (for lack of a better saying). I was so caught up in being home and able to relax away from school that I completely failed myself and didn’t begin creating the sort of study habits I needed in order to do well in that class. The time came to begin preparing for the first exam, and again I underestimated the amount of work I needed to do. I hadn’t even watched any of the lectures. I ended up having to cram them in one weekend, along with learning weeks’ worth of material, as well. Let’s just say I failed myself to the point where I have to get near-perfect scored in the other two exams to get an A in the class.

2)      I learned about myself with this failure. I learned that I tend to procrastinate way too much and ultimately do worse in school because of it. However, this experience helped me, as I was able to get an A on the second exam just because I prepared with enough time. Therefore, I learned about how to manage my time better while I’m home, too.

3)      I believe failure is necessary in life. If you don’t fail, how do expect to learn? If I had to look back on past failures I have had, I wouldn’t change any of them, because I know that I learned something from each of them. I also have learned to take failures as opportunities. I used to allow them to bring me down, but now (as seen with my second marketing exam) I have learned how to use them for my own benefit. That way, they don’t go to waste as just “bad experiences.” I think that this class has taught me about taking risks. I now know that if I don’t risk failure when I reach out to someone or pitch a new idea, I’ll never be able to grow as an entrepreneur. Therefore, I am 10 times more likely to take risks with social connections now than I was a few months ago before I took this class.

25A - What's Next?

Existing Market

             I believe that this venture can grow into different states, not just Florida. By perfecting the service and customer experience here first, expansion would be easier, along with the recruitment of team members for different locations. If this goes well, it can become a household name.

Interviewee 1: 45-year-old mother of 2 teenagers that have already left to college

This interviewee believed that expansion was a good idea. That way, she could even possibly link her own lockbox with that of her children, allowing for them to have access to each other’s packages and pickups. Coordinating the mailing of items between her and her children is very important to her. Therefore, she believes that there could be a social aspect to the product, letting users link their lockboxes into a system of social networks. She also believed that the package tracking system would be a good idea, considering many vendors use different services for that. Allowing us to figure that out for them would be good.

Interviewee 2: 50-year-old mother of 3 children (2 in middle school, one in high school)

             This interviewee also agreed with expansion, citing the same kind of reasoning that interviewee 1 did. With her oldest son almost in college, she wants him to receive some of the benefits my product offers, as well. This brought up the idea of family packages. Furthermore, she is always ordering items for her other two kids, and often finds herself worrying about their packages. Therefore, she thinks that developing the tracking system to be compatible with all types of orders should become a more central point instead of just an “added perk.”

Interviewee 3: 34-year-old mother of two toddlers

             This interviewee was concerned with the product’s main functions. Avid about making sure I kept the product’s features available, she was mainly preoccupied with her package security above all else. She is always ordering things for her two toddlers and would like to see more of an emphasis placed on the security system and how it works exactly. When asked about expansion, she agreed that it would be have to take place only after the customer experience is perfected in Central/South Florida. She suggested a more educational approach on the product’s advertisement.

 

             Due to these three interviews, several ideas were presented as possibilities. Firstly, from interviewee 1, the idea of lockbox coordination was discussed. Furthermore, the idea of these links becoming a sort of social network was brought up, as well. From interviewee 2, the idea of family packages for the product came up. Additionally, the package tracking system was given more importance and was seen as something more integral to the product for her. Interviewee 3 mainly affirmed the product’s current features, offering a comforting take on how its design and promotion is coming along. She also urged for more information to be provided to users about the product’s security system.

             Based on the information given in the interviews, there are a few things that would need to be done for the future. Firstly, the idea of a “social network” of lockboxes will be developed. That way, families that are apart can coordinate their deliveries and save each other’s lockbox information for the future. Secondly, family package prices would be developed as well, so that parents can send their children off to college with package security at a discounted price in conjunction with their lockbox purchase. Despite already being a “perk” to the product, the package tracking system that comes with it (including its platform that condenses all package tracking services into one simple-to-use interface) will be made a more integral part of the product, with more significant advertising and promotion for it. Lastly, the security system’s specifications will be developed further and more specific information about its functionality will be provided to users.

New Market

A radically different market that I could target is that of college students. This is convenient because I already have close relationships with people in this market, along with being a part of it myself.

Interviewee 1: Rising sophomore at UF

             After hearing an explanation of how my product works and about what it offers, this interviewee saw its appeal. However, he believed that in order to successfully market it to college students, the product must be offered in partnership with either dorms or off-campus apartments (unless students lived in a house). That way, the hassle of getting the product to work with a student’s living arrangements. This also brought up the idea of offering it as a service instead of individual purchases for those that live in upper floors of apartment buildings.

Interviewee 2: Rising senior at UF

             After the initial presentation of my product, this interviewee had ideas similar to interviewee 1. However, upon further discussion, she came up with the idea to give it compatibility with food-delivery. Very often, including myself, college students order food while they are studying or hanging out with their friends late at night. This way, finding where the person that is delivering your food is and the new concept of “touchless delivery” can be addressed here. We spoke about communal lockboxes in regards to this.

 

             From this new market, I learned that many new ideas came more easily from people closer to my age. I was able to have a more candid discussion with them, which resulted in more quality ideas. I was correct in seeing how my product would fit with college students, because these interviewers went better than I expected. This market might even be more attractive than the one my product is primarily focused on. I plan on doing more research into how I can develop these ideas that I have received.

24A - Venture Concept No. 1

Opportunity

             The main target segment of this business idea is middle aged mothers who shop online for their families. They are in the upper middle class and mainly live in the suburbs. The need that they have is that of package protection. All too often today, videos of burglars taking packages from people’s houses circulate on the internet. Although many people have cameras outside of their houses (which they captured the burglaries with), the stolen packages are already gone by the time they can get to where they are being stolen. That is why something more must be done. Now, with a pandemic sending the world into self-isolation and house arrest, online shopping is becoming more popular. Furthermore, the higher use of social media today and its assistance in spreading videos of this issue can be capitalized on. The middle-aged women and mothers that this product is aimed towards is all-inclusive as long as the customer is an avid and frequent online shopper, particularly for their own families. Right now, the most these potential customers are doing to prevent this from happening to them is installing cameras outside of their house. Even then, this is not doing enough, which is why there is no conceivable loyalty to this solution. Something that works in conjunction with it, however, may help the issue. The window of time that this opportunity can be capitalized on is contingent with the worldwide pandemic we are facing today. If this business idea can become a consistent idea and necessity in consumers’ minds, then it will survive after the pandemic is over, thus giving it a lifetime longer than that of the coronavirus.

Innovation

             The innovation that will be solving this problem is simple: a weather-proof lockbox. Packages would only be able to be placed into it by those without the passcode to retrieve them. With the ability to connect to the user’s trusted device(s), customers will be able to access their packages lock the box once again. Furthermore, it will be bolted into the ground and have a built-in security system with motion detection and noise aversion to 1) deter burglars and 2) give homeowners the ability to call the authorities. Additionally, with people being home more nowadays, this product will also serve as a package notification services, alerting users on their phones when their package reaches certain checkpoints and when it arrives. With this one-time investment and yearly servicing, people will be able to save so much more money over time. At a price between the range of $299 and $400, depending on its production cost, the amount of money saved by preventing possible burglaries over time will make this product so much more worth it. Furthermore, the installation is free, and performed by my startup’s staff.

Venture Concept

             By providing a higher level of package security and tracking than what is currently available today, I believe this product will lessen the commonly held fear of packages being stolen from one’s own front porch. Its attractiveness comes from the fact that not only does it include package retrieval for authorized users, but it also is a one-time investment (without optional servicing) for thousands of dollars of savings. This is what gives it relative advantage against its competitors: it encompasses everything an online shopper would need in one product. Package security, tracking, and storage are a few of the benefits the customer would receive with absolutely no difficulty in switching (just a simple purchase is required) from how they currently deal with this issue. Furthermore, some of the biggest competitors have weaknesses. For example, Architectural Mailboxes’ Elephantrunk package drop is aesthetically pleasing and allows for package pickup as well, but it is simply not large enough for bigger deliveries, such as food subscriptions, and does not come equipped with the same security capabilities that my product would be offering. Additionally, Landport’s Essential Rectangle is a larger product, but is not bolted into the ground and again does not provide as much security function as my product. Lastly, RTS Home Accents’ ParcelWirx Plastic Horizontal Premium is large and can be bolted into the ground, but is not aesthetically pleasing and provides a fraction of my product’s capabilities.

As demonstrated, my product will have the ability to surpass its competitors and the expectations of its target segment. Brought to the customer by a team, the product will be installed and demonstrated, thus taking away any confusion for the customers. It will only be introduced in Central/South Florida at first, in order to work through any kinks and issues in the service and installation experience for the customers. This way, because the startup is still small, orders can be fulfilled in a personal fashion. If it does well, expansion is possible and can be evaluated at the time of that decision. Customers would also have access to a yearly servicing of the product (at an extra, but low, charge) as an incentive for product loyalty.

             In relation to business organization, the main positions are CEO/founder, quality supervisors (two employees), account managers (two employees), and financial manager (1 employee). Overall, I believe that having two people each for the quality and account positions allows for internal checking and accountability, along with a shared sense of teamwork and collaboration. This would be contributing to the construction of my business venture’s culture, which would in turn help with its growth and expansion in the future. Put simply, this business idea cannot be replicated due to its technical capabilities, continual servicing, and personal installation process. Furthermore, the profitability of this product could be capitalized on with the sale of personalization services, new attachments, and more. As for me, I believe that this venture can become large enough for me to be involved full time. To be involved in something that reaches many people and solves a problem for them is something that I’ve always wondered about, and this gives me the perfect chance to do so.

23A - Your Venture's Unfair Advantage

Resources:

·       My sociability

o   Valuable – Allows me to create close relationships with new people

o   Rare – This is not a skill that everyone has, and therefore sets me apart from many others

o   Inimitable – You can practice, but you cannot fully imitate one’s level of sociability or network

o   Non-substitutable – Social ties and networked relationships cannot be repicated

·       Knowing someone that works with materials

o   Valuable – The person that I have made contact with that works with material can help with the design of my product

o   Rare – This is rare because not everyone has this kind of connection

o   Inimitable – No one can 100% copy the nature of the relationship I have with this person

o   Non-substitutable – You cannot replace the relationships that people have with each other, they are naturally formed

·       Specialized target market

o   Valuable – With a specialized target market, the product would be released in a more focused way and I will therefore be able to focus on the specific details that make it work

o   Rare – This is not very rare

o   Inimitable – This can be copied, just not with the same exact product

o   Non-substitutable – You cannot substitute a certain market for another in a perfect way; slight product modifications or large changes are probably needed to change target markets

·       Adaptable to today’s climate

o   Valuable – With everyone staying home, it is important to be capitalizing on this issue

o   Rare – This is not rare, as the pandemic is worldwide

o   Inimitable – This can be copied

o   Non-substitutable – The product cannot be substituted perfectly as global pandemics don’t happen too often

·       Knowing someone with experience in target market (bows)

o   Valuable – This is valuable because this person has extensive knowledge in how to deal with members of my target segment

o   Rare – This is rare because close relationships with people who have expertise in your target segment must be sought out

o   Inimitable – Human relationships cannot be replicated perfectly

o   Non-substitutable – Human relationships also cannot be substituted for others – they happen naturally over time

·       Friends with employee at storage unit facility

o   Valuable – the employee at the storage unit facility could offer helpful advice and insight into security methods for the product

o   Rare – this is rare because it is the result of a specialized event (helping me move out of my apartment) and resulted in a personal line of communication being opened

o   Inimitable – only those that were with me when I was moving out of my apartment can somewhat imitate this

o   Non-substitutable – this may be substituted by another person with experience in security, but that would come with new terrain in regards to networking and rapport creation

·       My education in entrepreneurship at UF

o   Valuable – this is valuable because not everyone has the opportunity to study at UF, an the entrepreneurship class I am taking is offering a more hands-on approach than I believe I would be getting somewhere else

o   Rare – this is rare because not everyone is a Gator and is proud to be a part of the Gator family

o   Inimitable – you cannot imitate a Gator if you are not a Gator

o   Non-substitutable – the UF experience, along with being in this class, cannot be substituted by anything else; however, other students have the same experience, thus giving them similar qualifications

·       Close relationships with people in target market (mother, best friend’s mother, etc.)

o   Valuable – this is valuable because I can get opinions on my product right from the source

o   Rare – it is not often that entrepreneurs have such a close look at members of their target market

o   Inimitable – again, you cannot imitate human relationships

o   Non-substitutable – you cannot fully substitute human relationships, they all come with their own nuances

·       A familial support system

o   Valuable – this is valuable because I know that with every venture, my family and friends will be supporting me

o   Rare – this is not rare, as many people have support systems like this

o   Inimitable – you cannot copy someone else’s familial structure

o   Non-substitutable – substituting these kinds of relationships takes a very long time

·       Social media

o   Valuable – social media allows me to reach very large audiences with minimal effort; I would also have access to many marketing tools and strategies

o   Rare – not rare at all; almost everyone has some form of social media

o   Inimitable – it is very inimitable because it is all out there for everyone to see

o   Non-substitutable – extremely substitutable, duplicate accounts can be made and people can pass as someone they are not

 

My top resource is sociability. I believe it is more important than the others because it is what has led me to many of the relationships that I cite as other resources in this assignment. Furthermore, by practicing social skills and building rapport, anyone (including people who are not entrepreneurs) can begin creating their networks of relationships. Moreover, the relationships that they create can be capitalized on, just as I am doing now, in the future. Lastly, sociability is essential to both the customer experience and to my business venture’s culture. By maintaining a personal a careful interaction with customers, higher levels of satisfaction are to be expected. Then, by maintaining good relationships and team-building sentiments between employees, these customer relationships can be fortified.

22A - Elevator Pitch No. 3

Link to my video: https://www.youtube.com/watch?v=sGUZZ5Hfxe4

Statistics: https://www.crresearch.com/blog/2019-package-theft-statistics-report

The feedback I received was very helpful. Firstly, I was told that I should mention pricing, something that I completely missed. Secondly, someone suggested that I don’t mention the fact that “anyone can break into a box.” This statement brought a bad connotation to my product and led the audience into a negative thought process. Lastly, someone recounted a story of someone’s lock box being stolen by just being picked up and taken away, which is also something that I completely forgot to think about.

Because of this feedback, I emphasized the reasonable one-time investment for my product. I also mentioned how the product would be bolted into the ground and took out the part of me saying how “anyone can break into a box.”