25A- What's next?

What's Next?

Existing Market

After explaining to my business and what is next for my venture (organizing sports clubs and creative nights, and continue selling different types of left handed products), I interviewed three left handed individuals.

Emily (mid twenties):

What do you think is next for my company’s journey?

I think you have a cool idea to make the left handed community come together. Maybe you should try to help lefties artists musicians get noticed by music industries or even just the town. I noticed you’re not sure on what to provide next. Maybe start selling left handed door hinges. I didn’t think it was a problem until I spent a good amount of money on hinges that aren’t even made for my door. Who knew there were left handed doors!

What should I be doing that I have not planned to do?

You should be planning on making your segment larger. Try to involve some righties. Also focus on more products to offer us. The more products, the more people.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

I believe this is a leftie dream especially for kids. If your company was around when I was 10, my dad would have bought out all your products! Keep on figuring out more products to offer.

Kelly (grandmother of a left handed boy):

What do you think is next for my company’s journey?

I think you should set deals with the YMCA and schools to offer your products to children. I can see this company making it further than you believe because you really care about this. When you make a baseball club, give me a call so I can bring my grandchild to learn how to play baseball

.

What should I be doing that I have not planned to do?

You should plan on focusing more on children and teenagers. Their brains are like sponges so cut the habit of using right handed products when they can just use your left handed products.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

Well you’ve got the pricing right, What about how your products look? Make sure they appeal to kids and adults. A lot of people care about the looks of products, make sure you do too.

Antony (mid twenties):

What do you think is next for my company’s journey?

You’ll have a lot of people looking into your products even right handed people for are curious, draw them in. Provide the righties with things they can purchase too.  I think this will be successful especial with your ideas on creative nights.

What should I be doing that I have not planned to do?

On your creative nights, offer beer, we’re in Gainesville. That’ll attract a bigger crowd. Involve all kinds of creativity like poets too, left handed poets. You need to plan on advertising your company, sell this company to lefties, parents, and kids.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

You’ve got a great idea of what lefties want. I’d be willing to purchase some left handed notebooks in a heartbeat.

Feedback:

From the feedback I received, I believe that in the future I must have more products available. I’m not aware of all the products that can be made for right handed products, I’m only aware of common products I should sell. The more products I offer, the more customers I can attract. It makes more sense to attract teenagers and children more than adults.

I need to make my company advertise kid friendly products but also include adults. I might provide a pair scissors, but maybe I can add a workbook of pictures children can cut out and color. If I provide kitchen utensils, I can also include a mini cookbook. I need to advertise my company on facebook and radio commercials as my company grows in the future.

New Market

After explaining my company and selling left handed products strictly to Amazon and schools only rather than online and in store, I have interviewed two people who will fit this new market.

Aileen (Childhood friend who lives in Virginia):

What do you  think my business should do to help meet customers needs like you?

Well I live in another state so I obviously can’t go to your store and I don’t work at a school. If your products were sold on Amazon, you wouldn’t have to really advertise your products because I can simply type left handed scissors on Amazon’s search bar and your product will show up, especially if the price is lower compared to other options. I’ll be more inclined to buy your products off amazon because I am a prime user so I don’t have to pay for shipping. If you had your online store, I wouldn't be willing to pay more for the shipping.

what kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

You have mentioned all the products you want to sell, but you can easily sell a variety of products. For example, you can sell left-handed scissors for kids and adults, left handed shears for hair stylists, kitchen scissors, and even gardening scissors all of which can be sold on Amazon with different scissors used for different things. It’ll be in the kitchen search, gardening search, and other searches. You should also continue to adapt to new trends in the market. Make your products with style and keep the same price.

Dan (20 years old)
What do you  think my business should do to help meet customers needs like you?

Although selling your products on Amazon is a wonderful idea, you should also export products to Walmart and Target. Your company will expand. It establish a social capital with larger chains (I'm a huge Target shopper) may provide you with more credibility. Make SOME of your products available. Just enough for people, like myself, will get curious and look up more of your products that you I can find on Amazon. I have Amazon prime so what I don't find at Target, I immediately check Amazon. Amazon provides free shipping which makes products more appealing to me.

what kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

I don't think there are any adaptions to be made just some tweaks that can meet more needs and wants.

Feedback:
I was quite surprised to find two people that are left handed and also have Amazon Prime. It's clear that if I sold my products on Amazon, i'd have more buyers available to my company because shipping is free and they'd get their products within two-three days. I expected this to be a more effective way of selling my products but I prefer to have my official store, and online store. I am willing to sell on Amazon because it will be more profitable and left handed individuals all across the U.S. and other countries can buy my products.
I don't believe this new market is more attractive than my existing because I want to have events at my store, and people to easily come into the store to see what we have. My physical store will also be the place that we create our own products. My goals is to provide products, and create a comfortable place for customers to hang out too.

23A – Your Venture’s Unfair Advantage

What makes me so special? Being left handed, duh

Passion is the core of my company.

VRIN: This resource is valuable because many other companies care more about profits and trends while mine is simply to keep people comfortable in their day to day tasks. It’s rare a company because only a small amount of left handed companies are around but their products are sold for outrageous prices. This resource may be or may not be  inimitable due to possible passions other people may have. This resource is non-substitutable because this is something within myself and my beliefs.

Improving lives of the minority (the lefties).

VRIN: This resource is valuable and rare because most companies cater to the majority and do not consider the minority. It is inimitable because not many industries cater to the minority. This resource can be substituted by my other resources.

The drive to keep prices competitive in a small market.

VRIN:This is valuable because the price is what is going to bring my segment to continue buying products. It is not rare and inimitable and can be substituted because other companies like Walmart keep their prices competitive.

Partnering with schools to provide left handed products.

VRIN: This resource is valuable, rare, inimitable, and non substitutable because this company is focusing on children who are still learning how to use their bodies and no left handed company i’ve seen is providing schools with left handed products.

Creating books that inform parents and kids about being left handed.

VRIN: This is valuable because these books will keep people updated and can explain the uniqueness of left handed individuals. It is rare and inimitable because it’ll be a book made and produced by the company. This resource can be substituted by other books and websites

Providing products on Amazon.

VRIN:This is valuable because Amazon is one of the biggest product sellers online so i’d sell many products through Amazon. It is not rare, can be imitated, and can be substituted because there are also other products for lefties being sold on Amazon.

This company will sell a variety of products.

VRIN: This is valuable because we are selling all kinds of products to meet as many needs as we can. This is rare and inimitable because while left handed companies sell school products and kitchen products, they do not sell guitars and sports items as well ass school and kitchen products like my company. This can be substituted because customers can buy these products separately (different stores for different products).

Networking with other left handed companies

VRIN: This is valuable because I know have a network that’ll give me insight on how to improve my business. This is rare, inimitable, and non-substitutable because there aren’t many left handed companies so the networking is small to none.

The education I have in finance and management.

VRIN: This is valuable on how to get my business started and how to manage employees effectively and efficiently. This is rare because not many people have an education with both finance and management. This can be imitated because anyone can get an education in both finance and management. This can substituted buy knowing the right people or hiring someone with an education in finance and someone in management.

Having a specific segment to target for my company

VRIN: This is valuable because targeting a small segment makes it easier than trying to serve a large segment. This is rare and inimitable and non-substitutable because not many companies target small and have a specific segment.

My top resource is targeting a specific segment. It’s simple, I’m gearing my products to all who are left handed which makes it easier for me to know their needs and wants and what I need to focus on. This is the best resource of them all because it’ll incorporate all my resources to provide great quality products to left handers.

 

21A – Reading Reflection No. 2

The Art of Social Media 

1) What was the general theme or argument of the book?

The theme of the book is providing great step by step tips for improving one’s social media and business social media. The book is informative and funny all at once.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book will really help an entrepreneur have successful social media. There are tips on how to set up your biography, cover, and what material should be posted and how often. Using this book as an entrepreneur will help you keep followers interested and have an interesting Facebook, Linkedin, Twitter, and other websites.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise would be to actually create a Facebook or Twitter for our business idea.Through the Facebook, we can learn how to network through social media and how to properly keep other interested in our business ideas.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

I’m not very familiar with many social networks so I had many “aha” moments. I learned what a Vanity URL is and how convenient it is to have, what an RSS feed is, how important the content of a post is. I had no idea i’d actually learn the technology part of social media which is broken down and made easy to understand. I also never noticed the content of what people post has a huge impact in social media and networking. I appreciated him mentioning that if one’s posts does not piss others off, the post isn’t good enough.

HIGHLY RECOMMEND THIS BOOK. I actually modified my Facebook as I was reading the book.

20A – Growing Your Social Capital

Growing Your Social Capital

Domain expert in the industry.

https://www.leftyslefthanded.com/

1) Who they are and what their background is.

This a small online company that also does have a small location based in San Francisco that sell left handed products. It was the very first store in the United States to specialize in products for lefties.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This company is filling the domain expert spot because they sell left handed products through their online website and store. This company is very similar to mine in the sense of the products being sold and how they will be sold.

3) A description of how you found the person and contacted the person.

I have always been familiar with the website but the items sold were very much out of the my budget so I never bought anything from them. I emailed the company and received some feedback from an associate, Zach, who was quite informative on the background of the family that owns the company and I was shocked to see all the associates that work there are left handed when he mentioned it to me.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

Zach gave me a great deal of information on how much product is sold daily, majority of products being bought online. He told me this type of company is a lot more profitable than others believe. He loved my idea on the company I’d like to create and said it was very do-able and possible. Because he is has been working for the company for more than 4 years, He gave me better ideas and ways to sell my products and become noticed.

5) How will including this person in your network enhance your ability to exploit an opportunity?

Including Zach in my network enhances my ability to exploit an opportunity by having a connection with someone who is just as passionate about leftie lives, having information on how to go about becoming a company that is known of, and how to create these products on my own rather than buying products off sellers. He told me to email him for any other questions and he would be more than happy to help me start up my business.

Expert on the market

Walmart

1) Who they are and what their background is.

A large company that sells all sorts of different products at a low price.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This spot is filling the expert on my market. Walmart fills the spot because the company sells in stores and online. They also sell products at very competitive prices and do sell few left handed products.

3) A description of how you found the person and contacted the person.

I am an active walmart shopper and have not noticed some left handed products. I came across their online shopping site and tried to get into contact with someone by leaving a message within the website. I have not heard back from anyone and it has been four days.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

Though I did not speak to anyone, I researched the company. I see that they sell more products online than in store and that individuals can sell products on their website (like Amazon). The company’s goal is to sell products at extremely low prices which keeps them competitive in the industry. I now notice products can be sold online by other companies and individuals which can benefit my company. I can sell my products to walmart.

5) How will including this person in your network enhance your ability to exploit an opportunity?

This network will enhance my ability to exploit an opportunity by  helping me sell products and put my company on the map.

supplier to my industry.

Amazon

1) Who they are and what their background is.

Amazon sells just about anything and everything online and has products delivered to their home. They have many other things such as kindle, amazing music and videos and much more.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Amazon fills the important supplier to my industry slot. This company fits this slot because Amazon can help me supply a few products to sell. For example, I can buy gel grips for left handed pens and put them on the pens to sell.

3) A description of how you found the person and contacted the person.

I came across a friend who has a friend that is the manager for a customer service center in a Florida location. I spoke to Kristie who works for Amazon over the phone for about 10 minutes.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

She got into detail on how they supply large quantities of products to buyers. She also mentioned that many buyers use Amazon as suppliers for their products. Towards the end of the conversation she said, “The best thing about Amazon is you can have them as suppliers and you can sell products on Amazon too.”

5) How will including this person in your network enhance your ability to exploit an opportunity?

Having Kristie go into a lot of detail about Amazon and how Amazon works, helps me understand what I need to do to make Amazon a supplier for my company. I will have the opportunity to have large quantities of products that’ll enhance what I need to sell.

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

I was a little uncomfortable speaking to Zach but he made not awkward and we ended up laughing and talking more about left handed struggles. I definitely stepped out of my comfort zone speaking to strangers. The network experiences i’ve had in the past was more of knowing someone who knew someone which was much easier than finding a network on my own. I’m glad I stepped out of my comfort zone and did networking of my own.

18A – Create a Customer Avatar

Customer Avatars

           Baseball player                           Softball player                                 Children

                           Cooks, Chefs

         Guitarist, Musician

What do you have in common with the customer avatar?

I am a left handed student, who played softball and still plays other sports and I enjoy cooking. As a left handed child, I struggled with certain tasks.

If you have anything in common with the avatar, do you think that is a coincidence? Why?

No, it is not a coincidence because this company was brought up by a bug I had and what caused this bug. These avatars represent who I was and who I am and other left handed people I know that have these struggles.

19A- Idea Napkin No.2

Idea Napkin 2

1) You.

I am left handed. I am well aware of small struggles left handed individuals go through because I experience them everyday. I am athletic and being left handed definitely helps me become more talented. I have skills in communicating well with others, caring for others, and determined with anything I put my mind to. I have experienced the struggles of ink marks on my hand when I write, 3 ring binders being in the way when beginning sentences, learning how to use a fork and knife right handed style (which I manage to still not follow but can make it through a professional dinner), learning how to shake someone’s hand (still slightly awkward to this day), sitting at a dinner with my loved ones and bumping my elbow against theirs, using a can opener that frustrates me when opening a can of beans, using a measure cup at work but having to turn it around to see exactly how many quarts I am putting into sauces, being able to only put a left handed layup in basketball because it feels physically impossible to lay up on my right (it looks ugly), paying those extra 20-80 dollars on a left handed softball glove, being told I can’t do certain things right because I am left handed (I manage to prove everyone wrong), and constantly being reminded that I am left handed. As a child my parent really had a hard time showing me how to do certain things like cutting paper, tieing my shoes, using utensils, avoiding marks on my hand when I write, and many other things.

I aspire to make this little struggles nonexistent with my business. This struggles shouldn’t have to be a struggle when products are made for these individuals at a realistic price. This business would play a huge role in my life because it will feel amazing to know that children and adults don’t have to think to themselves “damn I hate writing on paper and I hate using right handed stuff”.

2) What are you offering to customers?

Scissors: left handed scissors are fully reversed blades. This would greatly help children correctly cut paper.

Pens: Left-handed pens have a curve on the grip and the ballpoint is made differently. This prevents smearing when you write and also ink on the side of the hand.

Notebooks: Left handed notebooks have the spiral on the right side so it is not in the way of writing

Guitars: Everything on a guitar would be reversed. It’ll be easier playing the guitar and reading music

Can opener: The part that is used to twist and make the can opener move would be on the left side.

Baseball/Softball gloves: It’s difficult to find a left-handed glove at stores. For example, there are 15 gloves at Walmart and only one was for a lefty. This company would provide more varieties and sizes that’ll be for leftys

Cooking utensils: I’m sure many righties don’t notice but most of these utensils are made for you. Mt company would provide cooking utensils made specifically for them including a measuring cup that will be easier to read

A counter clockwise corkscrew: It’ll be much easier opening a bottle of wine

Books: I’d provide books for children and adults that’ll have fun facts and provide information about our left handedness

Many more things will be sold to provide more comfort for lefties.

I’d also like to provide left handed 101 handbooks which well explain to right handed parents how to utilize their left handed child creativity and talents. This book will also provided parents how to teach their kids how to do simple things like tying shoes, using a fork and a knife, and educate them on left handed facts.

3) Who are you offering it to?

Left handed children and adults, and right handed parents of left handed children. I’d mainly focus on the U.S. and Europe because that is where most left handed individuals reside. I’d also focus in schools (elementary, middle, and high schools). Psychographic characteristics: Children and adults who are in school, those who enjoy writing, those who play sports or are musicians, and those who cook.  

4) Why do they care?

I know at some point these lefties have had some form of a struggle when doing simple tasks that are uncomfortable. If I was to sell these products at the same price of right handed products, they will buy these products. No one wants to pay $20 for a can opener (that how much left-handed can openers cost) when they are typically priced at $5 (average right-handed can opener). Providing competitive prices will have left handers curious and ready to buy some awesome products!

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

I will provide left handed products at a price that is similar to products made for right handers. I believe there is no physical store that is designated for left handed products. Who wouldn’t be curious to see what is inside a left handed store?

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. I can have the interests of many investors with my company because it is specific, results oriented, and rare.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin

Do these items fit together?

I do believe the elements fit tightly together. Those who fit this segment will care because it’s different and it may get rid of “bug” they have experienced in the past and the possible future. It is possible 100% of this segment may not purchase anything for my business but they will have some form of curiosity. I believe with awareness and drive, my company will succeed in fulfilling the lives that are affected by this.

Feedback memo.

I had great feedback about the passion I have about this company. I was told I can have attention from investors, right handed investors, which is something I never thought about. I added investors to my core competencies because this company may draw attention to them and help me make a decent profit. I’ve added awareness by creating books and having awareness help make my elements come together. Not many people are aware of left handed bugs and products so it’ll open eyes which will draw attention to my business. I was previously told I should add schools to “who I am offering this to” because I can sell these products to school so they will be available for children. Having passion about this helps others notice what it means to left handed people. I tried to have much more detail into my personal struggles to give a better insight on why I believe this company is important.

17A – Elevator Pitch No. 2

A reflection on the feedback you received from your last pitch. 
     The last pitch had very good feedback. I was told that I kept the watcher's attention, I have a good company, and I was suggested to include selling my products to public schools which was a great idea and I included that in this pitch. 

 What did you change, based on the feedback?
     Well I was in a brighter area (at work, hence my work uniform). I condensed what I said so it was short and powerful. I decided to have a precise fact of 760 million people so it explains my segment more and helps people understand that there are a lot of lefties out there. The next elevator pitch I will be in professional attire instead of my work clothes and probably will be outside in pure daylight.