Venture Concept No. 1 - Week 12

My product Wheel Watch, was created for one purpose, protection. Protection from theft, which is an unfortunate occurrence in this day and age. What my company aims so sell goes beyond the system that includes our bike lock, GPS tracking device, and corresponding app. We are giving people back their peace of mind, and allowing them to let go off the fear of having their personal property stolen from them. Bikes can be taken from anyone, you don't have to be a professional athlete with a bike over $5,000 for someone to decide they want to take it from you. Bike theft can happen on college campuses with bikes that range from $50, to even $5,000 like the high end athletes, there's no discrimination. Which, unfortunately, puts many of us at risk. 

Therefore, I engineered the idea for Wheel Watch, a problem solver for people in need of protection and confidence that their items are safe and secure. Our system is easy to operate, but that doesn't mean that the technology is of any less quality. Our locks are made of the same materials as seen in common Kryptonite locks, our GPS tracking devices are weather proof, and our IOS/Andriod App is up and running, ready for those who interested in buying our system. The use of our products is easy enough for a toddler to operate, but offers the security that you know you can trust. In addition, we offer excellent costumer service and offer a warranty for all of our products in case you run into any issues. I am working to keep the costumer happy, and whatever we can do to improve their experience with our product, we will try to incorporate. 

Many people have asked, "What is it, that makes Wheel Watch different from any other lock system on the market?" Well, I have many answers for you. First of all, as I have perviously mentioned this system includes three parts: the lock, the GPS tracking device, and a code for a person to download our app from their respective app marketplace. Wheel Watch is offering this system at an incredible price of $75. I think that because we are able to keep the price low, while offering so many products at once really allows the costumer to feel as though they are getting the most for their money. I aim to make my product as affordable as I can possibly make it, while also incorporating the highest grade materials for it's market. As a college student myself, I want to be able to buy a product that offers me security without robbing my bank account. Aside from the price, there are multiple other bonuses that will make prospective buyers choose our product. Our bike locks have trip wires and heat sensors inside of them, meaning, once you have indicated from your app that you are "away" from you bike and someone tries to tamper with the lock, a silent alarm will be sent off sending you a notification on your phone by the app. Additionally, I have brain stormed the idea of even having a sound alarm in the future to further deter the thief. In the event that the thief has made it away with your bike, there is still the GPS tracking device which is securely mounted to the frame of your bike allowing you to see where it is headed in real time. From this point, the bike owner can make the necessary arrangements to alert the authorities and retrieve their property back. 

For these reasons, I think costumers will be willing to try our systems and see how their experience is with it. At it's beginning I hope to travel and give demonstrations of our products, allowing costumers to interact and try the product for themselves before committing. I have even considered the idea of allowing some people to use Wheel Watch for a "trial period," and coupling with them to hear their reviews and how we can improve on our design, function, and overall experience. We want the costumer to feel at ease knowing they have Wheel Watch. I don't doubt that there will be a lot of skepticism with people who are first introduced to my concept, but I hope that by allowing them to see our device "in action" they will consider it a purchase worth investing in. There's no secret that a standard bike lock would be less expensive, but it can't offer the added bonuses that come with the Wheel Watch system. We hope by being very interactive with our costumers that we will be able to close any gaps of weakness of vulnerability that are seen with our concept. There may be products that exist with a GPS tracking device, or even an app, but there is not once that bundles all that Wheel Watch has to offer, especially for it's affordable price of $75. Other systems of this nature can run into the hundreds, my business is about protection, not running costumer's bank accounts dry. 

Hopefully, in time Wheel Watch will reach the point where we would need to relocate into a larger space. Therefore, I would hope to hire an entire team of workers who share the idea of providing protection for the personal items of people who own bikes. We might even need a space similar to a warehouse, to store materials, manage them, and package them ourselves. I don't feel as though we need to take the direction of our sourcing our products and production. I want there to be as much as a connection as there can possibly be between our products in the "warehouse" and the products in the hands of the costumer. Cutting out the middle man, and not having a big factory handling all of this can be one way in which we do so, even if we expand beyond the size of a small scale warehouse I would want to preserve the feel and attention to detail that a personal touch can give. 

The Amazon Whisperer - Week 11

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 
• I could make money through promotions, having students talking about my items and telling their friends about it. I have social media presence through advertisements. I could make money through coupling with businesses that art interested in selling my product through their storefront. 
• Describe what kind of product offering you believe should be next. What's the next thing your customers want?
• The things I think my costumers might want next is a similar kind of protection for things like longboards or skateboards. Although, it may  not be at the highest importance. 
• 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 will allow people who own skateboards/longboards to protect their property while they're away from it. The product will offer similar things as Wheel Watch, a lock for their object and a GPS tracking device. 
• 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.

• Valet My Stick Skateboard Razor RipStik Scooter Cable Lock

  
  
  
• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
• "Exactly what I needed"
• I've been looking for something like this for almost a year now, A lock that I could trust to lock my Longboard up when I'm going to the beach. There's nothing worse for skating then sandy bearings and bushings.
  I'd checked board shops, surf shops, Outdoor stores, even hardware stores for anything I could trust to keep my board safe, but the regular bike cables never did the trick.
  This little wonder shackles right around one of the trucks, no bulky loose cable to wrangle off around the board.
  I was really impressed with the size, its big enough to stand up to abuse and keep whatever your locking up safe, but coils small enough to fit in my back pocket.
  Its great for using on campus too, locks the board up anytime I can't take it inside somewhere with me.
  The product description wasn't lying about it being multipurpose either, I use it for my skateboard, but it works on snowboard bindings and locking luggage up too.
  I'm very happy with the product, definitely gonna tell any of my friends who board about it.
• The size is a big factor for why people like this object. 
• Describe what design/usability changes you'd make to the product. 
• I would add a GPS tracking device, for in case the product was stolen the owner would be able to find it and track it down.
• Describe why you think this product would make a good addition to your current product/service offering.
• I think I'm meeting a market that has unmet needs, while this product is "good enough" I think my product would be great.

Reading Reflection - Week 11

1) The biggest surprise from this section was the part that talked big name brands. It was surprising that big name brands have trouble with their performance, I would think they were the most stable. It's odd that they would encounter this issue.

2) I didn't really get what "grab bag" of mouth touted best practices is. Even now typing it out it's hard to understand what that it. 

3) What is the purpose is the "grab bag" practices, and how does it help entrepreneurs? 

What is the problem with innovative systems and entrepreneurs? 

4) I disagree with the statement the author made about long term investments not being for everyone.  If some company devotes themselves to that investment, whether long-term or not, they can successfully utilize it and advance themselves as a business.

My Venture's Unfair Advantage - Week 11

• 
  (This photo is unrelated, but it's National Puppy Day. 
  Also I love chow chows.)
  
  
• Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess). 
• Students on campus - This is my target audience, and obviously there are many students here.
• Web/App Design - I know how to create the app which would correspond with my idea.
• Business Experience - I know how to create a business plan for my idea.
• Materials - I know who to contact, and where to buy the supplies for my item.
• Promotional Items - I have already made previous flyers and designs, I also have a logo
• Marketing Experience - I have pitched this idea a few times.
• Connections for funding - I have met people who would be interested in investing in me if I wanted to create this.
• Co-Investors - I am able to lean off their knowledge and advice for my business.
• Space for creating product - I have a location where I can have my brainstorming sessions.
• Retail space - I have a "warehouse" type storage facility. 
• I think my greater resource from this list are the co-investor/entrepreneurial people that I have connections with. Even if I never did anything with this idea, the fact that they would be willing to help me with this idea, or any others that I might have in the future is a large asset to me. 

Growing Your Social Capital - Week 10

1) One person must be a domain expert in your industry. 

Chase Machado is a service technician for bikes at Gator Cycle. I came into contact with him, while searching for a business where I could implement my product. I found that he was most helpful for their area because he does a lot of repairs for bikes. I asked him about how many times he has encountered having to fix bikes due to theft, and while it's not the most frequent issue, he has seen it a few times. Most times when thieves try to steal bikes, they steal for parts which I was unaware of. They can steal the frame, tires, or really anything honestly. Sometimes the damage takes a long time to fix, especially to the frame. However, things like tires are easier to replace. While speaking to him he says that this idea has the potential to do a lot of good for bike owners. He does think that this idea could deter thieves from stealing bikes, and save bike owners time and money for repairs. 

2) One person must be an expert on your market. 

David Nassau is a senior IA student at the University of Florida, he owns a non-profit business called Hopping For A Cure. David posts a lot about his business, and events that he hosts so I thought he would be the most knowledgeable about how to literally start an idea from nothing and make it into a reality. He's actually also a RA who works in my building's mailroom so popped in and asked some questions. He's very friendly and eager to help and inspire others. It honestly seems as though David has infinite networking abilities. He seriously knows everyone! So if I am ever in need of coming into contact with someone I know I can count on him!

3) One person must be an important supplier to your industry. 

Fred Lintz is the General Manager of a business called "Gator Cycle." I came into contact with this person, by looking for local bike shops around UF. There are quite a few, but this is the first one I came into contact with. I found their business by doing a simple google search, where I could then see all their contact info and find a way to come in and ask some questions about my product. I came into their business and asked about how they felt my product would work with their costumer basis, based on the type of people they sell bikes to. They told me that while it is a good idea, the main group of people who would be interested in it would be those who own higher end bikes. Most college students aren't going to drop 500-700 on a bike to get themselves around class, so it might not work that well. But there are still people who are interested in having a high level of protection for their bikes even if it's not as expensive. This business could be a potential supplier of my product, if I were to ever produce it and have it ready 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 found this experience really enjoyable. It was nice to talk with people who were in "my field" and knew about what I was trying to accomplish. Additionally, I was able to get a lot of helpful advice for as to how I can implement my idea. This experience made me excited about the different directions I can now take with my idea, now that I've been able to talk with some professionals in this area who really know their stuff. I am hopeful that in the future, there could help me more if I were to have any questions. 

Reading Reflection - Week 10

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I found the fictional glossary for the entrepreneur, to be the biggest surprise. I'm not familiar with these terms, and what was involved with developing the components and concepts of financial segments. I was surprised that there were so many parts, and segments to one task.

2) Identify at least one part of the reading that was confusing to you.

The part I found confusing was the section with liabilities. The way that it was defined was different than I've seen it before, and it was weird to see the connection between liability and long term debt. 

3) If you were able to ask two questions to the author, what would you ask? Why?

Why is there a link between liability and long term debt?

Is there any ways to avoid being liable when starting out as an entrepreneurship?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

This chapter was mostly factual information. There wasn't much to disprove.

Elevator Pitch No. 3 - Week 10

1) The pitch

2) A reflection on the feedback you received from your last pitch. 

"I am not really sure what a watch has to do with it? In your pitch you mentioned a lot about the issue but didn’t really get in to exactly what your product does."

"I suggest you clarify if the tracking apparatus is attached to a specific lock that Wheel Watch provides or do you attach it to your bike and your are free to use whatever lock you already own"

"My only question is can you use the GPS tracking device on multiple bikes or is is specific to the lock it comes with?"

"I like the idea of using GPS to find the bikes. The find my phone app has been a savior for me on many occasions. If your system uses something similar to that, you will really have something in my opinion."

The main things I took from the feedback I received where that I should very distinctly explain what is it wheel watch is. For example, the first comment makes it sound as though I'm selling literal watches. The second comment talks about a need for clarification for what the GPS tracking device does and how it works. The third comment is if you can use the lock on multiple bikes, which you can't, because one GPS tracker would correspond to one item. And the last comment talks about how using a phone app type would really be beneficial in his life, and probably to many people who use our product.

3) What did you change, based on the feedback?

I tried to change a lot, quite honestly. I don't feel like my second pitch was very great at all, so with this attempt I tried to gather all the feedback and apply it as best as I could to clarify exactly what my product is about, and what are trying to do with it. I also wanted to give a more lively and dynamic pitch. 

What's Your Secret Sauce - Week 9

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. I'm able to find a common ground/mutual interest very easy when talking to someone new

2. I have a very engaging and quirky personality

3. I try to make the best of whatever I'm doing. 

4. I tend to be more level headed than most. 

5. I always tend to find the good in people.

2) Interview the five people who know you the best. 

1. Caroline

2.  Landon

3. Jennifer

4. Erich

5. Michelle 

3) Reflect on the differences. 

*Insert cry face emoji at their responses*

It's really weird to see how other people see you. I mean, I don't think I'm a horrible person but I certainly don't think I'm the most amazing in the world. This makes me feel really appreciated. The first two responses come from my roommates, and they're both a year younger than me so I feel as though they admire me and that's the root of a lot of things they say about me. It was nice to hear about how some of the things I think about myself are also confirmed by them. The third video is from Jenn, one of my best friends, the part about her saying "I can light up a room" is really special to me. Spreading happiness to other people is something that I'm very grateful I'm able to do. The fourth video is from one of my good friends, Erich. I think the greatest thing I took away from this is that I am able to make him/others feel happy and upbeat. The ability to bring joy to others really motivates me.The fifth video is from my friend Michelle, I've known her since high school. She says that I'm very laid back, and you can talk with me about anything. I'm glad she sees me as someone who is approachable and easy going. I'm not really surprised by what people have said about me, I feel like I know myself very well. I'm just grateful to have the things I think about myself, confirmed by other people. 

Reading Reflection - Week 9

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The section on marketing research questions was the most surprising to me because the questions are categorized but tend to be asking the same thing.

2) Identify at least one part of the reading that was confusing to you.

The part I found most confusing was the part about web design. In this section I didn't quite understand the connection between change in behavior and Internet marketing taking off.

3) If you were able to ask two questions to the author, what would you ask? Why?

Why do the three major factors influence the decisions made in marketing philosophy?

How does web design help the entrepreneur gather more consumers?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I disagree with a part of the current sales analysis section. Calling doesn't always give you a response, or the response you had in mind.

Idea Napkin No. 2 - Week 9

1) 

I am Kristiana! I'm a very friendly and out going person. I find the ability to talk with others and connect with them very easy. As I stated in my last post, many of my strengths are found in my interpersonal skills and organization. These strengths are helpful in not only the business world, but in my personal life as well. These skills allow me to be efficient with my time and my commitments, and also develop relationships with those whom I come into contact with. With my product of Wheel Watch, I want to return security and piece of mind to the person who buys my product to protect their bike. When something is stolen from you, you often times feel helpless and at a loss, I want to return the feeling of safety and security to the consumer. 

2) What are you offering to customers? I will give the customer a feeling of control, when in this aspect it is usually taken from them. I am offering customers protection for an object in which they have invested a lot of money into. I will give bike owners peace of mind, so that when they leave their bike somewhere they know that it is safe, and they don't need to have any stress or anxiety while they're out and about. Bike theft can happen blindly at any time, this business venture allows peace of mind to the consumer, which can release stress.

3) Who are you offering it to? Anyone who owns a bike can own this product. I think that athletes would be interested who have professional racing bikes, or bike owners who own nicer road bikes for exercise. However, those most interested would probably be high school, college, and graduate students. An age range of about 15-30 would be the most targeted demographic. Or anyone who owns an expensive bike and wants added protection. When I first start marketing this product, I will target college students, I am relatable to them and I am their age. I also own a nicer bike so I know what these people are looking for when it comes to security. 

4) Why do they care? No one wants their property stolen from them. Especially something as expensive as a bike which can range into the thousands. The owners of these bikes want their assets to be safe. They want to be able to leave their bike locked somewhere without being scared it will be taken by someone.  

5) What are your core competencies? 

The entire basis of the company is providing protection/safety to the customer. We exist to please our consumer, we listen directly to what they want and we directly apply their requests. We want them to not be afraid of theft occurring, by leaving their bike outside a class, or by the library. We want to make people feel safe and develop trust and security for the bike owner.

I think all of these elements build on each other. They fit together to describe the experience we want costumers to receive when they buy our product. We aren't "in the business" just to make money. We want to make an impact, and change experiences of bike owners around the world. 

Feedback Memo:

1. Having interpersonal/communication as one of your skills is already a huge positive that will allow you to find unmet needs, how to speak to, and how to help others. 

2. Due to the fact that you're well equipped to help other people, it's smart that you're interested in a security style business that helps separate the good from the bad.

3. Providing a company that contributes to others protection and safety for their personal items will usually allows come out at a good start with a few good reviews. 

4. I think your idea is a good one as I am in the market to purchase an expensive bicycle in the near future. I will be riding it mostly for fitness and I hope I don't have to lock it or affix it to a stationary solid object, but if I had to, I would definitely appreciate the option of utilizing a product such as your concept.

5. I used these ideas when re-inventing this post by listening and building upon what was appreciated and what seemed to just be "fluff." Many people appreciated the fact that I was comfortable working with others and had the ability to connect. Others appreciated that my purpose is to truly help other people, especially in a security style type of product. The last member even expressed interest as he is an example of someone who would want to buy my product!