Venture Concept No. 1

Opportunity

·         As society is moving quickly towards a completely technological lifestyle, people are purchasing more electronic communication products.  These products need to be charged to be usable

·         My market would mostly be sold to colleges and high schools.  One day I hope that my product will also be found in public libraries, airports, and restaurants.

·         My customers are currently satisfying their need of charging their electronic devices with either stock or store-bought chargers.  My customers are not going to loyal to these products because my product will make their lives much easier.

·         This opportunity is huge.  There are so many people that could heavily benefit by using my product.

·         My window of opportunity will probably run out within the next five years.  There are a few companies that are currently researching this area so I would have to get the technology started as soon as possible.

Innovation

My innovation is called the Magnetable.  My product, in short, is pretty much a table that charges your electronics.  All my customers would have to do is place their electronic devices on the table and they would begin charging immediately.  The table would only need one outlet to plug into and then it would serve as a wireless charger for all electronics.  Each Magnetable would cost $5000 before taxes and I am very confident that they would sell for that price because I would be selling them to big companies and colleges. 

Venture Concept

·         The reasons that customers would want to switch to my product is because it would make their lives so much easier, which is why I believe that it would not be hard to convince my customers to use my product.

·         My competitors would be any company that has electronic products that would need to be plugged in.  The weaknesses of my competitors would be that people forget their chargers all the time and chargers also break very often.

·         Distribution would be very easy because most of my customers would be buying these tables in bulk because they would be providing the Magnetables for all of their customers.  The price of these Magnetables is relatively cheap for the service that it provides so I believe that it would not be very hard to convince larger businesses to buy my product.

·         I would have to hire a few engineers to design the table.  After that, I would hire about ten salesman to go sell the product.  Being the CEO of the company, I would be managing the company funds and allocating those funds towards product production, materials, and employee saleries

Minor Elements

1.       My “Secret Sauce” is that I am extremely personable and easy to talk to.  I feel very confident that I can pull anybody off the side of the street and convince them that my product is the best product in the world right now.  I feel that convincing large companies to buy my product would be even easier than pulling people off the side of the street.

2.       The next big product that I would start producing would be a portable universal charger for most electronics.  The charger would magnetically attach to your electronic device and begin to charge it upon contact.

3.       In five years, I want to have my product in every large university in the nation.  In ten years, I want to be recognized by larger businesses as a successful entrepreneur so that it would be easier to convince them to buy my products.  This venture will help me get to where I want to be because I believe that the product is a very brilliant idea and will become very successful throughout the world.

Amazon Whisperer

Revenue Drivers:  Selling Magnetables to universities, libraries, and perhaps airports

Next Product:  The next product my customers would want would probably be some sort of app that allows users to send certain information to others while both devices are placed on top of a Magnetable. 

New Product Benefits: This could make it easier to send larger items almost instantaneously from phone to laptop or phone to phone.  This app could also be used to send contact information very quickly.

Similar Products:  There are no products like this only because the Magnetable has not been invented yet so any product invented afterwards is impossible to exist yet.

Customer Review: N/A

What I would change:  I would make it so the Magnetable would not only charge your electronic devices but so that they can also exchange information with other devices laying on the Magnetable

Why this would be beneficial: This would be beneficial because it would allow people to exchange contact information, large files, and miscellaneous data items by just placing both devices on the table.

My Unfair Advantage

1) Reliability - Many companies are not reliable and try to scam you into getting even more than your money and I would never do that
2) I am very personable - I am very easy to talk to which is something that definitely sets me apart from others.  I can talk to anyone anywhere about anything which is something that I feel many cannot do.
3) Connections to high-end engineering companies - My dad deals with engineering companies all day which would make it very easy for me to find someone to design my product.
4) Connections to the University of Florida - I currently go to University of Florida and know many people that work here in all sorts of departments.  This would allow for me to more easily sell my product to the university.
5) Knowledge of common problems college students experience - I have personally experienced many of the problems that I am trying to correct for college students.  This makes it much easier for me to develop a very quality design for my product. 
6) I am very thorough when undergoing a project so there are no mistakes - I feel that many companies would try to rush their product into the market.  I would make sure that the product would be free of any complications and would be of high quality before being sent into the market.
7) My family has connections to various types of companies in Palm Beach County - This could possibly help my product be distributed into different types of companies such as restaurants, libraries, and public schools.  I feel that I am much more connected in that area than most others.
8) My family has connections to many politicians that are currently in office - My mom used to work with politicians on a daily basis as a lobbyist.  She still has those phone numbers which could significantly help me with getting the word out on my product.
9) I am very good at thinking on my feet, especially in emergency situations - I feel that many people fail when an emergency occurs and have no idea on how to make a plan and get themselves out of that situation.  I am very good at this which is why I would prevail better than others.
10) I am a very good manager - Many people do not know how to lead but I am very good at that.  I lead by example which is why many people have trust in me and allows the group I am leading to strive for the top.

I think that my personability is top resource.  I make connections every single day by just talking to random people on the streets.  I develop trust with people much faster than most others.  I feel that I can convince you that I am a great worker and person within 5 minutes of talking to you which would make it much easier for me to conduct business.

Elevator Pitch No. 3

The feedback that I got from Elevator Pitch No. 2 was that I was a very good speaker and my personality made people interested in my product as soon as I started talking.  One person said that my pitch should be a little longer and one person said that my pitch was the perfect length so I decided to keep it about the time frame.  One thing that I was told to change was my clothes.  This time I decided to throw on a button down shirt instead of a t-shirt in order to seem more professional.

My Secret Sauce

Five things that make me different from everybody else

1) I am very diligent.  If somebody asks me to do something and I tell them that it will be done, I will get it done no matter what it takes.

2) I am intelligent.  I like to learn about the world and everything that it has to hold for me.

3) I am a very good friend.  Whenever my friends need me, I am there for them.  If they are in trouble, it only takes one call or text to get me there.

4) I think outside of the box.  When it comes to solving a complicated problem or simple one, I can usually find a way to fix it.

5) I am very good at performing under pressure.  Whether it's an emergency situation or just speaking in front of others, I perform at my best.

My friend Jason stated that I am always there when he needs me and he can depend on me to get things done.  He also said I don't complain about things that I am asked to do.

My friend Andrew said that I am very intuitive.  He also stated that my organizational skills are very good and I plan everything out before I actually do it.

My friend Lucas said that I am a very driven person.  He also said that I assert myself in a leadership position when needed and I am always up for a challenge.

My friend Marco said that I am innovative and come up with new ideas.  He also stated that I am open-minded and open to new experiences. 

My friend Chris said that I am very outgoing and organized.  He also said that I am very hardworking and not afraid to get involved with different organizations.

It seems that I see myself almost identically to how my best friends see me.  My friends described me as hardworking, intuitive, and dependable which is exactly how I would describe myself.  One difference in how I see myself and how my friends see me is that a couple of them said that I was very organized which is definitely not something I see in myself.  This difference is probably caused by the fact that they only hear about the grades that I get in school rather than how I got that grade.  I tend to cram for tests rather than studying for them in an organized fashion.  I think the friends that I interviewed were correct on all of my attributes except for being organized.  One thing that I would probably add to my list is being outgoing.  I am a very outgoing person and thoroughly enjoy meeting new people.

Week 9 Reading Reflection

I was a little surprised to find out that great entrepreneurs live in fear of becoming preempted in the market.  I thought that all great entrepreneurs would be very confident in their business, while still striving to become even better.  I was surprised that the fear of being replaced was considered to be a good characteristic.

I was a little confused about what secondary data was.  Is it just data that has already been collected by a research company or is it data that a company has acquired itself?

One question I would ask the author is "Is the internet the best form of marketing?"  I was just curious if most marketing money should be invested in internet ads or somewhere else such as newspapers and billboards.
Another question I would ask the author is "Does the money spent on marketing change as the product becomes more successful?"  I was just curious if as the product generates more profits, should more money or less money go into advertising for it?

I think that the author was wrong about the definition of market.  The definition states that a market is a group of consumers with purchasing power and unsatisfied needs.  I don't believe that really nice clothes are needs.  They are wants, but there is still a market for it.  My only problem with the definition is the part that talks about the consumer having unsatisfied needs because without needs, there can still be a market for the product.

Idea Napkin No. 2

My name is Jonathan Kigel.  Some of my talents are that am I am good at playing sports and that I am very good at playing video games.  Some of my skills are that I am very good at talking to people, I am pretty good at thinking outside of the box, and I am good at thinking on feet.  I have worked in several different professional environments such as hospitals and research labs with teachers and graduate students.  Some of my aspirations are that I hope to be a successful business man by selling a product that is feasible and useful to my customers.  I can see this business becoming my priority in life which means that I will have to put a lot of time into it.  I hope that it will thrive and flourish.

My product is called the Magnetable.  You would literally just place your phone or laptop on a table and the table would begin to charge these items immediately without any chargers.  Every table in the area would be a Magnetable for customer convenience.

 

My customers would primarily be students at various universities around the country.  These Magnetables would be placed in libraries so that students would not have any trouble finding an open outlet or have to return home early because they forgot one of their chargers.  Also, my idea could be utilized in airports.

Customers would pay money to use my product because it would save them a lot of time and energy.  Time is everything nowadays and customers do not want to waste it for no reason.  My customers would be very happy because of the convenience of my product.  Also, my product could be used in airports because many people in airports are in need in chargers while they are waiting for their flights and airports are notorious for not having enough charging ports.

Customers would pay money to use my product because it would save them a lot of time and energy.  Time is everything nowadays and customers do not want to waste it for no reason.  My customers would be very happy because of the convenience of my product.

 

I am extremely personable and friendly which makes me very easy to talk to.  I do not press my ideas in your face and pressure you like some business man.  I earn people’s trust and then I convince them why they should believe in me and my product.

I think that all five elements fit together for my product.  It is a very good idea and could definitely be put into use in the real world.  I am very good at selling my idea to others and my product would be very useful so I would expect it to sell itself without me even talking that much.

 

I only had two relevant feedback comments about my idea napkin.  The first feedback comment was asking if the Magnetable would be located on every table or if it was going to be located on only a couple tables.  I stated that the Magnetable technology would be located on every table in the area.  The other feedback comment that I got was that I should also think about selling Magnetables to airports because people in airports are often waiting for the flights and need to charge their electronics.  Also, there are not enough plugs in airports.  I stated these ideas in my sections about who would be using my product and why they would want to use my product.