Final Reflection

I will admit that this class was challenging. The class was very demanding with assignments and exploring areas outside of your comfort zone. This may be a bit confusing but the most formative experience in this class was to challenge me with creativity for establishing my opportunity. I had to think about many things that I could possibly improve upon or find things that didn’t have solutions. The assignment that I found the most interesting is the bug list. It allowed me to finally express my strong dislikes and somehow find an opportunity within it. Since that assignment, I developed my opportunity and it has changed drastically from its initial conception. Now that the semester has come to a close, I believe that I have developed an entrepreneurial mindset. I am able to think more critically about the opportunities that may exist amongst us. I now find myself thinking about how products or other various opportunities can be improved. A recommendation that I would give to students for the future is to think critically but do not overthink because the answer is probably right in front of you. To perform well in this course, I will highly suggest not to procrastinate. That will lead to a path of disappointment. This mindset can be fostered by working ahead of time an keeping an open when you get stuck.

Your Exit Strategy

The exit strategy that I choose is to stay with them to sell the company in 5 years for a large return. I choose this strategy because I won’t have to worry about the maintenance of the product or newer versions of it. However, I will make sure that I invest in the company before I sell it off so I can have a part of the company still. I chose this option simply because technology is growing rapidly and I simply do not have the resources to keep updating the product. This exit strategy has influenced other decisions that I made for this concept because I never had intents on where it would be long-term. I focused primarily on how this product can make an impact now. The need for the product has been identified as something that is needed now and all the resources are things that can be easily obtained. This product is great but will be too much for me to handle for years to come.

Venture Concept No. 2

The opportunity that I present is an all in one diagnostic tool for your car. Drivers are constantly driving around with issues on their cars that they do not know about which leads to costly repair bills if they are not tended to in the correct manner. This tool will give you access to all your vehicles functions and be able to view regularly scheduled maintenance. This device will allow drivers to get the peace of mind that they deserve so that they know when something is wrong with their car in all aspects and can attend to them in an appropriate manner.

The need for this exists because there are a lot of drivers who are unaware of the consistent maintenance that a car requires and this device will keep drivers aware of the health of their cars. Newer cars are requiring longer intervals which can cause drivers to be less aware of what items need to be tended to. There are a lot of older cars on the road as well that simply do not have this technology available as standard equipment so that drivers can stay aware of the service needs for their car. These are the forces or changes in the environment creating this opportunity. This device is intended to let drivers know when to get an oil change and when to put air in their tire, when to change the filter, as well as diagnose any problem that may result in a check engine light. This device will plug into the OBD port on a car and sync with a mobile application on your phone.

The device is tailored to customers who are high school and college aged or elderly but are not limited to these audiences. The device will be highly populated in areas where people that fit that demographic live. The reason why this opportunity exists in these markets is due to the idea that they are not as educated on servicing their vehicles due to inexperience or it being to complex. This is not to be mistaken that these individuals are not capable of getting these services done on their own. Customers are currently satisfying the need by following dealer recommendations, personal knowledge, and service intervals listed in the owner’s manual. A lot of people develop a sense of trust with their mechanic and trust their word for any services or repairs their cars may need. This is where a lot of their loyalty lies.

This opportunity is big because it can revolutionize the way people keep their cars on the road. The window of opportunity for this product will be open for as long as there are consumers in this market.

The reason customers will switch to this product is because it is will make owning a car a much simpler and headache-less  process. This will simplify and streamline car servicing and repairs. It is easily accessible and will be compatible with nearly every make and model of car. There are currently no direct competitors to this products with the exception to the carsbuilt in computer. The weakness of these competitors is that you have to pay for this features and they are limited to that specific vehicle. The factors of my business concept that play a significant role are the price point and distribution. This product will be affordably priced, $49-$149 depending on the model, and be easily accessible at your local auto parts store like AutoZone or pep boys.

After feedback from prospective customers and from the potential sellers of this product, it has been suggested that research of a current company who currently develops products similar to the product I’m offering should be conducted. This will reduce production costs and reduce the cost of the product long term so that it is more accessible to consumers.

The resource that I see as most valuable is competency of what customers want. I believe this is the most valuable resource because they are the people who will be buying this product so it is essential that we tailor it to our customer needs. The next step for this venture is to help consumers perform the repairs themselves. With this technology, it will be easy to instruct consumers on how to perform simple services or repairs like an oil change. Five years from now, I want this to be a device that everyone own so that they can save lots of money from preventable services.

The feed back that I received on this venture was very minimal. It was suggested to me to look at co-producing with another company who make similar products. This product is very similar to an OBD II module which would allow for production to be relatively easy to establish.  This will reduce production cost and allow for the device to hit the markets relatively quick.

I didn’t change my venture concept too much. I received good feedback about the product. The line got blurred when it came to production and the implementation of the product. It has been suggested that I establish a collaboration with an existing company to reduce costs

 

 

 

 

 

 

Reading Reflection No. 2

The book that I chose was Innovation and Entrepreneurship by Peter Drucker. This book discusses that entrepreneurship is the heart of growth in the united states. It breaks down what innovation is and what entrepreneurship is and how it applies to society. The book connects with the entrepreneurship class by explaining what entrepreneurship is how to be innovative when going through this process.  If I had to design an exercise from this book to put into practice for this class, I would implement the top down management practice. This practice will allow for top level management to work with junior level and below management to help build them up and also get their perspective of things.  My biggest aha moment was when I found out that you have to separate the new from the old and organize them separately. It makes sense since you will be able to analyze both of them individually and see the outcome that it has  separately.

 

 

Celebrating Failure

A time that I failed was a few week ago. I didn’t get the opportunity to turn in reading reflection 2. I had failed to check my assignments earlier in the week to know what assignments I needed to get ahead on. Friday came around and I had a super busy schedule. I also didn’t realize that we had 3 assignments due instead of 2. In spite of my mistake, I still tried to get all assignments done. I had to be strategic in my approach to get these assignments completed. I did the first two assignments that took less time to complete then tried to do the reading reflection. By the time I completed the first two assignments, I had about 30 minutes to get the reading reflection done. This simply was not enough time so I simply did not upload it. This experience taught me to do my work ahead of time and stay on top of it. Though I may see this as a failure, this class has taught me that this failure can easily be combated. Since this class is based off the points earned by completing assignments, I am still in good standing in the class because I completed all the other assignments.

What’s Next?

Existing Market

 

The next step for my all in one diagnostic tool is to create a tool that gives you step by step instructions on how to perform repairs. This will be the next generation of car repair and can help save consumers lots of money. If the average consumer can learn how to perform an oil change on their car, they can save hundreds of dollars over the life of their vehicle. This is the next generation of auto servicing.

 

After conducting my interviews, the biggest concern is how much will performing the services themselves really save them? One interviewee stated that after buying the materials needed to perform these services and the amount of time it will take, they would rather pay the extra few dollar to pay someone to perform the same service. This was the general consensus amongst everyone

 

New Market:

The current market that I am marketing to is a B2C market. There is no need for me to market my product to a business. Considering the circumstance of this assignment, I had to think of how to allow my product work for a B2B environment.

 

I spoke with two companies who have fleet vehicles and tried to figure out how this product can be implemented in their company. Both companies were very receptive to this opportunity and found that it would be something that they can add to their fleet vehicles to keep better track of them for their services. Both companies manually keep track of service history for their company vehicles.

 

After gathering this information, I realized that this is a viable market to pitch this opportunity to. They are valuable consumers just as well.

Venture Concept No. 1

Over the course of this class, I have come up with an opportunity. The opportunity that I present is an all in one diagnostic tool for your car. Every day, drivers are driving around with issues on their cars that they do not know about which leads to costly repair bills if they are not tended to in the correct manner. This tool will give you access to all your vehicles functions and be able to view regularly scheduled maintenance. This device will allow drivers to get the peace of mind that they deserve so that they know when something is wrong with their car in all aspects and can attend to them in an appropriate manner.

The need for this exists because there are a lot of drivers who are unaware of the consistent maintenance that a car requires and this device will keep drivers aware of the health of their cars. Newer cars are requiring longer intervals which can cause drivers to be less aware of what items need to be tended to. There are a lot of older cars on the road as well that simply do not have this technology available as standard equipment so that drivers can stay aware of the service needs of their car. These are the forces or changes in the environment creating this opportunity. This device is intended to let drivers know when to get an oil change and when to put air in their tire, when to change the air filter, as well as diagnose any problem that may result in a check engine light. This device will plug into the OBD port on a car and sync with a mobile application on your phone.

The device is tailored to customers who are high school and college-aged or elderly. The device will be highly populated in areas where people that fit that demographic live. The reason why this opportunity exists in these markets is due to the idea that they are not as educated on servicing their vehicles due to inexperience or it being to complex. This is not to be mistaken that these individuals are not capable of getting these services done on their own. Customers are currently satisfying the need by following dealer recommendations, personal knowledge, and service intervals listed in the owner’s manual. A lot of people develop a sense of trust with their mechanic and trust their word for any services or repairs their cars may need. This is where a lot of their loyalty lies.

This opportunity is big because it can revolutionize the way people keep their cars on the road. The window of opportunity for this product will be open for as long as there are consumers in this market.

The reason customers will switch to this product is that it will make owning a car a much simpler and headache-less process. This will simplify and streamline car servicing and repairs. It is easily accessible and will be compatible with nearly every make and model of car. There are currently no direct competitors to this product with the exception of the cars built in computer. The weakness of these competitors is that you have to pay for this features and they are limited to that specific vehicle. The factors of my business concept that play a significant role are the price point and distribution. This product will be affordably priced, $49-$149 depending on the model, and be easily accessible at your local auto parts store like AutoZone or pep boys.

To keep this business concept running, I have to develop a factory to manufacture the products and hire a customer support team. I will also need to establish and engineering team to assist with improving the product over time.

The resource that I see as most valuable is competency of what customers want. I believe this is the most valuable resource because they are the people who will be buying this product so it is essential that we tailor it to our customer needs. The next step for this venture is to help consumers perform the repairs themselves. With this technology, it will be easy to instruct consumers on how to perform simple services or repairs like an oil change. Five years from now, I want this to be a device that everyone owns so that they can save lots of money from preventable services.

 

 

 

 

 

 

Elevator Pitch No. 3

For the elevator pitch, things that stood out to me, again, was the idea of grabbing the audiences’ attention. From the last pitch, I needed to engage more with the audience by moving around more and include more nonverbal language.

I can definately say it’s almost memorized, and i’m far more comfortable in front of the camera. Overall, i will say that the pitch itself is better.

Your Venture’s Unfair Advantage

1. Knowledge of the market

V: Able to understand what customers want

R: There are no devices that are targeting this market

I: Someone can easily gather more details about this market

N: I have had knowledge of this opportunity for many years

 

2. UF students

V: Makes a large population of consumers

R: Not many places will have this large of a consumer base

I: There are other universities nationwide

N: A large population of students have cars here

 

3. Knowledge of competition

V: Able to understand what competitors have to offer

R: it’s a small market so there is not as much competition

I: Other companies can easily adapt to market situations

N: I have first-hand experience in this field

 

4. Experience as a consumer of automotive services

V: Able to understand from the customer perspective on the impact of these devices

R: My experiences are unique to me

I: Some people can have similar experiences but nothing imitable

N: No one can take away my experiences and opinions

 

5. Competency of what customers want

V: Able to understand what customer needs and wants are

R: Being a part of this market share helps me understand the needs of customers better

I: Others can gather data on what customers want easily

N: Your customer knows best so trends have to conform to them

 

6. The flexibility of consumer needs and wants

V: able to shift demand based off of what the market is like

R: Not many of marketers are able to change according to demand

I: Marketers can easily change adapt to the new market

N: Your customer knows best so trends have to conform to them

 

7. The first of its kind

V: No other device is on the market that relates to this opportunity

R: No other device exists

I: Companies can easily replicate this product

N: No other device is available like this

 

8. Relationships with technicians

V: I can get first-hand information about the common items customers look for

R: Every technician is different and not everyone has an established relationship with theirs

I: Anyone can develop a relationship with their technician

N: Technicians aren’t the only people who can provide this information

 

9. Knowledge about cars

V: Possess a deeper competency of cars and this opportunity

R: Not many people have as deep of a competency about cars

I: People can learn about cars but may gain the full knowledge like I have

N: there are plenty of technicians that can have the same amount of knowledge as I do

 

10. Marketing experience

V: I have knowledge of who will be the appropriate customers for this device

R: I am the only one who contains my personal market experience

I: This is not something that can be duplicated

N: I am the only person who can credit my work based off of my experiences

 

The resource that I see as most valuable is competency of what customers want. I believe this is the most valuable resource because they are the people who will be buying this product so it is essential that we tailor it to our customer needs

Growing Your Social Capital

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

The person that I spoke to was a technician at the dealer that I get my car serviced. This is the master technician at Volkswagen of Gainesville. I got in contact with this person because he is the person that regularly services my car. I take my business to him and in return, I pay him for his services. Including this person in my network is important because if something happens to my car, I can rely on him to get the proper services completed on my car.

 

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

The person that I spoke that I spoke to was a manager at Advanced Autoparts. This makes him an expert in this field because he has done it for more than 5 years. He understands the market and the prototypical customer that would use this device. The nature of the exchange was I asked for assistance and I received the knowledge that the representative had from their training.

 

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

The person that I spoke to was a technician at AutoZone. This will be the supplier of the product and will be able to sell this product the best place to sell the product. I found this person by simply going to the store and getting feedback from one of the representatives. The nature of the exchange was I asked for assistance and I received the knowledge that the representative had from their training.

 

This activity will help shape my future networking opportunities by understanding the different levels of the market of they can be penetrated on each level. This experience was much more in-depth than the previous networking experiences I have had.

Idea Napkin No. 2

1. Who am I?

My name is Malik Davis-Pittman and I am a junior here at the university of Florida. I am studying telecommunications on the management track with a minor in family, youth, and community sciences. My talents included excellent critical thinking skill that allow me to solve problems efficiently and effectively. My aspirations are to improve automotive technology so that road safety is improved, drivers are in safe vehicles, and owners save money. This business concept will play a role in my life because it is a tangible opportunity that can be easily developed. This business concept coincides with my career aspirations to work in consumer relations within the automotive industry to help make driving the best experience possible.

 

2. What are you offering to customers?

The product that I am offering is an all in one diagnostic tool. This is a device that will give drivers the peace of mind that they deserve as they drive daily as this device will alert them of anything that may be wrong with their vehicle and offers ways to fix those issues.  This device alerts the driver of maintenance intervals, required services and emergency service information. This device will also coach the driver on routine maintenance so that their cars can remain in tip top condition while they are on the road.  This device will be affordable and be unique as it is the only of its kind that will be available on the market.

 

3. Who are you offering it to?

The customers that this product will best be served to are drivers who are not sure of how to properly maintain their car or may not have time for it. Older cars tend to lack the technology that this device offers as standard equipment that this device will offer. Some new cars face the same problem therefore the device will be beneficial to those drivers. The customers will typically be newer, less experienced drivers or students between the ages of 16 – 22. This device will serve the prototypical customer of a young female professional that really can’t dedicate the time for paying attention to their car.

 

4. Why do they care?

Customers will pay money for this product because it will save them on car repairs and from shady repair shops.  Customers will be able to know exactly what’s wrong with their cars rather than relying on the word of the repairman. This product will also allow drivers to increase the longevity of their vehicles to last the longest that they can with the very useful coaching feature. This product will also improve road safety as it will help prevent unknown hazards from occurring like a blown engine as a result of low engine oil.

 

5. What are your core competencies?

Some cars handle all these processes that my product does already but my device allows that technology to be transferred between vehicles and gives you access directly to your mobile phone. This device will be able to be purchased from local automotive stores so it will be easily accessible. These five elements did a great job at providing an overview of the business concept and allowed me to identify areas that I may have overlooked.

 

The two main points that I got as feedback was that I need to clarify what I am offering to customers. Viewers were not too sure as to what exactly I was trying to offer to customers. The other point that I got was that I should mention the price  and how it will fare up against the competition.

 

What’s Your Secret Sauce?

A.

1. I instill the quality of being understanding. I am able to assess situations and make reasonable decisions when appropriate
2. I instill the quality of being able to listen. This is important because you are given two ears and one mouth, therefore you should be able to listen twice as much as you can speak.
3. I instill the quality of being creative. I this allows me to not have limits because I can make nothing into something
4. I instill the quality of being empathetic. This allows me to be relatable to a lot of people and help people work through hard times.
5. I instill the quality of being patient. This quality is important because you need patience in order to be successful. You have to realize that everything doesn’t revolve around you.

 

*WordPress will not allow me to upload audio without a premium account*

 

B.

1. Reginald Lane’s Response:

– What makes this individual unique is the ability to connect with people and their background that they’re from. They can easily and effectively communicate with others.

2. Samuel Laguerre’s Response :

– What makes this individual unique is his ability to be creative. This individual can use his mind to make the most boring things become the most creative thing.

3. Michael Jean-Baskin’s Response :

-What makes this individual unique is the ability to fight through adversity. You can clearly see where this individual has come from and how much of an impact this has had on

4. Mohamad Merilan’s Response :

-What makes this individual unique is his ability to network and effectively communicate. This individual can work well with others.

5. Dave Mompremier’s Response :

– What makes this individual unique is his ability to make anyone feel at home. He is very caring and supportive of others.

 

C.

I see myself as a person who is able to work well with others. I believe that other see me as someone is a good  facilitators to open and versatile communication. I typically compare others to how I asses myself. What I think causes my differences is me always thinking through situations before I actually fall through with it. I believe that the interviewees were correct about the type of person that I am. From my original list, I will not change anything.