Reading Reflection No. 2 - Assignment 21A

For the second reading assignment I read Makers, by Chris Anderson and it was quite an interesting read. I was pleasantly surprised about how much it kept my attention. I did not realize how far entrepreneurship had come in just a matter of decades.

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

If I had to find one theme for the entire book it would probably be this- We are all “Makers,” and the advancements in technology, more specifically the Internet, has allowed people to go from merely inventors in the garage to entrepreneurs. For so many generations before the creation of the Web, those who had ideas had to tinker with them, physically build them, and then take them to a manufacturer who they hoped would like their products enough (and see the same use for it as they did) to mass produce them for the rest of the world. However, since the invention of the internet, there are so many ways to get your idea out in the open- whether it be sharing a picture of the finished product on Facebook, or selling it yourself on Etsy.

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

This book gave me a new outlook on the term “entrepreneur.” I did not realize how much previous generations who had great ideas to solve problems they faced in their day to day lives had to rely on manufacturing companies and patents in order for their ideas to become a reality. I think that after reading Makers I will look at the elements of ENT 3003 with a new appreciation for the innovative ways that are being developed every day to help make a person’s dream a reality.

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

According to Anderson, the “Third Industrial Revolution” is based on digital manufacturing. This has only become possible with the invention of the Web, and many generations before us were only considered inventors because of this. If I were to design an exercise for the class to complete, I would ask students to find someone they know who was one of these “inventors;” someone who had an idea to solve a problem that was evident around them, but they did not pursue it because they knew they would never be able to come up with the resources or the connection with a manufacturer to develop their product or service.

After finding such a person, the student would be required to interview them, asking them what their idea was and what problem it solved. They would ask their subject what factors kept them from seriously developing their products, and what they would have done if they lived in the current time, when ideas are able to be developed easier than back then.

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?

Before reading Makers, I was not really aware about the content of the book. I figured it had something to do with entrepreneurship (duh), but was pleasantly surprised about how much it kept my attention. The author, Chris Anderson, had a personal connection to an inventor who grew up at the wrong time, not having the same opportunities to easily develop his invention as we do nowadays. He also is the CEO of 3D Robotics, which he helped to develop. All that to say, the author knew what he was talking about.

Beyond that though, the “aha” moment came for me in chapter five, when Anderson discusses how people no longer want products that are mass manufactured, but instead prefer unique products or services that suit their personal needs specifically. This made me think- it is such a true concept in today’s world. We all want to be different, and we want to have products that are made with us in mind. This gives me insight into the future of the entrepreneurship community, and where I need to be looking ahead to.

Growing your Social Capital - Assignment 20A

Domain Expert: Denise Holland

Denise started her own line of lotions a few years ago. She had a rough start at first, but is doing quite well as of recently. Her daughter works with my sister, and through them I was able to set up a Skype call to explain to her my ideas. I was very interested to hear her input on my strategy because she tool introduced a completely new idea to the makeup industry.

After talking with her and buying one of her lotions, I hope to be able to have her as a contact for when I need to get into the makeup industry with my own new product. She had to do the same thing when trying to get her natural lotions on the market, so I believe she will be able to help me to do the same.

Market Expert: Jessie Brown

Jessie is an Arbonne consultant who focuses on reaching out to women who are in search of skincare products that not only meet your needs, but also helps keep your skin and body healthy. There are so many types of products with Arbonne, but Jessie focuses more on the people she meets. She had approached me before to try and sell me Arbonne, so I already had a way to get her to listen to my idea.

After discussing with her how she decides who who her customer market is and how she finds her potential customers, I became more aware what the market is all about and better ways to sell to potential customers.

Supplier: Erin Schroder

Erin is a Mary Kay consultant who has been selling Mary Kay products for years. She knows everything there is to know about the Mary Kay brand, including the important details of the company’s founder. She is an expert in the market of Mary Kay makeup products and knows how to sell- she does well at marketing Mary Kay products to her own social network by having a closed group on Facebook where she displays the new products as they enter the market, and older ones that continue to be best sellers.

I contacted Erin through Facebook. We have been at the same social settings on multiple occasions and I knew she sold Mary Kay. She was able to give me valuable input on the make up market and I bought some Mary Kay from her in hopes of that giving me an edge if I needed her makeup contacts later when developing my product.

Reflection

After having to intentionally go out and meet with contacts, I have gained more confidence. I know the experience will help me in furthering my social capital and help me to gain more networks at the same time.

Idea Napkin No. 2 - Assignment 19A

Who I am.

I am your average business student, trying to take classes while juggling a job, a puppy, and a marriage. I like to work with people and get things done. When it comes to my skills, I am very good at being organized and encouraging others to do the same. I hope that after taking this class I will be able to look at the world with open eyes- seeing opportunities in the world instead of keeping my head down. If I were to start a business based on my product, I think it would occupy a lot of my time as I worked to develop the product itself in order to make it real.

What I offer.

My product is meeting the needs of all my fellow women out there who are in need of a waterproof product that they can put over their mascara that they wear daily. This will be meeting the need of a customer who occasionally needs a waterproof product, but does not want to waste their money on a whole tube of waterproof mascara.

Who I’m offering to.

I am offering my product to women everywhere who need to wear waterproof mascara every once in awhile- whether it be to a wedding or any other occasion that they know tears will be shed. Too often they are forced to buy whole tubes of waterproof mascara that they will maybe use twice before having to throw it away because it is no longer good. Providing a waterproof overcoat will allow these women to save their money and their eyelashes.

Why they care.

My potential customers are tired of spending money on tubes of waterproof mascara that they know they will only actually use a couple of times before it is no longer good. They need a product that will last longer and that they can put over their favorite mascara they already love.

Why I’m different.

Correct me if I am wrong, but I have not seen a product on the market that provides a waterproof coating that lasts longer than the average mascara. I am out there to save my potential customers money in the long run, making a product that will last longer and is only necessary when they need it.

Evaluating.

After looking at my waterproof overcoat more in depth, I think I need to work on how to show my potential customers that they need this product, that is not just a luxury. I think I need to focus on how to develop my concepts more to make my pitch more understandable to my audience. These are the things that will help me develop a better opportunity.

Feedback Memo.

So the feedback I received from my peers was only positive. They said that I know my market and that I have done a good job at making my customers aware of their need- not just a want. They also said that I did a good job at thinking out my idea. Therefore, I kept the same ideas for the second napkin.

Create a Customer Avatar - Assignment 18A

Meet Clara, beautiful twenty-something young woman who loves to accessorize with makeup. Her vanity at home is full of every kind of makeup- from toner to blush to lip liner. Her favorite drink at Starbucks is a tall, nonfat, skinny mocha latte- extra hot, no foam. She goes to pilates three times a week and spends her weekends by the pool or with friends shopping at local boutiques. She loves doing makeup, whether it’s for fun for herself or for others on special occasions.

Recently, Clara has started to attend more and more weddings, and as one friend after the other is getting engaged, they ask her to do their makeup for them on their big day. As she looks into which brand of waterproof mascara she should purchase for her sister’s wedding coming next week, she wishes there was a product other than the standard waterproof mascara. One that would last longer or maybe come in a smaller container so she did not feel like she was wasting it between weddings.

Both Clara and I love us some Starbucks and staying fit. However, I do not really have any talent when it comes to makeup artistry- I definitely asked a friend like Clara to do my makeup for my wedding. However, we both are on the lookout for a product to satisfy our waterproof mascara needs.

Elevator Pitch No. 2 - Assignment 17A

https://youtu.be/4Sm8RDkRvh4

For my first elevator pitch I only received positive feedback on my introduction, so I was sure to keep it for my second one. However, after watching other people’s pitches, I picked up on a couple ques. I also changed the wording a little, in an effort to make it flow better. I hope that my second one really helps convey my product even better than my first pitch!

What's Your Secret Sauce - Assignment 16A

Why I think my human capital is unique:

1. My ability to handle people in stressful situations
2. My friendly personality
3. My attention to details
4. My memory of the details mentioned above
5. How organized I am

What my close friends said:

1. Riley Watson- My hot husband
   
   
   

   
   
   
   
2. Rebekah Trott - BFF
   

   Rebekah noted that I am able to bridge gaps between people and make connections through different personalities. This comes in handy when working with different people in work and in life. A very helpful tool.

   
   

   
   

   
   
3. Emily Eshelman - Oldest Sister
   Emily said similar things about me, including my organizational skills. She did focus on my emotions though, mentioning how thoughtful I can be. This was good to know.
   
   

   
   
   
4. Ilene Eshelman - My mama

   My mom said that I was very organized and that I am a go getter. She mentioned that I notice problems and work to fix the problem before I am asked- your basic mom answer.

   
   
   
   

   
   

   5. Dee Andrews - Close friend/Previous boss

   She also said that I see needs and work to meet them before I am asked. I know what needs done and I know how to meet that need. I am also available and reliable.

   
   

Reflection:

I would say what I thought of myself and what my close friends say about me is very similar. We all see that I am organized and focused on getting the job done. We all see how important it is to be able to solve problems and work well with people. I did not realize how much of a problem solver I am, but it is nice to know.

Figuring Out Buyer Behavior No. 2 - Assignment 15A

Segment Group: Women between the ages of 20-55

Part One: Alternative Evaluation

Once again I interviewed women who I believed were in my chosen segment who were looking for ways to better their lives in the waterproof mascara department. When it came to how they picked between different alternatives, it was mostly based on which brand of mascara they prefer. One customer told me that she has always used Maybelline mascara since she turned thirteen and was allowed to wear makeup. She will not deviate from this brand no matter what. However, another lady I interviewed said she just picks whichever brand is available; sometimes she has to pick up a tube of mascara while she’s grocery shopping, and Publix carries Loreal, so that is the brand she gets. Her preferences are based on convenience, not a certain brand.  

Part Two: How/Where They Buy

Since mascara is a pretty simple product, all three of my potential customers said they buy theirs in a store. However, each of their store preferences were different. One said she buys at Utla because they have so many brands to choose from, another said Walmart because prices are usually less, and my customer who is all about convenience said she buys wherever  is closest on the day she runs out. However, for my product I could see it being sold on Amazon or other online stores.

Part Three: Post-Purchase Evaluation

When it came to my potential customers determining if they had made the right decision in their purchases, it mostly came down to how long the mascara tube lasted, as well as if it was clumpy or not when they first opened the tube. One customer said, “I love the sound the tube makes when you first put the wand in- that’s how I know if it’s a good one or not.” If the mascara got clumpy and gross in a short amount of time, my customers said that it would have been a bad purchase.

Conclusions

Once again, I see that this is the appropriate segment to be in when it comes to selling my waterproof overcoat. These potential customers want a convenient, long lasting, reliable product that will be available when they need it. That is exactly one of the reasons I came up with my product as a solution, and intend to help these women out in their time of need!

Halfway Reflection - Assignment 14A

1. To keep up with the requirements of this course, I have developed the behavior of noticing the opportunities around me and how to solve the everyday “problems” people encounter. Such as, how long it takes for Starbucks employees to make drinks for customers, or that there is never enough cashiers at Publix. However, I have had to look beyond the problem and look to see how to solve them. After coming up with what I believe to be a solution, I had to look beyond and see if people really would use this solution or if they are okay with the problem. This class had made me have to think and speak with other people who are experiencing the same problem I am, more than I normally would.

2. When it came to coming up with a product or service I felt a little like giving up. I wanted to come up with a truly unique idea that would make people want to buy the solution to the problem they might not even be aware of. I think coming up with my waterproof overcoat idea really helped me push forward. As I met more and more people who thought my idea was a good one, who said that they would definitely buy it, or that they wished that it already existed, I realized that maybe I could pull this thing together and keep going.

3. I would tell next semester’s student to go into entrepreneurship with an open, but observant mind. Telling them to understand that even though it seems hard at first to look for opportunities, it gets easier as you constantly become aware of them. I would tell them not to limit their ideas to just products either, but to look at services that might help solve the problems around them.

Reading Reflection No. 1 - Assignment 13A

1. So I did not know much about Ray Kroc before I read Grinding It Out, I did not realize what all his story entailed and I was surprised most about how successful he was right from the start. He definitely faced many challenges in his story, but he was such a motivated, go getter who would not take “no” for an answer.

That, and the fact that he pushed himself and surrounded himself with people who would do the same, made me admire him. He started out with debt from starting the McDonald’s franchise, yet I do not think anyone needs to be told how successful he would become.

What I did not admire about him was how he was so caught up in his work, he neglected his wife and family. They were pushed to the back burner as he chose the success over them. It is important to choose wisely what you will put your time and effort into- that is what will be left at the end of it all.

Before McDonald’s, Kroc was a salesman for other items such as the Multimixer- it allowed Kroc to meet the McDonald brothers. Starting the McDonald’s franchise was not an easy feat for Kroc. He encountered much opposition from the McDonald brothers themselves when they would not budge on certain aspects of the store that Kroc was trying to change in order to make things better. Buying the brothers out would also result in debt, but with help from his financial gurus, the franchise would do just fine.

2. Ray Kroc exhibited many competencies throughout his story. Kroc was fifty-two when he met the McDonald brothers and opened his first franchise. Kroc is known for being an enthusiast, intuitive people person. He was able to push past people in his life who did not think he would be successful in the creation of the McDonalds. He was a very good salesman and people person. He knew when to ask for help, and he knew the right people to ask.

3. I do not think there was any confusion in the reading. Kroc is known for being a good story teller and his autobiography definitely attests to that. The book was very quick, he did not drag each event of his life out like some authors do. Instead he walked you through his life like he was teaching a seminar, he would talk about the important parts of his life longer, but you were never bored with a topic because they switched so frequently.

4. If I could ask Mr. Kroc any two questions, I would probably ask him how he knew the McDonald brothers’ restaurant design was such a good one, other than the fact that it was run so efficiently. I would also ask what advice he would give to young entrepreneurs about the key to success.

5. If Mr. Kroc was anything, it was hard working. Throughout his career in sales and then in the creation of the McDonald’s franchise, he was never afraid to get his hands dirty. Before he even considered opening his own store he made sure he had the exact method of making the hamburgers and fries down to a science. He made sure the ingredients were kept in certain environments and that the restaurant was clean and the employees were presentable. He was this careful and precise in each store he opened, going as far as providing training for employees in the creation Hamburger University.

I agree with his methods entirely. More often than not, the big wigs of companies are not willing to get their hands dirty after they have reached their goals of president or CEO, but they need to remember that is how they got to where they currently are.

Figuring Out Buyer Behavior No.1- Assignment 12A

Segment Group: Women between the age of 20-55

Part One: Need Awareness

When interviewing three ladies I know who I thought would be a part of my desired market, it became evident when, where, and how they needed my product. For the most part it occurred when they realized they have an event coming up that they know their might be tears shed- one potential buyer mentioned that the last time she bought waterproof mascara was before her son’s graduation ceremony last May. She did not really want to buy a whole tube, but she knew she would look like a raccoon after the ceremony if she did not. It was when she was at the store about to spend $7 on a tube of waterproof mascara that she knew she would only wear that once that made her want to change her mind.

Another potential buyer only likes to wear her favorite Mary Kay mascara and will not deviate to their waterproof product. She realizes that they too should get on the same page as my product.

Part Two: Information Search

One buyer said one day she was looking for a solution to her constantly wasting her waterproof mascara, and looked online for options. She looked into smaller sized tubes, but could only find the basic size. The potential buyer I mentioned earlier asked her Mary Kay consultant if there was any product on the market that would fit her need, but unfortunately there is not currently.

Conclusion

Based on my interviews, I believe this is the right segment of buyers to further investigate for potential buyers for my product. They are aware of their need and have not found any product that can fill it based on their information search. I believe that when my product becomes available, it will be exactly what they are looking for.

Idea Napkin No. 1 - Assignment 11A

Who I am.

I am your average business student, trying to take classes while juggling a job, a puppy, and a marriage. I like to work with people and get things done. When it comes to my skills, I am very good at being organized and encouraging others to do the same. I hope that after taking this class I will be able to look at the world with open eyes- seeing opportunities in the world instead of keeping my head down. If I were to start a business based on my product, I think it would occupy a lot of my time as I worked to develop the product itself in order to make it real.

What I offer.

My product is meeting the needs of all my fellow women out there who are in need of a waterproof product that they can put over their mascara that they wear daily. This will be meeting the need of a customer who occasionally needs a waterproof product, but does not want to waste their money on a whole tube of waterproof mascara.

Who I’m offering to.

I am offering my product to women everywhere who need to wear waterproof mascara every once in awhile- whether it be to a wedding or any other occasion that they know tears will be shed. Too often they are forced to buy whole tubes of waterproof mascara that they will maybe use twice before having to throw it away because it is no longer good. Providing a waterproof overcoat will allow these women to save their money and their eyelashes.

Why they care.

My potential customers are tired of spending money on tubes of waterproof mascara that they know they will only actually use a couple of times before it is no longer good. They need a product that will last longer and that they can put over their favorite mascara they already love.

Why I’m different.

Correct me if I am wrong, but I have not seen a product on the market that provides a waterproof coating that lasts longer than the average mascara. I am out there to save my potential customers money in the long run, making a product that will last longer and is only necessary when they need it.

Evaluating.

After looking at my waterproof overcoat more in depth, I think I need to work on how to show my potential customers that they need this product, that is not just a luxury. I think I need to focus on how to develop my concepts more to make my pitch more understandable to my audience. These are the things that will help me develop a better opportunity.

Elevator Pitch No. 1- Assignment 10A

Here is the link to my elevator pitch- hope you enjoy!

https://www.youtube.com/watch?v=yxmhRpuZIew