Venture Concept No. 1

College students around the world spend hundreds of dollars on textbooks that they only use for a semester. Many of those textbooks sit around and go unused. I want to change this and hopefully reduce the amount spent on textbooks with a give a book get a book program. The Gator Book Exchange program would occur at the end of each semester when students are registering for new classes and finishing up old ones. Each participant will donate old books and receive books for their next semester in exchange. Let's work together to cut down the cost of college!

So far the potential consumers I interviewed seemed to be intrigued by Gator Book Exchange. Although I can see a few flaws that I would need to attack early on. One major problem is the rise in reliance on online textbooks and rental textbooks which would result in a less engaged backing.  I also learned that I am going to be challenged by people not participating due to the need to have access codes still. Although I plan to make my program successful through organization and engaging advertisements.

As I college student I understand the cost of textbooks and how loans are not fun to take out. I also understand that majority of college students no longer are focusing more on supplements instead of textbooks and I want to change that mentality. I am specifically targeting returning University of Florida students across all majors and minors. In order to ensure success I might start on smaller scale and with college I know best. Therefore I would start out with a business student Gator Book Exchange and then learn from my mistakes there and bring it to a larger target being the entire campus.

The forces in the environment creating this opportunity is the increase in the cost of textbooks. My venture will be specifically targeting the University of Florida students. I plan on starting with the Business College in order to start on a smaller scale and use it as a trial basis. Demographically I am targeting students who range from 18-22. Customers are currently renting textbooks to save money or not buying textbooks and buying cheaper supplements instead. I would say customers are loyal, but as college students we are always looking for a cheaper option. This opportunity is huge as it is changing how we interact with one another and giving college students an opportunity to save money. The window of opportunity should be open for a long time unless we transition completely to e-texts and get rid of physical textbooks. Which would be really sad! I think the reason people would switch is due to trend to get away from paper and being more environmentally friendly. I think once the majority switched over to etext there will be no coming back as it will be a generational change. There are no concepts that are the same as mine. But competitors range from UF bookstores, smoking notes, Amazon, and other textbook services. Some possible weaknesses is they all have costs. They have their strengths though as they have access codes I can not provide and it is more of a guaranteed product. Pricing or packaging does not play a role as my organization is a nonprofit. I would continue to add new volunteers that would help foster a creative space to come up with new ideas. 15 employees would be helpful and easily attained. There would be a variety of committees to join from set up, marketing, organizing, and site leaders, and volunteers the time of the event.

Week 11 Reading Reflection

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 think the question on who to start the change in innovation stood out to me the most. Senior leaders should initiate the change. This stands out because it shows that they can install the change, but I think it should go deeper then that as well and someone she be hired to oversee the changes. 

2) Identify at least one part of the reading that was confusing to you.
Nothing really confused everything was well explained and thought out. 

3) If you were able to ask two questions to the author, what would you ask? Why?
How would you train senior leaders?
What suggestions do you have on my own business concept and how I can ensure it succeeds throughout the decades? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I think the researcher is correct we have to be more innovative and think what this generation is looking for and how to dynamically change the business to suit the needs of your consumer is very important even at management level. 

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 
• My business concept does not have a revenue driver as my concept is more of a non profit organization working to better the UF campus. 
• Describe what kind of product offering you believe should be next. What's the next thing your customers want?
• The next thing my consumers want is a cheaper and a more efficient experience when getting textbooks. Students are tired of spending hundreds of dollars on textbooks that most of the times student do not even use. 
• 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.?
• It improves the user experience by lowing textbooks costs and bringing textbook sales closer to them. It fosters customer loyalty as you can continuously bring textbooks back and return them fora new set of books at he end of th semester. 
• 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.
• The closer service that is like my textbook exchange is Amazon offering rentals at a cheaper rate than buying books. 
• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
• Many customers love this service as it is quick, easy, and fairly cheap. 
• Describe what design/usability changes you'd make to the product. 
• I've made the experience better by having students interact with one another and network as they exchange books on campus at no fee. 
• Describe why you think this product would make a good addition to your current product/service offering.
• I think I could utilize the online formatting that Amazon has and market online and possibly exchange books online for a small delivery fee. 

My Unfair Advantage

Business Concept:
I plan on opening Gator Book Exchange which is a program that will offer students an alternative to spending an exorbitant amount of money on books. My program will host students exchange of textbook with no middle man fee. Students will simply drop off their textbooks and be able to receive coupons in exchange to select other books students have donated.

Top Resources:
1.) Ability to foresee possible weaknesses in my plan and overcome them before they negatively impact business.

• Valuable: Gives the company a competitive edge against competition
• Rare:  A lot of companies fail to evaluate and recognize their weaknesses or fail because they spot them too late
• Inimitable: Other companies can possess this skill, but it is a notable edge
• Non-substitutable: Yes there are not other qualities that can substitute for this ability.

2.) Top Notch Customer Service as I too am a college student that can relate to my market.

• Valuable: Gives the company a great start as high customer satisfaction can lead to free advertisements through word of mouth and social media buzz.
• Rare: Many companies are more concerned with their cost and focus on providing the product not how they are providing the service.
• Inimitable: Yes there are other companies such as Publix that have outstanding customer service and is what my company hopes to mimic.
• Non-substitutable: Yes there is not another quality that can substitute this.

3.) Minimal start up costs allows for me to focus more on the logistics and organization than the cost aspect

• Valuable: This allows the company to speed ahead other start ups and look past cost bumps
• Rare: This is extremely rare.
• Inimitable: Due to its rare nature not many companies can imitate this.
• Non-substitutable: It is not substitutable

4.) From previous involvement and taking marketing courses, I have developed a marketing expertise 

• Valuable: This is very valuable as it grants me the ability to understand the importance of knowing your market and how to reach that audience.
• Rare: Nearly every company has a marketing department, but it is a necessary apart of every business start up
• Inimitable: Yes, but I tend to go above and beyond and look closely at detail compared to others who have a nature to only see the larger picture
• Non-substitutable: Yes this is a unreplaceable part of the company

5.) Background in entrepreneurship through this class and through growing up around family that owned their own businesses

• Valuable: This is undoubtable a great quality to have
• Rare: No, but gives me edge against the percent that does not have this quality
• Inimitable: Yes, but it is apart of my learning and growing process that I can apply to my business
• Non-substitutable: Yes it is, but it has taught me skills such as flexibility and dedication

6.) I have a large network on campus that I can market my business venture to and utilize when in need of volunteers

• Valuable: Allows me to tap into free marketing and secures a reliable source of workers and participants
• Rare: I think it is rare to find a reliable and dedicated network that I possess
• Inimitable: No because my diverse network is unique to me
• Non-substitutable: Yes because it will ensure I prosper
• Most important

7.) I am flexible, diplomatic, and try to adapt to a variety situations and enjoy thinking on my toes.

• Valuable: As a businesswomen it is a definite benefit when working with finicky people
• Rare: Yes because not many people can think out of the box and be able to complete impromptu tasks with confidence and quickly mitigate problems.
• Inimitable: Yes, but it is a necessary tool to be successful.
• Non-substitutable: Yes because if you cant be flexible when working with people, you will not survive.

8.) I am an ambitious individual and perseveres past failures and learns from them 

•  Valuable: Yes because it allows me to succeed.
• Rare: Yes not many people have the same ambitious spirit that I do.
• Inimitable: Yes, but I still view it as an edge over those that do not.
• Non-substitutable: It can not be substituted.

9.) I have a passion for giving back to others which works well with my business concept as it allows me to further explore this passion.

• Valuable: Yes because it will give me the motivation to continue with my plan pass any bumps in the road
• Rare: Not many people can identify their passion and put it to use
• Inimitable: No my passion is unique to me because it is derived from my own experiences
• Non-substitutable: No because it will help me persevere

10.) I also have leadership experience that will assist me in training volunteers, organizing events, and has helped me develop strong interpersonal skills.

• Valuable: Yes because it gives me the unique ability to ensure smooth communication and teamwork skills
• Rare: No because everyone can be a leader, but they don't have the unique combination of experience I have.
• Inimitable: No my experience is unique to myself.
• Non-substitutable: No because it is necessary to have some experience in order succeed as a CEO.

Elevator Pitch No. 3

1) The pitch. 

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

I really appreciate all the positive feedback from both of my previous pitches. I try to be intriguing and have a good command of my audience. It helps that I'm so passionate about my cause and business venture. I also appreciate the that a lot of comments say students would be willing to participate and all the pieces of advice they have to make my program even more effective at reaching at larger audience. 

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

I didn't change much. I continued with what was successful such as my positive upbeat attitude and tried to relate to the audience. I did change my location so it wasn't as distracting of a background. I also spoke a little slower and tried to drag less and was more prepared. 

Week 9 Reading Reflection

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 10.5 chart stood out the most because it is interesting to see how many stereotypes we can have just based on age and how many of them actually fit.

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

• Chart 10.4 on Consumer Characteristics was confusing to me and I did not understand how to decipher it. 

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

• What is your best tip on marketing online? 
• Is there a company that shouldn't move more advertising to online sources?

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

•  Irrelevancy seems so broad to be an inhibitor of marketing research. This could be broken down to more specific categories so the reader has a better understanding. 

What's Your Secret Sauce?

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.

I feel I have a heightened ability to sympathize with others and I do my very best to make sure to help others around me. That makes me different because most business owners are after the profit and success, but my plan is to leave a lasting impact on my community. I also believe my dedication and my organizational skills will allow me to take my concept to the next level and ensure it is a success. Finally my ability to not only see the bigger picture, but also the the smaller problems that could arise and making sure that I do not let anything cause my concept to fail.

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

 One of the three words my Dad said best describe me is outgoing. This is not something I would have said. I am more sheltered and shy at times, but it was interesting to see a different view on myself I also agreed that one of my weaknesses is being afraid to fail, so I do not take enough chances.

 

My grandmother focused more on me being caring and my people loving nature. This was an interesting interview because afterwords she asked me the same questions and it goes to show how hard it can be to describe others and make sure you  are constructive. I learned from this assignment I need to be more open to failing and not being perfect.  

Next Melanie described me as a caring person and had a hard time describing my weaknesses. Going off what I said before it is hard to be constructive and not come off as being rude. Melanie also described me as a caring individual based off our friendship. 

Chelsea described me as collected which I wish I was more of. My view of a collected person is someone who has their life together and is more organized. I strive to be collected,but I am still trying to figure life out. As for working on myself I have to put myself out there more she said which I agree with.

Vincent said I was a great public speaker which I found very amusing. I do not view myself as a great speaker at all. It is something I strive to work on more. I also learned that I need to grow more through involving myself elsewhere on campus and taking on more leadership roles.

3) Reflect on the differences

I feel my friends were being very nice and trying to boost my confidence. Although I agree that I need to work on putting myself out there more and stop worrying about failing. I really appreciated this assignment as it allowed me to see what my friends think of me and how I can grow.

Idea Napkin No. 2

You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a first year management. I like to think of myself as an individual that puts their heart and soul into everything they do. I am the kind of person that reaches for perfection and wants to ensure that everyone is reaching their full potential. Therefore when looking into my own business plan I made sure that my concept surrounds helping others and works on bettering my community.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I am offering an opportunity for students to save money on books and network with their peers. My program is the gator book exchange in which I will set up an organized event that students drop off old books and in return get books for their next semester. This will be a free service and will focus on uniting gators under a common goal of making college cheaper.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering the product to students at the University of Florida ranging from freshman to graduate students. It is important to note that I will start offering the program on a smaller level (business school exclusive) to see the possible successes and failures and then apply it to doing the program across all majors and colleges at University of Florida and then hopefully to other campuses around the world.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

My customers care because they are college students that are on a strict budget and will participate in anything to save money. Especially on textbooks in which multiple students resort to just using supplements instead of actually reading the textbook. Therefore students are not learning the material, but just memorizing simply for exams and this is not the point of college especially when you pay for it.

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

My core competencies are passion, dedication, and responsibility. I set myself apart as a leader that works with others and ensures their strengths are being put to use.

5.) 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 feel my values align well with ensuring that my concept is successful and knowing that I can learn from my failures set me apart from others. A weakness in my concept is the possibility of people not wanting to participate due to the need of online access codes which can only work once. Although students still need books and I want to help as much as possible even if that means saving a little amount of money here and there. My strength of dedication ensure that I will stick through with this idea and ensure it is successful and help improve my community.

6.) "feedback memo"

I've learned that life is meant to learn from and I can rally my strengths to ensure I'm successful as possible. I also learned that people can benefit from my services and my love to help others.