1. Business idea involves technology that already exists
VRIN: This is valuable because this opportunity would not be difficult to implement. Since it already exists it is not really rare. Other companies might be able to create something similar to what I am trying to create so it may be imitable and some stores may go with self-checkout option rather than my idea so it is not necessarily non-substitutable.
2. I have engineering and computer science friends that are knowledgeable about the technology involved in my business idea
VRIN: This is very valuable because their expertise will help me create the platform I am thinking of. This is rare because the expertise offered by my friends is unique, which also makes it imperfectly imitable and non-substitutable as well.
3. Friend's mom is a manager at Walmart, a popular and very busy grocery store
VRIN: This is extremely valuable because she can offer me her insight and advice on grocery stores like hers and may even be willing to implement my idea in her store to test it out. This is rare I think, because not many students know someone who is involved in the management of a big grocery store. For that reason it can also be considered somewhat imitable and non-substitutable.
4. Smartphones are used for almost every task now and are equipped with countless features
VRIN: This is valuable because people are becoming so technologically savvy and reliant on their phones these days. This is not really rare; since people are so reliant on their phones in general, other companies might benefit from this same aspect. Because of this, it is not imperfectly imitable. However, it is non-substitutable since people will refuse to have their phones replaced by anything.
5. Customer testimonies about long checkout lanes
VRIN: This is valuable because I can use this information to assess what customers really want. It is not rare, since most customers think the same way. It is not imperfectly imitable since customer testimonies can be generalized, however it cannot be substituted.
6. Helps to also eliminate some of our plastic waste
VRIN: This is valuable because eliminating plastic waste has been a big issue that many people are trying to reduce. This is not really rare because reusable grocery bags have been attempting to reduce our plastic waste from grocery bags for years now. Some stores already do this where they do not bag any of their item, so this could be perfect imitable and substitutable.
7. Ability to scan and pay for items all under one application
VRIN: This is valuable because one application provides ease. It is also rare, because these abilities are not currently present under one application. It is imitable as many companies can create similar things to it and it can also be substituted by self-checkout.
8. Helps attract customers and generate more revenue for grocery stores.
VRIN: This may not be as valuable for big, chain grocery stores, because they probably generate enough revenue. This is also not really rare and it can be imitable and substitutable as self-checkout might attract more customers to a store since it is quick.
9. Demand is high for a product that would shorten checkout lane wait times
VRIN: This is valuable because if demand is high for this, then a product that solves this will be beneficial. It is not really rare because several grocery store customer will agree with each other and have this high demand. This may however be substituted because there are now a lot of platforms that will deliver grocery store items to your door in order to bypass long lines.
10. Eliminates the need for so many checkout lanes, clearing up valuable space in stores
VRIN: This is valuable for grocery stores that sell a lot and a variety of items. It is rare because self-checkout even takes up a lot of space and cashiers can technically still be employed with my idea, therefore it is hard to imitate and substitute it.
Friday, April 10, 2020
Friday, April 3, 2020
22A – Elevator Pitch No. 3
Pitch No.3 link:
https://drive.google.com/open?id=1Xa_zbp3A7Kg3X8me7_OZx-LVHkG2fHtB
Reflection and change: All of the comments and feedback I received on my last two elevator pitches were positive ones. Everyone said that I had a good level of enthusiasm and good delivery. I was concerned if everyone would be able to understand my idea through my explaining during my pitch, but it seemed that it really helped to enhance my prior writings and blog posts about it. In this final pitch, I did not really change much. However, since my idea seems to be very relevant in this current pandemic we are in, I included this aspect in my pitch in order to explain how my product (smartphones equipped with scanning and paying abilities) would be extremely useful during a time like this.
https://drive.google.com/open?id=1Xa_zbp3A7Kg3X8me7_OZx-LVHkG2fHtB
Reflection and change: All of the comments and feedback I received on my last two elevator pitches were positive ones. Everyone said that I had a good level of enthusiasm and good delivery. I was concerned if everyone would be able to understand my idea through my explaining during my pitch, but it seemed that it really helped to enhance my prior writings and blog posts about it. In this final pitch, I did not really change much. However, since my idea seems to be very relevant in this current pandemic we are in, I included this aspect in my pitch in order to explain how my product (smartphones equipped with scanning and paying abilities) would be extremely useful during a time like this.
21A – Reading Reflection No. 2
How to Fail at Almost Everything and Still Win Big, Scott Adams
1) General theme/argument: Scott Adams focused much on personality traits throughout his book. He also focused on the various aspects and ideas which people strongly believe or support. He then noted that these beliefs are actually incorrect. He was a big proponent of the fact that minor losses from time to time are ok, as long as you learn to take care of yourself and be comfortable with who you are and what you are doing. If this is done, then your losses will eventually transform into big wins.
2) Connection with ENT3003: From reading his book, we can see that Adams placed great importance on human capital; it was the driving force behind his ideas. He claimed that every skill we have significantly increases our likelihood for success. We have learned in class that as we gain more skills and knowledge we are increasing our human capital. So, the lessons learned from this book are things that can be applied to what we are learning in class.
3) Class exercise: Adams talked a lot about planning throughout his book and how these plans should be obtained through systems and not goals as goals were too specific and time sensitive. So, an activity that I would design based off this book would entail requiring students to write a list of their plans in life. Then I would ask students to devise a system (rather then small goals) for each one of their plans which would allow them to reach their desired destination all while improving their personal skills.
4) Surprising aspect: The most surprising thing to me seemed to be the fact that Adams claimed that we should be devising systems instead of goals in order to reach a certain destination. He claimed that goofs use goals while winners use systems. All my life I have been told to plan my life around specific and timely goals, so I was very surprised that the author of this book said that goals are flawed. However, it makes sense because systems allow us to continuously work on improving and finding something better in everything.
1) General theme/argument: Scott Adams focused much on personality traits throughout his book. He also focused on the various aspects and ideas which people strongly believe or support. He then noted that these beliefs are actually incorrect. He was a big proponent of the fact that minor losses from time to time are ok, as long as you learn to take care of yourself and be comfortable with who you are and what you are doing. If this is done, then your losses will eventually transform into big wins.
2) Connection with ENT3003: From reading his book, we can see that Adams placed great importance on human capital; it was the driving force behind his ideas. He claimed that every skill we have significantly increases our likelihood for success. We have learned in class that as we gain more skills and knowledge we are increasing our human capital. So, the lessons learned from this book are things that can be applied to what we are learning in class.
3) Class exercise: Adams talked a lot about planning throughout his book and how these plans should be obtained through systems and not goals as goals were too specific and time sensitive. So, an activity that I would design based off this book would entail requiring students to write a list of their plans in life. Then I would ask students to devise a system (rather then small goals) for each one of their plans which would allow them to reach their desired destination all while improving their personal skills.
4) Surprising aspect: The most surprising thing to me seemed to be the fact that Adams claimed that we should be devising systems instead of goals in order to reach a certain destination. He claimed that goofs use goals while winners use systems. All my life I have been told to plan my life around specific and timely goals, so I was very surprised that the author of this book said that goals are flawed. However, it makes sense because systems allow us to continuously work on improving and finding something better in everything.
Friday, March 27, 2020
20A – Growing Your Social Capital
1) Azim (Domain Expert) - This is one my family friends. He owns his own cellphone repair shop in my hometown. This is helpful for me because my business idea involves utilizing smartphones equipped with scanning and paying abilities. He is one of my family friends so it wasn't too hard to get in contact with him and ask him for his advice and since we are friends, he doesn't expect anything in return. I showed him my napkin idea and he told me I had a good and easily implementable idea since the app used to scan and pay already exists. Having him in my social network will allow me to obtain advice and a good direction for my business idea since he is technologically savvy.
2) Zach (Market Expert) - This is one of my friends that I have grown up with. We have gone to the same school our entire lives. He used to work at Publix when we were in high school, so his expertise is useful to me as my idea is to be implemented in grocery stores. He also doesn't really expect anything in return from me since we are pretty close friends. I shared my elevator pitch with him and he said that this idea could be really useful during peak times of the day and year, such as when prepping for hurricanes or when the new school year starts.
3) David (Supplier) - This is one of my neighbors back home. David was the best person that I could get a hold of that had some sort of relation to my idea. He was a computer science major in college and he is a developer of an app that allows you to scan a barcode to see what the price is of an item. He explained to me that my idea of scanning a barcode and paying for items using a smartphone and all under one interface might result in some technical issues, but overtime, these bugs can be fixed with updates.
2) Zach (Market Expert) - This is one of my friends that I have grown up with. We have gone to the same school our entire lives. He used to work at Publix when we were in high school, so his expertise is useful to me as my idea is to be implemented in grocery stores. He also doesn't really expect anything in return from me since we are pretty close friends. I shared my elevator pitch with him and he said that this idea could be really useful during peak times of the day and year, such as when prepping for hurricanes or when the new school year starts.
3) David (Supplier) - This is one of my neighbors back home. David was the best person that I could get a hold of that had some sort of relation to my idea. He was a computer science major in college and he is a developer of an app that allows you to scan a barcode to see what the price is of an item. He explained to me that my idea of scanning a barcode and paying for items using a smartphone and all under one interface might result in some technical issues, but overtime, these bugs can be fixed with updates.
19A – Idea Napkin No. 2
1) I am a senior at the University of Florida, graduating this spring. I am a Biology major on the pre-med track and I hope to eventually become a physician, for which I will be applying to medical school this summer. Next year, I will be spending my gap year at home in South Florida working and doing research. I hope that my business idea to speed up the checkout process at grocery store might make the process a little more convenient for me and allow me to focus my time in other important tasks, such as studying.
2) I plan to have cashiers posted with smartphones that are equipped with scanning and paying abilities. This will minimize the time spent in checkout lines. This will be especially useful during a time like this when customers are lining up outside of stores to stock up on groceries for the crisis we are in. And it might even be helpful to promote some aspects of the concept of social distancing.
3) My customers will be college students and working adults especially parents (male or female), because these are the customers that I encountered that go grocery shopping and often complain about the long checkout lines.
4) Customers find this product of mine valuable, because it will save them a lot of time in the grocery store and allow them to spend time doing other tasks in their busy schedule.
5) This solution can help to tackle two issues at once, which not many can do. It not only minimizes the time spent at the grocery store, but also minimizes some of our plastic waste by encouraging customer to not bag certain items.
Now that I look at it, and given the current state of the ongoing pandemic, my solution can also help tackle another issue, which is fighting against COVID-19 by promoting social distancing during checkout.
I think all 5 elements that I proposed in this post really do fit together. At first, I thought the first element regarding who I am was the most out-of-joint with the others, but then I realized that this element serves to explain why the solution I am proposing would cater to me and people like me.
The one feedback I received for my first napkin idea post wrote that I had a great solution and agreed that speeding up the checkout process would indeed help us accomplish more of our other daily tasks. I used this feedback to reflect on the current situation of COVID-19. I feel like now more than ever people are really in need of more efficiency during the checkout process and a method that would promote healthy interactions and proper social distancing.
2) I plan to have cashiers posted with smartphones that are equipped with scanning and paying abilities. This will minimize the time spent in checkout lines. This will be especially useful during a time like this when customers are lining up outside of stores to stock up on groceries for the crisis we are in. And it might even be helpful to promote some aspects of the concept of social distancing.
3) My customers will be college students and working adults especially parents (male or female), because these are the customers that I encountered that go grocery shopping and often complain about the long checkout lines.
4) Customers find this product of mine valuable, because it will save them a lot of time in the grocery store and allow them to spend time doing other tasks in their busy schedule.
5) This solution can help to tackle two issues at once, which not many can do. It not only minimizes the time spent at the grocery store, but also minimizes some of our plastic waste by encouraging customer to not bag certain items.
Now that I look at it, and given the current state of the ongoing pandemic, my solution can also help tackle another issue, which is fighting against COVID-19 by promoting social distancing during checkout.
I think all 5 elements that I proposed in this post really do fit together. At first, I thought the first element regarding who I am was the most out-of-joint with the others, but then I realized that this element serves to explain why the solution I am proposing would cater to me and people like me.
The one feedback I received for my first napkin idea post wrote that I had a great solution and agreed that speeding up the checkout process would indeed help us accomplish more of our other daily tasks. I used this feedback to reflect on the current situation of COVID-19. I feel like now more than ever people are really in need of more efficiency during the checkout process and a method that would promote healthy interactions and proper social distancing.
Friday, March 20, 2020
18A – Create a Customer Avatar
My grocery store innovation would benefit all grocery shoppers. I believe the biggest benefit would go to mothers and fathers that are in a rush to get back to their family. Thus for my customer avatar, I have created middle aged parents, who have children that they need to get back to. They watch Seinfeld, the office, and are lovers of food network. They feel older than they are because of their hectic lives. Their children all play sports and they are constantly running around between work. They have no real days "off," not even the weekends. My mobile checkout idea would benefit them as they will be saving valuable time that they can now allocate elsewhere.
17A – Elevator Pitch No. 2
1) Elevator pitch link:
https://drive.google.com/open?id=16CXzy0j2jsA5m3JLa8oSY435z6cPHd_i
2) From the feedback that I was given for my first elevator pitch, everyone seemed to have enjoyed it and said I did well. What surprised me the most was that I was told that I was very enthusiastic in my pitch, which was always hard for me to do when I had to perform other speeches such as for my public speaking class. I tried to be as enthusiastic as I could in this new pitch, but it was very late and I was tired, so I'm sorry in advance. I was also a little concerned as to whether I was talking at a fast pace or not. However, from the feedback, I was told that I was going at a good pace when delivering my pitch.
3) I didn't really change anything in my pitch since no one said that there was anything wrong with my first one.
https://drive.google.com/open?id=16CXzy0j2jsA5m3JLa8oSY435z6cPHd_i
2) From the feedback that I was given for my first elevator pitch, everyone seemed to have enjoyed it and said I did well. What surprised me the most was that I was told that I was very enthusiastic in my pitch, which was always hard for me to do when I had to perform other speeches such as for my public speaking class. I tried to be as enthusiastic as I could in this new pitch, but it was very late and I was tired, so I'm sorry in advance. I was also a little concerned as to whether I was talking at a fast pace or not. However, from the feedback, I was told that I was going at a good pace when delivering my pitch.
3) I didn't really change anything in my pitch since no one said that there was anything wrong with my first one.
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