29 Venture Concept No.2

1) Venture Concept

Opportunity

The opportunity for environmentally safe face masks for college students are the result of the Covid-19 pandemic. Another reason generating the need for face masks is the re-opening of schools in Florida for the next Fall Semester. The nature of the need is that students will need to wear a mask if they want to keep themselves and the people close to them safe. Geographically, I think that there will be a higher need for face masks in Florida due to the higher rates of Covid-19 in the state. Demographically, the virus does not discriminate people, however people from lower income segment have a higher chance of getting infected due to limited resources. I believe I have a big opportunity since, most, if not all, face masks and PPE are non-recyclable, and are being dumped and polluting the seas at a fast rate. I think that this window of opportunity may last a few years, even after a vaccine is developed. I believe that after having gone through this pandemic, people will be more cautious with their health.

Innovation

The innovation that I am putting into my face masks is making them environmentally friendly. This is because current face masks are plastic that are not good for the environment if discarded incorrectly. I’m not sure if that in the future I would have to make a compromise on whether or not I can make the masks both environmentally friendly and affordable. That is why I am focusing my segment on people that are more affluent and can afford spending more money on a face mask they know will be better for the environment. I'm not planning on selling the masks anymore, just my design. I would get an estimate on the worth of my business and sell it to another company. 

Venture Concept

I think that I can get a lot of people to switch over to using my product because people have always cared about eco-friendly alternatives to things for a long time. People will switch to my product because they will feel better knowing that the product they are using is better for the environment. Other competitors are companies that can mass produce face masks very cheaply, and making them very affordable. In my business concept, I will research and generate the material that goes into the face masks, but I don't plan on producing them myself. Because of recent feedback, I'm changing my plan to better fit my expectations that I have for my business. Rather than going through the trouble of production and distribution, I plan to design and develop my product as well as I can with my limited resources before selling it to a bigger company that already has a foundation in production and distribution. I plan to do this because I might not have a long window to exploit this opportunity. Also, I am not planning to stay with the business for a long period of time. 

The Three Minor Elements

First, I think that my business’s unfair advantage will be brand image. Other competitors who create face masks cheaply, create masks that are plain and unrecognizable or differentiable from other cheap face masks, The masks they make also don’t send a message, environmentally friendly masks send the message that the customers that use them care for the environment.

Next for my venture, I would have to research a viable material to use in the production of the face masks I have in mind. After I find a suitable material, I would then have to design the masks themselves. After designing the masks and getting feedback on how they feel and look, I would have to start creating my brand image.

Next for me, I don’t really plan on becoming an entrepreneur. However, I do think I have a good opportunity with my idea for environmentally safe masks. I would probably sell the business to help pay for my college education.

2) Summary of feedback

I received some helpful feedback from Bridget. She suggested that instead of going through the process of production and selling through distributors, I should sell my business for the "upfront design and development idea of the mask". Her reasoning being that my window for exploiting this opportunity might be smaller than I expected. I also think this is a god idea because it fits my exit strategy perfectly. I don't plan on putting a lot of capital and resources into this business. However, upfront design and development of the eco-friend;y masks is feasible at least. 

3) How I changed my venture concept

From my feedback, I changed my venture concept to reflect my exit strategy. I plan on selling the opportunity idea that I developed to a company that has the resources to produce and distribute the masks. 

                                    

30 Final Reflection

 1. Going through old post from this semester, I remembered how uncomfortable it was for me to interview people and communicate. I dreaded doing work that I thought was unrelated to my major, and I didn't enjoy doing a lot of the assignments. I was able to have some fun with this class though. I enjoyed coming up with ideas and using my creativity to find opportunities for products and services. I remember I had an idea for a car bumper for ducks that stayed in the street that I thought was funny. However, there were more practical and logical opportunities that I thought of that trumped the 'duck bumper'. Nevertheless, looking back on the work for this class, I realize how useful most of the assignments are to developing professional, business, and communication skill sets and how I should have taken them more seriously. Staying home doing classes every day quickly led to burn out and me stressing over seemingly endless school work. 

2. To me, the most formative assignments were the first few ones where we had to conduct interviews with our target audience/ prototypical customer. These assignments helped me with developing personal skills and communication skills. I don't think I'll remember it for years, but the skills I learned will certainly help me in the future. 

3. Although I do not see myself as an entrepreneur, I do think I have come closer to having an entrepreneurial mindset.

4. My recommendation for other people who want to take this class or develop an entrepreneurial mindset is to create and rehearse an elevator pitch. An elevator pitch really encompasses many skills that are important to becoming an entrepreneur. It forces the person to really know their business and the goals that they have for it, it also relies on how a person delivers and communicates it. I also recommend that for anyone who wants to take this class, 3 assignments a week piles up, not including the replies and cupcake quizzes. 

                  

28 My Exit Strategy

1) The exit strategy I intend to take is to grow my business as much as I can within 4 to 6 years and then sell it for a large return. I would either grow my business until I graduate college or until the demand for face masks starts to decline. 

2) I have selected this particular exit strategy since I think that the demand for face masks will decline over time. I also think that owning a business doesn't line up with my plans after college. I also chose this strategy because owning a business ins't my passion. I don't think that I can successfully run a business with the resources and connections that I have. 

3) I haven't really thought about an exit strategy until now. However, I knew that I wouldn't want to stay with the business for a long time. So I modeled my opportunity for fast growth, thinking about more short term goals than long term goals. Throughout designing my model, I had profit in mind. I also had environmental friendliness in mind as well.

26 Celebrating Failure

1) The first thing that comes to mind when I think about a time that I failed is when I had to play a difficult clarinet part for a song that my friends wrote. About a week ago, my friends and I met up at another friends house to record music. I haven't played my instrument seriously in over 4 years, but I took my clarinet just in case I felt like playing. This time the song my friend wrote had clarinet parts in it, simple stuff. At the end of my part was a really high note that I had to learn before I played it. It probably took me 10-15 takes to play the part cleanly, and another 5-10 takes to play the high note at the end to get a good take. My friends assured me it was okay and that autotune would help me sound better. In hindsight, it was fun playing my clarinet in a song, but while I was recording, it felt like I was failing hard.

2) It helped me to take my time when learning my part to play it better and more in time. I can apply that same mindset to learning new skills and to trying to better myself at other acquired skills. I also learned that the reward for something after failing multiple times makes it much more satisfying and that I shouldn't always be looking for instant gratification.

3) Personally, I don't cope with failure pretty well. Although I don't show it, after failing at something, I tend to lose most motivation and I become lazy. This often leads me to fail at other things, it's a vicious cycle that's hard to break out of. This class has changed my perspective on failure, making it almost a necessity to coming up with solutions or fleshing out opportunities. Most of the time,the consequences of failure aren't as big as they seem. So as of now, I'm more likely to take risks than I was a few months ago.

24 Venture Concept

Opportunity

The opportunity for environmentally safe face masks for college students are the result of the Covid-19 pandemic. Another reason generating the need for face masks is the re-opening of schools in Florida for the next Fall Semester. The nature of the need is that students will need to wear a mask if they want to keep themselves and the people close to them safe. Geographically, I think that there will be a higher need for face masks in Florida due to the higher rates of Covid-19 in the state. Demographically, the virus does not discriminate people, however people from lower income segment have a higher chance of getting infected due to limited resources. I believe I have a big opportunity since, most, if not all, face masks and PPE are non-recyclable, and are being dumped and polluting the seas at a fast rate. I think that this window of opportunity may last a few years, even after a vaccine is developed. I believe that after having gone through this pandemic, people will be more cautious with their health.

Innovation

The innovation that I am putting into my face masks is making them environmentally friendly. This is because current face masks are plastic that are not good for the environment if discarded incorrectly. I’m not sure if that in the future I would have to make a compromise on whether or not I can make the masks both environmentally friendly and affordable. That is why I am focusing my segment on people that are more affluent and can afford spending more money on a face mask they know will be better for the environment. I will sell the masks for about $3-$4 dollars per mask.

Venture Concept

I think that I can get a lot of people to switch over to using my product because people have always cared about eco-friendly alternatives to things for a long time. People will switch to my product because they will feel better knowing that the product they are using is better for the environment. Other competitors are companies that can mass produce face masks very cheaply, and making them very affordable. In my business concept, I will research and generate the material that goes into the face masks so that I can control the production of masks easily and make changes on the fly to masks to make them more comfortable and safer. I don’t have the supply chain to produce the masks themselves, or sell them myself so I would have to sell them through online retail like Etsy, eBay, and Amazon.

The Three Minor Elements

First, I think that my business’s unfair advantage will be brand image. Other competitors who create face masks cheaply, create masks that are plain and unrecognizable or differentiable from other cheap face masks, The masks they make also don’t send a message, environmentally friendly masks send the message that the customers that use them care for the environment.

Next for my venture, I would have to research a viable material to use in the production of the face masks I have in mind. After I find a suitable material, I would then have to design the masks themselves. After designing the masks and getting feedback on how they feel and look, I would have to start creating my brand image and start selling my masks online or locally at stores.

Next for me, I don’t really plan on becoming an entrepreneur. However, I do think I have a good opportunity with my idea for environmentally safe masks. I would probably sell the business to help pay for my college education.

25 What's Next?

Existing Market:

Step 1 My Next Step:
My vision for the future of my product, an environmentally friendly mask, is for it to be distributed by online retail services like eBay or Amazon. However, I need to first make sure that my research for a sustainable and recyclable material safe for being used as a face-mask is accurate. Either it should be recyclable or decomposable/compostable. I would also have to come up with a design for the masks that is adjustable to be as comfortable for customers. The service my company would provide would be the research, production, and the design of the face masks. We would then send them through an online market to sell them. I also think that I would have to create a website or app for my brand that would be able to explain our product more in depth. A brand image would help spread the product.

Step 2 Interviewees:
After telling my interviewees my next step for my product they provided insight to what they think I should add to my next steps. I received the recommendation that after I research materials that are viable for a eco-friendly mask, I should test it in real-world applications before selling them to the general public. I can then use theses results to back up my claim that my masks are safe so that customers feel more inclined and comfortable knowing that the masks are safe and reliable. my interviewees also thought that I should create the materials used in the face mask myself. Since this allows me more control in the production aspect while also allowing me to easily control what materials I use in the masks, giving me the ability to quickly change what materials go into the mask to be as safe as possible.

Step 3 Path For the Future:
The most realistic and viable thing for me to do is to first research the viable materials that can be used in my environmentally friendly masks. I think that this is easier than my other future steps because I there are many resources available for me to look up what materials that are clinically safe to use in face masks.

After doing research, I think that my next realistic step would be creating a website and a brand. This will help my product become more well known and create a customer base. it will also help me gauge how much my product would be in demand by different segments other than the ones that I targeted.

New Market:

Step 1 Identify a Radically different market:
The segment I am focusing with my product is the segment of college students that are affluent enough to spend more money on luxury goods. The face masks that I am thinking of making can be substituted for cheaper single use face masks, however they won't be as comfortable or eco-friendly as mine will be. So, a radically different segment that I would target would be people that don't care about how their actions effect the environment. This segment would also be a lot older, and maybe not totally comfortable with wearing a face mask.

Step 2 Create Value in Radical Market:
I think that in order to create value in a market segment group of people that don't think about how what they buy and use may affect the environment, I have to focus more on how comfortable I should make the face masks and how affordable they can be. I would have to sacrifice some of the eco-friendly aspects that I wanted to incorporate into the face masks that sets them apart from other similar products.

Step 3 How to Generate Value for Interviewees:
After asking my interviewees how my product would create value for them, they all gave me one similar answer, that they feel better using the face mask that I want to make since they feel that it would be better for the environment. One of my interviewees was interested with what the masks would look like after i found a viable material, they recommend that I not make the masks blue or white to be different and stand out.

Step 4 Reflect:
From the interviews I conducting, I was correct in my assumption that the new market segment I identified is not as open to spending money on masks and cares about affordability over other aspects, if the masks were to be comfortable that would be a plus too. My method for selling my product wouldn't change either, from my interviews I gathered that this new segment also buys most of their goods from online stores like Amazon and eBay.

23 Your Venture's Unfair Advantage

1. Creativity
V - From a business point of view, creativity is valuable in finding new and different ways to solve problems
R - Anyone can be creative, so I don't think that the ability to be creative is rare
I -  People can be creative in different ways since everyone is unique and brings a different perspective. Personal creativity is unique and inimitable
N - Creativity cannot be substituted for. Without creativity, answers and solutions will be boring and undesirable

2. Mobile App Development Experience
V - Experience in developing a mobile app will allow a business to be more accessible to a larger audience and increase interactions and exposure
R - It is somewhat rare to have mobile app experience, many people are learning to become developers since experience is in high demand
I - You cannot imitate a mobile app, if you tried to create a website it may not have features that a mobile app can have
N - A mobile app can be substituted for a website that can also be accessed from the internet on your phone. However, it may lack some features that can be coded into a mobile app

3. Critical Thinking Skills
V - Critical thinking skills is similar to creativity in that it helps with solving problems
R - It isn't rare to have critical thinking skills, however it takes practice and experience to be faster with these skills
I - I don't think critical thinking skills can be imitated, critical thinking skills are something that have to be learned and developed
N - I think that critical thinking cannot be substituted, the think that comes close is creativity, but I think that creativity requires some critical thinking skills

4. Empathy
V - Empathy allows people to have a understanding of people's feelings and allows businesses to accurately adapt to customer's feedback  
R - I think that it is easy to have empathy when you want to, but you can forget about it sometimes when you don't need to use it. Everyone has the skill of empathy
I - you can't imitate empathy, it's a personal skill that 
N - Empathy is very similar to sympathy, but with empathy you gain a deeper understanding into what people are feeling

5. Innovation
V - Being able to innovate is very valuable in the same way that creativity can help solve problems. Innovation also helps businesses come up with new and exciting ways to create products or do services
R - I think that being Innovative is a rare thing. Without the right skills, it's a lot harder to have the desired results
I - I think that you can imitate Innovation with creativity, but that creativity isn't enough to be Innovative
N - You can't substitute innovation, there aren't any other ways to create new opportunities without it

6. Time Management
V - Time management is a very important skill to have because it allows people to be as productive and efficient with the time they have for tasks
R - It isn't rare, one can learn time management skills. Many people have to use this skill everyday
I - You cannot imitate time management
N - There are no substitutes for it either

7. Customer Service
V - Customer service is valuable in that it is the thing that many customers will judge your brand for. To have a good relationship with customers, customer service is a necessity
R - I think that people can be good at customer service, but to be great they require some training to know what to do in all situations
I - People can pretend to care about customers, but it won't be as effective as actually caring about customers.
N - Some companies have a robot pick up calls but sometimes it backfires and people just want to talk to a real person

8. Sales Experience
V - Sales Experience can be helpful in creating a customer base, this requires targeting a specific segment to find people that are most likely to use your product/service
R - I think that Sales Experience requires personal skills and communication skills that not everyone has. Sometimes it depends on a person's personality
I - You can pretend to have Sales Experience by having an outgoing and nice personality, but to make a sale it requires more
N - Sales experience can't be substituted for anything. It may not be needed in the event that your product or service is in high demand

9. Ability to Learn From Mistakes
V - The ability to not make the same mistake twice, or to learn from others' mistakes is invaluable since it can save you from trouble or help increase your businesses value
R -  This ability is not rare
I - This cannot be imitated
N - You can substituted this ability with trying to never make a mistake, but doesn't sound realistic

10. Social Capital
V - Having a network of connections is very valuable in creating value for your company 
R - Everyone has a social network, since it can include family and friends
I - Personal connections cannot be imitated by others
N - There is no substitute for having a connection with someone that can help your business

-My Top Resource
I think that my top resource is my experience in developing a mobile app. I also have connections with people that have similar experience with creating an app to aid me. The experience I have is somewhat rare, since not a lot of people have experience with mobile app development or coding. it is something that takes time to learn.