Venture Concept No. 1

Opportunity

My business idea is reaching out to those customers with an overwhelmingly busy schedule and extra disposable income. I think the target demographic would be new families, families with both parents working, college students, and bachelors. Our world is moving at faster speeds everyday and people are challenging to keep up with this fast paced lifestyle. People have less time for leisure and are spending more time worrying about making that final sale to put food on the table. We tend to feel overwhelmed when we have a lot of obligations, and grocery shopping is just another item on the days’ to-do list. By making the grocery shopping process a much quicker and easier process, people will have more time to focus on themselves and their families. 50 years ago it was very normal for the woman of the house to do the shopping, cooking, cleaning and taking care of the kids. But, today, women are getting more and more involved in the workforce and have less time for house duties. Typically, families are having both adults working, and this poses a problem for who will take care of the house and do the shopping. It will always be an argument if it’s not a simple process. My business idea will help alleviate some of the stress and pressures of our fast paced lifestyles.

Innovation

            There are already services available for customers to pay someone to do their grocery shopping for them and have it delivered to them as well. With that being said, my business idea is only incrementally innovative. Most of these grocery delivery services allow you to submit a list and someone will go pick up everything for you. My idea tweaks this by having an application for this service. Apps on smartphones are all the craze these days. They simplify life and are extremely user friendly, making the process quick and easy. The app will be organized so customers will not be stressed and feel like it’s more of a hassle than a help. The organization of the app will also allow customers to be able to browse the entire inventory of the grocery store, as well as have all of the sales and deals laid out right in front of them. There will also be a section on the app that holds coupons. If you find a coupon online, you can just click a button and it will automatically be added to the app and then the customer can apply it at checkout.

            The app will generate revenue whenever someone downloads it to begin with. It will start with just a small download fee of $2.99. Then, customers will be charged based on their final checkout price. It will be a percentage of the final price that will be owed to our company. If you want your groceries delivered straight to you, it will be a little more expensive. But there will also be a cheaper option allowing the customer to pick up their groceries from the store, already together and bagged.

Venture Concept

            This venture concept was thought up to alleviate the stress due to people’s busy schedules. Some people don’t realize how much time they actually spend grocery shopping, which is why it may be difficult to have customers download this app. But I believe that once they see how much simpler this app makes the grocery shopping experience, they won’t be able to stop using it. This is why I also feel like first time users will have a large discount in order to attract the customers and get them hooked.

            Some people are very aware of how much time they spend at the grocery store. These are customers are anxious and busy and will do anything to get a couple of hours back into their week. These people are the customers that will download this app in a heartbeat. They will see how beneficial it will be to their time and leisure.

            There are already lots of different grocery delivery services so that is a huge competition that I have to be aware of. This is why I tried to be more innovative and create an app for this service. It doesn’t seem like any company has an actual app.

            My business would partner with different grocery store who would also benefit from this app. I feel like people would spend more money and buy more food with the app. Especially since it’s so easy, the customer base for grocery stores could expand.

Secret Sauce

            I feel that my secret sauce for this venture concept would be my youthful creativity and organization. I think that with these characteristics I will be able to make a killer app that will reach out to a large demographic. My youthful creativity would be greatly reflected in the app that will also be very organized. I feel I could create an app that would truly satisfy the customers’ needs and appeal to a large audience. It will be user friendly, organized, and beneficial to the customer.

What’s next?

            What would be next for this service is to start talking to grocery stores about partnerships, and also to begin a startup for the creation of the application. The app may need to be created before we reach out to grocery stores so they can see how beneficial and great it will be. Or we need to just create a rough draft/prototype application just so the store owners get an idea, then they can provide more funds to launch the app.

            As far as my true involvement in this business idea, I do not plan on pursuing this idea in any way, shape, or form. I do not like the idea of being an entrepreneur, it’s just not for me. I’m also not very passionate about this idea and don’t think I can put my full heart into it like an entrepreneur should.

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? 

It was a surprise to me that so many companies were having problems with innovating new successful products. The root cause of this is that companies fall into the trap of adopting whatever best practices are in vogue or aping the exemplar innovator of the moment. I was amazed to find out that a company can better its chances of successfully innovating by having the manager develop an innovation strategy that stipulates how their firm’s innovation efforts will support the overall business strategy.

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

I found the concept of crowdsourcing to be on somewhat confusing. The idea behind crowdsourcing is that rather than relying one a few experts in your organization to solve specific innovation problems, you open up the process to anyone which is the crowd. I understand the logic behind this with more minds and more perspectives being able to possibly come up with more ideas, but I would be hesitate of this practice, with the need to keep innovation information private to prevent others from taking your competitive advantage.

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

I would ask the other out of the four categories listed on the innovation landscape map, which does he think has the opportunity to be the most profitable. The four categories are routine, radical, disruptive and architectural. It would also be interesting to know which of the four strategies has the most risk and capital resources required to purse.

      I would also ask the author how to develop a strong leadership culture that facilitates innovation. Proper leadership is crucial in creating an organization that can successful innovate and sustain their competitive advantage through stable continuous innovation. It would be nice to know the authors opinions on how to successfully implement strong leadership.

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

Everything the author stated in this article, I agreed with. He clearly defined how important having a innovation strategy when pursuing innovation and clearly backs up his ideas. After reading this article I feel I have a much better understanding of creating an innovation strategy and how to implement this to successfully innovate.

Amazon Whisperer

Current Revenue Drivers
My business idea is to create a grocery store service that allows customers to place their grocery order online and either pick it up at the store, or have it delivered to their home. Revenue would come from the service itself, as well as partnerships with grocery stores.

Next Product
 Because my idea is a service, it's difficult for me to think of a product on amazon that my customers would need or want. So, I am straying away from business idea and analyzing another product. My business idea currently is reaching out to those with busy schedules who feel too overwhelmed or busy to shop. I am looking for a product on amazon that reaches out to the same demographic, and also deals with food.

Making Life Easier
The next product I am looking for will improve customers lives by making getting food a quick and easy process. This product is to help those with busy schedules have more time for themselves or other important things.

The Product
The product that amazon offers is called the "dash button". Each dash button is for a certain product and is synced up with amazon. You simply push this button whenever you run out of a product and amazon will ship it to your house. This is useful for your favorite products that you find yourself constantly running out of and having to run to the store last minute.

The Reviews

This product didn't have reviews, but it did have a "question and answer" section where some people expressed their satisfaction and dissatisfaction with the product. Some people expressed concern for accidentally clicking the button multiple times. But this isn't a huge issue because the rest won't ship until the first one does, and you are able to go into your amazon account and cancel the order before it ships. Some people expressed their wants for more products. People really like convenience of this product. They said they find themselves forgetting these essentials when at the store and come home to find out they are out. So this button makes it simple to re-order your essentials and get it shipped to your home in 2 days. 

Changes

I've never seen anything like this product, but I am very impressed. Using the same technology and idea, I think I could create a more customizable button. I would like a button with a LED touch screen that allows you to choose the product you wish to have delivered, so you don't need multiple buttons for different products. One button would have different product options. Also, with these buttons, you get a large amount of the product. The changes I would make would be to give customers more options when placing there order, such as how much of the product they would like. 

My Unfair Advantage

1. Independence
My independence would be part of my human capital. I feel like this is special as a 19 year old because a lot of people my age are just now leaving their parents are learning the ropes. I lived alone a lot majority of the time in high school, and since then I have had a strong sense of independence. This is not substitutable because I don't rely on other people and I push myself to achieve greatness on my own.

2. Calm
I would consider my ability to stay calm a valuable piece of my human capital. Especially in the business world. This is rare because not everyone can handle stress without acting frantic. I feel like I am able to stay calm, clear my thoughts and think rationally in stressful situations. This isn't substitutable because it's all about a person's personality and mind set. Not everyone can handle a stressful situation.

3. Ambitious
Being ambitious is a valuable piece of my human capital because this trait is what pushes me to strive for greatness. Some may just settle for something that works and is satisfactory, but my ambitious attitude wants to do things the best they can be done. This isn't substitutable because it's a drive in my motivation. Being ambitious motivates me to do great things.

4. Honest
Honesty is a valuable trait to find in people because they typically tell people things that they want to hear out of their own self interest. I don't do this because I hate lying, it gets you no where. I feel like honesty is the best policy because in the end it will come back to you in a negative way. This isn't substitutable because it's all about the morals of a person. With this I would hope my customers would have more trust in me,

5. Empath
I feel I'm empathetic and open minded so I am able to put myself in other people's shoes and see it from their perspective. This is valuable and rare because it is hard to get out of your own mind to try and understand others perspectives. This is a good trait because I would be able to relate to customers better and understand their wants and needs. Not everyone can open their minds to try and understand others.

6. Organized
I like things to be organized and laid out for myself so my thoughts are clear and I'm able to see everything. This is valuable because I can apply my desire to be organized to my business idea. I want to have an app in my venture so I by being organized, I can apply that to the design of the app. It will make it more user friendly and people will want to use a nicely organized app.

7. IB diploma
I strongly feel that my IB diploma has helped strengthen my human capital more than anything. It has opened my mind to so many different subjects and idea. I was exposed to diverse cultures in class and was stepping far outside my comfort zone. All of my experiences in the IB program are not substitutable.

8. Risk Taker
Part of my human capital includes me being a risk taker. I always want to try new things an step outside my comfort zone. I feel that this is a great trait as an entrepreneur because I'm not afraid to try something new and fail. I know by taking risks I can fail, but I could also succeed and great things could come from it. It's difficult for people to step outside their comfort zone which is why I feel this is valuable and non-substitutable. 

9. Leadership
I feel that I can take control of a situation or project with my sense of leadership. This is valuable because a lot of people tend to conform when in groups, but I am able to take control and lead people to form their own opinions. With this I can encourage innovation in group work. This is not substitutable because not everyone will take a stand and lead a group positively. This is important in starting a business to people able to lead people.

10. Creativity
I wouldn't say I'm the most creative person but I am able to think outside of the box a little bit and put creativity into my work. This could put me at a competitive advantage against competitors if I am able to think of a creative way to attract customers.

TOP Resource
All of the resources that I named had to do with my human capital. I felt that this was easiest to establish about myself. I would say my top resource would have to be the fact that I take risks. I feel that this is so valuable in the business and entrepreneur world. Taking risks are how you are able to grow, try new things, and stand out from the rest of the competition. You'll never know how far you can go unless you take risks in the process. 









 

Elevator Pitch no. 3

My last elevator pitch was on a completely different idea, so the feedback that I got on it is pretty much irrelevant. One thing that I was told was to not rock back and forth too much because it was distracting. I really paid attention to my body language in this elevator pitch.

Week 10 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 biggest surprise for me in the reading is the concept behind the balance sheet; that it should always balance. I had never thought of accounting in this viewpoint before that a business’s assets should always be equal to their liabilities plus stockholders equity. I was expecting to focus on maximizing assets, while limiting liabilities. Through reading this chapter I came to understand the fundamentals of balance accounting and the importance of it.

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

I had a tough time understanding the concept of net present value. The idea that a dollar today is worth more than a dollar in the future was difficult for me to grasp. Though it does make since in hindsight due to the constant rise of inflation, devaluing the currency and also looking at the value of something in terms of the company’s resource allocation base and their needs dictating the need to place a forecasted value on their business decisions.  

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

First I would ask the author which financial ratios he thinks are the most important to focus on. In the world of business every number counts and the ratios show the underlying health of the business and knowing which ones to focus on would be very helpful.

Second I would ask the author if he prefers the pessimistic or optimistic analysis when using the breakeven point technique. It is very important to try and accurately forecast expected demand to ensure your firm has a strong possibility of being profitable.   

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

I think that the author was correct on every point he covered.  I feel I have a much better understanding of the financial preparation needed to start my own entrepreneurial journey. Through the concepts covered, I now have the tools and techniques to create a healthy sustainable business.