The Twenty Percent

1) Find a business owner and talk to them about their customers. 
Who do they think their target customers are?

     I spoke with Mr. Jerry Davis, owner and founder of Dry First Inc.  His customers are insurance claim customers.

Where do they find their customers?

     The customers come to Mr. Davis through Yellow Pages or from hearing about it from another source to help restore their property.

What are their customer's demographics?

    It ranges and doesn't target a specific customer demographic.

What are their customers' problems?

     They need their home to be restored after insurance claims.

What are customers currently doing to fix their problems?

     They contact either Dry First or another insurance restoration company.

How big, on a scale of 1-10, is this problem in their customers' lives?

     A 10 because if your house floods or burns down you loose your home and belongings.

What are some of the bigger problems their customers are dealing with?

     Hurricane winds and flooding, house burning down, smoke restoration, etc.

Do their customers have a budget allocated to fix this problem?

     No it's paid for by their insurance deductible.  

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. 

     My customers preferred not to be interviewed when I gave them the option so below I typed out their responses to the proposed questions below:

Interview #1: After discussing Mr. Davis' business with my interviewee, I proceeded to ask the same questions as above.
-His customers are insurance claim customers.
-Insurance restoration is an as soon as possible need and therefore his customers are those in need of repair or fixing.
-I don't believe there are any specific demographics that he targets with his company, just those with a need.
-The customers problems are most likely a need for home or personal property restoration.
-The customers immediately contact insurance companies like Dry First to repair their damages.
-A 9 because damaged personal property or a burnt down home is very sever but not deathly.
-Natural disasters such as hurricanes, tornados, floods, etc. as well as incidents such as car accident or house fire etc.
-I don't believe so, most insurance is paid with a deductible.

Interview #2:
-The customers are those with damages to their personal belongings and in need of a company to quickly resolve their issues.
-Probably the newspaper or online or work of mouth.
-It ranges their are no specific demographics for the targeted customers.
-Damaged property, home, etc.
-Using temporary measures to live until the problem or issue at hand is resolved.
-An 8.  Losing your house to a natural disaster or incident is costly and a nuisance.
-Hurricanes, flooding, damage to personal property.
-Not sure payment is probably divided up between personal funds and insurance deductibles.

Interview #3:
-Those in need of insurance assistance.
-Mr. Davis is able to find his customers after natural disasters and property damage.
-No specific demographics.
-Damaged property.
-Contacting an insurance restoration company to repair their damaged property.
-10 depending on the severity; damaged property effects daily life functions.
-Loss of personal belongings in house fire, destruction of roofs due to strong winds, etc.
-Insurance deductibles should cover most of the expenses.

3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.

     Yes I believe Mr. Davis understands his customers' problems and demands.  Mr. Davis is a very personable businessman and likes to establish a relationship with those he works with.  Mr. Davis was able to start up Dry First and grow it into one of the largest insurance restoration companies in South Florida.  The main difference in perception from the customer to the businessman is that Mr. Davis does not like dealing with being paid by insurance deductibles; however, customers like deductibles so the costs and fees are not as abrupt.  

Half-way Reflection

1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

     During the first few weeks of the class, I was frustrated with the frequency of assignments and how to use blogger.  Now half-way through the class, I am able to quickly navigate blogger and think more intuitively about how to sell a product or idea to a customer.  

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

     Like I said before, I was frustrated with this class in the beginning but began to enjoy the material once I understood the eb and flow of the class.  I feel like I have developed a different approach to thinking since starting this class as I now focus my ideas on how they will benefit the consumer first and foremost.  I believe the elevator pitches were the most helpful in my growth in the class as I received the most honest feedback and constructive criticism during this exercise.  

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1) Don't get frustrated with blogger in the beginning it will come to you

2) Don't get caught up around missing assignment, Dr. Pryor offers a whole letter grade worth of extra credit on Yellowdig.  

3) Embrace the assignments and the feedback you receive and enter the class with a tenacious mindset

Week 8 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 was most surprised by the numerous different ways to raise money to start a company.  Sources for capital for entrepreneurs include crowdfunding, social lending, trade credit, equity financing, etc.

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

     I was confused by the discussion on the different rules of private placements and how they function. 

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

- What do you think principle risks to a business are?

- How big is the market opportunity for venture capitalists?

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

     I don't think the author was wrong about anything.

Free Money

I will survey the people walking outside/around my apartment complex.  I plan to approach individuals walking who are not in a group because I have found that they are more likely to participate.  I plan on being very straight forward in my approach to offering them a dollar.  My reasoning for offering them a dollar is to encourage them to put it towards doing an outdoors activity on this beautiful Sunday morning.  I think I will be able to give away all five of the dollar bills because it is a beautiful day and everyone likes a nice study break.

Here's how it went!

Giving away the dollar was easier than I imagined.  Each individual I approached wanted to use the dollar towards enjoying some sort of outdoor activity such as Payne's Prarie or a snow cone in between studying.  My prediction was accurate as I was able to give away all five of the dollar bills because everyone I encountered wanted to use the money to enjoy the beautiful day.  I assumed going into my experience that everyone would enjoy doing something outdoors, which turned out to be accurate for my five interviews but will not always be the case.  I also assumed that everyone would take the dollar because money is an object for college students in most cases.

Week 7 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 was most surprised that the author suggested to use buying patterns rather than demographics when classifying customers.  I believe demographics are useful in determining the likability and efficiency of a product; however, Yankelovich's nondemographic segmentation theory relies on the classification of consumers according to criteria other than age, residence, income, etc.  

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

     Though I agree that rediscovering market segmentation is beneficial for companies to implement for marketing strategies, I do not feel that it overpowers other spectrums. I believe demographics like personal desires, self-image, etc. play a big role in consumers buying interests and essentially are the underlying feelings to all other decisions made prior to determining if he/she likes or dislikes a product.

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

- What's wrong with market segmentation?

- When tailoring your segmentation to a strategic decision, do you want to aim to reduce customer defections?

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

     I did not find anything wrong with the article or anything that I disagree with.  I would have to see both segmentation during implication in order to figure out which form of segmentation is better or more efficient for different aspects of business.

Elevator Pitch No. 2

1) The pitch. 

     Year after year, the ocean's most successful killer is not the great white shark. It's not the deadly jellyfish. Not even monster waves or hurricane-force winds. Your worst ocean nightmare during a day at the beach is more likely to be a rip current.  I am the owner of the Lifeguard Drone, a company that is pioneering the way in the innovation of deployable flotation device drones to reduce the amount of time that it takes a lifeguard to reach a victim during an emergency.  The United States Lifesaving Association concludes that more than 80% of rescues on surf beaches are due to rip currents.   These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The drones will also be equipped with cameras to help with locating the victim in the water as well as look for sharks and other potential dangerous hazards in the water.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.

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

     I received positive feedback for the applicability of my opportunity.  The comments concluded that the use of lifeguarding drones during ocean rescues will help to cut down on the time it takes to reach the person in need.  It was also believed that the lifeguard drone will help to cut down on the dangers of swimming.  

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

           I added several features such as a camera and towing mechanism to the design of my product based on feedback through the interviews and my last pitch. I changed the approach to my first elevator pitch by adding and introduction and attention getter.  I also included some facts about the problems occurring with rip currents and ocean rescues in the United States.  

Week 6 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 was most surprised by when he said that companies are constantly searching for the next new big product to be able to one-up their competition.  I believe this is contradictory to Porter's approach as there is always new stuff out there.  Porter focuses on taking what's been made or can be made and trying to improve on that rather than engineering the next new technological break through that may or may not work out.  

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

     I am confused as to how to apply Porter's Five Forces Model to any organization.  

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

     -Where is the customer in the five forces model? Products and services should always cater to the customer but the five forces model proposes that customers have bargaining power which detracts from its competitive advantage.

     -Should I look to diversify away from this product-market?  I would ask this because new competitors are able to enter the market with much lower factor costs.

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

    I disagree with the idea that big customers are seen as a negative force because of their enhanced bargaining power.  Catering to the customers wants and preferences should always be the primary focus as the consumer fuels the business behind the organization.  

Customer Interwiews No. 3

1) Describe your interviewing strategy. After my first two rounds of interviews, I concluded that the incorporation of a lifeguarding drone would be seen as useful and helpful in cutting down on the time it takes to reach a victim in the water.  A lifeguarding drone is up to seven times faster than humans when reacting in an emergency.  Drones have the benefit of direct  flight so they do not have to bother with being slowed down by waves, current, or other pedestrians.  The drone is able to release a flotation device in which the victim can hold on to until the lifeguard is able to make contact with the victim.  I would also like to modify the opportunity so that the drone is equipped with cameras to see where the person in the water is as well as to be able to detect for sharks.  I intend on asking specifically beach-goers and locals in beach towns on their opinion of the use of lifeguarding drones during ocean rescues.  

2) Conduct the interviews. 

3) Reflect on what you learned. Even though my product only benefits beach-goers, it reduces the number of rescues and drownings which is advantageous to more than just those who choose to spend a sunny, clear day at the beach.  Throughout the interviewing process, I learned that the opportunity primarily needs to cater to the customer first.  If the customer is not engaged or interested in the opportunity, than the demand for the opportunity will likely be poor. 

Idea Napkin No. 1

1) You. I am an Ocean Rescue Lifeguard certified in First Aid and CPR.  This product would benefit me and others with it's ability to reach drowning victims in the ocean more efficiently and effectively.  This will lead to less drownings in the future as reaction time to reaching a drowning victim will increase.

2) What are you offering to customers? The lifeguarding drone is a remote control operated drone with a deployable flotation device to be used by lifeguards during rescues.  The drone will also feature a tow rope that can help to pull people into shore with the use of the deployable flotation device as well as have cameras that are able to see the victim in the water as well as look out for sharks and other sea life.   

3) Who are you offering it to? The lifeguarding drone appeals to beach-goers or people who have friends or family who are beach-goers.  The introduction of the lifeguarding drone will help to reduce the number of drownings in the U.S. per year.  

4) Why do they care? The consumer for the lifeguarding drone is very broad as a majority of people have either swam in the ocean or have friends or family who commonly swim in the ocean.  It's purpose is to aid with the practice of preventative lifesaving.  

5) What are your core competencies? I would be introducing the first full-time use of the lifeguarding drone in the US.  The lifeguarding drone has been used in other countries like Spain and Chile.  These countries have seen a significant reduction in the number of drownings since introducing the use of a lifeguarding drone in addition to lifeguards during rescues.  

I believe the implementation of a lifeguarding drone to Florida's beaches can significantly help to reduce the number of drownings.  The drone could also serve to warn swimmers of sharks to prevent shark attacks.  I believe the hardest part of implementing lifeguarding drones is their immense cost; however, the government should help to fund these lifesaving devices.  One flaw that the device possesses is dealing with the climate that it lives in.  The salty water and air can very quickly lead to rust and other equipment malfunctions.  

Interviewing Customers No. 2

1) Fine tune your opportunity. After my first round of interviews, I concluded that the incorporation of a lifeguarding drone would be seen as useful and helpful in cutting down on the time it takes to reach a victim in the water.  A lifeguarding drone is seven times faster than humans when reacting in an emergency.  The drone is able to release a flotation device in which the victim can hold on to until the lifeguard is able to make contact with the victim.  I would also like to modify the opportunity so that the drone is equipped with cameras to see where the person in the water is as well as to be able to detect for sharks.

2) Fine tune the "who." I believe the who could have been specified better in my search for customers during the "Interviewing Customers No. 1" process.  A more ideal survey to fine tune my opportunity would be to interview beach-goers and locals of beach towns to learn about their opinion of the use of Lifeguarding drones during emergency situations.  Even though my product only benefits beach-goers, it reduces the number of rescues and drownings which is advantageous to more than just those who choose to spend a sunny, clear day at the beach.  

3) Tweaking your interview questions. 

-How do you feel about the use of lifeguarding drones during ocean rescues?

-Do you think there are any features that should be added to the lifeguarding drone?

-Do you think a discount should be provided to government subsidized lifesaving programs over a privately owned service?  Why?

4) Go talk to customers! Here are my videos from Interviewing Customers No. 2

5) Tell us what you learned about the opportunity. I think my opportunity has adapted and become more suitable and efficient throughout the interviewing process.  I have tweaked the design to include a camera and the ability to pull someone to shore with the use of a deployable flotation device.  I have learned that the idea of implementing a lifeguarding drone into ocean rescues would be appreciated by both the public and other first responders.    

6) Tell us what you learned about interviewing customers. Throughout the interviewing process, I learned that the opportunity primarily needs to cater to the customer first.  If the customer is not engaged or interested in the opportunity, than the demand for the opportunity will likely be poor.  The interviewing process was helpful for constructive criticism.  Tips I would suggest for the future is to take your random sample of interviews in Turlington so the sample isn't biased and you can get all five out of the way quickly.  Also I would keep the questions simple in the beginning and progress as the customer understands the need for this opportunity.  Lastly, I would advise for the creator of the opportunity to make sure they primarily cater to the customer.  

Week 5 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 was surprised by the lengthiness to the process for obtaining a patent.  There are several fees as well as review stages.  I expected the process to obtaining a patent to be simplified with only a few steps and less series of fees and stages.  

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

     I was intrigued to learn about the Bankruptcy Act that was proposed to ensure that the property of debtors is distributed fairly to the creditors to protect creditors from having debtors unreasonably diminish their assets, and to protect debtors from extreme demands by creditors.  The law was set up to provide assistance to both debtors and creditors.  

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

     Who can be an S corporation shareholder?  I would ask this as I am curious if this opportunity extends beyond the accessibility of U.S. citizens.  

     Does a LLC need a partnership agreement?  I would ask this because I am curious if an agreement would still be required for a single member LLC.  

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 author became repetitive when talking about the advantages and disadvantages of each sole proprietorships, partnerships, and corporations.  For example the author would say that the decision making is vested all in one owner for sole proprietorship but then claims this to be a disadvantage as one person is responsible for all business debts.  

Elevator Pitch No. 1

Lifeguard Drones

I'm the owner of Lifeguarding Drones, a company that is pioneering the way in the innovation of deployable flotation device drones to reduce the amount of time that it takes a lifeguard to reach a victim during an emergency.  Strong rip currents and powerful waves are the causes of many drownings.  These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.