Reading Reflection No. 3

The book I read for my third reading reflection was "The Long Tail: Why the Future of Business is Selling Less of More"

The general theme of this book is that the internet has opened up many new opportunities for business and has, and continues, to change business as we know it. The book states this is because we have access to much more than we ever have and because online stores function so different from normal stores. Online stores are able to have a "long tail" distribution of product sales and still make profit. What this means is that an online store can have a few products that are hits and a ton of products that are niche products and the niche products may only sell a couple of units each, but the combined profit from these low quantity sales of niche product can add up and bring in tons of money. The author argues that some of the most successful companies, like ebay and amazon, make money from the "long tail".

I think this book connected and enhanced what I am learning in ENT3003 by explaining the importance of niche markets in online shopping. this connected and enhanced what I am learning because if I am to create a business venture online I need to realize that not only the best sellers make up the revenue for a successful online business. There is basically infinite shelf space for an online store so it doesn't hurt to keep large amounts of less frequently selling inventory because it adds up. Realizing this strengthens my understanding of online markets as an entrepreneur, therefore connecting and enhancing what I am learning in ENT.

If I had to develop an exercise for class based on this book it would involve finding successful "long tail" online businesses and if possible looking at the statistics behind their sales. For example, looking at how much of their revenue comes from items that don't sell frequently and how much of the revenue does come from items that sell frequently. Another part of this assignment could be to look up how much it profit margin you can make off of niche items vs. hit items.

One of the most surprising things I learned from reading this book was why Wal-Mart is so successful. It almost has the same attraction as an online store - seemingly unlimited choices - but in fact Wal-Mart is far more limited than you'd imagine. While Wal-Mart usually carries more than two of each product it has, it still barely scratches the surface of what is out there. This illusion of unlimited choice (along with low cost) is what makes Wal-Mart so attractive. Wal-Mart is an inspirational business model and really bridges the gap between traditional retail and online shopping.

Venture Concept No. 2

Everything in red is unchanged from my first venture concept. Everything in green is revised for this assignment.

Opportunity

Who has the need? Anyone with a smartphone could have the need. The potential customers can almost be anyone. There is a higher likelihood of middle aged and younger consumers but this doesn’t exclude people who are older. The nature of the need comes from somebody who has a smartphone and a computer or just one or the other. This person may need extra storage for a device, need to transfer files, or want to back up their device. Potential customers are currently solving this need with a similar product that is not as advanced as my product. Some are loyal but from the reviews I read many are not and some of the reviews were from customers who once were loyal and lost respect for the brand after using their product. This opportunity could be huge is marketed right and if the software and support is awesome.

Innovation

The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.

Venture Concept

Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people. I would sell all of them my idea and tell them to get to work!

The Three Minor Elements

1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.

2. I think the next thing for my venture would be to offer an online store option. Something like a subscription for online storage space or some other type of online option that supports my device. A stated amount of "cloud" space could come free with the device and then there could be incremental upgrades if you need, or would like, more space that is given for free. This creates another source of revenue and also opens the opportunity for revenue from advertisements that could be displayed on the cloud webpage and the login information from the consumers (email, phone number, etc...) could be sold to companies as well.

3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.

I only received one constructive criticism on my first venture concept. Andre Holliday said, "I think that your second minor element strays away from the main idea of your concept. You want something tangible, portable and works with consumer's devices. Your second point seems more cloud based which is a little inconsistent with what you are trying to market. Just a thought." As much as I appreciate Andre's comment I do not agree with him about the idea being inconsistent with my product. The point of my product is mainly to backup or store memory. The product will be able to hold large amounts of memory, but some people will need more space and some people will want to have a backup to the backup in case they lose the device or it gets damaged. This is where the cloud would come in. The idea of the second minor element was to come up with what is next for my product. I don't think that I took too big of a leap in saying the cloud would be the next step. This creates opportunity for more revenue and more options for the consumer.

After rereading my first venture concept I think that I did a great job and didn't need to change anything. However, I did add more detail to the second minor element to make more sense what the next step for my business would be.

Final Reflection

I think the most formative experience I had was the elevator pitch assignment. It's something that I might have to do one day and I'm glad I now have some experience.
I think the assignment "My secret sauce" will be something I will remember because I think about the topics of the assignment normally and because the closest people to me were involved in the assignment.
My most joyous assignment during this class was either the reading reflections or the bug list because I enjoyed analyzing the books that I read and who doesn't like complaining sometimes?
I felt most accomplished for the elevator pitches and the first interview assignment I completed.

I saw myself as a entrepreneur before I began this course, but I do feel that I have gained knowledge on what it takes to be an entrepreneur and the characteristics that make up an entrepreneur. I also found the readings to be very helpful and inspiring. I believe I will read more often now on similar topics.

For the future students - Stay on top of the course work, set reminders for extra credit quizzes and other things you might forget if need be, make sure to believe in your ventures because it makes the class fun and easy. I think part of being an entrepreneur is something you are born with - a drive to create things, reinvent or make things better, and solve problems. I think another big part of entrepreneurship is being aware of the world around you and the part you play and have the ability to play in it. Keep these things in mind and if you don't have an entrepreneurial mindset already then maybe it's not for you, but it is something that can be learned if you have a passion for it. Be honest with yourself and do what makes you happy.

My Exit Strategy

My exit strategy for my first venture will likely be to sell within the first five years or so. Right now I imagine myself starting a successful venture that I will be able to sell for capital to start a new venture. I have selected this exit strategy because I have always dreamed of expanding and growing more than one company. I also think that I won't have enough capital to make my first venture my final and ideal venture. I may be lucky enough that my first venture is so great that I will stick with it and grow it and maybe even pass it down to my children one day. I don't think my exit strategy has had much influence on my assignments this semester. I think that the exit strategy depends on the opportunity and not the other way around. For example if I come up with an opportunity that I think will be a long lasting company my exit strategy would be different from an opportunity that I don't believe will be around for a long time. My exit strategy does influence my growth intentions and how I plan to use and acquire resources. If it is a business venture that will be short lived I won't have long term growth intensions and the way I plan to use and aquire resources would reflect this as well as well.

Venture Concept No. 1

Opportunity

Who has the need? Anyone with a smartphone could have the need. The potential customers can almost be anyone. There is a higher likelihood of middle aged and younger customers but this doesn’t exclude people who are older. The nature of the need comes from somebody who has a smartphone and a computer or just one or the other. This person may need extra storage for a device, need to transfer files, or want to back up their device. Potential customers are currently solving this need with a similar product that is not as advanced as my product. Some are loyal but from the reviews I read many are not and some of the reviews were from customers who once were loyal and lost respect for the brand after using their product. This opportunity could be huge is marketed right and if the software and support is awesome.

Innovation

The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.

Venture Concept

Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people here and there and sell all of them my idea and tell the to get to work!

The Three Minor Elements

1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.

2. I think the next thing for my venture would be to offer and online store option. Something like a subscription for online storage space or some other type of online option that supports my device.

3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.

Celebrating Failure

I recently failed Orgo 1 by less than 5 points. I learned to be more serious about my classes and to be more organized. The reason I failed was because I missed a few assignments that would have easily brought me to a passing grade. I think failure can be a lot of things. What failure can be or feel like it dependent on what you have failed at. Some things can be more or less devastating and sometimes not devastating at all. I think that there is a lot to be learned from failure. Failure is basically learning things the hard way. When I fail it is usually upsetting but I am motivated to better myself so it doesn't happen again. This class hasn't changed my perspective on failure I don't think. I believe I am still as likely to take a risk as I was before this class.

Elevator Pitch No. 3

This is my script from my second elevator pitch below

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector and comes with adaptors for lightning port and micro USB; this makes it the fastest memory device compatible with iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making customization a choice, not an option. Quickstick comes with customer service and technical support 24 hours a day in case anything happens to go wrong. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.


This is the script for my third elevator pitch below. Not a ton of revisions were made as my changes were mostly made during the presentation. You can find the video here

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector as well as a lightning port connector and micro USB adaptor; this makes it the fastest memory device compatible with both iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. This will be the first device that can easily transfer files TO a phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making personalization fun and easy. Quickstick comes with customer service and technical support 24 hours a day in case you have any questions or concerns. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.

I did not not receive any feedback critiquing my second elevator pitch, however, there were some changes that I wanted to make after I finished my second attempt that I had the chance to change during this attempt. I wanted to change my energy during this attempt. My second attempt wasn't as good as my first in the way that I presented it. I also changed the script a tiny bit to be even more clear to my audience. The biggest change I made in my third attempt was my energy and tone of voice. I think this is my favorite attempt yet, but I could still improve. The only things that I think I need to improve upon would be to memorize the script so I can recite it without reading which will allow me to be more enthusiastic and emotional during the presentation and I also think the audio quality could be better which would also help with the enthusiasm because I think I was talking much louder than the recording makes it seem.

My Unfair Advantage

For this assignment I will be using a convenient store for my venture.

10 Resources

1. Work ethic - This is valuable because hard work is a key component of being successful and being able to make things happen. This is rare because it is something that not everyone has. It is something that is learned and not all people have the proper upbringing to develop it. This is something that can be challenging for some to copy. It really just depends how much will power you have.

2. Realistic personality - This is valuable because it allows me to see things at face value. To be successful it is important to be honest with ones self. This is rare because a lot of people like to see things not for what they are but for what is more appealing to them and this can lead to poor decision making. This is something that is hard for people to learn because it is something you are born with or are taught throughout childhood.

3. Personable - This is valuable because it is important to be able to talk to people and it helps to create relationships. This is rare because you have to be born with an extroverted personality and know how to talk to people. Not all people are born this way. This is not hard to copy but some people don't have the proper personalities to be personable.

4. Adaptable - This is valuable because the world is always changing and you have to keep up or you will be left behind. This is rare because many people are stubborn to change, especially in old age, and you have to realize that things are constantly changing and we have to keep our ideas fresh or they will get old. This is not always easy to copy because it is something that requires intelligence and being adaptable doesn't mean any one thing. It is how you apply it that matters.

5. Calculated risk taker - This is valuable because most things in life involve risks but calculating risks makes for more educated decisions and less error. This is rare because it takes an analytical and honest mind to evaluate risks properly and not everyone thinks this way. This is hard to copy because it requires intelligence and understanding of the risk/benefits.

6. Team work - This is valuable because in many situations one will find themselves having to work with others and it is important to be able to do so. This isn't necessarily rare. Not everyone is good at working as a team but it is something that we have been conditioned to do from a young age so most people are capable of working together. This is not hard to copy this is something we have all learned from a young age.

7. Financial capital - This is valuable because it takes money to make money. This isn't necessarily rare. It depends how you get the capital that could make it rare. Having a rich father who will invest millions into you venture is rare. receiving money from a bank or investors is not so rare. This is not hard to copy. Anyone with decent credit and a business plan can get a loan or anyone with a good idea can find investors.

8. Social capital - This is important because many people have the ability to help others. Like the old saying goes, "it's not what you know, it's who you know" This is somewhat rare depending on how much social capital you have. For example, being tight with the president or owner of a large company is extremely rare. Even having a good relationship with your mayor would be rare. This can be hard to copy because not everyone knows the same people and unless you track down all of someones contacts and maintain an identical relationship then you have different social capitol than the person you are copying.

9. Strong personality type - This is valuable because sometimes you will be put in a situation where you will have to stand up for yourself or be outspoken. This is rare because it takes a certain type of personality and everyone is born and raised differently. This is hard to copy because some people jsut aren't made for it.
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10. Good communicator - This is valuable because getting a point across clearly is important and confusion can lead to mistakes. This is rare because it is something that is learned and not everyone it taught. It stems from being sociable and understanding how to communicate effectively. This is hard to copy because some people just don't understand how to communicate effectively.

For all of my resources, I don't think that there are any resources not mentioned that can substitute them. Some resources may have similar effects but I think they are each unique.

For this specific venture I think that my top resource is calculated risk taking. This is something that I don't plan on being a long term venture. This idea is simply to get my capital up so that I can move on to my next venture, therefore my top resource isn't going to be something that necessarily contributes to longevity but that gets me off the ground. Calculated risk taking is my top resource because there are obviously risks involved in starting a new venture and this being my first venture, it needs to be successful. If I fail on my first venture I don't have anything to fall back on unless I have mommy and daddy's money or I raised money through kickstarter or something. I need this first venture to be successful in order to move on to the next so this is why I believe being a calculated risk taker is my top resource for THIS venture.

Amazon Whisperer

Revenue drivers - The device (a memory stick that has a usb connector as well as a lighting connector and micro usb connector)

Product offering - Different storage sizes, different colors/styles, 3 in 1 memory stick (lightning, micro USB, USB 3.0), and easy to use device able to transfer files between devices

Next thing - The ability to back up to a cloud. This will make for easy memory storage and will foster customer loyalty as their information would be entrusted in our servers

Similar product - This is a picture of a SanDisk version of my idea except it only has the usb and lightning port and no micro usb. It also is USB 2.0 instead of USB 3.0 which is superior in speed. It is meant to connect to an iPhone or iPad to create more storage or to transfer things. This is very similar to my idea except it is missing the micro USB and therefore half of its function.

Customer reviews

Cons - First I looked at the most negative reviews to reveal the biggest flaws. It turns out that software updates and how they are updated were the most mentionable flaws. Another huge problem was the inconsistency of the pairing with phones. There wasn't much mention of problems pairing with computers but it was mentioned in almost every negative review that there was inconsistency of connection to the users phone or problems updating the software. The specific problem with updating the software was that you have to do it through a PC which many consumers don't own. What if you have a Mac? Many of the buyers said that they wish you could do the software update through and app on the phone. 

Pros - A lot of the pros that I read included that the device is perfect for backing up. It seems like a lot of the buyers want the device to create space on their phones. There was mention of fast transfer speeds. One person thought that including an extension cable would make the product better. The same person also said that the device is only for backing up and is unable to transfer files to an tablet or phone but can transfer them to the computer from the phone or tablet.

Design and usability changes - I would make changes so that there is an option of the lightning port and micro USB. Not only would this improvement help people who want to switch from an Android to an iPhone or vice versa, but it would also be useful for people who live together but have different phones so they care share one device instead of buying multiple if they'd like. Another change I'd make is USB 3.0. USB 3.0 is much faster than USB 2.0 and a lot of the comments mentioned they enjoy the fastest transfer speeds possible. I would also improve upon the cons of the device, such as how the device is updated. The device would be controlled through and app and can also be updated through the same app so that the device is not dependent on a computer. I'd also like the product to be able to transfer to phones and not just from them. Right now it seems that you can only transfer from phone to device to computer but not the other way around. I would also make sure that the connection to the phones is consistent and that if the device could not recognize the phone it will make troubleshooting suggestions, such as to restart the phone, so that people don't encounter technical problems using the device. 

Good addition - I think this product would make a good addition because it does everything people want and more. It would fix some of the most common issues with similar devices but it also have much more potential as well. When I was looking at the product I also viewed the "people who bought this item also bought" and noticed that someone who was buying a memory stick compatible with a iPhone was also buying Android phone cases. This lets me know that they must either have two devices or are trying to switch from one company to another. In either case they could benefit from a device that can connect to both or their devices and not just one or the other. I also noticed on a second similar product I viewed that someone bought and extension with the device so I think that including one with the product would be a good idea. I also didn't see any mention of a cloud with any of the other products but I also didn't see any mention in the comments either so many it would be nice to have but not a necessity.

Reading Reflection No. 2

This reading reflection is on the book "Makers: The New Industrial Revolution"

1) What was the general theme or argument of the book?

The general theme of the book is examining the modern day industrial revolution. It examines todays "makers" and what it takes to be a "maker" and entrepreneur. It also compares the opportunity we have today compared to the opportunity of our ancestors.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book connected and enhanced what I am learning in ENT 3003 by giving a different perspective on what it's like to be an entrepreneur today. The book does this by explaining all of the technological advances and resources we have today that we did not have in the past. It explains in detail how these advances and resources give everyday people a chance to more easily, more safely, and more cost efficiently begin a business venture. The book provides specific details and great examples.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I had to design and exercise for this class it would be to find a product or service created within the last ten years and to find out how it was funded, how it is produced, how it is marketed, and so forth. From reading this book I realize that there are so many different ways to do all of these essential parts of making something and it is important to take a look at how a successful product or service has come about to understand better the process of starting something new in this day and age.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations? 

The biggest surprise was what I read about funding. I already understood how kickstarter and gofundme work but I didn't realize how incredible they are until reading this book. They allow for a "maker" to be funded without selling a portion of their idea to a venture capitalist, they don't have the high risk of taking out a large bank loan, and instill a sense of ownership from the investors which leads to more word-of-mouth marketing and other forms of free advertisement. These websites allow for people with awesome ideas to get funding and get their word out without loosing partial ownership of their idea or loosing their house because of a failed attempt at starting something new. 

Idea Napkin No. 2

1. You
I am a young adult with a lot of learning to do. My talents are - talking to people, putting in 110% to things I'm passionate about, and thinking outside of the box. Some of my skills include listening, speaking effectively, confidence, teamwork, and problem solving. My aspirations include living a successful life, which to me is living a comfortable life that I am proud of. When I think of being a business owner I always think of making the business successful and then expanding from there. I think that this will play a large role in my life because I want to retire as early as possible so I can enjoy my retirement while I am still young.
2. What are you offering to your customers?
For this exercise I am going to use the idea of a gas station/convenient store again. I will be offering a wide range of products inside of the store and outside I will be offering gasoline, windshield washing stations, etc... basically it will be your everyday convenient store/fast food/gas station. I will be solving customers' unmet needs by building this establishment in an area where most people have trouble getting to the store because of lack of transportation. This idea is based solely off of the need of the people who live close by and also based on the amount of traffic through the road. This idea is not supposed to be innovative it is simply exploiting a need that is unmet in the area. This is not something I plan on being an income source for the rest of my life. This is simply a short term plan to make some capital to qualify for loans to fund my next venture. I would either hire someone to run the store and I would keep ownership of it or sell it after it becomes succesful. I know this idea would work well because of my interviews and because of the lack of stores around an area with a high population of people, many of which don't have quick or reliable transportation. Those who do have a vehicle will still be drawn in to my idea as well. The crime is a tad bit higher in this area than other parts of town but I think that it would not be much of a problem. There would be security cameras in plain view and maybe a monitor at the front of the store to show customers the cameras are functional, Employees that are loyal and alert to help prevent theft, and strategic product placement/security to make stealing anything valuable seem like too much work and risk.
3. Who are you offering it to?
I'm offering this service to everyone along the stretch of road where the store would be built and also to anyone driving by, which is a lot of people everyday around 5 o'clock when work lets out and there is decent traffic on this road in general.
4. Why do they care?
They care because many of the people along this stretch of road don't have many other options. They need something convenient and this will be one of their only options. Also it is convenient for people who are driving by. Many people use this road on the way home from work or to get across town and traffic is always at least decent for this reason. There isn't a gas station on this stretch of road so it would create a new convenience for many people.
5. What are your core competencies?
I believe that I think differently from the majority. I have always had a very realistic view on life and I think it helps me see everything for what it truly is. Many people like to see things more as they would like them to be, but I see them as they are. Some people have confused me with being "negative" when I have simply made an observation, which goes to show they chose to see this observation in a good light and I just chose to see it unfiltered. I have a very strong mind and I will use it.
I am very good at noticing unmet needs of myself and others and I am good at coming up with ways to solve these unmet needs. Every time I see an advertisement, business, etc... I am always thinking of what makes them successful, where they need improvement, and how the idea could have been better. This is a quality that will help me create the best business I can.
Evaluation
I believe all of the previous elements work together. I think that if I want to make something happen, it will happen. The only thing that holds me back is my harsh criticism of my ideas. The reason I am so critical is because I know that many businesses fail and I want to be so sure that I know it can't fail. I think this is a good thing though and I believe it falls in line with my realistic view of life. Many people who open businesses that aren't successful or go bankrupt are most likely people who aren't as realistic of me. They probably thought their idea was an amazing idea but weren't being critical, or realistic, enough. I won't have this problem. When I make my move into the business world it will be a carefully calibrated decision and it will be a success.
Five main takeaways from feedback
The main thing I changed was better explaining my idea. I did not make it clear that my idea was not supposed to be innovative.
I made clear what my idea is in the "what are you offering to your customers" section.
I added and exit strategy to better explain the long term plans of my idea.
I talked about the crime in the area and how I would address it.
I better explained how I was planning on exploiting my idea.
I elaborated on "why they care".

Elevator Pitch No. 2

Here is the link to the video

One of the biggest things I took from the feedback from the last pitch was explaining my product better. I thought this was most important because nobody will be interested in a product if they don't even know what it is. None of the comments stood out as silly to me. The feedback that surprised me the most was someone misinterpreting what my product was, which can be fixed by better explaining the product.

Based on the feedback I changed around the structure of the script and tried to explain the product better. the time limit for the assignment has helped me better understand how important it is to get to the point and be as clear as possible. In hindsight of my second recording I still can see room for improvement. There are at least two more sentences I could have added to make things more clear. For example, I could have said, "The Quickstick will be able to connect directly into the charging port on Iphone and Android phones". To me, the inventor of the product, I assumed people would easily understand my idea but it is important to make sure you are clear enough and quickly state what it is you are selling. I also noticed that I am less enthusiastic when I am reading my pitch as compared to when I did it off of the top of my head. It is harder to do it off of the top of my head but I feel like it was better when I had more enthusiasm. There are still things I'd like to change but I think that I did make progress from last time. 

Here is the transcript

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector and comes with adaptors for lightning port and micro USB; this makes it the fastest memory device compatible with iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making customization a choice, not an option. Quickstick comes with customer service and technical support 24 hours a day in case anything happens to go wrong. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.

My Customer's Avatar

My prototypical customer is a young adult, male or female, and will be an owner of a smart phone. He or she will have a need to transfer files, back up files, and create additional memory for a device. This avatar can really include any phone owner who is a young adult but could also be aimed towards students specifically.
My customer avatar would look something like this 
This would be a good customer avatar because she is holding the product, the computer shows that she may be a student and it is also a device that is compatible with the product. She is a young adult and resembles the target audience. I also chose a pretty girl because sexualization of adds can make for good marketing. It makes women feel included in what may seem like a more male dominated product and it draws male attention.

What I have in common with the customer avatar is our age, potentially we are both students, we both own computers and we are both white.
I don't believe that me and my avatar having things in common is a coincidence because that is part of the reason I chose it. I myself am a prototypical customer and therefore my avatar should resemble me in a least a couple of ways.

My Secret Sauce

1) 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. 

1 Strong personality - I don't settle for less, I know what I am worth, and I will stand up for what I believe in
2 Realistic - I see things for what they are and try to avoid bias when making decisions and I don't let my emotions cloud my judgement
3 Hard working - When I am dedicated I put in 110% effort, even when I am not dedicated (such as previous part time jobs) I still work hard than almost all of my co workers
4 Personable - I am easy to talk to and can be charismatic at times
5 Good communicator - I can present my ideas in a way that is easy to understand and am also good at listening and making compromises
2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

interview 1
interview 2
interview 3
interview 4
interview 5

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 
Remember to proof read your post, to include "My Secret Sauce" in the title.
When you have completed this exercise, please share the URL to your post here. And don't forget to make your declaration!

It seems like I see myself similarly to others who know me. My mother, father and sister all said nearly the same things about me and I mentioned most if not all of the things they mentioned in the interviews. There might be slight differences in the way they presented their five things that made me different but in essence were the same things I had said about myself. I think the interviewees are correct about me because they had similar things to say about me as I did about myself and I think it goes back to being realistic and evaluating things honestly, including myself. No I would not make any corrections to the list but if there were more than five things there are definitely things I could add that others would agree with, for example, my father actually mentioned 7 things about me (interview 3) so I could have added the two extra things to my list.

Hilliar

Hilliar - made from Hillary and Liar

Used in a sentence - I wonder who will become the next president, Hilliar Clinton or Donald Trump.

Pronounced Hill-Liar

Only my girlfriend used my word but this is because I haven't spent much time with anyone besides my girlfriend in the last two weeks and Hillary supporters are probably not a fan of my portmanteau. Most people thought it was funny and I'm sure it would have caught on given more time around people that I shared my portmanteau with. I am not sure if I know any Hilliar supporters, but I'm sure they would scorn my portmanteau.

I think my portmanteau would have been catchy if I had spent more time around people aside from my girlfriend. The idea wasn't intended to be catchy so much as taking a stab at Hilliar Clinton.

Halfway Reflection

As if talking to a future student of this class

The behaviors I have used to keep up with this class are organization and perseverance. These will be very important to have/develop for this class.

Every time there is an assignment that we are required to do more than 15 minutes of interview I feel like giving up and every assignment that I have completed that fits in this category is an instance of pulling through. The experiences that most contribute to this are the experiences when I have received bad grades and the fear of not getting a good grade is this class is the soul motivation of completing the interview assignments. Make sure you count all of the possible points in the class and figure out how many assignments you will be able to skip and still achieve your desired grade, then subtract 2 from that number to give yourself a safety net. This way you can skip as many interview assignments as possible therefore living a less stressful and happy life.

If I had to give you 3 tips about fostering tenacity and developing a tenacious mindset the first would be to find something you are passionate about. Passion inspires tenacity. Passion will be key in fostering tenacity. Another thing you can do to foster tenacity is set goals. Having short and long term goals is a key characteristic of successful people. Tip #3 would be to make sure and find/create motivation. Motivation is also inspired by passion but sometimes you will have to do things that you are not passionate about (in my case it's the interview assignments) and you will have to find a motivation (in my case it is fear of a poor grade) to inspire tenacity.

Need Awareness and Information Search (unfinished)

The segment I am choosing for this assignment is the consumer.

interview 1
interview 2
interview 3

Reading Reflection No.1

This reading reflection is on the book "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future"

• I found a few things very surprising about Elon Musk. For one, he was born in South Africa and he had a tough upbringing regarding living with his father and his early schooling. Musk says that living with his dad was miserable, but not absent of good. Although Musk and the rest of his family say that his father was a miserable and horrible person to be around, he was nice enough to invest 28,000 into Musk's first start-up company. He also took Musk and his brother, Kimbal, on many trips around the country which the two remember as fun. During Musk's early schooling he was bullied very extensively. He was bullied to the point to where he was hospitalized and missed school for a week. The bullies even threatened his best friend to stop being friends with Musk and lure Musk out of hiding so they could attack him or else they would do harm to the boy. Musk did a lot of traveling in his life. He went from South Africa to Canada, to America, and didn't settle down until he made it to Silicon Valley. 
• I think the thing I most admire about Musk is his drive and imagination. He was thinking of things so many years ahead of what anyone else was thinking and had the drive to make it happen. His imagination of a better world and his love of science fiction is what seems to motivate Musk. He imagines a world where we colonize another planet and start to use technology such as solar power to make the world a better place.
• The thing I least admire about Musk is his lack of empathy. From what Musk's coworkers had to say about him it is clear that he has a hard time understanding that not everyone thinks the same way he does. This may have been a factor in his success as he doesn't take no for an answer and therefore no one else should do that either. His lack of empathy sometimes created tension in the workplace and sometimes lead to a lack of production by the individual he offended. 
• Musk definitely faced adversity although I don't believe he faced much failure. Musk is not one to fail as he is a do or die type of person. He had times in his life where he didn't have hardly any money and poured it all into a business venture which lead to him living at his job and taking showers at the local YMCA. He was not at a very comfortable point in life and still continued to push and fight until everything worked out in the end. He went from living at his job and showering at the YMCA to selling the company he was developing which landed him 22 million dollars and his brother 15.
• The competencies I noticed that Musk presented were his do or die attitude and never taking no for an answer. He also was very smart and read a lot of books from a young age. He put 110% into whatever it is he was interested in and has a immense amount of confidence in himself. The drive that this guy has is amazing and inspirational. He had dreams and he decided that he would do whatever it takes to make them come true.
• One part in the reading that was confusing to me was the part where it talked about his business Zip2. I did not understand exactly how the business worked and what exactly it was doing for companies that made it appealing and successful. The book did not go into great detail about the actually function of the company, just a brief overview that was confusing to me. 
• If I was able to ask Musk two questions I know one that I would ask for sure is - was there ever a time when you were unsure of whether you would be successful, in your eyes. Another question I would ask is - Was there ever a time you were discouraged or scared in between the time you were a teenager and before you started getting financial backing for your first company?
• I think Musk's idea of hard work is never giving up and never taking no for an answer. From what I've read you can tell he knows what he wants in life and he won't stop until he makes it happen. He is relentless and it has lead him to great success. I think that I do share this drive, but not all the time. I share this drive when there is something I am passionate about. The problem for me is finding and solidifying this passion. Right now I am not exactly sure what I want to do with my life, but if I knew for sure what I want to accomplish and I was serious about it, I would make it happen.

Idea Napkin No.1

1. You
I am a young adult with a lot of learning to do. My talents are talking to people, putting in 110% to things I'm passionate about, and thinking outside of the box. Some of my skills include listening, speaking effectively, confidence, teamwork, and problem solving. My aspirations include living a successful life, which to me is living a comfortable life that I am proud of. When I think of being a business owner I always think of making the business successful and then expanding from there. I think that this will play a large role in my life because I want to retire as early as possible so I can enjoy my retirement while I am still young.
2. What are you offering to your customers?
For this exercise I am going to use the idea of a gas station/convenient store again. I will be offering a wide range of products inside of the store and outside I will be offering gasoline. I will be solving customers' unmet needs by building this establishment in an area where most people have trouble getting to the store because of lack of transportation.
3. Who are you offering it to?
I'm offering this service to everyone along the stretch of road where the store would be built and also to anyone driving by, which is a lot of people everyday around 5 o'clock when work lets out and there is decent traffic on this road in general.
4. Why do they care?
They care because many of the people along this stretch of road don't have many other options. They need something convenient and this will be one of their only options.
5. What are your core competencies?
I believe that I think very differently from the majority. I have always had a very realistic view on life and I think it helps me see everything for what it truly is. Many people like to see things more as they would like them to be, but I see them as they are. Some people have confused me with being "negative" when I have simply made an observation, which goes to show they chose to see this observation in a good light and I just chose to see it unfiltered. I have a very strong mind and I will use it.
I am very good at noticing unmet needs of myself and others and I am good at coming up with ways to solve these unmet needs. Every time I see an advertisement, business, etc... I am always thinking of what makes them successful, where they need improvement, and how the idea could have been better. This is a quality that will help me create the best business I can.
Evaluation
I believe all of the previous elements work together. I think that if I want to make something happen, it will happen. The only thing that holds me back is my harsh criticism of my ideas. The reason I am so critical is because I know that many businesses fail and I want to be so sure that I know it can't fail. I think this is a good thing though and I believe it falls in line with my realistic view of life. Many people who open businesses that aren't successful or go bankrupt are most likely people who aren't as realistic of me. They probably thought their idea was an amazing idea but weren't being critical, or realistic, enough. I won't have this problem. When I make my move into the business world it will be a carefully calibrated decision and it will be a success.

Elevator Pitch No. 1

This is a post for an assignment where I am to do an elevator pitch of approximately one minute and thirty seconds. My pitch ended at one minute and fifteen seconds. Below is the transcription of the audio from the video which you can find here. I realize I say "and" too much; feel free to roast me in the comments. I recorded this off the top of my head and it took me about 20 takes. Thanks for watching and reading.



 Hi, my name is Cameron Hellstrom, inventor of the Quickstick - the Quickstick is like a memory stick for your phone. Now I know that you might say there a lot of memory sticks out there, but this one is different. This one will be compatible with iPhone and Android. You will be able to transfer files from phone to phone, phone to computer, and computer to phone. And you will be able to do it in style; with a lot of different colors and styles the Quickstick will be right for you. And it also comes in a lot of different sizes. Quickstick can be used to back-up files as well, so we have large storage options so you can back-up your phone, computer, whatever device you'd like. And it will also have small storage options in case you just want to transfer files to family and friends, your a student and need to upload files to the computer, nothing huge, it's there for you. Now we also have customer service and technical support 24 hours a day in case anything happens to go wrong, but that's very unlikely because Quickstick comes with security. It comes with an encryption and you will be able to choose your own passcode so nobody is getting in but you. We'll see you in the future. Once again I'm Cameron Hellstrom with Quickstick.

Tweaking the Innovation

This post is about exploring the levels of a product and service. For this post I will use the venture of a device similar to a memory stick that I proposed in my "My Solution" post.

Flash drive device compatible with iPhone and Android phones

-Different colors
benefit = certain colors are more attractive to certain people than others or signify certain things to certain people

tangible = Color is something that you can see and touch it is something that gives the device its identity

augmented = N/A

innovations = instead of just painting the device a basic flat color maybe it would be a good idea to have a glow in the dark option, colors that react to sunlight, or other fun color schemes which would be a result of a change of the core.

-Different storage sizes
benefit = Different people will have different needs for the device so making smaller and larger storage sizes will accommodate the user depending on the amount of storage they need. These different storage size devices will also differ in price giving the customer the option to save money if they don't need a larger amount of storage

tangible = Storage size is something within the device that contributes to customizability and functionality of the device

augmented = N/A

innovations = i'm not sure there is much innovation to do with storage size except increase the storage, but maybe instead the focus would be on optimizing the speed of transfer between devices which would be a change of the core.

-Different styles
benefit = people have different ideas of what makes something attractive so having different styles along with the different color option will increase the personality of the device and therefore the consumers relationship with the device

tangible = different styles is similar to different colors; it is something that is mostly appealing to out sense of sight but it is also something we can touch

augmented = N/A

innovations = when thinking about tangibility, and therefore our senses, I thought, maybe we could enhance the device to appeal to an extra sense than it would already appeal to -- sound. the device could potentially make noises to let you know it is connected, speak to the user or prompt the device it is connected with to communicate with the user which would be a change of the core.

Another idea is also a change in the core, i could design new styles based off of things that already exist - device shaped like movie characters and famous items, etc...

-Security features
benefit = some buyers will want to use the device to transfer sensitive information and want to know that their information will be safe and secure in the event that they lose their device or if it is stolen

tangible = security features aren't a tangible thing but I suppose we could consider it tangible in the way that you would be able to call a real person with issues concerning device security and problems you may run into

augmented = This product would come with customer support

innovations = there is always optimization to be done with security. the device could come with customer support and device support that would enable auto-updating of security when an updated version of security is released which is a change in the augmented level

Looking for Opportunity

This post is about 4 opportunities, two that involve economic trends and two that involve regulatory changes. The first two will be about economic trends and the second two will be about regulatory changes.

1. Virtual reality (VR)
I found this here
I believe there is massive opportunity in virtual reality. At first glance you may think, "This is just for video games" but there is much more opportunity than we may be able to imagine right now. The article I included the hyperlink for explains that virtual reality could even be used for virtual tourism, immersive journalism, and even exposure therapy. I think there will be opportunity to make things that will be compatible with virtual reality, whether it be an innovative app or even attachments/accessories for the VR headsets. I believe an opportunity exist because VR has been up and coming for a while now. In an era where everything is within our grasp this is a perfect addition. This will allow us to watch videos, movies, play games, video chat, and so much more as if we are actually there. Another thing that makes me think VR will be a success is the economic trends of advancing technology. When we see sci-fi movies about the future we see VR and other types of technology that we already on our way to creating. I think to a certain extent that media can influence the future. VR is progressing to the point where it is becoming very advanced and practical for various applications. I think the younger generations would be the main customers, but VR has the potential to break through to many different markets. I think  most opportunities are hard to exploit in one way or another. Forming the idea of an opportunity for VR might be easy but actually creating the opportunity would probably be difficult. I think that I would see this opportunity and someone else wouldn't because there is so much to be created that hasn't been created yet and VR isn't big enough at this point to reveal all of the needs that VR owners will have. It is still in the beginning stages and therefore there is a lot of room for growth.

2. "Health in our own hands"
I found this here
This talks about the future of healthcare, more specifically about monitoring our own healthcare through technology. We now have affordable watches and other forms of body monitoring devices that don't cost a ridiculous amount. These devices can monitor our sleep and other aspects of our life that can be indicative of our health. The market for these types of devices and healthcare is predicted to grow by 600% in the next 3 years. This type of opportunity would be attractive to almost anyone. Millions upon millions of people have health issues and those who don't can still benefit from monitoring their health. Imagine a watch that could warn you when it knows you are about to have a heart attack and automatically calls 911 for you or prompts you to call. It would be like a cross between a fitbit and life alert. I think the development that would have to go into this idea would be hard to accomplish but that the product itself would be easy to sell. I believe many other people will see similar opportunity but where I could find a niche is thinking outside of the box and creating something ahead of its time that has multiple functions and does not just function with a single purpose, but many that can be integrated into an app or something. I can see there being opportunity here because people no longer use the doctor as traditionally used. Now people use the internet first and the doctor second instead of going to the doctor as soon as they have abnormal feelings.

3. Cyber threats
found here
Cyber threats are becoming greater and greater as more people use the internet to transmit secure information, such as banking information. This ranges from companies having private information about their customers stolen to crippling whole financial markets. This could possibly affect anyone who uses the internet to make payments or who has sensitive information or money invested in a company who is at risk of being hit by a cyber attack. I believe an opportunity exist here because for every defense there is a way to get past, so companies have to continuously be updating their technology to keep information safe from a cyber attack. I think a lot of people and companies see this is as a problem but no one has come up with a definite solution. This is probably a daunting task but if a solution could be created to 100% defend against cyber attacks, it would be very profitable and helpful.

4. Whistleblowing activity
found here
I found this article very interesting. It describes how whistleblowing protections are increasing. There may be opportunity to create an app where that would allow people to send in tips when something fishy is going on at their workplace. This app could be an extension of a company consisting of lawyers who look into the claims submitted by the users of the app. There could be a protected system where people can feel safe blowing the whistle on their employer and have easy access to do so. The audience for this app would be anyone who currently is employed. Like most things, I believe this opportunity would take a lot of effort to bring to reality. I think the reason I see this opportunity and not the next guy is because maybe I'm wrong for one, but if this is a good opportunity I'd say it hasn't been created yet because it is an idea that is futuristic. It involves new age technology that wasn't really possible 10-20 years ago and also whistleblowing is becoming more popular. Ever since Edward Snowden blew his whistle, opinions on whistleblowing have been stirred up and people may be more inclined to blow the whistle today.

My Solution

This is a post about a solution to a problem I have mentioned in a previous post. This solution is referring to my previous blog post "Bug List"

In my Bug List post I list 20 things that bug me during my daily life. The solution that I am writing about here is from #3

3. There is no quick and easy way to transfer a single file from my iPhone to a storage device or computer. Sending a picture, video, or other type of file can be a pain to transfer to another device but could be as simple as a couple of button presses on the phone. This bothers me because sometimes I'd like to transfer some kind of file quickly and there is no quick and easy process that I am aware of. This could be fixed by a memory stick made for my phone.

I think that a memory stick that is made compatible for iPhones and Androids would be a hit. For example last week I was trying to get my audio files of my interviews onto my computer so I could upload them onto sound cloud. This turned out to be a huge pain in the ass, however, if I had a memory stick that would allow me to specifically move the item that I would like to move without the unreliability of emailing something to myself or the time consumption of syncing my phone would have been much easier. This would also be a huge help for transferring video or other types of files that may be a pain to move from phone to another device (phone to phone, phone to computer, phone to tv, etc...)

Forming An Opportunity Belief

This post is about a belief I have of an opportunity here in Gainesville.

My belief is actually from my previous post. It is a belief that I developed from the news article about the neglect of  an area in Gainesville. The area I am talking about it the area between the I-75 bridge on 20th ave and Tower road. Unlike many people at UF, I have lived in Gainesville for almost 12 years now and am very familiar with the city so I will describe it for you all. This stretch of road is about 3 miles long, has a bridge on one end, and only has sidewalks about half of the length the stretch. The neighborhoods and apartment complexes that are on this stretch of road are low income and most people depend on public transportation. This road has heavy traffic and very little safety measure for pedestrians. My belief is that there is opportunity to open a store on this stretch of land. At first I thought that creating a new form of transportation for people would be a good idea, but because the customers are low income and they have alternatives such as the bus it would be a better idea as a business man to open a store than try to wiggle into the transportation business. Because the transportation is so bad the residents of the housing along this road need stores that are close by so that they don't have to spend 3 hours traveling to the grocery store and back. My initial thought on what type of store to open is a gas station with a convenient store and fast food restaurant. I believe this would be very profitable because of the high volume of vehicles that flow through this road (being that it is one of the few that go west) and because there is only one mom and pop shop along the 3 mile stretch of road. There is actually commercial land for sale right now along the road that I imagine someone will make a killing off of in the near future. A majority of people along this road have a need for a store/gas station/fast food and those who don't have the need will still be attracted by the convenience and affordable food. My idea would also create jobs for those in the area who don't have means to travel far for work. I am 87.5% sure my idea would be a huge success.

The prototypical customer is nearly everyone that lives along the stretch of road but more specifically those without motorized transportation.

Iteration #1 ----- link to interview 1

I found that transportation is very bad and that some people waste more than 3 hours a day using public transportation. The buses don't run past 6:30 and 7:30 at the latest so for anyone who gets off work late they have to walk at least a mile on a road that is dangerous for pedestrians. The first gentleman I spoke to, Keith, told me he has had close calls with people in cars getting close to him while he was walking along the road, specifically the bridge. I also found out there is no convenient stores around. The closest stores are at least a mile or two. I also found that the roads are dangerous and do not have barricades on the bridge or sidewalks half of the stretch of road. There is not much support for bikers either so traveling far without a car can be dangerous. I found that there is a need for my opportunity because there is a large volume of people, most of which who lack motorized transportation, and not many stores around them. The most interesting thing I found about my opportunity is that there is almost no competition within a couple of miles of the stretch of road and there is lots of vacant land or land that hasn't been built on yet. 

Iteration #2 ----- link to interview 2

The next man I spoke to, Jerome, said that he spends a lot of time waiting for the bus to take him to work and to run errands such as getting groceries. He said that there is a mom and pop store that has everything he needs for the most part, but my suspicion is he is modest and only shops there because he has no other option. He seemed like a very patient man and did not seemed too bothered by the fact that he wastes a large portion of his life on the bus or waiting for it to pick him up. The most surprising thing that I learned was that there is a store off of the road but it is down one of the side roads and is a small store.

Iteration #3 ----- link to interview 3

I learned that my opportunity would be very beneficial for some of the people along 20th. because the transportation is so bad a lot of people would rather walk to somewhere close by than try to travel via the bus.

I think that my original opportunity (transportation) would be way more of a hassle than what it's worth and possibly a failure. However, I believe that my most recent opportunity (opening a store/fast food/gas station) is very much a reality. I do believe my my opportunity is more accurate then when I started because I know better understand the needs of those in the area and what what they would like to change. There is definitely a trade off between adapting and staying firm. I believe there are somethings that you can adapt to and maybe more of the time you should adapt than stay firm, but there are also times when you have to stay firm on and hold your ground. Adaptation over time is key, times are changing and a business has to keep changing as well or it will get lost in the sands of time. We see many aspects of many different businesses changing today and it is all to adapt to their target audience.