While many might say I did not fail, I honestly feel like I did when I compared my elevator pitches to other classmates. I have severe speech anxiety and my final product was not much better than the first one. There were points I failed to touch on, I spoke to fast and really, never "nailed" my sales pitch.
I learned with determination and learning by example that I could get better. No, I did not nail it but if it was even a slight improvement then it was worth the multiple efforts.
Failure in general is brutal. You learn where you need improvement and with this particular class, you learn by the example of others and by the suggestions of your professor and peers. People do not tell you things to be hurtful, they tell you things to make you a better person both personally and professionally. It is important to not allow failure to get the best of you, it can only make things worst. Instead, consider it a learning mechanism and grow from it.
I have always understood where strategic planning in a business was important but I did not think every business did it and in the same token, I never understood the lack of strategic implications so while I did not find the material surprising, it did make me think outside of scope that I had not covered before.
While it was incredibly simple, I actually did not understand bureaucratization versus decentralization. What do they mean by it?
When they say they want entrepreneurs to remain flexible beyond startup, do they mean the key elements or are they isolating a great meaning?
Can a person be successful if they are not a combinations of managerial and visionary leadership? Can you take two personalities and make it a complete package?
My plan is to expand my business in the next 5 years outside of Orlando and more towards metro markets like Chicago and New York. I would like to expand the business as a whole to not only my children but hire family members in various states so there is a level of trust within the business and I can assure my customers that I know the expansion worker personally.
The number one priority with my business is customer satisfaction, knowing I am expanding the business with people I know and appreciate and they are a reflection of me most definitely influences my decision to expand.
Lastly, if I can employ people in my own family and provide them with a solid foundation to work, good benefits and a great relationship with their boss; and most importantly a solid business model for my children to take over down the road, I would love to do that.
The biggest surprise for me in reading chapter 12 was not so much a surprise but wishing it was something I read from the beginning, which was the Presentation of the Business Plan. While the professor provided us with an example for our elevator pitch, I think I could have eased my nerves by following some of the steps. One that particularly stood out was to focus on the "pain" for which your venture will be the solution. I knew it was a solution but placing emphasis on the pain really hit home.
One area that I would have liked to get a better understanding of was the critical risks segment. Yes there are what-ifs but how to you come to those what-ifs, how do you trouble shoot them? Which in turn would also be questions that I have for the author? I know every business is different but examples of various businesses would have been helpful.
I guess I do not necessarily agree with the updating the business plan, particularly the financial changes. It states to update your plan at least a yearly basis but should there not be a stipulation or a contingency noted in the next that it would be evaluated immediately should there be a natural disaster or a terrorism threat?
Who has the need is
applicable to everyone. In my
beginning stages of querying different people, each person stated that
they liked the idea of having an on call concierge to bail them out in a
pinch. However, not every person
felt all services were needed that I started out with and a key
demographic made it very clear that they would not be able to afford
these services, that demographic is students.
Nature of the need?
The nature of the need is
not imperative; it is more of a want than a need but in a busy world where
many people are balancing a household, job and children; or a busy
executive who travels, assistance in the smallest fashion is
appreciated. It is also easier and
cheaper to hire on an as needed basis, much like a cab company, than
hiring a personal assistant.
The forces or changes in
the environment are creating this opportunity is convenience. People hire personal trainers, nanny’s,
chef’s, drivers for the convenience factor. This service is just the same.
The market has not
expanded outside of the Central Florida area but geographically and
demographically was conducted with in person surveys.
Customers are currently
satisfying this need by piece mealing their needs from different vendors
instead of a one stop shop. They
are hiring a separate person to be a nanny and pick-up their kids, a
groomer to come to their house, etc.
I do not think the opportunity
is big in all areas, but in large cities where individuals live a busy
personal and social life and they are trying to find balance, it can truly
become something huge.
Innovation
The services I am looking to provide is an on call concierge
service. Not all services will be
included, such as oil changes or babysitting but a list of services would be
available for lookup on the website or via the smartphone app. The services will include, drop/off pick-up
for airports, children school/after school activities, pet care (to and from
the vet or groomers); it would include assistance in being the point of contact
for catering events, could assist in making bank deposits, drop off/pick-up of
car repair or detailing, dry cleaning drop/off pick-up. Other services can be added upon reviewing of
request and demand. The cost for the
service is a set $20 within a 10 mile radius of the pick-up location. Thereafter, a charge of $1 per mile will be
added for travel costs.
Venture Concept
What are the reasons to think customers would
switch to this new product? How
hard will it be to get them to switch?
I think people would be
willing to switch to this new product for convenience, trust and
essentially a one stop shop. You
would have the same helpers working with you each time so you will
establish a good rapport and level of comfortability. It will not be hard
to switch do to my current connections and letters of
recommendations. I work with high
ranked people in the business world and celebrities. With their endorsements, that is a huge
selling point.
Who are the
competitors? What are their
possible weaknesses or vulnerabilities?
There is not much
competition. Sure, you have your individual
businesses but there is nothing currently on the market for a one stop
shop, especially with the technology convenience of an app.
What role does packaging,
your price points, distribution, customer support, the customer experience
or the business location play in defining your business concept?
The price point is
imperative. I surveyed different
age brackets and demographics and this service was not for everyone,
primarily on price alone. However,
I have to weigh the benefits of capturing a few additional college
students at a lower pricing point but losing the prestige of the business
or letting them go and keeping a high end list of clientele where by
business will be in demand. I want
it appear to be elite. Customer
satisfaction is key and the convenience and accessibility of being able
to work with a one on one representative.
How would you organize a “business”
to support the ongoing production of your new product, service, or
process? How many employees? What roles are in the venture?
The company would start
out with just me. If it grew to
where I could not maintain the workload, I would add on my husband
part-time. If the company
continued to grow, I would hire others, perhaps students or mothers with kids in school and
require they give me a block of “on-call” time.
My current business is an on call concierge service for working families and business professionals alike.
My current driver for my business would be review sites such as Angie's list and yelp; and of course, word of mouth advertising.
The next product I would like to offer would be more administrative ala carte work. Almost like a staffing agency but contracted out on small tasks like a resume writer or project creator. This would be a step up from the errand running.
I really do not look at this addition as a branch of my current business model but more like a sister company with name recognition that someone can rely on. I do not want the lines to get blurred in services so it is incredibly important that they be kept separate. More importantly, there needs to be a level of skill set in each company. A person who is bringing your pet to the groomers may not seem as appealing to you as a person who can write a stellar resume or create a sales presentation.
There is nothing on Amazon that mirrors this project so this component is not applicable.
The one thing I was surprised about in Chapter 11 reading was the watching your accounts receivable section. Some of things I thought "wow, that's really upsetting the apple cart" but ultimately, you are running a business and you need to make sure you get paid above all else.
Honestly, I have handled payroll, accounts payable/receivable, etc. for many years, not much to this chapter was confusing to me but I would like to get a better understanding of contributed capital.
My question for the author would be the preferred method for break even point computation? Are there any risks in one approach to another?
Again, I go back to the watching your accounts receivable article. While I agree with tracking and discounts for early payment; what are the risks of making some noise or demanding you get paid (with a start-up company)? I would think you can lose customers depending on your approach.
My VRIN analysis, rated most valuable to least is as follows:
1. My experience in concierge services in the hospitality industry
Not only do I have 7 plus years in the hospitality industry, supporting celebrities like Will and Jada Smith and Eminem; I kept in contact with people who are still in the industry. I know what quality is, how to give a "and more" experience and have the personality to handle any client.
2. My connections in the Central Florida community
I currently work for an elected official. As a result, I know all the big leaders in the community that I truly believe could use this service and create a huge folio almost immediately. Not to mention my access to these officials via LinkedIn and Facebook could really give me a hit the ground running with business.
3. My attention to detail.
I pay attention to the littlest details and have a proven track records in employee reviews that show this. If people know that you have proven skills and there is no chance of an error or issue on your end, they tend to want to fully vest in the concept, product or service.
4. A clean record as far as credit rating, driving and background check.
In a world where crime is up, the streets are crowded and we went through a recession; I can confirm all three are clean and would happily show my records to my clients before they signed up for services with me so they are doing business with who they trust.
5. My resources to partner companies such as dry cleaners, vet techs, etc.
When I worked in the hospitality industry, I established relationships with local dry cleaners, masseuse, dry cleaners, etc. With these resources I can offer my clients discounted rates at a company they may have never knew about under a "group rate" discount. In turn, I can make a drop for three of my clients dry cleaning at time, instead of multiple locations which would be cost effective for not only my client but for me.
6. Proven record of multi tasking
In my recent occupation I was recruited to work for an elected official but my previous boss was not ready to turn over my job so for one whole year I did two FT positions for a whole year. Then another assistant quit on the spot and for an additional 6 months I did 3 FT positions. This speaks volumes for my ability to handle multiple clients, multiple tasks, all at one time.
7. Reliable transportation
8. Experience with children, including three of my own
Say the errand was to drop your kid off at soccer practice. Our kids are our most treasured possession and they need someone who put not only the parents mind at ease but the children as well. They need to engage them and make them feel comfortable.
9. Book keeping experience
I have the financial knowledge to run a business on my own without outsourcing to an accounting firm. Knowing the ins and outs of the business is crucial in being able to run your business successfully and being able to answer your clients questions without having to defer them to someone else.
10. References from highly ranked people including elected officials and celebrities.
Why do Nike, Coca Cola, etc pay celebrities to endorse their products. Because non celebrity people look up to certain celebrities or elected officials and confidence in a product and/or service when someone endorses it. I have multiple connections that would gladly write a letter of support or statement to notate on my website.
While the video I am including is quick, this definitely shows my position in the community and exposure. It is when I attended a press conference with my boss and was publicized all over the local news. I am standing to the right of her.
The most interesting thing that I read out of chapter 10 is the comparison of major survey research techniques. I have actually participate in market research before in a previous class so a lot of the information I knew already, however, I did not see how they rated/ranked up. For example, door to door respondent cooperation was rated excellent; whenever someone comes to my door, I shut them out immediately, perhaps I am more rude than most but it honestly surprised me.
I found everything cut in dry in this chapter but I kept changing the terms of the pricing strategy intermittently so while it was not necessarily confusing, it was something that I kept getting hooked up on.
Questions I'd like to ask the author are is there exceptions to the product life cycle depending on the business and/or products/services offered?
The author touched on the pricing in the social media age but with new things evolving day by day, how does an entrepreneur stay current on the models? How often are the models updated or evaluated?
It was cited that four major reasons that entrepreneurs do not carry out market research are complexity, belief in support, cost, belief of irrelevant data but I would add other reasons. I would say lack of knowledge or confidence in moving forward with market research. Heck, that is the biggest problem I have in this class, while I'm sure many want to be an entrepreneur, some do not have the people skills to handle it themselves or as noted in the four, funds to have someone else handle. Also, could they be bogged down in the day to day minute details that they let it fall by the waist? Just a thought.
Please excuse the still image of my video, I tried to change it but was having issues.
On that note, the feedback that I received was to increase the length of my video and to name who my client audience is, I improved both.
On my own personal reflection, I have severe speech anxiety and while I saw some pretty stellar pitches, I am happy with the progress I have made from pitch one. On this particular video I felt like I could have slowed down how fast I was talking and despite numerous takes, this was the best ending - yet I felt it was abruptly cut short, I'm still ok with my personal growth in this assignment as a whole.
Quick explanation of my product so you understand the players. I am looking to create a concierge service for working families. Essentially a one stop shop to pick-up dry cleaning, pick-up kids from soccer practice, arrange catering, bring your pet to the vet, etc.
1) One person must be a domain expert in your industry.
The fist person I met up with is a concierge managers at Loews Hotels. I once worked for Loews and while I did not directly work for the Concierge desk, I often had interactions with them. Her name is Dani and she has been working for Loews Hotels for 15 years. She started as a part-time employee, grew to a full-time employee, then a start trainer and is now the Manager of the Concierge desk.
Dani is most definitely my market expert as she has the connections, insight and resources to assure a stellar experience for concierge services. I decided to stop into the Portofino Bay Hotel when I was going to my part-time job at Universal to see if I recognized anyone at the desk. Sure enough Dani was there and I offered to buy her a coffee to pick her brain. Since this was not Dani's direct business she was very open to revealing her tips and experiences without feeling threatened. Dani actually loved the concept of what I was doing and she told me that if the idea ever came to fruition she would be interested in being part of the team.
My particular experience with Dani was different because we had known each other from past jobs and she was more open about the industry and was comfortable in mentoring me through the process where I have found in other instances, people can feel threatened. Moving forward, I think establishing a friendship or working relationship first works in a persons favor, versus the I do for you, you do for me method. My reasoning being, the levels of communications have less limitations.
2) One person must be an expert on your market.
The next person I spoke with was George at a Central Florida Hotel Lodging Association Meeting. My market is quite unique as I would like to expand my business model and work with the local hotels. George and I mingled a little and in a group atmosphere, it was less of a one on one experience than I would have liked but I did learn of their current success efforts in bringing new clients to the Central Florida area and it appears that online videos showcasing Orlando have been quite popular. He placed emphasis on the importance of social media and that most people are visual learners. There was not necessarily an exchange of services but more of a partnership in that we all want to promote and grow Orlando and provide the best services out there. Including George would be huge because of his position, connections and innovative ideas.
3) One person must be an important supplier to your industry.
The last person I met with was at an event called Harbor Nights. This is where things were very different. I was attending the event as a patron and started speaking to the different outside vendors at the event who were providing food, beverage, entertainment and cigars. The premise of the event is to give exposure to the Portofino Bay Hotel in hopes they can book rooms and/or future events; the advantage for the various vendors is that their restaurants, wine and cigars were features at no or minimal cost to the hotel but in return, the gained exposure to their products. This was hands down the best networking event for me because I was able to speak with a gentleman by the name of Michael who was the manager of the swing band performing and told me how their band has doubled bookings in the last 5 years since partnering with the hotel. I also learned a lot from Premier Beverages who not only does this for this event but also provides discounted beverages for specialty brunches at the Hyatt Regency. Now, I know this is not exactly the product that I am offering but my market is quite unique but it taught me a lot about establishing relationships with the hotels and how the transactions actually come about.
This was by far the most beneficial assignment up to this point. Instead of interviewing people, I actually got more of a hands on experience - more so than I was even expecting. Moving forward with my business model, I plan on attending other events to continue to network myself and my business and learn more about getting my foot in the door.
