Idea Napkin No. 2

Week 9

1. Who I am.

I am a University of Florida student and an aspiring entrepreneur. I am working towards my Advertising degree and hope to apply what I have learned to better market my hi-tech cooler

2. What I am offering to my customers.

My product is a cooler with a sleek design that offers function as well as options for the customers. My cooler design will be durable and be able to stand up to years of use as well as high-tech options for a luxury cooler for the on the go. My cooler will include water proof blu-tooth speakers, usb charging and built in cup holders.

3. Who I am offering to.

I am looking at college kids and younger adults who are looking for a high-end cooler that will last years.

4. Why do they care?

They should care because cooler designs have not been changed in over 50 years. This cooler will attract many with its sleek design and high tech equipment. Not only will it look and sound great, it will also function like any high end cooler would.

5. What are my core competencies?

What sets me apart from my competitors is that am getting an top tier education. My design will also revolutionize the cooler industry

I believe that my education as well as my revolutionary product go very well together. My knowledge in media and advertising will help get major attention and help my product sell. I also think looking at young adults will be best people to sell to because they will know that they will get what they are paying for. Overall, I think my product will do very well.

Week 8 Reading Reflection

Week 8

1. Biggest surprise?

One of the most surprising parts of the reading was that you are able to finance a investment while you or your company are in debt. I would think that being in debt would make it very difficult to finance an investment.

2. Confusing part?

The only confusing part for me was when it dove deeper into how to get money from commercial banks for getting financial compensation for you assets. I found it hard to understand how assets can be used to get out of financial debt.

3. Two questions for author

My fist question would be do tax brackets influence how much financial compensation you can receive?

Also I would ask what is the best way to approach social lending?

4. Agree or disagree with author

I completely agree with the author, there was nothing I disagree with. This was a very interesting reading and I learned a lot.

Half-way Reflection

Week 8

Hello future students of University of Florida’s ENT 3003 class. You made the right choice by registering for this class and if you stick with it I guarantee you will learn a lot and have some fun along the way. There is a lot of work, but if you go to lectures and check on e-learning regularly you will do great! This class will also get you out of your comfort zone and will help you build skills for the professional world.

On the subject of being prepared for class, one thing I would work towards is increasing your overall tenacity. Tenacity, or sticking with something till the very end, is something that goes well with this class as well as being handy the rest of your life. I was able to develop my tenacity enveloping myself in the entrepreneur mindset and thinking about my future goals. There have been plenty of times where I felt like giving up, but I was able to pull through by focusing on what skills this assignment is teaching me and how it can be used to help me reach my goals. After these couple months I feel as though my tenacity has vastly increased and getting out and talking to people was the driving force of this transition.

Three tips I would offer to you all taking ENT 3003 next semester is

1. Get the assignments done early, doing the assignment at the last minute hurts creativity and will tend to not be your best work.

2. Find out what your end goal is let that help guide you to being a more tenacious mindset

3. I find that talking with a friend or a member of family and discussing your plan of action helps me brainstorm and leads to more creativity, plus they can help you focus on tasks.

Week 7 Reading Reflection

week 7

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

The biggest surprise was the different types of marketing philosophy. The section also describes how competitive pressure, the entrepreneur’s background, and shot-term focus can influence the choice of a marketing philosophy. You can be successful with either the production, sales, or consumer philosophy approach, but each entrepreneur will have a different approach.

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

Market segmentation was a little confusing to me because I would have difficulty segmenting my own venture. The book gives an example of ice cream, but I would have trouble finding a niche for customers.

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

My first question would be is it possible to combine marketing philosophies? I want to know because I want to be consumer driven, but I would also like to incorporate production focused philosophy.

My second question would be what is the best way to find you niche market for your product? I would ask this so that my advertising is not wasted on people who do not want my product.

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

I agreed with everything the author said and I enjoyed reading this section in the textbook. I enjoyed the marketing philosophy section the most.

Elevator Pitch No. 2

Week 7

My last pitch was a lot more stiff and this one I tried to be more active. I know that I am not fully there yet, but soon I will have my sales pitch perfect. Once I become more familiar with my pitch I will be more flexible and be able to have a more fluid delivery. My public speaking is not the best and I hope to make my elevator pitch even stronger.

Customer Interviews No. 3

Week 6
link to questions and reflection: http://willrandent.blogspot.com/2016/02/customer-interviews-no-3.html

Customer Interviews No. 3 reflection

Week 6
 My questions for the third interview were:
1. Do you own a cooler and if so, are you satisfied?
2. What is your favorite thing about your current coolers?
3. What would you like to see changed?
4. Where do you usually take your cooler?
5. What is the most you would pay for a quality cooler?

I plan on asking around fraternity row because I expect that most people in that area use coolers and would be interested in a quality cooler.

From these interviews I learned a lot about what customers think about old coolers and some ideas to include in my design. I received a good idea to possibly include drink holders into the cooler. I didn't expect much to change from these interviews, and I learned that my idea of a cooler would be very popular in this market.