29A Venture Concept No. 2

The opportunity I have identified is the need to express oneself. People want to stand out and be different, especially in academic environments. They can choose to do this through the way that they dress, their hair, or through their belongings. Everyone has this need, but I believe that college students in particular would be the potential customers. I have seen stickers on laptops, phone cases, water bottles and more all around campus. I know that college students, specifically females and those involved in Greek Life, seem to have this need. There are so many people; it can be hard to stand out. Students want to stand out sometimes in order to display their interests or find things in common. I think this market is defined by college campuses and other academic settings for this reason. Currently, students are ordering stickers online to decorate their belongings. There are a couple large online companies that sell popular stickers, so this is where many people order. They are somewhat loyal to this online company, but I believe that is because there are not very many well-known alternative options. People typically ask their friends where they got the stickers. I think this opportunity to sell stickers on college campuses is definitely there. I know that there is a need for it because I have seen it since starting college myself, and the trend is still around. For this reason, I think the “window of opportunity” is pretty open, and will stay open for at least a couple of years. Maybe the sticker trend will fade one day, but it seems to currently be going strong.

The innovation that I would like to start is local, hand-made sticker made by myself. I would create the designs and concepts based on popular television shows, quotes, organizations, and designs. I would draw or paint the designs myself, and then have them printed onto stickers. I would use target copy for the printing of the stickers. I plan to make money by selling the stickers for a little bit more than it cost to make them. I only have to draw the design once, and then I can print it as many times as necessary. I don’t expect the printing of the stickers to be very expensive, and I already have the supplies necessary for creating the original design. I would like to sell each sticker, depending on size for between $3-$5.

My innovation addresses the specific opportunity I mentioned above because people could use my stickers to fulfill the need to express themselves. Students could buy the unique stickers I would sell, and use them to decorate any item they wish. Just like how people can express themselves through their clothing, they can also do so with my stickers. They can reflect their interests outwardly. The customer will want to buy these because they will be unlike what is online, cheaper than what is online, and without the shipping costs. I think customers would switch to my product because they could see what the stickers actually look like before buying them, which they cannot do, online. Also, since I am local, there would be no need for shipping costs, which can sometimes cost more than the stickers themselves. The hardest part about getting them to switch will be getting my business out there and exposing new people to it. It will be hard to get my small business as well known as popular online companies. I would handle all customer support, experience, and prices, so I could make sure they were being done well. I would like to package the stickers in little baggies if possible, which I would calculate into the price as well. I do not plan on having any other employees; I think I am capable of running this local business myself.

My most important resource will by creativity. My stickers need to stand out from the ones that are online so that people will have a reason to buy mine instead. It would be hard for competitors to copy my originality and unique design ideas.

I do not plan on expanding the business beyond stickers here at UF, but I think the next opportunity would be to sell my designs on bigger items.

I plan on running this business while I am still a student here at UF. I am not sure that I would continue the business beyond graduation, but if I did expand into other, larger items then it is a possibility. In five years I could be selling my designs on larger items in stores and online.

The feedback I received on my first venture concept was very positive. There were no negative comments or suggestions on changes to be made. The feedback said that I was very detailed and have a good understanding of my business idea. It also said that my passion for this idea was noticeable. 

Since the feedback on my first concept was all positive, I didn't feel the need to change much. I tried to make some aspects a little more clear and concise by taking out some words. I also made sure to keep my passion part of the concept since that is what seemed likable. I learned that it is easier to understand when I take the time to fully explain the details. 

30A Final Reflection

This class has been a very interesting experience for me. I am not a Business major, so I decided to take it as an elective because it sounded cool. I am glad that I decided to take this class because although it has been difficult at times, overall I have enjoyed it. Filming the first elevator pitch definitely stands out to me as something I will remember from this class. I am proud of myself for doing all of the assignments each week and keeping up with the lectures. I think this class has helped me develop an entrepreneurial mindset considering I worked on an original business idea all semester. Although I am not an entrepreneur yet, I feel better prepared and know what to expect when I do start. I would recommend that future students try to keep an open mind throughout this class, and try to have fun with it. The class and assignments are so much better when you have an idea that you actually care about. Also, time management is really important since this is an online class with weekly assignments.

28A Exit Strategy

Exit Strategy

1. Since my business is selling stickers at UF, I do not plan on continuing the business after graduation. I plan to have this business while I am still a student here, and I don't think it would really be possible to continue afterwards. So, my exit strategy is to retire from selling stickers after graduation. 

2. I have chosen to retire because I don't think selling or passing it along is possible. I would be the one designing, creating, and selling the stickers to other UF students. So, if I am no longer at UF, then the business isn't really possible anymore. It is possible that I could potentially carry on this business, but I think it makes more sense to retire after graduation. 

3. I have known since the beginning that my concept was limited to my time as a UF student. I knew that UF students would be my main demographic, and that I would only want to do this business while I am a student here. So, this has impacted some of my decisions, but does not seem to change much for my particular business idea. It has influenced how I plan to acquire and use resources, especially in the beginning, because I know that this business is temporary and unique to me. 

27A Reading Reflection No. 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1. This book is about explaining how to use social media to your advantage. It gives advice on how to start and manage different social media platforms for the most success. It also gives tips and describes how to run social media accounts in the most effective ways to experience the advantages it can have for a business. This book shows how important social media can be in business, especially today. A good or bad social media account can make or break a business, so this book is meant to help positively.

2. This book connects in many ways with what we are learning in this class. Since we are creating business plans and learning how to create a business, the information in this book is relevant. Social media can have a huge impact for a business, especially in the beginning. Social media is the way most younger people hear about businesses or products. It is a way to get your product or service out there and well known, which increases business. We have learned how to give an elevator pitch, and I think how we present a business on social media ties into that same idea.

3. Since this book talks about how to use social media, I think a good exercise for this class would be to find a business' social media account that appeals to you. If we notice why that particular social media account appeals to us, we can apply that information to our own understanding of business. I think having to find one or several appealing social media accounts could provide good examples for how business can be use social media.

4. Something I learned from this book was how to create the best profile possible and gain more followers. I think these are really important aspects of growing a social media account and therefore a business. I thought the tips mentioned in this book regarding how to save time and money but still have a good social media presence were very applicable to this class.

26A Celebrating Failure

This past semester, I have been taking a wheel-throwing ceramics class. I have never taken a class like this before, so it was my first time working with clay for a purpose. I'm choosing to write about this class because I have definitely made mistakes and failed multiple times. Working with clay on the wheel is so difficult because there are so many things that can ruin all of your work in a second. You have to be really careful throughout each step in the process or your whole piece could be ruined. If you don't wedge it correctly, there could be air bubbles, and it could explode in the kiln. Then, on the wheel, the slightest move of your hand could completely change the pot. Then if you don't wax enough during glazing, glaze could drip in the second firing and your piece would be stuck to the kiln shelf. I have made several of these mistakes throughout the semester because I am still learning. 

This class has been very frustrating at times because of how these small mistakes can ruin a piece you put hours into. I have had to learn that you cannot be a perfectionist in pottery. I tend to be a perfectionist, so this was a very hard lesson. I also learned the importance of slowing down and taking my time. This is not something that can be rushed, so I just tried to chill out and enjoy the ups and downs of the process. I also learned that even though it was hard and stressful, I never wanted to quit. I did not want to create work I wasn't proud of so that pushed me to continue working on it. 

Failure is hard, and its not fun. It is disappointing, and frustrating. But, it is so important because I think it is necessary for progress. I had to change my mindset in ceramics class to change how I thought about failure and making mistakes. It is still disappointing when a piece does not turn out how I hoped it would, but now I just think about what I can learn from it and do better for next time. Sometimes failure is the only way to learn. This class has reinforced that mindset about failure. I think I am more likely to take a risk now because I have realized that failure is not the end-all-be-all. 

25A What's Next

Existing market

I think the next step for my venture is to start making the stickers so that they can be sold. 

I interviewed all female UF students because that is what I think my market would mainly consist of. Interview 1 said that I should be posting about the stickers on social media to get people excited about them, and so that they know they are coming. She thinks the next thing that customers may want could be pins and pop-sockets for phones. Interview 2 said that the next step should be carrying the stickers with me so that I can show them to people anytime. She thinks the next step is selling them at a physical store or place. Interview 3 said that the next step should be putting the stickers on my own laptop and phone so that people see them when I am in class or at the library, so that maybe people will ask about them. She thinks the next thin customers may want would be the ability to ship them so that they do not have to worry about how to get the stickers from me. 

Based on the interviews, I have a better idea of what my next step should be for this venture. I think the next thing to do is actually create the product so that people can start seeing what it is. I will create a few of each design to give or sell to my friends. I need to calculate the exact cost of making each sticker and how much I want to make as a profit so that I can create a firm selling price. I have an idea of the right price, but I want to make sure it is correct and feasible. Once I do this, my friends and I could start promoting them on social media to get the word out about them. 

To grow my existing market, I think social media will be really important. I think the best way to do this is having as many people as possible post about the stickers so that more people can see them. Since my main market will be females and Greek life, it would be good for my stickers to be well known in all chapters. I could also work on promoting the stickers at events I know are popular in Greek life. 

New Market

The new market I will look at is STEM/Engineering students at UF

I think my stickers could still have value in this new market even though it is a little bit different from my existing market. I think people in this market still have the need to express themselves and could be open to using stickers to decorate their belongings. They may have different interests or find other designs appealing, so I could just adjust my stickers to fit their needs. 

Interview 1 said that he would not usually be interested in my product, but if there was a sticker that relates to his major or interests then he would consider it. He thinks I would have to adapt the designs and content a little bit. I think I am capable of doing this to tap into this new market. Interview 2 said that I should try to market the stickers to this new market in other ways besides just through social media. I need to make stickers that reflect this new market's interests. I think I could make this work as well.

I think I learned a lot about how to reach this new market. I think appealing to this new market is very possible, it would just require me to listen to what they want and implement it into the sticker designs. I was surprised to hear that Interview 1 said he would not consider buying stickers. I think my assumptions were correct that this market would be harder to appeal to. It sounds like the stickers would have to be more unique and different from the ones I planned for the original market. 

The new market does not appear as attractive as my existing one because of the changes I would have to make to be involved in it. The changes are definitely possible, but would require some extra work on my end. I am not sure how worth it the extra work would be, so I would like to gauge the interest of more people in this new market. If I find that enough people in the new market would be interested, then I would consider it. 

24A Venture Concept No. 1

Venture Concept No. 1

The opportunity I have identified is the need to express oneself. People want to stand out and be different, especially in certain environments. They can choose to do this through the way that they dress, their hair, or through their belongings. Everyone has this need, but I believe that college students in particular would be the potential customers. I have seen stickers on laptops, phone cases, water bottles and more all around campus. I know that college students, specifically females and those involved in Greek Life, seem to have this need. The academic environment of a college campus helps to create this need. There are so many people; it can be hard not to blend in. Students want to stand out, at least a little bit, in order to mark their interests or have things in common. I think this market is defined by college campuses and other academic settings for this reason. Currently, students are ordering stickers online to decorate their belongings. There are a couple large online companies that sell popular stickers, so this is where many people order. They are somewhat loyal to this online company, but I believe that is because there are not very many well-known alternative options. People typically ask their friends where they got the stickers, and then order from the same place. I think this opportunity to sell stickers on college campuses is pretty big. I know that there is a need for it because I have seen it since starting college, and the trend has not yet gone away. For this reason, I think the “window of opportunity” is pretty open, and will stay open for a long time. Maybe the sticker trend will fade one day, but it seems to currently be going strong.

The innovation that I would like to start is local, hand-made sticker made by myself. I would create the designs and concepts based on popular television shows, quotes, organizations, and designs. I would draw or paint the designs myself, and then have them printed onto stickers. I would use target copy for the printing of the stickers. I plan to make money by selling the stickers for a little bit more than it cost to make them. I only have to draw the design once, and then I can print it as many times as necessary. I don’t expect the printing of the stickers to be very expensive, and I already have the supplies necessary for creating the original design. I would like to sell each sticker, depending on size for between $3-$5.

My innovation addresses the specific opportunity I mentioned above because people could use my stickers to fulfill the need to express themselves. Students could buy the unique stickers I would sell, and use them to decorate any item they wish. Just like how people can express themselves through their clothing, they can also do so with my stickers. They can reflect their interests outwardly. The customer will want to buy these because they will be unlike what is online, cheaper than what is online, and without the shipping costs. I think customers would switch to my product because they could see what the stickers actually look like before buying them, which they cannot do, online. Also, since I am local, there would be no need for shipping costs, which can sometimes cost more than the stickers themselves. The hardest part about getting them to switch will be getting my business out there and exposing new people to it. It will be hard to get my small business as well known as popular online companies. I would handle all customer support, experience, and prices, so I could make sure they were being done well. I would like to package the stickers in little baggies if possible, which I would calculate into the price as well. I do not plan on having any other employees; I think I am capable of running this local business myself.

My most important resource will by creativity. My stickers need to stand out from the ones that are online so that people will have a reason to buy mine instead. It would be hard for competitors to copy my originality and unique design ideas.

I do not plan on expanding the business beyond stickers here at UF, but I think the next opportunity would be to sell my designs on bigger items like cups, pillows, etc.

I plan on running this business while I am still a student here at UF. I am not sure that I would continue the business beyond graduation, but if I did expand into other, larger items then it is a possibility. In five years I could be selling my designs on larger items in stores and online.