Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Lauren. I have discovered, after talking with people close to me, that I am reliable and independent. People tend to consider me a person they can count on, and if I say I am going to do something, I always do it. In regards to my business concept, this business would probably make a positive impact on me due to the positive effects it could have on the environment. Hopefully, this business would make a good amount of money so my life would be different in that way and I would have 100 million more responsibilities. 

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

This has not changed since the last idea napkin, my business concept is still the exact same. I found that people were really interested in the product when conducting my interviews. I initially thought I would be the one designing the faux animal products, but after talking with a bunch of different people, I realized selling to bigger companies so they can use the material as they choose is a better idea. So my product is going to be a sustainable leather and fur alternative made out of fruit skins, plant cells, etc... It would be created in bulk and sold as material for companies to implement into their products. 

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The demographic for this product would be anyone who has an interest in animal product alternatives and those who understand the impact that leather has on the environment. It doesn't have to just be people who are educated on it, but maybe those who just don't want to wear animals. The product would probably pertain to a younger audience (20s/30s) and would probably be for a more environmentally conscious shopper. Someone who drives hybrid cars, shops at Whole Foods, vegans/vegetarians, people who have religious or cultural beliefs that make it hard for them to wear leather. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Customers will pay money for this product because the environment is in such a bad state. Everyone knows that climate change is getting worse by the day, and people are really wanting to do anything they can to help. If educated about the leather industry, people will buy this product with the hopes of making a positive difference. Companies will choose this product because it looks good for big corporations to be environmentally conscious. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

There aren't too many competitors in this field, at least none that have had the same goals as me. It seems that most companies who produce faux leather don't have the intention to sell it to other companies as material, they usually make their own products with their faux leather. What sets me apart is my bigger picture viewpoint. I think faux leather should be implemented in every company, at least so consumers have the opportunity to see how easy it can be to make the switch. 

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I think all these elements fit together. With any business, there is a risk that no one will like the product or it can be a little tricky to get people to understand your vision, so that can definitely be a factor for my product. I would need to develop the perfect leather alternative that people would be willing to pay for and switch over from real leather, so that could be very very difficult.

Create a Customer Avatar

My product can be sold to businesses that can be later sold to individuals. I will focus on the individual who would buy my product of faux leather and fur.
She is a 20-year-old girl who lives in California, one of the most environmentally conscious states in America. She goes to the University of Southern California and studies environmental sciences. She has been living on a plant-based diet for over two years and tries her best to be as conscious as she can when buying her everyday products. She loves fashion and buying second hand. She tries to cut back on her environmental impact by mostly going thrift shopping, limiting her plastic by bringing reusable bags to the grocery store and using reusable coffee mugs and straws.
She drives a black 2015 Hyundai hybrid SUV to the grocery stores and shopping but takes the bus to class in order to limit her C02 emissions. She spends a lot of time on research both for school and for her blog where she promotes a healthy, minimalist lifestyle. She doesn't spend a lot of time watching TV but her favorite show is Gilmore Girls and her favorite politician in Bernie Sanders.

What do you have in common with the customer avatar? 
Both the avatar and I try to limit our impact on the environment and try to live a healthy lifestyle. We also are both in college and spend a lot of time on homework and research. 

What’s Your Secret Sauce?

Describe five ways in which you think you have human capital that is truly unique. 
1) I'm responsible
I'm really true to my word and usually feel extreme guilt if I go back on something I promised, so this attributes to my responsibility. If I have something to do, I always do it, even if I have to wait till the last minute and if I really don't want to do it. 
2) I'm very honest 
This is almost to a fault. If you want my honest opinion, you will get it. I try to read the room when voicing my opinion because I can come across as ~too~ honest if I say the wrong thing in front of the wrong people. 
3) I usually like animals more than humans 
I'm not sure if this has to do with human capital, but I couldn't think of a lot to write. I think I connect with animals more than humans. Animals can't lie or be evil, they just do what is in their instinct with no evil intentions. I love animals lol. 
4) I'm really independent 
This also could be considered a fault because sometimes I unintentionally isolate myself until someone calls me 10 times and forces me to leave the house. I'm really good at doing things by myself, I don't need the push of my friends or family in order to do anything. 
5) I usually have a different viewpoint than the majority. 
I'm not exactly sure what this means, but my mind kind of works differently. I seem to interpret things differently, like poems or books. I'm sure my analysis essays are really 
~interesting~ for my professors to read because they are so different from anyone else. I guess it's good for creativity in business because I will always have a random, different standpoint on things that others might not think about. 

 Interview the five people who know you the best.
I interviewed my mom, my brother, my friend Chloe, my friend Bella, and my friend Christian and asked them what they think makes me different. Here is what I took from the interviews. My mom claims there is a lot that makes me different. She mentioned how extremely independent I am and how most people my age aren't so comfortable being alone, but I prefer it at times. My brother had a hard time with this because I take it he doesn't think about things like this, but he said I have a really interesting, dry sense of humor. I'm not sure if this relates to human capital but this is what he told me. My best friend Choe said I am really creative and that I have a lot of unique qualities. She said the way I think about things is really different than a lot of people and that makes me super creative. I asked Bella what she thinks makes me different and she said I'm really good at saying what I think without holding back. She said this can be a bad thing sometimes, but most of the time it's good to hear a blunt, honest opinion about things when others won't give it to you. Lastly, I asked Christian what he thinks makes me unique. He said something similar to my mom about my independence. He said it's good to be as independent as I am because you don't feel a sudden uncomfortableness when things go a certain way and you have to deal with things or situations on your own. 

 Reflect on the differences. 
I think people I am close to see me in a very similar way as I see myself. For some reason, people are always telling me what they think about me and sharing their opinions about me even when I don't ask them to. With that being said, I could pretty much assume what they were going to comment in the interviews. They all pretty much said things I know about myself. I think the way I portray myself to people I'm closest to is identical to how I truly am, so of course, they are going to say the same things I said about myself. 

Figuring Out Buyer Behavior No. 2

Segment: 
I chose a segment of established business leaders. All three of my interviews were with people who own a business.

Alternative evaluation
From the interviews, I learned that people who own companies are very picky with what they sell. The boutique owner I interviewed said she would need to see a really good leather alternative before considering switching over and that the price would be a huge factor. She and the other business owners I interviewed all said they have guidelines they follow when selecting items to sell since it is a portrayal of their business. From these interviews, I learned that price and quality are the main factors.  

How/where do they buy?
I learned that business owners are more likely to select the products they want online or if they see something in a store they really connect with, but mostly they do all their picking online.  

Post-purchase:
What seems to matter most about the business owners when selecting items to sell is price, quality, and making sure the product will be appealing to customers. The main objective for business owners is pleasing their customers to make sure they stay in business. They would be willing to sell a leather alternative if they believe their customers will appreciate and buy it. The quality has to be in line with their standards and the price has to be acceptable. 

Interview:
I talked to the man who owns a small boutique in Fort Lauderdale and asked him what he thought of my product idea and if he would be willing to invest in a leather alternative. I talked with him about the different ways in which leather is bad for our environment and he showed some concern. He said it would be hard for him to switch over completely since his customers come for specific items and he might lose business, but he said he would be willing to incorporate the product into some of his items. The woman who is the manager of a department store said she thought my idea was really interesting but showed the same concern as the man I initially interviewed. Some customers might get upset about a changing product. The owner of the shoe store was very interested in the uniqueness of using fruit as a leather alternative and said she would be interested in using it for her handmade items, but said it might be difficult to sell to big corporations due to the societal norm of leather in products.

Conclusion:
All in all, this segment opened my eyes to different features and possibilities of the product. Over anything else, the faux leather needs to be perfect in order for people to consider it. I should go to a place that already sells a leather alternative and considers what can be improved on in terms of material, texture, and the product. If I have a product to compare to and improve on, it would make the product better.

14A – Halfway Reflection

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

The behaviors I have used to keep up with the requirements of this course are time management and being able to look for opportunities. I try to use my time wisely throughout this course by completing assignments throughout the week so they don't pile up and leave me stressed at the end of the week. Being able to look for opportunities everywhere is another behavior I use, and is something required to implement on almost every assignment.  

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

A moment I felt like giving up was yesterday morning when I realized I had a four-hour drive home and a big paper to write that was due on Monday. The thought of driving from South Florida all the way to Gainesville was so exhausting and then having to immediately sit and write a paper as soon as I got home was so stressful to me. I weighed all my options and considered how I could make this the least stressful experience for me and decided I just had to get the paper done. I wrote half of it when I got home and then decided to leave the other half to finish in the morning in order to leave off some stress for myself. 

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

1. Reach out for help if you need it. Some things in this class were a little confusing to me in the beginning so I reached out to the professor, as well as fellow classmates. It helps to relate to other people going through the same thing and also get clarity on what you are confused about. 
2. Develop time management skills. There are a lot of assignments due for this class, which require a lot of time. I would say to complete at least one assignment or half of an assignment every day so that you don't get overwhelmed. You can also break up the lectures so it's not too much all at once. 
3. Developing the "tenacious mindset." This will allow you to stay motivated and working hard even when you have a lot on your plate. 

Reading Reflection No. 1

For this assignment, I read Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Ashlee Vance

1) 

• What surprised you the most? What surprised me the most is how in depth they looked into the mind of Elon Musk. What surprised me is that he is considered slightly manic and not always completely put together like you would think such a successful person would be. I was also surprised at how openly he discussed dealing with stress and how he seems to not let it affect him too much. 
• What about the entrepreneur did you most admire? I admire the way Elon Musk has such a strong passion to limit the amount of oil we use on Earth and how conscious he is of making our technology more sustainable to reduce environmental impact. He seems to be so determined and motivated to succeed in the things he wants and has never shown any signs of his motivation slipping. He incorporated old-school Silicon Valley and combined it with the modern Apple-like design in order to create something that would be both sustainable and appealing. 
• What about the entrepreneur did you least admire? I don't like how Elon Musk seems to be arrogant. His passion and drive can come across as egotistical and he makes a lot of big promises that he might not always keep. His ideas seem to be a little too far fetched, and it makes me question his sanity a bit. He feels such a strong need to accomplish anything he thinks of that I don't know if he stops himself to consider if it is a good idea or not. He is too impulsive, but the impulsivity has attributed to his huge success. 
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it? Elon Musk did encounter somewhat of a failure. He sold PayPal, and used the liquidity to start SpaceX. The startup forced him to go broke, and when he sold everything he had to live on couches. He scraped by until he was able to get a government contract and start Tesla. 

2) What competencies did you notice that the entrepreneur exhibited? The skills Musk is most competent in is his ability to keep moving forward. After losing all his money, he was able to push through and create one of the biggest companies in the world. He is really good at not letting his downfalls get the best of him, which keeps him moving forward.

3) Identify at least one part of the reading that was confusing to you. One part of the reading that was confusing for me was his talk about SpaceX. I don't really understand why he went into that business and was confused when they discussed it in the book. It seemed like a huge dream idea he made up in his head and decided to try it in real life. I was also confused about the interviewing process of the book and how they seemed to incorporate both interviews with non-fiction content. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why? I would ask Elon Musk how he stays confident and motivated and I would also ask him what he does in his free time when he's not focused on business. 

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? Elon Musk would probably consider hard work both extremely important but also I feel that he likes to get things done as easily as possible. He works extremely hard himself, but he tends to accomplish things very quickly. If this is his opinion, I would share the same exact opinion. 

Figuring Out Buyer Behavior No. 1

Segment: 
I chose a segment of established business leaders. All three of my interviews were with people who own a business. One is a man who owns a small boutique in Fort Lauderdale and has had several successes and failures in his business ownership. Another is a woman who has been the manager of a department store for six years. The third is the owner of a shoe store in Gainesville, who sells her own handmade products, along with a variety of brands and styles.

Interview:
I talked to the man who owns a small boutique in Fort Lauderdale and asked him what he thought of my product idea and if he would be willing to invest in a leather alternative. I talked with him about the different ways in which leather is bad for our environment and he showed some concern. He said it would be hard for him to switch over completely since his customers come for specific items and he might lose business, but he said he would be willing to incorporate the product into some of his items. The woman who is the manager of a department store said she thought my idea was really interesting but showed the same concern as the man I initially interviewed. Some customers might get upset about a changing product. The owner of the shoe store was very interested in the uniqueness of using fruit as a leather alternative and said she would be interested in using it for her handmade items, but said it might be difficult to sell to big corporations due to the societal norm of leather in products.

What I learned:
From conducting these interviews I learned that there was a lot of pushback to using faux leather due to the fear of customers now being interested. There was a common concern of the loss of customers since it is such a huge change for companies to switch over such a desired material. The demand for faux leather might not be that high because there are not a lot of people who are educated in the leather industry. I learned that people are really afraid of implementing new products into their business because they are fearful of losing sales. I do think the concern is valid because people, in general, don't like change, but with something so detrimental to our environment, I think people would be willing to buy a leather alternative if people were educated on the topic. 

How I would describe this segment:
I think that there are a lot of successful people who have thought about how to better their products and how to reach a broader audience. This segment would not necessarily switch over their whole business to being cruelty-free, but they would consider implementing the leather alternative. This segment does understand the purpose of the product and would consider using it, but they need some time to consider their target audience.