Whats Next?

What's next for my product and service:

• I think the next product I should consider should be marketed to those who don't necessarily feel like branching out with faux leather but are somewhat interested in the idea. As of now, these individuals do not have any experience with faux leather and don't necessarily know what it entails, so I would branch out and talk with them. I think my product should manufacture a product that contains some leather recycled leather, but is overall mostly made with plant and fruit cells and stems.

Market Interviews:

• I interviewed a girl who is vegetarian and tries to limit her use of leather and animal products. I talked with her about I asked her several questions about what her opinion was about the leather and fur industry, and she didn't even seem to be aware of the environmental impact. She said that she had a vegan diet but sometimes if she found a bag or pair of shoes that she really liked but were made with some leather, she might consider buying them. She was surprised to find out that the working conditions for people producing leather were very poor and she said she would be very interested in buying a good leather alternative. 
• I interviewed an engineering student who is vegan and is starting to incorporate alternatives in all aspects of his life. He seemed to care more about the fact that there is a large environmental impact, not so much about the ethics of the industry. He is an engineering student who tries to budget while in college, so the leather is not something he thinks very much about. He said he owns a few leather products, but would reconsider the materials of his shoes next time he decides to go shopping. He said his main concern when buying products is the price, so if the alternatives are priced well, he will buy them 
• Lastly, I interviewed a man who has been vegan for 30 years and has slowly cut out any and all animal products. He is very passionate about veganism and has been an advocate for several years and has strong beliefs about the fact that the leather industry is both cruel for animals as well as our environment. He would be very interested in the faux leather that I would be creating.

Reflection:

• After talking with people who are already in the market that I would be going into, they would be very willing to buy my product. There is a strong community of those who are passionate about veganism and animals, and they would be my main target. From these interviews, I learned that it would be pretty simple to use vegans as my target audience, and they would be very willing to try my product if I labeled it as vegan and promoted the idea that leather is detrimental to the environment.

New Market:

• The new market would be those who are either against veganism or are very passionate about leather and are very set in their ways. Some people prefer the traditions in life and don't appreciate branching out in any way. This new market would be very difficult to penetrate, but in order to have a successful product, you need to target everyone.

New market interviews:

• This interview was conducted with a library staff member who has been working in the library for 6 years. He is an older man who doesn't shop or think about material items much. I asked him what he thinks of the leather industry and he didn't have much to say about it other than it was a "necessary evil." I proposed the idea of an alternative to leather in order to cut down on the environmental impact of leather and he said he would prefer to buy items that had less of an impact on the environment. He said he wouldn't go out of his way to make the switch but if it were in front of him, he would buy a faux leather. 
• In this interview, I talked with a male grad student. We discussed the fact that leather and fur are extremely detrimental to our environment, as well as cruel for animals. He seemed to care more about the fact that there is a large environmental impact, not so much about the ethics of the industry. He is an engineering student who tries to budget while in college, so leather is not something he thinks very much about. He said he owns a few leather products, but would reconsider the materials of his shoes next time he decides to go shopping. He said his main concern when buying products is the price, so if the alternatives are priced well, he will buy them.
• This interview was conducted with a female student who said she mostly wears leather shoes and she doesn't consider it an issue. She said that she knows that an animal will have to die for the shoe but she thinks eating meat could be considered just as wrong, and therefore, doesn't consider it an issue. She mentioned that she has never given leather alternatives a thought because the quality is not the same and it isn't as easily attainable.

Reflection:

• These interviews made me realize that it would be difficult to get into this new market, but not impossible. Everyone I talked to said they would consider buying this product but would need to test it and experience the fact that it would be just as good as real leather. Overall, I think it would be very easy to sell this product to vegans and those who have an understanding of the leather industry, but very difficult to sell and market to an audience of those who are very set in their ways. 

Venture Concept No. 1

Opportunity:

• There is currently a huge worldwide market for leather and fur. The industry is one of the largest in the world and is contributing negatively to both humans, animals, and the environment. The leather industry is both an environmental and humanitarian crisis. The tanning of leather creates many dangers to both the environment and those that work within it. The environmental threat involves the dumping of solid and liquid waste that contains leftover chromium and other hazardous compounds. 
• The chrome pollution that comes as a result of the tanning process is extremely damaging to the environment, as well as the water waste that is produced in this process. The large doses of chromium produced when tanning leather can damage fish and plants in the area it's dumped in. 
• Due to the rise in environmental sustainability and veganism in society, there is a need for a good leather alternative. Many people are starting to become aware of the cruelty that goes on in the animal agricultural industries, and it's creating a market for animal alternatives. 
• This is a big opportunity because there is not a large market for a leather alternative. This leaves a lot of room for a company to come in and rule the market for vegan leather, and possibly many other vegan alternatives. 
• The potential customers are those who have an interest in environmental sustainability, veganism, and humanitarian efforts. 

Innovation:

• My innovation will be a sustainable alternative to leather, which will be made from plant materials. This product will be good for the environment and not pose a threat to animals or humans, which leather does. This product will be able to be compostable when desired, but it will be as robust as real leather and will be used in the same materials. There are leather alternatives that exist, but none are made from plants and made to be sold in large quantities. This product will be sold to individuals in the form of shoes, car seats, and handbags. 
• This product will be sold in bulk to businesses who want to reach a larger audience and demonstrate that they care about the environment. I would sell this product by the amount or weight of the amount being purchased, possibly around $250 per yard. 

Venture Concept:

• Individuals will buy my product if they are concerned with the environment and the way that animals and humans are treated in the leather industry. They would buy my product at boutiques or clothing stores where they would normally buy shoes or handbags.
• Businesses will buy my product to show that they care about the environment and are taking a stance for something positive. People want to buy from companies who want to make a difference in the world and put their hard-earned money into the hands of people who care. Many companies now are starting to be more environmentally conscious due to the huge growing concern about the state of the earth. People are willing to change little things in their life more than ever in order to possibly minimize their environmental impact. Businesses are realizing this and are starting to take the initiative to "go green" in little ways, which piques the interest of buyers and therefore boosts their sales.
• People will switch to this product if they have the proper education about the leather and fur industry. It might not be an easy feat to get people to switch from a product they have been using their whole life, but it is possible with the proper education. I would have to create a large ad campaign to demonstrate to people how important making the switch is. Advertising would have to play a huge role in the success of this business endeavor.
• Price point: The price point for leather products are currently not high, but it depends on the brand. My specific leather would be made from plants, so the price will be comparable to real leather. I would also make it my mission to pay my workers well and create a friendly working environment, which might increase the price of the product.
• Distribution: I would start distributing this product to vegans since they are already the target audience. Vegans already have an interest in buying meat alternatives, so they would definitely be willing to explore leather alternatives.
• Employees: I would definitely start with a small number of employees. Creating a faux leather would not take a lot of manpower, but would need to focus more on skill. It takes a lot of knowledge to create a sustainable alternative to any product, so creating a leather out of plants or fruit skin would take a lot of effort. I would also make it a goal to treat employees as best as possible and create a good working environment.

Unfair advantage:

• I think it would be hard for competitors to have the same motivation that I have for creating this product. It isn't easy to maintain strong ethics and morals when going into a business, but if I can uphold these then it will be hard for competitors to get a leg up. Consumers are attracted to companies that have a strong backbone and a passion for sustainability. Other companies can create a similar product, but having the ethics surrounding my product cannot be matched. 

What's next:

• I want to make sure that people realize that they are constantly supporting an industry which is so detrimental in so many ways. People are very unaware that when they buy something, they are directly supporting a whole industry with their money. 
• For me, I would like to learn more about industries in the world that are so negative but people aren't aware of it. There are many industries out there that are running on poor ethics and destructive ideas, and I want to make sure I am not supporting them. 

Your Venture’s Unfair Advantage

1. Human capital: having friends who are interesting in this product and would be willing to venture into the idea together. This is important because it allows me to have people to discuss ideas with.
Valuable: This is important because it will allow me a backbone in the business and help me feel more comfortable
Rare: not rare, everyone has people help them in businesses
Inimitable: this is able to be imitated but, not always efficiently
Non-substitutable: you can't substitute people you trust

2. Social Capital: UF journalism school can possibly help spread the word about my product since I am involved in journalism organizations.
Valuable: The journalism school is one of the best in the country and they have a lot of connections for publicity.
Rare: This is rare because not every school or person has journalism connections
Inimitable: This can't be imitated because journalism is hard to get into
Non-substitutable: This can be substituted, but it would be difficult

3. The uniqueness of venture: there aren't many faux leather products on the market currently, which gives me an edge up and the opportunity to run this specific market.
Valuable: This is very valuable because if my product was the same as others, it wouldn't sell
Rare: This is rare because of how saturated many markets are currently
Inimitable: This can't be imitated, either your product exists of it doesn't
Non-substitutable: Can be substituted if someone makes something better

4. Support by public and organizations: since so many people are currently interested in environmental sustainability, there would be a lot of public support.
Valuable: This is valuable because it spreads the word about the product
Rare: This isn't really rare, everywhere has oragnizations
Inimitable: This can be imitated
Non-substitutable: Can be substituted with other public relationships

5. Publicity: veganism and sustainability are both buzz words in society right now. By creating a product that includes these issues, will bring about a lot of publicity
Valuable: This is valuable because it peaks public interest
Rare: This is rare because not everything is a buzz word
Inimitable: This can't be imitated because it's a societal decision
Non-substitutable: This can't really be substituted

6. Sales experience: I have experience in retail and commission sales, which would help me in understanding the world of product sales and customer interests.
Valuable: This is valuable because I have some knowledge about how to talk with customers to get them to buy products
Rare: This isn't rare, a lot of people have worked in sales/retail
Inimitable: This can be imitated, you can have other experience dealing with customers
Non-substitutable: Can be substituted, I could have worked with people in a different way and have a similar experience.

7. Personal relationships with business owners: I have personal relationships with business owners in my family who could possibly help me on the business side of starting a company since I am not confident in that field.
Valuable: This is very valuable since I have the comfort of discussing business with family members who won't judge me and will give me honest feedback
Rare: This isn't rare, usually people have at least one family member with business experience
Inimitable: This can be imitated, pretty much everyone has a family.
Non-substitutable: This can't be substituted since it's a personal relationship

8. Social capital: UF environmental and vegan organizations: there are several organizations at UF that are passionate about veganism and environmental sustainability and would help me obtain contacts for other organizations and would be interested in the product themselves.
Valuable: This is very valuable because not everyone has connections within their school
Rare: This isn't very rare, there are organizations everywhere
Inimitable: Can't be easily imitated
Non-substitutable: Could be substituted for local clubs/organizations

9. Social capital: public speaking experience. Having experience speaking publically makes me more comfortable to discuss important issues in front of any audience, like when I would have to pitch my ideas to investors.
Valuable: This is very important because talking to people confidently is a huge way to sell your product
Rare: This isn't rare, but mastering the skill of public speaking is rare
Inimitable: This can be easily imitated with practice
Non-substitutable: This can't really be substituted unless I hire someone to talk for me

10. Social capital: contacts with boutiques who would be willing to see this product. I have worked with several boutiques in Fort Lauderdale and the South Florida area and have contacts whom I can talk to and discuss the possibility of selling faux leather.
Valuable: This is very valuable since I would get an insight into businesses who would possibly sell this product
Rare: Not very rare, most people have connections with potential buyers of a product
Inimitable: This can be imitated
Non-substitutable: This can be substituted for other businesses or potential clients

I would say the top resource would be the uniqueness of the venture and the fact that the current market for faux leather is not saturated by a ton of options and alternatives. There are a few options for it, but none that are controlling the field I would be interested in.

Elevator Pitch No. 3

https://youtu.be/9vGzF6bvLP0

Reading Reflection No. 2

Thinking, Fast and Slow by Daniel Kahneman

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

This book discusses how there are essentially two systems in your brain that are consistently fighting for control over your behaviors and your actions. This book basically is an instructional guide to teach you how some people have errors in your judgment, memories, and decisions and what you can do about it. 

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

This book enhanced my knowledge about how to create motivation within yourself, which goes hand in hand with entrepreneurship. This book discusses how your brain has two systems - conscious and automatic, which influences your decisions. The author relates this book back to making money and how to use your conscious brain to make decisions about money and leave your emotions at home. 

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

I would create an exercise in which there is a list of decisions and motivations and you have to match which system of the brain they relate to - conscious or automatic. Then, you would be asked to evaluate which decisions would be made from error in memory or judgment.

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?

My biggest surprise when reading this book was that your conscious brain is aware and considerate and best for making hard decisions, and your automatic brain is impulsive and emotional. I didn't realize that we had control over these systems in our brain and if we manipulate and understand them, we can make better decisions. 

Growing Your Social Capital

Bill Fisch - President of Mitchell Performance Faux Leather 

1) Who they are and what their background is.

Bill is the president and owner of the Mitchell Group. Mitchell was established in 2004 and is a major converter of coated fabrics to various upholstery markets around the world. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain Expert 

3) A description of how you found the person and contacted the person.

I did some research on large faux leather companies that produce faux leather and outsource it to companies, like my business would do. The Mitchell group seems to be one of the biggest suppliers of faux leather and I found the owners' contact  information on their website 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I did not exchange anything for talking with Bill. I asked him for some information about himself and his business for this assignment but I didn't give him any information in return, as I don't really have anything valuable for his business. 

5) How will including this person in your network enhance your ability to exploit an opportunity?

Including Bill Fisch in my network would give me a better idea of the industry I want to get into and would help me understand how it's like to work with companies and sell them faux leather. It would be helpful to get information from someone who has already been in your shoes and made it out being successful. 

Manny Kohli - President and owner of Matt & Nat 

1) Who they are and what their background is.

Manny Kohli is the president and owner of the vegan Canadian accessories brand, Matt & Nat. He is from India and was drawn to the company due to his love for animals the culture he grew up in. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market expert 

3) A description of how you found the person and contacted the person.

I found Manny Kohli by researching companies that sell vegan handbags and accessories. Matt & Nat is one of the most well-known companies creating vegan leather to create handbags and accessories. 

4) How will including this person in your network enhance your ability to exploit an opportunity?

Including Manny Kohli in my network would be extremely beneficial to me and my business. He is extremely knowledgable on the faux leather/vegan accessories industry and would know how to go about creating this business and how to properly market vegan leather. 

Matt Foster - Owner of Maverick Leather Company 

1) Who they are and what their background is.

Matt Foster is the owner of a large leather supplying company. He has been in this business for 30 years and focuses on supplying the best quality leather to companies or individuals. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier 

3) A description of how you found the person and contacted the person.

I did some research on real leather suppliers that I would possibly be in competition with for vegan leather, and I discovered Maverick Leather Company and Matt Foster's contact information was located on their website. 

4) How will including this person in your network enhance your ability to exploit an opportunity?

Including a competitor in my network would be helpful because I can attempt to have an edge up in regards to marketing techniques. I could also learn how and why leather is more desirable than faux, and learn about the overall market. 

• 
  

Elevator Pitch No. 2

https://youtu.be/9vGzF6bvLP0