22A- Elevator pitch no. 3

1. https://youtu.be/P-J0zFWOBrM

2. Unfortunately, I did not receive a ton of feedback from my last pitch, but I did receive some helpful comments. Someone emphasized the importance of eye contact, posture, and composure when giving the speech, which is definitely something I have to constantly remind myself of. It feels a little weird standing in front of a camera talking, so I sometimes struggle with staying completely composed in that situation, and I sometimes even start talking fast or looking away. So, this advice is very helpful and points out things I need to practice doing to be successful.

3. I have definitely tried to improve some things based on the feedback I \received. I focused more on keeping my voice steady and maintaining composure when speaking. I also tried to keep direct eye contact with the camera even though I failed a few times here and there. Furthermore, I tried to make my speech a little more concise and sound more appealing to the audience, so I hope that's the case. Finally, I was able to memorize my pitch more clearly and not mess up as many times.

21A- Reading Reflection No. 2

Cognitive Surplus by Clay Shirky

1. The general theme of this book is that humans learning to use our free time (cognitive surplus in a way) to embrace and utilize the internet has contributed many aspects to furthering society. Shirky argues that the internet, specifically social media, has created a medium of collaboration that is not matched anywhere else, and this medium has the complete power to change society for the better. This book drove home the message that we should always remember to appreciate these aspects of social media rather than only focus on the negative parts.

2. I think this book and entrepreneurship in today's society can definitely go hand and hand. The internet, specifically social media, is so prevalent in the world that it is almost necessary for a business to utilize this platform. For instance, social media provides businesses with great ways to be discovered by the masses and easily connect with customers in a matter of seconds. I think this is something that I would need to utilize if I were to ever start my own entrepreneurial journey.

3. If I had to design an exercise for this class based on this book, I think I would give students a made-up start up company with some basic background information. After letting them review this information, they would have to create a plan in how they would utilize social media to best help this fake business grow.

4. I think the most surprising thing I learned was the history of humans constructively using free time. Shirky says that he believes people did not start using their cognitive surplus constructively (in creative ways) until around the 1940s. This not only surprised me, but also made me realize the amazing potential we have with the ever-growing technology present in our society.

19A- Idea Napkin No. 2

1. I am a very calm and patient person, and I always try to keep my composure in all situations. I try to look at problems from all directions and try to use my creativity to come up with new solutions. Furthermore, I've had a lot of entrepreneurial experience through small businesses and competitions that I think gives me some skills that put me a little ahead of the game. This business could become a full commitment depending on success.

2. My product will meet customer needs because of its simplicity and effectiveness. Fishing rod racks are necessary to preserve the shape of the rods and prevent them from breaking. My fishing rod rack is a lot cheaper than any other similar products on the market, and its cheap material is durable enough to ensure it will not break. Although it will not meet the luxury market, its affordability allows it to be available to the mass market.

3. I am offering this product to the average fisherman/fisherwoman. Every fisherman who is somewhat serious about the hobby needs a rack to preserve their fishing rods. This product will be a high priority for all of my target market.

4. Customers will want my product because of its price and functionality. My product offers the same benefits as other fishing rod racks on the market, but it is much cheaper. This is because my product does not focus on luxury but rather only functionality, which allows the price point to be extremely low comparatively. The average fisherman does not want to spend hundreds of dollars on a similar product, so mine will be appealing.

5. My product is set apart exclusively because of its price. My product offers the same benefits as other similar products on the market, but its cheaper materials are what sets it apart. My durable plastic material allows for cheap production but the same functionality.

I think these components do fit extremely well together. My product focuses on one area, and that's the price point, so I think the different elements of my product fit well together to create a good business plan. I did not receive any feedback on my initial idea napkin, but I did receive outside feedback from others not in the class. I tried to take their advice and make my descriptions more simple to appeal to a wider market.

20A- Growing Your Social Capital

1. My first interviewee is someone who is a veteran fisherman for over 30 years. He is a domain expert because of his experience fishing as well as his familiarity with the kind of product I’m trying to sell. He is a friend of a family member so I contacted him through text. I asked about how I could improve my product, but he did not expect any favor in return. I think this person could help me in the future if I ever came across functional problems with my product.

1. My second interviewee is a boat salesman. He is a market expert, because he sells somewhat similar products. He is an old friend from high school so I was able to text him. I asked him about customer demographics, but he did not expect any return favor. I think this person could help me in the future if I ever wanted to expand my product line.

1. My last interviewee is a fishing guide and professional fisherman. He is an industry supplier, because he sells his services to hundreds of people in the market. He is a friend of a friend, and I was actually able to meet him in person. I asked him about the market entry barriers and how difficult he thought it would be, and he did not ask for any favors in return. I think this person could help me in a variety of ways because of how experience he is with fishing in general.

     I think this experience overall just showed me how important and effective social networking can be. It is a tool that can be just as effective as any other component of your business. I feel like this did differ from my networking experiences in the past because I never approached them with a specific goal in mind.

17A- Elevator Pitch No. 2

https://youtu.be/4bRhOJU2ScM

Reflection:
Unfortunately, I was unable to complete the last elevator pitch assignment. However, I did watch other classmates' elevator pitches and read a lot of feedback to those elevator pitches. In my opinion, most of the feedback was positive and definitely could help the student improve on their next elevator pitch. However, there were some that I think were overly critical and didn't give the student a fair chance. I saw a lot of good feedback like commenting about voice pitch and the speed at which one talks. A lot of people tend to get nervous and speak more quickly during a speech/pitch, so it is important to be conscious of my speaking rate and talk normally. I also saw a lot of good feedback about keeping eye contact and making sure to sound enthusiastic about your product. I think all of this feedback definitely contributed to how I made my elevator pitch, and it helped me create a better product.

18A- Create a Custom Avatar

My ideal customer avatar is a person in their 20s or 30s who regularly fishes. They are still young and do not want to spend a lot of money on this fishing gear but still love to fish.  My customer is a male or female who loves the hobby.


They would drive an SUV, truck, or any larger car that is fit for outdoors and has enough space to hold fishing rods. The car might be grey or black.

They watch TV shows about fishing and other outdoor activities such as camping or different sports. They might have children but some will also not. They tend to be in favor of more conservative politicians.

I think I do have some things in common with my avatar. I love the outdoors and love to do all kinds of different activities, including some fishing. I also love sports and generally anything active. I do not think it's a coincidence, because I definitely chose to sell a product that is somewhat related to my interests. Even though fishing isn't necessarily my favorite activity, it still includes a lot of the things I love to do.

16A- What's Your Secret Sauce?

1)
-Composure: I think I'm someone who is extremely calm and composed in nearly every situation. I never really panic or freak out.
-Logic: I think that I am very logical and can often think of a good solution to a problem if I take the time to think about.
-Creativity: I have always been someone who is very creative in many aspects (music, art, etc.). this often translates to my life, and I am able to use it in a multitude of ways.
-Optimism: I always try to be optimistic and look at the bright side of things. No matter what goes wrong, I just think it will work out eventually in some way. This helps me get through a lot of problems or challenges that I face.
-Compassion: I think I genuinely care about other people and their well-being, so I always try to think about what I do before I do it to make sure I take other's feelings into account.


2)

He says that I am always cool under pressure. He also says I stay calm in any situation.

He says that I can take my problems head on. He also says I think outside the box.

He says I am always reliable. He says I never back down from a challenge.

He says I am good under pressure. He also says I do not snap under stress.

He says I am creative. He also says I can think outside the box.

Reflection: Overall, Others see me similarly to how I see myself. My interviewees put emphasis on my creativity and composure under pressure which were two of the qualities I listed for myself. I think my interviewees were generally correct about me. I do not think I would make any changes in my original list.

15A- Figuring Out Buyer Behavior No. 2

Interview Summary:

- How customers do their picking: Since my product is for a very specific use that is only for function rather than aesthetic appeal, potential customers in all of my interviews thought that style and looks were of minimal importance. Fishing rod racks are only put in vehicles when needed for a certain occasion, so aesthetics tend to not bother customers. After conducting my interviews, I found that my potential customers only really cared about price, and quality up to a point. They voiced that they wanted a product with enough quality to get the job done, but it did not need to go further than that in general. This is because every one of my interviewed customers placed their highest importance on price. They wanted a product that could be as cheap as possible while still being functional.

-How/Where do they buy?: 2 out of 3 of my potential customers said they would buy in a local outdoors store rather than online. Their opinion was that they could get a better idea if they wanted the product and if it would suit their vehicle if they could see it in person before buying it. My third potential customer would buy online simply because of the convenience. All of my interviewees said they would pay up front in cash/card, because the product is not expensive enough to require financing.

-Post- Purchase Evaluation: My interviewees said they would be pleased with the purchase if the product was functional and made with quality. It is a simple product with a simple job, so either it works well or it does not. They said the only way they would regret their purchase is if the product broke or failed in some way.

-Overview: Overall, my group of potential customers prioritizes price of the product above all else, as long as it is functional and performs properly. They were not concerned with the aesthetics of the product because of its purpose. They would purchase the product in different ways, some online and some in stores, and all of them would be willing to pay up front with cash or card rather than financing.