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.
Hey Brandon, I agree that all of these components fit together very well to achieve the desired effect, namely a low cost solution to transporting fishing rods. My components for my napkin idea also fit together very well. Interesting thing with number 5 is that I made it about my product on the first iteration of the napkin idea, but then saw other people writing it about themselves and not their product so I adjusted this time around, but seeing that you made yours about your product is giving me second thoughts on what I did.
ReplyDeleteHi Brandon,
ReplyDeleteI think your ability to keep your composure is a very effective and helpful personal trait especially in the business world. You always need to be able to talk to people and understand their positions if they have different opinions then you. I also do believe that your components all fit together, especially your entrepreneurship background. Good job :)
Hello Brandon, it appears that you have been able to successfully overcome the lack of feedback that you received on the initial napkin idea post blog. I think you have done a tremendous job taking initiative and gathering outside feedback from people not in this class. Entrepreneurship is all about solving challenges and overcoming obstacles and you seem to have done that very well in this case. Great job!
ReplyDelete