30A – Final Reflection

Its been fun reading through my posts and I actually laughed at some of the earlier concepts, not because they were necessarily bad but because I could see the growth in the business idea. Its evident that in the early stages my product really didn't have a base or any starting point, I honestly had no direction and I remember being really concerned with how this plan would turn out. I dreaded the posts where I had to interview a lot of people because it was difficult to find people who fit what I needed and were ok with being interviewed. A lot of the individuals I interviewed either were members of my gym or fellow classmates so in the end it worked out. For me, I'll remember the experience where I had to reach out to companies that were already a part of my market. This was not only the hardest assignment for me, it was also a complete failure on my part. I only had one business respond and give me really good advice. Another company responded but didn't really provide a lot of helpful insight, I was just happy to hear back I suppose. 

The "what's next" assignment was one of my favorites because it forced me to evaluate my goals and future plans for the business. It might sound silly but I really had no idea where I was going to take my business until I had to do this assignment and the napkin idea pt. 2. I'm really proud of myself for accomplishing all of the assignments but most of all I think I am proud of my second elevator pitch because it showed a lot of growth and development. I didn't need to record the pitch over and over and I felt really confident about the pitch. Aside from that assignment I'd have to say I really enjoyed creating the customer avatar, it was a really creative way to look at the customer base. I defiantly struggled to see myself as an entrepreneur in the beginning and sometimes I still do but for the most part I feel like It's possible for me to be an entrepreneur and I feel more connected with the idea now then I had before. Sometimes I doubt my abilities but that just forces me to focus more on the plan and determine what the source of my doubts. 

for this course Id have to say my biggest advice is to take the assignments seriously so that you can get the most out of each one. This course is exactly what you put into it and there is a lot of opportunities to network and really explore your different venture options. The best advice for performance would be to keep a calendar and get every done on a set schedule. If you know you have an assignment due Friday that requires 5 interviews, set up a calendar where you have each interview completed three days before the assignment is due. This provides some room for error and issues and it also gives you an opportunity to reflect on the interviews. These interviews were one of the most important parts of this class so take it seriously. 

29A – Venture Concept No. 2

           An opportunity currently exists for nutrition and exercise. A healthy diet Is something that has fallen away from our values as Americans. We have allowed fast food and high preservatives to control our diets out of need for convenience. With the shifts in diet there has been an increase in weight related health issues, ultimately making healthcare more expensive. Not to mention the rate of obesity has risen and children are now being exposed to diabetes and obesity earlier than in the past 20 years. As you can imagine, the health concerns are the most important aspect for opportunity because it’s the one aspect of peoples life that they want control over. 

Customers satisfy their need for a healthy lifestyle by making healthier food options like salads. Although this is a common trend, associating salads with healthy diets, it’s often times a false start. Salads are very fattening because of the content that if often times put on it, especially if ordered from a fast food place. I’ve also noticed customers have started making conscious decisions about what they consume as product information has become more available. There have been major shifts in what chemicals a company can use to preserve their products. As consumers move away from preservatives and start to search for healthy alternatives they face a need for education so that they understand what changes need to be made. 

         The market exists in every demographic and is very broad. I've interviewed mothers, students, business owners, and even disabled individuals who struggle to remain active because of their disabilities. I’ve had the opportunity to interview many individuals from all walks of life and the underlying need is always the same. Busier lifestyles as cost of living increases without an increase in wage. Consumers also face the challenge of convenance in their lives. Statements like “I hardly have time to eat breakfast let alone actually make it” really solidified my suspicion of the need. The need then became more of a mater of how do I introduce my products and appeal to the idea of convenience at an affordable price. Also, it is important to understand that health is two fold. With a healthy diet the body still needs exercise and with the growing amount of office jobs this creates an issue. With convenance being the underlying issue this makes it difficult for people to get the exercise that their heart and other organs need. So, both diet and exercise is a focus for the business. I truly believe that customers fo not have an effective means for satisfying their need which is why there is no loyalty to their routine.  Consumers are the ones making the distribution so they are obviously willing to change their habits. 

The opportunity is massive! There are so many opportunities and different markets for the product to survive in. My last set of interviews showed that market expansions are definitely an option for growth.

             Innovation is knowledge and knowledge is power. 

For my product, everything is informational and provides factual information about diets and exercises. What makes my company innovative is that it conforms to each individuals needs and is completely customizable.  So for each obstacle a consumer faces our company will work to implement these customizable plans. 

I have yet to find a company that sets consumers up for success rather than just providing band-aids for the issue. Customers have access to diet pills and fit teas that do not provide results and can be costly. Thats what the market consists of right now. 

           Customers will purchase our products because its empowering. Customers will learn how to make lifestyle changes that will stick with them for years to come opposed to paying for a product that promotes weight loss in 7 days. My company does not believe in band-aid fixes because they leave all of these underlying issues.  Once customers recognize the possibility they will be more inclined to jump on board. 

         Competitors right now are very very slim, not a lot of people have entered the market. I do know that there are fitness guru’s like Emily Syke and MariFitness. These companies offer diet and exercise plans and work with people to achieve their fitness goals. I love these companies and I can relate to their values. Thats another thing that id like to work to create; friendly competition. If fitness and health guru’s could work together to make the world healthier it would be amazing. 

My product stands out because it again offers a level of convenience not offered yet. 

The concept is based completely online with social media being a driving point. The distribution will start off being ebooks and online media files downloadable through purchases. As the business grows we can start to pursue hard copies and books as an option. The issue is that each persons guid will be different so no print copy will have multiples. With everything being hosted online it brings convenience right to the customer. Since it starts online I wouldn’t need a lot of employees, maybe five employees to start that a responsible for 20-30 customers. As the business grows we can hire on more “lifestyle consultants”. 

       

        My most important resource is the online environment. I don’t have to worry about a centralized location or retail maps. This helps us respond to competition because it creates convenance for the customer. Its also very important because I don’t have to worry about costs associated with an office or retail space, or at least not upfront. What will create the unfair advantage is the personable experience offered to each customer. No one offers the option to create a meal plan that is customizable and listens to the customers concerns. We take cost into consideration, along with time and efficiency. 

        Whats next? I had some very insightful conversations that lead me to believe retail is next. Or a service that brings complete convenance to the customer by allowing them to pick up pre packaged meals or meals in a  higher quantity. Showing customers that a lot of foods can be versitile and can serve for different meals. Offering classes for meal prep would also be an option under the retail location. I am hesitant on this next step because it requires a lot of variables that are not ready yet. I do recognize that it will be a nice community center and could cause a disruption but wether or not we have the capital to make that decision will ultimately determine wether or not the company maintains a 100% online presence. I really liked what one of my interviewers said for what they believe is missing from the market. They wanted a “demon love child between Lululemon( high end workout gear), a sporting goods store, and a organics food market; all in a centralized location that is easy to access. How I’d create this to match my business is beyond me but I am sure that it will be something worth exploring in 5-10 years. 

I actually had no feedback on my previous Venture Concept so I did my best to just reconstruct some aspects of the concept with other feedback that I've received. I didn't make a lot of changes because I feel my first go at the assignment was pretty successful.
I did see some small issues in the opportunity and innovation part that really needed to be refocused. I have come to learn that business idea is really broad and doesn't fit into a specific demographic because almost everyone shares the need, that is really one of the only changes made the this assignment.