Although I didn't get a ton of feedback on the last pitch, I have gotten good feedback on different posts. On my last elevator pitch, I had one comment. However, it was very complimentary and supported my reasoning for following this opportunity. On the other hand, I've received feedback on my delivery service idea. I've been told that "it's been done before in California" and things like that. I don't want to bash anyone for that, but that's way over in California. It's currently illegal to have a service like that right now in Florida, so as long as I can capitalize on the timing, I'll have a huge advantage. It won't matter that it's being done on the other side of the country. These services have seen great success and I see no issues with applying it to my own business. I only plan to tweak my idea as I go, refining the pitch and figuring out a definitive target segment.
Friday, October 25, 2019
Elevator Pitch 2
Although I didn't get a ton of feedback on the last pitch, I have gotten good feedback on different posts. On my last elevator pitch, I had one comment. However, it was very complimentary and supported my reasoning for following this opportunity. On the other hand, I've received feedback on my delivery service idea. I've been told that "it's been done before in California" and things like that. I don't want to bash anyone for that, but that's way over in California. It's currently illegal to have a service like that right now in Florida, so as long as I can capitalize on the timing, I'll have a huge advantage. It won't matter that it's being done on the other side of the country. These services have seen great success and I see no issues with applying it to my own business. I only plan to tweak my idea as I go, refining the pitch and figuring out a definitive target segment.
Create a Customer Avatar
After doing the last few assignments, I’ve figured out that
I should probably reassess my segment decision.
It definitely works, but it is a segment that already has a legal variation
of my product available to it. So, I
will be changing my segment to the typical college student who recreationally
smokes. I read that roughly 38% of
college students recreationally use marijuana, so this will be a fairly easy
market to identify. My prototypical
customer truly is the stereotypical college student. He/she dresses comfortably for classes, likely
drives a car from an Asian company (Honda, Toyota, Hyundai, etc.) and that car
is either gray or red. My customer likes
to watch offensive cartoons like Family Guy and sitcoms like Friends. He or she tends to study hard. However, they like to relax and de-stress
after a week of hard work by “rolling up” with friends. This person typically has no kids and could
swing either way when it comes to politics.
This person is likely 18-22 years old.
I definitely have a lot in common with this avatar, and it's not a coincidence. I think I'm a relatively typical college student. I like to watch cartoons and study. I go to the gym and like to hang out with my friends, but I don't have a car right now.
Friday, October 18, 2019
15 - Buyer Behavior 2
Since the format last time went well, I'll continue with it. However, new interviewees were involved this time. I think that, for my opportunity, I chose an interesting segment. To my understanding, they have this need for a convenience and price factor. Here, I interviewed 2 people with medical cards and 1 who has a family member with a medical card. I can't exactly go around asking everyone if they have a medical marijuana card, I may need to rethink my segment if we have to conduct these interviews again.
Alternative Evaluation:
To re-explain the information from the last interviews, I found that even though medical dispensaries exist, they are far too rare for many central- and north-Floridians to conveniently acquire their prescriptions. Picking up from drug dealers has its downfalls-sketchiness, danger, and the occasional overcharge. This time around, I received very similar answers. Of course, the one who has family with a medical card wasn't speaking for himself. But, it still seems that convenience and price are the big hitters when it comes to reasons behind this need. One of my two cardholders also mentioned that a high quality is assured when buying from an official dispensary.
How/Where?
Currently, 1 of the medical cardholders and the family member who has a card make the trip to the nearest dispensary - roughly an hour away from where they live! The other cardholder doesn't like to make the trip, so he usually supports the local "entrepreneurs". However, when he makes a trip home, there is a dispensary much closer to his hometown. So, he chooses the dispensary when he's home. Those who make the trip like to buy in bulk, so they don't have to keep driving 2 hours each time they need to relieve pain or calm down. But, it requires a lot of cash or a big transaction out of their bank accounts. They said they'd like a closer spot, so they don't have to spend so much money in one go.
Post-Purchase Eval
Because marijuana from dispensaries is a pretty consistent drug, my interviewees are often satisfied by their purchases when they make the trip. However, again, they don't like to make a day out of just going to pick up a prescription. They are happy with the purchase, but not with the inconvenience. They still think it's worth the drive, but they would prefer to not have the drive. The only one here who occasionally regrets their purchases is the one who goes to a dealer. He said when he first started "locally sourcing", dealers would often skimp him on how much he received, or the quality of the product just wasn't very good. These were regrettable purchases.
Conclusion
To sum it up, this segment is looking for convenience. They already have access to this product, but are looking for convenience, consistency, and a low price. They either pay in cash or debit card, and just hope for fair, high quality purchases that don't take advantage of an illegal situation like this guy's dealers sometimes do.
Alternative Evaluation:
To re-explain the information from the last interviews, I found that even though medical dispensaries exist, they are far too rare for many central- and north-Floridians to conveniently acquire their prescriptions. Picking up from drug dealers has its downfalls-sketchiness, danger, and the occasional overcharge. This time around, I received very similar answers. Of course, the one who has family with a medical card wasn't speaking for himself. But, it still seems that convenience and price are the big hitters when it comes to reasons behind this need. One of my two cardholders also mentioned that a high quality is assured when buying from an official dispensary.
How/Where?
Currently, 1 of the medical cardholders and the family member who has a card make the trip to the nearest dispensary - roughly an hour away from where they live! The other cardholder doesn't like to make the trip, so he usually supports the local "entrepreneurs". However, when he makes a trip home, there is a dispensary much closer to his hometown. So, he chooses the dispensary when he's home. Those who make the trip like to buy in bulk, so they don't have to keep driving 2 hours each time they need to relieve pain or calm down. But, it requires a lot of cash or a big transaction out of their bank accounts. They said they'd like a closer spot, so they don't have to spend so much money in one go.
Post-Purchase Eval
Because marijuana from dispensaries is a pretty consistent drug, my interviewees are often satisfied by their purchases when they make the trip. However, again, they don't like to make a day out of just going to pick up a prescription. They are happy with the purchase, but not with the inconvenience. They still think it's worth the drive, but they would prefer to not have the drive. The only one here who occasionally regrets their purchases is the one who goes to a dealer. He said when he first started "locally sourcing", dealers would often skimp him on how much he received, or the quality of the product just wasn't very good. These were regrettable purchases.
Conclusion
To sum it up, this segment is looking for convenience. They already have access to this product, but are looking for convenience, consistency, and a low price. They either pay in cash or debit card, and just hope for fair, high quality purchases that don't take advantage of an illegal situation like this guy's dealers sometimes do.
16 - Secret Sauce
·
I have great people skills
o
I love meeting new people
o
I’m great at speaking in front of people
o
I am very personable
o
I am persuasive
·
I am a positive person
o
I am very optimistic
o
I always look for opportunities to grow and
learn
o
I don’t let negative situations be large
setbacks
o
I bring a positive energy wherever I go
·
I am creative
o
I can find opportunities to excel where others
may not
·
I have good problem-solving skills
o
I am very analytical and very logical
·
I am ready and willing to lead
o
I feel that I am respected as someone who always
has a strong plan and will successfully carry out that plan
Interview with Austin
Austin felt that I’m very reliable, motivational, and
knowledgeable. He made a point that I
bring a lot of positivity to the table.
Interview with Sean
Revered my energy and motivational skills. He said that I’m a strong influence to those
around me.
Interview with Chad
Thinks I will be successful.
He also said that I’m very analytical and can relate to most just based
on being logical.
Interview with Andrew
Andrew said that I’m a very positive person. He also said that I’m very nice. Because we’re such good friends, a lot of
what we say to each other is often poking fun at each other, so it was
interesting to hear something nice come from him.
Interview with JoJo
He thinks I’m very outgoing and intelligent. He thinks I always have something interesting
to talk about and always bring positivity with me.
Conclusion
Because I came up with my own 5 after these interviews, I
think my answers were a little biased.
However, because they are seeing me from their own perspectives, they
pick up on things about me that I don’t.
They can also see things for the way they are and not how I perceive
them. I don’t think I would remove
anything from my list, but it seems that I should add that I’m outgoing,
destined for success, and can make interesting conversation.
Friday, October 11, 2019
Tenacity & Paying it Forward
1) I wasn't great at it at first, but in order to keep up with the course, you must stay on top of watching the lectures and at least start your work early. The "cupcakes" aren't a joke. If you aren't paying attention, they can catch you off guard. Even though it's an elective for most, this class is definitely one that requires hard work for one to succeed.
2) I'm currently in the "pulling through" phase of tenacity. I've struggled with tenacity since arriving at the University and found myself in a situation that has two ways out: leaving the school or working my ass off to get all A's this semester and likely the next as well. This class is greatly contributing to my tenacious mentality because of the surprising amount of attention that it requires. I can't slack and, therefore, have to spread my focus out even more.
3) To any students taking this class now or in the future, make sure to attend as many of Dr. Pryor's lectures as possible and watch the rest of them on time. He's pretty entertaining, so you won't be falling asleep in class. Second, I'd ask that you put real effort into looking at business opportunities. Many people have very creative projects that they're pursuing in this class. With a creative project, writing about it just gets easy. Lastly, you should definitely start writing your blog posts at least two days in advance. The noon due date is a lot more stressful than it seems (I'll be turning this one in at 11) and sometimes these posts can be very time-consuming. Especially the information search ones.
2) I'm currently in the "pulling through" phase of tenacity. I've struggled with tenacity since arriving at the University and found myself in a situation that has two ways out: leaving the school or working my ass off to get all A's this semester and likely the next as well. This class is greatly contributing to my tenacious mentality because of the surprising amount of attention that it requires. I can't slack and, therefore, have to spread my focus out even more.
3) To any students taking this class now or in the future, make sure to attend as many of Dr. Pryor's lectures as possible and watch the rest of them on time. He's pretty entertaining, so you won't be falling asleep in class. Second, I'd ask that you put real effort into looking at business opportunities. Many people have very creative projects that they're pursuing in this class. With a creative project, writing about it just gets easy. Lastly, you should definitely start writing your blog posts at least two days in advance. The noon due date is a lot more stressful than it seems (I'll be turning this one in at 11) and sometimes these posts can be very time-consuming. Especially the information search ones.
Reading Reflection 1 - Andrew Carnegie by Daniel Nasaw
1) Andrew Carnegie's success as a businessman blew my mind. Of course it took him a while, but what surprised me the most is that he was able to successfully pull off a full vertical integration of the steel production process. I admired Carnegie's tenacity more than anything else. After his family finally made it to the U.S, he began working at the age of 13. I couldn't pull anything from the reading that I "least admire" about Carnegie, but some reports speak of his Machiavellian behavior and inability to recognize the discord between his perception of himself and other people's perception of him. Carnegie's biggest adversity was rising out of poverty. After that, he became the richest man in the world.
2) Carnegie had amazing drive. He never quit because of the passion that grew from when he was in poverty.
3) Because I understood Carnegie's story, not much was very confusing. I felt that, because it was a fairly lengthy biography, it became cumbersome at times to take in the information. However, it was overall very straightforward.
4) I would first ask Mr. Carnegie if he had any regrets about his climb to the top. Usually, someone with that much self-earned power may have cut ties that they wish they hadn't. After that, I would ask more about his excellent execution of vertical integration. In economics, U.S. History, World History, and many others, he is the leading example of this method of monopolizing an industry. Apparently, he was the first to implement a full vertical integration of the company and it seems to have been almost flawless. I would ask him questions about how to run a company with that many different divisions. As the most powerful man in the company, he has to closely monitor every individual division of it in order to keep that power and keep the company successful.
5) Carnegie bled, sweated, and breathed hard work. Like I said earlier, he had to climb out of extreme poverty. At this point in my life, I don't share the same intense passion for hard work, because I have never had to work as hard as he did. I'm not saying I don't work hard or don't agree that hard work is the best way to become successful, but his work ethic was on a level that hardly anyone can compare to. That's why he was the richest man in the world.
2) Carnegie had amazing drive. He never quit because of the passion that grew from when he was in poverty.
3) Because I understood Carnegie's story, not much was very confusing. I felt that, because it was a fairly lengthy biography, it became cumbersome at times to take in the information. However, it was overall very straightforward.
4) I would first ask Mr. Carnegie if he had any regrets about his climb to the top. Usually, someone with that much self-earned power may have cut ties that they wish they hadn't. After that, I would ask more about his excellent execution of vertical integration. In economics, U.S. History, World History, and many others, he is the leading example of this method of monopolizing an industry. Apparently, he was the first to implement a full vertical integration of the company and it seems to have been almost flawless. I would ask him questions about how to run a company with that many different divisions. As the most powerful man in the company, he has to closely monitor every individual division of it in order to keep that power and keep the company successful.
5) Carnegie bled, sweated, and breathed hard work. Like I said earlier, he had to climb out of extreme poverty. At this point in my life, I don't share the same intense passion for hard work, because I have never had to work as hard as he did. I'm not saying I don't work hard or don't agree that hard work is the best way to become successful, but his work ethic was on a level that hardly anyone can compare to. That's why he was the richest man in the world.
Thursday, October 3, 2019
Figuring Out Buyer Behavior 1
For my previous interviews, I liked to write down specific questions
and answers that I felt were relevant to what we were asked to find. I’m not sure if the instructions changed, but
this time, I’ll go with the summaries.
The segment I chose was people who use marijuana to cope with injuries
or disabilities. In these interviews, I
referred to the unmet need as marijuana.
Need Awareness:
I interviewed two people who have their medical marijuana
cards and one who doesn’t. However, all
three have issues that they use marijuana to cope with. Their need for the effects or marijuana
occurs when they begin to feel pain or discomfort. One has severe sciatica and can only
sit/stand for 45 minutes at a time without having to switch to the other. So, to dull the pain to a bearable level, he smokes. The others preferred not to disclose their
conditions. Their need for having
marijuana in their possession occurs when they run out of their supply. Medical marijuana dispensaries aren’t very
common in Florida. There is only one in northeast
FL, two in central FL, and a few in south FL, so it’s always a long trip to
pick up their “medicine”. They are in
need of a more convenient option.
Info Search:
When these people first become aware that they are running
out of weed, they plan out their pickup.
Illegal dealers are more common than medical dispensaries, so that is
occasionally an easier option. But, the
two with their cards prefer to make the long haul to a dispensary. All of them told me that a dispensary set up
in Gainesville would not only be insanely beneficial to them, but to everyone
who uses weed in the area. Their search
for a supplier is usually short. The
dispensaries are very reliable, so it’s always an option. However, to find new options, these three
said they either message friends to find someone in town or go on Google Maps
to find different dispensaries close to where they’ll be when they run out.
Conclusion:
This segment is very accustomed to this need and how to
address it. However, they would prefer a
much more convenient, streamlined solution.
Idea Napkin
I’m Jacob Cavan, or Jake for short. I believe that I’m a very quick learner, I’m
great at speaking in front of an audience, I love meeting new people and
creating relationships with them, and I’m a very good problem-solver. Currently, I want to go into business and do
something like what my dad does. He is the
leader of a team in charge of organizing sales, setting up deals, and sealing
those deals with other companies in the market for his company’s product. I’m not sure if it would be the best for me, as I'm still figuring out what I want to do, but my business concept for this class would be a very quick way to start a successful venture
into the real world - if I’m quick enough to act.
The product/service combo I am offering is a chain or
marijuana dispensaries in newly legal states paired with a delivery service for
my brand.
There is a seemingly wide demographic that I think would
want my business, but the psychographics aren't very straightforward. Anyone who uses a form of marijuana (THC
vapes, traditional smoke, edible) or could see it as an option for them. These people are usually college students,
stressed parents and workers, and people with injuries or disabilities. Even though these groups all have some members
who use marijuana, not everyone in each group uses. Some college students don’t want to use it
because they don’t like smoke or are worried about getting in trouble, many
parents look down upon marijuana smoke, and many people with injuries or
disabilities prefer alternative methods of healing or easing their pain. So, I am offering my product to people in
these groups who prefer marijuana as their method of relieving their stress or
pain.
They care because the recreational use of marijuana is
illegal in most states, so many people don’t have this option-legally. The legalization of marijuana in these states
will cause the already large market for marijuana to grow. Even those with medical cards can benefit
from a recreational dispensary. Medical
marijuana dispensaries aren’t very common.
There is only 1 in northeast Florida and also only 1 in west Florida. Imagine having to travel anywhere from 45
minutes to multiple hours just to pick up a prescription!
Because I don’t know the business very well, my main
advantage would be acting as quickly as possible on the legalization
process. As soon as it looks like a real
possibility for the legalization, I would begin the process of setting up
locations, finding suppliers, etc. Although
the delivery service has been done before, it’s extremely convenient and has
been shown to be a massive success. With
my own delivery service, I could greatly increase my own sales and, with that,
revenue.
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