What's Next?

Existing Market

1. My next thing would be to make my phone app more visual and detailed with many more buildings and rooms. For my transportable, light-powered outlet, my next thing would be to sign licensing agreements with high schools and colleges so that I could put their logo on the outlets such as putting Gator logos to spread the love of the Gator Nation.
2. Interviews: (audio recordings based on questions in prompt)

     3.  When I asked people about the next venture in my field, some of my interviewees actually said that something with technology and electricity, which is exactly what my plan is. That was nice to hear because it confirmed that it was something customers wanted. Then, when I told people my actual business plan, they thought it was a really good idea, but they said that my phone app should be free so customers are attracted to it. Then, I would make money from the advertisements on it. They also said that maybe find a way to make the outlets cheaper so they're not as expensive to customers. When I told them my next plan of doing licensing agreements with schools, everyone thought that was a good idea as well because brands love marketing themselves.

           This feedback confirmed my previous expectations of my existing market and gave me a boost of confidence. I think there is true potential for growing in my existing market, and I think I can attack that by making both my app and outlet cheaper. This is a way my company can grow because college students are already tight on money, and making them pay for extra things is not always ideal.  Licensing agreements are only a first step in expanding into my existing market, but it has gotten good feedback, and then I'll move on past that.

New Market

1. A radically different market I could target would be to airports and airlines, specifically. This would target more high-end people who are looking to charge their many devices to help them possibly make more money or get ready for a long flight. 
2. My venture will create value for these markets because airports would want to buy these outlets and have them selling for only a couple dollars to people waiting in airports. Sometimes people have to wait for such long layovers and sometimes their phones or computers might die. In a case of a businessman, this could lose him or her a lot of money so they would be willing to pay for such device. I don't know if the airport as a whole or each individual airline would handle the sale of these, but it would definitely make money. Also, people traveling in airports would love the app because if they are waiting for a layover, they will want to try and find a seat with an outlet and hang out their until their flight. Although the airport wouldn't make money on the app, my company will for people purchasing the app for this reason. 
3. Interviews: (audio recordings based on questions in prompt)

     4.  When I told people about my business plan and how I was expanding that to airports, they said that it would definitely fit their needs. Especially in this day in age, people have to be connected to their phones or computers at all times. They said that sometimes when they're at the airport for a long time, it would nice to be able to have transportable outlets and to know where they are. When I asked them about what adaptations to this product and service I could make, they said similar things such as cheaper outlets and advertisements on apps. What surprised me though was one person said that you could buy out all the outlets so people are just using your company in airports. This is definitely going to be way down the road but very interesting.

          The feedback I received about moving into this new market confirmed my expectations. I think that being involved with the airport industry will be able to market to a wide variety of people but in common locations. Although it's a different industry, the people's needs are still the same because they want outlets and a way to charge their technology. The feedback did exceed what I was expecting a little bit because now I really see this new market to be just as attractive as my existing market. If my existing market proves to be successful, then I'll move on to this one and expand my company. 

Week 12 Reading Reflection

1. What surprised me was the staggering statistic that 101 / 253 firms did not have a written strategic plan, while the other 152 had some form of plan and some a very extensive plan. The results were pretty conclusive that having a plan leads to more success. Because of this, I wonder why a strategic plan is not a #1 importance when starting a business. 
2. What confused me was Figure 13.1 that was outlining the strategic management process. I think when they numbered it on the previous page it seemed to be a little clearer, but the figure was way to complex because it never really told you the order of the process. I also wished they outlined the importance of each step and how it relates to the process as a whole.
3. The questions I would ask are: 1) Based on Table 13.1, what is the best strategic approach out of position, leverage, and opportunities? I would ask this because if I owned a business, I would like to understand which choice would be best for me to establish change. I would then ask: 2) How do you avoid letting your venture become a failure? I would ask this because in Figure 13.5, I would want to know how to make my venture grow rather than fail.
4. This chapter seemed pretty straightforward and the author definitely knew what he was talking about. Although, what would've helped his credibility and helped me understand his points better would be to use more real life examples with companies. I think this would've been really beneficial if he used it for each stage in a venture's life cycle, so I could visualize actual companies and what they did at each stage.

Venture Concept No. 1

Opportunity:
As my friends and I have walked many times into the libraries on campus, we often find ourselves leaving very quickly due to the lack of outlets. UF's libraries seem to have a shortage of outlets, and there's a very few selective and popular seats that have access to some. This problem is definitely one that impacts the community because about everyone in our country these days is hooked to their phone, laptop, or tablet. Most people love studying in libraries because of the lack of distractions compared to their apartment or dorm, but because of this outlet problem, people are forced to leave the library or not even come at all. This opportunity I found seemed just to be with college students studying in libraries, but as this class progressed, I realized this is a problem in most public areas of study such as public libraries or places like Starbucks and Panera. This is a big opportunity because right now, there is no way for customers to satisfy this un-met need. Because of this, I don't think the "window of opportunity" will be there much as longer as it's a widely known problem, but I think that I have the most hands-on experience with it.

Innovation:
My opportunity is a two-fold problem because students don't know where all the outlets are in the libraries, and there is simply not enough outlets for the amount of students studying. Thus, I will provide first a service in the form of a phone app that will show every outlet on a multi-floor map  and show if it is open or used with green and red dots, respectively. To do this, each outlet will need to have a sensor that will register with my phone app, which I will need to implement in all current outlets, which I don't know if I will be creating or have it done by another company. This is a vital but also slow step in the beginning phases of my idea, but once it's completed, my app will be ready to go. I will sell my phone app through Apple and Android phones for $1. Secondly, the main problem is the shortage of outlets, and I will try to provide a product that will fix this need through a light-powered, transportable outlet. I'll be honest, this product is where I have slight skepticism because I don't technically know if it's possible, but I do know there is nothing like it currently on the market. This outlet will look the same and be able to hold 2 three prong chargers just like a normal outlet. It will function from the light through the windows or from the fluorescent lights above, and I will try to gather as much knowledge from the energy sector to see if this is possible and if I or they can create one. Because I don't know exactly how much it will cost to make, I don't know how much I will sell it for, but I can estimate around $20 each.

Venture Concept:
My product (phone app) and service (light-powered, transportable outlet) will solve the un-met need I addressed that students don't know where every outlet it is and there's just a shortage of outlets. My customers will want to buy these because they will be able to locate and stay longer on their computers which will help them make more money or better grades. Right now, I don't really have any competitors because the app is completely new, and the only competitor for the outlets are the portable phone chargers, but those only have USB connection. Thus, I don't think it will be very hard to get customers to switch to my good and service because there is nothing currently on the market like it. The weaknesses of my whole company are based around the ability to produce the products such as the sensor and outlets but I won't know that until I start production. My business concept around my app will be simple and appealing. For my outlet, my business concept will rely on affordability and customer service that will be readily available to come fix any sort of problem or question. For my business, I will be located in one big city where I will have a factory to produce the outlets and where my employees will work based around my phone app. This will be my only physical location, but then in towns that these outlets are most used (such as college towns), I will have employees who will travel around their town assisting in customers service that won't need an actual office.

Most Important Resource:
My most important resource will be my similar age to customers. My age is something that will separate my company from others because I will know exactly what my customers needs are and how those evolve over time.

Next Step for Venture:
For my app, I will next try to progress it with the ability to show more buildings and the details of that on each map and floor. For my outlet, I will next try to make it most efficient by capturing all the energy from the light and use it to power my outlets. As I talked about in my last post, my next thing could be to do logos and licensing agreements with companies that want to market their companies on these outlets.

Next Step for Me:
If this product is successful, I hope to be a thriving entrepreneur in a field that hits home with me and many other people in this day in age. I will hope to expand this to all level schools nationwide and to expand it to businesses as well who succeed around their technology. In the next 10 years, I will hope my business is successful, and then I would sell it to make some money to start a new business.

Amazon Whisperer

1. Revenue Drivers: Currently, my revenue drivers would be companies' and individuals purchases of my transportable, energy powered, outlets and individuals purchases of my phone app that can identify and locate open outlets in public areas. 
2. Next thing: My next thing would be to make my phone app more visual and detailed for different buildings and rooms and for my outlet, my next thing would be to have licensing agreements with companies and schools where I could add their logo on individual outlets. 
3. Next thing's enhancement: My enhancement to my app would be more user friendly for customers and it would possibly attract more customers. For my outlet, licensing will enhance my product because these days, people like logos everywhere as it markets your company and helps customers identify a company. 
4. Similar product on Amazon: For my outlet enhancement, I would add logos of companies or schools on to the outlet. Although that specific product doesn't exist, I just got a logo from Apple because this is just an example of a logo that could go on these outlets. 

          For my phone app, there is nothing like it on the market currently. 

     5.  Customer reviews: Although this specific product above is not exactly what I'm talking about, the reviews still matched up because customers mainly liked the stickers and how it made their product look better. For this specific product, people sometimes complained about the durability of a logo like this, but mine would be well mine and not a cheap sticker. 

     6.  Design/usability changes: As I just stated, my logos will be well made and etched into the outlet and not just a cheap sticker that can be scratched or peeled off. Besides that, people mainly liked the idea of the logo because it enhanced their product. 

     7.  Why is this a good addition?: I think this idea of licensing agreements to add logos to outlets would be very successful due to our society and obsession with marketing. Anything with logos is successful such as toys, clothing items, or other equipment because people like showing off their items and companies like increased marketing. This addition would widen my product range to people that wanted something like this and not just a boring outlet. 

Week 11 Reading Reflection

1. What surprised me was the different types of innovation such as disruptive, architectural, routine and radical. I never really broke down innovation into different sections; I just mainly thought of it as creativity and when that comes about. As a whole, I never realized how much goes on in research and development until this chapter.
2. What confused me was the idea of value-creating innovations because although I understand the definition, but it seems like common sense to me. I don't understand how there would be a different scenario because obviously imitators will enter your market which can affect your pricing and impact. 
3. If I could ask the author 2 questions, it'd be: 1) Are there certain industries/companies where crowdsourcing is beneficial? I would ask this because if I ever owned a company, I would want to know if this action would affect my impact positively or negatively. My second question would be: 2) What industries provide the toughest challenge for innovation? I would ask this because I would want to know possibly how businesses can or cannot significantly change. 
4. I didn't necessarily disagree with anything the author said, but I would've liked more concrete examples for things such as the crowdsourcing and non profit sections. 

My Unfair Advantage

1. Human Capital - Taking this Entrepreneurship class
VRIN Analysis:

• Valuable: I'll know how to start and operate a business by myself 
• Rare: Although an Entrepreneurship class isn't special (let's say on a resume), this class is very unique and is structured way different than most
• Inimitable: Obviously if you take this class, you'll learn what I've learned but I think I've grown significantly by taking this class 
• Non-substitutable: I wouldn't say there's anything like this class because it's uniquely challenging 

2. Human Capital - I'm a finance major
VRIN Analysis:

• Valuable: I'll know how to run my business financially and how to operate a budget and balance sheet 
• Rare: Not extremely rare, but still valuable for starting a business 
• Inimitable: Can be easily copied as many people have this major and take the same classes
• Non-substitutable: Taking a finance class is the only way to learn the finances of a business 

3. Financial Capital - Successful and supportive parents
VRIN Analysis:

• Valuable: I'll have some funds to start my business initially 
• Rare: I wouldn't say rare, but I'm still very lucky and privileged 
• Inimitable: Similar to its uniqueness, it can be copied if you have a successful support system
• Non-substitutable: there's not many things that can replace money in a business unless you have a vast, successful network 

4. Social Capital - I have engineering friends who know how to create phone apps
VRIN Analysis:

• Valuable: This will help me make my app and possibly at a lower cost 
• Rare: Not extremely rare at a school like UF, but in the scope of the whole country, very valuable for starting a business 
• Inimitable: Similar to its rarity, it can be copied as many people have friends who can develop apps 
• Non-substitutable: there's no real other resources for finding people who know how to make apps, unless you do yourself which I don't

5. Human Capital - I have strong writing skills
VRIN Analysis:

• Valuable: This will help me influence investors or consumers if I can have effective, persuasive writing skills 
• Rare: writing skills may not be extremely rare necessarily, but I believe I've had extensive writing classes in high school and college where I'm very skilled
• Inimitable: can be copied, but you have to take challenging classes or jobs
• Non-substitutable: writing skills are irreplaceable and there's no other resources to prepare you for those skills

6. Human Capital - Excellent leadership qualities
VRIN Analysis:

• Valuable: This is extremely valuable in running a business 
• Rare: certain leadership qualities may not be rare, but being an excellent leader is something special
• Inimitable: it's very hard to copy unless you already have these qualities, but they can be enhanced with hard work 
• Non-substitutable: excellent leadership qualities aren't something that can be provided by other resources

7. Social Capital - A wide network of business professionals
VRIN Analysis:

• Valuable: Having a strong network is extremely valuable in starting and running your own business 
• Rare: for entrepreneurs maybe not, but I believe my connections are extremely unique compared to most people 
• Inimitable: you can't really copy someone else's network, but other people have their own strong network 
• Non-substitutable: this is something that can't be substituted because you can't get these connections from anyone/anywhere else 

8.  Human Capital - Trustworthy
VRIN Analysis:

• Valuable: This is extremely valuable because investors and customers will want to know that they are being taken care of properly and that their business owner is reliable 
• Rare: although that specific quality might not be "rare," I think that not everyone has it, but also some people don't display like I do 
• Inimitable: I don't think this is something you can copy because I believe the way you were raised influences your morals and values 
• Non-substitutable: I don't think this is something that is substitutable by other things because it's just something that's an innate quality 

9. Capabilities  - Strong social skills
VRIN Analysis:

• Valuable: This is very valuable especially in the business world where you're always talking with people whether that's making deals or other phone calls and meetings
• Rare: I wouldn't say this is a very rare, but I think in this day in age, people's social skills are declining
• Inimitable: I would say this is very hard to copy because I think you have this quality or you don't and it's very hard to fake it as well 
• Non-substitutable: I don't think there is a substitute this especially in the business world where it's almost a necessity because it's a quality that I think some people are born with

10. Human Capital - Close to the age of the target customers
VRIN Analysis:

• Valuable: I think this is valuable because I can stay up to date on the reactions of the customers of my industry 
• Rare: I don't know how rare this is, but I do know that companies are unsuccessful if they are not plugged in with their customers
• Inimitable: Not very hard to copy, but your business just has to be in tune with the audience 
• Non-substitutable: This cannot be substituted because there's no other resources that give you the same result

Top Resource: I think my top resource is #7 Social Capital because I think a wide network of business professionals is the most valuable resource an entrepreneur or any professional can have. Like the saying goes, "It's not what you know, it's who know," having a network of successful can get you places and make you more successful than you could ever be on your own. A strong network is not something that can just be copied or created out of the blue because although some of it's work, a lot of it is luck. I think it's my top resource because I've been lucky enough to meet and be surrounded with extremely successful professionals in their field.

Week 10 Reading Reflection

1. Because I'm taking financial accounting right now, none of the material was surprising to me in what goes into a business. I was actually surprised how much in-depth accounting was actually in an entrepreneurship textbook.
2. The only thing I thought was confusing was in ratio analysis with vertical analysis vs. horizontal analysis. I've never heard of these terms and their explanation didn't seem to make sense to describe its purpose. 
3. If I could ask the author two questions, I would ask: 1) What is the most common way businesses go bankrupt? I would ask this because if I ever ran a business, I would want to know how to budge my money to prevent bankruptcy. I would also ask: 2) How significant are pro forma financial statements and balance sheets? I would ask this because I've never heard of these terms, and want to know their influence on the businesses upcoming decisions. 
4. I didn't disagree on anything the author said as it was all very straight forward definitions and analysis of businesses financial statements. 

Growing My Social Capital

*My business is a 2 part business with: a product and a phone app. I believe the product (transportable outlet) had the most concerns/questions which is why this assignment is based around that product as I wanted advice and insight into it's possible success. 

Person 1: Tom - Domain Expert

1. Tom works for TECO energy, which is the leading supplier of energy and electricity to the Tampa Bay area. He has worked for TECO for over 20 years and is very knowledgeable about electricity. 
2. He fulfills the domain expert because my product is solely based around outlets which stems from electricity and people's consumption of it. He has valuable knowledge of the industry and how my product could be applicable and its possible success. 
3. He is a family friend, as we've always used TECO for our energy, and I contacted him over the phone.
4. He gave me very valuable advice which I appreciated with his upfront but helpful attitude. With my product of the portable outlets, he believed that it's something of the future and loved my initiative. He definitely though outlined concerns about its possible productivity and charging power. There is no return expectation as he did this as a favor due to my family's relationship with him.
5. He will be valuable in my network as I try to exploit this opportunity of the lack of outlets because of his expertise and knowledge of the field. His connection could be valuable in a possible internship if that's something I pursue as well. 

Person 2: Nancy - Market Expert

1. Due to my connection with Tom, he linked me to Nancy, who works in the research department of TECO. She has a major in marketing, and has worked in the field of energy and TECO for over 7 years.
2. He fulfills the marketing expert because she does research for TECO about the change, evolution, and innovation for their energy and electricity development. This matches well with my transportable outlet. 
3. I was able to contact her because of my family's relationship with Tom, and thus I called her on the phone in Tampa. 
4. Although we've never met before, she was very friendly due to my relationship with Tom, so she trusted me and gave me very insightful information. She informed me that there is a possible market for this (more electricity in general) due to society's increasing dependence on technology. 
5. She will be valuable in my network as I try to evaluate the possible success of my product and analyze if the market is right for it. She'll also be a good connection if I ever want to work in this field or launch a product. 

Person 3: Supplier
     For this section, I was unable to directly talk with a supplier of outlets or in the field of electricity due to my lack of time and experience in the field. However, I did reach out to Legrand which is a leading electrical outlet supplier. I hope they will give me valuable insight into the possible production capabilities of my transportable, wireless outlet. This is definitely a key component of success to my product to carry out my goals, and thus I hope to receive a message back and I will try to share that response.

Reflection: As a whole, this assignment definitely was a unique and challenging experience as it took me out of my comfort zone. Although I've had networking experiences before in cases trying to find internships, this was definitely different as I had to do research and talk to people that were experts in their field. Even though I wasn't successful in finding a supplier, it was a valuable experience just in making phone calls as well as extensive researching and networking. It was challenging, but I definitely grew as a entrepreneur and gained insight on 'target networking,' which will hopefully be useful in my future networking events.

Elevator Pitch No. 3

1. Pitch:

    2.  Reflection on the feedback: What stood out to me was 3/4 of the people who commented on pitch really liked my idea and my pitch as well. Their main points based on the idea were that it is interesting and innovative. For my pitch, they thought it was short and to the point, with very meaningful gestures and clear, expressive words. The only complaint was that I probably should smile more which I realized I should to make more idea more interesting. Although, my last commenter thought that my idea was slightly un-original, and he didn't see the true path of success for my outlet.

    3.  What I changed based on the feedback: Because all the comments on my pitch itself were positive, I tried to keep it short and sweet as well as keeping my gestures expressive with concise word choice. I did try to smile more which I hope is noticeable because I realized in my 2nd elevator pitch how dull it sounded. Then on the idea, based on my last comment, although it went a little longer than my last pitch, I felt like I needed to do that to make my idea more innovative and creative. I did this by describing how the outlets will work better and how advantageous they will be to workers. I also provided an alternate solution with the charging stations which I added just in case light power wasn't enough. I also described more so who will be my target audience and why I'll be successful with those people. 

My Secret Sauce

1. Describe five ways in which you think you have human capital that is truly unique: 
1. To start, I would say I'm unique because I'm very well rounded and balanced whether that be from school to social life. I'm balanced in the things I do as well as with the people that I'm surrounded by. I'm also well rounded in my personality as I can be very positive and emotional but at the same time be realistic and unemotional if I have to be. 
2. I would say I also have a drive to succeed that most people don't have. I'm always pushing myself to be the best I can be, and anything I do, I'm very passionate it about it. I never do anything halfway done or with half the effort.
3. I'm also a very good leader and have always been able to motivate and inspire others around me. Because I do everything will all my effort, people respect that and I'm able to help them achieve their best as well. I also know when and when not to vocally lead because I think that's a trait that some people don't always have. 
4. One thing that makes me different is that I'm very polite and I'm always very respectful to people. I think this has been instilled from my parents and family and has been very beneficial especially in this day in age where manners are not as stressed. 
5. Lastly, I have a sense of awareness that most people don't have and it's very unique. I'm always very conscientious and aware of the people around me and how they are feeling which is very useful. I'm also very aware of myself and I know my strengths and weaknesses which helps me recognize what I should or shouldn't do. 
2. Interviews: (these are audio recordings)

1) My younger sister

My younger sister believes that I'm unique because I am very good at relating with older people and adults, and this is because I'm the youngest in a very big family. She also said that I have a good balance between my school life and social life.  

2) My older sister

My older sister said that I'm unique because I'm always trying to get involved and make an impact wherever I go. She also said that when I get involved, I do it to better myself and because I enjoy being a leader which isn't what most kids do.

3) My best friend 

My best friend said that I'm unique because I'm both smart but also personable with many other friends who respect me. He also said that I have a no-nonsense attitude and everything is done to a "T" which he appreciates. 

4) My dad

My dad said that I'm unique because I'm thoughtful with a mixture of brains and hard work as well. He said although none of these individually are unique, it's that I have all of them which makes me unique.

5) My mom

My mom said that I'm unique because growing up with two sisters, I'm very sensitive to other people and aware of them. 

      3.  Reflection on differences: I think this was a very cool assignment and it was kind of nice hearing all these positives about myself. I ask 4 family members and one of my best friends so I think they definitely gave the most accurate description of myself. Out of my 5 interviews, they covered 3 out of my list of 5 unique things besides polite. My dad and younger sister said that I was well-rounded, and then my older sister thought I had a drive to succeed and was a good leader. My mom surprised me with why she thought I was unique being sensitive because I never have thought of that before but she did say that influenced my awareness of others. I don't know exactly why that is the case, but maybe because it is so instinctual. No one commented on my politeness but that doesn't mean it's not true. My friend commented how I was personable and how I have a no-nonsense attitude, and I definitely see this in myself just didn't think about it at the time. I think these interviews definitely were correct about me which furthered my thought on how I'm aware of myself and others because I really do know how most people think of me. Although, if I were to change my list, I think I would add the 2 traits my best friend pointed out and what my mom pointed out about my sensitivity. I can definitely see a difference to what my sisters and friend said compared to my parents because it was physical differences vs. mental differences, respectively. 

Week 9 Reading Reflection

1. What surprised me was the new marketing concept for entrepreneurs and how my generation is called Generation C. It says that customers are now the center of marketing, and I'm surprised our generation gets credit for being creative and connected. I think because we are so linked with social media that marketing is a much bigger deal for us. 
2. What confused me was Table 10.5 talking about the pricing for the product life cycle. The information seemed pretty simple but it would've been much for visually appealing with less words but pictures to describe the fluctuations in pricing.
3. The questions I would ask are: 1) How has social media impacted marketing (easier/harder? I would ask this because social media has become such a significant part of our lives, and I would want to know how to effectively use it if I ever owned a business. I would then ask: 2) How much do you think marketing really affects a business? Although this is an open-ended question, I would ask this because I think that marketing is sometimes looked at way to in-depth.
4. I agree with most of his points, but what I disagree with is just how much detail he went into. I think marketing is sometimes analyzed way too much and that it doesn't impact people as much as these researchers think. 

Idea Napkin No. 2

I only had 2 out of 4 people comment on my posts, and only one provided a critique so my new idea napkin won't be that different. I will address that one critique as well as change things based on my personal opinion.

1. Me: I'm James Donigan and I'm a freshman with a finance major. My talents include playing soccer and golf with interests in fishing as well as college football recruiting. I'm a very hard worker with excellent leadership and communication skills. These have led to valuable experiences such as being on the philanthropy committee and assistant treasurer for my fraternity. I've always loved entrepreneurship which drove me to take this class as well as thinking of a practical business. I'm very studious and focused on my academics which is why I'm in the library a lot and have experience. For the business I created, I think it could really take off and it would become a big part of my life as I believe in its success. If not that idea, any idea I would do, I would go all the way with it and put all my effort and energy into it.
2.             What I'm offering: Because people have always been complaining about the lack of outlets in libraries in general, I thought I should come up with an idea to fix that. For my company, it is actually both a product and service. First I would develop a transportable outlet that would be powered by the light through the windows and lights overhead. This is my main problem of concern and it was pointed out to me in a comment, so I'm going to need to find a way to make this work. It won't be easy but I do realize that it would be a problem if it rained for a while and the outlets didn't work. If that doesn't provide enough energy, I could possibly get a little energy from the outlets moving around (like a watch). Secondly, I would develop an app that would identify which outlets were used and weren't used on a map. I think this two-step company will solve people's problems.
3.             Who I'm offering to: As I'm targeting my company to first college campuses, I have to sell to the school and the students. For my product, I will be selling these portable, light powered outlets to the school so they can put them in the library. For my service and phone app, I will sell these to the students who want it on their phone. This will be my first step and as I grow, I will expand into maybe possible businesses who want my product and service. Although no one commented on this, I think this could be the more lucrative side of my business if I sold this to places such as Starbucks and Panera that have people use their wifi while they have breakfast or coffee. 
4.             Why they care: People will definitely pay for my product and service due to their need. My product I'll sell will definitely be sellable to schools and businesses because it will attract people into their spaces making them smarter if they're at their school or business longer and work more efficiently. My service will definitely be able to attract and sell to the students because students will want to know where outlets are and if they need to walk to the library or not. Students love apps if it makes their life easier and mine will do just that. Companies such as Starbucks and Panera will like this because if people see outlets open at these shops, customers will more likely go there.
5. My core competencies: I'm definitely set apart from other companies because I believe neither of these ideas have been brought to the market so I'll be alone in that category. I'm hitting a specific population that has a dire need which will bring success. Also because it's a product and service company, I'm very flexible if one idea fails and the other succeeds. Thus, I'm not solely reliant on one specific thing.

I believe that all of these elements fit together to help bring success to my business as their is a definite outlet shortage. Although, like most businesses, there are weaknesses. I think my product will be the one place that might not be as successful because I think it's going to be very hard to to not only pitch to schools why they need these portable outlets, but the ability of these outlets to work as I'd like. I think in businesses, they'll like it because they will benefit from better workers and attract more money, but for schools, they don't really have any incentives in giving students more battery power. I think the service will be very easy to market and sell as apps are the hottest thing going right now especially if it is specific like mine. 

Feedback Memo: For part #1 ("Me"), I kept it the same because both of my comments said that they got a good feel for me based on this paragraph and how this business would play a role in my life. I did add that I'm in the library frequently to show people why I have an attachment and passion for my idea. Although both the comments thought the app would be successful, one of the comments questioned how effective the portable outlets would be. I addressed this because I will have to do extensive research to make sure that the lights in the building will provide enough energy, and if not, I'll have to use movement to power it a little more. For #3, I expanded who I'd be selling to such as companies like Starbucks and Panera because many people study there and use outlets. No one commented on this section, but I think this will definitely be a sellable product and service because technology is becoming an increasing part of our lives and we depend on its performance. Companies such as Starbucks and Panera will like this because it will attract more customers to their businesses. I think my core competencies stay the same because my product is definitely questionable but I still don't have any competition.