Elevator Pitch #2

https://www.youtube.com/watch?v=5ofW9S9TBI4

Here is the link to my business idea elevator pitch. This whole semester we have been working with the idea of opportunity development and identifying customer needs. As I personally have been working with this particular business idea, the elevator pitch is a key component to getting it off the ground. After the first elevator pitch I posted, I received some great feedback. One thing that I could improve on and wanted to make sure I did so in this video was the tone of my voice. In the first elevator pitch I was fluctuating my voice and it sometimes sounded unnatural. I also received feedback regarding the content of the elevator pitch. So this time around I made sure to refine the content that I was presenting and really studied up on what I wanted to say to where it wasn't memorized, rather I simply know the topic I am talking about.

Customer Avatar

Up to this point in our opportunity identification, and our proposed resolutions to these opportunities, we have wrestled with the idea of what our customer market/segment is. After conducting a handful of interviews and refining our search, it is time to really picture and imagine what our prototypical customer will be. Just to recap, for my particular service,  I want to go into high schools and colleges and advise the students and families of the exact processes, details, and affects of student loans. Through these previously mentioned interviews, I have identified my specific customer market as incoming freshman, or first or second year college students at the University of Florida who are taking out student loans to finance college and are required to pay it back themselves (no help from parents/relatives). It is very interesting to think about how I picture this given customer segment. Here is what I imagine them to be like:
These people who I want to target with my service are bright eyed and bushy tailed. What I mean by that is they are full of hope, joy, excitement. They are either just entering college or have been here for a short time, and the possibilities are endless of where their future might lead. For many people, the University of Florida is their dream school. We have just recently became a Top 10 Public University so it is harder than ever to get into UF, and they've done it. They have worked hard ever since they entered high school at 14 years old, knowing it would pay off for them in this way. But who really are these people? They are young, that's for certain. 17, 18, or 19 years old, and just entering adulthood. They like to go to sporting events, they like to hang out with their friends when they aren't studying, and go to the library when they need to study. These people LOVE coffee. It is what fuels their all day and all night studying. These people love music as well. Our generation really enjoys the latest and next best technology, whether that's the newest music, the newest iPhone, anything that makes our lives more convenient, that is what we are all about. These people are smart, too. There is a reason they are not only at this University, but willing to fork over thousands on thousands of dollars to be here. They have a vision for their lives. Unfortunately, there is just one thing that could be holding them back - their student loans.
I have a lot in common with this "customer avatar." In fact, I think many of the things that I just described, describe me perfectly. I do not think this is a coincidence, considering I developed this opportunity belief from my own problem. 

What's My Secret Sauce?

One of the things that I had mentioned in my halfway reflection for this course was the idea that I feel I have improved in my own self-reflection. For a majority of my life,  I didn't really spend a lot of time really getting to know myself. As odd as that sounds, when it came time in a situation like an interview, I truly didn't know what my strengths and weaknesses are, and I hadn't reflected on how my experiences make me unique. This is something I feel I have improved on, and look to continue improving. For this particular post, I will highlight five traits/characteristics/experiences about myself that make me unique and gives me an edge.

• To start, I believe I have a knack for building relationships. No matter the situation or the person, I love to get to know people on a personal level, and connect with them. In my experiences, whether it be sports, school, or work, I have found that this strength of mine creates positive environments for teamwork, collaboration, and trust. 
• Another core strength of mine that I really pride myself over, is my dedication. Give me any task, and I am going to treat it meaningfully and with purpose. When my mind is put to something I am going to do it to the best of my ability, and won't be able to sleep at night if I know I did something at half-speed. 
• Next, I want to mention how I feel my experiences give me a unique edge over others. In just my short 20 years of life, I have had a variety of different work positions, ranging from working in a kitchen at a fast food restaurant, to customer service, to leadership, to logistics. I have made it a point to take something valuable away from each experience I have, and knowing how I can apply them in my current and future positions. 
• I also want to touch on the emotional part of myself and how I feel it makes me unique. I am a passionate person. This relates to my dedication, but there are many situations where I find myself truly passionate about something I am involved in, and it reflects in the work I do, and the relationships I create. I believe this is a trait that can rub off on others and positively affect a group or team environment. 
• Finally, I believe my competitive nature is a strength that can be utilized. I do not like to finish last. Heck, I don't even like to finish second. If there is something that I can do better than the person next to me, I am going to do what I can to make that happen. This stems from a lifetime of competing in team sports. It is the foundation of my childhood and has carried over with me into adulthood. 

https://youtu.be/doAamC6GVIE (Courtney's Recording)

This recording is from my sister Courtney. She is someone who has seen me at my best and most definitely at my worst, and in many different situations. Being just one year apart in age, and spending our whole lives together, I really value her opinion. 

https://youtu.be/Vne6Ttm9UCc (Dad's Recording) 

This recording is from my dad Mark. As you can tell, he has a lot of very kind things to say about me. I have to say, a lot of those traits come from him and have been instilled by both of my parents. He is a realist and very level-headed.

https://youtu.be/ycfk7xK-vVI (Lily's Recording) 

This recording is from my girlfriend Lily. She has been with me for about the last three years and has definitely seen me progress personally and professionally. I also think a lot of her endearing qualities have rubbed off on me since we have spent so much time together. 

https://youtu.be/KwNZslS69AA (Siana's Recording)

This recording is from my stepmom Siana. She is the one who I think has the most unbiased opinion of me, given that she came into my life at the beginning of my teenage years, and with kind of a fresh start. She has always been honest and I respect her opinion.

https://youtu.be/KwNZslS69AA (Mom's Recording)

This recording is from my mom Janet. She has always been my biggest critic and my biggest supporter. Her opinion means a lot to me and she has seen me develop throughout my whole life. 

After taking some time to reflect on the way I see myself, and hearing from those closest to me on how they see me, it was definitely an eye-opening experience. My friends and family said things to and about me that I would have never expected, things that I would not have described about myself. I also think the original list of reflections that I made is pretty accurate. For the most part I feel as if I assessed myself the way others see me, and it was reinforced with the words of those closest to me. I also was able to identify through this assignment, things I can work on as well. I know there are different qualities that a successful entrepreneur have, that I just don't quite possess. This was a great learning experience. 

Figuring Out Buyer Behavior #2

Previously, I had identified a customer segment that I wanted to focus on with my business idea, and I conducted interviews in order to gather more information about their buying behaviors. The information gathered provided some valuable insight to this opportunity and some things that may need to be focused on or refined. This time around, I am focusing on the alternatives that this particular customer segment may utilize. To reiterate from the last post, the segment I have decided to focus on is students in their first or second year at the University of Florida who are taking out student loans to cover the cost of tuition and living in college. I found three more students who fit this categorization, and focused on the alternatives as it relates to student loans, and the information needed to fully understand student loans. Since I am proposing a service that is aimed to advise and inform students of the details, processes, and effects of student loans, I wanted to ask the interviewees where they go to get this particular information. The most common first response was the financial aid office at the university. Expecting this answer, I wanted to inquire about the type of information they gathered and if they found it to be satisfying to their needs. The overwhelming response was that they felt they were given helpful information but walked away still confused about the whole process. The next alternative was the internet. All three of the students I interviewed stated they typically take to Google whenever they have a questions, which leads them to a variety of different websites and services that provide a touch of information. Again, the consensus seems to be that this is not all encompassing either. A final alternative seems to be people who have been through college and took out student loans before and know a little about the process. For this particular opportunity and the identified need, the main "picking" factor isn't price, or quality, rather it is convenience and amount of information gathered and absorbed.
It was important for me to also ask in these interviews about the idea of paying for services that will satisfy all of their needs as it relates to student loans. Given this is not something that students typically pay for, like financial aid advisers or the internet, I need to gather information to determine if this is something that they would pay a small amount for. In these three interviews, two of the three expressed interest in paying for a service that would provide all of the necessary information. The other student expressed it is really dependent on the price of the service and just how helpful it would actually be. This leads into the next topic I discussed with these students, what matters most to them when they think back on the "rightness" of the purchase. The overwhelming response to this question was that each student cares about the fact that the service will actually do something to help their financial situation now, as well as in the future.
In conclusion, it is clear that this particular customer segment has alternatives when it comes to their student loans. It also is very evident that these alternatives are not exactly meeting their full needs, and it is something that these students feel passionately about being fulfilled.

Halfway Reflection

Sitting here reflecting on my time in this course at the halfway point of the semester, I am surprised to know that I feel I have learned more about myself in just this little amount of time than I have in many other courses/experiences.
1. The behaviors that I have used or developed during my time in this course to keep up with the requirements has mainly been "think outside of the box." In order to complete the assignments it is necessary that you take a step outside of your comfort zone and look at the world in a way you may not normally look at it. It will be extremely difficult if you do not step out of your normal thinking because you won't be able to recognize the worlds problems that need to be solved.
2. I think I felt like giving up in this course very early on. As soon as I was introduced to the idea that we'd be developing a business idea as a semester long project so to speak, I counted myself out because "I don't have any good ideas," or "I don't even know where to begin." What pulled me through this doubt was the structure of the courses and assignments that have been laid out by Dr. Pryor. The assignments and lectures have really walked me through the process and I feel I really have a good idea that I can at least take experience with me for my future. Because of this, I definitely believe I have developed more to my tenacious attitude. I recognize that I will encounter situations that I feel like giving up or I have doubt but the grass is greener on the other side.
3. For this course as it relates to tenacity, the most beneficial tips I can suggest are:

• Give yourself a chance from the beginning. Have confidence in your ideas and your knowledge.
• Do not back down from feedback, ESPECIALLY negative feedback. This is the best way you are going to learn. Embrace comments from others and make adjustments. 
• Take the assignments seriously. Actually go out and interview people. You will be surprised the amount of knowledge you can take away and you might even surprise yourself. 

Reading Reflection #1

For this assignment I decided to read the biography of Phil Knight, the man who started Nike. I chose to read this simply because of the name recognition as well as the fact that I am very interested in the world of sports and Nike in particular.
What surprised me the most: I went into this reading experience with a preconceived notion that these people like Phil Knight who are so successful in the businesses they have started, that they did so with ease because they are geniuses with genius ideas and were destined to start this company. What I learned and what surprised me the most was just how difficult it was for Phil Knight and it wasn't an overnight success.
What do I most admire: This one is easy to me. Phil Knight throughout his life has displayed a persistence, perseverance, and an ingenuity that is unmatched. One thing I am learning is that in order to want to be successful like Phil Knight, you have to be willing to work for it, and he was. He overcame obstacles and came out on the other side with one of the worlds most recognizable brands.
What did I least admire: I can't particularly say there was something about Phil Knight that I didn't admire. Like I mentioned, he contains traits that I admire and strive to have myself.
Did he encounter adversity/failure: I touched on this a little bit before, but yes, Phil Knight came across many challenges and failures on his rise to the top. Instead of letting these defeat him and give up, he decided to learn from these and adapt and change to the his ever-changing environment.

As an entrepreneur, it is essential to display a certain set of competencies in order to one day be successful. Phil Knight displayed resilience, adaptation, and forward-thinking, on top of the other skills and strengths I had previously mentioned. As far as something that was confusing to me in the reading, I didn't really come across anything that had be confused. The biography was very clear and touched on many aspects of Phil Knights life. If I ever had the chance of meeting Phil Knight and had the opportunity to ask him two questions, I would simply ask him, "what is your advice to someone like me, or anyone who is looking to kick start their career in any particular industry?" I would also ask him "what is one regret you have, if any, during your career?" 

Figuring Out Buyer Behavior

I have been stewing with this opportunity that I have identified for a couple weeks now and I have learned so much and my opinions and views have changed since the inception of the idea. However, the most important thing I must identify revolves around my potential customers. I must know exactly who I am targeting, why their needs fit into the service that I am offering, and what is the best way to solve their needs. For this exercise, I decided to choose the particular customer segment of students that go to the University of Florida, take out student loans, and are in their first or second year of school. This is a segment that I believe will fall into my target market more than any others so I was really curious to speak with some people who met these qualifications, and really dive into their unmet needs when it comes to student loans. I was able to easily find three people on campus that were willing to sit down with me and talk about their potential unmet needs. For this particular exercise I needed to focus on need awareness and when exactly the target customers understand and recognize their need. What I found out that was uniform across the three people that I interviewed was that their need was at its peak during the beginning of semesters. This is when the expenses of school are really at their forefront and must be addressed. At the beginning of semesters students are stressed about their financial aid and there are often times some issues that come from the financial aid department. So given this information, my next questions were regarding how each person addressed this particular need. Again, the consensus was that they contact in person, online, or over the phone the financial aid department at the school. Each person expressed that this is not what they prefer to do however, as there can be some difficulties at times with trying to gain the correct information regarding their financial status, but they feel it is their only option, as there is not much pertinent information available online for them. After my conversations with these three individuals, it became evident that the need is there and is there for more than just these three as well. These are important matters that are being dealt with that these students feel is not being handled correctly, and there is nowhere to go for help.

Idea Napkin #1

In order to continue on with my opportunity belief and concept that I have developed over the past few weeks and are highlighted in my previous blog posts, it is essential for me to take a deeper look into some very important aspects of this potential business idea. As challenging as it may be sometimes, I need to analyze all aspects of this opportunity, and it starts with myself.
Who am I?: I think it is important to know a little bit about my background and how I grew up, and how that is translating into this business concept. I grew up in a middle class family with a stay at home mom and a dad who went to work everyday. By all definitions of the word, I would describe my family as the "average" American family. Then there were some sudden changes in my life. A move from Maryland to Florida and my parents getting divorced. These two events I believe have shaped who I am today. One thing that has always been instilled in me by my parents is hard work. If I want something, it isn't going to be handed to me and I have to work for it. So that is what I have done since I was 16 in order to pay for my car insurance and any leisurely expenses. This is what I believe to be one of my biggest strengths, my work ethic. I will put my mind to any task that I have and work to the best of my ability in order to achieve a goal. Another strength of mine is relationship building. This is a big part of how I operate and work, as I value the relationships that I can make and the benefit that comes from that in a work environment. I have experience in customer service, logistics, fundraising (which I can relate to sales), and a ton of experience working in a team. As far as my aspirations go, I want to do work that will make an impact on people. I don't want to sit behind a computer and plug away at work that isn't going to make a difference. That is why I feel this is a legit business opportunity, as I feel I can make an impact on many young adults' lives.
What am I offering to customers?: As I have described in previous posts, what I am offering is an advising service to graduating high school students and current college students who are taking out student loans in order to pay for college. What this service will do is provide detailed information regarding all there is to know about student loans and the debt and effects that will come from it. I will inform my customers of specifics such as interest rates, unsubsidized vs. subsidized, payback periods, as well as alternative options.
Who am I offering this to?: It is easy to say that I am offering this service to all students who are taking out student loans but that is not the case. I will be offering this service to high schools in low income areas where many of their students going to college will need to take out loans. I will also offer this to students already in college in their first or second year who still have time to make an impact on their total student debt. All of my customers will have in common the fact that they are not aware or have not been told the information that I will have for them with this service.
Why do they care?: My customers care because this is their livelihood that is at stake. As I described in my elevator pitch, the amount of student debt per person in the United States is approaching $40,000. This is at such a crucial point in your life as you are trying to begin a career, begin a family, or just start a life for yourself on your own for the first time. The more debt you have the more challenging and even impossible this can be.
What are my core competencies?: It can easily be said that my service is similar to services such as financial aid on college campuses. The difference with my service is that I am not out to take advantage of the students. I simply want to help these people as I know from personal experience just how confusing this stuff is. I am also currently living this, so the information is fresh and up to date, which will be invaluable to my customers.

After analyzing and determining these specifics about my business idea, I do believe there are some loose ends that need to be tied up and some further information that needs to be gathered. With that said, I truly believe there is a real chance to do something with this business idea. I believe all of these components come together and I think there is a real need for this service in our high schools and colleges.