17A – Elevator Pitch No. 2

Here is the link to my second elevator pitch:
https://www.youtube.com/watch?v=ieEXMk9UKv8&feature=youtu.be

Reflection

I thought the feedback helped me for my second elevator pitch. I was able to better understand what to talk about and I was able to add a little bit of humor this time around. Getting feedback for my elevator pitch is good going forward because I know I will be ready if I ever have to give my elevator pitch to a business executive. None of the constructive criticism I received was useless, I can use everything to help me.

18A – Create a Customer Avatar

My Customer Avatar



My customer avatar is a 20-year-old UF student living with himself and his two roommates. My avatar has spent the last two years of his college experience learning how to efficiently live on his own, just like his roommates. My avatar's parents live a couple states away and try to visit once or twice a year, but always struggles finding enough time to come. My avatar's expenses are financed about 3/4 through school and state funding and 1/4 of his own money that he worked for during the semester. My avatar loves to eat out and loves to binge watch shows in his free time. His favorite shows are The Walking Dead, The Office, and Breaking Bad. My avatar has a strong connection with his friends, and commonly keeps in touch with his family.

I have a lot in common with my customer avatar. I live in the same living situation and have a similar bond with my friends and family. I also like the same shows as my customer avatar. It would appear that me and my customer avatar have aligned hobbies and interests. I do not think this is a coincidence. As we decided which products/services we were going to offer, we took into account our personal problems and weighed them with local and national issues. It would make sense that a product that I designed to help me would benefit an avatar that shares a lot of characteristics with me.

16A –What’s Your Secret Sauce?

Here are the 5 ways in which my human capital is unique:

• I am able to eliminate bias when analyzing a situation
• I can find the humor in any situation
• I am very able to communicate and get my point across
• I value human relationship as the basis for all interaction
• I like to use facts and evidence to back up my points for everything

My interview questions were uploaded to SoundCloud and can be heard with the following link:
https://soundcloud.com/user-21592019/sets/16a-whats-your-secret-sauce
(My nickname among my friends is Bob. This is why some of the interviews use Bob, not Michael)

Here is my summary for the interview questions:

Brooke - This interview made me excited to start my career. This response told me to start utilizing my smarts for situations that may need it. From what was described about me, I would make a great team worker.

Vinny - This interview made me realize the humor in my personality. I am always able to find the bright side of things, and that makes me an optimistic person. I am the type of person that can help people sympathize and cope with issues.

Malya - This interview made me realize that I am able to teach others information I know well. For my career, this will help if I ever hire employees and need to teach them certain skills.

Jackson - This interview confirmed what I listed prior to the interviews. I am a great communicator and am able to get a message from point A to point B clearly. This will help if I am ever a manager and need to hold meetings/send emails for updates.

Steve - This was probably my favorite response. A personality with only work and no play can be stressful to be around sometimes. When Steve told me I know how to have fun when needed, it let me know that people think I am a fun and outgoing person.

Reflection -

I think that for the most part, the interviews lined up with what I said prior. My strong suit is definitely communication and that is a great area to excel in under a business setting. At the same time, as focused as I thought I was, I am also seen as somebody who is fun and won't bore the situation. Having that healthy balance is key for an entrepreneur and I am more than happy that everyone thinks I check those boxes.

15A – Figuring Out Buyer Behavior No. 2

Interviewee #1

For this exercise, instead of using friends of mine who might give skewed answers, I went to Turlington during busy hours to randomly select interviewees. Interviewee #1 is a sophomore male named James. I was told that the most important feature of the Hurricane Survival Kit (HSK) is the quality of the content. He told me that a complete and effective HSK will be bought first over a cheaper but less inclusive alternative. He told me that as a college student, he gets little financial help from his parents. However, he told me that his parents would probably be more than willing to help James invest in a HSK that will actually offer resources and protection. This piece of information opened my eyes to how inelastic this product is. As safety is usually a #1 concern during a Hurricane, a more complete HSK would attract attention from more prospective customers.

Interviewee #2

Interviewee #2 is a freshman female named Samantha. Samantha is in the same market segment as James, but gave a very different answer. Samantha is completely independent and self-sufficient. She does not receive money from her parents for any college expenditures. Because of this, she told me that a mixture of price and value are the most important indicators for a HSK purchase. She told me that since she spends her own money, she would be looking towards the cheaper section of the alternatives. At the same time, Samantha does not want to put money towards something that does not offer value to her. This eliminates alternatives to the HSK that may be very price-friendly but offers little to no Hurricane help.

Interviewee #3

The last of the interviewees was another sophomore male named Cody. Cody had a very similar response to James. Cody told me that he occasionally gets financial help from his parents for large expenses. However, his personal attitude towards the product was one of a value-focus. Cody wants to make sure that once he makes the purchase, that it was indeed the correct one, and that he will not regret it going forward. In other words, Cody wants 'the most bang for his buck'.

Conclusion

I have realized that although most products can get away with tanking the prices and sacrificing quality, the HSK cannot. Safety and emergency supplies are relatively inelastic, so customers would not drastically change their demand for the HSK with a drastic price change. When creating the product, now that I have conducted these interviews, I would focus on jam-packing the most content I could get into the HSK. I would ficus on customer satisfaction and retention rate as I sell my product.

14A – Halfway Reflection

1.)    I have used many skills and habits to keep up with this course. First of all, I stay organized. I sync all of my work shifts, classes, and meetings to my iOS Calendar. This way, I can look everyday at my calendar to see my responsibilities for the day. This helps me not miss any assignments in this class. I also work ahead of schedule. Doing my work in advance has helped me to limit the margin of error in this class. If my computer were to break, or if the website couldn't load, I would still be prepared to submit my assignment.

2.)    Midway through the semester, I felt like giving up. This was because my scooter broke down and that was my main way of transporting myself to and from class and work. Taking the bus is a much longer process and with the unscheduled breaks the bus drivers get, I can never truly rely on the bus schedule. However, once I realized I had no other option, I decided to make the most of my unfortunate situation. I tried to get as many shifts picked up during my period without transportation and I used the bus 15 minutes in advance to avoid any unforeseen delays.

3.)    Here are my 3 tips to students taking this class next semester:

• Do work ahead of time.
• Don't underestimate the amount of time the assignments will take you.
• Start to think like an entrepreneur (outside-of-the-box).

13A – Reading Reflection No. 1

The book I read was Steve Jobs by Walter Isaacson. Here is my analysis:

1.)

• What surprised me the most about Steve Jobs is the fact that the first official product he made a profit off of was a pranking device. I would have never guessed that someone as successful and professional as Steve Jobs would do something so childish. I guess we were all kids at one point.
• I most admired Steve's ability to turn any of his wildest thoughts into a reality. I think the idea of the Reality Distortion Field is not only creative but inspiring. This is what I believe to be Jobs' best quality.
• There is not much that I do not admire about Steve Jobs, understandably. However, if I had to choose anything, I would say that Steve Jobs is too outward with his thoughts and actions. One of my core beliefs as an entrepreneur is to operate with respect and to only worry about me. It seemed like when Jobs left Atari and Apple, he almost had a vengeance for those companies. If he focused that time into himself instead, he could've had even more accomplishments.
• Steve Jobs had many points in his career where he had to overcome adversity and he was able to each and every time. He did this using the mentality I mentioned before, the Reality Distortion Field. Every time Jobs was presented with a challenge that seemed nearly impossible for him to conquer, he would convince himself that he can alter the odds of the challenge in order to overcome it. Obviously Jobs cannot do such a thing, but that mentality gave him the confidence to take on any endeavor.

2.)

Steve Jobs had many competencies which helped him invent the most valuable technology in the world. Perhaps his greatest competency is his ability to analyze trends for the future and to run an accurate cost-benefit analysis for all decisions he makes. Steve Jobs has never made a poor decision with his money and investing. For example, Apple isn't even the reason Jobs is a billionaire. After Jobs left Apple, he purchased a majority share of Pixar before their run of legendary movies. Shortly after the premiere of the original Toy Story, Pixar unveiled their IPO. This multiplied Jobs' shares by nearly twenty-fold, making him a billionaire.

3.)

Most of the book was straight-forward to me and I understood a lot of the technological references because I am skilled with technology myself. One thing I still do not understand after completing the book is why Steve Jobs did not ever read the book his biological sister wrote him. Personally, the curiosity would kill me and I would eventually have to read it. It's a shame he wasn't able to read it before his passing.

4.)

If I could ask Steve Jobs two questions I would ask him this:

- When you were a kid with big dreams, did you ever see yourself actually making it this far?
I would like to ask him this because I have big dreams and I never know if it is just my imagination running wild or if it is a legitimate dream.

-If you were alive in 2019, would you do anything to change Apple?
I ask this from more of a political perspective. With growing concern for the environment and global warming, I wonder if Steve's compassionate core would outweigh his corporate greed.

5.)

I think Steve Jobs wouldn't necessarily be the biggest advocate for hard work. If I asked him if I should work hard I feel like he would advise me to work smarter instead of harder. All Steve Jobs' decisions and tasks aren't that difficult to overcome, they just require his absolute thinking.

12A – Figuring Out Buyer Behavior No. 1

1.) Pick a segment.

My target market are those who live in coastal states. The segment I will choose from this market will be young adults who either live alone or with other young adults. I choose this segment because young adults are typically young enough to be living alone and to be less prepared than families are during natural disasters. I want to find out how they would prepare for a storm.

2.) Find three people who would fit that segment and arrange to interview them.

I interviewed three of my friends. All of my friends who I interviewed live with other roommates that are approximately the same age. All three of them live in a house that is not backed by renter's insurance.

3.) Begin with need awareness.

I asked my interviewees questions to further find out about the specifics of their unmet needs. After interviewing all three, I gained some valuable insight. This need is something that is only needed during Hurricane season. However, although it is safe and responsible to purchase the Hurricane Survival Kit in advance and save it for each storm, the actual strong need for the Hurricane Survival Kit only arises when a storm is pending landfall. Once a storm hits category 3 or above and is confirmed to make landfall, everyone in that state goes into a frenzy to purchase supplies. That is the time where the demand for the Hurricane Survival Kit is most inelastic.

4.) Move to information search.

When an independently-living young adult is informed of a storm coming their way, the first reaction is to ask their parents/close-family-members what to do. Most families would provide an extensive list containing items that must be retrieved from several different locations. Also, given the nature of students and their inexperience, a lot of students don't end up buying certain essentials before they sell out. This includes gasoline, water, and shutters. The Hurricane Survival Kit would save a lot of young adults time, money, and the effort of having to travel across town for supplies.

5.) Report the findings of your research.

Other than what I have previously stated, I have learned that the Hurricane Survival Kit is a great idea, but would only work with proper marketing. The interviewees said that if they knew about the Hurricane Survival Kit, they would get it every time. Going forward, I need to make marketing a priority of this business. As of the actual content of the Hurricane Survival Kit, I learned that everything included in the survival kit is necessary and essential.

6.) Draw conclusions.

This segment will definitely benefit from the perks the Hurricane Survival Kit has to offer. Young adults are typically less responsible than older residents, which widens the possibility of error in preparation. Not only would purchasing the Hurricane Survival Kit help save money, but it would also ensure that each household with it is fully prepared.

11A – Idea Napkin No. 1

1.) You.

My name is Michael Ackerman and I am a junior at the University of Florida. I am a finance major with experience in accounting and a passion for entrepreneurship and business. I am very math and science based and have great analytical skills. My aspirations are to work hard and become very successful with my career opportunities. Part of those aspirations include having the Hurricane Survival Kit takeoff.

2.) What are you offering to customers?

This product will not only save the customers' time, but it'll save their lives too. When a hurricane comes, sometimes there is no time to prepare. Even if customers think they have time, a lot of the places customers shop for hurricane supplies sell out in a time of emergency. The Hurricane Survival Kit helps to eliminate these two problems and ease user stress during a time of natural disaster.

3.) Who are you offering it to?

This product is all about location. Across the country there is an all-or-nothing threshold for the purchase of my product: either a customer needs it badly, or does not need it at all. It all depends on the customer's location of residence. Someone in Wyoming would never think in a million years to buy a Hurricane Survival Kit, but someone living in Miami should not think twice about buying it. My product will be offered to all coastal residents along the Atlantic Ocean and the Gulf of Mexico.

4.) Why do they care?

The customers care about the product because the product can potentially save their life. Aside form the obvious, customers will prefer this product over getting all the supplies themselves for two main reasons: (1.) customers may forget a number of safety items while out shopping while the Hurricane Survival Kit comes loaded with everything anyone could need for a natural disaster, and (2.) discounts for shutters, generators, lawn/debris care are included in the Hurricane Survival Kit.

5.) What are your core competencies?

My company will separate ourselves from competitors with 2 strategies. One will be marketing: we will market everywhere for the product, including online, newspapers, television, etc. Of course there are other Hurricane Survival Kits out there but none of them are being pushed out to potential customers as adamant as the Hurricane Survival Kit will. Our second strategy is online shopping. A lot of Hurricane Survival Kits are offered locally but none are particularly shipped out and around. The Hurricane Survival Kit will be mass produced and shipped out to all coastal regions.

I believe that these elements of the Hurricane Survival Kit business all fit together perfectly. The customers fall into clear categories of needs based on unforeseeable natural disaster events. There will never be a decline in need for the survival kit as hurricane readiness is always being pushed by the weather stations, regardless of the quantity of storms in Hurricane season. Overall, this is a fool proof business idea.