Venture Concept No. 1

            The opportunity for my concept is exciting and vast. My potential customers that I will be attempting to reach through this venture is basically anyone who eats out in restaurants. Fifty-eight percent of adults in the United States eat out at least once a week, according to http://www.rasmussenreports.com/public_content/lifestyle/general_lifestyle/july_2013/58_eat_at_a_restaurant_at_least_once_a_week. This means that over half of the US adult population will be a target customer for my product which is extremely significant and means that I have to power to affect many lives. Customers that dine in restaurants need my service because there currently isn’t anything else previously implemented that will be as beneficial as my service.

The force that currently exists that is creating this opportunity is the technological revolution. Technology is improving at such a fast pace and has become almost a necessity in most US citizen’s everyday life. People love efficiency and speed and the integration of technology in everyday activities. All of these things help to expand the demand for my product.

To be more specific about my target market, I will contain my product to the US as it is still starting up. Eventually we could expand into foreign markets but I decided that for now it is easiest to keep it internal in the US. Demographically, my product will be targeted to adults or financially independent people that visit restaurants.

Currently there are few substitutes to the product that I am trying to offer, so customers have an unmet need. Products that are currently offered to not offer as many aspects and capabilities as my product will. Customers are not extremely loyal to these preexisting products because they are subpar and do not meet the needs of consumers. They are not offered as widely as they should be and desperately need to be upgraded.

As you can tell, the opportunity for this product truly is huge and necessary. The window for this opportunity will not be open long because I am sure that other people are catching on to the same trends that I have and will eventually begin to implement products similar to mine.

 In terms of innovation, my product is only incrementally innovative. I have taken preexisting platforms and expanded and improved upon them to create a product that customers will prefer to all preexisting substitutes.

To explain my product more in detail, I am creating a touch-screen interface that will be present in many restaurants, retail stores, etc. My system will offer different things for the different type of establishments it is implemented in, but generally it will allow users to have one sole system to electronically keep track of loyalty points, enhance their payment experience by reducing check-out time, and in restaurants it will allow users to view pictures and comments of menu items and much more.

I think that we can all relate to how frustrating and difficult it is to keep track of multiple loyalty cards, especially when they are in a physical card form. My system will allow users to download an app on their phones that will show them how many loyalty points they have collected and where, available rewards, current promotions or sales going on at their favorite restaurants/stores, etc.

My product works by the use of a touch-screen interface, such as an iPad. It will be extremely user-friendly and help to decrease wait times and increase efficiency.

I will make money because the restaurants/retailers/etc. that use my platform will pay a fee to my company for the usage of our system. When they buy our system they are not only buying the actual device but also our customer support, and our guarantee to custom design the system to their exact likings. The exact price of this will depend on the business we are partnering with and can range anywhere from $5,000 for smaller stores to millions of dollars for larger chain companies.

In terms of my venture concept, customers will switch to using my product because it will benefit them and it will not be difficult to learn to use the system. There isn’t necessarily a “switch” that is going on consciously for the user so it will be an extremely easy implementation process.

Competitors for this product are other payment terminals, however, their weaknesses are in excess and they don’t stand a chance against my product.

Customer support will be a huge part of our business model. Ensuring customer satisfaction is our number one goal and we will be extremely present in the customer experience and easily offer ways to get in contact with us with any issues. The customers experience will be one that is unforgettable-we ensure that! Customers will be amazed at how efficient and exciting our platform is and they will be so excited to go into stores that they know utilize our system just to use it!

As the systems grows, so will our number of employees. The goal for starting off will be a company of around 100 people working on developing the different systems and marketing.

Our “secret sauce” is the people we have working for our company and our insurance of guaranteeing customer satisfaction and personalizing each system purchased.

Looking into the future of my product, I envision that the next step for us will be to expand into other countries. Depending on the success of the product within the US, we can begin to slowly implement the system in big cities in other countries around the world.

Thinking about what’s next for me, if this product was to succeed, I would love to be the CEO of the company and continue expanding the company until I see it has reached a mature point where it would be ready to be sold off. Then I would embark on my next adventure and begin thinking about the next big thing to invent.

In the next decade, I want to have a solid product under my belt and to travel around to different places telling my story of how I started a company from nothing and made it into a huge success. Maybe I would even write a book about it!

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me while reading the article on innovation was that most companies have actually given up on centralized research and design, unlike Corning.

2) Identify at least one part of the reading that was confusing to you.

One part of the reading that was confusing to me was when the author was talking about innovation creating value but also not creating value at the same time.

3) If you were able to ask two questions to the author, what would you ask? Why?

1. What percentage of innovation is routine innovation.
2. Although the author had mentioned that there is no specific proportion that should be spent on innovation, what percentage does the author think is effective?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

The only thing that the author said that I did not completely agree with is that only the top senior level management should be the ones to be innovative. I believe that everyone in the company should be innovative because good ideas can come from anyone.

Amazon Whisperer

• The revenue drivers that are currently included in my business concept are product innovation and entering into new markets.Keeping my product innovative will keep people interested and excited. Opening up into  new markets and expanding beyond the restaurant industry will allow us to reach new customers previously untapped.
• I believe that the next thing customers will want is for this type of payment/ordering system to be offered in markets beyond that of solely restaurants.
• Expanding my model into new markets will help to foster customer loyalty. It can be confusing and inconvenient to keep track of different loyalty programs for different restaurants, so I think that focusing on making this facet more convenient for customers will help our customer retention rate and help encourage people to visit places using our model.
• To briefly describe my product, I am offering a system to restaurants and retailers to enhance the customer experience by integrating technology. Similar systems on the market include the touch screen payment terminals in Chili's restaurants. My product will be similar to this, but with many more features. The most similar thing to the type of platform I am aspiring to create would be a touch-screen interface similar to an iPad. 
  
• Customer reviews for this product are very positive. Most people are familiar with how to use an iPad and most people in the US own iPhones so they are very accustomed to the software in place. Some of the positive aspects I read in customer comments included light weight, user-friendly, and great display. The most frequent negative comment was the price, however, since our product will be paid for jointly by my company and the people incorporating our system, customers would not have this negative experience.
• Obviously since this will be used to a particular restaurant/service, the iPad (or alternative touch screen interface used) will be "locked" to only allow users to access certain things.
• This product would make a good addition to my service because it is extremely user friendly and since my whole concept is to incorporate technology, I can't think of any other product on the forefront of technology than apple products.

My Unfair Advantage

The 10 Resources that I possess that will help my company/product have an edge are:

*I have ranked the 1) Value 2) Rareness 3) Inimitably and 4.) Non-substitute of each of my 10 resources. 
A ranking of 1 indicates that this is a weak area and a ranking of 10 indicates this is a very strong resource for our company.

1. My team. I will hire the best team possible to develop this project. 
1. Value - 10
2. Rare- 8
3. Inimitable- 8
4. Non-substitute- 6 
2. Adding on to #1, because the standards will be set so high in my company, our company culture will be unmatched by any other.
1. Value- 8
2. Rare- 8
3. Inimitable- 6 
4. Non-substitute- 7 
3. Management. Our management team, including myself, has a main priority of customer satisfaction and we will do anything it takes to ensure that this product is a success for users even if it means editing the original model.
1. Value- 10
2. Rare- 9
3. Inimitable- 8
4. Non-substitute- 8  
4. Financial Capital.  I am passionate about this company and will do whatever it takes to develop enough capital to help get us on our feet.
1. Value- 5
2. Rare- 5
3. Inimitable- 4 
4. Non-substitute- 5  
5. Knowledge of the field. My company will dedicate itself to being updated on the latest and greatest tech information and will always be a step ahead of the competition.
1. Value- 10
2. Rare- 8
3. Inimitable- 8 
4. Non-substitute- 8  
6. Passion. The app that we are creating means so much to everyone on my team that our passion for this app and for our company will shine through and be evident to users.
1. Value- 7
2. Rare- 8
3. Inimitable- 8 
4. Non-substitute- 7  
7. Multiple locations. My company will have a headquarter in each region of the United States where our system is integrated to ensure visits to stores routinely and guarantee satisfaction.
1. Value- 8
2. Rare- 3
3. Inimitable- 1
4. Non-substitute- 1  
8. Hands-on environment. We will train future employees and users of the system by teaching hands-on.
1. Value- 9
2. Rare- 6
3. Inimitable- 2 
4. Non-substitute- 2  
9. Adaptability. We will be willing to adapt to consumers varying needs and to update our model are frequently as necessary to maintain relevance in the marketplace.
1. Value- 6
2. Rare- 8
3. Inimitable- 7
4. Non-substitute- 6 
10. Marketing. We understand the necessity of marketing to increase exposure and will dedicate a portion of our budget towards this.
1. Value- 6
2. Rare- 4
3. Inimitable- 5 
4. Non-substitute- 3

• The top resource that my company currently has in our management team. This is more important than the other resources because I realized through this exercise that most of my resources weren't anything special and could be replicated easily by other companies, however, if we have top-notch people creating impressive revenues, nothing can replace the value of human capital. 

Week 10 Reading Reflection

1. The biggest surprise I had throughout my reading of chapter 11 was how extremely important the budgeting process is in the overall success of a company.

2. One part of the reading that was confusing to me was the concept of allowance for uncollectible accounts. I didn't understand how one would distinguish between whether a receivable was collected or not.

3. If I could ask two questions to the author it would be

• Which technique for the preparation of a sales forecast is more accurate/widely used?
• What is a typical amount of payments allowed to be received on account versus in cash?

4. There wasn't anything in this chapter that I thought the author was wrong about since it was all factual and definitive accounting information.

Elevator Pitch No. 3

The feedback that I received on my last elevator pitch included people telling me that I needed to practice running through my pitch more beforehand. I was also told to have better body language and to speaker more naturally as if talking to a friend or a family member. 

Because of the feedback that I received, I stood up this time instead of sitting down. I also tried to incorporate some body language and speak more naturally. I ran through my pitch a few times before recording it, as suggested, which I believe actually did help.

Here is my pitch:

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. 

1. I am creative- I think outside of the box and am able to generate innovative ideas. This is especially useful in group projects and in problem-solving activities.

2. I am emotionally intelligent. This phrase means that I am exceptionally aware of my surroundings at all times and am able to read people really well. This makes me good at altering my demeanor and tone when speaking to different types of people.

3. I am well-traveled. I have traveled to over 10 different countries in my lifetime and this has allowed me to become a more easygoing person, better adapt to any situation thrown at me, and to understand people better.

4. I am invested in my human relationships and care deeply about the people closest to me in life.

5. I strive to be exceptional at everything I do. I have never settled for anything and when I set my mind to doing something I always get it done.

2) Interview the five people who know you the best. 

I have attached the five interviews (all audio-no visual. So don't worry that it is black)

3) Reflect on the differences. 

There were not any differences. Everyone agreed with the 5 qualities that I stated and even gave examples/explanations as to why they agreed. It was difficult for me to actually think of the 5 things but I really did enjoy this assignment of self-reflection because I am now more aware of what makes me stand out in my eyes and in others' eyes.

Week 9 Reading Relfection

1. The biggest surprise to me while reading chapter 10 was that nearly one third of Facebook users are accessing Facebook through their mobile device.

2. The most confusing thing to me in chapter 10 was the concept of Guerrilla marketing.

3. Two questions that I would ask the author after reading chapter 10 would be

• Out of all of the inhibitors to marketing research, while is the most likely to be an influence?
• Why is it that in traditional advertisements it is okay and acceptable to exaggerate but in social media advertising it is so important to be completely honest.

4. I didn't necessarily find anything in this chapter that I thought the author was wrong about, however, the production-driven philosophy seems strange to me. It seems odd to me to not be concerned at all about how many units you will sell or the current market demand and just to begin processing units immediately.

Idea Napkin No. 2

PART 1

1. You. My name is Amy Leonard. I am an aspiring entrepreneur that, like most people, loves FOOD. My talents include analyzing people's reactions to certain situations and thinking about ways to help improve their experiences. If I were to start the No Wait business, it would become a huge part of my life and something that I took extremely seriously and made it my mission to be extremely involved in the company and with the employees. I would take on a consulting role and personally visit restaurants where this systems is utilized to make sure that it is being optimized. 

2. What are you offering to customers? Over the years, I have witnessed the frustration of customers dining that have to wait an extremely long amount of time for their food for extraneous, avoidable reasons and I have made it my mission to help alleviate as much stress from the dining process as possible for both the waiters and the customers. From the feedback I previously received, I heard from someone who was a waitress herself and said that she appreciated that I touched onto how this system would help not only customers, but also the people working within the restaurant. I think it is important to revise my original statement to really emphasize that this is a two-sided product. A similar interface is used by customers and employees that allows both to get the most out of the dining experience.

3. Who are you offering it to? After the feedback I received, I realized that there are concerns on how this system could be implemented and that it would be more useful to begin implementing this system on a very small scale. I have to agree with these comments which is why I will start out by offering this system to one chain restaurant, much like how Chili's began to integrate a similar system in all their stores. After successfully implementing, the service/system will be offered increasingly to other businesses.

4. Why do they care? My product is being marketed towards restaurants, so this question is a little difficult to answer. The restaurants will be the ones assuming all costs for No Wait, however, both the customers and the restaurants will assume benefits. No Wait eases the dining process by offering immediate assistance alerts, ordering through a touch-face interface, opportunities to leave feedback on food, drinks, specific servers, etc. The overall experience will be completely enhanced and the stores will be able to serve more people efficiently and effectively in less time than ever before, hence, more revenue. I mentioned above that a similar system has been implemented in Chili's, however, I think it is important not to write off my idea because of it being slightly similar, because No Wait is a company willing to personally tailor the platform to each restaurants needs and desires to maximize efficiency. Every restaurant needs something different, and together, No Wait and these companies can, in the long run, minimize the companies' costs and maximize profits.

5. What are your core competencies? No Wait's core competencies are:
1. Speed - we will offer immediate assistance
2. Trust - we want to work very closely with the restaurants to develop a mutual trust
3. Efficiency - we want to maximize efficiency within every transaction
4. Satisfaction - we want customers to be amazed by their experience every time
5. Adaptability - we want to be able to change anything to your liking
*I believe that all 5 of these core competencies coincide. Each one relies on at least one of the others to be effective.


PART 2

Five main points that I took away from the feedback I received are:

1. My passion for this service were extremely transparent through my idea napkin.
2. People are concerned that this will negatively affect current waitresses, so I addressed how just the opposite is true.
3. People were concerned with the implementation process, so I mentioned how I will begin on a small scale.
4. I had a comment that his seems like something that will take a lot of work - however, I am up for the challenge!
5. Multiple people mentioned that if they owned a restaurant they would implement my system which was great to hear!