Venture Concept No. 1

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

• My revenue drivers lie in the variety of products I offer. Customers can purchase hand lettered quotes on either canvas (to be hung) or cardstock (to be framed) and both options have customizable color options. The background and font colors can be requested by the customer. 

Describe what kind of product offering you believe should be next. What's the next thing your customers want?

• I think the next product I should be offering according to what my customers want would be customizable hand lettered art. I should take requests from customers, hand lettering THEIR favorite quotes. 
• I could also offer my hand lettered art on different mediums such as pillows, t-shirts, coffee mugs, and more! 

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

• By offering 100% customizable hand lettered art prints, customers can fall completely in love with what they are purchasing and feel more connected to it. I would agree it definitely promotes customer loyalty because I would be giving "the people" exactly what they want/request! I would be investing more time into making these new, customizable art prints but they would be well-received by the customers.
• If I offered my hand lettered art on different mediums I would be investing more into my entrepreneurial venture because I would need to outsource my printing/manufacturing. I would need to find a vendor that would take my artwork and print it on t-shirts, coffee, mugs, pillows, etc. This would factor in an extra cost but the variation in products offered could possibly drive in more sales and happy customers. 

Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

• This product features a customized hand-lettered design on a pillow. 
• In the case of my entrepreneurial venture, I would generate hand lettered art prints that would be made onto canvases, card stock, pillows, t-shirts, coffee mugs, and more!
• http://www.amazon.com/Reading-lettered-Decorative-Pillow-Cushion/dp/B019GWHFV4/ref=sr_1_1?ie=UTF8&qid=1459125397&sr=8-1&keywords=hand+lettered+canvas

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

• While this particular listing does not have any customer reviews, after searching related products, most of the reviews were rated three stars or higher. The only negative reviews were about how the product needs to be cared for. People want pillows they can put in the washing machine!

Describe what design/usability changes you'd make to the product. 

• I would make the pillow a slip cover so that it can be unzipped and machine washable. 

Describe why you think this product would make a good addition to your current product/service offering.

• I think this product would attract a consumer who maybe cannot hang anything up onto the walls of where they live due to certain restrictions given to them by their landlord, if they live in a college residence hall, or they would rather not have art hung onto their walls. This product just offers another form of the hand lettered art to be showcased. 

• Human capital: hand lettering skills
• My hand lettering skills are valuable because they are unique and they are also rare because it is fairly uncommon for individuals to know how to hand letter. For these two reasons my hand lettering skills are also inimitable because quite simply put: hand lettering is hard to copy without some intense and dedicated practice. The only other resource that can provide the same benefits are typography fonts. 
• Social capital: social media following 
• My social media following has accumulated over the past six years and it's become something individuals consider paying for instead of earning it themselves, which makes this fairly valuable. I wouldn't really consider this rare because, like I said, people can earn this with time or simply buy the followers and likes. This can absolutely be copied by others and the option of buying likes and followers can provide the same benefits. 
• Social capital: in real life 
• My real social capital is extremely valuable to be because it justifies my integrity. It would say MY personal social capital in real life is rare because it's unique to me, however, it can be copied by others in their own way. I don't believe any other resource can provide the same benefits as a strong network of people who mutually trust, appreciate, and support each other. 
• Financial capital: job and credit card 
• Having a job and a credit card are very valuable to my venture because it establishes a financial resource. It's not entirely that rare to have a job and a credit card at my age. This is pretty simple to copy, however, the only other way the benefits can be attained are via loans from banks or individuals. 
• Car: to go get supplies 
• Having a car is absolutely valuable to me and my business venture. However, again, it's not all that rare to have a car at my age and it's easily inimitable. The only other way to access the benefits of owning a car is simply just to have access to one. 
• Leadership capital: experience in leading organizationally 
• My experiences that have given me the opportunity to learn how to lead an organization are extremely valuable because they are unique to me. No one else has had the same exact experiences I've had, therefore, this makes this resource very rare, inimitable, and non-substitutable. 
• Human capital: organizational skills 
• Being organized is very crucial in any entrepreneurial venture, which makes my resource valuable. However, it's not rare nor inimitable because being organized sometimes comes natural to people, or in some cases it can be taught, learned, or outsourced to be someone else's responsibility which ultimately also makes it substitutable. 
• Human social capital: knowledge of creating a brand and brand presence in real life and online 
• I've learned these "resources" during my academic studies at the University of Florida, which makes it valuable to me and my entrepreneurial venture, but that does not make it rare nor inimitable because there are hundreds of other students studying the same things as I am. The only other resource that can provide the same benefits is studying the same exact thing at a different educational institution. 
• Human social capital: communication skills 
• In my opinion, my communication skills are valuable, rare, AND inimitable. This may not sound humble, but I'm being fairly honest with this one. I am constantly saddened by how so many individuals lack proper communication skills. I'm not saying my communication skills are perfect, but I am saying I've taken a big interest in making sure they are constantly improving. The only other way to reap the same benefits of great communication skills are to learn and practice how to communicate effectively. 
• Human social capital: passion 
• This resource is without a doubt valuable, rare, inimitable, and non-substitutable. My passion is my passion and no one else's. 

After conducting the VRIN analysis, my hand lettering skills are my top resource simply because I personally don't know anyone else who can hand letter like I do. It's often imitated, but never duplicated. Yes, there are individuals out in the world who have their own hand lettering business ventures but I would argue that the market is not saturated with it just yet. I've spent quite a lot of time perfecting my skill and it's the resource I'd say is my most valuable. A close second would be my passion. 

Week 11 Reading Reflection

What I found to be interesting about this week's reading was everything related to innovation. I found it neat that there isn't just one path/way/form/system for innovation, which almost guarantees that if a one business tries to mimic another business' innovation system, it probably will be unsuccessful. Different businesses use various innovation systems to produce successful results. 

However, when I first began the reading, i found architectural innovation a little confusing, but there really wasn't anything that I completely disagreed with from this reading. The two questions I would ask the author are:

• Although there is no formula for innovation, what are some key things to keep in mind during the fostering of useful innovation?
• What is your opinion on the businesses that specifically hire people to handle the innovation aspect of the company?

Amazon Whisperer

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

• My revenue drivers lie in the variety of products I offer. Customers can purchase hand lettered quotes on either canvas (to be hung) or cardstock (to be framed) and both options have customizable color options. The background and font colors can be requested by the customer. 

Describe what kind of product offering you believe should be next. What's the next thing your customers want?

• I think the next product I should be offering according to what my customers want would be customizable hand lettered art. I should take requests from customers, hand lettering THEIR favorite quotes. 
• I could also offer my hand lettered art on different mediums such as pillows, t-shirts, coffee mugs, and more! 

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

• By offering 100% customizable hand lettered art prints, customers can fall completely in love with what they are purchasing and feel more connected to it. I would agree it definitely promotes customer loyalty because I would be giving "the people" exactly what they want/request! I would be investing more time into making these new, customizable art prints but they would be well-received by the customers.
• If I offered my hand lettered art on different mediums I would be investing more into my entrepreneurial venture because I would need to outsource my printing/manufacturing. I would need to find a vendor that would take my artwork and print it on t-shirts, coffee, mugs, pillows, etc. This would factor in an extra cost but the variation in products offered could possibly drive in more sales and happy customers. 

Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

• This product features a customized hand-lettered design on a pillow. 
• In the case of my entrepreneurial venture, I would generate hand lettered art prints that would be made onto canvases, card stock, pillows, t-shirts, coffee mugs, and more!
• http://www.amazon.com/Reading-lettered-Decorative-Pillow-Cushion/dp/B019GWHFV4/ref=sr_1_1?ie=UTF8&qid=1459125397&sr=8-1&keywords=hand+lettered+canvas

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

• While this particular listing does not have any customer reviews, after searching related products, most of the reviews were rated three stars or higher. The only negative reviews were about how the product needs to be cared for. People want pillows they can put in the washing machine!

Describe what design/usability changes you'd make to the product. 

• I would make the pillow a slip cover so that it can be unzipped and machine washable. 

Describe why you think this product would make a good addition to your current product/service offering.

• I think this product would attract a consumer who maybe cannot hang anything up onto the walls of where they live due to certain restrictions given to them by their landlord, if they live in a college residence hall, or they would rather not have art hung onto their walls. This product just offers another form of the hand lettered art to be showcased. 

My Unfair Advantage

• Human capital: hand lettering skills
• My hand lettering skills are valuable because they are unique and they are also rare because it is fairly uncommon for individuals to know how to hand letter. For these two reasons my hand lettering skills are also inimitable because quite simply put: hand lettering is hard to copy without some intense and dedicated practice. The only other resource that can provide the same benefits are typography fonts. 
• Social capital: social media following 
• My social media following has accumulated over the past six years and it's become something individuals consider paying for instead of earning it themselves, which makes this fairly valuable. I wouldn't really consider this rare because, like I said, people can earn this with time or simply buy the followers and likes. This can absolutely be copied by others and the option of buying likes and followers can provide the same benefits. 
• Social capital: in real life 
• My real social capital is extremely valuable to be because it justifies my integrity. It would say MY personal social capital in real life is rare because it's unique to me, however, it can be copied by others in their own way. I don't believe any other resource can provide the same benefits as a strong network of people who mutually trust, appreciate, and support each other. 
• Financial capital: job and credit card 
• Having a job and a credit card are very valuable to my venture because it establishes a financial resource. It's not entirely that rare to have a job and a credit card at my age. This is pretty simple to copy, however, the only other way the benefits can be attained are via loans from banks or individuals. 
• Car: to go get supplies 
• Having a car is absolutely valuable to me and my business venture. However, again, it's not all that rare to have a car at my age and it's easily inimitable. The only other way to access the benefits of owning a car is simply just to have access to one. 
• Leadership capital: experience in leading organizationally 
• My experiences that have given me the opportunity to learn how to lead an organization are extremely valuable because they are unique to me. No one else has had the same exact experiences I've had, therefore, this makes this resource very rare, inimitable, and non-substitutable. 
• Human capital: organizational skills 
• Being organized is very crucial in any entrepreneurial venture, which makes my resource valuable. However, it's not rare nor inimitable because being organized sometimes comes natural to people, or in some cases it can be taught, learned, or outsourced to be someone else's responsibility which ultimately also makes it substitutable. 
• Human social capital: knowledge of creating a brand and brand presence in real life and online 
• I've learned these "resources" during my academic studies at the University of Florida, which makes it valuable to me and my entrepreneurial venture, but that does not make it rare nor inimitable because there are hundreds of other students studying the same things as I am. The only other resource that can provide the same benefits is studying the same exact thing at a different educational institution. 
• Human social capital: communication skills 
• In my opinion, my communication skills are valuable, rare, AND inimitable. This may not sound humble, but I'm being fairly honest with this one. I am constantly saddened by how so many individuals lack proper communication skills. I'm not saying my communication skills are perfect, but I am saying I've taken a big interest in making sure they are constantly improving. The only other way to reap the same benefits of great communication skills are to learn and practice how to communicate effectively. 
• Human social capital: passion 
• This resource is without a doubt valuable, rare, inimitable, and non-substitutable. My passion is my passion and no one else's. 

After conducting the VRIN analysis, my hand lettering skills are my top resource simply because I personally don't know anyone else who can hand letter like I do. It's often imitated, but never duplicated. Yes, there are individuals out in the world who have their own hand lettering business ventures but I would argue that the market is not saturated with it just yet. I've spent quite a lot of time perfecting my skill and it's the resource I'd say is my most valuable. A close second would be my passion. 

Elevator Pitch No. 3

And I still feel silly doing this assignment. Since putting a chair on my bed in order to get the shot worked so well last time, I decided to do it again! This time I only did one take, whereas last time I did about seven! I'm still very thankful for my public speaking skills and the love I have for it!
I decided this time to be a bit less formal with the pitch. Last time I was so focused on saying everything right and I kept messing up. This time around I just made sure I said what I wanted to say and how I felt. It went much better this time around! I've found it's almost effortless to talk about something you're extremely passionate about.

My Secret Sauce

Five ways I think I have human capital that is unique and makes me different:

1. I am passionate and I only pursue what I love.
2. I am creatively and technically skilled. 
3. I love to communicate and engage in public speaking. 
4. I listen more than I speak.
5. I think before I speak. 

I interviewed the five people who know me best. Unfortunately they do not live in Gainesville with me so obtaining a video of each interview wasn't the best way to go about it. I emailed (and Facebook messaged) these individuals and this is what they had to say:

1. My older sister (Pembroke Pines, Florida)
   "Erica is fiercely passionate and does things with her whole heart or nothing at all. She doesn't take any you-know-what from people and isn't afraid to tell it how it is. Although she is very honest, she is kind in choosing her words."
2. My dad (Pembroke Pines, Florida)
   "Erica is extremely enthusiastic and motivating, mostly because she motivates herself to go after what she wants and doesn't let anyone get in her way. Her facial expressions tell-all. She's a little one, but with a big personality." 
3. My mom (Pembroke Pines, Florida)
   "Erica is strong and kind. She knows how to keep her head up during the tough times and enjoys the good times. She knows what she wants and isn't afraid to go after it. Her positivity is infectious." 
4. My aunt (Pembroke Pines, Florida)
   "Erica has a strong personality that is hard to not like. She does a little bit of everything and never seems to be overwhelmed, or let her responsibilities overwhelm her. She's a go-getter!" 
5. My best friend (Tallahassee, Florida)
   "No one can work a computer, phone, or any piece of technology like Erica. I don't know how she does it. Yes, she's stubborn at times but that's only because she's passionate about doing things she absolutely loves. She also gives great advice because she listens really well." 

Looking back on all of the nice things my family and best friend said, I can't help but be thankful they receive me so well. While a few of them pointed out my flaws (my apparent facial expressions and my stubbornness) they were still combated by positivity. I'm also thankful that how I see myself is fairly close to how the people who matter most in my life see me (shout out to my self awareness).  

Week 9 Reading Reflection

The biggest surprise I found in the reading is how effective marketing is based on the three key elements of marketing philosophy, market segmentation, and consumer behavior. According to the textbook, a new venture must integrate all three elements when developing its marketing concept and its approach to the market.

I was  confused to read that competitive edge factors should be noted because many services are known to be competitive to each other.

Two questions I would ask the author:

1. What is the true difference between marketing in entrepreneurship compared to marketing in anything else?
2. Do environmental factors affect pricing strategies?

In the reading I disagreed with the author about the marketing research process and how gathering secondary data is a step before gathering primary data. I thought the author was not fully correct when he claimed that a new venture will survive only if a market exists for its product or service. I believe new ventures can make their own product market.