Venture Concept No.1

The opportunity of my venture is an unmet need of many golfers or people interested in starting to play golf who seek to make the game more interesting or wish to play faster at their own pace or even the organizations that seek to preserve their grass for as long as possible.  Golf is time consuming and expensive sport for both the customers and for the owners and operators of the facilities. The golf board is a more efficient and interesting way to play that also has the potential to draw new customers to the game.

Opportunity

One of the biggest forces in creating the environment for this opportunity is the constant innovation in this sport. The technology of everything in golf is ever evolving to find more efficient ways to play the game. For example, golf clubs with new technology are introduced to the market every single year and people who play recreationally are now using range finders and course gps systems that allow them to play more accurately. This market geographically is defined by anywhere there is a golf course, which spans almost anywhere in the world. I believe that living in Florida is a great advantage though because of the extremely high concentration of golf courses from Jacksonville to Orlando to the south Florida areas. The only current way to satisfy this need is by using a golf cart or by going to the very few courses that offer what I am. The whole point of this venture is that there really is not many ways to satisfy this need already and golfers are always excited by new products and new technology to hit the market that are related to the sport. I think that this opportunity in moderately big and will take a lot of hard work but with only a few courses offering this product so far I think that I would be able to make a big presence in the market. I don’t think this opportunity will last for more than a few years because the rate of turnover for new technology in this specific corner of the market is extremely high so it’s important to strike while the iron is hot.

Innovation

What makes my venture innovative is the product itself and the fact that nobody has taken it upon themselves to distribute this great product on a large scale. The product is an electronically powered board designed to act as a way to get around the golf course at a more efficient pace that a golf cart. The board is easy to balance on and can hold your clubs for you while you steer by turning a handle or for more adventurist users, by leaning like using a skateboard or snowboard when you choose to remove the handle. This product is easier to maintain than traditional golf carts, more efficient at holding a battery charge and much less destructive to the course due to the large difference in weight. My service will be the ability to sell and distribute these on a large scale. There are already people doing this but on a small scale basis and the product has not reached a large majority of courses and is not widely known to exist yet. My customers are primarily the courses themselves but driven by the demands of their customers, the golfers. Simply put, I would be distributing an existing product for a profit to a client base that has a need for it that has not yet been met.

Venture Concept

I think that the customers of the golf courses will be intrigued by how different and new this concept is. I believe that everyone has at least one small something to gain by switching over to the golf board even if it is just occasionally for reasons that I listed in the innovative part of my venture concept. I also believe that it will not be hard at all to draw interest and get people to try the product based soley on their intrigue. The only competition that I have right now for this specific product are the distributors that are attempting what I wish to right now.  They have failed to sell this product on a large scale most likely based on the lack of knowledge around this product. I think that by showcasing the product more at trade shows and events will lead me to more success than they have had.  Considering that I am going to mainly be distributing, I would say that is the most important role in my business concept. However, I do believe that the customer experience and especially the location play a large role in my ability to showcase and sell the product. Having better logistics than the competition will allow me to make promises on price and timing that the competition is unable to match. Being in Florida will help immensely as well since I will be near my customer base. My company would have only as many employees as it needed to complete a specific role. I don’t have an exact number of employees but I would certainly like to keep it to a minimum as required. I think that efficient and proactive logistics team who consistently improve speed and price and people who are adept at selling is key. I would want a team of people who are able to ensure the quality of every product we sell.

1. The one thing that will make it hard for competitors to copy my success would be the pre-existing network of golf course professionals that I have developed over the years of working in the industry and having family work in the industry. This network is extensive and can help immensely.

2. The next thing for this venture would be to distribute this product to individuals for personal use or organizations that need to have a device that allows them to be highly mobile on an individual basis.

3. After this venture loses steam, I would like to “cash out” and pursue other interest. Golf is a quick changing market and is risky to stay in for the long run due to an ability to keep up. I think that having a wide variety of opportunities in different markets is the way to go.

Week 11 Reading Reflection

The part of the reading this week that surprised me the most was that there was so much that went into being innovative and what makes a company be considered innovative. Things along the lines of synergy and the different strategies involved. I was a little confused by the concept of creating value. I thought he was trying to emphasize the outcome of innovation instead of the process itself right there. If I could ask the author anything it would be if he thinks a company would fail if it focused on the wrong innovations and I'd also ask if there is a certain type of innovation that has been the most successful historically. I don't disagree with anything that the author wrote this week but some of the stuff in this weeks reading was either too simplified or a little confusing.

Amazon Whisperer

The way I can generate revenue and turn a profit would be through the marginal increase in the price of the product I am distributing. Another option could be that I receive a percentage of the price for being a middle man of sorts between the customer and the company that makes the product. I think that the next thing that I would offer to my customers would be something that could improve the enjoyment of the golf board or the golf cart in general. Perhaps, some kind of built in radio or bluetooth system. I think that this would appeal to many customers, especially the one's that are already loyal. Most costumers that enjoy playing golf with music have to bring their own portable speakers. Not only would they have to remember to bring it but they'd have to remember to charge it as well and I've found countless speakers like that in the lost and found because they are easily forgotten.

This is an in dash golf cart stereo. It is close but not exactly what I am looking to be my next thing. Most people find this product to be a major convenience when using their golf carts. I also saw several reviews that state that they wish it had a blue tooth function so they could connect their phones. I think that the changes I'd make to this product would be adding the bluetooth that customers wanted and I think that I would make it smaller and more easily able to be installed. I think that doing this would make my current customers happier because most people don't own their own golf carts so getting this into all carts would make them happier and give them options while they play leisurely.

My Unfair Advantage

1. Social Capital
V- It will allow me access to specific networks that can help achieve my goal
R- It is fairly rare but not something that only I will have
I- It shouldn't be too hard to replicate but I believe timing can come into play
N- There are other resources that can help in the same way but not as well

2. Financial Capital
V- Valuable because it will allow me to finance my venture
R- My specific financial capital is a very rare thing that few have the opportunity of
I- hard to replicate the type of financial capital I have access to
N- There are other sources to receive capital but never in the same way

3.Human Capital
V-It is valuable because it is the accumulation of my skills and experiences.
R- It is rare because my experiences that built it are uniquely mine
I- It is completely able to be replicated but extremely unlikely
N- There is no other resources to create the human capital I have

4.Connections
V- Connections made with others can assist and support you along the way in your venture
R- Mine is very rare and stems from family, industry friends, and organizations that further the development and standing of each other
I- It can be replicated but some of the connections I have are very exclusive
N- There are other resources to build similar connections but none better than I have

5.Education
V- It's valuable in developing a wide range of knowledge and practices
R- It is not as rare as other things because many attend college
I- Can easily be replicated at many universities in the country
N- There are plenty of resources to build the same knowledge, like on the job experience

6.Leadership
V- Having the ability to lead is important in delegating, motivating and spending your time wisely
R- My leadership ability is rare and come directly from experience outside civilian life
I- It can be replicated by being put in similar positions and many have adapted the experience successfully
N- The is an unlimited amount of sources to develop leadership skills

7.Knowledge of the Industry
V- It is valuable to know as much as you can about the industry you plan to conduct business in
R- It is not rare in this case because many people are involved with the golf industry
I - Can easily be replicated by anyone who takes an interests an inserts themselves into it
N- There are several ways to learn about the golf industry or distributing goods

8.Organizational Culture(allowing employees to self-govern)
V- It can allow employees to make decisions and make the logistics move faster
R- It is still a rare culture but more and more companies are placing trust with it's employees
I- Can easily be replicated by anyone with an open mind
N- There are several ways to structure a company where employees have a say

9.Logistics
V-Valuable because it is essential knowledge in order for a distributing business to operate properly
R-Not rare but necessary
I-It is pretty hard to replicate logistics because of how many factors there are involved
N-This is something that has many resources in many different aspects, each with it's own advantage

10.Competition
V-Knowing that there is some competition out there gives me something to analyze and see where they can improve
R-It's a fairly common opportunity that many take advantage of when entering a market
I- It's easily replicated by anyone who looks at the competitions practice
N-There are a few resources from financial aspects to social ones to look at

After doing a VRIN for every one of the 10 resources that I find valuable, I would say that my top resource would be my human capital. It is the most unique and least likely to be copied or imitated by anyone or any business. My experiences make me the top resource for any future business venture I may take on. I definitely trust myself to do what I need to do to get the job done.

Week 10 Reading Reflection

Nothing in this chapter was very confusing. I don't think anyone would be surprised to know that pricing and other numerical values play such an important role in the aspect that this chapter lays out. It is obvious that running a business is very expensive and takes commitment. I wouldn't say that anything confused me, but that would be mainly because the chapter was written in a way that allowed me to understand it well enough. It could of easily been bad if the chapter was written poorly. I would ask the author if he thinks you need at the very least an understanding of accounting practices to be successful in starting a new business. I also ask him that if he answered no then how do they proceed past this metaphorical bridge. I wouldn't say I disagree about anything but I think that forecasting plays a role for a lot of industries that he may have overlooked.

Growing My Social Capital

The first person I contacted was Carlos Castro. He is the general manager at a golf course in south Florida and has already implemented the use of the product I wish to distribute at his golf course. I am using him to fill my slot for a market expert because he not only knows about the market for golf courses but also the market need for the product. The way I found him was pretty easy and straight forward. He is an acquaintance of a friend of mine who gave me his number and a told him I would be calling. When I called him he was very friendly and I told him about the class and how I chose to focus on the product he uses at his course. He told me about people being excited to use them when he had gotten them there and that he thinks other courses would probably benefit from them as well. He didn't want anything in exchange from me as he was happy to talk to me about this. I think that his experience and extended network of other people in his position would be able to help me develop clientele for what I am offering.

The second person I contacted was Flynt Lincoln. He is a distributor that is sponsored by the company that makes the golf board. I am using Flynt in the slot for domain expert because he is already doing what I wish to do. I was actually able to find this person through the first person I contacted. Carlos had given me Flynt's number and told me that I should also call him because he is the person who sold him the product. Being on the business side I didn't expect much information from him as he is obviously busy running his business (something I learned from past attempts in this class). I was right but did tell a little bit about the process he goes through when selling to the different courses in the area. He didn't want anything from me either but I could tell he was a bit in a hurry to get off the phone with me. I think his knowledge of the process of contacting selling and gauging interest in the product would give me an idea of what I have to do in a similar position.

Lastly I contacted a man named Ross Kranz. He is a company representative who also distributes but works more with the actual company that developed the board. I'm using Ross as the supply expert because he works directly with the company that supplies the boards to the distributors. It took me a while to find this person as I tried to find contacts through all of the company's social media and website but finally after a couple contacts with their costumer service I was able to find a contact, He too was busy but was happy to explain how he more or less just fills orders from distributors instead of shipping them before they are sold. I think that by including Ross in my network I would already have the contact I need to the supplier of my business.

This is the first time I targeted people who play a specific role in any industry. I generally just meet people in an industry I'm interested in and don't think too much on the specific role that they play. I see the benefit of doing this so in the future it's definitely something that I will think about when at events or contacting people and maybe focus on adding people to my network that directly benefit some venture.

Week 9 Reading Reflection

One thing that I found more interesting than the rest was the factors that inhibit marketing. I don't believe people think on these types of things too often and it ends ups biting them in the rear. I actually wasn't too confused about anything in this chapter. I think it may stem from being a person who grew up around technology and during the surge of social media, but I have a pretty decent understanding of this type of stuff. If I could ask the author anything it would be if there was a "best" method for marketing? The author made it seem pretty simple mostly by outlining different methods. I don't necessarily disagree with anything in this chapter because it was pretty philosophical about marketing but I think that generalizing like the author, does leave room for criticism from some.

My Secret Sauce

1)      I have unique experiences that many never have or will have the ability to experience. This comes from me being in the military and experiencing not only new places but a lifestyle that many will never live, like being deployed to Iraq for a year.

2)      Many things stem from the first thing that I listed as human capital such as communication skills. I had to learn to deal and speak with the locals on a daily basis while having minimum knowledge of their culture. Speaking to people in way that makes them feel comfortable is very hard to do and I am able to do it.

3)      I have the discipline to do almost any job. This spans from sitting at a computer screen for hours at a time to making hard decisions like firing someone when they aren’t meeting a standard. I believe that many people today lack discipline which is why it is unique.

4)      I am very proficient at problem solving as well. I have a very analytical mind and can separate fact and emotion in order to come to a conclusion and fix many problems. I am also good at working in a team to accomplish the same goal.

5)      Last but not least, I am very personable. I am friendly, outgoing and can strike up a conversation with anyone. I think this is a rare trait in any business and certainly plays a major role in the success of many people.

Interview 1) The first person I spoke with about my human capital told me that I was a very serious person at times and am able to focus really well. I don’t like to think of myself as too serious about anything but I can see how this could help me in a business setting.

Interview 2) I was told that I am very disciplined in many aspects of my life and that it most likely came from the time I spent in the military. I think I would agree with the assessment that it stems from the military as I used to not be as disciplined.

Interview 3) Again I was told that I’m pretty disciplined for a college student and that my friend believes that its because I was in the military and that I am older than others. He had used the fact that I wake up at the same time every morning to exercise.

Interview 4) Discipline came up once again in reference to my military experience. I think people reference that a lot because it’s foreign to them so they believe that I developed many qualities most don’t have through that part of my life.

Interview 5) I was told something different in that I am good a telling people what they want to hear and I’m very good at creating an impression when I speak with different people. It sounds like a great piece of human capital to have, but sounds a bit cynical at the same time.

I feel that the way I see myself and the way that others see me is kind of the same. I think the largest difference in the way I see myself as opposed to the way that others see me is how serious I am about different things. It is easy for me to remain focused on something and I think that in misunderstood by others. For the most part, I think the people that I interviewed are correct about what they have said in the interviews, but a few of them did cover the same point over and over. This leads me to believe that the list I created was accurate and doesn’t need to be changed. Though, it is hard to limit the extent of one’s human capital to just five different things.

Idea Napkin No.2

Me:
 I am driven, hardworking and have good planning skills. I still have the same skills I listed last time like financial skills, networking, critical thinking and decision making skills. I have customer service and sales experience that I will be able to utilize as well. I believe I will be able to turn a quick profit in this endeavor until the next trend emerges in this field.

What I'm offering:
I would be offering a product that has large potential but is still new on the market and hasn't been recognized as an opportunity yet. I would mainly be a distributor of a product on a larger scale than it is now. The Golf Board is a more efficient, easier to maintain and a new fun way to get around the golf course during play. For the people asking for how I would build this product or how it could work, it already exist and works great and I would just be a distributor, not the inventor of the product. I suggest actually reading what I write or google to help answer any questions that deal with the product.

Who I'm offering it to:
This product would be offered to golf courses. It would be a new experience for them to offer to their customers. The largest demographic would definitely be the younger groups. Like I said before, younger demographics are usually more open to new technology and it's basically an electric powered off-road skateboard that you can strap your clubs to.

Why they care:
The courses themselves will care because the boards are easier for the staff to maintain them and the are better for the health of the grass which can be pretty pricey for courses to take care of sometimes. Also it has the ability to bring in new business. They can earn themselves repeat customers by sparking interest in the game itself with new golfers and if they are one of few courses that have this as an option, I'm sure it'll draw existing golfers to the course at the very least to try it.

What are my Competencies:
Nothing has changed here. I still have the experience of working in the golf industry and the network I have built within a company that owns more than 50 courses in the United States and Canada. I feel that this can get me far in accomplishing my goal.

I also still believe that all of these elements fit together quite well and are a recipe for success. The hardest part will be starting a business for the first time but after one of the previous chapters that we went over, I believe I have a better understanding at the very least of how to do this.

Feedback Memo:
My feedback from my first napkin was almost all positive. I did however think more about STP for who the product is for. I also wrote in the section for what I am selling that it's an existing product that is brand new and most courses don't know about it yet. I would just be distributing. I've had more input about the design and building of a theoretical product than anything else. I feel I had made it clear before that I would just promote and distribute an existing product, so I was very blatant in making that clear at the end of that section. Other than that my feedback was very good.