The journal entry we read this week was particularly interesting to me because innovation is a key factor in essentially everything I do at work and in the business goals I have personally. At work we have innovation instilled into our day to day, and have dedicated innovation areas in our workspace, with futuristic and functioning prototypes of retail stores of the future and innovative workspaces. The journal reiterated to me how there must be a focused effort around innovation. Innovation is not optional, and I think that message has propagated well into the industry. The message of doing innovation properly with a clear strategy is still an uphill battle.
I did not find a confusing aspect of the journal entry, but I would like to ask the author 1) what industries has he seen more failure or waste in innovation without strategy, and 2) where has he seen an innovation strategy that he felt was the most complete, planned and most tenured?
I do not feel the author was actually wrong about any topics.
Sunday, March 27, 2016
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. Currently, my revenue drivers are the money that I will make from individual product sales. I anticipate a healthy margin given the low costs of manufacturing and distribution, and the considerable markup I anticipate.
- Describe what kind of product offering you believe should be next. What's the next thing your customers want? Beyond my current product, I believe the next product offering for me will be add-on products to my core offering. I believe I can provide an extended battery, range extenders and a data reporting and visualization suite.
- 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.? I believe my add-on products will improve user experience, allowing users of my product to enhance the "out-of-the-box" experience with premium add-ons.
- 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.I do see a bluetooth range extender, that likely meets the requirements of one of my product add-on ideas. This could be a partnering opportunity, or a competitor. Hey, McDonald's and Burger King exist on the same blocks in many, many places, and both do pretty well.
- What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?Overall the reviews for the product are very, very good. Reviewers appear to appreciate the range extension that the device offers. The few contrarians argue that the quality of audio when it's being used for audio applications is poor, which makes sense.
- Describe what design/usability changes you'd make to the product. I would enhance the product to make it outdoor-ready, and to be able to be powered by the 220V current that is typically applied to pool pumps and already somewhat available outside a home in the pool pump housing area.
- Describe why you think this product would make a good addition to your current product/service offering.This product will allow data capture and device management in large lots where the pool may be an abnormal distance (>100ft) from the pool pump area.
Sunday, March 20, 2016
Growing My Social Capital
1-1: Who they are and what their background is
I interviewed Alex Rotham, co-founder of Continental Pools in Miramar, Florida. Alex has been in the pool service industry for 6 years, and his team has taken care of my pool for 3 of those years.
1-2: Which “slot” are you filling
Alex filled the domain expert in my industry slot.
1-3: A description of how you found the person and contacted the person
I’ve spoken to Alex a few times over the years regarding various matters regarding my pool. I called his cell phone and asked for some time to speak about this topic, and he was ready right then and we spoke at that moment over the phone.
1-4: The nature of the exchange
I spoke with Alex about my pool pump automation idea, and asked him how feasible he thought the solution was. At first he seemed dismissive, but by the end of the chat he seemed to be more receptive.
1-5: How will including this person in your network enhance your ability to exploit an opportunity?
Alex is in the pool industry, and could actually be a service provider or a reseller for me in the future. He also has good contacts and that has already helped me with this assignment.
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2-1: Who they are and what their background is
I had a quick conversation with Juan Reyes, who sells chlorine tablet distribution devices. He’s been in the pool service industry for 9 years.
2-2: Which “slot” are you filling
Juan is filling the market expert slot.
2-3: A description of how you found the person and contacted the person
My first contact Alex got me in touch with Juan.
2-4: The nature of the exchange
I spoke to Juan about how I might go about selling my device in Florida. He warned me of potential patent issues but ultimately gave me really good advice.
2-5: How will including this person in your network enhance your ability to exploit an opportunity?
Juan knows how to get a pool product on shelves and into pools. This was a critical earning experience for me.
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3-1: Who they are and what their background is
Angela Rincon is a supplier of chlorine tablets in South Florida. She’s been supplying pool tablets for 2 years.
3-2: Which “slot” are you filling
Angela is filling the supplier slot.
3-3: A description of how you found the person and contacted the person
I got her contact info from Alex and called her.
3-4: The nature of the exchange
Angela was short with me but did let me know that I "have a tough time ahead of me".
3-5: How will including this person in your network enhance your ability to exploit an opportunity?
Knowing her perspective is helpful to anticipate challenges.
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Reflection:
This was a hard core exercise where I had to face the music in my target industry. I was exposed to extremely relevant feedback from folks in the know. I do feel empowered from the experience, feeling I really do have an unmet need that hasn't been fully defined yet. In the future I'll have more confidence when speaking about my product to folks who can legitimately challenge its feasibility.
I interviewed Alex Rotham, co-founder of Continental Pools in Miramar, Florida. Alex has been in the pool service industry for 6 years, and his team has taken care of my pool for 3 of those years.
1-2: Which “slot” are you filling
Alex filled the domain expert in my industry slot.
1-3: A description of how you found the person and contacted the person
I’ve spoken to Alex a few times over the years regarding various matters regarding my pool. I called his cell phone and asked for some time to speak about this topic, and he was ready right then and we spoke at that moment over the phone.
1-4: The nature of the exchange
I spoke with Alex about my pool pump automation idea, and asked him how feasible he thought the solution was. At first he seemed dismissive, but by the end of the chat he seemed to be more receptive.
1-5: How will including this person in your network enhance your ability to exploit an opportunity?
Alex is in the pool industry, and could actually be a service provider or a reseller for me in the future. He also has good contacts and that has already helped me with this assignment.
----------------------
2-1: Who they are and what their background is
I had a quick conversation with Juan Reyes, who sells chlorine tablet distribution devices. He’s been in the pool service industry for 9 years.
2-2: Which “slot” are you filling
Juan is filling the market expert slot.
2-3: A description of how you found the person and contacted the person
My first contact Alex got me in touch with Juan.
2-4: The nature of the exchange
I spoke to Juan about how I might go about selling my device in Florida. He warned me of potential patent issues but ultimately gave me really good advice.
2-5: How will including this person in your network enhance your ability to exploit an opportunity?
Juan knows how to get a pool product on shelves and into pools. This was a critical earning experience for me.
----------------------
3-1: Who they are and what their background is
Angela Rincon is a supplier of chlorine tablets in South Florida. She’s been supplying pool tablets for 2 years.
3-2: Which “slot” are you filling
Angela is filling the supplier slot.
3-3: A description of how you found the person and contacted the person
I got her contact info from Alex and called her.
3-4: The nature of the exchange
Angela was short with me but did let me know that I "have a tough time ahead of me".
3-5: How will including this person in your network enhance your ability to exploit an opportunity?
Knowing her perspective is helpful to anticipate challenges.
----------------------
Reflection:
This was a hard core exercise where I had to face the music in my target industry. I was exposed to extremely relevant feedback from folks in the know. I do feel empowered from the experience, feeling I really do have an unmet need that hasn't been fully defined yet. In the future I'll have more confidence when speaking about my product to folks who can legitimately challenge its feasibility.
Week 10 Reading Reflection
This chapter was something of a refresher for the accounting courses I took last year. Just as it was then, debits and credits stood out to me.
This chapter confuses me slightly when it comes to debits and credits in accounting. I get the concept, but it feels counter-intuitive. With that in mind, I would ask the author 1) what is an easy way to remember a rule of thumb for the basic debits and credits system, and 2) what does the author feel is the reason the system feels counter-intuitive to myself and some of the peers I've spoken to about it?
I do not feel the author was actually wrong about anything in the chapter.
This chapter confuses me slightly when it comes to debits and credits in accounting. I get the concept, but it feels counter-intuitive. With that in mind, I would ask the author 1) what is an easy way to remember a rule of thumb for the basic debits and credits system, and 2) what does the author feel is the reason the system feels counter-intuitive to myself and some of the peers I've spoken to about it?
I do not feel the author was actually wrong about anything in the chapter.
Wednesday, March 16, 2016
Elevator Pitch No. 3
My third elevator pitch was an interesting one. I was traveling for work again and my best opportunity was at LGA, so I went for it. I took advice from my previous pitch and shortened the pitch, not including all the technical details I included before that made it run so long. That advice stood out as important. It wasn't all that surprising but I took it to heart. I do still need to include the technical details, because that's where all the glory is, so I made reference to a fictitious website.
Sunday, March 13, 2016
Week 9 Reading Reflection
The biggest surprise for me in the reading was the irrelevancy topic. Certain there is a high degree of irrelevancy in information gained through marketing efforts, but I believe the level of irrelevancy is higher than the author connotes.
I found this irrelevancy topic the most confusing for me as well. The rest of the chapter made sense, but I was under the impression that a marketer could expect to receive only 1% of a return on most marketing efforts. I would ask the author 1) what they think the average irrelevancy percentage is in marketing efforts, and 2) what industries face more irrelevancy in marketing efforts than other industries.
I do not feel the author was actually wrong about any aspects of the reading.
I found this irrelevancy topic the most confusing for me as well. The rest of the chapter made sense, but I was under the impression that a marketer could expect to receive only 1% of a return on most marketing efforts. I would ask the author 1) what they think the average irrelevancy percentage is in marketing efforts, and 2) what industries face more irrelevancy in marketing efforts than other industries.
I do not feel the author was actually wrong about any aspects of the reading.
Wednesday, March 2, 2016
Idea Napkin No. 2
I am a low risk taker who is great at problem solving and providing solutions to complex challenges. I'm persistent and thorough, but need to be able to focus to do my best work. This product allows me to solve for the intense technical challenges it presents and I could dedicate time in my life up front to make it happen. As it succeeds I can balance my life by delegating ongoing activity to employees.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule. Pool pumps circulate water in the pool, effectively mixing the chemicals that are placed in the pool to fight bacteria growth. Currently, these pumps run on a hard schedule, like on at 10am and off at 5pm. However, the pump doesn't always have to run on this schedule, as it truly only needs to run when the chemicals in the pool need circulation and distribution.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home. If pool pump owners could only have their pump run when it's needed, I believe pool owners will be happier.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
Feedback memo:
The feedback I received was great, and mentioned these five things: 1)I needed to be more clear on what my product does; 2) I need to better articulate why people care; 3) I need to explain more about pool pumps in general; 4) I need to clarify details on electricity usage in pool pumps; and 5) I need to talk more about how my product actually works. I feel I accommodated all of those needs in the additions I made in the second and fourth paragraphs, demonstrating how the device is beneficial and how pool pumps work today.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule. Pool pumps circulate water in the pool, effectively mixing the chemicals that are placed in the pool to fight bacteria growth. Currently, these pumps run on a hard schedule, like on at 10am and off at 5pm. However, the pump doesn't always have to run on this schedule, as it truly only needs to run when the chemicals in the pool need circulation and distribution.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home. If pool pump owners could only have their pump run when it's needed, I believe pool owners will be happier.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
Feedback memo:
The feedback I received was great, and mentioned these five things: 1)I needed to be more clear on what my product does; 2) I need to better articulate why people care; 3) I need to explain more about pool pumps in general; 4) I need to clarify details on electricity usage in pool pumps; and 5) I need to talk more about how my product actually works. I feel I accommodated all of those needs in the additions I made in the second and fourth paragraphs, demonstrating how the device is beneficial and how pool pumps work today.
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