Elevator Pitch No3 - Assignment 22

Video Link: https://www.youtube.com/watch?v=VYOvDR1J2zU

Transcript: What if I told you never have to have that after lunch late afternoon lull. What if I told you you don’t need to crave a nap everyday. What if I told you you can be more productive while having more free-time at the same time. And what if I told you you can accomplish all that without having to take a magic energy pill or consume a drink with additive and fillers and other ingredients you cannot pronounce. What if you were able to reach your fitness goals by reading and practicing what is sent to your email inbox. What if you can learn healthy habits by just scrolling through Instagram. Your Body Loves You is a service that enables college student to take control of their lives, energy, and bodies. Rather than having to fight against your body, make it work alongside you by incorporating our hundreds of tips contributed by dozens of students like yourself. Out staff of UF students have spent years crafting their daily lives to optimize their lifestyles. Whether this be from changing their diet, workout routines, or other aspects of mindfulness, our staff has found the secrets of feeling good all the time that are not actually secrets, it is what your body is designed to do. We are not salespeople and we are not crazy, we simply believe your body is your best friend, you have just not been a good friend to your body. We want you to learn what your body has to offer you, but more importantly, wants to offer you. Follow YBLY Daily on Instagram or sign up for our free daily emails to truly understand for your body to love you back.

Reflection: I think the feedback I received was in line with what I expected. Some people said my hand gestures were a good touch and I spoke at a good pace. There were little negative comments which was reassuring.

Changes: One thing I knew I could improve on is the excitement in my tone and my enthusiasm. I naturally have a very monotone voice and do not have exaggerated facial expressions. So while other may be able to naturally sound enthusiastic, that is something I actually need to be aware of and try to do more.

Reading Reflection No.2 - Assignment 21

1) What was the general theme or argument of the book?

- While Thinking Fast and Slow by Daniel Kahneman covers a multitude of topics, the book primarily deals with two different systems of thinking. System one is characterized by fast thinking; the type of thinking we do subconsciously like 2+2=4. System two is considered slower thinking and is the type of thought is more complex and more mentally draining. The two systems can always work simultaneously by filling in for areas where the other system runs into trouble, as well as monitoring each other’s thoughts.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

- The second half of the book had to do with other emotions that revolve around emotional thought. One of these is regret and fear of regret, which causes an individual who might be risk adverse to fear regret so much that they are actually afraid of the possibility of failure. This relates to this class as entrepreneurship is all about taking a risk and having confidence in your process that you think will lead to success.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

- It would be a type of risk aversion test. There are a ton of tests like these online that could be used. This is important because knowing yourself and your risk appetite will help determine the type of steps you can take in your business (riskier decisions)

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

- The book also talked about Hindsight and how we think about hindsight. Before reading the book I knew and agreed with the phrase “hindsight in 20/20”, but I never thought whether thinking that way is good or bad. Ultimately, when we base the “right or wrong” of a decision based on the outcome, we ignore the care that was put into the process that came to that decision. At the time the person making the decision probably had a good reason for that decision, but since it did not come true we assume the person was wrong and the decision was “bad”, but perhaps the decision was actually the correct one to make based on the information available at that time. This made me remember some regrets I have and made me realize that viewing those instances as “regrets” is probably the wrong thought process to have.

Growing Your Social Capital - Assignment 20

Domain Experience

1) An Instagram account I follow that posts daily regarding exercises not simply for bodybuilding, but primarily for athleticism – a unique area of focus

2) Domain experience: This person runs an account with over a million followers as well as a YouTube channel. He has run these accounts for almost 10 years now.

3) I found the person over a year ago when searching through YouTube videos about new workout ideas. The easiest form of contacting this person was through Instagram direct message, which resulted in a reply the next day.

4) I briefly told him my idea and asked what area of the market did he think has been neglected the most. I was taken back by his answer that nutritional awareness is lacking in the market right now. He mentioned how YouTube and Instagram is filled to the brim with videos of bodybuilders showing what they do in the gym, but never about what they do in the 22 hours a day they spend away from the gym. The favor I asked for was information on the market and the return expectation was at the very least a reply, which I got.

5) Since my biggest area of concern was my personal credibility, having a well-known industry expert that can give my service credibility will go a long way.

Market Expert

1) The head of Social Media Outreach for an advertising firm from back home in South Florida. She has been in the position for 3 years and graduated from University of Miami with a degrees in Advertising and Marketing.

2) Expert on my market. While it does not seem at first that this person might fit the description, I wanted to understand more about targeting a younger audience via social media rather than simply those that my service most directly targets.

3) I found this person through a close friend of mine from back home that is a marketing major. I decided that since I wanted her expertise in something, it would make the most sense to reach out via email so she can take her time in replying and be more receptive to helping me out on her free time.

4) I simply wanted to know 3-5 of the most important things to consider when using social media as my primary outlet of advertising and outreach. She replied with her top two techniques: 1) the first two seconds a user interacts with your brand are the only seconds that matter when capturing a new customer and 2) everyone has a different response to a single form of advertising – switch it up. Additionally, she sent me a guide that her firm distributes to clients that directs them through the early setup of their online identity. 

5) She will allow me to use my number one advertising outlet, social media, effectively. This is critically important since this is my primary outlet of getting my service into users hands. If I do a poor job of this, my service will probably fail.

Industry Supplier

1) A representative for a well-known fitness brand that commonly sponsors individuals that they find online and think would represent their brand well. They have been a rep for two years now and prior to that had several thousand Instagram followers primarily due to his bodybuilding pictures.

2) This person is the expert in supplying the industry. Since his job is to advertise the brand of the company he represents, he has somewhat of a professional training on how to attract potential customers to buy off of him. Essentially I will want someone like him to come across my service and want me to advertise for his company (essentially become a representative myself).

3) I found this person through a friend of mine who is a representative for the same company. I direct messaged him on Instagram and we had a slightly long conversation.

4) We went back and forth with questions and answers regarding primarily what his company looks for in potential sponsorships. I was primarily concerned about reasons for not sponsoring someone who has plenty of followers and seems like an obvious candidate for sponsorship. My favor request was simply a conversation and my return expectation was information about his company’s preferences.

5) This will help me in two ways. 1) I received valuable information about what grabs the attention of people in a way that would make them want to open up their wallets and 2) he now knows about my brand and I will be a thought in his mind for potential sponsorship should I be able to get my service off the ground and meet the criteria his company looks for.

Reflection

This will help future networking as it gave me practice on how to break the ice and essentially cold call people to request information. This experience is slightly different from the past as I am the one soliciting information rather than the person volunteering to do so. This was different than something like a career fair since people at those events are there to give you information and want to talk to you. In a sense, I had to make a good enough first impression to even get them to want to talk to me.

Idea Napkin No.2 - Assignment 19

Idea Napkin No.2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

o   I am a third year student at the University of Florida enrolled in the Masters of Science of Finance program where I will complete my bachelors and masters in finance in four years (graduating May 2020). Some of my skills are analytical thinking, writing, and leadership, all of which allow me to excel in my student organization that I have a leadership position in. Outside of academia, my main interest is health and fitness and well-being. I love experimenting with my body – trying different diets and different exercises to see how my body reacts. With regards to my business, this fits well into my endeavors outside of a career in finance. Since I am currently extremely interested in health and wellness, my business plan fits well with that. If I found my business to be a success, it would be the main part of my life, otherwise it would be a side job.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

o   I am offering a service to college student primarily at UF that allows them to learn more about their bodies and how to live healthier lifestyles. My main goal is to provide an outlet for interested students to learn how to optimize their health to allow them to reach their collegiate goals. The problem is that most students are unaware how much their body wants to help them succeed, however they often treat their bodies incorrectly and must fight against themselves just to get through the day. My service will differentiate from other health and wellness outlets due to our focus on energy and overall feeling good everyday all year, rather that simply setting yardstick goals.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

o   College aged students primarily at UF. After several interviews conducted for previous assignments, I realize that my main demographic are students who have the need and are interested in living healthier lives. My targeted audience would be those who will want to engage with a service that they trust and think will help them. This demographic probably has a proactive viewpoint and are willing to make changes and take advice from others.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

o   Like I mentioned above, not as many students will think my service is as valuable as I originally thought. This would create significant issues as it would be hard for students to want to pay for something they are unsure of. My solution to this is by providing the first leg of the service for free, then any additional features will cost money. Essentially students have a free trial via social media, and should they find that “trial” helpful, hopefully they will be able to be converted to paying customers. Customers will want to pay for the service because they will actually be able to see tangible results from using the “free trial”. Moreover, users may be willing to pay for the service because should my service actually do what I am advertising it to do, it will save consumers money in lost time throughout their daily lives. I would need to make an effort to help them realize this.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

o   I am actually part of the demographic I am targeting. I have a keen interest in improving my well-being, a college student at UF, and believe your health is worth a high price tag. Other services online that offer fitness help seem very informal and are very broad based. By focusing on a single or a few college Universities, I will be able to offer more tailored and catered advice to the demographic. I would be able to offer solutions to problems that may be unique to a certain college campus or something those students have in common. In short, targeting a smaller demographic allows me better cater to my customers and provide them a differentiated service.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

·                 I think these elements work well together. However, I think my main issue in developing my service will be building the business as reputable and trustworthy. Since I am not a health major and those who I employ may not be either, it may be hard to convince prospective customers that what we have to say is valuable. One thing that allows me to get around this is that the “free trial” aspect of the service is a good starting point to build reputability. Should users of the trial see tangible results in their lives, this will build credibility. At this point, my users will be able to see their daily routines change for the better and now view my service as instrumental to their daily routines.

Feedback Memo

The feedback I received primarily revolved around my personal competencies that would make my product successful as well as my service’s wholistic approach being very relatable to those interested in health and wellness.

I incorporated the following two changes:

Added a sentence that details a bit how my product would differ from the competition. I notice that most fitness and wellness services/apps/blogs are designed with the purpose of helping its users reach some short-term goal or help them with very niche things they want help in. My service is different since it centers around a wholistic lifestyle designed to make you feel good every day all the time. In a sense, my service can be considered a lifestyle rather than a simple method.

Added more detail about why customers would want to pay for my product. What makes my product special is that it is designed to create a lifelong improvement in the my user’s lives rather than simply reaching a specified goal. Due to this setup, my users will actually make what they learn from my service a part of their everyday lives. Now that my users will rely on my service for their daily routine, they will  begin to see value in my service and be willing to put a monetary value on it.

Elevator Pitch 2 - Assignment 17

Link to video:
https://www.youtube.com/watch?v=1_EA2SC7NAc

Transcript: What if I told you never have to have that after lunch late afternoon lull. What if I told you you don’t need to crave a nap everyday. What if I told you you can be more productive while having more free-time at the same time. And what if I told you you can accomplish all that without having to take a magic energy pill or consume a drink with additive and fillers and other ingredients you cannot pronounce. What if you were able to reach your fitness goals by reading and practicing what is sent to your email inbox. What if you can learn healthy habits by just scrolling through Instagram. Your Body Loves You is a service that enables college student to take control of their lives, energy, and bodies. Rather than having to fight against your body, make it work alongside you by incorporating our hundreds of tips contributed by dozens of students like yourself. Out staff of UF students have spent years crafting their daily lives to optimize their lifestyles. Whether this be from changing their diet, workout routines, or other aspects of mindfulness, our staff has found the secrets of feeling good all the time that are not actually secrets, it is what your body is designed to do. We are not salespeople and we are not crazy, we simply believe your body is your best friend, you have just not been a good friend to your body. We want you to learn what your body has to offer you, but more importantly, wants to offer you. Follow YBLY Daily on Instagram or sign up for our free daily emails to truly understand for your body to love you back.

Reflection: The feedback I received partially surprised me because I did not think all my comments would include them mentioning they would use the product. Of course I know this is a service that can definitely help UF students, but I did not expect it to be received so well.

Changes: I did not change much in my video. After personally critiquing my previous video, I decided to speak slower, use more  hand movements, and really emphasize the "You" language throughout my pitch.

Create a Customer Avatar - Assignment 18

My customer avatar would be a college student in the age range of 18-23 years old that attends a large university in the state of Florida. My customers probably have irregular sleep schedules, busy daytime schedules, and multiple commitments and responsibilities that weigh them down daily. My customer probably attends the gym occasionally or daily and probably eats the same type of foods most of the time (simply due to preference). My customer avatar is not specific to race, gender, religion, or socioeconomic status. My customer segments probably follows some social media accounts that center around lifestyle and fitness and check their social medias on a daily basis. Assuming my customer segments are extremely busy, they may not scroll through their Instagram feed, but instead check a few of their favorite accounts.

I share most of the above characteristics of my avatar. I attend the gym almost daily and while I do go on social medial daily, it is usually less than 10 minutes just to check some of my favorite accounts. I do not think this is a coincidence as it is probably a reflection of our busy lifestyles. Since we have to spend time worrying about our responsibilities and engaging with other interests, social media goes to the back-burner of our minds. One area that might differentiate myself from my avatar is my sleep schedule as I tend to go to bed and wake up within the same time frame every day. I think this is largely due to me prioritizing restful sleep more than other college students as I notice a huge performance difference when I get less than eight hours of sleep.