An Affirmation

https://drive.google.com/file/d/0ByK4s27pC31gQWdPalo2WHlpYkU/view?usp=sharing

My Exit Strategy

Personally, I would intend to sell my business within 5-10 years.  Unless there is an economic downturn again that would hurt the value of the business completely I would sell.

As an individual, who likes to try new things and continuously succeed, selling makes sense for me at this stage in my life.  It can provide me with at least a small nest egg and then allow me to invest into another new business. Making successful businesses would be something that I would definitely get addicted to, which is why I would sell them to start other ones.  Also it has always been a dream of mine to learn how to play and become really good at golf, so either after this venture or a subsequent venture I would definitely want to learn how to play golf and go pro.

My exit strategy has influenced my previous decision concerning my concept.  Knowing that I want to sell pushes me to perform better in the planning and early stages because if it doesn’t succeed and I am unable to sell my business for much then it is pointless and a waste of time, in my opinion.   Also I am always a person who has to plan, which is made easier with an end goal in mind and it helps me focus on what needs to get done. 

Celebrating Failure

Celebrating Failure

I fail at many things that I want to do.  Not in a bad way, but because I try to form too many habits at once or try to hold myself to unrealistic standards.  Early on, in this class, I would save all my assignments until the end of the week and fail at doing them.  My schedule puts the assignments behind others because of the due dates are Sunday night versus Friday night for my other class’ assignments.  Then because I usually work every day on the weekend, I end up being “too tired” or do not manage my time well enough to where I freak out, start to worry, and never get the assignment done on time.  For example, earlier this year I chose to go to dinner with family instead of finishing my assignment as a means of procrastination which ended up causing me to miss the deadline.  Instead as the especially these last few weeks, I have to look at the assignments at a minimum in the beginning of the week to make sure I let ideas swirl around in my head.  This has led me to complete mostly if not all of my assignments the past few weeks.

 Through all of this I learned of another strategy to combat my failure in completely these assignments.  Recently, one of my roommates moved out and took the bar stools and table and chairs with him.  This has left me with a leather couch and recliner to sit on to do any work.  Whenever I sit in the recliner to do work I realized it takes a while to finish assignments of mine.  Then I thought why don’t I try standing up like the students at the law library do, which I thought was so strange.  I wrote my whole venture concept standing up this week.  It helped my productivity and focus.  I learned through my failures that I now do work better standing up.   

Failure is hard.  It is difficult.  It something we have to learn how to deal with and we all deal with in different ways.  I personally, especially when I was growing up I internalized a lot of failure.  I kept it to myself and was always hard on myself for failing.  As I have grown up I realize that doing so, is pointless.  It is counterproductive.  If I fail I have to see the positives.  Once you fail, it is in the past and it might repeat itself in the future but you can make adjustments or challenge yourself and be more prepared to handle failure next time.  In relation to this class it has helped me deal with failure.  There are some assignments I wish I had taken the time to do, but that is in the past I try to just focus on the assignments now.  Also I realize that everyone fails and it is not a singular type of event.  This class overall, has helped me overcome failure and see that there is only room for improvement.    

Venture Concept No. 1

Venture Concept No. 1

Many if not all individuals should exercise regularly.  Some of those individuals just go to the gym with no plan, and others go to the gym with a plan and a goal in mind.  The same routine over and over can get tiresome, boring, and not be effective for the individual depending on the goal.  On one slope individuals eventually want to switch up their gym routine.  Others want to not have to bring paper and pencil to the gym in addition to everything else.  Our technological advances have not kept up with the age old art of working out, and exercising in general.  This area needs to be fully integrated.  We too often, do not, create effective mobile applications to simultaneously satisfy needs of working out and the importance of tracking the workouts and results readily on your phone.  We are in the digital age.  The need of such a mobile application exists.  Our phones and technology around us keeps advancing and connecting us with all activities in life from helping us find the best restaurant to eat out at in town to helping us wake up during the correct time of our sleep cycle.  Everything else in the world around us has caught up with us.  Working out and our mobile technology has not. These customers are only satisfying their need through a few different mobile applications related to working out currently.  Other than those individuals there are still potential customers that still use pencil and paper, or just don’t keep track of their workouts at all.  All of these potential customers should keep track of their workouts, and/or have an easier time tracking their current workouts than the method or way in which they are being kept track of currently.  The market though is somewhat above a certain level because of the mobile data usage needed to run the application.  This will just limit the number of people that will be able to use the mobile application.

The service/product itself will be called Gym-in. It will be a mobile application available on the apple app store and the google play marketplace.  The application will consist of a multitude of features centered around exercising and working out.  This application will allow workouts to be tracked in real-time, effectively search for information concerning workout plans and nutritional information, It will be able to match the music you should listen to, to your workout based on your current mood, and it will allow you to check-in where you are working out to compete with others in your area, to help promote exercise of all forms from all individuals.  There specifically will be a find a workout plan, with personalized questions including experience, age, current weight, goal weight, overall goal, current height, and etc. regarded to your physical appearance.  The mobile application will then be able to run an algorithm sorting through the database of workouts and using the answers to the questions answered by each individual to find and customize the 5 best workout plans, which can then be separated by the variable amount of time you have available per week.  This will be the center feature of the mobile application.  All of this will be connected with a website where you can do everything you can do on the mobile application.  In addition, there is a B2B sales website as well.  Through this intermediary we well be selling and leasing the newest gym equipment.  Alongside the new equipment, we will also have refurbished equipment that can be bought.  This will be one our revenue drivers here at Gym-in.  The gym equipment will have such a large range as some equipment can be sold for just $100 while others can sell for close to $10,000.  The refurbished equipment will look to retail for half of those amounts to be made more affordable.  In addition, we will have accessories like wrist wraps to actual products like protein being resold.  This is to add another revenue driver despite the smaller returns.  The website will include advertisements for other companies wanting to target the same.  The ads would be sold based on time and rotational frequency over 100 different banner ads, for example.  These prices will vary and depend on what the company wants and what I can produce in website traffic.  Lastly, we would include a premium service for five dollars a month with a one-month introductory period for one dollar.  This is my innovation and the revenue drivers I have in place to generate positive cash flow.          

My mobile application, Gym-in, will get America moving again.  It will help individuals have that personal trainer in their pocket they aren’t able to afford.  It will give the experts the extra personalized tip that will get you past that hump to keep getting stronger without having a watchdog.  It will help solve the issue of time.  Workouts will be sort-able by the time available.  It will help keep customers and add more.  It allows for all these features and especially combined with the personal workouts, to satisfy the needs for any individual, whether they already workout, or have never worked out a day in their life.  Current consumers have trouble with the features, don’t even know that the website has a coinciding mobile application, or are even intimidated by workouts on the current mobile applications.  Gym-in will be the most personalized service available, this will help us drive advertising revenues up.  By being more organized and offering more combined features than our biggest competitor, Bodyspace which is the workout tracker application for workout plans through Bodybuilding.com.  This will help draw customers away from their mobile application to ours. It will not be an easy task, but since they are our only main competitor in the market of workout tracking applications we will also be able to introduce a lot of new users who were not using a mobile workout tracking application because of our simplicity.  The main issue is startup costs and accuracy.  Are we actually delivering the best top five individualized workouts for the individual, and at the same time is our platform simplistic for every user, young and old.  Then lastly, will we be able to market our product enough so our name and associated logo gets out to the public, so even if our download rate is low, our awareness rate is high enough to offset that.  As I jump into the role of packing and supply chains, I would most likely start the mobile application and the website simultaneously in the beginning.  Then as a means of growth add the gym equipment side of the business since we would have at minimum more access to credit and/or cash flows for investment.  Early on, the company would consist of very few individuals.  I would say a minimum of five people, between a coder, design specialist, an expert, and a few utility people who would deal with the financials, secretary work, and other utility types of issues that we as a team would have to deal with. Overall, I would play a role in the accounting and financial side of the business while overseeing the overall product development.  I would institute an open forum for all ideas at all times from any employee.  Otherwise, it would be departmentalized based on function.  For example, there would be a design department and then an IT department which can convert that design through code into the mobile application.  These are just some of the departments.  There would also be a chief financial officer, a chief operation officer, and a chief executive officer once the company grew above 15 employees. This is because I believe that if the corporate culture would be to be installed too late then it might not create the structure necessary to continuously succeed.  This is how I would fuse working out for everyone from their pockets.

Three Minor Elements

My most important resource will be our simplistic integration of multiple functions all in one mobile application.  Usually for the features I am looking to offer, usually there are multiple applications that one must download in order to achieve all the similar functions that we will offer in one.

The next opportunity that I have decided would be adding in the gym equipment department in which they can be bought, leased, or sold at discount once refurbished.  This will target a businesses and help spread the mobile application through getting gyms to sponsor the app while leasing the newest equipment from Gym-in.

For me, I would eventually want to sell the company while its growing.  Personally, I want to retire young and not have to work when I’m older. Also the company could have future ups and downs but I can exploit the upside early on so I can capitalize on a return and then reinvest my money into another venture.

   

Elevator Pitch No. 3

https://www.youtube.com/watch?v=O1pTANQotc4

Since I did not perform an elevator pitch #2 I’ve decided to reflect on my original elevator pitch.  It was just audio which made it difficult, in my opinion, for individuals to understand.  I received great feedback and some of the issues with the idea were brought to my attention.  They aren’t issues just contradictions or alternatives I should be aware of, like looking workouts up on YouTube and such.  That came from most people who are less serious about working out, but it showed me to not focus on what the application does and more about the idea for the company as a whole.  This is why I mentioned nutrition this time around, and other areas like leaseable gym equipment, to therefore be able to target more customers.  So, this elevator pitch is significantly different from my first one, especially in regard to the approach I take.  The approach this time was more of a holistic approach with an overall message to help get America active again, to help intrigue and draw more individuals in.

Amazon Whisperer

Here's what you need to do: 

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

Revenue Drivers

11.      Leasing Gym Equipment - lease it to gyms around America so they can have the most up to date equipment

22.      Selling Gym Equipment - sell refurbished gym equipment to individuals and starter gyms.  

33.     Advertisements on the mobile Application (per click) - generate revenue through advertising for different companies, especially ones that compliment the demographics of our individuals.

44.   Advertisements on the website (per click) - same as above

55. Accessories for the gym and nutrition - sell gym accessories and nutritional supplements.

6.      Sponsorships by company to sell their products through our mobile application and website.

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

The next thing my customers is going to want will a personal plan maker for free.  By that I mean not the standard find your plan, but through the use of body composition and body type, and medical history developing a plan that can help them succeed with the constraints they deal with.

·         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.?

It will enhance my idea for my mobile application because it will add an actual, personable connection to the individuals’ experience using our mobile application and website.  This will create customer loyalty, to then only buy their accessories and gym needs from us.  Despite adding higher costs to our end it will help attract new customers, retain old ones, and add a competitive advantage.

·        

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 is one of a possible many equipment that could be lease or sold through my company.  Since I am a service-based when concerning the next thing I added to my product, I chose to search workout equipment on Amazon.  As seen above this machine can be used for pull-ups, chin ups, push ups, abdominal exercises, tricep exercises, and many others.

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

Overall, this product averages 52% 5 star reviews, 22% 4 star reviews, and then evenly split between 3, 2, and 1 star reviews.  Individuals who have bought this enjoy that it does not take up too much space.  They also specifically really enjoyed that it is self-installable, and that it can support the weight and height of taller and heavier men.  The biggest complaints surround the assembly of the equipment.  Many individuals were missing parts or had a lot of difficulty reading and being able to follow the directions. 

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

I would add another set of chin-up grips facing towards the individual which will help target their biceps and forearms.  I would also distinctly label all the parts and make the instruction manual easy to follow to build it with numbers in order.

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

My actual product would make a good addition because it will add an additional personal component to my services. 

My Unfair Advantage

1.      My unique creation of an all-in-one product – the advice, workout plans, accessories store, and everything else can be found in one place in one mobile application.

a.       How valuable is this resource?

                                                              i.      I think it is valuable because if all aspects are made available to the individual through the mobile application it is much more efficient than having only some features on the mobile application and then others only available on a ‘full-site’ web browser.

b.      How rare is this resource?

                                                              i.      Somewhat rare.  A similar product like the bodyspace app through bodybuilding.com separates their interactive mobile workout application from there accessories and workout supplements store instead of combining them.  They are the closest in similarity to what I am trying to a achieve so it is somewhat rare.

c.       How inimitable (copy by others) is your resource?

                                                              i.      I would say difficult because if the main company on the market doesn’t combine all of these aspects into one app then it must be different, or they are trying to reach a different segment of consumers.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      A mobile application that splits up departments through the different apps is comparable but not substitutable in my opinion. 

2.      Market size of consumers available, specifically the people in need of a mobile workout application that offers workout plans, nutrition advice, and other information to encourage healthy living personalized for each individual. 

a.       How valuable is this resource?

                                                              i.      This is valuable because if there is a large market segment of people who work out and don’t not using a mobile application to assist them with their workouts, then it has potential for a lot of growth.

b.      How rare is this resource?

                                                              i.      Untapped market size as a resource is not rare at all.  If you correctly identify a problem and are able to solve it most likely there is an untapped market that you are solving if you are entering a market with few competitors.

c.       How inimitable (copy by others) is your resource?

                                                              i.      This resource does not have the ability to be copied.  The untapped market of consumers either exists or does not exist.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      I think if a market is large enough, not necessarily untapped, it provides a similar benefit if you are able to create a differentiable product. This creates the market size itself and gives rise to the same benefits with just possibly less growth ability.

3.      Accounting background – because of my degree I am in pursuit of at the University of Florida.

a.       How valuable is this resource?

                                                              i.      Very valuable.  University of Florida has one of the best accounting programs in the best in the country.  Every business involves accounting and therefore is a vital part of building any company.

b.      How rare is this resource?

                                                              i.      I don’t consider this resource completely rare. Yet, only a limited number of people receive their degree in accounting, and even fewer receive one from the University of Florida.

c.       How inimitable (copy by others) is your resource?

                                                              i.      This question for this resource follows the same circumstances as the question above and limited to the people who major and get their degree in accounting.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      There are other degrees but there is nothing substitutable for an accounting degree other than another accounting degree.

4.      Computer Programmer I have available through a friend of mine who has been writing code for over 15 years and has worked on mobile applications in the past.

a.       How valuable is this resource?

                                                              i.      Very valuable resource. It takes the time and money out of the equation that I would have to invest in order to find a computer programmer to start making my mobile application.

b.      How rare is this resource?

                                                              i.      I would not say it is rare at all but finding one for the right price and that you can trust is rarer.

c.       How inimitable (copy by others) is your resource?

                                                              i.      It is inimitable, but through  previous connection, such as mine, I think it is less replicable.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      Absolutely, any computer programmer other than this specific one can.

5.      Current workout experience combined with personal experience.

a.       How valuable is this resource?

                                                              i.      Very valuable, because it has already lead me through many trial and errors.  It gives me personal experience dealing with different equipment and workout plans.  I also have experience having issues looking for workout plans and finding adequate nutrition trips. 

b.      How rare is this resource?

                                                              i.      It is rare.  It is my own experience and knowledge.  I might be susceptible to some biases but at the end of the it is my own thinking and experiences.

c.       How inimitable (copy by others) is your resource?

                                                              i.      Gaining personal experience and going through your own trial and error as well, is not too difficult to replicate over the years. 

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      Already knowing a person who is a personal trainer will give you access to the same general information and the same benefits as personal experience in my opinion. 

6.      Accessibility – through it being a free mobile application available.

a.       How valuable is this resource?

                                                              i.      Slightly valuable, it just allows my application to be accessible to anyone for free. 

b.      How rare is this resource?

                                                              i.      Not rare there are many free mobile applications.

c.       How inimitable (copy by others) is your resource?

                                                              i.      Inimitable, easy to make a mobile application accessible to everyone.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      it substitutable for other forms of advertising and free giveaways because this only relates to accessibility through a phone.

7.      Social Responsibility filled through helping everyone in the country have access to workout and nutrition information for free.

a.       How valuable is this resource?

                                                              i.      This day and age everyone is about being socially responsible for the environment and the surrounding communities.

b.      How rare is this resource?

                                                              i.      Not too rare, but definitely difficult to distinguish one’s company.

c.       How inimitable (copy by others) is your resource?

                                                              i.      It is inimitable, as long as the blueprint or other socially responsible topics are targeted by the company.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      Yes, there are other resources such as outstanding customer service.  I mention this because it is another aspect of a company that can set itself apart from everyone else.

8.      Emotional Intelligence – in connections I have conveyed in the past and how I am able to guide and help people.

a.       How valuable is this resource?

                                                              i.      Very valuable.  To understand your employees and their needs as well as balancing your own needs between work and family are an important tool.

b.      How rare is this resource?

                                                              i.      In my opinion, it is very rare.

c.       How inimitable (copy by others) is your resource?

                                                              i.      If it is learned it can be inimitable but I do not believe it to be easy.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      A huge human resources department can provide the same benefit eventually.

9.      Marketing base through the large number of students that workout at the University of Florida to help jump-start the growth of the company.

a.       How valuable is this resource?

                                                              i.      Valuable to an extent.  It gives me an automatic base of customers to increase the users of my mobile application, which will help generate investors and more money I can put into development.

b.      How rare is this resource?

                                                              i.      There are many college campuses around the USA that can be used to help jumpstart one’s product. 

c.       How inimitable (copy by others) is your resource?

                                                              i.      Somewhat replicable by others if the start-up occurs in a large city or college town.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      Cities and other areas of urbanization with high population density in the USA can provide the same benefits as a college town. 

10.  Entrepreneurial background – since my mom has already opened her own restaurant after being in the insurance industry, he offers first-hand advice how to deal with everything from financials, to employees.

a.       How valuable is this resource?

                                                              i.      Very valuable, because it gives me a resource to use any time I have questions during my future business venture.  I get learn for their own experiences.

b.      How rare is this resource?

                                                              i.      Very rare the personal connection may not always exist.

c.       How inimitable (copy by others) is your resource?

                                                              i.      Not inimitable at all.

d.      Non-substitutable - Are there other resources that can provide the same benefit?

                                                              i.      Not substitutable at all.

I’ve determined that my best resource is my entrepreneurial background.  It is not my personal background, but my mother is an entrepreneur.  Her experiences are like no other and she would be able to be available at the ring of a phone call any time.  No one can copy that or go out and gain the same benefits because my mother’s experience is singular, nonreplicable.  That is why it is my most important resource.