30A-Final Reflection

After reading all of my past posts and going through the experiences this class has given me, I've realized the most formative blog post I've written was the very first one. The bug list post made me not just open my eyes to the little things that annoyed me but making myself explain them made it more clear as to why the events occurred in the first place. The assignment I'll remember the most and is probably the one I had the best experience with was when I was finding my human capital and has to record my friends and family members talking about my best qualities.
As this class is coming to a close I can say with total confidence that I do have a better entrepreneur mindset, as for seeing myself as an entrepreneur probably not but its not the career field I want to go in so I'm not as attached.
The advice I'd give to new students coming into this course would be to keep a strict schedule and make sure you don't forget any assignments or to post the URL. No matter how dumb an assignment may feel or how nervous you are to talk to strangers just do it, there are a hundred other students doing the same exact thing as you.

29A Venture Concept No. 2

Opportunity:

The group of potential customers I would be targeting with my condom vending machines are the 18-23-year-old, Frat/Srat drinkers that frequent places at midtown and downtown. College bar scenes are known for underage drinking, close contact dancing, and casual hookups. The market is easily defined both geographically and demographically, the geographic market is the bars in which college students frequent and the demographic is strictly 18-23-year-old college students. There are no other products like mine that are currently on the market so the customer’s needs are only being satisfied if they previously purchased condoms, one of the challenges would be to get students to feel comfortable to even use the machine in the first place. But with proper placement of the machine student would have the privacy to buy a condom and play it safe. As long there are college student drinking there will be a window of opportunity for my product. 

Innovation:

My product is a condom vending machine that will be placed in a secluded area of local college bars as well as sorority and fraternity houses. Customers will be able to buy single condoms with a variety of flavors, sizes, and brands so that they can protect themselves in the spur of the moment ventures. One of the aspects that makes our product unique is that condoms will be payable with the student's ID number. With the swipe of a student’s Gator1 or by just entering their student ID into the keypad an active student will be able to purchase condoms without having to pull out their wallet.

Along with swiping your student ID customers can also purchase condoms through more traditional ways such as cash or credit cards. The machine will be stocked with popular brands like Trojan, Durex, SKYN, and Magnum. There will be differences in the price of the condoms depending on the kind you get, but prices will range from 1-2 dollars averaging a profit of about 50 cents per condom.

Venture Concept:

If we advertise the increase in STD rates and make the purchasing or condoms more casual then I do not think we will have an issue getting people to use our machines, but in order to get people more comfortable with the thought of purchasing condom in public we would have to spend time on campus marketing the vending machines so that people are comfortable using them. Right now, the only competitors are B2B stores like Publix or CVS, but people would have to purchase the condoms ahead of time, and my product is pointed at the people who have spontaneous hookups while intoxicated. The packaging and location of the vending machine are two of the most important components, the packaging is what draws in customers, and we would be packaging them as trendy as possible to attract the eyes of Frat/Srat kids. Location is arguably the most important part of the product, if the machine is placed out in the open then some customers may not be as willing to buy the condoms. Each machine will have to be placed in a secluded area of the bar, such as a back hall or bathroom so that people can have access to the machine without the eyes of dozens of partiers. The machine itself will not be like other vending machines, it will be slick and camouflaged almost. By giving the machine a smaller feel it will reduce the risk people will notice others using the machines. My business would stay small, so that gives off the feeling that was just like everyone else, big companies sometimes lose that feeling safety and similarity when dealing with customers. A group of 10-15 people working to repurpose old vending machines and to market on a college campus will be enough to get my business up and running.

My “secret sauce” would be my relationship with the UF Greek life and the managers at local college bars. Many of the employees at midtown are also members of Greek life on campus so having these circles overlap will be beneficial to me to network and to get my product in bars. It would be hard for an outsider to convince the owners and managers to introduce a similar product to their establishments, but since I have a prior relationship with them I could market our product better and I’ve already established a layer of trust with them.

After becoming a well-established business, I would like to dip into different forms of advertisement. Such as, popular school sayings on the condom wrappers or different types of memes that are trending at the time. Having these different designs on the condom wrappers would make it more appealing for our customers.

In five years, I want this venture to be well established and become a normal part of the college scene, hopefully, the business will be popular enough so that I can focus on finishing my schooling while still being able to work from home on running my company and keeping up with the trends of college students. This venture has opened my eyes to the many different aspects that come with putting a product on the mark so in the future I will have a more realistic view on what it takes to break out and create a new product.

Summary/what changed:

All of the feedback I got was good, none of it suggested a change in my product but as I began thinking about how awkward it can feel when I don't know what I want from a vending machine and how I feel like so many people are watching me at such a large machine. So I got the idea to slim down the machine to make it as discrete as possible. 

Picture:

this is the closest to what I see from my product.

27A Reading Reflection No.3

1. I believe the general argument of Carol Dweck wrote about in Mindset: The New Psychology of Sucess is that you have to find happiness and a sense of self-love in yourself before you can find it in others.  Dweck speaks about how a positive self-image can change the way you approach different problems you encounter in life.

2. Mindset: The New Psychology of success connects to what we learn in class because its about finding things within yourself that build confidence. In this class, we have different assignments meant to find new things about our personality that we can develop. I know I have discovered new talents and resources that have increased my self-image. 

3. The exercise I would design based on the book would be similar to the Bug List we did in week 1. I would challenge students to find things that they do that negatively impact their mindset and explain why they put themselves through it. 

4. one of the most interesting, or biggest surprise, I had while reading was that fact that people with a growth mindset will not only reach their full potential but will exceed it.  his got me thinking whether I have a growth mindset or a fixed one.

28A Exit Strategy

My exit strategy would be to sell my company in 5-10 years for a major profit. My reasoning behind this is to give myself a chance to try out a new business. It's always been a dream of mine to follow in my mother's footsteps at Publix so after my condom vending machines take off I'll find someone to buy me out so that I can live another dream. I do believe my exit strategy has had an impact on my opportunity and resources, I've geared my company to have short term success while taking advantage of short-lived trends rather than long term ones. My demographic is also guided toward short terms use of the machines, once students graduate and start settling down there will be less of a reason to use the condom vending machines so I'd have to start stocking them in bigger clubbing and partying scenes and wouldn't be able to customize them as much, so a big reason why people would choose my product would be gone.

26A Celebrating Failure

A failure that stands out to me from this past semester would have to be my first exam for Principles of Management, I didn't fail the exam I just didn't do as good on it as I'd hope. I studied my lecture notes and the smokin notes but still didn't perform as well as I thought.  After the first exam, I learned that my professor pulls most of her information straight from the book and not the lectures. So on the second exam, I was sure to adjust how I studied and made sure I went over the chapters and the vocabulary associated with them.

Failing is one of my biggest fears, and I can imagine many people share my fear. Failure is embarrassing and can make you look like you don't know what you're doing. I've tried to handle my failure better in recent years, I used to get extremely defensive and would fight about failure but as I've grown I've become better at handling failure. Whenever I fail now I still get defensive like before but I do a better job of not speaking out and talking about why I failed so I can make adjustments and do better next time. After taking this class I wouldn't say I'm more likely to take a risk in everything but I definitely will take more risks when talking to people or when trying to network. 

23A Your Ventures Unfair Advantage

1.     Social Capital: UF Greek Life

I have several close friends involved in Greek life, which is my main costumer pool, so being able to talk to them openly about the product puts me head of competitors

V: it’s very valuable because I will need to have an inside perspective

R: other people have friends in Greek life

I: other people can make friends in Greek life

N: friends are forever

2.     Lack of Competitors:

I’ve spent time in all the establishments in which I would advertise my product in and there are no other services or products like mine

V: Its very valuable to increase my own profits

R: it’s rare that there are no competitors in a field

I: condom vending machine is very easy to replicate

N: -

3.     Social Capital: Knowing the managers

I have made friends with several different bartenders, bouncers, and managers at local bars so I could pitch my product to them in a more casual setting

V: having an inside scoop and a relationship with manager is key to getting my product out in the public’s eye

R: Not many people are as close the managers as I am

I: Since our relationship is so rare it’s difficult to imitate

N: you can’t replace a relationship

4.     Public Speaking:

I’ve taken several public speaking classes in high and college, as well as preformed in front of the entire swamp during football games with the band so I am comfortable in front of crowds and individuals

V: Its valuable to be able to address larger crowds to convince them to buy my product

R: It’s easy to gain experience in public speaking

I: Other people can take similar classes or even the same classes that I have

N: If you don’t have experience then you can have an employee or partner speak for you

5.     Social Capital: relationship with business majors

Being a business major most of my friends are also in business fields, some of my closest friends are marketing and advertising majors that could help me to promote my brand

V: Again, having good relationships with people can help my business get off the ground quicker

R: Other people may also have friendship’s with business majors

I: Friendships can be similar

N: I could buy the services my friends offer me but it would cost me a lot more

6.     Publicity:

Informing the students in the rise of STD rates on campus may make them more willing to use my product

V: truth is the greatest weapon in marketing

R: all information is public knowledge not rare at all

I: there is only so much information about STD so it’s inimitable

N: you can’t substitute the truth unless you falsify information which is not good for your brand

7.     Convivence:

Easy to restore old vending machines to repurpose them for my product

V: saves lots of money to repurpose old machines and vintage can be good for the brand image

R: plenty of old machines at salvage yards

I: easy to copy a vending machine design

N: you can’t substitute a vending machine for anything else

8.     Production: Bulk Purchases

We can buy in bulk to supply all the machines cutting back on the cost to fill the machines

V: Saves lots of money to buy in bulk and can improve profits

R: everyone has access to buying in bulk

I: -

N: we could buy in smaller batches but it wouldn’t be as profitable

9.     Unique product: payable with student ID

What makes our product so different is that you can pay using your student ID so if you don’t have to pull out cash or a credit card to use the machine

V: makes our product unique and it makes it easier for students to purchase condoms while they are out

R: not one else has this capability

I: Other companies can add the ability to charge the price to a student account

N: could use regular form of payments but wouldn’t be as unique of a product

10.   Student Government:

Student government can be a huge asset to promote the use of condom vending machines, my sister's boyfriend is in student government and I’ve had classes with other members and could get their support on the matter

V: If we get the student government to back us then it will be easier to reach the student population

R: other companies can convince student governments to back them

I: -

N: we could network in other areas of the campus and get the backing of other clubs

The most valuable resource I have is all the human capital I have on campus. With the layers of trust I already have with so many people on campus it won’t be hard to convince them to back my product.  

25A What's Next?

Existing Market:
I feel the next step for my product is to have specialized wrappers depending on the location of the machines. These different wrappers will be funny and related to where the vending machine is  located., for example different universities will have different memes that are related to the students on their campus.
Reflection:
After talking to three people that are in my market I have heard that a lot of people recommend that we create vending machines that are more discrete and smaller than the average drink machine. If we were able to embed them in the walls and have a small screen that the customers could select a condom from it would make the person that much more comfortable to actually use the machine. Another interviewee mentioned having more than just condoms in the machine, but also having different types of popular lubes and such. I don;t see a big future putting other accessories besides condoms in my machine because the original purpose of the machines was to help reduce STD rates on campus.

New Market:
My existing market is geared towards college kids but a market i haven't appealed is the older crowd. Older may be the wrong word, but the new market would be people above the age of 24. I think with little bit of redesign our machines could also appeal to the more mature crowds that frequent bars and other drinking establishments. I believe there are already condom vending machines in heavy drinking cities like New York and .L.A. so there would be more competition than my previous market.
Reflection:
After speaking to two people from an older crowd I have discovered how awkward it is to talk about condoms with them. But they both said about the same thing, that there are usually a bowl of free condoms or a vending machine in the men's restrooms. So I could redesign my machines to be feminine and market them to for the ladies restrooms so that they can have a chance to provide the protection. Interviewee 1 said that she always keeps one on her when she goes out just in case but it can be awkward if others see it cause they assume things so she would love to have a machine to buy one in case things did progress throughout the night.

24A Venture Concept- Rubber, I barely know her

Opportunity:

The group of potential customers I would be targeting with my condom vending machines are the 18-23-year-old, Frat/Srat drinkers that frequent places at midtown and downtown. College bar scenes are known for underage drinking, close contact dancing, and casual hookups. The market is easily defined both geographically and demographically, the geographic market is the bars in which college students frequent and the demographic is strictly 18-23-year-old college students. There are no other products like mine that are currently on the market so the customer’s needs are only being satisfied if they previously purchased condoms, one of the challenges would be to get students to feel comfortable to even use the machine in the first place. But with proper placement of the machine student would have the privacy to buy a condom and play it safe. As long there are college student drinking there will be a window of opportunity for my product. 

Innovation:

My product is a condom vending machine that will be placed in a secluded area of local college bars as well as sorority and fraternity houses. Customers will be able to buy single condoms with a variety of flavors, sizes, and brands so that they can protect themselves in the spur of the moment ventures. One of the aspects that makes our product unique is that condoms will be payable with the student's ID number. With the swipe of a student’s Gator1 or by just entering their student ID into the keypad an active student will be able to purchase condoms without having to pull out their wallet.

Along with swiping your student ID customers can also purchase condoms through more traditional ways such as cash or credit cards. The machine will be stocked with popular brands like Trojan, Durex, SKYN, and Magnum. There will be differences in the price of the condoms depending on the kind you get, but prices will range from 1-2 dollars averaging a profit of about 50 cents per condom.

Venture Concept:

If we advertise the increase in STD rates and make the purchasing or condoms more casual then I do not think we will have an issue getting people to use our machines, but in order to get people more comfortable with the thought of purchasing condom in public we would have to spend time on campus marketing the vending machines so that people are comfortable using them. Right now, the only competitors are B2B stores like Publix or CVS, but people would have to purchase the condoms ahead of time, and my product is pointed at the people who have spontaneous hookups while intoxicated. The packaging and location of the vending machine are two of the most important components, the packaging is what draws in customers, and we would be packaging them as trendy as possible to attract the eyes of Frat/Srat kids. Location is arguably the most important part of the product, if the machine is placed out in the open then some customers may not be as willing to buy the condoms. Each machine will have to be placed in a secluded area of the bar, such as a back hall or bathroom so that people can have access to the machine without the eyes of dozens of partiers. My business would stay small, so that gives off the feel that was just like everyone else, big companies sometimes lose that feeling a safety and similarity when dealing with customers. A group of 10-15 people working to repurpose old vending machines and to market on a college campus will be enough to get my business up and running.

My “secret sauce” would be my relationship with the UF Greek life and the managers at local college bars. Many of the employees at midtown are also members of Greek life on campus so having these circles overlap will be beneficial to me to network and to get my product in bars. It would be hard for an outsider to convince the owners and managers to introduce a similar product to their establishments, but since I have a prior relationship with them I could market our product better and I’ve already established a layer of trust with them.

After becoming a well-established business, I would like to dip into different forms of advertisement. Such as, popular school sayings on the condom wrappers or different types of memes that are trending at the time. Having these different designs on the condom wrappers would make it more appealing for our customers.

In five years, I want this venture to be well established and become a normal part of the college scene, hopefully the business will be popular enough so that I can focus on finishing my schooling while still being able to work from home on running my company and keeping up with the trends of college students. This venture has opened my eyes to the many different aspects that come with putting a product on the mark so in the future I will have a more realistic view on what it takes to break out and create a new product