19A - Idea Napkin No. 2


1)    You. I am a second-year finance major at the University of Florida in the combined degree MSF program. Many of my talents revolve around the finance industry. I interned last summer with the Irish Mortgage Brokers in Dublin, Ireland and currently have a part-time job with core spaces as an ambassador and am the treasurer for the Alpha Epsilon Pi Fraternity. I aspire to start my career as an investment banker and am not sure what I would like to do after that. If I were to start the business, then my future plan would be very different. I would most likely quit my job and put all my effort into this product because I would not have time to do both.

2)    What are you offering to customers? The product that I am offering customers will solve the problem up three-hole punched papers getting ripped in binders. The process of purchasing reinforcer stickers and placing them on each individual hole is tedious and tiresome. My product will combine the two steps of hole punching and reinforcing to save time and money. Also, I am providing a product that is has never been created before and it will have a wide target market that ranges from individuals to businesses.


3)    Who are you offering it to? This product is going to target schools and businesses as well as recreational use. Many offices and schools will see this product as being worth the original price because it will make the workers and students more organized and time efficient. Also, individuals will also want to buy this because it will not cost much more than a regular three-hole puncher so they will see the added benefit make up for the price difference. Any person or business that deals with a lot of printed paper and creates a lot of binders would greatly benefit from this product.

4)    Why do they care? Customers will pay me money for this product because I am offering them something that will make their lives easier. Essentially, I am combining two products and making the process a lot more time efficient and it will save money in the long run. Customers are always looking for products that are not too expensive and will they save them a lot of time in the future. Although, this product will last for a long time and some could consider it to be an investment, it will be priced very competitively to current three-hole punchers on the market.


5)    What are your core competencies? What sets me apart from everyone else is my work ethic, attention to detail, and drive that will make this product superior to the old process. The designing and building stage will take a while, but I will be able to push through the process to design the best possible product. In addition, something that I previously did not include was my ability to connect with people and put others first.



I believe that these five elements fit together and that my business concept is pretty strong. My business background will be very helpful in running and planning out the business model in the next five years. Where my experience is lacking is in the designing and building stage. I will probably have to hire someone to help with that process.


Feedback Memo:

One thing that I took away from a different assignment was my core competencies. While completing the assignment where you had to interview five close people to you, I failed to mention the personable or people qualities that I had. I believe those qualities are very important for running a successful business. My other piece of feedback that I received was relating to how I would attach pricing for a product that is unique to the current market space. I answered that question by mentioning how I would keep the price consistent with current three hole punchers but offer additional services to stand out.

Comments

  1. Taylor GoldMarch 30, 2020 at 10:29 AM

    Micheal,

    I think you did a good job analyzing your feedback from the previous part of this assignment and altering your post to fit those suggestions. I agree in that displaying your strengths and specific personality traits is extremely important in allowing your customers to better understand you and your vision for the opportunity. The suggestion of further explaining price layout and description also helps to strengthen your post and really consider implementation of the product.

    ReplyDelete
  2. The Mainzer PostMarch 30, 2020 at 11:06 AM

    Michael,

    I see that you have a lot to offer in terms of experience and education. Above you mentioned that if you were to create this product you would end up dropping your full time job to pursue it. Personally, I think this is a product that you could definitely develop on the side, especially with the time you still have in college. I am very familiar with investment banking and depending on the firm you work for, you will most likely have an extremely demanding work load which could make it alot harder to pursue this product.

    ReplyDelete

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