Venture Concept No.1

Hello again!I hope you guys enjoy this Venture Concept!

Opportunity:

One of the most remarkable skills of/as an entrepreneur is the ability to identify opportunities and beyond that a “group of customers with un-met needs”. As a college sophomore, I have identified a group that is seriously underappreciated and underrepresented in a college town being that of make-up lovers/artists. As a new member of the Sabor Latino dance team and the cousin of an AOII sorority member, I recognized that make-up needed for both dance and theater productions or for the sake of special occasions wasn’t an easy thing to find here in Gainesville, Florida. Beyond that, I also recognized that free-lance make-up artists have very minimal opportunities in a college town being that there is only 1 mall with MAC, Sephora and an Ulta nearby. I could only imagine how difficult it might be to build a strong portfolio with such little opportunity given that the financial stance of the general population (college students) is not willing to pay for expensive make-up in order to get a make-over by a professional.

Dance teams, theaters and sorority girls currently satisfy those needs on their own by being loyal customers to certain make-up brands and getting ready on their own. There is nothing wrong with this alternative but a group that is constantly surrounded by this kind of art would definitely appreciate more professional help in getting made-up for those special occasions/ projects that are representative of their group. To help connect the underappreciated free-lance make-up artist and the clients that are part of the aforementioned groups creating a networking platform that connects both of these groups would be a major opportunity. This service would attend to the needs of both the artist and the client in the form of providing an opportunity to build portfolios and a network of clients as well as simply help the client to achieve that desired look for that special event/occasion.

 

Innovation:

           

 The service conceptualized as an innovative solution would be the creation of an application that works as a networking platform to connect a freelance make-up artist nearby to a client in need. The application will work similar to the booming company now known as Uber. The application will connect the nearest freelance make-up artist available to the client in need in order to allow them to meet up. The name of the service would be “Make-up-Meet-up”. The innovation to this service is the combination of a network platform and a transportation system that essentially delivers a much-needed service to a customer group that values the service at their very doorstep in the comfort of their home. The price for this service begins at $20 and can go up to $30 maximum where the network itself would only get 20% of what the make-up artist makes.

Venture Concept:

            Make-up-Meet-Up is an application for any Iphone and smartphone that essentially works as a networking platform to connect freelance make-up artist near any client in need. The service functions similar to Uber that will allow the client and make-up artist to meet in the comfort of the clients home or wherever they desire. It’s a makeover delivered to your very own doorstep! I am well aware that the most difficult part about this venture is getting customers to give it a chance. The way in which this risk would be taken care of is by partnering up with Sephora and Ulta’s make-up artists and hopefully build relationships with the companies themselves as prospective future suppliers. The make-up artists before the app opens will go on to promote the application themselves with clients that walk into the stores for the day of the opening of the application once it is launched and accessible.

            Another strength of this company is the fact that absolutely nothing like this has ever been done before and there is nothing like it. A weakness recognized is the fact that most of the times these services come in as too expensive to afford but being that the geographical setting of the use of this app would be in a college town the service and the expense would be as cheap as $20-30. The factors that play a major role in my service include the distribution, business location and the overall customer experience being that it is the distribution and offering of a complete make-over, the location is flexible and transported to comfort of a clients home or whichever destination desired which is the key to the overall customer experience as it is safe and comfortable. This service would provide a win-win for both the client in the form of looking exactly the way they would want for that special occasion and helping freelance makeup artists build strong professional networks to build their portfolios and get their work recognized.

The Three Minor Elements

·      My unfair advantage and secret sauce is the originality of this venture concept and the customer group that has no other service offered in the form of a delivery service that meets such a specific need.

·      What’s next for the venture is expanding on the demographic and geographic location of this application/networking platforms accessibility and move it into cities like Miami, New York City, Los Angeles, Las Vegas and Chicago.

·      What’s next for me as an entrepreneur and hopefully in the next five years is giving myself a chance to become a fashion designer and build a brand for myself. In the next decade I also want to write a book on my experiences as a third culture child and adjusting to new changes so much in my personal life as in my professional life.

Amazon Whisperer

Hello again, this week's blog post is based on "The Amazon Whisperer" and demonstrates my attempt to align my service-based business to a new product.

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.  
    
The current revenue drivers included in my business concept include the Uber like part of the business where the make-up artist is requested to go meet up with a client. So in a way it transports a service to someone's front door. The other revenue driver is the fact that it is a networking platform and my idea for the future may be charging a low price for the make-up artist to be signed up to the networking platform if the business were to be successful.
Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I think the next product offering customers might want would be to be able to buy the same products off of the make-up artist's there and then if they really love the products used. I don't want this company to start selling products at people's door similar to Mary K however. I do want to preserve the service being the product offered and not have the selling of products be an uncomfortable intrusion in the experience. If not selling actual products then the company could slowly make its way to that starting with offering coupons to products sold at Sephora and Ulta.
 
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.?

This next thing could enhance my existing service as it conveniently provides products used by make-up artists right there and then to the interested client enhancing the user experience and the conventionality of it all. Also the fact that the make-up artist would have the product there ready to be bought may cause a natural affect in the client to impulsively buy the product which is good for the company.  I don't feel this particularly foster customer loyalty but it does foster a stronger partnership with our supplier being that we are selling their products increasing business for them with my company having some sort of share in the revenue.
 

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.
 
What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
 
Describe what design/usability changes you'd make to the product. 

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

For the questions in colored font above I just wanted to explain that my service-based business wouldn't exactly have an additional product that would align with the existing business in a similar way than another business that strictly sells a product might. The only product I thought of as previously mentioned includes the selling of the actual products being used aside from the service being offered. Due to that I'm putting a picture of make-up in general because my business works as a networking platform that will essentially deliver a make-up artist to your front door. 

 

Week 11 Reading Reflection

This week's reading focused on the reasons as to why there may be some difficulties with keeping up with innovative ideas for a business. The concept that confused me the most about the reading was the mention of customer co-creation and it's relationship with crowdsourcing or if the two relate at all. From what I understood, customer co-creation has to do with the process of developing the product being sold but I was a bit confused as to who played this part? I'm not sure if the stakeholders did more so than any developer. The most surprising part of the reading was the mention of how some companies may resort to imitating the innovative system's of other companies if they themselves cannot figure out how to align their own organization with their own innovative strategies. If I would ask the author two questions the first would be to go a little more in depth on "disruptive" innovation or on how this could even be something legal in business similar to the ability to imitate another companies innovative strategies. Would that not be like a form of copyright of some source, in the business world I mean? Since my knowledge on innovative strategies is pretty limited I do not disagree with the author since I wouldn't know enough to challenge his views.

My Unfair Advantage

Hey guys, here are my unfair advantages!

Artistic: What's great about the company is that it is created on the foundation of artistic value. Make-up-meet-up values art in its complete expression and application. This company is aimed to help anyone get dolled up whether it be for a theater production, sorority formal, dance recital, etc. 

Good environment: This company creates a good and safe environment for people to interact and share their passion for art as well as provide a literal safe environment in which each employee is required to have a full background check conducted as well as checking the car employed. 

Beneficial (win-win): Make-up-Meet-up provides benefits for both employee and the client. It promotes opportunities for the under appreciated make-up artists by allowing them to build a network and strengthen their personal portfolios. On the other hand it offers the practicality of having a make-up artist come to the comfort of your home with their products to help a client accomplish the look they want for a low price. This company provides a win-win for both the employee and client.

Exclusive: The process to get this service is done in a way that gives the client the comfort and practicality of having everything done in the comfort of their home without having to leave anywhere. It's a personal make-up artist and session delivered to you! What wouldn't be exclusive about that?

Cheap: This resource is valuable as it makes Make-up-Meet-up affordable to absolutely anyone. It is rare because first of all there isn't a single service like this anywhere in the world. No company has hired free-lance make-up artists to use their products (which are usually expensive) to then drive to a client and work on them for as cheap as $20. 

Practical: The practicality of this business is valuable by the way it facilitates a meet-up in which a client receives a whole make over  by having a make-up artist come to them or meet halfway depending on what they decide. Again, this is a networking platform which gives the business flexibility.

High quality products used: From the previous post I mentioned how Sephora would be the supplier and all of Sephora's products are entirely high-end and the best quality.  
Specific Audience: This company is special because it aims at attending to the needs of a very specific and overlooked audience that may be especially neglected in a college town. With Make-up-meet-up's networking platform however, it provides many opportunities for both an audience and employees.

Shapes interpersonal skills as well as professional: The interaction and relationship between a make-up artist and their client will require the utmost professionalism as well as appropriate application of interpersonal skills to allow the client to feel entirely comfortable, trusting of their make-up artist but more importantly, safe from any kind of threat. 

Can be franchised across the nation: Similarly to Uber, once this company get's going it could easily get to growing which makes it rare, valuable and inimitable.

Reflection:
 I think my top resource is the exclusivity and beneficial relationship between a make-up artist and client of the whole company. The way this company functions by having a person provide this service in the comfort of the client's very own home makes it very exclusive and enhances the experience to be very personal and shared in order to fortify those networks established. After all, this is a networking platform that is aimed at attending to the needs of people who value art and are in need of help to create the look for that one theater production, dance recital, formal or prom. I know I've already repeated this but it truly would provide a win-win for both the employee and client in the most exclusive, comfortable, trusting, safe way for the client. I feel all of my resources previously mentioned are all entirely valuable,  rare and inimitable.

Growing My Social Capital

1) One person must be a domain expert in your industry. 
For the person engaged in the same industry I had two people in mind for my company given that my company functions similar to Sephora with a combination of Uber. For the Domain expert in my industry I decided to speak to an Uber employee as the domain expert. For my company Make-up-Meet-up, the most important part of the business is finding a free-lance make-up artist closest to the person requesting the service and getting them to drive to meet the client. This employee's background has worked as part of Uber since it started from big Cities Miami and Orlando to small town Gainesville. I found this person as they were once a worker that gave me a ride in Orlando and we kept in touch due to the fact that I felt comfortable with the person and I wanted them to be the person to pick me up on my way back. Including this person in my network will enhance my ability to exploit an opportunity as he is a lot more knowledgeable about the terms and conditions of Uber. He also understands how the technological tool/mechanism functions and as a plus, he knows how to create Apps in order to create the final App.

2) One person must be an expert on your market.

An expert on my market is a free lance make-up artist that has become my absolute personal favorite whenever I shop here at Oaks Mall. It was very hard for me to choose between making Sephora the expert on my market or the supplier to my industry. Once I realized I could make my personal favorite makeup artist the expert on my market it not only enhanced my network but kind of encouraged a closer partnership. As a free lance make-up artist she is targeting a similar market on her own already but we'll definitely help each other making our cooperation a win-win for the both of us. As she has been working in Sephora for the past 5 years she clearly understands how to work with customer service and understanding the trends of certain products that are sold most. For example, currently a lipstick brand that has absolutely boomed in the last month is Kylie Jenner's Lip Kit and together we understand that clients will want to work with make-up artists that carry those products and are up to date with the latest trends. Not only has she become the expert for the market but the biggest way in which networking with her has enhanced the ability to exploit an opportunity is due to the fact that she is connecting me to her higher-ups in order to establish a relationship as my supplier, specifically Sephora.

3) One person must be an important supplier to your industry.

The person/company to supply my industry is currently Sephora however from the research I've done, ULTA would be a bit more cheaper to work with. The reason I chose Sephora for my initial supplier is not only for how prestigious it is or for its department store-like feel (except for make up) but because of the fact that I already have a contact that I have a good relationship with. I feel very grateful to work this industry as a supplier. The feedback I got was mostly on making sure to advertise and promote for the company a lot before I start since my audience is so specific to a set group of people. I was also recommended to be prepared for the seasons that won't be as busy. Formal season would obviously be one of the best times for business.

Finally: Reflect. 

This experience will shape how I participate in any future networking events because not only did I learn about professional skills on how to approach people but also I'll be able to present my company with a good network of my own. This experience differed from experiences in the past due to the fact that in the past I've gone to events that are specific for networking whereas for this assignment I was left to my own devices and having to research where I could contact these people from.

Week 10 Reading Reflection

      This week's reading was centered on "financial preparation for entrepreneurial ventures" as per it's title. This chapter was focused on the necessary documents that essentially validate an entrepreneurial venture. These documents are financial statements including the cash-flow, income statements as well as the balance sheet. In establishing an entrepreneurial venture there are specific statements needed in order to organize the companies finances and for budgeting purposes. The two things that surprised me the most include "break-even" analysis. As an entrepreneur I would feel that the ability to break-even after any investment is necessary to feel safe in taking any risk starting with being aware of the initial costs before one can make profit to determine sales revenue. The other thing that I found interesting were the different examples of ratio analysis such as vertical and horizontal analysis which are used for identifying strengths and weaknesses and positive and negative trends respectively. The most confusing financial statement that was mentioned were the pro forma statement. I didn't really understand how balance sheets could work as a method to forecast the future changes of the budget. This was tied into "cash-flow" which is the concept I have the most questions on for the author. I would ask the author to explain how loan's affect cash flow in a different way. Also I would ask the author to compare how cash flow might differ across different cultures such as in countries where cultures still use bride price or if that wouldn't have any affect at all.
 

Elevator Pitch No.3

Hey guys,

If you've been following from my latest idea napkin, I have made a very big change on the product I wish to sell. It's essentially a networking service that aims to attend to the needs of an under appreciated group of the audience especially on a college campus. It's called "Makeup Meet up" where any person in need of an up-do can get in touch with a free-lance makeup artist within 20 seconds with just one click. It'll work like Uber connecting a person with an employee in a fast and practical matter to schedule a meet up for an up-do on that special night of formal, dance or theater performance or any special occasion as cheap as $20. It'll benefit both the employee allowing the free lance makeup artist that has a lack of opportunities in a college town to continue to work on building a portfolio as well as giving a person that special look that important night.

Reflection:
From my last reflection even though a lot of the feedback was finally a lot more critical, it did have to do with the last product I was selling. I do want to start by saying I was so happy to finally have more specific guidance as to what I had to work on. I have to work on being less fidgety with my hands as well as standing straight. I did my absolute best here but again all constructive criticism and feedback is welcomed. I also ask that everyone be as honest about my product as possible. I really did take a risk by changing my idea to something I valued because I didn't feel in any way passionate about my last product. However, I understand that it does focus on a very specific group and that's where the risk comes in, but in line with the entrepreneur's mantra and values, it's important to take risks and I definitely did!

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

I think what makes me different and sets me apart is first the evident fact that I am a third culture child that has been raised on three different continents. I've been able to learn about diversity and acclimating to different cultures, three languages, traditions and more importantly personalities. I am extremely passionate about others and making everyone feel comfortable and like they have their own space to grow and more importantly make mistakes without being judged. As a sociology and psychology double major interpersonal skills and making everyone feel accepted and cared for is something I truly strive for. I love to connect with people on a deep level, I'm not the biggest fan of small talk or conversation that isn't genuine. I think that's due to the fact that I have moved so much so because I know my time with people is so limited, I like to get to really know people as well as connect in order to foment a comfort zone for myself as well as others. I'm very driven and extremely loyal to those I hold dear. I am welcoming, caring, a person that provides a comfort zone almost in a way where I'd hope a person could come to me as a coping mechanism and I love giving advice. 

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

                                       1. Oscar's interview (brother)

2. Isa's interview (best friend) 

3. Marcela's interview thoughts 

4. Ivonne's interview (mom)

         The 5 people that know me best obviously includes my mother and my brother. If you guys have been following my blog then you'll see that I've mentioned that I'm a third culture child. I haven't lived in the US since I was 9 and graduated in Lima, Peru due to my dad's job overseas. Due to this, it was a lot harder to the videos from my family members other than my brother's who is a little more technologically savvy. In order to make up for those disadvantages I took a screenshot of what my mom and my cousin had to say in order to makeup for their lack of videos. 

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

Overall, I think I was beyond flattered by all the kind words of the people in my life. I think it was very validating to hear that people didn't talk about skill sets specific to education but rather to skills about how I interact with people and I rather be remembered for who I was to people rather than what I do or how well I do in school. I was so happy to see that the mark I've always wanted to leave on people about me was on a personal level rather than superficial qualities and it had to do with my persona. I think my interviewees are correct and I do agree with them. I wouldn't correct anything about my previous list. I am happy to feel validated and feel like I truly leave an impression that is indelibly impressed on their memories.

Week 9 Reading Reflection

For this reading I have one thing to go under both questions of what surprised me and confused me the most in this reading. The thing that surprised me the most was the concept of the guerilla marketing. It surprised me simply cause of the term "guerilla" to be honest and being that I am Colombian I never forget the one time someone brought up something about the guerillas in Colombia and I was completely oblivious to it because my experiences in Colombia had never ever felt dangerous the way the media has portrayed it. Anyways (I digress), it surprised me because of that but I also felt a little confused about the concept. From what I think I understood its an advertising strategy in order to sell a product with a little amount of budget involved in order to get as much out of it as possible. What also surprised me about this concept was that the strategies are mostly really unusual or unconventional ways of promoting a product so I found that interesting as well. What I really appreciated about this chapter was that it just talked about the various marketing challenges entrepreneurs face which I felt we could all relate to as entrepreneurs. Not specifically right now in our lives for most of us but it was relatable in the sense that it helped us to see that these risks we think of are actually risks and challenges that all entrepreneurs face. If there was anything I could ask from the author I think it would be to try include more anecdotes of people who faced such challenges, good examples would be like the stories of Walt Disney and even in more contemporary pop culture the artist The Weeknd. Another thing I would ask is to maybe analyze the psychological skills that entrepreneurs can and should incorporate when facing these challenges to promote self help skills. Overall, I didn't disagree with anything the author said and as I previously mentioned, on the contrary, I really appreciated everything about this chapter.

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?
 
I am a sociology major hoping to be able to incorporate both forensics and fashion design into my professional life. I feel I'm a talented writer, dancer and I do think I have really good interpersonal skills that help when it comes to working on a team. My aspirations aside for the previously mentioned goal is to write a book and travel all over the world. Most of all, I just want to be the best person I can possibly be (as corny as that may sound) I find it very true when they say "don't just be a success, be of value" and that is definitely something I want to live by. 

I see business playing a role in these aspirations as helping me develop the comfort of taking risks and starting from nothing to something similar to any entrepreneurial journey. For this business specifically I see it playing a role in my life as it leads to is a realistic need and a good opportunity for further exploration. From my feedback, people felt as if what I was selling wasn't really explained and after reading my first idea napkin I couldn't agree more. I have decided to change my business even this far into ENT3003.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
  
After my first Idea napkin I realized that my 5 elements didn't really tie in together. I felt as if what my business was about didn't really represent a single thing/issue that I was passionate about. I wanted to do something that would allow me to really explore more of my artistic side. I decided to change my business idea to a company that hires any and all certified makeup artists and connects them to groups that equally obsess over makeup but don't know how to do it. These groups here at UF would be those such as dance teams for performances and even sororities during formal seasons. I for example am planning on connecting with a sorority here at UF known as AOII in order to schedule times to do girls' makeup. It's hard for freelance makeup artists to get work done when there aren't a lot of groups here in Gainesville that need it. Due to that this networking company would connect a girl in need of a make over for a special occasion as easily as getting an uber. It's like an uber makeup artist.


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?

This will be offered for groups that need makeup for special occasions. From theater productions, sororities and dance teams to banquet halls. 

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. 

Girls will actually pay money for this service as it won't charge or require a purchase of makeup beforehand on top of the expense of the make up being done itself which come out to costing up to $60-80. This would be a charge of $15. It's easy, it's practical and it's exciting to have someone to do your makeup. Not only that, but for makeup artists that are trying to get their work out there, this networking opportunity also helps to build stronger portfolios.

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

What sets me apart from everyone is my easy adaptability as I am a third culture child who was raised living an overseas life moving from country to country since the age of 9. Another thing that sets me apart skill-wise is that I speak three languages. Lastly and more importantly, I'm really passionate about social harmony and constantly questioning epistemological roots of knowledge. As a sociology major and someone who cares deeply about the well-being of the individual (as much emotional, mental and physical) I care very much about helping others. 

In addition to this, I have experience with makeup art work. In 10th grade I did a makeup art project that got me invited to work backstage in LIMA fashion week in Lima, Peru. This skill puts me in a place where I feel I know about the world of makeup art and what I'm talking about. I'm promoting something that benefits both the under appreciated makeup artist and the girl looking for an amazing look on that special night. 

Evaluation:

 I do feel that my core competencies and these 5 elements tie well together. I feel really happy with the decision I made to change my business proposal to something entirely different and even on a whole other spectrum of interest. Most of all, I feel proud of my decision because I feel I did the one thing that all entrepreneurs have to learn about which is risk taking. The only thing I feel a little out-of-joint with the rest of my project is the fact that I'm a third culture child. I do think it's a strength regardless however I feel it wouldn't be something relevant to makeup. I then started to reflect and realized, well, if it's a networking company/service then being as diverse of an individual as I feel I am then that could really come in handy.

Feeback memo:

1. Giving a much clearer detailed description of my product.
I clearly defined my product and gave a description of it. I also took the risk of bringing up an entirely new business proposal in order to explore something I'm really passionate about.
 
2. Providing a background that prompted the creation of this product. 
I explained my connection to makeup art and gave a brief description of my experiences with it.
 
3. Creating a product that makes life easier for an overlooked audience/group of people. 
I have identified an audience that I feel isn't really thought of in a college town. 
 
4. Reflecting on my 5 elements. 
I have reflected of my 5 elements and how they tie together as well as emphasized how certain strengths will work good for specific skills.

5. Connect the product to the company and it's audience.
I have explicitly stated that this company will benefit both the makeup artists employed as well as the person requesting the service. One for portfolio building and the other for getting dolled up for a special occasion.