Making it Real

https://docs.google.com/document/d/1T5Vm8Fg5rXlYI-phOy__fSPGe4GgJM2Sukc-NQMAzGY/edit

My Exit Strategy

My Exit Strategy 

I have decided to change my exit strategy. Initially I want to start the venture and see it through while remaining a part of it throughout the ventures life. However, now I would like to start the venture and sell it for a profit within the first five years. I have selected this strategy because it would be easier to develop the concept and sell it to a company that has the ability to market it and grow it. I don’t think this particular exit strategy has or would influence me to do anything differently. The only potential change I would make is how I financed the idea. I would maybe finance it alone versus having investors in the company. 

Celebrating Failure

There have been students within the class that I have failed to convince my business venture is viable. Early on I was not clear about my intent with my venture. I had comments from people that were able to make a link between my venture of a tire technician school and an automotive mechanic. However, they thought I wanted to start an automotive mechanical school. After my first feedback I thought I was more clear the second time around. However, I received feedback from another student that was unclear on my venture. I have learned that I need to communicate more clearly. I was able to see my venture from my perspective and it all made sense in my mind because I work within the industry I am trying to create a need for. To others outside of the industry, they need to have more detail regarding why my venture can work. Failure is tough. Prior to this class I hated failing. There was so much negative correlation with failure I wanted no part of it. At work I drove myself crazy trying not to fail. However, throughout this class I have read some about failure. I read a Book named How To Fail At Almost Everything and Still Win Big. This entire book was about an individuals countless failures. From this reading I was able to not see failure as a negative, but as an opportunity to do better in the future. I am still as risk averse as I was when I started the class, but I feel I could take a chance on the right opportunity.

Venture Concept No. 1

Venture Concept

Opportunity:

For my venture an individual that would have a need for my idea would be someone who does not want to attend a typical four year college. They would however want to create a career path through a vocational school. My potential customers also enjoy working with their hands on automotive, commercial and off road tires. My need has been created and does not fall under an unmet need necessarily. The unmet need it does fill is for tire companies who have difficulty hiring qualified employees for these positions. One change causing this need is the lack of help avail able in the tire industry which I work in. It seems that employees don’t see forward growth and opportunity within the industry. My venture allows them to continue to progress and learn more over time through different programs. Currently my potential customers are doing on the job training. This process is very difficult as it puts more demand on current employees and management to train employees. Typically you are already running short handed and do not have the resources to train like we have in the past. I see short term loyalty with our process now. One of two things will usually happen. The first is the employee is not given a fair shot to be successful and gets frustrated causing them to quit. The second is management becoming frustrated with their progress and terminating them. I see this opportunity as a big one since I work within the industry currently. From my perspective in order to continue servicing customers our industry is going to have to innovate when it comes to hiring tire technicians. The window of opportunity will be open until the next individual sees it. I think it’s something that could be thought up any day.

Innovation:

My innovation is for a vocational school that prepares students for different types of tire technician jobs. The first class is for automotive tire technician. The second class is for commercial truck tire technician, and the third is for off the road tire technicians.  Each class will last three months so students can get into the workforce quickly. As students complete a section they will be given the opportunity to work with a career coach in order to help them find employment. I will make money from the students for the cost of the classes, small hand tools that are needed, books, and uniform costs. The classes would range from $300-$900 dollars. The price per class increases as more tools are supplied by the school for students to train with. Other cost for small hand tools will range from $10.00 - $15.00. The uniform cost will be $50 for each class taken.

Venture Concept:

The opportunity I identified was lack of trained tire technicians. Having a vocational school gives an individual a career path without going through a typical four year college. It also helps employers find qualified help and reduces the inconvenience of training new employees with no experience. The customers will buy my innovation because it gives them an opportunity to educate themselves for a certain field an gain the needed training to perform job tasks. For years people have gone to school to be electricians, plumbers, automotive mechanics, and to learn various other types of trades. This is just one more opportunity for them. Since my service would be new there would be no need to switch them to my service. Competitors could come from various places because the idea, once started, is not hard to copy. The venture would have ten employees. Various jobs would be trainers, owners, administrators, and career coaches. My most important resource is identifying the need for this program. As I have explained in the past this is a two fold scenario. First, it creates a career path and opportunity for an individual to earn a living. Second, it gives the tire industry well trained and qualified technicians. Identifying this need is something I have come up with working in the tire industry so there’s not a large amount of people that will see this right away. This gives me the advantage to start the program and work out any unforeseen issues before other identify it. My next idea for the venture would be an opportunity for students to come back and train as sales people, service managers, and other jobs related to the tire industry. Once the students gain the needed experience and are ready for the next step they could come back and continue their professional growth. Over the next ten to five years I would still be involved as the entrepreneur. I would want to continue to build on what I started. If successful I would like to expand my coverage area to offer the service to more individuals.

Amazon Whisper

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

Current Revenue Drivers:

Products:
Tuition – This is a non-tangible product that will be purchased by the students entering the program. Each program will have a fee attached to it.

Program 1: Passenger & Light Truck Technician
Program 2: Commercial Truck Tire Technician
Program 3: Commercial Road Service Technician
Program 4: Commercial Fleet Service Technician
Program 5: Off The Road (OTR) Technician
Tools – Small hand tools can be purchased by the students at a discounted rate through the programs “Tool Shop”. The items include valve core tools, air gauges, tread depth gauges, and various other hand tools technicians will need to work in this field.

Uniforms – Uniforms will also be available for purchase through the “Tool Shop”. The idea behind the uniform is to have each student see themselves as professionals while going through this program so they will have a professional outlook on the career path they have started.

Textbooks- There will be textbooks available for purchase at the “Tool Shop” as well. Each program will have it’s own set of training books.





Services:

Education/Instructors – They will provide the students with the necessary information required to complete the program and gain the skills needed to become employable in the automotive industry. Instructors will also help students with job placement following their completion

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

The next service someone going into the tire industry may want is education on tire sales or even management. Again, the purpose of this program is to have qualified help. So adding additional course that are geared towards selling tires or managing a tire store could also be valuable.

·      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.?

Offering different types of programs at different levels allows my concept to change and broadens the different types of people I can attract to it.  This will allow students who have completed the tire technician side of the program to come back and continue their education. This can create customer loyalty.

·      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.

There are no services available like mine. I couldn't find any DVDs or information for tire training on Amazon.

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

There are no services available like mine.

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

There are no changes to be made because my service does not exist.

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

Because my service would be unique there are no additions to make at this point. 

My unfair Advantage

My Unfair Advantage

1) My venture is a new concept

V- It’s valuable because the tire industry is not going anywhere. So there will be a constant flow of students for the program.

R – There’s no other programs that offer this type of education.

I – Once the venture is noticed it would not be difficult to copy.

N – While there are training course to educate tire technicians on changing tires, there are no hands on programs that allow you to be prepared to go right into the work force with a value.

2) I have existing knowledge of the industry

V – This allows me to develop a program that is suited for real world scenarios.

R – While the knowledge I posses is not rare, being able to adapt my knowledge into a program that allows someone to learn about a specific part of the tire industry is.

I – Again, others could copy the concept after notoriety of the program is out there.

N – This knowledge I have is substitutable, but the program would not initially be.

3) After working in the tire industry I have become talented at training for different tire technician positions.

V – This is valuable because I have hands on experience.

R – Training technicians is not rare on the job, but is rare in the classroom. Having personal experience with the job requirements allows me to train for specific areas.

I – There are talented trainers in every industry so this could be copied.

N – There are currently not any programs like this that offer this type of training.

4) I would have other individuals in the same industry work with me to develop the program

V – The knowledge and different perspectives would contribute to the program

R – There are currently no collaborative efforts to start a program like this.

I – Others would be able to copy this in the future.

N – There are no other resources available like this.

5) I know people within different parts of the industry to advertise the program

V – This is valuable to give the program credibility coming from other professionals in the industry.

R – Knowing people within an industry is not rare

I – Initially I would have the only program offering this type of service, but it could be copied in the future

N – There are no resources that can offer the same thing at this time.

6) I currently have enough cash to start this venture along with two other investors

V – This is valuable because it allows me to start the venture

R – This is not rare because a lot of people have start up money

I – Others can copy having start up money

N – Others could use bank loans to start their venture or any other various types of avenues for revenue.

7) I have been a recent student. This gives me the ability to see different teaching approaches.

V – Having this information fresh in my mind will allow me to recognize which teaching style do and don’t work

R – This is not rare because a lot of people attend college

I – This idea is not unique to me. I’m sure other teachers have used this.

N – There are several searches you can do online to learn out to teach some one, but seeing different types of teaching and seeing what works is an advantage.

8) I have the ability to use my network in this industry to help students with job placement.

V – This creates a value to students  in the program

R – This would be rare for the tire industry.

I – Others in time could copy this

N – There are job listing websites than can assist people looing for a job. My network of individuals within this industry can make it easier and give students options.

9) My vision for this program

V – This will create value for students entering the program

R – My vision is rare because a program like this is currently not offered.

I – My initial concept could be copied, but my vision for the program and the industry could not.

N – There are no other resources that can replace my vision.

10) I can see the need for this program. I have had some feedback and people outside of the tire industry don’t see it.

V – This is valuable because I won’t have immediate competition.

R – People not involved in this industry don’t see a need to start this program so that makes this rare.

I – Someone can eventually see the need for this type of program

N – There are no resources to provide the same benefits.

My most important resource is identifying the need for this program. As I have explained in the past this is a two fold scenario. First, it creates a career path and opportunity for an individual to earn a living. Second, it gives the tire industry well trained and qualified technicians. Identifying this need is something I have come up with working in the tire industry so there’s not a large amount of people that will see this right away. This gives me the advantage to start the program and work out any unforeseen issues before other identify it.

Reading Reflection # 2

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

The book I read is How to Fail at Almost Everything and Still Win Big by Scott Adams. The theme of the book is about not giving up and recognizing when you fail you should be able to take a positive away from it. Scott Adams gives several examples of different jobs and scenarios that he failed at throughout his life. However, through each experience he took something away from it. The ideas that he took away from his failures allowed him to improve and not make the same mistake in the future. One example was the first time he had interviewed for a job near the end of college. He showed up wearing what a typical college student would wear around campus. His interview never took place due to his appearance. This taught him to dress professionally in the future. The book is full of these type of examples and he talks about what he learned from each failure and how it helped him improve.

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

This class has been about experience. We have been asked to interview customers and receive feedback from strangers about ideas we have. Some people have had to experience failure in their delivery or concept. Through this they have either improved their idea or realized it wasn't a good one and moved on. So the experiences that are shared within this book about failing and learning from it I think tie in perfectly.

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

I think sending students out with bad business ideas to do customer interviews may be a good experience. It would be designed for them to get negative feedback from customers on the idea. However, if they use the "failure" like Scott Adams did and learn from it maybe their idea can be tweaked into a great one. 

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?

My 'aha' moment came with you realize the book is not about funny stories regarding the failures he experienced. I typically view failure as just that and associate it with negativity. However, after reading this book I try to be more introspective on my failures. I think if you try enough things you will eventually fail, so I now look at what I can do different next time. For example, I am in outside sales. So at work if I have a bad sales call I label it a failure and review what went wrong or what could have been done differently so I don't make the same mistake again. 

Idea Napkin No 2

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?

Response: I've been working in the automotive industry for a little more than nine years. I've worked in primarily the commercial side of the business which services trucking companies, construction companies, waste companies, and really anything with a tire on it. One of the hardest things we run across is finding talented help, specifically at entry level jobs such as tire technicians. My aspirations for this idea would is two fold. First i think it creates an opportunity for someone to go through a vocational type program and come out with a career. The second thing it creates is a pool of trained employees that can be hired by tire stores in the area. I think role this will play in my life will differ from what I thought before. Job placement would still be important to me. However, if the idea was successful I would see myself perhaps selling the idea in different parts of the state/country and become less hands on. This would allow me to market the idea more broadly and reach a larger pool of people.

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

Response: This idea is more about creating a customer need than it is solving one. The service would provide customers an education within the automotive field, specifically tires. It also offers different levels of training so they can see there's upward mobility available. I think this can help with employee retention within the industry as well. When people view it as a career and not as a job they tend to be more invested personally and professionally. 

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?

Response: This being offered to anyone who is interested. The program targets people who do not want to attend a traditional four year school. Individuals that are hands on are great for the idea as well. 

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. 

Response: They will pay me money for the service for the same reason I pay UF. It's for the education so a better future can be created for me. It gives them a career path versus a job.

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

Response: I'm set apart from anyone else because this is more than a few hours of videos teaching someone about changing tires. It is hands on and allows you to complete the program and go right to work with little training needed.

I believe since I already work within the tire industry the elements of my idea do all fit. It creates a need that individuals and the industry has. The only aspect i'm not sure of right now if exactly how it would play a role in my daily life. After all, this is just an idea scribbled down on a napkin. However, with some other inputs (ideas) from others it could be viable.

Part 2:

The feedback I received was seemed fairly positive. One individual was not clear that this idea was geared towards tires and not automotive mechanic and anther wanted to know how I got to this idea. I tried to be more specific about the program and how it related to tire technician versus and automotive one. To answer the question of how this idea came about, I gave some background on the industry I currently work in. 

My Customer Avatar

Customer Avatar

My prototypical customer would come from a blue color upbringing. They would have a strong work ethic developed from that and just need some direction with their career. Their hobbies would include anything hands on and outdoors such as hunting and fishing. They would drive a five to 10 year old truck. This truck would be domestic and black, blue or white. They watch outdoor channels, any sporting event that is on, and try their best to keep their wives away from the DIY network. The customer will have children, as family is important to them. The customer doesn’t read books, but does subscribe to various outdoor magazines. My prototypical customer is between 18 years old and 30 years old and is a registered republican.

I have some things in common with the customer avatar. I do enjoy the outdoors, drive a truck, and enjoy watching sports. I think when interacting with potential customers I can relate to a lot of the same things they enjoy. This would allow me to reach them on a personal level and not just business. Where I do differ from my customer is my enjoyment for reading books. I specifically read books regarding business, finance, or sales for personal growth as well as enjoyment.