Customers Interview No.3

For my third interview, I am going to be much more specific with my questions and gear them more toward using headphones in other locations than the gym.  From doing my interviews, I have discovered that my idea of a vending machine for portable headphones could be used in other locations such as campus libraries, and bus stops.  Having headphones is almost necessary in the library when watching lectures, and many students like to listen to music when they study.  People also sometimes like to listen to music on the bus.

The questions I intend to ask now are

1.     Do you listen to music when you workout, if you workout?

a.     Do you ever forget you headphones when you go to the gym?

2.     Do you use headphones when watching lectures at the library?

3.     Do you listen to music when you study?

a.     Do you ever forget your headphones at the library?

4.     How often do you ride the bus?

a.     Do you like to have headphones when you ride the bus?

                                               i.     If so, do you ever forget them and wish you had them?

5.     Can you see a vending machine with disposable headphones that would be sold for $1-$2 being utilized in any of these locations?

6.     Which location do you think this product would be most successful?

7.     Would you personally purchase cheap headphones at one of these locations if you forgot your headphones?

The first person I interviewed was another person I saw walking in the hall at my apartment and asked if I could interview him.  The rest of the people I interviewed I flagged down in the parking lot next to my apartment and asked them my interview questions.  By this week of interviews, it has become a lot easier to approach strangers and ask them questions without feeling that awkward about it.

What I learned from my interviews is that my product idea would be most implementable in the Library, and then the gym.  Based on the 5 people I interviewed, most of them do not use the bus that often.  This could be because I live directly across from campus and personally do not need the bus, so the people around here might be the same.

Week 6 reading reflection

1)    What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

a.    What stood out to me the most was how significant buyer power is.  Before reading this article, I was not aware of how much of an impact even a few buyers had on a business.

2)    Identify at least one part of the reading that was confusing to you.

a.    There was not one part in general that confused me, is the threat of substitution topic.  While I understand how it is a potential threat, it confuses me as to why I would be such a big threat considering that if the product was unique that people would still like to purchase it.

3) If you were able to ask two questions to the author, what would you ask? Why?

The first question I would ask the author is how he decided that these 5 tools were the most important to understand where power lies in a business situation.

The second question I would ask him is how long did it take before his article went viral in the business world.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There is nothing I read that I thought the author was wrong about.

Napkin Idea No.1

1. I'm a business administration major here at the University of florida. I'm also a member of the Innovation Academy, which has given me many useful skills and knowledge I can take into the business world. Personally, I hope to run my own medical practice sometime in the future. This idea could potentially give me a start into owning my own business and give me the experience I need to be a successful entrepreneur.

2. I'm offering customers an easy way to get headphone at the gym for an affordable price.

3. Currently I'm offering this product to gym goers. The headphones will be in a vending machine so that if for some reason you don't have your headphones with you or you simply don't want to waste your good headphones at the gym, you have an alternative. If you go to the gym and listen to music, your part of the demographic.

4. Countless times, people have been at the gym with the miserable reality of having nothing to listen too, or worse have to listen to the horrific music the gym plays. It's proven that music is an excellent motivator at the gym, without headphone you lack the proper motivation to get a good workout.

5. There isn't any existing market similar to this in America, hopefully I can take advantage of that and doing something no one else has. Best buy has done something similar in airports and it seems to be working well for them.

I think all the factors above plus my customer interviews prove that this is a viable business model. One thing I am concerned about is repeat business. For example, how many times will someone forget their headphones and buy new ones before they always remember headphones. Also, headphones are normally a product you by once and don't buy again until you need new ones. I need to find out if there is a consistent enough use of this vending machine to make it economical.

Interviewing Customers no. 2

After my first round of interviews I think my opportunity is pretty high. I believe I talked to the right customers, as I interviewed college kids who went to the gym. I did not really think I needed to change any of my interview questions, because I received great feedback from my last round.  I learned that I still had a pretty good opportunity after doing this second round of interviews.  What I learned from this round of interviews is that you can learn a lot about your product just from talking to strangers.

Week 5 Reading Reflection

Something that surprised me in this chapter is that many entrepreneurs lack objectivity. This surprised me because I thought objectivity was a characteristic of entrepreneurship.

What was confusing to me is the section about lack of Venture Uniqueness.  I was confused as to how this a trait of entrepreneurs as I thought this is what made them successful.

If I were to ask the author two questions, they would probably be why do entrepreneurs have poor financial understanding, and why do they have so many pitfalls in general.

 I do not disagree with anything the author wrote.

Week 5 Elevator Pitch 1

How many times have you showed up the gym ready to pump some iron to your favorite tunes, only to realize you left your headphones at home? Instead of dragging yourself through a mundane workout, how great would it be if there was a solution to this? A simple low cost way to still listen to your classic jams during your lift? Well we have the solution right here.  The headphone vending machine is a cheap and convenient way to still enjoy your work out.