My Exit Strategy

1) Identify the exit strategy you plan to make. 

I plan to sell my business after 5 or so years. This could change depending on the trending success of the product and whether it's projected sales are worth holding on to the company. I always like thinking of new concepts or potential ventures so I think I'll want to start the next 'chapter' after 5 years. 

2) Why have you selected this particular exit strategy?

I selected this exit strategy because I know how my mind works, and 5 years from now I will likely be eager to experience something other than Floaki. Granted, I could be very wrong and if the product is a huge success I would like to hold on to the company (wouldn't we all). If I had to bet, though, I see myself wanting to sell. I always viewed this venture as a side business to my main career, so selling wouldn't be a devastating financial blow. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I think my exit strategy has influenced how I've approached acquiring and using resources. My main focus has been to talk with avid anglers and see what they have to say about the product. Realistically I would be happy with partnering with one of these people and letting them do most of the selling/marketing because they're already in the demographic I need to be in. Because of this, I wouldn't have as much 'skin in the game' and selling would be much easier for me to do. 

Making It Real

My Resume

Celebrating Failure

Past failure...

A few weeks ago my scooter wouldn't start. I've had it for 3 years and have never had a problem with it, until now. Instead of bringing it to a mechanic right away, I decided to try and fix it myself. I got out some tools I had laying around the house and got to work, starting by removing the top of the scooter to have more access to the engine and battery. 

After a few turns and quick battery charge I was able to eventually get the engine running. It drove well until I stopped it again, and it wouldn't start. I decided to do the same process as before, but something went wrong. My scooter was only going 10mph and accelerating when I would turn my blinker on. Needless to say I had a much bigger problem than I had previously thought. 

What I learned...

I learned my way around a scooter engine/battery and how the connections vary from the engines I'm used to. I also learned that I'm not as good of a mechanic as I may have thought as soon as I got it working the first time. 

Once I was told what the real problem was (after a trip to the mechanic) there was no way I could've solved it with my own resources. 

Reflect..

I think failure is crucial when going through life. If we never fail we will never know how to overcome adversity or problem solve. At the end of the day failing is learning. 

When faced with failure, I get very critical of myself. It also makes me more driven to accomplish what I haven't accomplished. This class has helped in not feeling as embarrassed to put yourself out there. When I'm faced with a challenge in a comfortable environment, it's much easier to overcome compared to the environment that this class has put me in. I'm definitely more likely to take a risk now than I was at the beginning of the semester. 

Growing My Social Capital

Spencer Riley, Market Expert

He grew up fishing and surfing in Vero Beach and Fort Pierce, FL. I believe him to be the market expert for me because he recently opened a tackle shop in town. I've known Spencer throughout high school and know his knowledge is unmatched in our area. I ran into his younger brother a few days ago and was able to get his information. 

After speaking with him at the new tackle shop he cut me a deal on some shirts if I wore them around town. He also gave me his thoughts about the product I have been working on. Including Spencer in my network enhances my ability to exploit opportunity because he has the local knowledge of a market I know as well, but no longer live in. Having his trust and insight in that area could be helpful down the road. 

Billy Ninesling, Supplier

Billy grew up fishing in Port St. Lucie and Fort Pierce, FL and works at large tackle shop in Stuart, FL called White's Tackle. I keep in touch with him every couple of weeks and we always try to fish together when we can. He fits the supplier slot because he deals with customers on a daily basis. He sees what products people like, don't like, and hears why. 

We were recently texting each other and I asked about meeting some of his coworkers/owners down in Stuart when I got the chance. He gladly said he would, only that I had to fish with him before doing so. Having a long time friend like Billy who is in the fishing supply industry reaches a network I'll always want to be a part of. 

Eric Davis, Domain Expert

Eric owned outdoor outfitting store, The Backcountry, and now works as saltwater fishing guide from Melbourne all the way to Key West. He fits the slot of domain expert because he has the utmost experience in the retail side of the market as well as the most experience fishing in all areas of Florida. I was able to contact him over Facebook after seeing some pictures of fish he had recently caught. 

Once I broke the ice, I began talking about current events going on with the algae in south Florida and the tarpon run off of Vero Beach. Being a long time friend of my dad, Eric needed nothing in return to offer me advice and insight on any aspect he can. Having him in my network introduces information I would have previously never known. 

Reflect

Having experience in the same field these people are in was a huge aid in networking. Being able to strike up a conversation about something someone is interested in is the easiest way to begin. It differed in my past experience because I knew the three people beforehand, but I found that being as genuine as possible got me the most trust and response. 

I'll try and use these same strategies that proved effective in the future. With chances being low that I'll know the people prior, I'll need to become as comfortable as possible speaking to total strangers. 

Reading Reflection No. 2

What was the general theme or argument of the book?

In Guy Kawasaki and Peg Fitzpatrick's book The Art of Social Media: Power Tips for Power Users he offers tips on to become a better self-marketer. Their ideas of self-promotion and making yourself standout were very interesting because some of them are so simple but never thought of. It's an art (if you can look at it that way) to be able to self promote effectively, especially with the tech savvy world we live in today making it so difficult to get noticed. 

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

This book explains exactly what we're talking about and learning in this class. It connects with what Dr. Pryor is teaching us on many levels and also gave alternative views on similar subjects. It enhanced my mind because Dr. Pryor always says to look at something in as many different ways as you can and the book offers just that. I will say that I'd rather watch a live lecture to learn about the material, but the book was eye opening to the amount of strategy that goes into marketing campaigns. 

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

I think it would be interesting to have a contest with students: Making a new twitter account with zero followers and seeing how many followers people can get by the end of the semester or a certain period of time. It would be cool to use the tactics described in the book as strategy and see the results. 

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?

I think the biggest surprise I had while reading the book was the amount of information I wasn't aware of. At first I felt bad about myself when realizing how much I didn't know, but then that made me realize how much OTHER people don't know than me, which was intriguing. I feel more knowledgeable on how to carry myself and the simple tricks that can make all the difference when self-promoting. 

Idea Napkin No. 2

You.

After reading my comments and reflecting on my first idea napkin I don't need to add much to this section, but will do so in the following. This is my previous description of who I am: 

In order to understand and develop marketing strategies and the best way to sell the product, I need to realize my best strengths as an entrepreneur. I am a strong leader and have always taken direction when given a challenge. I know how to communicate with people and feel that I can have a genuine conversation with most everyone I meet. I've had experience in making clients lower prices for construction products as well as cutting deals with expensive fishing equipment. I have experience in overcoming adversity as I was always told I wouldn't be able to make the football team at Florida. Rather than listening, it drove me to work harder and eventually making the roster. I feel that any entrepreneur must have this attitude in that there will inevitably be negative feedback or "haters" everywhere in life. 

What are you offering to customers? 

This product prevents expensive sunglasses from being lost to oceans, rivers and lakes. It will help take away headaches and save money for fishermen and boating enthusiasts. 
Once dropped in water, the product won't trigger. But, once the glasses sink below 2 feet, the Floaki takes effect. A small flotation device is released, allowing the glasses to rise back to the surface. 

Who are you offering it to? 

I believe this product can help anyone who is around the water. Whether it be salt or fresh, nothing is stopping your $200 glasses from sinking out of site. I think the unmet need resides mostly with fishermen and recreational boaters. 

Why do they care?

After speaking to numerous fishermen and being one myself, I share the frustration of losing a nice pair of sunglasses to the ocean or lake. If a product will save both added headaches and bank accounts I believe people will buy Floaki. 

What are your core competencies? 

I feel that the ability for the product to float after being lost sets it apart from others. There are sunglasses that float, but none that are ranked among the most effective glasses. Having peace of mind that after making the simple mistake of dropping your glasses they'll float back up goes a long way with people (especially me). 

Conclusion.

When evaluating these elements I think they fit together rather well. The unmet need is definitely there but a sufficient product hasn't come out to exploit it. I know that discovering this need out of my own necessity means there are other customers out there, and after speaking with various fishing guides and power boaters it confirmed the unmet need. Even though there is opportunity here, I know I would need help in getting the product made and developed. 

Feedback memo. 

After receiving feedback from my Idea Napkin No. 1, I had to adjust parts of my marketing scheme. I discovered that I was promoting it the wrong way by trying to bash croakies for their looks. I should be talking about the functional differences, not the looks. Yes, croakies seem ugly to a lot of people, but fishermen need to remove their glasses all the time while on the water and croakies make that easier than ever. I use croakies when I'm on the water so I had to change my approach. 

After thinking about it in more depth, I realized there is even potential for another product--croakies with the addition of Floaki, but I'll get to that later. From my feedback I think the biggest discovery was the issue with "What am I offering" and "Why do I care" and I have changed them above. 

Because there were only a couple issues brought up from feedback, I'll do my best to make five points: 

1. People like the idea
2. There is potential
3. I should change my approach (not using "ugly croakies" as a strategy)
4. Changing my approach changes the products main function (how I describe it)
5. I'm able to effectively describe the product and market demographic 

Elevator Pitch No. 2

Link to elevator pitch: 

https://www.youtube.com/watch?v=IarCHkEbNNo&feature=youtu.be 

A reflection on the feedback you received from your last pitch

I wasn't able to post my first elevator pitch, but from reviewing my classmates videos I feel I would've made the same mistakes. I think using gestures or speaking in an upbeat manner are important to grab attention. I know I still need to work on certain areas of my pitch but I am noticing improvement the more I practice this exercise. 

What did you change, based on the feedback?

As I mentioned before, I was unable to post my first elevator pitch, but I think I could use improvement in my delivery and wording of my pitch. I'll be sure to use the feedback from this post in my future endeavors. 

My Secret Sauce

Describe five ways in which you think you have human capital that is truly unique. 

1. I think I am very dependable and trustworthy. If I tell you I'm going to do something I won't fail to do so. 
2. I feel I can take a step back and assess a situation neutrally, or to the best of my ability. 
3. I'll admit if I'm wrong. If I'm proven wrong I won't continue to argue out of pride.
4. I am a good problem solver. I don't shy from problems but rather try and attack the issue with a solution. 
5. I can make friends or create good relationships with many different personality types. 

Interview the five people who know you the best. (the people who know me best are my family and are out of the country but I was able to get their opinions over email.)

1 - Mom : She's definitely bias, but my mom agrees with the list I provided her. She thinks I might be a little quick to assess situations sometimes, but I think this is because she hasn't seen me as much now that I've been at college for a few years. Seeing me grow up she saw that I was always able to make friends anywhere and she thinks that's what mainly makes me different. She also said that my stubbornness will serve me well when I'm older (still trying to figure that one out). 

2 - Dad : I definitely have a lot of my dads traits when it comes to our 'human capital' so he has a very similar list, if he were to make his own. He jokingly said I'm way too stubborn, but that's just because we both don't back down if we truly believe we're right. We both, though, will admit (grudgingly when arguing together) that we're wrong. All in all he agrees with me on what I believe makes me different. 

3 - Older brother : My older brother thinks what makes me different is that I won't shy from adversity. We grew up playing sports and were on multiple teams together so he knows me at my most intense moments. He thinks my ability to lead and influence others is my strongest attributes (it took a lot for him to admit that). 

4 - Younger brother :  It was interesting hearing the different side of the story. My older brother and I were more peers because we are closer in age, while my younger brother looked up to me as a role model. From his view, he thinks my ability to earn the respect and trust of others is different than a lot of people. 

5 - Dale : I've known Dale since I was 5 years old and went to school together K-12. His opinion is very similar to my older brother's. He thinks what makes me different is how I won't back down from a challenge and won't let a person get the best of me. He interestingly said I did so without being reckless, or that I know when the right time is to take action or be patient. 

3) Reflect on the differences

I think my self assessment was pretty accurate to how others perceive me. I think my brothers and friends have seen me at my most intense and know me better than a lot of people, and I can say that I didn't know I was sometimes as intense or passionate as they said. I think my interviewees must be right because they are the ones who know me best, and I know we share the same opinions of our other peers. 

If I were to look at my first list after talking to my interviewees I would probably add that I'm very passionate about the things I care about, whether it be people or ideals. 

My Customer's Avatar

My prototypical customer is any serious saltwater fishing angler, whether it be charter captains or recreational fishermen/women. They get on the water whenever possible with their busy schedules. They like to watch fishing and adventure shows on TV. 

The customer most likely has children (if an adult), but it doesn't necessarily affect their buying probability for this product. My customer most likely watches shows or series rather than reading books. They can be from 10 to as old as one can fish. I know I was out fishing before the age of 10 and would have used this product if I was able to. 

They have been fishing long enough to have lost a pair of expensive sunglasses on the water and don't want to take another hit to their wallet. 

I think I'm able to describe the customer avatar easily because I fit the customer avatar description. Because it's available to both young and older people, it's more difficult to have a specific set of criteria for my avatar. I don't think it's a coincidence that I'm similar to the avatar because entrepreneurs want to solve customer problems, and the problems we think of first are ones we face personally. Being your own customer allows you to try and fix your own problems.