After doing a third elevator pitch I have become a lot more comfortable in front of the camera. It has become easier to deliver my speech each time, and that is a direct result of practice. It goes to show that if you repeat something enough times, it will eventually become almost a part of you and when something is second nature it becomes easy to talk about.
Friday, March 30, 2018
Elevator Pitch 3
After doing a third elevator pitch I have become a lot more comfortable in front of the camera. It has become easier to deliver my speech each time, and that is a direct result of practice. It goes to show that if you repeat something enough times, it will eventually become almost a part of you and when something is second nature it becomes easy to talk about.
Your Venture's Unfair Advantage
Resources:
Knowledge regarding the product: I have learned a lot about the medical cannabis and distribution industry as a result of my connections to dispensaries. This is a non-substitutional resource as this experience is invaluable.
Work Ethic: I have a tendency to not give up until I am satisfied with the result. This will help me work on my business regardless of whether or not it is successful. This resource while not too rare is very valuable for growing companies.
Salesman skills: I have the ability to sell anything, especially when that person is already considering a product. This is a skill that can translate to the industry as I know a good salesperson when I see one. This resource is valuable when evaluating potential employees that are going to be vital in the success of your business.
Passion for the product: As someone who is very pro legalization and decriminalization I feel passionate towards my cause and intend to ensure a quality product conveniently for all future customers. This is very valuable and non-substitutional.
Availability of product: Cannabis has become so accessible and easy to grow that dispensary are producing too much. This overproducing causes a decrease in price that business intend to avoid. This resource is invaluable because of the amount that is being produced.
Connections to the industry: Knowing someone who is an influential player in the industry is a great resource that helps me understand the intricacies of the business. This is a rare resource to be able to understand the business side of cannabis.
Support for the idea: Most Americans believe in the legalization of cannabis to some extent. An overwhelming majority of those Americans would become future customers if presented the product in a convenient manner. This is a valuable resource that can't be replicated in any other forms.
Experience: Being able to witness the day to day operations of a dispensary and also delivery services shows the potential that combining these items together has. This resource will become pretty inimitable, but at the beginning it will be unique towards my company.
Investors: Many people are going to jump at the opportunity to distribute cannabis when it becomes legal. This can lead to a plethora of investors lining up to support a good idea and company. Therefore it is valuable to have investors but not rare since a lot of people are potentially interested.
Growth Potential: As the marijuana industry grows, more and more people are going to get involved in some aspect. This will enable large amounts of revenue growth in the future. The resource of potential is rare for industries that are in the infancy stage like cannabis.
My top resources are my human capital resources. In such a personalized industry it is vital to have people and salesman skills in order to make any transactions.
Knowledge regarding the product: I have learned a lot about the medical cannabis and distribution industry as a result of my connections to dispensaries. This is a non-substitutional resource as this experience is invaluable.
Work Ethic: I have a tendency to not give up until I am satisfied with the result. This will help me work on my business regardless of whether or not it is successful. This resource while not too rare is very valuable for growing companies.
Salesman skills: I have the ability to sell anything, especially when that person is already considering a product. This is a skill that can translate to the industry as I know a good salesperson when I see one. This resource is valuable when evaluating potential employees that are going to be vital in the success of your business.
Passion for the product: As someone who is very pro legalization and decriminalization I feel passionate towards my cause and intend to ensure a quality product conveniently for all future customers. This is very valuable and non-substitutional.
Availability of product: Cannabis has become so accessible and easy to grow that dispensary are producing too much. This overproducing causes a decrease in price that business intend to avoid. This resource is invaluable because of the amount that is being produced.
Connections to the industry: Knowing someone who is an influential player in the industry is a great resource that helps me understand the intricacies of the business. This is a rare resource to be able to understand the business side of cannabis.
Support for the idea: Most Americans believe in the legalization of cannabis to some extent. An overwhelming majority of those Americans would become future customers if presented the product in a convenient manner. This is a valuable resource that can't be replicated in any other forms.
Experience: Being able to witness the day to day operations of a dispensary and also delivery services shows the potential that combining these items together has. This resource will become pretty inimitable, but at the beginning it will be unique towards my company.
Investors: Many people are going to jump at the opportunity to distribute cannabis when it becomes legal. This can lead to a plethora of investors lining up to support a good idea and company. Therefore it is valuable to have investors but not rare since a lot of people are potentially interested.
Growth Potential: As the marijuana industry grows, more and more people are going to get involved in some aspect. This will enable large amounts of revenue growth in the future. The resource of potential is rare for industries that are in the infancy stage like cannabis.
My top resources are my human capital resources. In such a personalized industry it is vital to have people and salesman skills in order to make any transactions.
Friday, March 23, 2018
Reading reflection 2
The second book that I read was one of the works by Chris Anderson, "Makers- The New Industrial Revolution." In this book Anderson touches on the revolutionary idea of 3-d printing and how it can completely reinvent the way difficult to manufacture products are made with little labor. His realist view of how the use of that product would actually pay out is refreshing. He also touches on how entrepreneurs used to have to go to major companies to produce their idea for them, even if they already had prototypes, but now those same entrepreneurs can manufacture their own product with cheap factory alternatives available to them. This book had a lot of the same ideals that are taught in ENT3003. Specifically, when you have a great idea stick with it and try and make it happen yourself if possible. If I had to design an exercise for this class relating to the book I would give a person an invention, such as a 3-d printer, to pretend that it's their own. I would then offer them a range of financial benefits and production evaluations in exchange for equity in their idea. The exercise would be to negotiate the best deal for their equity possible, or better yet not to sell off the idea at all. It would give a real life simulation of a negotiating experience. The most surprising part of reading the book was finding out that people volunteer to work for a company for free if they truly feel passionate about a product. I was shocked to find out that in this day and age people are still willing to work for free.
Thursday, March 22, 2018
Growing your social capital
Person 1: Scott Weber
Scott is a dispensary owner across 4 states. He oversees nationwide sales and distribution for his dispensaries. He also owns hedge shops and growing farms in New York as well as California. Scott is fulfilling the role of Supplier as he understands the process of moving the plant from farm to customer better than anyone. I have known Scott for a couple years through living on the same street as him in New Jersey, so it was very easy to contact him. Scott did me the favor of answering my questions about the industry, but we only had a brief conversation so he does not expect anything in return. I can now use Scott and his employment resources to further a career in the cannabis industry if I so choose.
Person 2: Justin Bradsworth
Justin is the manager of Scott Weber's hedge shop in Newark New Jersey called BYOB which stands for Be Your Own Boss. He runs the day to day operations of the store including managing the mixture of tobacco products and tattoo materials. Justin is my Market Expert as he understands the clientele of a similar industry very well. I found Justin through my connection with Scott and called up his store line to contact him. I asked him questions about the typical clientele that go into the store daily and what an average day consists of. I will include Justin's information when discussing future plans for my business.
Person 3: Mitchell Hakimian
While I do not know anyone else who is in the cannabis business, I did interview a smoke shop worker here in Gainesville. Mitchell works at Modern Age Tobacco on University and knows a lot about cannabis related products. Mitchell is fulfilling the role of Domain Expert. To find the person I just went to the store and asked the first person who I saw working there. Mitchell did me the favor of answering my questions about the cannabis industry and the related products. I'm not sure if i'm going to use Mitchell again in the future, but I am going to use his the information that he gave me when contemplating future business plans.
After this experience of targeted networking I believe that it will help me when approaching high ranking people in the future. Being able to talk to adults with real experience in this industry was helpful and I gained a lot of knowledge because of it. I've never reached out to people about this before because I never felt the need to, but now that I did i'm glad that I had the opportunity.
Scott is a dispensary owner across 4 states. He oversees nationwide sales and distribution for his dispensaries. He also owns hedge shops and growing farms in New York as well as California. Scott is fulfilling the role of Supplier as he understands the process of moving the plant from farm to customer better than anyone. I have known Scott for a couple years through living on the same street as him in New Jersey, so it was very easy to contact him. Scott did me the favor of answering my questions about the industry, but we only had a brief conversation so he does not expect anything in return. I can now use Scott and his employment resources to further a career in the cannabis industry if I so choose.
Person 2: Justin Bradsworth
Justin is the manager of Scott Weber's hedge shop in Newark New Jersey called BYOB which stands for Be Your Own Boss. He runs the day to day operations of the store including managing the mixture of tobacco products and tattoo materials. Justin is my Market Expert as he understands the clientele of a similar industry very well. I found Justin through my connection with Scott and called up his store line to contact him. I asked him questions about the typical clientele that go into the store daily and what an average day consists of. I will include Justin's information when discussing future plans for my business.
Person 3: Mitchell Hakimian
While I do not know anyone else who is in the cannabis business, I did interview a smoke shop worker here in Gainesville. Mitchell works at Modern Age Tobacco on University and knows a lot about cannabis related products. Mitchell is fulfilling the role of Domain Expert. To find the person I just went to the store and asked the first person who I saw working there. Mitchell did me the favor of answering my questions about the cannabis industry and the related products. I'm not sure if i'm going to use Mitchell again in the future, but I am going to use his the information that he gave me when contemplating future business plans.
After this experience of targeted networking I believe that it will help me when approaching high ranking people in the future. Being able to talk to adults with real experience in this industry was helpful and I gained a lot of knowledge because of it. I've never reached out to people about this before because I never felt the need to, but now that I did i'm glad that I had the opportunity.
Idea Napkin 2
You: My name is Erik Leff, and I am a sophomore at the University of Florida double majoring in Finance and Sports management. I have a talent for writing sports articles as I have been doing so for about a year. My aspirations for my business are to make it the prominent weed delivery service in the United States.
What: I am offering a cannabis dispensary delivery service for all those of age whom wish to consume the plant. I will offer the product in many forms that best suit a variety of clients' needs.
Who: Everyone. The beautiful thing about cannabis is the variety of the people in its demographic. Their is no one typical cannabis user because anyone can use it. It is that helpful of a plant.
Why: Customers care because of the medical benefits the plant has to offer. Many people don't consider using cannabis as a medicine, and I plan on changing that.
What are the core competencies: What sets my company apart from other dispensaries is the door to door delivery service offered. It is the convenience factor that is the number one selling point.
I do believe that the elements of this company fit together nicely. The factors complement each other and with a growing popularity, the market will continue to grow.
Feedback: The first feedback I received was that using the idea of a delivery service was genius. By making the product more readily available to customers, it would only increase its popularity and frequency of use. The second aspect of feedback I got was that rely on contingency of legalization is very risky. I took both feedbacks to heart, and I think I incorporated them into my idea.
What: I am offering a cannabis dispensary delivery service for all those of age whom wish to consume the plant. I will offer the product in many forms that best suit a variety of clients' needs.
Who: Everyone. The beautiful thing about cannabis is the variety of the people in its demographic. Their is no one typical cannabis user because anyone can use it. It is that helpful of a plant.
Why: Customers care because of the medical benefits the plant has to offer. Many people don't consider using cannabis as a medicine, and I plan on changing that.
What are the core competencies: What sets my company apart from other dispensaries is the door to door delivery service offered. It is the convenience factor that is the number one selling point.
I do believe that the elements of this company fit together nicely. The factors complement each other and with a growing popularity, the market will continue to grow.
Feedback: The first feedback I received was that using the idea of a delivery service was genius. By making the product more readily available to customers, it would only increase its popularity and frequency of use. The second aspect of feedback I got was that rely on contingency of legalization is very risky. I took both feedbacks to heart, and I think I incorporated them into my idea.
Friday, March 16, 2018
Customer Avatar
My avatar is the average 9-5 hard working father
What kind of hobbies does the customer have:
A typical adult customer when they're not working loves to spend time with their kids. They take them to sporting events and help them with their homework. He is the prototypical dad.
Car:
A typical customer's car can range from extremely expensive to dirt cheap, however the average person drives a practical four door car with three rows for their children such as a Toyota Rav 4. It is a couple years old, but does not have too many miles and has been well taken care of.
TV:
The customer loves watching shows like history channel, and NBC's the biggest loser. Shows that are informative and entertaining.
Favorite Politician:
The customer is a democrat who supported marijuana legalization. They've have recently supported Obama and Hillary Clinton in the recent presidential elections.
Income:
The customer brings in a relatively average income hovering around the middle of a 5 figure salary.
What me and the avatar have in common are our beliefs. Beliefs that America is a free place where dreams can be attained. A place where anything is possible and you can always change your situation. I don't think its a coincidence that I am similar to my avatar in a lot of ways, because as an entrepreneur you should be satisfying your own needs first and foremost.
What kind of hobbies does the customer have:
A typical adult customer when they're not working loves to spend time with their kids. They take them to sporting events and help them with their homework. He is the prototypical dad.
Car:
A typical customer's car can range from extremely expensive to dirt cheap, however the average person drives a practical four door car with three rows for their children such as a Toyota Rav 4. It is a couple years old, but does not have too many miles and has been well taken care of.
TV:
The customer loves watching shows like history channel, and NBC's the biggest loser. Shows that are informative and entertaining.
Favorite Politician:
The customer is a democrat who supported marijuana legalization. They've have recently supported Obama and Hillary Clinton in the recent presidential elections.
Income:
The customer brings in a relatively average income hovering around the middle of a 5 figure salary.
What me and the avatar have in common are our beliefs. Beliefs that America is a free place where dreams can be attained. A place where anything is possible and you can always change your situation. I don't think its a coincidence that I am similar to my avatar in a lot of ways, because as an entrepreneur you should be satisfying your own needs first and foremost.
Elevator Pitch 2
The feedback that I received was overwhelmingly positive towards my idea. I know that I needed to work on the delivery of my idea and I tried my best to do so. I tried to keep my pitch light and easy to relate to.
What I changed based on feedback:
The thing I changed was making sure to annunciate and speak clearly into the monitor. I wanted to make sure my delivery was a good as it could possibly be.
What's your secret sauce
Five ways that human capital is unique:
- A passion for my line of work "If you love what you do, you'll never work a day in your life"
- Experience in my field
- People skills
- Ambition
- Perseverance
- Skilled in improvising
I was able to record my interviews on my iPhone similar to the way an investigative reporter would do an interview. After sifting through the information, these are the highlights that my interviewees discussed:
Interview with Matin, 20 year old male:
Matin described me as "punctual, hard-working, passionate about work, and an overall strongly driven person.
Interview with A.J, 21 year old male:
Aj described me as "Goofy yet serious, charismatic, well-informed, and caring"
Interview with Sabrina, 19 year old female:
Sabrina said I was "driven, passionate, and a person who is willing to do whatever it takes"
Interview with Zach, 19 year old male:
Zach describe me as "A good person, not someone driven by greed, a person who would help out someone in need, and someone who wants to figure out the most efficient way to complete a task"
Interview with Stu, 65 year old male:
Stu described me as "A good kid, nice and friendly, and someone who sounds like they care about what they are doing"
Reflect on the Differences:
Me and the people who know me best have relatively similar views about myself. We both seem to think that I am an overall caring and passionate person, which is the truth. I tend to treat people the same way no matter what, and that skill is incredibly important in an office. My list from part one provides excellent foresight into the interviews so I would not change it.
Friday, March 2, 2018
Figuring Out Buyer Behavior 2
Alternative Evaluation: My idea is contingent on the legalization of marijuana in at least some extent. That being said, offering a door to door delivery service for my products would be the alternative solution that customers are looking for. The other alternative would be to go to a dispensary, choose the product, and hope for the best results. My product takes the guessing game away from the customer, as qualified salespeople would bring an array of products that can fill different needs of the customer. By being knowledge about factors such as price, chemicals, and quality, the customers needs will always be satisfied.
How/Where do they buy: The customers have the opportunity to buy either in the store, or to place an order for delivery. If the customer asks for delivery, then a salesperson would bring a large array of different types of products into their home, so the customer can best choose the one for their needs. The means of purchasing doesn't matter, because all currency is good currency and will be accepted.
Post-Purchase Evaluation: The feeling of satisfaction that a customer gets after using the product will determine the extent of how much a customer enjoyed the product. They will either be completely satisfied by their choice, or be knowledgeable about their mistake, and be sure to choose a different product in the future.
Report Findings: After conducting three more interviews with another range of people from different ages and backgrounds, I still had overwhelming support for my idea. Most people believe that their would be a product for their specific needs out there, and with qualified salespeople explaining the drastic but subtle differences between the products, it won't be difficult to find the perfect match.
Conclusions: In terms of alternative evaluation, purchase decision, and post-purchase evaluation, my product provides a compelling argument for all perspective users. It provides a viable alternative to black market deals, and has the pull factor of being able to order online or on the phone. By not making any final sales before delivery, the customer will be satisfied with their purchase more times than not.
How/Where do they buy: The customers have the opportunity to buy either in the store, or to place an order for delivery. If the customer asks for delivery, then a salesperson would bring a large array of different types of products into their home, so the customer can best choose the one for their needs. The means of purchasing doesn't matter, because all currency is good currency and will be accepted.
Post-Purchase Evaluation: The feeling of satisfaction that a customer gets after using the product will determine the extent of how much a customer enjoyed the product. They will either be completely satisfied by their choice, or be knowledgeable about their mistake, and be sure to choose a different product in the future.
Report Findings: After conducting three more interviews with another range of people from different ages and backgrounds, I still had overwhelming support for my idea. Most people believe that their would be a product for their specific needs out there, and with qualified salespeople explaining the drastic but subtle differences between the products, it won't be difficult to find the perfect match.
Conclusions: In terms of alternative evaluation, purchase decision, and post-purchase evaluation, my product provides a compelling argument for all perspective users. It provides a viable alternative to black market deals, and has the pull factor of being able to order online or on the phone. By not making any final sales before delivery, the customer will be satisfied with their purchase more times than not.
Thursday, March 1, 2018
Halfway Reflection
Tenaciousness is a competency: The behaviors that you need to develop in order to keep up with this course are punctuality and creativity. This course helps you take a creative viewpoint in all aspects of your life. It gives you a unique perspective for problem solving. Also, punctuality is a key for success as both a person and an entrepreneur.
Attitude: After a long day a travel, I really didn't want to have to do any work at the end of my day. I really felt like giving up. Still, I took the message that entrepreneurship has taught me, gathered myself, and got it done. It was the attitude of tenacity that is preached in this class, and it positively affects all facets of your life.
Three Tips: 1. Always complete your assignments on time and completely
2. Believe in what you are doing
3. Always give in your best work
Attitude: After a long day a travel, I really didn't want to have to do any work at the end of my day. I really felt like giving up. Still, I took the message that entrepreneurship has taught me, gathered myself, and got it done. It was the attitude of tenacity that is preached in this class, and it positively affects all facets of your life.
Three Tips: 1. Always complete your assignments on time and completely
2. Believe in what you are doing
3. Always give in your best work
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