Venture Concept No. 1

Introduction

Just wanted to give you a quick idea of what my product is before I tell you why I have the opportunities I have and why it’s innovative. Basically, I want to build off the idea of the steering wheel quick release you see in race cars and incorporate it into cars right off the factory lot. I believe this idea will help promote less vehicle thefts in the country and even around the world.

                                

The pictures above are of the aftermarket steering wheel quick release, where I would be using a similar idea and building my product around that idea.

Opportunity

An opportunity is a group of customers with unmet or under-met needs. I believe my customers that have this unmet need or under-met need are basically anyone with a new vehicle and a used vehicle as far back as 5 years. The customers have this need because there is an exceptionally high number of car thefts a year. I think the force in our environment that creates this opportunity is the economy. Some people have to resort to these types of behaviors, so they can make money by stripping cars. The market opportunity is really for anyone who wishes to buy my product. Speaking geographically, my market would have to be mainly in California, because seven of the top 10 cities with the highest rate of vehicle theft in 2014 were in California, according to the National Insurance Crime Bureau. The only way the customers are satisfying the need they have at the moment is really only through anti-theft alarms and some use tracking devices, but it doesn’t keep your car from being drivable. There is also the aftermarket route, but this route gets rid of the factory air bag, which creates a definite safety issue. I believe this opportunity came be very big if it’s pitched and marketed right, because there is a very large market of new car buyers that are not going anywhere.

Innovation

An innovation is defined as a new or creative service, product, or process that addresses the customer’s needs. I believe my product will be innovative because a motor vehicle is stolen in the United States every 46 seconds, and no one has thought of putting my idea in a vehicle right off the factory lot. As you saw above in the pictures, my idea revolves around an aftermarket steering wheel quick release. What I plan to do is design my own quick release to avoid any issues and work with different car manufactures to build their factory steering wheel around my product. As I said earlier, if you buy an aftermarket steering wheel quick release the only option you have is an aftermarket steering wheel that loses the airbag. So, working with the car manufactures to build a product that retains the airbag and all the safety features, could lead to a very innovative product with a lot of opportunities. Also, the steering wheel you get with the car is the only one that will work for your car. All of this will lead to me making money, but at the moment I’m not sure how I will charge the car manufactures as I will be working with each one them to build my idea around their factory steering wheel. My product would most likely be an option like a special feature where every car sold with my product, I will receive a certain percentage of the amount extra for the added feature of the car.

Venture Concept

A venture concept is defined as the application of a specific innovation to address a specific opportunity. So, with the application of my innovative idea to put a factory steering wheel quick release into cars right off the lot, will definitely reduce the amount of car thefts throughout the country and eventually the world. It will reduce the amount of car thefts, because if a car thief decides to walk up to your car in the middle of the night while your sleeping and sees that your car doesn’t have a steering wheel, it will most likely deter the thief. I think customers will want to buy my product because there is no other product like it at the moment that comes as a factory option from the dealer and since there is no other product like it, I will not have too much to worry about when it comes to bringing customers over to my product. Although, I do have a little competition when it comes to the aftermarket steering wheel and quick release, but like I said there are no options out there that retain the airbag. As a business, I would locate my offices in high theft areas where manufacturers will be interested in my product and possibly work with me to create other anti-theft products for their vehicles.

Three Minor Elements

·       I believe my most important resource is my ability to create great customer service. There are so many bad and negative reviews about businesses out there, but it’s because of their customer service and not the product itself.

·       For my next venture, I would create another theft deterrent that a car manufacture could incorporate into their vehicles. The idea would consist of posts like a jack that lift the car when you park and lock in place to keep your car from being movable. These post will extend and retract into the frame of the car with a hydraulic system.

·       Hopefully in five years, I would successfully get my product in the market and creating a profit to help research new ideas. As an entrepreneur, in the next decade I would like to have my next venture be a success as well, to create an ultimate car theft deterrent. But it all rides on how successful I am with my first venture, to determine if my visions can come to light.

- William Garlock

Week 11 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?
What I found that surprised me while reading this article, was how much goes into coming up with an innovative idea. For the most part, I somewhat thought most innovative ideas just pop up in your head randomly and bam, there's you idea.
2) Identify at least one part of the reading that was confusing to you.
Since my idea of innovation is a little less in depth as the authors, I would have to say the whole thing was a little confusing. After reading through the whole article I started to understand everything and it became less confusing.
3) If you were able to ask two questions to the author, what would you ask? Why?
What would be the best market to create an innovative idea or product? Technology? If any, what are some innovative ideas or products you have created that are successful?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I didn't disagree with anything the author mentioned in this reading.

- William Garlock

Amazon Whisperer

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

My revenue drivers for my company would be car dealerships/companies that want to incorporate my idea into their vehicles. Also, make factory replacements that are OEM quality that are exactly the same as the factory steering wheel that also incorporates my idea.

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

To be honest I really don’t know what would be “next.” My existing product revolves around car security, so possibly the next best thing to prevent car theft. Maybe posts like a jack that lift the car when you park and lock in place to keep your car from being movable. These post will extend and retract into the frame of the car with a hydraulic system. This will also be a factory option just like my exist idea.

·        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.?

The “next” thing that I will offer will not really enhance my existing product, but it might improve the experience overall if you pair them together. It will be the ultimate car theft deterrent system. It will cost more to add the “next” item. If my original idea has proof it works, then the “next” idea might draw the attention of my customers creating some loyal customers.

·        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.

For my particular idea for my “next” product, it isn’t something that is purchasable on amazon. This idea would need come on the vehicles from factory or professionally installed. My original idea has products similar, although these products are aftermarket so they don’t include airbags and you also have to buy an aftermarket steering wheel as well. This product allows you to remove your steering wheel to help prevent theft.

                                           

·        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 tons of aftermarket quick release options to choose from. More than half the bad reviews on these particular items are the quality of each one. In this market, quality is one of the deciding factors. For the good reviews, it’s the same thing.

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

Since my idea will need to be incorporated into cars from factory, I would need to add safety measures. Basically, I would add a factory steering wheel with an air bag and build it all around a design similar to the aftermarket quick release system that is already proven safe.

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

I would have to say these two ideas paired together would definitely lower the chances of possible car theft.

- William Garlock

My Unfair Advantage

1) Patience
Valuable - Allows me to wait for deals or anything for that matter.
Rare - Can be, there are a lot of impatient people out there.
Inimitable - Yes.
Non- Substitutable - It is kind of its own resource so,  it's not replicable.
2) My Knowledge
Valuable - Yes, the more you know the better and having a degree from UF is a plus.
Rare - It all depends on the knowledge.
Inimitable - I would have to say knowledge is hard to replicate.
Non- Substitutable - Plenty of other universities, so you can replicate it.
3) Market
Valuable - I know the market my product is in, so valuable, yes.
Rare - The car market is quite large, so not too rare to know it.
Inimitable - Yes
Non- Substitutable - Can't replicate a specific market.
4) Financial Capital
Valuable - Very valuable, you need it to start your company.
Rare - Yes, its hard to come up with money.
Inimitable - Kind of illegal, so no. On a serious note, financial capital is hard to come by.
Non- Substitutable - Money is money, no other resources.
5) Customer Service
Valuable - Yes, a lot of people value customer service.
Rare - It's becoming more and more rare these days.
Inimitable - Yes
Non- Substitutable - Can't be replaced by other resources, customer service is customer service.
6) Social Media
Valuable - Valuable if you know how use them properly.
Rare - Not rare.
Inimitable - Yes
Non- Substitutable - Yes, there are other ways to advertise your business.
7) Creative
Valuable - Creativity can be very valuable to a business.
Rare - Yes, a lot of companies lack it.
Inimitable - Yes, there are a lot of creative people out there.
Non- Substitutable - I would have to say there no other resources to replace it.
8) Know My Customers
Valuable - yes, because knowing your customers needs is very important.
Rare - Not very, but some companies don't listen to there customers needs.
Inimitable - yes
Non- Substitutable -  I would have to say there no other resources to replace it.
9) Drive
Valuable - Yes, if you don't have drive or passion for your business, you might not be successful.
Rare - No, plenty of people have drive.
Inimitable - Yes
Non- Substitutable - I would have to say there no other resources to replace it.
10) Analytical
Valuable - Yes, because I can better analyze a situation and make the right decision
Rare - No, a lot of people possess this resource.
Inimitable - Yes
Non- Substitutable - I would have to say there no other resources to replace it.

Top Resource - I would have to say customer service is my top resource. Every job I have help since my very first one, has been customer service related. I feel having great customer service is one of the best ways to retain customers. If you take care of your customers, they will take care of you. There has been plenty of times were a customer has come in with an issue and just knowing how to handle the situation with great customer service, has brought them back 9 times out of 10 as a returning customer.

- William Garlock

Growing Your Social Capital

Person 1
1) Who they are and what their background is.
I talked to Josh a mechanic as well as a friend at the local Honda dealership who works on new cars for a living.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
Domain/industry Expert - He fills this spot because he is a technical expert who works on new cars daily.
3) A description of how you found the person and contacted the person.
I know him because I would periodically take my car to the dealership get an alignment and since my car isn't exactly "normal" I would to watch and explain some of the aftermarket parts that are installed.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
He did me a favor by giving me feedback on ways to improve the idea and he didn't ask for anything in return.
5) How will including this person in your network to enhance your ability to exploit an opportunity?
I'll include him in my network so I can ask tough technical questions that may arise to help me stay ahead.
Person 2
1) Who they are and what their background is.
For my idea, it's basically any one who has a brand new car or is going to buy a new car. So, I chose to network with a co-worker who recently purchased a new car.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
Market Expert - She fills the spot because she falls with in the category of a new car.
3) A description of how you found the person and contacted the person.
I found the person through work and asked if she would take a moment to give me feedback on my idea.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
They gave me feedback on my idea and the only thing they wanted in return was for me to try and bring this idea to life.
5) How will including this person in your network enhance your ability to exploit an opportunity?

Having her in my network will allow me to gain experience and new knowledge of the types of customers through her feedback.

Person 3

1) Who they are and what their background is.
Andrew, manager at the Honda dealership.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
Supplier - Since my idea involves installing my product into new cars, I needed to find someone close enough that supplies the cars, so the dealership manager was as close as I could get.
3) A description of how you found the person and contacted the person.
I actually got lucky on my resent visit and ran into the manager and asked if he had a quick moment to talk about my idea.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
Again, he gave me some good feedback about my idea and how to improve it, as well as ways that I could possibly market my idea.
5) How will including this person in your network enhance your ability to exploit an opportunity?

Having him in my network if this idea became a reality. Would allow me to market my idea at his dealership possibly and also other Honda dealerships around the world.
Reflection - This experience has shaped how I become involved in future networking events, because I now have a better understanding of how to actually go out and target specific network opportunities for my idea. I would have to say it did differ because before I was just going out and networking and now I'm targeting a specific area like marketing, supplier and industry to get better results.

- William Garlock

Week 10 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?
During my associates degree I took some accounting classes, so nothings really surprised me, but I was pretty excited that near the end of the chapter they listed all the formulas.
2) Identify at least one part of the reading that was confusing to you.
Like I said, during my associates degree I took some accounting classes so a lot of the terms and topics were quite familiar. One thing I never did was the pro forma statements, so I had to take my time and read it.
3) If you were able to ask two questions to the author, what would you ask? Why?
Do you need a degree that focuses on accounting/finance to be success, or can everything be self taught especially if you're an entrepreneur with no college experience?
What was the hardest aspect to learn for financial accounting in your opinion?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
A lot of the material in this chapter was pretty factual, so I didn't really have anything to disagree on, because a formula will not lie.

- William Garlock

Elevator Pitch No. 3

For my second pitch I had some good feedback, I was told I should work on some hand movements and maybe work on some pauses to sound more fluid. So for this elevator pitch I tried to move my hands around a little, to be honest I have no idea what to do with my hand, but I gave it a try. I also tried to add a little time in between sentences this go around. I just need to practice, practice, practice.

- William Garlock

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. 
- Good with my hands - I would have to thank my first car for this skill and my dad for showing me the ropes when working on it. Although, its not just my car but fixing things in general
- Team player - I find myself to work very well with other people whether it is at work, or helping out my friends or family when need be.
- Analytical - I seem to always try to think things through analytically before making a decision so I can take into consideration of how it will effect myself and people around me.  
- Quick Learner - I've been told this by every manager I have worked for, which is only two, but I do feel like I'm good at retaining information when doing something new.
- Very laidback/patient - If you ever get to know me, you would easily notice I'm a very soft spoken person who doesn't let things get under my skin.

2) Interview the five people who know you the best. (Everyone wanted to be voice recorded instead of video taped.)

Mother - What I took away from my interview with my mom is that, I do find myself to make sure I do what I say I'm going to do and do what is best for the people around me. Also, like I said above I'm very laid back but I can also speak up and take things seriously.

Father - After doing my interview with my dad, he also said I was very dependable and I have a lot of integrity, I always like to do what is best for myself and everyone around me. He also mention I'm also good with my hands and I would have to say I get it from him as well.

Debbie(girlfriend) - My take away from this interview with Debbie, is that everyone is different and everyone has different skills. She talked about how I'm determined and if I want something I work for it. Also, she mentioned I like helping others and put others before myself, as well as I'm a easy going person.

Brother - Well my brother was being a pain and didn't want to be voice recorded or video taped, but he did answer the questioned. He also said I was good with my hands, especially when working on my car. He also mentioned that I'm a very determined person, because he would never go to school for as long as I have.

3) Reflect on the differences. 
I would have to say there are some things that others saw in myself that I didn't not. I guess the things that I didn't notice where just the things that come natural to me, like being dependable and putting others first. Like I said, I think these differences from my own choices and my interviewers are because I think they come naturally to me, and I would have to say they aren't wrong. I probably wouldn't make any corrections, because the things that I didn't not list that the interviewers mentioned where human capital that everyone should practice.

- William Garlock

Week 9 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?
What surprised me a little was that fact that the author mentioned many entrepreneurs know very little about there market. Which I would of thought that would be one of the key factors before venturing out.
2) Identify at least one part of the reading that was confusing to you.
I'm quite interested in marketing myself and didn't find anything really confusing. All in all this chapter was a good read.
3) If you were able to ask two questions to the author, what would you ask? Why?
How has marketing changed with how fast technology is growing?
In general, what do you think is the best way to market your business.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I would have to say I somewhat disagree with the author when he talked about integrating applications in daily life and the best way is to offer incentives. Sometimes all it takes is having an application that is user friendly and gets the job done best.

- William Garlock

Idea Napkin No. 2

1) You. 
I am William Garlock, a junior at University of Florida working on Bachelors in Business Administration. I am good with my hands as well as working with customers. My experiences are in customer service and finances, I worked at a grocery store in customer service for three years and now I'm currently working at a bank. If I were to start this business or idea, it would be helping out customers, which helping customers is something I enjoy doing.

2) What are you offering to customers? 
A way to deter theft in vehicles with a simple steering wheel quick release that can be installed into cars from the factory.

3) Who are you offering it to? 
This idea is for anyone really. As long as you have a car to drive, it is for you. Although, since it is more of an idea then a product, you would have to have a car that is new from the factory with the device installed. I would also go to manufacturers to pick my idea to them as well.

4) Why do they care? 
I think they would care, because nobody wants to get their car stolen and new cars aren't very cheap either. 

5) What are your core competencies? 

It would set any car manufacture apart from the rest, because nobody has yet to make this an option for a factory car right off the lot. There are aftermarket versions, but there are no versions straight off the lot from factory.

I would have to say my beliefs fit together into my concept, because I like helping people out and this is one way I could do that. There are some aspect of my business concept that are not as strong. Since this is something that would come from factory, it would mean it would only be available to new models of cars. A strong point to this though, is that they make aftermarket quick releases but none of them retain the airbag. So, if it were to come from factory with an airbag, it would definitely be a safer option.  

Feedback: For my second idea napkin I didn't change much, because I received a lot of good feedback from my fellow students. Almost all of them pointed out that I should definitely pitch my idea to local car manufactures to get the idea out there. I also think everyone liked my idea because car theft has actually been a personal experience for them, so that could help me out if I were to go talk to local car manufacturers about my idea.

- William Garlock