Assignment 11 - Idea Napkin No.1
1. You.
My name Is Alex Tolkov. I am a junior here at the University of Florida majoring in Business Administration with a specialization in leadership development and communication. My most notable talent is my ability to learn quickly. This has helped me quite a bit in pursuing my passion for music. As of now, I have learned to play the guitar, piano, and full range of percussion that includes instruments such as the marimba, timpani, and tenor drums. In my time holding positions at Publix and Alpha Kappa Psi I have been able to develop my teamwork, emotional intelligence, customer service, leadership, and public speaking skills. My aspiration is to work in an environment where I am able to lead, coach, and develop individuals. I want to help people become the best versions of themselves that they can possibly be. I see this business playing a very large role in my life if I were to start it. When I get into something I get into it very deeply. I would make the business the center of my life.
2. What are you offering to customers?
What I am offering to customers is a solution to the need for seating where none is available. The product is a portable chair that is about the same form factor as a fifteen-inch laptop. The construction of the chair would use aluminum tubing, canvas, and wood in order to keep it light and portable. The chair would also include an attachable table to take notes on or place a beverage on. Additionally, the chair would only be raised above the ground by about a foot. This is to insure that the user will not obstruct the view of others if it is used in a lecture hall or sporting event.
3. Who are you offering it to?
I am offering my product to men and women in the age range 18-30. I have come up with that age range after reflecting on my past interviews about the product. The target customers would be students, outdoor enthusiasts, concert fanatics, and sports fans. Because I believe that students would make up the majority of my sales, I would price the product affordably.
4. Why do they care?
I believe that customers will actually pay money for my product because of the convenience it offers. Students will no longer have to arrive to class 45 minutes early just to secure a seat. Outdoor enthusiasts will have a clean and comfortable place to rest, and sporting event attendees will have the back support that they desire. It takes the worry of not having a comfortable place to sit out of consumer’s minds.
5. What are your core competencies?
I believe that what sets my product apart from other similar products is it’s portability. Fold out chairs are not anything new. One can walk into a Walmart and have no trouble finding one. What one will have trouble finding is a portable chair that can fit comfortably in a backpack. The lightweight and small form factor of my product is something that no other similar product has.
Evaluation:
Upon evaluating my business concept, I do believe that the elements of the concept fit together. There are, however, aspects of my business concept that are weaker than others. I believe that I would have to invest quite a bit of money into informing the customer about the product and the benefits it has over other portable chairs. Additionally, I have no experience in this industry or connections within it. I would have a lot to learn and a large network to form.
1. You.
My name Is Alex Tolkov. I am a junior here at the University of Florida majoring in Business Administration with a specialization in leadership development and communication. My most notable talent is my ability to learn quickly. This has helped me quite a bit in pursuing my passion for music. As of now, I have learned to play the guitar, piano, and full range of percussion that includes instruments such as the marimba, timpani, and tenor drums. In my time holding positions at Publix and Alpha Kappa Psi I have been able to develop my teamwork, emotional intelligence, customer service, leadership, and public speaking skills. My aspiration is to work in an environment where I am able to lead, coach, and develop individuals. I want to help people become the best versions of themselves that they can possibly be. I see this business playing a very large role in my life if I were to start it. When I get into something I get into it very deeply. I would make the business the center of my life.
2. What are you offering to customers?
What I am offering to customers is a solution to the need for seating where none is available. The product is a portable chair that is about the same form factor as a fifteen-inch laptop. The construction of the chair would use aluminum tubing, canvas, and wood in order to keep it light and portable. The chair would also include an attachable table to take notes on or place a beverage on. Additionally, the chair would only be raised above the ground by about a foot. This is to insure that the user will not obstruct the view of others if it is used in a lecture hall or sporting event.
3. Who are you offering it to?
I am offering my product to men and women in the age range 18-30. I have come up with that age range after reflecting on my past interviews about the product. The target customers would be students, outdoor enthusiasts, concert fanatics, and sports fans. Because I believe that students would make up the majority of my sales, I would price the product affordably.
4. Why do they care?
I believe that customers will actually pay money for my product because of the convenience it offers. Students will no longer have to arrive to class 45 minutes early just to secure a seat. Outdoor enthusiasts will have a clean and comfortable place to rest, and sporting event attendees will have the back support that they desire. It takes the worry of not having a comfortable place to sit out of consumer’s minds.
5. What are your core competencies?
I believe that what sets my product apart from other similar products is it’s portability. Fold out chairs are not anything new. One can walk into a Walmart and have no trouble finding one. What one will have trouble finding is a portable chair that can fit comfortably in a backpack. The lightweight and small form factor of my product is something that no other similar product has.
Evaluation:
Upon evaluating my business concept, I do believe that the elements of the concept fit together. There are, however, aspects of my business concept that are weaker than others. I believe that I would have to invest quite a bit of money into informing the customer about the product and the benefits it has over other portable chairs. Additionally, I have no experience in this industry or connections within it. I would have a lot to learn and a large network to form.
Hey Alex, as a musician myself, I think it's cool that you have experience learning a bunch of different musical instruments. I feel it definitely affects the way we think about problems. As for your opportunity, I think you did a great job being realistic with your product. You mentioned that people need to see the benefits your chair has over others. I think that's one of the most important parts. Good luck
ReplyDeleteHey there Alex!
ReplyDeleteI have to say that I would enthusiastically purchase such a product should it hit the market. I think your description of your product and analysis of your strengths and weaknesses are spot on and detailed enough to get a great understanding of what you are pursuing. One thing that I may add is that a product like that seems perfect for the retail store type plan, so even though you might have issues with getting the word out on your product, putting it in retail stores could lead to an easier amount of exposure that will get your name out there. I appreciate your passion for music and would love to learn a thing or two from you someday.
Hey Alex,
ReplyDeleteYou did such a great job of understanding who you are in comparison to your opportunity. I also really enjoyed how you talked about the aspects of your chair in regard to what it has that others might lack. You're doing a great job!
Hey Alexander,
ReplyDeleteI really like what you are offering to customers. I like how you went into detail on how your product will be built and what it will offer. Being able to fully describe your product and know how it will be built already is awesome. I like the factors that set you apart from current products on the market. I think having a variety of skills will help make you the best person to pursue this venture.