Elevator Pitch No. 3

1) The pitch.

2) A reflection on the feedback you received from your last pitch. 

The last time I did the elevator pitch many students said that I should improve my business plan because they didn’t think I had a competitive advantage over competitors. Some pointed out the confusion with the alpha sizing system since no one had really heard of that term before. Someone also pointed out that I should practice my pitch more before saying it on camera. I think all feedback I received was important.

3) What did you change, based on the feedback?

Based on my feedback from the last pitch, I changed my whole business plan to make it simpler and more competitive. I chose a business plan that is unique and narrowed my market segment. I also tried to improve the flow of my elevator pitch by not using a cheat sheet.

My Secret Sauce

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

a) I am a diligent worker at both school and my job. I always strive to do my best and reach the deadlines set for me by my teachers or supervisors.

b) I am able to relate to others and make people feel comfortable. For example, I don’t judge people just because they are of a different background or different social class from me.

c) I have knowledge of many different topics and have many passions. I do well academically and keep myself up-to-date with many situations that occur worldwide.

d) I have the ability to be durable and survive any obstacle that comes my way. This comes in handy when dealing with difficult situations that may occur in my job or at school.

e) I am not an emotional person. While some may consider that a cold trait, it can be beneficial in the workplace where you can’t take things personally. You also can’t get flustered if things are going wrong. Because I am tough emotionally, this can help me maneuver around the workplace easier.

2) Interview the five people who know you the best.

1) This interviewee seems to think my human capital consists of my diligence, kind heart, and creativity. A key takeaway from this discussion is that my nice personality can contribute to my human capital.

2) This interviewee says my human capital includes my independence and hard work. The takeaway I got from this interview is my skill set is more developed than I thought. She pointed out that my ability to carry out a task independently is a great skill of mine.

3) The third interviewee admires my hard work and thinks it is part of my human capital. The takeaway from this interview is that my hard work is a great strategy for me to reach the top.

4) I got a great amount of information from this interview. The interviewee thinks my ambition and broad knowledge are important qualities that I possess. I took away from this interview that I have many more skills than I thought.

5) This interviewee pointed out that my ability to multitask while focusing on my academics is impressive. The takeaway I got from this interview is that I have a great personality that would work great with any sales job. 

3) Reflect on the differences.

Many of the responses I got were similar to each other. Most of the interviewers said my hard work sets me apart from my peers and is a huge part of my human capital. I also stated that on the list of my human capital. That’s mostly what the interviewees focused on. I was happy when one interviewee mentioned my wide range of knowledge because of my interest in different topics which was also on my list. Another person also noted that my great personality and ability to make people feel comfortable is a trait that I possess. I think the people closest to me say I am hard working and don’t mention my other attributes because they see me working all the time and that is the only thing they can take away that makes me different. My diligence is one of my prominent traits that makes me stand out to others. I think the interviewees are correct about my human capital because I am indeed hard working, and because of that I wouldn’t make any corrections to the list.

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? 
The different types of market research stood out to me. I knew about gathering secondary and primary data before reading the text, but I didn’t know that research can be categorized into quantitative and qualitative research. The book does a great job of explaining the difference between quantitative and qualitative research.

2) Identify at least one part of the reading that was confusing to you.
The most confusing part of the reading was Table 10.2 which explained the comparison of different research techniques. This table confused me because I didn’t understand the information in the columns. For example, what is limited to moderate and confined supposed to mean.

3) If you were able to ask two questions to the author, what would you ask? Why?
If I can ask two questions, I would ask “Is marketing necessary for creating a successful company?” and “What role does market segment play in the success of a marketing program?” I would ask these questions because they both relate to marketing which is the chapter’s topic.

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

No, there is nothing I think the author is wrong about.

Idea Napkin No. 2

1) You. I have experience with working in a clothing store. I am really excited about starting this company, and the benefits it can supply to others. This business venture would fit well into my current lifestyle. However, I may have to go to school part time instead of full time to expand the company.

2) What are you offering to customers? Many people can’t find their clothing size when they go shopping, whether in store or online, because they may have a unique body shape or their height and size combination may not be considered normal (tall and thin, big and short). My company is going to cater to the consumers who can’t find their size while shopping by offering them customized clothing. There are two experiences consumers can choose from: in-store or online. In the in-store experience, customers would be able to go into my store and get their measurements done by professional seamstresses/tailors. They would also be able to choose whichever design they want from a book of sketched clothing designs. The online experience would be similar and much simpler. Customers would get the opportunity to type in their clothing measurements into the company’s website and choose which design they want from a list on there. 

3) Who are you offering it to? I am offering my products to consumers who usually have to wear a bigger clothing size or take too much time store hopping because they can’t find their size when shopping.

4) Why do they care? Customers would care about my company because it is very beneficial and convenient for those who can’t find clothes that fit them properly or usually can’t find clothes in their size without going to a million stores. These people shouldn’t be forced to buy clothes just because they fit them. They should be able to buy clothes of any design that they choose. Customers would pay the money because the store would be like any other luxury product, and sometimes we need to spoil ourselves.

5) What are your core competencies? Not many companies allow customers to create their own clothes. My company is going to be different from the clothing companies that offer ‘create your own clothes’ services because we are going to offer more designs to choose from and cheaper prices than our competitors. In addition to that, I want the company to be as well-known as retail stores like Macy’s and Dillard’s.

I think these five elements work well together to form a successful business. I made some adjustments to my previous business plan, but I think these adjustments fit well with the core idea of my business. The only thing I’m not sure about is how strong the company’s core competencies are.

I tried to include as much of the feedback I got on my last Idea Napkin as possible. I narrowed down my target population, served people with different body types, separated myself from other clothing stores, and tried to be clearer with my business plan explanation. I incorporated the feedback by changing my whole business plan to include the feedback while still catering to customers I wanted to initially.