Link to Pitch: https://youtu.be/zLe5UNRKHPE
The feedback for the second pitch was pretty dry. All of the comments just spoke about how they liked that I used more facts and numbers in my second pitch than in my first. Given these comments on my last pitch, I went the same direction for this one, but added a little bit more information about the customer base that I plan on reaching.
This time around, I spoke more about the customer base I plan on targeting. I believe that speaking about how good the market is for this business is great, but it needs more of an explanation of who I plan on targeting in addition to talking up the market growth and size. Lastly, for the third time, I did in fact feel more comfortable in front of the camera, and I also did begin to memorize my pitch. Overall, I do think that it became easier every time we had to make another pitch. I believe that all of those things mentioned in the instructions were true for me and my elevator pitch.
Friday, March 29, 2019
Reading Reflection No. 2 (Assignment 21A)
The book I read for this assignment was Scott Adams book, "How To Fail At Almost Everything and Still Win Big." The general theme of the book was is that you need to change your mindset in order to become successful. It teaches you how to learn how to fail, and how to think in order to become successful. The book speaks about life tips and the authors personal experiences in order to teach you how to become successful.
This book connects and enhances what we are learning in this class because it talks about how to be come successful, and how to learn to fail and end up successful. This class is all about teaching us how to become successful. We are learning how to plan the foundation for a business idea. This extensive planning helps set us up for success if we decide to pursue the business idea. By planning out how we are going to start this business, it leaves a lot less room for error.
If I had to design an exercise for this class, based on the book I read, I would create an exercise where someone has to type out a time that they failed, and write about why they think they failed, what they could've done to prevent it, and how they moved past it.
My biggest surprise when reading the book was when the author talked about how feelings and emotions drive decisions not logic and reason. I thought that the best way to go about something is to use logic and reason, but more often than not, feeling and emotion takes over and is the more dominant aspect when making a decision.
Friday, March 22, 2019
Growing Your Social Capital (Assignment 20A)
1. The first person I interviewed was a manager at a local medical marijuana dispensary. This person went to school for business and ended up finding this job as a manager. I am filling the "domain expert" slot with this interview. This person fills this slot because he deals with a form of legal cannabis day. He is in charge of making sure that the store runs smoothly, and is in charge of all of the products that are sold within the store. I found this person by looking up medical marijuana near me online. This store came up and I drove over there. I asked to speak to the manager once I got there and he was happy to talk to me. The exchange we had was very pleasant and laid back. I told him about my business idea and he ran me through what it took to run a cannabis related store. The manager did me a favor by speaking to me because I was technically underage, and not allowed at the store. There was no return expectation from the manager. He understood that I had a business idea, and wanted to get a firsthand look at what it takes to make it happen. This person enhances my ability to exploit an opportunity because he can provide me with details on what it takes to physically open and run a cannabis related store. He knows how much time and money it took to open the store, so I can go to him in the future with any questions that I may have.
2. The second person I interviewed was a manager at a local smoke shop. This person did not go to college and began working at this shop as an employee. Over time, he ascended in the ranks and became the manager. I am filling the "market expert" slot with this interview. This person fills this slot because he deals with smoke related products daily, and has a firm understanding of the type of customers that purchase these products. I found this person by walking into the shop and asking to speak to the manager. I found this shop because I live near it, and see it almost every day. This exchange was a pleasant one. I gave the manager my idea napkin and he told me that my business idea was valid, and could definitely succeed if it was in the right area. He also told me that he believes that I should target younger people, because they are more likely to buy smoke related products. He has a lot of experience dealing with college students and believes that they are the perfect target. All he expected in return was that I came to him with any questions that I had about targeting potential customers. Including this person in my network can enhance an opportunity. The manager said that I can come to him if I ever need to fill my store with smoke related products like grinders and glass pieces.
3. The third person I interviewed was my friends father that actually grows his own cannabis on a plot of land in Colorado. He then supplies cannabis to stores in Colorado. I am filling the "supplier" slot with this interview. This person fills the slot because he sells the product to other firms in the industry. I found this person through my friend. I was aware that he supplied cannabis for a living so i asked for his phone number. I emailed him my elevator pitch, and then spoke to him on the phone. This person did me a favor by listening to my elevator pitch and giving me information about cannabis supplying. He told me that my idea was good, but that I needed to go to a place that recently legalized recreational use, due to the fact that there is a lot of competition now. The return expectation was that I should call him if I ever need a supplier for my store. Including this person in my network helps my ability to exploit an opportunity. Since this is my friends father, I have a personal connection in the world of supplying cannabis, and hopefully, he can give me a good deal if I ever need a supply of product to fill my store with.
This experience shaped how I will participate in future networking events. I learned that people are always willing to help you out if you treat them with respect and kindness. People are always willing to make an exchange as well, as long as it is mutually beneficial. This networking experience did differ from my networking experiences in the past. It was different because I have never gone out and talked to people that work at stores in my area. I went out into the real world and talked to people that personally have experience in the field that I am trying to get into.
2. The second person I interviewed was a manager at a local smoke shop. This person did not go to college and began working at this shop as an employee. Over time, he ascended in the ranks and became the manager. I am filling the "market expert" slot with this interview. This person fills this slot because he deals with smoke related products daily, and has a firm understanding of the type of customers that purchase these products. I found this person by walking into the shop and asking to speak to the manager. I found this shop because I live near it, and see it almost every day. This exchange was a pleasant one. I gave the manager my idea napkin and he told me that my business idea was valid, and could definitely succeed if it was in the right area. He also told me that he believes that I should target younger people, because they are more likely to buy smoke related products. He has a lot of experience dealing with college students and believes that they are the perfect target. All he expected in return was that I came to him with any questions that I had about targeting potential customers. Including this person in my network can enhance an opportunity. The manager said that I can come to him if I ever need to fill my store with smoke related products like grinders and glass pieces.
3. The third person I interviewed was my friends father that actually grows his own cannabis on a plot of land in Colorado. He then supplies cannabis to stores in Colorado. I am filling the "supplier" slot with this interview. This person fills the slot because he sells the product to other firms in the industry. I found this person through my friend. I was aware that he supplied cannabis for a living so i asked for his phone number. I emailed him my elevator pitch, and then spoke to him on the phone. This person did me a favor by listening to my elevator pitch and giving me information about cannabis supplying. He told me that my idea was good, but that I needed to go to a place that recently legalized recreational use, due to the fact that there is a lot of competition now. The return expectation was that I should call him if I ever need a supplier for my store. Including this person in my network helps my ability to exploit an opportunity. Since this is my friends father, I have a personal connection in the world of supplying cannabis, and hopefully, he can give me a good deal if I ever need a supply of product to fill my store with.
This experience shaped how I will participate in future networking events. I learned that people are always willing to help you out if you treat them with respect and kindness. People are always willing to make an exchange as well, as long as it is mutually beneficial. This networking experience did differ from my networking experiences in the past. It was different because I have never gone out and talked to people that work at stores in my area. I went out into the real world and talked to people that personally have experience in the field that I am trying to get into.
Idea Napkin No. 2 (Assignment 19A)
1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about land and its value. Throughout my childhood I have always had small ventures that turned my interests into small businesses. I have experience with e commerce marketing, Facebook advertising, an in person product sales. For example, I sold hoverboards when they were popular at my school. I got in contact with a whole sale supplier and sold hoverboards to many of my classmates. I also started an e commerce store and sold products to people all over the world through Shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legalized the use of recreational cannabis.
2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws, or in states that are going to legalize its use in the very near future. I plan on setting up brick and mortar locations that offer cannabis and products that coincide with its use.
3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.
4. I believe customers will actually pay money to use my service because it is a safer, and better way of purchasing cannabis. My store will only serve high quality product that has been checked by a lab. Also, people will come to my store because they do not want to take the risk of purchasing drugs through illegal drug dealers. Lastly, drug dealers sometimes lace their products, making it very unsafe to the customer. My store will provide a place free of risk for cannabis users.
5. My store will be set apart from the competition because I plan on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). Also, I want my store to have other related items. My store will be a "one stop shop" for smoking related products.
I personally believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the fact that I am basically hoping that states legalize recreational cannabis use. While I am basing my business on future legislation, more states are legalizing recreational cannabis use every year. Also, experts predict the cannabis market to increase exponentially in the coming years. Due to these to statements, I believe that I can still find success in the recreational cannabis market.
Two main points that I took away from the feedback I received were that it was smart that I was trying to open a shop in an area that did not currently have one, and that my previous experiences would help me pursue this business. I made sure to incorporate the feedback in my post by talking a lot about my past experiences and the skills that they provided me with. Also, I made sure to emphasize the fact that I plan on opening locations in areas that do not already have recreational cannabis shops.
2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws, or in states that are going to legalize its use in the very near future. I plan on setting up brick and mortar locations that offer cannabis and products that coincide with its use.
3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.
4. I believe customers will actually pay money to use my service because it is a safer, and better way of purchasing cannabis. My store will only serve high quality product that has been checked by a lab. Also, people will come to my store because they do not want to take the risk of purchasing drugs through illegal drug dealers. Lastly, drug dealers sometimes lace their products, making it very unsafe to the customer. My store will provide a place free of risk for cannabis users.
5. My store will be set apart from the competition because I plan on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). Also, I want my store to have other related items. My store will be a "one stop shop" for smoking related products.
I personally believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the fact that I am basically hoping that states legalize recreational cannabis use. While I am basing my business on future legislation, more states are legalizing recreational cannabis use every year. Also, experts predict the cannabis market to increase exponentially in the coming years. Due to these to statements, I believe that I can still find success in the recreational cannabis market.
Two main points that I took away from the feedback I received were that it was smart that I was trying to open a shop in an area that did not currently have one, and that my previous experiences would help me pursue this business. I made sure to incorporate the feedback in my post by talking a lot about my past experiences and the skills that they provided me with. Also, I made sure to emphasize the fact that I plan on opening locations in areas that do not already have recreational cannabis shops.
Friday, March 15, 2019
Create a Customer Avatar (Assignment 18A)
My prototypical customer is a younger person, roughly in the age range of 21-35. This person is probably still in college or newly graduated. This person is a regular cannabis user, who smokes multiple times a week. This person drives a cheaper car, like a Subaru, Toyota, or Honda. They live in an apartment with roommates and do not have too much money. My customer enjoys spending time outdoors, and going to music festivals in their free time. This person likes to chill out, and probably smokes to deal with the stress and pressure of school and/or work. This person most likely does not have kids, due to the fact that he or she is still young and trying to figure out his or her life. This person is most likely lazy or laid back, and likes to spend a lot of time in the house on the couch. This person probably likes to watch a lot of TV and movies. Lastly, this person also probably likes to eat a lot of junk food in their free time.
I do not have a lot in common with this customer. The biggest reason why is because I do not use cannabis. Although I am not a cannabis user, I do enjoy doing some of the same things as the customer I described above. I enjoy laying on the couch, eating junk food, and watching TV and movies. Lastly, I do not believe that the things I have in common with the customer is a coincidence. The things that we have in common are very common things. A lot of people around the country enjoy eating junk food on the couch while watching movies or TV.
I do not have a lot in common with this customer. The biggest reason why is because I do not use cannabis. Although I am not a cannabis user, I do enjoy doing some of the same things as the customer I described above. I enjoy laying on the couch, eating junk food, and watching TV and movies. Lastly, I do not believe that the things I have in common with the customer is a coincidence. The things that we have in common are very common things. A lot of people around the country enjoy eating junk food on the couch while watching movies or TV.
Elevator Pitch No. 2 (Assignment 17A)
Link to pitch: https://www.youtube.com/watch?v=g_l7SqHnkdE
The feedback that stood out to me the most, and surprised me the most was that the person that commented on my first pitch told me that I needed to use more facts and numbers to convey my message. In my first pitch, I talked a lot about my business idea, and what I planned to provide to my customers. I should have spent more time talking about numbers and facts to support my business idea. By analyzing the market I believe it will help my pitch by conveying my idea more fully.
I changed the basis of my pitch based on the feedback that I received from my first pitch. This time around, I talked less about the business itself, and more about facts that showed why the business has the potential to succeed. I spoke more about the market, and its projected increase, as well as other facts that supported my business idea.
The feedback that stood out to me the most, and surprised me the most was that the person that commented on my first pitch told me that I needed to use more facts and numbers to convey my message. In my first pitch, I talked a lot about my business idea, and what I planned to provide to my customers. I should have spent more time talking about numbers and facts to support my business idea. By analyzing the market I believe it will help my pitch by conveying my idea more fully.
I changed the basis of my pitch based on the feedback that I received from my first pitch. This time around, I talked less about the business itself, and more about facts that showed why the business has the potential to succeed. I spoke more about the market, and its projected increase, as well as other facts that supported my business idea.
Friday, March 1, 2019
What’s Your Secret Sauce? (Assignment 16A)
1. Drive: I believe that I am very driven when it comes to making a business successful. I will put everything I have into the project at hand.
2. Approachable: I believe that I can have a conversation with anyone, and that I am not an intimidating person to talk to.
3. Cerebral: I believe that I am a very cerebral person, meaning that I think through everything I do, and I do not just act on impulse.
4. Caring: I think that I have a caring mindset, with others peoples best interests in mind as well as my own.
5. Economic: I believe that I have always had a solid grasp of economics and money allocation. I believe that I handle money in a smart way, and I always try to make it go a long way.
Interviews:
1. https://soundcloud.com/david-benjoseph/recording-1
I learned that other people think I am entrepreneurial as well. Also, she thought that I was caring, which aligned with my list.
2. https://soundcloud.com/david-benjoseph/recording-2
I learned that my father thinks that I have some entrepreneurial traits. Also, I learned that he believes that I have a caring and sensitive side in addition to my mothers thoughts above.
3. https://soundcloud.com/david-benjoseph/recording-3
I learned that this person believes that I am a quick learner, which I believe is a good quality to have as an entrepreneur. Also, this person also believes that I am caring and empathetic, which aligns with the previous two interviews.
4. https://soundcloud.com/david-benjoseph/recording-4
I learned that this person believes that I have entrepreneurial traits. This person believes that I see problems in the world and try to create businesses from these problems.
5. https://soundcloud.com/david-benjoseph/recording-5
I learned that this person also believes that I have a caring personality that always looks out for others and their well being. This interview also aligned with previous interviewees statements.
I see myself as a kind person who always has others happiness in mind. I also use this trait in my business ventures. I believe that I am very entrepreneurial, and always looking for ways to turn things into profitable businesses. Others see me the same way, they think that I am kind and that I am intuitive. Most of my interviewees said similar things that aligned with the list that I created at the top of this post. I believe that my interviewees are correct about me, due to the fact that most of their points matched the qualities that I created for myself. I would not make any corrections to my list from part one. I think that my list highlights the core traits and skills that I posses. I firmly believe that these traits make me a well rounded person, and that there is no need to adjust the list.
2. Approachable: I believe that I can have a conversation with anyone, and that I am not an intimidating person to talk to.
3. Cerebral: I believe that I am a very cerebral person, meaning that I think through everything I do, and I do not just act on impulse.
4. Caring: I think that I have a caring mindset, with others peoples best interests in mind as well as my own.
5. Economic: I believe that I have always had a solid grasp of economics and money allocation. I believe that I handle money in a smart way, and I always try to make it go a long way.
Interviews:
1. https://soundcloud.com/david-benjoseph/recording-1
I learned that other people think I am entrepreneurial as well. Also, she thought that I was caring, which aligned with my list.
2. https://soundcloud.com/david-benjoseph/recording-2
I learned that my father thinks that I have some entrepreneurial traits. Also, I learned that he believes that I have a caring and sensitive side in addition to my mothers thoughts above.
3. https://soundcloud.com/david-benjoseph/recording-3
I learned that this person believes that I am a quick learner, which I believe is a good quality to have as an entrepreneur. Also, this person also believes that I am caring and empathetic, which aligns with the previous two interviews.
4. https://soundcloud.com/david-benjoseph/recording-4
I learned that this person believes that I have entrepreneurial traits. This person believes that I see problems in the world and try to create businesses from these problems.
5. https://soundcloud.com/david-benjoseph/recording-5
I learned that this person also believes that I have a caring personality that always looks out for others and their well being. This interview also aligned with previous interviewees statements.
I see myself as a kind person who always has others happiness in mind. I also use this trait in my business ventures. I believe that I am very entrepreneurial, and always looking for ways to turn things into profitable businesses. Others see me the same way, they think that I am kind and that I am intuitive. Most of my interviewees said similar things that aligned with the list that I created at the top of this post. I believe that my interviewees are correct about me, due to the fact that most of their points matched the qualities that I created for myself. I would not make any corrections to my list from part one. I think that my list highlights the core traits and skills that I posses. I firmly believe that these traits make me a well rounded person, and that there is no need to adjust the list.
Figuring Out Buyer Behavior No. 2 (Assignment 15A)
My three interviews consisted of three young men of ages: 21,22, and 25. All three of these men use cannabis, but live in Florida full time. As we know, recreational cannabis is not legal in Florida, but all three of these people have spent time in states that have legalized its recreational use, such as Colorado and California.
In my first buyer behavior post, I came to a conclusion that my target customers optimal way to satisfy their need was to search on the internet. These people would use Google to find recreational cannabis stores in their area, and would then look to see if the store had a website.
In this post I asked the three young men what mattered the most to them once they go about purchasing cannabis from a recreational store. After interviewing these people, I came to the conclusion that the highest alternatives are price and quality. These people all tried to find the highest quality, organically grown cannabis that had good health benefits and great euphoric effects. I found that quality was the most important deciding factor with price coming in as a close second. After talking to these three people, I realized that people are more willing to spend a few dollars extra to acquire a high quality product. These people made a list of a couple of stores in their area, and called them all to see what kinds of quality and pricing options they had. These people would then make a decision that blended the best price and quality together.
My target audience is more likely to buy in store. Due to the fact that recreational cannabis is only legal in certain states, the online market is not as big as brick and mortar. People that reside in the legal states typically go to a store to purchase cannabis. Also, after talking to my interviewees, I learned that they always buy their cannabis in cash. Cannabis is a lower ticket good, with not much financing potential.
What matters most to my customers when they think back on the 'rightness' of the purchase is how the product made them feel. If the cannabis gave them the effects they were looking for, then they described the purchase as a successful one. If the cannabis was low quality, overpriced, or did not deliver on the effects part of the product, then the customer would say that the purchase was a bad one.
Overall, after interviewing these three young men, I have concluded that this segment evaluates alternatives in terms of quality at the top, with price coming in at a close second. This segment is looking for a high quality/organic product that is relatively cheap and will deliver euphoric effects when used. As far as post purchase evaluation, this segments believes the purchase is just if the cannabis delivers a pleasurable euphoric state with no side effects or negative feelings.
In my first buyer behavior post, I came to a conclusion that my target customers optimal way to satisfy their need was to search on the internet. These people would use Google to find recreational cannabis stores in their area, and would then look to see if the store had a website.
In this post I asked the three young men what mattered the most to them once they go about purchasing cannabis from a recreational store. After interviewing these people, I came to the conclusion that the highest alternatives are price and quality. These people all tried to find the highest quality, organically grown cannabis that had good health benefits and great euphoric effects. I found that quality was the most important deciding factor with price coming in as a close second. After talking to these three people, I realized that people are more willing to spend a few dollars extra to acquire a high quality product. These people made a list of a couple of stores in their area, and called them all to see what kinds of quality and pricing options they had. These people would then make a decision that blended the best price and quality together.
My target audience is more likely to buy in store. Due to the fact that recreational cannabis is only legal in certain states, the online market is not as big as brick and mortar. People that reside in the legal states typically go to a store to purchase cannabis. Also, after talking to my interviewees, I learned that they always buy their cannabis in cash. Cannabis is a lower ticket good, with not much financing potential.
What matters most to my customers when they think back on the 'rightness' of the purchase is how the product made them feel. If the cannabis gave them the effects they were looking for, then they described the purchase as a successful one. If the cannabis was low quality, overpriced, or did not deliver on the effects part of the product, then the customer would say that the purchase was a bad one.
Overall, after interviewing these three young men, I have concluded that this segment evaluates alternatives in terms of quality at the top, with price coming in at a close second. This segment is looking for a high quality/organic product that is relatively cheap and will deliver euphoric effects when used. As far as post purchase evaluation, this segments believes the purchase is just if the cannabis delivers a pleasurable euphoric state with no side effects or negative feelings.
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