19A Idea Napkin No.2

1)    You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am an Asian American whose parents immigrated from China to the United States. I can speak Chinese. I am determined and positive. I have worked and am working in hotels to gain more experience in the industry. I hope to do something in the hospitality industry like being a revenue manager for a hotel or group of hotels. I see my business plan as a stepping stone to learn how to interview customers and engage with entrepreneurial theory.

2)    What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I give customers the confidence and peace of mind that their shoes will not be ruined by the elements allowing them to live life more fully and less encumbered. It will give clients the freedom to be adventurous without caution.

3)    Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

My customers value the longevity and maintained appearance of the outfits they wear, including their shoes. They care about cleanliness and reliability. They are young, have restricted methods of transportation, forcing them to frequently walk or be outside in the elements. Additionally, many of the people who need this product work outside in Florida or other areas prone to down pour.

4)    Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Having dry feet in and of itself is a comfort. Especially if you are working outside in tough weather or playing a rigorous outdoor competition, the last thing one would want is to be is distracted and annoyed by their shoes. Customers want the comfort that this product will provide.

5)    What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

I have the determination to ask questions and figure out why a specific idea or organization isn’t working effectively and come up with a solution. With the reasons and solutions, I will work hard to see them through.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

These elements fit well together and will lead to a better understanding of what customers want and how to provide for that need.

Feedback Memo- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

The comments provided a different perspective on what my customer looks like, allowing me to better target my market. One referred to the potential lack of market for my originally predicted market, and provided an alternative segment that might find this product more helpful. Another comment also provided another different segment that would like the service. This allowed me to shift who I am selling to and hone more strongly into that market.