Venture Concept No. 1

          ZenSurf

            The opportunity that I am trying to capitalize on is the need to stay healthy and happy in a time where there are ample amount of unhealthy distractions in today’s society. One of the main components of staying healthy overall is fitness. The current fitness industry lacks diversity and exhibits large amounts of mundaneness. The opportunity lies in those unhappy customers who are participating in workout class, paying gym membership fees, joining yoga clubs, etc. and are making slim to none progress on their goals and overall intent to workout in the first place. These people are yearning for something more exciting, more productive, and more efficient that allows them to accomplish the goals they intended to in the first place. The opportunity lies in people who are looking to better themselves through fitness in a healthy and enjoyable manner. These people want to have fun and enjoy life, while staying in shape in order to sustain their lifestyles. I think technology is exposing people to more things than what is just in their immediate environment, and this is resulting in people getting curious about things and having new interests. In order to fulfill your goals, and incorporate these new interests, new venues of fitness need to be introduced into the marketplace. This opportunity is huge. The fitness industry is a billion dollar industry and I honestly feel that it id nowhere near its full potential. Fitness will always be a part of society, as humans need to be healthy to survive and be happy.

            The product and service that I am trying to introduce into the market will satisfy these unmet needs and diversify the industry in such a way that people will be drawn to it over everything else available. I will provide a fun, productive, safe, and effective exercise class involving a patented balance training device that will be implemented along will aerobic, exercise, stretching, weight lifting, and yoga to create and all encompassing, exercise class.

            My customers will be extremely happy and grateful this product and service is on the market one it is. It will open their eyes up to a whole new way of exercising that will actually be enjoying, while also reaping great results. Everyone will love this new class once they hear about it. The implementation of exciting tools such as projections of waves, sand on  the workout floor, and beach vibes music will give this company the competitive advantage that it deserves. This is the new wave of fitness and if you want to stay healthy, you better learn how to surf it. I would say the main possible weakness or vulnerabilities would be a potential competitor trying to replicate my product/service. However, this would also drive more traffic towards my company, which will result in higher revenue generation. It’s a win win I suppose. I think business location, customer experience, and marketing are the most fundamental parts that will lead to the success of this venture. I need to start my company in a hotbed of surfing, provide exception customer experience and relations, and connect with the top names in surfing to get the name out there and get the right facing using my product. In order to support an ongoing production of this venture I would need to hire a team to run the classes (yoga instructors, surfers, fitness enthusiasts, etc.) in addition to hiring employees that would help with the production of the training device, take online orders, maintain the company website, connect with potential partners, etc.

           I think my most important resource will be the new and exciting approach to workout out that will be fun and efficient. People will look forward going to this class, both for the experience that they have during It and the benefits that it provides to their health and overall lifestyle. My experience in extreme sports will also allow me to develop this product in a way that will benefit specific sports.

I would say the next step for this venture would be to transition in to other extreme sports similar to surfing. We could design new training devices that better cater to the muscles needs to balance in difference sports. Anything from snowboarding, to skateboarding, to wakeboarding could benefit from an additional training device like this.

I hope this venture would become very successful and would provide me with the financial capital to travel and pursue my passions, all while connecting with interesting and successful people in various similar industries that may be potential clients, partners, or just inspiration for future ventures.

Week 11 Reading Reflection

1) Biggest surprise - It surprised me that Pisano believe innovation was architectural.

2) Confusing part of reading - I was confused about the section regarding routine innovation.

3) Two questions to the author - What is the different in innovation of services vs. products?

                                                    Do you think there are different cycles to innovation in our society?

4) Author wrong about anything? - I honestly thing the author was pretty spot on in everything he said. It was a very well written article in my opinion.

Amazon Whisperer

Revenue Drivers:

• memberships for Zen Surf classes
• one time payment for classes
• selling the balance training tool at the gyms. 
• selling the balance training tools online/retail.
• partnering with red bull and taking a percentage of the items sold in the gym 
• partnering with a juice bar company

I think a spin off of this class would be something that customers would really enjoy as well. This would be a similar balance focused training class but it could be tailored to other similar sports such as snowboarding or wakeboarding. 

If we extended the brand and offered training devices for other sports this would allow us to expose ourself to a varieties of markets which will result in higher profits. 

The product that I found on Amazon that was similar to the product I want to create is called Revolution Fit 3-in-1 balance board training system. It is used by athletes and fitness gurus to strengthen core muscle groups and improve stability, reflexes , and recovery speed. 

The customer reviews for this product were extremely good. I could find a single bad thing. People liked the size and shape of the board, various balance beams, the texture of the board, and the overall workout that the board can provide. 

I cant really think of any design changes that I would make to the product other than having some different graphics on it. 

This product would make a good addition to my company as it would allow me to reach different markets and get more clients. 

My Unfair Advantage

Resources My Venture Possesses 

 

1. The surf industry is huge industry and has ample opportunity.

• VRIN - highly valuable, could result in huge financial profits. fairly rare as the surf industry is somewhat still a niche in the large scheme of things. imitatable - this could definitely be copied in other industries. no other industry could really provide benefits for the surf industry outside of it.

2.  A unique approach to fitness with an aesthetically pleasing atmosphere. 

• VRIN - extremely valuable, this new wave of fitness could outperform all current forms of exercise and be the catalyst for many other similar spin offs. That's what makes this resource so valuable is that it is so rare. Assuming I could get a patent on the surf balance training device, this would be very difficult to imitate. The health and fitness industry is huge and I still think that are holes that need to be filled in the demand for various types of exercises. This service could have competition, but I only think that will drive our profits.

3.  A patented pending exercise device.

• VRIN - extremely valuable, this would keep control on the market and allow us to corner a segment of the fitness industry. The patent would keep our class rare as there would be no class just like it. If it was patented, it would be illegal for someone to imitate the product. It would also be non substituteable.

4.  A team of experienced surfers that understand how to transfer the skills over into workout routines.

• VRIN - extremely valuable, this would be key to the success of our idea. Rare, if we partnered with the top athletes in the surf industry. It would not be very easy to copy by others because there are only so many extremely talented surfers.

5. Knowledgeable and skilled yoga instructors.

• VRIN - slightly valuable, not the main focus of the class but an added asset. Not very rare as the yoga industry is so large and rapidly growing. Definitely imitateable and subsitutable. However, out class would aim to implement yoga in a unique way.

6. I live in Newport Beach, CA so am in the hub of the surf industry.

• VRIN - highly valuable, would allow me to get connected to the right people. Rent is pretty damn high so you could say this is rare.

7. I surf daily so know a ton of other surfers that could help spread the word.

• VRIN - valuable, connections are key as well as marketing and advertising. Nothing better than word of mouth and social media.

8. I have access to potential investors through other people who are interested in pursuing this idea as well.

• VRIN - highly valuable, good partners are always important to have. It is rare to have people who are interested and surfing, and have money to invest (more time spent in water than earning for most). 

9. These people not only bring financial benefits, but also athletic knowledge in surfing, yoga, and fitness as well as many connections in the surf industry.

• VRIN - valuable, another added asset to the team. It isn't too rare to have people interested in this combination of activities, so it is fairly easy to put together a solid team.

10. No other exercise class currently uses projections of waves. sandy floors, and surf balance trainers to create an all encompassing experience.

• VRIN - extremely valuable, this is our competitive advantage and is how we want to transcend the fitness industry. This idea is definitely rare as there is nothing like it currently on the market. If we get the proper patents and implement a unique highly enjoyable experience, I don't think people will be able to compete. 

I would definitely say that Resource #10 is most important resource to my venture. It will separate me from everything else currently on the market, and may allow me to start a trend of new fitness products and services. 

Elevator Pitch No. 3

1) The Pitch:

2) Reflection on feedback: Given that I did not complete the last elevator pitch assignment, I did not receive any feedback. However, I felt very comfortable giving this pitch and thought that I did a decent job on it.

3) Since I didn't receive any feedback from the previous assignment, I didn't change anything.

Week 9 Reading Reflection

1) Biggest surprise in the reading, stood out from expectations - I was surprised and alarmed when reading about the changing priorities and purchases in the family life cycle. It was interested to see how accurately they depicted this in the chart of the various stages. Kinda of eye opening for me though as it makes life seem very robotic and systematic.

2) Confusing part of the reading - The part on psychological factors affecting the pricing decision confused me as I didn't normally think the quality of a product is determined according to the level of the items price. I usually judge a product on itself not what people value it to be worth. However I do understand this phenomenon in the case of expensive art - looks valueless to me but people think its nice solely because it is expensive.

3) 2 Questions to the author:

What similarities do you see between family life cycles and product life cycles?

What do you think is the most effective pricing strategy for a company looking to get high returns in a short time frame - hit it and quit it type business. 

Why? I think both of these questions are very relevant to the material covered in this chapter and I think they would give some good personal insight from the author.

4) Author wrong about anything - I think in some regards the author was wrong about the psychological factors affecting the pricing decision.

Idea Napkin No. 2

1) I have always really enjoyed being athletic whether it be playing traditional sports such as lacrosse and football, or more non traditional water sports. I have been a water sports enthusiast for as long as I can remember. I have wakeboarded for about 15 years and have always enjoyed surfing, but didn't get to do it as much as the waves in Florida were rarely decent. However, now that I am currently spending some time in California,  I have had a lot more exposure to the sport and the industry. Exercise has always played a role in my life (whether it be weight lifting, stretching or cardio) but mainly for the performance benefits it provides in sports. I find exercising in a gym to be fairly boring and thought that it would be cool to make a product/service that would make it more enjoyable. I aspire to live a flexible lifestyle in the future, have the ability to travel, and be surrounded by like-minded people who enjoy similar activities. This business would allow me to do something that I love, stay healthy and happy, and provide people with a product/service that would benefit them. I think my passion for the sport and exercise in general will really push this business and allow me to self-market a lot. I think if I keep the classes very personal this will allow me to keep the instructors really one-on-one with the participants.

2) My business proposition is a combination of a product and service. First I will develop a surfing-specific balance training device - a miniature surfboard that will be supported by a half bosu ball. I will combine the use of this device, along with indo boards, and yoga to create a surf centered exercise class. This will be taught in a studio like environment with a very beachy/surfer vibe. There will be sand on the ground as wall as large projections of waves on the walls. This will provide customers with an enjoyable sport-centered class that will particularly benefit surfers, but will also provide health benefits for any individual looking to get into better shape.

3) This product/service would be offered to health conscious people looking to stay in shape and enjoy the process at the same time. Specifically, surfers of all ages and genders will be targeted as the class is intended to provide direct benefits to this sport. I should target all fitness conscious people, specifically those looking to get "toned".

4) Customers will pay for this product/service as it will provide them with a "new wave" (potential slogan) of exercise that will transfer over to higher performance in the real waves. It will also provide the health conscious individual (non-surfer) with a fun introduction to the surfing would, an enjoyable exercise class, and physical and mental benefits that will transfer over into all areas of their life. Can also be a great class for kids to take to get into surfing and start to improve their balance. 

5) The core competencies of this business would be the fun approach to exercise that would allow people who typically hate going to the gym or find running boring to stay in shape and get a good workout in that is more enjoyable than standard exercise. It will be an all inclusive experience that will provide all around health benefits. The surf inspired balance training device would be patented and only used/sold through our classes.

Overall, I feel all of these elements fit together very nicely. Given that I have a lot of experience with water sports and am currently located in the hub of the surfing industry I think I would be able to (along with a team of other surfers, yogis, and exercise enthusiasts) provide a unique service and product. Given that I initially thought of this idea as a solution to my own problem, I have a lot of invested energy in the business and think that my love for the sport would make this business even more valuable and successful.

Feedback memo -

Five main points I took from the feedback:
1. This business idea could be implemented in a variety of areas - not just locations heavily saturated in the surf industry.

2. This idea could be marketed to a variety of targets.

3. This idea could potentially be replicated.

4. Having an idea driven from passion is key and will fuel the business.

5. The fitness industry is constantly evolving and there is a lot of opportunity.

I incorporated this feedback into the napkin idea by adding on to my previous post and modifying it according to my newfound customer feedback. I feel much more confident about my idea after receiving feedback as I would say 90% of it was positive.