Create a customer avatar

My prototypical customer looks like this. They could be any gender. They could also be any race. They may not always be wearing a suit, but they are well-dressed and ambitious with integrity in their eyes. Their hobbies include investing and shopping. They prefer to drive luxury cars. They drive dark colored middle-class cars that are decent quality. Shark Tank, Dexter, and Breaking Bad are their highest rated TV shows. Some of them are parents, but most are not. They are aged between 18-35 and they feel like they are young. This is part of the reason why most of them don’t have kids yet. They may even think that having a kid will make them feel older.

I also like the show Shark Tank. I imagine them to like Shark Tank because it is widely viewed and appreciated among the business community. I have also learned a lot of different entrepreneurial approaches to presenting business ideas. The show has been very educational to me and others.

Elevator Pitch #2

Reflection

Based on my last elevator pitch's feedback, I have made a few changes to my pitch. I have included what my with my product will do and what I plan to do with it. I have also included a part that will inform the listener to the terms of our product use. I listened to your feedback and I have decided to wear my suit again! I did my best to be serious with my presentation and informative. I have also tried to keep implementing my hand gestures, but the camera didn't capture it all this time. The first elevator pitch I recorded was on the day I got into a car accident. It was a lot harder to make that video than it was to make this one. My first video I was having trouble with speaking without making a mistake or pausing for too long. This time I had a basic plan of what I wanted to say and the order to say it in and it made it a lot easier for me to say what I wanted.

Link to pitch: https://www.youtube.com/watch?v=6DABOrSmd3g

Secret Sauce

Secret Sauce

Viewer Discretion is Advised!

My Reflection

1.      I think I am different from others because I have a very relaxed and calm personality.

2.      I have experiences from all over the US and some from the Caribbean increasing my cultural awareness.

3.      I have learned strong time management skills from working in the pharmacy.

4.      I have also learned how to be very accurate and precise with my work. Any mistake in the pharmacy can harm someone.

5.      I have played sports and worked for years making me a strong team player.

 Interviews

·        My cousin Chris (Chris mentioned my helpfulness. He also talked about my dedication and focus.)

·        My best friend Alex (Alex said I have analytical skills and general knowledge. He also mentioned how I can do things quickly which supports my time management assessment.)

·        My best friend Levi (Levi told me that I am a realistic thinker. He said that I have good personal relationships.)

·        My friend Callie (Callie also said that I have a strong general knowledge. She mentioned I am good at video games.)

·        My cousin Julian (Julian said I am a fast learner. He also said I am a good problem solver.)

Reflection

               My interviews described me as a problem solver and someone possessing a very analytical mind. They said that my emotions were very concealed and that I did not easily get bother by smaller things. I think that this reflects my relaxed and calm personality. They mentioned that I am very methodical with the way I plan and do things. I didn’t mention being a quick learner, but my cousin Julian mentioned that I am. Levi mentioned that I am good with personal relationships with adds to my comment on being a team player. Chris mentioned that I have strong focus and determination when I set objectives which ties in with my time management skills in the pharmacy and accuracy. I think that I assessed myself in a work situation and my friends did in a normal one. I agree with all the things that they said in general. To make corrections to my list, I would think about myself in a normal setting and not my personality when I am at work.

https://soundcloud.com/matthew-shim-239486942/levi-interview

https://soundcloud.com/matthew-shim-239486942/julian-interview

https://soundcloud.com/matthew-shim-239486942/chris-interview

https://soundcloud.com/matthew-shim-239486942/callie-interview

https://soundcloud.com/matthew-shim-239486942/alex-interview

Figuring Out Buyer Behavior #2

Figuring Out Buyer Behavior #2

Interviews

·        Hunter

·        Grant

·        Olivia

Alternative Solution

               I started my interviews with Hunter. He said that when he is looking for a solution, the thing that has the best quality and best price are the deciding factors. He said that he would pay more if it was going to mean higher quality. Style did not matter to Hunter if it solved his problem and wasn’t too complex. Hunter did have more than one factor that influenced his decision. Quality and price are the combined factors that influence his decision.

Grant was different from Hunter because he valued quality. He said he would not mind paying a premium if it meant the best quality. Style is a smaller influence on him because he is already planning on spending more money so he trusts that the style will be a good one.

Olivia’s responses were like Hunter’s. She looks for the solution that offers the best quality at the best price. She said that she does consider style in her decision because she doesn’t want to get something that is awkward or unordinary.

How and where they buy

               Olivia said that she likes to do her shopping at the store first. She explained that it makes the decision easier because she can physically see what she is getting. She said she will shop online if she can’t find what she is looking for in a local store. Olivia also said that she likes to use cash to pay because long term finances are difficult for her to keep up with. She said that she makes her purchase decision by herself based on how money she has allocated.

Hunter said that shopping online is his method because of the variety he can find. He said that it is easier for him to search for something online than to look for it in the store. Hunter said that he usually tries to pay cash but if it is something very expensive, he will finance if he doesn’t pay too much interest.

Grant said that he looks online because it is easier for him to see reviews on the things he buys. He said that reading the reviews helps him to determine the level of quality he is seeking. He said that it is easier to see more similar options online than to have to look around in a store and judge something on his initial opinion.

Post-purchase evaluation

               Olivia’s evaluation of what she bought comes down to how well the quality held up. She said that if something broke or caused problems after the purchase she would not buy it again. Grant said that the quality had to be a long lasting one too. If it started to deteriorate within a month of the purchase or lose value than he would be upset with the amount of money he spent. Hunter said that if he financed something and it started to deteriorate before he finished paying it off than it was a bad decision. He said if it lasted longer than the financing period and the typical warranty period, than it was a good decision.

Interview Summary

               Everyone was affected by more than one factor when deciding. They differed by the extent to which each factor mattered. A combination of best quality and price were the most favorable option. I agree with the choice because it is the same way I make most of my decisions. I think Hunter is right about the solution needing to last for a certain period under a guarantee. This will make a stronger focus on quality, but it will be worth it if it keeps people from regretting their purchase.

Conclusion

               Based on this segment, I would design my product to be one that is a fair price and the best quality I can get for that price. I would like to avoid making people finance anything so it would have to be a lower price than what a premium would charge. I would try to do more research on exactly what price range would be acceptable for my target market. I would also make my service online so that it will be easily accessible and much easier to see the other alternatives that I may be offering.

Tenacity & Paying It Forward

Tenacity & Paying It Forward

1. Behaviors that constitute success: Planning is huge in this course. Every week there are blogs that must be posted and a cupcake quiz that is not available until a certain time. Planning is key to make sure you have stayed caught up on lectures and blogs. Watching about 3 hours of lecture and taking the cupcake in one sitting will not be beneficial because it will be harder to focus on what is being said rather than thinking about answers. Trying is huge in this class. There may be things that may make you uncomfortable such as interviewing strangers, but you will learn if you try. All my interviews have led me to information that I had not thought about originally. Professor Pryor encourages us all to try and supports us when we fail. Learning from our mistakes will make us better next time. I have survived this far because I dedicate certain times and days to focus on this class. Despite being a full-time student, I still make sure to give myself at least a day to work on each assignment. Viewing assignments before you intend to start working on them helps to form ideas about what you will write.
2. Attitude: I felt like giving up when I was a victim of a car accident on 9/26. It was very early in the semester and I lost my car. Many say that I am lucky to be alive, but I am more concerned with how I am going to proceed from here. I am still giving all my effort and more now because of this. My professor was understanding of the situation and is still supporting me through this difficult time. The fact that I am still alive pushes me to endure and persist with my schoolwork and job.
3. Tips: Planning will make it easier to manage the workload that awaits you. View assignments ahead of time to give yourself some time to plan and brainstorm ideas. Try to do each assignment, they will sometimes push you out of your comfort zone, but it will be beneficial when you are forced to do something like this outside of school.

Reading Reflection

The Wright Brothers

David McCullough

1. I was most surprised by how modest the brothers were. The fact that they could create something so advanced at their time still amazes me. Their father even was mentioned for how proud he was of his sons. They expressed modesty and were known to be true gentlemen. Wilbur is the person I admire most. I like the way he was described as quiet and reserved yet hiding a brilliant mind. I can relate to someone who is very reserved and focused on their own world. The thing that I least admired was their lack of effort in making a relationship. I can respect that they may have been too busy to settle down, but I feel like they may have missed out on a big part of life. Wilbur encountered serious adversity growing up. With the burden of his own health problems, Wilbur had a sick mother. Wilbur's health deteriorated causing serious pain and leading him to depression. Despite this, Wilbur managed to care for himself and his mother as long as he could.

2. Wilbur's competencies included responsibility. Wilbur was known for his devotion to caring for his mom despite his own health problems. It was noted that he may have extended her life by two years because of his care. Another competency demonstrated is teamwork. The brothers stayed very close and developed their ideas together. Despite arguments and disagreements, the brothers developed a historical invention together.

3. The most confusing part of the reading for me was understanding who was being talked about. Sometimes it would seem like they were talking about Orville, but they were actually talking about Wilbur through Orville's perception. It would be like that or they would talk about someone through someone else's perception which got a little confusing.

4.If they could fly anywhere on Earth would they prefer to fly in Ohio or somewhere else? I would ask this because they were so proud of their location growing up. There are so many more beautiful places to explore.

Would they attribute their innovation to boredom or a desire to be something? I would ask this because their ideas seemed pure without an incentive to make a ton of money. They seemed to have formed their ideas from their own perceptions of the world and their own journey for a thrill.

5. I think their opinion of hard work was basically just a way of life for them. They knew that they were devoted to something but didn't seem to want it any other way. I respect their passion and dedication, but I don't see myself to have a strong dedication like they did. In the future, I hope to feel as passionate about something as they did and all the hard work that I put in will not be anything more than a day in the life.

Figuring Out Buyer Behavior

Segment: The Cryptocurrency users

Awareness: My first interview was with Nick. He explained that he is most aware of this problem when he is ready to cash his currency or convert it. He also explained that this is when the value of the currency is higher than it usually is. My second interview was with Chris. He explained that he also watches the fluctuating values of the currency and looks for an opportune time to cash out. He said that the problem exists when he needs to convert the currency to cash. If he doesn't need to make a transaction, then he isn't worried about how to go about making a transfer. Julian was my final interview and he explained that this problem arises not only when the value is high, but also when he needs money to buy something. He said that he had so much invested in cryptocurrency at one point that he had to depend on making these transfers to pay various bills.

Information Search: Nick explained that his primary information search would be on Google. Using search terms like "How to cash or covert Bitcoin?" Chris said that he would also use Google and even Reddit to find answers. Chris said that he also used Reddit to find out more general information about Bitcoin. Julian has used all of the above searches but has personal experience dealing with these transactions.

Summary/Conclusion: My interviews pointed out that these transactions may spike when the value of the currency reaches a high. I also found out that there might be a higher demand for these transactions in our present time because of illegal activity not being formally traced as it is now required by law. Since criminals know that there is no existing system, they may be more inclined to do as many transactions as they can before the system is developed. On the legal side, users feel hesitant to make any transactions for fear of losing their personal information or being hacked. This segment of users searches for information on the internet. They will ask family and friends, but only if they have experience firsthand.

Idea Napkin

1. About me: I am Matthew Shim. I am the co-founder of the anti-money laundering information transfer system. I am working closely with a software developer to create this information system and then sell it to cryptocurrency firms and banking institutions. The main skills I will apply will include system development and communication. I plan to start in South Florida and expand throughout Florida. Specifically targeting crypto exchange and banking institutions in Miami first. This business idea will be a starting point for many more innovations and systems my firm will develop.

2. Service Offered: My organization will provide customers with a secure and efficient information transfer system. This information system will allow individuals to transfer cryptocurrencies to their respective banking institutions safely in compliance with the anti-money laundering laws. This system will be in place to prevent illegal transactions that were resulting from criminal endeavors. This will create a structured platform that will work across different institutions and prevent criminals from trying to legitimize funds earned unlawfully. This will also provide an incentive for cryptocurrency users to use their respective cryptocurrency exchanges with our information system.

3. Service Offered to: Our services will be offered to banking institutions and cryptocurrency firms and exchanges. We intend to focus on development in South Florida before we expand our services throughout Florida. 55 cryptocurrency institutions in Miami, FL will become our target segment for our initial development. Despite the scarred reputation of Bitcoin in Miami, our organization seeks to bring a clean service to introduce to the market.

4. Why do they care? These organizations care because this information system does not exist yet. The new anti-money laundering law suggests that a change must occur for practices to remain in the boundaries of the law. There is personal information that now must be tied to each transaction and interpreted by both sides of the transaction. With differences in technology, our system will connect them and allow transactions to be made within the confines of the law. These organizations will have to create their own information system, search for others, or use ours.

5. What sets us apart? My organization has already developed a plan and a prototype system that we are still testing and developing. With the help of my software developer, we have already begun developing a system that will use fingerprints and unique ids that are already being created by the servers' encryption language. We are still in the process of stringing the hashes to match both institutions' generated ids.

Summary: I believe that this information system will provide us with a competitive advantage. My software developer explained that each identity had to be generated for each user. This is what led us to design our information system using the unique ids that are already generated from the transactions. This may sound very complex and that is because it is. I would not be able to design this information system without the help of my software developer. Our weakness is coming from the challenge we are facing that arises from the complexity in decryption and hash comparison among the institutions.