Assignment 22A - Elevator Pitch No. 3

Assignment 22A - Elevator Pitch No. 3

The main feedback I got from my previous elevator pitch was to talk a little slower, and I hope I accomplished that because the time of this pitch was a few seconds longer than my previous one.

Assignment 21A - Reading Reflection No.2

Assignment 21A – Reading Reflection No.2

The book I read was The Art of Social Media: Power Tips for Power Users by Guy Kawasaki and Peg Fitzpatrick

·       What was the general theme or argument of the book?

o   The general theme of the book was how to use and take advantage of certain aspects and services of various social media platforms to grow our social media presence effectively. The book also gave tips on what to do with different services that certain social media platforms have in order to make the most of that one platform while creating a social media presence.

·       How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

o   In class, I learned that networking a huge part of entrepreneurship and getting from point A to point B within a plan, and building a social media presence effectively and knowing where to look for certain people you need to build connections with is a great skill and asset to have for networking. Being able to build a presence in social media also puts forth an image of yourself on the internet that can help attract followers and people that you may want to network with. In addition, not only does it help with networking, it also spreads what your social media presence is about to other people’s followers, whether it be your own product or service, or simply what your into as well as your values.

·       If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

o   I would have students pick one social media platform that they don’t use all that often and use the book’s tips and tricks in order to gain followers. They would have a week to gain as many views and followers as they can.

o   Designing an exercise based on this book is tricky since it’s solely about social media, and it’s really hard to track progress on a social media account, let alone really get anywhere within one or two weeks.

o   As an alternative to working on their own social media accounts, I would instead have students research a social media platform and its trends and write up a plan that includes the small details of what they would do in order to get their social media account going when it launches, such as how many tweets they’d make a day, which trends they would follow, what kind of pictures they would take, what hashtags to use, etc.

·       What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

o   I didn’t really have any big “aha” moments in this book. If there was one, it would be just how many tweets, Facebook posts, Instagram pictures, etc. I would have to do in just one day in order to get really good results in terms of the number of views and followers. As a person who doesn’t post a lot at all on my social media accounts, this was the biggest “aha” moment I had while reading this book. Other than that, a lot of the information I read was super helpful and some of it seemed like common sense to me. If I were to do a book launch, then I would definitely follow the tips and advice that I’ve read in this book to make all my social media platforms perform well and use them the best I can.

Assignment 19A - Idea Napkin No. 2

Assignment 19A – Idea Napkin No. 2

·       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?

o   My name is Kaitlyn Legaspi. I am an avid writer who is observant of the world and the people around me, and I am also a good listener. After talking to five people who were close to me and examining myself further, I learned that I am a person with a strong will and perseverance, and I am also easily to get along with after getting past my shy barrier. I am also someone who is empathic and tries to put myself in other people’s shoes in order to try and understand their feelings and where their thoughts and ideas come from.

o   If I were to start this business, it would definitely take up a lot of time and effort in my life. Personal finances is something that everyone has to deal with and experience inevitably, and having the skills, even a source to learn the skills, to handle them properly can be hard for people depending on a lot of things, such as their income level, education, etc.

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

o   I didn’t change this part. I am offering an app, that helps keep track of finances and gives tips and advice on how to budget money. This product is mainly for individuals who have trouble budgeting their money and also want a simple way of how to manage their money more efficiently. The app doesn’t only keep track of finances and shows where a person’s money is going (groceries, leisure, etc.), but it also gives daily tips on how a person can save money while also being able to pay for the daily to yearly things they pay for. The app is a means to keep track of money and a way people can learn personal finance skills.

o   I didn’t receive any feedback from Idea Napkin No. 1, but after thinking about it and doing other assignments, I did learn that the app has to be user-friendly so that people who aren’t as tech-savvy are able to easily use it and not get confused navigating the app, and it has to be physically appealing both in layout and in design so users won’t get confused where certain things are and to also be aesthetically pleasing.

·       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?

o   This part has changed in regards to how much detail it has. I am offering it to one, large general group with different subsets within it

§  The first subset that I am offering it to are high school and college students who have jobs, so generally between the ages of 16 and 22. These students are looking for a means to track their money and get easy tips on how to manage and save it. I specifically say students who have jobs because they are more likely to want to learn more about personal finances than students who don’t have jobs, who don’t have the sense of urgency to learn how to handle their money.

§  The second subset I am offering it to is general. This consists of people who have already graduated from college and are part of the workforce, so people typically older than 22. This includes people who are single, in a relationship, and parents who have one or more kids.

·       Within this general subset, I’d be targeting parents more than the other groups because they have more things to keep track of monetarily than people who don’t have kids. Unlike people who don’t have kids, parents have to save and keep track of finances for schooling, clubs their kids might be a part of, and saving for college tuition among other things.

o   If there is one thing my customers all have in common other than the need to keep track of their finances and learn the skills to do so, it would be that they have a phone or access to the internet on a computer since my product does have a website equivalent to the app.

·       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.

o   I believe that individuals care because financial literacy and feeling financially stable is a big issue in the U.S. since most schools in America do not offer personal finance classes or home economics class where personal finance skills are taught. There are some schools that do have a personal finance class, but they fall short on effectively teaching students the skills needed since most teachers say they don’t feel qualified to teach them these skills. A good majority of the workforce do not feel financially stable regardless of whether they live above or below the poverty line and whether or not they live paycheck to paycheck. This is true for people who have graduated from college and have a job and especially true for people who have kids. In addition to grocery and leisure expenses, both groups have to keep track of loans, paying rent or house payments and car payments. In the case of parents, they have to save money for their kids to go to school and participate in clubs if they want to. These groups are more likely to feel financially unstable, and they are more likely to want an efficient way of keeping track of finances.

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

o   There are many competitors in financial tracking, such as Mint, Wally, and Acorns, all of which are good apps to keep track of finances and save. However, they do not give tips on how to better budget money and save for the long term. They are apps who keep track of money and save in the smallest of ways, but they aren’t a full, well-rounded substitute for personal finance skills that a person can be taught. While my app isn’t a full substitute for taught personal finance skills, it does offer more than these apps do by actively providing tips for budgeting and saving, something those apps don’t have.

o   Based on previous assignments, something that sets me apart from everyone else is my perseverance, which means that I will be determined to make sure the app is running well and provides the best tips and all the services I have said it would have. In addition, there is my empathy, which means that I will be able to tailor the app to those who need it because I’m able to put myself in their shoes and be able to relate to their worries and what they want to find in a finance app.

·       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.

o   I believe that these elements work well together, but the main part that I think is weaker than the rest if my lack of connections for developing the app and people who can help with marketing the product. I may meet these connections in the future, but right now there isn’t anything that sets me apart from everyone else. In addition, there are many finance apps out there, so making my own stand out would be a big challenge. Other than these weaknesses, I do believe my target audience is appropriate.

·       Feedback Memo:

o   In this assignment, I included the strengths that the five interviews brought up, more specifically my perseverance and empathy.

o   I slightly changed who I am offering it to in order to include parents in the main target audience along with high school and college students since they also have a lot to worry about financially when keeping kids in mind.

o   I added aspects of the product that I realized would take a lot of connections and a lot of work to develop, which are the functionality of the app and its design so it can appeal to a wider range of people.

Assignment 18A - Create a Customer Avatar

Assignment 18A – Create a Customer Avatar

            My product is sold to individuals, and my customer avatar’s name is Lea Seacotte, nineteen years old and a freshman attending college in a different city than where she grew up, but still in the same state. She has two younger siblings, one in high school and the other in middle school, and her tuition and some of her living expenses are covered by scholarships. Lea has been looking forward to seeing what it’s like to live on her own without her parents around and to be independent, and she’s adjusting to the new college life nicely, gradually making new friends and exploring campus whenever she has the chance. At heart, she is a hard-working student and has lived a life fully focused on her studies, so she’s eager to change that and work on some things that aren’t academically related.

            Lea is careful about spending money, whether its buying groceries or treating herself once in a while to her favorite bakery or boba tea place in town, since she knows her parents are also working hard to save up for her two siblings to go to college. She’s careful to stay within the monthly budget her parents put into her checking account, and even spends a lot less than what she is given, knowing that the money leftover will go into savings for her two siblings. Though she’s a frugal person and good at saving money, sometimes she forgets to record the price of something she’s bought, an occasional act that worried her more than she thinks is necessary. She’s also worried about when she gets her first part-time job and how she’ll be able to keep track of her money then, since she is forgetful to record when she buys something and where she puts the money she does earn.

            Lea drives a navy blue 2003 Honda Pilot, and it used to be her dad’s car. She doesn’t drive often since she lives off campus and takes the bus to school. She only drives when she has to buy groceries for herself and goes to hang out with friends, which she doesn’t do too often since she’s super focused on her studies. Her favorite food is anything sweet, and she loves going to the boba tea place close to campus after exam period to treat herself. She loves watching new videos her favorite Youtubers have uploaded, and she’s more of an anime and cartoon watcher. Lea also loves singing and writing, both of which are her favorite past times in addition to reading whatever books she has on hand. 

What do I have in common with her? Like Lea, I was excited to see what it was like to live away from my parents and be more independent, and also like Lea I adjusted to my new lifestyle pretty quickly. Also like Lea, I’m very devoted to my studies, but also want to explore new things that aren’t academically related. I’m also frugal like she is, and I share her love for sweets.

I don’t think what I have in common with her is a coincidence. There are a lot of college students out there who aren’t as lucky as Lea and have their tuition covered by scholarships. They have to work to earn the money to pay for that and more college expenses, and naturally, they worry about the money they make and how to keep track of it all so they’ll be able to pay everything off when the time comes. I could have chosen an older customer avatar, but I think true worries about finances start during college at the latest, since students are never eager to graduate with student debt.

Assignment 17A - Elevator Pitch

Assignment 17A - Elevator Pitch

Since I didn't do the first elevator pitch assignment, I didn't receive any kind of feedback.

Assignment 16A - What's Your Secret Sauce?

Assignment 16A – What’s Your Secret Sauce?

Five ways in which I think I have Human Capital:

1.     Passion – I have a lot of passion for the things I do and love to do, so I strive to become better in what they are, and I have a lot of determination towards them as well.

2.     Creativity – I consider myself to be more on the artistic side, having been involved in a lot of music-related things. I’ve also written a few novel-length manuscripts that I believe wouldn’t have been possible for me unless I was creative and had a big imagination.

3.     Discipline – This relates to my strict work ethic and daily habits. I follow the “work first play later” mantra, and I like to keep being productive.

4.     Compassionate – I feel for others who are going through hard times and try to put myself in their shoes to try and understand where they come from.

5.     Autonomy – Though this is a double-edged sword, I do like doing things at my own pace and in my own way, so I’d like to think of myself as independent in terms of the way I do things. I don’t rely on many people for help.

Interviews:

1.     With my friend Jazmyn: In this interview, she touched on how I’m a person with a good work ethic and someone with a strong perseverance. To her I’m someone who didn’t give up so easily, even in times when I’m discouraged. In addition, she also said that I stay true to myself and that I don’t try to be like other people for the sake of fitting into a group.

Jazmyn

2.     With my boyfriend Riley: In this interview, Riley talked about my talents and creativity as well as how well-versed I am academically. Like Jazmyn, he talked about how I’m never willing to give up and that I always find a way to go through tough times. He also touched on my weakness on finding it difficult to open up to people, but he said that I stay true to myself.

Riley

3.     With my friend Alex: Just like my previous two interviewees, Alex talked about my perseverance and how giving up is never an option for me. Like Riley, he talked about my musical talents and creativity when it came to writing, and like Jazmyn he also talked about how I was someone who showed their true colors from first meeting. 

Alex

4.     With my sister Kayla: My sister touched on my passions first, unlike my previous three interviews, and how my passion for writing was particularly significant. She did point out my weakness of my lack of “street smarts” but did say that it brings out my creative side. She also pointed out traits of mine that were double-edged swords, such as my stubbornness and perfectionistic tendencies.

Kayla

5.     With my dad: My dad also spoke about my perseverance and was the fourth person to do so. He also brought up a lot of my weaknesses, which I very much appreciated. He also talked about how I set goals and did my best to try and reach them, which he thought was something that not a lot of people follow through on. 

Pa

Reflection: 
I think our view of myself was pretty similar. However, I didn’t expect four people to talk about perseverance and how, for me, giving up is never really an option. It’s a strength I didn’t ever consider, and for almost all of my interviews to at least mention it, it must be a big strength of mine. My sister and my dad did point out weaknesses of mine, which I really appreciated.  

I think their descriptions of me were really accurate, especially when I put them all together since my friends know one side of me while my family knows another. I guess the only correction I would make to my list would be my perseverance.

Assignment 15A - Figuring Out Buyer Behavior No. 2

Assignment 15A – Figuring Out Buyer Behavior No. 2

Report findings and Draw Conclusions:

            In all of my interviews, I learned that price is a very important aspects in terms of deciding whether or not they should buy something, since being a college student usually means being on a strict budget and trying to spend as little as possible. However, all three people I interviewed also addressed another aspect of the product that they considered important and a critical factor in making the decision to purchase it or not.

            In my first interview, my interviewee said that if there was a deciding factor in whether or not she were to make a purchase to get an app, price was a big thing, since most of the apps she gets on her phone are free. Another thing she considers when wanting to get an app is whether or not the icon is appealing to her. If she finds the icon eye-catching, she will then tap on it to see the features of the app, which includes the screenshots of what the app looks like when in use. If the features are what she needs and the layout of the app looks like its easy to use, she will make a purchase. So, in her case design plays a very important part in making a purchase of an app on her smartphone.

            In my second interview, the interviewee focused more on how she would determine whether or not her purchase was a good one. In terms of apps, he would pay attention to whether or not the app glitches, if getting to certain features and using it can be confusing and difficult, and if the features that were mentioned in the summary were as helpful as he thought they would be. For him, the app being user-friendly and the features being as helpful as was advertised are what determine whether or not the app was a good purchase.

            In my third interview, my interviewee said she usually goes to the user reviews on the app’s info page to determine whether or not she should actually make the purchase. Before that, she chooses the app whose icon is most eye-catching to her and also scrolls through the provided screenshots of the app being in use to see if the app looks as good as the icon does. For her, quality plays a big part in making a purchase as well as design.

            Overall, this segment taught me that when it comes to purchasing an app, the app design and quality are critical in addition to the price. All of my interviewees have said that if it were cheap, they would attend a class or go to a professional to teach them or help manage their finances, but using an app is the most convenient thing for them since they all have smartphones that they keep on their persons throughout the day. In addition to app design, I should also consult someone about making it user-friendly so that the app is easy to use for people who aren’t used to navigating themselves through different features of an app.