11A- Idea Napkin No. 1
1. I'm an Economics major at the University of Florida. I find interest in sports, the stock market, and politics. Some of my skills include being very analytical and having the ability to manage a group of people. I've had experience working in customer service and sales. I aspire to be successful in business and build different forms of passive income. My business concept will play a role in my life by pushing me to try to find potential investors that I could then learn from in order to reach my full potential in my future business endeavors.
2. My product is a cheaper self-scanner that can be used at every register. Customers at the store will be able to scan their items every time, eliminating the job of the cashier. This will help to decrease wait times at the store especially in the hours when companies aren't scheduling enough workers.
3. I'm offering my product to retailers who make it a priority to respond to consumers complaints about wait times. Also, to retailers who aren't concerned with creating a social culture between their workers and customers because with my product, the focus is on efficiency not on the experience of the customer. I will target American retailers at first and then try to expand internationally.
4. My customers care because their potential revenues and profits depend on it. Retailers would be saving money in the long run because by investing in the self-scanners, they cut off the cost of wages for the cashier position. Also, retailers know that if consumers are dissatisfied with the service they receive, consumers will begin to start shopping at other retailers. It makes sense financially and for the needs of the consumer so I believe retailers would be willing to pay for this product.
5. What sets me apart is that I've never been the smartest person in the room but I've been willing to outwork the person next to me every time. I also feel strongly for the customer that goes to the store late at night and has to wait a long line just because there aren't enough registers open. I believe in the benefit this could bring to the experience of the American customer at the store.
All these elements do fit together well. The product we are offering has been established for a specific type of retailer and I have analyzed why they would be willing to pay for it. One thing I could work on is coming up with specific features for my product. Right now I'm focused on getting the product cheaper and selling the idea of having these self-scanners at every register, but I don't have any real distinct features for the product.
2. My product is a cheaper self-scanner that can be used at every register. Customers at the store will be able to scan their items every time, eliminating the job of the cashier. This will help to decrease wait times at the store especially in the hours when companies aren't scheduling enough workers.
3. I'm offering my product to retailers who make it a priority to respond to consumers complaints about wait times. Also, to retailers who aren't concerned with creating a social culture between their workers and customers because with my product, the focus is on efficiency not on the experience of the customer. I will target American retailers at first and then try to expand internationally.
4. My customers care because their potential revenues and profits depend on it. Retailers would be saving money in the long run because by investing in the self-scanners, they cut off the cost of wages for the cashier position. Also, retailers know that if consumers are dissatisfied with the service they receive, consumers will begin to start shopping at other retailers. It makes sense financially and for the needs of the consumer so I believe retailers would be willing to pay for this product.
5. What sets me apart is that I've never been the smartest person in the room but I've been willing to outwork the person next to me every time. I also feel strongly for the customer that goes to the store late at night and has to wait a long line just because there aren't enough registers open. I believe in the benefit this could bring to the experience of the American customer at the store.
All these elements do fit together well. The product we are offering has been established for a specific type of retailer and I have analyzed why they would be willing to pay for it. One thing I could work on is coming up with specific features for my product. Right now I'm focused on getting the product cheaper and selling the idea of having these self-scanners at every register, but I don't have any real distinct features for the product.
Hi Felipe,
ReplyDeleteAfter reading your post, I feel that your strong work ethic will be a great asset into turning your product into a widespread success. One strong attribute of your product is that it appeals to both stores and their customers, which makes it valuable. Since there are already self-scanners at some stores, you would really need to identify what makes your product better than everyone else’s, but once this is done, it could greatly decrease costs for stores and increase convenience for customers.
Hi Felipe,
ReplyDeleteIt's great that you are passionate about this and acknowledge that you are willing to outwork others because that is a necessary trait in my opinion for entrepreneurs. I always like when store's have self checkout because it's typically much quicker than waiting in lines, so I think it's a nice idea, however I am unsure what is different about your product from the existing self scanners. Overall I think its an awesome start, but maybe try to focus on showing businesses how these scanners will be better than other ones.
Hi Felipe, great post! It seems like you are passionate about your topic and have a good understanding of how it would function. I think it's great that you brought up the focus on efficiency of this product. Sometimes older generations don't like the idea of taking out the human element from everyday activities. While I understand where these people are coming from, there is still a want for efficiency. I think it would depend on the customer base of business owners and their values. Overall great post and idea!
ReplyDeleteHi Felipe,
ReplyDeleteI can tell by reading your post how much you thought about your self-scanner product and how you will be able to implement it within different retail stores which I think is great because you are already seeing your product in major stores. If there is a way to separate your form of self scanner from the current self-scanners they have in stores now I feel as if will give your product much more of an edge because now people will see your true vision and how you believe your product will work.