16A - What's Your Secret Sauce?

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list.

• I am a passionate and driven individual with a very commanding natural leadership ability who is unstoppable when it comes to something that I care about. I pride myself in never taking no for an answer, always striving for the best and most effective solution, and attempting to view the world, problems, opportunities, and other people from multiple perspectives and with an open mind.

2) Interview the five people who know you the best. 

• https://soundcloud.com/oliviarose526
• Caro - Caro states that I am very driven and always striving for success. She compliments my leadership abilities, confidence, dependability, and kindheartedness.
• Jacquie - Jacquie speaks on my passion, drive, caring nature, communication skills, and approachable personality.
• Karina - Karina compliments my drive, sharp mind, ability to overcome obstacles, clear communication, ability to be diplomatic, ability to negotiate fairly, empathy, and overall leadership ability.
• Dad - My dad talks about my caring nature, ability to show love, and the way that I make people feel cared about and important.
• Ryan - Ryan commented on my rational decision making.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

• I now know that people see the drive in me that I see in myself. It was very nice to hear that those closest to me believe that I will be successful and that I always work for what I want and what I believe is right. Hearing certain compliments and attributes about yourself from others that you normally don't think or say is a very nice way to build confidence is other aspects of yourself and your capabilities. If I were to go back to question 1, I would perhaps include more about my interpersonal skills and non-professional personality; these aspects of myself are very important in who I am and who I am professionally, even if I didn't see that connection or importance at first.

15A - Figuring Out Buyer Behavior No. 2

Jacquie, 21 years old, bartender and server at Chili's. UF student.

• When purchasing hair products, how important is price in your purchase decision from 1-5? Explain. 
• 3. If the quality is very good and I know it works very well, I don't mind spending more money. But I love a good bargain! 
• How important is quality of ingredients in your purchase decision from 1-5? Explain. 
• 4. Some chemicals are unavoidable nowadays but I do like to purchase 'clean ingredient' products.
• How important is packaging in your purchase decision from 1-5? Explain. 
• 5. I prefer minimal packaging - less environmental impact. I like to buy recyclable bottles.
• Are you more likely to purchase haircare online or in person? Why?
• Probably in person, I like to smell it. 
• After purchasing and using a haircare product, what factor(s) are most important in your review of the product?
• Ingredients, how long it lasts, how it feels on my hair, and whether or not it prolongs the life of my last wash (or makes it worse).

Wilmarie, 22 years old, employee at a local pool and recent graduate from UF.

• When purchasing hair products, how important is price in your purchase decision from 1-5? Explain. 
• 5. I'm balling on a budget. 
• How important is quality of ingredients in your purchase decision from 1-5? Explain. 
• 5. I appreciate quality, affordable products.
• How important is packaging in your purchase decision from 1-5? Explain. 
• 3. Good packaging is cool but tbh I don't care that much.
• Are you more likely to purchase haircare online or in person? Why?
• Online after reading reviews. I don't like to buy a product unless I know it works on similar hair types.
• After purchasing and using a haircare product, what factor(s) are most important in your review of the product?
• Performance and damage reduction in my hair. Also if a product makes my hair easier to style or not. 

Carolina, 21 years old, UF Film student and bartender at Liquid Ginger in Gainesville

• When purchasing hair products, how important is price in your purchase decision from 1-5? Explain. 
• 3. I'm willing to spend more on a good product. If I find a good deal, I'll buy it but I'm not willing to dig to save money. 
• How important is quality of ingredients in your purchase decision from 1-5? Explain. 
• 2. I have very resilient hair. Type of ingredients doesn't matter much to me as long as my hair gets clean. 
• How important is packaging in your purchase decision from 1-5? Explain. 
• 1. I don't care at all.
• Are you more likely to purchase haircare online or in person? Why?
• Online, so I don't have to go out to the store, especially if there's fast shipping.
• After purchasing and using a haircare product, what factor(s) are most important in your review of the product?
• Smell. How long the product will last before I have to go out and buy more.

Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation? 

• It seems that people in this segment care about reviews of others, convenience of purchase, and product performance. These interviews also provided other more specific preferences to consider regarding packaging specifically. 

14A - Halfway Reflection

For this exercise, I'd like you reflect on the past two months. In your post for this exercise, pretend that you're talking to a student from next semester's course. What would you tell them? 

1. Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 
1. I keep all my course deadlines in my calendar with reminders for when I should start working on them! This helps me remember deadlines and also reminds me to start early and have enough time to do the assignment well.
2. Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?
1. Absolutely! When you start these assignments (especially at the last minute), it's easy to look at the instructions and be upset at what seems like a long and tedious assignment. However, that changes with your mindset. Once I began looking past the instructions at the true meaning and use of these assignments, they became much more enjoyable to complete. 
3. Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?
1. (1) Keep yourself on a good schedule and make sure you have ample time to complete the assignments. You wont be able to get the most out of them if you're just rushing through. (2) Start with a business concept that you really really care about. Take the time to think of something that you will want to build upon. The follow assignments expanding upon it will be fun if you are passionate about the concept. (3) Look beyond the instructions of the assignment to see why you are really doing these tasks. You're not just describing and dividing a market into segments, you're doing research, digging deeper, and asking questions to learn more about an industry that you're passionate about.

13A - Reading Reflection No. 1

In this exercise, I ask you to select one of the readings from the first half of the Official ENT 3003 Reading List. That list is available in our "Tools" page. You may pick one of any of the biographies/autobiographies on the list to read. Once you have read the book, I'd like you to do a few things:

1) You read about an entrepreneur: Coco Chanel: An Intimate Life by Lisa Cheney

• What surprised you the most?
• I did not know that Coco Chanel was such a revolutionary!
• What about the entrepreneur did you most admire?
• I loved her rebellious spirit and determination to make an impact.
• What about the entrepreneur did you least admire?
• There were sometimes when reading about her life that I felt Coco was making a statement or starting a controversy just to be talked about, rather than it being something she really cared about. 
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• Absolutely! Coco make many actions to ruffle feathers and encountered many people who didn't agree with or even like her. However, she always kept her head up and stayed true to herself and her decisions.

2) What competencies did you notice that the entrepreneur exhibited? She was always willing to go for it and never doubted herself. 

3) Identify at least one part of the reading that was confusing to you. Definitely the most confusing part of the book was when they went into the question of if Coco Chanel's lover was a spy for the Nazis.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why? (1) Were you always as confident as you appeared or sometimes were you actually scared inside with a confident face? (2) Where did you find your creative vision?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? I believe that Coco Chanel would say that the only way to get anywhere in life is to work hard and make a statement.

12A - Figuring Out Buyer Behavior No. 1

Pick a segment. Lower-income, 18-35 year old women with an interest in beauty/haircare.

Find three people who would fit that segment and arrange to interview them.

1. Sarah, 28, graduate student. 
1. How often do you use haircare products?
1. I'll wash my hair with shampoo and conditioner about every other day, I use leave in conditioner after every time I wash my hair, and I use a hair mask about once a week. 
2. How much do you currently spend on haircare?
1. I spend about $30 each on my shampoo and conditioner and around $25 on things like masks and oils individually. 
3. Where do you buy your haircare products?
1. I go to beauty specialty stores like Sephora or Ulta and also buy some stuff online.
4. How do you select your haircare products?
1. I like to read reviews online, get recommendations from friends, but mostly I care about getting the best products available in my price range, so I'll usually do some intense research. 
5. How often do you repurchase your haircare products?
1. Maybe every 2-3 months. 
6. Would you be willing to buy haircare online?
1. I would if it was for something I wanted and couldn't buy in store. I don't usually like paying a lot for shipping, so if it was free or cheap then I'd be more interested.
2. Jasmine, 34, barista. 
1. How often do you use haircare products?
1. About once a week I'll wash my hair. I don't use too many other things after shampoo and conditioner. Sometimes I'll splurge on a deep conditioner if my hair is feeling dry.
2. How much do you currently spend on haircare?
1. $8-10 on my conditioner and shampoo. If I buy any extra products I'll usually spend $12-14.
3. Where do you buy your haircare products?
1. Drugstore mostly but I'll only buy the nice drugstore products. 
4. How do you select your haircare products?
1. I'll usually just pick the nicest looking stuff the drugstore has. Sometimes I'll get recommendations from friends.
5. How often do you repurchase your haircare products?
1. Probably every 2 months.
6. Would you be willing to buy haircare online?
1. I would for sure to save a trip to the store if the shipping times were fast but I wouldn't be willing to pay much more. 
3. Grace, 19, student/nanny.
1. How often do you use haircare products?
1. I wash my hair everyday and use a hair oil. I also use a heat protectant cream when I curl or straighten my hair. 
2. How much do you currently spend on haircare?
1. My mom usually pays for my haircare, but I think its about $15 for my shampoo and $15 for my conditioner and then $20 for my hair oil. I'm not sure how much my heat protectant is but I assume $12-15.
3. Where do you buy your haircare products?
1. I buy some drugstore products but mostly I buy my products at Sephora.
4. How do you select your haircare products?
1. I do a lot of trial and error until I find something I like, I'll sometimes look at online reviews but not always.
5. How often do you repurchase your haircare products?
1. About every 3 months on shampoo/conditioner and around every 6 months on hair oil and heat protectant. 
6. Would you be willing to buy haircare online?
1. Sure! I actually prefer it over making a trip to the store. 

Report the findings of your research. All 3 people were willing to buy products online (what I view as our weakest element of the company) as long as shipping is fast and/or free. The 3 women rebuy their products on average every 3 months and spend an average of $15 on each of their products.

Draw conclusions. If we can offer fast and free/discounted shipping then I believe we can overcome the previous concern of having an online store be a negative. In fact, some women said that it would be a positive because they wouldn't have to go out to purchase their products!

11A - Idea Napkin No. 1

1) You. I am a rising 3rd year Management student with an entrepreneurial spirit and a passion for the beauty industry. Starting a company like this would be exactly what I would want to do after college. With skills in management and experience in start-ups specifically, I think that this dream could really take off. If I were to start this business, it would be my entire life; I would put my heart and soul into it and work every minute until it is a success.

2) What are you offering to customers? I am offering an affordable, high-quality haircare line for consumers who have a desire for high-quality haircare products but do not have the money to purchase the current options available.

3) Who are you offering it to? My demographic is all ages of consumers, but specifically saturated with women between around ages of 18 and 35, who have the need for high quality haircare products, can't currently afford the luxury options available, and favor quality over the convenience of drugstore brands.

4) Why do they care? Customers care because with this line (1) if they use drugstore haircare currently then they can purchase better, higher quality products for the same or less money than they pay now and (2) if they use luxury brands currently then they can get similar high-quality products for significantly less money.

5) What are your core competencies? We have a business model that has been extremely successful in other similar markets and has not been used yet in haircare. We are offering a product at a quality level and price level that has not been seen yet.

These elements absolutely fit together! There is a strong need and reason to care about this new company and opportunity for consumers. The weakest point of the business model is definitely the aspect of convenience; with such low margins and as a start-up, it would be very difficult to get into stores at the beginning, which would mean that the cult-following we would hope for would have to start online (which hasn't been a problem for Colourpop Cosmetics, Morphe, or Fourth Ray Beauty, but it is still a concern to address and make a plan of action to surpass!)

9A - Testing the Hypothesis, Part 2

In the last "Testing the Opportunity Hypothesis" exercise, you explored the limits of the "who," "what," and "why" of your opportunity. In this exercise, I'd like you to further refine your conceptualization of opportunity, especially focusing on setting the boundaries of your opportunity and determining areas that lie outside your boundary definition. 

1. 24 year old, female, waitress/student. 
1. Beauty enthusiast, should be interested in the product line, but prefers the convenience of drugstore brands over a higher-quality alternative offered elsewhere.
2. 19 year old, male, very passionate about haircare. 
1. Loves high-quality products, but doesn't trust that a lower cost product will be as effective as the high cost products he is willing to pay for now. 
3. 45 year old, female, mother and realtor. 
1. Very passionate about her haircare but isn't comfortable changing from her current products that work very well just to save some money. 
4. 30 year old, female, uses other high-quality affordable brands for makeup and skincare.
1. Doesn't care enough about haircare to be changing products. Keeps her hair short so she isn't worried much about damage and increasing the quality of her hair products. 
5. 21 year old, female, enjoys haircare and affordable, luxury brands. 
1. Has struggled a lot with finding products that work in the past. Doesn't want to change from her current products that are working well for her now. 

Inside the boundary	Outside the boundary
Beauty and self care enthusiasts	People who don't care what their hair products are or people who prefer to spend more.
Affordable, high quality hair products	Convenient, cheap hair products.
Because these products are not yet available in the market.	Some people want convenience more than quality of products, which would encourage them to purchase drugstore products.

8A - Solving the Problem

Opportunity - An unmet need for affordable, high-quality haircare products. 

Product/service - A product line of low cost haircare products made of high-quality, high-performance ingredients. This would be a line of 3-4 products including shampoo, conditioner, a hair oil, and probably a hair mask. Once the company is able to sustain its operations and manufacturing, then it could expand to more product types. These beginning products would be geared towards hair health (rather than styling hair products such as hairspray, mousse, etc).