Venture Concept No. 1

Opportunity

The opportunity presented is the opportunity to help young car owners to be better able to know when to have maintenance done on their cars. This opportunity comes from the fact that most new car owners don't know what type of service needs to be regularly done or when. This need is currently being satisfied by relying on maintenance shops to remind them of when to schedule regular service and to read engine codes from check engine lights. This is a huge opportunity within the United States, and will be available for as long as it takes someone else to realize it exists.

Innovation

The innovation needed to take advantage of this opportunity would have to be able to read engine codes through a wireless transmitter, similar to Progressive's used for reading mileage. This would have to be attached to a database of car models and years, in order to determine the problem. Both of these would also have to be connected to a scheduling application for the user's local maintenance shops, including ratings and prices.

Venture Concept

This innovation would be a mobile application that uses a wireless transmitter to read a car's engine codes, notifying the user what problems are occurring within the car. This app would include a full database of vehicles and workshops that a user could take a car in for maintenance work, as well as a scheduling function for the user's local maintenance shops. The target audience would be willing to use this because of the convenience it would provide for car servicing, with no obvious competition. Business location would play a large part as far as which maintenance shops the user is directed to in the scheduling portion of the app, and employees would be needed in order to fix software bugs and add on new information to the databases of vehicles and shops. This would need at least 50 employees at start up, as it would begin locally and spread as the application gained traction. 

The Three Minor Elements

My most important resource would be deep knowledge of both the vehicle industry and the maintenance industry. Both of these combined allow for a better understanding of how the two work together in the modern world in terms of revenue and customer attraction.

The next step for the venture would be trying to expand to a section of the app dedicated to modified vehicles. This would allow for an even larger use of the pre-existing mechanics of the app, as well as drawing in a larger consumer base.

Whats next for me would be being able to see this company branch out globally within 5 years. This helps allow me to become more involved in the vehicle industry, and gain more footing in my own personal knowledge.

Week 11 Reading Reflection

Surprises

I was surprised by how much the author went into detail about his examples. I felt that it greatly improved my understanding of the material

Confusion

It was slightly confusing to read in general at first. Reading it over a few more times helped to clear this up.

Questions

I would like to know if the author has any innovation strategies that he has seen employed successfully multiple times. I'd like to see this simply to get a feel for what most people find works for them, and then see how it would be able to work for me.

Disagreements

I did not have any disagreements with the author of this reading.

Amazon Whisperer

Revenue Drivers

The current revenue drivers that would be a part of the business plan would mainly be hosting space for maintenance shops. This would give them the chance to reach the market using this app, and increase their own sales. The idea for this is to work similarly to ad spaces in hotel search sites, where a company would pay to be included in a websites directory.

Another revenue driver would be the wireless transmitter needed to function with the app. The purchase of this would be necessary in order to allow for most of the app functions to work.

What Should I be Offering Next?

I feel the next product I would want to be able to put out is an automatic car jack. This would improve the app because it would use the app as a kind of remote for the jack. The idea is that this would be used for more small repairs such as changing out a flat tire. It would have no switching costs, as it would simply be an add on to the app that they have already purchased. 

Similar Product

The most similar product to what I would like to create would be air-ride suspension kits for cars. What these kits do, is the replace the normal suspension of a vehicle with one that is fully adjustable with the use of pressurized air to change the ride height. Now customers who bought this product really liked how little time it took to install, how it functioned, etc. However, they did have issues with reading the instructions that came with the product for installation, as well as missing parts for the installation to certain vehicles.

What I'd Change

First of all, I would attach this system to a car jack as well as a small air compressor to allow it to function properly. I would also have to add a battery pack for electricity, and a way for it to be remote controlled by the app. I would also have to make the air housing (the actual suspension piece) larger in order to make it effective in raising the vehicle high enough to remove tires.

Again I feel this would be a great addition to the app as far as small fixes that don't require a maintenance shop. I'm not entirely sure if it would be too expensive of an addition or not simply because these products initially inconsistent. It would also make it easier to be able to lift a car off the ground than the traditional car jack.

My Unfair Advantage

My Resources

      1.) Background Automotive Knowledge

• A somewhat valuable resource, as most people don't know much about a vehicle past how to drive and what certain figures mean. However it is not too rare; many people can be found with the same knowledge on differing levels of understanding.
• Can be imitated if time and effort is put into learning specifics about the mechanics behind automobiles. The only way this resource could be substituted is through research each time a question appears, which is not very efficient in the first place.

     2.) Access to Certified Mechanics

• A very valuable resource. This allows access to insight into the automotive industry and the infrastructure behind maintenance companies. This is a little rare considering the fact that getting information out of a mechanic can be difficult unless prior relations exist.
• Would be difficult to imitate considering the amount of time necessary to create personal networks. Again this could be substituted through use of internet resource, but would not be efficient.

     3.) Access to UF Incubator Space

• An extremely valuable resource. This allows for business space and help with the initial start-up. Somewhat rare, as incubator spaces can be hard to find.
• Somewhat difficult to imitate with how uncommon these spaces are. These spaces could not be imitated very easily due to the amount of capital needed to create it. This also prevents substitutions from coming up.

     4.) Network of Programmers

• Very valuable resource to create an app. Difficult to find outside of an academic environment.
• Easy to imitate under the correct circumstances. Could only be substituted through learning how to program.

     5.) Personal Curiosity of the Automotive Industry

• Extremely valuable resource because of the amount of new information coming out every day. Would be difficult to find outside of the automotive community.
• Difficult to imitate due to the interest in the industry needed to keep up with the changes. Impossible to substitute.

     6.) Experience in the Customer Service Industry

• Highly valuable resource due to the fact that mechanic shops are, in a sense, customer service oriented. This would be easy to find, however, considering how many people have worked in food service and similar occupations.
• Very easy to imitate due to the high demand for customer service employees, but difficult to substitute due to the face that this experience is needed to understand the industry.

     7.) Studies in Business Management and Entrepreneurship

• Very valuable resource to have for understanding how to start a business. However, this is somewhat easy to find so long as a college education is obtained.
• Mildly easy to imitate in an academic setting and could be substituted through free online classes such as Khan academy, but would not be as effective.

     8.) Personal Perfectionism (When Needed)

• Valuable resource to make sure the best quality service is produced. Not quite easy to find as it has to be a personal belief.
• Again difficult to imitate as it has to be a personal dedication to perfection. Could be substituted through double checking policies and research, but would be very time consuming.

     9.) Personal Ability to Accept Change Easily

• Extremely valuable resource in a start-up. Not very easy to find, especially in those with little experience in dealing with major changes in how things are done.
• Easy to imitate if time is taken to adjust to frequent change, but impossible to substitute.

     10.) Experience in Creating Business Ideas

• Invaluable considering how necessary it is to understand how to create ideas and make them appealing. Very difficult to find considering the amount of businesses already existing.
• Difficult to imitate in the context of this experience being very hands-on and nearly impossible to find a substitute for.

Week 10 Reading Reflection

Surprises

I was surprised how much this section related to my past economics studies. I didn't expect the similarities to occur at first, but after going over the chapter its very similar to microeconomics.

Confusions

Reading over some of the example charts and diagrams was confusing at first. I feel like I'll be able to understand them more as I continue to encounter them, but my first time going over them it was just a page of numbers.

Questions for the Author

I'd like to know why there weren't more detailed descriptions for the tables, and why there wasn't as much of a focus on the math behind some of the concepts. I feel that both would have greatly helped my understanding of the material without having to go over it as much as I had to.

Disagreements with the Author

Again I'm not a huge fan on how the mathematics behind the concepts were brushed over so quickly. I feel like they end up being much more important in the grand scheme of owning a business than they appeared in this chapter.

Elevator Pitch 3

In reflection from the feedback I received from my previous elevator pitch, I noticed a lot of people telling me to change the camera angle and to not talk as much with my hands. Another person commented that my previous pitch also sounded more like I was brainstorming.

I took all this advice into account by making sure I wasn't in an environment that would distract the viewer from what I was saying, as well as trying to make sure I wasn't moving too much; granted I usually talk with my hands. I also tried to reword my pitch a little and adjust the tone in order to sound like a more firm idea.

Week 9 Reading Reflection

Surprises

I was surprised to see a section dedicated to what prevents people from conduction marketing research. The more surprising bit of this section, was the paragraph on how irrelevancy is one of the main inhibitors to market research.

Confusing

No segment of this weeks reading was really confusing.

Questions

How difficult is is to perform each part of successful market research?

• I'd really like to know if any parts of conducting market research are easier than others, and possibly how to overcome those difficulties

What are some of the biggest advancements in mobile marketing?

• This is mainly just curiosity. I'd like to also know the thought processes involved in creating new was to market to a mobile audience.

Gripes With the Author

I didn't have any disagreements with the author in this weeks reading.

Idea Napkin 2

What About Me

I am Cheyenne Maury; a UF Business Management student with an extreme passion in the automotive industry. I've always been interested in anything involving how a car works and is produced, and I've often been able to help people on the spot with car troubles.

What I'm Offering

I've come up with a mobile app for general vehicle maintenance. The app would have a bank of data on vehicles' maintenance schedules, current recalls, and forums on common problems other owners have experienced. An addition to this would be a wireless transmitter plugged into the cars' OBD (on-board diagnostics) port, which would be able to instantly read an engine code when a check engine light appears and allow a user to immediately know what;s wrong with the vehicle. Another possibility for the app is to be able to network with maintenance service providers such as Jiffy Lube or Discount Tire to be able to schedule appointments through the app, and be able to send a car's data to the service provider.

Who Would Use it and Why

This is mainly directed to anyone who owns a car that doesn't have a large amount of background knowledge on the car they own. It would be particularly useful for new car owners and those who don't have time to keep up on maintenance. This app would make the process of keeping a car in good running condition much easier, and make dealing with any problems much less of a headache than what most people are used to.

What Sets Me Apart

I have access to a small local company that creates mobile apps for Andriod and OSX operating systems that has already had great success. I also have a large amount of background knowledge on many vehicles, and personally know a handful of certified mechanics in the area.


I really think that these ability will be able to come together as a business with some dedication. Developing the app iteslf will be the hardest part, along with getting cooperation from maintenance companies. Finding the information to put into the apps data bank will be relatively easy, and my own personal experience in the UF Business school will allow me to network with others to coach me in managing a business.

Feedback Memo

-  This idea would be more appealing to younger generations of car owners

-  Would be able to be backed by many maintenance companies

-  This may already be in place in newer car models

-  Easily targets those uninformed on cars

-  Would be difficult to advertise to older audiences (over 40)