Week 10 Reading Reflection

1.) The biggest surprise in this weeks reading was the amount of finances that actually goes in to the business planning of a company. I knew accounting was an important part of a running business, but I had no idea just how important it was for a start up.
2.) One thing that was th most confusing for me was the Internal Rate of Return method. It didn't make sense to me even after trying to do the method myself. It seems like a very complicated method and one that I would steer clear of if I ever needed to use something similar.
3.) The one question I would ask is would the author suggest that these internal type financial sheets could be outsourced for faster turn around for an entrepreneur who doesn't have time to sit down and figure this out on his own? Another question is does the author think that before an entrepreneur were to consider a new business this financial stuff needs to be figured out first?
4.) I thought the author was very thorough in this chapter and can't argue with any of these methods.

Growing My Social Capital

1.)   Domain Expert

A.)  Who they are:  Carlos Richer is a Diaper Industry Consultant with over 32 years experience in the diaper industry. He is an expert in design, manufacturing, and patents for new diaper projects.

B.)  He is filling slot 1 Domain expert because he is very familiar with this industry and is a technical expert.

C.)   I found him through some research online and connected with him through Linkedin where he very publicly displays his expertise.

D.)  I asked him for advice on what he thinks the best way of going about a start up like the LUV Fit Kit would be. He told me that there are a number of different ways to do this, but the most important thing is to start on my business plan in order to display true will and commitment to this product.

E.)   Mr. Richer has contacts with many suppliers and distributors, plus hes been a consultant in this industry for many decades. I believe he would be able to help me connect with people who are just right for what my product would hope to become.

2.)   Market Expert

A.)  Who they are: Yoav Nir is a diaper industry market guru. He has been involved in the industry for over 25 years and is truly committed to the development and marketing of disposable diapers.

B.)  He is filing slot 2 Market expert. I think he fits this slot because he is specifically someone who helps start ups in the disposable diaper industry by doing consumer research, making marketing decisions, and helping make sure a start up is profitable in the end.

C.)   I found Mr. Nir through my initial contact with Mr. Richer (above). Mr. Nir works with Mr. Richer on new products in order to determine their success in the business. They are not partners, but rather industry experts who use each other to help others.

D.)  I actually called Mr. Nir after getting his direct number from his website. His assistant answered and was able to put me right through. I asked Mr. Nir what his thoughts were on my idea and he said it was very unique and that it could work. His only drawback for my idea was the difficulty of getting approval from largest companies without offering something huge in return.

E.)   I think Mr. Nir could be huge in the developing phase of my product. He has the skill necessary in order to truly be able to enter the market. He knows what to do and what not to do and he is capable of reaching out to people in the industry for extra guidance.

3.)   Important Supplier

A.)  Jake Cleaver is a diaper selling agent who has been involved with his selling agency for over 10 years. He basically finds ways to get products on the shelfs and in to the hands of consumers.

B.)  He is filling slot 3 as a supplier since he sells in the diaper industry. He more middle mans the sells but he is an important person in the dynamics of supplying diapers to consumers.

C.)   I contacted Jake Cleaver through a lot of research online. I was able to come across his company and make direct email contact with Mr. Cleaver.

D.)  I emailed Mr. Cleaver asking what his expertise actually was and whether or not he would be someone I could have contact with if I ever decided to take the small company idea off. He responded that him and his agents do exactly what I need as far as getting our supply on the shelves and that his service is highly beneficial to start-ups.

E.)   This person seems like an expert in the supply cycle and will most likely come into play when the product is complete and ready to be put on shelves.

Reflection: I found this experience was really great for getting involved with some of the industry experts. I think having these contacts could really benefit me if I were to really want to start my own company in the diaper industry. 

Elevator Pitch No. 3

1.)

2.) Reflection on prior feedback:
The only feedback I received was about how I should describe more how my LUV Fit Kit would be better than or more advantageous than competitors. I do think I could describe the benefits of the fit kit over buying single brand boxes, however as far as I know there is no competition that offers the same style of diaper boxes that I would.

3) Based on prior reflection what did I change: I decided to focus a little more on what sets us apart from other diaper companies.