Week 15 Reading Reflection

1.) I have to say out of all the articles in this class this one stood out the most. One of the things that surprised me the most was that there were actually loaners for the very poor. This never crossed my mind as something that could occur.]
2.) The thing that was confusing to me was how this company could stand to make such big profits. It wasn't explained in the text, and to me its a big deal.
3.) Question 1. How does a company like this make so much money? Question 2. If the poor can't pay their money back, what could a company do, it seems wrong to make their living situation any worse than it is even if they do owe money.
4.) There was nothing in the text that seemed incorrect and it was all quite fascinating.

Final Reflection

1.) this semester was filled with many highs and few lows. I remember the beginning of the semester and the excitement that came with having a hands on class. I also remember the dread of the video assignments and how pushing past fears helped renew my self confidence.

2.) 

The moments I remember the most are the interviews with people in the field. Having to play this role helped me really get into an entrepreneurial mindset. It felt like I was adulting harder than I ever have. It's definitely one of the most meaningful assignments.

3.) I definitely don't see myself has an entrepreneur. I can say that the experience in this class helped give me a glimpse of what entrepreneurial ship could be like.

4.) my biggest tip is to stay ahead of the assignments. Don't let these things pile up and overwhelm you. If you stay just one assignment ahead this class will be a breeze!

Elevator Pitch No. 4

1.)

2.) Reflection: This video included additional details about my pitch including ways that I can get more attention from customers and how I will get return customers.
3.) Unfortunately my last video didn't upload correctly and the commenters weren't able to leave sufficient feedback. I fixed this issue now.

Venture Concept No. 2

Venture Concept No. 1

Opportunity:

When new parents have to choose a diaper for their new babies the choice can be tricky. For a newborn you worry about skin sensitivities, sizing, and leaks. Most parents buy diapers based on popular brands like Pampers or Huggies, but soon they find out that these brand name diapers are full of chemicals that cause problem rashes, or they don’t offer enough overnight protection from leaks.

The problem here is that these diapers don’t come in sample size packs, and can be costly. The smallest pack these brand name companies offer are often times the least economical. Most of the time this new diaper won’t offer much difference or simply isn’t the change the new parent is looking for. So they continue on their hunt, wasting lots of money, and sometimes just dealing with the problem diaper in the end.

What happens when the baby switches to a new size diaper? As a parent, we hope that the diaper brand and style we’ve been using will suffice, but this usually isn’t the case. Babies go through many different stages, each one calling for different needs from the diaper. We know the newborn issues, but there’s also the three-month old who is finally sleeping through the night and needs a diapers that will keep them dry. Another huge change is the 8 months old baby who is starting to crawl and needs a diaper that isn’t cumbersome but doesn’t cause leaks, or the walking toddler who needs a diaper that isn’t going to cause any rashes.

It is unrealistic to expect parents to shop around so much for their newborn baby just to find the right diaper. Its also extremely demanding to have to continue searching for best fit diapers that meet the needs of your baby every step of their development.

The disposable diaper industry makes up for 80% of the diapering market and I believe they’ve fallen short of meeting the customer needs. Parents need to be able to find the right diaper for their baby in an easy and convenient method that won’t break the bank. Companies that are entering the industry now are starting to realize this need and have been offering sample packs for a low fee if ordered online. This is only scraping the surface and big companies haven’t even taken notice of it yet.

The diaper industry is fairly young at only 36 years old and I believe that right now the window of opportunity is wide open for companies looking to enter the market. In 40 years the diaper industry will have been around for much longer and will probably start to meet these demands by then. If our company could meet the needs of all these new parents with a blanket system for sampling diapers from all of the companies, I believe we would have a huge opportunity for success.

INNOVATION

The LUV Fit Kit is a kit that meets the needs of parents looking to find the right diaper for their babies. Our diaper kit will contain a few diapers from many brands for parents to try out on their babies to test for sizing and comfortability. We will have a kit for every size throughout the babies diapering journey. This means that after baby outgrows the diaper they are in a parent can return and buy a bigger fit kit to find the right size and style for their child in that stage of development. We will have a newborn kit that will target specific needs for newborns such as sensitive skin, or leak proof diapers for those watery stools. Every kit beyond the newborn size will contain two sizes for babies who are in between sizes and need to find the right diaper for that time period. On top of two sizes of diapers, each kit will contain a total of three brand names with different kits carrying different brands within.

The LUV Fit Kit will be sold in stores and online for a low price of 12.99. The kit will contain coupons from each brand in case the parent decides to purchase diapers from one of the brands within the kit.  This kit will only be slightly more expensive than the smallest pack of diapers offered by bigger companies with much more incentive to buy.

VENTURE

I believe the LUV Fit Kit is a realistic and completely implementable solution to the problem diapering parents face. Customers will definitely use our product because of different aspects including variety, problem solving, and no risk benefits. Competitors are definitely a problem as only a few large names are involved in the market right now. I believe the competitors won’t be able to apply the same concept to solving this issue simply because they are already too big. Parents want to be able to choose a diaper freely without feeling tied to a certain brand. The best solution to this is an entirely new brand with no bias for any one diaper.

            I believe as a mother I will be able to market my company in a way that will attract parents who want a company they can trust. We will be fully committed to our purpose of giving parents the peace of mind they need for diapering troubles. The fact that I am a mother means I can understand the points of view of the customer and in turn they can trust my product.

Our packaging will be marketed in a way that attracts customers because of its variety in the label. Our venture would start off small scale with five to ten employees who would have specific roles to fill such as shipping, accounting, and sales. I would be in charge of getting the big diaper companies on board through meetings. I will also be in charge of the start up cost gathering and the business plan layout. If we launch, I see this kit being a key component of the disposable diaper industry. I think it will have a ripple effect making diaper companies see the potential of variety and offering different sizing and fit options in the future market.

Description of Feedback and Changes:

The feedback I received on my last Venture Concept was minimal. Out of the three students that commented only one said anything useful. He asked how I would be able to get return customers if I am a solution to a problem that uses other diaper brands to solve it. I certainly had a bit of detail in my previous concept stating that throughout the development of the child he will have new diapering needs. Each stage calls for different diapers and bigger ones. I did add a more detailed description of how I will attain repeat customers since this point was easily missed by the commenter. Other than that my concept stayed the same.