Sunday, July 31, 2016
Making it Real
https://docs.google.com/document/d/1AXlgFLIa7WNOO_UAXRJdJ6fU5YdJT3yAeagR5aWrons/edit?usp=sharing
Exit Strategy
I would plan on selling the business in as little time as possible to help pay for flight training and college. I don't have the drive to run my own business for a long period of time. I want to fly for a living and running my own business would be more than just flying, I would have to work other jobs. The only influence this has had on my plans is that I only want to get the business up and running, I wouldn't be looking ahead at the future of the company.
Sunday, July 24, 2016
Celebrating Failure
This class has made me fail several times. With the length of the Summer C semester and working a job and having other commitments, my time has been stretched thin and I often forget or willfully neglect assignments for this class. It is embarrassing that I may end up with a poor grade in a class that should be easy to do well in. At times, it makes me want to drop the course. The main thing its taught me is to not stretch myself too thin. I thought I could handle all of these responsibilities but instead it has decreased my performance in all of them. In the future, I will only accept what I am capable of doing to the best of my ability. This class has made me fail in a stupid way, and I need to push myself harder.
Venture Concept
Opportunity:
Problem: There is a lack of aerial sight-seeing tours or
charter travel by air within the Cayman Islands and neighboring islands.
Who: Tourists and residents within the Cayman Islands or who
plan on visiting the Cayman Islands and would like to travel in a unique or
privatized way. Also tourists or residents who would like a new style of
touring the islands and surrounding areas.
Where: The Cayman Islands specifically, but neighboring
Caribbean islands as well.
Current Solution: There is currently a helicopter tour on
the island, but one helicopter with one pilot will not sustain the mass influx
of tourists during high season.
How long will it be open: Someone will surely recognize this
problem soon and given the right person, would be able to exploit the
opportunity.
Innovation:
Seaplane tours are very popular among tourists or by
travelling residents in small islands. Seaplane charters to neighboring
countries and islands or sight-seeing tours would be something that could be
very profitable in the Cayman Islands.
The customer would be paying for travel or tours by
seaplane. The money would specifically be used for operating costs of the
airplane and the pilot’s time. The price would be too difficult to determine
right now due to the different operating costs of airplanes and the different
taxation system in the Islands. My best estimate would be a flat rate of $150
per hour and an extra $25 per person.
Venture Concept:
Applying seaplane tours and charters in the Cayman Islands
would be an easy task. It would offer an alternative to airline travel between
the 3 islands and be a more interesting way to travel. Tours would be able to
reach places that would take boats too long to get to and cars can’t go. The
most difficult part would be competing with the long established helicopter
tour pilot, but in season there will be plenty of business to be going around.
Unfair Advantage: Being a citizen and having the right to
work in the Cayman Islands is something that eliminates several competitors and
having my seaplane license is another advantage.
What’s Next: The company would initially start with one
small airplane but in 5 years it would be incredible to watch it grow to
multiple planes and pilots or to larger planes for large charters.
What’s Next: I want to be a big name in the aviation
community, however that comes to be. If this venture would help boost me into a
prominent aviation figure, that is what I would like.
Monday, June 27, 2016
My Unfair Advantage
Social Capital:
1) Claude
-V: Claude's input and advice was invaluable to me. He advised me on how to design my product, how to seek a patent, how to word my application for a patent, etc.
-R: Claude is a rare commodity in that he teaches engineering and entrepreneurship and has created products with patents and sold them before. I don't know many other people who have done that.
-I: Anyone could imitate this if they found a similarly qualified person.
-N: There is no way I would have learned as much from Claude as I did from anyone else or my own research. He couldn't be substituted.
2) John
-V: I need a person with technology and programming skills to move forward with my product. John has those skills and experiences.
-R: Computer and software programmers are not that rare.
-I: Most people with a computer programming degree could imitate this skillset
-N: By skill set alone, he is easily substitutable.
3) Jonathan
-V: Jonathan is constantly around pilots and trying to improve their lives, and pilots would generally trust him if he were to offer up a new product or advice on a product.
-R: He is the only airport manager I know, so to me he is rare.
-I: If someone was able to find an airport manager, they could imitate his value.
-N: Because I do not know any other people in his position, I would argue he is not substitutable.
4) Jordan
-V: Jordan would have value in endorsing my product. As a flight instructor, his concern is safety and he said if the product improved safety he would definitely endorse it.
-R: Flight instructors are not rare at all so I could easily find more endorsers.
-I: Anyone could endorse anyone's product, flight instructor or not. Easily imitable.
-N: He is easily substituted for any other instructor. The more the better though.
5) Kelsey: Kelsey is also a flight instructor so her VRIN is the same as Jordan
6) Will: Will is also a flight instructor so his VRIN is the same as Jordan and Kelsey.
Human Capital:
7)Work Ethic
-V: A strong work ethic is extremely valuable today. Companies need people who can grind out their work and push things through and make things happen.
-R: Among young people, I am seeing a lack of work ethic in the majority of them.
-I: It can be imitated, but it is not something that changes overnight.
-N: It cannot be substituted. Without a strong work ethic, the product would be mediocre, if it was ever even created.
8) Flying Knowledge
-V: This is pretty valuable to my product. I need to know what the problem is and what new problems could arise from it that I'd need to solve.
-R: Most pilots would have the same knowledge base as me, varying based on experience.
-I: Easily imitable
-N: Not substitutable at all. Without the knowledge, I could not make this product happen.
9) People-Skills
-V: These are not so valuable to my product. They are only useful after my product is on the market.
-R: Several people have great people-skills.
-I: Easily copied, possibly even easily faked.
-N: I could still envision myself being successful without these.
10) Ability to Test Device
-V: I can firsthand test out the glitches in my product and what problems might be caused. I don't have to rely on an expert's opinion.
-R: I could find other pilot's to do it if I needed to.
-I: Only other pilots would have the ability to test their product, non-pilots would have to hire someone.
-N: Not having this would be like a chef not being able to taste his food. You would not be able to know if it is up to your standards.
My most important resource is Claude. He can mentor me through the entrepreneurial process and has given me advice, articles to read, and resources to use going forward in the process. There is a very strong chance I will continue with this idea after the class ends and Claude is one of the main people pushing and helping me.
1) Claude
-V: Claude's input and advice was invaluable to me. He advised me on how to design my product, how to seek a patent, how to word my application for a patent, etc.
-R: Claude is a rare commodity in that he teaches engineering and entrepreneurship and has created products with patents and sold them before. I don't know many other people who have done that.
-I: Anyone could imitate this if they found a similarly qualified person.
-N: There is no way I would have learned as much from Claude as I did from anyone else or my own research. He couldn't be substituted.
2) John
-V: I need a person with technology and programming skills to move forward with my product. John has those skills and experiences.
-R: Computer and software programmers are not that rare.
-I: Most people with a computer programming degree could imitate this skillset
-N: By skill set alone, he is easily substitutable.
3) Jonathan
-V: Jonathan is constantly around pilots and trying to improve their lives, and pilots would generally trust him if he were to offer up a new product or advice on a product.
-R: He is the only airport manager I know, so to me he is rare.
-I: If someone was able to find an airport manager, they could imitate his value.
-N: Because I do not know any other people in his position, I would argue he is not substitutable.
4) Jordan
-V: Jordan would have value in endorsing my product. As a flight instructor, his concern is safety and he said if the product improved safety he would definitely endorse it.
-R: Flight instructors are not rare at all so I could easily find more endorsers.
-I: Anyone could endorse anyone's product, flight instructor or not. Easily imitable.
-N: He is easily substituted for any other instructor. The more the better though.
5) Kelsey: Kelsey is also a flight instructor so her VRIN is the same as Jordan
6) Will: Will is also a flight instructor so his VRIN is the same as Jordan and Kelsey.
Human Capital:
7)Work Ethic
-V: A strong work ethic is extremely valuable today. Companies need people who can grind out their work and push things through and make things happen.
-R: Among young people, I am seeing a lack of work ethic in the majority of them.
-I: It can be imitated, but it is not something that changes overnight.
-N: It cannot be substituted. Without a strong work ethic, the product would be mediocre, if it was ever even created.
8) Flying Knowledge
-V: This is pretty valuable to my product. I need to know what the problem is and what new problems could arise from it that I'd need to solve.
-R: Most pilots would have the same knowledge base as me, varying based on experience.
-I: Easily imitable
-N: Not substitutable at all. Without the knowledge, I could not make this product happen.
9) People-Skills
-V: These are not so valuable to my product. They are only useful after my product is on the market.
-R: Several people have great people-skills.
-I: Easily copied, possibly even easily faked.
-N: I could still envision myself being successful without these.
10) Ability to Test Device
-V: I can firsthand test out the glitches in my product and what problems might be caused. I don't have to rely on an expert's opinion.
-R: I could find other pilot's to do it if I needed to.
-I: Only other pilots would have the ability to test their product, non-pilots would have to hire someone.
-N: Not having this would be like a chef not being able to taste his food. You would not be able to know if it is up to your standards.
My most important resource is Claude. He can mentor me through the entrepreneurial process and has given me advice, articles to read, and resources to use going forward in the process. There is a very strong chance I will continue with this idea after the class ends and Claude is one of the main people pushing and helping me.
Growing My Social Capital
1) John
John is a former roommate of mine who is a computer science major and has developed apps in the past and sold them. He is currently working as an iOS developer for a tech startup.
He will be the Domain Expert for this assignment. While he doesn't have any experience in aviation, he has the technological background to develop my product as an app or a device and program it to work the way I desire.
I met him through my fraternity and we became roommates about a year after meeting. I recently asked him if he would be willing to help me with this idea and he said he would be more than willing.
Our exchange with each other is good. We are close friends and lived together for a year so we get along well and are good at dividing work and accomplishing our own individual tasks for a broader goal.
Including him in my network will solve the problem of my lack of programming knowledge or skills and allow me to continue with my ideas without having to learn a whole new skill set.
2) Jim
Jim is the chief pilot for the company he works for. He has been flying for over 20 years and knows hundreds of other pilots.
He will be the "Market Expert" for this assignment. He represents a large portion of my market because he flies a twin engine, complex airplane by himself. He is exactly the type of pilot I have targeted for my product. He also knows several other pilots and how to communicate my ideas to them.
I am interning at the company Jim flies for and have had multiple conversations about my product and flying with him. He seems interested in my product and I enjoy talking to him about flying.
There really isn't a favor either of us have done for each other, but I am sure he would be glad to help me just as I am glad to help him. We have a good exchange between the two of us.
Jim is an experienced and well-known member of the flying community where I live and is my ideal customer. He would be able to help me market my product to other pilots and decide what features other pilots would like to see.
3) Jonathan
Jonathan is a general manager of an airport. He has worked at several airports throughout his career as well as an airline. Jonathan also has his pilot's license.
Jonathan will be the "Supplier" for this assignment. He runs the day to day operations of the airport and sells fuel, parking, rental cars, and other services to pilots.
Jonathan is my boss. I brought up my concerns for safety and checklists and he thought my idea was good.
Our exchange is what is normal between a boss and an intern. He asks me to do something and I do it. I wouldn't say they are favors since they are part of my job. Other than that, I think he would be willing to help me out and vice-versa.
He has access to pilots who fit my intended market every single day. He sees their needs and frustrations and could help me innovate new ideas and include my product among the products and services he already sells.
Reflection: This was actually one of the easier networking exercises I have done for this class. The main reason is due to the acquisition of my internship. I now have access to several people involved in the aviation community and it is easier to find people to interview or network with. If I didn't have this internship, this would have been the most difficult exercise because I was running out of pilots I knew who I could interview.
John is a former roommate of mine who is a computer science major and has developed apps in the past and sold them. He is currently working as an iOS developer for a tech startup.
He will be the Domain Expert for this assignment. While he doesn't have any experience in aviation, he has the technological background to develop my product as an app or a device and program it to work the way I desire.
I met him through my fraternity and we became roommates about a year after meeting. I recently asked him if he would be willing to help me with this idea and he said he would be more than willing.
Our exchange with each other is good. We are close friends and lived together for a year so we get along well and are good at dividing work and accomplishing our own individual tasks for a broader goal.
Including him in my network will solve the problem of my lack of programming knowledge or skills and allow me to continue with my ideas without having to learn a whole new skill set.
2) Jim
Jim is the chief pilot for the company he works for. He has been flying for over 20 years and knows hundreds of other pilots.
He will be the "Market Expert" for this assignment. He represents a large portion of my market because he flies a twin engine, complex airplane by himself. He is exactly the type of pilot I have targeted for my product. He also knows several other pilots and how to communicate my ideas to them.
I am interning at the company Jim flies for and have had multiple conversations about my product and flying with him. He seems interested in my product and I enjoy talking to him about flying.
There really isn't a favor either of us have done for each other, but I am sure he would be glad to help me just as I am glad to help him. We have a good exchange between the two of us.
Jim is an experienced and well-known member of the flying community where I live and is my ideal customer. He would be able to help me market my product to other pilots and decide what features other pilots would like to see.
3) Jonathan
Jonathan is a general manager of an airport. He has worked at several airports throughout his career as well as an airline. Jonathan also has his pilot's license.
Jonathan will be the "Supplier" for this assignment. He runs the day to day operations of the airport and sells fuel, parking, rental cars, and other services to pilots.
Jonathan is my boss. I brought up my concerns for safety and checklists and he thought my idea was good.
Our exchange is what is normal between a boss and an intern. He asks me to do something and I do it. I wouldn't say they are favors since they are part of my job. Other than that, I think he would be willing to help me out and vice-versa.
He has access to pilots who fit my intended market every single day. He sees their needs and frustrations and could help me innovate new ideas and include my product among the products and services he already sells.
Reflection: This was actually one of the easier networking exercises I have done for this class. The main reason is due to the acquisition of my internship. I now have access to several people involved in the aviation community and it is easier to find people to interview or network with. If I didn't have this internship, this would have been the most difficult exercise because I was running out of pilots I knew who I could interview.
Idea Napkin No. 2
Unfortunately, I only received one comment on my Idea Napkin No. 1 rather than four comments, so my feedback was minimal. I will still try to differentiate from the first Idea Napkin assignment based on feedback I've received on other assignments and through interviews.
Who am I?
My main skills are in regard to my people skills, flying skills, and the vision I have. People have told me I tend to be a very comfortable person to be around in a professional environment. I am also a great pilot, and I am always looking for ways to improve my flying and overall safety for pilots. If I were to go forward with this business, I am not sure whether I would want to sell it or keep improving it. It would not be something I would make my career out of, but more so to make money, improve safety, and boost my resume.
What am I offering to customers?
I am offering a product that will improve safety and efficiency in the cockpit during critical phases of flight for pilots who are alone. Airline pilots have a copilot to do checklists while they safely maneuver the plane, but a single pilot has to do both at the same time. My product will act as a co-pilot and read a checklist step by step and allow you to safely perform checklist steps without having to read it and take your eyes away from essential tasks.
Who are you offering it to?
Like I mentioned, airline pilots or pilots working in crews do not need this product. This product is for single pilots who would like to reduce their workload and enhance safety. Not all aircraft have complex checklists, and not all pilots need this product. So this product is designed for single pilots flying complex aircraft in busy or stressful conditions.
Why do they care?
Accidents can happen to anyone, anywhere, and anytime. Flying is no different, in fact it is worse. As a pilot, the customer will already know how important safety and using all available resources is. If this product will actually improve safety, most pilots will at least give it a trial run.
What are my core competencies?
I have a strong work ethic, am personable, honest, and knowledgeable in regards to flying and safety concerns. I want to improve safety in an area of my life, and I will apply my work ethic to the solution to create a reliable product at a fair price. I know what the product needs to have in order to improve safety without causing any problems or being too confusing to use.
Feedback Memo: I didn't get much from the actual feedback on this assignment, but I will use some other feedback I received. The five things I took away from my feedback are the following:
1. Price and style do not matter when the product's goal is improving safety. Most people will pay more if it will truly improve safety.
2. Quality and durability are the most important factors to the customer. The product needs to be easy to use, do what it is supposed to do, do it well, and not be susceptible to breaking (If it is a physical product) or glitching (If it is an app).
3. The main concern for this product is that it could foster complacency or could cause more background noise and make pilots' workload harder. I will have to find ways to mitigate those concerns.
4. So far, nothing like this exists on the market and I am going about this the right way. I should begin looking for ways to patent it and people who would be able to help with the programming aspect. (According to one of my interviews.)
5. Only certain pilots will need this because crew environments already have the checklist function built into the crew dynamics.
I incorporated these into my new Idea Napkin by making safety the main point and narrowing my customer segment. I also used some feedback I received about myself into my core competencies.
Who am I?
My main skills are in regard to my people skills, flying skills, and the vision I have. People have told me I tend to be a very comfortable person to be around in a professional environment. I am also a great pilot, and I am always looking for ways to improve my flying and overall safety for pilots. If I were to go forward with this business, I am not sure whether I would want to sell it or keep improving it. It would not be something I would make my career out of, but more so to make money, improve safety, and boost my resume.
What am I offering to customers?
I am offering a product that will improve safety and efficiency in the cockpit during critical phases of flight for pilots who are alone. Airline pilots have a copilot to do checklists while they safely maneuver the plane, but a single pilot has to do both at the same time. My product will act as a co-pilot and read a checklist step by step and allow you to safely perform checklist steps without having to read it and take your eyes away from essential tasks.
Who are you offering it to?
Like I mentioned, airline pilots or pilots working in crews do not need this product. This product is for single pilots who would like to reduce their workload and enhance safety. Not all aircraft have complex checklists, and not all pilots need this product. So this product is designed for single pilots flying complex aircraft in busy or stressful conditions.
Why do they care?
Accidents can happen to anyone, anywhere, and anytime. Flying is no different, in fact it is worse. As a pilot, the customer will already know how important safety and using all available resources is. If this product will actually improve safety, most pilots will at least give it a trial run.
What are my core competencies?
I have a strong work ethic, am personable, honest, and knowledgeable in regards to flying and safety concerns. I want to improve safety in an area of my life, and I will apply my work ethic to the solution to create a reliable product at a fair price. I know what the product needs to have in order to improve safety without causing any problems or being too confusing to use.
Feedback Memo: I didn't get much from the actual feedback on this assignment, but I will use some other feedback I received. The five things I took away from my feedback are the following:
1. Price and style do not matter when the product's goal is improving safety. Most people will pay more if it will truly improve safety.
2. Quality and durability are the most important factors to the customer. The product needs to be easy to use, do what it is supposed to do, do it well, and not be susceptible to breaking (If it is a physical product) or glitching (If it is an app).
3. The main concern for this product is that it could foster complacency or could cause more background noise and make pilots' workload harder. I will have to find ways to mitigate those concerns.
4. So far, nothing like this exists on the market and I am going about this the right way. I should begin looking for ways to patent it and people who would be able to help with the programming aspect. (According to one of my interviews.)
5. Only certain pilots will need this because crew environments already have the checklist function built into the crew dynamics.
I incorporated these into my new Idea Napkin by making safety the main point and narrowing my customer segment. I also used some feedback I received about myself into my core competencies.
Subscribe to:
Posts (Atom)