Venture Concept No. 1

Approximately 40 million adults in the United States today have been diagnosed with some kind of anxiety disorder. Basically anxiety is a mental illness that causes the brain to release adrenaline in the body at random times, which can cause panic attacks. These panic attacks are scary, and often make people feel isolated and alone. Among college students, the diagnoses of anxiety and depression disorders are skyrocketing, mostly due to the increased amounts of stress from school work. There have even been reports of college students whose anxiety developed into schizophrenia. As of right now, people with anxiety are relying on doctors and therapists to manage their illness. This illness will always be in existence, so this opportunity will always be there. In addition, being someone who has been diagnosed with an anxiety disorder, I can definitely attest to the fact that there is a surprising lack of services out there dedicated to helping people manage their illness. My business concept centers around this question: What if there was a mobile application that will allow these millions of people all over the country to manage their illness at their fingertips?

My innovation to answer this question is an app called MyCalm. MyCalm is an anxiety-relieving app that is dedicated to helping people with anxiety disorders manage their disease. Upon opening the app, the user encounters a menu with all the options available. Options include: a 5-step calming process, a 24 hour help line, classical music, nature scenes, calming games, and a social media function to allow people with anxiety to connect with others and build a support group. The app is tailored to any kind of help the user needs. Therapists will be on standby on the help line in case the user needs to be talked through a panic attack, the 5-step calming process helps people in the midst of a panic attack, and the other functions provide the user with a more laid-back stress relieving experience. The app will cost 99 cents in the App Store. There will also be advertisements to help with making money as well, with an upgradeable version that will cost $1.99 without advertisements.

MyCalm will help people with anxiety in major ways. Often, people who have anxiety will feel lost because they do not know how to control their thoughts. MyCalm not only provides ways to manage their illness, it provides them with a support group as well; something that they would not normally have otherwise. Customers will switch to this product because there really isn’t another comparable service out there. MyCalm is a simple and organized way for people to manage their illness effectively. Because of this need, I don’t think it would be very hard at all to get people on board with my product. Competitors are slim, and none of them have 24 hour help lines or social media functions, which is a big weakness on their part. Packaging and the business location won’t play a huge role in my venture because it is a service. However, customer support would play a huge role because the services we provide are tailored to people’s specific needs in terms of their illness. Customers will have a chance to submit reviews on the app as well as contact a customer service representative in case the services are not to their liking. My business forming from this app would include coders to provide maintenance on the app, researchers to keep up with trends in mental health, and directors and other leadership positions to implement changes to the app. Numbers of employees could reach pretty high depending on how popular the app would get.

I think my most important resource is my passion. Being someone who has anxiety, I am able to connect on a personal level with my customers. I know exactly what is proven to work and what doesn’t. I know exactly what it feels like to feel alone with your illness, and I want to eliminate this terrible feeling for as many people as I can. This passion fuels my business venture in that I will do whatever it takes to help my target customers in any way that I can.

The next step for the venture would be to add a separate function in the app for doctor use. Here, the doctor can make schedules for breathing exercises, or even keep track of the patient’s progress as they continue to use the app. Making the app compatible with doctors can be a huge help because the doctor can more effectively understand the patient’s day-to-day calming practices.

In five years, I would really like to be reaching at least 1 million users. Through extensive outreach and advertising to doctors and patients alike, I really think I can reach this goal. In the next decade, I would really like to be reaching 5 million or more users. As an entrepreneur, I would like to be running MyCalm at a national level with my app available across all kinds of devices. In the next decade I would even like to have the potential to expand this internationally so I can continue to help people manage their anxiety around the world.

Week 11 Reading Reflection

Something that I found interesting about the reading was the section about the different types of innovation. The different type of innovation are disruptive, radical and architectural. It was interesting thinking about how different kinds of innovations affect the world in different ways. For example, in disruptive innovation, someone who invents something new in the market will disrupt the business of others in that same market. This is something I just never really thought of about innovation.

Something that was confusing to me in the reading was the section on managing trade-offs. Reading this section, I wasn't quite sure how to manage these trade-offs as much as I understood what exactly they were.

If i were to ask two questions to the author, they would be 1) how EXACTLY do you manage the trade-offs you described, and 2) what are some tips for people who want to be able to become more innovative?

Something I disagreed with about the reading was when the author said that only senior leaders in the organization can set the innovation strategy. I think any and all members of an organizations should have the opportunity to be innovative and contribute their ideas on what should be done next. My reasoning is that even the people at the very bottom could have incredible creative abilities. Everyone should be given the chance at being innovative.

Amazon Whisperer

1) Revenue drivers

The main revenue drivers I have for my company include in-app purchases and advertisements. For example, people could pay to upgrade to a version without ads or that has more games available.

2) What's next?

The next thing my customers might want is a log on the app so they can keep track of their favorite calming exercises and their progress.

3) How will that enhance it?

I think that adding an option to log their progress, customers will feel more accomplished when trying to manage their anxiety. Keeping track of calming techniques will also help people figure out what works best for them.

4) Similar Product

Because my product is an app, I went to the Apple App Store instead to find a similar service to mine. Here is the link to an app I found called "Relax: Stress and Anxiety Relief": https://itunes.apple.com/us/app/relax-stress-anxiety-relief/id409665681?mt=8

Here is an image of the app as well:

This service is similar to mine in that it offers calming music and a log for people to track how they manage their anxiety. This app also features mediation and breathing patterns, which mine does not. However, my app includes a help line and a social media function for people to get real-time help. 

5) Customer Reviews 

Over all, the reviews on the app were pretty positive. However, I did find a couple of things that people seemed to want to change. One person said they would like the app to be able to rotate when used on a tablet. Another said that there were some glitches when hooking it up to bluetooth speakers.  Another said the home icon constantly disappears after a day or so. 

6) Changes

I would definitely add a social media function on the app. I think being able to connect with other people who have anxiety is key in managing the illness. Feeling like you are alone is one of the main struggles with people who have anxiety. I would also add in calming games because challenging the mind can also be a big stress relief. 

7) Good addition?

I think this product would make a good addition to my business idea because it seems to have some well-thought-out breathing tactics. I think knowing how to control your breaths is extremely important in relieving anxiety, and this app has gotten it. I would love to incorporate that into my service. 

My Unfair Advantage

Resources in my Venture:

1) Passion

Valuable: My passion is valuable because being someone with anxiety, I have a passion to help others cope with it which fuels my business concept.

Rare: Though having anxiety isn't rare, someone wanting to create a business to help people with anxiety is.

Inimitable: It isn't very inimitable because it's hard to find someone with as much passion about this.

Non-substitutable: It is non-substitutable because you can't replace passion.

2) Large target market

Valuable: Having a large target market is really valuable because it means the longevity of my business venture is very good.

Rare: Having a large target market really isn't that rare, but not many companies specifically target my customers, which are people who have anxiety.

Inimitable: This is pretty inimitable unfortunately.

Non-substitutable: You can't really substitute a large target market for a smaller one with the same idea.

3) Creative idea

Valuable: Having a creative idea is very valuable because people will be intrigued by the idea and want to invest or check it out.

Rare: Creativity isn't necessarily rare, but my specific idea is rare because there is a surprising lack of services out there dedicated to people who have anxiety.

Inimitable: Creativity can never be copied, so this isn't very inimitable.

Non-substitutable: There is not substitute for creativity.

4) Tenacity

Valuable: Tenacity is very valuable because that means that the venturer will stop at nothing to make sure the business is successful.

Rare: Tenacity is kind of rare because it's a skill that some people possess and some people may not.

Inimitable: Since tenacity is a skill, it can't really be copied.

Non-substitutable: You can't really substitute tenacity and hard work with anything else.

5) Experience 

Valuable: My experience in having anxiety is really valuable because I can understand the needs of my customers and tailor my app to them.

Rare: This is kind of rare because not many venturers are also part of the target customer base.

Inimitable: You can't really copy personal experiences.

Non-substitutable: You can't replace you personal experiences with other experiences.

6) Contacts

Valuable: Having contacts in your field is very valuable because they will be able to help you along the way in your venture.

Rare: Sometimes it can be hard to find good contacts that will help you in your venture, so this is kind of rare.

Inimitable: This can be copied because everyone has opportunities to network and establish contacts.

Non-substitutable: You can't really replace the fact that you have great contacts to reach out to for help.

7) Empathy

Valuable: Having empathy for your customers is very valuable because you can understand their needs and how to fix that.

Rare: Though empathy is not a rare quality, companies establishing empathy for their clients can be.

Inimitable: You can't really copy the quality of empathy.

Non-substitutable: Empathy for your customers can never be replaced.

8) Leadership Skills

Valuable: Leadership skills are very valuable in any venture because you have to be able to lead and motivate a large group pf people in order to meet your overall goal.

Rare: Though leadership skills are not rare, some qualities of a good leader are, such as kindness.

Inimitable: Having good leadership skills can be copied, but every leader is different.

Non-substitutable: There is no replacement for good leadership skills.

9) Funding

Valuable: Access to people who want to invest in your company and having access to your own fund is extremely valuable because any venture needs financial capital to get started.

Rare: Funding can sometimes be rare, especially when considering college students because we often don't have enough money to eat that night much less invest in a business idea.

Inimitable: You can't really copy funding, but you can go after the same investors that your competitor did.

Non-Substitutable: You can't ever substitute funding for anything else.

10) Communication/Marketing

Valuable: My skills in communications and marketing is valuable because I know how to specifically target marketing strategies to specific audiences.

Rare: Communication skills are pretty rare, especially in a world where technology is becoming more and more prevalent.

Inimitable: You can't copy communication skills. They are learned.

Non-substitutable: There is no replacement for good communication skills.

Most Important Resource

I think my most important resource is passion. Living with anxiety for 10 years, I definitely know what works and what doesn't to help me cope with it. I know exactly how people feel when they get diagnosed as well as when they need to figure out ways to help cope with the illness. Because I felt so lost for so long, I want to eliminate this feeling for the millions of people around the world who struggle with anxiety. I don't want anyone to feel like they are alone or there is nothing out there that will help them. This passion is what is fueling me to complete this venture. Therefore, it is more important than any other resource that I have.

Elevator Pitch No. 3

Over all, the feedback I received from my Elevator Pitch No. 2 was very positive. One of the main suggestions I received was to make sure my pitch stayed around a minute so that I can keep the viewer's attention. I cut down the pitch by 20 seconds this time by combining sentences and not going into too much detail. I also altered my app so that it won't automatically bring you through the 5-step process of calming down as soon as you tap the app. I figured a lot of people may not even need this function and would like to go straight to the other services available. Another critique I received from not my Elevator Pitch No. 2, but from the comments on my Idea Napkin was to add a 24-hour help line in case the 5-step process does not work in calming the user down. I also added games to the app because I think distracting your brain helps tremendously with stress. So, all in all I made changes to the product itself as well as shortened my pitch to hopefully retain the viewer's attention. Thanks everyone!

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique.

- Tenacity
I have always been the kind of person to not stop until I finish a project, even if it takes me well into the night to complete. I can't stand when I am not able to finish something, sometimes to a fault.

- Attention to detail
Every time I am working on something, I make sure that every detail is exactly like how I envisioned it. For example, I am into graphic design so I am very meticulous when it comes to my images.

- Empathy
I have a pretty fine-tuned ability to understand how someone else feels. I can put myself in their shoes and figure out how to help people based on that.

- Analyzer
I am and have always been an analyzer. I carefully look at all sides of an issue before I make any decision. I always find the need to seek out all possible outcomes before acting.

- Moral compass
I really try my best every day to make the ethical decision, no matter what I am doing. I try very hard to do whats right, even if it has bad repercussions.

2) Interview the five people that know you the best about what makes you different. 

My Mom:
My mom basically reaffirmed what I said in number 1. She told me that I've always been the kind of person to carefully work through problems in order to make the best decision I can. My takeaway would be that she seems to think I am good at carefully going through a process and not caring what other people think about it.
https://soundcloud.com/morgan-johnson-258439955/momrecording

Federico:
Federico, my roommate, said something pretty similar to what my mom said. He said that I have an ability to follow through on a project.
https://soundcloud.com/morgan-johnson-258439955/fed

Xenabeth:
Xena, my other roommate, focused on an emotional ability by saying I am a good listener. This plays into my ability to empathize with others and understand their problems.
https://soundcloud.com/morgan-johnson-258439955/what-makes-morgan-unique-different

Duncan: 
My brother, Duncan,  played into my ability to analyze things in a way that lets me think through problems. I always analyze something before I do anything.
https://soundcloud.com/morgan-johnson-258439955/duncanrecording-1

Arthur:
Arthur, one of my good friends, said I am good to get along with. This helps in any job market because I can work with others easily.
https://soundcloud.com/morgan-johnson-258439955/arthurrecording

3) Reflect

I think everything I said and everything my friends and relatives said was pretty close. Something that I didn't think of before was what Xena said about me being able to listen to people and give good advice that way. That can really help if I ever have a leadership position in the future. Other than that, everything was pretty close. It's good to know that how I view myself is similar t how others view me.

Week 9 Reading Reflection

Something that was especially interesting to me was the section on writing good survey questions. I think when you are trying to write a survey for customers, you need to take into account any kind of misinterpretations there could be out there. You also have to frame your questions in a way that will get people to respond honestly. I never really thought about surveys that much before, but after reading that section I can understand them a little better now.

Something that was confusing to me about the reading was the section on pricing strategies. It wasn't too clear to me how entrepreneurs set prices and for what reasons.

Two questions I would ask the author would be 1) How specifically do entrepreneurs set the prices for their products, and 2) What do you think the best way is to do research on a customer base? (i.e. surveys vs. interviews).

Again, I didn't really disagree with anything the author said. I think doing your research on your potential customers is critical when pursuing a new business venture because you can accurately get an idea for how to format your marketing techniques. For example, if you are creating a business for college students to get cheap textbooks, you need to understand the preferences of students across the board. You need to understand their points of view from that point in their life and consider how that might change over time. Over all, I thought the author did a great job in describing this to readers and it was very easy to understand.

Idea Napkin No. 2

1) Me

My name is Morgan Johnson and I am a second-year Journalism student the University of Florida. Some of my main skills include website writing, graphic design, and professional social media posting. One of my main goals in this world is to make a difference in some way. I am passionate about environmental issues and hope to one day become a communications specialist for an environmental nonprofit. However, I am also passionate about helping people with their stress. Being someone with clinical anxiety, I can definitely understand the pressure that school, work, and other commitments can have on one person. Because there is a surprising lack of services available to people with anxiety, I want to help people understand that they are not alone and there are ways to get better. My idea to create an app for people with anxiety would play into my life by providing me with an opportunity to educate society about this illness as well as help those who have this illness.

2) What am I offering to customers?

My anxiety-relieving app called MyCalm is designed to help those with anxiety manage their panic attacks and build strong connections that will ultimately help them though their illness. Once you open the app, there will be several options for the user, one of which is a 5 step calming process when one is having a panic attack. There is also a 24-hour help line for those who need a real person to talk to. The app also features nature scenes, classical music, and meditation techniques if one is feeling unusually anxious during that time. Game features allow the user to challenge their mind, which can be very therapeutic. The app also features a separate social media function that allows people to connect with others who have anxiety and build a support group. My biggest issue with my anxiety is that I feel like the people who are closest to me still don't fully understand anxiety and how to help. Therefore, I want to provide others with a chance to build supportive relationships through MyCalm.

3) Who am I offering it to?

I am offering this app not only to anyone who may have some kind of anxiety or depression disorder, but to anyone who feels as though their life is being ruled by the stress they bear. Everyone is expected to go to school, have a job, build a family, and worry about finances all the while being happy about it. This is not the reality, especially to those who have been diagnosed with an anxiety disorder. Even those customers who do not have this disorder still expressed to me that they would benefit from some kind of stress-relieving app. Essentially, this app is for everyone because everyone experiences stress in everyday life.

4) Why do they care?

Customers will pay to use my app because there really isn't another app out there with the same kind of services that I am providing. Anxiety is one of the most misunderstood mental illnesses out there, and because of that there has been a surprising lack of services available to people with anxiety who experience panic attacks. MyCalm provides this very opportunity to let people who have an anxiety disorder know that they aren't alone, and help is just a tap away.

5) What are my core competencies?

Even though there are a couple of apps out there that aim to help people relieve stress, MyCalm is created specifically for those who have been diagnosed with some kind of anxiety or depression disorder. No other app has a social media function that allows people with these illnesses to connect with others or a 5-step process that has proven to calm people down in the midst of a panic attack.

I think over all, these elements do fit together pretty well. Because of my background with having an anxiety disorder, I think I am able to connect with people about what they are experiencing. I also know that I can share my best tactics to manage my anxiety with others. Something I may need to work on, however, is expanding my app to cater to those who do not have an anxiety disorder. For example, I may want to include people who are just stressed in general. I can also expand it to include people who knows someone with an anxiety disorder, but may not know much about it and want to learn more. Other than this, I think my intentions and the effects on customers marry very well together because it will provide the assistance that people with anxiety need in order to manage their disorder.

Feedback Memo:
From my first Idea Napkin, over all I received pretty positive comments, so I really didn't change much in my second try. However, something that really stood out to me that I changed was to add a 24 hour help line for those who are really struggling and the 5 step process doesn't work. I really liked this idea because sometimes talking to a real person is the best therapy. 

I also decided to add games to the app because I have found that challenging my brain on a game during times of stress can distract me from my panic and calm me down in the process. 

After talking to customers, I also realized that I need to make my app applicable to anyone who experiences stress, not just people who have anxiety. Though I would essentially like to specifically target those with anxiety, I think expanding it to others would make my app more beneficial on a larger scale. In order to do this, I have changed the app so that when the user opens it, it doesn't automatically bring you through the 5 step process. Instead, it will bring up a menu page with the different options available to the user. I think this is more effective because if someone doesn't necessarily need the 5 step process, they can go straight to whatever function they need.