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. 

Week 8 Reading Reflection

The section that was most interesting and surprising to me in the reading was the highlight box about social lending sites on page 212. I had no idea there were such sites out there specifically designed for individuals to lend money to each other for new business ventures. I think this is a wonderful idea. Often, it can be very difficult to get a loan from the bank because it is ver hard to et them to believe in your idea. They may not see things they way you do or see the possible future implications of the project in the future. These social lending sites can get rid of this by providing the entrepreneur with many options around the world to gain finding for their business venture. This kind of reminds me of crowdfunding sites where charities can get donations from ordinary people. Crowdfunding sites have proven to be extremely popular among the public, so I think these social lending sites would do just as well. 

Something that was confusing to me in the reading was the "Trade Credit" term. The way it is explained in the book was pretty confusing to me. I would like to know exactly how the process works to get trade credit and what specifically it does for the entrepreneur. 

If I were to ask the author two questions, they would be 1) What does trade credit do for the entrepreneur specifically, and 2) What are some tips you would give an entrepreneur who is trying to convince the bank that they can safely loan him money for his business venture?

I didn't really disagree with the author on anything in the reading. I am a Journalism major, so these business terms and processes are sometimes a little confusing to me, however. Over all, I think the author did a good job in describing these processes. It seems like everything he is saying is straight facts about how this system works, so I agree with basically everything he said.