Elevator Pitch 2

In this segment I decided to talk more about myself and my qualifications before talking about my product.  This will really allow everyone in the meeting to get to know me as an entrepreneur to decide if I am worth investing in and not just the product.  By knowing me they will know more about how the product may change and evolve, and if they have faith in its success.

https://youtu.be/Viom8ZP_Gac

Customer Avatar

My customer is the young business man.  He has finished his education in the past few years and is now entering the workforce.  He is career focused and looking to get ahead.  For this reason his hobbies include a lot of social events where he can network.  Whether this be attending seminars, fundraisers, or even just going out with his buddies, my target is always looking to meet new people, and always dressed snappy.  Many of the men in my target audience will likely rely on public transport, but those that do not drive midrange sedans.  Their cars are plain and professional: black, white or grey.  They watch tv when they have time, but it is not a priority.  They watch shows popular among young men such as Breaking Bad, Ozark or The Sopranos, or they watch shows that do not require much attention.  They do not have children at the time, but many of them hope to and are working to potentially build a family in the future.  They may or may not be adopted.  They like to read books that further their knowledge.  This means they are likely reading about leadership or their particular line of businessman.  Many of them are republicans, but some are democrats.  Regardless of their political association, they are involved and well informed about politics.  My target audience is around 23-27, but they like to think of themselves as mature.  Although they are young they see themselves as grown men in the business field.  My product will help to cater to them dressing to match this belief.

Idea Napkin 2

1. For this idea napkin I want to focus on a skill of mine that I have discovered since the last idea napkin.  I am both resilient and perceptive.  i do not give up when situations look dire and I am perceptive to new ideas and problems and incorporating them into my product.

2) I am sticking with my original idea.  My service will provide five ties weekly to subscribers. At the end of the week the ties are returned and a new shipment will be provided.  I came across the problem of the people forgetting to send back ties or intentionally stealing them. Due to the fact that I can not wait for the first set to return for the second set to be sent out I have come up with an idea to combat this.  I will set a required minimum subscription length in which the price will be equal or greater than the cost of two sets of ties.  This way if people steal the first two sets, I will not send out the third if the first has not been returned, and I will still make money or break even due to the minimum subscription.

3) My core consumer will be the young male entering the business environment.  At first I was looking into all business men, but the older members of this community have not had a service like this, so they likely already have a collection of ties.   Furthermore, I am looking for people in entry level positions.  They will likely not have the money required to complete a full wardrobe, but will still need to dress for success.  Also they will likely live in a place that has high living expenses because then they will have less spending money for clothes.

4) People will pay money for my product because they need to be able to dress professionally.  They will not have the money to buy a new wardrobe and likely will not have a large repertoire.  This makes this a cheaper alternative to a different option for a product that is required of them.

5) What will set me apart is both my high quality and low prices.  My ties will be quality to ensure that it is better than buying a bunch of cheap, boring ties. It will also be cheap to ensure that it is a better deal than buying a whole wardrobe of ties.

These all fit together because I have target group, and a valuable service.  I took a lot away from my last idea napkin.  Specifically, I now have narrowed down my target audience to more specifically encompass my target.  I also have combatted the problem of people not sending back ties by incorporating a minimum subscription length that will guarantee I make money.