19A- Idea Napkin No. 2

1)    I’ve always felt like I had a kind of mind that would fit well with entrepreneurship.  I think most of all, I’m good at thinking creatively.  I will see a problem, and some up with a solution that’s different than other people might see.  I’m not afraid to do things my own way.  I’m stubborn- not in the way that I am not open to other ideas- but in that if one thing doesn’t work, I’ll find some way to do it no matter what.  I think this trait is very helpful because it means I won’t give up if things aren’t going how I thought they would.  The main thing that drives me, career-wise, is that I don’t like having to answer to people.  I like the idea of working for myself.  I always feel more accomplished doing this kind of work.  This also allows me to work on my own time, while still feeling the pressure to do well for myself.  This is the kind of life that I want, and any kind of business of my own would be a step in the right direction.

2)    What I’m offering customers is peace of mind and convenience.  This takes the form of a customizable, easy to understand smart home package. Instead of consumers doing research for hours, buying the goods, and then spending the time to install them and learn how they work- they’ll just buy a bundle.  These bundles will contain any kind of device you might want- from Alexas to a thermostat.  They’ll be able to decide on our website what kind of devices they want, and how many. Bundles come in 5 and 10 item sizes. The consumer will save money, because we would buy the products in bulk direct from producers for cheaper than the average consumer would get them.  Every bundle will contain products that can connect to each other if necessary, and any kind of smart phone the consumer might have.   They will contain instructions on set-up, and use.  If the consumer wants to pay an installation fee, we’ll have people come and install the products for them.  

3)    Our customers would be mostly from middle-to-upper class socioeconomic backgrounds, due to the high prices of the products. They will be people open to new technology, who understand the value the tech has. Smart home tech can help people in many aspects of their lives.  It can make small tasks faster, it can help them remember things, it can even help them relax.  People who buy smart home products are looking to take some of the burdens out of their everyday lives.  People who value their leisure, or want more time for the more important things in life, appreciate this product.

4)    The main problem with the smart home market is that consumers don’t know that much about the products.  They are all relatively new, and it’s hard to know what you are buying, how they’re going to connect, or what all they can do.  My service gives the consumers the information they need to work the products, and the peace of mind they’ll all work right. The other problem with the market is how expensive the products are.  Individually, you pay a LOT of money to get enough products to actually have a “smart home”.  These bundles would cut the price and make it easier for the average consumer to have a smart home.

5)    I think what sets me apart is that I am out to help the consumer.  In this market, everyone is just trying to sell their product.  I’m a consumer just like these people who would be buying my product.  I’m trying to look out for the individual consumer.  I think that consumers will see this, especially in such a new and confusing market.  I also think I am a trustworthy person.  I think that consumers will trust my product when they see the person behind it.  

I think that all of these come together to be a strong business concept.  I want to obtain the consumers’ trust, and then back it up with the relative ease of the service.  By being a service rather than a burden to my customers, I think I will have the ability to broaden my consumer boundary.  Even if the progress is slow at first, I think I have the discipline to work on the product until it works.  I think that my idea is good, and I’m doing it for myself, not anyone else. The idea helps the consumer, while helping me live the life I want.  

“Feedback Memo”

·     One of my comments said to incorporate where I wanted to go in the future.  I tried to emphasize that while I was tying it all together.

·     One of my commenters told me that I should be more specific about what sets my product apart. What is my product offering to customers that they can’t already get?  I went about explaining that in number 2.