What's Next?

Existing Market

As described in SmartStrength’s venture concept, the market that has been targeted up to this point has mainly consisted of those with prior training experience that are unhappy with the misleading information the supplement industry has gotten away with about the contents of their products. It was easy to target this market because I myself am a part of it as someone who has spent ample time searching for the optimal training performance supplement. A science-based preworkout supplement will satisfy the need for more transparency in the market and be a solution for those who want to maximize the value of their investments in performance supplementation. One thing that SmartStrength has not focused on as much as targeting the existing market is reaching those who have little to no training experience and knowledge of the benefits of a preworkout supplement. This market is by no means out of reach for SmartStrength, and there are steps that can be taken to ensure that this untapped market is exposed to the potential benefits that SmartStrength will provide them.

New Market

SmartStrength’s goal is to not only appeal to those who are looking to take their training performance to the next level, but also those who are wary about supplements in general and who have little to no training experience. One of the already existing ways the venture concept satisfied this is by having SmartStrength performance, which is the beginner level supplement that contains 150mg of caffeine, a relatively lower dose compared to most preworkouts on the market. Our approach will also be different in that we will aim to have SmartStrength sold at supermarkets and not just major supplement stores. Having SmartStrength as widely available as possible conveys a message of inclusivity, implying that one does not have to be a “gym bro” in order to supplement their training. The beauty of venturing in the supplement market is that physical training is relevant to mostly everybody, allowing for SmartStrength to always have room to expand its market.

Venture Concept No.1

A huge opportunity exists in the supplement market in the lack of science-based workout supplements. Many of the most prominent supplement companies that dominate the market often mislead the consumer and do this in a variety of ways, one of which is by significantly over or under-dosing certain ingredients. For example, many preworkouts contain citrulline malate, which helps the body produce nitric oxide, a vasodilator that increases training performance by allowing for greater bloodflow to the active muscles. The clinically effective dose for citrulline malate is around 8 grams, yet many of the preworkouts with citrulline malate only contain 4-6 grams in a serving. Some products even contain ingredients that have no scientific evidence supporting any improvement in training at all! Another way in which many major supplement companies mislead the consumer is through the “proprietary blend” loophole. Since the supplement industry isn’t subject to as many FDA-mandated regulations as food and beverage manufacturers. Therefore, supplement companies can lump a large quantity of ingredients together and present them as one “proprietary blend” of a given quantity. This allows them to get away with over or underdosing ingredients that are present in the proprietary blend as they do not have to present their quantity on the nutrition label. At its core, my opportunity stems from a need for transparency in the supplement industry. Based on both my interviews and other interactions with customers, it seems that the public awareness for the intentional misleading going on in the supplement industry is increasing, which further validates the need. My market is a broad one, as I intend for SmartStrength to appeal to anybody with an interest in fitness, but the core of my market is based in those with a keen interest and understanding of training performance. The window of opportunity for this need to be met will remain open as long as the supplement industry continues to find ways to effectively market suboptimal preworkouts.

SmartStrength is meeting the need defined by this opportunity in the market by providing customers with a science-based preworkout in which every performance-enhancing ingredient is clinically dosed and proprietary blend-free. SmartStrength’s key ingredients are citrulline malate, beta alanine, creatine monohydrate, N-acetyl-L-tyrosine, and caffeine anhydrous. Citrulline malate enhances the body’s ability to synthesize nitrous oxide, beta alanine works synergistically with creatine monohydrate to improve energy output, and N-acetyl-L-tyrosine and caffeine enhance focus and energy output. Each one of these ingredients will be present in each serving at the clinical dose, providing maximum benefit for increasing training performance. Caffeine, however, is the one ingredient that SmartStrength is going even further with. Since caffeine consumption varies so greatly among individuals, especially in those that train, SmartStrength has developed three distinct products that contain varying levels of caffeine to fit each consumer’s individual needs. Smartstrength performance contains 150mg per serving, an effective dose for those who consume little to no caffeine on a daily basis. Smartstrength peak contains 250mg per serving, and will appeal to those who use caffeine regularly and want an additional boost in training performance. Smartstrength max is the most heavily-caffeinated of the three, containing 350mg per serving and created for those who train with the utmost intensity. I believe that between the clinically-dosed blend in combination with the caffeine level most suited to the customer, SmartStrength is truly an innovative change that is much needed in an industry saturated with misinformation. As far as pricing is concerned, one of SmartStrength’s goals in addition to providing the highest quality is to provide it at an affordable price. Most preworkouts on the market run between $30 and $50 per container. SmartStrength preworkout will cost approximately $40 per unit. A median price point is optimal because pricing too low would minimize profit margins and overpricing would convey elitism. SmartStrength’s core value is to show the consumer that the highest quality preworkout doesn’t have to break the bank.

My venture concept applies my innovation of SmartStrength preowrkout to the opportunity present in the supplement market, which is a need for greater transparency about the content of its products. From my experience as both a consumer and someone who has studies this segment of the market, I believe that customers will eagerly switch to SmartStrength when it is presented to them. Additionally, consumers of preworkout for the most part are not loyal to the current preworkout they use and would switch products as soon as they are given a reason to believe that another one is superior. Many of the competitors in this market are large, multimillion dollar supplement manufacturers, which on the surface seems like a disadvantage, but while many of these corporations have to focus on pumping out dozens of other products, SmartStrength’s focus on providing only the highest quality preworkout sends a message of dedication to the comsumer. The culture that we aim to create will embrace the consumer, making them feel like they made the right choice in switching to a product that does not mislead and aims to maximize performamce. Another way in which the SmartStrength venture is unique is in the advantage I possess in having a background in scientific research. Many of the major supplement manufacturers aren’t based in scientific evidence at their core, so my ability to take findings from research and apply them to the product further legitimize the message of scientific accuracy that SmartStrength will convey. As far as what’s next for this venture, SmartStrength will continue to embrace science-based supplementation and pursue the creation of more clinically-dosed products based on the level of success its cornerstone preworkout.

Your Venture's Unfair Advantage

1.       Connection to the supplement manufacturing industry through my father’s company.

a.       Valuable: Connections to manufacturing is vital for my businesses’ success when the scaling up of production is needed.

b.       Rare: not everyone who enters the supplement industry has immediate connections.

c.       Inimitable: this resource is imitable because many others have similar connections.

d.       Non-substitutable: this resource is also substitutable in the form of other connections.

2.       Connections to some internet fitness personalities through a bodybuilder friend.

a.       V: individuals with large followings can serve as an effective marketing medium.

b.       R: many of these connections happened through chance.

c.       I: This is imitable because others have connections to internet personalities.

d.       N: this resource is substitutable through connections to other marketing mediums.

3.       Skilled in interpreting scientific research.

a.       V: my research experience in college made me skilled at analyzing studies.

b.       R: not many individuals in this industry have prior research experience.

c.       I: my own personal research experience is non-imitable.

d.       N: research experience is non-substitutable as well.

4.       Connections to exercise/physiology labs.

a.       V: these connections give me access to labs that produce research relevant to my product.

b.       R: these connections are often only found through universities.

c.       I and N: others in the industry may have similar connections.

5.       Deep knowledge of certain marketing tactics supplement companies use.

a.       V: my own experience as a customer of the supplement industry for years has made me more aware of certain marketing tactics.

b.       R: knowledge of these tactics isn’t necessarily rare among those who have been using preworkout supplements for a long time.

c.       I and N: similar knowledge is imitable and substitutable.

6.       Knowledge of the composition of effective and ineffective preworkouts.

a.       V: this resource comes from a combination of my ability to read research and knowledge of marketing tactics.

b.       R: most people are unaware of the over or underdosing of certain components of preworkouts.

c.       I and N: see #5

7.       Credibility through obtaining a degree in the sciences.

a.       V: any degree in the sciences provides value and credibility when marketing scientifically effective products.

b.       R: few people in this industry have formal education in the sciences.

c.       I and N: a degree is simply one area of credibility and can be substituted.

8.       Good interpersonal skills.

a.       V: I have always been a good communicator which has helped tremendously in my elevator pitches.

b.       R: interpersonal skills are common.

c.       I and N: N/A

9.       Connections to a desired market.

a.       V: many of my friends and people I associate with would take interest in my product.

b.       R: most people pursue business in an area they’re familiar with.

c.       I and N: N/A

10.   Aim to create an organizational culture based on counteracting the scamming nature of the supplement industry.

a.       V: many supplement companies bank on misleading their audiences, and a culture to counteract this will stand out in the industry.

b.       R: not many supplement companies take this approach.

c.       I: this type of culture is replicable, although not replicated by many.

d.       N: every organizational culture is unique.

I believe that my top resource is my personal experience in research because it has provided me with valuable knowledge on how to tailor my product in the most scientifically effective manner. Not many people in this industry have experience in research which I believe also gives me an edge in terms of rarity.

Reading Reflection No.2

Book: Thinking Fast and Slow by Daniel Kahneman

Theme
The general theme of this book involves viewing the mind as an entity comprised of two different cognitive "systems". The first system thinks "fast". It is ususally unconscious, automatic, and guides most of our everyday decision making, but is very error prone. The other system thinks "slow" and is conscious, effortful, and is used to make complex decisions and solve tough problems. The book uses the model of these two systems to break down the minutia of decision-making and judgement, and offers ways to improve these often neglected skills.

How it relates to ENT 3003
Entrepreneurs are not often thought of as psychologists, but most of the great entrepreneurial figures were very in tune with their own decision-making and judgement, but also keen on how others are making their decisions and judgements. In order to be a successful entrepreneur, you not only have to become hyper-aware of your own thought processes but also the thought processes of others in order to improve your judgements. This book does a good job of taking complex psychological principles and reframing them so that they can be applied in all fields, including entrepreneurship.

Class Exercise
If I had to design an exercise for the class based of this book, it would probably involve becoming aware of the two psychological systems by having students record 5 decisions they made using each individual system over the course of the day, and evaluating those decisions within the scope of entrepreneurship by thinking of ways in which to be more aware of your judgements.

AHA!
I think the biggest "aha!" moment I had when reading this book was when it made me realize how easy it actually is to be introspective and evaluate the ways in which you are making decisions. Each chapter in this book highlighted a cognitive principle that I found can be easily applied to my life.

Elevator Pitch No.3

https://www.youtube.com/watch?v=1fWGMfs1Avg&feature=youtu.be

After re-watching my first two elevator pitches, I found that the most glaring issue with my presentation was my overall lack of animation and enthusiasm. I'm not much of an overly-animated person, so it was somewhat difficult to consciously attempt to be more lively in my presentation, but after watching my recording of this third elevator pitch, I feel like my change in tone really improved the quality of the delivery.

Growing Your Social Capital

The domain expert in my industry…I was able to get in contact with the owner of a local supplement shop back in my hometown. He said that my idea was unique and that the idea of backing your dosages with research and offering different caffeine levels was a good idea as well. Many of the customers at his store resemble the prototypical customer, an avid gym-goer who is extra conscious about buying effective supplements. He told me that he would give my product another look when the design is more clear and see if it would be a good item for the store.

An expert on the market…conveniently enough, I was able to talk to my dad about this one. He is the general manager of Living Fuel Inc., an online superfood nutrition platform. While they do not have a patented preworkout, they appeal to a prototypical customer similar to SmartStrength’s. He liked the idea of marketing a science-based product because of the increasing hyperawareness of fake or ineffective products that has arisen from the surge of fake news in recent years. He also told me that he would be able to get expert advice from the owner of the company and get me in contact with industry suppliers.

The important supplier in the industry…as previously mentioned, my dad was able to get me in contact with one of his suppliers to ask him a few questions about my chosen business idea. He liked the idea of SmartStrength, and gave me a few recommendations on what to look for in a high-quality supplier firm. He pointed me to some of the industry suppliers that ship preworkout supplements as well.

Creating a Customer Avatar

My product, SmartStrength is a pre-workout supplement that contains research-supported clinical doses of crucial ingredients that improve training performance. It also has three levels of caffeine content, 150mg, 250mg and 350mg. I believe that my product is unique in that it creates a very wide range of possible consumers, but if I had to create a customer avatar to represent my segment, they would likely be in their 20s-30s, male or female, and are frequent gym-goers. While SmartStrength is advertised to appeal to all levels of fitness experience, it is likely that the groups of consumers most interested in the product have already developed a keen interest in training. My avatar is also someone who is particular about how they spend their money and always to research into a supplement, or any other product for that matter, before making a purchase.

Essentially, my customer avatar is a lot like me. I decided to go with SmartStrength as my product because I have been an avid gym-goer for about 6 years and have tried so many preworkouts that disappointed me because they either didn't work or weren't dosed correctly. I don't think this is a coincidence because my product is a direct reflection of my entrepreneurial thinking about issued that have affected me directly.

Elevator Pitch No. 2

https://www.youtube.com/watch?v=YpKa6lHRY9I

A common critique I received regarding my first elevator pitch was that I needed to slow down and be more deliberate with my words like I was giving a speech, which I attempted to improve in this one. Additionally, I tried to emphasize certain words that highlight the unique features of SmartStrength like "research" and "clinically-dosed".

Testing the Hypothesis, Part 2

Who: those that may meet the need presented in the opportunity but actually do not include those who already have easy forms of communication with other parties involved in their real estate, those who live in public institutions, or even homeowners.

What: the boundaries of this need may extend to the idea of using PropertyConnect to contact and hire property maintenance and does not extend beyond assisting in investment other than real estate.

Why: a common reason why an outsider’s need may be different simply has to do with available income. Some who may be interested in pursuing real estate investment may not have the capital to do so.

Inside the Boundary

Who is in: potential investors w/ capital, property owners not always in the vicinity of their holdings and their tenants.

What the need is: a simpler way to invest in real estate and communicate with all parties involved in managing, living at and investing in properties.

Why the need exists: real estate investment is growing rapidly in the age of technological expansion.

Outside the Boundary:

Who is not: those interested in investing without the necessary income, property owners who live on the premises.

What the need is not: making investing more affordable.

Interview 1: my roommate

My roommate didn’t fall into the need because his parents own his apartment and there is no need for improved communication between them.

Interview 2: student living on campus

This student didn’t fall into the need because they live in a dorm publicly funded by the University of Florida.

Interview 3: homeowner

This homeowner owned their own property and does not have plans to venture further into real estate investment.

Interview 4: student studying real estate investment

This student has a keen interest in investing in real estate, as well as the knowledge, but does not yet have the income to do so.

Interview 5: property owner living on the premises

This property owner has no need for improved communication because they are already easily accessible to their tenants.

Elevator Pitch Part 1

Solving the Problem

The opportunity that I selected stems from the economic trend of increasing investments in real estate. In an economy that has become increasingly integrated with technology, I believe that an app that allows for effective and efficient communication between the parties involved in the real estate market (investors, property owners, residents, etc.) as well as management of investments could be very beneficial. In the interviews I previously conducted on this opportunity, many of the residents I spoke to lament the complications that arise in communicating to their landlord. And in speaking to my uncle and mother who are involved in the real estate business, they supported the idea of a service that made managing investments more streamlined so that investing in real estate can be a venture available to more individuals with less investment experience. The app would essentially exist in multiple domains. One for managing investments, and one for communication between all parties involved in the real estate infrastructure. While it is still a very unrefined concept, I believe that the combination of market growth and increasing technological integration make it broadly appealing.

Testing the Hypothesis, Part 1

The Opportunity

Who? Real estate investors, property managers and residents.

What? A need for better communication and management capabilities between all parties involved in the real estate market.

Why? There is an increasing trend in real estate investment.

The Hypothesis

Testing the who: real estate investment is a complicated undertaking and effective communication and management is needed between all parties involved.

Testing the what: While real estate investments can vary greatly in scope of size and complexity, some level of effective communication and management is needed in every scenario.

Testing the why: with real estate investments increasing dramatically, there will be a greater overall need for effective communication and management.

I interviewed some individuals that I believe are affected by this issue. First, I spoke with my uncle who is a real estate appraiser in Tampa. He believes there has always been some level of miscommunication between investors, property owners and residents because they are almost never in contact with one another. I also spoke with a University of Florida student who had consistent difficulties in communicating various issues with the owner of his residence. Additionally, I spoke with my mother, who is in the process of attaining her real estate license. She was very intrigued with the idea of a portal that allowed effective communication between parties and more streamlined ability to manage various aspects of the investor or owner’s property. These interviews further validated my hypothesis that a better mode of communication and management of investment properties is a great opportunity to exploit in this growing portion of the market.

Identifying Opportunities in Regulatory and Economic Trends

Regulatory Trends

1)      Vaping Regulations

Source: https://news.wfsu.org/post/after-federal-moves-e-cigarettes-some-florida-lawmakers-eye-enforcement

Congress recently increased the age of tobacco/nicotine product purchases to 21 and have also reduced the number of available flavors on the market to further deter purchases from minors. An opportunity may exist in this regulation to produce a nicotine-free or very low nicotine content device that helps people to wean off vaping. A prototypical customer would be a young adult who had developed a vaping habit and has a desire to quit based on the ever-increasing body of evidence showing its harmful effects. However, this opportunity would be somewhat hard to exploit due to the number of regulatory hoops to jump through in order to put a vaping-related product on the market.

2)      Plastic Straw Ban

Source: https://mycbs4.com/news/local/gainesville-plastic-straw-ban-goes-into-effect-on-january-1

Alachua County placed a ban on plastic straws on January 1^st of this year. Since paper straws are not necessarily as effective as plastic ones, an opportunity may exist to create a reusable form of straw such as a metal one in order to satisfy the customer that is used to plastic straws. The prototypical customer can vary greatly in this instance because nearly everyone uses straws frequently, which is why this opportunity may be much easier to exploit.

Economic Trends

1)      Increasing Real Estate Investment

Source: https://azbigmedia.com/lifestyle/home-and-design/top-8-housing-trends-thatll-dominate-2020/

Investment in real estate is expected to increase due to new technology that increases management capabilities and lower vacancy rates. An opportunity may exist in this trend to capitalize on the growing market in managerial technology, so something like an app that allows easy communication between property owners, managers and residents would be appealing. The prototypical customer could range from anyone who owns/manages real estate to tenants/residents, and would therefore make this opportunity relatively easy to exploit assuming little difficulty in app development.

2)      Decreasing Oil Prices

Source: https://www.forbes.com/sites/greatspeculations/2019/06/05/major-economic-trends-all-downbeat/#4f47da713fe6

Oil prices dramatically decreased beginning last April and are expected to decrease further into 2020. This may bring more attention to the issue of climate change and the urgency to increase renewable energy consumption, so an opportunity may exist in development of renewable energy. The prototypical customer is likely someone who is environmentally cautious, but exploiting this opportunity may be more difficult in that start-up renewable energy implies a huge initial investment.

I drew on a lot of personal experience in my own formulation of these potential opportunities. Vaping is a massive issue among young adults my age, and the plastic straw man took effect in Alachua County. Additionally, my uncle is a real estate appraiser in Tampa and I have had the chance to talk to him briefly about real estate investment trends.

Entrepreneurship Story

Around 15 years ago, my dad began a job as the general manager of a relatively young, but growing company called Living Fuel that proudly marketed themselves as the most convenient and delicious way to attain your daily nutrients. Their signature products included the meticulously formulated SuperGreens and SuperBerry powder that could be added to shakes for a powerful blend of vitamins and minerals. Throughout most of my life, I’ve had many opportunities to talk to the owner of the company, KC Craichy, about his experiences as an entrepreneur. Interestingly enough, KC didn’t intend for Living Fuel to become a global business initially. He began formulating the product because his wife Monica had been dealing with severe depressive episodes for years and he wanted to experiment with an approach to treating her that was sustainable before turning to costly prescription antidepressants and psychotherapy. It was only after he had received an influx of positive feedback from friends and family about his product that he decided it would be a good idea to put it on the market. I found it very interesting that in KC’s case, he didn’t necessarily have lofty aspirations to become a successful entrepreneur. He merely analyzed a problem that had been affecting his life and came up with a solution, which then grew into the market as more and more people experienced its benefits.

I enrolled in ENT 3003 because as a pre-med student I had not had the opportunity to diversify course load very often. I believe that an entrepreneurial mindset is something that can be beneficial for everyone to have in any profession, and I hope to learn a little bit more about how I can effectively find and fill unmet needs in the market as the semester progresses. 

Bug List

A list of "bugs" I encounter on a day-to-day basis and why they occur:

1. Having to find parking on a university campus.

Why?   A university is a highly dense area that doesn’t always have enough space for cars.

2.       Having to cook frequently.

Why?  Eating out every day is extremely expensive.

3.       Having only one trash receptacle on each floor of an apartment

Why?  All of the trash needs to be deposited in one location.

4.       Having to hand-wash some dishes.

Why?   Some dishwashers aren’t powerful enough for every utensil.

5.       Having to independently find and pay for textbooks for college courses.

Why?  Textbooks are expensive and the university cannot provide them for every student.

6.       Having to pay for accessory class materials aside from textbooks.

Why?   Some professors have different teaching styles that require external resources.

7.       Having dozens of streaming services to choose from.

Why? Streaming is slowly replacing cable television.

8.       Finding calorie values on restaurant foods.

Why?   Exact calorie values are hard to calculate and not everyone is concerned about caloric intake.

9.       Finding seats at the library during peak study hours.

Why? Just like parking, sometimes there are too many students concentrated in an area.

10.   Finding a space to work out in the gym during peak hours.

Why? Most people go to the gym around the same time.

11.   Having to clean your washing machine

Why? It washes clothes, why would we need to clean it?

12.   Liquid sticking to the walls of a container and spilling when poured out.

Why? Water’s adhesive properties.

13.   Laptops having very little battery life.

Why? Lots of data being used at once.

14.   Cooked food going bad quickly even in the refrigerator

Why? Refrigeration only protects food from pathogens.

15.   Backpacks causing lots of tension and stress on the shoulders.

Why? The way that it is designed puts a majority of the load on your shoulders.

16.   Having to take contact lenses out every night.

Why?  They could get stuck in your eye if you sleep with them.

17.   Having to apply for student loans.

Why?  You have to pay for college one way or another.

18.   Condensation from iced drinks making a mess.

Why? The cold cup causes condensation to form.

19.   Having to dry clean nice clothes.

Why? A regular washing machine could cause damage.

20.   Not having a recycling receptacle in my apartment.

Why? The trash receptacle was built before recycling was stresses as an important practice.

I found this exercise to be very challenging because I am typically not one to observe and deeply think about the natural small inconveniences of everyday life. It surprised me how many of these “bugs” actually affect me on a daily basis.

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