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.