1, 2, 3 Play is an indoor interactive play zone for children under five. What drives revenue? Simple. Admission is where the majority of the business's revenue comes from, but what if we expand that pool? I realize our goal this week is to come up with the next product offering but what my customers want next is on-site, healthy dining. Well, on-site, affordable, healthy dining.
As a parent, I run into this problem all the time: we're out playing some place and need to eat more than the snacks that I've brought. If there isn't a snack stand/food truck/restaurant, or worse, if everything is gross and/or ridiculously expensive, we have to leave, and it's often too much of a hassle to go back, which means we spend the rest of the day at home or running errands. The kids miss out on additional play time they could have had.
Adding a quick service restaurant to 1, 2, 3 Play would drive revenue, but more importantly it would solve a problem for customers. Although I can't compare my business or new addition to anything on Amazon, I can relate it to dining at the aquarium, zoo and current kid's museum. I've found there is an emphasis on accessible food (peanut butter and jelly, chicken tenders, fries, yogurt), which is great, but quality is lacking in hot items/items prepared on-site. I think given my current business model, it would make sense to bring in a local restaurant, but because I want to maintain full control of the restaurant and offer a variety of options, it would be delicate to have a sponsor/restaurant partner. Bringing in some juice from SoHo Juice Co. and getting other products similarly represented would be a great compromise.
In case you're the kind of person who likes sifting through Yelp reviews, you can check out the Lowry Park Zoo's and Florida Aquarium's. You'll note most people who mention food simply say it's overpriced, but as someone who has eaten her way around all their respective food offerings, I'll add that the zoo over-seasons just about everything--inedibly so--and, as I said, the quality is lower than what I would like to offer. I realize I won't have a high enough volume to benefit from economies of scope, but I feel responsible to present something to my customers that I would happily accept myself as a customer.
1, 2, 3 Eat - the next step in customer happiness.
Showing posts with label Week 11. Show all posts
Showing posts with label Week 11. Show all posts
Sunday, March 27, 2016
Tuesday, March 22, 2016
Week 11: reading reflection
First, a link! You, too, can read this week's reading without the hassle of off-campus proxy.
I'm enrolled in GEB3373 International Business this semester with Dr. Amanda Phalin, and the Capsim business simulation is kicking my team's ass. I mean really burying us. What happened? We performed reasonably well in the practice rounds, and it looked like we were poised to capture a fair market share in competition. Our stock plummeted to $1.00, if that helps paint a picture.
Innovation strategy is what happened, a lack thereof. We were swimming in the performance pond but failed to present a product that delivered the speed and accuracy those customers need. We're still struggling with innovation, and as CFO, it's causing crazy anxiety for me. We're sinking, still failing to pinpoint what our customers care about and how to meet their needs.
Like Polaroid or Kodak, we aren't adapting fast enough, and if we can't catch up to our competitors, we'll be dead in the water.
And this week's reading dovetails perfectly with our Capsim disaster. Corning's strategy has notes of what we've been working on, namely avoiding outsourcing, but let's move away from my troubles.
My biggest confusion this week is about the author's examples, which all seem rocky. Is there solid proof, or is every business's strategy a 50/50 shot at success? Corning, for example, has had success and failure over the years with their strategy so is the goal simply to have more successes than failures?
The reading also touches on VRIN; where there is a valuable process/good/service, imitators will appear.
I'm a little confused about the notion that routine innovation is suicidal, but I think that is based on a humdrum "okay, let's keep innovating without a clear goal or strategy" scenario rather than a sincere desire to continue to progress.
There is no one magic answer, I get that, but bringing that note to a discussion of crowdsourcing? Crowdsourcing is innovative, I suppose, and it does demonstrate the trade-offs the author is trying to explain, but it's a whole separate issue I would have left out of this article. Then again, maybe I'm wrongly hating on Pisano because of my bias against wishy-washy.
What do you think? Gary Pisano doesn't say anything I can clearly call out as wrong. Can you find a loose thread? Do you agree "You Need an Innovation Strategy" isn't particularly innovative?
Give me your words below!
I'm enrolled in GEB3373 International Business this semester with Dr. Amanda Phalin, and the Capsim business simulation is kicking my team's ass. I mean really burying us. What happened? We performed reasonably well in the practice rounds, and it looked like we were poised to capture a fair market share in competition. Our stock plummeted to $1.00, if that helps paint a picture.
Innovation strategy is what happened, a lack thereof. We were swimming in the performance pond but failed to present a product that delivered the speed and accuracy those customers need. We're still struggling with innovation, and as CFO, it's causing crazy anxiety for me. We're sinking, still failing to pinpoint what our customers care about and how to meet their needs.
Like Polaroid or Kodak, we aren't adapting fast enough, and if we can't catch up to our competitors, we'll be dead in the water.
And this week's reading dovetails perfectly with our Capsim disaster. Corning's strategy has notes of what we've been working on, namely avoiding outsourcing, but let's move away from my troubles.
My biggest confusion this week is about the author's examples, which all seem rocky. Is there solid proof, or is every business's strategy a 50/50 shot at success? Corning, for example, has had success and failure over the years with their strategy so is the goal simply to have more successes than failures?
The reading also touches on VRIN; where there is a valuable process/good/service, imitators will appear.
I'm a little confused about the notion that routine innovation is suicidal, but I think that is based on a humdrum "okay, let's keep innovating without a clear goal or strategy" scenario rather than a sincere desire to continue to progress.
There is no one magic answer, I get that, but bringing that note to a discussion of crowdsourcing? Crowdsourcing is innovative, I suppose, and it does demonstrate the trade-offs the author is trying to explain, but it's a whole separate issue I would have left out of this article. Then again, maybe I'm wrongly hating on Pisano because of my bias against wishy-washy.
What do you think? Gary Pisano doesn't say anything I can clearly call out as wrong. Can you find a loose thread? Do you agree "You Need an Innovation Strategy" isn't particularly innovative?
Give me your words below!
Monday, March 21, 2016
My unfair advantage; or, ha, HA!
The
Livia Soprano GIF "What makes you think you're so special?
It's all a big nothing." That's me. It's not that I'm rolling
around casting negativity over everyone but rather encouraging those close
enough to share their work woes to push harder and find something meaningful to
do. Someone I've known for nearly ten years was recently expressing futility
and disappointment about their job being a glorified salesperson of
poison--their words, not mine--and I've heard what feels like the same story
over and over from nearly everyone I know.
The unfair advantage of starting your own business has to be choosing something you believe in. Unfortunately this isn't the kind of post I can end with my simple, prophetic answer. I have to show my work.
THUS
My unfair advantage isn't one of the aforementioned resources, it's a lethal combination of all of them. I have the experience of being a mother with kids who can test 1, 2, 3 Play as well as a sister with kids who can test the facility and a mother who is a pediatric nurse with specific knowledge of childhood development and countless resources across the board in early childhood education, community resources and local government. I'm working on a degree in business and have that background but I also have the insight of a former liberal arts student who took courses in design and visual aesthetics.
As a Realtor, I not only have knowledge of local markets and prices, I have the network to consult. Although they seem silly to list, common sense and organizational skills help when building and creating from the ground up. I have collateral I could use to secure a business loan, and with the combination of business knowledge, experience, common sense and organization, I could also write the business plan to present to lenders
In short, it's the whole, not one individual part, that gives me an unfair advantage.
The unfair advantage of starting your own business has to be choosing something you believe in. Unfortunately this isn't the kind of post I can end with my simple, prophetic answer. I have to show my work.
THUS
Here's
a list of ten resources I have to put in to 1, 2, 3 Play:
1) Mother - Being a mother is not inherently rare, but I am the only one to give birth to my children and raise them in our unique circumstances. As such the experience is extremely valuable and inimitable. I don't like to think about a substitute; if I die, their lives will go on, but they will only ever have one mother.
2) Realtor - Again, the simple fact of being a Realtor isn't rare--there are 1,150,141 Realtors--but the service I offer my clients is unique to me. I am the only me with my own perspective and insights. Woot woot. Is it valuable? In terms of this venture, yes. Is it imitable? Maybe, if someone tried awfully hard. I can't refute substitutability. My clients could go out and find a passable agent that would get the job done.
3) Community connections - I like to wander into small businesses. I'm addicted to SoHo Juice, for example. My connections are authentic, or I like to think they are, and I know there are people with larger networks, but I don't think they're as in tune as I am. VRIN score = 0, Real life score = invaluable
4) Design knowledge - Valuable, yes, rare, no, inimitable, no, non-substitutable, no. I still view my design knowledge as a strong asset because I could save money on building and exhibit design costs, but other people, particularly those with more financial capital, could be on par or better than me with respect to sick design.
5) Education - I'm about to become repetitive. Yes, there are millions of other people out there with college educations. I guarantee you there aren't many people who have taken the path I have taken and have the Renaissance, inter-disciplinary background I have. My education is valuable--I've defended that time and again--it isn't rare or inimitable, though no one would want to traverse the rocky road I've left behind, and the jury is out as to whether it's non-substitutable. Many would argue there are substitutes for education, namely experience, but I'm not sure I agree.
6) Kids - Let me be clear, my kids have a perfect VRIN score. The service they would provide to 1, 2, 3 Play as testers does not. It is valuable to have my littles, and my friends' littles, to run around and provide feedback about what works and what doesn't, but there are thousands of other small children I could rally to try 1, 2, 3 Play so they aren't rare or inimitable or non-substitutable. What my boys say and do, however, is all of those things. Kids are awesome.
7) Organizational skills - My organizational skills are a product of military upbringing, teachers stressing planner use and my severe, Type A personality. I crave planning. Crossing chores/events/assignments off my list brings me great satisfaction. I bet one of you reading this is thinking, "me too!" Organizational skills are valuable but strike out on RIN.
8) Support system - I want to defend my support system; they're one-of-a-kind. One of the best things about them is something that may sound odd: they question EVERYTHING. They would not following me into a dark, murky swamp at two in the morning. They would collectively put a stop to my shenanigans until all inquiries are answered. Their feedback and support is valuable, rare, inimitable and non-substitutable. Our relationships wouldn't be what they are if we hadn't spent our formative years together.
9) Financial leverage - Any schmuck can come up with financial capital so is financial leverage valuable, sure, but it isn't rare, inimitable and non-substitutable unless I'm looking to argue semantics (and I'm not).
10) Common sense - I've been told recently that common sense is rare and valuable. It isn't an inimitable or non-substitutable resource, but there is something to be said for this underappreciated advantage.
1) Mother - Being a mother is not inherently rare, but I am the only one to give birth to my children and raise them in our unique circumstances. As such the experience is extremely valuable and inimitable. I don't like to think about a substitute; if I die, their lives will go on, but they will only ever have one mother.
2) Realtor - Again, the simple fact of being a Realtor isn't rare--there are 1,150,141 Realtors--but the service I offer my clients is unique to me. I am the only me with my own perspective and insights. Woot woot. Is it valuable? In terms of this venture, yes. Is it imitable? Maybe, if someone tried awfully hard. I can't refute substitutability. My clients could go out and find a passable agent that would get the job done.
3) Community connections - I like to wander into small businesses. I'm addicted to SoHo Juice, for example. My connections are authentic, or I like to think they are, and I know there are people with larger networks, but I don't think they're as in tune as I am. VRIN score = 0, Real life score = invaluable
4) Design knowledge - Valuable, yes, rare, no, inimitable, no, non-substitutable, no. I still view my design knowledge as a strong asset because I could save money on building and exhibit design costs, but other people, particularly those with more financial capital, could be on par or better than me with respect to sick design.
5) Education - I'm about to become repetitive. Yes, there are millions of other people out there with college educations. I guarantee you there aren't many people who have taken the path I have taken and have the Renaissance, inter-disciplinary background I have. My education is valuable--I've defended that time and again--it isn't rare or inimitable, though no one would want to traverse the rocky road I've left behind, and the jury is out as to whether it's non-substitutable. Many would argue there are substitutes for education, namely experience, but I'm not sure I agree.
6) Kids - Let me be clear, my kids have a perfect VRIN score. The service they would provide to 1, 2, 3 Play as testers does not. It is valuable to have my littles, and my friends' littles, to run around and provide feedback about what works and what doesn't, but there are thousands of other small children I could rally to try 1, 2, 3 Play so they aren't rare or inimitable or non-substitutable. What my boys say and do, however, is all of those things. Kids are awesome.
7) Organizational skills - My organizational skills are a product of military upbringing, teachers stressing planner use and my severe, Type A personality. I crave planning. Crossing chores/events/assignments off my list brings me great satisfaction. I bet one of you reading this is thinking, "me too!" Organizational skills are valuable but strike out on RIN.
8) Support system - I want to defend my support system; they're one-of-a-kind. One of the best things about them is something that may sound odd: they question EVERYTHING. They would not following me into a dark, murky swamp at two in the morning. They would collectively put a stop to my shenanigans until all inquiries are answered. Their feedback and support is valuable, rare, inimitable and non-substitutable. Our relationships wouldn't be what they are if we hadn't spent our formative years together.
9) Financial leverage - Any schmuck can come up with financial capital so is financial leverage valuable, sure, but it isn't rare, inimitable and non-substitutable unless I'm looking to argue semantics (and I'm not).
10) Common sense - I've been told recently that common sense is rare and valuable. It isn't an inimitable or non-substitutable resource, but there is something to be said for this underappreciated advantage.
My unfair advantage isn't one of the aforementioned resources, it's a lethal combination of all of them. I have the experience of being a mother with kids who can test 1, 2, 3 Play as well as a sister with kids who can test the facility and a mother who is a pediatric nurse with specific knowledge of childhood development and countless resources across the board in early childhood education, community resources and local government. I'm working on a degree in business and have that background but I also have the insight of a former liberal arts student who took courses in design and visual aesthetics.
As a Realtor, I not only have knowledge of local markets and prices, I have the network to consult. Although they seem silly to list, common sense and organizational skills help when building and creating from the ground up. I have collateral I could use to secure a business loan, and with the combination of business knowledge, experience, common sense and organization, I could also write the business plan to present to lenders
In short, it's the whole, not one individual part, that gives me an unfair advantage.
Subscribe to:
Posts (Atom)