Customer interviews no. 3 (er, 1)

Ah, the joys of stopping strangers with children. After all the rejection from former weeks, I went out renewed knowing a voice recording would suffice. Shockingly, people were still apprehensive, tight-lipped and not succumbing to my charms.

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Listen to The Customer Interview Chronicles by Kelly 
Interview 2
Interview 3
Interview 4

I asked parents/young adults to read an index card describing my venture idea then asked for their feedback. Beyond the revelation that people don't like to stop and talk to strangers, I learned my venture does indeed have a market. One couple asked whether 1, 2, 3 Play was already being developed and when it would be ready. Price is a huge concern for my market. There are free activities available for parents so to compete with libraries and playgrounds, for example, I have to keep the facility fresh. One interviewee suggested classes, and I think that fits into the model well. 

All of these exercises are pushing me toward 1, 2, 3 Play becoming a real thing. 

Idea napkin no. 1

Behold, my idea napkin! Actually, it's an unfolded bank envelope--how appropriate--I started scribbling on when 1, 2, 3 Play first came to mind because I do have the bad habit of writing notes on napkins, envelopes, whatever scrap paper I have.

For those who don't want to struggle through reading my lovely notes, I'm a mother of two children under the age of five and intimately familiar with the question of what to do with the kids. That's where 1, 2, 3 Play began. During a cold, rainy weekend of shuffling around to crowded malls and other indoor activities, I recognized the need for an age-specific indoor play place. I want to provide the solution not only to my problem but to the problem so many parents have. Screaming littles full of pent up energy are no fun, and as parents we want them to get out, play and learn. We want to provide them with the resources they need to grow.

I would want to be a part of the day to day at 1, 2, 3 Play, not just the big picture. Beyond what I've learned at Warrington, I have a history of leadership I want to return to and build on. I enjoy managing, and I enjoy working with customers. My background in Pre-K education won't hurt. Neither will my brief stint with design. 

My target market is parents of babies, toddlers and Pre-K'ers. They all want a safe, fun place to bring their children, and most would be adding 1, 2, 3 Play as a part of their regular rotation (i.e. library, zoo, 1, 2, 3 Play). A place like 1, 2, 3 Play doesn't exist, I think because no one sees the potential for this market (particularly, focusing on children under five).

I think the business and I could flourish together. We fit together like peanut butter and jelly, truly. There are fine details to work out, but the concept is strong, and my vision is clear.  

Week 6: reading reflection

Week 6's reading reminded me of a paper I had to write in macroeconomics about market models--oligopoly, monopoly, monopolistic competition, perfect competition. The basis of the article is something most business students know, the five forces that shape strategy, but there is valuable information beyond the concepts this article reinforces.

Being nit-picky, on the profitability of selected U.S. industries chart, does the second to last industry say catalog, mail-order houses? I gather that means mail-order catalogs sent to houses NOT houses ordered from catalogs. They may want to reword that. And why were knitting mills selected for the list? And men’s and boys’ clothing but not women’s?

I particularly like the quote, “substitutes are always present, but they are easy to overlook because they may appear to be very different from the industry’s product.” Out of everything in the article, I think the section about substitutes was most interesting to me because Porter is right, substitutes could be elusive. How do you create strategy to combat the unknown, speculation? It's delicate and requires a hefty combination of research and intuition. The more I read, the more strategists seem like magicians. Industry analysis, and avoiding things like undermining one's own success by accidentally shifting the power to someone else, intrigues me.

Oh, and the notion that “video rental outlets are struggling with the emergence of cable and satellite video-on-demand services, online video rental services such as Netflix and the rise of internet video sites like Google’s YouTube.” Excuse me, struggling? Can you find a video rental store? I wanted a movie the other night that I could have only gotten from Blockbuster; my combined resources of Redbox, Netflix, HBO NOW and the Internet failed me (for immediate watching, at least). I’d have to disagree that video rental stores are struggling; they’ve died.

I would like more information about selecting appropriate time horizons and how lead time affects entrepreneurs. I've never envisioned entrepreneurs planning far in advance (i.e. decades), which comes as a surprise to me. Why do I hear entrepreneur and venture and think of a slapdash trip down the rabbit hole, fast and furious? I suppose it's because there is strong emphasis on innovation and beating others to the finish line. 

Agreed that understanding industry structure and what shapes it is important for investors and managers alike.