idea napkin 2

Idea Napkin No. 2

1.I am a 20 year old, male, college student, originally from New York and I am now attending the University of Florida. I feel like some of my strongest skills include my work ethic, my determination, my vision and my social skills. I have also been able to increase my marketing talents through my internships with both a minor league baseball team and a start up sports news company. If I were to actually go out and start this business, I would want to make this my main priority. I have always longed to create something of my own and be my own boss, and although I have had, what I believe to be, some really good ideas, I feel like I have never really had the time/means to actually produce and sell the product/service. If I decided that the product I came up with for this class was something I wanted to pursue, I would have to give it my full attention and do whatever it takes to sell the product and make money. My main goal for the product, although shallow, would be to make as much money as possible as quickly as possible.


2.The “Razor Sharp” blade sharpener (definite name still pending) is a product that would allow the customer to insert their used razors and the device will automatically sharpen and clean the blade to prolong the life of razors. The device will likely be a box with a slot that can take any type of razor and inside there will be a whetstone (cheap and can sharpen steel) tipped tool that runs over the blades. After the process is completed there will be a pressure wash system (probably oil) that quickly cleans any residue off the blades. I intend for this to be in the same spot as the blade sharpener, but if that would risk the water interfering with the electrical components, then It can be in an attached section. This will solve the need of continuously having to go out and buy new razors because of how un-durable current razors are. I would also like to make the product travel friendly so it can be used on the go.


3.The customers that would be interested in this product would be both men and women who shave often, normally use non electric razors and don’t like shaving with a dull/dirty blade (mostly everyone who shaves). Additionally this will be of interest for people who don’t have the time, money and/or access to continuously go out and buy new razors, pay for a shaving kit subscription or go to a barber whenever they need a shave. My most specified customer is a male in their 40s who is middle-high income and has a job that requires a clean-shaven look.


4.Customers will pay for this product because it eliminates the hassle of having to keep buying new razors because it keeps already purchased razors sharper for much longer. Furthermore, it can save people time and money because they will not need to waste their time going to a store and/or waste money on a new razor/shaving service/a trip to the barber.


5.What sets me apart is that I have a good deal of marketing experience for my age, but I have also worked directly with a successful entrepreneur to coordinate his company’s marketing strategy and future progression of his company. The information and experience I received from our time working together, as well as the network he can introduce me to, will be very useful when trying to get my product off the ground.


Element Fit: I believe these elements work well together because the product can be very useful for many different people of many different age groups and lifestyles. I think I have a good understanding of what I want the product to be like and how to best make the product for the customers preference based on the information I gathered from my interviews, but I still lack the means to produce and get the product to market. I don’t know how I alone could manufacture this product because I lack the skills and knowledge required to deal with the electronic aspects of the product. I could hire someone to help me build it, but I do not have the resources to do so. I feel like if I had better manufacturing and electronic skills as well as a better access to resources, the aspects of my business concept would be better. Additionally I would need to do more research as to the effectiveness of oil vs water in cleaning blades, proper storage measures for blades and electronic bathroom devices, and how to make the product travel friendly (complying with airlines and such).


Feedback memo: While I kept the idea napkin mostly the same, I did change and add a few things based on the feedback I received and the additional info I gathered from the product and people. The first main point was being real about yourself and the product. I believe I did this pretty well for myself, but I decided to add a bit to the product side. I added that there may be more difficulties than I originally anticipated with storage, travel and the cleaning aspect and as a result I added a few points about how I need to do further research. The second piece of feedback was that I would need to go out and find the people that could help make my product come to life and fill in the spots where I don’t have experience/expertise, so I added that point as well.