Venture Concept No.1

Opportunity 
The opportunity for my business venture comes from the growth of the gym industry. Gyms are popping up in every city and are usually full of members. This opportunity has been growing because of the social media craze of being healthy and fit. Many gym members are heading to the gym to get that nice body ready for the summer or they are going to the gym to get healthy and live a better life. Either way people are going to the gym at a higher rate then ever and it is a good time to open up a gym. From statsticbrain.com, they state that over 50 million people have gym memberships and they are over 30,000 gyms in the US. Florida is a great place to have a gym because of the warm weather and culture around the gym. Naples and Sarasota are in the top 5 cities that spend the most on gym memberships. That just goes to show the popularity and demand of gyms. Additionally, renewable energy is also in demand as we are trying to transition into a more eco-friendly society. My idea with renewable energy by using the motion of gym equipment will also satisfy this need. This idea would be great to start in Florida because of the many local markets I can place my gym in and the unique idea of my gym will bring in members. Gym members are easy to attract and the members remain relatively loyal. In one of my interviews, I learned that gyms have been expanding locations and thriving because of the automatic bank transfers for the membership every month. It has become so easy for members to sign up and the money just comes straight out of their bank account every month so they don't have to worry about paying it on time. This also helps gyms keep members because they are already paying for the membership and don't feel like canceling it. Another statistic from the website is 67% of gym members don't go to the gym. That shows how they are willing to pay for a service they don't use. Finally, this is a big opportunity because of the positive benefits from having a eco-gym. Members will be producing energy for the gym saving the gym money on bills and also helping our planet. It will be the foundation for other gyms and possible much more in the future.

Innovation 
I would consider my idea radically innovative because it isn't widely known and only a few people have done it. My idea is putting renewable energy in a different context and will change gyms if it works. I plan to develop a way to make a pulley/turbine from the machines in the gym. It has been can be done with ellipticals, treadmills, and I want to develop technology make weights produce energy by harnessing the kinetic energy. This idea sounds farfetched but think of the flash light that can produce energy when you shake it. It could be used in weights and hundreds of people use that weight everyday. One just has to extract that energy. Finally, I would place solar panels on the building to make the gym more eco-friendly.

Venture Concept
Why will people want to go to my gym? Well, I would make it a gym that can target many type of gym goers. Most of the free weight lifting will be the younger crowd so I would gear the room to be more up beat and have music like EDM, hip hop, and rap. Other rooms like the ellipticals and treadmill will have a more relax theme around them. Another reason people will want to go to my gym because it will make them feel they are helping our environment. There is only one other company that is using this idea but I want to establish one in Florida. There are many gyms in Florida already but there isn't a eco-friendly gym so I would have the advantage in that aspect. To make people switch I will offer plans that beat the rates of other gyms by having incentives and other rewards for making energy at the gym. Most gym plans have a standard monthly payment but by having rewards it will make members want to go to the gym more. Thus, produce more energy for the gym. The gym will still make money if some of the members were paying low rates for their membership because of the percentage of people who hardly ever go or don't go at all.

Minor Elements
1. What are my most important aspects of the company.
To make the gym different it will be able to produce energy for itself and the plans I offer to customers will allow the customer to customize the plan. For people that go to the gym a lot I will offer them a lower plan and those who don't go often will pay a low monthly few and pay a small fee every time they go to the gym. These plans can change every 6 months and will make the customer feel more in control of their gym plan rather than the regular $10 or $20 a month.
2. Once I establish one gym the next step is to open up more and then eventually promote the idea of renewable gym energy so all gyms can have it.
3. After five years, I might sell the business or have someone else manage it so I will have time to create other business.
How can I make this happen?
1. I will do research on gym equipment to harness kinetic energy.
2. Produce/purchase the equipment to test
3. Get loan to start the gym
4. Hire employees
I made these simple four steps to start my venture. Although, it might not be easy having this plan will give me a framework on how to make it happen and allow me to expand my vision and test my entrepreneur thinking!
Thanks for reading. Feel free to input your thoughts below.

Reading Reflection Week 11

1. What surprises me is why aren't companies making innovation strategies? It seems like a logical idea but many companies have failed.
2. What confuses me is how a company chooses what to invest in because there are so many choices a company can make.
3. Is there negative effects from crowdsourcing like other companies stealing solutions or ideas? How come companies can't hire consultants to create innovation plans?
4. I think the author was spot on.

Amazon Whisper

1) How can my idea make money? Well I have several ideas on how renewable gym energy can make money. First is the product. I can sell my product to gyms. Or I can open up my own gym using my product. And finally I can make money by selling the energy I make from my gym if it produce enough.
2) As of right now I don't know what will be next. I plan on first selling my product to other gyms and then making my own.
3) By opening up my own gym I can really prove to the world that gyms can produce energy. Yeah some companies might have my product but it won't be the whole gym. By having the whole gym producing energy or most of it I can prove to other companies that this idea really works and will be the next step in my expansion.
4)

Marcy Diamond Elite Smith Cage with Linear Bearings

Customers like this product because they are able to perform many types of workouts on one machine. They also like the price and quality. Some things the customers don't like are the lack of motion and poor customer service. 

If I were to redesign the product I try to include better parts and make the bar removable. There were many complaints that the bar lacked motion so by freeing the bar you'd have unlimited range of motion for the bar. 

This product would be a good addition to my service because it is an all in one and a home gym equipment. So I would rig the Smith Cage to produce energy for a small home gym. Maybe the equipment could charge their phone or play music just by working out.   

My Unfair Advantage

1. Social Capital: My uncle is a computer programmer and makes websites. This is very important in this day and age for any business. Many people can make a website by paying others but I have the luxury of having help from my uncle.
2. Social Capital: My parents. They are a support system mentally and financially as well. Everyone has parents but I know my parents can loan me money which is very important to start off a business.
3. Social Capital: Seth G. from the last assignment. He is a general manager at LA Fitness and by having connections with him I can show my ideas to large companies. This is a rare advantage because its hard to meet people inside the business.
4. Capabilities: I think my idea is unique because it satisfies many needs in todays world. Gyms are a popular trend and my idea of renewable energy through gym equipment can be placed in many gyms. It benefits the gym and also the environment as well. Although, other people have created this idea no one has effectively put it in large gyms.
5. Human Capital: I am good with making connections with others and going out and making social capital. I don't think this trait is rare but it necessary.
6. Social Capital: Attending University of Florida is a advantage because I can meet people with different skills to make my idea work.
7. Human Capital: My finance degree will help me budget and manage my company.
8. Capabilities: The my idea is capable of being in gyms across the country and could possibly be used to other situations.
9. Human Capital: Leadership. I can lead a people and owning a business it is important to be able to take charge and guide others.
10. Human Capital: Vision.

My greatest advantage is having a unique idea. Although, it might seem a little far fetched but technology can to convert kinetic energy in the gym to valuable resource. I don't know many companies producing this technology but I know there is a lot of gyms. My gym equipment will be set apart from others because it will still perform like other gym equipment but will benefit the gym by reducing cost and benefit the environment by reducing emissions.

Week 10 Reflection

1. Something I found surprising in this chapter was that budgeting was the most important tool when dealing finance of a business.
2. I found the IRR method very similar to the NPV method.
3. When is it better to use a graph or a data table when working with margins?
4. There is nothing I wrong with this chapter.

Growing My Social Capital

1. The first person I interviewed was Seth G. from LA Fitness in Valrico, Fl. He is a sales manager for that location. He fills the position of domain expert. Seth is a friend of a friend who is a member of the gym. I was back in town for the weekend and we were actually going to LA fitness to workout and Seth helped me fill out my guest pass. I asked him if he could do a little interview for me about his job position and at the end I introduced him my idea. I briefly explained to him my idea of renewable energy using gym equipment and at first he was a little lost but I explained it in more detail and he was really wowed by my idea. He said that he thinks my idea could work because the gym doesn't have any kind of equipment like that and some of the machines could easily be transformed into energy producing equipment. I believe Seth is a great connection because of his experience at LA Fitness. He knows how to run the gym and how the sales work so if wanted to open my own gym or find information he would be a a solid source.

2. The second person I interviewed as Juan Medina a counselor at Gainesville Health and Fitness center. Juan fills the role of market expert. I went to the club to take a tour and Juan was my tour guide of the gym. He let me tour the gym seeing the kind of equipment they had. I told him about my idea and he said that it was really good and he shared a passion to help the earth. I explained to Juan on how my idea would work and he said it seems very plausible. Juan informed me that on the types of members the club had. He said there was a every type depending on the time of day. In the morning was when you can find the elderly getting a cardio or light workout. During the afternoon is when you find college students getting a work out in. And at night is when the body builders come out. After the tour we exchanged numbers and he offered to set up a interview with the owner of the gym. Juan is a good connection because he allows me to get my feet wet in the Gainesville Health and Fitness club. What I mean by that is I can come back to the gym and meet other staff members to review my idea or ask questions. 

3. The third person I was not able to interview but I plan on doing it. His name is Hudson Harr. He the CEO and founder of ReRev a company that produces gym equipment that makes electrical energy. He fits the role of supplier in the industry. Harr is a UF alumni and his business is near my hometown of Tampa so next time I go home I plan on visiting his business. An interview with him will be pinnacle in my business idea because he is a pioneer in the field of green gym energy. His technology is similar to mine but I want to explore other ideas away from ellipticals machines and I don't know if I want to produce the equipment or have a gym that will have the equipment in it. Harr currently has his equipment in several colleges across the nation with his experience on the technology and sales I could get a jump start on my idea. However, I am afraid he might not want to share his information to a potential competitor. 

Reflection:

After finishing this assignment on targeting connections in the field of my idea I have a greater insight in all aspects of my idea. The domain expert helped me see what the gym industry is really like and why is it a growing business. The market expert allowed me to see the types of people signing up for gyms. And finally the supplier gives me an idea on how the technology works and a foundation to start from. I feel as this assignment really helps me reevaluate my idea and a step in the right direction to further solidify my idea. 

Elevator Pitch No.3

1. My idea has changed from my last elevator pitch so this one is still a little fresh. My previous idea was a food advising service that I wasn't too passionate about. This idea I enjoy more and could have a real impact on our world. From the feedback of my last pitch I was told I need to be more animated and have more hand motion.

2. I tried to be more active in this video and included a demonstration to make the video seem alive and interactive.

Thank you for watching viewing my blog. I know I am not dressed professionally and I am not to fluid in my speaking. But, please comment below on what I can do to improve my idea! Have a good day.

My Secret Sauce

1. My Human Capital: I have plenty to offer to others. I have the ability to connect with others and help them in many ways. I can lead others in many situations. I worked on the construction site and managed a team with my friends for a summer. I am a problem solver among my friends. Whenever there is a problem big or small I can come up with a solution.

2. A summary of the interviews from my best friends: They all said that I am a motivated person to achieve more in life. They said that I am a problem solver in many situations. I've been great friends with these people most of my life and they all have the same thing to say about me.
3. Reflection: After finishing this assignment it is easier to identify qualities inside myself. The list that I made and the things my friends say about me are on the same line.

Week 9 Reading Reflection

1. What surprised me in this chapter 10 was how many people use social media. A fact that book had was that Facebook had more users than the population of North America!
2. Nothing was confusing in this chapter. The information was just the basic of marketing so it was very easy to understand.
3. Do small companies need to perform market research if they have little funds? Is there companies out there that don't need to market?
4. Everything the author said I agree with.

Idea Napkin No.2

1. Who am I? I am a young man who is looking make changes that will benefit Earth. I am also a person who can put together a team and lead those members to operate in sync. I am good at finding positions that fit ones skill set. I have many friends and connect well with others. My time management skills are also great.
2. What is my service or product? I am offering gym equipment that will make create energy. Similar to flash lights that make energy when you shake them. I will place that technology into the weights using the motion when people are lifting. On the treadmills or ellipticals that motion will also be harnessed for energy. The racks where the weights are placed will conduct the energy. This can power the gym saving them money and also make our environment a little cleaner.
3. Who is this offered to? I am offering this service to all gym owners or franchises.
4. Why do they care? Gyms will want this technology in their gym because it will save them money on their electric bill every month. The technology will cost a little more than regular equipment but will pay for itself in the long run. Imagine Southwest Rec center running on the sweat and power of the hundreds of students that work out there... That's a lot of energy!
5. My gym equipment will be different from every other companies because it produces energy. I will make my product produce the most energy and retain it as well.

Reflection on previous idea
On this second idea napkin, I decided to change my idea entirely. My previous idea was a food advising for restaurants and other dining places. I felt that I had no relation to this idea and there was only personal benefit. With this new idea it could really change something.