List of the Resources:
1. Salespeople
- Valuable: You only need 1 person to run this thoroughly and keep everything in check. Even if you want to expand your business you only really need 2 or 3 people in the firm to sell efficiently.
- Rare: Most companies and ideas need a giant work force to even be able to get off the ground
- Inimitable: Having a small workforce is basically unseen in todays world
- Non-Substitutable: Human capital is the center of this area. Insurance has to be sold by a person to another person. It is done so best by the word of mouth.
2. Financial Capability
- Valuable: As a person already heavily involved in the financial sector, this company does not need a big amount of start up capital, however I easily possess the money to start the business
- Rare: Most companies take a lot of money to begin but with mine, we dont need that much startup money to be able to do things.
- Inimitable: Using a small amount of cash allows me to do other things within the company and develop other ideas to keep expansion and keep things flowing.
- Non-Substitutable: Finances cannot be substituted by anything else in the world.
3. Customizable Insurance Plans
- Valuable: it is the premise of the company. It is extremely valuable and cannot be replaced for any other resource.
- Rare: Having customizable insurance plans makes this extremely rare to find with many life insurance salesmen or brokers
- Inimitable: being a pioneer in this area, this is very copyable, but thats what happens in a pure competition is all about
- Non-Substitutable: Without customizable insurance plans the company or plan does not exist
4. Office Space
- Valuable: Having an office space gives a presence of being the real deal in the business world. A lot of people view companies by materialistic viewpoints. Being a company with an office would boost sales by just having some concrete database
- Rare: Not too rare, but a basic resource that most places depend on
- Inimitable: Most big businesses have office space in order to work
- Non-Substitutable: Being a business which takes little work force or little human capital, you can easily work from home or in an area much smaller
5. Company Website Outlining the Purpose, Mission Statement, and much more
- Valuable: Having a website is the easiest way to convey information to the general public about what it is you're doing.
- Rare: In an ever-changing environment the internet is the fastest growing sector in the world. Every company or growing industry must be involved in the internet race. It is not a rare platform but it is crucial.
- Inimitable: every company should have their own, so having a website is easily copyable
- Non-Substitutable: Instead of having a website I could push for word by mouth messages to convey the platform of my industry as well as my idea.
6. Assistant
- Valuable: Aside from salespeople, an assistant provides ridiculous support in enhancing the efficiency of the company. Having an assistant can keep track of all records, appointments, meetings, and other busy work salespeople do not have the liberty to do.
- Rare: Most companies or offices have assistants to keep track of the day to day tasks that the salespeople cannot do without help. Although it is not a task that takes a lot of education to do, Assistants/Secretaries are crucial to the development of any good work.
- Inimitable: Most companies have assistants to keep track of work
- Non-Substitutable: I can take on the workload without an assistant but it will prove inefficient to my work.
7. Marketing Tools
- Valuable: How are people going to decide if you are the right agency to use for their life insurance needs? The marketing of the company will prove the most valuable asset as a a startup. With negative views on life insurance agencies, most people will not hear or be interested in this new company. Life insurance is an unsought product most do not seek.
- Rare: Every company, business, or industry needs to be efficient in marketing to get their product known. Without it, most companies would fail just like most do.
- Inimitable: Every company needs to market, but it's not easy to copy the marketing tools and ideas of other companies.
- Non-Substitutable: You cant replace marketing without risking the failure of your company.
8. Client resource Companies
- Valuable: The whole premise of the company resides in obtaining clients that create commissions for the company. Using a Client Resource Company will give you access to a database filled with client information to narrow your search in the target market you are trying to attract.
- Rare: Using these companies is not rare because most service related industries pay these companies to locate specific clients in order to be more efficient.
- Inimitable: This is easily copyable by other companies because they were invented for this specific use
- Non-Substitutable: The method of finding customers can be substituted in many ways and can be done using a thousand other methods.
9. Liability Insurance
- Valuable: It is essential in the legal aspect of the company to protect yourself against liabilities that could happen, by either the insurance plan to give you false information or by the person to commit insurance fraud.
- Rare: Every company in most sectors needs insurance to run to be protected by any case scenario.
- Inimitable: Every company needs it
- Non-Substitutable: You cannot substitute this for anything because it is an essential resource.
10. Cybersecurity/Personal Security
- Valuable: In modern day area cyber security has grown as an increasing need. With so much information being available online, the personal security of a client should be number 1. Apple has faced major problems in the past with their lack of security.
- Rare: Having good cybersecurity is essential to most companies but it is rare for it to be good. Most will settle for adequate because it costs less and for the most part it does their job.
- Inimitable: Most companies will copy but it depends on what type they get.
- Non-Substitutable: Cybersecurity cannot be substituted for the fact that everything nowadays is transitioning into the biggest necessity for worldwide business that hold client sensitive information.
Friday, July 19, 2019
Friday, July 12, 2019
Reading Reflection No. 2
The Wright Brothers by David McCullough
1.) The book is about the Wright Brothers who invented the first functioning flying machine. While it discusses the personal life of the Wright brothers and their family, the main purpose of the book focuses on the over ten-year pursuit of the development of the airplane. The biggest theme of the book is endurance and the burning desire to succeed at all costs. The Wright Brothers faced ever lasting challenges because they were pioneers within their field, not only in marketing but in technology. To be a successful entrepreneur you must have a burning desire to make it.
2.) The book helped me in this class because it showed how other entrepreneurs were able to be successful.I saw the adversity these two went through, in a time where the available resources were limited, and still came out on top. Because of their determination they were able to be known through eternity.
3.) If I had to design an exercise for this class based on this book, I would have students create a structure using only uncooked spaghetti and marshmallows. Each group would be timed and have to create the tallest structure without falling or breaking. The task is more difficult than it sounds and is a great way to prove that you will fail many times before a good outcome takes place.
4.) The biggest 'aha' moment that I took from reading this book was the amount of patience and determination the two brothers had. It took them over 10 years to become successful, in that amount of time the normal person would have already called it quits. To become successful you must be patient and have the will to be someone with your idea.
1.) The book is about the Wright Brothers who invented the first functioning flying machine. While it discusses the personal life of the Wright brothers and their family, the main purpose of the book focuses on the over ten-year pursuit of the development of the airplane. The biggest theme of the book is endurance and the burning desire to succeed at all costs. The Wright Brothers faced ever lasting challenges because they were pioneers within their field, not only in marketing but in technology. To be a successful entrepreneur you must have a burning desire to make it.
2.) The book helped me in this class because it showed how other entrepreneurs were able to be successful.I saw the adversity these two went through, in a time where the available resources were limited, and still came out on top. Because of their determination they were able to be known through eternity.
3.) If I had to design an exercise for this class based on this book, I would have students create a structure using only uncooked spaghetti and marshmallows. Each group would be timed and have to create the tallest structure without falling or breaking. The task is more difficult than it sounds and is a great way to prove that you will fail many times before a good outcome takes place.
4.) The biggest 'aha' moment that I took from reading this book was the amount of patience and determination the two brothers had. It took them over 10 years to become successful, in that amount of time the normal person would have already called it quits. To become successful you must be patient and have the will to be someone with your idea.
Elevator Pitch No.3
https://www.youtube.com/watch?v=S0SVvIyhTXk
In this pitch I received positive feedback from my last one. People told me it was basically all set in stone and that all I needed to do was be more fluent with my words. In this last one I practiced my speech a little better and was able to do it without stuttering and able to get my message across much more clear. As a very extroverted person I am always comfortable being in front of the camera and being able to speaking my mind with what I have to say,
In this pitch I received positive feedback from my last one. People told me it was basically all set in stone and that all I needed to do was be more fluent with my words. In this last one I practiced my speech a little better and was able to do it without stuttering and able to get my message across much more clear. As a very extroverted person I am always comfortable being in front of the camera and being able to speaking my mind with what I have to say,
Growing Your Social Capital
1. Person Who is an Expert:
Mr. Brian Shey is life insurance agent in his own firm in SterlingWyatt. He was my boss and the man who made me interested in this business. He grew up in Gainesville and worked for a a big corporate job in the field at the start of his career. He then decided the corporate world was not for him. He opened up SterlingWyatt a his own company. I met him through a friend in which I applied to be his summer intern. I worked with him for about a month and learned a lot about the industry. Working with him in my industry will expand my knowledge about everything. With more years of experience under his belt, Mr. Shey is able to teach me many things and expand my knowledge on things I didn't know about.
2. Expert With the Target Market
My fathers friend Chris is a financial advisor. As a man who deals with peoples finances on a day to day basis he is the expert in the target market. He is able to talk to people on a daily basis and understands those who are financially in need and able to have customized insurance plans. Chris met my dad at a cigar shop where he was able to get close to him. Later on I spoke to Chris myself and he gave me great tips on how to be successful within the market. He showed me who I should speak to and how to understand if a person is financially adept to taking this on.
3. Someone who is A supplier:
Mr Williams is an executive of One America, a company who has one of the biggest client databases in the world. Their supply necessities of giving me all available client information to secure my clients. As a life insurance provider I do not necessarily have a supply, other than securing clients. The clients become my supply because without them I have no business. I met Mr. Williams through Mr. Shey while I was interning and we were able to have a talk and network greatly.
Final Reflection:
I am a great networker. Using this assignment has shown me how well I can be with people and how I can talk to them. Networking for this project has been similar to networking in the past with numerous clients. Being able to talk to people and gain experience through their value is extremely important for my future endeavors.
Mr. Brian Shey is life insurance agent in his own firm in SterlingWyatt. He was my boss and the man who made me interested in this business. He grew up in Gainesville and worked for a a big corporate job in the field at the start of his career. He then decided the corporate world was not for him. He opened up SterlingWyatt a his own company. I met him through a friend in which I applied to be his summer intern. I worked with him for about a month and learned a lot about the industry. Working with him in my industry will expand my knowledge about everything. With more years of experience under his belt, Mr. Shey is able to teach me many things and expand my knowledge on things I didn't know about.
2. Expert With the Target Market
My fathers friend Chris is a financial advisor. As a man who deals with peoples finances on a day to day basis he is the expert in the target market. He is able to talk to people on a daily basis and understands those who are financially in need and able to have customized insurance plans. Chris met my dad at a cigar shop where he was able to get close to him. Later on I spoke to Chris myself and he gave me great tips on how to be successful within the market. He showed me who I should speak to and how to understand if a person is financially adept to taking this on.
3. Someone who is A supplier:
Mr Williams is an executive of One America, a company who has one of the biggest client databases in the world. Their supply necessities of giving me all available client information to secure my clients. As a life insurance provider I do not necessarily have a supply, other than securing clients. The clients become my supply because without them I have no business. I met Mr. Williams through Mr. Shey while I was interning and we were able to have a talk and network greatly.
Final Reflection:
I am a great networker. Using this assignment has shown me how well I can be with people and how I can talk to them. Networking for this project has been similar to networking in the past with numerous clients. Being able to talk to people and gain experience through their value is extremely important for my future endeavors.
Friday, July 5, 2019
Elevator Speech 2.0
From the feedback I received from the original pitch, I realized one of my strong suits is the ability to create a strong presentation. My ability to be dynamic and explosive gives the elevator pitch the niche most are looking for when doing one of these. I believe the most important aspect of getting a new product out there is the communication of what it does, and the ability to entice others to mine, is what will blow it up.
Idea Napkin No.2
1) YOU: I am a person who is very confident and ambitious with the things I want to accomplish in the future. I am easy going, laid back, very easy to talk to, which is why one my talents and skills is handling people. I am a complete people person and am able to speak to any type of person and easily understand what appeals to them to stay interested in what I have to say. By being able to speak to people extremely easy, this business would have me in contact with numerous amounts of people on a day to day basis. Any job in sales is something I aspire to be the center stone of my life.
2) WHAT ARE YOU OFFERING: I am offering a Customized life insurance plan for people in age of their life. IT is created to help those at risk financially (which is anyone at any age) for whatever kind of plan they need in order to fix it for the feature.
3) WHO ARE YOU OFFERING IT TO: I am offering it to those who are at risk financially. I am offering to anyone that could use protection for the future.
4) WHY DO THEY CARE? : everyone is always worried about their future and how money is going to play into it. Especially if an accident means affecting people around you in a life altering negative way.
5) WHAT ARE YOUR CORE COMPETENCIES? What sets me apart from competitors or others is that no one in the life insurance game has a this type of customization plan.
These elements create the foundation for the success needed for your product. Figuring out yourself and then figuring out the problems your product is solving makes this combination dynamic. To be successful in this world you need combninations so by linking these in you have your starting way.
2) WHAT ARE YOU OFFERING: I am offering a Customized life insurance plan for people in age of their life. IT is created to help those at risk financially (which is anyone at any age) for whatever kind of plan they need in order to fix it for the feature.
3) WHO ARE YOU OFFERING IT TO: I am offering it to those who are at risk financially. I am offering to anyone that could use protection for the future.
4) WHY DO THEY CARE? : everyone is always worried about their future and how money is going to play into it. Especially if an accident means affecting people around you in a life altering negative way.
5) WHAT ARE YOUR CORE COMPETENCIES? What sets me apart from competitors or others is that no one in the life insurance game has a this type of customization plan.
These elements create the foundation for the success needed for your product. Figuring out yourself and then figuring out the problems your product is solving makes this combination dynamic. To be successful in this world you need combninations so by linking these in you have your starting way.
Create A Customer Avatar
The problem with my idea is that it is available to everyone because of its tailor made characteristic that is easily customizable for every person who seeks insurance. However, there is always a certain customer the aspect of life insurance appeals too.
Now to be more descriptive, my ideal customer would be someone in a good financial position with dependents on the salary. This would be a man with a family, whose salary is extremely important in keeping the household maintained. With this aspect he needs to be prepared for anything that could happen to him in the financial aspect. This would include death, injury, or any unforeseen tragedy that could happen that would damage the household and make them change their lifestyle.
"Mid 40s Man who supports a household of dependents"
- His hobbies include fishing, cooking, watching sports, and playing sports with their children
- He would drive a nice car like either a truck of the year or a a suburban dad vehicle like ford, dodge, or lexus. (Black, white, or silver)
- He likes to watch the history of the USA, World Wars and the local news.
- He loves to spend time with his kids and do things that please them
- Hes very comfortable with his finances and loves to reward himself with luxuries.
- He has a boat and goes fishing at least twice a week with friends.
- A tiny bit overweight but gives himself the dad bod.
- He likes to watch the history of the USA, World Wars and the local news.
- He loves to spend time with his kids and do things that please them
- Hes very comfortable with his finances and loves to reward himself with luxuries.
- He has a boat and goes fishing at least twice a week with friends.
- A tiny bit overweight but gives himself the dad bod.
As far as us having anything in common not really mainly because of the age difference and stages in your life. But i think having many things in common is the fact that you can relate to their needs and understand the desires the consumer has.
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