Final Assignment

Over the semester, we have learned a lot about our business idea. Since many students struggle with financial issues, mental health issues, and additional responsibilities, we decided to  make a virtual resource center that conglomerates all available resources in one place. Through MVP testing, we learned that there is value in our idea. We reached many people, got a few email submissions, and received over 120 page likes. We were surprised to learn that men were more likely to engage with our ads, and this will help us in the advertising process. Next, we plan to test our idea on a larger scale and start to refine our landing page in efforts to receive more email submissions. It seems like the landing page needs to go straight to the point without giving excessive information as per visitors’ feedback. From there, we will start to build our resource database, create our final website, and partner with other colleges and businesses. 

 

Video Link: https://youtu.be/wDaJ80i5cno 

Creating a MVP

To gauge customer interest, for our MVP, Karin and I believe that a landing page is the best way to assess whether our target customer will be interested in our product. Our landing page will consist of a short summary of our solution, as well as an email sign-up form. Customers can input their emails if they are interested, and when our idea comes into fruition, we can email them with updates. Based on the number of students who input their emails, we can get a rough estimate of how many people would be interested.

For the actual landing page, we plan to use Wix. The reason we chose Wix is because of their free platform that is incredibly easy to use. It is easy to create a clean and professional website. With this in mind, we can easily create an MVP without putting in extensive effort or money. We believe that Facebook is the best platform to advertise on because more that 85% of our target customers use Facebook. Instagram is a great place to advertise as well since most students utilize both platforms and can be more active in one of them than the other. To narrow our scope, we plan to only advertise to those between the ages of 18 and 30. Since both males and females (and everyone in between) struggle with mental health issues, financial issues, and other issues, we choose not to target a specific gender.

For the financial side of the website, the ad will be focused on sharing a very optimistic view on their current situation. It will make customers feel like he is not alone, we know it and we have a solution for them. With the image I chose, I want to communicate that it is hard financially right now but improvement is possible. The image only will make struggling customers curious and want to know more about the concept which will drive traffic to our website. The link for the website of “Best Of Me” ( BOM) will be added to facilitate how customer can get to us. Finally, we made sure that our logo is at the bottom of every visual communication we do as we want the future customers to know our brand to create brand recognition.

See the below the ad I had in mind and here is the link to our landing page: https://bestofmeresources.wixsite.com/mysite

Please let us know what we can do better.

BOM Financial Ad

Assignment # 2 Takeaways

Doing research with Karin for our business idea, we were relieve to confirm that there are no direct competitors for our business idea. We only have a few secondary competitors but they are not focused on targeting students. Our business will be a website gathering resources for students struggling with financials for mental health due to the pandemics. The website would also had any additional information relevant to students like legal services or anything free they are eligible for.

We opted for a hidden revenue business model. We are working on making life more barrable for students who are already struggling so making them pay for our services is out of the question. Any funds needed to run our business will come from the companies we will partner with. Many businesses wants to have access to students as customer so they will be willing to pay us if it means our customer might become their future customers. We will display paid ads or sell survey we will ask our students to take if willing.

Our early adopter would be students below the poverty line and especially students of color from low wealth communities who have other responsibilities toward their family beside school. There will also be students away from home like international students and single moms students who have children to feed.

The other interviews I was able to book with a VITA Tax Program Director at Ariva and a Benefit Advisor Coordinator at Urban Community Services confirmed that our services is deeply needed by the youth. We understood that there are many resources created all the time to help students; financial as well as mental health help. But they are not taken advantage of enough and this is because they are not aware of it or they don’t know where to look. Our website will have a lot of value because on top of being made by students for students, we will gather all these resources in one place to satisfy our future customers.

Primary Research Takeaways

  • There is no one place where students can gain access to all of the resources that are available to them
  • There are plenty of resources available for students
  • Many businesses want to gain access to students so they can expand their target market

Secondary Research Takeaways

  • Many people actively search for resources that they need
  • Anxiety surrounding access to food, rent payments, and more has increased during the pandemic
  • Students are unaware of what resources are available to them

 

Bummer !! No Responses

Reaching out to companies for an interview showed how busy an entrepreneur’s life could be. Unfortunately I was not able to connect with the founder and CEO of Quizlet Andrew Sutherland , my main competitor for an interview even though I believed I got his personal email address: [email protected]. After following up every 2 business days for a week I decided to go with Khan Academy. I emailed Saalman Khan through an email address he provided on many talks: skhan@khanacademy.org and [email protected] but with no luck. I got no answers from him but customer service got back to me. They weren’t much help. On to Chegg where I contacted Dan Rosensweig though email address [email protected]. I also called the number 1 408-855-5600 hope to talk to any body who could help with my project but the number is disconnected or no longer in service.

I realize I will have to look for more accessible people I could talk to, a closer competitor to have at least an insight in that field

Advices From Primary Competitor

In regards to my product, I wish I could interview Andrew Sutherland the founder of Quizlet. If I ever get the chance to talk to him, I would like to know which steps he underwent to grow his business. He started the website at 15 because he has difficulties to pass his French class. From there, how did this became a website where we can find information on any academic subjects?

Another question I wish I could ask is what made him pursue this business idea even though he clearly had established competition like course hero and Khan academy? Wasn’t he scare? What made him think he had a chance in this game?

The data base he has is so precise and huge, how did he grow his database? Did he create them or did he use pre-existing exams and homework templates?

Lastly, I would like to know if there are any advises he has for me in order to have polish my product? What should I add or change? Are there any tips to be successful in the education industry?

Seizing the Competition

In the education business Quizlet is known by all students and there is no need for introduction. They are the best and are very convenient when you have very short time to study.

Doing research on them made me realize how big they are and what I am going for. It can be scarry be I know I have something more to offer.

Their flashcard system is the most convenient to study everywhere and it is definitely something I would like to look into if possible. But I would like to offer flashcards with answers questions from exams and professors from Baruch only, want to make It as specific as possible.

Being a big company they can afford to offer tutors and teacher for deeper help. Which I won’t be able to do but we will have a text option where students can ask questions.

What scares me the most is their database. They have so much information to charge that it will be hard to compete at first. They have everything on every subjects and every classes.

If even while using their services from time to time I am looking somewhere else as well as other students, this means that they are not perfect and there is more to do in this market.

I still believe it is a good idea and we have something more to offer. The goal is not becoming a serious competitor to overthrow them, but it is to be complementary to their services. They offer general answers and help. What we offer is a closer approach with the students. We want to create a community within the college that fosters brotherhood and help each other on subjects one already. This will make the student more confident because he will be talking or using material from a fellow student and also have a perfect accuracy because all the material we will offer will be from Baruch exercises, exams and professors and our class notes are a plus, better than just summarizing the book.

 

A little help goes a long way

Coming from another school system on top of having difficulties reading because of dyslexia, taking classes and choosing my professors are a very stressful tasks for me. Every class is like entering something so unknown and I am scared to fail. I usually look for my classes way ahead and I make some research on the professor what he is asking on the class and the material that usually uses. Also having feedbacks from previous students and getting their notes makes me feel like I am prepared and ease my fear. I rely heavily on notes in order to retain the material thought in class. So when I make an effort to read the book I make sure that I take very good and detailed not in order not to go back to the book and read again because it takes me a lot of time.

I have noticed that in many classes I attempted some classmates asked for my notebook in order to do a copy or ask me to share my notes when they miss class because I make great notes. But most of them as me my notes when there is an exam coming and they want a quick review. Friends who plan to take classes I already took or know a friend who will take the class ask for my notes before the semester begins so they are prepared or to share it. This made my think of a website for Baruch students where they can share precise and concise notes on the class they took, the book the read, the exercises they did and their answer and they way the professor wanted the assignments to be done. This could help students lacking time to have a summary of their class with their own professor. In addition other platform are offering summaries of chapters and answers but they are generic long and often don’t help understanding the material quick and easily. Having another student notes that took the very same class is more valuable because it is written in a very easy way you can understand.

This is a problem because nowadays student have it harder than before and are just seeking ways to make studying easier especially when they already have a full time job and don’t have enough time to study. Plus some professor want their assignments to be done a certain way and instead of asking the professor to clarify, some student prefer to rely on their peers because it is less intimidating to them. Some students just like to be prepared especially the ones with 18 credits. Other, to be honest uses class time to work on something else instead of listening to the class then need the note to keep up. So many Baruch student know the struggle and I think they will be glad to have this kind of help to succeed.

See below the Canvas Lean Model for this business idea:

Lean Canvas_Smart Notes

Each Problem has its solution

In this unprecedented time, people tend to use more their personal cars for commute instead of using public transportation. It feels safer in general to stay away from public transportation where they can encounter a lot of people, run the potential risk of being infected and where they are not even sure of the sanitary state of the vehicle. The entire population became highly suspicious, Less trusting of the authorities actions and prefer to take their health into their own hands.

 

The more they use their car, it is obvious that it gets dirty and it needs to be cleaned. I have noticed with a lot of my friends and relatives that they are often complaining they need to clean their car and it is a great shore they never want to do. My friends and my generation in general cares a lot about appearance. I do not have a car so I was curious about the situation and I asked why they don’t go to automatic car wash or professional car wash shop. Most of them said that first of all, they don’t want to drive to a location and have to interact with people. Plus they would have to sit there for hours until it is done and they could use that time to do something productive. Some of them added that it is not cheap either that’s the reason why they don’t want to go to a professional car wash store.

Second, they said they avoid the automatic car wash because It seems to always have a waiting line there and it’s not well done. The cleaning is automatic and only the exterior of the car is washed. There is no actual personal care put into the cleaning of the vehicle, no car body care and the inside still needs to be done by themselves at the end. Even though it is cheaper than car wash stores, they rather do it themselves but still they are reluctant wishing that somebody else would do it for them.

 

This is a problem because cars need to be washed and taken care of. There is not alternatives or avoiding it; it just has to be done sooner or later and the demand is raising. It made me think: what about a mobile care wash business? This solve the issue of people not wanting to drive to a store and wait there for a while doing nothing. It also takes care of the fact that a human is going to work on it, which means that you can also choose the option of indoor cleaning or special treatment you’ll prefer for your vehicle. IT will save the customer time, energy, and will keep them safe in regards to the pandemic. I am enthusiastic with this idea because even if everything goes back to normal it is still a business that can prosper and can focus on a lot of other target market to make it through.

 

Let’s talk about TikTok

TikTok targets young adults and adolescents. It makes them feel like they have a place online free of adults and full of everything they are looking for, Meaning a place to express themselves, communicate, be understood and have fun. It also help young people feel like they have more friends and be recognized due to the thousands of views and likes they can get just with one post. became the number one  app. most downloaded in the world in 2020.

This social media platform was funded by investors like softbank, and private equity farms like General Atlantic and private investors

Investing Capital

Tiktok focuses on popularity and growth for now but hey are generating money by in-app. purchase of coins. Users who consume content and like them can compensate the creator of that content with coins to encourage them and show appreciation. Coins can also be exchanged for digital gifts. It is still not clear but Tiktok can deduct some percentage out of it. The company could also make money in the future with targeted app like other social media platform.

TikTok started by the merging of 2 companied ByteDance and Musical.ly. They preserved the started idea which is allowing people to create artistic content like recording themselves dancing or lip sinking with popular song and uploading it in the platform to share their performance.

The only thing that changes since it that they included more editing and effect for the content as well as better filters like snapchat or Instagram.