Let's Revise - Idea Napkin No. 2

Hello, everyone!

Today I am supposed to revise my Idea Napkin with feedback from my previous post... however, I'm not sure I have much to revise-- all of my feedback was positive!

1) You. Who you are. What your talents are. What your skills and experiences are. What are your aspirations? How do you see this business playing a role in your life?

Who am I? I am 19 years old-- almost 20-- and a history major with a minor in innovation. I love sewing, knitting, baking, cooking, and, occasionally, playing video games. I am charismatic, enthusiastic, energetic, and empathetic. I love talking to people and I have quite a networking collection at my age! I graduated as Salutatorian of my high school and I've lived in 5 different countries.

Did I mention that I am an orthodox Jew? I attended a Jewish girl's seminary last year from October to December! I really want to work with my history degree after I graduate from UF next year, but my career dream would be to be an emissary of the Lubavitcher Rebbe-- that is, do Jewish outreach.

So, how would my business-- MagneFit-- fit into my life? As someone with experience with textiles and crafts, I can see myself making prototypes and eventually finished products myself with my good ol' Singer sewing machine. I can also see myself using my connections to network and find potential customers. I do not think that it would be my only job, but a side-job, because I would like to get married and have children in the next few years, as well as do historical research at some point, as stated above. It would probably never be a large company, unless I gained a business partner who wanted to expand the company, but I would be alright with that (as long as it wouldn't be a financial drain on resources).

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering a product called MagneFit, an alternative fitted sheet. This alternative to fitted sheets will streamline the process of bedmaking, saving time both when making beds and doing laundry. With no awkward corners, MagneFit will provide an easy way to fold fitted sheets-- without being the traditional fitted sheets. It will also seamlessly smooth itself out once the magnets of the sheet are in their proper places, meaning no wrinkles.MagneFit will also clearly label sides so that no one can get confused as to which side goes where, as is the case with traditional fitted sheets.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers.

My target hasn't changed much from my last post. Anyone with a bed would benefit from MagneFit, the Alternative Fitted Sheet.

My largest customer base would probably come from:
1) Those who make beds often (Parents, hotel maids, nurses, et cetera)
2) Those with disabilities who have trouble making beds and want to be more independent
3) Senior persons, especially those who have limited ranges of movement
4) Those persons who get frustrated with folding fitted sheets or putting them on beds
5) People who want their sheets wrinkle-free!

4) Why do they care? Explain why customers will actually pay you money to use your product or service.

My customers would care because they deserve a better, more efficient, more effective way to make beds that will save them time that they could use for other things. It will lower frustration, especially for when  they are folding sheets, which seems to be a big issue for many people. It will also allow for people to be less dependent on others, such as children or the elderly, and may encourage people to change their bedsheets more consistently (therefore helping their hygiene and health). It will also make jobs such as maids making beds much more efficient.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

As stated previously, everyone complains about fitted sheets but does nothing about it-- from folding to fitting them onto beds. Not many people have worked to "reinvent" the fitted sheet, and as far as I know, no one has attempted to solve it with magnets as I have. As a commenter once said, "it will definitely take an outsider and a small company to change something as fundamental as the bed sheet." Big sheet companies, often comfortable in stability, have had no need for renovating the fitted sheet because there is no competition; an alternative fitted sheet, however, might change the playing field a little.


So, do these elements add up?
As I stated in my last post,  I do believe these elements add up. I am enthusiastic and opportunistic, and I have the skills (sewing, optimism, networking etc) that could make this business venture a viable idea. The only weaker element would be, of course, that I never planned on becoming a business owner, and I am not sure if that is what  I want to spend my life doing. I want to utilize my history degree, for example, moreso than my innovation minor.


Feedback Memo
What I learned from the feedback I received:
1) My idea is interesting
2) Some people are terrible folders and would be interested in my product
3) "insiders" are too scared to change a traditional bed staple-- the fitted sheet-- and it will take an outsider to do it.

I was only able to glean three main points from the feedback because it was so overwhelmingly positive! I incorporated this feedback into my new Idea Napkin by including more information on how my idea would be innovative (to make it more interesting) and by including people who struggle with folding into my possible customer base. I also included some information on the lack of fitted sheet alternatives.