MagneFit - The Venture Concept No. 1

Hello and welcome to my venture concept!

Let's refine my venture idea. Hold on tight for a looong post!

Opportunity.

The fitted sheet business is one that no one has really taken the time to improve. Basic issues arise: which side is the short side, how to fold a fitted sheet, how to keep the sheet from falling off the bed, et cetera.

So, who exactly has these problems?
Anyone who makes beds on a regular basis:

• parents
• hospitals
• hotels

Anyone who wants to be more independent but struggle with putting on sheets due to the amount of physical effort required:

• the elderly
• people with physical disabilities
• young children

What do they need, exactly? A sheet that clearly marks which side goes where, is easy to fold, and stays securely in position.

There are no specific forces or changes in the environment that are creating this opportunity, since beds and sheets have been around for quite a while. It is simply a result of improvement on an old product to simplify its process and allow more people to a) get more done sooner or b) be more independent.

Geographically speaking, MagneFit sheets are currently being designed for American beds and countries which use American bed sheet sizing. It is the hope to one day expand to other countries and create MagneFit in more sizes.

Demographically, MagneFit would be great for all ages, from children to the elderly. The target demographic would most likely be men and women in their mid twenties and older, as they are usually more established, usually are used to being independent and taking care of themselves, and are more likely to have families.

Currently, customers have no other product to satisfy this need, other than using flat sheets and "hospital corners." Unfortunately, many people will keep using the same sheets because it is more convenient (although unsanitary). Most people are only "loyal" to traditional fitted sheet companies because they have no other choice in the matter.

The opportunity is a large one, because many people despise the traditional fitted sheet design and would be eager to see another product out on the market. As far as can tell, this "window of opportunity" will be open indefinitely, unless someone else creates a new product such as MagneFit.

Innovation. 

Forgive me if I am short in this area, but I do not want to go into too much detail about how my fitted sheet alternative, MagneFit, is constructed and works. For various reasons, such as patent and copyright reasons, I will be as brief as possible to protect my idea from others, should someone try and steal my intellectual property.

So, with that in mind, what is MagneFit?

Magnefit is an alternative to traditional fitted sheets. It looks more similar to a traditional flat sheet than a fitted sheet. There are no ruffled, elastic corners like in traditional fitted sheets; it is flat, allowing MagneFit to easily fold and be put away. The edges are magnetized, which connect to magnets preplaced on the sides of the bed in question.

MagneFit attaches to the bed exactly, with magnets meeting magnets, allowing the sheet to be pulled taut. Its edges are clearly labeled, making it easy to see which side goes where.

I would be selling the magnetized sheets and the corresponding magnet strip for the bed, in both bundles and separately. The bundle would probably cost around $40, but each sheet would probably cost around $20-$30.

Venture Concept. 

So, how will MagneFit solve any of the needs listed in "opportunity"?

MagneFit will be easy to fold.
It will also be nice and taut the moment it is aligned on the bed.
MagneFit will also clearly label its edges, meaning less running around the bed to correct wrong corners-- a big plus for people with limited movement ranges, such as the elderly.
MagneFit will also be quicker to put on beds than traditional sheets, making it a plus for businesses like hotels and hospitals.

Since so many people have issues with fitted sheets, I do not think it will be hard to convince people to switch over to the MagneFit system. It may be a little difficult to explain that the price is high because it comes with the matching magnetic strip for the bed, but I do not think it will be too much of an issue. People would switch over regardless because it would mean being able to save time, be more efficient, or live more independently.

The competitors would, of course, be traditional fitted sheet companies. However, their weakness is that they have made little to no improvement to the traditional fitted sheet since its conception.

MagneFit sheets would run approximately $20-$30 a piece for a queen sized sheet. This is a reasonable price, and it would be made of a good thread count. Customer support would be a large benefit to MagneFit, and I would plan to run campaigns such as "love it or your money back" to draw people in. MagneFit would be dedicated to having fantastic customer service.

A business for MagneFit would probably be at first a little workshop with 9 people:

1 CEO (me, and I would also sew/do PR/ file office papers/ et cetera)
1 office secretary
3 Seamstresses or tailors
1 repairs person (specializing in sewing machine repairs)
1 Public Relations person (in charge of promotions, advertising)
1 goods and supplies manager
1 selling and returns manager (would ship products, deal with any returns, et cetera)

This, of course, would be the bare minimum.

--

Probably the most important resource for MagneFit would be that of networking. It could be a great idea, but unless it has publicity no one will know about it! I think that, because of my networking skills, I will be able to send my product almost anywhere, and it would be difficult for people to copy my success because of my trustworthy and honest networking relationships.

The next step, as stated above in the post, would probably be to expand MagneFit to other countries, producing the sheet in different dimensions to fit various beds across the globe. This would bring in a global customer base.

So, what's it for me? Assuming I launch this venture, in five years I would hope to be working in my workshop with around 30 employees, producing and selling my product to happy customers. As an entrepreneur, I would be most happy to see people enjoying my product and my company, as I would strive for the utmost excellence, in both quality and customer service.

Thanks for reading, everyone!

My Unfair Advantage?

Hello!

Today I'm bringing to you my venture's unfair advantage. That is, what am I bringing to the table? What makes my venture special?

Here's a list of 10 resources I possess for my venture, including human capital, social capital, tools, and capabilities, along with a VRIN (how valuable, how rare, how inimitable, and how non-substitutable something is), analysis for each one.

In no particular order...

1) Sewing Machine (and sewing skills!)
V: For something like MagneFit, knowing how to sew is invaluable. I have my sewing machine already, and because I know how to use it, I don't have to hire someone else to draft up prototypes, et cetera.
R: Not as rare as it was a few years ago-- crafts like sewing have been gaining speed recently. However, there are still a decent amount of people out there who can barely sew a button.
I: Not really something you can 'copy' unless you go out a buy a sewing machine and learn the skills-- something not everyone has the time (or money!) to do.
N: Sewing is sewing. Unless you're using Stitch Witchery, you're out of luck.

2) Enthusiasm
V: People like enthusiasm. It means you're excited about your product-- and it's contagious.
R: Not particularly rare. However, it can be hard to keep enthusiasm going steadily. Luckily, I've been a camp counselor for longer than I can remember! Who's got spirit like no one's got?! I do, I do!!!
I: Not hard to copy, but hard to sustain my level of enthusiasm.
N: I'd say it's not substitutable. No one wants a lackluster presentation or pitch.

3) Determination
V: It's valuable! People want to see you not get discouraged. They like to see you pull through the rough patches.
R: Everyone has some level of determination in them. Not particularly rare.
I: Anyone can be determined to do something.
N: Nothing like determination! Well. Perhaps stubbornness....

4) Public speaking skills
V: You need to be able to market your product, right? How will people know about your product if you don't tell them about it?
R: It's not particularly rare-- but it takes effort to develop.
I: It's also not particularly hard to copy; however, each person has their own personality and style of speech.
N: Unless you prerecord every speech and make no public appearances yourself, public speaking is something you just have to do.

5) Wide, global network of friends and family
V: I've lived in five countries-- I know many people from all sorts of backgrounds. Their experiences, attitudes, and help are all things that are invaluable to me.
R: I'd say it's rare. How many people do you know that went to boarding school in Switzerland?
I: A connections network as wide as mine is hard to find.
N: Networking is a must. Non-negotiable!

6) Friendliness
V: People like smiles. People are more likely to buy things from you if they like you.
R: Not so rare.
I: Comes easier to some people than others.
N: Nothing like killing them with kindness!

7) Funny. Ish?

"What do you call a fake noodle?

An Impasta!"

Okay okay. No one ever said I was good at telling jokes.

I'm situational funny.

V: People like to laugh. It makes them like you better. You want laughter. No one wants to talk to Mr Somber. It'll help you in the long run.
R: Not so rare.
I: Comes easier to some people than others.
N: Nothing like killing them with laughter!

8) Dynamicity
V: Ever walk into a room and just met someone so amazingly dynamic they stunned you? Okay, I'm not that dynamic (yet), but it leaves a good first impression on someone. That's valuable. You want that.
R: Rare-ish. Mainly people who have been at this for a long time, but it comes naturally to some people.
I: It takes a lot of practice. Helps if you have a buddy.
N: Be dynamic. It's non-substitutable. (Well if that didn't sound like a commercial....)

9) Exciting.
V: People like exciting. Boring = bad. Besides, kids like exciting, and parents want their children to be happy (see where I'm going with this?)
R: Could be rare, could be not rare-- depends on a person's outlook on life. Are they easily excitable? Or are they a bit pickier?
I: Comes easier to some people than others.
N: Nothing like being exciting! Just make sure not to leave out the 'c'. We're not 'exiting' just yet.

10) Baking and cooking skills
Okay, I get it. Baking skills? Mazal, why is this even on the list?! Good thing you asked! Sometimes you might just need to "wow" a potential investor or customer. What better way than through a fantastic dinner to show them how capable you are? In addition, for promotional events, people are always willing to come if they hear that treats are available... especially homemade chocolate chip cookies.

I rest my case.

V: It's valuable because it can improve people relations, especially with my higher ups. Pillow shaped cookies, anyone?
R: Many people today can't cook or bake. It's not particularly rare, but it's becoming less common of a skill because so many people rely on restaurants and fast food joints to do it for them.
I: Both skills aren't particularly hard. You just have to start practicing, and you learn all the little tricks on the way.
N: Unless you have really good people skills, I don't think there's something that could provide the same benefits. (Who said it that "the way to a man's heart is through a deli platter"?)

So, what is my top resource?

*Drum roll*

ENTHUSIASM!

Yes. Enthusiasm, because it rolls multiple qualities into one.

It's dynamic.
It's exciting.
It's friendly.

Not to mention, it works great in conjunction with just about everything else on the list (I'm looking specifically at you, public speaking skills!)

Alright, folks! Hope you enjoyed this lovely installment of Me, Mazal!

Reading Reflection Week 11

Hello again, friends!

Today's reading reflection is brought to you by Gary Pisano and his article entitled, You Need an Innovation Strategy!

What surprised me the most from this week's reading was how many companies had a lack of innovation execution strategy, which is of course what Pisano is highlighting in his article. It is very surprising because one would expect highly organized companies to fully develop innovation strategies and following through with them, as opposed to marking up bad plans to a "failure" of execution.

I did not find any part of the reading to be confusing. Pisano was concise in his words and expressed his ideas clearly.

I have two questions for Pisano:
1) Are big companies afraid of crowdsourcing? Why does crowdsourcing tend to be more popular with individuals or new companies than larger businesses?

2) Would it be possible to develop a new business position specifically for people whose job it is to organize and implement innovation strategies? Or do you think that innovation strategy should still be in the hands of the senior leaders of the organization?

Overall, I agree with what Pisano is saying in his article. He demonstrates a great knowledge of innovation, innovation strategy, and the implementation thereof. I do not disagree with him, mainly because his reasoning seems sound and well researched. I would enjoy reading more by Pisano in the near future.

See you again soon, everyone!

The Sixth Sense - Amazon Whisperer

Hello! Welcome to the Amazon Whisper exercise.

So-- what are the revenue drivers of my business concept (MagneFit, the alternative fitted sheet)?
-Product innovations!
-Customer acquisition!
-Customer retention!

Possibly after my initial release of MagneFit, people will desire something more. While I am a firm believer in sticking with one thing you can do well rather than ten you can't, for the exercise I need to develop an addition to MagneFit to have more to market. So, I think that I would offer something that isn't too crazy-- more patterns and sizes of sheets.

This will make it appeal to a wider range of people (children, teens, et cetera) and the sizes will make it usable in other countries (because not all beds are constructed with the same dimensions in different countries). I think this would foster more customer loyalty and widen my consumer base.

As my idea is a unique one, it would be difficult to find a similar business to mine with a similar addition. Therefore, I will be generic, describing traditional fitted sheets:

A traditional fitted sheet. This has the usual (American) sizes for sheets and has only five colors to choose from.

What do the people say about it?

4.3 stars out of 5.

PROS:
Affordable
Good color
Crisp and firm

CONS:
Rough (200 thread count)
Thin
Itchy

I would probably work on using a different, more gentle, kind of cotton to make the product less itchy and rough. I would also add more colors to widen the consumer range. In addition, I would also convert these traditional fitted sheets to MagneFit style sheets.

Honestly, I don't think that this product would add anything to the product I am currently designing-- it is everything MagneFit plans to not be like! The traditional fitted sheet is old and outdated. It is time for a product overhaul.

That's it, folks-- see you later!

Reading Reflection Week 10

Hello!

Once again, we have a reading reflection-- this time it's Donald Kuratko's  Chapter 11 (Financial Preparation for Entrepreneurial Ventures) in his book Entrepreneurship: Theory, Process, Practice.

The biggest surprise from the reading was all the paperwork there has to be done for a business. While I expected a lot of paperwork, I did not expect it to be so overwhelming.

To be honest, most of this chapter was confusing because of the economics lingo. As much as I appreciate the examples, I feel like there needs to be more explanation. To me, it just looks like there are numbers being thrown around-- how would we actually formulate these lists to fit our own businesses?

I would ask Kuratko two more questions for this chapter:
1) Where do we find a good financial advisor if we are not good at key financial statements? There are many people, me included, who find this sort of planning to be overwhelming. Any advice?

2) What do we need a pro forma for? When do we use this annual projection?

Again, it is hard for me to disagree with the author because I am not an economics major and I have little basis for preparing financial budgets, statements, and break-even analysis.

That's that! See you next week!

It's About Who You Know - Growing Your Social Capital

Hello!

I'm on a mission.

The assignment?

Network with three strangers: a domain expert, a market expert, and supplier.
The questions?

1) Who they are and what their background is.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
3) A description of how you found the person and contacted the person.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?
5) How will including this person in your network enhance your ability to exploit an opportunity?

Be prepared for a long post.

Go!

1) Daniel Zimmerman, owner of Market Linen
2) Domain expert. He works in the linen business, producing and selling them on Etsy!
3) I found Zimmerman's business page online through Google, and contacted him through his Contact Me page.
4) Zimmerman gave me wonderful advice about the linens domain! I suppose my 'favor' in return will to be an honest seller if I pursue a business venture in the same domain as him.
5) Having Zimmerman in my network will enhance my ability because he can probably give me more advice in the future about the market.

Our exchange:

Hi,

I am a student at the University of Florida currently enrolled in an entrepreneurship course. Part of the requirements for this course is that I make contact with a professional entrepreneur who can give me feedback for a specific business concept that I have (which happens to fall under the linens industry!).

Specifically, my business idea has to do with an alternative to fitted sheets. I was wondering if you could give me some advice regarding the making and selling of linens.

How do you find your target base? Do you connect with hotels or other such businesses that use linens regularly, or do you generally aim towards the general population as opposed to businesses?

Also, where is it possible to purchase wide lengths of fabric for sheets?

Again, it is just a rough concept, but a line or two of advice would be greatly appreciated.

Thank you in advance,

Mazal Fernandez

His response:

Hi Mazal, 

Sounds like an interesting class - I took something similar when I was in school. 

The making and selling of anything related to textiles can yield a high profit margin but only if you able to successfully entertain the correct population and if you are able to find a really good and reasonably priced source for your linen. 

I work as an interior designer and use informal methods to target a high end consumer. I sell linen as a luxury item to wealthy individuals who will pay a premium for handcrafted goods. My business model is closer to a luxury brand selling less items but at a high profit margin. 

I haven't tried businesses such as hotels etc as that would require large scale production and a significant up front cost. This would be a different business model (the Walmart model - selling many items at low profit margin) 

I find that the current marketing climate created by the explosion of social media works very well for my brand in attracting new clients. Most new clients come from publications in magazines and by being featured by sites like Etsy. Basically - in my world - if you are able to create really good photography and release it on Instagram and Pinterest it will be discovered eventually by editors who will publish the work this attracting my high end client. It's all about creating a story with the linen in photos. 

As far as sourcing of linen - this is what we would call a competitive advantage and I would never share my sources as that would invite competition. My advice is Google wide width linen and order samples from many sources to test quality, prices, and shipping rates. 

Hope this helps and good luck at school! 

Daniel Zimmerman

1) Julie from In-Weave, a fabric supplier
2) Supplier. Julie works for a business which wholesales fabrics of all lengths and widths.
3) I Googled extra-wide fabric on Google, found Julie's website, and contacted them through their online page.
4) Julie helped me make an informed decision about what fabrics would be best for making bedsheets.
5) Julie and her company would be valuable resources to buy from, because their websites sell the proper width of fabric I would need for my MagneFit venture.

Our exchange:

Hi,

I am looking to make my own bed sheets. What would you suggest to be the best fabric to work with? I think Percale would best suit my needs, but I was wondering if flannel or broadcloth would be good (comfortable) options as well.

Any advice would be greatly appreciated!

Thank you in advance,

Mazal Fernandez

Julie's response:

Hi,

 

Percale would be the best. Definitely not broadcloth. Flannel would also be fine-but hard to find the extra wide flannel.

 

Thank you,

Julie

 

In -Weave

1) Anonymous employee from Maddak, a producer and seller of aids for daily living
2) This person fills the spot of market expert, because they focus their products toward people who benefit from household aids in order to live independently-- and Magnefit, my alternative to fitted sheets, would be such a household aid for persons with disabilities or the elderly.
3) Again, I Google searched a phrase (this time "products for people with disabilities" and stumbled upon their website; I emailed their customer service inbox.
4) The employee gave me good advice on working with people with disabilities and how to tactfully market towards the elderly or people with disabilities.
5) I plan to write back to the employee to get a name and properly network with them for more advice in the future.

Our contact:

Hi,

My name is Mazal Fernandez and I am a student at the University of Florida. I'm currently enrolled in an entrepreneurship course, and part of the requirements for the course is to develop a hypothetical business/product.

The product I've been designing for the class has to do with simplifying the bed-making process, and part of my target market would be persons with disabilities.

I need some advice about marketing toward persons with disabilities ( for example, being tactful with customers). Any suggestions in this regard would be very helpful.

Thank you for your time!

The Maddak representative:

"Hello Ms. Fernandez,

Thank you for contacting Bel-Art Products.

Marketing toward persons with disabilities can be challenging at first. It is important to use tact in your marketing, being sure to use non-offensive language in your advertisements or website. Euphemistic phrases are almost always frowned upon when it comes to marketing to this target market. 

It is also important to not make assumptions about your customer or his or her disability. If you are not sure about something, it is always better to ask for clarification than possibly embarrass yourself or your customer.

I hope I have been able to help you. Should you decide to pursue this venture, we would be more than happy to assist you with your product, its development, and its marketing. More information can be found on our website at www.Maddak.com, under the Inventor's Corner label, or at our Customer Service hotline at  1-800-423-5278.

Thank you for your continued interest in Bel-Art Products.

Reflection:
How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

This experience definitely opened my eyes to new possibilities! It never crossed my mind to search out people and businesses and email them over the internet for advice, but amazingly it worked. This experience greatly differed from anything I've done in the past, because I usually meet people in person or through a friend; these were complete strangers on the internet! It was a fascinating experience, and I think it is a very good way to make possible networking connections in the future. My only question would be how to keep up with these relationships or make them mutual for both parties.

Third Time's the... Charm? -- Elevator Pitch No. 3

Hello all!

Welcome to my third elevator pitch!

Will it be that the third time is the charm? Stay tuned to find out!

First, let's take a look at the feedback from last time...

"I really love your enthusiasm!"

"I was actually smiling throughout your pitch."

"Your delivery was excellent except for when you would look down at what I'm assuming was a script or notes." 

Hmmm. So, I obviously have the enthusiasm and dynamic part of the pitch down! So, let's try it off-script now....

So, based on my feedback, I tried not to use a script this time! Free-style, baby! And, I tried to keep my enthusiasm still kicking.

Enjoy, everyone xoxo

A Little of This, a Little of That -- What's Your Secret Sauce?

Human capital. What makes me... well, me?

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different?

a) I have lived in five different countries! I have a lot of experience with foreigners and I have worked with a multitude of different people. In addition, I have world networks due to my life experience.

b) I have a variety of interests and hobbies! I knit, I sew, I bake, I cook. I can shoot a gun and can make a darned good bread from scratch. I love traveling, exploring, and meeting new people. To put it short, I'm fun!

c) I'm energetic. Kids love me for my energy. I'm enthusiastic and usually pretty extroverted.

d) Empathy. I find it very easy to 'put myself into someone else's shoes.'

e) I'm unique myself! I have a very unorthodox upbringing (abroad, at boarding school, five different countries, etc), while living a very orthodox lifestyle (I'm an Orthodox Jew).

2) Interview the five people who know you the best. 

Not sure why my phone recorder didn't catch my comments, but the important part still stands!
In this video, I am told that I am personable, smart, bright, (short...), and just a very warm person in general.
In this video, I get told that I am very unique, a great cook, outgoing, sweet, kind and caring of others.
Sometimes children are the most honest! I apparently make great sushi and I am kind and humorous.
I'm told that I am loving and caring for everyone around me, as well as being kind, cute, and amazing. I also have a great sense of fashion, apparently!

Again, kids are the most honest. I am skilled and that I am a pretty great babysitter. I make good sushi and I'm kind and funny.

3) Reflect on the differences. How do you see yourself, and how do others see you?

So--  I think that I see myself in a very positive light, and others do, too! I think that my self-confidence and good sense of self-esteem tend to rub off on other people, and I just try to treat others how I would want to be treated. I think that there were many similarities between what I think I am like and what others think I am like. I didn't realize how many people liked my cooking (maybe I should open a sushi shop?)! I think I would add to my skills that I am fashionable, because I received that feedback from one of my interviews; I'm very happy to hear that feedback, because I love to make clothes and I want to go into historical fashion design.

Reading Reflection Week 9

Hello everyone!

Welcome to Week 9's reading reflection on chapter 10 (Marketing Challenges for Entrepreneurial Ventures) of Donald F Kuratko's Entrepreneurship: Theory, Process, Practice.

The biggest surprise from this week's reading was the whole section on marketing conceptualization, most specifically about marketing philosophy. It it surprising to me because I would never have even thought about marketing concepts in such a highly detailed way! It's very interesting to see how devoted some people are to entrepreneurship and economics.

One part of the reading that was confusing was the product pricing life cycle. Again, Kuratko would greatly benefit from adding examples to the text to make the concepts clearer.

I would probably also ask Kuratko why he thinks sales forecasting is very valuable, while being limited in value; I'm not exactly sure what point he is trying to make here.

Another question I would ask Kuratko would be what he thinks would be the best way to gather primary and secondary data. This is because he explains what they are and their pros and cons, but which methods of collecting data have been the most effective in his personal experience?

I don't think I disagreed with Kuratko this week, mainly again because I do not know all that much about marketing. However, I would probably have included somewhere that telephone surveys seem to be the most effectively statistically.

Have a good week! xoxo

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.