Week 2 -- Market Research

Pillars- Finding genius.  In pillars we defined the word "genius" from a broad perspective, discovering that a true genius lives within all of us.  We looked at the difference between left-brain and right-brain functioning, and discussed why the entrepreneur needs to use the whole brain.  The right brain to dream, create, build, and to see the whole picture.  The left brain to use logic, reason, research to add the details to our ideas.  

We also looked at why we need empathy (a key to design thinking), the ability to imagine yourself in someone else’s position and to feel what that person is feeling.  The argument was made that emotional abilities are just as important as conventional and intellectual abilities.  As we move into a computer and conceptual age we looked at a greater need for human connection.  “Leadership is about empathy.  It is having the ability to relate and to connect with people for the purpose of inspiring and empowering their lives.”  We want our Entrepreneurs to inspire as well as create.  

Skills- Market Research.  We kicked off our study of market research by watching Brian McCarthy’s video on Marketing Research.  Market Research is defining a marketing problem or opportunity, collecting and analyzing information, and recommending actions to improve the marketing or development activities.  

We can gather information in two ways: quantitative, and qualitative research.   Quantitative is a logical approach by collecting data and statistics.  Qualitative focuses more on the emotional side of research by asking how a person feels or thinks, and why they make certain choices.  

Challenge-  The students completed their challenge from week 1 and collectively as a class had over 2000 unique ideas.  Those with the most ideas were Dan, Jackson, and Thomas.  By having the most ideas they all won Arvo watches.  Congrats!!!!

Pitches- Our Entrepreneurs did initial elevator pitches to the group.  They had a small period of time to sell their ideas to the class.  The winner of the elevator pitch won an Arvo watch.   Congratulations to Chandra!!! 

Guest Speaker- Jason Neeley of Warp 9 (black shirt)

Jason helped us to see how good market research can help a business be successful, by knowing the right price to sell your product.  Jason, from a young age, was always entrepreneurial minded.  He told us how he started a mistletoe business in California as a child.  He wanted to expand his business to Utah and reached out to grocery stores to sell them fresh mistletoe from California.  He thought he would be rich.  He had the idea to send the mistletoe by airplane.  The next day he was expecting a call from the stores about how happy they were about all the mistletoe.  Instead, he received calls from the stores saying the mistletoe had all dried up and died.  It was too cold on the plane.  Jason was devastated.  Instead of making the $7,000 he envisioned he lost $800.00.  Even amidst the failure, however, Jason would continued to see and take take on opportunities.  

He taught our Entrepreneurs basic SWOT analysis, encouraging them to assess the strengths, weaknesses, opportunities, and threats.  He also discussed sustainability, encouraging our Entrepreneurs to find opportunities that are sustainable into the future.  For example, after Jason started selling motorcycle wheels, he quickly expanded Warp9 to sell other parts, increasing its ability to sustain growth.  

Next Week:  we will focus on business plans, creating one that includes a basic cash-flow spreadsheet.