Tuesday, December 14, 2010
Monday, April 26, 2010
As the previous two have mentioned, the right group was critical, and ours worked very well. Each of us shared a unique set of skills with the group, making our entrepreneurial venture a success. I look forward to pursuing entrepreneurial adventures while keeping in mind the critical lessons learned in this class and initial venture. A venture is not successful on its own, it takes time. Lots of time, and accompanying this time, it also takes patience, cooperation, perseverance, and motivation. iGroup has proven to ourselves that we have all the necessary traits to pursue a venture. This class has possibly been the most valuable learning experience during my educational career at James Madison University. Other classes have been educational, but this class requires real-world interaction and experience. It inspires students to get out and try something they believe to be a failure. Cool Wax was just that, something to get iGroup started, nothing more. Now, Cool Wax is a brand spreading across the United States, and thanks to this class will continue to do so. As I already said, this class really inspired creativity and the entrepreneurial passion in each student.
Wednesday, April 14, 2010
Monday, April 12, 2010
Packages have been shipped to friends out west and up north. We are currently waiting to hear how our attempt to enter these markets is going. A few initial sales have been made and we look forward to the final results. Within the past week we created a flier to send with our product, now that we have begun our mailing campaign.
Monday, April 5, 2010
Monday, March 29, 2010
With customer feedback, using our friends essentially as test dummies, asking for straight forward opinions, and with a drunk idea iGroup has made a few needed changes to the oh so Cool Wax. We have learned that change is constant and necessary and we will be ready for more as we continue on this journey.
To start there is no way we are going to continue to donate ½ our proceeds to the environment. We still love it but we’ve learned that you won’t make money (sorry mother nature but business is a nasty game) and people are willing to buy our product regardless of our donation efforts. We originally thought large donations would help boost our products appeal and that we even loved the environment that much…wrong! We still love our environment and want to keep our cool slogan so we are still donating, but we just changed the 50% to 1%. We are currently researching the “1% for the planet” label you see on a lot of organic products and seeing how we can label our product with it.
Next, we found that saying we are donating to the global warming research efforts is a very very not so good idea. Too much biased opinion is placed on the whole global warming thing and we found it safe to just say alternative energy research (and maybe soon 1% for the planet). When pitching to one of our friends, as soon as we said proceeds to prevent global warming her exact comment was; “oh god, are you serious? Another global warming sales sympathy pitch?! You guys are lame. I’d never buy it if you had that b-s label on it.” So with immediate response to our new customer research, we ripped off that back label and are selling it straight up.
We also tested the product ourselves but like all testing there is no better way to find flaws then to sell it and wait for complaints. The biggest complaint with the wax is that it does not rub on too well and when you are rubbing back and forth on your edges it can even rub the wax off. If the wax doesn’t coat the edges properly then rust spots will show up and the idea of Cool Wax will be crap. This is an obvious problem for the quality assurance management team (Bianca, Kyle, & Jake) at Cool Wax. Luckily however, Jake and his girlfriend got drunk…
When socializing with friends Jake was telling them about the Cool Wax product and the disappointment in the new found flaw. Jake’s girlfriend then told him “just put it in the microwave for a few seconds.” So simple and obvious, never underestimate the lack of complex thought while inebriated. She told Jake about how she had to mold a candle in some art class in grade school and they just put it in the microwave and it made the wax pasty. This simple added instruction could increase the performance of the product to meet our customer’s needs. At the end of this week after all of our schoolwork load dies down, the group is planning to meet and test what may be the new directions of application for the Wax.