Weekly Assignments

Each week the class was given assignments that simulated the process entrepreneurs would have to go through to take an idea from concept to business plan to pitching to customers and funders and finally to taking the company public.  In addition, we used the Institute for Virtual Enterprise platform to create a virtual store which helped us to also go through some of the processes entrepreneurs go through to take their company public.   Many of the assignments required us to read articles, visit websites, and conduct primary and secondary research to ensure our business plans were realistic and feasible.

During the first few weeks it was mostly about trying to figure out a compelling business concept that we would pitch.  To provide of how much my ideas grew throughou the semester, here is my initial pitch in 200 words:

Given the professor’s encouragement for us to pursue a business concept this semester based on our passions, I’ve decided to hitch to an idea that my wife and I have been discussing for years.  She is truly passionate about design, interior design to be specific.  She currently works in the industry and has a steady flow of side jobs that bring her great satisfaction.  And she isn’t happy working for others especially those who exploit her talent without recognizing her.  I’m interested in real estate investing and we think that there are some synergies that we can build on.  That said, here is the pitch:

Imagine an interior design experience that spoils clients by making them feel like royalty, like kings and queens in their castle.  With the interior design industry catapulting forward from the pre-recession onslaught, the timing is right to cross the moat to create magical, storied interiors.  While most people have attempted to design their spaces by themselves with varying degrees of success, more and more are summoning designers to their homes to help them transform their space into an oasis.

Enters Storied by Design.  A user-centered interior design firm catering to those who are busy, stressed, and with varying budgets and spaces, Storied by Design offers superior, design solutions enabled by analytics, research, and a magical touch; We are the Disney of Interior Design.  Wishes and dreams come true for those looking to furnish a new home, decorate an existing, spruce up an additional wing, revive old furniture, dress up a window, color some walls, choose fixtures, lay carpet, find storage and organizing solutions, or just go green throughout their home.  Armed with a team of professionals in design and data, Storied by Design intends to launch digital tools to attract, address, amass a loyal and royal clientele for years to come.     

This storyboard is just the start of a pitch that should be tweaked to include points investors are interested in hearing but I wanted to start with the concept.

Comments are encouraged.

Kerwin     

From that initial post I went on to hone the ideas given the feedback from the professor and from classmates. What I valued most and learned the most from was conducting the research to inform sections of my business plan.  Actually calling up real estate agents and insurance companies provided the type of real world, hands on experience we would need to learn from in order to pursue opening a business.  I also valued the massive financial spreadsheet which was really intimidating at first but became tamer as the semester went on.  It actually did most of the work and only required that we feed it realistic numbers.