User:CollegeWood

CollegeWood


CollegeWood is the premier seller of wooden products. The business has strategically partnered with the University Outpost and Lantz Custom Woodworking. CollegeWood was started by three JMU management students in their Entrepreneurship 372 class, and what began as a class project has now led to a successful new venture. Enjoy!

Favorite Pages:


 * http://www.facebook.com/CollegeWood
 * collegewood.weebly.com

It's been a journey...
Adam Russell:

Management Major- Concentration: Technology, Innovation, & Entrepreneurship

Skills:  Teamwork: Interpersonal skills and conflict resolution

Leadership: Managing opposition and providing direction

Innovation: New idea generation and business creation Experience: Manager, Trenis Incorporated  Catlett, V.A. 20119

- Owner, A & J Power Washing, Catlett, V.A.

-and most importantly, Captain of CollegeWood!

Nash Cook
Management Major (TIE) 

Experience: 

Royal Language International
 * Intern
 * Project Manager, Responsible for making sure the day to day task were carried out as planned
 * Responsible for the well-being of students during events
 * In charge of the success of trips to DC and various locations for the students and group leaders

MyEyeDr- Corporate Internship
 * Developed Contacts with Major Distributors (Gucci, Prada, Coach, etc.) DSC00482.jpg
 * Filed/Processed Frame and Contact returns from all 38 locations
 * Designed Plano-grams for better product flow in the Distribution Center.

Olympus Gym- Shift Manager
 * Handled Customers in a busy work environment
 * Enrolled new members into the data base
 * Explained and Dealt with Financial Situations with Customers
 * Responsible for customer service

-and most significantly, CMO of CollegeWood!

Nick Wathan
 Management Major (TIE), Computer Information Systems Major, Political Science Minor 



 Experience: 

New River Innovation, Inc.- Mktg. & Quality Assurance Analyst- Greensboro, NC

Chick Fil A, Inc. - Boards Leader, Kitchen Staff- Harrisonburg, VA Chick Fil A, Inc. - Boards Leader, Kitchen Staff- Richmond, VA  Jones & Hawkes Steakhouse Restaurant - Dining Room Attendant, Caterer New Kent, VA Sbarros, Inc. - Pizza Maker, Cashier, Server- Williamsburg, VA -and most notably, CIO of CollegeWood!
 * worked with the brand manager to coordinate webinars, demos, and to develop a nurturing path for leads
 * created web copy, edited copy, and headhunted potential job candidates
 * worked with the development team in solving tactical incidents with customers
 * tested software throughout each environment, wrote defects and feature requests, and helped successfully deploy each new build
 * Maintained appropriate levels of fresh food and delegated cooking duties in a fast working team-environment
 * Maintained appropriate levels of fresh food and delegated cooking duties in a fast working team-environment
 * Served, cleaned, and stocked to facilitate customer service, and catered a wedding as well as several parties for clients
 * prepared, cooked, and unloaded pizzas in an efficient manner
 * balanced the cash drawer and receipts, and documented any discrepancies
 * demonstrated the ability to interact with the public and coworkers in a friendly, enthusiastic, and professional manner

That's how we began.... Here's what we learned
 Major Questions: 

Describe the Early Adopters of your product.

What was the Critical Success Fulcrum of your model? Describe your best efforts to achieve success on that critical front.

How did your MVP evolve?

What resources did you use? Please list links/contact information.

What advice do you have for future entrepreneurial students???

What failures did you experience? Please describe unanticipated setbacks and what you learned from them.

What Innovative Insights did your team have? Describe them, then describe what you consider to be the most innovative aspect of your business model

Well...

Describe the Early Adopters of your product.

-We intitially thought of our prime target as:
 * FemaleDanny_and_chrissy.jpg
 * Freshman or Sophomore in a Sorority                                      No sale..

-But when we learned that we were too late on the Big/Little letter gifting, we attempted to sell to Professional Fraternities:
 * We sold our first set
 * Then more followed suit

Our first sale! (Alpha Kappa Psi)



Then we sold to this guy (Phi Chi Theta) as a gift for his little

-But when sales started to slow, we knew we needed to pivot..
 * We began to search for a suitable software for monograms
 * And decided, in the meantime, why not make JMU letters?

What was the Critical Success Fulcrum of your model? Describe your best efforts to achieve success on that critical front.

So we did.

<p style="text-align:right;">Wait is that...??

<p style="text-align:right;">

-Yes, that is the University Outpost.
 * We said, why not see if the Outpost will support us?
 * After a few conversations, we convinced them to carry our product.

<span style="color:rgb(0,0,0);font-family:'SegoeUI',Helvetica,Arial,sans-serif;font-size:medium;line-height:normal;text-indent:-24px;">Lantz Woodworking:

641 Acorn Drive, Harrisonburg, Virginia 22802
Legends Sports:

<span style="color:rgb(51,51,51);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:16px;">227 Burgess Rd, Harrisonburg, VA 22801

<span style="color:rgb(51,51,51);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:16px;"> Michael's Arts & Crafts:



HARRISONBURG, VA 277 Burgess Rd Harrisonburg, VA 22801-3718

<span style="color:rgb(51,51,51);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:16px;">Lowes:

<span style="color:rgb(51,51,51);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:16px;">201 Linda Ln, Harrisonburg, VA 22802

Home Depot:

100 Burgess Rd, Harrisonburg, VA 22801

<span class="oldPhone" id="" rel="nofollow" style="display:block;color:rgb(79,79,79);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:22px;">540-438-8887

<span class="oldPhone" id="" rel="nofollow" style="display:block;color:rgb(79,79,79);font-family:Arial,Helvetica,sans-serif;font-size:12px;line-height:22px;"><span style="color:rgb(0,0,0);font-family:'SegoeUI',Helvetica,Arial,sans-serif;font-size:medium;line-height:normal;text-indent:-24px;">What advice do you have for future entrepreneurial students???

#1 *Have fun with it!
 * We worked hard, but had a great time!
 * When you enjoy what you do, you do it better.WP_20121205_19.jpg


 * 470.jpg

#2
 * Stay lean
 * Don't overindulge in one product or process before you've truly tested the market


 * This is some of the remaining inventory (Bought too many Greek Letters before testing the market with a few)
 * But the reason we did is because each inventory batch cost a fixed fee of $50

​#3


 * Wales Knows best
 * Listen to the man, he's not only a great mentor, but he's an experienced and studied individual



#4
 * Stay organized and on top of your game!
 * Putting together the video clips, photos, and financials can become a huge task in the end if you don't.
 * Raising over $750 in profit is no easy task, you need to be disciplined and keep up with the course throughout the semester.

​<span style="color:rgb(0,0,0);font-family:'SegoeUI',Helvetica,Arial,sans-serif;font-size:medium;line-height:normal;text-indent:-24px;">What failures did you experience? Please describe unanticipated setbacks and what you learned from them.

#1 *We decided to then look for a local Woodworker and found one. We worked out a deal, and had a supplier. So really, we learned to keep it local if you can!
 * Initially we decided to order our wood through an online retailer, so when we went to place the order we never even got through to the company. We called another online supplier and found the shipping costs to be way too high.

​ #2

#3
 * Believe it or not, the Outpost was a terrible sales channel!!! We sold 0 letters there.
 * Direct sales were much more feasible. With a product like ours, it really helps to describe the story behind it. Big_little.jpg
 * We missed our window! CollegeWood's first market test was intended to capitalize on Big/Little gifting for sororities, but we soon learned that the majority of the gifting comes very early on in the semester.
 * So, if we keep the business going, we have not only experience, but the knowledge to know when to hit that market.

'''<span style="color:rgb(0,0,0);font-family:'SegoeUI',Helvetica,Arial,sans-serif;font-size:medium;line-height:normal;text-indent:-24px;">What Innovative Insights did your team have? Describe them, then describe what you consider to be the most innovative aspect of your business model '''
 * <span style="font-size:10pt;color:rgb(0,0,0);line-height:normal;text-indent:-24px;font-family:Arial,sans-serif;">What we developed was mostly a  Process Innovation. <span style="font-size:10pt;color:rgb(0,0,0);line-height:normal;text-indent:-24px;font-family:Arial,sans-serif;">We supported a local business, keeping our shipping costs as minimal as possible, using only the gas in our cars.
 * <span style="font-size:10pt;color:rgb(0,0,0);line-height:normal;text-indent:-24px;font-family:Arial,sans-serif;">All of our waste was utilized by, and sold to local farmers.
 * Rather than keep the customers waiting weeks-on-end for a competitor's order, we either had the item in inventory, or could have it in within a 2 week period, guaranteed.
 * Other compe100.jpgs may have the items, but they don't offer to paint them. We did.
 * Selling the product directly to the customer saved them time, and left a personable touch.
 * We knocked our costs down to $2.80 per letter, 10 cents/hook, and an average paint cost/letter to around 50 cents, totaling $3.40/letter. (Each letter sold for $10)
 * Now, we have pivoted further, toward more custom designs. Our process innovation has provided us with a strong grounding on which to further CollegeWood's product line (product innovations).

Customer Discovery
Final Tally: 43 interviews (32 on YouTube)

Here are some of our best: For all videos: http://www.youtube.com/user/sportsman20164/videos?flow=grid&view=0
 * 1) Tyler: http://www.youtube.com/watch?v=EGxyKvqLqrg
 * 2) Grad Student: http://www.youtube.com/watch?v=5RlwsLvAlJU
 * 3) Bill: http://www.youtube.com/watch?v=EZZW_345wC8
 * 4) Girl: http://www.youtube.com/watch?v=BSGsP5N2HSo
 * 5) Real Smart Girl: http://www.youtube.com/watch?v=WM4Ze94Ga34

Here's our final Business Model Canvas (Homemade):



Check us out on Facebook!



For more detailed information, please refer to our Blog Tab. Entries include:
 * The BIG day
 * Letters to sororities
 * Pics 4 days
 * Dealing with Suppliers
 * 12/2/2012
 * University Outpost
 * Flyers
 * Business Model Canvas
 * Board Meeting Two Analysis
 * Board Meeting One Analysis
 * Game Day
 * Day 10
 * Day 3
 * Genesis

<p style="text-align:center;">Done for the class, but CollegeWood lives on!

<p style="text-align:center;">

For ordering information: