Colorwheel Toys

Thoughts from a Stanford Grad Student Entrepreneur

Posted on: January 31, 2012

GOAL:

  • Understand the nature (at least on a high level) of the intricacies involved in the back-end of our start-up (i.e. establishing our channels, sourcing, manufacturing, marketing, packaging, and distribution)
  • Investigate more parent PAINS and JOBS-TO-BE-DONE

WHO:

Eric is a 3rd year Law student (Patent Law) at the Stanford Law School, is also pursuing a Master’s degree in MS&E at the same time, while managing his business (Innovelis) remotely. Eric likes to spend his free time pitching to VCs and Board Members while balancing his responsibilities as a husband and father of 3 children, the eldest a 9-year old girl. [hint hint: more potential user testing.. :D]

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KEY LEARNINGS:

  • MAKE MISTAKES: “The way I learned about all of this: about China manufacturing, about redlines, and my graphic designer, etc was really mostly by making mistakes”
  • KEEP ‘EM CLEAN: “Keep your distribution channels clean. I made the mistake before to sell my product to others online and they would undercut my price in Amazon and messed up a lot of things asides from my pricing strategy”
  • ABSOLVE MY GUILT: Busy parents feel guilty about not spending enough time with their kids and therefore try to compensate by buying them things
  • VELOCITY: Eric is another parent who always wants to make a quick but well-informed decision – “In my purchasing decision, I usually want to know how much is she [daughter] going to get out of this toy, and what are similar things to this. I like how Amazon makes it fast and convenient to do both
  • FEEL-GOOD PRODUCT: “Haha yes exactly, maybe that product was a feel-good for me as a parent since it’s an educational product that I bought for her, but maybe my kid doesn’t feel the same”
  • ENRICH: Every parent wants to enrich their kid’s life to the fullest and develop their talents
  • HORIZON PLANNING: Colorwheels needs to start thinking about all the legwork involved that we’ll be doing down the line (which might be next month or so)
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