30A – Final Reflection

Final Reflection

Going into this class, I knew very little about what entrepreneurs actually "do" or the process behind entrepreneurship (I didn't think there was one).  Looking back on the assignments, videos, and readings I completed over the course of this semester, I have had a great overall experience and I definitely see myself continuing to practice entrepreneurship competencies in the future. My favorite and most memorable experience was when I completed my first elevator pitch. I had to give pitches in my innovation classes, but those were done with help from other people. This assignment was done entirely by me: creating and memorizing the script, doing countless dry runs, and improving based on the feedback I received was an experience I'll never forget. 

For future students taking this class and those truly interested in entrepreneurship, my best recommendation is put your best effort into the assignments and really reflect on peer feedback to maximize your learning experience. This means setting adequate time during the week to complete the assignments and leaving thoughtful comments to help your fellow peers grow. 

This is my key to success.

29A – Venture Concept No. 2

Assignment Link

Click here to view assignment

Feedback

After reviewing the feedback from the "What's Next" and "Venture Concept No.1" assignments, there were a lot of positive and constructive comments. One comment that stood out to me was by Rebeca Puerto; she recommended that I include a free trial option for potential customers. It's a great idea that I had not thought of before. Other comments praised the detail of the images, graphs, and overall venture concept. For my next revenue driver that is tailored to children ages 1-5, Jackson Bishop liked the idea of incorporating music therapy into products. I'll have to look into music therapy in more detail, but I believe it has potential. 

Applying Feedback

Based on the feedback, I added a full description of the free one week trial of the service and how customers can easily make the transition from trial to full service if they enjoyed it. Also, I added to the "What's Next" column more information about the idea to create products aimed to help early childhood development. 

27A – Reading Reflection No. 3

For this assignment, I read How to Fail at Almost Everything and Still Win Big by Scott Adams

The Theme

The general theme that I took away from reading this book is that, despite contrary beliefs, there is a formula behind success. Everyone has intrinsic personalities, preferences, and outlooks on life and success. But many people go through life not maximizing their skills due to external or internal factors: fear of failure, fear of risk, or whatever else it may be. In this book, Scott Adams reflects on his major shortcomings and uses those experiences to shed light on important life and entrepreneurial competencies. 

Connecting the Book and Class

Other than building tenacity through failure, this book connected to the class on one topic that struck a chord with me. 

Knowing when to Quit (Exit)

At this point in the semester, we have nearly covered all of the aspects of the entrepreneurial process with exiting the last part. Scott Adams talked about how to measure the strength of a business venture and using that knowledge in making the difficult decision to exit. He argues that the idea of being persistent in a "dead" concept or venture will only add insult to injury. Also, very rarely do start-ups begin with absolute failure, in its overall concept, and miraculously achieves success overtime. I think opportunity analysis and exit strategy were two of the many concepts that book connected with the class.

Exercise Based on the Book

If I had to design an assignment based on concepts taught in the book, I would build it on the foundation of human capital. Scott Adams proposed an idea that for every skill one obtains their odds of success doubles. He admits the "formula for success" is arbitrary as not all skills are equivalent, but nevertheless those who are willing to learn more will achieve more than someone who does nothing. For this assignment, students will identify all of their skills and competencies and then create a list of 10 new skills that could enhance or supplement their current skills. 

My 'Aha' Moment 

One thing that I learned that changed the way I think about success is the idea of systems vs. goals. I had always been taught to set goals high and to do whatever it takes to achieve those goals. The only problem is until you achieve those goals, and there's a chance you never will, you will constantly be in a state of despair or fantasizing. Also, once you achieve set goals you now experience a void that can only be filled by establishing another set of goals. Thus the cycle continues. Systems, on the other hand, are processes or routines that may not guarantee success or the results you envisioned, but the act of "doing" gives a sense of fulfillment. And fulfillment can increase your energy and chances of success. 

28A – Your Exit Strategy

My Exit Strategy

Since this is my very first business and I'm young enough to take risks, my exit strategy is to relinquish all my ownership and decision-making power by means of business merger/acquisition. Right now, I'm placing all of my time, energy, and effort to build and grow the business to a point where another larger firm in the industry, or an outsider, considers purchasing it. My best-case scenario timeframe is 5 years. This exit plan will be difficult to execute because of the psychological and emotional attachments to the business from the amount of time and energy I placed into it. However, since starting this business, this type of exit has been on my mind and has had strong influence over my opportunity analysis. I mentioned in my venture concept post that the demographics of my target consumer would be changing drastically over the next decade (as baby boomers get older and is replaced by the next generation). Knowing this, It would be unwise, in my view, to remain in this firm for longer than the expected future benefits. My goal of 5 years to reach a merger/acquisition exit requires that I manage my growth with expediency in mind, but never to damage quality or waste resources. If I fail to reach this goal, I still believe that the experience and connections gained through this venture will only increase my chances of success on the next one. 

26A – Celebrating Failure

A Failure at Snowboarding

During spring break, I traveled to sugar mountain to snowboard with a group of friends. I have lived in Florida for my entire life, so seeing snow and mountains was a new experience. I decided to pick up snowboarding instead of skiing because I thought snowboarding looked cooler. My first time strapping up, I couldn't even stand. It was frustrating to see children shred slopes, and here I am sitting on my ass. Eventually I was able to go down the practice slope, not without falling multiple times, and the adrenaline rush was amazing. I eavesdropped on some conversations that professional trainers were having with their trainees to pick up some fundamentals (essentially free lessons). Over the three days that I spent at the mountain, I managed to go from the practice slope to tackling intermediate slopes. If there was one thing that I learned from this experience is persistence. After the first day, I was so sore with bruises all over my body. Even with the pain, I wanted to get back out there and get better. 

I think failure is a necessary part of success. Failure is terrible and leaves a bitter taste in your mouth, but once you have a little bit of success it makes the failure worth it. I my case, all the times I fell were worth it when I successfully went down the beginner slope without falling. Emotionally, repetitive failure can lead to anxiety, from lack of self-confidence, and depression. To manage these emotions is to manage failure. This class really helped me expand past my comfort zone, both socially and creatively. I believe that I am more willing to take risks now than ever before since taking this class. 

25A – What’s Next?

Growth Outlook in Existing Market

The next service I am looking to provide the existing market, senior citizens, is a transportation service tailored to their needs and accessibility abilities. Essentially, it would be an "Uber for the elderly" but with more quality and care in the execution. For example, this service would transport elderly to doctors appointments, grocery stores, or for leisure. 

I plan to focus and build upon the scam service first. I believe that in the long-run it has the most potential for growth and opportunities for future innovation. Technology is only going to become more advanced as time goes on. With that being said, there will be need for older people to become protected from scammers who exploit knowledge gaps. 

This business will need to continually find ways to innovate in its service(s) and products in order to maintain a competitive advantage over the market or find market niches to grow. As of now, I do not know the specific details. 

Growth Potential in New Market

Looking at the older population for business opportunities sparked an idea for a new market: early childhood development (years 0-5). In an earlier post, I mentioned my entrepreneurship story that explained a product targeting this market. I truly believed in the product, so I want to take it a step further and create a business that will provide this product and similar ones to satisfy the needs of the consumer demographic and most importantly the parents (babies don't have money last time I checked). 

Some products I had in mind that will meet the needs of this potential consumer include: disciplinary products, educational tools, and music therapy.   

24A – Venture Concept No. 1

Click Link To View Assignment

Venture Concept No.1


Any feedback is greatly appreciated. 

23A – Your Venture’s Unfair Advantage

My Venture's Current Resources

1) Connections to a local neighborhood comprised mostly of senior citizens

• V - Valuable networking early on. To improve and further test my concept
• I - Establishing these connections will/did take time. Competition will have a hard time copying but are able to reach out to similar demographics
• R - I don't consider this resource rare. Maybe in some locations where the elderly population is smaller
• N - There are no substitutes to this resource. These connections allow me to learn about my target consumer better than any other method.

2) Human capital - personal experience with guiding elderly who are scam victims recover

• V - This experience is valuable. Not too many people have experienced the emotional and financial burden the elderly carry after they become victims.
• I - Other competitors may deal with these experiences but may not take the time to fully understand them and overlook their value.
• R - I consider this experience rare. Not too many people encounter this situation or know how to handle it.
• N - Without this experience it is very difficult to understand the problem facing seniors or creating innovative solutions for this problem.

3) Physical resource - Design plans for packaging

• V - I consider this a valuable resource. Efficient and organized packaging lessens the hassle and can lower costs,
• I - Copying this resource exactly will be extremely difficult
• R - This specific design is rare, but packaging as a whole is not.
• N - For my concept to work, packaging has little substitutes. I am avoiding an online presence because seniors are not always online. 

4) Automobile to deliver packaging

• V - Valuable for early stages of my business
• I - Other established companies may have a better and more efficient method of delivery
• R - I don't consider this resource rare.
• N - A bicycle and a delivery service are substitutes

5) Physical resource - Designs for structuring scam information for elderly to understand

• V - Valuable for the survivability and profitability of the business
• I - Other companies will have to do extensive R&D to copy or get similar results
• R - I consider this specific layout of information rare. No one has this as far as I know.
• N - There may be substitutes to make the information even more understandable, but as of now I do not know any substitutes. 

6) Human capital - programming: network and cybersecurity experience

• V - valuable for understanding how scammers operate and the methods used to combat them
• I - Many hi-tech established firms have teams of software and network engineers at disposal
• R - With rapidly advancing technology, this skill is being more common over time
• N - For the best results, this resource has no substitutes or alternatives

7) Financial and social capital - close family members work for Bank of America

• V - Valuable early on for funds needed to cover operation and other expenses. Also, for building relationships with a national bank. 
• I - Other companies may already have their financial needs met and established good relations with a national bank.
• R - Having good connections with a bank and its members may uncommon, however, since other competitors have established themselves already, I wouldn't consider this very rare. 
• N - Substitutes include building relationships with a local bank and scaling upward. It will take more time, however.

8) Operations strategy to deliver weekly

• V - Valuable for the business model and feasibility. 
• I - Other delivery services (competitors) can deliver daily
• R - More companies are moving toward same day delivery so its not uncommon. 
• N - I could move to bi-weekly or more times a week based on the demand of my service

9) Capabilities - knowledge in information systems and operations management

• V - Valuable in a sense that this knowledge can open more opportunities for innovation. 
• I - This knowledge can be learned and copied, but it may take time. 
• R - The knowledge is not rare. Classes and courses are being taught on the subject online everyday
• N - It can be substituted with a related technical degree or knowledge

10)Innovating products based on changes in scammer tactics

• V - Valuable for maintaining a competitive advantage long-term.
• I - Others may not consider adopting innovative solutions willingly or look for opportunities as I am. 
• R - I consider innovations based on changes in scammer tactics rare.
• N - Substitution - could be focusing on innovative opportunities based on consumer preferences.

My Top Resource

Based off my analysis of each resource, I believe that the designs of structuring scam information to make it more understandable will allow me to establish a substantial competitive advantage over my competitors. The reason this resource stands at the top above all the other current resources is because it lays the foundation of my business model. Without it, my target consumer would not be better off, the credibility of my business would fall, and there would be little separation between my business and competitors. 

22A – Elevator Pitch No. 3

The Pitch

Elevator Pitch 3

Feedback and Changes

After reviewing the feedback left on the last elevator pitch (NO.2), I received comments critiquing the camera angle and lighting. I made sure this time the room and lighting were not distracting. I received good feedback on my product/service explanation, so going into this pitch I wanted to make sure I kept the same energy and description. My goal for each elevator pitch was to remain confident in my composure and speak at a good tempo. Also, for this pitch, I memorized the script and made some changes on the fly to make the pitch flow better and sound more natural. I think these exercises really helped me identify flaws in my public speaking skills and gave me the opportunity to improve these flaws. I am going to continually practice creating and reciting elevator pitches going forward to build upon this skill and eventually utilize it in my entrepreneurial career. 

21A – Reading Reflection No. 2

Reading Reflection #2

For this assignment, I read Innovation and Entrepreneurship by Peter F. Drucker. 

Theme

This book was broken down into three main sections: the practice of innovation,  the practice of entrepreneurship, and entrepreneurial strategies. The practice of innovation, Drucker argued, is the main tool entrepreneurs utilize. In order to maximize exploitable opportunities, innovation has to be systematized (a process), specific, and impactful. An important concept I learned from this section was: innovation creates a resource (pg. 30). When practicing entrepreneurship, aspiring entrepreneurs have to focus on systematized management and visualize their role and commitments in the venture. 

Connection

This book and ENT3003 went hand-in-hand regarding the concepts. I personally felt this book further enhanced my entrepreneurial skills by providing real-world examples of companies and individuals working through the process of entrepreneurship. The first section of the book mirrored the first half of the class; the importance of opportunity to an entrepreneur and the many ways an entrepreneur can search for opportunities to innovate. Another concept, buyer behavior, was emphasized in the book as well as in the class. The book stressed the importance of remaining vigilant to changes in customer preferences, demographics, and perceptions. And in class, we broke the buyer behavior into a five-step process and conducted interviews to gain real experience.

An Exercise to Consider

If I had to design an assignment based off this book, I would structure the assignment on "creative imitation" (pg. 220). Basically, to satisfy the requirements, students would need to pick five existing innovations, technical or non-technical products or services, and provide new ways to use these innovations that might be better than their current use and explain why.

My 'Aha' Moment

I had many 'aha' moments while reading this book mainly from connecting the dots, concepts covered in class to true stories of past entrepreneurs. One 'aha' moment that had the most impact on me was when I realized that companies or individuals consistently practicing innovation and opportunity evaluation are able to reap the benefits, profit, for an extended period of time before the industry in which they are in catches up.