Final Reflection

1. After reviewing all of the assignments from this semester, I think my most formative experience was the elevator pitch. I have always disliked giving speeches, especially in front of people. However, having the ability to record myself from the comfort of my home and redo the pitch as many times as needed made it a much more bearable experience. It was also an incredibly helpful experience because practice makes perfect! One of the most enjoyable experiences for me was the exercise on figuring out buyer behavior. I loved getting into the mind of the buyer. It provided very valuable knowledge and insight into my product and into any future ideas.
   
2. Now that I have reflection on my experiences this semester, I do believe I have developed an entrepreneurial mindset. I find it easier to identify problems that don't have solutions and to create a solution to said problem. I also see myself as more of an entrepreneur. I mostly think this is because I have essentially gone through the steps of creating a business. I have put a lot of work into a product and followed it step by step. This, more than anything, is what makes me see myself as a entrepreneur.
   
3. For future students joining ENT 3003, I would recommend that they plan. Planning is key to success in this course. It is important to keep track of your assignments and due dates. It is also incredibly important to look ahead. Some assignments require more forethought than others and doing the assignment the day of does not leave you with enough time. It can also be easy to lose track of assignments. I suggest keeping track of them on a calendar. However, I also recommend that they take the tie to really enjoy this class and foster a genuine business idea. 

Venture Concept No 2

1.  Opportunity
        The opportunity I decided to explore relates to the problem of
   telemarketers and robocallers. People constantly receive these useless calls and can easily get annoyed by them, especially if they tend to receive more than one a day. Currently, there is no program or no-call list that actually blocks these types of calls. My customers include both individuals and businesses. However, my prototypical customer will look like a forty year old male business owner or one who conducts a lot of business on the phone. My customer lives in the United States. At the moment, there is nothing that is satisfying my customers need so there is no loyalty for me to combat. This is a huge opportunity. The only limit on the time window is if another company is also trying to solve this problem.
   
   
2. Innovation
   
        My product is a program that uses an algorithm to block the fake numbers used by telemarketers and robocallers. It prevents these callers from continually calling individuals and using up their precious time. The original product will be launched in the form of an app that can be downloaded from any app store for a small one-time fee of $11.99. However, down the road, I also intend to develop the program so it can be used by businesses to block these unwanted calls. This program will most likely go through the business's service provider. It is perhaps even more essential for businesses because robocallers prevent businesses from answering the calls of their actual, paying, customers.
   
   
3.  Venture Concept
        My innovation offers a solution to the people who have to deal with telemarketers on a daily, weekly, or monthly basis. Since there is no product in the market that accomplished what mine does, there will be no 'switching' cost for my customers. I also have no competitors, except for the on-line 'no-call' lists. However, none of my competitors target my target audience. All of my business will be done online, so there are no packaging, distribution, or business location roles in my business. However, customer support and satisfaction do play a major role in my business. And, since this is an app, I most likely would not have many employees. I would most likely have an employee to manage the coding of the app and maybe one or two (and myself) who handle the customer support part of the business. However, if the business grows, then I will indeed add more employees.
   
   
   
4. Minor Elements

1. 'Secret Sauce'
        My most important resource is my network. While other companies can create their own networks, it would be incredibly difficult for them to copy mine. Their inability to imitate my network makes it rare and extremely valuable to me as a start-up business.
2. Next Venture
        My current venture focuses on individuals. The program is developed in the form of an app which makes it easy for individuals to access. However, the app makes it impossible for businesses to use the program. So, my next step would be to develop a program so that service providers can implement it. This way, businesses will have access to my robocall blocker program.
3. The Future
        As an entrepreneur, in five years I hope to be on to my next business. While my program is a great idea, I do not see it existing long term. Therefore, in five years, I hope to have another successful (long-term) business. In ten years, I also hope that my business is still thriving and I am able to live comfortably. Perhaps I will own more than one business? Only time will tell.
   
   
5. Feedback
        On my last venture concept, I received only one student comment. She suggested that I avoid actually mentioning my product in the 'opportunity' portion of my concept. She also suggested that i include a few visuals to make my concept is more clear for my audience.
   
   
6. Changes
        I found the feedback I received very helpful and followed her suggested changes. I removed any mentions of my product from the 'opportunity' section and added visuals to the concept. 

Reading Reflection No 3

Book: How to Fail at Almost Everything and Still Win Big, Scott Adams

1) The general theme of this book is essentially summed up in its title. In this book, Adams describes how to go from loss to loss, but still win big. He offers three main lessons: build your life around systems, not goals; find a job where you are most comfortable taking risks, and use space and time to manage your energy. Adams suggests systems are better because systems leave room for you to adjust your plans and make timing irrelevant. He also claims that the best job is one you are comfortable taking risks in. In his last lesson, he suggests to look at your energy levels through your activity, space and time. Overall, Adams concludes that failure does not mean you can't win.

2) This book definitely connects to what we have learned this semester in ENT 3003. This book discusses how failure is not the end of the world. Failure is just another step; it is a part of learning. This is a message that has been reflected in our lectures. It also relates to another of our blog posts this week. Everyone has to deal with failure at some point, especially in the business world.

3) If I had to design an exercise based on this book, I would have the class do an analysis of their lives based on these three lessons. 1) Design a system to establish in your day to day life. 2) Identify a couple of area that you are comfortable taking risks in. 3) Analyze your energy levels for activities, space and time. For example, what activities do you find exciting? Draining?

4) The most surprising moment for me was when Adams claimed systems are better than goals. I have always heard that it is important to set goals. However, Adams claims that goals have two problems: they are in the future and they are too specific. He prefers systems because they allow you to remain flexible.

Your Exit Strategy

1) For my business, my exit strategy is to sell my business within a few years for a high return. More than likely, I won't stay with this business for more than five years. My plan is to develop my product, and then sell the rights to it once it has reached its peak. Considering the industry, I do not think my product has a long product cycle, because of this, I think my exit strategy is apt.

2) I chose this particular exit strategy because I do not see this as a long term plan for me. I see it more as a product that you develop and then sell. It is not something that I could see myself building upon because there is only so much that you can do with a product like mine. I do not think this product alone is something that could sustain me for years to come. 

3) I think my exit strategy has influenced how I see my business. I see my business as more of a 'temporary' establishment rather than a permanent one. It has also affected how I plan to sell my product to businesses. Since there is no way to have businesses purchase this program like individuals do, I had planned on selling it to service providers. This would most likely lead to my exit strategy.

Celebrating Failure

1) This past semester, I have had a heavy load as far as classes are concerned. I have handled the majority of my classes well except for Business Finance. On the second exam, I had a really difficult time. I studied for days but could not seem to quite understand the material. No matter how much I studied, I got most of the practice questions wrong. Suffice to say, when the test came around, I did not do my best.

2) Even though I did not do well on that test, I did better than I would have if I did not study. After this, I learned that perseverance is and key, but no one is perfect. Mistakes do happen and no one can understand everything all the time. We all have limits, no matter how much work we put it. However, this should not stop us from putting in work to improve ourselves.

3) I think I handle failure well. As I said, no one is perfect so everyone is bound to make a mistake at some point. I don't beat myself up for failing. I simply 'get back on the horse' and try again. I believe that it is important to not let failure stop you from chasing after your goals and dreams. If everyone stopped chasing their goals every time they failed, then nothing would ever be accomplished. However, after taking this class, I am more willing to take risks because failure is just one step on the road to success. 

What's Next?

1.  Existing Market
1.      The next step in my venture, after developing the app that individuals can use, is to get the program to businesses. The most likely way to accomplish that is to sell my program to service providers.
   
2. Customer 1:
        She likes my idea. She suggests that my next step be to sell to other businesses, such as ones who use phones that can't download apps.
   
   Customer 2:
        He thinks my idea has a lot of merit. He thinks my next step should be to customize my program. For example, instead of just blocking telemarketers and robocallers, the program could let people customize whom they block.
   
   Customer 3:
        Much like Customer 1, he thinks my next step should be to sell my program to businesses.
   
3.      The most logical next step for me is to sell my program to other businesses. To go from selling to individuals to businesses is a logical and progressive step. However, it would require me to change the product. Now, instead of an app, I would have to sell the actual program to service providers to that businesses could access it.
   
        To go from individuals to selling to service providers would significantly alter my customer profile and affect the price at which I sell it. There would be a lot of logistics that I would have to iron out. However, I do think that is the best 'next step'.
   
2.  New Market
1.      Now, I will be in a B2B market selling to phone service providers.
   
2.      This would create value for this market, because businesses would now be able to block the wasteful phone calls of telemarketers and robots. This saves them time and allows them to answer the phone calls of their actual paying customers.
   
3. Customer 1: 36 year old business owner
        She really likes my idea and would certainly purchase it if given the option. She thinks that going through the business's service provider is the best way to accomplish this. It would make it easier for everyone involved, especially for businesses since there isn't much they would have to do in order to get the program.
   
   Customer 2: 55 year old business owner
        He also likes my product idea and wishes that it was something that already existed because he would certainly use it. He agrees with my plan and thinks the best course of action is to sell to the service provider so businesses can then purchase the program.
   
4.      This new market is much larger and definitely more complex than my original market. However, I think it also offers more opportunity as well. My assumption that businesses would want this product does appear correct, because both interviewees would use it. After looking more deeply into this market, I do think that it is as attractive as my market. Although, I also think this market is probably less simple than my last market.  

Venture Concept No 1

1.  Opportunity
        The opportunity I decided to explore relates to the problem of telemarketers and robocallers. People constantly receive these useless calls and can easily get annoyed by them, especially if they tend to receive more than one a day. Since there is no program or no-call list that actually blocks these types of calls, I decided to create a program that will. My customers include both individuals and businesses. However, my prototypical customer will look like a forty year old male business owner or one who conducts a lot of business on the phone. My customer lives in the United States. Currently, there is nothing that is satisfying my customers need so there is no loyalty for me to combat. This is a huge opportunity. The only limit on the time window is if another company is also trying to solve this problem.
   
   
2.  Innovation
        My product is a program that uses an algorithm to block the fake numbers used by telemarketers and robocallers. It prevents these callers from continually calling individuals and using up their precious time. The original product will be launched in the form of an app that can be downloaded from any app store for a small one-time fee of $11.99. However, down the road, I also intend to develop the program so it can be used by businesses to block these unwanted calls. This program will most likely go through the business's service provider. It is perhaps even more essential for businesses because robocallers prevent businesses from answering the calls of their actual, paying, customers.
   
   
3.  Venture Concept
   
        My innovation offers a solution to the people who have to deal with telemarketers on a daily, weekly, or monthly basis. Since there is no product in the market that accomplished what mine does, there will be no 'switching' cost for my customers. I also have no competitors, except for the on-line 'no-call' lists. However, none of my competitors target my target audience. All of my business will be done online, so there are no packaging, distribution, or business location roles in my business. However, customer support and satisfaction do play a major role in my business. And, since this is an app, I most likely would not have many employees. I would most likely have an employee to manage the coding of the app and maybe one or two (and myself) who handle the customer support part of the business. However, if the business grows, then I will indeed add more employees.
   
   
   
4. Minor Elements
1. 'Secret Sauce'
        My most important resource is my network. While other companies can create their own networks, it would be incredibly difficult for them to copy mine. Their inability to imitate my network makes it rare and extremely valuable to me as a start-up business.
   
2. Next Venture
        My current venture focuses on individuals. The program is developed in the form of an app which makes it easy for individuals to access. However, the app makes it impossible for businesses to use the program. So, my next step would be to develop a program so that service providers can implement it. This way, businesses will have access to my robocall blocker program.
   
3. The Future
        As an entrepreneur, in five years I hope to be on to my next business. While my program is a great idea, I do not see it existing long term. Therefore, in five years, I hope to have another successful (long-term) business. In ten years, I also hope that my business is still thriving and I am able to live comfortably. Perhaps I will own more than one business? Only time will tell. 

Your Venture's Unfair Advantage

1.  Human Capital: Knowledge of business      
1.  Valuable: I already have experience with business, so it isn't something that I have to stop and learn before I can continue this start-up.
2.  Rare: This is not particularly rare since many people have business knowledge. 
3.  Inimitable: It can be duplicated. 
4.  Non-substitutable: However, there is not really a substitute for knowledge.
   
2.   Social Capital: Wide network of knowledgable people
1.  Valuable: Having a network is very valuable
2.  Rare: While it isn't rare to have a network, the combination of people that are in my network make it rare because there's a small chance of someone replicating my exact network of people.
3.  Inimitable: Even though other people can know the people I know, there is a small chance they will be able to 
4.  Non-substitutable: It is difficult to substitute a network.
   
3. Human Capital: A deep understanding of my own product and how it works
1. Valuable: It is incredibly important to understand your own product. Then, you are able to adapt to the market more easily. 
2. Rare: It isn't rare, but takes time to fully understand a product.
3. Inimitable: It can be imitated, but, again, that takes time.
4. Non-substitutable: There is no substitute for understanding your product.
   
4. Capability: Critical thinking
1. Valuable: Critical thinking is extremely valuable because it's important to be able to think on your feet and solve problems quickly. 
2. Rare: The skill itself is not rare, but this particular critical thinking process is unique to me. 
3. Inimitable: Plenty of people have critical thinking skills. However, not all critical thinking processes are equal. 
4. Non-substitutable: There is not really a substitute for critical thinking or problem solving. It is an important skill to have as a business owner.
   
5. Capability: Strong work ethic
1. Valuable: It is valuable to be willing to work hard to accomplish what you want because it sets you apart from those who won't work.
2. Rare: A strong work ethic is not rare because it is a capability that many people have. However, it is unique to every person.
3. Inimitable: Many people have a strong work ethic so any firm could have it.
4. Non-substitutable: A strong work ethic is not a necessary skill to succeed, although, it does help. There are substitutes for it. 
   
6.  Capability: Interpersonal skills
1.  Valuable: In a world where customer service is highly valued, it is very valuable to be able to work well with others. 
2.  Rare: Interpersonal skills are not rare, since may people work well with others. 
3.  Inimitable: Many people have this capability so it is indeed imitable. 
4.  Non-substitutable: There is not really a substitute for interpersonal skills. You either have it or don't.
   
7.  Capability: Communication
1. Valuable: It is very valuable to be an effective communicator. Otherwise, it is easy to create confusion and uncertainty.
2. Rare: It is not a rare skill.
3. Inimitable: It can easily replicated and learned.
4. Non-substitutable: There is no substitution for poor communication skills.
   
8.  Capability: Adaptability
1. Valuable: To be able to adapt quickly in a market that often changes is an important skill. 
2. Rare: Being able to adapt is not rare. 
3. Inimitable: Other companies can easily imitate this skill. 
4. Non-substitutable: There is no substitute for adaptability.
   
9.  Capability: Teamwork
1.  Valuable: Being able to work well with others is an important skill because it is close to impossible to try maintaining everything on your own.
2.  Rare: Working well in a team is not a rare skill.
3.  Inimitable: It is a skill that can be easily replicated and learned. 
4.  Non-substitutable: There isn't a substitute for being able to work well with others.
   
10.   Capability: Time Management
1.  Valuable: When running a business, time is limited and precious. It is important to be able to manage your time wisely. 
2.  Rare: Time management is not a rare skill. 
3.  Inimitable: Time management can easily be learned and imitated. 
4.  Non-substitutable: There is not substitute for this skill. 

     After conducting a VRIN analysis of all 10 of my resources, I have determined that my top resource is my network. A network that is specific to you is a rare resource and difficult for other companies to replicate. This makes it an incredibly valuable and important resource that needs to be cultivated. 

Elevator Pitch No 3

Pitch: https://youtu.be/xruQJdoaCHM

Reflection and Changes:
     For the most part, the feedback I received was positive on my last pitch. However, there was one suggestion to place the camera at eye level so I could into the camera more easily. As a result of this feedback, I did indeed lower my camera and tried to improve my eye contact with it. As far as the actual content of my pitch, I did not change much.

Reading Reflection No. 2

Book: Cognitive Surplus by Clay Shirky

1. What was the general theme or argument of the book?
        The general theme of Cognitive Surplus is that the development of new technology (i.e. the Internet and social media) has a huge effect on the lives of people. Through embracing these new developments, people are able to expand themselves, and therefore, their creativity. Shirky's book looks at how technology betters people by allowing them to share ideas and beliefs that would not be able to be shared without the Internet.
   
   
2. How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
        Both this book and ENT 3003 discuss the enrichment of people. ENT 3003 uses entrepreneurship to solve the problems of people. The book, discusses how technology helps people solve those problems (and learn more about said problems). Both discuss how to
   
   
3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
        If I had to design an exercise for this class based on Cognitive Surplus it would be to find a couple of problems that were solved by new technology. This technology could include television, the computer, Internet, etc.
   
   
   
4. What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
        The biggest surprise I had when reading this book was actually at the very beginning of it. I wasn't expecting a small history lesson in an entrepreneurship book. I also had no idea about the gin craze in London in the 1720s. While I do enjoy history, I had never heard how popular gin became at that time. It was actually very interesting.