Reading Reflection (Week 15)

1. The biggest surprise to me was that borrowers actually earn less than $2 a day to live on. 

2. One part that was confusing to me was that microfinance institutions are nonprofit. Confused because I thought it was government run.  

3. If I could ask the author two questions , I'd ask: If many companies say they protect their customers interests, what actions do they take to maintain them to become loyal? Does microfinance exponentially aid impoverished, developing countries?

4. There was nothing I disagreed on because it was relatively all new information. 

Final Reflection (Week 15)

1. Looking back and reading over all my blogs, I realized how quickly time flew. I've seen the way I progressed through all my elevator pitches, venture concepts, etc. The assignments become slightly easier with practice. This also includes my reading. When I started reading more chapters throughout the semester, I started asking myself different questions in my head based off the ones that the reading required. The lows had to be when I had to video record myself for a blog. It was nerve wrecking but eventually I became less nervous and more confident. It taught me to speak slowly and eloquently. I would have to say that the more enjoyable assignments consisted of the ones that made me think outside the box and to create a venture concept or product concept.

2. The memory that most sticks out to me because I considered it more enjoyable compared to other assignments was creating a novel venture concept. I would have to think outside the box and really do my research to see if the product or service I'd like to create had already been out there. This experience felt most accomplishing because they're ideas that I might want to remember for the future years because, who knows?

3. I believe that I have adapted a more entrepreneurial mindset but I do not think I have accomplished being an entrepreneur. I think with becoming an entrepreneur takes a lot more experience and skill than I have acquired.

4. I recommend actually thinking outside the box. It might be hard because people have fixed mindsets but it you try to ask your self all sorts of questions, it can lead to greatness and success! To perform best in this course I highly recommend using a calendar or planner to organized all the important dates. It will help keep everything organized and get you the best grad possible. 

 

Elevator Pitch No. 4 (Week 15)

1) The pitch: Create an app that helps people see a tattoo on their skin before making it permanent. 

2) A reflection on the feedback you received from your last pitch: I spoke articulately with passion and determination. Also, that my idea was indeed a great one but it might have actually been created, not exactly like my concept, but still very similar. 

3) What did you change, based on the feedback: Based on my feedback I tried to really think creatively and do more research to find out if my concept is indeed already out there. Also, I wanted to keep up my positive feedback by speaking articulately and passionately.

https://youtu.be/LP8kOAaVsRE

Venture Concept No.2 (Week 15)

Opportunity:

            The products I'd like to create are meant for the beach for any occasion. The products include: a towel with a zipper compartment near the top of the towel (a great pillow or compartment to keep your things safe and clean), and a built in cooler beach bag (made with an insulation good enough to keep your food and drinks cold for hours). The customers with the need for my product can range from young teens (14-18) to older adults (18+), because the beach isn’t limited to anyone. Even though the need isn’t a crucial everyday need, it’s a need that can be extremely useful and a great preventative for many issues that come alone with going to the beach. The forces in changes by creating this opportunity can include a cleaner beach by deducing litter. The idea of a cooler married to a beach bag can reduce the use of plastic made by coolers. There will be a division between the two. A zipper will separate the top half (beach bag compartment) with the bottom half (cooler compartment). This makes it a lot easier to find what you need without rummaging through your sandy, sun-screeny items). My products will be sold in areas near beaches or lakes. Geographically, my products will be sold in areas like Florida, California, Hawaii, Delaware, Maryland, etc (anywhere near water). Demographically, my product does not limit any specific type of people. The products will prominently be used by early teens to older adults (possibly even seniors near the Florida region) for any beach occasion. To be more specific, ages from 14-60+, but that’s the most detailed can get. Customers are currently satisfying this need by putting their cell phones in Ziploc bags to avoid sand/water, using smaller bags or purses to hold their valuables, and bringing a beach bag and a separate cooler which might be considered to be pretty hefty for a day at the beach. The customers satisfy their need by using everyday supplies, or generic products, customers aren’t technically “loyal” to any specific brand or company. I believe customers will react positively to the beach line products because it alleviates the annoyance and messes that is paired with going to the beach. Also, this gives the company a chance for customers to be loyal, and possibly create brand equity if everything is accomplished and administered as planned. Many people will have a better experience at the beach if the products are being used. These products can only make it easier for customers. Their simple to use, no instructions needed! I don’t think the “window of opportunity” will be open for long, due to the searches I’ve made on amazon. I’ve found some bags with built in coolers, but they weren’t up to my standards because they seemed more difficult and less simplistic. However, I haven't found the towel with the compartment concept just yet.

Innovation:

My products are predominately used for the beach, lake, or just for a good time when you want to lay out. A more updated and improved towel is used to keep your valuables in a safe compartment where it can’t get sandy or wet. It’s also a great way to keep all your things together, if you tend to lose things. Not only for your valuables and products, but if you'd like to stuff a pillow in there to prevent it from getting sandy while laying comfortably, you can! The bag combined with the cooler will be used to keep your food and drinks cool even in the scorching heat. Also, it’s a bag that’s big enough to hold your towels and any beach equipment you desire to take with you. I’d be selling both my products to retailers and wholesalers. I wouldn't be selling without intermediaries. Retailers that are the typical convenient stores (Target, Walmart, Kmart, etc) located near strip malls or plazas 5-10 minutes away from customers.  The towel will be sold at the price of $29.99, and the cooler will be sold at $39.99. The towel compartment includes a zipper and smaller pockets within it, to keep your things safe. The towel will also be created from a material that would let it dry quicker than normal towels. The cooler is made of a durable insulator to preserve anything that’s put in it. Also, it includes two separate compartments divided by a zipper and a durable divider.  

Venture Concept:

            My beach products listed will address the irritating problems that people may encounter at the beach. For example: keeping your food and drinks cold and fresh, preventing sand from getting into your valuables, and keeping your valuables near you in a safe compartment, and resting comfortably without neck pain. These will all be prevented with the help of the beach line. Customers will buy these products out of the convenience factor. It makes going to the beach easier by making your trip a more care free one. Even though they aren’t necessarily products for your everyday life, they do indeed only benefit customers in such an efficient and convenient way. It eliminates the minor, but frustrating problems when attending the beach. What’s great about the products is that there isn’t competition. These ideas are pretty novel and unique. I haven’t seen any of my products in retail stores, or e-stores like amazon. In that case, getting customers to switch isn’t a difficult sector in my business. My competitors aren't true competitors because their products are similar but not the same. For example; Igloo creates coolers but doesn’t offer the same benefits as my product. I’d be competing with the cooler aspect, but not the full concept because my product differs by including the bag department. Their vulnerabilities would have to be lack of innovative ideas that are designed to suite our culture and lifestyle. My products will be available in stores like Walmart and Target, super convenient for most people. This will define my products as products that aren’t necessarily “high-class”. My products aren't exclusive or selective. This means my products will be open to everyone, without any limitations (anyone can buy them). The prices are reasonable due to the durability of the material used and how they were made. They're made to last long and to keep your things safe. Packaging will be super simple for both products, and will have simple explanations and helpful information written on the package. My team would include: Director of Marketing, CEO, a sales manager, the Chief Technology Officer, and the Chief Financial Officer. The director of marketing will help with the section of advertising and generating appropriate media for the target market. The sales manager is considered to be the brand manager, focusing their energy on brand equity and keeping our products brand reputation up. The technology officer will make sure manufactures are running things smoothly to prevent technical errors. Clearly, the financial officer will keep payments, prices, costs, all in check and aligned with our businesses goals. I’d like to have a Human Resource team to provide other services that some of my team members’ can't. Human Resources could also help with complaints and discuss with our consumers one on one. 

My feedback only consisted of primarily positive feedback. The comment commended my work but mentioned that I missed out on the minor details. So above in my post, I made sure to be more detailed and specific with my products, demographic, geographic and what not. I specified my team members and what they'd be doing to help create my entrepreneur team. My classmates believed that my idea was indeed unique and quite unheard of. They agreed that it would appeal to many different target markets and would surprisingly be used not just for the beach or lake. They mentioned in specific that it could also be used in the springs or by rivers, which was something that I didn't think of. Also, they agreed that creating designs and anything aesthetically pleasing to the eye will draw in customers and differentiate my product from others. 

             

Reading Reflection (Week 14)

The biggest surprise to me was that many entrepreneurs are faced with many ethical decisions, especially during the early stages of their new ventures. 

One part that confused me was trying to find the different between "radical innovation" and "incremental innovation". I understand that radical and incremental aren't similar terms, but I cannot tell the difference in examples that they've listed for both.

If I could ask the author two questions, I'd as: How do informal meetings help create and innovative environment? How do you go about in creating an innovation team?

There was nothing that I disagreed with because all of the information was relatively novel for me. 

Google Gold (Week 14)

1) For each blog post, to pursue SEO I would try to type as clearly and enthusiastically as possible. I still want to sound like myself and not try too hard, because the blog is supposed to sound like me whether or not it's crazy exciting or just informative. 

2) I didn't really have "keywords" in specific. I used the terms: learned, experience, and reflect more than I ever have. 

3) I used social media to try and enhance my SEO efforts by spreading my link to my friends from other states, and peers from school. Surprisingly, nothing has changed. My blog hasn't become more popular because I'm not sure my peers actually had the time to read my blogs. It might be cause it wasn't relatable, but either way, it didn't receive many views. 

4) The posts that obtained the most traffic was: "The Twenty Percent" and "What's Next". I think these blogs received the most traffic was because it had the most information. They received many comments because there was enough substantial information to be opinionative on.

5) Not really sure to tell if I show up in google results, but I don't think I use words often enough to show up in a search bar. 

Very Short Interview, Part 2 (Week 14)

My impression from the initial interview was that I learned a lot about the start up of companies and how much hard work is put into it. It was super informative and a great way to ask the beginning questions of every interview. 

I had a paper and pen to record my data:

What did you learn in school that helped you the most throughout your career?

"Honestly, public speaking has helped me eloquently express the way I feel whether it's on the spot or a rehearsed speech. It help me overcome my nerves and jitters when speaking in front of bigger crowds. I also learned to speak with passion and enthusiasm for people to be drawn and stay drawn."

Where do you draw your inspiration from?

"I draw my inspiration from my kids. Everyday I think of why I do what I do- and of course I'm passionate about my job but- it's mainly my children that keep me pushing to strive more and more each day."

What was one of your hardest obstacles that you came about?

"One of the hardest obstacles that I've faced had to be the time I had to lay some of my workers off. When the economy crashed I wasn't able to afford so many employees. And some of the workers I laid off were close to me. Luckily, after the economy became more steady, I was able to hire them back. And things rand smoothly like the way it began."

I've learned a lot throughout this class about my potential skills and possible weaknesses. Since I've learned about a plethora of topics on entrepreneurship, I'm quite comfortable interviewing now as opposed to three months ago. I've learned what questions to ask, and how to feed off the questions to continue the flow of the conversation. I know what's appropriate to discuss and what which topics to stray away from. My journey has led me to more sophisticated inquiries that led to a more natural and comfortable interview that felt less rehearsed. 

Reading Reflection (Week 13)

The biggest surprise to me was that an example of a ventures shortcoming was divergent goals because clearly visions differ.  

One part that confused me was the concept of LOI's because I'm unsure how they contain provisions that are binding but are also nondisclosure agreements?

If I could ask two questions to the author, I'd ask: What's an example of a convertible type of security? What's the main different between price protection and weighted average? 

There was nothing I disagreed with because this entire chapter was novel information to me and if anything I was more confused by new terminology than anything. 

Celebrating Failure (Week 13)

1. This semester I had to drop an easy class because I didn't do so well on the first exam and then I forgot the date for the second exam and unfortunately missed the test. Clearly, I had to drop the class because my grade was plummeting. 

2. I learned that I need to be more studios and more organized about dates. Also, I need to apply more emphasis on easier classes even though I don't take them very seriously. 

3) My failure was clearly embarrassing because it was an easy class that I had to use one of my drops for. Also, it's upsetting because we only have so many drops per 60 credits. Emotionally, it's hard to deal with but I eventually got over it. Behaviorally, I try to change my ways and prevent the same failure. I've learned so much about that experience and it made me more diligent and cautious. 

My Exit Strategy (Week 13)

1) The exit strategy I wish to make would hopefully be to sell my business in the next 5-10 years for a large return. 

2) I've selected this exit because I personally would like to retire with a grand sum of money and not have to work after those years. Also, I don't find it necessary to extend my line onto my family for them to run.

3) It has influenced my growth intentions because I plan to retire with a good amount of money to feel comfortable for retirement and not have to stress about money. 

Reading Reflection (Week 12)

The biggest surprise to me was that a lack of strategic planning is perception of high cots. I've always been told to shoot for the moon, but I guess fiscally you have to be more cautious. 

One thing that confused me was compromising strategy for growth because I'm not sure how you compromise. I thought you needed both to succeed? 

If I could ask the author two things, I'd ask: What's an example of a venture's long range strategy in comparison to a short range strategy? If an entrepreneur cannot access their "strategic thinking" in creativity, what should they do?

I disagree with the fact that there should be a reward system just to people to pursue innovative opportunities. Rewards should be given for hard work and success. 

What's Next (Week 12)

Existing Market. 

Step 1: What I think might be next (prior to a beach bag with a built in cooler, and a beach towel with a zipper compartment) would possibly be thin plush  blankets/towels with pockets on the sides and cup holders near both sides. As for the cooler, I'm not sure there's much that can be changed, possibly just a bigger variety of colors, trends and designs. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. 

After asking: 

"What should we be doing that we aren't planning to do?" 

Customer 1.: Implement cool and unique designs that will be appealing to the eye.

Customer 2.: Maybe include a different category extension that will go well with both products.

Customer 3.: Definitely try to create a sand proof lining to anything you make that has to do with the beach.

My ideas of what customers might want next: Create a beach chair that is made out of water resistant material, that also includes a foot rest and a mini roof to block sun. 

Customer 1.: I think that's a pretty cool idea. Water resistant is a good idea because my butt always stays wet from the puddle I've created from sitting after swimming. 

Customer 2.: I'm a huge foot rest kind of guy. I think that's ingenious cause I can't imagine how awesome it is to lay out as if I were home but outside on the beach.

Customer 3.: I don't really use chairs at the beach but my husband would sure love that! He's also bald so the mini roof would work perfectly for him.

Step 3: I except my beach line to be a huge hit! Even though the products aren't necessity products, I still think there is a huge target market for them. Of course I'd market geographically in areas that include beaches and lakes. Also, demographically speaking, I'd advertise to ages 18+ and to people who frequently go to go to the beach. 

          Based off what the customers have told me, I think there will be success and post purchase success. I'd like to expand my company by continuously creating brand lines and categories to create brand equity to create more awareness. I'd also like to create an online suggestion box to implement crowd sourcing and feedback to receive information on how to make customers experiences better. 

New Market.

Step 1: Since the primary way I'd be selling my products would be through retailers, wholesalers, and having manufacturers be included, the opposite market would be B2C. 

Step 2: The way my venture concept might be able to create value for people in that market is by using sales promotions. Sales promotions including premiums, discounts or coupons, and possibly direct marketing to a specific targeted market. Maybe even create a contest to promote our business, and the prize will include free giveaways. 

Step 3: "My Concept"

Customer 1.: I love free samples because who doesn't. Also gives me a reason to try out the product without hesitation. I just personally wouldn't want emails or any of that sort because I just find it irritating. 

Customer 2.: A contest for your product sounds sort of random, but hey I'm not opposed! Also free samples are just always great to get and try out something new.

Customer 3.: Of course I believe sending emails, spam, flyers, anything of that sort is a great way to bring in new customers to hear about what you're selling, but I also don't like being bombarded with information about products. I think it should be targeted to specific prospectives so that you can a better chance of people actually taking interest in what you're selling.

Step 4:  What surprised me the most is how people feel about direct marketing promotions. I knew that people of course love free samples, but I didn't realize people cared so much about emails and what not. I usually just delete anything that doesn't catch my attention but frankly, I don't find it annoying. 

           I excepted people not to turn down free samples or premiums but I assumed more people would be more enthused with the idea of a contest. Maybe if I made the contest to a place more relevant or included great giveaways, more people would be willing to participate. Also, the idea of a sweepstakes is a great way to have consumers purchase your product. I think my existing market is attracted to my concepts slightly more than the new market, but the difference isn't too dramatic. 

Venture Concept No. 1 (Week 12)

Opportunity:

            My products are used at the beach for any occasion and are very helpful for people that go often, or not so often. My products include: a towel with a zipper compartment near the top of the towel (a great pillow or compartment to keep your things safe and clean), and a built in cooler beach bag (made with an insulation good enough to keep your food and drinks cold for hours). The customers with the need for my product can range from young teens to older adults, because the beach isn’t limited to anyone. Even though the need isn’t a crucial everyday need, it’s a need that can be extremely useful and a great preventative for many dilemmas that include going to the beach. The forces in changes by creating this opportunity can include a cleaner beach by deducing litter. Also, the idea of a cooler married to a beach bag can reduce use the use of plastic made by coolers. Clearly, my products will be sold in areas near beaches or lakes. Geographically, my products will be sold in areas like Florida, California, Hawaii, Delaware, Maryland, etc. Demographically, my product is not limited to many people. The products will only be used by early teens to older adults primarily for any beach occasion. To be more specific, ages from 15-60+, but that’s the most detailed it will get. Customers are currently satisfying this need by putting their cell phones in Ziploc bags to avoid sand/water, using smaller bags or purses to hold their valuables, and bringing a beach bag and a separate cooler which might be considered to be pretty hefty for a day at the beach. Since the customers satisfy their need by using everyday supplies, or generic products, customers aren’t technically “loyal”. With that being said, I believe customers will react positively to the beach line products because it helps with the difficult problems that are paired with going to the beach. Also, this gives the company a chance for customers to be loyal, and possibly create brand equity if everything is accomplished and administered as planned. Many people will have a better experience at the beach if the products are being used. I don’t think the “window of opportunity” will be open for long, due to the searches I’ve made on amazon. I’ve found some bags with built in coolers, but they weren’t up to my standards.

Innovation:

Both of the products are used for the beach, lake, or just for a good time when you want to lay out. The new and improved towel is used to keep your valuables in a safe compartment where it can’t get sandy or wet. It’s also a great way to keep all your things together, if you tend to lose things. The bag combined with the cooler will be used to keep your food and drinks cool even in the scorching heat. Also, it’s a bag that’s big enough to hold your towels and any beach equipment you desire to take with you. I’d be selling both my products to retailers and wholesalers. Retailers that are the typical convenient stores located near most people around the world. The nifty towel will be sold at the price of $29.99, and the cooler will be sold at $39.99. The towel compartment includes a zipper and smaller pockets within it, to keep your things safe. The cooler is made of a durable insulator to preserve anything that’s put in it.

Venture Concept:

            The products I’ve mentioned will address the annoying problems that people may encounter at the beach or lake. Problems like keeping your food and drinks cold and fresh, getting sand in your valuables, and keeping your valuables near you in a safe compartment will all be prevented with the help of these products. Customers will buy these products out of the convenience factor. It makes going to the beach easier making your trip a more care free one. Even though they aren’t necessary products for your everyday life, they do indeed only benefit customers in such an efficient and convenient way. It eliminates the minor, but frustrating problems when attending the beach. What’s great about the products is that there isn’t competition. My products are pretty novel and unique. I haven’t seen any of my products in retail stores, or e-stores like amazon. So, getting customers to switch isn’t a difficult sector in my business. With that being said, my competitors are true competitors because their products are similar but not the same. For example; Igloo creates coolers but doesn’t offer the same benefits as my product. I’m competing with the cooler aspect, yet it’s different because my product includes the bag aspect. Their vulnerabilities would have to be lack of innovative ideas that are designed to suite our culture and lifestyle. My products will be available in stores like Walmart and Target, super convenient for most people. This will define my products as products that aren’t necessarily “high-class”. This means my products will be open to everyone, without any limitations. Limitations meaning, anyone can buy either products. The prices are reasonable due to the durability of the material used and how they were made. Packaging will be super simple for both products, and will have crucial explanations and information written on the package. My team would include: Director of Marketing, CEO, a sales manager, the Chief Technology Officer, and the Chief Financial Officer. The director of marketing will help with the section of advertising and generating appropriate media for the target market. The sales manager is considered to be the brand manager, focusing their energy on brand equity and keeping our products brand reputation up. The technology officer will make sure manufactures are running things smoothly to prevent technical errors. Clearly, the financial officer will keep payments, prices, costs, all in check and aligned with our businesses goals. I’d like to have a Human Resource team to provide other services that some of my team members’ cant.

           

           

Reading Reflection (Week 11)

1) The biggest surprise to me was that "Companies regularly define their overall business strategy (their scope and positioning) and specify how various functions—such as marketing, operations, finance, and R&D—will support it." I didn't realize that companies reiterate their goals and strategies so often. 

2) One part of the reading that was confusing to me was that it mentioned that individual best practices involve trade-offs and it didn't specify or clarify what a tradeoff was. 

3) If I could ask the author two things I'd ask: How can you be influenced by someones systems without aping their system? How can it be that if there is a distinct outline strategy that an organization can easily wind up pursuing clashing strategies?

4) There wasn't anything I disagreed about because frankly, everything in the article was new information.

Amazon Whisperer (Week 11)

The revenue drivers that could be included into my businesses revenue would be the customers, or retailers that would buy my product for shelf room. Wholesale or Retail. 

Aside from the towel with a big pocket compartment for your beach things, I've decided to have the next step to be a beach bag with a built in cooler. The material would be a great insulation to keep food and drinks cold. 

My next thing will be enhancing my existing products/services because it's all attached to the same environment; the beach. One product will lead to another. Both products will improve any customers beach experience because the products are more efficient and eliminate many problems with attending the beach. 

• Made of 600D polyester and mesh
• The cooler is well-insulated and holds 12 cans
• The mesh compartment at the top of the tote is ideal for towels, books and incidentals
• Size: 16"W x 20"H x 6"D

Customer Reviews:

-I purchased this product to take to the beach next summer when my children visit. It'll be great to put towels, change of clothes, suntan lotion in the top part, while still keeping drinks cool in the zipped cooler part in the bottom. Great product.

-This bag is great for the beach. I can fit three rolled up beach towels in it, plus extra swim gear for my two kids. With snacks and drinks in the bottom cooler part, it makes carrying all our gear down to the beach really easy.

-This bag is perfect for the beach or pool! In the cooler you can fit a variety of drink sizes (cans fit perfectly upright) and foods, while you put your towel, sunscreen, snacks, etc. in the top portion. There is also a little zippered pouch attached the the top that is perfect for storying keys, jewelry, money, and anything else you don't want floating around.

The only changes I'd make are aesthetic changes to make the bags more trendy and in season. 

This bag would make a good addition to the beach products I've already thought of. 

My Unfair Advantage (Week 11)

10 Resources that I posses

1. Skilled at drawing/painting/sketching2. Super sociable and personable 
3. Comical4. Frugal5. Attentive6. Organized7. Caring8. Helpful9. Generous 10. Diligent 

Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 

No.        Valuable     Rare      Inimitable     Non-substitutable 

1               yes           yes         yes                   no

2               yes           no           no                    yes

3               yes           yes         yes                   no

4               yes           no           no                    no

5               yes           no           no                    yes

6               yes           yes          no                    no 

7               yes           yes          yes                  yes

8               yes           yes          no                    no

9               no            yes           yes                  no

10             yes           yes          yes                   no

My top resource is related to human capital, and that would have to be "caring". Many people consider me to be a caring individual, very mother-like. This would help my venture because I'll always have good intentions, and won't act manipulative, or unkind towards anyone or other ventures. 

Reading Reflection (Week 10)

The biggest surprise to me was that "holistic" is a characteristic of credible financials. Another thing that surprised me was that when dealing with your projections (beyond the first year), it should be annual or quarterly.  

One part of the reading that was confusing to me was the concept "cash-flow management" and how it's a process that never ends for an entrepreneur. 

If I could ask the author two questions I'd ask: What's the difference between equity and net worth? What is an example of a lost usefulness or expired utility that cannot be restored? 

I disagree with the fact that when being realistic in your financials, that you'll have trouble justifying your numbers when questioned. If you plan and organize accordingly, I don't believe you'll have this dilemma.