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.