1. This semester was filled with many assignments from ENT 3003. My least favorite was the one where I had to give away $5 in ones. I don't understand how it made me a better entrepreneur, and I was out $5. I am a broke college student, that would've paid for Jimmy Johns.
2. The most formative experience was interviewing people. I was uncomfortable interviewing people and asking them questions for my class, but it pushed me out of my comfort zone. I was able to overcome the anxiety I got from having to interview people and finish each assignment.
3. I think I have developed more an entrepreneurial mindset this semester. This class along with has pushed me to actually think about how to start a business and the questions I would ask. This class is more experience based, and gave me a better experience.
4. My best piece of advice for future students is to look ahead at upcoming assignments so that you are aware which assignments will require more time to complete. I procrastinated and wasn't being able to complete some of the lengthier assignments. Staying on pace with the class is a major key to success. My best advice for future students to enhance their entrepreneurial mindset is to step out of your comfort zone and try to be prepared for what lies ahead.
Sunday, April 24, 2016
Week 15 Reading Reflection
1. I think it was really interesting that the article covered how two businesses with different dimensions of wealth operate and work with customers the same way and face the same concerns.
2. I was confused about the different types of loans and their specific uses.
3. The first question is: "What do you think is the most crucial factor of financially keeping up with a non-profit business that is trying to help others financially?"
The second question is: "Why did you pick this setting to discuss and not a more developed place?
4. I did not disagree with anything.
2. I was confused about the different types of loans and their specific uses.
3. The first question is: "What do you think is the most crucial factor of financially keeping up with a non-profit business that is trying to help others financially?"
The second question is: "Why did you pick this setting to discuss and not a more developed place?
4. I did not disagree with anything.
Wednesday, April 20, 2016
Elevator Pitch No. 4
1. The feedback I received in my last pitch was that I needed to practice my speech once or twice before I record it and to also project my voice more.
2. For this elevator pitch, I took the feedback I received and tried to project my voice more. I also recorded it inside instead of outside in the hopes of my voice not getting consumed by the noises from outside. I also practiced my speech before I recorded it.
Venture Concept No. 2
1. The potential customers for my product are those that tend to lose their phone, keys, wallet, or other household items like the tv remote or even your dog or cat. This is a very large demographic of people which means that the opportunity is very big. The need is always there which means your window of opportunity will keep growing. The demographic ranges from college and high school students as well as parents or other adults.
The innovation I have is a product that helps you find any of your lost items. The innovation starts as a small tag with a button that goes on your key ring. Once you purchase this, you download the corresponding app on your phone that allows you to find either you phone or keys if you have one or the other. So, if you lose your phone and you have your keys, you push the button on our key chain and it makes your phone start to beep loudly until you find it. If you lose your keys however, you can use the app to either make it beep loudly, or you can use the locating service that shows you the exact location of your lost item. The next part of the innovation is he small dots that you can also purchase and place on other items you may lose. You put their serial number into the app and it allows you to also locate the item with the map. These dots can be placed on items like your wallet, tv remote, or even the tags of your pets. We would make money on this product by first having the customers purchase the key chain finder and then the dots as secondary products. The key rings will cost more, this being $30. The secondary products, the dots, cost about $10 each.
This innovation will solve the problem of losing important objects that you need. It will make finding your lost items easier when you're in a hurry. People will want to buy this product because it will make their lives easier in case they lose things or their children like to hide things. The other thing is pets can run away or be somewhere in the house or yard you don't know about, by putting the dot on their collar, you can track and find them easily. This can make it easier than putting a chip in the animal and not being able to track them from your phone. We do have competitors but they do not have the dots like our company would have. This makes it more likely for people to switch to our product because they leave more options for usage. The only strength that they have is that they have been around longer so they do not have to build up their customer base.
My most important resource would be my determination and creativity. This makes it easier for me to come up with new ideas and designs and follow through with them. To continue with my services, I will plan on finding a way to make the app work through an account on the internet so that you can find things without the app on your phone in case you lose your phone, keys, and wallet on a night out. In five years, I would like to be successful with this product and making a profit. As an entrepreneur, in ten years, I would like to be coming up with more venture ideas and following through with them.
The innovation I have is a product that helps you find any of your lost items. The innovation starts as a small tag with a button that goes on your key ring. Once you purchase this, you download the corresponding app on your phone that allows you to find either you phone or keys if you have one or the other. So, if you lose your phone and you have your keys, you push the button on our key chain and it makes your phone start to beep loudly until you find it. If you lose your keys however, you can use the app to either make it beep loudly, or you can use the locating service that shows you the exact location of your lost item. The next part of the innovation is he small dots that you can also purchase and place on other items you may lose. You put their serial number into the app and it allows you to also locate the item with the map. These dots can be placed on items like your wallet, tv remote, or even the tags of your pets. We would make money on this product by first having the customers purchase the key chain finder and then the dots as secondary products. The key rings will cost more, this being $30. The secondary products, the dots, cost about $10 each.
This innovation will solve the problem of losing important objects that you need. It will make finding your lost items easier when you're in a hurry. People will want to buy this product because it will make their lives easier in case they lose things or their children like to hide things. The other thing is pets can run away or be somewhere in the house or yard you don't know about, by putting the dot on their collar, you can track and find them easily. This can make it easier than putting a chip in the animal and not being able to track them from your phone. We do have competitors but they do not have the dots like our company would have. This makes it more likely for people to switch to our product because they leave more options for usage. The only strength that they have is that they have been around longer so they do not have to build up their customer base.
My most important resource would be my determination and creativity. This makes it easier for me to come up with new ideas and designs and follow through with them. To continue with my services, I will plan on finding a way to make the app work through an account on the internet so that you can find things without the app on your phone in case you lose your phone, keys, and wallet on a night out. In five years, I would like to be successful with this product and making a profit. As an entrepreneur, in ten years, I would like to be coming up with more venture ideas and following through with them.
2. I did not receive any negative feedback in my first venture concept. Everyone was very supportive of the idea and hoping that it would become a product. The only thing that was not perceived correctly, was someone saying how they didn't understand how you would lose your pet in your house or apartment. This is more for the fact of knowing if they got lost outside of the house or if you didn't know if they were in the house or outside if you have a very large house.
3. I would not change anything about my venture concept considering my feedback was all positive.
Wednesday, April 13, 2016
Very Short Interview, Part 2
1. My first impressions from the first interview that I was unsure what to ask and what to expect from the interview process.
2. I was unable to record the interview, but here is the dialogue from it:
What has made you become a good entrepreneur?
"Learning from my mistakes and failures is what made me a good entrepreneur. I was able to learn and fix all of the things that I had done wrong in the past. This being everything from the marketing we did to the financing of our business."
How have you grown since you started your business?
"Like I stated earlier, I grew from learning from all of the mistakes that I had made. Now I know what not to do with starting a new business and how to make it successful from the start."
What did you change as you built your business?
"I changed who we geared our marketing towards and how we dealt with our finances. When we first started, we shelled out a lot of money trying to market our business instead of building up our business through word of mouth and saving money to help us grow."
3. I have definitely progressed since the beginning of the semester. I am more comfortable with asking questions and knowing what to ask. The owner that I interviewed actually said how much better the interview had gotten in the past 3 months. She said I was more comfortable and didn't seem as nervous.
2. I was unable to record the interview, but here is the dialogue from it:
What has made you become a good entrepreneur?
"Learning from my mistakes and failures is what made me a good entrepreneur. I was able to learn and fix all of the things that I had done wrong in the past. This being everything from the marketing we did to the financing of our business."
How have you grown since you started your business?
"Like I stated earlier, I grew from learning from all of the mistakes that I had made. Now I know what not to do with starting a new business and how to make it successful from the start."
What did you change as you built your business?
"I changed who we geared our marketing towards and how we dealt with our finances. When we first started, we shelled out a lot of money trying to market our business instead of building up our business through word of mouth and saving money to help us grow."
3. I have definitely progressed since the beginning of the semester. I am more comfortable with asking questions and knowing what to ask. The owner that I interviewed actually said how much better the interview had gotten in the past 3 months. She said I was more comfortable and didn't seem as nervous.
Thursday, April 7, 2016
Week 13 Reading Reflection
1. I was surprised at how different ways valuations can be determined because it seems like it would be simpler if everyone work off a similar formula.
2. The part that confused me was the discounted earnings method. I feel like most of the information is estimated so I don't understand how accurate the information is.
3. My first question would be, "is a small business the same as a business that just started out and is wanting to grow?"
The second question is, "why the author thinks the price/earnings approach has so many drawbacks."
4. I dont disagree with anything the author said.
2. The part that confused me was the discounted earnings method. I feel like most of the information is estimated so I don't understand how accurate the information is.
3. My first question would be, "is a small business the same as a business that just started out and is wanting to grow?"
The second question is, "why the author thinks the price/earnings approach has so many drawbacks."
4. I dont disagree with anything the author said.
Tuesday, April 5, 2016
My Exit Strategy
1. My exit strategy is to protect my venture as a family business to pass along to the future generations of my family if the company if successful.
2. I selected this strategy because it will guarantee jobs for my future children and grandchildren if they decide to take over the company. It will make sure that they will be able to provide a living for themselves as well.
3. This changes a few ways of how I would run my business. I would have to come up with other ideas and innovations to sell in order to keep the company making a profit and continuing with the trends of the times. If I don't do this then my company wouldn't be able to last for a long time and wouldn't work if I tried to keep it for my future family members.
2. I selected this strategy because it will guarantee jobs for my future children and grandchildren if they decide to take over the company. It will make sure that they will be able to provide a living for themselves as well.
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