1) In the next five years, I plan to stay with my business and expand it as much as I can to help more and more people. I want to be with my business for decades, if possible, and eventually retire by selling the business or finding someone to take over.
2) I chose this exit strategy because my business as of right now is an app and if it continues to be a business all about tech and apps then it does not really feel like much of a family business. I also want to help more and more people and make sure they do not have to struggle as much during college as many have had to do. If I can keep expanding that and also create different apps for similar situations in peoples lives than I will definitely want to keep going.
3) I always knew that if I were to ever own a business of my own I would stay with it long term and keep making it bigger and better to help more people. Because of that, my concept was for the most part already set on that so it was influenced a lot by the exit strategy. I even made sure that this app could help people long term in their lives because I want the business to be with the consumers throughout their lives. In saying that, I would have to start really planning long term as far as partners, suppliers, and my segment because I do plan to hit different segments that have different types of situations.
Tuesday, November 19, 2019
27A- Reading Reflection No.3
1) What was the general theme or argument of the book?
The theme of this book was to help explain to people the true science behind human error and problem solving and how there are two parts to your brain that fight over control during those situations.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
It kind of brings together the creative and open minded thinking of entrepreneurship but also brings the science behind it all and actually explains why and how we make the decisions that we do. This has a lot to do with our business decisions with our company's and how we go about making these decisions and even though they may be so simple to us at times, there is actually so much going on in our brain for those small decisions and we don't even know it. Overall, it really just helped give me a whole other perspective of how I make our decisions and also help us make better ones now that I know some more about it.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would try an exercise like the bat and the ball example he uses where you ask someone a question that is worded specifically to confuse the two parts of your brain and cause you to make an error. We can make a bunch of the those problems and try to work on seeing the words more clear and training our brains to not make that mistake as much. We can also put in normal problems so we can identify which ones are which and eventually students can be able to process all problems correctly and come up with the correct answer no matter how confusing it may be.
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?
When Kahneman talked about leaving your emotions at home, he had some points like the one with the ball and the bat where I was so surprised on how he knew every choice I was going to make in certain situations and told me exactly why I chose that and he was right. When you let your emotions even creep into the picture when it comes to money (which is obviously so easy to do) then odds are you are going to lose. I was not expecting to be read that easily throughout the whole book to be completely honest. He almost made me feel stupid at times and not in a bad way because I learned so much about how vulnerable I am to these situations just because two parts of my brain representing two completely different things are fighting over control and end up causing me to make a wrong decision and in the moment there is nothing I can do about it.
Monday, November 18, 2019
26A- Celebrating Failure
1) The first time I failed this semester was on the first assignment of this class actually. I had done discussion posts before so I figured doing the blogs would be the exact same and therefore the submission would be relatively the same. I spent a good amount of time on my bug list assignment because I put a lot of thought in it and posted it on the blog as well as completed the declare submission, but I didn't read about the submission details enough and did not submit a URL link so i received zero points for the assignment and the peer reviews. There were reminders and it was my fault not to look further into detail but I failed on the first assignment which I almost thought was kind of funny as frustrated as I was at the time since each point is a percentage point to the grade.
2) I learned to definitely read directions more carefully and not to assume or underestimate when it comes to my academics because small mistakes like that can make a big difference. Ever since then I look very carefully at all the directions to all of my assignments even if I am pretty positive about what I have to do because things change a lot and it can really catch you.
3) Failure is definitely one of the biggest fear factors out there. Almost everyone is afraid to fail at one point or another and in some way or another. It makes you feel like something about you was not good enough to succeed and makes you have to change something about yourself that you may not even be comfortable doing but regardless the feeling is just terrible especially in bigger situations. I have learned over the years to handle failure as learned lessons and just as opportunities to improve. I accepted that failure is inevitable, and the best way to handle is to take the lessons you learn and use it for the next time so your chances at succeeding are higher every time. This class has taught me to maybe take some more risks because failure is always a possibility, and if you can handle it well enough, than why not take some more risks that may lead to even larger success?
2) I learned to definitely read directions more carefully and not to assume or underestimate when it comes to my academics because small mistakes like that can make a big difference. Ever since then I look very carefully at all the directions to all of my assignments even if I am pretty positive about what I have to do because things change a lot and it can really catch you.
3) Failure is definitely one of the biggest fear factors out there. Almost everyone is afraid to fail at one point or another and in some way or another. It makes you feel like something about you was not good enough to succeed and makes you have to change something about yourself that you may not even be comfortable doing but regardless the feeling is just terrible especially in bigger situations. I have learned over the years to handle failure as learned lessons and just as opportunities to improve. I accepted that failure is inevitable, and the best way to handle is to take the lessons you learn and use it for the next time so your chances at succeeding are higher every time. This class has taught me to maybe take some more risks because failure is always a possibility, and if you can handle it well enough, than why not take some more risks that may lead to even larger success?
Thursday, November 14, 2019
25A-Whats Next?
Existing Market-
1). Moving forward I would like to provide some of these services as a class or lecture to high school students in order to prepare them for college. One of the main reasons students have these problems of taking care of themselves in college is because high school teaches them nothing. This would not be full classes but more quarterly or weekly seminars to get kids educated on the side.
2). After conducting my interviews, they said we should work on using that same type of method but with different types of situations outside of just college students like couples with new borns. Basically try to make a survival guide for other situations in life that are difficult and a lot of people are thrown into. They said while the idea I have for having classes during high school is great, they believe it may just be taking away business from the service I already have. They did say that they would use that service if it was provided to them in high school though and probably still get the app.
3) From what I saw with the feedback and from my own expectations. I would like to keep moving forward with the direction I am at now with helping those beginning college students be able to take care of themselves and prepare for the world after college. A new market area for different situations is definitely a direction I would like to take eventually but not in the short term period. I would still like to try the high school seminars/ classes to help kids prep for college and see where that goes because I believe they would still purchase the app since the app does so much more than just show or tell you what to do.
Now, there are still problems I could face with that as far as drawing away customers from my current business now and could lose me some money but I want the high school version to just be a intro to what they will get on the app. Also, I would like to maybe focus on the college senior aspect and teach them for the real world. Some aspects of the real world and college are similar, but many are different. Thats why I believe there could be serious business here and I am also staying in a very similar market so I am not straying too far away. My main goal here is too help people be ready for the major parts of their lives because the majority of people are unprepared and I have been in similar positions and I know how stressful and scary it can be.
New Market-
1). A radically different market I could target would be 25-40 year old adults that are starting families.
2) I think by targeting people/ couples who are starting families, I could use the same app concept to develop a survival guide for raising a first child. Imagine bringing a new born home and having no idea what to do next. The app would basically do the same thing it does for college students as far as the concept but different tools, like what to feed him/her and when. What the proper supplies are to get and it can show you deals on things such as food, carriages, beds, etc. Reminders, alerts, tips, and scheduling as well would all contribute to help the couple have a more efficient and effective parenting process.
3) For this I interviewed two couples that I know personally and one couple is planning to start a family and the other has just had their first child. When asked about the potential concept, they were all for it saying that an app like that could be extremely helpful because although they are doing their research, they still have the "we have no idea what we are doing" mindset at all times. They said based off of the concept I have now, it could definitely be adapted to the new situation but would require a lot of different scenarios and tools. They did say however, that there are already some apps like that out there and the internet does have a lot of the answers a click away.
4) I learned from this new market that there is some opportunity here but no as big as the one I am in now. For one, while an app to help new families with their new borns is very helpful and useful, but there are already a decent amount out there and thousands of books and websites to facilitate. Now just like the market now, I do have a good advantage from being able to do it all as one in one application, but the question is will people think it is worth it to purchase. I wouldn't say this market is as attractive as my current market, but still has a lot of potential value in it and I could see my business venturing out to this market one day down the line.
One concern though is I wouldn't consider going to this market until way further down the line, but by then who knows what products or services would have already beaten me to it. What surprised me was how clueless some couples still feel even months and months after the baby has been born, but this is actually good for my business because they means they are still prospective customers for my market. I do believe I will have much more issues with competition in this market and that is what also surprised me when talking to the couples because they were telling me how many other services or products they see lately about starting a family and raising a new born child. Overall, I feel this is still a market I could hit, even though it isn't as opportunistic as the one I am in now.
1). Moving forward I would like to provide some of these services as a class or lecture to high school students in order to prepare them for college. One of the main reasons students have these problems of taking care of themselves in college is because high school teaches them nothing. This would not be full classes but more quarterly or weekly seminars to get kids educated on the side.
2). After conducting my interviews, they said we should work on using that same type of method but with different types of situations outside of just college students like couples with new borns. Basically try to make a survival guide for other situations in life that are difficult and a lot of people are thrown into. They said while the idea I have for having classes during high school is great, they believe it may just be taking away business from the service I already have. They did say that they would use that service if it was provided to them in high school though and probably still get the app.
3) From what I saw with the feedback and from my own expectations. I would like to keep moving forward with the direction I am at now with helping those beginning college students be able to take care of themselves and prepare for the world after college. A new market area for different situations is definitely a direction I would like to take eventually but not in the short term period. I would still like to try the high school seminars/ classes to help kids prep for college and see where that goes because I believe they would still purchase the app since the app does so much more than just show or tell you what to do.
Now, there are still problems I could face with that as far as drawing away customers from my current business now and could lose me some money but I want the high school version to just be a intro to what they will get on the app. Also, I would like to maybe focus on the college senior aspect and teach them for the real world. Some aspects of the real world and college are similar, but many are different. Thats why I believe there could be serious business here and I am also staying in a very similar market so I am not straying too far away. My main goal here is too help people be ready for the major parts of their lives because the majority of people are unprepared and I have been in similar positions and I know how stressful and scary it can be.
New Market-
1). A radically different market I could target would be 25-40 year old adults that are starting families.
2) I think by targeting people/ couples who are starting families, I could use the same app concept to develop a survival guide for raising a first child. Imagine bringing a new born home and having no idea what to do next. The app would basically do the same thing it does for college students as far as the concept but different tools, like what to feed him/her and when. What the proper supplies are to get and it can show you deals on things such as food, carriages, beds, etc. Reminders, alerts, tips, and scheduling as well would all contribute to help the couple have a more efficient and effective parenting process.
3) For this I interviewed two couples that I know personally and one couple is planning to start a family and the other has just had their first child. When asked about the potential concept, they were all for it saying that an app like that could be extremely helpful because although they are doing their research, they still have the "we have no idea what we are doing" mindset at all times. They said based off of the concept I have now, it could definitely be adapted to the new situation but would require a lot of different scenarios and tools. They did say however, that there are already some apps like that out there and the internet does have a lot of the answers a click away.
4) I learned from this new market that there is some opportunity here but no as big as the one I am in now. For one, while an app to help new families with their new borns is very helpful and useful, but there are already a decent amount out there and thousands of books and websites to facilitate. Now just like the market now, I do have a good advantage from being able to do it all as one in one application, but the question is will people think it is worth it to purchase. I wouldn't say this market is as attractive as my current market, but still has a lot of potential value in it and I could see my business venturing out to this market one day down the line.
One concern though is I wouldn't consider going to this market until way further down the line, but by then who knows what products or services would have already beaten me to it. What surprised me was how clueless some couples still feel even months and months after the baby has been born, but this is actually good for my business because they means they are still prospective customers for my market. I do believe I will have much more issues with competition in this market and that is what also surprised me when talking to the couples because they were telling me how many other services or products they see lately about starting a family and raising a new born child. Overall, I feel this is still a market I could hit, even though it isn't as opportunistic as the one I am in now.
Wednesday, November 13, 2019
24A- Venture Concept No.1
Opportunity
Innovation
Venture Concept
Minor Elements
Millions of students all over the world every
year leave their homes and head for college for at least the next four years of
their lives. For most of them, they go from being under the roof of their
family and having most of the main responsibilities taken care of to being
completely on their own away from their homes in a whole new environment. High
school didn't help much in prepping them for college outside of classes, so
students find themselves completely lost on how to take care of themselves
regarding responsibilities such as proper scheduling, budgeting/financing,
cleaning, cooking, etc. This can become a much bigger problem than people think
as it can lead to students blowing through all their money, eating unhealthy
diets, living in unsanitary areas, and not having enough time to focus on their
academics. This market is all over the country in all college towns such as
Gainesville, Orlando, and Tallahassee for examples in Florida. The market
mainly consists of 18-22-year-old college students but more specifically those 18-19-year-old
freshman who are on their own for the first time. Right now, these students are
struggling to find answers for this solution. They can find help for these
problems individually through internet sources or just going back to their
parents assistance but those are not efficient and consistent ways of solving
their problems and many students hate having to bother their parents all the
time for more money or food or doing their laundry for them. This opportunity
is huge as there were over 20 million students enrolled in college in 2017
according to the US college enrollment statistics. As of now, the window for
this opportunity is not closing anytime in the near future because more and
more students have been attending college over the years, however, because of
factors like the ones I described above, there are many kids who are struggling
to much in college to be able to finish school which hinders the numbers a lot
in the long run.
To solve this problem, I have created an idea for an app that
covers all the bases in one hit. This application is like a college survival
guide to help college students be able to take care of themselves and get tips
on how to make the transition from home to college much easier. You would
initially purchase this app for $1.99, in return you get the basic run down
which actually has all the essentials. This app will help you budget yourself
by breaking down how much you should be spending and saving daily, weekly,
monthly based on how much you have and also give you tips like how to fill out
a check, how to apply for a credit card, how to use a credit card, etc. Also,
as far as shopping for groceries, supplies or anything really, the app will
search for coupons available at nearby stores and send them to you to use at
your convenience. For scheduling you put in your work and class schedule as
well as all the daily things you need to do throughout the week and it will
generate a weekly schedule for you with everything you have to do spaced out in
time slots that can evenly allow you to do everything you need to do without
cramming. Many students also aren't very well prepared on how to cook by
themselves when they get to school so for cooking, the app has pre-loaded
hundreds of recipes for easy to make meals that provide proper nutrients as
well for students since their diets aren't always top on the list of
priorities. All of these things also come with tips, reminders, alerts and
instructions on how to do them as well so students can eventually learn to do
it if they do not have the app accessible to them or near them or even if they
just do not have the app anymore. I am selling the rock that will be holding
down everything going on in the student’s life while they are focusing on
getting an education. This app also has long term benefits as it does not just
teach students these things now but also teaches them how to take care of
themselves post degree while they are starting their new lives in the real
world which is much more stressful.
As stated in the Innovation section, the app will solve the
need by showing and teaching the students how to take care of themselves as
well as assisting in their day to day responsibilities. Customers will switch
to this new product because it puts everything in one instead of solving things
individually. It will be so easy to switch too because you are just simply
downloading an app and putting in your info. There are not too many specific
competitors out there since this is one of the first ones of this product.
There are some individual like coupon apps and cooking apps but none of them
can combine everything. Packaging, location, and distribution don't play the
biggest role since this is available on the app store and you just need a
smartphone. Behind the scenes, we would have a marketing team, a software and
IT team, a customer support team, a finances team, and an executive team to
oversee it all and make the larger company decisions.
My most important resource would be my
ability to be one of the first of this product to enter the market because it
stops mass competition and is new to everyone, so they are curious to try it.
The next opportunity I may want to try is the same type of app but for newly
formed families like for couples having their first child and how to get
through it. In the next 5 years we would want to be downloaded in about 20-30%
of the some of the top colleges in at least 30 states.
Tuesday, November 12, 2019
23A- Your Venture's Unfair Advantage
1). Experience in Situation- Having already been a freshman in college and not having much family to give any support, I had one of the bigger challenges going into college life my first year and found myself in a lot of situations where I had a lot more stress because of those responsibilities.
Valuable- Being able to know what it is like to be in that situation will help me relate to customers and make product better.
Rare- Not very rare but also not very common. A lot of entrepreneurs created something based off personal experience as well.
Imitable- You can't copy personal experience so yes this is hard to copy for competitors.
Non-Substitutable - Yes, but they are all individual and have to be found using different methods which isn't as convenient or effective.
2). Greek Life- I have recently joined a fraternity and most of my incoming class to the fraternity are freshman, who I have reached out to about my idea. Also, everyone there has connections with other chapters and even alumni that can help spread my networking and awareness of the business.
Valuable- Very valuable because these connections can expand into very large ranges and can go to some very important people.
Rare- Not that rare since many people in Universities all over the country are involved in greek.
Imitable- As said before, it can be done by really anyone so yes it is imitable.
Non-Substitutable - Not necessarily, there are other organizations like greek who can provide connections and expand market but all are unique and do it in different levels of efficiency.
3). Partnerships with experts- Through my roommate and friend, I have managed to form an unofficial but promising partnership with his farther and uncle who are both business owners for industrial supply company's and are experts in the app/ software developing field.
Valuable- Pretty valuable because I get good insight from successful business owners and experts in the field of my product which I trust.
Rare- Not very rare, many business owners have good partnerships and relationships with other experts and business owners to make them more knowledgable and successful.
Imitable- Yes, anyone can go find other business owners and experts to get advice and share information.
Non-Substitutable - Not many other services can substitute for connections between people.
4). Good financial standing- Overall I have a very high and trustworthy credit score which would put me in a good position for a business loan whenever the time came. I also have a very substantial amount of money saved up for a potential business investment and I also have a small stock portfolio built up.
Valuable- Very valuable because money is what funds everything.
Rare- Many people save their money to invest so no.
Imitable- Can easily copy a method such as savings.
Non-Substitutable - Different ways to obtain money for your business than just saving your money.
5). Competitive Advantage- For the time being, this is the first of this type of product to enter my market so therefore I have already developed a competitive edge. Obviously more people will eventually start similar products down the road, however, mine being first will give me the overall head start by getting to my target consumers first.
Valuable- Very valuable to get a good head start over your competitors especially an idea that is new to the market.
Rare- It is kind of rare to see a brand new product or service in a market but they do come pretty consistently from time to time.
Imitable- Can definitely be copied once it is out.
Non-Substitutable - Not really anything to substitute it until it is released.
6). Leadership Capability- I have experience in multiple leadership roles throughout my life.
Valuable- Can be very valuable to get a business going and in the long run.
Rare- Can be rare to come by but there are core leaders in every business.
Imitable- True leadership cannot be copied.
Non-Substitutable - Nothing can really substitute leadership and contains everything leadership does.
7). Father started business with entrepreneur- My father started the lobster claw game business with a colleague in the Florida Keys that was very successful.
Valuable- Can be pretty valuable as far as seeing how it works and getting advice.
Rare- Very rare because not everyone can see behind the scenes stuff of an entrepreneur growing up.
Imitable- You cannot copy what you get out of the experiences of it.
Non-Substitutable - Nothing can substitute the experiences and knowledge obtained through that unless you were exposed to it in some other way.
8). Business Major- I am taking multiple business classes right now including some on finances and advertising that I could use for the business.
Valuable- Very valuable to be getting an education in the specific areas of business. This will help me know how to start a more successful business.
Rare- Not rare at all in today's world because many people are going to college and getting a degree.
Imitable-Very imitable because everyone can go out and do it.
Non-Substitutable - While there are numerous other majors to pursue, only certain ones are specific towards the business you want to start.
9). Connections with larger figures in my segment- I have multiple close friends from here and back home that are very well known on social media that could help promote my product.
Valuable- This can be very valuable in getting the word around about my product and getting people to want to buy it.
Rare- This is more semi rare because not everyone has larger figures to represent their product but their are a large amount who do as well.
Imitable- Yes this is not very difficult to copy.
Non-Substitutable - There are other types of influencers outside of my segment but there are only certain amounts in each segment, however, there are many available in area of college students.
10). Very passionate about the business- I have had many previous experiences that put me in the position where I had to learn how to take care of myself at a very early age so I know how scary it can be being on your own and not knowing what to do and I want to help.
Valuable- Valuable for myself and my own hard work towards the business which in turn can be very valuable for the business.
Rare- Rare since it is based on personal experiences but people have gone through the same ones before and many entrepreneurs have had difficult upbringings that have made them very passionate about what they do.
Imitable- Not something that can be copied.
Non-Substitutable - Nothing can really substitute a motivational factor like that but their are many other factors that can cause someone to feel personally passionate about something.
After completing my VRIN analysis, I have concluded that my most important resource would be having a competitive edge with having one of the first of my products. A lot of the time certain businesses won't do well because too many products or services already exist in that market. Mine would be one of the first, if not the first, to be in existence so many people will want to get the product to try it out.
Valuable- Being able to know what it is like to be in that situation will help me relate to customers and make product better.
Rare- Not very rare but also not very common. A lot of entrepreneurs created something based off personal experience as well.
Imitable- You can't copy personal experience so yes this is hard to copy for competitors.
Non-Substitutable - Yes, but they are all individual and have to be found using different methods which isn't as convenient or effective.
2). Greek Life- I have recently joined a fraternity and most of my incoming class to the fraternity are freshman, who I have reached out to about my idea. Also, everyone there has connections with other chapters and even alumni that can help spread my networking and awareness of the business.
Valuable- Very valuable because these connections can expand into very large ranges and can go to some very important people.
Rare- Not that rare since many people in Universities all over the country are involved in greek.
Imitable- As said before, it can be done by really anyone so yes it is imitable.
Non-Substitutable - Not necessarily, there are other organizations like greek who can provide connections and expand market but all are unique and do it in different levels of efficiency.
3). Partnerships with experts- Through my roommate and friend, I have managed to form an unofficial but promising partnership with his farther and uncle who are both business owners for industrial supply company's and are experts in the app/ software developing field.
Valuable- Pretty valuable because I get good insight from successful business owners and experts in the field of my product which I trust.
Rare- Not very rare, many business owners have good partnerships and relationships with other experts and business owners to make them more knowledgable and successful.
Imitable- Yes, anyone can go find other business owners and experts to get advice and share information.
Non-Substitutable - Not many other services can substitute for connections between people.
4). Good financial standing- Overall I have a very high and trustworthy credit score which would put me in a good position for a business loan whenever the time came. I also have a very substantial amount of money saved up for a potential business investment and I also have a small stock portfolio built up.
Valuable- Very valuable because money is what funds everything.
Rare- Many people save their money to invest so no.
Imitable- Can easily copy a method such as savings.
Non-Substitutable - Different ways to obtain money for your business than just saving your money.
5). Competitive Advantage- For the time being, this is the first of this type of product to enter my market so therefore I have already developed a competitive edge. Obviously more people will eventually start similar products down the road, however, mine being first will give me the overall head start by getting to my target consumers first.
Valuable- Very valuable to get a good head start over your competitors especially an idea that is new to the market.
Rare- It is kind of rare to see a brand new product or service in a market but they do come pretty consistently from time to time.
Imitable- Can definitely be copied once it is out.
Non-Substitutable - Not really anything to substitute it until it is released.
6). Leadership Capability- I have experience in multiple leadership roles throughout my life.
Valuable- Can be very valuable to get a business going and in the long run.
Rare- Can be rare to come by but there are core leaders in every business.
Imitable- True leadership cannot be copied.
Non-Substitutable - Nothing can really substitute leadership and contains everything leadership does.
7). Father started business with entrepreneur- My father started the lobster claw game business with a colleague in the Florida Keys that was very successful.
Valuable- Can be pretty valuable as far as seeing how it works and getting advice.
Rare- Very rare because not everyone can see behind the scenes stuff of an entrepreneur growing up.
Imitable- You cannot copy what you get out of the experiences of it.
Non-Substitutable - Nothing can substitute the experiences and knowledge obtained through that unless you were exposed to it in some other way.
8). Business Major- I am taking multiple business classes right now including some on finances and advertising that I could use for the business.
Valuable- Very valuable to be getting an education in the specific areas of business. This will help me know how to start a more successful business.
Rare- Not rare at all in today's world because many people are going to college and getting a degree.
Imitable-Very imitable because everyone can go out and do it.
Non-Substitutable - While there are numerous other majors to pursue, only certain ones are specific towards the business you want to start.
9). Connections with larger figures in my segment- I have multiple close friends from here and back home that are very well known on social media that could help promote my product.
Valuable- This can be very valuable in getting the word around about my product and getting people to want to buy it.
Rare- This is more semi rare because not everyone has larger figures to represent their product but their are a large amount who do as well.
Imitable- Yes this is not very difficult to copy.
Non-Substitutable - There are other types of influencers outside of my segment but there are only certain amounts in each segment, however, there are many available in area of college students.
10). Very passionate about the business- I have had many previous experiences that put me in the position where I had to learn how to take care of myself at a very early age so I know how scary it can be being on your own and not knowing what to do and I want to help.
Valuable- Valuable for myself and my own hard work towards the business which in turn can be very valuable for the business.
Rare- Rare since it is based on personal experiences but people have gone through the same ones before and many entrepreneurs have had difficult upbringings that have made them very passionate about what they do.
Imitable- Not something that can be copied.
Non-Substitutable - Nothing can really substitute a motivational factor like that but their are many other factors that can cause someone to feel personally passionate about something.
After completing my VRIN analysis, I have concluded that my most important resource would be having a competitive edge with having one of the first of my products. A lot of the time certain businesses won't do well because too many products or services already exist in that market. Mine would be one of the first, if not the first, to be in existence so many people will want to get the product to try it out.
Friday, November 8, 2019
22A-Elevator Pitch
https://youtu.be/SlXT58PdJuQ
Reflection- The feedback I received was that I could have done a better job centering my camera more because the last one was angled a little off. I also received some feedback that I could have worded my pitch a little smoother and grouped my words better.
Changes- The changes I tried to make was centering my camera a little better so you could see me at a more clear and effective angle. I got better at memorizing the pitch so I believe my words were a little more clear. However, with the pitch being a minute I felt I crunched my pitch a little more than last time and tried multiple times to end better but ended up having to end it on more of a cut off. I apologize for that but will adjust it for the next one but I feel I did much better at ending it the last elevator pitch and maybe tried to change it too much.
Reflection- The feedback I received was that I could have done a better job centering my camera more because the last one was angled a little off. I also received some feedback that I could have worded my pitch a little smoother and grouped my words better.
Changes- The changes I tried to make was centering my camera a little better so you could see me at a more clear and effective angle. I got better at memorizing the pitch so I believe my words were a little more clear. However, with the pitch being a minute I felt I crunched my pitch a little more than last time and tried multiple times to end better but ended up having to end it on more of a cut off. I apologize for that but will adjust it for the next one but I feel I did much better at ending it the last elevator pitch and maybe tried to change it too much.
21A- Reading Reflection No.2
1) What was the general theme or argument of the book?
The theme of the book to me was that no matter how many times you fail, if you have the right mindset and system, you will eventually succeed if you keep trying. When you think of successful entrepreneurs in todays world, you think of the big hit guys like Zuckerberg who started a company in college and have been successful ever since. Scott talks about how if you learn how to take care of yourself, you will be ready for loss or failure (which is almost bound to happen) until you hit that one opportunity that is successful.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think what I connected from the book and what I am learning from ENT is the aspect of doing something you love doing. When Scott was working corporate jobs for so many years, he was doing side projects with things he loved to do with any extra time he had in order to keep him going because without them, he would not had much of a motivation or desire to be successful. In ENT we talk about finding things that we love and make us happy as well because if you don't wake up in the morning and want to go do whatever you do for a living then why are you doing it? I also enjoyed his quote about pursuing success instead of wishing for it. In ENT we learn about how to pursue success and not just wish for it, which is what Scott emphasizes.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
An exercise that I would try to implement would be an assignment to help students work on developing systems instead of goals. That really hit me when I was reading this book. Nothing against having goals because I have many of my own, but having a system rather than a goal is what represents the difference between wishing for success and pursuing it. We should have an exercise to help us transfer our goals into systems and work on how to go about doing that in order to make us more efficient and effective in improving our opportunities.
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?
Scotts view on goals was what was most shocking to me. Many successful business figures or entrepreneurs talk about making goals and going all out for them until you reach them but Scott has a different approach. At first I did't agree just because it sounded like he wasn't supportive of following something you believe in, but that wasn't the case. He spoke about the two flaws he sees in having goals which were they are in the future and that they are too specific. He said goals have such an unknown date that it is hard to see where they are going and they are so specific at times that usually you end up disappointed if you do not get exactly what you were looking for in the goals. These made sense to me and gave me that "aha" moment and gave me the idea to maybe start doing that myself. Systems can still get you to the same goal you have, but in a more efficient way and actually gives you a way to get there which is what I believe in.
The theme of the book to me was that no matter how many times you fail, if you have the right mindset and system, you will eventually succeed if you keep trying. When you think of successful entrepreneurs in todays world, you think of the big hit guys like Zuckerberg who started a company in college and have been successful ever since. Scott talks about how if you learn how to take care of yourself, you will be ready for loss or failure (which is almost bound to happen) until you hit that one opportunity that is successful.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think what I connected from the book and what I am learning from ENT is the aspect of doing something you love doing. When Scott was working corporate jobs for so many years, he was doing side projects with things he loved to do with any extra time he had in order to keep him going because without them, he would not had much of a motivation or desire to be successful. In ENT we talk about finding things that we love and make us happy as well because if you don't wake up in the morning and want to go do whatever you do for a living then why are you doing it? I also enjoyed his quote about pursuing success instead of wishing for it. In ENT we learn about how to pursue success and not just wish for it, which is what Scott emphasizes.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
An exercise that I would try to implement would be an assignment to help students work on developing systems instead of goals. That really hit me when I was reading this book. Nothing against having goals because I have many of my own, but having a system rather than a goal is what represents the difference between wishing for success and pursuing it. We should have an exercise to help us transfer our goals into systems and work on how to go about doing that in order to make us more efficient and effective in improving our opportunities.
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?
Scotts view on goals was what was most shocking to me. Many successful business figures or entrepreneurs talk about making goals and going all out for them until you reach them but Scott has a different approach. At first I did't agree just because it sounded like he wasn't supportive of following something you believe in, but that wasn't the case. He spoke about the two flaws he sees in having goals which were they are in the future and that they are too specific. He said goals have such an unknown date that it is hard to see where they are going and they are so specific at times that usually you end up disappointed if you do not get exactly what you were looking for in the goals. These made sense to me and gave me that "aha" moment and gave me the idea to maybe start doing that myself. Systems can still get you to the same goal you have, but in a more efficient way and actually gives you a way to get there which is what I believe in.
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