30A – Final Reflection

1. Overall experience with assignments:
Thinking of a business plan and all of the different factors that go into it was something that found quite useful and actually enjoyed.I didn't really like all of the different interviews that I had to do but they ended up giving me valuable feedback which I will use to push my concept even farther. All in all, I enjoyed the class and would recommend anyone to take it.


2. What will I remember most about this course? What did I enjoy the most?
I will remember thinking through the many different possible ideas to find one that sticks with me the most. All of the different elements of a business that had to be thought about will stick with me forever. I feel it has helped me greatly in giving me a starting point in how to go about tarting my business.
What I enjoyed most about the class was the engaging assignments and the flexibility. Assignments were due every Friday so there were no surprises, and also there were no exams to be taken.

3. Do I Think I've Developed An Entrepreneurial Mindset?
I believe that I have. All of the experiences that I have gone through in this class I believe has prepared to begin a business. I can now look at different business ideas and think through all of the different elements that must be considered for it to be successful.

4. Advice:
Work ahead of time. It will greatly benefit you in this class and also give you a chance to really think through your idea. Also, read every comment that is left on your posts. They contain a lot of valuable feedback that can be implemented into your business.

29A – Venture Concept No. 2

Opportunity

• Who has the need?
• Anyone with a cell phone.
• The nature of the need?
• This need comes from the design of cell phones today being quite fragile. They often break or cracked when dropped, which makes customers have to pay a lot of money for repairs or replacements.
• What are the forces of changes in the environment creating this opportunity?
• The current cellphone market puts so much emphasis on the software within the phone and the sleekness of the design that the durability of the phones have been neglected. This opens the opportunity for phones that are more durable to enter the market.
• How is the market defined geographically and demographically?
• This market would do well around the world and amongst all demographic levels. It saves everyone money and gives them more bang for their buck.
• How are customers currently satisfying this need? And how loyal are they to whatever they use now?
• Customers are currently satisfying this need by buying phone cases and other accessories to help protect their phones. The phone cases tend to be on the bulkier side, taking away from the sleek design of the phones. The accessories tend to work for a period of time before having to go out and buy another. They aren’t very loyal to these methods due to the inconveniences of them.
• How big is this opportunity?
• This opportunity is pretty big seeing as almost everyone owns a cell phone. Improving the durability of these phones will be a great service to everyone.
• How long will the, "window of opportunity" be open?
• I think the window of opportunity will be open indefinitely if the major phone companies do not begin to build their phones to last longer.

Innovation

• How is my product/service innovative?
• My service is innovative in the sense that it builds off a concept that is already established. Instead of trying to change something completely, I would like to improve it. This way both the consumers and companies benefit.
• How does my product/service work?
• My service works by manufacturing different models of cell phones with materials that are built to be sturdier. It will take nothing away from the sleek design or software of the phone. We will sell to the phone companies themselves
• What exactly am I selling and for how much?
• I am selling the phones that are manufactured with materials that are more durable. I will charge the phone companies the price it costs to make the phone normally plus an extra fee for the service.

Venture Concept

• How my innovation solves the discovered, 'opportunity.' 
• By manufacturing stronger phones, phone companies will have a more positive image because their products will last longer. Also, customers will be more satisfied since they won’t have to worry about repairing or replacing their phones as much, saving them a great deal of money.
• Why will customers by my innovative service/product?
• Customers will by my product simply so that their phones will last longer. Mistakes happen, phones drop, and phones get damaged. With my service the phones will be built to better withstand these types of situations. The customer will not have to worry about repairing or replacing their phones.
• What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
• It will not be hard at all for customers to switch to my product. It is essentially the same phone that they had before, but more durable. Having a phone that can withstand more will be a great benefit to everyone.
• Who are the competitors? What are their possible weaknesses or vulnerabilities?
• The competitors will be the manufacturers of protective phone accessories. Their weakness are that the accessories are completely separate from the phones. Customers have to go out and buy something extra to help protect their phones. With my service, it is just the phone. Literally all you do is buy the phone, and it comes equip with the protection that the customers are looking for.
• What role does packaging play, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
• Packaging and marketing play a huge role. My business will begin as just a manufacturing company, supplying the phones built with sturdier materials to the phone companies such as Apple and Samsung. As my business grows, I will open my own stores so that the phones can be bought directly from me.
• How would you organize a, "business" to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
• First, I would gain access to a factory, supplier of durable materials, and the equipment needed to build the phones. Then I would hire around 10 employees to work and oversee the production of the phones and about 5 more employees to oversee the shipment and delivery of the phones.

3 Minor Elements

• What is my most important resource or, "secret sauce?'
• My most important resource is my determination. I believe staying focused will get me to where I need to be. As long as I continue to work as hard as I need to, everything will fall into place. Even though I know I am certain to face failures along the way, I just have learn from them and keep pushing on.
• What's next for my venture?
• I want to expand my service to other portable devices such as videogames.
• Where would I like to be in 5 years?
• In five years I would like to be at the top of well-known business that sells portable technological devices that are more durable than their standard counterparts. I would like to have several different locations around the country and the world.

Feedback

The feedback I received focused on narrowing my audience. Will I focus on selling directly to the consumer or selling to major companies? I believe that I should start out by selling to the major companies and then later on expanding to the consumers.

How my Venture concept changed

I haven't changed my venture concept.

28A – Your Exit Strategy

Identifying My Exit Strategy:
I want to stay with the business for as long as I possibly can. I feel that it is my responsibility to ensure that it grows the way it needs to and fosters a positive relationship with the consumers. Once a good foundation is built for my business, I would like to pass it on to my children. I am starting my business to ensure financial stability for both myself and my family. The business will be my legacy that I leave to them.

Why I Chose This Strategy:
I chose this strategy because my main purpose for having a business is to be financially stable and have something to pass on to my family that they will also be financially stable Once I feel that they are ready to take over, I will give the business to them and watch to see how much farther they can take it. As they do this, I believe I will start exploring hobbies such as traveling.

How Do I Think My Exit Strategy Has Influenced The Other Decisions I've Made In My Concept?
My exit strategy has affected other decisions I've made in my concept by causing me search for the most practical opportunity that I can find. In order to financially support myself and my family, I had to find something that I knew that people needed. I want my business to grow as large as it can possibly become. This way I will feel as I really accomplished something with my business.

27A- Reading Reflection No.3

Thinking, Fast and Slow by Daniel Kahneman

1. What was the general theme or argument of the book?
The theme of this book was to describe the different methods that are used when decisions are made with the different systems in our brains.

2. How did the book, in your opinion, connect with or enhance what you are learning in ENT 3003?
This book was helpful by highlighting how important intuition is. It is often overlooked as just something that we feel inside of us without any logic or evidence, however it is quite the opposite. Our intuition is based off of our previous experiences and decisions are made from those. Sometimes our intuition is more accurate than what we may actually think about a situation, so it should not be counted out as an option.

3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The exercise I design for this class would be to have the students write a bog post abut which method they see the most from their peers on a day to day basis.

4. What was your biggest surprise or 'aha' moment when reading this book? In other words, what did you learn that differed from most experiences?
My biggest surprise was realizing that there are actual different ways to make decisions programmed in our brains. Beforehand, I didn't think making decisions was that complex.

26A – Celebrating Failure

A time I failed during this past semester was during my Managerial Accounting class. As a finance major, I am required to earn a B or better in Managerial Accounting. Toward the beginning of the semester, things didn't seem too bad. However, as I became busy with responsibilities for the different organizations I am involved with and several family issues, it turned out to be too much for me. It also didn't help that the class itself is no walk in the park. As I took the weekly quizzes after watching the lectures, I would often find myself lost and uninterested in the material being taught. When it came for the exams, I would open the exam booklet and be completely as to how to approach the problems. Now, as the semester draws close to an end, things have not changed too much. The final exam is approaching and I feel kind of hopeless as to how I am going to finish the class with an acceptable grade, let alone a B.  am going to study as hard as I can to try to make a comeback and see where things go from there.

Reflection:
After going through this semester, I have learned not to overload myself. The workload was too heavy for me to take on this semester with all f my organizational responsibilities. The family issues that arose also did not help the situation at all. However, I believe that this has happened for a reason. I now know exactly how uninterested I am in finance and accounting. I think that this is pushing me to find something that I will enjoy more.

General Perspective on Failure:
I believe that failure is necessary. It may not seem good at the moment, but it is ultimately life's best teacher. It teaches you to learn from your mistakes and correct them so that they don't happen again. My failure has me looking toward a new path to reach my goals and I believe that it was absolutely necessary. I know that the situation will be resolved and I will find a way to persevere past this failure.

24A – Venture Concept No. 1

Opportunity

• Who has the need?
• Anyone with a cell phone.
• The nature of the need?
• This need comes from the design of cell phones today being quite fragile. They often break or cracked when dropped, which makes customers have to pay a lot of money for repairs or replacements.
• What are the forces of changes in the environment creating this opportunity?
• The current cellphone market puts so much emphasis on the software within the phone and the sleekness of the design that the durability of the phones have been neglected. This opens the opportunity for phones that are more durable to enter the market.
• How is the market defined geographically and demographically?
• This market would do well around the world and amongst all demographic levels. It saves everyone money and gives them more bang for their buck.
• How are customers currently satisfying this need? And how loyal are they to whatever they use now?
• Customers are currently satisfying this need by buying phone cases and other accessories to help protect their phones. The phone cases tend to be on the bulkier side, taking away from the sleek design of the phones. The accessories tend to work for a period of time before having to go out and buy another. They aren’t very loyal to these methods due to the inconveniences of them.
• How big is this opportunity?
• This opportunity is pretty big seeing as almost everyone owns a cell phone. Improving the durability of these phones will be a great service to everyone.
• How long will the, "window of opportunity" be open?
• I think the window of opportunity will be open indefinitely if the major phone companies do not begin to build their phones to last longer.

Innovation

• How is my product/service innovative?
• My service is innovative in the sense that it builds off a concept that is already established. Instead of trying to change something completely, I would like to improve it. This way both the consumers and companies benefit.
• How does my product/service work?
• My service works by manufacturing different models of cell phones with materials that are built to be sturdier. It will take nothing away from the sleek design or software of the phone. We will sell to the phone companies themselves
• What exactly am I selling and for how much?
• I am selling the phones that are manufactured with materials that are more durable. I will charge the phone companies the price it costs to make the phone normally plus an extra fee for the service.

Venture Concept

• How my innovation solves the discovered, 'opportunity.' 
• By manufacturing stronger phones, phone companies will have a more positive image because their products will last longer. Also, customers will be more satisfied since they won’t have to worry about repairing or replacing their phones as much, saving them a great deal of money.
• Why will customers by my innovative service/product?
• Customers will by my product simply so that their phones will last longer. Mistakes happen, phones drop, and phones get damaged. With my service the phones will be built to better withstand these types of situations. The customer will not have to worry about repairing or replacing their phones.
• What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
• It will not be hard at all for customers to switch to my product. It is essentially the same phone that they had before, but more durable. Having a phone that can withstand more will be a great benefit to everyone.
• Who are the competitors? What are their possible weaknesses or vulnerabilities?
• The competitors will be the manufacturers of protective phone accessories. Their weakness are that the accessories are completely separate from the phones. Customers have to go out and buy something extra to help protect their phones. With my service, it is just the phone. Literally all you do is buy the phone, and it comes equip with the protection that the customers are looking for.
• What role does packaging play, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
• Packaging and marketing play a huge role. My business will begin as just a manufacturing company, supplying the phones built with sturdier materials to the phone companies such as Apple and Samsung. As my business grows, I will open my own stores so that the phones can be bought directly from me.
• How would you organize a, "business" to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
• First, I would gain access to a factory, supplier of durable materials, and the equipment needed to build the phones. Then I would hire around 10 employees to work and oversee the production of the phones and about 5 more employees to oversee the shipment and delivery of the phones.

3 Minor Elements

• What is my most important resource or, "secret sauce?'
• My most important resource is my determination. I believe staying focused will get me to where I need to be. As long as I continue to work as hard as I need to, everything will fall into place. Even though I know I am certain to face failures along the way, I just have learn from them and keep pushing on.
• What's next for my venture?
• I want to expand my service to other portable devices such as videogames.
• Where would I like to be in 5 years?
• In five years I would like to be at the top of well-known business that sells portable technological devices that are more durable than their standard counterparts. I would like to have several different locations around the country and the world.

25A – What’s Next?

Existing Market

Interview Summary

After interviewing 3 people that are already part of the market I identified, each person had different responses when asked, "What should I be doing next with my business?" The first interviewee says that I need to find a way to receive feedback from the general public. The most efficient way to accomplish this would be a survey. It would highlight the negatives and positives of my venture in the public's opinion. I also brought up the fact that I plan to expand to more than just making cell phones more durable. I would like to work on other portable devices as well. He believes there is potential as long as it is cost-efficient. The second person wants me to think about what kind of store I'm going to have. Will it just be a factory manufacturing the phones or will there be an actual store that sells the materials? Will I be selling directly to the consumer or selling to the phone companies? The final interviewee mentioned the same thing as the second interviewee.I really have narrow down who my audience is in order to make this venture successful. He thinks expanding to other devices is a good idea as well.

I thought this feedback was helpful. I know see things from a different perspective and will work accordingly to be successful.

New Market

Interview Summary

New market idea:
Apple gives me a request to manufacture 500 iPhone X models with my materials. My business makes them and sends them to Apple. The customer then buys one of the phones from an Apple store. Doing it this way means I am not connected to the consumer at all. I would be an independent entity supplying directly to the companies.

Interviewee 1 says he thinks this idea isn't good because the customers themselves will not know about me or my company. They will accredit the stronger to phones to Apple and only Apple. Interviewee number 2 says this is a good idea. He thinks operating like this puts most of the liability on Apple since my company's brand will not be on the phone.

Each interviewee made good points. I believe that there needs to be a connection between my company and the consumer.I agree more with the first interviewee because I need to be able to establish my own brand. Once the consumers see my work and know that it is my work, it will expand my business.