30A - Final Reflection

·      I think that each of the elevator pitches stand out to me as the most formative experience in this class. They gave me a better idea of how to sell my business concept and I was able to apply the “selling” aspect of the assignment to “selling” myself in interviews and to recruiters. I will probably remember this experience later on as it has made me very comfortable with speaking and presenting an idea in front of people. The experience that I am most proud of was the networking assignment where we had to reach out to different experts within the field of our business concept. This made me more comfortable with reaching out to people and learning to not be afraid to reach out to others for assistance/help. Networking is a crucial part in becoming successful as an entrepreneur, so it was very cool to be able to work on that skill within this course.

·      I can see myself having developed an entrepreneurial mindset throughout this course. Working on my business concept has allowed me to become more creative with how I view product concepts and their applications. I have been able to learn a lot more about the entrepreneurial process and I think this has helped shape my mindset and change the way that I think about different things.

·      I would recommend that students make sure to focus on time management. There are many assignments in this course that are very tedious and require planning so time management is critical in ensuring they complete the assignments on time. I would also recommend that they take the time and actually invest their time/energy into this course. The more you put into the course and its assignments, the more you will be able to learn about the entrepreneurial process. To foster an entrepreneurial mindset, I would say to just actually put effort into the assignment and think about how the lessons from the lectures actually apply to the assignments assigned for this course.

29A - Venture Concept No. 2

Techly Smart Accessories

·      Opportunity:

o   Unfortunately, crimes involving sexual assault/abductions are still trending at a significantly high rate. As a college student, I have been exposed to people who have been victims of these crimes and this has allowed me to gain some new perspective surrounding this issue and how we can potentially combat these crimes.

o   According to the National Sexual Violence Resource Center, an estimated 1 in 5 women and 1 in 71 men will be raped at some point in their lives. An estimated 19-27% of women report being sexually assaulted during their time on campus, in comparison to 6-8% of men. 

o   When looking at abduction rates within the United States, an estimated 800,000 children go missing every year, which averages out to about 2,000 child every single day that go missing. With how advanced technology that we currently have, it is very shocking to see rates for both of these crimes so high.

o   The need is for everyone to feel safe and not have to fear that they will be victims of these crimes. Going in even further, consumers want peace-of-mind that if they were a victim of these crimes, they would have the greatest chance at the best outcome.

o   The forces that allow these crimes to occur are increased response times due to a lack of knowledge of where the victims are. Often times, children are the victims of abduction crimes because they are harder to locate and these increased response times make these crimes more prevalent. In addition, sexual assault crimes are still trending at high rates because police response times are not as efficient as they could be as they are unsure of where the victims are. Being able to identify victim’s locations will quicken police response time and should result in a decline in both of these crimes. Until these forces are addressed, there will be a huge window of opportunity.

o   Currently, there is no real solution on the market to addressing this need. Cell phones are often used to contact authorities in times of distress, however police are not able to adequately locate these victims since phone batteries are not as reliable and criminals make sure to dispose of cell phones quickly. This leaves people having to constantly look over their shoulders and try to pray that they are never victims to these crimes. I would say consumers are not loyal to current solutions because they are ineffective. If they were effective, the statistics for these crimes wouldn’t be that high.

o   Potential Market: College students (more specifically female college students) and families would be the primary consumers to target. Female college students are often the target for sexual assault crimes so they would likely need this product to help reassure peace-of-mind and keep them safe. Families want to make sure that their kids are safe and that they definitely are not victims to these crimes.

·      Innovation:

o   My product is designed to function as a standard bracelet, necklace, or ring, but with one exception: these accessories contain a “panic” button that alerts authorities and emergency contacts with your live location. Another version of my product involves a microchip with similar functionalities that provides a more discrete and versatile option for personal protection. 

o   When the “panic” button is pressed, authorities and emergency contacts are alerted and are given the victim’s live location. This allows the authorities to locate victim’s faster and give them the greatest chance at the best outcome.

o   Each version of my product would be priced slightly differently, however the overall price range I am targeting is $40-$100. This makes the product affordable for my target consumers and is also priced lower than any of my potential competitors.

·      Venture Concept:

o   Switch really isn’t applicable to my product since consumers do not currently have a working solution to the problem. Thus, the main focus will be introducing my product and explaining how it effectively addresses their needs.

o   Competitors: Right now, there are very few competitors to my product. They haven’t been successful in marketing their products because none of the features of their product really address solving consumer’s needs. Having a pepper spray necklace or a necklace that shoots a high-pitch alarm doesn’t really do much to help deter criminals. I think that the fact that these crimes are at such high rates will give me more legitimacy in taking over the market share within the industry.

o   Role: I think that pricing and customer experience will all play a role in defining my business concept. Since I am targeting college students and families, I have to make sure that my product is affordable and effective. Consumer experience will play a strong role in establishing the legitimacy and effectiveness of my product. Customer support will also play a role in ensuring that the product is performing at the highest level and that consumers are getting the best from my product.

·      3 Minor Elements:

o   Most Important Resource: I would say that my firm’s secret sauce is the current network that I have at my disposal. Having a team of people with diversified skills will help contribute to the success of my product. Having experience operating my own successful business, I know what it takes to make it and having strong relationships with people in computer science/programming/engineering will help ensure that my product has the best technology available to ensure a high-quality product.

o   Next Opportunity: My next opportunity would actually be creating a prototype for the product. Utilizing the current technology that is available, I do not think it will be that difficult to create a working prototype. Creating a working model of the product will allow me to further test and refine my product to give consumers the best version possible.

o   What’s next for me: I want to be very successful with this product idea and I think it will help kick-start my career in entrepreneurship. My vision is that I will be able to develop and create products that are aimed at solving significant problems that we face in society today. My next venture will likely be related to solving environmental issues that the world is currently facing as that is something that I can see making a major difference in the world. I can see myself letting go of this concept within the next 5-10 years after it has taken off and then utilize the capital that I would receive to pursue another venture with a positive impact on society.

·      Feedback that I received:

o  One of the more interesting pieces of feedback that I received involved adding a microphone/audio-recording feature into my product concept. I hadn’t really thought past how my product would be used for crime-prevention, but I can certainly see how adding an audio-recording capability to my product would help in putting away these criminals and serving as evidence. I also received feedback about potentially creating an application that works with the product concept, giving consumers better peace-of-mind as to their product’s functionalities. The app would allow consumers to interact with the product and get a greater sense of the product’s features. I was also able to get better insight regarding the microchip version of my product and I think that will likely be the most successful version because of its versatility. This version of the product gives me more freedom if I decide to license the technology to clothing manufacturers and allows for many more opportunities for my concept.

·      How I Changed My Venture Concept:

o  I changed my venture concept by including the audio-recording capability into my product concept. I have also decided that for my “What’s Next” that I will focus on creating an application that allows consumers to interact with their product and learn more about its features through the application. While I will focus on creating new variations of my product concept, I believe that the microchip version will be the most successful because of its versatility and thus this will probably be the product line that I focus on the most.

28A - Your Exit Strategy

1)    Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

·      I think that I would likely sell my business in the next 5 years for a large return. While I am passionate about my business concept, I think that I can continue to create and develop products that add value to the world and help solve many of the issues that are prevalent in society today. While I would love to hold on to the business and continue to grow the idea, I am more passionate about making a difference in the world and I think that extends beyond this product idea.

2)    Why have you selected this particular exit strategy?

·      I selected this particular exit strategy because I think I would be able to turn the large return that I would get from selling off my company and use it to fund my next idea to hopefully solve another issue that the world is currently facing. The goal isn’t to strike gold and then stop, my long-term vision is to continue to generate business concepts that make the world a better place and help solve some major issues that we are currently dealing with. I would love to hold onto the business, however I do not think my long-term goals are achievable if I am solely focused on a company that will hopefully already be large by the time I decide to move on.

3)    How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

·      I don’t think it has really influenced many of the other decisions that I have made in my concept. I identified this opportunity with an open mind and without thinking too hard into the future. In creating a product to address this problem, I decided to go with a more-developed concept which will make it easier to grow quickly. Other than that, I think that continuing to focus on why I have created this concept has made me more passionate about creating similar concepts that have a positive impact on society as a whole. My vision is to make the world a better place and this concept is just one step in a long race to help accomplish that goal.

27A - Reading Reflection No. 3

Mindset: The New Psychology of Success by Carol Dweck

1.     What was the general theme or argument of the book?

·      The general argument of the book was explaining how there are two different mindsets: a fixed mindset and a growth mindset. A growth mindset is a way of looking at things in a way where we can improve and learn from our failures and our experiences and that challenges us to continue learning and improving ourselves to become the best version possible. In comparison, the fixed mindset focuses on not challenging ourselves and living with the current circumstances that we are in. Dweck emphasizes how most successful people choose the growth mindset and that by looking at things from a positive point of view, we can better further ourselves as individuals.

2.     How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

·      This book connected with what I am learning in ENT3003 because in this class I have learned about how we can go grow from our experiences and from failure. This class utilizes mainly interactive assignments that require us to go out and experience what an entrepreneur would experience if they were starting up their own business venture. Since the class is structured like this, it requires us to utilize more of a growth mindset, in order to learn from our experiences and utilize the feedback that we have received and turn that into improvements for our concepts. Mindset plays a large role in the success of any entrepreneur and I think learning about these two different points of view in the book helps further this belief.

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 design for this class would be to analyze the different aspects of entrepreneur’s decisions that can be attributed to their mindset. By having students analyze entrepreneur’s decisions and how these decisions can be attributed to their mindset, students are better able to understand the role that mindset plays on overall success as an entrepreneur. Doing these reading reflections is an excellent way of understanding entrepreneur’s points-of-view and I think that by further analyzing their mindsets, students can find ways where they can implement the growth mindset into their own lives.

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?

·      To be honest, I think the biggest “aha” moment was in identifying the current way I think and view things to the mindsets within the book. Dweck presented many examples on how the fixed/growth mindset can be seen and I was able to really see how I sometimes incorporate both mindsets within my life. I didn’t really expect to connect with the book in the way that I did and I think that is what made the book more interesting to read. I learned more about the elements of a growth mindset and how I can actively apply these elements in order to go about thinking of things in a way that will result in self-improvement and self-growth.

26A - Celebrating Failure

1)    Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

·      One time that I failed this semester would probably be outside of this class with an interview with American Express. I had done a great job with my first interview, however for my 2^nd interview I had to do a video conference call with 2 HR Directors with the company. I hadn’t really prepared too hard for this 2^nd round interview because I did very well the first time around. Needless to say, I was asked many questions about the company and the technical aspects of the position and I was very unprepared to answer those questions. As a result, I didn’t move on to the final round of interviews and I was very disappointed in my lack of preparation for the opportunity with their company.

2)    Tell us what you learned from it.

·      I learned that preparation is very important in almost every aspect of life. Being properly prepared allows you to be comfortable and ready for almost any situation that life throws at you. Time management was another big lesson that I learned from this experience as I did not manage my time very well prior to the interview, leaving me to decide which things I would prioritize in that short amount of time. I have used this experience as a learning opportunity to prepare even more for my interviews and this has led to me having greater success landing an internship for this upcoming summer.

3)    Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

·      I think failure offers great learning opportunity and a chance to grow as an individual. Failure is definitely hard and often times we are disappointed in ourselves for failing. The truth is that failure is a necessary component of life and that without failure, we are unable to improve ourselves and grow as people. I set very high expectations for myself and that is a major component that drives me as a person. When I fail, I often am frustrated and disappointed in myself and always end up asking myself what I could’ve done differently. You cannot go back and change these failures; however, we can analyze them and learn from our mistakes in order to ensure that it does not happen again. This class has changed my perspective on failure by making me more willing to fail. This class has taught me that failure is inevitable and that our reaction to failure is what will ultimately dictate how successful we will be. I think I am more willing to take a risk than I was a few months ago because I have learned that failing is okay. Failing has a way of teaching us more about ourselves and if we constantly stay in a level of comfort all our lives, then we will never push ourselves to improve and become better.

25A - What's Next?

·      What I think is next:

o   I think that the next step in my venture would be creating a platform where my product can be further utilized in a more effective manner. Since my product utilizes technological capabilities that allow authorities/emergency contacts to be alerted with your live location in times of emergency, I think a smart continuation in the venture would be to create an application that allows the consumers to be more engaged with the product. Having the application and running it similarly to “Find My Friends” will allow for more widespread coverage that can offer additional insurance in cases where the “panic” button is not utilized.

·      Existing Market Interviews:

o   The 1^st interviewee that I selected is a 2^nd year female student here at the University of Florida. When I presented her with my product concept, she seemed very interested and intrigued about the idea. She gave me some suggestions on how I could design the accessory aspect of my product so that consumers are more attracted to the product and more likely to actually utilize and wear it. Other than some suggestions on how to improve the designs/variations of the accessories, she thinks that I am on the right track in developing a product to combat a very serious issue.

o   The 2^nd interviewee that I selected is a 4^th year female student here at the University of Florida. I asked her about my product concept and as to what I can improve with the idea. She stated that having the product connected to an application would definitely add some credibility/legitimacy to the product and give consumer’s piece of mind that this product will work. I had thought about potentially adding an application so that consumers could directly interact with the product and it would be an interesting way to differentiate from other personal safety devices such as the LifeAlert.

o   The 3^rd interviewee that I selected is a 2^nd year female student here at the University of Florida. She mentioned that with the accessory/microchip versions of my product that I should consider adding a microphone/audio recording piece to the product as well. This could allow victims to directly speak and be heard through the product, giving authorities/emergency contacts a better understanding of the situation. Having an audio recording piece within the device can also help capture evidence against criminals discreetly and allow authorities to know exactly who is responsible for the crime.

·      Reflection:

o   After conducting these three interviews, I think I have learned a lot about how I can continue to improve my product and advance my venture. Talking to consumers provides me with feedback that I can utilize to improve my overall idea. The 2^nd interviewee’s suggestion to create an application to interact with the product is smart in boosting consumer interaction with the product. I think that if consumers are able to see the product work right in front of their face and know that they have an application that works side-by-side with the product will give them more assurance and peace-of-mind. I also am very excited about the 3^rd interviewee’s suggestion about adding a microphone/audio recording feature to the product. I hadn’t really thought about how useful this could be in serving as evidence in these crimes and helping put away these criminals. Since sexual assault cases can sometimes be seen as “she said, he said”, the audio recording feature could be a significant tool in deciding these cases and making sure that victims stay safe. I think that is probably the most insightful piece of feedback I have received since it goes past crime prevention and revolves around serving justice once the crime has occurred.

·      New Market:

o   Instead of targeting B2C, I think a new market that I can target is B2B. I think that I can go directly to clothing manufacturers and offer them the opportunity to possess “smart clothing”. “Smart clothing” is already becoming more popular and I think that by adding the technological capabilities of my product and offering it to these clothing manufacturers, they can utilize that and market their product as clothing that keeps you safe. Clothing brands will be more receptive to the idea as a way to stand out even more against competitors, which I think provides a lucrative and exclusive opportunity in targeting B2B.

·      New Market Interviews:

o   The 1^st interviewee that I selected is my friend from high school that has started his own personal clothing brand. I presented him with my product concept and the goal of my product, explaining how it can be utilized with what he is offering. He stated that it was definitely a smart idea and that the microchip version of my product is something that he would be interested in since it can be hidden within clothing easily. He also mentioned how targeting B2B will work much more effectively for smaller brands looking to gain an edge on other competitors and make themselves stand out.

o   The 2^nd interviewee that I selected owns his own online business creating and reselling custom accessories and sneakers. He was also excited about the technological capabilities of my product and can see how they can be paired with what he is offering consumers. He suggested licensing the product to major clothing/accessory brands as that would save me a lot of money in manufacturing the nonessential parts of the product and focus solely on the microchips that make the technological aspects of the product possible.

·      Reflection:

o   What surprised me the most was how receptive businesses were in collaborating and utilizing my product. I think I just underestimated how businesses would use this to distinguish their brand among the multitudes of clothing manufacturers. I think that the B2C target strategy is a little more attractive because of how big the market is and because I am more confident that I have identified the people facing the need for my product. However, I do think B2B offers more growth opportunity long-term since I wouldn’t have to manufacture the accessory aspect of my product and could focus on simply developing the technological aspect of my concept, which would decrease costs and increase my overall margin.

24A - Venture Concept No. 1

Techly Smart Accessories

·  Opportunity:

o   Unfortunately, crimes involving sexual assault/abductions are still trending at a significantly high rate. As a college student, I have been exposed to people who have been victims of these crimes and this has allowed me to gain some new perspective surrounding this issue and how we can potentially combat these crimes.

o   According to the National Sexual Violence Resource Center, an estimated 1 in 5 women and 1 in 71 men will be raped at some point in their lives. An estimated 19-27% of women report being sexually assaulted during their time on campus, in comparison to 6-8% of men. 

o   When looking at abduction rates within the United States, an estimated 800,000 children go missing every year, which averages out to about 2,000 child every single day that go missing. With how advanced technology that we currently have, it is very shocking to see rates for both of these crimes so high.

o   The need is for everyone to feel safe and not have to fear that they will be victims of these crimes. Going in even further, consumers want peace-of-mind that if they were a victim of these crimes, they would have the greatest chance at the best outcome.

o   The forces that allow these crimes to occur are increased response times due to a lack of knowledge of where the victims are. Often times, children are the victims of abduction crimes because they are harder to locate and these increased response times make these crimes more prevalent. In addition, sexual assault crimes are still trending at high rates because police response times are not as efficient as they could be as they are unsure of where the victims are. Being able to identify victim’s locations will quicken police response time and should result in a decline in both of these crimes. Until these forces are addressed, there will be a huge window of opportunity.

o   Currently, there is no real solution on the market to addressing this need. Cell phones are often used to contact authorities in times of distress, however police are not able to adequately locate these victims since phone batteries are not as reliable and criminals make sure to dispose of cell phones quickly. This leaves people having to constantly look over their shoulders and try to pray that they are never victims to these crimes. I would say consumers are not loyal to current solutions because they are ineffective. If they were effective, the statistics for these crimes wouldn’t be that high.

o   Potential Market: College students (more specifically female college students) and families would be the primary consumers to target. Female college students are often the target for sexual assault crimes so they would likely need this product to help reassure peace-of-mind and keep them safe. Families want to make sure that their kids are safe and that they definitely are not victims to these crimes.

·  Innovation:

o   My product is designed to function as a standard bracelet, necklace, or ring, but with one exception: these accessories contain a “panic” button that alerts authorities and emergency contacts with your live location. Another version of my product involves a microchip with similar functionalities that provides a more discrete and versatile option for personal protection. 

o   When the “panic” button is pressed, authorities and emergency contacts are alerted and are given the victim’s live location. This allows the authorities to locate victim’s faster and give them the greatest chance at the best outcome.

o   Each version of my product would be priced slightly differently, however the overall price range I am targeting is $40-$100. This makes the product affordable for my target consumers and is also priced lower than any of my potential competitors.

·      Venture Concept:

o   Switch really isn’t applicable to my product since consumers do not currently have a working solution to the problem. Thus, the main focus will be introducing my product and explaining how it effectively addresses their needs.

o   Competitors: Right now, there are very few competitors to my product. They haven’t been successful in marketing their products because none of the features of their product really address solving consumer’s needs. Having a pepper spray necklace or a necklace that shoots a high-pitch alarm doesn’t really do much to help deter criminals. I think that the fact that these crimes are at such high rates will give me more legitimacy in taking over the market share within the industry.

o   Role: I think that pricing and customer experience will all play a role in defining my business concept. Since I am targeting college students and families, I have to make sure that my product is affordable and effective. Consumer experience will play a strong role in establishing the legitimacy and effectiveness of my product. Customer support will also play a role in ensuring that the product is performing at the highest level and that consumers are getting the best from my product.

·      3 Minor Elements:

o   Most Important Resource: I would say that my firm’s secret sauce is the current network that I have at my disposal. Having a team of people with diversified skills will help contribute to the success of my product. Having experience operating my own successful business, I know what it takes to make it and having strong relationships with people in computer science/programming/engineering will help ensure that my product has the best technology available to ensure a high-quality product.

o   Next Opportunity: My next opportunity would actually be creating a prototype for the product. Utilizing the current technology that is available, I do not think it will be that difficult to create a working prototype. Creating a working model of the product will allow me to further test and refine my product to give consumers the best version possible.

o   What’s next for me: I want to be very successful with this product idea and I think it will help kick-start my career in entrepreneurship. My vision is that I will be able to develop and create products that are aimed at solving significant problems that we face in society today. My next venture will likely be related to solving environmental issues that the world is currently facing as that is something that I can see making a major difference in the world.