Final Reflection

1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing? The  most formative experience that I had in this class was the first round of interviewing customers for my venture idea. I did not get this blog post submitted on time and I was very disappointed that my computer was slow and the videos wouldn’t upload so I told myself that I would never again procrastinate. I have not missed an assignment since that one because of my fear of a video not uploading. I think this is also the experience that I will remember the most, even though it was my biggest “failure.” I think that my most joyous experience was the third elevator pitch. I had a lot of fun recording it and I was glad it got a lot of great feedback.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset? I do see myself as an entrepreneur. I believe this because I find myself throughout the day identifying problems and thinking of solutions in my head that could be home runs.

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset? I would say to stay on top of a consistent schedule. Do not procrastinate for any assignment and be diligent when doing the tasks at hand. Be open-minded and do not be afraid to step outside of your comfort zone, for it is only when we are challenged that we are able to grow.

Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? The biggest surprise for me was the fact that SKS was lending the poorest of the poor, who were making only $1 a day. This company made a great profit, too. It is incredible to me that this firm was able to go after the lower class as a target market. As the section is headed, “Why should business among the very poor be different than it is anywhere else?"

2) Identify at least one part of the reading that was confusing to you. One part of the reading that was somewhat confusing was the first part about the thugs. It seems ridiculous that a small group of thugs could have such a great influence on such a large company. 

3) If you were able to ask two questions to the author, what would you ask? Why? How did you leverage the business so quickly? and What is your strategy moving forward? I think these are vital questions to ask the firm because this seems to be a successful and important business to so many people, over 2 million. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I do not seem to disagree with what the author is saying, since he has created results with a 99.5% repayment rate and has leveraged a great brand. 

Elevator Pitch No. 4

ELEVATOR PITCH NO. 4 CLEANLINE

1) The pitch. Same as last time, 1-minute long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly.

I was very surprised that I received overwhelmingly positive feedback. The one criticism I did have, though, was the fact that getting this blend approved by the FDA for potential hazards that could arise in the showering areas. This is an extremely important part of the entrepreneurial process for me. I want to make sure that I am providing the best product possible for my customers. There will be no shortcuts or loose ends, I will dedicate myself to creating a valuable and lasting product. It would be expensive, but it is something that we are currently working on and is a goal of ours to get better and cut the costs down. Also, there was criticism about having to mass produce this product. And to my disagreement with the person, I believe that this product would be extremely cost-effective and we could have great margins and would make a killing with maybe outsourcing.

3) What did you change, based on the feedback? 

I was more dynamic during my elevator pitch. I tried to not act like I was reciting a screenplay, but to be more open about my pitch. I received feedback that my cadence was smooth and that I was passionate about the product so I tried to emulate what I did in the first two elevator pitches and to keep the enthusiasm at a high level. I talked more about the logistics of getting the substance ran through multiple tests to evaluate cleanliness which would indeed cost a lot more money than expected. But overall, I think that the fourth elevator pitch was the most sound of the four.

Venture Concept No. 2

Opportunity

I have identified an opportunity that is important to me and many other fellow students on my hall and in my life. The opportunity that has risen for me in finding my venture concept helps the needs of college kids, gym-goers, and fitness enthusiasts around the country. The potential customers are basically anyone that lives in a dormitory in the United States and anyone who showers at their fitness center. This is a large consumer market base and I think it is very vital to tap into each sector I can find. The need arises from the problem of shower shoes not being suffice. The demographics of this market is generally healthy, young, elderly folks who are willing to pay a premium for a product that will be more convenient, cleaner, and cooler than the original shower shoe. This is a huge opportunity that has not been tapped into, and after hearing feedback from multiple customer bases, I think that this opportunity is a viable source of income for our company. This window of opportunity will not be open for long, considering that the idea may come about if action is not taken soon.

Innovation

This is a product that has never been invented. The technology is present, but it has not fully been put together to solve the issue that I am trying to solve. I believe that my product is unique, proprietary, and is something that nobody else has ever come up with before. It is taking a simple product and twisting it into an innovative, more helpful product. The formula in the bottle will spray on to people’s feet and will protect their feet from the ground, against bacteria and will give them the peace of mind knowing that their foot is not touching the dirty, gross shower floor. I would sell this product in a can for $15/can and the can would have about 45 uses out of it.

Venture Concept

My innovation will solve the problem of stinky gym bags, athlete’s foot, toe fungus, stinky cars, and wet gym bags. Customers will buy this product because it will save them time, energy, and from having to buy a new gym bag that does not stink. My competitors are the shower shoe people who will try to knock me off. Packaging, price points, and distribution will play a huge role in my product. I plan to have a sweet logo and will license my product to colleges, gyms, and fitness centers around the country. 

Minor Elements

My most important resource will be testing. Getting this passed by the FDA will be a tough feat, but will definitely have to be done. I have to get this blend tested to make sure it is safe on the feet and does not cause any harm to the user. Our next innovative product will be a traction shoe for the pool that people can use to play pool volleyball, aerobics, or work out in the pool. I want to create this product relatively soon after my first product in order to create a strong backing from both the swimming world and the gym world. 

Summary

I received feedback that my product is versatile, has a wide customer base, is unique, and could be very profitable. I did not receive any negative or helpful criticism, which is upsetting because I do not think that my product is perfect. There is always room to improve and I wish that students would be more blunt with me and tell me what I need to do to create a better venture idea. 

Change

I did not change my venture idea a whole lot. The few minor changes that I did implement was a lowering of the cost and a stronger emphasis on the cleanliness of the product itself and its array of benefits.

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? The biggest surprise for me in the reading was the section about green capitalism. I did not think that this would make it into a textbook. A sense of environmental awareness is an important aspect to the business world and it is nice to see that it is making its way into textbooks.

2) Identify at least one part of the reading that was confusing to you. One part of the reading that was a bit confusing was the part about an integrative model of corporate entrepreneurship strategy. The talk about antecedents of a corporate entrepreneurship strategy were new to me and a little confusing. 

3) If you were able to ask two questions to the author, what would you ask? Why? The first question I would ask would be: why is pro-entrepreneurship vital to the organizational structure? and the second question would be: what are the individual entrepreneurial cognitions? I would ask these questions because they seemed to be the most vague to me. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I do not think that there was anything that the author was necessarily wrong about. I tended to agree with the author on what I already knew. 

Google Gold

1. My approach to SEO is to use keywords that are also used in the assignment directions. I figure that if somebody is going to read the directions in the assignment calendar, then they are willing to search the words that are in front of their face. I used some of the same words and common business terms for each blog post to pursue SEO.
2. Some of my keywords were “CleanLine” (the name of the venture), “Max wilkinson”, “blogger”, “blog”, “water shoes”, “venture”, “product”, “success”. I did refine my keywords through the semester when I became more confident in my product.
3. I used social media to enhance my SEO efforts by notifying others around me of my blog and directing them to my blog through Blogger, YouTube, Instagram, and FaceBook. My general impression of using social media to improve my blog’s profile is that it is extremely helpful in directing customers to my product base. I think that social media was generally ignored regarding my blog.
4. My most viral post was the 80-20 Rule post. I am surprised by this post being the most popular, but I did have a great interview with a local entrepreneur so I think that may have had something to do with its popularity. 
5. When typing in “Max Wilkinson blog” I am the second result on Google, which is on the first page. 
   

Very Short Interview, Part 2

The answers that I received from Leo during my first interview were very deep and insightful. The fact that the classroom is merely a connector between the students is a valuable piece of knowledge that should be utilized for schools across the nation. 

Me: “What challenges does an entrepreneur face on a daily basis?”

Leo: “The fact of scarcity is always present. There are always more things to get done everyday than we have time for, and that is okay. It is our job to prioritize. This is the key to a sustainable future.”

Me: “What is one advice you would give to people who are looking to be entrepreneurs?”

Leo: “Do not be afraid to fail. I know it sounds cliche, but going into a project knowing that the outcome does not matter is the reckless and lethal mindset that an entrepreneur must have.”

Me: “What is a habit that successful entrepreneurs possess?”

Leo: “Reading. This is the best way to obtain knowledge. It is like living through multiple people, and when they fail, you can learn from their failures even if you haven’t had the same problem yet. Reading is often overlooked, but it is the way to more success in this growing technological world.”

I am now a lot more comfortable talking about entrepreneurship as compared to three months ago. I feel that I have grown as a person and as a student studying entrepreneurship. Leo did think that I progressed in my journey as an entrepreneur. After discussing my venture, he thought that it would be implementable. Although there will be trials and tribulations, that is with any great concept. 

Celebrating Failure

1. I just recently failed in my math class. I tried to find many ways to study and to prepare for the exam, yet none of the ways that I prepared seemed to be successful.
2. I learned that there must be other ways that I can be successful in studying for math. I also learned not to wait until the last minute and to ask questions when I do not know something.
3. Failure is extremely hard for me. I feel that I put in so much work into something and for it not to work out, is very devastating. I do not usually handle failure very well and have a hard time accepting failure. This class has helped me with my perspective on failure. I am now more likely to take a risk, but I still have a little fear of failure. 
   

Week 13 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? I was most surprised with the emotional bias of the seller. I did not think that there would be an emotional response in the business sector.

2) Identify at least one part of the reading that was confusing to you. One part of the reading that was confusing was the part about the “Rollup Frenzy”: An Acquisition Nightmare. I have no understanding of the AutoNation or NationsRent businesses.

3) If you were able to ask two questions to the author, what would you ask? Why? The first question I would ask the author would be: what is the main importance of due diligence? and the other question would be: how does undercapitalization have to do with the business cycle? I would ask these questions because they are two facts that I would like to expand on more in my search for the entrepreneurial mindset.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I do not think that there was anything that the author was wrong about. I think that he is mainly correct in the points that he made.

My 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 plan to stay with my business for about 7-10 years and to build it up so it owns most of the red ocean market share. I want to eventually sell the company to a larger company and potentially work for that company. I think licensing my product to colleges and fitness centers might be a better strategy because I would get residuals for a longer period of time.

2) Why have you selected this particular exit strategy?

I have selected this particular exit strategy because I think it is the best way for me to make money and to build up my company into its greatest potential that it can possibly be. 

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 think that my exit strategy has influenced my other decisions that I have made in my concept. I think that licensing my product and technology will reap the most benefits for me in creating this company into something larger than merely a shower shoe company. It has directly influenced my growth intentions to go into the medical market, the beach market, and the farming market.

A rough prototype example of my product can be seen below:

Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? The biggest surprise for me in the reading was that the lack of strategic planning mainly comes from time scarcity. I think there is always time for something if you just prioritize it. Saying that you do not have time for something just means that you are not willing to place it as a priority. 

2) Identify at least one part of the reading that was confusing to you. The Strategic Management Process seems a bit convoluted. It appears to be a bit all over the place and not exactly easy to read. The external environment and internal environment both lead to the strategic intent and strategic mission which is confusing to me. 

3) If you were able to ask two questions to the author, what would you ask? Why? The first question I would ask the author would be: How important is the strategy formulation process to the strategy implementation? and How large is the value of strategic planning? These are two questions that might be opinion-based, but I am curious to see what the author would respond to each question.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I do think that there was anything that the author was wrong about. I do not disagree with what he was saying, although some of the reading could have been a lot more cleaned up and easier to comprehend. 

What's Next

Existing Market. 

Step 1: Talk about what you think is what's next. You may rely on your analyses from "The Amazon Whisperer" exercise (when you discussed what product you thought might come next.)

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. Video or audio record these interviews.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

I think I received some great feedback from customers about my product. Many of the people that I interviewed thought that bringing my product's technology into a whole different field would be beneficial. For example, the patented technology could be translated into the farming industry for gloves or the medical industry. Even bringing my product to the beach scene would be a great market to dive into.

I think what makes the most sense for my venture is to secure my product that I currently have and then worry about add-ons or various other products down the road. Working to my strengths and to bring an idea to life that has been proven in the market is the first step to success. I will take the ideas I received into consideration, but will definitely work on what I have for now. 

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

Step 3: Interview three people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Video or audio record these interviews.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on. 

I learned a lot from my customers that were not specifically part of my target market. I believe that, by nature, my product appeals to so many different people that it is difficult to find a market that would not fit into the category of my target market. Although, the people that I did talk to who were not gym enthusiasts or people who frequently used public showers, they would want to have a trial-run for free or for a reduced price. I think this is a great strategy to capture a more broad market.

This market does not seem as attractive as my existing market. I think this is because they might not be willing to pay a premium for a product that they do not see a great use in. I think once they use the trial run and notice the various benefits of my product, they will for sure be willing to pay a premium for a versatile product with so many benefits. 

Venture Concept No. 1

Opportunity

The opportunity that has risen for me in finding my venture concept helps the needs of college kids, gym-goers, and fitness enthusiasts around the country. The potential customers are basically anyone that lives in a dormitory in the United States and anyone who showers at their fitness center. The need arises from the problem of shower shoes not being suffice. The demographics of this market is generally healthy, young, elderly folks who are willing to pay a premium for a product that will be more convenient, cleaner, and cooler than the original shower shoe. This is a huge opportunity that has not been tapped into, and after hearing feedback from multiple customer bases, I think that this opportunity is a viable source of income for our company. This window of opportunity will not be open for long, considering that the idea may come about if action is not taken soon.

Innovation

I believe that my product is unique, proprietary, and is something that nobody else has ever come up with before. It is taking a simple product and twisting it into an innovative, more helpful product. The formula in the bottle will spray on to people’s feet and will protect their feet from the ground, against bacteria and will give them the peace of mind knowing that their foot is not touching the dirty, gross shower floor. I would sell this product in a can for $20/can and the can would have about 50 uses out of it.

Venture Concept

My innovation will solve the problem of stinky gym bags, athlete’s foot, toe fungus, stinky cars, and wet gym bags. Customers will buy this product because it will save them time, energy, and from having to buy a new gym bag that does not stink. My competitors are the shower shoe people who will try to knock me off. Packaging, price points, and distribution will play a huge role in my product. I plan to have a sweet logo and will license my product to colleges, gyms, and fitness centers around the country. 

Minor Elements

My most important resource will be testing. I have to get this blend tested to make sure it is safe on the feet and does not cause any harm to the user. Our next innovative product will be a traction shoe for the pool that people can use to play pool volleyball, aerobics, or work out in the pool. I want to create this product relatively soon after my first product in order to create a strong backing from both the swimming world and the gym world. 

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was how simple the reasoning behind innovation strategies works. The reason that innovation improvement does not work is due to the lack of an innovation strategy. It may seem too simple, but it is surprising that nobody has figured out that in order to innovate properly you must first create an innovation strategy or plan. 

2) Identify at least one part of the reading that was confusing to you. 

Right as I started reading the first few sentences were confusing. I am not sure if this is because I should have had some previous knowledge of the subject, but it all seemed to be very new to me. The talk about crowdsourcing and customer co-creation were confusing. 

3) If you were able to ask two questions to the author, what would you ask? Why?

 If I were able to ask two questions to the author they would be: what is crowdsourcing and what is customer co-creation and how do they relate to the innovative strategy? I would ask these questions because it seems vague to me why these parts of the business cycle are included in this article and also because I did not previously know what they meant. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I did not find anything that the author was wrong about. I thought that the author had some interesting points and peculiar stances on topics, but I did not disagree or think that the author was wrong about anything in particular. 

Amazon Whisperer

The revenue drivers that make up my company are the cans of spray that we sell to our customers directly or license deals. We make money by licensing our product to colleges, gyms, and fitness centers.

The next thing that our customers want is some kind of product that can not only be used in showers, but a product that can actually be used in pools. Almost like a water shoe, but it would be a film that helps people in pools with traction to the floor.

This next pool shoe will enhance our existing product because they can be complements and when someone sees the usefulness of one of them then the other one becomes a no-brainer. This definitely improves the user experience, both in the shower and in the pool, and for sure fosters brand loyalty.

There is not a single product on amazon that is truly similar to my product. The only product that comes close in function and in style is the Freely Barefoot Water Skin Shoes Aqua Socks for Beach Swim Surf Yoga Exercise. These are skin-tight shoes that are used to protect the foot when at the beach, in the shower, or during any type of exercise that requires the use of protection of the foot without actually wearing shoes. 

The customer reviews were very mediocre. The customers liked the fact that the shoes fit true to size, but the complaints were never ending. The problem arises from the fact that the shoes rip within the first 30 minutes and are not durable at all. They like that the price is not too high and that the fit true to size, though. 

The design changes that I would make to the product would be to engineer a polymer-based solution that sprays on and off as opposed to the stretchy material that rips super easily. 

I think that this product would make a good addition to my current product because it gives an alternative to people who want a shoe that is physical and that their whole foot goes into. 

My Unfair Advantage

1. Persistence - This resource is valuable because not many people have the durability to stick out challenges and bounce back from defeats. This is also why it is rare, due to the fact that when people go through a crisis they tend to get discouraged. The successful people do not let challenges describe who they are, but rather define who they are themselves. This is also what makes persistence hard to teach, and therefore inimitable and non-substitutable.
2. Uniqueness - There are not many people I have talked to that share the same idea that I have about my product, CleanLine. I believe that it is rare and valuable to have an idea that no other people have come up with. Even after research, it is clear that I am the only person who has the idea that I have. This is also what makes this idea inimitable and non-substitutable. You could argue that this product can be a substitute, but I believe it is a remarkable first option to shower shoes.
3. Networking - I think that I have the ability to network well with others, especially after learning from the assignment, “growing your social capital.” It is valuable and rare that a college student can successfully network with younger students, older students, and also alumni. This is a skill that is hard to imitate and it is difficult to substitute due to the fact that it is so unique.
4. Creativity - The ability to think outside of the box is something that is extremely valuable to any venture. A unique product requires rare creativity and a vision that nobody else has. Not a single individual has imitated my idea and there is no substitute, since the idea requires a proprietary blend formula.
5. Productivity - I do not like to wait until the last minute to get things done, nor do I complete assignments in this class or in other classes with half-effort. It is worth my time to do, then it is worth my full attention and productive efforts. I think this is a valuable resource that not many other students possess because I am able to see in the future and see how this will eventually pay off in the upcoming days. This is skill that is hard to develop, you either have it or you don’t. I like to think of productivity as an inner-drive that does not stop for anything. 
6. Not procrastinating - As stated in the previous human capital, I hate waiting until the last minute because I want my projects to be as best as possible and to have my full attention, which requires me to not wait until the last minute. This is valuable because it correlates to a more successful business and a means of getting work done. Procrastination is so common among my peers, it seems as though the idea of it is inimitable and non-substitutional. 
7. Proprietary - The product that I am wanting to produce is proprietary and is like no other. It is uncommon in our day and age to come up with a product that has already not been produced. It seems to be that most products are knockoffs of already made products that are on the market. This adds value to our company and is rare to find in a college student’s idea. 
8. Values - Values are the backbone of my existence and I believe that having a strong core is vital to my business. There are so many fraudulent companies and corrupt firms, where it is rare to find a truly moral company. This is what I aim to do. It may be imitable, but having a moral conscience is a value that can not be easily substituted for or imitated. 
9. Family backing - Having the greatest family ever at my side and who is always there for me in my ventures is an irreplaceable necessity to my business. It is such a unique circumstance that all of my family is so close and important to me, which is valuable to my well-being and the success of my potential product. 
10. Relationship - Building undying relationships with those around me is something that I take pride in and is valuable to me. I strive to make my relationships about service and how I can help others first. This is a rare quality that I find that few people have and has shown to pay off in future ventures. Being a genuine person is non-substitutable and always being an honest individual does not go unnoticed and is hard to really imitate. 

I believe that my top resource is my values. All of the other nine resources fall under the umbrella of values and morals. It is the all-encompassing factor that drives what I do on a daily basis. I feel that all of the factors point toward my values, which I have found to be something rare in the generation that I have grown accustomed to and grown up with all of my life.  

Growing My Social Capital

Domain Expert

1) Who they are and what their background is. I contacted David Smith through Facebook because I was searching for people who had experience in the same industry that I want to get into. He is very knowledgeable in the space of gym equipment and has worked in the industry for over 15 years. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. I am filling the spot of the domain expert because I am looking for someone who has worked in the gym industry for a while and who has experience dealing with this time of customer and target market. 

3) A description of how you found the person and contacted the person. I found the person through mutual friends and then contacted him through Facebook to see if he would let me ask him about his background and if he had any advice with the product. I sent him the video of my elevator pitch to see if he would consider helping a student for an entrepreneurship class. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? The favor that they did for me was explaining the gym industry and how in our society at the current moment there has been a strong shift toward going to the gym more often and healthy eating, which is why my product would be a great fit if it were engineered properly. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including Mr. Smith in my network will enhance my ability to exploit the opportunity of identifying my target market and potentially overcoming any obstacles that I might face when dealing with a whole new industry. 

Market Expert

1) Who they are and what their background is. I went to Southwest Recreation Center and talked to employees or people that frequent the gym and utilize other fitness centers. I met Logan Braswell who is a student at the University of Florida. He is training to be a personal trainer for Southwest Rec and is extremely knowledgeable about the fitness industry. He knew a lot about the shower aspect of the gym and I talked to him about my potential product. He talked about all different kinds of ways it could be improved and why it would work in his industry. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. I am filling the spot of the domain expert because Logan is passionate about the gym, frequents it often, and has a ton of connections in the fitness center industry.

3) A description of how you found the person and contacted the person. I found the person by going to the gym and talking to employees about who is the most knowledgeable in the field and they recommended I talk to Logan. I contacted him by getting his phone number and meeting up at the rec to discuss my venture. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? He gave me tips on what I should do to perfect the replacement for the “shower shoe” and he talked to some of his friends in the same area who agreed that it would be of interest for them to see turned into an actual product. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including this person in my network will enhance my ability to exploit an opportunity because he has so many connections in the space that I am trying to get into and he knows so much about fitness centers, the target market, and how to develop my product into something that many people will want to use. 

Supplier

1) Who they are and what their background is. The supplier that I found is a guy by the name of Ryan Hudson. He has been working in the meat industry for a few years out of college supplying to grocery stores and other local markets. He is now working on supplying equipment to gyms, which is why I wanted to talk to him. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. The slot I am trying to fill is the spot of supplier. This person fills this spot because they have experience in the supply industry and went to school to learn about the supply chain management of goods and services, which is exactly what I need if I want to license my product and get the word out. 

3) A description of how you found the person and contacted the person. I found this person by talking to my family about this assignment I had to do for entrepreneurship and they knew someone through a friend who then hooked me up with Ryan. I then called him and sold him on my idea and told him all about it, and asked for advice in the supply side of my product and to see potential issues.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? Ryan helped me out tremendously in realizing the difficulty in getting a product from conception to the shelf. It takes a lot of time, effort, energy, and hours working to relentlessly meet your goal. He told me that if I needed more help down the line to contact him as a mentor. 

5) How will including this person in your network enhance your ability to exploit an opportunity? Including this person in my network will enhance my ability to exploit an opportunity that arises from knowledge of the supply-side of a business. There is a lot of thinking that goes in getting a product from the business into consumer’s hands. 

Reflect

This experience will shape how I participate in future networking events by allowing me the confidence to talk to people that are older than me, people I have never met before, and not feeling intimidated. This experience has differed from my previous networking experiences because this one has been something that was not already organized. Most of the networking events that happen in college are organized, planned, and connect two people together fairly easily. This networking requires work and is something that is ultimately, more rewarding. 

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was the part of knowing when to walk away. If your customers are not making you money and the relationship is not going well, then it is totally justified to walk away. 

2) Identify at least one part of the reading that was confusing to you. 

The few parts of the reading that were somewhat confusing were the parts about the balance sheet. The accounts receivables and the allowance for uncollectible accounts were confusing, but after researching more it is more understandable.

3) If you were able to ask two questions to the author, what would you ask? Why?

 If I were able to ask two questions to the author they would be: how does a business know when receivables are not collectible and how do you differentiate between liables? I would ask these two questions because they were the parts of the reading that stood out to me and I would want to know more. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I did not find anything that the author was wrong about. He seems knowledgeable in the subject and it is fascinating listening to him talk all about the assets of a company and their balance sheets. 

Elevator Pitch No. 3 CLEANLINE

1) The pitch. Same as last time, 1-minute long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly.

I was very surprised that I received overwhelmingly positive feedback. The one criticism I did have, though, was the fact that getting this blend approved by the FDA for potential hazards that could arise in the showering areas. It would be expensive, but it is something that we are currently working on and is a goal of ours to get better and cut the costs down. Also, there was criticism about having to mass produce this product. And to my disagreement with the person, I believe that this product would be extremely cost-effective and we could have great margins and would make a killing with maybe outsourcing.

3) What did you change, based on the feedback? 

I did not change a whole lot based on the feedback. I received feedback that my cadence was smooth and that I was passionate about the product so I tried to emulate what I did in the first two elevator pitches and to keep the enthusiasm at a high level. I talked more about the logistics of getting the substance ran through multiple tests to evaluate cleanliness which would indeed cost a lot more money than expected. But overall, I think that the third elevator pitch was the most sound of the three.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

1. Drive - this is something that sets me apart from many people in that I work relentlessly toward my goal until it is completed.

2. Morals - I have a strong sense of moral compass that I live by on a daily basis that sets me apart from many of my peers.

3. Kindness - I like to think that I am kind to others and do not accept anything in return for doing others favors. I like to serve others as it makes me see the world in a different perspective. 

4. Humor - being funny is something that many people find joy in and to make others laugh is priceless.

5. Time management - being able to not procrastinate, especially in a class like this, is something that makes me different than most people who wait until the last minute.

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? I see myself as someone who is loyal to my family, friends, God, and myself. I try my best to please others, but sometimes it is in my best interest to not let others dictate how my feelings are. I think that the interviews were correct about myself because many people noticed my work ethic and sense of convictions which are principle to my being. I would not make any corrections to the list because I think that it accurately describes what sets me apart from others and what makes me truly unique.

Will talked about my sense of purpose and drive, which is one of the facets that I believe makes me different. Being filled with tenacity and dedication to school is what I strive to do.

Alex talked about my dedication to my morals, values, and faith. This is something that I hold very dear to my heart and keeps me ethical in my relationships.

Austin also talked about my drive in school and my goal-setting platform that I like to live by. The first step to achieving a goal is to set it and write it down.

Andrea talked about my sense of humor and ability to make others laugh. She also talked about me staying true to who I am as a person through my faith and unfailing values.

Allie talked about me being different from others in being able to recognize trends and see business patterns. This correlates to working hard in school and never ceasing to give up on a dream.

The 80-20 Rule: "The Twenty Percent"

1) Find a business owner and talk to them about their customers. Who do they think their target customers are? What are their customers' unmet needs?Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume?

http://www.goodvibesjuiceco.com/

     I went to a local business called Good Vibes Juice Co. I had an acai bowl I asked the owner/entrepreneur if I could ask him a few questions for an entrepreneurship class. He accepted but did not want to be video recorded so I asked him who he thought his target customers were and where he finds his customers and what the demographics of his customers are and what kind of media he uses to get in contact with his customers. He claimed that his target market was high-end customers of all ages - capturing the youth and the elderly - who are willing to pay a higher price for a higher quality product. His idea of his target market seemed to match up with the ideas that the customers thought the target market was. After interviewing the owner of the small business, I interviewed three customers that were at the store. 

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.

     The three girls I interviewed seemed to have the same answers that the owner had - the target market is generally youthful, healthy, and higher-end clientele who are willing to pay a premium for a fresh, healthy, acai bowl or juice. The customers seemed to neglect the elderly market that the owner wishes to capture. The target customers were all young, lively, healthy. The main concerns that the target customers had about the product was its high price, location of the store, and they also wished that there was a larger food variety. Although these seemed to be issues for the customers, it is not stopping them from still frequenting the store.

3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.     

     I believe that the entrepreneur does adequately understand his customer's problems. The issue of price is something that is built into his business model because his product is like no other. The ingredients are fresh, healthy, and therefore must cost more than the McDonald's next door. His customers understand this and are willing to pay more. After trying the acai bowl for the first time I think that the "higher price" is justified - the ingredients are organic, fresh, and the fruit is delicious. The entrepreneur also targets his customers by doing trade shows, pop-up shops, and utilizes social media to gain a following. This is definitely geared toward his more youthful target market that is on Instagram, Twitter, and goes to trade shows.

Below you can find the videos of me interviewing: 1. the entrepreneur/owner 2. customer interview #1 3. customer interview #2 4. customer interview #3 5. a video of the inside of the Good Vibes Co. store

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was the concept of the guerrilla marketing plan. This is a technique that forces the entrepreneur to choose the seven most important marketing issues that face their company. The key is to address each issue in no more than one sentence, though, which is an interesting technique I had not heard about. 

2) Identify at least one part of the reading that was confusing to you. 

The one part of the reading that was somewhat confusing was the part about the comparison table of major survey research techniques. The table is cluttered, confusing, and does not do a good job of describing each criteria in detail.

3) If you were able to ask two questions to the author, what would you ask? Why? 

I would ask the author if he could explain direct/cold mailing in regards to the survey research techniques. The other question that I would ask the author would be if internet marketing is more important than tv marketing. As we enter the golden age of the internet and the decline of tv, I wonder what the trend will be in relation to marketing techniques by companies. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I did not find anything that the author was wrong about. Marketing concepts and challenges for entrepreneurial ventures is a topic that I want to learn more about so I do not yet have the knowledge to specifically disagree with the author about anything. 

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

As I stated in my first idea napkin, I think it is important to state in this idea napkin that my morals and values are strongly rooted in my faith which direct my work ethic as a businessperson, in school, and in life. My idea pertains to me because I live in a dorm and also frequent the gym and think that a product like the one I have come up with would be a huge help to me in my life and would make living in the dorm a little more enjoyable. It is something that I am passionate about so I know I would work hard to make this product an actual business.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering a product that replaces shower shoes. The customers that I have identified definitely have an unmet need and I think my product will solve this issue. The product is a spray that comes out of a can and it will be a polymer-based solution that will seal the surface of the customer’s foot in order to protect it from the dirty floor. 

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common? 

The people that I am offering this product to are mainly college students, specifically students who are living on-campus in dorms and students who frequent the fitness centers on campus or around campus. The other demographic is the elderly who go to the YMCA on a daily basis who use the sauna, steamer, and showers. The thing that all of my customers have in common is that they use public showers. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

I have already talked to at least 30 potential customers who claimed that they would pay money for this product. It is a cleaner, more convenient, cooler, and safer option to the traditional shower shoe. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

This is a proprietary product that was created from an unmet need that the creator specifically had. This is a versatile idea that could be applied to other ventures such as the sealing of surfaces temporarily.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

     The elements of my business flow in that I have talked to multiple customers and have had reassuring feedback, but have also had helpful criticism. People have had concerns about the stickiness of the product. This is something that I am working on and is a concept that is weaker than the others. My response is that the stickiness of the polymer will be enough to stick to the foot without leaving a residue and will be easy to peel off without coming off on its own. Other than that concern, I think that the rest of the business flows together and makes sense. 

Feedback Memo

1. I talked about the “you” aspect more. I also listed why this idea pertains to me and why I want to create this product.
2. I incorporated my target market to include the “college kid” demographic that I am really going after. 
3. I am going to create a polymer-based solution as the spray.
4. This solution could be used for many other applications for sealing surfaces temporarily.
5. I will expand my customer base and look more into the YMCA elderly people demographic.

     I incorporated this feedback into this idea napkin by talking more about myself in the “you” section of the idea napkin. I talked about why I want to create this product and why it means something to me. I also added a demographic in the customer section and think that expanding my customer base would only benefit my company. I also thought about potentially using this polymer-based solution in other aspects such as temporarily sealing certain surfaces or using it for gloves, socks, or bandages.

Week 8 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was that in equity financing, the money invested in the venture has no legal obligation for entrepreneurs to repay the principal amount or pay interest on it.

2) Identify at least one part of the reading that was confusing to you. 

The one part of the reading that was somewhat confusing was the part about collateral in regard to commercial banks. Through context clues and research, though, I infer that it is something that the borrower is liable for in order to pay back the loan to the lender. Another part of the reading that was confusing was the part about factoring.

3) If you were able to ask two questions to the author, what would you ask? Why? 

The first question that I would ask: what do you mean by factoring? You say that it is the sale of accounts receivable, but what does that mean? What do you mean by the factor is the client’s receivables?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? 

I do not think that there was anything the author was wrong about; however, there were parts of the reading that require some more clarification, such as factoring, public offerings, and venture capitalists’ screening criteria.