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.