30A Final Reflection

1. One of my favorite assignments in this course was the elevator pitch. Not only is this assignment useful but it was really fun to do. I had a couple of great laughs while filming it and like to look back at my videos and laugh at them and see how much I have improved. One assignment that I look back at that I was not a big fan of was one of the earlier post was Identifying local Opportunities. I dreaded and underestimated the time it would take to this assignment and decided t complete an hour before it was due. It was mostly my mistake. 

2. The most formative experience for me was the elevator pitch. The whole assignment will always stick with me because it is one of the first step in making believe in my very own product. It allowed me to develop and identify the opportunities my product gives to my potential consumers.

3. Although I believe there is always room for growing I do believe that I have develop an entrepreneurial mindset at this point. I feel like I was not always creative but this class has made me think out of the box and push my creativity.

4. One recommendation I would have for the students taking this class in the future would be to don't limit yourself and just go for it and you will be surprised on how you learn. Don't be embarrassed and you'll realize how much opportunity you'll have in this class. As long as you watch the lectures and take notes, and most importantly take time in completing the assignments you will do great in the class. I have personally made the mistake of waiting last minute to do an assignment and had to learn the hard way. To foster that mindset go to class and surround yourself with peers who have the same goals as you to become a better entrepreneur.

29A Venture Concept No.2

Opportunity:

The people who have this need are the people who struggle to manage their time and are constantly on the go. Specifically with students. Having to go to school full-time and having a job can get a bit stressful. They struggle to decide how to prioritize their health when the only free time they have is for studying. This product would be targeted to potential consumers throughout America, specifically in college towns, and in the age range of 18-30 years old. Students who have a hard time fitting working out into their daily routines because they are so busy are my main targets. 

Because I am a student myself, I do believe this an ongoing issue that students are experiencing. My potential customers are the ones who have a busy school life and want to fit a workout session in their daily routines. I don’t believe there is a product out there that is the solution to student’s problems. The closest competitor could be Peloton but they focus more on a live workout class from home rather than reading your books while you work out. 

Students are not satisfied with their current health and workout routines. That is why the freshman 15 exists. Anyone who wants to even do a calm walk while reading or run at any pace will realize how efficient my product is. It is a very big opportunity that I believe can potentially expand to more exercising machines in the future. The market is centered around college towns and big cities that are constantly on the go.  

Innovation:

My innovation is a treadmill that comes with a smart tablet that allows you to read or study note cards while you run at the pace you want to run at. You will be able to download your documents onto the tablet and set the pace of how fast you want the screen to move so that you’re not having to touch the screen as you workout. The line you are reading will be highlighted so you don’t lose track of where you are reading. You will also have the application Quizlet on the tablet if you want to practice your memorization on your note cards. The way I would make money would be to reach out to student complexes and schools and sell a set of three treadmills at the price of $6,000. I would also include a small amount of advertising by reaching out to businesses that are school-related like studying resources.  

Three Minor elements:

1. By being a student myself, I will have a huge advantage of knowing what the customer wants or doesn’t. I will have continuous improvements in my product and will be expanding my product that no other company will meet. 

2. My next opportunity with my product is to be able to incorporate businesses that have study packets like Smokin’ Notes or Study edge into my smart tablet and merging the tools students currently use with my treadmill. 

3. I want to devote my time to expanding. I want my product to become a huge business where it expands into different products. I can also eventually open doors for myself that can give me opportunities to do other businesses related to my product like designing an athletic wear line. 

Summarize Feedback:
Overall the feedback I received from my first venture was pretty positive. Although I did have a few suggestions to improve my explanation on how my product exactly works when it comes to the screen moving with your eyes when you run faster. Another suggestion was how exactly will I be making profit.

How did I change my venture concept:
Due to the great feedback I received in my first venture concept, I made a few adjustments in this post by explaining my throughly on how my screen works with my product. I was more descriptive with my numbers too on how much profit I would be receiving for each unit I sold. 

28A Your Exit Strategy

1) What I intend to do with my business is to sell it in the next five years. 

2) I decided to sell it and get a large return in order to invest it in something else that can have more profit and something I am more passionate about. I think my product is a product that can only evolve and grow so much that it would not be a product that will be as successful in the long run. Technology is always growing and I believe a whole new product by then will take over, therefore, I decided to use the money I get from selling my business and using it to create a product that meets consumer's needs and something I am passionate about. 

3) I think my exit strategy is going to help me plan for new opportunities that are better for the market and more profitable. This all influences how I will use future resources and opportunities and help me potentially create a better innovative product. 

27A Reading Reflection No. 3

Book: How to Fail at Almost Everything and Still Win 

1) The theme of this book is to have a selfish approach. Scott has created a formula for priorities and emphasized the importance of prioritizing yourself by exercising and eating right, looking out for your economics, and then looking out for all other things like your family. 

2) I believe this book connects with this class by how Scott Adams has given life long lessons and formula of priorities that helps us see the truth of what our failures are really about and what to learn from them. Because of this, it has helped me learn, improve and grow with the product I have created. 

3) Based on this book, I would create an exercise that would require you to make a list of future goals, personal ones, business ones, and family ones. After that, I would require them to explain how they would achieve these goals and the time frame they give themself to complete it. 

4) The biggest surprise to me while reading this book is to not wish for success but pursue it effectively. That although success has a price, you have the choice of the route you take. If you pick the right system then the price is closer to what you are willing to pay. 

26A Celebrating Failure

1) This past semester has been a very weird one for me but overall it was a good one. I did though have a couple of failures that I had to learn from. One of them being when I did not do too well on my first Marketing exam. I learned from then I did not study enough and I also did not take advantage of the resources I had available to me. Fast forward to me taking my second exam, I did a lot better and I was very happy with my grade. This time I took advantage of my resources and studied a good amount before the exam. Now I am currently studying for my third and the last exam for the last class and I hope this one is not a failure.

2) I learned from this experience that you can't concentrate too much on the negative but instead focus on how to improve and what you have learned from the experience. I was first sad and upset but I realized there was not much more to do but to just focus on what I can do for next time so I would not fail again.

3) I believe everyone can have a moment of sadness or frustration after failing at something but you should just believe that this is just a step closer to succeeding and figuring out a step closer to how to improve. I handle failure by looking back at what I did and being honest with myself on what I could have done to have had a better outcome. I believe before this class I was less likely to take a risk that could possibly fail because I thought why would I do that to myself. Now I understand how entrepreneurs fail all the time and maybe that slight possibility of being can successful can change your whole life. So yes, now I definitely feel like I am more likely to take a risk because who cares! If it fails then I will just keep trying.

25A What's Next?

Existing Market

Step 1: I would like to incorporate study businesses like Smokin' Notes and Study edge as an application on my tablet. This would help customers use the tools they are already using and merge them with their exercise. 

Step 2: In terms of what I believe customers would want to be added to the product, I believe that they would want more study tools applications that are already on the tablet and maybe even have read out loud tools that the tablet reads your notes to you. 

Step 3: I think the first step I need to take is to reach out to study businesses and see if they would be interested in merging with my product. This would help me out and give my customers a new tool to use. I can then begin to work on what would be an efficient way for the tools to work and how the customers will actually be retaining the information while they run. Another step is to advertise to our customers throughout the schools and the study tools they already use. I will also be incorporating subliminal advertisements. This can help me financially with start my company. My product also has to be unique from other competitors, I want to focus on my customer's experience. My product must continue to be unique by creating a great customer experience that my customers would want to go back to.


New Market

Step 1: My next target would be for older people. This could be hard because the older you get the more responsibilities you have. Because of this, with time people learn how to organize and time manage. If I could learn how to make it less study mode and more just simple reading while they run this can be a successful product. 

Step 2: I think that I would be able to create value for this market because although the older you get sometimes comes with more responsibilities, like having a family. A lot of the time adults want to escape and use working out as a stress reliever but I can create a product that can be more soothing and not for such an intense workout and just read one of your favorite books. This can make my customers feel as they're escaping for a bit. 

Step 3: I think the interviewees would say that if I were able to create a screen that moves with your head and will make it easier to read their books and even though the line they are reading can be highlighted it will make it easier if they are running faster to have the screen move with them. 

Step 4: Prior to this new market I really didn't think that I would be able to come up with a way to get older adults to use my product. I believed that they did not believe in the high technology and just wanted toe scape from the stress they have. I also believed that there were other products that are treadmills and had the option to read a book on their tablet.

After doing this assignment, I do feel more confident, although I am not sure about how successful or easy it will be making my product unique to this market. I believe my existing market is more attractive to the new one although, I did get great pointers on the new market that I can add to my existing one. 

24A Venture Concept No.1

Product Name: Track and Go

Opportunity:

The people who have this need are the people who struggle to manage their time and are constantly on the go. Specifically with students. Having to go to school full-time and having a job can get a bit stressful. They struggle to decide how to prioritize their health when the only free time they have is for studying. This product would be targeted to potential consumers throughout America, specifically in college towns, and in the age range of 18-30 years old. Students who have a hard time fitting working out into their daily routines because they are so busy are my main targets. 

Because I am a student myself, I do believe this an ongoing issue that students are experiencing. My potential customers are the ones who have a busy school life and want to fit a workout session in their daily routines. I don’t believe there is a product out there that is the solution to student’s problems. The closest competitor could be Peloton but they focus more on a live workout class from home rather than reading your books while you work out. 

Students are not satisfied with their current health and workout routines. That is why the freshman 15 exists. Anyone who wants to even do a calm walk while reading or run at any pace will realize how efficient my product is. It is a very big opportunity that I believe can potentially expand to more exercising machines in the future. The market is centered around college towns and big cities that are constantly on the go.  

Innovation:

My innovation is a treadmill that comes with a smart tablet that allows you to read or study note cards while you run at the pace you want to run at. You will be able to download your documents onto the tablet and set the pace of how fast you want the screen to move so that you’re not having to touch the screen as you workout. The line you are reading will be highlighted so you don’t lose track of where you are reading. You will also have the application Quizlet on the tablet if you want to practice your memorization on your note cards. The way I would make money would be to reach out to student complexes and schools and sell a set of three treadmills at the price of $6,000. I would also include a small amount of advertising by reaching out to businesses that are school-related like studying resources.  

Venture Concept:

This is a huge opportunity to help students get organized and manage their time. Students will be able to study and workout at the same time and not feel like they have to prioritize their school over their health. Students are new to managing so many things at one time and my product will make their life easier and less stressful. People will switch to my product because of how simple and efficient it is to use my product. People are looking for ways and things that can make their life easier. I also don’t believe it will be difficult for people to switch to my product because there is no product like mine. Students are on a budget and if my product can be provided by their school or complex it would be ideal for them. The competitors of my product would be Peloton. 

Three Minor elements:

1. By being a student myself, I will have a huge advantage of knowing what the customer wants or doesn’t. I will have continuous improvements in my product and will be expanding my product that no other company will meet. 

2. My next opportunity with my product is to be able to incorporate businesses that have study packets like Smokin’ Notes or Study edge into my smart tablet and merging the tools students currently use with my treadmill. 

3. I want to devote my time to expanding. I want my product to become a huge business where it expands into different products. I can also eventually open doors for myself that can give me opportunities to do other businesses related to my product like designing an athletic wear line.