30A - Final Reflection

As I look back at all the work put into this semester, I realize how much it was. The experience I will remember for years is going out of my comfort zone to interview people I did not know. It is crazy how much you can learn from a stranger. The most joyous experience I had was all the positive feedback I received. The people in my group were always kind with their comments and were able to give solid feedback. I am most proud of how much I put into my idea and how I was able to stay on top of the assignments.

Now I could see myself as an entrepreneur, but I have also seen how much work it will take. I believe my mindset has been changed and I have learned what it would take to start a business. But, I am not sure if being an entrepreneur is the right path for me.

Advice I would have for someone who is going to take this class would be to take this class seriously. You will get nothing out of this class if you do not try. Also, try to do assignments early in case you forget to do something or just want a break.

29A - Venture Concept No. 2

The factors that are creating this opportunity are the increased usage of technology and cell phones. Almost everyone is carrying a cell phone with them when they go out somewhere. People rely on communicating with each other through texting. This market is located all over the world. Even people who are less well-off own a cell phone, but not a smart phone.

People need a place to put their phone when they use a public restroom. Women’s clothing in particular does not always have pockets and therefore they do not have a place to store their phone. Women have purses to put their phone in but sometimes they want to keep their phone within arm’s reach.  This window of opportunity will be open for quite some time as I do not see cell phones fading out anytime soon.

The product I have designed is a pocket holder designed to hold your cell phone while in a public restroom. The pocket holder will be placed on the side of the stall opposite the toilet paper dispenser. The pocket will be big enough to hold any type of phone and even keys. The holder will be within arm’s reach in case you need to use your phone while in the restroom. And if you use it you can easily put it back.

There will be wipes attached to the side of the holder so you can wipe off the holder and your phone if you want it stay more sanitary. Public restrooms are actually pretty clean as many having a cleaning staff come in often.  People are already bringing their phones into the bathroom; it might as well be in a secure area.

I believe people would use this product because it is something they never knew they needed. It would not be hard for them to switch because they are not switching from anything, it would just be something extra for them to use. People can switch from placing their phone random places in the bathroom to putting it somewhere secure.

It would be crucial for my idea to be distributed to lots of different locations. The more places it could be tested out, the more places it will be discovered. It is important for the customers and users to be satisfied to help my business idea get patented. My product would have to pass all regulations.

The most important part of the business would be the distribution and the location. I have learned that I was not very specific in what public restrooms I would put my product in. There would then be the people who would have to set them up in the public restrooms. To start off I would have a handful of employees to see how production and assembly would be handled. Once I see how things operate I will get more people to help team up with me.

I have a patent lawyer on my team that will help me get my product through the process of becoming a real thing. The social capital I have will be crucial to helping create my business plan. She has already been able to teach me a lot and she has the knowledge to help me get my idea where I want it to be.

The next business idea I have is creating an app. My current customers already all have cell phones so the current customers would still be the audience I am targeting. I am not sure exactly what app I want to create, but I have been brainstorming a variety of different ideas to possibly to start with.

In the next five years I want to become a lawyer. I do not see myself being an entrepreneur for the rest of my life. I feel as though that life would be draining and I do not want it to be my career. I could see myself doing something on the side if I have the time.

Nothing has really changed except for I never really narrowed down what type of public restroom I would put my product in. There are so many different types, such a single stalls, multiple stalls, and different settings. I think if I put in in places where people normally do not have bags such as; night clubs, rest areas, and gas stations, it would have better results.

27A - Reading Reflection No. 3

Cognitive Surplus, Clay Shirky

1.     The theme of the book was about how technology can help us spread our ideas. Using the internet can help with business.

2.     The book connected with this class because in this class it is important to use all possible resources. Using the internet can create new opportunities and this class is about taking advantage of opportunities.

3.     If I had to design an exercise after the reading the book, I would have people go through their social media accounts such as Facebook and LinkedIn and describe whether or not they are take full advantage of these social media sites.

4.     The biggest moment I got from reading the book was how technology used to fill up our free time now. When we have our free time we tend to not really have free time because we turn towards technology, such as the internet when we have a moment.

25A - What's Next?

Existing Market

After talking with customers in the market I was able to gain insight about what the next step should be. Making sure the product gets put in an area it will be successful is important. I need to figure out exactly what public restrooms that holder should be placed in. There are rest areas, college campuses, gas stations, movie theaters, and so much more.

I never planned for the different types of public restrooms. The restrooms are also multiple stall bathrooms and single stall bathrooms. I would need to figure out where my product what be the most popular.

New Market

I then talked with some teachers and what they thought about my business idea. They were pretty intrigued to learn about my idea. Being a teacher, you are always on the move and have to use the restroom whenever you get a break. Always being around kids can be tiring and when they take their break they take their phone with them.

Teachers most likely take their phones with them when they go to use the restroom. They do not use their phones around the kids because then the kids would feel that they are now allowed to use their phones in class. This market may not exactly be as good as the original market, but it is still pretty good.

28A - Your Exit Strategy

Since my business idea requires me to have a product installed in restrooms I would not need to sell it to anyone. It would just be a matter of if my product is actually being used by customers in places that it was installed. If the product is going to be distributed to more locations, I would have someone else in charge of that by then. I intend to be doing something else with my life in five years.

I have selected this exit strategy because I do not see myself being an entrepreneur for the rest of my life. I would like to become a lawyer, but if time enables me I could help out with other business ideas on the side.

I don’t think my exit strategy has really affected the other decisions I have made. I just made my decisions solely based on this one product idea that I have. I have never really thought about anything past this idea in the future.

26A - Celebrating Failure

I am also taking a Spanish Class and there are some grammar and vocabulary concepts I cannot grasp. I did horribly on one of my quizzes. I constantly study and do all the homework so it is frustrating to not do well on the assignments that are weighted the most.

I learned that not everything is going to be a given. Things may not come easy even when you try your best. I still do not let that get to me and I continue to keep trying. Giving up will not do any good.

It is sometimes hard to accept failure, whether it be in a class or something that happens in daily life. I can say I have failed many times at things, but the failure has also taught me a lot. The most frustrating thing is when I fail repeatedly at something even when I have tried to adapt and change what I am doing. I handle failure by expressing my feelings out loud to my best friend. Having someone to just hear I feel can be comforting. We all go through failure and cope with it differently.

This class has shown me that failure is very common and does not always mean “failure.” Failure can be good to help you change direction and lead you down the right path. Failures can be what are needed to make sure you eventually succeed. I have always been a risk taker but this class has helped me take more risks and helped me step out of my comfort zone.

24A – Venture Concept No. 1

The factors that are creating this opportunity are the increased usage of technology and cell phones. Almost everyone is carrying a cell phone with them when they go out somewhere. People rely on communicating with each other through texting. This market is located all over the world. Even people who are less well-off own a cell phone, but not a smart phone.

People need a place to put their phone when they use a public restroom. Women’s clothing in particular does not always have pockets and therefore they do not have a place to store their phone. Women have purses to put their phone in but sometimes they want to keep their phone within arm’s reach.  This window of opportunity will be open for quite some time as I do not see cell phones fading out anytime soon.

The product I have designed is a pocket holder designed to hold your cell phone while in a public restroom. The pocket holder will be placed on the side of the stall opposite the toilet paper dispenser. The pocket will be big enough to hold any type of phone and even keys. The holder will be within arm’s reach in case you need to use your phone while in the restroom. And if you use it you can easily put it back.

There will be wipes attached to the side of the holder so you can wipe off the holder and your phone if you want it stay more sanitary. Public restrooms are actually pretty clean as many having a cleaning staff come in often.  People are already bringing their phones into the bathroom; it might as well be in a secure area.

I believe people would use this product because it is something they never knew they needed. It would not be hard for them to switch because they are not switching from anything, it would just be something extra for them to use. People can switch from placing their phone random places in the bathroom to putting it somewhere secure.

It would be crucial for my idea to be distributed to lots of different locations. The more places it could be tested out, the more places it will be discovered. It is important for the customers and users to be satisfied to help my business idea get patented. My product would have to pass all regulations.

The most important part of the business would be the distribution. There would then be the people who would have to set them up in the public restrooms. To start off I would have a handful of employees to see how production and assembly would be handled. Once I see how things operate I will get more people to help team up with me.

I have a patent lawyer on my team that will help me get my product through the process of becoming a real thing. The social capital I have will be crucial to helping create my business plan. She has already been able to teach me a lot and she has the knowledge to help me get my idea where I want it to be.

The next business idea I have is creating an app. My current customers already all have cell phones so the current customers would still be the audience I am targeting. I am not sure exactly what app I want to create, but I have been brainstorming a variety of different ideas to possibly to start with.

In the next five years I want to become a lawyer. I do not see myself being an entrepreneur for the rest of my life. I feel as though that life would be draining and I do not want it to be my career. I could see myself doing something on the side if I have the time.

23A - Your Venture’s Unfair Advantage

1.     Social Capital – My cousin is a patent lawyer and is educated on what it takes to get something patent. She said she is willing to help anyway she can.

2.     Locations – I plan to have my product located in a range of different locations in different states.

3.     Financial Capital – The production of my invention does not cost much at all and will help me get my business idea to more places.

4.     Quality – I know what I want in my product and I am dedicated to making the best product.

5.     Work ethic – I am willing to work with others to make the product appeal best to the users.

6.     Human Capital – I will be in charge of the product and I have already been learning a lot through interviewing.

7.     Communication – I have been able to communicate my ideas and learn through networking.

8.     Social Capital – A family friend works in marketing and is willing to help me.

9.     Commitment – I am committed to  making my product a reality and adapting to obstacles.

10.  Organization – I am organized and will use my organizational skills in developing my product.

I would say my best resource is having my cousin available to help me. Having a patent lawyer help me would make a step in the business process much easier for me. Knowing people can help go a long way.

22A - Elevator pitch 3

https://youtu.be/sAnYvY4AP4k

20A – Growing Your Social Capital

1)    Who they are and what their background is.

I have a cousin that is a patent lawyer. She went to law school in Ohio and became a patent lawyer a few years ago.

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 that I am filling is the domain expert. She has lots of experience working with clients to get their ideas patent. My ultimate goal is to have my creation patent and she could be able to help me.

3)    A description of how you found the person and contacted the person.

I was able to get in contact with my cousin quite easily as we still keep in touch with each other.

4)    The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

My cousin was able to explain to me how the process would go and how difficult it would actually be. She was able to give me the business side of what actually happens. She said she would continue to keep in touch and help me with anything she could.

5)    How will including this person in your network enhance your ability to exploit an opportunity?

Including this person helps me to start somewhere. Without knowing someone that can help with your idea, it is hard to move forward. She is in her own network of people so I could even grow with that network.

1)    Who they are and what their background is.

This person is my dad’s friend who went to the University of Pennsylvania and got a degree in business and marketing. He currently holds a job as a Vice President of Marketing for a company in Pennsylvania.

2)    Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person is the market expert. His job is in marketing and he has a lot of work experience.

3)    A description of how you found the person and contacted the person.

I was able to look him up on Facebook and send him a message.

4)    The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

He was not able to speak for too long but he gave me a rundown of what he does and then I told him about my idea. He was able to talk to me about consumers and what they look for.

5)    How will including this person in your network enhance your ability to exploit an opportunity?

This person helps me learn another aspect about products and services.

1)    Who are they and what their background is.

I was not able to find someone who was a supplier in my industry, but I was able speak with a family friend who works in logistics for an automotive company.

2)    Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person is the supplier and works closely with the supply chain at his job.

3)    A description of how you found the person and contacted the person.

I was able to contact him through Facebook.

4)    The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I was able to learn about the logistics of his company. Even though it was not directly related to the industry of my product, I was able to learn about how important the supplier is to relay products from the manufactures to the consumers.

5)    How will including this person in your network enhance your ability to exploit an opportunity?

This person helped me expand my knowledge on a process I did not know anything about.

After doing these assignments I was able to gain more insight about starting a business. It seems like quite a challenge to have an idea become popular. This experience was different because it was the first networking experience where I reached out to people unexpectedly.

21A – Reading Reflection No. 2

Thinking, Fast and Slow, Daniel Kahneman

1)    The theme of the book was how the mind has two parts to it and they can cause us to struggle when making decisions. One is automatic and the other is the conscious mind. The automatic helps us make those instant decisions without having to think twice. The other side analyzes a situation and then makes a decision.

2)    The book connected with ENT3003 because in this class we have to make a lot of decisions. We have to decide what is the best business decision, instead of just making a random choice in the moment. The choices we make now can really affect us in the long run especially when it comes to business.

3)    The exercise I would create based on the book would be a reaction time game. I would ask questions and see what the instant answer would be. After, I would let them take their time and think about it and then see if they get a different answer than the initial one.

4)    To me, the biggest moment in the book was when the author described how having two different ways to think can be a bad thing. They can make opposite decisions and make our final choice a hard one to make. I always thought that having two ways to think always make the best of the situation and they were like back up to each other, but this is not always the case.

18A - Create A Custom Avatar

What kind of hobbies does your customer have? What kind of car do they tend to drive? (What color is it?) What TV shows do they watch? Do they have children? Are any of them adopted? What are their favorite books, and who are their favorite politicians? How old are they? How old do they feel? And so on. The richer the detail, the better. 

The typical customer drives a silver Toyota Camry. They do not have children yet but they are a part of a big family. They watch crime scene shows and enjoy rewatching series’ on Netflix. Their favorite books are novels, but they do not read as often as they would like to. They try to stay out of politics because it is all nonsense to them.

After you have created this customer avatar, I'd like you to answer this final set of questions: What do you have in common with the customer avatar? If you have anything in common with the avatar, do you think that is a coincidence? Why?

I have lots of things in common with the avatar because I fall into the category of the typical buyer. I created a product based a need I’ve experienced so it makes sense that I have similarities to the avatar.

19A - Idea Napkin No. 2

     1. I am hardworking, motivated, and open minded. I am able to come up with ideas when I am put on the spot in certain situations. With my business idea I would be able to get my idea in a number of different locations. If I were to start my business it would impact what I would do as a career2. I am offering a secure and sanitary place for public restroom users to put their cell phones.3. The customers that the product would be for is females and males who wear shorts without pockets. All of my customers wear clothing without pockets or pockets that are not big enough for a phone. The main audience would be for females who wear clothing without pockets.
4. My product will be paid for because it is a basic need that could be solved with a few steps. My product is not changing the way things are, it is just adding something.5. Something that sets me apart from others is my self-motivation. I go out and do things without being told and without expecting something in return.I would say my business idea and plan fits together. To get my idea to actually be of use I would have to take an initiative to get public restrooms to test it out. Once the idea is tested out I would be able to see if any changes need to be made to make the best product possible. I have already talked to people that have said they would use the product.

17A - Elevator Pitch No. 2

https://youtu.be/Fm-KHAb5N1w