Week 12 Reading

Howdy! Here is the assignment for Week 12's reading.

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? 
• There weren't any major surprises, but I thought it was interesting how much goes into growing a company/business idea (this could also be said for this entire course, but this chapter had a lot of the components listed).
2. Identify at least one part of the reading that was confusing to you.
• There was no part of the reading that was confusing.  Everything was pretty straightforward (as per usual).
3. If you were able to ask two questions to the author, what would you ask? Why?
• How did you retain your entrepreneurial frame of mind?
• The chapter lists several ways to do so.  I think it would be interesting to hear which ones the author used.
• How did you balance the responsibilities involved in growing a business or entrepreneurial firm? Is there anything you had difficulty with in particular?
• If I knew the struggles that the author had, it would give me an idea of what to keep in mind while growing in my entrepreneurial skills.
4. Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
• There was nothing I thought the author was wrong about.  I didn't disagree with anything they said. 

Venture Concept No. 1

Howdy! The following is my initial venture concept.  Enjoy!

VENTURE CONCEPT

OPPORTUNITY

The major need of customers is one that promotes energy saving and also is an affordable convenience.

If the word “environment” is taken literally, the fact that energy is constantly being wasted helps create this opportunity. Generally speaking, however, the fact that the current market has not changed in such a long time also generates potential opportunities.

The market for this product would be those with access to electricity. The product could be sold to people of almost all ages that are able to make conscious purchases for themselves, from young adult to elderly people. All age groups could use the product for its energy saving potential.

Customers are currently satisfying this need through getting up to make sure that every electric object is turned off whenever not in use. Based on the interviews from random customers, they seem to be pretty loyal to this process. Because of this, realistically speaking, this opportunity is moderately sized. This is because although it caters to almost every age group and demographic, it can easily be replaced by something that already exists (other conveniently located and accessible objects) or through people sticking with what they already do. Nonetheless, this “window of opportunity” will be open indefinitely until someone, whether it be a large company or a small business, decides to cater to the need of being a convenience to people while being energy efficient.

INNOVATION

My product is a battery-powered, infrared remote-controlled attachment that would adhere to the wall around a light switch. When activated via the remote, the attachment would either press the light switch in the on or off position. The light switch would still be able to be used manually, but with this attachment, one could turn off the light from a distance without having to leave their comfortable position.

This product will make money via selling the attachment for more than it costs to make it. The price would range from $25 to $35, varying by light switch type, the amount purchased, and whether or not batteries are included in the package. As demand increases, the price would definitely drop. The product would be available online via Amazon.

VENTURE CONCEPT

My innovation will solve the aforementioned opportunity by enabling people to remain in their comfortable positions while giving them the potential to save energy with ease. They will buy my innovation purely for those reasons. People love products that make their lives easier. Customers would switch to this new product because not only does it help prolong the users comfort, it also has safety bonuses, especially for older customers. Through the use of the light switch attachment, there is a decreased chance of falling down and injury. However, it would be difficult for consumers to switch from their current methods because they would not have to spend any money to continue to get up and manually turn on and off lights. There are not any major competitors, but the existence of desk lamps and overhead lights that are already remote-controlled may sway consumers from purchasing my product. However, since not everyone has lamps on their bedside table or can afford built in remote-controlled lights, customers would be more inclined to buy my innovation.

Since the product would be distributed through Amazon, the shipping costs would follow their standard (the product would be prime eligible). Business location and packaging would not have any influence on my business concept for this reason too. As any online purchase goes, there would be a review system that would allow the business to address any concerns of any customer (Amazon also supports this) to ensure the best possible customer experience. The price may be a slight deterrent, thus making the growing process somewhat slow until lots of units are purchased. Nonetheless, the product would be affordable.

I would organize the business to have the attachments assembled in a factory by machines to eliminate the possibility of human error. They would then be transported to the Amazon distribution centers. The business would need employees to communicate with consumers online via the business' website, Amazon, and social media outlets. It would also need employees to transport the product from the factory to the distribution centers.

THREE MINOR ELEMENTS

I believe that my most important resource is a tie between the good network I currently possess and my knowledge of electronics. The former because every entrepreneur needs a good network to accomplish anything and the latter because it is the fundamental reason as to why the product would exist in the first place. The unique and genuine designs of the product would make it difficult for other companies to copy.

Once this venture conquers the initial opportunities, I would want to adapt the wall attachment to work with objects other than switches and buttons. As for specific ways I would apply the product, I am not sure yet.

If I were to launch this business, in five years I would want this product to be one of many successful creations that promote convenience and energy saving. However, within a decade of running this business (and hopefully several patents later), I would step down and let someone else within my company run it for me. I would still have partial ownership, but I would not be in control. Although this first venture made me see that I would not want to run my own business for too long, it also would have given me the irreplaceable experience of being an entrepreneur.