My Exit Strategy

Howdy! Here is 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 on selling my business within the first 5 years for a hopefully large return.  
2. Why have you selected this particular exit strategy?
• I have selected this exit strategy because my product is a pretty small venture so I wouldn't mind leaving it and moving on with my life.  
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 my exit strategy influenced my decisions thus far in that I set up everything so I could leave easily at any point with or without whatever resources I accumulate.  In terms of my opportunity identification skills, I thin it definitely has improved it.  I notice a lot smaller needs that others may not consider to be needs.  

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.

Amazon Whisperer

Howdy! Here is the Amazon Whisperer assignment.

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

Within my business concept, I can make money from actually selling the product for more than how much it costs to produce it. I can also make money from selling my idea to larger companies. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I think my customers would want something else that would make their lives slightly easier. Possibly something that keeps blankets on the bed (could also be remote controlled). 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

I think it does improve user experience because I always end up losing my blanket in my sleep. It would be a shame if other people suffered from this issue. It does foster customer loyalty because they would know that I make their lives easier. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

I couldn't find a product on Amazon that matches this product idea. However, I did find tips that helped me with the design. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Since there is nothing on Amazon like this (that I could find), there are not any customer reviews on the product. 

• Describe what design/usability changes you'd make to the product. 

For my design, I would either implement an automatic zipper with a sleeping bag-esque appearance. I would also maybe include temperature settings so that it the blanket will let cooler air in when the user becomes over heated. 

• Describe why you think this product would make a good addition to your current product/service offering.

I think that this product would be a good addition to my current product offering for the reasons listed under the third billet point - customer loyalty and better customer experience. 

My Unfair Advantage

Howdy! Here is my "staying power" reasons.

Resources:

1. I am very determined to make my life and other peoples lives easier (I'll do anything to fuel my laziness).
• VRIN: Not very valuable (laziness can sometimes be an issue), not very rare (almost everyone likes to procrastinate sometimes), somewhat inimitable, non-substitutable.
2. I have a good network of people that I could consult if I need help.
• VRIN: Very valuable (it's not what you know, it's who you know), rare in that everyone knows different people, inimitable for the same reason it is rare, non-substitutable because it's very difficult to go on business ventures alone.
3. I possess a lot of knowledge on how electronics work and what I would need to create my product and make it effective.
• VRIN: Very valuable (kind of the point of my product), not very rare (lots of people can have it), somewhat inimitable (some knowledge is different than others and can be applied in a different way), non-substitutable (see reason why it's valuable).
4. I give a lot of effort in everything I do.
• VRIN: Very valuable (effort is important), somewhat rare (not everyone gives a lot of effort), kind of inimitable (not found in everyone, but I suppose everyone has the potential to give effort), non-substitutable.
5. My product can help a lot of people save energy and reduce falling risks.
• VRIN: Valuable (safety is important), not very rare (lots of things can hep safety), inimitable, definitely non-substitutable. 
6. My product has the potential for different designs (all of which I have created already).
• VRIN: kind of valuable, somewhat rare (they are my ideas, after all), not very inimitable, non-substitutable.
7. I am very enthusiastic about making life easier for other people.
• VRIN: valuable (who would buy from someone not enthusiastic about their work?), somewhat rare (not everyone is enthusiastic), inimitable (everyone express enthusiasm in different ways), non-substitutable.
8. I have had many life experiences involving not wanting to get up to turn off my light/fan.
• VRIN: somewhat valuable, rare in that some people may not have to get out of bed to turn off their lights (like for lamps), inimitable (not just anyone can know your struggle the way I do), non-substitutable.
9. I know how and where to get affordable materials for this product. 
• VRIN: valuable, rare, inimitable, non-substitutable.
10. I have taken this class and have the business creation experiences from it (even though we weren't technically supposed to make a business in this class).
• VRIN: SO valuable, INCREDIBLY rare (it's unique to the unique to the University of Florida), very inimitable, somewhat non-substitutable (there could be other entrepreneurship classes out there, but they would more than likely be different).

My top resource is my knowledge of electronics because it is the main reason I would be able to create this product in the first place.  However, I will not be making this product because I do not want to start a business.  Maybe someday.  Just not today.

Week 10 Reading Reflection

Howdy! This is week 10's 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? 
• There wasn't anything that surprised me. 
2. Identify at least one part of the reading that was confusing to you.
• I didn't find anything confusing.   
3. If you were able to ask two questions to the author, what would you ask? Why?
• Which of the budget types is the most important to you?
• Since there are a lot of financial matters to take into account (pun intended), I would like to know if any of them take precedence. 
• Which financial statement do you use the most/pay the most attention to?
• I would ask this for the same reason as question 1.
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 disagree with the author.

Week 9 Reading Reflection

Howdy! This is week 9's 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 fact that some entrepreneurs don't conduct marketing research was surprising to me.
2. Identify at least one part of the reading that was confusing to you.
• None of the reading was confusing to me.  All of it was pretty straightforward.  
3. If you were able to ask two questions to the author, what would you ask? Why?
• Have you not conducted marketing research? If so, why not?
• There were 4 main reasons for not carrying out research.  I am curious as to the authors potential reasons for not doing so.
• What do you think is the best method for social media start-ups to get their name/brand known?
• I use pretty much every social media outlet in existence and I would like to know why the author would think some are more successful than others.
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.