30A- Final Reflection

1. I knew what I was getting into from the very beginning of this course because I had already taken it a year before. When I took it the first time around, I always found myself being forgetful and irresponsible. I never set aside time for this class and in turn, i failed it. I told myself this time around that I would actually set aside time and do my work. I am here to report that setting aside time never happened and I continued to do everything very last minute. I did however keep up with my work a lot more than I did last time though so I am pretty proud of myself for that. To be real, this is my most dreaded class. While I liked that it allowed me to think through a product, I felt like it was just really repetitive and there was a lot of work to keep up with. Some weeks we had 4 assignments due and it was like 4 different versions of something that could've been said, in my opinion. I liked being able to read other posts and also receiving feedback on mine.

2. I really liked my idea and felt I was pretty passionate about what I was discussing which made doing the assignments a whole lot easier in my opinion. I feel like with the amount of time and effort I put into this class that I will always remember my venture concept. I really enjoyed reading that book "How to fail at everything and still win" and I think I'll take what I learn from what I read and apply it to my everyday life.

3. I definitely think that this class has given me an entrepreneurial mindset. I really could see myself making this product come to life in the future if possible. All the assignments that we had to complete throughout the semester put me in the mindset of an entrepreneur in the sense that I pretty much had to put that hat on in order to get my points across and do the assignments correctly.

4. My single recommendation to others taking this class is mainly just to stay on top of your work. Give yourself some time to really think through your work and apply yourself to the fullest. Rushed work is never good work and most of these post take time to do and think through. Set aside time for this class specifically if you plan to succeed.

29A-Venture Concept No.2

For many years, people have had to live with the unbearable frustration that comes with losing their debit/credit cards. Most American's today are more likely to have a card in hand than cash in their wallets. Using debit/credit cards are a lot more convenient because you have a hold of all your money with a simple swipe of a card. I understand how annoying it may be to be out one day and realize you have misplaced your card. After you notice, you can't stop thinking about it. It comes to a point where now your entire day is consumed by the thought that your card may be lying somewhere in the streets waiting for someone to pick it up. Well I have come up with the perfect solution to stop your worries. For my venture concept, I have written up a plan to add a tracking device to these cards that can give us easy access to it's location via Bluetooth by an app installed to your smart phone. This app will not only alarm you if you get more than 20 ft away from your card but it will pinpoint exactly where it was last used and where it might be placed using satellite technology.  I have discussed this idea with a few people and have gotten some positive and negative feedback. Positive feedback came from my peers which thought they would find more use of of this. Us young adults are known to be less responsible and prone to losing things easier than most. We decided that this product would be very useful in the long run as where older people I interviewed said they didnt really see use in this product. How I see it is that it is better to be safe than sorry. Why not have the tracking device there incase something where to happen? I think there is a opportunity here to work with banks and card companies to market this idea. Many people need this solution to their problem.

28A- My Exit Strategy

1. From the start of my idea, I always felt that I really wouldn't have any part in it. It would be solely up to banks to market this new tracking chips on cards. I would simply just sell them the rights to the idea. I figured this route would be more effective than coming out with my own cards instead. Either way, I'd have to take it up with the banks.

2. I've always felt it was smarter to sell my rights for a lump sum of money rather than having my own cards mostly because of the liability. Also because well known banks could see the potential in this product and will have all the resources to build and app and make this thing actually happen.

3. I can't really say my exit strategy was influenced by other parts of this business venture because up until now, the idea and rights were completely mine. I wanted to figure out all the logistics and tweak my product enough to bring it to someone with more power and influence than I.

26A- Celebrating Failure

 This was a good one and I am so excited I get to finally rant about how bad my luck has been with plants my ENTIRE life. This semester alone I have been responsible (or so I tell myself that) for the deaht of 4 plants. Green thumbs run in my family. My grandparents have a beautiful garden, my mother a wide collection even my father has a nice garden in his backyard. When I moved away for college my dad gave me a plant and it died within two weeks of my dad handing it down to me. Since then I have been determined to keep my plants alive. With such a hectic school and work schedule, I neglected my plants dearly. Also living in an apartment complex in a bedroom that is almost always blocked by the sun, its hard to keep my plants alive. In the summers, the sun burns right through my babies and in the winter that bipolar weather ruins them every time. Honestly, COVID-19 has been the best thing for my plants. When I moved back home I bought 2 pepper seedlings. I figured with all this free time to actually care for my plants and give them the proper attention they need that I could finally figure out if its me or nature. So far, my plants are thriving. I bought them March 15th and they've actually been growing really fast. I set an alarm for 2:30 everyday and since I am stuck at home at all hours, I can finally stick to a perfect watering schedule. I actually look forward to my alarm ringing everyday. The other day I saw lizards mating in my plant and I was so upset about it. The disrespect honestly. But that's nature I guess and if I want my plants to live out the real experience and not some fake apartment replica of it. So it'll let the lizards mate in my plants. Updates to come.

27A- Reading Reflection 3

What was the general theme or argument of the book?
For this assignment, I chose the book "Cognitive Surplus". The main idea or goal of this book I believe was to get people to realize the power of the internet and how much we could utilize by just simply living in an era where a majority of information can be found on the internet. The author argues that we can go from being passive consumers into active producers to help shape the world we currently live in.

 How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think that both this course and the book itself focuses a lot on producing an item or service that will benefit others. We spent this entire semester pin pointing a certain issue that could be resolved by a simple product or service. The author of this book argues that our everyday lifestyles are bound to shape someone else in some shape or form. Prioritizing time in one field can leave you with a world of opportunities.

 If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The book argues that American's spend way too much time watching tv and that this results in lesser productivity. If I could hold an experiment, I would test those who watch tv and those who don't do see who are more productive and if this statement really has any correlation.

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25A- What's Next?

What's Next?
For my company to run as smoothly as possible, I will need to put a team together. I thought that I could do this all on my own but that was a naïve thought. In order for my product to be the best, I need ideas to bounce off of to make this the best it can be. I would want one person for one specific job only. No one working outside of their mandated field. I am marketing to everyone in the world. I would start off maybe partnering with one bank and seeing how things flow from there. As the idea starts to grow in people's heads, they'll start to wonder why their bank doesn't have the same feature. My service will help people locate their debit/credit cards with a simple click of a button. Everyone will want this service when they sign up for a new card.

Existing Market Interviews:
(suspended part of assignment)

Reflection:
From my interviews in other assignments, I have found that most people would find this feature more useful than not. Many people can relate to the fact that cards are flimsy, hard to keep track of and easy to lose. My service will only help others with no harm done

New Market:
I will be using the B2C marketing method for my service. Business to consumer would be the best way of handling my service because Banks would pay me in order to give consumers this benefit with their cards. In return, banks would be paid by app stores where people will purchase the app that allows them to use my new tracking feature

New Market Interviews:
(Suspended)

Reflection:
(unable to do so because of suspension)

23A- My Venture's Unfair Advantage

1. Human Capital: Business Experience-- I have been working since 16 and my father is a successful businessman. I use to go to work with him in the summers when I was younger to try and learn a new skill. I believe because of that, my knowledge in the business field has given me an advantage.

• Rare? Not really since anyone can gain experience in the business field with practice 
• Inimitable? Yes but everyone has a different approach when it comes to selling and making money. Adding my own flare to it makes me stand out. 
• Non-substitutable? Once my venture takes off, I could hire someone to help me or take my place but until then I would plan on working alone

2. Social Capital: My Parents and family members know a lot of important people. I could use this to my advantage and work with people who know people in order to gain funding and knowledge on my service 

• Rare? No but not many people can say they know people who work in their field or people who will help their business grow
• Inimitable? Yes  
• Non-substitutable? I dont believe so

3. Capability: Markeitng and Advertising Expereince-- I have spent the last 3 years in college studying marketing and advertising. With this knowledge and more to learn, I already have my foot in the door when it comes to presenting my product 

• Rare? No but not many people can say they studied marketing AND advertising for  4 years prior to strarting their company 
• Inimitable? Yes but most people spend their time elsewhere 
• Non-substitutable? I could find someone who graudated with me to help me out and eventually take my place

4. Financial Capital: Once again, my parents know people In high places. Their loyalty to my parents would make it very easy to collect funds in order to start my company. Because they trust my parents input, they would have no problem helping my business start up

• Rare? Kind of. It takes years to build up a list of important people. But since I am the daughter of people who already have a list, it makes my part alot easier
• Inimitable? yes and no. not everyone will know the people i know
• Non-substitutable? yes

5. Capability: 3 years experience in debate -- this skill will help me push for the best benefits, team, funding etc

• Rare? no
• Inimitable? Yes 
• Non-substitutable? yes

6. Human Capital: Interpersonal Skills 

• Rare? no
• Inimitable? Yes
• Non-substitutable? yes

7. Financial Capital: My business skills have made it fairly easy to convince others. Using this skill I could market and brand my way to some money to use for my venture

• Rare? yes
• Inimitable? Yes 
• Non-substitutable? no

8. Capability: Public speaking experience. This is important because if you're not confident enough to explain your product to investors, no one will take you seriously enough.

• Rare? No
• Inimitable? Yes 
• Non-substitutable? No because everyone adds their own flare to it. the chances of someone presenting a product the exact same way I would is fairly slim

Coming up with a list of 10 was a bit difficult. I felt like I would be repeating myself by adding more to it. I realize this is only to help us figure out what makes our business plan special and that I would need to put a little more thought into this if I were to pursue my venture. I think it is a very good way of keeping track of what you have and what you may be missing. 

 

21A- READING REFLECTION

1. The main theme I was able to collect from this book revealed the outsized role of luck in our lives and how best to play the system. This book goes into great detail of Scott Adams tragic failures that in return lead to big success in his life. Adams shares a game plan with us that he had been following since a teenager that helped him work his way up from a part time employee to a world famous comic strip creator. 

2. I believe this book tied in really well with this course in the aspect that we are learning on how to be okay with failing and tweaking our product as we go along. Adam didn't always know where he wanted to go or what he wanted to do but as he experienced different things, he narrowed down what he DIDNT want to do. I think that when we have to repeat assignments according to our customers values and needs and the judgements of our peers, it allows us to think further of what not to do and keeps us on a steady pace to success.

3. Doing a research project on someone or people who have succeeded in the line of work we are striving for. Adam researched and worked closely with some people who were going in the same direction as him and he was able to grow and gain more knowledge and experience by doing so.

4. I think my biggest surprise of the book was when Adam talked about how he discovered some unlikely truths during his time. He mentioned "Goals are for losers, Systems are for winners". I've always set goals for myself but I never really set a system in place to achieve those goals. That quote alone made me realize that setting goals does nothing for you unless you have a strict plan that is going to help you achieve those goals.