28A-My Exit Strategy

1.) I probably would not sell my business for a few years. I would definitely not sell it until it took off more and was stable enough to be sold for a large profit. This business will likely take a while for it to  grow into something that is worth selling. I expect this to be within the next 7 years. I do not think that staying with this business long term is a good decision because once I get my product out, I will need help to distribute and get it all over the world. Since I am not a big company I think that I will need to sell this to a larger company and let them do the distribution.

2.)I have selected this strategy because it would be very difficult for me to get to many restaurants by myself. Most restaurants buy their supplies and furniture from large scale distributors. They are not thinking of small businesses when they are purchasing equipment because it just takes too much effort. They likely would not even find my business or would not even give it a second thought. I could go in and try to sell this product to many restaurants but in the end to be able to reach a wide spread group of restaurants this is not possible. So, I will need the help of a distribution company. This is who I would sell my business too.

3.)I think that this exit strategy has had no influence on the opportunity itself. I have proclaimed that this opportunity is one that exists and is awaiting a solution. I do however think that this strategy has influenced how I have thought about the growth of this business. I have always known that a small business will not work for getting this product out to a large audience. It just takes too much time and there are many restaurants that do not have the time to deal with small businesses. While some small family owned restaurants may want to work with me, they are not all. This is what I would start out my business with and use to help it grow.  I would also like this product to be present in many chain restaurants. For this, I will need to become apart of a larger company. In terms of acquiring resources I do not think that this exit strategy has influenced that. I know that in the beginning I will have to acquire resources by myself. This could prove a little bit of a challenge. When I do sell this business though the large company will have an easier time getting the resources the business needs to be successful.

27A-Reading reflection No. 3

 Mindset: The New Psychology of Success

by Carol Dweck

1)The general theme is this book is that people with a fixed mindset and a growth mindset are inherently different but a growth mindset is the one that everybody should adopt. This mindset will help you lead a life where one can get the most out of our experiences. 

2) This book connects right along to what we have learned in this class. Entrepreneurs are very hard working individuals who experience much failure along their journeys. This book discusses a growth mindset. Entrepreneurs in my opinion have to have a growth mindset or they will simply not succeed. They must be dedicated and willing to work hard. We have had many assignments where we analyze how we have worked and what we need to do to better our ventures. I believe that we have adopted a growth mindset in this class.

3) If I had to design an exercise I would have it be to write about a time where the student pushed themselves. This would be a reflection exercise and ask students to discuss in detail what they were feeling at the time. I believe that this exercise would be beneficial because it would show students that they probably have had a growth mindset at some point in their lives. By having them think about it deeper, perhaps they will have an easier time adopting and applying it to their current entrepreneurial ventures.

4) When I chose this book based off of the title, I thought it would be mundane and repetitive on things I have been hearing my whole life. I was expecting it to say that positive mindsets are the key to success. This book however took quite the opposite stance. I was most shocked to read about examples where failure actually lead to success! Most people do not like talking about their failures so it was surprising to read a book where they valued them. This is what a growth mindset is all about. Learning from failures and pushing yourself to do better! 

26A-Celebrating Failure

1.) This semester I failed my very first biochemistry exam. It  was not pretty. I was supposed to be studying during the time of Hurricane Irma and unfortunately did not. I hoped that they would push my exam back but alas they did not. As a result, I was not accurately prepared for this exam and I did not get a good grade.

2.) From this experience, I learned quite a bit actually. First off, I learned to not procrastinate. I know that I need to make sure I have adequate time to get all of my work done on time and still study for exams. I also need to be on top of studying ahead of time just in case an emergency does occur. I also learned how hard I needed to study for this class and how many hours of studying I needed to put in in order to do well. Although I did not study as hard as I needed to for the first exam, I still did study a good amount. But after taking the exam I knew that, that amount just was not enough.

3.) I think that failure is a way of life. It is really difficult to accept failure at the time when it happens but after the fact, you realize that it is actually more helpful than harmful. Failure helps us for our future. It helps us own up to our mistakes and teaches us how to not make them later on. I unfortunately do not handle failure very well. I have a tendency to get very emotionally upset and overwhelmed when I fail. It often takes me a while to accept my failure before I am able to move on. However, I am always able to move on. This class has opened my eyes to failure. I have learned that entrepreneurs have to go through a good amount of failure before they reach their end goals. I have also learned, though, that it is almost impossible for entrepreneurs to succeed if they do not fail. This is how they better their ventures and get them to be a reality. I think that I have learned a lot about failure from this course. I now see that all failure is not a bad thing. I am more inclined to take a risk to see how the result could better.

24A-Venture Concept No. 1

Opportunity:

When dinner is over and people get up from the table, their chairs often get left out. The same thing occurs in the library when people get up from the desk. Think about it. It happens every single day. It happens at every type of setting where chairs and tables are involved. How annoying is it to have to stop what you are doing in order to push in the chair. This is a large “pet peeve” or “bug” of many people. They are irritated by these chairs being left out and about and in the way. This opportunity is created by our society’s decrease in simple care. It is a product of laziness. This market is pretty broad. It can stretch from the restaurant industry to a simple home setting. The customers who have this need can include restaurant owners and managers and the hardworking parent in a house. Geographically, it is targeted for urban areas where tables are used. Customers are not currently satisfying this need. They have to go around and push in chairs that are left out. They take away their own time and effort to push in chairs left out by others. There however, is not a specific solution to this problem that takes away some of the effort. This opportunity is very big because there is no product in existence to help it. As I stated before this opportunity also solves a problem that is a bother to many. The “window of opportunity” will be open for a while. Although, since this issue is such a widespread bother I am sure that people are brainstorming ways to solve it. The window many close soon as people gain ideas to a solution. However, the issue itself will not just simply go away or be fixed on its own.

Innovation:

My innovation solves this issue by using magnets. It utilizes the strongest magnets, neodymium magnets. They have an attractive force of up to 200 kg. We attach the magnets both to the chair and the table. When a person sits in the chair they block the force so the chair doesn’t pull in. I am selling the kit of the magnets and the service of installing them. I would sell this product for $150 per set. Most restaurants will need to buy many so I will make a large profit.

Venture Concept:

This product will solve the unmet need by helping push chairs in without having to do any work. This takes the effort out of trying to push in all of the chairs that are usually left out. Customers want to buy this product because they will no longer have to expend extra effort trying to push in chairs. The reason chairs get left out is because people simply forget to push them back in. This product takes the struggle out of having to remember. It takes the stress out of dinner time. It will not be hard to have customers switch to my product due to the fact that there are no products currently available that solve this unmet need. The only solution to this is having to waste time and effort pushing in chairs. The competitors do not pose a threat because again, there is simply just not really another product that competes in this market. My product will need to come in a packaging that is vibrant and eye popping. It will have to make the buyer excited and want to purchase the product. The price point will also be important because if I make the price too high, people will not want to purchase it. I will need to ensure that buyers really know how valuable of a resource this product will be and know that it is worth the money. Distribution will be a big and also important feat. I will need to sell my product to large scale distributors of restaurant supplies. Then the distributors will make it easier to get my product to as many restaurants as possible in the simplest way. The experience of installing the magnets will play a role too. I want to hire individuals that have a respectful attitude and create a good experience for the buyer. I would organize the business to have many employees. A big part of our business for now is marketing our product to show people how valuable it really is. I would have a marketing team of 7 individuals who are researching the customers and the market and figuring out how to represent the product in the best way! I would also have to hire around 10 employees to be the people who actually install the product. They will need to have skill when it comes to hardware and also fully understand how the magnets work. My role would be overseeing the whole process.

My most important resource

-Leadership Ability

I have a lot of experience with leadership. This is the most important resource I possess because I know what it takes and how to be a good leader. This is a hard skill to learn without experience and new businesses do not have the time or funds to have somebody waste time figuring it out.

What’s Next?

The next step in this venture will be to get out name out there. We need to prove to customers that our product will really enhance their lives. The next opportunity is to expand the venture to all chairs not just those in restaurants.

The Future…

In five years I hope for this product to begin showing up in quite a few restaurants. I know the progress will be slow but I hope to have more experience on how to sell my product better by this point. As an entrepreneur, I hope to gain skills and knowledge on how to tackle all steps of the business process from start to finish. Maybe I will begin developing another product too!

22-Elavator Post 3

https://youtu.be/Nad6Qu7d7pE

This post I tried to focus on eye contact. My reviews from the previous pitch said that I did a good job when it came to being engaging however I looked down at my computer too much. I did not do a good job at keeping eye contact. I also paused a few times and said the word "um" a few times. This does not look good in an elevator pitch.

When I came back to do this new pitch I took all of this in to account. I read my pitch over many times and did a better job of committing it to memory. I made sure to keep eye contact with the camera. I even did a few takes to ensure that I did a good job at this. I also changed a few of my wording to make it sound more professional.

23A-Your Venture's Unfair Advantage

1. My connection to the cause
• V: This is a valuable resource because it shows that I really care about the business and will put 100% of my effort into making sure it succeeds.
• R: This could be thought of as not rare, but in my case this is a cause that solves a problem I have been annoyed with my entire life. This long standing issue in my life makes it rare
• I: It is very hard for some entrepreneurs to have such deep hearted passion. They care about their products but they are often just ideas they have but not issues that they have been bothered by their entire lives
• N:There are no resources that will give anybody passion if it is not already present. This passion is very deep rooted and only comes from personal experience.
2. Connections to scientists to help me with the physics behind this product
• V: This is a valuable resource because it will help me make sure that my product will actually work and work well. Because I am related to one, I know I can always count on him to be accessible.
• R: This is rare because connections to people with large bases of knowledge when it comes to difficult topics is hard to find. Scientists are usually not very accessible as they are busy with their own research. 
• I: It is hard to copy this because if one does not have a connection with a scientist than they will not be able to easily contact one.
• N:There could be other resources that could give this advantage. These could include going to a large engineering firm to work out the logistics of the product.
3. Knowledge about physics and physical science to help me design this product
• V: Being a science major I have taken many chemistry and physics classes. I have some fundamental knowledge of magnetism from this. This is valuable because it will help me in concept design.
• R: This is rare because many business students or entrepreneurs with business degrees do not have this knowledge because they were not required to take science courses.
• I:This skill could be copied because people are able to take classes after they graduate or seek alternate sources of science knowledge.
• N:There are resources available, as stated above, such as large scale engineering firms that would help with the design of this product. 
4. Perfectionist attitude
• V: This is valuable because I will work until I feel as though this product is the exact way that I want it to be. 
• R: This is somewhat rare. I feel as though many entrepreneurs could also have this type of personality since we are all people who are passionate about our products.
• I: This skill is not easily copied. Many people think that they are perfectionists but having a perfectionist attitude is something very unique. I physically will not stop obsessing over things until they are perfect in my eyes. This is not easy to come by.
• N: There is nothing that one can do in order to give themselves this type of attitude. It is just a way that some people are. 
5. Experience in talking to professionals
• V: this is valuable because when I try to talk to business owners or investors I know how to conduct myself professionally and respectfully. This will help them to take me more seriously and possibly do business with me
• R: This is not rare. Many students in this program have had experience in talking to professionals due to internships or job fairs.
• I: This skill could be copied. Others can practice professionalism through business workshops.
• N: There are other resources such as classes or simply just by going out into the world and speaking to business executives to get practice in professionalism.
6. Experience in asking for money or donations.
• V: This is a valuable skill because I will inevitably have to ask for either donations or present this product to investors in order to gain monetary capital.
• R: This is a rare skill I think because many people at this age still do not really fully understand the concept of money. Since we do not pay for all things by ourselves we may not know all about money. This makes it harder to know how much to ask for and how to valuate it.
• I: This is a skill that could be copied. People can read books on how to and join organizations that require asking for donations in order to gain the experience.
• N: There are other resources that will give you the experiences in asking for money such as events like DM here on campus.
7. Contact with many restaurant owners and managers
• V: This is valuable because it puts me in close contact with people that would buy and use my product.
• R: This is a rare find because it is not usual for people our age to know many restaurant professionals.
• I: This is a skill that could not be copied. If you do not have the right connections with certain people then you will not be able to get in contact easily. 
• N:This skill could possibly be copied. People could get in contact with restaurant owners and have connections.
8. Photoshop experience
• V: This is a valuable skill that could be useful for generating adds for my product.
• R: This is a rare skill for an entrepreneur to have themselves because most people hire a professional to make their advertisements.
• I: This is a skill that could not be copied. It takes a long time to learn how to use photoshop well.
• N: This could not be copied themselves however one can hire somebody to do this.
9. Social media and internet marketing experience
• V: This is a valuable skill that could be useful when I am in the marketing phase. 
• R: This is probably not a rare skill since many entrepreneur students take marketing classes. 
• I: This is a skill that could not be copied since it takes a long time to gain experience and can not be done overnight. 
• N: This is a skill that could not be copied but one can hire an individual to professionally do the marking for them.
10. Leadership skills 
• V: This is a valuable skill to have since I will be the CEO of my company and will know how to do it well.
• R: This is a rare skill to have because if you are not a natural born leader than you will not do well when trying to be one.
• I: This is not a skill that could be copied. It is one that you have to possess or work very hard for.
• N: This is not a skill that could be copied. If one does not have the personality or passion than it is very hard to teach.

My top resource is my leadership ability. I think that it is the most important because it will help me actually running the company. This is something that is very hard to teach if one does not have the inbred passion for it. This will help me ensure that I make my product and business to be the absolute best it can be!

21A-Reading Reflection No.2

The Art of Social Media: Power Tips for Power Users

Written by: Guy Kawasaki 

1.  The general theme of this book is to keep your social media presentable, professional, and interactive. You want to create your own "brand” out of your social media so you want it to be a true representation of who you are so your followers get a feel for you as a whole
2.  When I first read the title of this book, I picked it to review because I use social media many times a day. However, I was unsure as to how it was going to relate to ENT3003 because we have not really discussed social media. Many of the main ideas that Kawasaki applied to social media, we apply in class to our business ideas. He states that you have to take your social media seriously and treat it as a business, even though many people treat it casually and more like a hobby. Our ventures began as ideas or stemmed from our pet peeves so we may not think of them as a serious business idea. However, in order for success we need to treat them with the up most importance. Kawasaki’s second lesson talks about showing your viewers content that they want to see. This connects to our ventures because we are trying to market these products to our customers. We need to see that they have a need that could be met and work to make sure we meet that need in the best possible way.  
3. I would create an exercise that requires students to use two platforms of social media to market their product or service. Kawasaki spends a section of his book talking about interconnecting multiple platforms. This helps to keep your social media branded to you. It also gets your name out there. This exercise would have students make two accounts on different social media websites, dedicated to their products. They would need to make at least three posts on each account and connect them using the skills and tips found in Kawasaki’s book. The posts would reflect the points we have talked about on our idea napkins. Why do people want this product? What does it do? How does it solve a need? And so on.
4. The biggest surprise I saw while reading this book was what I chose to create my assignment on. I never really thought about keeping my social media consistent across multiple platforms. I kind of just aimlessly post different things on each account and that does not help to establish who I am as a person. It is just a jumbled mess. I have not made a brand for myself and those looking at my social media could not answer the question, “Who is Shelley Robinson?”. I also did not think about using one platform to draw people to another. This keeps the reader on profiles all about you! This has them spending more time and though on things about you and your brand, allowing it to spread farther.