30A- Final Reflection

- I think one of my most formative, important experiences in this class was the elevator pitches. The elevator pitches were extremely challenging because of how uncomfortable they were at first, and it was difficult to get the hang of speaking in front of a camera off the top of your head. I think once I was able to get the hang of my pitch and present a good product, it was my most joyous moment in this class because of its real world application. The thing I am most proud of myself for is completing the venture concept. The venture concept involved evolving my business idea for months from the beginning of the semester, and it took a lot of work to decide what direction I wanted to go in in a lot of areas. When I was able to finally put everything together to create a finished product that was presentable on paper, I was very proud.

- I saw myself as an entrepreneur before taking this course, and I definitely still myself as one after completing it. Overall, this course has taught me a lot of important things about the entrepreneurial world, and I think I am much better prepared for the real business world. I have learned how to complete effective elevator pitches, venture concepts, and most importantly assess my own personality and traits to find out how I can get the most out of myself to have a successful venture. This was a very valuable experience.

- I would recommend students taking this course remain focused and organized. They will need to plan ahead and spread out work to make sure they properly manage the load and meet deadlines. I recommend they always try to keep an open mind and see what they can get out of each exercise. Although I did not think some of the exercises were very beneficial when first doing them, I can see that they all build on each other and offer important lessons/skills that are helpful in the entrepreneurial world. Overall, I would recommend future students be ready to learn and just trust that they will receive benefits from this course no matter what they think at the time.

29A- Venture Concept No. 2

Venture Concept 2

1)    Opportunity: My venture’s opportunity exists in the fishing community. Fishermen/fisherwomen need to transport their fishing rods, which usually requires a vehicle. Fishing rods are not very durable, and their lines will often get tangled or they might break in certain areas when bouncing around or rubbing against a surface in a car/ truck. To solve this problem, people use fishing rod vehicle racks that safely store fishing rods for easy transportation. However, current fishing rod vehicle racks are extremely expensive, especially for younger people who enjoy fishing, so that’s where the need for my product comes in. There have been no innovations to solve this problem in the last few years.

     This need is held by anyone who enjoys fishing and does not want to pay a premium for current products. Nearly everyone who fishes (multiple times per year) will need to transport their fishing rods at some point. However, this opportunity can be narrowed down to a smaller target market. This need is more suited toward younger, less established people who are concerned about finances. Current available products can cost upward of $150, and a lot of younger people do not want to spend that much on an item that may only be used a few times per year. Going further into demographics, there is no race my product is geared toward, but potential customers are more likely to be men based solely on the fact that there are more dedicated fishermen than fisherwomen. Demographically, my product can be sold nearly anywhere in the world that has some sort of fishing availability nearby. However, coastal areas are more likely to contain more of my customers because of close proximity to waterways.

                Based on my research, there are two ways customers are satisfying this need. First, there are some customers who are sucking it up and purchasing the more expensive products available on the market. They are not happy with this outcome, but they feel like they would rather spend the money on a quality product than spend it later fixing fishing rods. Secondly, there are other people who refuse to purchase these expensive products and are instead resorting to makeshift techniques. I spoke to people who have attempted to make their own temporary fishing rod racks because of the price of ones you can buy, and there are some others who are taking the risk because they cannot afford these products. Overall, these customers are not loyal to their current methods and would prefer another way to solve this problem.

                Finally, I believe this is a major opportunity. This specific market in the fishing industry is unsaturated and dominated by a few large companies. Based on my research, people are not happy with how things are and would love another solution. Unfortunately, I do not think this window of opportunity will be open for very long. There are some simple solutions to this problem, so it is only a matter of time before some company realizes this and steps in.

Innovation: My innovation is very simple, but effective. Overall, my product does not stray far from current designs on the market, but I do not feel it needs to. My product, the Fish-rack Pro, is a vehicle fishing rod rack similar to those major brands currently being produced. It will be used to transport fishing rods in my customers’ vehicles while keeping them from being damaged. It will fit in the rear of a car/truck and extend outward allowing it to attach to any sized vehicle. Since it is nearly at roof level, it will not take up a large amount of space and will allow for luggage or any other items to still be stowed away. In the rare instance that it is needed for a 2-door vehicle where the space may not be enough, it has bottom latches that will allow it to be latched on to the top of the vehicle if necessary. In this case, additional ropes (provided with the product) will be needed to make sure the rack is secure on top of the vehicle.

                However, there is one major difference that sets my product apart. Where current models are made from metal and other more expensive materials, mine will be made from wood cellulose fibers. This material is much cheaper than metals, and it boasts the strength near the level of steel. This allows my product to have the same function as current market products while keeping its price much lower. I will be selling this product for $60 per unit.

Venture Concept: My innovation will solve the need, because it fixes the one problem customers have, the price point. My product provides the same functions as current products while cutting the price in half, so I think it will be an easy choice for many customers to switch. There are only a few major competitors, and their vulnerability is their pricing and technology. My company will be ahead of the game technologically with our use of cellulose fibers, something no other major competitors are currently invested in, and we hope to get a patent on this technological use in fishing rods before others can get in. This will nearly shut out other companies from competing with our prices which should secure us a spot in the market for many years to come.

                I think my pricing is the major seller, while distribution, location, customer support, etc. are minor details that will match that of competitors, but not supersede them.

                My business will require several manufacturing facilities to produce my product. Managerial-wise, I will only need regional managers and a few marketing/finance employees. To start with one manufacturing facility, I would need around 10 office employees plus a few manufacturing employees.

-My most important resource will be my human capital. My team consists of people who are experienced in the fishing craft, in touch with the market and will be able to assess product effectiveness.

-In the future, my venture could expand to other products in the fishing market. Since my team has several years of fishing experience, it will not be difficult to expand to other similar products.

-It would be amazing to have success within 5 years of my venture being launched. However, I am not extremely attached to this idea, and I overall just want to be successful in whatever path I choose. I hope to start at least one successful business, and this one, if successful, could definitely help me to get on my way.

2)      From my previous venture concept, I received only positive feedback. My classmates complimented my innovation section of the venture concept because of its uniqueness and practicality. They said my innovation is my biggest asset and that the product alone should carry my business pretty far. However, this is the only area I was complimented for which makes me think I may need to strengthen other areas of my concept.

3)      Based on the feedback, I did make some changes to the venture concept. I decided to strengthen my third section, the venture concept section, by elaborating on the weaknesses of my competitors and how I have a competitive advantage over them. I added that my product is technologically advanced compared to the current market, and that are pending patent would ensure our price advantage for years to come.

4)      

28A- Your Exit Strategy

1) I think I could choose between two exit strategies, depending how well my business was doing. If I believed that my business lacked longevity and would decline within 15 years, I would sell the venture in close to 5 years for maximum profit. This would allow me to move on to something else that is more in line with my passions while also getting me out of the business before it experiences difficulties in the market. However, if projections looked good for an extended time period to come, I would love to keep the venture and allow my future family to take it over. This would give my family the opportunity to receive the benefits from my venture for a long time to come. If possible, I would choose to keep the venture.

2) I would select these exit strategies depending on the situations because of their benefits. If possible, I would definitely like to keep the venture in my family because of the financial benefits it could provide my family for generations to come. I would be able to help my family even after I'm gone which is a high priority.

3) I think my exit strategy has made me more driven and focused on the longevity of my venture. Since I would like to keep the venture with my family for a long time, it has made me focus more on how this company could grow in the future rather than only focusing on short term success. It has definitely made me think about future product lines we could produce, because I know the initial product can't keep the venture running forever.

27A- Reading Reflection No. 3

Thinking Fast and Slow by Daniel Kahneman

1) The general theme of this book is that everyone's behavior is based on two separate systems in your mind, one that is instinctual, automatic, and innate while the other is conscious and active. The first system involves your survival instincts, things you learn over the course of your life that become almost automatic. An example of this would be your automatic instinct to jump back out of the way when a car horn honks at you. This system is very useful and involves things you don't have to think about that assist in your survival. The second system is your conscious, aware state that allows you to actively make your own decisions. This system does not involve your survival and comes into play more in today's society with earning money, etc. Although these systems can compliment each other, they often clash.

2) This book is definitely related to entrepreneurship, and I think its ideas could definitely help any entrepreneur. As entrepreneurs, it's important that we are able to effectively manage our thinking and make sure we are approaching problems with the right mindset. Sometimes, we need to go with our gut and act instinctively, but other times we need to slow it down and think about things logically. When we choose to do what could ultimately determine successes and failures. So, learning when to use what system is something that's very important.

3) If I had to design an exercise based on this book, I would give a series of scenarios to the class. They would have to first quickly go through and think about from which system they would normally approach the scenario. Then, I would have them re-evaluate their choices to see if they think they made any mistakes. I think this would refine their decision making skills.

4) One of the most interesting things I learned was that Kahneman believes system 2, the conscious, active system, has only come into play for humans in the past few thousand years. He says this is because our priorities have shifted from survival (Food, water, shelter) to earning money, supporting a family, and fitting in to society. This is an interesting take on how society has changed, and it's definitely something to think about.

26A- Celebrating Failure

1) One thing I tried several times this semester and failed was physics. What I mean by that is that I struggled with the course a lot at first and tried to learn the material but still did not do well on the first few quizzes and the first exam. It felt like no matter what I did I just wasn't getting it.

2) Overall, I think I learned a lot from that experience. After failing over and over, I was eventually catching on to some things and started to do better on quizzes. I kept working at it, and I managed to do pretty well on the next exam. So, it definitely taught me to not give up in the face of adversity, because things will work out eventually if you keep working at it. I learned to look at the bigger picture and not focus on the small failures in between, because there will always be some failures in a path to success.

3) I think failure is something that everyone needs to learn to accept, because it is a part of everyone's life. No matter what you do, you will most likely fail at least once, so I think it's important to not take things so seriously. After failing several times in a bunch of different ways I've learned to handle failure with a positive attitude and always keep my mind on the fact that it will work out eventually. I think this class and my life as a whole have both encouraged me to take more risks. I'm not so worried about failure anymore at this point in my life that I figure I might as well take more risks, because risks ultimately lead to some of the biggest successes. 

25A- What's Next?

Existing Market

1. After moving forward and having success with my current fishing rod rack product, I could see my venture moving forward in a variety of different ways. Since I'm mainly targeting a younger, less affluent market, I need to continue producing products at attractive price points, whether it be fishing rod accessories or something else.

2. After the interview process, I received some fairly consistent advice. Potential customers seemed to all think my venture should move in the direction of creating cheaper fishing rods or lures (to attract fish). They all agreed fishing rods are expensive and said they would definitely buy a cheaper rod if I could figure out how to make one with similar quality as popular choices currently.

3. After careful consideration of my own thoughts and customer feedback, I think there is one clear direction my venture should head in next, pertaining to this specific market. I believe my venture should work on creating a new, innovative fishing rod that is at a price point cheaper than most currently on the market. There is a strong, proven customer base that would be interested in buying this product, and we might have the current technology to create it.
     More research is required in the material side of things, but we might be able to create fishing rods out of the same fiber material we created our fishing rod rack out of. Once we figure out how exactly to design this product, I think it's only a matter of time before we become a relevant player in the market, because so many people are looking for cheaper options. Once this is established, we can continue expanding into fishing rod accessories, etc.

New Market

1. My new market will focus on fishermen/fisherwomen who are older and more affluent than my current market. These people are not highly concerned about the price point of their fishing products and are interested in more up-scale things.

2. I think my venture could target this market by creating similar products in a more luxurious way. To begin, I would focus on the fishing rod rack that we already offer. Instead of focusing on how to make this product cheaper, we could instead make it something luxurious by offering better materials (titanium, gold plated, diamond embroidery) that affluent people may be interested in. We could also offer further customization by allowing engraving or a host of other options. Furthermore, we could extend this idea onto fishing rods and offer the same services.

3. After interviewing some older fishermen in this new market, I received some helpful advice about future direction. They were interested in my luxury fishing rod idea and said they would consider buying a rod that could be engraved/embroidered. One said they would definitely do this to buy as a gift for a family member.

4. I have learned a lot about this new market. I think there is some potential to expand into  a more affluent customer base by offering luxurious products (Fishing rods, fishing rod racks, boat covers, etc.). I was definitely a little surprised people liked my ideas as much as they did, because I never considered these kinds of products to be much of a need.
     However, I do not think this new market is as attractive as my current market. This market relies too much on a want but does not really offer any room for products people actually need. Some people may be interested in these luxury products, but I think it's a little risky. My original market offers a need, where people actually need to spend less money on these products, so I think my product line is more guaranteed to sell. On top of that, this new market can still move down into my original market (Not even all affluent people want to waste money), whereas my original market is priced out of this new market.

24A- venture concept No. 1

Venture Concept

Opportunity: My venture’s opportunity exists in the fishing community. Fishermen/fisherwomen need to transport their fishing rods, which usually requires a vehicle. Fishing rods are not very durable, and their lines will often get tangled or they might break in certain areas when bouncing around or rubbing against a surface in a car/ truck. To solve this problem, people use fishing rod vehicle racks that safely store fishing rods for easy transportation. However, current fishing rod vehicle racks are extremely expensive, especially for younger people who enjoy fishing, so that’s where the need for my product comes in. There have been no innovations to solve this problem in the last few years.

     This need is held by anyone who enjoys fishing and does not want to pay a premium for current products. Nearly everyone who fishes (multiple times per year) will need to transport their fishing rods at some point. However, this opportunity can be narrowed down to a smaller target market. This need is more suited toward younger, less established people who are concerned about finances. Current available products can cost upward of $150, and a lot of younger people do not want to spend that much on an item that may only be used a few times per year. Going further into demographics, there is no race my product is geared toward, but potential customers are more likely to be men based solely on the fact that there are more dedicated fishermen than fisherwomen. Demographically, my product can be sold nearly anywhere in the world that has some sort of fishing availability nearby. However, coastal areas are more likely to contain more of my customers because of close proximity to waterways.

                Based on my research, there are two ways customers are satisfying this need. First, there are some customers who are sucking it up and purchasing the more expensive products available on the market. They are not happy with this outcome, but they feel like they would rather spend the money on a quality product than spend it later fixing fishing rods. Secondly, there are other people who refuse to purchase these expensive products and are instead resorting to makeshift techniques. I spoke to people who have attempted to make their own temporary fishing rod racks because of the price of ones you can buy, and there are some others who are taking the risk because they cannot afford these products. Overall, these customers are not loyal to their current methods and would prefer another way to solve this problem.

                Finally, I believe this is a major opportunity. This specific market in the fishing industry is unsaturated and dominated by a few large companies. Based on my research, people are not happy with how things are and would love another solution. Unfortunately, I do not think this window of opportunity will be open for very long. There are some simple solutions to this problem, so it is only a matter of time before some company realizes this and steps in.

Innovation: My innovation is very simple, but effective. Overall, my product does not stray far from current designs on the market, but I do not feel it needs to. My product, the Fish-rack Pro, is a vehicle fishing rod rack similar to those major brands currently being produced. It will be used to transport fishing rods in my customers’ vehicles while keeping them from being damaged. It will fit in the rear of a car/truck and extend outward allowing it to attach to any sized vehicle. Since it is nearly at roof level, it will not take up a large amount of space and will allow for luggage or any other items to still be stowed away. In the rare instance that it is needed for a 2-door vehicle where the space may not be enough, it has bottom latches that will allow it to be latched on to the top of the vehicle if necessary. In this case, additional ropes (provided with the product) will be needed to make sure the rack is secure on top of the vehicle.

                However, there is one major difference that sets my product apart. Where current models are made from metal and other more expensive materials, mine will be made from wood cellulose fibers. This material is much cheaper than metals, and it boasts the strength near the level of steel. This allows my product to have the same function as current market products while keeping its price much lower. I will be selling this product for $60 per unit.

Venture Concept: My innovation will solve the need, because it fixes the one problem customers have, the price point. My product provides the same functions as current products while cutting the price in half, so I think it will be an easy choice for many customers to switch. There are only a few major competitors, and their vulnerability is their pricing.

                I think my pricing is the major seller, while distribution, location, customer support, etc. are minor details that will match that of competitors, but not supersede them.

                My business will require several manufacturing facilities to produce my product. Managerially, I will only need regional managers and a few marketing/finance employees. To start with one manufacturing facility, I would need around 10 office employees plus a few manufacturing employees.

-My most important resource will be my human capital. My team consists of people who are experienced in the fishing craft, in touch with the market and will be able to assess product effectiveness.

-In the future, my venture could expand to other products in the fishing market. Since my team has several years of fishing experience, it will not be difficult to expand to other similar products.

-It would be amazing to have success within 5 years of my venture being launched. However, I am not extremely attached to this idea, and I overall just want to be successful in whatever path I choose. I hope to start at least one successful business, and this one, if successful, could definitely help me to get on my way.