14A- Halfway Reflection

1) I think this course is like a lot of other courses I've taken and a lot of other things in life in general, in that developing certain behaviors can help change your success drastically. I've had to develop a mindset that hard work is the only thing that is going to allow me to reach my goals. Some things just are not easy, so working hard is the only way to have success. For this course especially, I've had to work on time management and get in a routine of completing work on certain days. Keeping track of online assignments can be difficult at first, so I had to change that behavior. I have also had to learn to not get frustrated when I can't think of something right away, because some ideas, especially business ideas, take time to formulate. I think those three behaviors are what have been key to my success in this course.

2) There have been many moments in my life when  I thought about giving up. One in particular was during my first ever calculus class. I have never been a huge fan of math, and I hated calculus from the moment I was in the course. I had trouble throughout the year and thought about dropping the course several times. At some point, I realized that I was going to have to take it at some point or another, so I might as well push through and finish the best I can. I definitely feel like I've developed a tenacious attitude throughout the past few months. I have had some pretty difficult courses that have required a lot of discipline and hard work from me, so I think that has made me more determined and tenacious.

3) Three tips:
-There is no way around hard work. You cannot cheat success, and those who work hard are rewarded.
-It takes time to get used to working hard. It might be very unpleasant at first, but once you get into a groove, things get more enjoyable.
-Constantly visualize your end goal to stay motivated. It can be easy to lose yourself in the midst of work, but if you always think about what you are working toward, it can help remind you why you are working so hard.

13A- Reading Reflection

Chosen Book: Shoe Dog

1) -It was surprising to me that Nike began as a western expansion of an already existing Japanese shoe company.

-I most admired Phil Knight's willingness to take risks.

-There wasn't anything I didn't admire about Phil Knight, but if I had to pick something, he might have taken too many risks without a lot of thought. However, that is also what brought him so much success.

-Phil Knight encountered several instances of adversity during his time at Nike, especially in the early years. For example, he had to wait a year to even receive his first shipment of shoes from Japan to sell. But, he always continued to work extremely hard every single day and keep pushing his product until he found success.

2) Phil Knight possesses a skill set and mindset that set him apart from most others. Most importantly, he is extremely hardworking and determined. No matter what obstacles he faces, he always continues to push until he breaks through. On top of that, he is ambitious and not afraid to go after opportunities that he sees. This gives him a confidence that allows him to take risks that have made him extremely successful.

3) One aspect of the reading that was confusing to me was the entire way that Phil Knight was able to start his business. I always thought about entrepreneurs starting their own businesses from the ground up, but Phil Knight actually built off of an already existing Japanese brand. I was slightly confused about the legality of the whole situation and how business rights were given to Knight. 

4) My two questions would be:

- "Do you have any advice about when you think it is appropriate to take risks?" 

- "Why do you think having a mentor can help an entrepreneur so much?"

I would ask the first question because of the incredible risks Phil Knight has taken throughout his years with Nike. I would ask the second question, because Phil Knight had a mentor in his business partner that helped give him a lot of confidence in his business.

5) I think Phil Knight's opinion of hard work is that it is essential to being a successful entrepreneur. I think this, because he faced adversity several time and had to continue to work hard to get past those road blocks and obtain success. I share the same mindset as Knight, because I have seen countless examples of very successful people who have all put in a lot of hard work to get where they are.

12A- Figuring Out Buyer Behavior No. 1

Chosen Market Segment: Younger (18-25 yrs.) fishermen/fisherwomen

Interview Summary:
-When my customers are aware of their need, it is always when they are going fishing, because this is usually the only time it is a problem to transport fishing rods. This need also affects them more profoundly if their fishing rods are damaged in the process, because this is then a financial detriment rather than just a hassle. When they are first aware of their need, they initially try to fix the problem themselves before trying to buy a product that will fix the issue. They look online, through catalogs, in locals outdoors shops, and sometimes talk to family and friends. If they search online in google, their search terms are things like "fishing rod racks, cheap fishing rod racks, fishing rod holders, car fishing rod holders, etc."

Drawing Conclusions:
-I would describe this segment as the most in need of my product, and the most willing to search for a solution to their problem. This younger segment is much more in touch with online resources and so are able to find a larger variety of products. However, through all of their searching, there just has not been a product in the price range this segment is looking for.

11A- Idea Napkin No. 1

1. I am someone who is patient but eager to take risks when I believe the time is right. I think I am logical and able to think through different situations and problems from several different angles. My creativity is definitely one of my most beneficial attributes. I have had several years of entrepreneurial experience and competed in some competitions, so I definitely aspire to be an entrepreneur of some type. If I were to actually start this business, it could play a significant role in my life depending on its success.

2. I am offering a product that will solve several unmet needs for people who enjoy fishing or do it for a living. Transporting fishing rods in vehicles often damages the rods or tangles the lines, which is extremely inconvenient. To solve this problem, people use holding racks inside of cars that keep the rods in place. Current products on the market are extremely expensive and outside of the budget of many people in need. My product will meet this same need, but be made of much cheaper, but effective, material. Although it won't be as aesthetically pleasing, it will fit in the budget of a much larger audience.

3. I am offering this product to anyone who regularly, or even occasionally, goes fishing and owns their own fishing rods. Most of my customers will most likely go fishing often, as this need will be a high priority for them. Overall, all of my customers fish one way or another.

4. Customers will want my product because of its price point. Current fishing rod racks on the market are made to look nice out of unnecessarily expensive materials and often costs hundreds of dollars. My product will meet the same need and do just as good of a job, while being much cheaper due to the use of cheaper materials. Newer and many young people who fish do not want to spend a significant amount of money on this product, so mine will be extremely appealing.

5. My product is set apart mostly due to its price. Though it is extremely similar to other products meeting the same need, due to the lack of possible variation, it still does the job just as well. It might not look as nice or luxurious as other products, but its price should be compelling enough to attract customers.

Overall, I believe these elements of my business concept fit together quite well. If I were to do things correctly, I do think it has potential to have a lot of success. However, the one thing I do worry about is the lack of aspects setting my product apart. My product is essentially only set apart by its price, so that could be a potential downfall.

9A Testing the Hypothesis 2

  My Opportunity: Cheaper fishing rod holders for vehicles 

 Conducting more interviews revealed a lot about my opportunity. In general, I expected people who fished to need my product, but I've definitely learned it's more complicated than that. The people who did fish but were not in need of my product were mostly older, middle aged people who were well established in life. Because of this, they did not mind paying the price to buy an expensive fishing rod holder, so they did not need mine. Another group of people included professionals who work in the fishing industry. Since this is their livelihood, some of this group doesn't mind paying the price for a more expensive holder, and some of them are also sponsored and receive products like this for free. The need for my opportunity ultimately comes with a certain sub-group of the fishing community, for people who are less experienced or less serious about the craft.

Inside the boundary
Who is In: Less experienced, less serious fishermen/fisherwomen
What the Need Is: For a cheaper alternative to current fishing rod vehicle racks
Why the Need Exists: Current products are too expensive for some people Outside the boundary Who is Not: Experienced, usually older people in the fishing community What the Need Is Not: Not a need for a cheaper alternative to the current products Alternative Explanations: People in the fishing community who are more financially well off or have more invested into the craft tend to not mind paying for current products.

Solving The Problem

1). Selected Opportunity: People in the United States who go fishing are unable to buy affordable fishing rod transportation racks because of the expensive versions that are on the market.

2). Product/Service: My product is a fishing rod rack used for transportation in vehicles. There are many versions of this product, similar to the one shown below. However, these different versions are made of metal and more expensive woods which drive the price up and are unnecessary. My product is similar to these in design but will be made out of a cheaper material that gets the job done, such as a sturdy plastic or rubber, making it much cheaper than those currently on the market. It will not be as nice as a lot of the models for sale, but its price will open it up to a lot of people who previously would not have spent a significant amount of money on a similar product. I would also like to have a version that fits into truck beds rather than the roof of a car for the same purpose.

Testing the Hypothesis, Part 1

Opportunity: People in the United States who go fishing are unable to buy affordable fishing rod transportation racks because of the expensive versions that are on the market.

The Who: Fishermen in the United States
The What: They are unable to buy affordable fishing rod transportation racks
The Why: Expensive, more luxurious versions dominate the market


Testing My Hypothesis/Interview Questions:
 (I interviewed two college kids who regularly fish, my uncle who fishes, another experienced middle-aged fisherman, and a customer outside Bass Pro Shops)

1). Have most people you know who fish consistently had difficulty buying one of these transportation racks?

2). In your experience, is this a common or rare problem?

3). Do you know any other group who would be interested in this product?

4). Are more expensive racks ever worth the price?

5). Are there any other alternatives to the current racks on the market?


Summary: I learned some interesting things about my opportunity/product after going through the interview process. As I've previously experienced, people who regularly fish are well aware of the need of these transportation racks, and only older, more experienced people generally have these racks because of their price. Every person who transports their fishing rods has to take precautions to keep them from getting tangled or damaged, but many people, especially the younger ones closer to my age, create their own makeshift methods rather than buying a product that costs hundreds of dollars. Although expensive racks on the market are made with quality, they are simply unnecessary to get the job done and go above the budget of so many people, so only experienced fishermen who aren't worried about the cost usually make these purchases. I still don't think there is any other group of people that would be interested in this product, but the current group is extremely large and in need of some sort of solution. Making a less luxurious rack out of cheaper but viable materials would allow the price to heavily drop and open the product up to a lot of new potential customers with smaller budgets.