Final Reflection

     I was excited to sign up for this class because I was looking forward to learning about entrepreneurs and what they do to be successful. I never dreamed that I would become an entrepreneur at the end. This semester, I acquired skills like organization techniques, personable manners, talking to strangers, and thinking like an entrepreneur. It was exciting, but sometimes I was scared. For some assignments, I really had to get out of my comfort zone and become a person I never thought I could be. Sometimes I was successful and other times I was humiliated, but I learned so much along the way. The experience I will remember for years to come will be the free money assignment where I had to hand out free money to strangers. I know I write about this is on my blog all the time, but I was really embarrassed about how badly I failed this exercise. It taught me about accepting failure and learning from it. I am most proud of finding an entrepreneur on my own and interviewing him. It was such an educational and inspirational experience that I will never forget. I do see myself as an entrepreneur. I remember over spring break, we were walking on the beach, and although I don't remember exactly what problem I identified, I remember identifying it, and thinking to myself that I was becoming an entrepreneur. To the students who will be taking this course in the future, I would say to not be afraid and don't fall behind. A lot of these exercises will make you do things you would have never done, but it gets easier. In order to foster the mindset, make sure to practice it every day. It's like going to the gym. You need to work the muscles every day to see results. Innovative thinking should be something you do every day, and if you practice it enough, you will have an entrepreneurial mindset. This class was fun, and I will always remember everything it taught me.

Week 15 Reading Reflection

1) The biggest surprise for me during the reading were the dangerous issues and hardships that the author's company went through while trying to expand his business with other countries. It's incredibly inspirational how dedicated the author is to his company and his customers.

2) One part of the reading that was confusing to me was how companies focusing on micro financing could help people get out of poverty. I have never heard about this before so it was a little confusing getting to know about it.

3) If I were able to ask two questions to the author I would first ask him why he had such an immense passion to work with foreign countries where small businesses could be unprofitable as opposed to other countries? I would then ask how he learned awesome people skills and if he could help me out.

4) I did not disagree with anything that the author stated during the article.

Elevator Pitch No.4

 This will be my third attempt at an elevator pitch and my last one for this semester. The feedback I got back from my peers from my last elevator pitch was overall really nice. Some people were worried about my competitors and how my product is different from others. My product is reliable, affordable, and better than my competitors. Hope you enjoy my last elevator pitch.

Venture Concept No.2

Venture Concept       

        Most of the objects and services we use in our daily lives are electronics, but all electronics have a small battery life compared to the amount of time we use them for. However, outlets are limited in most public places, and this causes people to be upset at the lack of services a building is providing. Therefore, a lot of people have this need, but I plan on targeting people in Universities and airports. University students constantly use their laptops and other electronics to complete assignments. Businessmen who travel all the time and need to do work on the go need to have a dependable outlet that works all the time. Overall, this product I have come up with will eliminate the problem(the absence of outlets) that these people face while doing work in public places. Our world is changing to an electronically dependent environment which creates this opportunity that I have chosen to work with. This opportunity is pretty large considering the demand to have a person’s electronics charged at all times, especially for college students. Having one’s computer die during an important quiz is not exactly the best thing to happen because most teachers blame it on the student and not the electronic. Another important aspect is Wi-Fi. Wi-Fi is one of the most common services needed in the world right now. Every public and private business in America understands the importance of having free wifi for customers. Students and businessmen need a reliable connection to the internet in order to work. As a student, I know that an unreliable internet connection can lead to not being able to watch a class lecture or complete a quiz. This combined opportunity is important because of the great need of a power connection and internet connection. This window of opportunity is closing fast considering the amount of portable chargers for cellphones there are in the market and technological advancements are improving greatly. So it is only a matter of time before companies will be selling the portable chargers that I am offering to my customers. 

           The innovation I have created is a portable charger with outlets on it that will serve as a way to charge any electronic with a plug. It will be light, and easy to carry around in a case. This product will also be a Wi-Fi hotspot which is very important because crowded places like libraries can be hard to get an accurate Wi-Fi connection. It will provide a reliable connection for all students and businessmen. A second company would organize all the wifi providers so that the Pod would get a better connection. My product has a dome like shaped with up to four outlets on it and is called the Pod. The Pod will be sold privately to Universities and airplane companies in bulk for a cheaper price. I want to add a cool aspect to the pods by selling customized pods that are designed to match logos and colors of companies. For example, if I were selling pods to the University of Florida, I would make ones that are blue and orange. I would paint a gator on them too. It will make the pods more fun to use. As far as working them, the customer simply plugs in their charging chord to any electronic the device will charge or start working. The most important thing of the Pod is that it is a chargeable device. A power chord will be given to the customer and they can be charged at home or a dedicated location in the library. Customers can take the pods with them to any place in the library or airport. To the companies that buy them in bulk, a censor will be added to the Pod that will set a buzzer off once it leaves a building so they are not stolen. For the  individual customers who want to to buy the Pod for their own personal use they will be available on the website. They will be sold for seventy-five dollars individually. Additional designs and shipping will be added fees, but otherwise it is a pretty affordable device for those who want it. 

          Customers would switch to my product because it will be a reliable internet connection and a way to have their electronics constantly charged. People won’t have to worry about forgetting their charger at home or where the nearest outlet is. It is just very necessary for the technology dependent life we have adapted to. The competitors are the companies that sell portable chargers for I-Phones, but customers will come to find that the Pod works for all electronics(lamps, hair straighteners, blow driers,ext.) Customer experience and support is important for this business concept because if there are glitches, University libraries will not want to invest in the product. Price points have a role in my business concept because I will use it to find a way to charge the companies I will be selling a lot of Pods to. I would organize my business by making it a small office with ten salesmen, a team of accountants, and a team of engineers dealing with the advancement of my product. 

          Being a college student, I understand the importance of a reliable internet connection and outlet; therefore, other competitors cannot relate to college students like I will. I also have connections with a marketing expert who sells computer advancements to schools. The next step in my venture would be to create a Pod that is waterproof. It will be a new device that will be even better for the customers. In five years, I want to have a large building and be selling devices all over the world. In the next decade, I want to be coming up with new ideas and discovering new opportunities to tackle. This venture was really important in developing my skills as en entrepreneur. I will always look back at it and use the same techniques I learned to develop my ideas. 

Feedback:

     The feedback I received from my peers was helpful. One person said that the pod should eliminate the amount of devices a person has to keep with them. This being said, it will be easily portable in a case or any backpack. Another peer said that it would be challenging to have a wifi hotspot in the Pod. Now, I don't know much about wifi hotspots, but I can create the pod to be able to have the same wifi hotspot ability of an smart phone or computer. The final feedback I got was again about the wifi hotspot. They said that it would be difficult to work with every Wifi provider, unless there were a second company that was able to organize all the wifi hotspots and make sure they will provide better connection. I guess this company will get some profits for doing that job, but I am still selling a device that makes college life and airport life easier. 

What did I Change?

       I really didn't want to change my whole idea, but the Pod will come with a case that makes it easy to carry around in backpacks. I will work with a second company that will help my business work better with every Wifi provider and so that people using the Pod will get a better internet connection. I look forward to further comments from my fellow peers. 

Google Gold

      To obtain Search Engine Optimization, I used a group of key words in almost every single one of my blog posts. By giving the same small summary of the product I was selling to my customers, it kept a pattern in my blog posts; therefore, it would nail it down to my posts when people look up those keywords.
        The keywords I used in my blog posts were:
1) portable
2) rechargeable
3) outlets
4) wifi hotspot
5) University libraries
       I chose these keywords because because these are all words that people want to see in their electronics. When people look up these words on google, hopefully my blog will show up, and people will be interested in my idea. I added wifi hotspot to my list of keywords when a fellow peer suggested that I add this service for my product.
       I did not really use social media to advertise my blog, but when I would post my blog website on a fellow peer's blog post, that's when my blog would get a little bit of a spotlight. I am not so dedicated on social media to have it make a difference for the success of my product.
       The post that was the most viral for my blog was my first elevator pitch post. I think this was very viral because a lot of my family members heard of it and watched it on youtube. I got more views and that's very exciting.
        I didn't come up at all when I typed in some of my key words, but when I typed in Alex the Entrepreneur, I was the first on google.

Very Short Interview, Part 2

      The entrepreneur I chose to interview was Steve, the owner of Leonardo's pizza, who owns other styles of pizza restaurants in Gainesville. After revisiting the first conversation with Steve, I realized that my questions were really broad. I didn't know much about entrepreneurship or what questions would be okay to ask to someone. Now, I would probably ask more in depth questions that really matter like the growth of a business related to a new product. From where I stand now, my impression of the first interview was that I didn't really get any actual information of the experiences he faced while learning to be an entrepreneur and what he learned while trying to expand his business. He was motivational and kind which was really important for me going into this class because I probably wouldn't have had the courage to overstep my boundaries and think like an entrepreneur myself. 

         Interview:

Question 1: How do you reinvent your product so it is always better than that of your competitors? 

                     "I experiment with the product I give out. We have some of the craziest pizza selections, but it's what keeps people coming. We also create an experience for people. Bringing in a jazz band for jazz nights and opening different locations is what keeps us in business."

Question 2: How do you identify a customer's favorite product? 

                     "Usually what I sell the most of, I think of as the customer's favorite product."

Question 3: Were there times that you failed, and if so, what did you learn from it?

                      "Every entrepreneur fails, and I have had my fair share of moments that I have failed. Even when I was younger, I would apply for a job and not get it, study really hard for an exam and fail, but the kind of failure that I experience as an entrepreneur is different. It is what drives me forward. I learn that it is important to continue trying, and to keep on failing. There can be a hundred failures, but it only takes one success to make a difference." 

         I have come incredibly far in this class, and it shows in this interview. I was able to ask more in depth questions, and he was very surprised with my knowledge. I am comfortable with talking about entrepreneurial concepts almost as comfortable as I am with spelling entrepreneurship. I know much more about the process of developing a product and making it important to one's desired customers. I was very nervous talking to Steve the first time, but now that I have taken this class in its full form, I knew what I wanted to ask and felt very comfortable talking to such an experienced entrepreneur. 

Week 13 Reading Reflection

1) The biggest surprise for me while reading this chapter was the extra earnings figure because you can use that to estimate the value of items that we cannot physically grasp.
2) One part of the reading that was confusing to me was reading about the pricing formula because there are so many steps. It is interesting how you take the average annual net earnings and then subtract that number by earning power and salary.
3) If I were able to ask the author two questions they would be:

• What is the method the author would use to analyze a business?
• Are there more aspects to the due diligence questions that we aren't covering because we live in America?

4) I did not disagree with the author in this chapter because everything I read about was mathematical and not very analytical.  

Celebrating Failure

         In this entrepreneurship class, we had to give out free money to random people on the street. My friends in this class didn't want to do this assignment because they felt uncomfortable giving free money to people. I was super uncomfortable, but I decided to just do it. On a Sunday night, I stood outside of a Publix supermarket in Orlando, and offered a dollar to anyone who walked out of the store. Every single person said no to me, and walked away looking at me like I was a complete freak. It was probably one of the most degrading moments of my life. Every person who I offered money to and refused to accept it was a failure. I learned that people will say no and it will make you feel uncomfortable, but there is no way to know if they will say yes unless you put yourself out there. Failure is embarrassing and insulting, but I have learned to deal with it by accepting it. If I am failing it is because I can improve on something. I could have used different tactics to give people the money. One can always improve on one's self, and that is what failure is all about. Not about failing, but about what you can change to succeed. This class has changed my perspective on failure by making me realize it's okay. I didn't fail the assignment because I didn't give away the money like most classes would have done. Instead, I wrote about how I could have improved, and what I would have done differently. I am much more likely to take risks now. In fact, there was an officer position open in one of my clubs, and usually I would not be the one to run for that kind of thing, but I am running, and I don't care if I loose. It's the experience that counts, succeeding is just an added bonus. 

My Exit Strategy

        I plan on staying with my business until I retire because my product will be in high demand for years to come. In many University buildings, there are not enough outlets for their students, and it is cheaper to buy my product instead of building new buildings with more outlets in them. I think that my business has the potential to be very lucrative; therefore, I plan on running this business till I retire.My exit strategy has influenced other decisions for my product in the way that I have made sure I can continue to expand my business to be the most successful it can be without going bankrupt.  

What's Next

Existing Market

   Everyone I interviewed was really helpful towards my goal to expand my market. I interviewed students from a University Florida dance team, and I got great results. Everyone really liked my idea of a portable charger with outlets on it to charge all major electronics. My favorite suggestion from my last interview was to make a case for the portable charger. 

     This was really interesting. I told these girls my idea about creating a waterproof version of the portable charger. The girls were really appreciative of this. They also suggested that I make the Pod eco friendly. The girl who said to create the case to sell with the pod also said to make that case waterproof. Which makes sense. What benefit to college students have from buying a waterproof portable charger? A waterproof case for the Pod seems to be perfect for these girls. 

      The girls also suggested to make the Pod have a better battery life. This is true because this is the next best step in making my product more efficient for the students. It can last longer and be perfect for a student's long day of studies in the library. I was really appreciative of all the wonderful feedback and it made me want to use this advice to make my product even better. 

New Market

   

      The new market I decided to tackle was Starbucks coffee locations. I thought that it would be really great to take the pods to Starbucks all over the country because although it is a place for people to go and drink coffee, it could be a great place to bring the Pods.
      I sought out Starbucks addicts and asked them if they thought that the next best place to take the Pod to would be the most popular coffee shops in the world. They all thought that it was a great idea. They said a lot of students go to Starbucks coffee shops so I would still be making students happy.
       I thought it would be cool to power the coffee machines by the Pod to make it more eco friendly. Maybe the shop could add more coffee machines by adding the Pods into their stores and delivering coffee to customers more efficiently. I was really happy with all the great feedback I got from these people. I think it will be a really cool way to create a new market.

Week 12 Reading Reflection

1) The biggest surprise during the reading for me was finding out that the reason companies have problems with innovation are because they lack an innovation strategy. I thought this was very interesting because I didn't know you could have a strategy to innovate your company.
2) One part that was confusing to me during the reading was the paragraph about crowd sourcing and how it was a way to sift through a lot of ideas of innovation.
3) If I were able to ask two questions to the author, they would be the following. Is talking to customers and seeing what they want a method of crowd sourcing or is it just a way to develop a strategy for innovation? The next question I would ask is what kind of innovation produces the best results in any company, overall? I understand that every company is different, but there must be some kind of innovation strategy that is good for every company to start with.
4) I disagree with the author when they said that the leaders should be the ones innovating. I think it should be the people in the lab who are there every day, finding out different ways to make a product even better than the last product.