Week 15 Reading Reflection

1) The biggest surprise to me was the entire article.  Amazing how his multi-million dollar company lost so much money and went through hell because they didn't want to pay thieves but retaliated and won. 

2) What i found to be confusing was why and how they created their "loyal gang."

3) 2 questions i would ask the author is what kept them hopeful during those hard times? the other is how sure were they that recruiting women who wanted loans would help them be successful?

4) There is nothing in this article that i disagree with because it is someone explaining their past an dhow they got to where they are.

Final Reflection

2) After going through my blog, the most formative experience was putting each blog post together each time. Ill remember trying to find the perfect picture for each post over time. The most joyous experience was completing and turning a post on time. I am proud of how i stayed on top of each assignment and put a lot of effort into each, even after wanting to give up several times.

3) I see myself geared towards the right direction. I still think with more guidance and experience, i can become the entrepreneur that i set out to be.  I definitely have a clearer mindset.

4) I recommend to never fall behind. There are a lot of assignment with little time to complete each and they all require full attention and diligence. I recommend planning ahead and getting a head start on each assignment.

Elevator Pitch No. 4

2) I received a lot of helpful and positive feedback from my peers which is a good thing because i have redefined my product countless times because of the feedback.

3)  I didn't change much regarding the feedback but i did add to my pitch

Venture Concept No. 2

1) The ULTIjack is a product designed to fulfill the purpose that most jackets and long sleeve sports wear does not do successfully.  People who frequently spend their time outdoors are potential customers of my product.  Whether these people are walking, playing a sport, exercising, hiking or traveling, the ULTIjack is guaranteed to keep you insulated when it is cold and cool when it is hot.  Anywhere is the world, anytime of the year, anytime of the day, the ULTIjack can perform successfully.  Instead of layering up endlessly, one can simply use this jacket and it reaches the same measure as a north face jacket over two long sleeve shirts and a scarf. This jacket not only provides a safe layer but an extra layer when needed.  Customers are currently using the only thing close to the ULTIjack, which goes for a whopping $350, that does not entirely meet the need of the people looking for something o that sort.  The opportunity for the ULTIjack is very big considering there is nothing like it in the market.  This window of opportunity will be open until someone acts before I do and creates and produces their own version of the ULTIjack.  I chose something very intricately built and also very useful and needed by society.  This jacket can replace the multiple layers of clothing most people load on to keep themselves warm and remove frequently every time they enter a room that has the heat on high.  It is a never ending cycle of putting on and taking off for the long winter months.  The ULTIjack will use automatic sensors made from electron powered electrolytic cells, which are rechargeable, to determine the weather it is exposed to.  That process will trigger the cooling or heating systems made from 70% alcohol based solution to deliver heat or cool temperatures throughout the jacket.  I will make money by selling the jacket at an affordable price so anyone anywhere can purchase my product.  Ranging form $70-$100 to cover cost of production and release.  The ULTIjack will put an end to the days where one had to buy sweaters, jackets, coats, parkas, long-sleeved shirt, etc. My product will come to the rescue during the days one does not know what to wear.  The ULTIjack is something simple and useful that will fulfill the need of everyone.  My business will be organized according to the success of my product.  I will be based on supply and demand.  I will have producers, manufacturers, promoters, advisors and overseers.  There is no worry I have towards this venture concept except the possibility of someone else acting faster than I do and creating their own ULTIjack and selling it in the market.

2) The summary i received helped me direct my venture concept towards the right direction.  I received a lot of positive feedback from my peers which was refreshing because i have had to make is many corrections and alterations to my product based on all my feedback.  The weight was especially crucial.  I was asked so many questions concerning the weight of my product and all i can say is it will be a standard weight.  It is a jacket so i don't want to overdo it.

3) I didn't change my venture concept.  Everything anyone needs to know about my product is described in the venture concept.

Week 14 Reading Reflection

1) The biggest surprise for me was in chapter 3 the section about a timeless lesson: Signodes I-Teams.  I was shocked to see how many team he launched in such little time and how successful they all were. 

2)  I was a little confused with the social entrepreneurs topic.  I didn't really understand the books explanations on how they are change agents.

3) One question i would ask is which of the many topics of social enterprise do they find the most important?  Another question i would ask is what about ecosystem service make sit so appealing?

4) I do not agree with the section concerning ethical issues.  there are numerous ways to incorporate ethical issues into business without jeopardizing any party involved.

Google Gold

1) I often looked up photos that relate to the topic of each blog.  Also, for some questions that involve more intricate and sophisticated answer (such as this one) I used SEO.  I often enjoyed using my real life experiences in each posts (skydiving, dancing, rugby).

2) Some keywords were business, entrepreneur, and success.  I chose those words based on what the posts involved.  I refined my words by the sentence i placed them into.  I was more cautious and aware as to where I used many of those words.

3) I did not utilize social media to enhance my SEO efforts.  I did not see how it could help since all my social media is geared to my professional life and i don't rely on feedback.  

4) The post that obtained the most traffic was the What's Next post.  I think that is because not many people did the assignment so they weren't assigned peer reviews.  

5) I did not make it to the first page or any page for my key words, that i saw.  

Very Short Interview, Part 2

I think that initial interview was very informative.  The entrepreneur i chose was giving me his perspective on starting from nothing and transforming it into something successful.  Nelson gave me a heads up and a quick preparation guide to succeeding in this course. 

Question 1:  How often do you make rookie mistakes in the business?

NC:  "I'd like to say i make one everyday.  Everyday is a new day to learn and mess up.  Although i have been in the business a while, I am still learning day by day."

Question 2:  Would you ever change you ways of running your business in the future?

NC: "I wouldn't make any drastic changes but i would do adjustments wherever necessary."

Question 3: Do you often look back and wish you did anything different in you business?

NC: "I do not.  I do look back but i don't regret anything.  If i wish i had done anything different, i would not be where i am today."

I am comfortable in talking about entrepreneurship.  I actually find myself, when talking to entrepreneurs, speaking of this course and all the things i do within it.  It not only makes me sounds like i know what i am talking about, but proves that i also have an idea of it.  Nelson saw a lot of improvement and knowledge that he did not notice during our first interview.  He felt like he was talking to a business partner whom he knew was reliable, when speaking to me.  

Week 13 Reading Reflection

1) The biggest surprise to me was the extremely long and intricate checklist for analyzing a business.  I knew there was a lot to it but i did not expect such a specific, detailed list.

2) I was confused during the section addressing adjusted values.  I did not understand why only assets used are included in industry comparisons of adjusted values.  

3) One question i would ask the author is why he thinks that the price/earnings approach has so many drawbacks.  Another question is how he thinks a ventures worth is successfully calculated.

4) I disagree with the section concerning avoiding start-up costs.  from what i have learned in this class, paying more for something that may not be successful is risky and start-up costs are not beneficial for buyers, in the along run, if the business is not valuable.  

Celebrating Failure

1) I am a licensed skydiver and jump for UF falling gators club.  I went 3 months without jumping, so when i finally went up and jump, I didn't keep my stability for long.  I had to re-do the jump 3 times in order to successfully stay stable and control myself while falling.  I would literally spin out of control until my partner would come and stop me.  It was very frustrating and i almost gave up.

2) I learned that frustration can only lead to mistakes and severe problems- especially when skydiving.  I had to calm down and take my time during my jumps in order to control myself.  The more i relaxed the more i state stable and did not spin out of control.  Patience is key.  Even when jumping out of a plane.

3) Failure is hard. It is discouraging.  It is frustrating.  But it is also motivating.  Overtime failing meant that i had to try a little harder in the future.  It gave me some hope that i may succeed if i try again. This class has opened my mind up to failure  I accept it and almost expect it.  If i don't fail, than whatever was doing was too easy. I have always been a risk-taker.  This class only proved it for me.

My Exit Strategy

1) I plan on staying with the business passing it on to the future generations of my family.  It will remain in the family forever.

2) I selected this particular exit strategy because I have created something original and capable of evolving through the years.  I want it to remain as a product created and run by me until i pass it on.

3) My exit strategy influences my decision i made to create the ULTIjack into being capable of improving and evolving as necessary.  I have identified that through the years and the new demands of the market, the ULTIjack can change and meet the needs of everyone forever.

What's Next

Existing Market. 

Whats next for my product is to make it customizable.  I want to enhance its uniqueness and ability to fulfill its overall purpose.  I will add more infusion to the technology powering the jacket and create an overall successful and reliable product the is definitely worth the buy.

 What make most sense is to approach my business professionally and optimistically.  I know i can fail and i have accepted that possibility and i will not let that stop me.  I can develop my venture to successfully provide customers with their unmet need and the customers i interviewed were very interested  in my product.  They were even impressed as to how i explained the technology functions the jacket. This overall gives me feeling of accomplishment because understand my product and that is an advantage.  

New Market.

A poor part of society will be a radically different market.  People that do no workout, see the use in any type of special jacket or whom aren't easily persuaded into buying such a intricate product will be a different market for my ULTIjack.  

I may create a value for this market by carefully explaining the benefits of the ULTIjack and even providing them with a free trial so they can see how the ULTIjack works and formulate their own opinion based on experience instead of me trying to convince them to purchase it.  

Step 3: Interview three people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Video or audio record these interviews.

I learned that not everyone can be convinced, and not everyone wants something like the ULTIjack.  I expected no's and disappointment and i got it.  This new market does appear to be as attractive as my existing market mainly because it  has the added benefit of trying the product for a free trial.  That alone can do the convincing and help me better develop my business and product from healthy feedback.