30A – Final Reflection

Experiences
   Looking back through all the posts was quite a journey. There were many experiences had along the way and a few stood out even more than others. I remember the first steps well in this course of recognizing opportunities around me. I felt this was a very formative experience as its the first step for any entrepreneur to make. I'm most proud of developing my elevator pitch because this was something I was initially not excited to do. Memorizing lines always seems like a daunting task but after a few attempts it comes much easier.

Mindset
   After completing this course I feel I have gained a much better insight into the entrepreneurial mindset. I'm not sure I have a fully developed entrepreneurial mindset but I do feel I've made progress in capturing it. I know that through experience I can develop it further and this course has provided great experiences to do that. Through this course I have learned what makes an entrepreneur great is not only recognizing opportunity, but acting on it. Following this course, I am more willing to take risks and more apt to deal with the failures that follow.

To the Students who Follow
   To get the most out of this course I would recommend getting out of your comfort zone. This may mean that you will hit a few roadblocks along the way but roadblocks will only make your resolve stronger. Overcoming these obstacles will help build confidence in your product as well as yourself and you can use these victories to help tackle anything that comes in the future.

29A – Venture Concept No. 2

This is the second venture for my package storing product. This will further delve into the opportunities that this product presents to the world and covers the innovation driving these changes. This will also include notes regarding changes due to feedback in the first report.

Opportunity:
 With the growth of modern day online shopping consumers have found it easier than ever to buy packages and ship them to their homes. But within this modern day shopping Renaissance there lies a problem. Packages which are shipped to homes are often left unguarded and in plain sight for any thief that happens by. There is a huge opportunity for a product that can reliably keep your packages safe and out of sight of anyone who passes by your house. Consumers who regularly buy packages online have this need for security. This market is defined by homeowners who have packages sent to their homes and live in either urban or suburban areas. This opportunity will exist so long as their are unguarded packages being delivered to homes. Customers currently have few options to satisfy this need other than having packages not delivered without a signature or having a mailman hide the package.  Consumers are not very loyal to this option and are looking for a change.

Innovation:
 This product would be a secure containers capable of receiving mail or packages that have been shipped to you. Unlike a standard mailbox, this product would allow mail to be placed in but not taken out until unlocked by the owner. Built into these devices would include hardware which would monitor when the product has been delivered. This would give total privacy and security to your mail and packages that you have shipped to you. There would be three sizes made available for small, medium and large packages. I would be selling these products for $50, $100, and $200 respectively. Customers could then further personalize their product by picking a color scheme. Along with the customization aspects, customers could subscribe to a monthly service which would send text and email alerts to their phone when the package has been delivered. This service would charge $4.99 per month.

Venture Concept
Customers will want this product for the security it provides them. When online shopping many people may not purchase an expensive item for fear that it may be stolen before they can receive it. This also allows people to order products that would be delivered during the work week which they could otherwise not do. The business that grows from this product will be structured around the sales of this product. The service fee for subscription members would also provide a diversified and lasting revenue pool. I would start with only a few employees for sales and have the product produced elsewhere to minimize initial start up capital. The product would be heavily featured and targeted towards online shoppers. These shoppers would be directed towards the website for the company where information on the product could be found and potential buyers can customize the product to their needs. Major competitors include Amazon with their new unlocking doors to have products delivered inside your home. This is not a well received idea by many due to privacy concerns. Switching to my product will be easy as it will essentially replace the mailbox outside the home. After ordering the product it would be delivered and set up outside the home. Packaging on this product will be for the purpose of protecting it during transport and the price will cover the production and distribution of the item.

Three minor points
My firms secret sauce will be the peace of mind my product affords the consumer. Other products just can't match the reliability of my product and peace of mind it provides.
The next venture for this product may include surveillance for the home. This would pair well with a security device for your mail as you would have even more protection over your goods.
In five years I'd like to be selling this product to Amazon. After this I would start on my company seizing a new opportunity in the market.

Feedback
After the first venture concept I received a lot of great feedback about my product. It was suggested that I diversify the income streams of my company. This was something I hadn't thought much about but providing a subscription fee for added information on your product seemed like a great place to start. 
Another point that was made was the need for more customization of the product. Online consumers who I would be targeting can be very picky so I decided to give them the tools to make the product to their satisfaction. I gave them the power to customize the product to find not only the right size, but the right color to match their home. Hopefully these changes will entice more of the market into buying the product.

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make.
Following the five year success of my product my plan is to sell the company. Investors who I think would be interested in the product include Amazon or Walmart due to the fact that my product synergizes with their online business model. This product would prompt consumers to use their online marketing service more and for higher priced goods. This is due to the confidence boost my product would provide in securing their product. I don't see this product as a family business because their will likely be many competitors in the near future if the product does see success and I feel it would be smarter to move on to the next opportunity.

2.Why have you chosen this particular exit strategy?
This exit strategy would provide capital which could be immediately invested in the next opportunity following this product's sellout. This product is not patented and I believe that if it sees commercial success, competitors will emerge with very similar products and price points. The main advantage of my product would be the fact it is first on the market which would give it a stronger presence. This may entice large online retailers to simply buyout the company rather than compete with it.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept?
This exit strategy has influenced how the product will ultimately be made. The product will be constructed by a third party to reduce initial upfront costs of opening up a manufacturing plant. By having less capital invested in the infrastructure of the company, selling the rights of the product and leaving the company will be made much easier. In the meantime, I plan to grow the company as big as possible before selling off the rights to another company.

27A – Reading Reflection No. 3

The book I read was The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1) What was the general theme or argument of the book?

This book delved into how social media can act as an effective tool for marketing. It discussed the various platforms and how to take advantage of situations within them. By utilizing these platforms one can provide an effective outlet to express a product or a company to the intended market.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In this course we have examined various ways to connect and communicate with our intended market. While we have mostly done on the ground work such as interviews with pedestrians or professionals in our market, this book provides a good contrast of the other side of marketing. By having a media presence you can present your service to your intended market and get consumers talking about it.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

This book emphasized different media outlets and their usages. For our exercise I would have us create a Facebook or Pinterest page for our company where we can express our product or service that we are selling.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest thing that surprised me was the fact that Kawasaki stated that while the general principles of the book do work well no one has social media completely figured out. There is no definitive plan for success and the things that trend on social media are vastly different and constantly changing. I thought this was surprising but refreshing to hear that no one has all the answers and there are many paths to success.

26A – Celebrating Failure

Time I failed:

I have experienced many failures this semester. Some were larger than others. Some could have been prevented. Some could not. One particular failure that comes to mind this semester was my first exam in Business Finance. I put a lot of work into doing problems and studying but when push came to shove I got a 68. 

What I learned:

This was demoralizing to say the least, but with failure comes lessons to be learned. I learned just how much work is needed to do well in the course. Although I thought I was working at an adequate standard for the class this showed I was wrong. After this point, better work habits were established and I did well on the proceeding exam.

Why Failing is important:

Failure is not something anyone wants to go through, but it is important for many reasons. Failure is embarrassing but it helps expose the fact that the current system is not effective. After failing one is then able to adjust and make changes. With enough failures and enough changes one will be able to succeed and be prepared for any failure they receive in the future. This class has opened my eyes on how to deal with failure and I feel more prepared for any future failures to come. In the future, I will be more likely to take risks and with those risks will come many failures and hopefully a few successes.

25A – What’s Next?

Existing Market:
After talking to potential customers on the street regarding my product I have set sights for a new direction the company can potentially pursue. While my product currently provides protection for the mail customers suggest I provide increased protection with the use of surveillance cameras. By
expanding into this new product line their could be potential for even increased security of your items as you can see when they have been delivered or if someone has tried to tamper with your secure container. I would have these cameras be view able on mobile devices with an app. This would allow customers to see exactly when their product was delivered and from wherever they want.

New Market:
With the new product of security cameras and apps, my company could invest into a data storage facility. This could be used to host data from security cams we have currently been selling as well as sold to other companies as a cloud storage facility. This new market of data storage would let us target other data heavy companies. This would create value by letting the companies rent data storage for a period of time.

Before going into this I knew very little about data storage. After consulting with my interviewees, they suggested I find customers by talking to local businesses or franchises that may want to use this product. Something that surprised me about this market is that there is limited competition with these data storage facilities and it is a tough market to breach into. This is because the larger companies can give lower rates as they have a strong base of customers. This new market seems less ideal than previously thought and I would keep my venture in its current state instead.

24A – Venture Concept No. 1

 This is the first venture concept for my package storing product. In this report we'll dive in to the opportunities this product is presenting to the world as well as the innovation driving it. The final topic covered will include the breakdown of my venture concept.

Opportunity:
 With the growth of modern day online shopping consumers have found it easier than ever to buy packages and ship them to their homes. But within this modern day shopping Renaissance there lies a problem. Packages which are shipped to homes are often left unguarded and in plain sight for any thief that happens by. There is a huge opportunity for a product that can reliably keep your packages safe and out of sight of anyone who passes by your house. Consumers who regularly buy packages online have this need for security. This market is defined by homeowners who have packages sent to their homes and live in either urban or suburban areas. This opportunity will exist so long as their are unguarded packages being delivered to homes. Customers currently have few options to satisfy this need other than having packages not delivered without a signature or having a mailman hide the package.  Consumers are not very loyal to this option and are looking for a change.

Innovation:
 This product would be a large secure container capable of receiving mail or packages that have been shipped to you. Unlike a standard mailbox, this product would allow mail to be placed in but not taken out until unlocked by the owner. This would give total privacy and security to your mail and packages that you have shipped to you. I would be selling this large secure container for $200.

Venture Concept
Customers will want this product for the security it provides them. When online shopping many people may not purchase an expensive item for fear that it may be stolen before they can receive it. This also allows people to order products that would be delivered during the work week which they could otherwise not do. The business that grows from this product will be structured around the sales of this product. I would start with only a few employees for sales and have the product produced elsewhere to initial start up capital. Major competitors include Amazon with their new unlocking doors to have products delivered inside your home. This is not liked by many due to privacy concerns. Switching to my product will be easy as it will essentially replace the mailbox outside the home. Packaging on this product will be for the purpose of protecting it during transport and the price will cover the production and distribution of the item.

Three minor points
My firms secret sauce will be the peace of mind my product affords the consumer. Other products just can't match the reliability of my product and peace of mind it provides.
The next venture for this product may include surveillance for the home. This would pair well with a security device for your mail as you would have even more protection over your goods.
In five years I'd like to be selling this product to Amazon. After this I would start on my company seizing a new opportunity in the market.