28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I have the full intention of selling my business.

2) Why have you selected this particular exit strategy?

Personally, entrepreneurship is not the path for me. I'm really passionate about foreign relations and would actually love to work for the Council on Foreign Affairs in order to research current foreign policy and redesign future policy.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

It has made me realize that entrepreneurship is not the path for me. You really have to target a demographic and fit your product to them. Personally, I would rather focus on a different kind of research. I will say that my research on a silent microwave has greatly impacted my thought process on how I can conduct future interviews in foreign affairs. 

27A- Reading Reflection no.3

1) You read about an entrepreneur:

• What surprised you the most? I was surprised by all the people that Coco Chanel knew as an acquaintance, friend, or something more. Even more surprising what that one of her "friends" was a Nazi general that she colluded with and the author did not condemn her for it. 
• What about the entrepreneur did you most admire? I find it really impressive how Chanel was able to come out of poverty. Especially for a woman at the time, that was especially difficult.
• What about the entrepreneur did you least admire? The fact that she was a Nazi spy. Honestly, because of that, she had it too good.
• Did the entrepreneur encounter adversity and failure? Not enough. After WW2, the French government started to question her about her relationships with German officials. Unfortuately, Churchill intervene and she was able to keep her power and money without any consequences.

2) What competencies did you notice that the entrepreneur exhibited? Chanel is a skillful networker. She was able to use her womanly charms to have power and wealth before, during, and after WW2 as she worked with powerful people in the French and German government.

3) Identify at least one part of the reading that was confusing to you. I felt like the author tried to list everyone that Coco slept with and all the names got confusing. I was frankly more interested in her entrepreneurship and the author did not talk about that as much until the end when Coco was older.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

• Why would be a Nazi sympathizer if you have Jewish friends who have helped you finance your operations? Isn't that hypocritical?
• What is your most proud accomplishment? The thing that haunts you the most?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? Chanel definitely believes in hard work but we definitely have different visions on how to reach success. I would not sleep with men for success especially the married ones or the Nazis. I also wouldn't look away from Nazi occupation to ensure my own success.

26A – Celebrating Failure

I absolutely have to begin this assignment by saying that Thomas Edison is a pompous jerk and did not invent anything. Rather he underpaid workers like Nikola Tesla to invent things and then took the credit for it. He put the advancement of American technology behind in an effort to pursue his own greed by blocking Tesla from selling his inventions that eventually inspired Wi-Fi, sonar detection, and so much more.

Secondly, this summer, I made it a priority to finish moving in to my apartment and organizing EVERYTHING. That has been slightly difficult as I keep rearranging my closet and keeping up with my other responsibilities. Today, the legs for my desk finally arrived so I could put it together but I was so exhausted after studying and taking the cupcake. But it feels like there's an excuse every day. Last week, I was helping my friend Brynn move out and this week I'm helping my friend move out of Tallahassee. But today I have decided to get ahead of my homework by doing this blog post early so that tomorrow I can focus on my room and the next day I can drive to Tallahassee!

Quite honestly, failure is not something I can across often. I am headstrong, iron-willed and tenacious, and I do everything I can do prevent failure. Even the failure to finish my room before Summer B started, just means I have to set a new goal until I can succeed. I guess thinking of the emotional aspect, I would not handle failure well because I have not experienced it often. The thought of failure in the grand scheme, like life or a career, is absolutely terrifying for me.

25A – What’s Next?

Existing Market.

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

My microwave will be available in person by retailers like BrandsMart, Walmart, and others, so that consumers can compare and purchase.

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.

My first interviewee stated that using Amazon Prime would be a good idea since it's easy for people to pick styles and compare even more prices. The following interviewee reflected on my idea and then the Amazon Prime one. They stated that online shopping is very useful to a lot of people but that they do not use Amazon Prime because of their poor working conditions. They recommended online shopping through the previously mentioned vendors of Walmart. The third interviewee stated that if the marketing was done right, they would go specifically to the website or business selling our product to get it.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

I believe the marketing is going to be extremely important. Young adults are introduced to so many medias and outlets, and when they see a useful product like a microwave with silent capabilities, they will have the desire to purchase it. Especially since my interviews showed that my product met a need that was unknown.

That being said, online purchasing would make it easier for many younger consumers who regularly shop online. With the right marketing, we would not to use the unethical Amazon to reach consumers. Through our vendors or own website, we could sell our microwave for reasonable prices.


New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

A microwave that is even louder! Reaching for an older demographic.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

As people get older, hearing seems to be one of the first things to go. While your food is microwaving, you might want to perform other tasks but are left unable to because you cannot hear the ding of your food from the next room over.

Step 3: Interview two 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?

My first interviewee has absolutely no use for this product because their hearing works just fine. The second one said that they might use a product. They would recommend having a volume dial to control how loud the beep is for specific instances.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.

I believe I can safety say that the demand for this market is limited. Many older adults already have microwaves and would not want to purchase one because of their worsening hearing unless completely necessary.

That being said, the volume dial is an excellent idea so that consumers can easily adjust the volume on their microwave. Sometimes silent is good, but sometimes you want a normal or loud beep to let you know when it's done.

24A – Venture Concept No. 1

Current microwaves on the market are loud in every way: when you open the door, when you press the buttons, and especially when the timer is finished. This the modern world, microwaves are falling behind terms of user support. More and more young adults, either during college or after, are gaining more and more roommates as they more to bigger cities with smaller spaces.

Because roommates share a living space, they also adjust to accommodate each other. This is difficult when they have different systems and sleeping schedules. Morning and evenings can be tricky if roommates sleep at different hours and this difficulty means that one may have to be quiet when accomplishing tasks. Microwaving a meal without waking your roommate is an almost impossible task if your quarters are close (unless they sleep like a brick). Likewise, a roommate who is using the microwave while you sleep is bothersome when they wake you. This is a common problem on both sides that many young adults would like to solve.

Microwaves are obnoxiously loud, and in some cases, there is a reason like a beeping to call out. But more often than not, its unnecessary as you wait in the kitchen. Our microwave will have the capability of beeping and staying silent-- a feature that will be revolutionary.

Many young adults are moving into their own places, and as such, need new household appliances for their new accommodations. To remain competitive, we will have reasonable and average prices to compete with other brands. Microwaves are as low as about $40 but can reach prices well over $100. As such, it would be important to stay within that range at approximately $60.

We will hold a partnership with an already established brand in order to keep manufacturing costs low, have an established consumer base, and reduce necessary investments.

The three minor elements
First, describe what you think your most important resource will be. A partnership with an established brand will make it difficult for other up and coming microwave innovations to catch up with my product.

Second, what’s next for the venture? Who wouldn't love a matching oven to go with their stylish microwave?

Third, what’s next for you? I will sell my vision to the highest bidder and travel the world with my money. After turning that money into more money in the stock market, I will have the capital to force politicians to make good choices for once.

23A – Your Venture’s Unfair Advantage

1.     Silent capabilities

·       This is valuable for my venture since many individuals have an unmet need for quieter microwaves.

·       This knowledge is rare, because not everyone has realized this need.

·       This resource is inimitable, but it will be the first.

·       This idea is poorly substitutable as microwave users would be forced to watch the heating and open the door before time finishes.

2.     Patterns and designs

·       This is valuable for my venture since many individuals, especially younger ones with a new for silent microwaves, want more personalized or accessorized designs.

·       This knowledge is not rare but the amount of colorful microwaves is limited.

·       This resource is inimitable, but our array of options will be especially attractive.

·       This idea is substitutable but we will aim for a partnership in order to have a mass production and be competitive in market.

3.     My creativity and innovation

·       This is valuable for my venture since entrepreneurs need to have skills such as these to succeed

·       This knowledge is somewhat rare, because not everyone can access these skills

·       This resource is somewhat inimitable, but true creativity and innovation is difficult to replicate to a high degree

·       This idea is poorly substitutable as seen by the fact that it has not been invented yet.

4.     Access to investors

·       This is valuable for my venture since financial capital is often necessary to achieve goals.

·       This knowledge is rare, because of the unequal distribution of wealth in America

·       This resource is inimitable, but the combination is rare.

·       This idea is substitutable with other rich people.

5.     A partnership with a strong brand

·       This is valuable for my venture since it keeps us competitive with developments and the market.

·       This knowledge is rare, because less than a dozen brands have control over the microwave market.

·       This resource is inimitable, but limited.

·       This idea is poorly substitutable as microwave companies continuously create the same product.

6.     Interviews with young adults that indicate a demand

·       This is valuable for my venture since it keeps us competitive with developments and the market.

·       This knowledge is rare, because less than a dozen brands have control over the microwave market.

·       This resource is inimitable, but limited.

·       This idea is poorly substitutable as microwave companies continuously create the same product.

7.     I am my own consumer

·       This is valuable for my venture since it means I understand the mind of the consumer.

·       This knowledge is not rare, because many Americans use the microwave.

·       This resource is inimitable.

·       This idea is poorly substitutable because you cannot always be a consumer.

8.     My communication skills

·       This is valuable for my venture since it allows me to make connections and talk to other consumers.

·       This knowledge is somewhat rare.

·       This resource is inimitable, in some ways but not completely.

·       This idea is poorly substitutable.

9.     I have my UF teachers to guide me

·       This is valuable for my venture since the knowledgeable professors at UF can guide me.

·       This knowledge is rare, because not everyone has so many people to guide them.

·       This resource is non-inimitable.

·       This idea is poorly substitutable as their experience is not comparable.

10.     My drive to succeed

·       This is valuable for my venture since it keeps us competitive as I push to excel.

·       This knowledge is not rare but certainly necessary.

·       This resource is inimitable.

·       This idea is somewhat substitutable as some people push themselves further.

While there are a lot of good qualities that will help with my endeavors, my first, the innovation of a microwave with silent features is my most important which fits into VRIN the most. This resource is one that has not been done before and with a variety of colors and styles, other manufactures won’t be able to compete with our features and variety.

22A – Elevator Pitch No. 3

1) The pitch.

https://www.youtube.com/watch?v=VUJyJYJBwy4&feature=youtu.be

2) A reflection on the feedback you received from your last pitch.

I was both pleased and surprised to hear from Zoe that my speech sounded both practiced and personable. The criticism of my pitch was that I spoke too fast and I sounded out of breath which was evident as I re-watched.

3) What did you change, based on the feedback?

I made a point to keep my "practiced" and "personal" persona while also slowing down. Because of this, I keep down on my words to empathize my more important points. This allowed me to talk at a slower pace while finishing around the 90 second mark.

21A – Reading Reflection No. 2

Mindset: The New Psychology of Success, Carol Dweck

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

Dweck introduces the various types of mindsets: our personal mindset, the mindset of people around us, and the mindset relationships. She goes on to explain the differences of a fixed mindset and a growth mindset. The theme of these two mindsets make the difference of our experiences with relationships, groups, and other aspects of life.

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

Being an entrepreneur is all about your mindset. We've learned in class that many people have good ideas, but they need to be marketable ideas and the creators must have the drive to make it happen. People need to put in the time, effort, and energy, and they certainly cannot give up at the first sight of challenges.

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

I think the exercise would have to be an introspective writing assignment. Students should name an instance where they have had the growth mindset; when have they persevered in a challenging time or when have they learned from their mistakes to grow as an individual?

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?

One part of the reading that really got me thinking was the part about children solving puzzles and seeing obstacles and difficulties as learning opportunities rather than failures. It made me think about what changes as people grow older. My thought is that our deeply flawed education system focuses on getting questions right on a test rather than actually learning and processing information.

20A – Growing Your Social Capital

1) Who they are and what their background is.

a) Alan Perera is a stock market analyst in Miami, FL

b) Ed Gonzalez is the manager at an electronics and furniture store

c) Shane Hatheway was an app developer who designed Mary Kay's application and then retired

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

a) Alan is a casual investor who I pitched my idea to to gain his insight in the industry and as an individual investor.

b) Ed is a supplier as he has interacted and assisted consumers for over 20 years.

c) Shane is someone who created a project and successfully sold it.

3) A description of how you found the person and contacted the person.

a) My grandmother works at a law office and he is in the office next door so she connected me.

b) My grandfather became besties with him after buying a couch from him and now they drink and travel together.

c) Shane is my ex-stepdad's brother and I have met him before but only in passing. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

a) Currently, we are in different cities so we only spoke over the phone, but we spoke about meeting over coffee in the future.

b) Once again, the distance meant we could only speak on the phone but in the future we talked about my family having dinner with his.

c) Speaking on the phone, we connected about his daughter who I babysat when I was younger and also about his experiences as a developer.

5) How will including this person in your network enhance your ability to exploit an opportunity?

a) Alan is a potential investor and could possibly introduce me to more investors. He gave me some good ideas on how I could market this design to a larger company and sell it after making a prototype.

b) Ed talked to me about what consumers want and how they acquire it. He gave me really good insight to the industry itself.

c) Shane spoke to me about the process of creating his product, patenting it, and then selling it. It was a stressful process at the time, but now he has really benefited from it as a stay-at-home dad who spends time with his family.

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

My networking in the past has been more personal as I connect with work with people. Usually, I build rapport and work with others but in this situation I simply started talking and asking them for advice.

19A – Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am someone very passionate about human rights and international politics. I want to go into foreign affairs to promote a humanitarian agenda for U.S. policy. Because of this, I would sell my business concept so I could focus on my work and use the money to travel and study the world.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

Current microwaves on the market are loud in every way: when you open the door, when you press the buttons, and especially when the timer is finished. My microwave has silent capabilities giving users the options to be silent.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The majority of users would have roommates including those living in large cities or those in college. The demographic would be fairly young because of these living conditions. Another set of people would be those who have a personal preference of not hearing loud noises.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Because roommates share a living space, they also adjust to accommodate each other. This is difficult when they have different systems and sleeping schedules. Morning and evenings can be tricky if roommates sleep at different hours and this difficulty means that one may have to be quiet when accomplishing tasks. Microwaving a meal without waking your roommate is an almost impossible task if your quarters are close (unless they sleep like a brick). Likewise, a roommate who is using the microwave while you sleep is bothersome when they wake you. This is a common problem on both sides that many young adults would like to solve.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

Microwaves are obnoxiously loud, and in some cases, there is a reason like a beeping to call out. But more often than not, its unnecessary as you wait in the kitchen. Our microwave will have the capability of beeping and staying silent-- a feature that will be revolutionary.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

Because my demographic involves those with roommates, often times this means they have less money to spare as part of the younger demographic (who have already been burdened with a bad economy, astronomical student loans, and poor wages). To gain traction, the price of my microwave would have to be attractive and possibly the microwave itself might need a variety of styles to even it apart even further from its competition. Often times, young people moving in to these new places, need new devices like a microwave so there would be a market.

Evaluation: Tragically, I did not get any feedback to correct on my Idea Napkin. So for this assignment, I read over my assignment and tweaked it according to other feedback I received. Specifically, I added more information about the look of my microwave. Previously I spoke to having a modern look but over time I realized some new styles might be nice to attract young people who want a refreshing and complimentary look.

18A – Create a Customer Avatar

My target audience is people with roommates, specifically younger people in big cities!

In this picture, I am with my friends, two of which were my roommates and the other girls also happened to be roommates too. Unfortunately, two of my roommates had VERY different living styles and this led to a lot of conflicts. Our living spaces were very small and this caused a lot of friction with people cooking, leaving messes, and of course, noise.

In this picture, I am with my roommates from my internship in Washington, D.C. There was no drama (thank goodness), but there was very different sleeping schedules that meant a lot of delays as we tip toed around each other. We had work to do and places to be so this was an unnecessary stressors with our loud, obnoxious microwaves.

My customers are one thing but a variety of people with different backgrounds. They will lean towards being younger because of young adults needing cheaper living accommodations but older adults can also benefit from this as they live with children or significant others. Some people, in general, just dislike the noise the microwave makes so they would be interested in this product as well. The great thing about this product is that a variety of people can benefit from it and would purchase it.

17A – Elevator Pitch No. 2

1) The pitch. Same as last time, about 90-seconds long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

https://youtu.be/0CynxYsiemM

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly, what feedback you thought was most useful and insightful. 

My feedback was mostly positive which was very nice to hear. Millie said that my ending sounded cut short which was true. I felt like I was talking too much and did not have time left to close my presentation.

3) What did you change, based on the feedback?

This time I made sure to close my presentation with my ending statement and sign off in order to have a consistent form.