Posts

30A - Final Reflection

Image
I thought the most formative experience was creating the venture concept. At this point in the class it was exciting to finally tie in every other exercise we had completed throughout the class to one final assignment. In addition, I was able to see why the other assignments were meaningful and how each one connected with each other to lead to this final assignment. I enjoyed taking my product from just a long shot idea to working through various angles and figuring out what works and doesn’t work. I could see myself in the future actually designing this product and trying to make it work. I do think that I have developed an entrepreneurial mindset. Many classes in the business school does not require you to think outside the box and I believe that I developed a great new mindset to approaching problems. One recommendation I would make to future students is to really think long and hard about what you choose to be your entrepreneurial idea. You are going to spend a lot of time...
2 comments
Read more

29A - Venture Concept No. 2

Image
Opportunity. I discovered an opportunity in the three-hole punch and hole reinforcer area. In my own personal experience and what has been echoed from many peers is that papers in a binder rip very easily. The only way to fix this is to apply hole reinforcers by hand that requires a serious time investment. I found that there are not automated products on the market and decided to create a two in one three-hole puncher and hole reinforcer that will not only save customers time, but also money. The target market for this product ranges from individual households to office and schools. All three markets have a need for this product and the product will be built differently for industrial vs individual use. As far as demographically, any age from middle school to working adult will find this product useful. This opportunity is very big because once a patent is obtained it will be hard for other larger companies to replicate the product and may have the chance to sell to a larger co...
2 comments
Read more

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 plan to try and sell the patent as well as the brand to a bigger office supply manufacturer in 5 to 10 years. I will also try and keep a percentage of the business or remain involved in the company. 2)     Why have you selected this particular exit strategy? I think this product will become obsolete eventually as we move towards a paperless environment so I would like to make as much money as people on the venture. I would also like to remain involved in the business at an executive or board level so I can continue to monitor my product and still be involved. 3)     How do you think your exit strategy has influenced the other decis...
2 comments
Read more

27A - Reading Reflection No. 3

1)     What was the general theme or argument of the book? I chose to read the book titled How to Fail at Almost Everything and Still Win Big which is a memoir on Scott Adams who was a cartoonist. He said that it is important to be patient and gave many examples of famous and successful people who were patient and did not become famous until after the age of 30. Adams discussed how he became the creator of a very popular cartoon named Dilbert office carton. 2)     How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? I think this book connected well with ENT 3003 because this book as well as the class both echoed that many entrepreneurs have to fail many times before they come up with the big idea. It is not easy to come up with an entrepreneurial idea that will be successful, and Scott Adams proves this point through his real-life experiences. 3)     If you had to design an exercise ...
2 comments
Read more

26A - Celebrating Failure

1)     This semester a set a goal out to increase the number of times I go on a run per week. I planned on waking up early and starting most of my days with a run. At the beginning of the semester, I followed my plan for a couple of weeks, however, I ended up constantly putting it off and not achieving my original goal I set out. It took the coronavirus outbreak and gyms closing to force me into a better habit of running daily. 2)     I learned that the most important thing to do when setting a goal is to make sure you start of strong. Looking back, if I had possibly run for consistently for the first month then I would have most likely accomplished my goal. 3)      I think that not reaching my goal just showed myself that this is something that I need to try harder at and really force myself into doing. I think that not reaching your goal or failing at something only makes you a better person, especially if you are able to ...
2 comments
Read more

25A - What's Next?

Existing Market.  Step 1: I think the next step for my product is to establish itself as a new and innovative product that is not only time efficient, but also cost efficient. Step 2: Could not conduct interviews due to teacher’s instruction Step 3: I think what makes the most sense for my product is focusing on establishing for a couple of years and really to increase sales and lower the cost of producing it. After that exploring globalization would be a great route and finding new markets across the world. New Market. Step 1: A radically different market would be targeting companies that sell whole products Step 2: Value could be added for schools or large businesses that are used to buying office supplies in bulk at discounted rates. If I was able to strike a deal with a large office supply company that sells wholesale, then I might be able to increase number of sales of my product. Step 3: Could not conduct interviews due to teacher’s instruction St...
2 comments
Read more

24A - Venture Concept No. 1

Opportunity. I discovered an opportunity in the three-hole punch and hole reinforcer area. In my own personal experience and what has been echoed from many peers is that papers in a binder rip very easily. The only way to fix this is to apply hole reinforcers by hand that requires a serious time investment. I found that there are not automated products on the market and decided to create a two in one three-hole puncher and hole reinforcer that will not only save customers time, but also money. The target market for this product ranges from individual households to office and schools. All three markets have a need for this product and the product will be built differently for industrial vs individual use. As far as demographically, any age from middle school to working adult will find this product useful. This opportunity is very big because once a patent is obtained it will be hard for other larger companies to replicate the product and may have the chance to sell to a larger co...
3 comments
Read more