Assignment 30A - Final Reflection

My most formative experience was determining different needs and formulating a complete venture idea. Before this class I never thought about what issues I would want to fix as an entrepreneur. My most joyous experience was finally deciding on what product to create for my idea, because I was struggling to come up with something I was interested in. I'm proud of myself for staying on top of the assignments for this class because there were a lot of them and I am not the biggest fan of online classes.

I feel that I have moved closer to developing an entrepreneurial mindset after going through the class. Before, I only had broads ideas of what an entrepreneur might go through, but now I feel that I have more of a complete understanding of what it means to be an entrepreneur and how to accomplish related goals.

If I could make one recommendation it would be to create a schedule for the assignments. Some assignments obviously take longer than others, but set aside a portion of the week to get everything done so you can stay on top of everything. To perform best in the class you just need to do the assignments. You cover many different topics of entrepreneurship and you gain a lot of knowledge as you go through the class. To help foster the entrepreneurial mindset, students need to have that drive to learn. These assignments can be completed and you can still learn nothing if you're not trying to get anything out them. By having that desire to learn and drive to better yourself, you could get tons of knowledge from this class.

  

Assignment 28A - My Exit Strategy

Exit Strategy/Why I Chose It: 

• Within the next 5 years I plan to sell the business for a large return. I feel that the idea/product could be better utilized by a larger company with better manufacturing and marketing abilities. With their resources they could transform the portable fish/depth finder and help I can take the product to new heights. The return that I gained from the company could possibly be reinvest in another project or put the return into a fund and use it for retirement as I start my business career. 

Exit Strategy Influences: 

• This exit strategy has not influenced how I identified an opportunity. I feel that I started off with intentions of making this product the best out in the market, but I realized that it is hard to compete with a lot of these big companies that are well established. Picking the strategy I did has influenced me to take the return and work to reinvest the earnings. It has influenced me to think ahead to the future and do what's best for me.  

Assignment 27A - Reading Reflection No.3

The Long Tail: Why the Future of Business is Selling Less of More, Chris Anderson

General Theme:

• The general theme of this book is that popular items aren't as successful as they used to be once everything became available via the Internet. The Internet has allowed for an enormous number of products to be sold, because there is no shelf limit as to what a company can hold online. Popular items sold before the Internet accounted for a large amount of revenue, but today these "hits" will not account for as much revenue as they used to. Anderson is arguing over the importance of selling large amounts of items with smaller demand because these items still matter. Although the top items still account for a large amount of money, we can't neglect the mass number of items still bringing in a good amount of revenue.

How did it Connect With the Class?:

• The idea of present times changing and adapting to these changes can be a connection with the class. Entrepreneurs must be able to adapt their businesses with the times and take advantage of the changes. Also, broadening your thinking is important. If we are only looking for "hit" ideas, or ones that will make an extreme amount of money, then we may miss the abundant amount of ideas that may still bring in profit, but not as much as the "hits".

Exercise Based on the Reading:

• An exercise could be identifying businesses that haven't aged well as technology continues to improve. Looking at how these companies failed because they couldn't adapt with technology could be an interesting exercise, or you could identify companies that have aged well with technology and have thrived because of their changes. This could show students the benefits of being able to adapt, and maybe give some ideas to students for their own businesses for a path to follow.

The "aha" Moment:

• I chose this book because I wasn't sure what to expect from the name, it caught my attention. I wasn't familiar with the term long-tail, but after reading his message it all made sense. The idea is something we don't often think about, or take for granted, but technology has changed businesses a lot. Being so young, I take for granted being able to purchase nearly everything online, when 20-30 years ago things were much more different. It was a good book overall, it really made me think.

Assignment 26A - Celebrating Failure

Past Failure This Semester:

• This was a unique failure that I experienced this semester. I say unique because nearly the entire class I was in experienced the same issue. In my risk class we were all given individual codes for a simulation program and we were given multiple assignments over the semester. Sounds straightforward, and it was, until the class ran into an issue. We failed to get the program to work properly. The program would randomly not work for nearly everyone in the class. No matter how many times we tried redownloading the program or working towards fixing bugs, the program just wouldn't work. It was very mentally draining, and the professor didn't offer much assistance at all. It was a time where I felt like giving up on the whole program, but eventually after working together with classmates we figured out how to solve the issue. It took some technical knowledge and emailing the creator of the program to figure out what was wrong with it, and how to solve the issue that had been present for weeks.

What I Learned From the Failure: 

• This failure was frustrating to me, because I needed to rely on my limited computer knowledge to solve an issue. On the other hand, the beauty of this failure is that I wasn't the only one struggling. so I had people to offer a hand and pick me up. This isn't an emotional failure or one of super importance, but it taught me that there will be times when other people around me are struggling with the same issues and being able to be there to offer/receive support is key for overcoming failure.  

Reflection: 

• Teamwork is often a necessity for overcoming failure. We often hear about individuals overcoming a big challenge, such as Thomas Edison with the lightbulb, but there are many cases of overcoming failure as a team. I experienced this semester that getting to know people and establishing connections can be very beneficial, because you never know when you'll need someone to be there for you. Also, failure doesn't define who you are. We all have strengths and weaknesses, and that's why we are stronger if we work together instead of always dealing with challenges individually. 

Assignment 25A - What's Next?

What's Next In My Venture

• I do not believe that changing the technology or anything that drastic should be done moving forward, unless the product didn't work. After giving it some thought, I feel that the next logical move would be to improve the app that is connected to the device. I haven't put too much thought into the app yet, as the product would still need to be created. I do feel that the app has a lot of potential, and I think it would be nice to be able to store the information you received from the device and if you could share locations with other anglers. Lastly, being able to upload pictures of the fish anglers catch, along with the location could be useful information and cool if you could share them with other anglers.

Interviews

• The first angler I interviewed didn't talk too much. What I gathered from the interview is that he wasn't too sure of what I could do next. He mentioned that just getting the product out would be the first logical step, and he agreed that the app adjustments would be smart. 
• The next angler I interviewed said it would be interesting if I made a non-portable sonar next, like the ones you find on the bigger boats. I personally do not feel that this is a good idea, because there is so much competition already present. He didn't have much to say about the app idea. He was just more concerned with the product working.
• The last angler I interviewed didn't have too many great ideas for what to do next, He mentioned advertising some different ways, but they were a little far-fetched. When I talked about improvements to the app, he liked most of the ideas. He said he wouldn't like the location sharing, because people want to keep their fishing spots to themselves, so they don't become over fished. 

Next Step In the Existing Market

• Other than finding some new ways to advertise the product, the interviews were not all that useful. I believe that the changes to the app seem like a good idea, and I believe that the changes will be beneficial. I will have to look into the location sharing aspect a bit more, but overall, I think it'll be some good changes. 
• Next, I could conduct some interviews to see what kind of changes and adjustments people would like to see within the app. Also, I could conduct more interviews to see if people had any other ideas for the existing market, because the individuals who I interviewed did not have many ideas.

New Market

• A radically new market I could target would be a sonar system for divers or snorkelers. I could create a device that will give them a general idea of what's down in the water before they go in themselves. I haven't done too much research on the area, and there may be plenty of products out there already. I just figured it's a new market, and it sounds like it could be an interesting idea. I'm not sure what specific information the sonar could pick up or would need to pick up for a diver, I would have to look more into it. 

Interviews

• I have some friends that are marine science majors, so I interviewed them. After interviewing both I understood that the device I'm proposing wouldn't be necessary in diving. They both said that sonar isn't used too often, because places people dive are often known. My first friend was saying that for deeper dives they're going to use specialized technology, and that would be a tough market to get into. Also, my other friend was saying that sonar might be used in underwater archaeology, but she wasn't too confident on that. 

Next Step in the New Market

• While conducting the interviews I found that creating a sonar device for diving or snorkeling would not be a great idea because sonar isn't used that often. Divers often practice on well-known locations or areas which have something important. If divers are looking for something important for research or just to practice, then more than likely they will not look for an area which is unknown and will need sonar. 
• Underwater archaeology was mentioned in the interviews and it sounds like an interesting market, but I think the technology may be too complicated. Archaeologist are going to extreme depths in many cases and that will take even more expertise to build a device to handle that. I am still trying to figure out how to get my portable device built first, so creating a new device is not the main priority. Overall, the market does not seem as attractive as I initially imagined.

Assignment 24A - Venture Concept No.1

Opportunity

• Fishing is a huge recreational and commercial activity around the world. Many people with different backgrounds and cultures partake in fishing daily, using many different techniques. As simple as it seems, fishing requires patience and it can often lead to frustration for many anglers if they are not catching anything. There are many factors which affect fish behavior, and this is why fishing can be so difficult if you do not have a lot of experience. The need that is present is that people often do not know where to fish or what structures lies on the bottom of a body of water. 
• The market of customers which I am trying to reach are anglers who fish fairly often and would like to take advantage of portable sonar technology to make their fishing experiences more successful. The target audience will range from ages 16 to mid 30's, because these customers may not have enough capital to get their own upper tier boat with expensive sonar technology, yet they still fish often and would like to have some technology available to them. Sonar technology is current available to solve this need, but currently it is fairly expensive and most attach directly to upper tier fishing boats on a center console or on a mount. Most of the portable sonars that are out in the market currently are not castable, and they have a wire attached to them and must be dropped down manually.
• For the customers currently with the more expensive sonar technology, I feel that they are loyal because the technology works. With my product being castable I am trying to tap into a separate market for anglers with canoes, small boats, or anglers without boats. With a new market there are many unknowns, so I cannot say for sure how big the opportunity will be. 
• The "window" of opportunity is also unknown. A new product like this could come into the market at any time and take over. With the product still being developed, it does leave room for competition to develop a product and come into the mix and take some of the market away. 

Innovation

• This castable fish and depth finder is a portable sonar fishing device that can be cast from a fishing rod, like an artificial bait or lure. You can then cast the device in any section of the water which you believe may be a good fishing spot. This sonar technology will be able to tell the angler the depth of the body of water, what structure and/or vegetation is nearby, and if there are large pockets of fish within range and where they are located. The information is sent directly to the user's phone through Bluetooth, and the data is displayed on the corresponding app for the device. Any experienced angler knows the importance of these factors while fishing and having this sonar technology present gives the opportunity for all potential anglers to have sonar access, regardless if you have a boat or not. Currently, the only way to successfully utilize sonar is on a large enough boat, which many anglers do not have access to, nor the money to purchase the sonar technology. The device we are creating will be small, so it is portable, and it will be much less expensive than the current sonar technology which can be found for up to a few thousand dollars. I plan on selling the product online, but the focus will be selling the product in stores. I feel that by allowing anglers to get their hands on the product and seeing for themselves how it works, will be a great selling point. In my interviews I conducted, most people within the target audience mentioned they do most of their shopping in stores, so they can compare products and see their quality before they make a purchase. 

Venture Concept

• I've already described earlier how the innovation will solve the opportunity and why the customers would want to buy the product. Having a successful day of fishing can really brighten up an angler's day, and if my product can help accomplish that and help to limit unsuccessful fishing days, then I can feel good about the product. I do not believe getting customers to switch to this product is the problem. This product is unique, and it targets an audience which currently doesn't have the access this product can give. With that being said, there are some competitors, but not directly. The other sonar technology available differs from this product, but they still are competitors. The more expensive sonar technology is already established and has a loyal customer base. I am looking to target those anglers without large boats which capable of having that technology, and currently in the market there are some products which could pose some competition. The main difference between those products and mine is that those products are not castable. They usually have a wire, or something attached to them and this limits the functionality and use of the product. Selling my product in stores is important to me, as I mentioned earlier. There are anglers everywhere, but if I had to target areas specifically, I would place product in areas where fishing is more common. I would need employees to help with creating the technology, marketing the product, distributing the product, and to help deal with selling the product online. 

Three Minor Elements

• My "unfair advantage" is the uniqueness of the product. There isn't something like this product right now, and to keep the competition from copying the idea I could patent the sonar technology I create, but that isn't a guarantee that someone could make something similar. 
• The next venture would to get the product created and tested. As of now, I only have an idea. Creating the product and displaying it to potential investors would be next.
• Assuming I launched, I would love for this product to at least be sold around the U.S and being used frequently by anglers. In the next decade I would love to see the product go global, and still be a frequently used tool by anglers. Also, I would like to create many more products by this time and hopefully have an established brand with a lot of loyal customers. This first venture would help me a lot by getting my name out there and showing what I am capable of. 

Assignment 23A - Your Venture's Unfair Adventure

1. Fishing Experience/Knowledge.
• Valuable: Very valuable, as this knowledge helps understanding the needs of anglers and what they look for in a product.
• Rare: Not very rare, many people have it. 
• Inimitable: Not that hard to copy. Nearly anyone can get fishing knowledge.
• Non-Substitutable: I could get someone else with experience/knowledge for the product.  
2. Ability to talk with anglers about the product and their needs.
• Valuable: Very valuable, because the more knowledge you have about your audience the better.
• Rare: Not vary rare, but still nice to have.
• Inimitable: Not that hard to copy. There are anglers all over that anyone could talk to.
• Non-Substitutable: I could have someone do a survey or talk to anglers. So it's sort of substitutable. 
3.   Having friends and family who fish in tournaments and fish casually around the south.
• Valuable: Kind of valuable as they can help spread the word in this area to anglers, or advertise the product on their boats.
• Rare: Not that rare, but not super common either.
• Inimitable: If you have people you know that could help advertise then you could copy this. 
• Non-Substitutable: I'm sure you could substitute the advertising somehow by finding a similar audience.
4.   Having the energy to help the product grow.
• Valuable: Very valuable. I am young and have the energy and drive to get things done.
• Rare: Not that rare, but still useful.
• Inimitable: Anyone could copy it if they are healthy and willing to do so.
• Non-Substitutable: Hard to substitute being young, but anyone at any age could have the same energy or drive if they pushed hard enough.
5.  Connections within the FFA (Future Farmers of America).
• Valuable: Can be valuable, as many people within agriculture partake in fishing, and it could be a good market to advertise to.
• Rare: Not that common, but not super rare either due to the organization being so large. 
• Inimitable: If someone has connections within the organization they could copy it.
• Non-Substitutable: There are other organizations which are similar that could be marketed to.
6.  The product is fairly niche.
• Valuable: Very valuable because it leaves the market pretty open.
• Rare: Very rare. There's many ideas/products like it. 
• Inimitable: If someone had to technology they could potentially take the idea.
• Non-Substitutable: I don't think there is a great substitution that is portable. Other products have some flaws/limitations. 
7.  Access to communicate with companies and important individuals through the internet. 
• Valuable: Can be valuable if they respond positively and are willing to help.
• Rare: Not rare at all.
• Inimitable: Can be copied easily by others.
• Non-Substitutable: I could communicate with them through other ways.
8.  Good financial standing which can allow for loans.
• Valuable: Can be valuable for a starting company or business. 
• Rare: Not very rare.
• Inimitable: It can be copied, but it's hard if you're in bad financial standing currently.
• Non-Substitutable: Not really another substitute unless I just get a lot of capital from a different source. 
9.  I am a very social person.
• Valuable: Can be valuable when trying to market the business and talking with potential investors.
• Rare: Not very rare, there are a lot of social people.
• Inimitable: Can be copied by people, it's not that hard.
• Non-Substitutable: Not sure if you can replace being social. It's one of those traits where either you have it or you do not.
10.  I am a very patient person.
• Valuable: Can be valuable when dealing with a product or business. Not everything happens in a day.
• Rare: Not that rare at all.
• Inimitable: Someone could copy how much patience I have, or how I handle certain situations.
• Non-Substitutable: I don't know if you can substitute patience. Either you have it or you do not.  

After conducting the VRIN analysis, I believe my top resource is the uniqueness of my product. I feel that it's more important than my other resources because it is very valuable. Having a unique product can open up a new market and can end up being very lucrative if it is successful. Being a unique product speaks for itself on the rarity. I feel that the product could be copied by others if the technology isn't patented, but we hope to create a product that's so great that it will outshine any imitators. There also isn't a great substitute on the market that has the mobility and the ease of this product which makes it so unique and great.