30A- Final Reflection

1)    Read through your posts from this semester. Recall all of the experiences you've had along the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

This class has taught me a lot about thinking like an entrepreneur.  I really enjoyed the assignments that dealt with seeing what needs would solve customer problems as well as the assignments that involved developing a product or service.  The developing of a product or service is exactly what I pictured in an entrepreneurship class.  In the moment, I thought it was very difficult at times to reach out to people and interview them for assignments.  However, as the class advanced, this did get easier.  Also, I see why this was necessary because talking to potential customers and people with experience can be very helpful as an entrepreneur

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2)    What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

Honestly, the first assignment where we had to create a bug list was something I enjoyed, and thing could be very useful later on in life.  Doing this assignment showed that there are so many opportunities to solve the needs of people.  Also, I think the elevator pitch assignments were very useful.  Although I took a public speaking class, one can never practice speaking in front of a camera or audience enough.  The assignment I am most proud of accomplishing is the one where I had to reach out to professionals who could help my idea.  This showed me the importance of networking and that asking for help and advice is sometimes very useful and necessary.

3)    At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

This class was very beneficial in developing an entrepreneurial mindset.  I think I am on the right track to considering myself an entrepreneur but I do not know if I am an entrepreneur just yet.  I understand this is a process and there are steps and stages that need to be addressed.

4)    What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

One recommendation I would make to students who are going to journey down the path of entrepreneurship is to value the importance of networking.  Creating valuable connections and networks can differentiate you from others and lead to success.  One thing I would recommend performing best in this class is manage time wisely.  Assignments and due dates can sneak up on you and time management can allow for all assignments to be turned in on time.  To foster an entrepreneurship mindset I would watch the lectures and really try and grasp as much information as possible.

28A- Your Exit Strategy

1)    Identify the exit strategy you plan to make.

Although I believe there is potential for long term success with a sand repellent product, my exit strategy would be to sell the business for a larger return to make a profit.  Thinking like an entrepreneur I understand that there is a product life cycle and a product cannot sustain success forever.  Additionally, with this kind product it is unique until other competitors replicate the idea.  For this reason, I think the most successful exit strategy would be to sell before the competition is too high to overcome.

2)    Why have you selected this particular exit strategy?

As I mentioned, I think this strategy would be most successful due to the understanding of the product life cycle and that the increased amount of competition would limit the profits that could be made.  Selling the business after a period of time would allow for another person or organization to control what is done.

3)    How do you think your exit strategy has influenced the other decisions you've made in your concept?

This exit strategy would influence the decisions made.  For example, if I knew that I wanted to sell, it would not make sense to continue to invest large amounts of money to promote and advance the product.  This may include focusing on the product line rather than trying to make a new product that could potentially attract a new market.  If I were trying to use a different exit strategy such as holding on to it for a long period of time it may make sense to focus on new markets.  However, with the exit strategy of selling it would not make sense to keep spending if I were not able to benefit.

27A- Reading Reflection #3

1)      You read about an entrepreneur:

Shoe Dog by Phil Knight is an autobiography of Nike’s founder shares his story on how he founded one of the most iconic, profitable, and world-changing brands in the world.  One that really surprised me about Phil Knight is that he tried to stay out of the public spotlight for a very long time.  Many people did not even know who the founder of Nike was, and Phil Knight did not mind it that way.  Much of Nike’s history and reasoning for many decisions were kept private.  Phil Knight did not reveal much information about Nike and his personal life until after stepping down as chairman and writing this autobiography.  One thing I admire about Phil Knight is his passion for sports and desire to be a successful entrepreneur.  This mindset and desire taught the lesson that you only get a few chances to start something crazy, so go for broke when you’re young.  This shows that Phil did not believe in failure unless you give it your all which I admire.  One thing I least admire about Phil Knight is that he kept much of the information about Nike and his public life private.  Phil faced adversity when he first was interested in selling shoes.  Phil Knight wrote a paper called “Can Japanese Sports Shoes Do to German Sports Shoes What Japanese Cameras Did to German Cameras?”  Nobody was impressed with the paper, but Phil became obsessed with the idea of selling Japanese, high-end, low-cost running shoes in the US, which propelled him to start the Nike company.  He was willing to take risks and this helped him create one of the most successful brands of all time.

2)      What competencies did you notice that the entrepreneur exhibited?

Throughout the book we learn about the people that made a difference in his life as well as the personal tragedies he had deal with.  The combination of the two helps show Phil Knight’s drive and ability to succeed even in times of adversity.  Using the networking connections, he was able to take an idea he believed in and with the help of some other turn it into a very successful product.

3)      Identify at least one part of the reading that was confusing to you.

One part of the reading that was confusing was that how Nike first started, and how Phil Knight made money and hired a group of his friends to start up Nike. We learned that its  better not to mix friends and business unless they ae partners.

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

As a sports fan, the first question I would ask is which athlete was he most excited to get to represent his Nike brand?  Athletes representing a specific brand can be proven to be one of the major reasons for the success of Nike.  The second question I would ask is when the flip switched and when he knew he had created such a successful company even through times of adversity?  I think learning about when Phil Knight thinks his company became successful would be interesting to hear.

5)      For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think Phil Knight would say that hard work would be described as giving everything you have until nothing else can be done.  Based on this book I can see that Phil Knight does not believe in failure but instead just as an obstacle to learn from and overcome.  I agree with this but it is not always easy to obtain this mindset of never giving up right away and may take some time.

26A- Celebrating Failure

1)    Tell us about a time this past semester that you failed

I have always enjoyed playing musical instruments ever since I was a little kid.  Just the concept of figuring out how to play music really intrigued me.  I took piano lessons for about sever years which I enjoyed.  I also played the saxophone in both middle and high school.  I enjoyed playing the piano and saxophone piano and just messing around trying to learn popular songs.  I still to this day try and play some piano whenever I get the chance.  One day in the beginning of this semester I saw one of my friends playing the ukulele.  I have no prior experience playing guitar or ukulele, but it sounded very cool and I wanted to learn to at least try and play.  My friend said he would try and teach me to play “Hallelujah” and I was interested.  While trying to learn to play the ukulele I just could not grasp the concept on how to place my fingers on the strings to make the right sound.  I had gotten really frustrated and almost wanted to give up.  I tried different positions and ways to get my fingers to lay on the strings properly, but nothing seemed to work.  I tried to practice for about 20-30 minutes each day.  I did this for about a month and eventually saw some improvements.  I now can play a little bit but still need to practice be just as good as my friend.

2)    Tell us what you learned from it.

From this I learned that practice is key.  The more I practiced the better I got at playing the ukulele.  This concept can work for almost anything you do.  To perfect something dedication and practice are key.  Also, I learned that some instruments aren’t made for me.  I enjoyed trying to learn how to play but at times I would just get too frustrated.  I still try and play every now and then, but I decided it would take me too long if I tried to perfect playing the ukulele.  Maybe in the future I will try again.

3)     Reflect, in general, on what you think about failure.

Failure is never enjoyable.  When I was unable to put my fingers on the strings and play I got very frustrated.  I am certain people who fail at things also deal with this frustration.  In times of failure and adversity it is important to try and overcome this.  I do my best to overcome it without getting too discouraged.  I learned in this class that failure is ok and that it is important to learn from these failures.  One can get discouraged and want to give up when faced with failure but the most successful people are able to overcome it.

25A- What's Next

Existing Market

-I would like to further advance my product idea of a sand repellent spray.  This would include talking to manufacturers to have a better understanding of the product and the sand repellent features.  Additionally, I would like to create an additional product that would be both sand repellent and act as sunscreen. Combining these two features would be very beneficial as it would have multiple purposes.

Interview #1

In my first interview I spoke to a women in her mid 30s while I was in line at Publix.  I explained my idea of a sand repellent spray and she said she was intrigued by the idea.  She told me she does not like the beach but her two children love going. She suggested also selling other sand repellent products but I informed her that things such as sand repellent towels already exist.  I brought up the idea of incorporating sunscreen with the sand repellent spray and she liked the idea very much!

Interview #2

In my second interview I spoke to a man who was sitting next to me at the UF baseball game.  This man was in his late 20s and said he was interested in hearing about my product. He told me that he enjoys going to the beach but his wife is not a fan because of the sand.  The man I talked to was not sure how I could further the product but he said that having it available to purchase in multiple places would be a great idea. I brought up the idea of incorporating sunscreen with the sand repellant spray and he said it may be too difficult to achieve.

Interview #3

In my third interview I spoke with one of my friend’s mothers.  She does not enjoy going to the beach but usually goes with her three children.  As a single mother she wants to make her kids happy although she does not like the beach and the sand.  She said a sand repellant spray would be very useful in preventing sand from sticking and getting in the car.  She said possibly incorporating this with other sand repellent ideas for sand in the car would be a good idea. I brought up the idea of incorporating sunscreen with sand repellent may be a good idea but would not make her want to buy it more than before.

-After conducting these three interviews I believe considering incorporating sunscreen with the sand repellent spray would be a good idea but also maintaining the sand repellant product.  Doing this would allow people to have options with choosing a product. Additionally, having the products available in many places would allow for the product to gain exposure.

These three interviews were helpful because I now have a better understanding of what else consumers want to see.  When developing a product or business it must continue to advance and evolve to stay successful. I found the input from the interviews to be helpful.

New Market

-A new market I would like to explore is selling business to business.  In my existing market I was focusing on a target market of existing customers.  However, extending the market to business to business could also allow for more exposure of the product.  For example, selling this sand repellent spray to companies who sell other sand repellent products may be very useful.

-I think selling this sand repellent product to other businesses to sell it would add value because it would add other sand repellent products to the ones they are already selling.  Companies selling sand repellent products is very popular. Adding this sand repellent spray would be very valuable.

Interview #4

In my fourth interview I went to a store that sells beach products and explained my idea of selling a sand repellent spray.  The manager was interested in the product because she said it fits well with what they sell and would probably be successful.  She said people often come into the store to see if any new products have surfaced. Selling the sand repellent spray would be new and gain attention to people.  Lowering the price to sell to this store would have to be done so the store could also make money.

Interview #5

In my fifth interview I went to walgreens and explained my product to one of the managers working their.  I asked if she thought incorporating sunscreen with the sand repellent spray and it being sold in walgreens would be successful and sell.  The feedback I got was that in the summer many people go to walgreens to buy sunscreen so if it was in the same section of the store people may be interested in purchasing it.

-After my interviews I think there is a potential to sell this sand repellent product to other businesses that sell sand repellent products.  However, I don’t think this should be done right away. I think working on selling to the original market i important before expanding the target market to other places.  

I do not think this market is as attractive as the other market because selling to another business we would not gain as much revenue than selling straight to the consumers.  It could help us gain exposure but the other money made selling directly to the customer could be used on promoting the product.

24A- Venture Concept 1

Opportunity

After talking to many people and assessing the information I discovered, I concluded there is a need to create a way to prevent sand from sticking to the skin of people when attending the beach.  Sand can be irritating on the skin and can also act as a nuisance by getting I the car after leaving the beach.  There are many places located near the beach, but my original target market would include most Florida residents but mainly adults specifically parents located near beaches.    The target customers would be adults both male and female as they are the ones most likely to go to the beach and have an unmet need that needs to be solved.  As I mentioned, this need is best suitable for people who live near a beach and frequently go to the beach.  This opportunity to solve the need is moderately big.  If I were to create a product and put a patent on it so it could not be copied I could successfully sell the product with a large window because it would be useful and not be able to replicated by competitors.

Innovation

To satisfy these needs I came up with the idea of creating a spray on product that would be used at the beach to prevent sand from sticking to the skin.  I have no experience creating such a product, so all started as an idea.  This product would be most useful for people located near the beach.   The use of this product may allow for adults who previously did not enjoy going to the beach a chance to attend the beach without and preventing sand as a negative factor.  This sand repellant product would be sprayed on multiple times while at the beach.  The reapplication of this product would continuously prevent sand from sticking creating an overall better experience for the consumers.  This sand repellant product could be sold online or to convenience stores such as Walgreens or CVS which could then be sold to customers.  Bundling this product with sunscreen would be a smart tactic because people who attend the beach need sunscreen.  Selling this sand repellant spray with sunscreen would increase awareness of the product and allow people to solve the need of sun protection and sand prevention.  At this time, I do not know how much it would cost to sell this product, but I would like to say in the $15-$20 range.  This price would be for a spray can about the size of the typical size of a spray can of sunscreen.

Venture Concept

To prevent sand from sticking to the skin people use convenient beach showers and towels but neither get the job completely done.  A sand repellent spray on product would be unique and help solve the need for a solution that sand creates.  This product would solve an unmet need which is why consumers would purchase it.  This innovation would not be too expensive and allow for adults to purchase the product and receiving something that works as described.  I think customers would switch to this product because the use of towels and showers does not get the job completely done.  Towels get some of the sand off and showers can get some off as well hut there is always a residue leftover.  The use of this product would get the job done better which is why consumers would switch to it.  Competitors would be potential sellers with sand repellent products.  For example, there are companies that sell sand repellent towels.  These sand repellent towels may be purchased and used to wipe away sand off the skin.  Additionally, a weakness or vulnerability of this product may be production.  I do not know how much it would cost to create this product this could affect the price and quality of packaging.  The packaging would have to be appealing for customers to buy.  Also, price is important because if it is too expensive customers may not want to purchase it and could result in using other things such as beach towels and beach showers.  This business would not have many employees.  Ideally, this product could be produced and sold directly online or to convenience stores.  Limiting the number of employees could lead to more profits to be made. 

What you think your most important resource will be.

I think my most important resource is   knowledge that who you know sometimes outweighs what you know.  Networking and building connections are extremely important when starting a business.  I may have a large depth of information but still can use help from others to succeed.  Being able to understand to continue to network and make connections can be a very important resource to have.

What’s next for the venture?

I would like to eventually be able to combine the sand repellant spray with sunscreen.  Combining these two things would solve two needs with a single product.  This would be unique and allow customers to solve multiple needs.

What’s next for you?

I would like to see exposure of the product and know that customers understand how it solves a need and buy and use the product for its intended purpose.  Having a successful idea that can solve customer needs is the goal for many entrepreneurs.  Having a successful product would allow for me to increased promotion and ability to try and extend the product line to other products that are relatable.

22A- Elevator Pitch #3

Overall, the feedback I got for my elevator pitch was positive.  I was told not to change much so I tried to keep all the information the same.  The only thing I tried to work on was speaking clearly while also keeping a good enthusiasm.  I think my timing was great and I did not rush.  I tried to use hand motions but being in a sling I think i did the best I could.  I did not want to change much but I think i am getting close to perfecting my elevator pitch.  Maybe in the future I can work on talking more about the product or how it can help consumers but i think overall I did well.  I wanted to try and film this at the beach but I ran out of time.  Maybe next time.