Final Reflection

Most Formative Experience
I think the assignments that will have the greatest impact on me in the future would be the elevator pitches. Although I'm somewhat comfortable speaking in front of a decent-sized group, there was an awkward feeling having to record myself. Maybe it was because the assignment would be available to the public, or maybe simply because I don't like listening to my own voice in videos. Regardless, these assignments allowed me to gain a greater sense of confidence in front of the camera. They also taught me how to pitch a product rather than pitch myself, which will be extremely beneficial in the future.

Entrepreneurial  Mindset
With the help of this class, I have been able to become more aware of problems affecting people every day. Things that I wouldn't notice before have become opportunities to exploit. I believe this class sets a good foundation for students trying to gain an  understanding of the entrepreneurial mindset.

Advice
To future ENT3003 students, KEEP AN OPEN MIND! If there's one thing I can tell you, it's to stay positive and keep an open mind with each assignment and with each product or service you come up with. It's essential to be accepting of criticism, especially since this class drives off of the fact that peers need to reply to each other.

Venture Concept #2

Opportunity

The opportunity I have identified involves individuals whose smartphone batteries may drain frequently. According to research conducted by Veloxity, all smartphone owners reported needing a charge from 1.8 to 2.4 times per day. Due to the frequent “deaths” of phones, and the rise of violent crimes in the United States as recorded by the New York Times, the individuals in the market need an alternative power source for emergency situations.

Although the market is widespread across all smartphone users, I will focus on males and females belonging to the Millennial Generation and Generation Z. This target market puts a focus on individuals that may most likely experience battery drainages throughout a typical day.

Consumers are currently satisfying the need for a reserve battery by either carrying a backup battery, such as a charging phone case, or by carrying a charger. However, 85% of smartphone owners do not carry an alternative power source.

If crime continues to escalate, and phone batteries continue to be limited in terms of power supply, then this need will continue to be unmet unless a reserve battery is developed.

Innovation

My product consists of an emergency reserve battery that can be implemented into any smartphone. The battery can be installed by the user or by professionals at a local electronic store for an additional fee. The emergency reserve battery activates once the phone’s primary battery is drained. Once activated, the user can press the phone’s buttons in a custom pattern to alert local authorities and close friends/family of their location. This product works by being charged while the phone’s primary battery is being charged, but restraining from activating until the phone’s primary battery is drained. The emergency reserve battery would be sold at online retailers and in electronic stores for $30-$45 depending on costs associated with development and manufacturing.

Venture Concept

This product guarantees that the user’s location will be known if they were to ever encounter a dangerous situation. Upon enabling the custom button pattern, the consumer’s whereabouts will be known by local authorities which will then dispatch units to the user’s location. Consumers will purchase this product because safety is of utter importance, especially in today’s society of increasing crime. This product will provide consumer’s the confidence of being alone with a “dead” phone. As of right now, there are no competitors in the market. However, in the future, phone manufacturers may implement a reserve battery into smartphone models.

I believe most of the costs associated with this product would be based on research and development. Given it is technology, the product can continuously be upgraded.

The business would be composed of roughly 30 individuals with about 15 of those specializing in the development of the reserve battery. The remaining employees would specialize in the marketing and finances relating to the organization. This business would most likely require a small warehouse in order to develop and distribute the product.

Resources

The most important resource I have would be a strategic and determined mindset. Given that my team and I would be developing a technological product, this mindset would allow us to accept failure and keep pursuing our goal from a variety of angles. As the business owner, I would try and find individuals that match this mindset to work for my company.

What’s Next for the Venture?

Given that this product is meant for individuals to feel safe once their only means of communication is useless, I think it’s absurd to charge such a high price for the reserve battery. However, profits need to be made. Because of this, I plan to decrease the price of the reserve battery over the next few years to roughly $20.

Moreover, I would like my organization to partner with large phone manufacturers. This partnership would allow for our product to already be implemented into the smartphone before it reaches the consumer’s hand.

What’s Next for Me?

Assuming this business launched, I would like to own multiple business and/or become a successful investor. This first venture would set the path for my future. It would allow me to understand the world of business on a personal level. It would also allow me to know what not to do in the future in terms of running a business.

Feedback

Based on the feedback I received from both peers and potential consumers, I understand the changes that should be made to the product, as well as the highlights of the product. When presenting my idea, many individuals claim it is well thought out and can be extremely useful. However, changes can still be implemented. I believe the most beneficial update we can add to our product would be a call feature, as recommended by a potential consumer. Moreover, some individuals are concerned with the installation of the product. Given that this product revolves around technology, there are endless possibilities in regards to updates and upgrades. Therefore, we will add a call feature to the reserve battery and decrease the difficulty of installations so that our consumers may be satisfied.

Opportunity

The opportunity I have identified involves individuals whose smartphone batteries may drain frequently. According to research conducted by Veloxity, all smartphone owners reported needing a charge from 1.8 to 2.4 times per day. Due to the frequent “deaths” of phones, and the rise of violent crimes in the United States as recorded by the New York Times, the individuals in the market need an alternative power source for emergency situations.

Although the market is widespread across all smartphone users, I will focus on males and females belonging to the Millennial Generation and Generation Z. This target market puts a focus on individuals that may most likely experience battery drainages throughout a typical day.

Consumers are currently satisfying the need for a reserve battery by either carrying a backup battery, such as a charging phone case, or by carrying a charger. However, 85% of smartphone owners do not carry an alternative power source.

If crime continues to escalate, and phone batteries continue to be limited in terms of power supply, then this need will continue to be unmet unless a reserve battery is developed.

Innovation

My product consists of an emergency reserve battery that can be implemented into any smartphone. The battery can be installed by the user or by professionals at a local electronic store for an additional fee. The emergency reserve battery activates once the phone’s primary battery is drained. Once activated, the user can press the phone’s buttons in a custom pattern to alert local authorities and close friends/family of their location. This product works by being charged while the phone’s primary battery is being charged, but restraining from activating until the phone’s primary battery is drained. The emergency reserve battery would be sold at online retailers and in electronic stores for $30-$45 depending on costs associated with development and manufacturing.

Venture Concept

This product guarantees that the user’s location will be known if they were to ever encounter a dangerous situation. Upon enabling the custom button pattern, the consumer’s whereabouts will be known by local authorities which will then dispatch units to the user’s location. Consumers will purchase this product because safety is of utter importance, especially in today’s society of increasing crime. This product will provide consumer’s the confidence of being alone with a “dead” phone. As of right now, there are no competitors in the market. However, in the future, phone manufacturers may implement a reserve battery into smartphone models.

I believe most of the costs associated with this product would be based on research and development. Given it is technology, the product can continuously be upgraded.

The business would be composed of roughly 30 individuals with about 15 of those specializing in the development of the reserve battery. The remaining employees would specialize in the marketing and finances relating to the organization. This business would most likely require a small warehouse in order to develop and distribute the product.

Resources

The most important resource I have would be a strategic and determined mindset. Given that my team and I would be developing a technological product, this mindset would allow us to accept failure and keep pursuing our goal from a variety of angles. As the business owner, I would try and find individuals that match this mindset to work for my company.

What’s Next for the Venture?

Given that this product is meant for individuals to feel safe once their only means of communication is useless, I think it’s absurd to charge such a high price for the reserve battery. However, profits need to be made. Because of this, I plan to decrease the price of the reserve battery over the next few years to roughly $20.

Moreover, I would like my organization to partner with large phone manufacturers. This partnership would allow for our product to already be implemented into the smartphone before it reaches the consumer’s hand.

What’s Next for Me?

Assuming this business launched, I would like to own multiple business and/or become a successful investor. This first venture would set the path for my future. It would allow me to understand the world of business on a personal level. It would also allow me to know what not to do in the future in terms of running a business.

Feedback

Based on the feedback I received from both peers and potential consumers, I understand the changes that should be made to the product, as well as the highlights of the product. When presenting my idea, many individuals claim it is well thought out and can be extremely useful. However, changes can still be implemented. I believe the most beneficial update we can add to our product would be a call feature, as recommended by a potential consumer. Moreover, some individuals are concerned with the installation of the product. Given that this product revolves around technology, there are endless possibilities in regards to updates and upgrades. Therefore, we will add a call feature to the reserve battery and decrease the difficulty of installations so that our consumers may be satisfied.

 

Exit Strategy

Exit Strategy
Although an emergency reserve battery would be beneficial to future smartphone owners, I would most likely sell my business once it has reached peak performance. I feel as if though at some point in time, phone manufacturers will develop their own reserve battery and/or extend the life of primary batteries indefinitely.

Why?
If I were to sell my business concept once it has hit peak performance, there is little room for loss. Rather than sit by and watch my product die out by lack of demand and competition, I'd rather make some sort of profit by selling the business to another company or individual.

Influence
I believe my exit strategy has influenced some ideas regarding my product. I knew from the jump that I would want to sell my business at one point or another. This generated the idea of partnering or selling the product concept to large phone manufacturers so that they may directly incorporate it into future smartphones. At the end of the day, the goal of the business was to create accessibility for all smartphone owners.

Reading Reflection #3

1) You read about an entrepreneur: Grinding it Out by Ray Kroc
What surprised you the most?
Given that prior to reading this book I knew little to nothing about McDonald's origin, the most surprising bit was the fact that Ray Kroc was not the original founder of the restaurant.

What about the entrepreneur did you most admire?
I admired the way Kroc believed in himself and in his goals. This can be reflected when he stopped selling cups and began pursuing the business of Multimixers.

What about the entrepreneur did you least admire?
The thing I least admire about Kroc is the fact that he and his business promoted service and convenience over the quality (in terms of healthiness) of the food they served.

Did the entrepreneur encounter adversity or failure? If so, what did they do about it?
Ray Kroc's experience with adversity can be exemplified by his 19 hour work days early in his careers. He would work during the day selling paper cups and work in the evening playing piano for a local radio station. He worked hard through the adversity in order to overcome it.

2) What competencies did you notice that the entrepreneur exhibited?
Ray Kroc was a persistent, goal-oriented individual. Regardless of the situation, Kroc would do what was needed in order to obtain the outcome he desired. Moreover, Kroc understood what he wanted to accomplish and continuously pursued his goals.

3) Identify at least one part of the reading that was confusing to you.
The only part that seemed confusing (which was later explained) was the fact that Kroc wasn't able to perfect the taste of french fries even after following the exact directions he was given.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
Did you know your business would be a major role in high obesity rates?
I would like to know whether or not Ray Kroc would expand this business if he knew it would lead to high obesity rates.
Are there any other approaches you would take if you were to restart your business?
I would like to know what other angles the McDonald's business could've be approached from.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
Kroc's opinion of hard work was defined by perseverance and success. I share these characteristics with Kroc as I believe persistence is key in order to be successful. Although it is easy to give up when you are faced with obstacles, it is essential to overcome said barriers.

Failure

Within the past few months, Fortnite has taken over the world of gaming. Whether it be social media or in casual conversations, there is always a mention of Fortnite. Given that Fortnite is a competitive game between 100 players, failure is inevitable. Personally, I have experienced a vast amount of failure on Fortnite. When I first began playing, I didn't understand the controls or the mechanics of the game. Once I understood how to actually play, I realized there were more experienced players that I'd have to face. This all lead to me taking L's. However, after a lot of practice (during my free time), I have mastered the art of dropping 20+ kills and obtaining constant dubs.

From my failures, I learned that dedication, perseverance, and practice are essential for success. It is important to always keep a positive attitude and to never give up. Without these key qualities, I wouldn't be where I am today in Fortnite. 

Although failure can be brutal, I admire failure. It allows me to think about my mistakes and work on them in the future. Throughout the process of failure, I truly try to maintain a positive attitude with a bright outlook on the future. This class has changed my view of failure in terms of being able to accurately analyze criticism. Moreover, it has allowed me to become more of a risk-taker in terms of business.

What's Next?

Existing Market

The future of my venture lies in expansion. I plan to expand my product by partnering with phone manufacturers. This will allow for phones to already contain the emergency reserve battery without any additional installations.

When asking potential consumers what we should do next, interviewee #1 (Male, 27) stated we should allow the reserve battery to access the call function of smartphones as this could create a greater sense of safety within the consumer as well as be more effective in terms of describing the specific situation. When asked about their opinion on our expansion plans, they believed it would be a tremendous step for the company. Interviewee #2 (Female, 16) did not have any immediate advice, however, they suggested making current installations easier for those that aren't as tech savvy. Interviewee #3 (Female, 20) also didn't provide much feedback in terms of progression but they believed our expansion plans would be beneficial so that all consumers may have the reserve battery.

I expected little feedback in terms of improvement, however, I really enjoyed what Interviewee #1 recommended. I think technological expansion is within our grasp. With the right team, and the right mindset, an unlimited amount of capabilities can be added to the emergency reserve battery in order to ensure the safety of the user.

New Market

The market I have identified consists of the Baby Boomer Generation with little experience regarding technology.

This venture may create value for this type of market as individuals in this market can purchase the product for their children or grand children.

When asking consumers in this market segment for advice regarding the future of the product, Interviewee #1 (Female, 70) believed the product would be useful to them if it can be built into various types of phone, such as TracFones. Interviewee #2 (Male, 67) stated the product may not benefit Baby Boomers as other devices exist for the elderly to use during emergency services, such as LifeAlert.

This new market reveals some interesting challenges such as creating a new reserve battery to fit non-smartphone model phones and pre-existing competition. I believe that developing a new battery model for a relatively small market is unreasonable as profits would be diminished. I also believe that the pre-existing competition provides adequate products to these individuals, which would make it near impossible to penetrate the market. Overall, I would not target this new market in the future.

Venture Concept #1

(For this assignment, I will focus on the emergency reserve battery.)

Opportunity

The opportunity I have identified involves individuals whose smartphone batteries may drain frequently. According to research conducted by Veloxity, all smartphone owners reported needing a charge from 1.8 to 2.4 times per day. Due to the frequent “deaths” of phones, and the rise of violent crimes in the United States as recorded by the New York Times, the individuals in the market need an alternative power source for emergency situations.

Although the market is widespread across all smartphone users, I will focus on males and females belonging to the Millennial Generation and Generation Z. This target market puts a focus on individuals that may most likely experience battery drainages throughout a typical day.

Consumers are currently satisfying the need for a reserve battery by either carrying a backup battery, such as a charging phone case, or by carrying a charger. However, 85% of smartphone owners do not carry an alternative power source.

If crime continues to escalate, and phone batteries continue to be limited in terms of power supply, then this need will continue to be unmet unless a reserve battery is developed.

Innovation

My product consists of an emergency reserve battery that can be implemented into any smartphone. The battery can be installed by the user or by professionals at a local electronic store for an additional fee. The emergency reserve battery activates once the phone’s primary battery is drained. Once activated, the user can press the phone’s buttons in a custom pattern to alert local authorities and close friends/family of their location. This product works by being charged while the phone’s primary battery is being charged, but restraining from activating until the phone’s primary battery is drained. The emergency reserve battery would be sold at online retailers and in electronic stores for $30-$45 depending on costs associated with development and manufacturing.

Venture Concept

This product guarantees that the user’s location will be known if they were to ever encounter a dangerous situation. Upon enabling the custom button pattern, the consumer’s whereabouts will be known by local authorities which will then dispatch units to the user’s location. Consumers will purchase this product because safety is of utter importance, especially in today’s society of increasing crime. This product will provide consumer’s the confidence of being alone with a “dead” phone. As of right now, there are no competitors in the market. However, in the future, phone manufacturers may implement a reserve battery into smartphone models.

I believe most of the costs associated with this product would be based on research and development. Given it is technology, the product can continuously be upgraded.

The business would be composed of roughly 30 individuals with about 15 of those specializing in the development of the reserve battery. The remaining employees would specialize in the marketing and finances relating to the organization. This business would most likely require a small warehouse in order to develop and distribute the product.

Resources

The most important resource I have would be a strategic and determined mindset. Given that my team and I would be developing a technological product, this mindset would allow us to accept failure and keep pursuing our goal from a variety of angles. As the business owner, I would try and find individuals that match this mindset to work for my company.

What’s Next for the Venture?

Given that this product is meant for individuals to feel safe once their only means of communication is useless, I think it’s absurd to charge such a high price for the reserve battery. However, profits need to be made. Because of this, I plan to decrease the price of the reserve battery over the next few years to roughly $20.

Moreover, I would like my organization to partner with large phone manufacturers. This partnership would allow for our product to already be implemented into the smartphone before it reaches the consumer’s hand.

What’s Next for Me?

Assuming this business launched, I would like to own multiple business and/or become a successful investor. This first venture would set the path for my future. It would allow me to understand the world of business on a personal level. It would also allow me to know what not to do in the future in terms of running a business.