Week 14 Reading Reflection

1. The biggest surprise to me in the reading was actually something that I found kind of confusing in Chapter 3 about the nature of corporate entrepreneurship. "In recent year, the subject of corporate entrepreneurship/innovation has become quite popular, though very few people thoroughly understand the concept." I think it's interesting how usually the biggest conversations happen on subjects people usually really have no clue the definition or history of.

2. Chapter 4 was pretty confusing to me because of the whole discussion on ethics and managerial rationalizations. There is no definitive line when it comes to ethics because it varies on the person and what they believe is morally correct or not and this is usually based on the culture they are brought up on so it's hard to really say something isn't rational because if you grow up believing something it becomes rational to you.

3. Which is more (primarily) important in the success of a business: profits, jobs and efficiency, or personal and social respect, honesty and integrity? I'm curious as to which one is the foundation of a successful business.

4. This is not necessarily something the author states as a fact but he does mention that laws are supposed to be a collective judgment of society and that inherent problems arise when people believe the laws represent morality and I don't completely agree with that because in some societies the laws are created by those in higher positions who have different moral standards.

Google Gold

My SEO approach throughout the blog posts was mostly on keeping the titles of my posts very simple and straight to the point. I've learned that for SEO its best to make have a short title that says what your post is about.

I haven't chosen any keywords in the past blog posts, I wasn't aware we had to include keywords or share our blog via social media. I solely created it for this class. I however have used social media to promote my personal food blog because its my own project and its on something I'd like to someday pursue somehow into my career in working in the food industry. Sharing posts on social media is the best way to attract traffic to a website or blog because people are always on their phones checking their news feed nowadays. I've also learned in my experience that posts that include some type of visual such as images or video get people's attention.

My most viral posts were a tie between my idea napkins and my first elevator pitch. I think these posts had the most page views because others in the class probably had to go back to them to understand what my venture was about in order to get background information to comment on some posts explaining my exit strategies and such.

The only way I am on the first google page is if I type in my name and the title of one of my most viewed blog posts.

Very Short Interview Pt.2

I didn't get to post up my first interview with an entrepreneur although I was able to speak to one sometime during the beginning of this course. I was speaking to my old boss who started a skincare company in Sweden, Cicamed, and is now expanding to the U.S. and I mentioned I was taking this class. He didn't go to business school because he was actually a doctor and he owned a clinic where they conducted surgeries such as plastic surgery and did botox as well and this made him then want to develop his own skincare line.

To him however, being an entrepreneur meant seeking a solution to a problem everyone faces and being knowledgeable and passionate about this to the point where you can stick with and manage a company on this solution and profit from it.

Now toward the end of the class, I understand what he means because there is a lot that goes into the process of creating a business or product and sticking to it.

He mentioned that something important I should learn in an entrepreneurship course is finding a gap in a market rather than just a great idea. Looking back I now understand that it can be simple to come up with great ideas, but there needs to be a market for these ideas to be sold to. If there isn't a need for this then your business can fail because after a while people can lose interest in things that aren't necessary to their everyday lives.

Before setting out on his path to become an entrepreneur he wishes he had been taught more on the power of social media to market a product because he still isn't quite sure what people are talking about when it comes to trends on social media. He just hires people to do that but he really wishes he could understand it better himself so he could have more insight on the ideas they pitch.

Because of distance I didn't interview this person directly face to face so I couldn't record it. I interviewed him via email and these were the questions I came up with and his responses.

1. Have you had a time where you’ve felt you’ve made a mistake along the way of carrying out your business and how do you recommend to act in these circumstances?

I don't think anyone has started up a company without making any mistakes along the way. For us, one of them was that the packaging of our product was actually ruining it because it was allowing oxygen into the bottle of our collagen boost masks so a lot of customers complained that when they pumped the product out of the bottle it came out really watery rather than as a cream which is supposed to be how it works. We had to apologize and send them a new bottle of course free of charge because this was our fault in production. Even years after running a company you can make mistakes, the best way to handle them is to just accept it and find a way to do better from it.

2.What do you think is the best marketing strategy nowadays that we live in a digital world to get word of a business out there?

Social media. I wish I knew more about it but I can barely get my daughters to get off their Instagram and Twitter pages long enough to show me. I just know it's what everyone is plugged into today, especially our target audience which starts from the age of  16 who use our acne products.

3. What are some life lessons you have learned along the way of becoming an entrepreneur that can’t be taught in a classroom?

Don't let one mistake or one word of criticism stop you from doing what you're passionate about. You have to learn to get back up and learn from it.

 I definitely felt more comfortable during this interview than the previous because I understood more about what Mikael was talking about when he mentioned profiting off a passion. It sounds fun to create something for others based on what you love but if you don't know enough about the industry and the product then it's easy to fail. I've come far enough in this class that I wasn't afraid to ask a successful entrepreneur about failure because I've learned that everyone comes across it at some point, no matter how successful they are now.

Week 13 Reading Refelction

1. What stood out most to me from the reading was how long of a process it actually is to valuate a business. There are so many forms, it requires so much more of a specific look into details from businesses to valuate them. After the first figure (Figure 4.1), I thought that was it but then examples of additional forms just kept coming page after page.

2. I was a bit confused in the shortcomings of closely held ventures, once again it mentions that lack of management depth is a common error made and I continue to wonder how business have managed to even stay together long enough to become established without proper management skills? It seems like way too big of risk to start off a venture with such a large problem.

3. If I could ask the author something it would be if newspaper advertising and mail announcements were still being held accounted for in the total amount needed to buy a business because today, most things are announced online via a more direct method such as email or online ads?

4. I don't agree that a pessimistic view is often taken when it comes to buyers because they are trying to determine the lowest possible price to pay. Sometimes, buyers are willing to spend more if they believe a business really has the potential to bring them a bigger share. I believe buyers look more of opportunity rather than to take advantage of the seller.

Celebrating Failure

1. As a journalism major we are required to take Reporting. This class is very notorious for its level of difficulty, so difficult that our professor has a powerpoint slide titled "How to get a C in Reporting" because a C is something to celebrate in these circumstances. Every week we are required to write a story, due at the beginning of class, with at least two sources. One week, I wrote about the presidential race because we were a day away from the first primaries. I interviewed an American politics professor and a business major since one of the republican runners happens to have a business background to get his take on him running for president. When I finished my story I was really proud of it because I felt that it localized the election and really said something about how students felt about it. However, when I got my paper back I got a 35/70....I was devastated. My biggest mistake, misspelling Hillary Clinton's name by simply forgetting to add another L (I spelled it with only one L). This error cost me 50 points. I had really messed this one up, worst of all I worked harder on this story than others where I had gotten a better grade.


2. This error taught me to always read with a critical eye and double check every single proper noun, even with a name as simple as Hillary. There are many ways to spell a name and sometimes even though spell check doesn't correct it, it doesn't mean its right.


3. I don't like failure, it's hard to admit and of course embarrassing, especially when you misspell something. I go through different phases when I face failure, first I feel down because I always put my all into things, then I start thinking about giving up, after I go back and forth between giving up and "well I've made it this far", I go into a "I can't give up on this, I have to keep pushing forward" phase and finally I pick myself back up and keep moving along. I learn from failure, I take it as a lesson on what not to do and build up from it. I believe its what makes us stronger. This class has changed my perspective on failure by showing me that it's ok to fail and that it's not the end of the world because even the most successful people go through it. In the Women's Entrepreneurship Symposium I attended, a lot of the women on the panel expressed that they made mistakes along the way but they still flourished in their business in the end because they learned from the risks they took. This inspired me to take more risks, something I would've been more afraid to do four months ago.

My 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 intend to sell my business in the next 5 years for a large return.

2) Why have you selected this particular exit strategy?

 I believe this is a useful item that should continue to be sold, however, I don't see myself growing with this. It's not my particular area of interest and I would like to pursue other career goals. If I were to continue in the household item industry, I'd like to move more toward the kitchen item section because as someone who loves to cook I believe I can help create items that ease the process of some things.

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?

I think my exit strategy has influenced my growth intentions. I would like to grow more of an influence in the culinary industry because it is something I am slowly becoming more involved in. 

Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
  For me, what stood out most was the section where the chapter said how research has shown a distinct lack of planning on the part of new ventures, especially where entrepreneurs had lack of expertise or skills. If I want to start a venture in a certain industry I would obviously want to know as much as possible about that industry.

2) Identify at least one part of the reading that was confusing to you.
    I was confused in how the reading said that entrepreneurial ventures can prosper by occupying a position that a competitor once held but has ceded through years of imitation and straddling. If a competitor's position has been imitated before, why would someone want to occupy this competitor's position?

3) If you were able to ask two questions to the author, what would you ask? Why?
    I would ask, why have entrepreneurs shown in reports lacked so much strategic planning? Is it because it is something they are not taught to do or do they just focus on the end results of making money right away rather than the long-term of a business?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
   It's hard for me to disagree with what the author says because these aren't things I already knew about beforehand so I don't have anything to compare the information to.

Venture Concept No. 1

Opportunity

Busy students, parents and employees with more than one job barely find the time to take care of household chores such as laundry. Sometimes laundry doesn’t dry well in one dry cycle, taking up more time and electricity which also leads to higher electricity bills. These potential customers need something that will save them time and the hassle of having to wait a whole other dry cycle in order to get on with their day. In addition, there are environmentally conscious people who try to save energy in numerous forms to help the earth (and save money). Global warming consciousness continues to grow in the U.S. as more and more people try to go green. This creates an opportunity for products that help save energy and the earth. Customers are currently spending more money on more technologically improved dryers that have quicker dry cycles, however not everyone can afford this type of technology. There is a need in the market for an inexpensive product that will dry clothes well while shortening dry cycles and decreasing energy use/electricity bills.

Innovation

PloyDry sheets are dryer sheets, but unlike the average dryer sheet used by everyday Americans, PloyDry sheets are made with superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. By inserting one or two PolyDry sheets, depending on the size of your load, the fabric from which the sheets are made absorb most of the water retained in your recently washed clothes. These dryer sheets will be sold in every supermarket in the U.S. and can be ordered online too. A pack of 160 dryer sheets will be sold at $8.29.

Venture Concept

A box of 160 Bounce dryer sheets sells at about $6.00, however, although PolyDry is two dollars more, customers would really end up saving more money on their electricity bill and time. They would be paying for quality and I think this would sell more because of that. After all, time is money. Busy customers would only need to insert one to two PolyDry sheets in order for their laundry to dry quicker so that they can get on with the rest of their day and enjoy some free time after. I think it would be easy to get customers to switch from ordinary dryer sheets to PolyDry sheets because there is nothing else like this and who doesn’t like saving money and time? The only possible weakness with this product is what I am working to fix on next which is to make the dryer sheets more environmentally friendly. I think price points define this business concept because you don’t want to create something too expensive when part of the whole point of the product is to help customers save money. My concept is that if you sell something good and unique at a price an average American can afford, then you will profit because you will have more people trying to buy your product. Location also plays a large role in defining this business concept. I saw that the environmentally friendly version of a dryer sheet brand was only sold in very select places, none of which were nearby a customer so she had to order them online every time. By making PolyDry available in all supermarkets, I have a better outreach to customers who need things instantly.  I would organize my business to support ongoing production by having a group of people managing a factory where the dryer sheets are made, the process of creating this would be done through machines, but people would be needed to watch over the production, packaging and shipping. I would have truck drivers shipping the loads of PolyDry to supermarkets and people working in an office who would reach out to supermarket chains to sell the product and also be available to answer any questions or concerns from customers.

Three Minor Elements

·      My venture’s unfair advantage would be that there really is nothing else like this, I’ve never heard of or seen a product that does the work of a dryer sheet while also drying your clothes quicker. What will make it hard for competitors to copy is the way the product is made, the process requires a specific chemistry to it that is hard to duplicate.

·      What’s next for my venture is to make it more environmentally friendly by making the dryer sheets recyclable and also safe for baby clothes because a lot of parents don’t like to use them on their children’s clothes because of the chemicals used in ordinary dryer sheets. This improvement to the product would attract even more environmentally conscious customers and parents of newborns and toddlers.

·      In five years with this venture I would like to have started a line of innovative household items that make chores easier and quicker to complete so that people can spend more time with their families and relaxing. PolyDry would be the kick off to this line of household products.

Amazon Whisperer

1. Revenue drivers:
    My revenue drivers would be my from the amount of packages of dryer sheets sold (sold). They would be sold at a higher cost than production but still be affordable to everyday people.

2. The next product
    Dryer sheets have recently been getting a bit of a bad rep because of the chemicals used to make them. My next move would be to create an environmentally friendly dryer sheet with the superabsorbant polymers that dry your clothes at the same time.

3. How does it improve your business?
    This next product would attract environmentally conscious customers and perhaps raise the amount of people purchasing it and create a larger customer loyalty.

4. Competitor

                                                

     Seventh generation is a brand that makes dryer sheets from unbleached paper, so instead of adding them t landfill when you're done, you can recycle them. These dryer sheets use a gentle, plant derived formula instead of tallow and other animal products that traditional softeners use.

5.Customer Reviews

   Customers like this product because it is environmentally safer and it can be used for even babies' clothing. However, what they don't like is that they are not widely available in stores so they have to order them via Amazon.

6.I would make my product widely available in all supermarkets like most dryer sheets such as Bounce or Downy are.

7. I think this would make a good addition to my product line because as mentioned previously it would attract more customer loyalty and add on to my customer base by attracting environmentally conscious people.

Elevator Pitch No. 3

1. The pitch

2. I wasn't able to complete my second elevator pitch and I have not received any feedback yet on my second idea napkin. My first elevator pitch didn't receive much criticism but rather excitement on the idea and support. I really appreciated all the great and positive feedback.

3. I decided to include in my second pitch what makes my product different and where it can be found.

Idea Napkin No. 2

1. I am a college student currently taking six classes and living on my own, meaning I now have to handle my own day-to-day housework. I also love cooking and have become quite good at it. I hope to one day work as a publicist for a food company and also have my own restaurant while maintaining a family. I see my business playing a role in my life by helping me shorten the amount of time needed for house chores.

2. My product is called Poly Dry, PolyDry is a dryer sheet that is made of superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. You just insert one or two of these dryer sheets, depending on the size of your load, and it absorbs much of the water from your wet clothes, drying it much quicker so you can go about the rest of your day and save a few dollars on your electricity bill with shorter dry cycles.

3. My target audience would be anyone who has a busy lifestyle, especially parents or college students. These people have shared characteristics being that they all have multiple responsibilities to handle on their own with not enough hours in the day.

4. My product is valuable to my target audience because it can help save them time in housework so that they can enjoy more time relaxing or doing things they actually enjoy doing. In addition, my product also does something that everyone loves, it saves money. PolyDry saves you money because by lowering the amount of time needed for dyer cycles, your electricity bill also decreases,

5.Dryer sheets already exist, but what they don't have is the superabsorbant polymers that PolyDry sheets have which absorb a lot of the water held in your clothes to decrease your dry cycles.

I believe that these elements fit well together, the product would probably be a dollar or two more than most dryer sheets but it will still be affordable for the people described in my target audience. I'd think of it as an investment in time and money saved from electricity bills if I were them.

Feedback memo:

I really enjoyed the feedback I received, it was all really positive and everyone seemed excited about my product which was really encouraging. I didn't really have to change much for my second idea napkin; I just elaborated a bit more in some areas.

Week 8 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

What stood out most to me about the reading that I actually had no idea about was social lending. Usually when I think of borrowing money I just think about banks and finance companies, I thought this was a pretty neat idea.

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

I'm still pretty confused about accounts receivable financing, I don't really understand the concept or how it works, I think it was maybe the way that that section was written that made it a bit confusing for me to understand. 

3) If you were able to ask two questions to the author, what would you ask? Why?

       1. How is the money repaid to social lender loans? I think this would be something important to add into that section since the money is lent by different people through a website.
       2. What do you think brings about these common misconceptions, or myths, by people mentioned under the "Dispelling Venture Capital Myths" section in the chapter?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I agree with pretty much everything the author talks about in the chapter, I thought it was very informative and a lot of the things the author writes about are backed up by other sources.

Halfway Reaction

1.  What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

Some behaviors I have used to keep up with the requirements of the course have been to write things down weekly at the beginning of each week by looking to what's ahead and the deadlines.

2.Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I've felt like giving up a lot of times in this course honestly because it's been hard to complete some assignments for me, especially the recorded ones. It's been hard for me to balance these assignments with my other five classes and reporting lab. What pulled me through however is that I know I can make up the grades through extra credit opportunities and in weeks where my work load is less I can go and work ahead.

3. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

Three tips would be to definitely work ahead, keep in mind the skills and relationships you can acquire through the course assignments and always keep the end in mind. Thinking about your end goals can keep you on track and determined to push through.

Week 7 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

The biggest surprise for me in the reading was about the Miller Lite ads and how the authors explain that even the most memorable ads don't spur sales. I would think that they did because they usually remain in our mind longer to the point where we are at a supermarket for example in front of a product and the memory from the ad sparks a curiosity to try this product.

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

I am mostly confused as to why companies are continuing with segmentation initiatives if they are failing. 

3) If you were able to ask two questions to the author, what would you ask? Why?

Why are companies not changing their product or advertising methods if the ones in current use are not spiking up sales? Would it cost them more money to research on what their customers prefer and draw their attention by re-branding? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

It's difficult to disagree with anything the author talks about because of all the information provided as back-up for their theory on why the current segmentation initiatives are failing to improve business.

Idea Napkin No. 1

1. I am a college student currently taking six classes and living on my own, meaning I now have to handle my own day-to-day housework. I also love cooking and have become quite good at it. I hope to one day work as a publicist for a food company and also have my own restaurant while maintaining a family. I see my business playing a role in my life by helping me shorten the amount of time needed for house chores.

2. My product is called Poly Dry, PolyDry is a dryer sheet that is made of superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. You just insert one or two of these dryer sheets, depending on the size of your load, and it absorbs much of the water from your wet clothes, drying it much quicker so you can go about the rest of your day.

3. My target audience would be anyone who has a busy lifestyle, especially parents or college students. These people have shared characteristics being that they all have multiple responsibilities to handle on their own.

4. My product is valuable to my target audience because it can help save them time in housework so that they can enjoy more time relaxing or doing things they actually enjoy doing. In addition, my product also does something that everyone loves, it saves money. PolyDry saves you money because by lowering the amount of time needed for dyer cycles, your electricity bill also decreases,

5.Dryer sheets already exist, but what they don't have is the superabsorbant polymers that PolyDry sheets have which absorb a lot of the water held in your clothes to decrease your dry cycles.

Elevator Pitch No.1

Sometimes, dryers don't do their job and your clothes is still wet after a cycle. Having to put it in for another cycle not only takes more of your time but it also means using up more electricity. This equals higher electric bills and angry people.

In comes your solution to this problem, PolyDry. PolyDry is a dryer sheet that is made of superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. You just insert one or two of these dryer sheets, depending on the size of your load, and it absorbs much of the water from your wet clothes, drying it much quicker so you can go about the rest of your day.

https://www.youtube.com/watch?v=P1PcJMFRlYk

Top 5 World Problems

Top Five World Problems

• Global Warming
• Cancer
• Ocean Pollution
• Poverty
• ISIS

Top 5 Wold Solutions

• Create greener solutions to prevent further global warming
• Enforce water pollution laws and come up with new filtration systems that keep our oceans clean
• Gather more organizations that can help the homeless get their lives back together by training them to prepare for jobs.
• Fund more research into finding a cure for cancer
• Unite countries to take a stand against ISIS

I chose my top world problem to be the first in the list of the five because I believe that if we don't help take care of the world we live in, then mother nature is going to keep fighting us back for the damage we've caused and with natural disaster occurring, we can't continue to look for cures to diseases if we run out of resources and we can't try to bring peace to a world if we then end up no world to fight for.

I believe my top solution is the most implementable because we live in a technologically advanced world where we are already creating greener solutions to take care of our earth, its just a matter of making these solutions more available to everyone and educating the public on their options when it comes to using energy and recycling. 

World's Biggest Problems

1. Water conditions is Flint
     The city's water isn't clean and has been reported to contain high levels of lead.
       Solution: Create a new water filtration system that can be installed immediately.
2.Global warming
    2015 has reportedly been the hottest year
      Solution: Creating more green solutions
3. U.S. stock market down
     The stock market is down more than three percent due to falling oil process and economic worries
      Solution:
4. Syrian refugees migrating due to political situation in Syria
     Solution: Finding a way to bring peace to their community
5.ISIS attacks across the world
    Attacks conducted by ISIS have killed hundreds
6.Ocean pollution
    by 2025 there will be more garbage than fish in our oceans
     Solution: Enforce no pollution laws
7.Fatal police shootings
    Withing the past two years, fatal police shooting have highly increased
     Solution: Require for police officers to wear cameras while on duty.
8;Poverty
    Homelessness is rising and people around the world are living in harmful conditions
     Solution: Gather more organizations that can help these people get their lives back together by training them to prepare for jobs.
9. Domestic violence
    Celebrities get away with it and so do other men because women are either afraid to come forward or the law lets them off with a warning
    Solution: Make a no tolerance law against domestic violence.
10. Cancer:
      Solution: fund more research into finding a cure