Final Reflection

1) 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?
My most formative experience would definitely be the What's your secret sauce assignment. It taught me a lot about myself that I didn't previously know and gave me in depth information of what the closest people to me thought about who I am. The experience I will remember years later will definitely be the reading reflection 2 since it taught me a lot, not only about entrepreneurship but life in general. Learning about being selfish and having to think for yourself before you can think of others is an important lesson that I think I will remember for a while. The experience I am most proud of accomplishing is the first reading reflection since I left it to kind of the last minute. Being able to sit down and pump out the assignment really gave me a sense of accomplishment since I didn't just sit down and give up and take the loss on the grade.

2) 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?
I don't think I have quite reached a complete entrepreneurial mindset but I can definitely put myself into the shoes of one and think how they would. I currently do not think as an entrepreneur over a regular person but I can see opportunity when it exists if I buckle down and put my mind to it. In order to further develop my entrepreneurial mindset I will have to continue my efforts and keep talking and interviewing other people to help better form my opinion on the opportunities that exist in the world that can be taken advantage of.

3) 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?
I have two recommendations for students who are thinking of taking this course for a semester and those recommendations are to have good time management and to think with an open mind when it comes to the assignments. Time management of course comes into play since you get to choose when you do the assignments so if you leave them all to the last minute then you really are hurting yourself and making the course extremely hard for yourself. With proper time management the class is very doable and provides a great learning experience for the class. In order to foster this mindset just get good at getting yourself organized and try not to procrastinate and if you do this than all aspects of your life will end up improving. The second advice is to think with an open mind when it comes to the assignments. A lot of the assignments will have you interview complete strangers and instead of dreading this think of it as an opportunity to become well versed in communicating with others and gathering intelligence. This course provides a great learning experience for people of any major.

Venture Concept No. 2

1.

Opportunity: The opportunity for a new type of shorts hanger currently exists in the marketplace of today and the citizens need an improvement. The current shorts hangers are not durable and often break when pulled upon. This problem presents the issue that our new product is intended to seize upon. The forces that are making this need is an unmet need for a better short hanger that doesn’t break when pulled on. With increased technology it is both easier and cheaper to produce a higher quality product that would appease the unmet needs of the customers. This market for the hanger product exists globally and everyone has a need for it but the focus of marketing for the product will be parents with children and people who have just entered college buying new clothing supplies. These target customer groups were chosen since both groups are constantly buying new supplies and is perfect for the product to be introduced. Another possible target customer group involves the elderly who they themselves may have a hard time getting their clothes off the hangers. This new product design could make it easier for them to get the clothes off the rack and provide one less headache in their lives. Customers are currently satisfying their need for shorts hangers by using plain old shorts hangers that are simply not up to par with the new product's design. The old product is out of date and doesn’t provide the needs that customers demand. This opportunity is immense in size since it is a product that would exist in a very vast market meaning lots of demand for the product. Having high demand for the product means a larger profit and that the product launch will be that much more successful. This is a huge opportunity and should not be missed. This window of opportunity for the new hanger product will be open until a product of similar specifications is presented in the market and takes over the desired replacement of current shorts hangers. This invention could happen at any time which is true with new product inventions which is why jumping on this opportunity as soon as possible to get the patent and be the sole producer of the new product.

Innovation: The new product is a new type of hanger that is an incremental improvement upon modern day shorts hangers. Current shorts hangers are very flimsy and fragile and will break easily when tugged upon even with the slightest of forces. The new product design intends to be more durable and have a better clip design that makes it much easier to pull shorts off the hangers without the hanger breaking. Of course, with the increased usability and durability the cost would be greater than that of modern day shorts hangers. The main trick will be finding the right price point that makes a decent profit off the market but also one that is not so high that it will deter customers from venturing out to try our product and may reinforce the idea of them buying the classic shorts hangers. The goal is to use a new type of plastic that is not only more durable but also more break resistant and this could up the costs of production when producing this product at extremely high quantities as will be required when making shorts hangers for the globe. The current price for a standard 25 pack of shorts hangers today costs around $15. Using this as a baseline and assuming that people are willing to spend more on the short run to save money in the long run, the price point for our products would probably be sent around $25 for a pack of 25 shorts hangers. Although this is a price jump the increased quality of the product should still attract the desired customers to the product and bring about enough demand to match the supply we would produce.

Venture Concept: The main reason that customers will switch to the new product would be because they see the value of the product and understand that they will be saving money in the long run by investing in the new product today. Switching them to the new product may be relatively hard because a lot of people are short sighted and only see the price point currently when considering on which new product to buy. Since shorts hangers are relatively cheap to replace many won’t think twice about possibly investing in a more durable product that lasts longer. The competitors are seemingly numerous since there are so many producers of shorts hanger out in the world today but they all share the same weakness. The quality of the hangers they produce are not up to par with the desires of people of today that want a strong product that will last long for a relatively good price. The main role that business location would play in the business concept would be the need for our product centers to be in places that have major shipping such as California. This will allow the business to flourish since it will be pumping out and shipping so many products for the customers. The main employees would be working around the office but of course many workers would be involved in the producing, packaging, and shipping of the product. The lower jobs would be the factory work and the higher jobs would be the office work.

The three minor elements:

The most important resource will be the uniqueness of the product design and the work effort brought forth by the company to make the vision become a reality. With a patent other companies will be unable to copy the design which will give us a significant advantage in the market. The next product would be to produce something along the lines of a stronger closet or closet hangers to support more weight or something along that line. I would like to be a successful business owner but if the product really kicks off and a good offer is thrown my way I would probably seize upon it and consider venturing into the technological field.

2.

Summary:

I only received one comment on my previous post for the Venture Concept and it was extremely positive so I didn't have a lot to work with when it came to revisions of the work. They explained how finding the right place for the hangers shouldn't be too difficult and not to worry. The other feedback I got was from my What's Next? assignment where I found out about a possible new market for the product.

3.

Changes Made:

The only major change made to the assignment from the previous was the inclusion of a new target customer group that was discovered in a previous assignment. The new addition added the elderly to the possible target customers which would broaden the marketplace providing opportunity for an increased profit.

Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
My exit strategy would definitely involve selling my business in the next 5 years for a decently large sized return. I would not intend to stick with the business over a long course of time and would rather just sell the business and make a profit.

2) Why have you selected this particular exit strategy?
I have selected this exit strategy since the hanger business seems like it can only go so far by myself and I think that some much bigger businesses would show a great interest in my business and my product which is patented. They would probably be willing to pay much more for the product than I would rather work and earn myself. With such a great offer from a larger business I would obviously sell and make a pretty penny off of the deal. Some businesses that would probably be interested in my product would include both Walmart or Target as they sell a bunch of clothes and clothing supplies.

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 don't think my exit strategy would modify my decisions all too much throughout the business the cycle. The main change that would occur as a result of this exit strategy would be a refrain from putting too much capital into long term investments in the company such as large investments into production and or storage plants since I would have the intent of selling the company within five years if it was popular. By reducing the amount of capital invested it would increase my net profits received from the project and therefore benefit me in the long run.

Reading Reflection No. 3

Innovation and Entrepreneurship, Peter Drucker

1) What was the general theme or argument of the book?
The general theme of the book was explaining the relationship between innovation and entrepreneurship. It explains how entrepreneurship is the main source of innovation and that entrepreneurship carries and drives innovation. It also explains how innovation doesn't have to be super technological or all that tech savvy and that the majority of the innovation is low tech or even no tech. Then it goes onto explain some sources of innovation in entrepreneurship and the different types. It also explains the do's and dont's of innovation and then explains some entrepreneurship principles and strategies that can be used.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book was all about the connection between innovation and entrepreneurship and went into both of these areas in extreme detail. It taught me a ton about the practice of entrepreneurship and the different policies involved around entrepreneurship. Innovation cannot just happen for no reason it needs to enhance some aspect of the business which goes right alongside with what we are learning in ENT 3003. All current existing products or services all have a limited life time until something new takes over and improves upon the once norm. This gives opportunity which entrepreneurs need to seek out and take advantage of in order to succeed with their business.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The exercise would involve looking at a company that has recently innovated something in the market and took advantage of an opportunity before them. It would make the students look at the past history of the business and then reflect on the steps they took on making that new innovation into an opportunity for them that they could use for their own advantage. This would give the students some outside knowledge of how previous entrepreneurs succeeded in the world.


4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
The biggest surprise that I got from reading this book was that innovation needs to be taken slowly and that you shouldn't be too clever with the innovation. Innovation should be made for today and not for the future which of course some people may disagree with such as Elon Musk. The book explained that innovation should be a gradual process where you do not break too far away from the norm initially which really surprised me because when I hear the word innovation I think of some brand new invention that really makes a big difference in society.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 
This semester I failed at getting a B in my Business Finance class. This was the hardest class I have ever taken in my life and the class completely revolved around three tests all of which were extremely difficult. I had to get a B in the class but ended up receiving a C+ which is a little bitter sweet since while I did pass I did not get the required grade for my Finance Major. I studied weeks in advance for these tests and no matter how ready I felt there were always questions that just threw me for a loop and really confused me and honestly just game me straight up headaches. This class was one of the most taxing experiences in my life and took me for an emotional roller coaster and it really put a lot of stress on me.

2) Tell us what you learned from it.  
I learned from this class that no matter how hard you work for something you can always work harder. This class taught me extreme discipline and really teaches you how to time manage since you need weeks in advance to study for this course. While it was extremely sad that I did not get the required grade I took a lot away from the experience along with some major headaches of course. This course is a part of a learning course in life where not everything is fair but discipline and hard work are not the only things needed to pass an intense class that really makes you think outside the box for some of the questions on the tests.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?
I took this failure pretty hard because I have never put so much work into a class before to only receive a C+. I was really devastated when I first received the grade and depressed for a while because I thought there was nothing more that I could do to increase my grade and that maybe I just wasn't good enough to get the grade I needed. But having had time to mull it over I realized that I could start studying every single day since the time of the start of the class and just extremely discipline myself into getting the grade I need to get a B in the class. This class has taught me that failure shouldn't mean it's time to throw in the towel but it's time to rethink your strategy and formulate a new plan that will lead to success. I plan on taking the class again and getting the grade I need with this mentality.

What’s Next?

Existing Market

Although the current market is very strong it is quite easy to see that we have not been capitalizing on all the potential of our existing market. The three customers interviewed gave some great insight on where to focus the direction we will take when considering growing our market. They advised making it somehow well more known to the target customer group since fact of the matter is that people don't give much second thought when buying clothing hangers. They advised trying to get the hangers shown on either a news station or something else that will raise attention to the target customer base that the product exists.

They also advised to make it stand out more through its product design by either using unique color schemes or by giving it a unique name. By having a more unique product will allow customers to recognize the product and understand that it is different from the everyday shorts hangers that every store seems to sell. They also advised perhaps putting it on an infomercial where people can learn about the product and the functions that it serves which will help to further differentiate itself from the regular hangers on the market.

New Market

I think the new market that we could possibly target towards would be the elderly since there is a vast market in that age segments. These people can have a hard time moving around and getting shorts off the hanger may seem easy for some but for the elderly it could be a difficult task depending on the hanger and their physical capabilities. By having a hanger that is easier to pull shorts off of may make a somewhat difficult task into something much easier for the elderly and thus provide one less problem throughout their days which is always a good thing.

The only problem would again be raising awareness in this market which the customers said could be fixed by putting it on the most popular TV channels for the elderly. They also said to make sure its possible to purchase online and ship to the house since they have a harder time moving around and going to the store. They said the product might be a real help in the morning when trying to get the shorts off of the racks.

The interviews gave me a great insight on how to advertise to the elderly and that the elderly market actually has a lot of potential for the business.

Venture Concept No. 1

Opportunity: The opportunity for a new type of shorts hanger currently exists in the marketplace. The current shorts hangers are not durable and often break when pulled upon and this is the problem that the product is intended to seize upon. The forces that are making this need is an unmet need for a better short hanger that doesn’t break when pulled on. With increased technology it is easier and cheaper to produce a higher quality product that would appease the unmet needs of the customers. This market for the hanger product exists globally and everyone needs it but the focus for marketing of the product will be towards parents with children and people who have just entered college buying new clothing supplies. These are the target customer groups since both groups are constantly buying new supplies and is perfect for the product to be introduced. Customers are currently satisfying their need for shorts hangers by currently using plain old shorts hangers that are not up to par with the new product design. The old product is out of date and doesn’t provide a strong enough function to warrant continued use. This opportunity is large since it is a product that would exist in a very vast market meaning lots of demand for the product. Having high demand for the product means a larger profit and that the product launch will be that much more successful. This is a huge opportunity and should not be missed. This window of opportunity for the new hanger product will be open until a product of similar specifications is presented in the market and takes over the desired replacement of current shorts hangers. This invention could happen at any time which is true with new product inventions which is why jumping on this opportunity as soon as possible to get the patent and be the sole producer of the new product.

Innovation: The new product is a new type of hanger that is an incremental improvement upon modern day shorts hangers. Current shorts hangers are very flimsy and fragile and will break easily when tugged upon even with the slightest of forces. The new product design intends to be more durable and have a better clip design that makes it much easier to pull shorts off the hangers without the hanger breaking. Of course, with the increased usability and durability the cost would be greater than that of modern day shorts hangers. The main trick will be finding the right price point that makes a decent profit off the market but also one that is not so high that it will deter customers from venturing out to try our product and may reinforce the idea of them buying the classic shorts hangers. The goal is to use a new type of plastic that is not only more durable but also more break resistant and this could up the costs of production when producing this product at extremely high quantities as will be required when making shorts hangers for the globe. The current price for a standard 25 pack of shorts hangers today costs around $15. Using this as a baseline and assuming that people are willing to spend more on the short run to save money in the long run, the price point for our products would probably be sent around $25 for a pack of 25 shorts hangers. Although this is a price jump the increased quality of the product should still attract the desired customers to the product and bring about enough demand to match the supply we would produce.

Venture Concept: The main reason that customers will switch to the new product would be because they see the value of the product and understand that they will be saving money in the long run by investing in the new product today. Switching them to the new product may be relatively hard because a lot of people are short sighted and only see the price point currently when considering on which new product to buy. Since shorts hangers are relatively cheap to replace many won’t think twice about possibly investing in a more durable product that lasts longer. The competitors are seemingly numerous since there are so many producers of shorts hanger out in the world today but they all share the same weakness. The quality of the hangers they produce are not up to par with the desires of people of today that want a strong product that will last long for a relatively good price. The main role that business location would play in the business concept would be the need for our product centers to be in places that have major shipping such as California. This will allow the business to flourish since it will be pumping out and shipping so many products for the customers. The main employees would be working around the office but of course many workers would be involved in the producing, packaging, and shipping of the product. The lower jobs would be the factory work and the higher jobs would be the office work.

The three minor elements:

The most important resource will be the uniqueness of the product design and the work effort brought forth by the company to make the vision become a reality. With a patent other companies will be unable to copy the design which will give us a significant advantage in the market. The next product would be to produce something along the lines of a stronger closet or closet hangers to support more weight or something along that line. I would like to be a successful business owner but if the product really kicks off and a good offer is thrown my way I would probably seize upon it and consider venturing into the technological field.