30A - Final Reaction

The biggest thing that opened my eyes was the first exercise we did which was creating the bug list. That truly kicked off my senses for opportunity. I also liked finding our opportunity and creating an exercise where we reviewed real world issues and tried to find opportunity within them. I really had fun with the class’s assignments as well as watching the videos. All the different perspectives that I have learned helped sharpen my entrepreneurial mind. I feel like I can become an entrepreneur but I feel to become one you truly need to create a business where you either win or lose with real repercussions and truly take the lessons learned here and implement them into that journey. I feel that failure and success sit on either side of a trampoline, to succeed extremely far, you need to hit the ground extremely hard. I look forward to many new lessons with the tool I have learned in ENT 3003.

My one major recommendation is to try hard at creating your initial business because you are going to be using that for model the whole way through. Also do not skip any assignments because behind that one missed assignment means 1 more because of the responses. Also look into talking to business owners. I work at a bank and I am a business advocate so I am constantly pealing the onion and learning about peoples businesses and what they do. Try to immerse yourself into entrepreneurship and learn all you can both in the class and in the outside world.

Thank you Dr. Pryor!

29A - Venture Concept No.2

When reviewing the product the company has to offer we need to look at the forces or changes in the environment the business lays in and how it can create opportunities. The company RediTravel is in a current market that has little innovation.

The market the product is going after are people located all over the united states but targets a diabetic or a person that needs to carry some sort of vial with them just in case. The product can be utilized in a medical kit giving another form of medication extra protection.

Potential customers do not have a product that offers the same level of protection for their medication. Competitors only offer another item that can preserve the medications. I feel the targeted customers are not extremely loyal to a current product.

The innovation the company has to offer is in its marketing, employee engagement and customer engagement. My company is going to promote an environment of trust and simplicity. The product is going to be extremely easy to use. When purchasing my product you become part of a family and we strive to enrich the purchase of our product with other events giving new life experiences when you bring our product home. The product is simple, a canister that is well insulated for temperature control and protected from physical damage. The product is designed to store insulin or other vials that require protection. My product will be sold for $50 initially and new products will be developed and designed to meet new customer needs.

The overall venture concept of the business is to provide comfort to its customers as well as a product. My customers will switch because of the experience they will have when interacting with the company. Customers will engage in events sponsored by the company and they will engage with employees at these events as well.

Current competitors are MediCool. Their weakness is their marketing strategy and networking capabilities. I look to take full advantage of the marketplace by offering an extra level of experience which includes events hosted by the company.

The customer experience is going to drive my product and keep the company relevant in the extremely fast changing environment. My company looks to engage through the sale of our product and what that does for the individual and also through ongoing customer outreach and product development past the original design.

The business would first be structured as a small team with me being the head of the operation/owner, a marketing director and 2 salesmen. I would operate my company through commission to encourage my salesman to promote my product to get paid which would be more cost effective than paying by hour. I would have to work my day job still to be able to provide enough income to help operate the business until sales were generated.  I would work with my marketing director to have them create different events highlighting diabetes and promote the culture I want my business to exude.

The feedback I was able to receive was about taking a realistic approach to my sales platform. I received feedback stating I had a good product just that I was over stepping the realism of my design. I was able to reshape the structure of my business from having this major company in different states to just being the garage company that hopefully explodes into something I envision with the help of my peers. I feel that through my business knowledge and strategic partnerships with a marketing major and finding the right sales people for my company I can find that niche market. The end goal is to create a community around my product. Like everyone has an IPhone for social media or its social abilities, I want my product to be in every hikers backpack, whether it’s a diabetic, an avid hiker who likes to carry additional medical supplies, or just an extra container, I want my product to be that choice linked to protection, comfort, and medical.

28A - Your exit Strategy

Exit Strategy:

When approaching optimal performance of my business I would like to stay the face of my business with a board of directors that are strategically selected to ensure the everlasting performance of my business. I would not want to pass my business along as a family business because that become to picky. The oldest is sometimes not a guaranteed replica of the owner and I would not want to select one of my children over another. I look at having 3 children to become a balance off my personal growth where I only had an older brother. I select this exit strategy because it is less messy and I want my children to go off and do their own thing and not directly follow in my footsteps. if they develop an innovative way to operate my business then I hope the board of directors can acknowledge that and if not I want them to expand and find their own true calling off my principles of life. I feel this exit strategy is based off different principles of others who have been successful. I do not want my children to thrive off my success and become stagnant in life. I want them to find their own way and become something great by themselves.

27A - Reading Reflection 3

Mindset: How you can fulfill your potential

When reading the book Mindset: How you can fulfill your potential. I realized a lot about the operation of an organization and some ways I can learn for myself to become the best possible asset for a company I can be.

The book takes on strong theme of doing what you are not supposed to be doing. I mean that if you are doing something for a business you should look at expanding your point of view and find new ways to be innovative and become an asset for the business rather than another employee doing and following instructions as they are told.

I feel this book really connected with our class because it explains about being unique to an organization. I feel that being an entrepreneur or being intrapreneurs both take the lessons of exploiting opportunities and helping that sole owned organization thrive or making your current employed organization better by the pure help of yourself.

If I were to develop a class based on this book I would look at explaining that you should not follow suit to a business and look to expand across their current horizon and become something that changes that organization.

My biggest aha moment of the book was when they spoke about recruiting talent. The talent they recruited was optimal to the organization but it lead to a group think environment which lead to a negative repercussion because the organization was not taking a innovative approach and stayed within close relation with how the business was operating.

26A - Celebrating Failure

At work I have been focusing on my outbound lead efficiency. I have been making calls from a pre-selected list to contact current clients and have a conversation that leads to an appointment for a new product or partnership. I make about 20 calls throughout the day because my branch is busier than other branches since we are close to a college area. I have been trying out different approaches to hook clients and bring them in for a face to face appointment so we can discuss products in further depth and have it lead to a stronger relationship. In my calls I was presenting myself and asking permission to continue the conversation and find different points to hit upon after reviewing their profile to find clues on what the client may benefit from. By doing this and practicing I have been able to be more effective over a 4 month period. I learned that just because it doesn’t work the first second third fourth or even to the twentieth attempt you will be successful soon. My approach has evolved and I have a better understanding of what time of day to call and how to continue the conversation to land that follow up appointment. Failing at the calls obviously is not life or death but it is awkward when you don’t know what you are doing or how to approach the situation. Everyone needs to start somewhere and until you do you will always be bad. I keep my head up and keep going.

25A – What’s Next?

Existing Market

After goals have been met regarding growth of revenue and product exposure I want to push into providing new products that will imitate current products but because of our customer satisfaction and engagement they will purchase our products to satisfy their need. The products will be extremely similar and not show signs of cheaper production.

I was able to talk to three people that enjoyed the outdoors and have been exposed to a situation where they have a need for a product similar to mine. In the conversations I asked them if the product I am offering would be handy to them (non-diabetics) and if not what product could I develop that they would like. Each of them said it would be handy in some sort of medical kit for them but to develop a good cooler for the outdoors and of course that is basically yeti. I asked what other products should we look at developing and they mentioned different types of cups, back packs, and other outdoor travel gear that requires rugged and waterproof designs.

After my conversations I want my company to have the appeal of a nonprofit to a community but still have the full attention with complete transparency that a for profit company can have. I want to see my company hosting events for different organizations and promoting different research to help cure different medical conditions that every can experience. I want to see my company at the forefront of promoting medical research and advancement all by creating this environment of extremely hard work, truth and comfort.

I want to see this company develop and turn into something that becomes an organization that resembles the entrepreneurial drive of Elon Musk (same, but different - The Interview) without the social backlash.

New Market

The focus of the business was going to be a B2C driven force but when looking at developing a B2B force it can change the entire advantage of our business. We are looking at taping into a community created by the businesses vision and values.

When trying to sell to individual distributors instead of individual consumers that may become more difficult unless we brand our items with theirs and they purchase in bulk that can meet a similar revenue goal and along with the purchase of our product we provide them with customized marketing strategies to promote our product within their business.

I was able to interview 2 people and explained to them the original idea my business and how it would create its own niche market within individual consumers and explained the new idea of selling the products we develop to other companies to promote and sell as their own. After explaining the human capital the original business is expected to poses they concluded that the new business design would not be able to function effectively because I only lead with 1 product and my name and the community revolving around it was going to assist with any sales and growth.

The new market would not work because I am basically selling a name and incentive to my customers. This can only be achieved when interacting with individuals and not business entities. I could not promote the company the same because the face would be hidden and the same values could not be easily translated through the new distributors. What I found interesting along the way is that most companies employ the same survival tactics that my company will eventually utilize. We will eventually have to mimic products and slightly alter them to appear as ours and cause consumers to change to our product because of our name and keep current customers in a lifelong relationship because of the customer interaction and engagement we want to offer.

24A – Venture Concept No. 1 (RediTravel)

RediTravel's MediCapsule

When reviewing the product the company has to offer we need to look at the forces or changes in the environment the business lays in and how it can create opportunities. The company RediTravel is in a current market that has little innovation.

The market the product is going after are people located all over the united states but targets a diabetic or a person that needs to carry some sort of vial with them just in case. Or the product can be utilized in a medical kit giving another form of medication extra protection.

Potential customers do not have a product that offers the same level of protection for their medication. Competitors only offer another item that can preserve the medications. I feel customers are not extremely loyal to a current product.

The innovation the company has to offer is in its marketing and employee and customer engagement. My company is going to promote an environment of trust and simplicity. The product is going to be extremely easy to use. When purchasing my product you become part of a family and we strive to enrich the purchase of our product with other events giving new life experiences when you bring our product home. The product is simple canister that is well insulated and protected from physical damage. The product is designed to store insulin or other vials that require protection. My product will be sold for $50 initially and new products will be developed and designed to meet new customer needs.

The overall venture concept of the business is to provide comfort to its customers as well as a product. My customers will switch because of the experience they will have when interacting with the company. Customers will engage in events sponsored by the company and they will engage with 

employees at these events as well.

Current competitors are MediCool. Their weakness is their marketing strategy and networking capabilities. I look to take full advantage of the marketplace by offering an extra level of experience which includes events hosted by the company.

The customer experience is going to drive my product and keep the company relevant in the extremely fast changing environment. My company looks to engage through the sale of our product and what that does for the individual and also through ongoing customer outreach and product development past the original design.

The business would be organized with a CEO, CFO, a Marketing Director and four marketing specialists, a subcontracted and in house phone service and sales team depending on the need or reason for the call, a sales force consisting of 1 lead sales manager and 10 salesman within each of the 5 states we are currently present in and salesman will be paid on commission structured to promote a strong growth environment, we will also have an event director and 5 assistants, events will be run by mostly volunteer staff from within the communities they take place. This team will be the start to help maximize my business growth until we become nationwide and expand our product list to provide a diverse product line and increase the customer base to become the next thing trending on twitter a few months out of the year.