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.