30 A

Final Reflection

Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

Reflecting back on this semester, I learned several important lessons. The beginning of the semester was hard to adjust to the blog and what link to submit. The second was the elevator speeches. Having to do them three times, learning and growing from the previous ones was an invaluable lesson. The assignments were challenging and definitely out of my comfort zone. Now that all of the assignments are completed, I do feel I learned a lot in this class concerning what it takes to be an entrepreneur.



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?



I was able to complete all the assignments for this class in spite of m bus schedule. I knew from the start what was expected. I was able to plan my days knowing what assignments were due. This class was not easy, but I am proud of myself for successful completing it.



3) 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?



This class has defiantly made me realize that I can be an entrepreneur. I was able to go through the steps required to bring a new product to market. Creating a new invention for the class has really taken me out of my comfort zone as it was challenging.



4) 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?

My advice for future students

1. Complete the first few discussion posts early and send the ink to the TA to make sure you did it correctly.

2. The Cupcakes are hard!

3. Do all the extra credit assignments.

4. Work ahead in case you have any questions.

29 A

Venture Concept No. 2



Opportunity



The opportunity I saw was to have an all-in-one washer and dryer that would work more efficiently than the current one on the market. The concept was to have a washer/dryer which automatically loads the laundry in the washer machine into a dryer. I surmised that there was a large market for this product as everyone does laundry.



What are the forces or changes in the environment creating this opportunity?

The forces that will allow this product to be successful is that there is currently no other product like this on the market. This product will be able to wash a load of laundry in 1 ½ hours and it will also have a setting for delicate clothing.



How is this market defined geographically and demographically?

I plan on initially marketing this product over the internet. As the company grows, I will then enlarge my marketing efforts to sell the product globally.

How are customers currently satisfying this need? And how loyal are they to whatever they use now?

Customers are currently satisfying their need by having a separate washer and dryer. A consumer must be home in order to move the laundry from the washer to the dryer. I do not believe that there is a loyal customer base for the current conventional way of doing laundry.

How big is this opportunity?

I believe that this opportunity is huge; everyone has laundry that needs to be done.

How long will the “window of opportunity” be open?

The window of opportunity is now. I believe there are great companies out there trying to perfect this machine. This is the future of laundry.



Innovation



The technology in this product will be top of the line. However, not everyone can afford top of the line. There will be an economical model for consumers who do not have an unlimited budget. However, I will look into getting a patent for the product so that my company will be the exclusive company for the innovations I plan to create.



The purchase price will be at all levels from economical to all the bells and whistles anyone could ever want from their laundry machine. This should enable consumers to purchase the product.



Venture Concept



I am selling a product that will wash and dry clothing in one cycle. People today like everything done as quickly and effortlessly as possible and want to know they receive a good value for their money. Consumers will purchase products that make their lives easier and businesses will sell products which make their bottom line better. The price point for this product will begin around the same price point as purchasing a conventional washer and dryer set.



What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?

I believe that as long as the price point is initially the same as a standard washer and dryer set consumers will purchase this product for the ease of completing their laundry.

Who are the competitors? What are their possible weaknesses or vulnerabilities?

The competitor for this product is Kenmore Elite 41002 for 1,500. The wash time is 100 minutes and the dryer takes 4 ½ hours to dry clothing. This is a waste of time and a waste of electricity. (Consumer Reports)

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

My company will have the latest technology to create a washing machine. The packaging will be as green as possible and just state the company name.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?



I am estimating I will begin with only a few employees. 2 employees to answer phones and respond to social media, 5 – 6 employeesin the factory manufacturing the machines, and 2-3 employees packaging the machines and getting it ready for shipping.



The three minor elements

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

My unfair advantage is the lack of knowledge I have for the mechanical part of the machine. I will have to outsource that. It will also be important to create connections with other business people who are well connected.

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers.

I would like to expand and grow this company creating a family business that will prosper for generations.

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

If in five year, I will expand into other inventions that will make life easier for consumers. I may even sell this company after I can build its value. In 10 years, I want to be secure enough financially to start a family and begin teaching my family the business.



Feedback



The feedback I received from my interviews was invaluable. The prospective customers provided me with great ideas of how to refine the product. I did not realize that students and professionals may need different settings and functions for a machine.

28 A

Your Exit Strategy



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 plan to bring m invention to market and ultimately to derive enough revenue from m invention to enable me to create other household product to enhance peoples’ quality of life.
I plan to create a family business that gets passed from generation to generation. However, if the right opportunity to sell my invention arises, I might consider selling it. One must always keep an open mind to succeed.



Why have you selected this particular exit strategy?


I chose this invention because when my sister wentto college she struggled with laundry. Her experience made me realized that she was not alone and there had to be a more efficient way to do laundry.
One day I plan on getting married and having children. When my children became old enough to understand the family business, I will have them work during their summer breaks to learn to operate it Once they complete college, I plan to begin transferring more responsibility to them so one day the can operate it.



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?


My plan is to create a family business, so I must always be optimistic about its prospect for success.
I present myself professionally and learning about an elevator pitch has really helped me.
I plan on inventing or improving upon other household appliances and consumer products.

27 A

Reading Reflection No. 3



Mindset: The New Psychology of Success, Carol Dweck



What was the general theme or argument of the book?

· This book describes Carol Dweck’s research on brain influence with regard to personal success. With an open mind, the brain is able to learn and grow in a variety of situations.

· The book describes two different types of mindsets, fixed and growth.

Fixed – people who believe their traits and work ethics are ingrained in them.

Growth – people who believe their traits and work ethics can change based on their situation. These people are more willing to change.

· She speaks about how powerful the brain is and how having a positive mindset can help with business and personal decisions encountered in life. The author also discusses the potential adverse impact of having a negative mindset.



How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

· This book relates very well to the maters covered in this course.

· In the class, we touched on the concept that failure is connected to a lack of belief in oneself.

· Often in this class, when I first read an assignment, I wondered how I was going to be able to complete it. Just as the book spoke about a fixed mindset; in this class if a person had a fixed mindset, they probably would not have been successful.

· I have learned to have a growth mindset, challenge myself, learn from m setbacks, and keep persevering.



If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

· I would have every student maintain a diary of their semester and see how they progressed in this class.

· I would also want to interview business people and ask them about their failures, how they overcame them, and what their most challenging part of starting a business was.

· I would have students initially write what they anticipate learning in this class. Upon the conclusion of the semester, I would have students write what they actually learned and then compare the two letters. This way a student can visualize how much they have grown and learned in the class.



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?

· My biggest “aha” moment was realizing there were two different types of mindsets and depending on which one you maintain it will impact ever aspect of your life including how you deal with stress, professional interactions, and personal relationships.

· I have always known that entrepreneurs have a certain internal drive. What I have realized is that much success of an entrepreneur comes from internal confidence and the unwavering will to succeed.

26 A

Celebrating Failure



· 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 has been challenging for me. I just transferred here from Miami with my Associates of Arts degree. When I arrived in Gainesville, I reconnected with some old high school classmates. They informed me they were graduating in the summer of 2019. I am just now entering my junior year. I panicked and registered for more classes so I could graduate with my former high school friends. The first week of classes I saw the workload, with working and school I knew there was no way I could do both.



I called my mom and explained what was going on. She informed me that college is not a race and that I should concentrate on getting good grades even if it meant taking fewer courses. I followed her advice and dropped one class.


Tell us what you learned from it.

· I learned that my mother’s analysis of the situation was correct as I will be working for many years so an extra semester in college is immaterial in the grand scheme of life.

· Everyone accomplishes milestones at different times in their lives.

· I have also learned that my mental wellbeing is very important. I needed to learn to balance school, work, and play.

· I have proved to myself that I am intelligent and will complete my Bachelor’s degree in a time frame that works for me.


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 hate the feeling of failing at something. I am only embarrassed when people know about my failures. Explaining to my mom, that I did not adhere to her advice and did register for another class, then dropped it was a very uncomfortable conversation. At that point it was no longer dropping a class, but I felt as if I disappointed her. I had a lot of soul searching to do. When I feel that I have failed at something, I always step back and analyze what went wrong and what I could have done differently to have achieved a successful result.


I have realized that I am in no rush to graduate anymore. It is more important to me that I succeed in my studies than finishing early.

25 A

What’s Next?

Existing Market

Step 1:

The next step for my product is to schedule additional interviews with potential users of my product to refine the product to meet their needs.

Step 2:

Interviewee 1 – The first interviewee loved the concept but needed a delicate cycle. She informed me that she washes her delicates in the machine and hangs them to dry so if the machine did not have this option, as much as she liked the idea, she would not purchase it

Interviewee 2 – The second interviewee liked the space saving idea in her laundry room. She believed that stacking the machines one on top of the other enabled her to have more space to use for other things in her laundry room.

Interviewee 3 – The third interview was a college girl who never did her laundry until she had nothing to wear. She greatly needed a rapid wash cycle. From a technical standpoint I don’t think that should be a problem.

Step 3:

After my interviews, I sat down and digested what the interviewees said about my product. I was encouraged by their overall positive response but concerned about adding too many features to the machines which might drive up their price point. I will need to partner with an existing company or find mechanical engineers to help create the machine. I will begin to create a team of individuals who not only understand the mechanical aspects of the product, but who value the product and believe in its viability. Once the prototype is completed, as a team, we can test the product and continue to make improvements.

New Market:

Step 1:

I think a new market that I have not previously thought of is men and their needs for laundry. When I thought of this product I automatically assumed females needed this, but as the interviews continued, I realized that men also need laundry solutions and special settings for work clothing. Single men who do their own laundry should definitely be included in my target market.

Step 2:

I think hearing what men desire for laundry needs is important. There are some stay at home fathers and bachelors.

Step 3:

Interviewee 1: The first interviewee advised he needed a permanent press setting for the dryer for his work pants and work shirts. He is just starting his career, so he is not able to afford the dry cleaner.

Interviewee 2: The second interviewee does not enjoy doing laundry. He was happy about this product making his laundry chore simpler. However, when I asked him his needs for a machine, he wanted a heavy duty wash cycle for when he stained his clothing.

Step 4:

I have learned from the new market interviews that both men and women have a need for this product. It was foolish of me to think only women did laundry. What surprised me most is that men do have specific setting needs in a washing machine. The existing market and the new market are equal markets since everyone needs clean clothing. However, I still believe in family situations the person who does the laundry, has the final say on what machine will be purchased.

24 A

Assignment 24A – Venture Concept No. 1

Opportunity:

· The potential customers are people who have busy lives and need a less tedious method of doing laundry.

· The only competitive product currently in existence is rated poorly by Consumer Reports and takes up to 4 ½ hours to complete one load of laundry.

· I plan on using social media to promote my machine.

· After interviewing potential customers, I am creating a feature that allows ust the washer to run for delicates.

· From my interviews I learned that there is very little customer loyalty in this field. Several of the people interviewed could not even identify the brands of their washer or dryer.

· I have a large window of opportunity to help households, Laundromats, apartment complexes, and dormitories to become be more efficient in the way laundry is done.

· My research discloses that there is no product currently on the market that is this efficient.

· A customer will be able to run the washer machine before they leave their residence and when they arrive at home their laundry will be complete.

· There will also be a delicate cycle in which the laundry will not automatically dry.

· For businesses, I will offer the product as a way to allow more machines in the limited space allowing for a potential of more profit.



Venture Concept:

· Consumers will purchase this product because it will be in the same price range as a conventional washer and dryer set. They will be able to purchase it from a retailer or online.

· Businesses will purchase this product because it will create space savings,allow for more machines and provide a greater profit.



Price points:



· I would like to keep the machine in the same price range as a conventional washer/ dryer set. If the product is unaffordable, it will not sell to the general public.



Distribution:



· I will initially make my product available on-line. Afterwards, I will begin to sell the product at big box retailers.



Customer Service:



· Good customer service is crucial for any business. My company will be courteous and friendly. My employees will provide knowledgeable and courteous customer support through a toll free telephone number and live chat over he internet.



Location:



· I will find a location where the overhead is reasonable to serve as a combined corporate office and warehouse.



Packaging:



· I will find an eco friendly packaging company to partner with.



Employees:

· I will begin with only a few employees

· 2 employees to answer phones and respond to social media

· 5 – 6 in the factory manufacturing the machine.

· 2-3 boxing the machine and getting it ready for shipping.



Unfair advantage:



· My unfair advantage is the engineering of the machine. I will have to rely on someone to create the mechanical parts of the machine.

· This product will be a new name in the market. It will take consumers time to trust and realize the product’s long-term viability.



What’s next:



· I want to create products that help people simplify their lives. The success of this product is important because once the brand becomes a household name, I can invent other products.

· I want this company to be known as the company that simplifies household chores.



For Me:



· I would love the company to become a household name, so I could have a successful family business to pass on to my children. I see myself in 5 years, married with children creating products to simplify everyday chores. In 10 years, I see myself inventing another product based on my need as a wife and mother.

23 A

Your Venture’s Unfair Advantage



Public Speaking:

· Valuable: Extremely valuable as it allows me to sell my products to large audiences.

· Rare: This is not unusual as many people can speak publicly.

· Inimitable: This is not a unique skill but one that can be perfected through practice and preparation.

· Non-substitutable: Not substitutable.



Only one competitor:

· Valuable: Very valuable.

· Rare: Somewhat rare, the idea is there, but in a lesser product.

· Inimitable: Right now it is, but it can be replicated.

· Non-substitutable: Not substitutable.



Willing to learn new things:

· Valuable: Very valuable, allows me to learn and gain experience.

· Rare: Not that unusual as people like me enjoy learning new things.

· Inimitable: Yes, with effort.

· Non-substitutable: Not substitutable.



Hard Working:

· Valuable: I have strong work ethic.

· Rare: This is not rare, many entrepreneurs have this.

· Inimitable: Yes, with effort and good work ethic.

· Non-substitutable: Not substitutable.



Personal Relationships:

· Valuable: very valuable, I am able to create positive business relationships with customers.

· Rare: A little, some personalities prefer to work alone.

· Inimitable: Not inimitable, personal relationships can’t be imitated.

· Non-substitutable: Not substitutable



Utility Patent:

· Valuable: This is very valuable to allow a person or business to protect their invention.

· Rare: Not rare.

· Inimitable: Very inimitable.

· Non-substitutable: Not easily substituted.



Financial Capital:

· Valuable: This is important as it takes money to make money.

· Rare: There are plenty of potential investors available to funds business ventures for a piece of the invention.

· Inimitable: inimitable.

· Non-substitutable: Subsumable because there are other was to get funding.



UF Student:

· Valuable: Networking opportunities

· Rare: Not rare because all UF students can use this resource

· Inimitable: This is not hard to copy

· Non-substitutable: Having the connections with UF students



Using social media as a marketing tool:

· Valuable: valuable, most people utilize some form of social media.

· Rare: not rare, easy to learn.

· Inimitable: not inimitable.

· Non-substitutable: not substitutable



Computer Literate:

· Valuable: very valuable, can be used for many different areas in the business.

· Rare: not rare.

· Inimitable: very inimitable.

· Non-substitutable: substitutable, many companies use these programs.





After completing the VRIN analysis, I concluded that my best resource is my public speaking. From my part business experience, I also am fairly well versed in using social media for business.

22 A

Elevator Pitch No. 3



https://youtu.be/4CIstfFPTGI



Reflection from No. 2: I was very pleased about the feedback I received from my second elevator pitch. I added hand motions and spoke more clearly. Both of the people that gave me feedback thought that this elevator pitch was clear and concise.



What I changed: For the third and final elevator pitch, I will continue to use hand gestures, speak clearly, and take into consideration all of the constructive criticism I received from the first and second elevator pitches.

21 A

Reading Reflection No. 2



What was the general theme or argument of the book?

The general theme of the book, “Grinding it out, The Making of McDonald’s,” by Ray Kroc is not to giving up on something you believe in. Roy Kroc believed the McDonalds brothers had a great concept that could be franchised.



How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In this class, my biggest takeaway is if you have a dream, chase it in full force. As an Entrepreneur, you must have a vision and enthusiasm to bring your vision to life. Throughout the book Ray Kroc continuously encountered difficulties and stress. However, he believed in the franchise and persisted. When I first opened the syllabus and saw the amount of course work in this class, I momentarily panicked. I knew I was capable of doing the work, but wondered how I would be able to allot a sufficient time for the class when I also was working. Graduating from University of Florida is my dream, just like Ray Kroc, there were trying times with uploading the correct link or finding the time to complete assignments, I never gave up. This class has taught me how to balance everything in my life.



If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

When I initially reviewed the class syllabus, I was overwhelmed by the amount of course work in this class. I would recommend others to print out a monthly calendar and start putting assignments down based on the day you intend to complete them. This strategy worked for me as it enabled me take all of my class assignments and place them on a schedule that worked for me. I would have student draft and then upload the calendar as an assignment, then at the end of the month have them reflect on what worked for them, what did not work for them, and how they can improve their calendaring for the following month.



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?

My biggest “aha” moment of the book is when everything looked really bad for Ray Kroc. He had no more money, the royalties he was receiving was not enough to pay the bills and the McDonald’s brothers did not want to take risks. The chain began with nine menu items. The chain McDonalds was growing, franchises were everywhere, but the man who was the brains behind it for it was impoverished. Kroc did not give up, this is when he set up a franchise Realty Corporation in which he began to buy land. This is when he began to make money. Kroc realized that receiving 1.4% of the franchise profits did not pay the bills, however if he was receiving rent from franchisees for the land he owned, he would be making a lot more money. This book taught me that the way out of a financially challenging situation is through creative thought.

20 A

Growing Your Social Capital

Domain Expert:
Who they are, what their background is:

Leon Flemembaum – Ph.D in Mechanical Engineering

2. How this person is a “domain expert”:

Dr. Flemembaum had been an engineer since 1964. He has worked for multiple municipalities working with water treatment and electricity.

3. How I found and contacted this person:

He is my grandfather.

4. Nature of Exchange: What they did for me, what is the return expectation:

I explained my product and what I believed were potential technical problems with the idea. He explained to me that he would be able to assist with the design; However,he advised that we will need a mechanical engineer to help us design the product.

5. How will including them enhance my ability to exploit an opportunity:

Having a person with a background in mechanical engineering is very helpful for my project. He was able to explain things to me that I never even thought of. I would want to speak with someone about the mechanical part as Dr. Flemembaum suggested.



Market Expert:

1. Who they are, what their background is:
Max Schrader-Grace is a UCF student who owns a home and has tenants to help pay his mortgage.

2. How this person is a “market expert”:

He is a market expert based on the fact he is a landlord that provides washing machines to his tenants.

3. How I found and contacted this person:

My sister who attends UCF is friends with him.

4. Nature of Exchange: What they did for me, what is the return expectation:

It was a casual conversation. I asked a few questions based on how laundry is done at his house. He felt this was a great idea and would free up time and foster peace amongst the roommates who at times fight over the use of the laundry machines.

4. How will including them enhance my ability to exploit an opportunity:

He is someone that would be a great potential customer. He has tenants and represents a market that this product would be good for. He definitely would be helpful in the future to determine consumer needs and price point for the product.



Industry Supplier:
Who they are, what their background is:

Steven Ricket
How this person is a “industry supplier”:

Vice President and Director of Manufacturing of UNIMAC. A company that manufactures laundry machines for businesses. This company builds and provides laundry solutions to industries.

3. How I found and contacted this person:

I found this person during an extensive internet search. I left several messages informing him that I was a University of Florida business student. To my surprise he called back.

4. Nature of Exchange: What they did for me, what is the return expectation:

Once I explained the nature of my call, he was very nice. I explained my product and informed him that I would need assistance in with the manufacturing of the product. He said the company does work with concept products and he thought the idea had potential.

5. How will including them enhance my ability to exploit an opportunity:

Finding this person was a real eye opener on the mechanics of the machine. However, having the concept, drawing, and interviews on what consumers prefer is a good start. Bringing this product to market will be challenging, but it is achievable.



Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?
Finding a person who is an expert in the field and returned calls was certainly a challenge. I have learned that interviewing potential customers and persistence is imperative to having a good concept come to life. Also, if you have a connection in the field, it certainly pays to use it.