Final Reflection

2. The most formative of all the assignments for me was the first elevator pitch. This was the first time where I had really thought out how my product would do in the real world. I had the idea since the bug list and knew I wanted to right about it, but I had never thought of how it would work logistically. I will probably remember the idea napkin for a long time. Writing down exactly what needed to be done, how to do it, and how to profit was definitely a memorable experience. I would say that I am most proud of the fact that I was able to come up with such an interesting idea. I am not a very creative person, and the idea is not that outside the box, but still bringing this thought to such and end really surprises me.

3. I would say that I definitely have a better idea of how I would be as an entrepreneur. That idea being, I would have cool products that would never really get made. The problem for me is I would be so unlikely to actually get to the point of creation. I think I can certainly think through the whole process, meaning I think I do have an entrepreneurial mindset. However, I do not think this makes me an entrepreneur (for one I still can't spell the word) since I would not take action.

4. If a student truly wants to be an entrepreneur, I think they need to have real world practice being a part of a small business. Without the real experience, the fear of trying will likely stop their idea from becoming a reality. The best way to perform in this class is to stay on top of the assignments. If you can set time away twice a week for them, this class is not too terribly hard.

Venture Concept #2

1.Concept
Opportunity

My potential customers are people who live in hot/humid areas that do not want to feel sweaty. This need is a want for people that are uncomfortable feeling sweaty. The sun and humidity are the forces that lead people to sweat a lot. Geographically the business is in the southern US states, demographically it would be focused towards teenagers and young adults. The problem is currently solved by just staying out of the sun. Customers would be interested in a better fix. This opportunity could be quite big if it were able to also take off as a fashion statement. It will be open for as long as the sun is hot.

Innovation

It is a material in shirts that is hydrophobic. The product innovates shirts so that they do not retain sweat from your body but instead it rolls down your shirt. The hydrophobic material rejects your sweat, causing it to roll down the shirt as opposed to sticking to it. Money will be made by selling shirts for $20. This price is higher than the average shirt, but this shirt offers something no other shirt does. Additionally, the shirt can be sold to other companies to be designed and a profit could also be made that way.

Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.

3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur. 

2. Feedback

I have exclusively received positive feedback for this product. The reality of the situation is that this would do incredibly in the market as so many people get such a simple benefit. The problem is that creating this product is nigh impossible. The parts needed to make it are just so far out of my capabilities and those I could even ask for help.

3. Changes

With this, I have made no substantial changes to my concept. If I could get to this point of the project, the world would be my oyster. Since I cannot truly do this, I will simply have to be happy with what could have been.

4. Picture

My Exit Strategy

1. I think that after I have developed my business to reach the greater part a of America, I would sell my idea onto a larger retailer that could better handle the operations necessary for shirt sales. I would hold onto the income that comes with the idea of sweat-proof shirts.

2. I would like to follow this path because I would like to be involved in the process of dispersing my idea and popularizing it. I do not want to stay with it for the long term because I believe that it could be much more successful if it reached a greater commercial state. I would be unable to reach such a level on my own. I would keep the rights so that I could financially benefit from my idea which would make any venture I would make in the future easier to handle.

3. I think this exit strategy has reflects my attitude towards my idea. That attitude is that I do not have a personal desire to produce this idea. Since I lack this desire, I can wish for the simplest outcome that still nets me profits without the loss of my idea.

Reading Reflection No. 3

After reading The Wright Brothers,  I was most surprised that they were able to do all they did without a college education. With this, I most admired the motivation that they had to push through all of those failure and still get to their final success. This has more to do with the US, but I was disappointed that the US did not take any interest in the accomplishment the Wright Brothers accomplished. They failed all the time, but they just kept making money on the side and trying to perfect their craft.
I noticed that they had incredible motivation and dedication to fulfilling their goal of flying.
I was a bit confused by the jargon that is involved in making the plane actually work.
I would ask how long they would have kept trying to know if they had a stopping point. I would also ask what they would have done with themselves if the plane had never worked.
It appeared their idea of hard work was never letting go of what they wanted to accomplish. I can relate with this idea since I believe hard work is long and arduous.

Celebrating Failure

1. During this semester, I had a pretty large blunder in that I was not admitted into the combined degree program I was interested in the first interview. I had been taking prep class to prepare myself for what would be entailed. The interview went relatively quickly through the information I had brought to the interview. The interviewer seemed to have known beforehand that nothing I really would have said could have changed the outcome. Towards the end, she informed me that a score I had received was not high enough and if I wanted to be in the program I would have to retake the test. Additionally, I was informed that what I had learned from the preparatory class (as well as some of my own learning) was not enough to show that I was not the type of student the program was meant for.

2. While all of this sounds pretty negative, she also gave me many alternative paths for the future. I still have another attempt to get into the program following the break with a better score and better understanding of the kind of student they are looking for. If this still does not work out, she told me another program on campus would give me the exact same opportunity to get the type of job I would like to work. I also learned that life stinks, but I kinda already knew that.

3. Failure, no matter how badly it stinks, is the best way to learn. I would not say it is a great way to live since being successful is the goal. It's not good, but I usually handle failure by keeping it to myself and finding another way to move forward. I spend of time making sure that I do not have to deal with failure. I probably am just as likely to take a risk since I was already comfortable with it. I just take a lot of steps so that my risk is less likely to end in failure.

What's Next

Existing Market
Two of the people that I interviewed had relatively similar views on what they thought would be next for the future of my business. They gave me the idea to stay future focused since staying just in the southern US will probably not work in the long term. They suggested in the the somewhat near future to spread to the rest of the US by taking advantage of branding. Many people already like a brand of t-shirt "comfort colors" just for the name attached to it. This could be applied to my shirt when going to the northern US.
The other person I interviewed suggested that I ensure the style of the shirt is not taken away by the hydrophobic material. She said that even if it is incredible, people may never adopt it from they already have if it is seen as ugly. While this could prolong the time it takes to produce the shirt, this is definitely something I would consider. If it does not go well visually at first, I will also have the opportunity to change the brand and keep the material.

New Market
I talked to people who were focused on selling food since they also reach a large audience, but for a different need. They related since they have to compete against many other people with a very similar product which is what I would be doing. I was surprised at how imperative location was for them and I took into account how that could also be important for me in the future. I was right in believing that the most of differentiation for them was based off of how well they could develop their brand with loyal customers.
I was wrong in thinking that the style of food would be pretty important to getting customers. Since food is so diverse, there is almost someone that will want to try your food and like it. This market does sound interesting in that it would be a very exciting business everyday. I would not want to be a part of it though because competition is so heavy and it is almost impossible to find a foothold to stand on at this point.

Venture concept

Opportunity

My potential customers are people who live in hot/humid areas that do not want to feel sweaty. This need is a want for people that are uncomfortable feeling sweaty. The sun and humidity are the forces that lead people to sweat a lot. Geographically the business is in the southern US states, demographically it would be focused towards teenagers and young adults. The problem is currently solved by just staying out of the sun. Customers would be interested in a better fix. This opportunity could be quite big if it were able to also take off as a fashion statement. It will be open for as long as the sun is hot.

Innovation

It is a material in shirts that is hydrophobic. The product innovates shirts so that they do not retain sweat from your body but instead it rolls down your shirt. The hydrophobic material rejects your sweat, causing it to roll down the shirt as opposed to sticking to it. Money will be made by selling shirts for $20. This price is higher than the average shirt, but this shirt offers something no other shirt does. Additionally, the shirt can be sold to other companies to be designed and a profit could also be made that way.

Venture Concept
My shirt will allow people in who sweat in hot and humid climates to wear a shirt that is not covered in sweat. They will buy this shirt because people already regularly buy shirts and will like the idea of not having to be covered in sweat. The premium of the shirt is also not that outlandish compared to other t-shirt prices. The hardest part of getting new adopters will be right in the beginning when the effectiveness of the shirt has not been openly accepted. Competitors will be the other current shirt sellers. They have a much bigger foothold in the industry but do not offer the advantages my shirt does. Packaging will affect me the same way it does all shirt companies. The same goes for distribution and customer support. Location will be more focused in southern US states than it would be for others. I expect to sell at a higher price than other companies. I would organize myself with mostly outsourcing the work to other companies who already focus on textiles. Minimal low level employees would be needed, only those that are directly involved in the organization of the creation of the shirt and how it gets distributed.

3 Minor Elements
The most important resource of my product is the hydrophobic material that does not sacrifice style and is comfortable. I would want to bring my product to the large-scale level, not just focused on southern US states. I would like to see that I have a strong foothold in my focus sates in the first five years. I myself, do not want to actually be an entrepreneur.