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