Week 8 Reading Reflection

Sources of Capital for Entrepreneurial Ventures

Ø  What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

a.       I didn’t realize there were so many ways to finance a startup company. Debt would be the first thing to hit my mind. It didn’t occur to me that you could relinquish some of your ownership as payment. Even though it is a good option compared to interest and loans, I’m not sure if I would be able to give up some control over a new company I was building.  

Ø  Identify at least one part of the reading that was confusing to you.

a.       I’m a little confused on IPO’s. I wish there were some examples of companies involved. I understand that it is raising capital through the sale of securities. Except, how does this work? What are the steps?

Ø  If you were able to ask two questions to the author, what would you ask? Why?

a.       Are all Angel Investors usually wealthy? I asked this because there are other ways to invest in companies that don’t need an unreasonable amount of money. There is an Angel membership for Naked Wines. It is forty dollars a month, and it’s like a piggy bank for you spend on any of the wines at any time. You can also get a free bottle of wine a month and other special deals. This membership helps fund startup wine companies. This reminds me of what an Enthusiast angel would be.

b.      Can you elaborate more on social lending? Who is behind this? Are these Angel investors owning these sites? The money has to come from somewhere. How do lenders know if an Entrepreneur is true to their word with social lending?

Ø  Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

a.       While discussing venture capital myths, I disagreed with myth number five. I don’t believe that this was a widely known belief in the first place for the statement to be called a myth. Common sense would say that a venture capitalist would need a detailed and well organized plan. If someone is trying to make an investment in a company, then they are taking some level of risk. I doubt they would just want a summary of information. This would increase their risk. Given, this risk would surely be calculated. However, it is still a risk. With any risk comes information to help decrease this uncertain level, not increase it. 

Half-way Reflection

"Tenaciousness is a journey motivated towards success!" --Britt L.
Picture by Patrick Wernhardt

1)      Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

a.       A behavior I continuously use, and in the process of becoming better at is time management. There is a good grouping of assignments due each week. It’s tough when you have a full time job and two other classes to keep up with. It truly is hard to find time, but I’m not giving up. I’m trying my best. This is where I have developed a tenacious attitude. Some of these assignments seem easy, but are not. I just need to find ways to approach them differently to make it easier. Another behavior I have used is creative thinking. This course has definitely enhanced my creative thinking skills. I find myself continuously reflecting, evaluating, and analyzing in order to improve my ways of doing things for this course and for myself. Self-confidence is a behavior that I wanted to become better at, and I am fulfilling that with this course. It takes guts to go up to random strangers and ask or say things you wouldn’t normally do. This is building a comfort level with yourself and just being around other people. Networking is also a behavior that I’m using. Maintaining a blog and posting on Yellowdig helps you connect with other people. This brings me back to self-confidence. Feeling free to express your ideas and feelings helps build self-confidence.

2)      Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

a.      There’s been a few times that I felt like giving up. It seems like time is a huge factor for me lately. These assignments can be time consuming. There are other times when I feel like I couldn’t do some of these assignments, because I can be shy. What helped pull me through is developing a new perspective on the assignments. Thinking that these assignments would help me build on certain skills, and even could help develop new ones that can be valuable to my future. I definitely feel like over the past couple months that I have developed a tenacious attitude. The experience that mostly contributed to this is recording people on video. There are a lot of people who feel weird about being recorded. I would be one of those people. It’s harder to find people who are okay with this outside a college environment.

3)      Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset’?

1)      "Good things come to people who wait, but better things come to those who go out and get them." --Anonymous

a.       Don’t think of the assignments you do in the class just a grade you need to get. Think of it as an activity. Have fun with it. These assignments are to help build a better ‘you’. Go build your self-confidence.

2)      "Thinking should become your capital asset, no matter whatever ups and downs you come across in your life." --A.P.J. Abdul Kalam

a.       If you don’t feel comfortable doing something one way, try another way. Develop different strategies. Enhance your critical thinking and creativity. There is always more than one way of doing things.

3)      "The only place where success comes before work is in the dictionary." --Vidal Sassoon

a.       One of the nice things about the course is grading yourself. There will be some students who take advantage of this freedom in a negative way. Your success in this course reflects your effort. If you don’t put the time or effort in, you will only hurt yourself. 

Free Money

 Free Money? 

·         Where will you go?

o    I will go to the gym, grocery store, and just walk my dog around the neighborhood. 

·         What kind of people will you approach?

o    I will approach people who are just walking by me, on the phone, not paying attention, and just standing on the street. 

·         What will you say to get the conversation started?

o    I just planned on giving them a dollar bill and saying, "here you go!”  

·         What is your plan for the conversation?

o    If they ask me about the dollar or try to give it back; I would just say, "I'm just trying to make your day!” 

·         Out of five attempts, how many dollar bills do you think you will be able to give away? 

o    I think I could give them all away. Who wouldn't want free money? 

Results:

• This exercise was a little tough at first. Handing out dollar bills to random people is just weird. As you can tell my nervous giggly voice in the video, it's not the most comfortable thing. Especially when you are trying to record it at the same time. It definitely would have helped to bring someone with me. However, it was fun and an interesting experience. Giving away a dollar was not as easy as it looks. People don't think of things as free. There is always a hidden catch. My predictions were incorrect. I thought I could give all of the money away. Some people just really wouldn't take it. They just looked at me weird. The funny thing is, an adult took the dollar and a younger adult did not. That's why I chose these two recordings. You would think it would be the opposite. I think it might depend on the mood, timing, and place of the person. If you’re on the phone, you don't want any interruptions. Something like that just really throws you off. It makes sense that the initial response would be, "no". 

Week 7 Reading Reflection

·         What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

o   I didn’t realize that customers tastes or preferences changes so much from the past fifty years. I guess with growing technology, consumers taste will change and adapt to new and exciting things.

·         Identify at least one part of the reading that was confusing to you.

o   I was a little confused about what determined cannibalization of existing products. The example given with the razor wasn’t clear. The old concept can adhere to a different segment of people. Unless the new segment adheres to all consumers. Such as, P&G with several laundry detergents. They segmented different brands to the appropriate consumers.

·          If you were able to ask two questions to the author, what would you ask? Why?

o   While discussing forms of segmentation initiatives, how did marketers get so consumed in customer identities to where they lost their focus? Wouldn’t you then understand your customer? Wouldn’t you know which features mattered most if you were that consumed?

o   How did Yankelovich and Meer come up with the two segmentation exercises? What influenced them? I was wondering about the past experiences to better interpret the exercises.

·         Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

o   There was nothing that struck out at me. I didn’t disagree with too much with the author. I do realize that there are many different people out there with different needs. Therefore, they would have different buying patterns. As our ways of doing things change, so does our buying habits. 

Elevator Pitch No. 2

RFIP GLOVES ELEVATOR PITCH

The Pitch:

Feedback Analysis:

 I received some valuable feedback! It was mainly about the product instead of the quality of the video. Which is fantastic! I changed some elements of my video of course. Such as; lighting, focus, and background. I made it closer to sixty seconds. Only two seconds shy. I also tried to be more dynamic! I think I need to shout RFIP Gloves next time. Third time is a charm. I had some great questions about the technology itself. I then had some people who were confused. They thought that I called my product creepy. I called the technology a little creepy. In which, that was the point of my product. Therefore, I tweaked my elevator pitch. I also got a whole new product idea out of this! Danielle had mentioned a bracelet. Bracelets wouldn’t be able to block the signal if the chip is implanted in your hand. However, If the chip was placed in the bracelet, that would be a different story. As far as privacy goes, security software in your phone or computer would act as the same protection. It would also not be as intimidating. There could be a disruption placed into the bracelet as well. Again, the need was privacy for the chips being planted in the hand. That's why the gloves were designed. Lots of ideas! Thank you all for the feedback. 

As far as a bracelet goes, the new product idea can be like your Fitbit plus the added feature of payment options. So you're carrying your wallet on your wrist. You would have your own account to adjust elements and add apps that are the right fit for you. The new need would be for retailers to update their systems with RFID's in order for this feature to work. 

Week 6 Reading Reflection

Week 6 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

• The difference in industry profitability. Now that I think about it, it makes sense. I didn't think that the soft drink industry would be more profitable than the airline industry. I definitely wouldn't have guessed that it was six times more profitable. Plane tickets are much more expensive. Although, soft drinks are sold everywhere. Including on airplanes. It would add up. 

2) Identify at least one part of the reading that was confusing to you.

• Compliments versus substitutes can be a little confusing at first. Complimentary, meaning "paired" with something. Substitute, as in "replacing" something. 

3) If you were able to ask two questions to the author, what would you ask? Why?

• I thought it was interesting to use the term "sum" while talking about rivalry competing on the same dimensions. 'Zero sum' and 'positive sum' were brought up. I wasn't sure if this was just talking in terms of profitability. What did Porter mean by this?
• How did Porter come up with the five forces? Was it experience? I thought this was a relevant question to ask. The five forces that shape strategy is well thought out. Everything is clear and makes perfect sense. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

• There wasn't anything in particular that I disagreed with the author. Most concepts were explanatory. Except, about the 'sum' term while talking about profitability. I can add a relation to complimentary products. Electric and "smart" cars are growing. There are still many places that need to adjust for this new market. Charging stations are needed to be placed with services and retailers. Without this change, electric cars won't be able to grow. 

Idea Napkin No. 1

RFIP Gloves

(Radio Frequency Identification Protection) Gloves

1) A little bit about me: I love being creative. I remember back in grammar school, I would draw. I would draw anything in my imagination. My favorite class was always art. I grew from drawing to designing to digital design. I combined my love for art with computers. I spent three years of high school in a digital design program. My aspiration is opening up a business one day. Technology is only going to keep growing. I have a feeling that RFID's is going to be a huge part of the future. With growing technology, there is a growing concern for privacy. 

2) What are you offering to customers: Epicenter in Sweden is one step ahead in utilizing RFID technology. They are implanting the microchips in between the index finger and thumb of their employees. These chips can be used for a variety of activities. This can range anywhere from payment to healthcare services. This tech has been around for a while now. I believe that one of the reasons why this tech hasn't boomed yet is because of the concern for privacy. The RFIP Gloves are designed to block signals to avoid a significant amount of data collection and tracking. This helps the customer utilize the tech with peace of mind as far as safety and privacy goes.

3) Who are you offering it to? I'm offering this product to everyone who contains a microchip. This number with grow in the future. 

4) Why do they care? Everyone cares about privacy. No one wants the thought of someone knowing our next move or collecting information about us. We also love technology. Technology enriches our lives. However, everyone wants to know that no matter how much tech grows, it can never control us. The gloves gives us this control for this universal use tech. 

5) What are your core competencies? There are 'smart clothes' out there that can protect you from RFID frequency readers. Such as jeans, where you might put your credit card in your pocket. These clothes were originally developed for people who have skin sensitivities toward electromagnetic waves. There are protection gloves developed. However, they are not designed the same way. These "smart clothes" look normal and are not very original. The material it's made out of is original. A couple of my core competencies are making it fashionable and comfortable. I could potentially produce a clothing line. My line will become a normal part of society instead of safety/protection wear. 

Evaluation: This business concept may be nowhere near its time. A perfect test market would be Epicenter in Sweden. They are the ones that are experimenting with this technology right now. It would take a long time to implement this kind of technology in the U.S. We are already having trouble implementing chip card readers for our credit and debit cards. All retailers haven't complied with this new anti-theft system. I believe when the time comes, this fashionable protection gear will be a need in the marketplace.

Interviewing Customers No. 2

Interviewing Customers No. 2

Opportunity:

 I developed an interest in baby monitors from a job I have had in the past. Since technology is continuously growing, you would think that audio baby monitors would be a thing in the past. However, it’s not entirely obsolete. From my findings, I believe that consumers who choose audio over video are not very tech savvy and generally request one for the fear of “hackers”. I feel as though monitors can be revolutionized if consumers were more knowledgeable about how people can hack into their systems, or if there was preventative information on the product itself. Monitors should be farther along with the technology that we have today. They should be able to do more than have true night vision, recording features, and send texts about baby’s status. Baby monitors should have the same features as we have on our mobile fitness devices. What about the baby’s heart rate and temperature texted to your phone?

Who:

 This project was really tough for me. Performing a full time job, and full time college left me little time to interview a good random grouping of people. When I was able to find time to search for people; it was dark, raining, or freezing outside. There was also a lot of people who did not want to be video recorded. I wanted to talk to them and ask permission first before acting like a news reporter. If I was still in a college town, it would have been much easier to run around campus asking other students. That type of environment would understand what I was doing. Since I had bad timing and weather conditions were not ideal, I went into the closest retail store and asked the manager if I could hang around and ask product questions to people. The random grouping I acquired were close to my age. Some had kids, and some did not. The people who didn’t have kids, and chose video were leaning towards tech savvy. Next interview, I need to reach out of my age zone. I need consumers older than twenty five.

Interview questions:

My questions I asked were:

·         Do you have kids? (open comfort question)

·         Why did you choose video/audio?

·         Do you think of yourself as tech savvy?

·         Are you concerned about hackers? Why/Why not?

·         Where do you think people who are concerned get their information?

·         If there was an extra safety feature or prevention information on the product, would that give you peace of mind?

Unfortunately, the random grouping I chose were mainly video monitor related. I believe that this was because I had the same generation of people. All of the people I interviewed were in their early twenties. The kind of change I would make to my questions is my final one. This question seemed to confuse a lot of people. I also need to create a flow chart to map out either/or questions for a more efficient response and data analysis.

Disclosure: The logos or company names in this video are not associated with this project.

                         

Learned from Opportunity:

                I learned a great deal from this opportunity. It definitely takes time to gather a good group for data. I learned what kind of people I should target. I should target people older than twenty five with kids. The people who were younger and didn’t have kids were not as viable with my data I was trying to conjure. I also needed to create a flow chart to efficiently map out my questions for better analysis.

Tips for Interviewing Customers:

•          A mall is a great environment to get a diverse grouping for your data. Especially if weather conditions or timing is not ideal.
•          Take time to make a target consumer feel comfortable in order to get more information.
•          Some people are going to give too much or too little information. Try to make it less like an interview and more like a conversation. This will help bring out the needed information, and be more comfortable. I was a bit nervous myself. My bubbly personality just helped make people feel a little more comfortable. 

Week 5 Reading Reflection

Week 5 Reading Reflection

1.      What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

·         The article for incorporating on the web was interesting. I didn’t know that it was a state related issuance.

2.      Identify at least one part of the reading that was confusing to you.

·         I didn’t realize the extent of obtaining and securing a patent. The process is long and costly. It doesn’t seem like it’s worth it. How many inventors actually go through this? What does licensing versus marketing the invention have to do with patents? Does a license protect the invention as a well as a patent?

3.      If you were able to ask two questions to the author, what would you ask? Why?

·         Why can’t you copyright an invention? It would be an easier process, and the invention would be protected for a long time. People can still express ideas off of it in order to produce new inventions. Or, improved inventions. The owner can also license the product just as it would patented.

·         If an inventor doesn’t get patent protection, how would licensing the product rather than marketing it help protect it? What if someone else has the same idea as you and license it out around the same time? How does the license process work compared to a patent process?

4.      Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

·         There wasn’t anything that I thought the author was wrong about. I just wanted to add something that the author may have missed about Trademarks. One of the pitfalls listed should be to double check to see if the trademark has “double entendre”. A lot of companies now are creating different brand names for their global marketplaces. This is because the name we are familiar with in the U.S. may have another meaning that is inappropriate for another country or language. On the other hand, this may fall under trademark research. 

Elevator Pitch No. 1

Name of Business: RFP Gloves

Opportunity: Radio-Frequency Identification (RFID) is the way of the future. Everything will contain RFID’s. Imagine walking into a store, and picking up exactly what you needed or wanted. There are no check-out lanes. You can just walk right out. I know what you’re thinking. It’s not stealing. The fact is, that store already knows you. The store deducted money from your bank account instantly. How? It read all the RFID’s on the items you were carrying. Even you. RFID’s are being planted between your thumb and your index finger. Creepy? Maybe just a little.  

Solution: We all know that a lot of good can come out of this technology. Privacy is a factor that’s hindering growth. I have a solution! Radio-Frequency Protection Gloves. Now there is safety of privacy in mind. When you are not utilizing your microchip, the gloves block the signal. They are made out of natural cotton and metals to reflect waves. They are stylish, affordable, and come in a variety of colors. One pair of gloves is priced at $19.99.  Made in U.S.A!