My Exit Strategy

Exit Strategy

 Picture by BrokenSphere

Exit Strategy Plan:

                My exit strategy would be tough, because it’s a growing technology business. The future of my technology business had artificial intelligence. I had hoped to somehow become the main controller of AI’s in general. That way, they don’t fall into the wrong hands, or used for unlawful actions. However, I think that there may be a government bureau dedicated for this anyways. Part of my plan was to make sure they would be used as tools to help us with our jobs or enhancing our skills. Huge and well-known companies are already in the process of building AI’s, so this window of opportunity is not going to be open for long. After branching off from Apple after establishing a strong image, I would need a strong innovation team. If AI’s are the route, then I would be staying with the business for several decades. Depending on my children’s passions, I would or would not pass it down to them. If they have a passion for technology, they will continue to grow the business and withhold a strong name. However, if they want to go into other fields, then I would need to sell it at some point. I would probably retire, and retain shareholder status. Therefore, when I pass, my family would have shares passed to them.

Why select this Exit Strategy?

               This strategy is chosen, because technology has unlimited possibilities. It would be hard to leave after five years, unless the venture needed to be branched out. For example, Google. Google has a new parent company, Alphabet Inc. This is because Brin and Page wanted to discover new ventures. Also, I don’t want to force a future on my children. Everyone is different. What if they wanted to be a doctor? I would only pass down the business, if I knew that one of children would want it. Also, they would have to have the ‘will power’ to keep it going.

Influences?

                 I would say that my venture concept influenced my exit strategy. I could see my future opportunities after making that plan. My overall strategic plan is developing ‘smart gear’. Smart gear has unlimited possibilities as far as developments go. This is what will grow my company for years to come. 

Week 12 Reading Reflection

Strategic Entrepreneurial Growth

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?

a.       One of the biggest surprises reading chapter thirteen was learning Facebook's origination. I knew that Mark Zuckerberg found Facebook in his dorm room at Harvard. However, I didn’t know that it was originally called Facemash, and he hacked into Harvard’s secure student database to design a website to rate the attractiveness of female classmates.

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

a.       I was a little confused on the Entrepreneurial Strategy Matrix. I was thinking, how could you have low risk with high innovation? Wouldn’t you have an equally high risk with a new innovation? I guess if you did a ton of research, there shouldn’t be that high of a risk. Also, it would depend on the venture. However, there could be bugs with the new innovation.

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

a.       I was surprised to know that Entrepreneurs have a lack of strategic planning. I didn’t realized that they were categorized as, “generalist”. Entrepreneurs have creative minds, I would assume that planning was a key for new ventures. Is this lack of strategic planning related to start up failures?

b.      On a global perspective, how is ecommerce effecting outsourcing? The article talking about how outsourcing can lead to increase competition brought this topic up. Will there be more outsourcing with increased ecommerce sights?

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

a.       I didn’t come across anything that I really disagreed with. However, I realized why Brin and Page left Google in the hands of another CEO in order to move on to bigger ventures. They are entrepreneurs and innovators. They needed to leave the management frame of mind behind in order to create new and bigger things, like Alphabet Inc. 

Venture Concept No. 1

Venture Concept No. 1

Opportunity:

            My potential customers range from young adults to elderly. The nature of the need is a revolutionary device that can be customized to fit individual needs to become more productive, happier, and healthy. Questions related to this opportunity are:

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

o   As technology grows, it shapes how we do things. We create technology to enrich our lives, not control them. Currently, it feels like our tech has some sort of control over our lives. People are walking around like zombies. They are looking down at their phones, glued to their smart devices. Social interaction has decreased. Children are staying inside more often, playing video games, or busy creating an illusion of a social interaction on the web. Our language has changed through a text application. It is short, abbreviated, and auto-correct is relied upon. Is our smart devices becoming smarter than us? Part of my business strategy focuses on getting technology back on track. Using tech as a tool to enrich our lives again by making us more intelligent, stronger, and productive for a healthier happier life.

·         How is this market defined geographically and demographically?

o   My market for this smart device is for developed countries, and corresponding demographics.  

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

o   Customers are currently satisfying this need to a certain extent. They are very loyal to their current smart devices. My smart device will put their satisfaction on an entirely new level.

·         How big is this opportunity?

o   I believe this is a huge opportunity in the realm of revolution. However, it can be put in perspective as a small change in enriching lives.

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

o   The “window of opportunity” is vague. There are technical elements involved they may not be developed yet. The product I’m offering seems like it’s too futuristic. Except, companies have already attempted different versions incorporating this technology in a variety of devices, such as Google Glass.

Innovation:

            My current project is the product, Ori. Ori is a smart watch that is putting a new perspective on how socially interact. Hopefully, it gets people looking up, walking around, and going outside. This watch is made to be customized with applications available to download like your smart phone, except it contains elements that can be revolutionary. It’s going to use a combination of cloud storage and electromagnetic waves for data transmission. Similar to how self-driving cars interact. The most well-known element is its holograph ability. Holograms have not been built in a cellular format before. Technical research will be set in place. With Ori, you can receive calls and texts on the watch. There will be an ear piece that you can take out of the side of the watch for private phone conversations. There will also be an option to see the person you are talking to by setting up a holographic image for a more personal contact. This can be one that is already recorded or live. The recorded holograph can lip sync your conversation. The first prototype will only be able to record. If you don’t want to hold up your wrist, you can swipe the holographic image on a platform. You can pay for things with a touch of your wrist. You can link your bank account or credit cards to your watch. That way, you will never forget your wallet. It will have diagnostics of your health. Such as track your heart rate, or tell you if you’re dehydrated by body temperature levels using infrared waves. Similar to how the forehead thermometer works. This can change the way your health professionals will treat you.

                                                       Picture by, Jade Helm

Venture Concept:

            This innovation will help address customer needs by changing the way we interact with each other. As Steve Jobs once said, “Customers don’t always know what they want”. (2015, Harvard Business Review) Customers will buy this innovation, because it is different, and exciting!

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

o   I don’t think it would be too hard for customers to switch. This is new technology. Customers are excited for new and different things. There are some that may refrain at first, because it is something that’s unfamiliar. However, one of my ideas is a joint venture with a familiar tech company for an easier transition.

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

o   My competitors are technology companies like Apple and Alphabet Inc. Their possible weakness is tough to consider. I would be going up against loyally branded companies. I would probably have a smoother transition by partnering, and then branching out later on.

·         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?

o   This would depend on my costs to create the product.

·         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?

o   I would need a mechanical and software engineer, as well as a couple of scientist in the beginning. From there the business will grow with numerous roles available.

Three Elements:

·         My most important resource is my experience and leadership. Building a great team is going to be a huge factor in a successful business. This is what is going to make it hard for competitors to copy.

·         The next opportunity I would like to tackle is the development of AIs. As far as the current product goes, there will probably need future improvements with the hologram feature.

·         In the next decade, there will be more innovations directed towards “smart gear”. This first product helps start the plan of developing smart gear.

Week 11 Reading Reflection

You Need an Innovation Strategy

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? 

Honestly, I haven’t heard of the company, Corning. They don’t sound like a glass and materials company. However, I was surprised at how many breakthrough innovations they have created. They are the guys behind the scenes. Everyone knows about Thomas Edison inventing the light bulb. There are few who have heard of the person/company that created the glass envelope of the light bulb.

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

On the innovation landscaping map, architectural and disruptive categories seemed similar. They both described the object as in another form or channel. The internet versus a newspaper. Video on demand versus DVD rental.

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

1.      Why haven’t I heard of Corning before? It makes me think that I must either be out of the loop, or they are just the “behind the scenes” guys that make everything happen.

2.      What were Apple’s trade-offs? Apple was mentioned a few times in the text, and I’m curious to know.

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

      There was nothing that stood out to me as a disagreement. However, if innovation is viable to a company’s long term health, wouldn’t companies maintain an innovation officer to keep company on track? 

Amazon Whisperer

Amazon Whispers

 

Picture By, Smart Hologram

Revenue Drivers:

            Since my product is technology related, the easiest way to start is a joint venture with Apple. Apple has established a high quality standard, and is known for its innovative products. My product is futuristic, and needs to be branded at the same standard. However, my product is unknown. Therefore, customers don’t trust it. Establishing equity financing and joint venture with Apple will be the fastest way for financing and immediate trust in the brand. Besides Apple’s part ownership in the venture, Angel Investors are another revenue driver. My Angel Investors are: entrepreneurial, enthusiast, and professional. In return for investing, they have a seat on my board of directors.

Next “Big” Thing:

            The next thing customers want is live interaction. Some customers can’t let go of their smart devices. They are locked on it even in a social situation. When the phone says, “bing!” They have to check it. Let’s bring social back into the situation.

Product Enhancement:

            This object is a similar feature to the product that I’m offering. Ori is a type of smart watch that will be able to use holograms as a form of communication. You can set your personal hologram to a recording if you are unable to project live. Your hologram will then be able to lip sync your text or phone call. This existing product is on a much smaller scale, then what I’m offering. This technology will definitely improve user experience.

Amazon Product:

            The product I found on Amazon that is close to the element I want to add to my smart watch is called, Smart Hologram. It’s a universal 3d projection pyramid that is compatible with all smartphones. It’s basically four transparent lenses that can be shaped together to form a pyramid, and placed on top of your phone for effects.

Customer Reviews:

Pros:

·         Novelty item for children.

·         It’s a cool gadget.

·         It creates a 3D image like it’s supposed to.

            Cons:

·         Customers want to use this on their tablets, and they can’t because the device is too small.

·         It doesn’t impress adults.

·         It’s a flimsy piece of plastic.

Design Changes to Product:

            I would design this product on a larger scale. I would also create a mini projection instead of the transparent lenses to create a more realistic effect. This would be similar to how Atmosfearfx creates their illusions. It would project out of the camera lens. This would hopefully increase interest in the adult target market, as well as be used on any device.

New Product Change:

            The addition I would make to my current product would be the projection released through the camera lens. This is something that I didn’t think about. My smart watch would need to have an additional feature. Such as, the ability to take photos. The camera lens would be built in the watch and centered upright. You can lift your wrist to take quick photos. You will then be able to use the projection upright on your wrist as well. Next would be the swiping feature. This is where you would be able to swipe the hologram on another surface for a more comfortable view if you’re not mobile.

Additional Product Offering:

            This product gave me ideas on how to build this awesome element into my smart device. Although it wasn’t the device itself, it lead me to create something better. I also forgot about the photo feature. Everyone likes to take pictures on their phones now. The camera qualities are increasing on smart devices. This is another nice element to add to my device. 

My Unfair Advantage

Venture’s Unfair Advantage

Brian. (2007, June 2). Prius Power. 
Retrieved from Flickr.com: https://www.flickr.com/photos/commorancy/527317755

Resource List in Venture:

1.      Sales Experience

a.       VRIN: This resource is very valuable, because you need to understand how to sell your product. How you’re going to make it appealing to your customer base. How you use your words will speak volumes. It’s like a Jedi mind trick. “Don’t forget a book to go with your gift”. This can be rare, because not everyone may learn the same selling techniques. My selling techniques will help keep competitors away.

2.      Emotional Intelligence

a.      VRIN: This resource can be rare, because it can be tough to control your feelings. Especially in a situation of an irate customer or employee. The majority of people’s initial reaction is to defend in an uncomfortable situation. They may make irrational, and quick decisions. In my past job experience, a store manager for the company I worked for was fired for an outburst on an employee. Emotional Intelligence is a very valuable resource, because it can increase collaboration, and resolve issues quickly with minimum damage. Staying calm, and pushing initial feelings or reactions to the side is key for success. Training employees with the same mindset will keep competitors away.

3.      Marketing Expertise

a.      VRIN: This is a valuable resource, because I have the knowledge to spread awareness about my product. My first internship was under a marketing director. With my past job experiences, and education through UF I have an advantage. I also have knowledge, and experience in Graphic Design. This combined experience can be rare, and is a great advantage to stay on top of competitors.

4.      Motivation

a.      VRIN: This is a resource that’s rare, because not everyone has the same motivation. Everyone can be motivated for different reasons, but it’s ‘why’ that gives you a little bit more of a push. Motivation is a valuable resource to have in any venture. It’s a part of what makes your venture a success. My motivated mindset can keep competitors away.

5.      Business Education

a.      VRIN: This may seem like an imitative subject, but it’s not. This can be rare, because not everyone has gone down the same path as you. You might have the same degree, but it’s your education that separates you. This is very valuable, because your education is what helped shape you. It depended upon if you were persistent, or held integrity. This is what will keep my competitors away.

6.      Bubbly Personality

a.      VRIN: This is a valuable resource, because it has the potential to create a fun and welcoming organizational culture. Providing a positive environment will radiate throughout your organization. It is also contagious. Having a positive attitude create value through relationships. I will have a lower employee turnover rate. Obtaining employees, will increase productivity. In return, this will help my business stand out and stay on top of competitors. “Believing in negative thoughts is the single greatest obstruction to success” –Charles Glassman.

7.      Leadership

a.      VRIN: Yes, there are many great leaders. Except leaders can lead differently. This is what’s rare. With my leadership, I will lead my team with inspiration and motivation. I will not look down upon them as if I was their boss, but as their teammate doing favors for one another. Their success is my success. If they lose their path, I will help lead them back. Leadership is very valuable, because it’s part of what will make your venture a success. “I alone cannot change the world, but I can cast a stone across the water to create many ripples.” – Mother Teresa.

8.      Creative Thinking

a.      VRIN: Creative thinking is valuable, because it’s what can help you stay on top of your competitors. Forward thinking is an element of creative thinking. Staying one step ahead can determine success. Forward thinking can be rare. Not many people can think of all possible outcomes of a decision before making it. Creative thinking will also bring innovation.

9.       Collaborative

a.      VRIN: Collaboration is very valuable to any business. What makes my collaboration rare is my network. I have created a network that can help me with future opportunities.

10.  Financially Competent

a.      VRIN: Being financially competent is a key to a successful business as well. Based on past experiences, this can be rare. Thinking logically, and having education in finance is very valuable. This will help with the startup of my venture, and also help determine options available in case of a downturn in the economy. According to statisticbrain.com, 46% of startups fail because of financial incompetence.

Top Resource:

Based on my VRIN analysis, I think my top resource is my business education. This is because it may be the rarest. No one has gone down the same path as I have. My education is what helped shape me as a person. I have had my struggles. I have met different people along the way that have opened up opportunities for me. These people helped start my network. They are also a part of what shaped me as a person. I am my own advantage, and this has staying power. 

Growing My Social Capital

Growing your Social Capital

1) Domain Expert 

            John B. Apple Store Manager

            John fills this spot, because he is in the same type of business (technology) that I would like to be in. I found him by just walking into an Apple store. My exchange involved his time to answer some of my questions. In return, I bought headphones, and signed up to receive information from Apple. I also ended up receiving his business card to contact him for further advice or questions. Including him in my network will enhance my knowledge about the industry I would like to go in. I could also end up connecting with more people in this same type of network for further opportunities involving my product or knowledge in general.

 3) Market Expert

            Kyle C. Best Buy Sales Representative

            Kyle fills this spot, because he is a product expert for the same category of products. I found him by just walking into a Best Buy store. I talked to Kyle about some of the new products that were out, and asked him questions related to my product. In return for taking up his time, I bought a cover for my phone and filled out a survey with great feedback for him. Including him in my network will give me knowledge about customers and what they are looking for in new gadgets. He is the one that comes in contact with them every day, and listens to their feedback on products.

2) Supplier 

            Sara H.  AT&T Sales Manager

             Sarah fits this spot, because AT&T supplies businesses with broadband bundles. AT&T also supplies people with Digital Life. AT&T is getting involved with the cloud and Digital Life has similar functions to my business. I found Sara by walking into an AT&T store. In return for listening to me about my product and giving me feedback, I upgraded my plan which gave her the credit. Adding Sara to my network will enhance my knowledge about services, and the supply chain. AT&T could possibly sell and supply my product in the future.

Reflection:

            This was a lot of fun. I also learned a lot more about my industry, and who my target audience is. This was a great opportunity to gain insight. For future networking events, I’m going to be more personal with my connections, and stay in touch. This experience taught me to just go out there and start asking questions. In my past experiences, I lost touch with some of my network. This time I asked for business cards to stay in touch, as well as connect on LinkedIn.

Week 10 Reading Reflection

Financial Preparation for Entrepreneurial Ventures

v  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? 

Ø  There weren’t many surprises in this chapter for me. I have taken financial accounting classes in the past, so the information isn’t entirely new. However, I don’t remember the vertical and horizontal analysis. It’s pretty explanatory. However, if you put yourself in an investor’s shoes, the analysis is a brilliant part in getting information quickly to make a decision about a business.

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

Ø  I didn’t understand why the author put that the cash flow statement is also known as, “the statement of cash flows”. Isn’t this the same thing? It’s not abbreviated. Why bother putting, “also known”? That was what was confusing to me. (pg 348)

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

Ø  Under the five tips for making sure a business in a declining economy gets paid, what is the best way to discontinue a relationship with an unprofitable customer without percussions? I would ask this, because it’s a tough situation. You don’t want a customer to leave. What if this customer puts terrible things on social media about your business?

Ø  Is there any other tactics that may be better to use for good cash flows in a declining economy? It seems like giving customers credit cards is a hassle. You want your money. You don’t want to lose or make any of the customers unhappy.

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

Ø  In the John Wheatman expense and operating budget example, I disagree with repairs being labeled as relatively stable and a fixed expense. Even though there is maintenance kept on your operating budget, what if something breaks? What if that leads to other things breaking? I don’t really believe that repairs can be a fixed expense. It’s not going to be the same every year. 

 

Photo by Wsssst

Elevator Pitch No. 3

1) The pitch. 

 2) A reflection on the feedback you received from your last pitch. 

            Some feedback that stood out to me was a comment on my video edit. I edited the video for it to be more dynamic as I moved across points. I also edited it to make sure it was exactly one minute. However, they did have a point. When you’re talking to someone in an elevator about your product, you can’t speed up your points or cut out the “blank” spaces. It keeps surprising me how unfamiliar RFID’s are to some people. It has been around for fifty years. I’m not sure if no one thinks about it, or if they are just unfamiliar with the term. Another element of feedback I received that stood out to me was its time frame. There are still checks out there, but they are very few. In the future, I believe cash money will probably be the same.

3) What did you change, based on the feedback?

            Based on my feedback with elevator pitches, interviews, and idea napkins; I completely reinvented my product. Its main focus is a universal need. We are beginning to use the cloud technology for a lot of things. It’s a big part in self-driving cars. People can customize this product based on who they are. This can be the new alternative to a cell phone, but it’s on your wrist. I have a feeling that this pitch is going to raise a lot of questions, however, I have more information on my second idea napkin. As far as changing information goes from feedback received, I changed the term RFID to electromagnetic waves. I didn’t edit the video, however, I did add elevator music in the background. This was a tough one, because I changed my whole concept. I did manage to get it pretty close to a minute long. 

My Secret Sauce

1)      Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

a.       Emotional Intelligence

                                                              i.       Emotional intelligence is where you have the ability to manage your own emotions and the emotions of others. Sometimes while working in customer service you will get irate customers. Your initial response is to match the person’s emotions you are dealing with. With emotional intelligence, you are fully aware of your emotions and control them immediately to help deescalate the situation.

b.      Creative Thinker

                                                              i.      I have the ability to see multiple perspectives. I’m always thinking about the future. I can stand back and imagine the many routes or possibilities for a decision. I’m also constantly thinking of ways to make things better. I’m always innovating.

c.       Graphic Design

                                                              i.      I have practiced digital design for years. I have knowledge of Photoshop, InDesign, and Illustrator. I was in a digital design program in high school, and acquired a summer graphic design internship before starting college. Art has always been a hobby of mine.

d.      Bubbly Personality

                                                              i.      I always try to have a positive light on things. I surround myself with positive people. I also believe that it catches on. If you are uplifting, you will uplift others. Creating a positive environment for you and others is important.

e.       Independent

                                                              i.      I trust myself and my judgments. If someone else comes up with an idea that I think is a better fit then mine, I will recognize this and change. No one else is in control of my actions, but me.

2)      Interview the five people who know you the best.  Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

                      

a.       With my mom’s interview, I forgot that I loved architecture. I love designing things in general. Design has always been a part of my life. With this recording, she confirmed my creative abilities.

b.      My Grandmother’s interview was a little vague. I think I just caught her on the spot. My takeaway was how hard I work. I am a hard worker. I love working towards goals and seeing my success as a result.

c.       What I took away from my brother’s interview was my sales ability. I have been working in sales for a while now. That is a skill and knowledge to have. He also brought up my bubbly personality.

d.      My twin sister brought up my emotional intelligence skill with inspirational speaking. I did take away motivation from her interview. Motivation has always been a key for my success with goals.

e.       I took away hard work from my finance’s interview. I always try to push myself and put a hundred percent in anything I do. I’m also dependable.

 3)      Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

a.       I believe my perspective on who I am and my family’s perspective was pretty similar. If anything, it confirmed elements that I already knew I had. My family sees me as a hardworking, upbeat, motivational individual. I don’t see myself as very outgoing like my mother has. I think that this was my only shock. I think it’s because I see myself as an introvert. I get my energy from within. I need time to myself to reflect and energize. I think she sees me as outgoing, because I just push myself to be. As a sales person, I have to be. I have to push all feelings aside of what people think, and just go out there to say what I want to say. I don’t think I would make any corrections to my list from part 1. In my subconscious, I know what my abilities are. I might have forgotten some things, but remembering them helps me reflect on why I do what I do.