Final Reflection

1) Reading through all of my blogs post for this semester made me feel really accomplished and proud of all the work that I have done. There were assignments that I dreaded, such as the interviews of my friends and strangers, and assignments that showed me new things, such as my "Secret Sauce." Not to mention, doing an elevator pitch three times made elevator pitches go from my least favorite assignments to something I could do in my sleep.

2) What sticks out to me as the most formative experience was the Venture Concepts. These culminations of my work and ideas was something that really helped me organize my thoughts and think about all that I had been working towards. I think that years from now I am going to remember that sometimes you need to just sit down and write out what you have done, are doing and what you are planning to do next. I think it will be a really important skill no matter what I end up doing with my life.

3) I think I have definitely moved closer to an entrepreneurial mindset. I have found myself watching TV and thinking "Wow, what a great marketing strategy!" I have also realized how much work goes into each idea, that people on Shark Tank don't just wing it. It was really cool to watch my business idea come to life and to analyze my trials and tribulations throughout the process. I've found that working on one idea for an entire semester can be fun and interesting, not monotonous. I think that this is a tool I can use in my business endeavors, to not give up on an idea that I know is good.

4) One recommendation I would make to students who are about to take this journey is to make sure that your product is something that relates to something you care about. It is so much easier to work on something that has a message you believe in, even if it may not be the most profitable. Take each assignment seriously and develop your idea, because that is the best way to learn through this class. Really dive into the class, do not do the bare minimum or you are going to find each assignment to be a burden and busy work. If you do your work based on something you care about, it becomes exciting to see your idea grow with each assignment you do.

Venture Concept No. 2

My Business' Name: Sunshine Products :)

Opportunity:

I found an opportunity in making a small change to people’s everyday lives in order to help our Planet and stop the Climate Crisis. The way I have found of filling this opportunity by creating a solar-powered charging phone case. This market consists of two key demographics: those who like to be with the newest trends and those who care about the environment. Those who care about the environment will ideally start buying this case, for its benefits in portable charging and also its use of a renewable energy source. Right now, there are charging cases, but none that are affordable or able to be used by the UV power of the sun. Then, when environmentally conscious people start to use it, people who like to keep up with the trends will start to buy the case as well. The people who genuinely care about the product will be lifetime users, as will those who use it for the portable charging capabilities. This loyalty will be a huge part of the advocating process for the product as well, as each person who uses it for their lifetime will be essentially advertising the product for free. This window of opportunity will be open for as long as people need to charge their phones. This opportunity could revolutionize the phone accessory market. This market could be huge, as most people in the United States, have some type of phone. I would make the case for multiple different models, so all who wanted to purchase one would be able to do so. 

Innovation:

My innovation is a phone case that has solar panels and a charger attached to it. The phone case will be sleek, designable, and similar to any other phone case yet will have a button that exposes the panels. The panels will then absorb the power from the UV rays of the sun and the case will become available for charging purposes. The solar panels that slide out on the back of the case will collect UV rays and convert them into energy. That energy will then be transferred into the attached charging piece and will begin charging your phone. With the click of the "save" button on the side of the case, the energy will then be stored in the case from that point forward. Then whenever you need battery, you can click the charge button, next to the save button, and your phone will begin charging again! Therefore, this case will use a non-diminishing form of electricity to charge the case. The case will be able to be designed, which will make it a perfect fit for anyone who wants one. The perfect design, along with portable charging capabilities, and also an environmentally positive product will be incredible benefits to all who are considering buying the product. For that reason, I want each case to be around $40, which is just $5 more than most phone cases I’ve seen. The customer is paying for a phone case, but also a bit of a clearer conscious and portable charging capabilities. 

Venture Concept:

I think that the portability of charging, design capabilities, and positive environmental impact will be the reasons for customers to switch to this new product. I do not believe that it will be that difficult to get them to switch, as the price difference is not that much from any other average phone case. Also, people like to believe that they are making a difference in the world in the easiest way possible, this case is a step in the right direction. My competitors are those that are going to try and make the same product, or create different types of phone cases that also draw in new customers. I think that my possible weaknesses and vulnerabilities are that the case will most likely have technological kinks at the beginning that will require a lot of research to figure out. This technology will take time to develop and in the meantime competitors may also be working on the same idea, this is my weakness. Packaging will be simple, yet representative of the environment, so maybe a stitching of flowers by a group of less fortunate people that we can pay fair wages. It will also be made out of a biodegradable material, to continue the idea that the point of our company and products is to save the environment. The price point is also a key aspect; I would want to charge close to the average price of a phone case to further the idea that our company does not care as much about profit as it does saving the environment. The customer experience will all be geared towards helping the environment, through the packaging, the price and every other aspect of the brand. To top it off, a percentage of all sales will go to an environmental non-profit of the customers choosing, from a list provided by our company. I would make sure that each of my employees, those creating the product, selling the product, and providing customer service all remain goal-oriented and are kind to each of our customers. I would like the amount of employees to constantly be growing, anyone who wants to make a real difference should be able to find a spot in our company. 

Secret Sauce/Unfair Advantage:

My Secret Sauce is the passion and drive I have for saving the environment. I truly am not making this product for self benefit, I believe the brand and company as a whole’s goal of saving the planet will set me apart. There are brands that have similar goals, but work to make profit and will sacrifice the integrity of their brand to make said profit. For that reason, my Secret Sauce will drive my company’s advantage and will make it hard for others to copy my success. 

What’s Next?

I will continue to create products that create small changes to help individuals do their part in saving the environment. I want to create a line of products that are all small changes to the line of technology, such as solar-powered AirPods cases, a portable charger with USB ports that preserves solar energy, etc. It would be really amazing to see my products change the how people view the ways to save the environmental. 

What’s Next For Me? 

I want to be an Environmental Lawyer in 5 years. With that being said, I think that having a law degree would be an incredible background to further this venture. I could help companies integrate my products into their business ventures, helping them reduce energy costs with the power to preserve solar-energy in their offie products. I could also write the contracts for the companies when working with each other stating that each company involved must use solar-powered products in order to do business with each other.  

Feedback:

I received feedback in relation to my Innovation section. I was asked to go into more detail about how the case itself would work and the charging capabilities. Therefore, I kept everything I had and added additional sentences and information about how the case will charge the phone and the different charging options. I think this makes my venture concept more clear as to how to product actually works, which is important for my customers. 

 

Exit Strategy

1) My exit strategy would be to lead and work for as long as possible. After many decades I would retire and pass on the majority of my duties to an executive member who I believe truly cares, while still being able to remain involved when I choose to do so.

2)  My business is more than just a compilation of products; it is an ideology that hopefully causes a shift in the daily lives of others in order to protect our planet.  For that reason, I think that selling my venture would feel like selling a part of my soul. I think I would need to be involved until my dying days.

3) I think that my exit strategy has influenced my entire decision-making process. I wanted to tackle an opportunity that I felt was important and had a long-term solution. My original product is just one piece of a large puzzle that I would love for my company to help with as much as possible. I want my company to keep producing products and positivity until the Climate Crisis is a thing of the past. I think that there are many people who would get on board with my products and the ideas behind them and would eventually join the company.

Reading Reflection No. 3

Book: The Art of Social Media: Power Tips by Power Users by Guy Kawasaki

General Theme: The general theme of this book is to explain how social media can be a company's or product's greatest asset or fatal flaw. The book touches on how social media is an integral part of today's society, meaning that it is time for businesses and companies to adapt or else they will be left in the dust. For that reason, Kawasaki provides tips, dos and don'ts, on the world of social media.

How This Book Connects and Enhances ENT3003: This book provides clarity and insight into how technology is just as important in a company's campaign as the actual product. Without positive online feedback and marketing, it is nearly impossible for a product or company to rise to the top of the consumer's wish list, as it is not the most prominent object in their face. For that reason, in the creation of my product and business, I would spend a large amount of time focusing on the social media aspect of marketing.

Exercise I Would Create: I would have students come up with 5 Tweets that they would use to promote their product. Because they are Tweets, they would have to be under 280 characters each. I think this would be a really great way to get students thinking about how to be witty, yet professional on a social media platform.

My Aha Moment: My Aha Moment was when I realized just how much of an advantage I have being born in a generation that was there for the birth of social media, and am completely proficient in it. I think that being my age gives me a huge edge in the marketing market, I have been watching social media form in front of my eyes and can use it to my advantage in my business endeavors.

Celebrating Failure

1. A time I failed this semester was on my first exam in one of my Economics classes. I studied for hours on end for over two weeks. I went to every lecture, redid every assignment multiple times and even rewrote my notes so that they would stick better in my head. I did not get an actual F, but I did not feel as though my grade was equivalent to the amount of work I put in; to me, this was a failure.
2. Through this failure, I knew I needed to change something in order to not make the same mistakes as last time. I went to my professor and asked me what would be the best method. He recommended reading the textbook pages on the “harder” topics, or the material that took me a little longer to understand. After doing this, I was able to get an A on the next exam by dedicating the same amount of time studying, just in a more efficient way. I learned that switching up the presentation of information, such as reading the textbook’s language, is a useful way to have the information explained in a different way. Since then, I have always read the textbook of the information we go over in lecture the same day. 
3. Failure is a really hard thing to grasp, especially at first. Receiving the grade I did on the first exam, after studying for so long, felt like a slap in the face. Yet, the failure I experienced just made me want to do better. I felt as though I had something to prove. This class has taught me that the thought process has failure built in. I have learned that failure is such an important part of the path to success. Through this class I have also found that failure gives me that edge to do better in the next trial. I think I am definitely more likely to take a risk now than I was a few months ago.

What's Next?

Existing Market:

1. As stated in my Venture Concept, “I will continue to create products that create small changes to help individuals do their part in saving the environment. I want to create a line of products that are all small changes to the line of technology, such as solar-powered AirPods cases, a portable charger with USB ports that preserves solar energy, etc. It would be really amazing to see my products change the how people view the ways to save the environmental.”

2. My research for this product has taught me a great deal about what could be a potential missing link. I think something we should be doing that we aren’t planning to do is having the appropriate people promoting the product. We also want to be sure to have a strong online presence. 

3. I think that my venture should begin by placing the products in phone case kiosk and phone provider stores. By doing so, people who are already looking for a phone case will be exposed to my option in the moment that they are searching for exactly that. 

From there, we should also put our product online. A great way to gain exposure at a lower cost is to pay for advertising on social media. Therefore, the social media platforms will do the hard work of finding people in our market and promote our product to them. 

Lastly, we will send celebrities, who already promote environment awareness, the phone cases as a gift. The only term is if they enjoy the product and believe in our cause, that they promote it on social media. The combination of these three outlets of marketing will create a great strategy for our products. 

Next Market:

1. I think a market we could target is children. The phone case is going to be targeted towards adults with cellular devices, not children. We are missing the market of children.  

2.  I think a way to tap into the market would be to create a gaming device of some sort that is solar-powered. I know this is a stretch from my original product, but I do not want to encourage children to get phones just to promote my product. I would love to create an environmentally-friendly, educational gaming device for them instead. 

3. Interviews are suspended and I have not done research yet on this product/aspect of the market. I do think that children would be open to a new gaming device though, as they are always looking for new ways to be entertained. 

4. I think this new market would be an amazing transition for our line of products. It would be truly amazing if we could get children on board with being environmentally-friendly at such a young age. This could eventually lead to them making environmentally-conscious product decisions for the rest of their lives. 

I find it surprising that there is not already a product like this for children. It would probably end up being less expensive than most gaming devices and would keep kids entertained for hours, even when outside. 

Venture Concept No. 1

My Business' Name: Sunshine Products :)

Opportunity:

I found an opportunity in making a small change to people’s everyday lives in order to help our Planet and stop the Climate Crisis. The way I have found of filling this opportunity by creating a solar-powered charging phone case. This market consists of two key demographics: those who like to be with the newest trends and those who care about the environment. Those who care about the environment will ideally start buying this case, for its benefits in portable charging and also its use of a renewable energy source. Right now, there are charging cases, but none that are affordable or able to be used by the UV power of the sun. Then, when environmentally conscious people start to use it, people who like to keep up with the trends will start to buy the case as well. The people who genuinely care about the product will be lifetime users, as will those who use it for the portable charging capabilities. This loyalty will be a huge part of the advocating process for the product as well, as each person who uses it for their lifetime will be essentially advertising the product for free. This window of opportunity will be open for as long as people need to charge their phones. This opportunity could revolutionize the phone accessory market. This market could be huge, as most people in the United States, have some type of phone. I would make the case for multiple different models, so all who wanted to purchase one would be able to do so. 

Innovation:

My innovation is a phone case that has solar panels and a charger attached to it. The phone case will be sleek, designable, and similar to any other phone case yet will have a button that exposes the panels. The panels will then absorb the power from the UV rays of the sun and the case will become available for charging purposes. Therefore, this case will use a non-diminishing form of electricity to charge the case. The case will be able to be designed, which will make it a perfect fit for anyone who wants one. The perfect design, along with portable charging capabilities, and also an environmentally positive product will be incredible benefits to all who are considering buying the product. For that reason, I want each case to be around $40, which is just $5 more than most phone cases I’ve seen. The customer is paying for a phone case, but also a bit of a clearer conscious and portable charging capabilities. 

Venture Concept:

I think that the portability of charging, design capabilities, and positive environmental impact will be the reasons for customers to switch to this new product. I do not believe that it will be that difficult to get them to switch, as the price difference is not that much from any other average phone case. Also, people like to believe that they are making a difference in the world in the easiest way possible, this case is a step in the right direction. My competitors are those that are going to try and make the same product, or create different types of phone cases that also draw in new customers. I think that my possible weaknesses and vulnerabilities are that the case will most likely have technological kinks at the beginning that will require a lot of research to figure out. This technology will take time to develop and in the meantime competitors may also be working on the same idea, this is my weakness. Packaging will be simple, yet representative of the environment, so maybe a stitching of flowers by a group of less fortunate people that we can pay fair wages. It will also be made out of a biodegradable material, to continue the idea that the point of our company and products is to save the environment. The price point is also a key aspect; I would want to charge close to the average price of a phone case to further the idea that our company does not care as much about profit as it does saving the environment. The customer experience will all be geared towards helping the environment, through the packaging, the price and every other aspect of the brand. To top it off, a percentage of all sales will go to an environmental non-profit of the customers choosing, from a list provided by our company. I would make sure that each of my employees, those creating the product, selling the product, and providing customer service all remain goal-oriented and are kind to each of our customers. I would like the amount of employees to constantly be growing, anyone who wants to make a real difference should be able to find a spot in our company. 

Secret Sauce/Unfair Advantage:

My Secret Sauce is the passion and drive I have for saving the environment. I truly am not making this product for self benefit, I believe the brand and company as a whole’s goal of saving the planet will set me apart. There are brands that have similar goals, but work to make profit and will sacrifice the integrity of their brand to make said profit. For that reason, my Secret Sauce will drive my company’s advantage and will make it hard for others to copy my success. 

What’s Next?

I will continue to create products that create small changes to help individuals do their part in saving the environment. I want to create a line of products that are all small changes to the line of technology, such as solar-powered AirPods cases, a portable charger with USB ports that preserves solar energy, etc. It would be really amazing to see my products change the how people view the ways to save the environmental. 

What’s Next For Me? 

I want to be an Environmental Lawyer in 5 years. With that being said, I think that having a law degree would be an incredible background to further this venture. I could help companies integrate my products into their business ventures, helping them reduce energy costs with the power to preserve solar-energy in their offie products. I could also write the contracts for the companies when working with each other stating that each company involved must use solar-powered products in order to do business with each other.