Final Reflection

1) After reading my posts from throughout the semester I can honestly say that I think I have grown as a student and a person while taking this class and working on my blog posts. My writing has become more refined and I have done a much better job of getting my point across as the semester has progressed. I owe this to consistently writing each week for these assignments as well as the creative and unique questions which require me to think outside of the box and solve problems.

2) The experiences that I will remember the most from this class is learning about the entrepreneurial spirit and what it means to be an entrepreneur. The three books that I read throughout the semester were very informative and two of them were books about famous entrepreneurs and pioneers. I read Grinding it Out: The Making of McDonald's by Ray Kroc and The Wright Brothers by David McCullough. Reading about these three pioneers in their respective fields was inspiring and informative. The passion and drive of Ray Kroc and the Wright Brothers to be successful stood out to me and will be memorable to me for years to come. These men embody what it means to be an entrepreneur and taught me so much about entrepreneurship.

3) I think that I have come a long way towards developing an entrepreneurial mindset. Instead of seeing problems as insurmountable obstacles, I now see them as possibilities for solutions. Before I was somewhat skeptical as to how hard it actually was to be an entrepreneur but I now realize how much knowledge and insight is required in order to develop a product/service which solves problems of a consumer. So many things go into developing these solutions and being able to market them and develop a product which is sought after by consumers AND profitable. I definitely have more respect now for entrepreneurs and the creativity for problem-solving required. I am grateful to this class for allowing me to view society through an entrepreneurial lens and identifying opportunities.

4) The best recommendation that I would give upcoming students is to be creative and unique when attempting to solve problems. Thinking outside of the box allows you to come up with solutions that other people might not have thought of. I would also recommend working on the assignments early and allowing ideas to grow over the week rather than the night before the assignment is due. Procrastination leads to poor work and ideas generally and is best avoided.

Venture Concept No. 2

1)

Opportunity
The opportunity that I have identified for this venture is customers who are in search of information related to their careers or related to jobs they might be interested in. Therefore, the potential customers are any people currently working or in search of a job. This venture would meet their need of a database with all of the information they need in one place. The changes in the environment which are creating this opportunity are the evolution of technology and its effects on jobs and careers around the world. Technology is disrupting existing jobs and creating new jobs that never existed. Change is happening so rapidly that 65 percent of today's grade school kids in the U.S. will end up at jobs that have not been invented yet. This provides an opportunity as there is currently a disconnect between educational institutions and employers. Therefore, people in search of a job or currently employed must stay on top of their careers and keep up with the constantly evolving jobs in their field. This market spans across the world as jobs are evolving more and more around the world with each passing year. Demographically, the target audience would be around 20-40 years old. In order to satisfy their needs currently, customers turn to the internet and a wide range of resources to try and provide information about their careers and future jobs. However, there is currently not an efficient and effective product that provides for the customers' needs in one place like Job-pedia would. This is a large opportunity as everybody will be looking for a job or be employed at some point in their life, and in today's world information regarding jobs and careers is constantly changing and evolving. If the past 20 years of technological innovation has taught us anything it has been that the human species is constantly pushing the limits of innovation and invention. This trend should continue into the foreseeable future meaning that there is a large window of opportunity for this venture. Jobs and careers are not going to stop changing and Job-pedia will provide a useful service which anyone working will need.

Innovation
The service or product that my venture would be providing is Job-pedia, a revolutionary platform that consists of a database full of skills and training specific to different jobs and careers. This platform would be focused on allowing access to training and courses online, so that workers can be informed of skill updates while they work. By providing this service, my platform will allow the users to remain relevant in their workforce. Job-pedia will be innovative through its revolutionary database which will be able to provide any pertinent information regarding specific jobs in industries around the world. This platform would also bridge the gap between education providers and employers by giving a clear breakdown of what employers are looking for when hiring. Job-pedia would earn money through a single purchase price for each customer with the majority of revenue coming from advertising done by companies on the platform. Due to the large target audience, the users of the platform would be relatively high making companies more interested in advertising and willing to pay more. Therefore, this venture is mainly selling a service to customers for a one-time price as well as constantly selling advertisements slots on the platform. 

Venture Concept
Job-pedia is a platform/database which aims to keep customers informed about constantly evolving jobs and careers as well as teaching them the skills and tools they need to be successful in certain jobs. This will help address the ambiguity of job descriptions and keep customers relevant in the changing job market. Customers would switch to this new product because it provides a service that no other companies completely provides. It provides customers with a wealth of information and training at a low, monthly cost.  It would not be difficult to get customers to purchase our product as long as we invested in sufficient advertising efforts to spread the product. The competitors of this product would be companies such as Indeed, ZipRecruiter, etc. which advertise job postings. However, none of these companies offer a product as well-rounded as ours as they just post about job openings rather than information regarding careers and jobs as a whole. The price point and distribution of my product play a large role in my business concept. The idea is to provide the platform at an inexpensive monthly fee and to then sell advertising spots on the platform to interested companies. Hopefully selling the platform at a low monthly cost will increase the user base leading to more advertisement sales which will make up the majority of revenue. Therefore, the low price point is essential in order to spur the distribution of the platform and ensure sufficient advertising revenue. I would organize the business in a way that revolves around teamwork and cooperation to produce a valuable product and service to customers. There would be roles in Job-pedia such as software development, sales, marketing, and administration which would all need to work together to produce a product satisfying the customers' needs. 

Three Minor Elements
I think that the most important resource for this venture will be the large target audience that it can appeal to. This would be a revolutionary product and it would meet the needs of millions of people. By being the first product of its kind, Job-pedia would be able to capitalize on the large target audience.

Next for the venture would be to invest heavily in research and development to begin developing the platform. In order to begin selling the product it first has to be made. The success of the product also heavily relies upon the usability and efficiency of the platform so no steps should be skipped in production. 

Assuming that the venture launched successfully, I would like to see it expand and increase its user base over the next five years. Doing this would increase profits from sales of the platform as well as sales of advertisements on the platform. Increased use would lead to success in the long run. 

2) The feedback that I received was essentially that I had a good product and that instead of primarily focusing on college students that I should focus on selling to professionals already in the work force. These customers would be more willing to pay a monthly subscription fee because the platform would provide a competitive advantage for them. 

3) Because of this I decided to change my platform from a one time cost to a subscription service as the product is valuable enough to entice professionals. Focusing on professionals and selling a subscription-based service would bring in more revenue as well as making the it more exclusive. The exclusivity of the product and the competitive advantage that it provides would make professionals willing to pay a monthly fee. So to change my venture concept I included the change from a single purchase price to a monthly fee and explained why this would be a beneficial move for the venture. Besides this I left most things the same. 

4)

 

Your Exit Strategy

1) The exit strategy that I plan on executing involves growing the company for around 5 years until the user base is large enough to attract large public interest and then take the company public through an Initial Public Offering (IPO). The same management team would remain and shares of the company would be sold on the stock market. I would then plan to stay with company until retirement operating an executive role in the company. My returns for the company will come through my accumulation of shares which will hopefully increase in value as I grow the company over the years.

2) I have selected this exit strategy for multiple reasons. The first and foremost being that I want to remain in control of my company to a certain extent which is why a merger or acquisition is not ideal. By taking the company public with an IPO this will ensure that the same management remains and that I continue holding my position in the company. The second reason is that an IPO makes the company far more liquid and allows the company to later issue additional shares for sale on the public market. This can be used as a way for my company to raise funds and increase its value.

3) I think that this exit strategy is in line with decisions made from the beginning as this is a unique business idea and not something that I would just want to sell away. Going with the acquisition or merger route would mean relinquishing control over the company and decision-making power which is something that I have prioritized maintaining from the beginning. This strategy has not really influenced how I have identified opportunities or influenced growth opportunities. I am still trying to grow this business as much as possible regardless of which exit strategy I have chosen. Making the company more valuable is a goal regardless of how I plan on exiting the business.

Reading Reflection No. 3

I chose to read The Wright Brothers by David McCullough because I have always been interested in the early days of flight and these pioneers of aviation seemed like two intriguing entrepreneurs to learn about.

1) The thing that surprised me most about these entrepreneurs was the journey that they took and how they came to be successful in the end. Wilbur and Orville Wright were part of multiple business ventures such as a print shop and bicycle shop which they then used to fund their work with airplanes. Their success story is unique because it involves the story of two brothers who were extremely close to each other yet they each had skills that contributed to their ventures in different ways. I was surprised to learn that they each fell into their own unique roles with Wilbur being the outspoken leader and brains of the operation while Orville was a little less outgoing yet cheerful and very adept with the business side of things. Each of the brothers had their own unique skill set and this allowed them to be a successful team in the end. I admired the fact that these entrepreneurs were willing to take risks when it came to their dream of flight. The Wright brothers were not alone in their dream of flight and many others had already failed when they began their venture into the field. I admired the resolve that they showed and belief in their abilities in order to solve the problems they faced. They were able to develop a successful glider due to Wilbur's insights into equilibrium and were then able to move on to motorized flight. Their willingness to take risks and pursue their dreams in the face of ridicule is what I admired the most. Both of these entrepreneurs seemed respectable and revolutionary so I do not know if there was anything that I least admired about them. When pioneering innovation in a field like aviation there are bound to be failures encountered. So naturally Wilbur and Orville Wright did encounter many trials and tribulations while inventing and improving sustained motorized flight. Their first attempt at motorized flight crashed due to Wilbur pulling too hard on the rudder and over-adjusting. They had to take the plane back to their shop above the bicycle shop and make repairs for a few days. Then on December 17, 1903 Orville took off and flew for 12 seconds. So even their first successful attempt at motorized flying came after a failure. Orville Wright also had a serious crash which left him severely injured yet flew again and continued to work.Wilbur and Orville consistently learned from their failures and were able to move forward making them successful in the end.

2) Both Wilbur and Orville displayed unique competencies which eventually made them a winning team. Wilbur Wright was 4 years older than Orville and more scholarly and was a confidant leader. Orville on the other hand was the younger brother who was more gentle and business savvy. They were also both hard workers who worked together throughout their lives and were successful due to their differing strengths and competencies. Wilbur was able to study and earn a degree while Orville worked in a printing shop and eventually started a bicycle shop to help pay for their aviation venture. Wilbur's smarts were able to build a successful plane and Orville was able to find businesses interested in their idea. As a team working together with their unique skills they were able to find success.

3) One part of the reading that was confusing to me was that Orville Wright was involved in a serious crash which involved a 125 foot nose dive that left him with a fractured leg and hip as well as four broken ribs. Despite this he recovered and flew again after his near fatal accident. This was confusing to me because it would be extremely terrifying getting back in a machine that had almost killed you especially due to the early and unpredictable years of aircraft. Orville and Wilbur were both willing to risk their lives in order to be successful and this event confirmed this to me.

4) 

• I would ask Wilbur what it felt like to be pioneers in the aviation industry because he seemed like an intelligent mind and innovative person and it would be interesting to hear his perspective on how revolutionary their work was. 
• I would ask Orville if he ever considered giving up on flying after his near fatal accident because it must have been something he considered and I am curious how much the crash stayed with him. 

5) Wilbur and Orville Wright, like all inspiring entrepreneurs, worked hard to become successful and because of this they have a high opinion of hard work and persevering through struggles. The story of the Wright Brothers is as impressive as their success. They were pioneers in a new industry and encountered many failures and setbacks yet consistently worked hard and persevered. Their success was due to their unique skills combined with their sheer will and determination to be successful. This view of hard work aligns with my beliefs and I strive to emulate what the Wright Brother's did on a daily basis. Hard work pays off. 

Celebrating Failure

1) This past semester I have encountered several failures in this class. In the beginning I was unaware of the work that needed to be put into the class each and every week and because of this I would procrastinate heavily on the assignments. Therefore, I failed in the beginning of the semester by not completing assignments/ peer reviews simply because of my poor time management skills and not committing to work on the assignments throughout the week rather than the last minute. My grade suffered drastically as a result early on and I have been working throughout the semester to make up for my mistakes early on. In my eyes I had failed this class in the beginning of the semester but by acknowledging it I was able to learn from it and grow. By doing this I was able to consistently submit my assignments and peer reviews on time. Although I have improved since the beginning of the semester I have still found it hard to stay consistent and have lapsed every once in a while with my submissions. At the end of the day I could have done better in this class by managing my time better throughout the semester but by failing it will set me up for success in the future by helping me refine my time management skills. 

2) What I learned from my failure in this class in the beginning of the semester was that failing is hard, but sometimes necessary to make you take the actions required to make you more successful. By failing early on this semester I was able to learn what I needed to change in order to have success in this class. I had to manage my time much better and be consistent in doing the course work. I learned that failure is not a bad thing as long as it forces you to learn and change how you approach certain challenges. Have you heard the phrase "Failure is not an option"? Of course you have.This idea is drilled into us as children. If you are not excelling then you are not succeeding and failure is unacceptable. As a society we believe in this idea... but why? People learn from failure and it leads to growth and success in the future. I learned that failure IS an option. 

3) Failure is an extremely difficult thing to come to terms with. It means admitting that you either made mistakes or did not perform to the best of your ability. However, by admitting that we made a mistake we can reflect and learn from these mistakes so that we do not fail again in the future.  I used to be afraid of failure and would do everything I could to prevent it. I would never try anything new or go outside of my comfort zone. I am no longer afraid of failure because I now know that failure is necessary to be truly successful. Failure is by no means an easy thing to deal with, but it should not be feared rather expected. As H. Stanley Judd once said, "Don't be afraid to fail. Don't waste energy trying to cover up failure. Learn from your failures and go on to the next challenge. It's okay to fail. If you're not failing, you're not growing."

What's Next?

Existing Market
The existing market that I would target first would be college students looking for information regarding their careers and about future job opportunities. I interviewed three college students who agreed that my platform would meet an unmet need of theirs. They said that Job-pedia would be useful in researching jobs and careers for the future. I asked them what Job-pedia could offer in the future that it isn't currently offering and two of the people I interviewed said that Job-pedia should be a subscription based service in order to bring in more profits. They said that the platform offered enough that customers would be willing to pay for it monthly as it can give them a competitive advantage in the workforce. Based on this feedback, it seems like it would not be a bad idea to make Job-pedia a subscription based service to increase profits if college kids are saying that it is too inexpensive. Making it subscription based would have multiple effects such as making the user base slightly smaller which is the trade off. However, the user base might be slightly smaller but the revenue stream would be much larger which could be used to reinvest into the platform and provide more useful and pertinent information to the users.

New Market
Instead of specifically targeting college students which is a relatively poor demographic, Job-pedia would focus on targeting professionals around the world who are interested in maintaining the skills pertinent to their job in a changing world. The beautiful part about this is that it would expand the target audience by including millions of workers from various industries around the world. Not only the current workers but also anyone looking to start a job in a new field. Therefore, the only demographic that which would not have a use for Job-pedia would be people not working and not looking for a job which is a very slim percentage of people. I interviewed two professionals to see if they thought my product could be successful in this new market. They both were very intrigued and thought that I could be addressing an unmet need of most workers around the world with my platform. They agreed that the value of my product would encourage professionals to pay a monthly subscription fee for it as it would benefit them greatly. They thought that targeting people in careers already would be the most profitable as these would be the customers willing to invest in the product as it could help them maintain their job security over the years.
The greatest surprise of this new market is the breadth that it spans. Imagine a learning place for workers that also serves as an Encyclopedia for ever-evolving jobs and skill sets. This is what Job-pedia could be if it expands into the world market of people with jobs in varying industries. This new market appears more attractive than my existing market as it is larger and would allow me to charge a monthly subscription fee which would increase profits.

Venture Concept No. 1

Opportunity
The opportunity that I have identified for this venture is customers who are in search of information related to their careers or related to jobs they might be interested in. Therefore, the potential customers are any people currently working or in search of a job. This venture would meet their need of a database with all of the information they need in one place. The changes in the environment which are creating this opportunity are the evolution of technology and its effects on jobs and careers around the world. Technology is disrupting existing jobs and creating new jobs that never existed. Change is happening so rapidly that 65 percent of today's grade school kids in the U.S. will end up at jobs that have not been invented yet. This provides an opportunity as there is currently a disconnect between educational institutions and employers. Therefore, people in search of a job or currently employed must stay on top of their careers and keep up with the constantly evolving jobs in their field. This market spans across the world as jobs are evolving more and more around the world with each passing year. Demographically, the target audience would be around 20-40 years old. In order to satisfy their needs currently, customers turn to the internet and a wide range of resources to try and provide information about their careers and future jobs. However, there is currently not an efficient and effective product that provides for the customers' needs in one place like Job-pedia would. This is a large opportunity as everybody will be looking for a job or be employed at some point in their life, and in today's world information regarding jobs and careers is constantly changing and evolving. If the past 20 years of technological innovation has taught us anything it has been that the human species is constantly pushing the limits of innovation and invention. This trend should continue into the foreseeable future meaning that there is a large window of opportunity for this venture. Jobs and careers are not going to stop changing and Job-pedia will provide a useful service which anyone working will need.

Innovation
The service or product that my venture would be providing is Job-pedia, a revolutionary platform that consists of a database full of skills and training specific to different jobs and careers. This platform would be focused on allowing access to training and courses online, so that workers can be informed of skill updates while they work. By providing this service, my platform will allow the users to remain relevant in their workforce. Job-pedia will be innovative through its revolutionary database which will be able to provide any pertinent information regarding specific jobs in industries around the world. This platform would also bridge the gap between education providers and employers by giving a clear breakdown of what employers are looking for when hiring. Job-pedia would earn money through a single purchase price for each customer with the majority of revenue coming from advertising done by companies on the platform. Due to the large target audience, the users of the platform would be relatively high making companies more interested in advertising and willing to pay more. Therefore, this venture is mainly selling a service to customers for a one-time price as well as constantly selling advertisements slots on the platform. 

Venture Concept
Job-pedia is a platform/database which aims to keep customers informed about constantly evolving jobs and careers as well as teaching them the skills and tools they need to be successful in certain jobs. This will help address the ambiguity of job descriptions and keep customers relevant in the changing job market. Customers would switch to this new product because it provides a service that no other companies completely provides. It provides customers with a wealth of information and training at a low, one-time cost.  It would not be difficult to get customers to purchase our product as long as we invested in sufficient advertising efforts to spread the product. The competitors of this product would be companies such as Indeed, ZipRecruiter, etc. which advertise job postings. However, none of these companies offer a product as well-rounded as ours as they just post about job openings rather than information regarding careers and jobs as a whole. The price point and distribution of my product play a large role in my business concept. The idea is to provide the platform at an inexpensive one-time charge and to then sell advertising spots on the platform to interested companies. Hopefully selling the platform at a low initial cost will increase the user base leading to more advertisement sales which will make up the majority of revenue. Therefore, the low price point is essential in order to spur the distribution of the platform and ensure sufficient advertising revenue. I would organize the business in a way that revolves around teamwork and cooperation to produce a valuable product and service to customers. There would be roles in Job-pedia such as software development, sales, marketing, and administration which would all need to work together to produce a product satisfying the customers' needs. 

Three Minor Elements
I think that the most important resource for this venture will be the large target audience that it can appeal to. This would be a revolutionary product and it would meet the needs of millions of people. By being the first product of its kind, Job-pedia would be able to capitalize on the large target audience.

Next for the venture would be to invest heavily in research and development to begin developing the platform. In order to begin selling the product it first has to be made. The success of the product also heavily relies upon the usability and efficiency of the platform so no steps should be skipped in production. 

Assuming that the venture launched successfully, I would like to see it expand and increase its user base over the next five years. Doing this would increase profits from sales of the platform as well as sales of advertisements on the platform. Increased use would lead to success in the long run.