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.
Friday, November 22, 2019
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)
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.
Thursday, November 21, 2019
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."
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."
Friday, November 15, 2019
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.
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.
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.
My Venture's Unfair Advantage
1. Large Target Audience: One of the most valuable resources of my venture is the large target audience that it appeals to. My venture encompasses a large target audience comprising of anyone in search of a job or trying to stay relevant in their careers. This is of value because the larger the target audience is, the greater the amount of products that can be sold due to large demand. This is a rare resource because finding something that most consumers need and want is difficult to accomplish.
2. Uniqueness of Product: This product is extremely unique and provides something that no other product currently does. This is a valuable resource to the company because it means that we can provide a service that no one else does. By getting a patent for our idea we can reduce the imitability of our product and secure the target audience as our customers.
3. Cheap Prices: One of the goals of my product would be to provide the services at a relatively low price to customers. Hopefully through advertising the costs for each customer could be relatively low and affordable for the extensive services provided. The platform, Job-pedia, would have a one-time flat rate to download and be free to use after that. By not making it a subscription service it reduces the likelihood that customers will stop using the platform and increases the value. This will keep the number of users high and advertisers will pay handsomely to target this audience.
4. Connection with Sales Managers: My dad has worked in sales his whole life and would be a valuable resource to have for this venture. He would be able to help sell my product and services as well as attracting companies to advertise on the platform. By helping increase the users as well as attracting advertisers, my dad's expertise in sales would be a valuable resource to this venture.
5. Technology/R&D: I would strive to create a product that is new and revolutionary from a technology standpoint. The selling point of my platform relies on it being cutting-edge and providing users with a competitive advantage in their careers. Therefore, the research and development would be a valuable resource as it includes the intellectual property of the platform which is basically what I am selling.
6. Marketable: One of the most valuable resources of this venture is the marketability of it. Everyone either needs a job or is trying to stay relevant in their career. Because of this large target audience it makes the venture very marketable. This is valuable because it will attract companies that want to advertise which will bring in extra revenue on top of the download cost.
7. Human Capital: Human capital is the skills and experiences possessed by people in a company. Since this venture is young that currently means my skills and experiences represent the human capital of this venture. My human capital is a valuable resource to this venture as I am a hard-worker and thinker who has many experiences to help guide my decisions. Also my social skills and planning skills would be useful in fleshing out this venture.
8. Connection with Social Media and Brand Managers: Being in the Heavener College of Business I could find connections to social media managers would could help advertise and develop my brand in our social media dominated world. This is a valuable resource because developing a brand that people recognize is extremely important. Customers must be aware of a service in order to use it and developing a solid brand is a way to make people aware of a company.
9. Time Management: This venture would provide customers with a service that makes their lives easier. As a result, this helps them with time management by providing all the information they need on jobs and careers in one place. This is valuable because people will spend money on things that help with time management and make their lives easier.
10. Viable for the Future: My venture would develop a platform which consists of a database of jobs and careers around the world. The technology would be current and innovative providing an exhaustive database where customers can find anything and everything they need to know about their careers. Because this is innovative technology it would be viable for years to come and this adds value by maintaining the interest of the target audience.
Top Resource
I think that my top resource for my venture is the large target audience. This is the most important resource because a product cannot be successful unless there is sufficient demand for it in the market. By having a large target audience, the product will be sold more as well as attracting companies to advertise through out product. Many of the resources are dependent on having a large target audience and therefore I believe that it is the most valuable.
2. Uniqueness of Product: This product is extremely unique and provides something that no other product currently does. This is a valuable resource to the company because it means that we can provide a service that no one else does. By getting a patent for our idea we can reduce the imitability of our product and secure the target audience as our customers.
3. Cheap Prices: One of the goals of my product would be to provide the services at a relatively low price to customers. Hopefully through advertising the costs for each customer could be relatively low and affordable for the extensive services provided. The platform, Job-pedia, would have a one-time flat rate to download and be free to use after that. By not making it a subscription service it reduces the likelihood that customers will stop using the platform and increases the value. This will keep the number of users high and advertisers will pay handsomely to target this audience.
4. Connection with Sales Managers: My dad has worked in sales his whole life and would be a valuable resource to have for this venture. He would be able to help sell my product and services as well as attracting companies to advertise on the platform. By helping increase the users as well as attracting advertisers, my dad's expertise in sales would be a valuable resource to this venture.
5. Technology/R&D: I would strive to create a product that is new and revolutionary from a technology standpoint. The selling point of my platform relies on it being cutting-edge and providing users with a competitive advantage in their careers. Therefore, the research and development would be a valuable resource as it includes the intellectual property of the platform which is basically what I am selling.
6. Marketable: One of the most valuable resources of this venture is the marketability of it. Everyone either needs a job or is trying to stay relevant in their career. Because of this large target audience it makes the venture very marketable. This is valuable because it will attract companies that want to advertise which will bring in extra revenue on top of the download cost.
7. Human Capital: Human capital is the skills and experiences possessed by people in a company. Since this venture is young that currently means my skills and experiences represent the human capital of this venture. My human capital is a valuable resource to this venture as I am a hard-worker and thinker who has many experiences to help guide my decisions. Also my social skills and planning skills would be useful in fleshing out this venture.
8. Connection with Social Media and Brand Managers: Being in the Heavener College of Business I could find connections to social media managers would could help advertise and develop my brand in our social media dominated world. This is a valuable resource because developing a brand that people recognize is extremely important. Customers must be aware of a service in order to use it and developing a solid brand is a way to make people aware of a company.
9. Time Management: This venture would provide customers with a service that makes their lives easier. As a result, this helps them with time management by providing all the information they need on jobs and careers in one place. This is valuable because people will spend money on things that help with time management and make their lives easier.
10. Viable for the Future: My venture would develop a platform which consists of a database of jobs and careers around the world. The technology would be current and innovative providing an exhaustive database where customers can find anything and everything they need to know about their careers. Because this is innovative technology it would be viable for years to come and this adds value by maintaining the interest of the target audience.
Top Resource
I think that my top resource for my venture is the large target audience. This is the most important resource because a product cannot be successful unless there is sufficient demand for it in the market. By having a large target audience, the product will be sold more as well as attracting companies to advertise through out product. Many of the resources are dependent on having a large target audience and therefore I believe that it is the most valuable.
Friday, November 8, 2019
Elevator Pitch No. 3
1) https://youtu.be/YprFSV9gbNk
2) The last feedback that I got from my second elevator pitch was very encouraging. One of the comments on my post thought that I did an amazing job on it and that the content was rich and exciting. The comment also told me to focus on being more professional during the pitch.
3) Based on the feedback I decided to dress more professionally and I tried to be more engaging in my delivery of the pitch. I also trimmed my pitch down a little bit and took out some of the filler to make it shorter and more engaging. This time around I was far more comfortable in front of the camera and my pitch was better because of it.
2) The last feedback that I got from my second elevator pitch was very encouraging. One of the comments on my post thought that I did an amazing job on it and that the content was rich and exciting. The comment also told me to focus on being more professional during the pitch.
3) Based on the feedback I decided to dress more professionally and I tried to be more engaging in my delivery of the pitch. I also trimmed my pitch down a little bit and took out some of the filler to make it shorter and more engaging. This time around I was far more comfortable in front of the camera and my pitch was better because of it.
Reading Reflection No. 2
1. For this assignment I read Thinking, Fast and Slow by Daniel Kahneman. The book basically argued that two systems in our brains are constantly fighting over control of our decisions and actions. He argues that our behavior is either automatic (System 1) or conscious (System 2). Furthermore, our brains are lazy and they can perceive problems as easier than they actually are and use the wrong system to solve the problem. This can lead to errors in judgement when people are not careful and conscious about their decisions.
2. I thought this book connected excellently with what we have been learning in ENT3003 throughout the semester. Entrepreneurship is all about solving problems and creating a product that satisfies a consumers' demand. Therefore, the ability to approach a problem logically is an important tool to have and Kahneman's Thinking, Fast and Slow breaks down how to prioritize using the conscious system of the brain to solve problems. It has enhanced my learning by teaching me how to reduce my errors in judgement simply by being conscious about the way I approach difficult problems. This was an excellent book to reinforce concepts learned in this class.
3. If I were to design an exercise for the class, based on this book, it would involve a logic question which reinforces the two system theory of the brain as proposed by Kahneman. For example, I would ask the class a question such as this:
If an electric train is moving North at 100 mph and the wind is blowing west at 10 mph, which way does the smoke blow?
Many people would probably say that the smoke would blow southwest which might be correct if it wasn't for the fact that it was an electric train. This question seems like an easy one for the brain to interpret so it automatically produces an answer instead of you consciously thinking about the question. Because of this, some people would miss the fact that it was an electric train and it would not produce smoke as a result. This exercise would be a good representation of the two systems of the brain in action as talked about in Kahneman's Thinking, Fast and Slow.
4. My biggest surprise while reading was when I caught myself using the automatic system of my brain on a question in the book without even realizing it. The problem in the book was about a bat and a ball. He said that the bat and ball cost $1.10. The bat costs $1 more than the ball. So how much does the ball cost? I took a look at this and thought about it for a few seconds before coming to the conclusion, confidently I might add, that the answer HAD to be 10 cents. I then read on to discover that this was the automatic and intuitive system of my brain tricking me into picking the obvious answer. The real answer was 5 cents and the bat has to be $1.05 to combine to $1.10. Looking back it was the obvious answer yet I foolishly picked the wrong answer. This really reinforced one of the main themes of the book for me which was that many people are overconfident and place too much faith in intuitions. Basically, our brains are lazy and will pick an easy and obvious answer rather than wanting to put in the effort to ponder the question. Therefore, the key is to enact the conscious system of your brain to deal with problems.
2. I thought this book connected excellently with what we have been learning in ENT3003 throughout the semester. Entrepreneurship is all about solving problems and creating a product that satisfies a consumers' demand. Therefore, the ability to approach a problem logically is an important tool to have and Kahneman's Thinking, Fast and Slow breaks down how to prioritize using the conscious system of the brain to solve problems. It has enhanced my learning by teaching me how to reduce my errors in judgement simply by being conscious about the way I approach difficult problems. This was an excellent book to reinforce concepts learned in this class.
3. If I were to design an exercise for the class, based on this book, it would involve a logic question which reinforces the two system theory of the brain as proposed by Kahneman. For example, I would ask the class a question such as this:
If an electric train is moving North at 100 mph and the wind is blowing west at 10 mph, which way does the smoke blow?
Many people would probably say that the smoke would blow southwest which might be correct if it wasn't for the fact that it was an electric train. This question seems like an easy one for the brain to interpret so it automatically produces an answer instead of you consciously thinking about the question. Because of this, some people would miss the fact that it was an electric train and it would not produce smoke as a result. This exercise would be a good representation of the two systems of the brain in action as talked about in Kahneman's Thinking, Fast and Slow.
4. My biggest surprise while reading was when I caught myself using the automatic system of my brain on a question in the book without even realizing it. The problem in the book was about a bat and a ball. He said that the bat and ball cost $1.10. The bat costs $1 more than the ball. So how much does the ball cost? I took a look at this and thought about it for a few seconds before coming to the conclusion, confidently I might add, that the answer HAD to be 10 cents. I then read on to discover that this was the automatic and intuitive system of my brain tricking me into picking the obvious answer. The real answer was 5 cents and the bat has to be $1.05 to combine to $1.10. Looking back it was the obvious answer yet I foolishly picked the wrong answer. This really reinforced one of the main themes of the book for me which was that many people are overconfident and place too much faith in intuitions. Basically, our brains are lazy and will pick an easy and obvious answer rather than wanting to put in the effort to ponder the question. Therefore, the key is to enact the conscious system of your brain to deal with problems.
Friday, November 1, 2019
Idea Napkin No. 2
1) You.
My name is Sam. I am a third year business management major. I love sports, books, learning, and management. Skills that I have include being a great communicator, listener, and decision maker. My aspirations for my career are to take the skills and foundations in management that I have learned through college and apply them to a job/career in the professional field. However, I would also be interested in pursuing my revolutionary platform, Job-pedia, which would allow workers around the world to stay educated on their constantly evolving job fields. This platform would be a major part of my life if I pursued it but it would give me fulfillment in helping people stay up to date in our changing world.
2) What are you offering to customers?
My platform would offer users a one-stop place for all of the data relevant to their careers. Users could access details on the future of their career field and see how it is evolving and what skills they must develop in order to not be left behind. Users would have access to training courses online so that they may stay relevant in their workforce. The platform would also act as a learning place that serves as an encyclopedia of ever-evolving jobs and skill sets. That is what Job-pedia could be. It would allow users to keep up with the information gap and the constantly evolving job market in modern times.
3) Who are you offering it to?
3) Who are you offering it to?
The beautiful part of this platform is that the target consumers of this product will be 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. Job-pedia would offer services useful to anyone working in today's modern world. The only demographic which would not have a use for Job-pedia would be people not working and not looking for work such as children and retired adults.
4) Why do they care?
4) Why do they care?
People will care about this platform because people care about having a competitive advantage. Being a user of this platform would allow workers access to value information regarding their career field and how it is evolving. Knowledge is power and workers will be interested in a platform that can provide them with job opportunities and job security.
5) What are your core competencies?
5) What are your core competencies?
The thing that sets us apart is that the idea for this platform is unique and would provide a service that no one else is providing. The platform would not be like anything else on the market because it would be a database of information on careers, training, and skills needed in today's job market. There has always been miscommunication between jobs and institutions (colleges) that are supposed to be preparing students to work at these jobs. This platform would solve that miscommunication and allow workers to see what their job entails which no one else is providing currently.
Feedback Memo
I did not receive much feedback on my first Idea Napkin post so I left most of my answers the same because I thought they did a good job of answering the questions. Two main points I took away from the feedback that I did receive was that my platform would be useful and beneficial to people around the world and the information from my platform could be used to help people be successful in their chosen field. Job-pedia satisfies a need for many people around the world and the feedback from my first Idea Napkin confirmed this. The feedback I received confirmed that Job-pedia could be a realistic business opportunity to pursue.
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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 t...
