Assignment 30-Final Reflection

Throughout this semester, there have definitely been some highs and lows, but I feel that because of this class I have done a lot of self reflection and gained more of an entrepreneurial mindset than I had before. I am grateful for the readings we were assigned, as they gave me more entrepreneurial insight as well as just great life advice about how to carry myself and handle myself when dealing with others, especially from a professional standpoint. I think the fact that this class is pretty much self-paced is great because it puts everything on the student and we are able to choose our grade. At times, it was a double-edged sword. For example, there were a couple of assignments that I just completely forgot about, and because of the late work policy, I was forced to live with the consequences of my actions and decisions, which is an important skill to gain to become an entrepreneur.

I think I have definitely moved closer to an entrepreneurial mindset, and a lot of that comes from having to brainstorm for these assignments, but a lot also came from doing the peer reviews. Good entrepreneurs are able to recognize good ideas and give feedback, while really just bouncing ideas off of one another, and I think that's what we were able to do this semester.

For future students, I would tell them to put reminders of due dates in their calendar on their phone right off the bat so that they never completely forget about an assignment like I did a couple of times. To perform best in this course, I would recommend really choosing an idea they are passionate about since we are expected to run with the idea all semester long. When doing assignments, reflect as much as you can because I have realized so much about myself through completing these blog posts!

Not sure what picture to put so here's my headshot that (sorta) makes me look like an entrepreneur :)

Assignment 29-Venture Concept No. 2

The opportunity presented to me is the untapped potential of relatively inexpensive, personalized beauty products that are natural, organic, and delivered straight to your door. This opportunity has been created by consumers’ shifting preferences for naturals since “health from the inside out” and harmless beauty are becoming the new thing, and consumers want to be as sustainable as possible. This market is found pretty much everywhere, though would be concentrated more so in middle and upper classes, though the lower classes would be tapped due to the cheaper prices of the products I am presenting. Currently, consumers are satisfying this need with overpriced “natural” products sold in stores that still do not suffice for many consumers. They are finding that the products are not a perfect fit for them and it shows in their effectiveness. The opportunity is big here, as it encompasses this need for mass customization and in our fast-paced modern age where almost everyone prefers online ordering over the traditional brick-and-mortar approach. There is also the potential to partner with Amazon or other major online retailers to market this product and serve consumers. Because this is a growing trend having a lot to do with sustainability, the opportunity will be here for a long time until and unless another company swoops in on this.

My offering is an online platform where consumers have access to information about different ingredients in our products and how they may serve them (for example, Vitamin C in skincare products helps your skin rejuvenate and helps with dullness by giving it a glow). Once they are finished learning about different products, they may pick and choose what they’d like to include in their various products. This may look like a body lotion for sensitive skin, so in this case they would include coconut or avocado oil as a base with aloe to soothe dry skin, etc. This feature is available for all products on the website. Once consumers are done, they may add to their cart and have it delivered right to their door. They may save their recipe for future use, and there would even be a feature where consumers answer a few questions about their needs and receive a recommended product recipe that they are able to edit at their leisure to get exactly what they want. The base price for different products would vary (shampoos, lotions, moisturizers, deodorants, etc.), but the price would increase incrementally as they add more ingredients and depending on their ratio. I would also maybe incorporate optional, safe fragrances in the products for those who are not as sensitive to fragrances on their skin. There could also be advice about certain mixtures--for example, warnings that some ingredients together may smell weird, etc. 

I think consumers would switch to this because they love to have the freedom of picking what goes into their products. I, along with many other people I know, have done enough of my own research to know what I need to do to make my own products, but as an individual consumer I have been held back by the fact that these ingredients like green tea oil, etc. are not offered at low prices in small quantities. For this reason, I have never been able to get around to making it, aside from the fact that I haven’t found the time in my busy schedule, which I’m sure many consumers may relate to. As far as I know, there are no competitors in this specific arena right now. My business concept would be defined by the cheaper prices because there is no storefront, no middlemen, decreased fixed costs, and many other factors. I would be able to offer prices lower than many consumers have been able to find for a product like this. Packaging would be simplistic, and consumers could even send in their old bottles for refills to get a discount on their order so that the company is more sustainable and this itself would decrease variable costs for each unit all while making consumers happy. I would also like to pick several charities supporting nature conservation efforts and similar causes that a portion of each purchase could be donated to. I would also like to emphasize this corporate responsibility by partnering with some charities like Salvation Army or something similar so that products from my company can be donated to those in need, or even allowing customers to choose at checkout if they would like to purchase another product to be donated to these charities. It would engage customers in this responsibility.

The website would pretty much be a culmination of every DIY recipe on the internet like this, with more in depth information about the benefits.

A lot of the feedback I got about this concept was very positive and my peers were very welcoming of the idea, noting that this is definitely a strong consumer trend at the moment. Because of this, I tweaked my idea a little bit to include social responsibility since it is something I, along with a lot of consumers, support and would like to help out with. It would definitely be a product more consumers would be interested in if they knew that they were helping out in some way. 

Assignment 28-Your Exit Strategy

For my business, I think my exit strategy would be to reap the benefits of the business for a few years and then potentially partner with a big brand like Johnson & Johnson or Procter & Gamble so that they may adapt my online platform in their products, as with some of their brands they are already looking to use more natural ingredients. After a little while of that, I would want to sell the business completely to one of these companies for a large return.

I have selected this because although I believe my business is a great idea, it may have more potential for growth if partnering with an already established brand that has rapport with customers and would generate more profit. The concept is there, but it may be difficult to capture the market unless tacked onto a bigger brand that consumers are already familiar with.

I think that this exit strategy has influenced my decisions, because before I mentioned not purchasing an entire manufacturing plant, but to simply rent out space in one to minimize the fixed costs and avoid having to sell it in the future.

Assignment 27-Reading Reflection No. 3

The general theme of the book was that we have two systems of thought-fast thinking and slow thinking. Kahneman goes into detail about both, but basically fast thinking is automatic thinking that we use when we are doing things that don't require much thought, like small decisions or quick math problems, etc. Slow thinking is more in our control and we do it when we are concentrated and need to think logically about more complex things.

The book connected with this class because as an entrepreneur, there are many situations where you will have to think both fast and slow. For example, managers frequently have to do fast thinking when it comes to answering questions from employees and customers, doing routine tasks, and the like. The slow thinking when it comes to making decisions about the direction of the business and making a long-term strategic plan.

If I had to design an exercise, I would put together a sort of business simulation where students are presented with a bunch of small or large business problems and they will have to make fast and slow decisions, using all of the analytical thinking.

I was actually surprised by how much I learned about the way we think, and reflected on my own thought process when I make decisions. I think after reading this, I am more conscious of my decision-making and how I analyze situations.

Assignment 26-Celebrating Failure

This past semester, I failed many times. I am a CAP mentor here in the business school, and there was a couple times this semester that a mentee reached out to me, set up an appointment, and I failed to meet up with them. The students that this happened with were ones that repeatedly come to see me, so we had built a strong mentor-mentee relationship, which made this instance reflect even more poorly on me. I consider this a failure because it strays from the professionalism that I strive for each day on the job, and it gives others the idea that I am not punctual, don't care about my responsibilities, or am simply disorganized, all things that I wish not to be perceived as. From this, I learned that I need to start holding myself more accountable, especially when there are other parties involved who will also be affected by my actions. It made me realize that I need to get myself together because if something like this were to happen at a future job, it would be an even bigger problem and could result in lost clients, etc.

Personally, I am so afraid of failure that sometimes I won't even try certain things if there is a chance that I will fail at them. I think this really puts me in a box sometimes and doesn't allow me to get out of my comfort zone. I have trouble accepting failure, so I am very hard on myself at all times and it plays a role in what things I choose to venture out and do. I think that right now, I am definitely more likely to take a risk than I was a few months ago, so I am making progress in this arena.

Assignment 25-What's Next?

Existing Market
1. In terms of products and services in my venture, I think it would be possible to gather data on what consumers are ordering the most of, what the most popular recipes are, and offering personalized professional help to individual consumers for a premium.

2. Jenna Parker: After describing my business to her, she mentioned that it would be a smart idea to offer monthly subscription options so that consumers don't even have to worry about going back to make another order whenever they run out of their products. She also said that my idea is great because it incorporates the credibility of a professional into the offering, making it seem more legit than other services.

Helena Wegener: Just like Jenna, Helena suggested a subscription service to be offered at a slight discount from simply ordering the products on your own each month. This would attract consumers who don't have the time to worry about ordering these types of things each month, and would create brand loyalty right off the bat. She agreed that my idea is great, but questioned how expensive this service would be.

Sheila Flaherty: Sheila suggested that there be specific product recipes that are formulated for specific skin, scalp, or other diseases like eczema. This would point those consumers in the right direction and they wouldn't have to struggle trying to figure out what would work best for their condition. She liked my idea about the professional advice, and wondered if this would be done through 24/7 chatting capabilities, video chats, direct access to a specific phone number to stay in contact with them, etc.

I think that creating a subscription add-on would be the most logical next step for this venture because it has the ability to capture returning customers and create brand loyalty quicker than any other avenues. Although some consumers are hesitant to immediately sign up for a subscription service, there could be an option to get the first month half off if they sign up for the subscription, and they could cancel the service whenever they'd like.

New Market
1. A radically different market than what I am currently targeting is the B2B sector.

2. Businesses need soaps, lotions, etc. around their offices, and places like gyms may want some of the shampoos, conditioners, and body washes to dispense in their shower stalls.

3. I interviewed a couple of people who both liked my idea, and suggested that offering natural cleaning products would also be something to consider since many of the ones that businesses use are harsh on skin and irritate some people. They think this is a great idea also because it is available to order online and customize as much as they want, and buying in bulk they would be offered a discount.

I learned that there is a lot of potential in this market, maybe more so in other geographical areas where this is more of a concern, but nevertheless has the potential to succeed. I was most surprised about all the different possibilities that I hadn't thought of before, but a lot of my assumptions were correct, just not as in depth as they needed to be. This is an attractive market because of the size, but may be a little more difficult to implement.

Assignment 24-Venture Concept No. 1

The opportunity presented to me is the untapped potential of relatively inexpensive, personalized beauty products that are natural, organic, and delivered straight to your door. This opportunity has been created by consumers’ shifting preferences for naturals since “health from the inside out” and harmless beauty are becoming the new thing, and consumers want to be as sustainable as possible. This market is found pretty much everywhere, though would be concentrated more so in middle and upper classes, though the lower classes would be tapped due to the cheaper prices of the products I am presenting. Currently, consumers are satisfying this need with overpriced “natural” products sold in stores that still do not suffice for many consumers. They are finding that the products are not a perfect fit for them and it shows in their effectiveness. The opportunity is big here, as it encompasses this need for mass customization and in our fast-paced modern age where almost everyone prefers online ordering over the traditional brick-and-mortar approach. There is also the potential to partner with Amazon or other major online retailers to market this product and serve consumers. Because this is a growing trend having a lot to do with sustainability, the opportunity will be here for a long time until and unless another company swoops in on this.

My offering is an online platform where consumers have access to information about different ingredients in our products and how they may serve them (for example, Vitamin C in skincare products helps your skin rejuvenate and helps with dullness by giving it a glow). Once they are finished learning about different products, they may pick and choose what they’d like to include in their various products. This may look like a body lotion for sensitive skin, so in this case they would include coconut or avocado oil as a base with aloe to soothe dry skin, etc. This feature is available for all products on the website. Once consumers are done, they may add to their cart and have it delivered right to their door. They may save their recipe for future use, and there would even be a feature where consumers answer a few questions about their needs and receive a recommended product recipe that they are able to edit at their leisure to get exactly what they want. The base price for different products would vary (shampoos, lotions, moisturizers, deodorants, etc.), but the price would increase incrementally as they add more ingredients and depending on their ratio.

I think consumers would switch to this because they love to have the freedom of picking what goes into their products. I, along with many other people I know, have done enough of my own research to know what I need to do to make my own products, but as an individual consumer I have been held back by the fact that these ingredients like green tea oil, etc. are not offered at low prices in small quantities. For this reason, I have never been able to get around to making it, aside from the fact that I haven’t found the time in my busy schedule, which I’m sure many consumers may relate to. As far as I know, there are no competitors in this specific arena right now. My business concept would be defined by the cheaper prices because there is no storefront, no middlemen, decreased fixed costs, and many other factors. I would be able to offer prices lower than many consumers have been able to find for a product like this. Packaging would be simplistic, and consumers could even send in their old bottles for refills to get a discount on their order so that the company is more sustainable and this itself would decrease variable costs for each unit all while making consumers happy.