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.

Assignment 23-Your Venture's Unfair Advantage

Resources/VRIN Analysis:
1. Entrepreneur parents
This is valuable because not everyone has it, so growing up in this atmosphere I have learned a lot of the traits necessary to be a successful entrepreneur, and by having this I have immediate help if I am confused about starting a business, etc. or anything that goes along with that. People may be able to get this same help from friends who are entrepreneurs, but no one is as eager to help you as your parents are.
2. A personalized product
This is valuable because consumers increasingly prefer customized products because they don't like the "one size fits all" perspective that many businesses are still working under. Although there are many different businesses that incorporate this, there doesn't seem to be any in this specific market. There are not other resources that can provide the same benefits because of the fact that consumers each get unique benefits from the products they created for themselves.
3. Friends with coding abilities
Not everyone knows people with this ability, so having someone like this would make it cheaper to create this online platform and to be able to work out kinks in the system quicker. It would also be valuable because I could potentially learn tips and tricks to fix kinks myself. This is imitable by hiring tech personnel, but at a high price tag.
4. Cheaper input costs
Because there would not be a literal storefront, the input costs would be cheaper because the middle man is taken out of the equation since products go from manufacturing straight to consumer. This leaves out the cost of delivering products to stores, stocking shelves, etc. There are businesses who already do this and are reaping the same benefits, but there are very few beauty/hygiene companies who do not sell their products in a storefront, so it would be unique.
5. Cheaper initial financial hit
As I said before, there would not be an actual storefront, so fixed expenses would be drastically lower than if there was. Products could be manufactured at a shared facility and logistics handled by an outside company, so most of the money spent at first may be put into marketing and sales efforts. This is unique because many companies spend a lot of their launch time trying to make back all the money they spent, so I would be in this position to a much lesser degree.
6. Encompasses a popular societal shift
It is no secret that organics and natural alternatives are becoming a growing trend in our society because consumers are realizing the detriments of all the products we are currently using. This product is right in line with what consumers want nowadays, so using this leverage to sell the product will make marketing and promotion much easier. The facts are on our side, so this advantage is only imitable if another company truly uses clean ingredients and can back it up with facts.
7. Transparency with consumers
Consumers are always wanting companies to be more and more transparent with them and for products to have ingredients on the label that they're actually able to pronounce. By creating their product themselves, they know exactly what's going in it and are able to see the benefits of each ingredient through the information provided on the website. This is imitable, but no one is doing it because many companies just simply don't care. In turn, this would reflect better on the company and allow us to gain a better place in consumers' minds. 
8. An education in Finance
Some business owners have never even taken a class in business. While many entrepreneurs do have this education, it is an important resource because half of opening a business is simply knowing how to handle money. Some business owners are clueless so they take out ridiculous loans that take decades to pay back, so having this knowledge will aid in making efficient decisions that move the company forward.
9. Friends who have pursued ventures
I have several friends who have pursued their own business ventures, so they would be able to give me advice that they may have wished they had when they began their journey. Many entrepreneurs make mistakes in the beginning that could have been avoided or minimized by having a strong mentor provide guidance. Not everyone has this resource, so it could be something that would help me get ahead.
10. Connections to logistics resources
I am connected with a couple people through my parents who are in the business of logistics, so this would make it easier to get initial orders out without having to spend a ton of time finding a reliable logistics provider. Many businesses like this may go through a couple of logistics companies before finding one that works for them. Having a connection on the personal level would give more accountability and reliability, so orders may be filled faster and customers would be happier.

My top resource is the smaller initial financial hit. This holds many businesses back as they spend a lot of time trying to secure loans for their facilities and inventory, but having a just-in-time operation would reduce many of these initial costs and allow me to put that money elsewhere like marketing and promotions.

Assignment 22-Elevator Pitch No. 3

Link to my elevator pitch: https://www.youtube.com/watch?v=oOw1Ni6sdJM
The feedback on my last post was very positive and encouraging, and it was nice to see that others see the value in my offering! From the feedback I received, I learned that people love seeing my passion for the idea that I've refined over this time period, and that they believe I am off to a good start.

Based on the feedback that I was given, I decided to play around more with the wording of the pitch to see what works best and which is most convincing to consumers. I also tried to uphold the same passion that others noticed the last time around because it seemed to be effective.

Assignment 21-Reading Reflection No. 2

For this reading reflection, I chose to read Cognitive Surplus by Clay Shirky. The main theme of this book is how people use their free time (their "cognitive surplus"), and how it has evolved over time to what it is today. He goes into detail about how people are increasingly using this time for collaboration on social media platforms using creativity and such rather than simply doing pointless tasks during this time. He talks about how social media can actually advance society because people are able to make waves with this sort of mass collaboration. The book connected with what I am learning in this class because it showed the importance of working together in this day and age and how it has been shown to make tangible changes through social media. This connects a lot with the networking aspect of this class and the entrepreneurial skills involved with that. He discusses how means, motive, opportunity, and culture all come together to engage in this cognitive surplus.

If I had to design an exercise for this class based on this book, I would create an experimental exercise where each person posts an electronic petition for their school, local government, state government, etc. that requests a certain change be made to benefit the stakeholders of that decision. By posting this and gaining signatures, it would show students how social media collaboration can quickly make societal changes or even just bring awareness to something that had not gotten enough attention prior. I was most surprised by how much Shirky praised social media in this context. Many books and writings praise social media for reasons like it allows businesses to promote themselves cheaper and easier, but this book praised it for what individuals do on social media in their free time. It was a different perspective and I definitely agreed with it, as we have all learned that the world is "shrinking" because of social media.

Assignment 20-Growing Your Social Capital

1. The first person I interviewed is named Lainey Tarpon, and she is a student entrepreneur from my hometown. She has always been interested in natural products and a couple years ago started making her own products. Once people became interested in them she began to sell the products and fill even more orders online through Etsy and other mediums.
2. She is a domain expert because she is engaged in the same sort of business that I would like to be involved in, and she also is a technical expert because she has been researching these sorts of things for many years and only recently began to apply her knowledge to create her own products.
3. I found her because we went to the same high school, and after some text conversation we were able to FaceTime to further discuss my business idea.
4. She listened to my elevator pitch about the product offering and gave me feedback regarding refining the idea based on her experience in this market. In return, she expects me to help get more word out about her business and to keep her updated in the future.
5. Including her in my network would allow me to have advice from a young entrepreneur like myself who has already made some mistakes. She can give me advice about how to find customers and setting up an electronic platform that is user-friendly.

1. The next person is Jennifer Ryan, one of my mom's friends who manages a Lush store in our area. She has worked in this business for about a decade. She has previously sold other products as a representative and now manages the Lush store.
2. She is the market expert because she has been in this market for a long time, and after progressing in her job she knows a lot about what the customers are looking for and what their hesitations are with products like these.
3. I found her because she is friends with my mom, so I was able to give her a call and ask some questions.
4. She was able to give me plenty of advice about gaining customer support, promoting my product, and the like. Her expectation is that I keep in touch with her after this interaction to update her about the direction of my idea.
5. Including her in my network allows me to better understand what customers want and how I am able to satisfy those needs with my offering. She knows a lot about the changing needs, especially in the natural products arena.

1. Lastly, I talked to John Remy, who is in the business of handling logistics for online companies. He has worked in the logistics business for over 15 years.
2. He is the important supplier in this industry, because logistics companies supply technology and other things to help online orders be fulfilled.
3. He is an old friend of my dad's, so I was able to email him then give him a call about this.
4. He described to me how their company works and what services they're able to provide different businesses, so this insight would definitely help me if I pursued this business in the future. Knowing how to get these products to consumers is crucial. In return, he requested that I use his company if I ever pursue this lol.
5. By networking with him, he would be able to give me the ins and outs of how to get products from manufacturing to a consumer's door. He would also be able to tell me what he has seen work best for businesses and sort of become a consultant for me.

This experience differs greatly from past networking experiences I have had because it is so targeted and the interaction is already outlined for me in a way. In the past, I have been networking to look for a job or to get into an organization, but networking for my own business purposes is very different.

Assignment 19-Idea Napkin No 2

1.    I am a third year finance major, which gives me a leg up in the arena of money and budgeting a business. I am a hard worker and very organized person, which come together to make me an efficient, detail-oriented person. I am the child of small-business owners, so I have seen the dedication it takes to be an entrepreneur and have gained a ton of mentorship from my parents along the way. I see this business being my baby and taking my heart and soul!

2.     I am offering to customers a way to buy customized, natural products that work for them, as well as information about the ingredients all in one place so that they will not have to spend too much of their own time researching the benefits of specific natural ingredients. The site would offer lower prices than the expensive products sold at beauty stores and healthier alternatives to the basic drugstore brands. The site would also ask customers questions about their need in order to recommend ingredients, and then they could customize from there. For example, if I wanted a new face wash, I would click that I’m looking for long-lasting hydration, an all-day glow, and minimization of pores. The site would then recommend the ingredients to me and then I could also pick a base with vitamin C because I love the orange-y smell and want my face to smell like that!

3.     I am offering this to people who actually care about their skin and staying youthful by only putting ingredients they can actually pronounce on their hair, face, and body. They are your average Joe who isn’t willing to spend $50 on fancy shampoo that ruins your hair anyways. They want the convenience of buying online and having it delivered to their door and are always on the go, so they don’t have time to do enough of their own research.

4.     They care because it is convenient and becoming a trend in all areas of self-care to actually look at the ingredients on your products. For example, there is the whole gluten-free and vegan trends because consumers are realizing that all the non-perishables they eat every day are actually ruining their bodies from the inside out.

5.     I am able to talk to anyone and everyone, so I am sure I could market this to anyone who even lies outside of the demographic I outlined above. I fall into the target segment, so I know how to persuade people based on their unmet need, and I am also dedicated so I would work hard until I’ve found the success I’m striving for.

I think all of these elements fit together because I know what the customer want—I’m not a 20 year old girl trying to sell wrinkle cream to old women, because that just wouldn’t make sense and they would never believe my persuasion that it “works.” The feedback I received before showed me that there are more people than I think who would actually love to benefit from using this product/service.  

Assignment 18- Create a Customer Avatar

My prototypical customer is a young woman in her 20s who is educated, and therefore understands the harmful effects of products she uses. She loves to do yoga, go to the pool or beach, and cook at home as opposed to eating out at restaurants. She loves reading self-help and motivational books like You are a Badass and the like, and she is always taking pictures of anything that sparks joy around her, whether it be indoors or outdoors. She does not have children because she does not want to slow down her life yet, though she thinks about them for the future. She drives either a hybrid sedan or crossover car and always has air fresheners in her car and listens to happy, chill music in the car.

I have a lot in common with this customer avatar. I believe this is due to the fact that I thought of this product for someone just like me who possesses this unmet need. Because I am able to relate so well, I am able to understand what is the most convenient and valuable option for customers.