Final Reflection

This course has been a fun rollercoaster ride full of great experiences. I have never had a class that was as active and interactive as this one. I have thoroughly enjoyed each and every assignment that had to be done. For the most part, each of these assignments created a fun and interesting experience for me.

I think the most formative and joyous moment was when I had to talk about a time when I felt like giving up. In that assignment, I was able to express who I was as a person, especially as my true authentic self and not feel ashamed or embarrassed by it. I am extremely proud of myself for being open and transparent with my classmates in this course, even though I do not know them or what they look like. I took full advantage of this course to express who I am as a human when given the opportunity. I am also very proud of myself for being a diligent worker and completing my assignments weeks in advance before the due date.

After completing this course, I do see myself as an entrepreneurship. I may not be as qualified as some of my peers, but I definitely have acquired the basic tools and understanding of the entrepreneurial mindset. I can utilize these new skills and knowledge in any career that I go in.

In order to be successful in this course, I would recommend that the students are diligent and proactive with their work. It is easy to get stuck behind and procrastinate the assignments. If they do so, they are setting themselves up for failure. I also recommend staying a week or two ahead in terms of completing assignments. This guarantees that procrastination will never be an issue.

Venture Concept No. 2

Opportunity:

          There are a few forces or changes in the environment that are creating this opportunity. The opportunity is to lessen the number of federal regulations involved in the required certification exams that businesses must pass. These certifications are extremely tedious and time consuming. For most of the part, employees are more stressed over these federal tests than they are with their own duties on the job. Productive work time is being displaced disproportionately in order to complete these certifications. The stress created in the work environment is a driving factor for the opportunity to ease the already stressful jobs.

            The market is mostly made up of customers who are environmental lab chemists and work in laboratories that require federal certification exams. Demographically speaking, these customers are married and have a family of their own. Also, they are in the middle to upper classes of society. They lie within an age range from 25 to 50. Some of them are recent graduates from undergrad and grad school, while others can be called “veterans” due to their long history of being with the business. The geographic specifications of these customers can be found throughout the country of the United States. However, many of them are situated near bodies of water where most of their research is based on. A lot of the customers are found in Florida, since it is a state surrounded by water and houses the potential for great scientific studies for the environmental chemists.

            The customers are not pleased with the current certifications in place and would rather have this opportunity unfold sooner than later. Many of the customers are actively participating in different ways to raise a concern for their need to lessen the federal regulations. With the opportunity being a federal concern, much effort and diligence is needed in order to successfully implement this opportunity for these customers. The customers are extremely loyal to whatever they use now. Since they are in a competitive and highly regulated business, the customers must show traits of loyalty, dedication, and punctuality in their duties, as well as being respectful to the rules set in place to ensure their safety.

            This opportunity is relatively big. Most businesses must adhere to the federal regulations that are set in place to guarantee a smooth operation of business and productivity. This is a demand in the market to have fewer federal certifications in order to retain and maintain their business licenses. If this opportunity is successful for the environmental laboratories, then it can be applied to all other businesses. This opportunity is not limited to the initial customers who have this need. All types of businesses can benefit from an opportunity as big as this one. It can be life changing for businesses and their future functionality and operations.

            A “window of opportunity” will remain open for quite some time. An estimated guess on the length of an opening for be a year or so. A lot of changes must take in-and-out of the business, as well as the federal government. It is definitely an opportunity that will take time and patience before it is sufficiently implemented by the federal government in terms of having fewer certifications.

Innovation:

            The opportunity described is innovative in its own nature. Fewer federal certification exams can foster a more productive workforce and eliminate any stress that is caused by them. In addition to this opportunity, a new service will be created to aid and assist the need of the customers. A consulting firm will be established, so customers can address the issue directly and attempt to have it resolved in a timely manner. The firms will work directly the lab chemists who are the primary customers in this opportunity. They will hopefully lessen the certifications that are rigor and expensive for businesses to take. The firms also have direct ties to the local, state, and national governments, who are directly involved in this opportunity. The price of this service is open to negotiation. However, a base price for the customers who use this service will start at $55 per hour. It is a bit more expensive than most firms. However, it is new to the business world and the prices will start higher and slowly decrease as more and more customers utilize this service. Also, the customers of this service are wealthy, so it is understandable to have this be the starting rate. The demand for a service such as this one will only increase in popularity.

Venture Concept:

            This new service will be a success among the target market of customers. Firms that exists now have not been able to address and solve the need of these customers. It is imperative that the firm proposed is implemented in the business world to ensure the need of the customers is satisfied. This firm will be loyal and truthful to their word of solving the problem and fully establishing itself as a successful business opportunity. It will not be hard to have the customers switch. This firm is one of a kind and will attract the need of the customers. The market will be highly demanded and diverse. There are competitors, such as existing firms, but none of them will satisfy the needs as well as this one. Customers have been let down in the past by these firms, but that will not be the case for this new firm. The firm will have approximately 20 on the job employees and an undefined number of virtual employees.

The Three Minor Elements:

            The most important resource will be leadership. Leadership is essential to all businesses, no matter how small or big. If a business does not have some form of leadership, it is bound to fall in failure. The firms are unique and one of a kind and will completely satisfy the needs of customers as previous firms were unable to.

            Not much thought has been put into what is next for the venture. However, if this venture is successful, the opportunity can expand to all businesses that require federal certifications, not just those in laboratories.

In five years, I do not plan on being actively involved in pursuing a venture as this one. My interests do not lie in a business as this one, but in the world of sports. I hope to be part of the managerial team for a professional sports organization, such as the NFL or PGA Tour, in the future. However, the creativity and layout of this venture has opened my eyes in the world of business and as an entrepreneur. The sole innovation of a new business opportunity is extremely helpful in creating any type of business that needs to be established.

On my first venture concept, I did not receive any negative feedback. Quite frankly, my assignment was well praised and received by my peers. They all had nothing bad to say. They all liked my original ideas about my business and think I did an amazing job. They had no negative criticism. I don’t think it is necessary to change any part of my venture concept. Therefore, I left my venture concept the same as my first one. I think if I add any more information, it will become too busy and possibly could become misunderstood by my peers. 

Your Exit Strategy

If my business is in full operation and successful after its implementation, I intend to continue the business. However, I will pass down ownership to another employee and team of management. I do not see this business being pass down to a family member of mine in the future. It is the type of business that no one in my family would be interested in working for. I will stay with this business for a few years and ultimately give someone else the opportunity to own it.

I have made this exit strategy decision because I do not see a long term relationship with this business. A business such as this one does not have hold any interest to me in pursuing continuously. My ideal business does not lie in a consulting firm, but in sports. I am an avid sports fan and will pursue a long term career in the world of sport. This business will be temporarily a place of work for myself as I gain more experience in working.

This business has been essential in starting a company from a given opportunity and proceeding with it. It is a great learning tool and experience and provides the basic training and development of creating a business to satisfy customers' needs and wants. I feel like I have become an entrepreneur just because of this business concept. It may or may not be successful, but it has provided me with the basic fundamentals of entrepreneurship.

Reading Reflection No. 3

“Thinking Fast and Slow” – Daniel Kahneman

1)    Main theme/argument:

The main theme of the novel is that the brain has two systems. These systems allow the brain to perform many tasks and be efficient. Combined together, they help us navigate the tough and easy paths of life; they are like our guiding control centers.

2)    Connection to ENT3003

In connection to the class, this novel relates heavily to entrepreneurship. It may not be as clear cut and simple as the other novels. But this one does connect well with the business world. Our brains allow us to make decisive decisions based on the current situation or options. This is essential in entrepreneurship where decisions are being made all day long. Having a clear mind and productive brain will open the doorways to success and for businesses, a profit. The two systems in our brains operate automatically and quickly, which is a great advantage for businesses when they need to make a plan on the spot. The content in this book will help you be a better thinker and make more sound decisions.

3)    Exercise:

I would create an exercise that utilizes both of the systems in the brain, System 1 and System 2. The participants will be able to see how the systems work independently and dependently on one another. Certain things that are said and done will trigger one brain system and not the other. It will probably be a series of questions asked, as well as activities they must complete.

4)    Surprise moment:

A surprise moment is when I found out that the brain has two different systems that work independently. But as a whole, they cannot operate without one another. The first system is encompassed by feelings and impressions, whereas the second system is most beliefs and emotions.

Celebrating Failure

This summer has been full of twists and turns, ones that are good and bad. I recently came out as gay in March to my family and friends via a letter to my parents and an Instagram post for the world to see. And I recently got engaged to my fiancé in the middle of June. My parents, particularly my mom, has not be supportive of me ever since I came out. Our relationship is full of tension and negativity and feels quite distant. My sister, however, is fully supportive and happy for me. Normally, during summer, I am home with my family, enjoying the relaxation at the beach and under the sun every day. However, this summer, I am staying up in Gainesville with my fiancé and our puppy. Therefore, I have not been home as much as I normally am. But the one part that I feel like I have failed this summer is being a big brother to my little sister. With me not being home, my sister pretty much just has my parents and no one to hang out with. I am her best friend and she is mine. It hurts me that I cannot always be there for her like I used to be when I was in high school and my first few years in college. I try to be there as much as possible for her, but sometimes I just cannot be. I feel rather selfish and guilty that she does not always have her big brother around like she is used to having. Some nights I lay in bed and cry because I feel like I am letting my sister down by not always being there for her.

I have learned that I am still my sister’s big brother and I will always try my hardest to be there for her every time she needs me. It may be tough to give her my full attention, but I will certainly do my best. Also, I have learned that I am an independent and mature person who cannot always be home as much as my parents would like me to. I have my own life and family that needs me. I learned that me being me and living my life the way I want to is not being selfish or full of myself. I am compassionate and caring for all those who are in my life and I strive to be a good friend to everyone even when times get difficult. I cannot always please the needs of others. Sometimes, it is best to do what it is best for you, despite the criticism you may receive. 

I believe failure is necessary in life. Failure allows use to see our weaknesses as compared to our strengths. It gives us the opportunity to grow and better ourselves to become even more successful as an individual. Without failure, no person would have a personal growth cycle of trial and error, followed by progress to success. It is not an easy task. I normally handle failure in solitude and think critically about my mistakes and how I can overcome them. I have always been a risk taker and will continue to be one even after this course.

What's Next

Existing Market:

For my three interviews for the existing market, each interviewee had similar perspectives and thought about my business. The three interviewees all work in the environmental laboratories and have the need for the opportunity addressed. My expectations are pretty high for the business to be effective and successful.

Since my business is a consulting firm for the potential customers, much attention is needed in order to satisfy the need of the customers. The opportunity is very plausible to be a success, as each interviewee stated. The existing market is an ideal location to begin the market since these customers are already familiar and aware of the opportunity and business as a whole.

New Market:

            For the most part, my business is starting off with the affluent portion of society. The customers are primarily environmental chemists, who have a pretty decent paycheck. I believe, as well as do the interviewees, that it would be essential to target a section of the population that is not as privileged as the previous customers. This business would be an ideal approach to serve a portion of the poorer parts of society. It will a business that is representative of all parts of society. No group of people will have superiority over the other. The prices for these groups of individuals will not be as expensive as those ones for the affluent. They will be readily available to them, as well.

            Each of the interviewees were very supportive of the business approach I have created. My interviewees were representative of the new targeted portion of society. I have learned that these customers are in dire need of such a business as do the affluent. I never realized the demand for a business as the one I have proposed. Some consulting firms are more successful than others, yet they are underutilized and do not accomplish their goal. My firm, however, will satisfy the new and existing markets of customers.

            The new and existing markets are pretty similar in terms of the opportunity and demand. I think, however, the existing market will be easier to work with than the new market. With the new market, I must establish the business as a credible and reliable source of opportunity, whereas the existing market already assumes its credibility and no initial actions are needed.

Venture Concept No. 1

Opportunity:

            There are a few forces or changes in the environment that are creating this opportunity. The opportunity is to lessen the number of federal regulations involved in the required certification exams that businesses must pass. These certifications are extremely tedious and time consuming. For most of the part, employees are more stressed over these federal tests than they are with their own duties on the job. Productive work time is being displaced disproportionately in order to complete these certifications. The stress created in the work environment is a driving factor for the opportunity to ease the already stressful jobs.

            The market is mostly made up of customers who are environmental lab chemists and work in laboratories that require federal certification exams. Demographically speaking, these customers are married and have a family of their own. Also, they are in the middle to upper classes of society. They lie within an age range from 25 to 50. Some of them are recent graduates from undergrad and grad school, while others can be called “veterans” due to their long history of being with the business. The geographic specifications of these customers can be found throughout the country of the United States. However, many of them are situated near bodies of water where most of their research is based on. A lot of the customers are found in Florida, since it is a state surrounded by water and houses the potential for great scientific studies for the environmental chemists.

            The customers are not pleased with the current certifications in place and would rather have this opportunity unfold sooner than later. Many of the customers are actively participating in different ways to raise a concern for their need to lessen the federal regulations. With the opportunity being a federal concern, much effort and diligence is needed in order to successfully implement this opportunity for these customers. The customers are extremely loyal to whatever they use now. Since they are in a competitive and highly regulated business, the customers must show traits of loyalty, dedication, and punctuality in their duties, as well as being respectful to the rules set in place to ensure their safety.

            This opportunity is relatively big. Most businesses must adhere to the federal regulations that are set in place to guarantee a smooth operation of business and productivity. This is a demand in the market to have fewer federal certifications in order to retain and maintain their business licenses. If this opportunity is successful for the environmental laboratories, then it can be applied to all other businesses. This opportunity is not limited to the initial customers who have this need. All types of businesses can benefit from an opportunity as big as this one. It can be life changing for businesses and their future functionality and operations.

            A “window of opportunity” will remain open for quite some time. An estimated guess on the length of an opening for be a year or so. A lot of changes must take in-and-out of the business, as well as the federal government. It is definitely an opportunity that will take time and patience before it is sufficiently implemented by the federal government in terms of having fewer certifications.

Innovation:

            The opportunity described is innovative in its own nature. Fewer federal certification exams can foster a more productive workforce and eliminate any stress that is caused by them. In addition to this opportunity, a new service will be created to aid and assist the need of the customers. A consulting firm will be established, so customers can address the issue directly and attempt to have it resolved in a timely manner. The firms will work directly the lab chemists who are the primary customers in this opportunity. They will hopefully lessen the certifications that are rigor and expensive for businesses to take. The firms also have direct ties to the local, state, and national governments, who are directly involved in this opportunity. The price of this service is open to negotiation. However, a base price for the customers who use this service will start at $55 per hour. It is a bit more expensive than most firms. However, it is new to the business world and the prices will start higher and slowly decrease as more and more customers utilize this service. Also, the customers of this service are wealthy, so it is understandable to have this be the starting rate. The demand for a service such as this one will only increase in popularity.

Venture Concept:

            This new service will be a success among the target market of customers. Firms that exists now have not been able to address and solve the need of these customers. It is imperative that the firm proposed is implemented in the business world to ensure the need of the customers is satisfied. This firm will be loyal and truthful to their word of solving the problem and fully establishing itself as a successful business opportunity. It will not be hard to have the customers switch. This firm is one of a kind and will attract the need of the customers. The market will be highly demanded and diverse. There are competitors, such as existing firms, but none of them will satisfy the needs as well as this one. Customers have been let down in the past by these firms, but that will not be the case for this new firm. The firm will have approximately 20 on the job employees and an undefined number of virtual employees.

The Three Minor Elements:

            The most important resource will be leadership. Leadership is essential to all businesses, no matter how small or big. If a business does not have some form of leadership, it is bound to fall in failure. The firms are unique and one of a kind and will completely satisfy the needs of customers as previous firms were unable to.

            Not much thought has been put into what is next for the venture. However, if this venture is successful, the opportunity can expand to all businesses that require federal certifications, not just those in laboratories.

In five years, I do not plan on being actively involved in pursuing a venture as this one. My interests do not lie in a business as this one, but in the world of sports. I hope to be part of the managerial team for a professional sports organization, such as the NFL or PGA Tour, in the future. However, the creativity and layout of this venture has opened my eyes in the world of business and as an entrepreneur. The sole innovation of a new business opportunity is extremely helpful in creating any type of business that needs

Your Venture's Unfair Advantage

List of resources:

1)    Hard-working

2)    Diverse networking

3)    Proactivity

4)    Leadership

5)    Research potential

6)    Diligence

7)    Systems Thinking

8)    Punctuality

9)    Higher education

10) Greater investments

VRIN Analysis:

1)    Hard-working is valuable for any business to thrive. Not all employees can possess a hard-working attitude, hence it is rare. Hard-working is a trait that must come to a person; it cannot be copied. Hard-working is non-substitutable as other resources cannot provide the same benefits.

2)    Diverse networking is highly valuable as all businesses want a diverse work environment. It is fairly rare as some businesses are not diverse in their employees. It cannot be copied by other easily; the businesses must be willing to accept people from different backgrounds with no problem. It is non-substitutable as no other resource can replace it.

3)    Proactivity is very valuable as each business must think about now and the future and problems that might arise. It is very rare since many businesses do not make proactive approaches. It is hard to copy because workers must be committed to the businesses and always moving forward and very non-substitutable in terms of providing the most benefits compared to other resources.

4)    Leadership is valuable to all businesses and clears the path for success. It is not rare at all since all businesses have some form of leadership to operate. It is not hard to copy but had to implement and establish for some. Leadership provides benefits that other resources cannot.

5)    Research potential is valuable to the progression of a businesses and allows it to keep moving forward. It is rare as some businesses are unable to obtain research potential. It is very hard for the same reason why it is rare and non-substitutable as it provides benefits that other resources cannot.

6)    Diligence is valuable and provide a sense of motivation and accomplishment if highlighted by the employees. It is not rare but may be hard for some to adapt to their working style to stay on top of everything. It is fairly hard to copy because a person must put in their own time and dedication to be successful. Diligence is similar to hard-working and could provide the same benefits.

7)    Systems thinking is valuable to all businesses as it shows how systems work and break down elements. It is very rare as some businesses are unable to adapt this process. It is hard to copy because the business must be willing to implement a system that are able to work with and provide benefits that other resources cannot.

8)    Punctuality is valuable to all employees and businesses. A person must be on time in order to be successful and not fall behind. It is not that rare as it is an obligation required by all businesses to be punctual in terms of arrival and projects. It is not hard to copy but could be a challenge for those who have a busy schedule. It is non-substitutable since it provides a strict framework to be on time that other resources cannot.

9)    Higher education is valuable to everyone and everything. It can lead to further success and recognition in a business. It is not rare since most businesses require some form of higher education. It is not hard to copy as long as the work is fully completed, and the effort is put by the best of their ability. It is non-substitutable as higher education opens the door to a plethora of opportunities.

10) Greater investments can be a valuable asset to all businesses to increases their profits and future success. It is not rare since businesses have some form of investment that is made. It is not hard to copy because all businesses can have greater investments if more money is made and saved for future potential business opportunities. Greater investments provide businesses an avenue for greater success that other resources cannot.

After conducting the VRIN analysis, the top resource is leadership. If a business does not have a form of leadership, it is bound to be a failure and have no success. Leadership provides the foundation of a business being successful now and in the future. Strong leadership opens the door to so many opportunities and potential for the business. A leader helps to motivate workers to work their hardest and the best of their ability as well as playing a guiding role to those may need the help. Greater communication is another skill that leaders posess in order to successfully conduct business in a timely and uniform manner with low levels of stress and high levels of productivity and achievement

Elevator Pitch No. 3

https://www.youtube.com/watch?v=owdOgIVUKrQ

From the feedback on my last pitch, I was surprised to see that some people were confused on what my business is. I feel like my second pitch was much clearer and more transparent than my first, so I am sort of perplexed by that. However, the feedback allows to be more precise in terms of describing my business. I do believe the format of the content in the pitch was logical and can be understood easily.

For the third pitch, I went into more precise detail about my business and its purpose. I do understand that it is a type of business that most people won’t understand due to its complexity and unpopular nature. I tried to be as clear as possible in my description of my business. Other than trying to be more transparent in the pitch, I kept most of the pitch similar to the two previous pitches.

Reading Reflection No. 2

“How to Fail at Almost Everything and Still Win Big” – Scott Adams

1)    Main theme/argument:

The main argument made in the novel is to look at yourself. It is important to self-evaluate yourself, so you look after your energy and health. Instead of putting people before you, you put yourself before anyone else. You must take care of your body and mind first. It may seem selfish, but it is what is best for you as an individual.

2)    Connection to ENT3003:

This novel has provided a lot of insight about making sure your well-being is put first before everything else. Just like in entrepreneurship, you must make sacrifices in order to strive and be successful. Your health must come first before any business opportunity. If you are in the best health you can be, your personal energy and achievements will be maximized. Success never comes easy; it is always has a price attached to it. Similar to the products and services in entrepreneurship, it takes time and patience to reach a personal or business goal level.

3)    Exercise:

The exercise I would propose for this assignment is more a personal reality check for the participants. I would have them write down things in their life where they have fallen so many times but came out on top in the end. A lot of them will be surprised how failing will lead to success and triumph. It is a self-reflection exercise to allow the participants to see their growth and potential as individuals.

4)    Surprise moment:

A surprise moment in the novel is when the author said “Don’t let reality control your imagination. Let your imagination be the user interface to steer your reality.” I say something similar to this quote to people in my life all the time. Your imagination is boundless and limitless. If you put a boundary on your imagination, you are holding yourself back from new experiences and interests. It is important to be optimistic in everything that you do and always listen to your mind and heart. Reality is very manipulative, and you must be able to trust your instincts. Your imagination is unique and could possibly make the world a better place as you see it.

Growing Your Social Capital

Domain Expert:

1)    This person works for the State Government in California and the business of Domain Experts Corporation (DEC). This person is an active Operational and Business Management Consultant. Their experiences lie in Funds Management.

2)    This person fills the slot as a Domain Expert since they are part of this realm in this business and is knowledgeable about the type of business I am pursuing.

3)    I found this person via a Google Search for domain experts in Consulting Firms. I contacted this person by first emailing the main business, asking for their resume.

4)    As a return favor, they allowed me to give my elevator pitch and receive constructional feedback.

5)    This person is highly knowledgeable in Funds Management which will play a critical part in my business opportunity. They will be a great asset to the team. Plus, they work for the state government, as some of the workers in my opportunity do as well.

Market Expert:

1)    This person has a Ph.D., as well as the CEO of their company. This person has 15+ years in advisory services in the market. They are also an author and has received quite a few rewards for their work.

2)    This person fills the slot as a market expert. They are highly active in the market of consulting firms, mostly specifically the involvement of chemical and advanced materials markets.

3)    I found this person via a Google Search for market experts in Consulting Firms. They are one of the many results that were provided. I contacted this person via phone, since a number was provided.

4)    In return, this person has reviewed my first idea napkin so I could get feedback and a unbiased review of my work and opportunity.

5)    This person is recognized for their hard work in the market sections and would be a great contribution to my business opportunity. This person also has a background with advanced chemicals which are found in the environmental labs of research.

Supplier:

1)    This person is a Managing Director of INVERTO, advising companies in engineering. This person has a holistic approach in conducting business.

2)    This person fills the slot as the supplier in the business opportunity. This person works in procurement and supply chain management. They are an expert as a supplier, as well as supplier integration.

3)    I found this person via a Google Search for suppliers in consulting firms. I contacted this person via LinkedIn.

4)    As a return favor, this person has reviewed my first two elevator speeches and provided critiques and feedback to better enhance my future ones and overall business approach.

5)    This person will be very valuable in playing a vital role as a supplier for my business opportunity. They are extremely knowledgeable and credible as a supplier.

Reflection:

      This assignment has allowed me to extend my business approach to others that I had no prior contact with. Also, I was able to get out of my comfort zone of being an introvert and openly express my business ideas. This assignment definitely posed more of a challenge in terms of finding people. But once I did have my persons of interest, the actual work was very straightforward and easy to complete. It was one of my more favorite networking assignments so far in the course.