30A - Final Reflection

• My most formative experience throughout this class was the entirety of the lectures. I have taken a lot of notes that are genuinely going to prove useful in my future, unlike a number of classes we must take. Frankly, my most joyous experience was when the rest of the semester's  Cupcakes were graded as 100%, because I knew I could earn the grade I wanted afterwards! I also agreed we students deserved a bit of leniency with everything currently going on. The experience that I'm most proud of is having created this blog! After looking back upon the whole thing, I see that I truly did some in-depth research for my business venture, most notably, all the interviews.
• Now that we are approaching the very end, I would definitely consider myself to be an entrepreneur! This class has taught me that being an entrepreneur is a fairly experimental venture, because we must expect failure and learn from it. Alongside the long list of other things I've learned, my biggest takeaway is that it takes an immense amount of effort from a suitable group of people to successfully execute an entrepreneurial venture. I considered myself an entrepreneur before entering this class, but now afterwards I can confidently say I have improved my entrepreneurial mindset.
• The one recommendation I would make to the students who might be following this path is explained perfectly by the cliché: don't wait til the last minute. The weekly assignments along with the lectures/cupcakes add up, especially for an online class. To perform best, I'd recommend students complete at least 1 assignment ahead of time during weeks that have 2-3 assignments due. To foster this mindset, students should keep a schedule/agenda and make themselves stick to it. All this being said, those who are taking this class should be able to get an A so long as they follow these tips!

29A - Venture Concept No. 2

1. Venture Concept

• The opportunity I chose to pursue throughout ENT3003 was the issue of chores not being evenly distributed amongst household roommates. This problem is inherent, because people often have different standards of cleanliness.
• The driving forces creating my opportunity are lazy roommates, messy roommates, and the high prevalence of students entering college with careless, random roommates.
• People in this market comprise the majority of college students, suburban families with young kids, and young adults who live with their friends. Geographically, this market exists in college towns, big cities, and the smaller cities surrounding them.
• Customers only two current options for satisfying this need are either asking roommates for help or hiring a maid. They are probably not inclined to constantly ask for help since this comes off as a hassle, but if they have had a maid for years then they are likely very loyal to them.
• My innovative solution to this issue is a digital algorithm that will optimize the balance of chores and other household duties based on users' personal preferences within individual households. Users will input their preferences (chores they don't mind vs. ones they hate) from a thorough list of options, and my algorithm will evenly distribute daily chores to each roommate individually. This way, the work is coordinated and users will only sometimes have to do a chore they despise.

2. Feedback

• I received a fair amount of feedback on both my first venture concept as well as my "What's Next?" assignment, and I think all of it is undoubtedly worth considering. The feedback that stood out most to me was a peer's very thorough comment about how things could be done differently. He used a lesson we learned in class (could your goals be executed in a simpler manner?) to show that my venture concept COULD be done by something as simple as a poster around campus or something similar. This would also foster a healthier environment, since my venture concept heavily relies on people's increasing use of technology.

3. Change

• Although I value the 3rd-person perspective I gain regarding my venture concept, I can't just pack up and quit because a poster MIGHT be just as effective. I don't think it's possible to put up posters around hundreds of college campuses, and my technology will be inherently widespread since it has never been done before. One change I know will be beneficial is my endorsing universities to push my application on their students. I'm confident it would prove to be an organized way of splitting up chores amongst roommates.

28A - Your Exit Strategy

1. Exit Strategy

• I intend to hold on to my business until it reaches a value that I am comfortable making a sale at. This could be anywhere from 5-10 years down the line. If I received an offer that I could see myself comfortably living and further investing off of, then I would gladly take the offer.

2. Why?

• I have selected this particular exit strategy, because the business does not revolve around something that I am extremely passionate about. Furthermore, I don't think turning it into a family heirloom would suffice for my children either, because not many people out there are devoted to doing chores.

3. How?

• My exit strategy has influenced my promotion and advertising tactics, because I want to achieve the highest rate of growth as possible. Me knowing that I don't want this venture to be passed on to my kids causes me to aggressively advertise in order to yield the optimal amount of exposure as well as word-of-mouth. Finally, it has increased my overall use of resources, because I don't want to be stuck "scraping by" years down the line.

27A - Reading Reflection #3

1.

• I decided to read Coco Chanel by Lisa Chaney, because I have an interest in the fashion world and I have heard many controversial things about her. What surprised me the most about her was the fact that her designs were used as a source of inspiration for extremely well-known artists, including Pablo Picasso and Salvador Dalí.
• The thing I most admire about Gabrielle "Coco" Chanel was the way she pioneered into the fashion industry as a woman in the 20th century. Equal rights were not as set in stone as they are today, so she was evidently very influential for her time.
• The thing I least admire about Gabrielle Chanel was her immoral antics. Chaney reveals that she had a history of drug abuse, lesbian affairs, and even a German lover in the midst of World War II.
• Coco Chanel certainly faced adversity during her era, considering how the Great Depression occurred in the middle of her business' rising success. Nobody had money for expensive clothes during a time like this, and wearing them was seen as snobbish. To deal with it, she simply closed up shop and didn't return for decades.

2.

• The competencies I noticed that Gabrielle Chanel exhibited were her unique design skills, which paved the way for many luxury houses we know today, as well as her endurance through a biased industry and harsh critique.

3.

• The main part of the biography that confused me the most was when Coco moved from Paris to Switzerland in order to live away from the media's spotlight, only to come back many years later.

4.

• Two questions I'd ask in order to get a better understanding of the overall process of her success:
• What made you want to return to your brand after so many years hiatus?
• How did you overcome the harsh male critics of your day, who were obviously biased?

5. 

• In a sense, Gabrielle Chanel has a contradicting work ethic as told in this biography. She worked extremely hard against adversities in order to turn her brand into a success. However, when the Great Depression came around, she threw her hands up in the air and essentially gave up for a number of years. I definitely share the initial part of her work ethic with Coco, but I can't ever see myself completely giving up on my venture.

26A - Celebrating Failure

1. My Failure

• One failure I experienced this semester that quickly came to mind was my failure to upload an initial elevator pitch. When I look back on my Canvas calendar, I see that I had an exam as well as tons of work outside of this class that particular week. I turned in 9A and 9B, which were due at the same time, but I remember feeling very overwhelmed to the point where I just didn't do the first elevator pitch. I probably stayed up late a couple other nights that week, and I figured I could afford the points to get a good night's rest.

2. What I Learned

• Since this was a rather simple failure that didn't cost me much, the lesson learned was mild, but practical: don't wait until the last minute to do your work, or else you'll regret it for more reasons than one. Those reasons being a potentially bad grade and a lack of sleep. This lesson is one all of us students have certainly been taught, but sometimes the temptation of procrastination gets to us.

3. Reflection

• In the moment, failure can feel like an utter nuisance, perhaps a point of restarting entirely. But it's important that we look back upon our failures not as embarrassments, but as guidelines on what not to do. I personally try to do this as quickly as I can after my failure occurred, because it relieves my mind of the embarrassment, which is usually inevitable. I think that this class has certainly made me more likely to take risks, especially as an entrepreneur who is graduating soon!

25A - What’s Next?

1. Existing Market

• Step 1
• In my previous post, I entertained the idea of creating a somewhat different adaptation of my current venture, regarding a service that would allow parents to assign chores and other household duties to their children. I think this or some other sort of adaptation that makes use of my algorithm would be a fine addition to my brand.
• Step 2
• After interviewing three people in my current market, I got the idea that I should set goals not only to advance upon my current technology, but also to create similar services that are more tailored to other specific target markets.
• Step 3
• To set up a path for the future of my company, I must gauge the rate of growth that we will undergo. My expectations tell me that we will see a fair amount of success in our first year if we promote properly; if this is the case, then we can perform some more research to see which demographics best fit into the opportunity of our new market. Currently, my best idea is targeting parents of young children with a different adaptation to my original idea, ChoreMate.
• My interviewees gave me more general advice in regards to planning for the future of my company. It is not quite easy to think of similar but different markets to target, so I didn't blame them. They told me to set goals for keeping my algorithm up-to-date, for branching off into new markets, and for finances and profits.

2. New Market

• Step 1
• Since my primary target market is fairly specific, I will need to expand upon it in order to develop branching products and/or services. One market that is radically different from college students is that of elderly people.
• Step 2
• I had a hard time thinking of the value ChoreMate creates for elderly people, because their homes are never typically messy. Perhaps, I could tweak my algorithm so that it gives elderly people reminders for all of the household work that there is left to do, on a less stringent timeline than that of ChoreMate.
• Step 3
• Hmm... Who are two old people that I can call up for interviews during this quarantine? My grandparents!
• Step 4
• I learned quite a lot about this new demographic that I may consider targeting from my grandparents. Their household is always clean, because they still have the same maid that they did a decade ago! My grandma did mention how some of her elderly friends have learned to enjoy chores and cleaning as they got older. However, the most glaring surprise I got was my grandpa's brutal honesty, "that would never work." He followed up with the fact that old people use technology far less than younger generations.
• Since I knew how radical it was to choose the elderly to target with a new technology, my assumptions were spot-on. This new market does not appear as attractive as my existing one, because the demographics simply don't match up with the utility of the software.

24A - Venture Concept No. 1

ChoreMate

Opportunity

• The opportunity I chose to pursue throughout ENT3003 was the issue of chores not being evenly distributed amongst household roommates. This problem is inherent, because people often have different standards of cleanliness.
• The driving forces creating my opportunity are lazy roommates, messy roommates, and the high prevalence of students entering college with careless, random roommates.
• People in this market comprise the majority of college students, suburban families with young kids, and young adults who live with their friends. Geographically, this market exists in college towns, big cities, and the smaller cities surrounding them.
• Customers only two current options for satisfying this need are either asking roommates for help or hiring a maid. They are probably not inclined to constantly ask for help since this comes off as a hassle, but if they have had a maid for years then they are likely very loyal to them.
• This opportunity has the potential to be huge; the sheer size of this market as well as the constant influx of college students infer that there will always be a need to solve this problem.
• The "window of opportunity" will be open until someone successfully implements a groundbreaking, new solution to the problem, considering that there are only two other options.

Innovation

• My innovative solution to this issue is a digital algorithm that will optimize the balance of chores and other household duties based on users' personal preferences within individual households. Users will input their preferences (chores they don't mind vs. ones they hate) from a thorough list of options, and my algorithm will evenly distribute daily chores to each roommate individually. This way, the work is coordinated and users will only sometimes have to do a chore they despise.
• My means of profiting from this idea will be selling the software through mobile applications, but I will touch on this more in my venture concept. The app will be free with advertisements, but it will also offer the option to pay $1/month to remove all ads. I feel this is the most profitable execution for my software, because customers would likely be scared off if they were forced to pay some amount, which might quadruple depending on the amount of roommates.

Venture Concept

• As stated earlier, the way I plan to apply my algorithm to the real world is through a free mobile application that will give users all the customization they want, so long as they keep up with their chores.
• The primary reasons customers might switch to my app are the high costs of maids and the hassle of always having to ask roommates for help with chores. It will probably be fairly easy to get cleanly people in this market to switch to my solution; however, it might prove very difficult to get their messy roommates on board. This is another reason the app will have a free-with-ads option.
• The sole competitors who share my target market are maids / housekeepers. Their vulnerabilities consist of high expenses for the customer as well as the difficulty of retaining loyal customers.
• Since my solution is a service, my packaging will come in the form of my app's logo and design. It will be simple, clean, and streamlined for the average user. Price points are very definitive in my venture concept, because they are the driving force for switching competitors' customers to my solution. Distribution will be handled by the respective app stores of different mobile phones. Finally, customer support will play a big role, because my company must be open to new feedback as a startup.
• To organize the business, I would hire around 5 digital engineers to develop the app, 30-40 people as customer service agents, 2-3 chief managers, and a good lawyer to protect my patent. I will hire new agents in accordance with the growth rate of the company.

Three Elements

• In the previous assignment, I decided that my patent was likely the most important resource for my innovation. I still think this holds true, because it would prevent any other company from imitating the unique algorithm used in my application.
• I think since college students would be the primary user base of my app, my next business venture would be creating a similar app that is more tailored to suburban families with children. Rather than evenly splitting the chores, this app would allow parents to assign chores to their young children, who in this day and age are always on their phones, meaning they'd have no excuse for not doing them.
• In 5 years, I want to remain confident in the lasting power of my software, so I know my app was not simply a trend. Furthermore, it'd be beneficial for all if colleges picked up on the app and recommended it to incoming freshman who will soon be living in dorm rooms. In a decade, I want to look back upon my entrepreneurial venture and be able to enjoy both the ups and downs in the long-run; frankly when the time comes, I'd like to sell the company in order to pursue another venture!

23A - Your Venture’s Unfair Advantage

1. Human Capital / Connections

• V: I have valuable connections with engineers who have fresh knowledge on things like coding, which are essential for my app's development.
• R: As a student, I have just happened to befriend a number of engineering students who would be more than willing to help me out.
• I: My connections are inimitable, because I have known these people as friends for a number of years. I could replicate this, but it might take years.
• N: This resource is fairly substitutable, but like I said before it could take years to develop the same relationships.

2. Experience

• V: I've considered myself an entrepreneur for many years, so I have experience with profit margins, common mistakes, etc.
• R: I'd consider my 6+ years of experience pretty rare, especially for my age.
• I: This is only imitable through gaining years worth of experience of your own in the industry/field you desire.
• N: There are not any other resources that could substitute the benefits of my experience.

3. Approachability

• V: My approachability is valuable, because anybody with an idea can come to me for feedback and consideration.
• R: It is also fairly rare, because it is a known stereotype that bosses/managers can be overly narcissistic.
• I: It is not very imitable, because it stems from a combination of my enthusiasm, my appearance and my likelihood to smile.
• N: There are certainly no other resources that could reap the same benefits as this.

4. Dedication

• V: My dedication to this opportunity is valuable, because I will quit at nothing to prove my idea would work in the real world.
• R: Most entrepreneurs are genuinely dedicated to their ventures, so I wouldn't consider this a rare resource.
• I: Dedication is also fairly imitable, because it is easy to look up to successful brands and follow their practices.
• N: There are other resources listed that can substitute the benefits of dedication, because they go hand-in-hand with it.

5. Individuality

• V: The individuality of my service is undoubtedly valuable, because this idea has never been tested in the market, hence it is one of a kind.
• R: Individuality in branding is very rare, as proven by the rampant competition across all industries.
• I: Individuality is highly imitable, especially once the word gets around. It's almost guaranteed someone will reform your idea in the market.
• N: The benefits of individuality can and will be substituted by those of my patents, another resource I list.

6. Diverse Target Market

• V: The sheer size of my target market is very valuable, because it helps measure my potential for success.
• R: Having a diverse target market is not a particularly rare resource for a brand to have, unfortunately.
• I: This resource can easily be copied by any entrepreneur, because it's not difficult to come up with an idea that could benefit millions or more.
• N: This resource is non-substitutable, because my target market is already set in stone.

7. Patent

• V: The patent I plan to acquire on my app's algorithm will be very valuable, because it will eliminate the majority of copycat entrepreneurs from my business.
• R: Patents are fairly rare, especially in the mobile application industry.
• I: The whole concept of a patent is protecting your product/service from imitators.
• N: While the benefits of a patent cover those of individuality, the opposite is not quite true; therefore, this resource is non-substitutable.

8. High Interest Before Launch

• V: Having a general scope of the demand we anticipate is very valuable information for our digital management team, who will need to implement some number of servers.
• R: There is a fair amount of consumer interest in my venture solely based on prior research, which is definitely rare for a small, up-and-coming brand.
• I: Having high demand before even having a release date is an inimitable resource, evidently.
• N: The benefits of having high levels of consumer interest before launch tie into the benefits of having a large target market, in the sense that both gauge my brand's potential for success.

9. Financial Capital / Cost-Effectiveness

• V: Since my business venture is a service, there are not many fixed costs. With that being said, I must have a formulaic way of estimating variable costs for tasks like server maintenance. This would be an extremely valuable resource, because I could estimate things like profit, costs, and growth rate.
• R: An entrepreneur providing a service with minimal fixed costs rather than a product is not rare at all.
• I: All websites and applications providing a service try to cut costs in the same way, so this resource is highly imitable.
• N: There are certainly other resources listed that could help to cut costs, so this resource is substitutable.

10. Organizational Culture

• V: I want to develop a welcoming and neighborly office environment; this will be valuable, because my employees will love coming to work everyday.
• R: Having a rather informal, comfortable working environment is pretty rare these days when every other employer requires you wear a suit.
• I: Having a balanced organizational culture is pretty inimitable, because it all depends on the attitudes of the employees.
• N: The main benefit of this resource is the overall happiness of our staff, which is not reinforced by any other listed resources.

I believe the best resource I own that correlates with my venture is the patent that would protect my brand name, logo, and the algorithm used by my app. Individuality is up there too, but since the benefits of a patent are overbearing, I would say this is my most important resource. The next top resources I'd list would be my human capital as well as my experience, but they did not check off the VRIN analysis as thoroughly as my patent does. Most of my other resources were imitable, substitutable, or a combination of both, so again my patent stood out the most to me.