Venture Concept No. 2

Venture Concept No. 2

An opportunity is one of the most important things to think about when creating a business. It is a set of conditions that makes it possible to do something and at the same time it creates a chance for employment. The group of customer with an unmet need will be all college students who don’t have enough time in the morning to make their beds. With my personal experience, I always wake up in the morning very last minute to go to class and barely even showering. That’s why I believe that creating a small robot to make your bed is a great idea. Studies have found that when people make their beds in the morning, then they will be having other accomplishments throughout the rest of the day. Whenever I see my room organized, I feel clean and ready to have a great day. I believe the forces or changes in the environment creating this opportunity are all the persons who don’t have enough time to do things in the morning other than shower and have breakfast. I really feel this opportunity is hug and it will definitely help a lot of people.   As I mentioned before, my target market will be all college students in general.

My Innovation will definitely be very technological and easy to use. I will create a small robot that makes the bed for you. Once you buy it, you will have to format it with the size of your bed. The robot will be very easy to use. You will only have to turn it on and then it will make the job for you. The bed will look very organized and neat. Once the robot is done, it will automatically turn off, you wont have to be there to do it. The robot will be called: “You do it” and it will cost $25.

The venture concept is simple: “it will do the job for you”. As I mentioned earlier, this robot will definitely solve a lot of people’s problem that they may have in the morning. Customers will buy this product because it will make their lives 10x easier in the morning. They wont have to be worrying that they wont have time to do their beds before going to class. I know there are a lot of people who really don’t care if their bed is organized or not. Well, there are also a lot of people who really like to see their rooms organized and clean, that’s why I believe customers will buy the product. Since this will be a total new product, there is no need for customers to change from one product to another. They will jus be trying a new concept that I am certain they will love and enjoy using. I would only sell my product online so I wont be needing much assistance.

My venture’s unfair advantage will definitely be the quality of the product. I want to provide with the best quality possible so that my customers are happy with the product and my future competitors will have a hard time getting to my level. The next new product that I would be willing to create in the future would be another robot with different tasks. In the next decade, I would definitely want to be the top seller for this product. I want people to recognize the product so that they can say it is worth buying and using.

To be honest, I received a really good feedback from my Venture's concept. My peers said that this was a really great idea and that it is such an easy target to reach to. The only couple of things I would add to my concept would expanding the market and selling the product a little bit more expensive. I am getting my bachelor's degree in hospitality management and I don't know why I didn't think of hotels when I created this product. Hotels would definitely benefit from this robot. 

Reading Reflection No. 3

Innovation and Entrepreneurship: Peter Drucker

The general theme about the book mainly explained how things in the entrepreneurship world just happen on a day to day. What I saw veru interesting in the book is that he divided the book in three parts. The first one talked about exploiting change. The second part discussed strategies (managerial). Part three talked more about what type of rules and commitments and entrepreneur should follow. 

The book connected with the course (EN3003) in many ways. For instance, in this class we were always trying to find new opportunities and new things to do. Also I also remembered how an entrepreneurer should let things flow in order for them to happen. 

An exercise that I would design for this class would be very simple. I would separate Peter Drucker's three parts of the book and would make an entire exercise from this. Creating a business using the three strategies.

What surprised me the most from this book is how people should let entrepreneurship to happen on a day to day and not push it. Pushing a business may result in loss.  

Final Reflection

Defenitely the moments I enjoyed the least during the course were all the interviews. To be honest, that really stressed me a lot because they consumed a lot of my time. In my opinion, the course was vey intense. I think that is one of the things that I learned the most, to plan ahead. 

The experience that I will remember along the years are the businesses that I was able to create. I think that coming up with ideas and planning a new ventures. This will help me in the future because I will be more opening towards opening a business. 

To be honest, I don´t really consider myself an entrepreneur, but what I can say is that I did overcome many fears that I had when starting this course. I feel that now I am more open minded and that I really understand the concept of entrepreneurship. Being an entrepreneur is very difficult.

The one thing I would recommend future students about this course is that they need to manage time very well. Also, they shouldn´t leave the assignemnts until last moment. 

My Exit Strategy

1. To be honest, I dont know what will happen in the next couple of years. As off now, I would stick to my last idea ´´you do it´´. I belive this is a great innovation that a lot of poeple would be interested in using. On the other hand, if the business isn´t going well in the next 5 years then I would definitely do something to sell it or to earn more profit. Maybe, if I decided to stick with the business then I can create a new idea for the use of the public.

2. I selected this particular strategy because this is what I feel. I guess I will guide yself through time and with the things that are happening in the exact moment. I hope I always make the best decisions regarding my idea and business.

3. My exit strategy has influenced other decisions that I´ve made because it has helped me personally grow as a person and make the best decisions possible. Also, it has influenced my growth intentions because whenever I make a decision it reflects on the others.

 

Making it Real

https://docs.google.com/document/d/13p-2vuf0JJsRzLHh5dZrHfnM23i9OfG1sDFqhFzJZJE/edit

Venture Concept No. 1

An opportunity is one of the most important things to think about when creating a business. It is a set of conditions that makes it possible to do something and at the same time it creates a chance for employment. The group of customer with an unmet need will be all college students who don’t have enough time in the morning to make their beds. With my personal experience, I always wake up in the morning very last minute to go to class and barely even showering. That’s why I believe that creating a small robot to make your bed is a great idea. Studies have found that when people make their beds in the morning, then they will be having other accomplishments throughout the rest of the day. Whenever I see my room organized, I feel clean and ready to have a great day. I believe the forces or changes in the environment creating this opportunity are all the persons who don’t have enough time to do things in the morning other than shower and have breakfast. I really feel this opportunity is hug and it will definitely help a lot of people.   As I mentioned before, my target market will be all college students in general.

My Innovation will definitely be very technological and easy to use. I will create a small robot that makes the bed for you. Once you buy it, you will have to format it with the size of your bed. The robot will be very easy to use. You will only have to turn it on and then it will make the job for you. The bed will look very organized and neat. Once the robot is done, it will automatically turn off, you wont have to be there to do it. The robot will be called: “You do it” and it will cost $25.

The venture concept is simple: “it will do the job for you”. As I mentioned earlier, this robot will definitely solve a lot of people’s problem that they may have in the morning. Customers will buy this product because it will make their lives 10x easier in the morning. They wont have to be worrying that they wont have time to do their beds before going to class. I know there are a lot of people who really don’t care if their bed is organized or not. Well, there are also a lot of people who really like to see their rooms organized and clean, that’s why I believe customers will buy the product. Since this will be a total new product, there is no need for customers to change from one product to another. They will jus be trying a new concept that I am certain they will love and enjoy using. I would only sell my product online so I wont be needing much assistance.

My venture’s unfair advantage will definitely be the quality of the product. I want to provide with the best quality possible so that my customers are happy with the product and my future competitors will have a hard time getting to my level. The next new product that I would be willing to create in the future would be another robot with different tasks. In the next decade, I would definitely want to be the top seller for this product. I want people to recognize the product so that they can say it is worth buying and using.

Celebrating Failure

To be totally honest, the time I feel I failed in this class is whenever I didn´t complete any of the assignements that required intreviewing other people. It wasn´t because I was lazy or didn´t want to, it was because I didn´t have the resources to complete the assignment. I have been living in Nicaragua for the whole summer, and people here don´t speal¡k english. Since I am also doing an internship and taking another class besides this one, it would´ve taken a lot of time to interview people in spanish and then translate it to english. What I learned from this nothing but to complete the assignment, I guess. Not doing this assignemnts lowered my overall grade by a lot of points. The way I´m handling failure is by accepting it. When I accept failure I know I will be able to learn no new things and most importantly, learn about my mistakes. To be honest, my perspective in failure didn´t change that much. The only thing I would change is to make sure not to take any online class outside the US. 

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