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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The Amazon Whisperer

Revenue Drivers
Delivering ice cream to your home.

Next thing Customers want 
I believe this product is what a lot of customers are looking for. Who doesnt want ice cream to be delivered to their own house?

Next: Having the proper tools to eat the ice cream and adding extra toppings.

Enhacing my existing product
People will not have to get out of their beds to go to the store and buy ice cream. It will be very easy for them to buy it online and have it delivered to them. Plus it will come with the extra toppings and proper tools to eat it.
This will definitely increase customer loyalty because it will make people want more and more.

Go to Amazon


The product includes all these equipements to serve the ice cream and a tower of toppings. 

Reviews
Customers really liked the products. They said the come perfectly with the ice cream, and the best part is that it was delivered.

Changes I would make to the product 
To be honest, I wouldnt change much of the product. The only thing I would change would be the tower where I send the toppings. I think it is not well designed.

Why it would make a good addition?
This is another way to make people's lives easier. They will not feel the need to go to the store and buy the products.

My Unfair Advantage

1. Determination

VRIN: This resource is very valuable because it is what helps you be a succesful entrepreneur. Determination motivates a business to succeed and become known. It also helps you accomplish any goals you may have. Being determined demonstrated you want to be assimilted with great characteristics. 

2. The perfect work team
VRIN: I believe this resource is very valuable because it is very important for the business to have a work team that has all the knowledge necessary to serve its clients. The work team also needs to get along with one another and provide feedback anytime soemthing is wrong.

3. Personality
VRIN: Having a good personality is always necessary when having a business. All employees needs to know how to treat thier customers, but most importantly be respectful. This resource is valuable because having personality helps you stay calm in certain moments and be open minded in specific situations.

4. Good Human Resources Team
VRIN: I believe having a good human resources team is important because it lets the company be aware of what its employees are doing. Also, it helps you manage budget control and serve as a conflict resolution. A good human resources team gives employee satisfaction and corporate image.

5. Market Experience
VRIN: Having market experience helps you gain customer satisfaction because you can show them you have understaing of what you are offering them. In addition, having market experience creates consistency in the business.

6. Make sure I have a team who enjoys what they are doing
VRIN: In my opinion, this is a valuable resource because if a person likes his/her job then they have more reasons of being successful and determinated on what they are doing.

7. Have an advantage over my competition
VRIN: I believe having an advantage over competition is a valuable resource because it means you are doing something right, meaning that you have what customers are looking for. Having advantage over competition is also important because it gives your employees the comodity they need to work in a good enviroment.

8. Training
VRIN: Having a training system in your business is very important because everyday the technology changes and your company to adapt to any changes. It is impossible to have unqualified employees in the work place because that would mean they wont do the job they are expected to do.

9. Ethics
VRIN: I believe having ethics in a business is important because it helps the employees know the difference between what is right and wrong. Employees make decisions everyda which means they need to be able to organize themselves and follow their morals.

10.Be focused
VRIN: I believe being focused is a gateway in being succesful in a business. Staying focused in a job helps you finish any task you start (short or long term goals). It gives you more motivation, determination and self- confidence.

My top resource would have to be ethics. This resource is becoming even more difficult to find because employees just work because it is a necessity. People´s values change everyday but having your good ethics will always be a good thing for the company.

Growing My Social Capital

The first person I interviewed was my aunt Esmeralda Vargas (domain). I’m currently doing an internship in her company which is a travel agency called “SchuVar Tours”. She is a very hyperactive person and very fun to work with. She created the company with her other siblings and other friends in the family. To be honest, this is exactly the type of job I would like to have in the future just because it is a very fun and interesting job. What I also like about my aunt Esmeralda is that she is very compromised with her job/company and that is something I really want in the future. I obviously found this person because I see her everyday at work. Including this person in my network enhaces the ability to exploit an opportunity because she can open many doors for me in the future.

The person who is an expert on my market would have to be the right hand of my aunt, Argelia Caamaño. She has been working with my aunt for 20 years and she definitely knows about the whole tourism industry. I believe she is targeting the market with similar product services because she knows just as much as the domain. For the past two months, I have been working on the side with her and she is very intelligent. She has done a lot for me. In the sense that she teaches me a lot of things form the industry. Including this person in my network enhances my ability to exploit an opportunity because she can definitely help me in the future once I graduate.

An important person who is a supplier to my industry would have to be John Gonzalez. He is in charge of selling us all the airplane tickets, meaning that we buy him the tickets for our clients. I contacted him through Argelia recommended me that I should talk to him because he could be a great input in my career in the future. John showed me how to buy and reserve tickets. I will be including him in my network to enhance my ability to exploit an opportunity because he will make my understanding more open.

To be honest, I don’t think this experience will shape how I participate in any future networking events. This was just like any other task about other people. The only thing this experience was different was that I didn’t have to interview anyone for this. I had to do it on my own, which is better.