30A- Final Reflection

1)   I have had so many fun experiences in this class. The most fun moments I had was the first assignment that I did for this class which was the “Bug List” assignment. I also enjoyed the “Elevator Pitch” assignments. The moments that were the least fun was probably the reading “Reading Reflection” assignments. The reason it was my least favorite was because I had to find time to read my books and I am taking another class where I have to read books, too. It was like a book reading overload this semester.

2)   I think the most formative experience in this class was the “Elevator Pitch” assignments. It was so fun, and I actually learned valuable stuff from it.

3)   I do see myself as an entrepreneur after taking this class. I have developed more of an entrepreneurial mindset, because now I know that failure is part of success. Without failure, an entrepreneur cannot be successful. Before this class, I was so scared of failure. Now, I look at failure as a step closer to success.

4)   I would recommend thinking about what you have a heart in when thinking about a product or service to create and use for this course. The LunchPro product I created and used for this course I had a heart in. So, it made my assignments for this class so much more fun. I would also recommend getting your assignments done a few days earlier, so you don’t get swamped at the end of the week or forget about the assignments. I would get in a routine to sit down and do your assignments at a certain time each day in order to be able to get all your assignments done for that week.

Citation: https://www.pinterest.com/mommyofcrazy1/positive-school-messages/

29A- Venture Concept No.2

1)Opportunity

·     My opportunity is with people who are out of the house for long periods of the day without a fridge accessible. This can be people who work in offices that have no break room fridge or someone who works outside.

·     This market is for anyone who is in need of having a place to keep their food refrigerated.

·     This market is for people who don’t find ice or icepacks useful.

·     This market is for anyone that wants a steady cold temperature for their food all day.

·     This “window of opportunity” won’t be open for too long, because technology is advancing, and people are finding out ways to improve their everyday life.

Innovation

·     My innovation is called LunchPro.

·     My innovation is like a portable refrigerator. It is about the size of a lunchbox and is relatively light. This allows people to carry LunchPro with them.

·     LunchPro comes in various colors such as black, white, salmom pink, forest green, and sky blue.

·     There are 3 different sizes that LunchPro comes in: Small (17”x 17”), Medium (27”x 27”), and large (48”x 48”).

·     LunchPro would cost around $100- $300 depending on the size you get.

·     It is battery powered and it also has a solar power capability. The solar power allows LunchPro to be on when the sun is out. The sun powers LunchPro and charges LunchPro’s batteries. The batteries allow LunchPro to be on when the solar power is not on due to not having sunlight. By doing this, it allows LucnPro to have continual power that can last for days. 

·     LunchPro also comes with a charging cable to allow batteries to be plugged for recharge if both the batteries and solar power turns off. The batteries will be able to keep LunchPro on for up to 12 hours alone.

·     LunchPro will have the capability to have a lock on it. This will allow people to not take someone’s LunchPro or lunch inside.

·     My product allows people to keep their food from getting dangerous bacteria on it due the food getting warm.

Venture Concept

·     People will see a need for my product if they suspect their food goes bad during the day.

·     People will more likely buy my product if they have gotten sick from their food getting warm.

·     People will buy my product, because they are scared their food will eventually go bad one day.

·     People will buy my product if they feel that their ice packs or ice don’t get the job done.

·      I believe people will switch over to my product, because so many people have trouble keeping their food cold all day.

·     My competitors are people who sell ice, ice packs, mini fridges, or anything that is portable and promising to keep food cold.

·      I would have a main distribution facility and various customer support/ technicians across the United States. Customer support and technicians will help someone who is having a problem with their LunchPro or has any questions. I would start off with a small number of employees and grow that number as my business started getting bigger.

Minor Elements

·     FIRST: I believe that my most important resource is giving employees paid time off. Many companies don’t offer that anymore, so this makes my company more appeasing. I also believe it will allow for better productivity.

·     SECOND: If LunchPro becomes a success, then I would more than likely try to tackle more products within the company. A new product I would try to tackle would be a drinking container that keep a beverage cold all day.

·     THIRD: Due to this venture, I can definitely see myself as a successful entrepreneur in the future. 

2) I did not receive any feedback from my pervious venture concept, but I did receive feedback from the “What’s Next” exercise. My person that gave me feedback believed there is high levels of barrier to entry and that it would be hard to keep up with the big manufacturers, but believed I had a great idea. After that feedback, I have realized that there are big manufactures out there trying to find better ways to create the product that I want to create. Yet, no one has created my product. I think it goes back to the “window of opportunity”. I do have a window, but it is a small one due to it being a very big need that people have and new technology being invented every day.

3) I did not change my venture concept based on my feedback, but it did open my eyes. I have realized that it will be hard to compete with large businesses in my field.

4)

Citation: https://www.corvallisadvocate.com/2012/1220-corvallis-walmart-update/

28A- Your Exit Strategy

1)   My exit strategy would probably be staying with the company. If someone is willing to buy my business for a pretty penny then I would consider. My business would not be a family business, so it would not be passed down. My business would be sold to another similar business that would enhance my products or combine it with theirs.

2)   I chose this particular strategy, because I want my products to grow into something big. I don’t want only few people to know about my product. I want the whole world to know what my product is. Sometime in order to do that is to sell it to a business that everyone already knows about.

3)   My exit strategy has influenced how I would market my products. I would try to market them to similar businesses more to try to get the businesses interested. If a business really like my product, they might try to buy it from me.