Free Money Extra Credit

I went up to people on my train and tried to give them a euro. They were pretty relieving actually and took it well. I approached people seating by themselves so that I could easily start a conversation. To start the concession I pretty much just had to say hello and would you like this euro I don’t need it anymore you could buy a snack with it. My plan for the conversion was to start out saying that I didn’t need the euro for some reason and trying to make them not think I was trying to scam them giving away a free euro. They pretty much just though I was weird. I think overall what I got from this excercise was the fact that people have a hard one believing you will give away something without anything in return. People usually think other people are greedy and won’t accept the money easily, they have to ask some questions as to why. They all looked really confused, even after they accepted the money.

29a

1.      Venture Concept

Opportunity

There is an opportunity that exists in the world of travel, specifically applying to airports; even more specifically applying to the efficiency of their security systems. The ones who are in need of this opportunity are airport travelers. They need the efficiency to be on point, because they don’t have any time to waste. The customers would be the actual airports themselves because they would be the ones buying the product in order to make their customers happy. So to recap out customers are the airports, and their customers are the airline passengers.

The nature of the need lies in the fact that we don’t have a minute to spare. The world is becoming increasingly globalized and we need to make sure our systems can handle the influx of travelers. These people have probably been walking all day and they have somewhere to be as soon as they land. They might have a reservation to meet someone. It could be an important business person with a meeting at a specific time and if they are late they will miss everything important.

Changes in the environment don’t really affect the inside of airports and their security systems, other than the fact that globalization is increasing so there are more people to accommodate to. Geographically, airports all over the world have different security systems so it will be interesting to see how my product compares over there. Demographically, we are accommodating for anyone and everyone going through security at the airport. Currently the need is being satisfied through manually picking up the bins and not through an automated system. They are pretty loyal to this option because there aren’t really any other options on the market right now. This is a big opportunity because there isn’t anything like it out there. I would say it’s huge because airports are in need of keeping their customers happy. We need to bank on this window of opportunity soon because we don’t know if someone is working on something like it right now. I would say we have a small window of opportunity.

Innovation

The product is an automated bin loop in the security system at the airport to make going through security more security. The goal here is not to necessarily just make security faster but to make it more efficient. What I mean by this is that we are not trying to make is less secure in any way. If anything we are aiming to make it more secure by creating a more fluid and easy to navigate process. It works by keeping the bins on a loop system so that people don’t have to pick up a bin to put their suitcase in it and put it back again. This process creates a hassle and a lot of commotion. That is what we are trying to avoid ultimately. In summary, I am selling an entire automated belt loop process for about one thousand dollars each.

Venture concept

My innovation will solve this opportunity need by filling in the gap airports have been missing in their security systems. They will be better able to serve the customers this way and increase overall customer satisfaction. Customers (the airports) will buy this product because they need better efficiency in their operations.

Customers will switch to this new product because they need to keep their passengers happy or they won’t make any money. I don’t believe it will be too hard to convince them to switch. The competitors are the other security systems creators that think they can also automate this process. Packing and distribution will be very difficult to navigate because the loop would be so large and heavy. I would organize my business with a solid team consisting of a marketing team, engineers, finance team, logistics crew, accounting squad, and salesmen. The roles overlap and work together to deliver the product at the highest possible quality.

Three minor elements

My most important resource is the aspect is the idea of the product. We need to sell the fact that this will better their lives and they need it more than anything else. So we need good salespeople. If we don’t have good salespeople we are not going to do well.

The next thing for the venture is to get the sales and marketing team on it to advertise it to the max. The product needs as much exposure as it can get. The airports need to know there is a better option out there, and so do the passengers. The marketing should first start with gathering investors so we can make quality advertisements. Then target the airports. Talk to everyone at the airport about how amazing this new system could be for them. The next opportunity we should take should be extending our efficiency to other systems in the airport and start to build a brand for ourselves.

After the launch the next place we need to be is across the pond. In five years we need to be hitting the European market and then the Asian market. In a decade as an entrepreneur, I would like to have my own business. I hope it will run smoothly and making enough profit to sustain my team. Ultimately, I want to be my own boss working on something that I am passionate about so that I can remain happy in my elderly life. I hope to be helping young entrepreneurs start their own businesses. This first venture has helped me think out my very own business plan and shown me what works and what really doesn’t work.

Overall, this class has helped me to see the subject of entrepreneurship in a whole new light. I was able to analyze what a rea need is in the world and how we could fix that through innovation. I am excited to go forward in my career and take these skills that I have learned to the next level.

2.       Feedback Summary

The feedback I received was very positive and encouraging. She said that my product could be all over the world. One of her concerns was where I would start. I think I would start out with small airports just to test it out and make sure the product works and then move to the larger airports to actually increase the efficiency.

3.       Changes in Venture Concept

Some of the changes I made to my venture concept included the fact that I changed a minor element. I said that it most important thing is to sell the product well and make them believe in it.

30a: Final Reflection

I think that the thing that sticks out to me the most about all of these blog posts is the fact that I didn’t really end up liking my idea that I started out with but I was kind of stuck with it. I think that if I could go back I would have changed my business proposition to make it more of an actual venture that had room for growth. I believe the most formative was making contact with business professionals about my idea. I will remember the elevator pitches because I hate doing those. I am most proud of sticking with my idea even though I wasn’t passionate about it at all. It was kind of just something I noticed was missing in airport security.

I now see myself as more of an entrepreneur in the fact that I can analyze the world and see where an opportunity could arise from. I believe that is the most valuable skill I have learned from this class. I thought it was so cool to see the world from that different perspective. An entrepreneur fixes the world’s problems and makes the standard of living better for those around them.

I would recommend spending a lot of time deciding which venture to take because you are going to be talking about it all semester. Get the assignments done ahead of time to do the best you can. Going into this class you need to have the creative mindset rather than the business mindset at first.

27a

27A: Reading Reflection No. 3

1.       The book I chose was called “The Art of Social Media: Power Tips for Power Users” from the second half of the reading list. This book is by Guy Kawasaki and he talks about the overview of the social media marketing landscape and how to successfully manage it in this day and age with all of the millennials. The book covers the boring aspects of social media marketing. For example, it talks about personal avatars and how it is consistent and easily accessible across multiple platforms on the internet.

2.       In my opinion, the book helped to enhance my learning in this class by offering up a different way we look at social media every day and teaching me how easy it is for someone to find my profiles. When running a business it is very important to have good marketing strategies to get the word out there, but it also very important to watch your digital footprint to ensure you only have good publicity on your product.

3.       The exercise I would design using this book would be a social media experiment involving everyone’s personal social media. I would illustrate just how easy it is to find someone on multiple platforms and emphasize the importance of watching what you post because it could affect your product in the future.

4.       The biggest shock I came across while reading this book was how easy your digital footprint is to find. The fact that all the accounts you ever created could be traced back to you so easily is crazy to think about. The fact that a random person could know so much about me in a matter of a few seconds online is scary.

28a

28A: Your Exit Strategy

1.       My exit strategy is to stay in the market for as long as I can make a good profit, and then when I see the competition begin to pick up, get out and sell it to the highest bidder. I only plan to stay in the market for about 5 years. I believe after that technology will get way over my head and I won’t be able to keep up.

2.       I have selected this exit strategy for my venture because I don’t expect to be making tons of money off of this idea to an extended period of time. It isn’t really a product that will change exponentially. There will probably be another product that comes along and takes its place.

3.       I think my exit strategy has affected my other decisions in the company because I am only planned and accommodating to a certain timeline. The timeline is limited to many different factors affecting my business. It has influenced how I see an opportunity because now I will see the opportunity’s timeline. It has greatly influenced my growth intensions because I don’t plan to grow a whole lot anymore. I have seen where this product can go wrong and I don’t think it will have that much time in the market. So as you can see this is a product that has potential in the market but it is also a product with a limited time in the market. So I need to be conscious about the limited window I have to sell it.

26a

26A: Celebrating Failure

1.       This semester I failed at a lot of things. This summer I studied abroad so I was exposed to a lot of new experiences and encounters that I had never had before. Through these experiences I have grown so much both personally and professionally. I have been working at a consulting business this summer in Ireland. The first hurdle I had to go through was the fact that it may be hard at times to talk about things because they come from a different background and know different things. I think the hardest part was that they talked differently. So I would go to do a project but would have done it wrong because I didn’t understand the way they were delivering the instructions.

2.       From these failures I have learned how to communicate and work in a different culture from mine. It really has been an eye-opening experience and I feel more confident in my work ability. Without this experience, I wouldn’t be where I am today. I can now take what I know back to the United States and share with my friends. Here they call it intercultural competence.

3.       In general, I think failure is a hard thing to get over but it is ultimately what shapes us to be who we are today. Failure adds character to someone. Character is very important in my opinion. If you haven’t failed recently it is because you haven’t stepped out of your comfort zone. The space outside of your comfort zone is where the growing happens. You can’t possibly learn that much by sticking to doing the same thing every day. I handle failure through a lot of different ways. First I am in denial but then after I begin to get motivated again. This class has taught me to accept failure as a means of learning.

25A

Existing Market

1.       I think that the next thing for my venture is an upgrade and maybe an expansion to other types of services in the market. To be more specific I think it needs to expand to an security system, not just airports. There are a bunch of places that check your bags for security reasons.

2.       Interviews:

a.       The first person I interviewed was named Karen. She is already in the market because she has traveled a lot with me on study abroad. I explained my product to her and asked what she thought and she said that it was a great and idea and that the targeted market seems doable. When I asked her what she thought I should do next she said that I should spread my market segment and aim globally, especially because travel is a global thing. She also said that it would be cool to expand to other markets.

b.      The next person I interviewed was named Robert. He is in the market because he also travels with me regularly. He said that I should be focusing on making technical advancements in my product rather than try to take it to another market.

c.       The third person I interviewed was Daren. He is in the market because he is a world travel and my global cities professor. He advised that I stick to the basics and try to make my product the best that it can be in my targeted market. He doesn’t think it will work well outside of the targeted market.

3.       The thing that would make the most sense for my growing venture right now would be to look into other markets but make technological advancements to make product first to make sure it is at its top quality in the market it is already in.

New Market

1.       The radically different market I am going to target is the concert security systems. I am going to modify my product to meet their needs so that their security is improved and more efficient and safe.

2.       My product will create value to people in this market by offering a new way to enjoy their time at concerts. With the new security system they will have so much more time to find their seats and buy other items at the concert.

3.       Interviews:

a.       The person I interviewed for this segment was Jenna. She is someone who goes to a lot of concerts. She said that this type of technology wouldn’t really be necessary in this type of atmosphere. She said I would have to make some huge adaptations to the point that it wouldn’t really be my product anymore.

b.      The second person I interviewed said that this idea might work, but it might not be worth the cost. Her name was Megan. She emphasized the fact that this is not a market to enter. I might work but it isn’t worth it.

4.       Reflect:

a.       I learned that my idea really only works for this one specific segment of the market. I wasn’t really too shocked by this because of the crowd I was targeting. My assumptions of the market were pretty accurate with some exceptions.

b.      The market that I was looking at targeting definitely wasn’t as attractive as the market I had before. This is due to very specific targeted marketing. I think I should focus on my own market for now.