https://youtu.be/N4ixcr0eZgE
I did not receive any negative criticism and it was like the first elevator pitch but I believe I can make my pitch more fluid. Overall, I did not change much in this final elevator pitch but I did try to be more fluid and cohesive.
Thursday, November 7, 2019
Sunday, November 3, 2019
Final Reflection
Principles of entrepreneurship has been a very interesting class, it has opened my eyes to the world of entrepreneurship. Before coming to this class, I thought entrepreneurship was just starting a business on your own without any prior experience. But since taking this class, it has taught me so much more about entrepreneurship than I have ever thought. I would say the best part of this class was that one assignment where we had to ask people we know what they thought of us, hearing people compliment me made me feel good. But the worst part of this class has to be interviewing people for assignments, but this got easier as the class progressed.
I think the part of the class that stuck out the most to me has to be Professor Pryor. Like he has been the only professor as of now that actively tries to learn the names of the students who show up to his live lectures. What I am most proud of accomplishing in this class has to be actively going out and asking people to be interviewed for the class assignments and not being afraid of being turned down.
I don't really know if I have developed an entrepreneurial mindset but I wanna say I have. Ever now and then when I see a problem, I would think if there is any way you can fix that problem and monetize on that opportunity. I definitely can't be an entrepreneur but when I see an entrepreneur make a decision I could see the reason behind it.
One advice I would give to future students taking this class is to try and work 1-2 weeks ahead of class. The reason behind this is simple if you do assignments only when they're due once its midterms or finals you will be extremely stressed. However, if you were to work ahead you can avoid this problem. A way to help you accomplish this is by making a calendar with all the due dates.
I think the part of the class that stuck out the most to me has to be Professor Pryor. Like he has been the only professor as of now that actively tries to learn the names of the students who show up to his live lectures. What I am most proud of accomplishing in this class has to be actively going out and asking people to be interviewed for the class assignments and not being afraid of being turned down.
I don't really know if I have developed an entrepreneurial mindset but I wanna say I have. Ever now and then when I see a problem, I would think if there is any way you can fix that problem and monetize on that opportunity. I definitely can't be an entrepreneur but when I see an entrepreneur make a decision I could see the reason behind it.
One advice I would give to future students taking this class is to try and work 1-2 weeks ahead of class. The reason behind this is simple if you do assignments only when they're due once its midterms or finals you will be extremely stressed. However, if you were to work ahead you can avoid this problem. A way to help you accomplish this is by making a calendar with all the due dates.
Venture Concept No. 2
Opportunity
Although clear coats and car paints have gotten better throughout the years, bird poop and bug splatters can still damage them. Despite entire businesses being dedicated to cleaning cars, I still see an opportunity still available. This opportunity being an "on the go" car wipe, my product is targeted towards people who have cars, like to keep their cars clean even when they are busy and don't have time to take them to the car wash. I believe the need isn't immediate but rather conditional like they don't always want to keep their car clean but if they see something like bird poop they want to clean it off as soon as possible.
Innovation
Although my product isn't very innovative, it is rather convenient for whoever buys it. Everyone probably experienced seeing a stain on their car but because they were already preoccupied they didn't have time to clean it off. But that is where my product comes in, it is essential a package the size of an alcohol swab that is specially designed to wipe off messes like bird poop or bug splatters. You don't need another rag or soapy water and you can literally do it whenever and wherever. I've thought about it and the best way to sell it is as a subscription-based service, each month the customer pays $15 for a box of 50 wipes and each wipe cleans off about 5 messes before you have to throw it away.
Venture Concept
My product is meant to save people time and money. The reason why it saves them time is that they don't have to drive all the way to a car wash and get their whole car clean because of a small stain. Instead, they can invest in my car wipes and wipe away small messes even when they're in a rush. It saves them money too because the average base tier car wash costs about $5 but my product has 50 wipes a box for $15. There aren't really any competitors for my product unless car wash places are included. I believe price points are a big deal due to the fact it is an elastic market and the price can determine whether my product gets sold or not. I would organize the business as me being the owner and doing most of the work behind the scenes while I have several employees (5-7) helping me market the product to potential customers.
The Three Minor Elements
The most important part of my product is getting as many people to sign up for the subscription, this is due to the fact for every person who signs up I get $15. This can be done by going to car meets and demonstrating my product to people and convincing them to buy it. The next product I would try to develop is a spray that you can wipe on your car that acts as an additional coat of protection against bird poop or bug splatters. In 5 years, I want to be bought by a larger company and sell my share of my business so I can explore other business ventures.
I didn't receive any feedback from my first venture concept or the what's next assignment but based on all my prior feedbacks, I expect people to like my product and idea because I usually receive positive feedback. One thing I would suggest to myself would most likely be to develop other uses for my product besides the exterior of the car. I didn't change my venture concept too much due to the fact I did not receive much feedback.
Although clear coats and car paints have gotten better throughout the years, bird poop and bug splatters can still damage them. Despite entire businesses being dedicated to cleaning cars, I still see an opportunity still available. This opportunity being an "on the go" car wipe, my product is targeted towards people who have cars, like to keep their cars clean even when they are busy and don't have time to take them to the car wash. I believe the need isn't immediate but rather conditional like they don't always want to keep their car clean but if they see something like bird poop they want to clean it off as soon as possible.
Innovation
Although my product isn't very innovative, it is rather convenient for whoever buys it. Everyone probably experienced seeing a stain on their car but because they were already preoccupied they didn't have time to clean it off. But that is where my product comes in, it is essential a package the size of an alcohol swab that is specially designed to wipe off messes like bird poop or bug splatters. You don't need another rag or soapy water and you can literally do it whenever and wherever. I've thought about it and the best way to sell it is as a subscription-based service, each month the customer pays $15 for a box of 50 wipes and each wipe cleans off about 5 messes before you have to throw it away.
Venture Concept
My product is meant to save people time and money. The reason why it saves them time is that they don't have to drive all the way to a car wash and get their whole car clean because of a small stain. Instead, they can invest in my car wipes and wipe away small messes even when they're in a rush. It saves them money too because the average base tier car wash costs about $5 but my product has 50 wipes a box for $15. There aren't really any competitors for my product unless car wash places are included. I believe price points are a big deal due to the fact it is an elastic market and the price can determine whether my product gets sold or not. I would organize the business as me being the owner and doing most of the work behind the scenes while I have several employees (5-7) helping me market the product to potential customers.
The Three Minor Elements
The most important part of my product is getting as many people to sign up for the subscription, this is due to the fact for every person who signs up I get $15. This can be done by going to car meets and demonstrating my product to people and convincing them to buy it. The next product I would try to develop is a spray that you can wipe on your car that acts as an additional coat of protection against bird poop or bug splatters. In 5 years, I want to be bought by a larger company and sell my share of my business so I can explore other business ventures.
I didn't receive any feedback from my first venture concept or the what's next assignment but based on all my prior feedbacks, I expect people to like my product and idea because I usually receive positive feedback. One thing I would suggest to myself would most likely be to develop other uses for my product besides the exterior of the car. I didn't change my venture concept too much due to the fact I did not receive much feedback.
Celebrating Failure
A time I failed this semester was when I didn't recognize the value of Beyond Meat. I used some money I've been saving up in order to invest in some stocks. And one of the stocks I bought was Beyond Meat, a company that specializes in making plant-based "meat". Being relatively new at it, I bought the stock a little too high and within an hour or two it dropped by $5 a share. Because I felt like I was losing quite a bit of money, I sold my Beyond Meat stocks at a small loss. However, this was a mistake, shortly after selling McDonald's announced they will be using Beyond Meat products within their menu. Because of this, Beyond Meat stocks jumped by 10-15 dollars. After seeing the large spike, I immediately regret selling at a loss.
What I learned from this is that you shouldn't always jump to conclusions and have patience. The reason behind this is that instead of losing money, I could've exited my position with a small profit. However, in the long run, I do not completely regret selling due to the fact after a week or two, the stock price dropped by about 25%. So thinking about it, I would much rather lose about $50 rather than lose 25% which is equal to about $550.
When I was deciding on whether I should buy stocks or not, I accepted the risks I was about to take. This class didn't teach me anything new about failures, from a young age I knew every decision came with either a risk or reward. I feel like I am always ready to take a risk no matter my chances of losing or winning.
What I learned from this is that you shouldn't always jump to conclusions and have patience. The reason behind this is that instead of losing money, I could've exited my position with a small profit. However, in the long run, I do not completely regret selling due to the fact after a week or two, the stock price dropped by about 25%. So thinking about it, I would much rather lose about $50 rather than lose 25% which is equal to about $550.
When I was deciding on whether I should buy stocks or not, I accepted the risks I was about to take. This class didn't teach me anything new about failures, from a young age I knew every decision came with either a risk or reward. I feel like I am always ready to take a risk no matter my chances of losing or winning.
What’s Next?
Existing Market:
Step 1- After I have developed my product, the next step would be to get my product to as many people as possible and hopefully discuss or develop more uses for my car wipes besides cleaning off bird poop or bug guts.
Step 2- Essentially all the people I interviewed agreed with what I believe should be next for my potential company. At first, I told them my next step would be to dominate the market by having the largest market share. After telling them this, they were all very skeptical due to the fact I would be a fairly new company and I was criticized for this idea. However, I told them my real plan and they all actually liked it due to the fact it is much more manageable than what I originally said. They all also liked how I was trying to develop other uses for my car wipes besides using them on stains.
Step 3- What makes sense for my business would be to try to get my product to as many potential customers as possible. A way of accomplishing this would be to go where my potential customers would most likely be, which would be car meets. If I were to go there, I would give them sample-sized versions of my product to test out. If they like my product, they can fill out a form in which they sign up for a monthly subscription. This monthly subscription would cost $15 but it would come with 50 wipes. I believe this is the best way to gain market shares.
Another step that makes sense for my business is for me to develop other uses for my product. Another use I see for it is to be able for it to be used inside the car on cloth, metal, leather, or plastic as well as being able to clean the exterior of the car. Developing with would be extremely crucial due to the fact it would make my product much more useful and people are able to not only clean the exterior of their car but it also cleans the inside too. This would be done at no additional charge, instead, I will reduce the number of wipes given. And this new amount would be 45 instead of 50.
New Market:
Step 1- A completely new market I could target could be the boating industry. Cars are not the only things that can be affected by animals, the coating and body can be affected by animals too.
Step 2- I believe my wipes can create value for people who own boats is due to the fact if the body of the boat is damaged, it is less aerodynamic and less hydrodynamic. Being less of both causes the boat to be less efficient and use more gas. So my product would help make their boats aerodynamic and save them money.
Step 3- The two people I interviewed both thought my idea was slightly silly but they did compliment on how the idea would be a smart thing. So they suggested instead of developing a wipe for the boat, instead develop a plastic wrap material that can protect the boat's body from harm. So I would have to give up my idea of the wipes on boats if I were to enter this market.
Step 4- What surprised me the most is that my original idea in this market would be completely useless due to the fact people don't believe it would be very helpful. My assumptions and expectations are completely wrong and I believe if I were to come into this market with interviewing potential customers I would lose money.
I do not believe this market can be exploited as easily as my first. The reason behind this is because not everyone owns a boat. However, most if not everyone owns a car, motorcycle, or truck. Having said this the money to be made from land base sales is much larger than the sales that can be made from boats.
Step 1- After I have developed my product, the next step would be to get my product to as many people as possible and hopefully discuss or develop more uses for my car wipes besides cleaning off bird poop or bug guts.
Step 2- Essentially all the people I interviewed agreed with what I believe should be next for my potential company. At first, I told them my next step would be to dominate the market by having the largest market share. After telling them this, they were all very skeptical due to the fact I would be a fairly new company and I was criticized for this idea. However, I told them my real plan and they all actually liked it due to the fact it is much more manageable than what I originally said. They all also liked how I was trying to develop other uses for my car wipes besides using them on stains.
Step 3- What makes sense for my business would be to try to get my product to as many potential customers as possible. A way of accomplishing this would be to go where my potential customers would most likely be, which would be car meets. If I were to go there, I would give them sample-sized versions of my product to test out. If they like my product, they can fill out a form in which they sign up for a monthly subscription. This monthly subscription would cost $15 but it would come with 50 wipes. I believe this is the best way to gain market shares.
Another step that makes sense for my business is for me to develop other uses for my product. Another use I see for it is to be able for it to be used inside the car on cloth, metal, leather, or plastic as well as being able to clean the exterior of the car. Developing with would be extremely crucial due to the fact it would make my product much more useful and people are able to not only clean the exterior of their car but it also cleans the inside too. This would be done at no additional charge, instead, I will reduce the number of wipes given. And this new amount would be 45 instead of 50.
New Market:
Step 1- A completely new market I could target could be the boating industry. Cars are not the only things that can be affected by animals, the coating and body can be affected by animals too.
Step 2- I believe my wipes can create value for people who own boats is due to the fact if the body of the boat is damaged, it is less aerodynamic and less hydrodynamic. Being less of both causes the boat to be less efficient and use more gas. So my product would help make their boats aerodynamic and save them money.
Step 3- The two people I interviewed both thought my idea was slightly silly but they did compliment on how the idea would be a smart thing. So they suggested instead of developing a wipe for the boat, instead develop a plastic wrap material that can protect the boat's body from harm. So I would have to give up my idea of the wipes on boats if I were to enter this market.
Step 4- What surprised me the most is that my original idea in this market would be completely useless due to the fact people don't believe it would be very helpful. My assumptions and expectations are completely wrong and I believe if I were to come into this market with interviewing potential customers I would lose money.
I do not believe this market can be exploited as easily as my first. The reason behind this is because not everyone owns a boat. However, most if not everyone owns a car, motorcycle, or truck. Having said this the money to be made from land base sales is much larger than the sales that can be made from boats.
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