30A – Final Reflection

I would say the most formative experience were the elevator pitches. They were probably also the most drudgery just because I was forced to do something out of the norm such as videotaping myself as opposed to just typing something out. I was very proud of myself for coming up the my business concept because I was having a difficult time in the beginning. I definitely think I have moved closer to developing an entrepreneur mindset from this course. I would recommend future students to think hard in the beginning to some up with a business venture that they are genuinely passionate and excited about because it makes the assignments 10x easier. I would also suggest to look at the next weeks assignments in advance so that you can be brainstorming throughout the week before you actually sit down to complete the assignments. Overall, time management and self discipline is a major component of this class and that is what I would ultimately suggest future students to focus on.

29A – Venture Concept No. 2

Opportunity

The opportunity of the Knock Knock app is for any customers that order things to be delivered. This group of customers will be people that are frustrated with the current delivery systems, or simply looking for the most accurate and best delivery system. The nature of the need is increasing with people that want packages to be delivered, as it should be easier than having to go in store and find a product. Knock Knock is able to meet the needs of new customers, and ones that are just frustrated with current systems. Customers are currently satisfying the need of delivery with inefficient systems that are incredibly frustrating. These customers wait for hours for a package to be delivered, because the window of time currently packages could arrive is so extensive. They are not exactly loyal to this system, they are just not aware of Knock Knock and how beneficial it could be to them. The opportunity is huge and needed for the current process of delivery systems. The forces or changes in the environment creating this opportunity is the problems with the current delivery system. The window of opportunity will be open and just keep expanding based on the number of packages that are being delivered. Customers want to have items and get them in a convenient and timely manner.

Innovation

Knock Knock has a base price of $5 a month, and each month this price is reevaluated based on how the consumer received the products. The price is based on meeting the needs of the consumer but still making it worth paying for the service. For example, some customers might not pay for Knock Knock, considering they could keep their current delivery tracker which is free. The price of $5 a month is flexible, depending on the amount of packages that get delivered and the speed of the program. For example, a person that gets 10 packages delivered might have a price increase based on how accurate the deliveries were and how the app worked for them. This customer would stay with the program because of how helpful it was for the multiple packages and how much better it was compared to the old delivery systems. If the customer doesn’t have many packages delivered in the month, and or the delivery had any problems, the price could get changed or lowered. For example, if a customer only got one package in the month and the delivery was 5 minutes off, the price could drop to $3 the next month. This way, people will not have to pay the same amount as someone who used the services on the app 4x as much. Or if the deliveries weren't very accurate, the price will reflect your inconvenience. Knock Knock allows customers to look at the app to get a detailed exact time of arrival for deliveries, and allows the customer to decide if someone has to be present in order to receive the package. Knock Knock also allows an option for the package to be placed in a different place. For example, if the customer has a mailbox, the package could be placed in there instead of on the front porch. Also, if the customer lives in an apartment complex, the package could be left in the front office until the customer gets home.

Venture Concept

I would have an app developer that works on keeping the app running and updating it when needed. Customers will buy my innovation because it is affordable and saves them time and money. The app price will fluctuate based on how it helped the customer and how often it is used. The competitors are the delivery systems that are now in place. Their possible weaknesses or vulnerabilities include not having accurate times, and having customers not be available at the time of delivery because of how vague the times is. Most of the time, packages are given an estimated time of delivery and date of delivery. With Knock Knock, the app gives an exact time of delivery and options for if the person will not be home. With certain packages, it has to be signed and it can become very inconvenient for the consumer. Knock Knock takes away all the stress and makes the process easy. My innovation will solve or address the opportunity of how inconvenient delivery times can be and how vague they usually are. Customers will buy my invention because they are frustrated with the current system and are looking for the best solution to their problems. They will also be happy with the price point, because it is fair and can be adjusted based on the services that are provided for the month.

I did not receive any constructive criticism on this assignment so I just improved on things that I thought were beneficial. I elaborated on how the price would differ depending on amount of usage and the accuracy of each delivery. I thought elaborating on this would be beneficial because I feel that is a big selling point. I would be more inclined to commit to paying for a service if I knew the price would fluctuate depending on how much I used it and how it performed. 

27A – Reading Reflection No. 3

Bringing in a Second Opinion: Makers: The New Industrial Revolution by Chris Anderson   

The general theme or argument of the book was that the future will hold in regard to manufacturing. The author mentions that we could all be designers in our home, and make the things that could be useful for us. Anderson describes how the workers would be the forefront of products, and we could all benefit from being in charge of our own products. He also discussed that the user should be in charge of their personal computer, instead of large corporations. He thinks that this new hardware and software that the consumer is using could lead to people creating their own products by using items like a 3D printer.

The book, in my opinion, connects with and enhances with what I am learning about in ENT 3003 by having ideas and new innovations that will enhance many lives. In ENT 3003, I have learned that hard work will lead me to my goals, and that I can achieve what I want as long as I put my mind to it. For me, that is what this book was about. This class is about making your own product and designing what could help consumers, and this book is about new innovations that people can take charge of, even from their own homes. This book helped me see a different perspective than the one I am used to.

If I had to design an exercise for this class, based on the book I read, that exercise would involve creating a new manufacturing idea and blueprint. The exercise would include a plan for the item, and a drawing and materials needed. It could be a project about what it would take to get the item on the market and what it would take to make it a great success. I would have the exercise be based on the book in that it should take place for consumers from home, and it should be something the person could actually design or create. This would take the book and make a real life application of it.

The biggest surprise or ‘aha’ moment when reading the book was how much I enjoyed and connected to it. In other words, what I learned that differed most from my expectations include how much I now understand about manufacturing, and how much it actually interests me. I hadn’t even considered or understood concepts like a 3D printer, and it makes me think about how convenient that could be for the consumer. I think this book is a great way to look at the future, and could pave the way that consumers take control of the products they enjoy in a different way.

28A – Your Exit Strategy

Since this is my first business I think I will stay with the business for several decades and then retire. I selected this exit strategy because I think the first business one creates will have a special place in their heart and I can see it being difficult for me to give up. I think my decision has made me put more effort into everything about my idea being that I will be surrounded by it everyday of my life not handing it off for someone else to deal with. I would like it to grow as big and successful as it can possibly be.

26A – Celebrating Failure

This semester I withdrew from a class. I consider this a failure because I did not complete all that I intended to. I put had too much on my plate and chose to withdraw instead of getting a bad grade. I learned to be realistic about every decision and never bite off more than you can chew. I handle failure by not dwelling on the embarrassment or disappointment and focusing on solutions and how to move forward. This class has not had a huge impact on my perception of failure.

24A – Venture Concept No. 1

Opportunity

The opportunity of the Knock Knock app is for any customers that order things to be delivered. This group of customers will be people that are frustrated with the current delivery systems, or simply looking for the most accurate and best delivery system. The nature of the need is increasing with people that want packages to be delivered, as it should be easier than having to go in store and find a product. Knock Knock is able to meet the needs of new customers, and ones that are just frustrated with current systems. Customers are currently satisfying the need of delivery with inefficient systems that are incredibly frustrating. These customers wait for hours for a package to be delivered, because the window of time currently packages could arrive is so extensive. They are not exactly loyal to this system, they are just not aware of Knock Knock and how beneficial it could be to them. The opportunity is huge and needed for the current process of delivery systems. The forces or changes in the environment creating this opportunity is the problems with the current delivery system. The window of opportunity will be open and just keep expanding based on the number of packages that are being delivered. Customers want to have items and get them in a convenient and timely manner.

Innovation

Knock Knock has a base price of $5 a month, and each month this price is reevaluated based on how the consumer received the products. The price is based on meeting the needs of the consumer but still making it worth paying for the service. For example, some customers might not pay for Knock Knock, considering they could keep their current delivery tracker which is free. The price of $5 a month is flexible, depending on the amount of packages that get delivered and the speed of the program. For example, a person that gets 10 packages delivered might have a price increase based on how accurate the deliveries were and how the app worked for them. This customer would stay with the program because of how helpful it was for the multiple packages and how much better it was compared to the old delivery systems. If the customer doesn’t have many packages delivered in the month, and or the delivery had any problems, the price could get changed or lowered. For example, if a customer only got one package in the month and the delivery was 5 minutes off, the price could drop to $3 the next month. Knock Knock allows customers to look at the app to get a detailed exact time of arrival for deliveries, and allows the customer to decide if someone has to be present in order to receive the package. Knock Knock also allows an option for the package to be placed in a different place. For example, if the customer has a mailbox, the package could be placed in there instead of on the front porch. Also, if the customer lives in an apartment complex, the package could be left in the front office until the customer gets home.

Venture Concept

I would have an app developer that works on keeping the app running and updating it when needed. Customers will buy my innovation because it is affordable and saves them time and money. The app price will fluctuate based on how it helped the customer and how often it is used. The competitors are the delivery systems that are now in place. Their possible weaknesses or vulnerabilities include not having accurate times, and having customers not be available at the time of delivery because of how vague the times is. Most of the time, packages are given an estimated time of delivery and date of delivery. With Knock Knock, the app gives an exact time of delivery and options for if the person will not be home. With certain packages, it has to be signed and it can become very inconvenient for the consumer. Knock Knock takes away all the stress and makes the process easy. My innovation will solve or address the opportunity of how inconvenient delivery times can be and how vague they usually are. Customers will buy my invention because they are frustrated with the current system and are looking for the best solution to their problems. They will also be happy with the price point, because it is fair and can be adjusted based on the services that are provided for the month.

23A – Your Venture’s Unfair Advantage

1. My dad since he is a business owner, as well as, a technical engineer.

2. My uncle who is a financial advisor.

3. Sam, who works for FedEx.

4. David, who is an app developer.

5. The Shipping Man by Matthew McCleery (Book)

6. The Box by Marc Levinson (Book)

7. Trust fund to use as investment

8. IPhone App Development: The Missing Manual by Craig Hockenberry (Book)

9. Adland:A Global History of Advertising by Mark Tungate (Book)

10. Masters in business: Bloomberg (Podcast)

My top resource is David, the app developer. I chose David as my most valuable resource because App development is the aspect that I am the least familiar with. Having an effective and easy to operate app is very important. I know that when an app or website is poorly designed or difficult to use I tend to avoid it. That is why I plan to use David's knowledge and experience to my advantage.