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.

25A – What’s Next?

Existing market

Based on the interviews that I conducted with 3 customers that were already identified as a part of my market, as well as, my own opinions I came up with some plans for the future. It is clear that Knock Knock is expected to grow and adapt as the technology is enhanced over time. I plan on working with a very technically talented team to ensure that we stay on top of the market and never fall behind. I plan on spending a big portion of the company's budget on the technical department. I would also like to form bigger partnerships with brands and distributers to get the app more recognition.

New market

Based on the interviews that I conducted with 2 customers that were identified as a part of a completely market, as well as, my own opinions I came up with new ideas. I think it could be beneficial to cater to people that very rarely order from online. With research, I found that a lot of people avoid ordering things from the internet because they don't like the uncertainty of the shipping process. They want to know exactly where they will have the thing that they want and paid money for. Having an accurate tracking system such as Knock Knock puts them at ease. This makes people that would normally avoid ordering from online have a change of heart.

I learned that a lot of people that avoid ordering from online have similar reasons. This made me choose this new market. I was surprised that so many people were so impatient. I wouldn't say that this market is more attractive than my original because this one involves making people do something that they do not do already as opposed to my original market that just enhances something they already do.

21A – Reading Reflection No. 2

Mindset: The New Psychology of Success by Carol Dweck

1. What was the general theme or argument of the book?
The general theme or argument of the book was to have a growth mindset in life instead of a fixed mindset. A growth mindset person looks to the positive of things, wants to take challenges and learn from their mistakes. A fixed mindset person picks excuses for why they don't succeed. The book also goes through and discusses how a growth mindset can be used, and how to apply it to all different areas of life. It also gives examples of a growth mindset and a fixed mindset scenarios, and it helps the reader connect to the concepts. The book also discusses the nature vs. nurture debate, and how a fixed mindset person can change.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book, in my opinion, connected with and enhanced what I am learning in ENT 3003 because it gave me a different outlook to what we have been learning about. It showed me that in aspects of my life that relate to this class, sometimes I have a fixed mindset and I should have a growth mindset instead. A growth mindset can be applied to all areas of my life, and connected to what I have been learning. This enhanced what I have been learning in ENT 3003, and gave me a different perspective to what I had been learning previously. The author helped me gain a different perspective to what I had previously been exposed to.

3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise for this class, based on the book you read, that exercise would involve reading scenarios and deciding if a growth or fixed mindset was being used. For example, one exercise could be failing a test. A fixed mindset person would decide that the test was too hard and everyone else failed it too, and the teacher didn't provide the material. A growth mindset person would look back on what could have been done to prepare better for the test, and look ways to improve for next time so the same mistake doesn't happen. This would allow students to apply what the book discussed and being able to use it in real scenarios.

4. What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
My biggest surprise or 'aha' moment when reading the book was how much I connected to it. I did not understand the concept of a fixed vs. growth mindset before reading this book, so it really was an eye-opening experience for me. In other words, I learned a lot that differed from my expectations, and the thing that differed the most was how much I would actually connect to the book and want to apply it to my life. I was also surprised in how many aspects of my life I could apply a growth mindset, and how much I sometimes have a fixed mindset in certain aspects of my life. I also learned about how even if a person has a fixed mindset, they can work on changing in a positive way.