30A - Final Reflection

I believe the most formative experience was assignment 4A, Forming an Opportunity Belief. This was the first time I have ever really identified an opportunity. It was also the first time I have ever interviewed people regarding a specific opportunity. This assignment was the foundation for the rest of the assignments throughout the course. I definitely learned a lot of valuable information from this assignment that, without a doubt, helped me along the journey. I will most likely remember my “Bug List” the most out of all of the assignments. When I first read the directions for that assignment, I thought the whole assignment sounded kind of ridiculous. However, after putting a lot of thought into it, I ended up learning a lot about myself and the world around me. It was definitely a great experience that I will never forget. My most joyous experience was learning about two amazing entrepreneurs during my reading reflections. From my first reading reflection, I learned about Phil Knight, and from my third reading reflection, I learned about Steve Jobs. Both of these men are extraordinary individuals and I am so grateful I got the opportunity to learn about them. Out of all of my assignments/experiences, the one I am proudest of is my Venture Concept No. 2. I will say that I probably spent the greatest amount of time and put forth the most amount of effort on this assignment compared to all of the others. I am really proud of how far I have come throughout this journey and I really wanted to showcase that in my Venture Concept No. 2. There is no doubt this experience is one I will remember for years to come.

This course has definitely helped me develop an entrepreneurial mindset. The way I look at and discover potential opportunities has completely changed. While I have learned a lot about what it takes to become an entrepreneur, I still have a long way to go. I plan on pursuing a minor in entrepreneurship to further strengthen my knowledge and understanding of all aspects of entrepreneurship. My goal is to one day use everything I have learned to successfully start and operate my own business.

One recommendation I would make to the students who are going to journey down this path in the future is to make sure you identify an opportunity that you are passionate about. Almost every single assignment you complete in this course will be centered around that opportunity so you might as well pick something that interests you. Writing thousands of words about something you don’t care about would be very challenging and boring. In order to perform best in this course, I recommend that you don’t wait to the last minute to complete assignments. It is impossible to put forth your best effort when you are scrambling to finish an assignment on time. Do yourself a favor and don’t let this happen. In order to foster this mindset, I recommend that you look ahead at assignments you will have to complete later on in the course so that you get an idea of how much time will be required for you to complete these assignments. You will notice that assignments become lengthier the further along you get in the course. It is important to learn the necessary time management skills before it becomes too late.

29A - Venture Concept No. 2

Ending Nicotine Addiction 

Opportunity

• The opportunity here is for me to create effective drugs to fight nicotine addiction.
• Who has the need: There are millions of people all over the world who are addicted to nicotine products. There are many different ways people are consuming this nicotine. Some people smoke cigarettes, other people like chewing tobacco, and recently, electronic cigarettes and vapes have become extremely popular. People are starting to use these products at a very young age and they quickly develop strong addictions. These addictions continue to get stronger as they get older. When an addict is young and in the beginning stages of their addiction, they may only smoke a couple of cigarettes each day. However, as their addiction becomes much stronger, they may eventually get to the point where they are smoking multiple packs of cigarettes each day.
• Nature of the need: This need exists because the number of nicotine addicts is increasing and there are not many effective ways to fight nicotine addiction. There are many products currently on the market, such as pills, chewing gums, patches, and vitamins that are all supposed to help stop nicotine addiction. The reality is, however, that the majority of these products do little to nothing in actually helping people end their addictions. This is exactly the reason why I am going to create new products that actually do what they say they are going to do.
• The opportunity here is huge. If I can create effective products, I would instantly be helping millions of people. There are people who cannot live their lives because their nicotine addiction keep getting in their way. Providing these people with the products they need will drastically improve their lives. There are some people out there who cannot function without the constant rush nicotine provides. These people, oftentimes, struggle to hold jobs and complete day to day activities. My products would, hopefully, give these people a second chance at life.
• The window for my opportunity will be open until someone else creates an extremely effective product that fights against nicotine addiction. Currently, the opportunity here is continuing to grow. The number of nicotine addicts around the world is at an all-time high and it does not appear as though the numbers will be dropping anytime soon. That is, unless effective products are introduced into the market.

Innovation

• I will be producing two products that fight nicotine addiction. These products will be a pill and a chewing gum.
• The pill: The nicotine addict will take the pill by mouth once a day until their nicotine addiction is completely gone. After a couple of weeks, they should notice a huge difference in their level of nicotine cravings. The pill is aimed specifically for addicts who smoke cigarettes and vapes.
• Chewing gum: The chewing gum that I will be selling will be a medicated chewing gum that is specifically designed to help with who are addicted to chewing tobacco. Chewing tobacco can lead to all kinds of serious health issues. Chewing tobacco addicts have been known to develop mouth and throat cancers. My medicated chewing gum will significantly help reduce the cravings of chewing tobacco, and therefore, reduce the chance of addicts developing these health issues.
• My goal is to get both of these products to be sold as over-the-counter drugs at various pharmacies. Getting these products to be sold as over-the-counter drugs will be a crucial step in order for me to be successful. Over-the-counter drugs are a lot cheaper than prescription drugs and they are a lot more accessible. People do not have to schedule doctors’ appointments to get prescriptions and pay outrageous fees. All they will have to do is walk into a pharmacy and purchase whichever of the two products they want. This will allow me to obtain a much larger number of customers.
• While I am not exactly sure on the price for each product, my goal is to get the price for each product to be below $50 for a monthly supply.
• This 50 dollar mark is extremely important to me. I want every single addict to be able to afford my products and I want the people who can’t afford them to be able to eventually come up with enough money.
• If my products were priced in the hundreds, the majority of people would probably not be able to come up with enough money to purchase them. This would be a major blow to my business.

Venture Concept

• Customers will switch to my products because, like I mentioned earlier, the products currently on the market are not at all effective enough. If they were effective, there would not be an opportunity for me to create my products to begin with.
• I do not believe it will be very difficult to get customers to switch to using my products. Once they see the immediate results, they will have no choice but to give my products a shot.
• There are many competitors out there, but none of them seem to be able to develop the correct formula to successfully fight nicotine addiction. I think their weaknesses are that the only thing they care about is making a lot of money. They do not actually care about the health of their customers.
• My price points are extremely important. If the prices of my products are too high, I will not be successful because people will not be able to afford to purchase my products. On the other hand, if my price points are too low, I will not make much money. I need to find the perfect price point so that the people who need my products can afford them and I am able to make money in the process.
• I am not yet sure how many employees I will need.
• The hardest part of my business will be creating the correct formulas for my products. Once I do that, the rest of it shouldn’t be too difficult.

Final Elements

1. My most important resources are my knowledge and dedication. Knowledge and dedication are two things that most people don’t have.
2. In the future, I hope to develop products that will help fight other addictions, such as alcoholism and other drug addictions.
3. Assuming my business launches, in five years I hope to have the number 1 selling nicotine addiction products on the market. In ten years, I hope to sell my formulas to a large drug company for a lot of money. Eventually, like I mentioned before, I want develop additional products and be known as someone who truly cares about the well-being of my customers.

Feedback 

Overall, I have gotten some great feedback from my previous assignments. Along this journey, I have continued to adjust my plan based off of the feedback I received. For my first venture concept, multiple students told me that I have come a long way since I first introduced my opportunity. They also mentioned that I have taken major strides in regards to the development of my ideas. Everyone seems to like the fact that I plan to put a low price point on my products. They all also acknowledge that I have a huge opportunity to make a difference with my products.

Along with positive feedback, I have also received some constructive criticism throughout this process. At one point, I mentioned that it may be possible for me to create a product that would allow people to consume nicotine without adverse effects. However, one student responded saying this would probably be very difficult and that it would appear as though I would be promoting to use of nicotine products. Another bit of constructive criticism I received is that I should branch off and consult with people in my industry whom I don’t already know. This became apparent during assignment 20A when I mentioned that I consulted with my neighbors who are pharmaceutical sales representatives. Instead of talking to people I know, it would be beneficial for me to talk to experts in my industry who will give me more blunt feedback.

Changes

Changes I made some minor changes throughout my Venture Concept No. 2. To start off with, I corrected the grammar and spelling errors that I failed to correct in my Venture Concept No. 1. Additionally, I changed the wording in some of my sentences to make them flow smoother. In the “innovation” section, I added a few more bullet points so that I could further expand on the price point of my products. Lastly, I made some changes to the part at the end of my venture concept that pertains to the future of myself and my business.

28A - Your Exit Strategy

1. My goal is to build my company up and then sell it in about 10 years from now. Creating the formulas for my nicotine addiction drugs has always been the most important thing to me. There is no way I can compete with the huge companies that are out on there. The most likely scenario is that I create my products and then I sell my formulas for a lot of money to one of these huge companies. This would be a win-win situation for everyone.

2. I have selected this particular exit strategy because I believe it is in my best interest. Competing against the massive companies that are currently on the market would be a huge mistake. They have so many resources and so much money that I definitely do not have. They could easily put me out of business before I even really get started. Selling my formulas and my product ideas to them would probably be my best option.

3. This exit strategy has definitely influenced other decisions I have made in my concept. I have always be more focused on the formula of the drugs themselves rather than how I will grow my business and advertise/market my products. This is mainly because I have always thought that selling my formulas to a major company would benefit me the most. This way I am able to make a lot of money from my business and then I am able to move on and start other businesses.

27A - Reading Reflection No. 3

The book I read was Steve Jobs, by Walter Issacson.

1.     The thing that surprised me most about Steve Jobs is that he didn’t make the majority of his money from Apple. Surprisingly, he made the largest percentage of his money from his investments in the company, Pixar. His initial $5 million investment eventually became worth about $50 million.

·       The thing I most admire about Steve Jobs is his unwillingness to ever give up. Even after being forced to resign as Apple’s CEO in 1985, Jobs didn’t quit. He went on to work with a company called NeXT and later on, he worked with Pixar. Finally, in 1997, Jobs was renamed CEO of Apple.

·       The thing I least admire about Steve Jobs is his harsh personality. Jobs was not the best people person. He always knew what he wanted and he never wanted to let anyone get in his way. Steve Jobs was known as being someone who was very hard to work with. He always wanted everything his way and never wanted to compromise.

·       Steve Jobs definitely encountered adversity and failure. After being forced to resign as CEO of Apple, Jobs had to pull himself together and figure out what to do next. If not for his work with NeXT and Pixar, job might never have regained his position as Apple’s CEO. Everyone admired his work at these other companies, especially people over at Apple. They admired him so much that they wanted him back.

·       Steve Jobs was extremely smart and hardworking. He wasn’t afraid of failing and he was never afraid of pushing people out of his way in order to be successful. While jobs was viewed as someone with a harsh personality, it definitely played a role in his eventual success. 

2.     The one part of the reading that was confusing to me was the part about his investment with Pixar. The book never really mentioned where Steve Jobs got the $5 million from that he invested into the company. I didn’t realize Jobs made that much money from his position at Apple. I thought he used a lot of his money to create Apple in the first place.

3.     If I could ask Steve Jobs two questions, I would ask him if he could do it all over again would he, and I would ask him what he thinks the future might hold for Apple. I would ask him these two questions because I believe they are both very interesting questions. Would he want to go through the rollercoaster all over again? Where does he see Apple in 10 years? Unfortunately, we will never get his answers.

4.     I believe Steve Jobs thought hard work was the most important thing in life. Job worked extremely hard at everything he did in his life. He failed many times throughout his life, but he kept working hard and it eventually paid off. I definitely agree with his opinion because I also believe I must work hard for everything I want in life.

26A - Celebrating Failure

1. A couple months ago, I applied to become a member of a specific organization at the University of Florida. I was very confident that I would be accepted into the organization. I felt that I did a very good job on the application and I believed there was no way I wouldn’t make it in. Surprisingly to me, a few weeks after applying, I got an email saying I was rejected. I was shocked that I got rejected. Initially, I was very upset and disappointed in myself. However, after emailing back the organization and finding out why I was rejected, I felt better about the situation. I was told that my answers on the application were not detailed enough and that I needed to talk more about myself and my accomplishments. I was also told I should reapply next semester and that is exactly what I am going to do.

2. From this experience, I learned that nothing will be handed to me in life and that I must work hard for everything I want. Here, I was extremely confident I would be accepted, only to be completely devasted when I was rejected. This was a great learning experience because I know what I need to do next time in order to be successful. I definitely grew as a person from this experience.

3. I believe failure can be embarrassing, but I also believe it can be very rewarding. There is no doubt that failure is inevitable. In certain situations, failure can be life altering, both positively and negatively. When I fail, the first thing I do is try to figure out why I failed. Did I do something wrong? Did I not work hard enough? These are the types of questions I ask myself immediately after failing. This class has taught me that it is perfectly okay to fail. I have learned that in order to be successful, I am going have to experience failure, whether it be one time or many times. I believe I am more likely to take a risk now than I was a few months ago. This is mainly because I am no longer afraid of failing. If I never fail, I will never learn.

25A - What’s Next?

What do I need to do? 
I believe my next steps will involve be consulting with additional experts in the industry. The most important thing for my business is the create products that actually work. This means that the formula for the drugs needs to be spot on. If my products were to prove to be ineffective, my entire business could be destroyed.

Existing Market
In terms of products and services, once I have developed the correct formula for my products, I need to determine the best way to introduce my products to the market. I will need to focus on advertising and marketing techniques so that I am able to get the word out as fast as possible.

Interview #1: This person said that it seemed like I’m on the right track. They told be to make sure my products actually work before introducing them to the market. They are seemed to be worried about the prices of my products. This person did not have much money so they stressed to importance of setting a reasonable price for my products.

Interview #2: This person told me I should try to develop a third products other than the pill and the chewing gum. They suggested maybe I try a medicated gummy. While it sounds like a strange, there are other types of products on the market. I told them I would consider it.

Interview #3: The third person I interviewed told me I should do studies with a specific number of participates before I introduce my products to the market. They suggested I get a group of about 100 nicotine addicts together to all test out my products at once. I would then be able to examine each person and determine how effective the products are.

In terms of growing my existing market, I believe the most important things is for me to correctly advertise my products. I need to spend my money wisely and advertise in the correct areas. I don’t want to waste my time and money advertising in ways take will most likely not be effective.

I also need to work on building a strong reputation. Customers tend to drift towards the business who have strong reputations. If I can build up this reputation, I will gain a lot more customers.

New Market
The new market I will be targeting are people who have not yet started using nicotine products, but may do so in the future.
I believe I will be able to use my products to keep these people from ever becoming addicts. I will specifically be targeting younger people who most likely have never consumed any type of nicotine.

Interview #1: This person said I should develop a way to determine the likelihood a person becomes an addict if they start using nicotine products at a younger age. This person said I might be able to scare people out of ever using nicotine products in the first place. This would be sort of like a short program that I could introduce at high schools.

Interview #2: This person said I should create a product that lets people use nicotine products, but helps reduce their health in the process. I was not quite sure exactly what this person meant by this. They said they meant that I could create a vitamin of some sorts that helps reduce the likelihood of developing cancers related to nicotine. I’m intrigued.

From doing these interviews, I learned that many people who have never used nicotine products are afraid that they will one day become addicts. A lot of this has to do with the pressure of constantly being around people using nicotine products. It is very difficult to give into peer pressure.

I thought it was interesting that the second person I interviewed wanted there to be a healthy way to consume nicotine. Although he said he had never used nicotine products in the past, he said probably would in the future. It seems as though even people who have never used nicotine products are concerned about their long-term health.

24A - Venture Concept No. 1

Ending Nicotine Addiction

Opportunity

• The opportunity here is for me to create effective drugs to fight nicotine addiction.·
• Who has the need: There are millions of people all over the world who are addicted to nicotine products. There are many different ways people are consuming this nicotine. Some people smoke cigarettes, other people like chewing tobacco, and recently, electronic cigarettes and vapes have become extremely popular. People are starting to use these products at a very young age and they quickly develop strong addictions. These addictions continue to get stronger as they get older. When an addict is young and in the beginning stages of their addiction, they may only smoke a couple of cigarettes each day. However, as their addiction becomes much stronger, they may eventually get to the point where they are smoking multiple packs of cigarettes each day.
• Nature of the need: This need exists because the number of nicotine addicts is increasing and there are not many effective ways to fight nicotine addiction. There are many products currently on the market, such as pills, chewing gums, patches, and vitamins that are all supposed to help stop nicotine addiction. The reality is, however, that the majority of these products do little to nothing in actually helping people end their addictions. This is exactly the reason why I am going to create new products are actually do what they say they are going to do.
• The opportunity here is huge. If I could create effective products, I would instantly being helping millions of people. There are people who cannot live their lives because their nicotine addiction keeps getting in their way. Providing these people with the products they need will drastically improve their lives. There are some people out there that cannot function without the constant rush nicotine provides. These people, oftentimes, struggle to hold jobs and complete day to day activities. My products would, hopefully, give these people a second chance at life.
• The window for my opportunity will be open until someone else creates an extremely effective product that fights against nicotine addiction. Currently, the opportunity here is continuing to grow. The number of nicotine addicts around the world appears to be at an all time high and it does not appear as though the numbers will be dropping anytime soon. That is, unless effective products are introduced into the market.

Innovation

• I will be producing two products that fight nicotine addiction. These products will be a pill and a chewing gum.
• The pill: The nicotine addict will take the pill by mouth once a day until their nicotine addiction is completely gone. After a couple of weeks, they should noticed a huge difference in their level of nicotine cravings. The pill is aimed specially for addicts who smokes cigarettes and vapes.
• Chewing gum: The chewing gum that I will be selling will be a medicated chewing gum that is specifically designed to help with who are addicted to chewing tobacco. Chewing tobacco can lead to all kinds of serious health issues. Chewing tobacco addicts have been known to develop mouth and throat cancers. My medicated chewing gum will significantly help reduce the cravings of chewing tobacco, and therefore, reduce the chance of addicts developing health issues.
• My goal is to get both of these products to be sold as over-the-counter drugs at various pharmacies. Getting these products to be sold as over-the-counter drugs will be crucial for my successful. Over-the-counter drugs are a lot cheaper than prescription drugs and they are a lot more accessible. People do not have to schedule doctors’ appointments to get prescriptions and pay outrageous fees. All they will have to do is walk into a pharmacy and purchase whichever of the two products they want. This will allow me to reach a much larger number of customers.
• While I am not exactly sure on the price for each product, my goal is to get the price for each product to be below $50 for a monthly supply.

Venture Concept

• Customers will switch to my products because, like I mentioned earlier, the products currently on the market are not at all effective enough. If they were effective, there would not be an opportunity for me to create my products to begin with.
• I do not believe it will be very difficult for customers to switch to using my products. Once they see the immediate results, they will have no choice, but to give my products a shot.
• There are many competitors out there, but none of them seem to be able to develop the correct formula to successfully fight nicotine addiction. I think their weaknesses are that the only thing they care about is make a lot of money. They do not actually care about their customers’ well-being’s.
• My price points are extremely important. If the prices of my products are too high, I will not be successful because people will not be able to afford to purchase my products. On the other hand, if my price points are too low, I will not make much money. I need to find the perfect price point where people who need the products can afford them and I am able to make money in the process.
• I am not just sure how many employees I will need. The hardest part of my business will be creating the correct formulas for my products. Once I do that, the rest of it shouldn’t be too difficult.

My most important resources are my knowledge and dedication. Knowledge and dedication are two things that most people don’t have.

In the future, I hope to develop products that will help fight other addictions, such as alcoholism and other drug addictions.

Assuming my business launches, in five years I hope to have taken over the industry. In ten years, I hope I will have developed additional products and be known as someone who truly cares about the well-being of my customers.

23A - Your Venture’s Unfair Advantage

1. I know people who are very knowledgeable in the industry.

V: Extremely valuable

R: Not very rare

I: Can be imitated, but oftentimes, hard to find knowledgeable people

N: Non-substitutable  

2. I know a lot about advertising and marketing.

V: Very valuable

R: Not very rare

I: Can be imitated

N: Non-substitutable

3. I have experience with selling products.

V: Valuable

R: Not rare, but also not extremely common

I: Personal experiences can be hard to imitate

N: Non-substitutable

4. I am a very persuasive person.

V: Valuable

R: Not very rare

I: Can be imitated

N: Non-substitutable

5. I know exactly how to find my customers.

V: Very valuable; I know exactly what my market is

R: Not rare, but also not extremely common

I: Can be imitated

N: Non-substitutable

6. I am very good with finances.

V: Valuable, but I could always hire someone to take care of the finances for me

R: Not rare, but also not extremely common

I: Can be imitated

N: Non-substitutable

7. I have experience with running a business.

V: Extremely valuable

R: Not rare, but also not extremely common

I: Personal experiences can be hard to imitate

N: Non-substitutable

8. I am a very adaptable person.

V: In many instances, very valuable

R: Not very rare

I: Can be imitated

N: Non-substitutable

9. I have a lot of leadership experience.

V: Very valuable

R: Not rare, but also not extremely common

I: Experience is difficult to imitate

N: Non-substitutable

10. I am very good at problem solving.

V: Very valuable

R: Not very rare

I: Can be imitated

N: Non-substitutable


I believe my top resource is my personal relationships with people who work in my industry. This is something that can be very difficult to find and I have the luxury of already knowing multiple people in this industry. These people will benefit me in so many different ways throughout this journey.

22A - Elevator Pitch No. 3

Unfortunately, no one commented on my Elevator Pitch No. 2. Because of this, I did not receive any feedback on ways I can improve my Elevator Pitch. I was going to film my Elevator Pitch No. 3, regardless, but after relistening to my previous Elevator Pitches, there is honestly nothing else I would change. I have attached my Elevator Pitch No. 2 to this blog post so that, hopefully, I am able to get some feedback on it. Furthermore, I made some edits to the feedback section shown below. Thank you!

https://www.youtube.com/watch?v=DjR0Ip7QbfY&feature=youtu.be

None of the feedback from my first Elevator Pitch really surprised me. One person told me I should talk about my products earlier on in the video so that I don’t lose my audience. Another person told me I should include some facts in my video so that the audience has a better understanding of just how serious the problem that I'm trying to solve is. I thought both of these pieces of feedback were very helpful. Based on this feedback, I made some changes in my second Elevator Pitch. I made sure to start talking about my products in the beginning portion of the video and I added in some facts to help capture the audience's attention.

21A - Reading Reflection No. 2

1. What was the general theme or argument of the book?

The general theme/argument of the book, How to Fail at Almost Everything and Still Win Big, by Scott Adams, is that failure is inevitable and our success is defined by how we deal with our failures.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In my opinion, this book connects and enhances what I’ve learned in ENT 3003 because many of the values mentioned in this book, such as proper goal setting, overcoming failures, and taking risks, are many of the same values that are taught in this course. Throughout this course, we have learned that it is very important to set goals that are actually attainable. Overtime, these goals can be stretched further and further until we finally reach our end goals. In addition, overcoming failures and taking risk are probably two of the most important lessons taught in this course. It is impossible to be a successful entrepreneur without overcoming failures and taking risks.

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 I read, I would design a goal setting exercise. For this exercise, each student would write down their initial goals related to their business. They would then have to explain in detail how they would go about attaining this goal. After explaining how to reach their initial goal, the students would then expand on this by writing down additional goals. Each time they write down a goal, they would have to explain how they would reach their goal. Eventually, the students would get to their ultimate goal.

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?

One of the things that surprised me most when reading this book is that many of the most successful people out there took many, many years to get to that point. A large number of these people started off their careers by working jobs completely unrelated to the jobs that ultimately brought them great success. Some of them were not even well known until they were in their 40's, 50's, or even later on in their lives. This shows that success takes time and that there is no need to try to rush it.

20A - Growing Your Social Capital

Domain Expert

For this interview, I contacted my neighbor who is a pharmaceutical sales representative. He knows all about selling pharmaceutical products to all kinds of people all around the country. He talked to me about the challenges of getting my products on the market and about the difficultly in marketing my products. I now have a better understanding of what steps I need to take in order to have the best chance of being successful in selling my products. I need to find ways to market that are specific to my products. This will help people to differentiate my products from all other products on the market that fight nicotine addiction.

Market Expert

For this interview, I contacted my uncle who used to work at his own family’s pharmacy. He knows all about conducting customer research about specific drugs and about marketing these drugs to his potential customers. I now have a better understanding how to identify what my specific customers are looking for, therefore I will be able to better suit their needs. I have a better chance of being successful if I cater directly to what my customers are looking for.

Supplier

For this interview, I contacted my other neighbor (both my neighbors are pharmaceutical sales reps) who deals a lot with selling drugs to other organizations/firms in my industry. While she may not deal directly with products that fight against nicotine addiction, she does work with products that help fight cancers that may occur as a result of nicotine addictions. She explained to me that it takes a lot of time and money to go about selling these types of products and that it may be very difficult to convince potential customers to use my products over other types of products already on the market. I now have a better understanding of some of the obstacles I may encounter throughout my journey.

Reflection

This has been a really great experience. I am now more inclined to put forth as much effort as possible in future networking events. This experience was different from my previous networking experiences because until now, I have never actually talked to people who are in my industry about my products. I enjoyed this much more than I enjoyed talking to potential customers. I learned so much about how to market my products and about finding my customers.

19A - Idea Napkin No. 2

1. My name is Tyler Gaeser and I am from Orlando, Florida. My major is General Business Administration and I plan to minor in entrepreneurship. I also plan on earning my MBA. I am very good at problems solving and coming up with great solutions to these problems. I love to help people in any way I possibly can. I hope to use my product positively affect the lives of millions of people around the world.

2. I am offering two products that fight to end nicotine addiction. The first product is a pill. Addicts will need to take this pill every day for about a week in order for their addiction to subside. After the week is up, they should no long feel a constant craving to use nicotine products. The other product that I am introducing is a tablet that dissolves on the tongue. This product is designed specifically for people that are addicted to chewing tobacco. Similarly to the pill, the addict will use it every day and after about a week, they will no longer have strong cravings for chewing tobacco. Both of these products will be over-the-counter drugs so that they are easily accessible to all people. This will also make them much cheaper to purchase because customers won't need prescriptions.

3. My products are meant for all nicotine addicts who want to do something about their addiction. My products are specifically meant for the nicotine addicts who want to turn their lives around. This could be someone who smokes two packs of cigarettes per day, but it could also be someone who only smokes five cigarettes per day. Regardless of the extent of each person’s nicotine addiction, my products will be effective. Unfortunately, addicts who have no desire to end their addiction will most likely not be my customers. The addicts have to be willing to use my products. I can’t force them.

4. Customers will pay for my products because more and more nicotine addicts are becoming worried about their health. Many of these addicts truly want to stop smoking so that they are not a risk for major health issues. I know for a facts these people will use my products.

5. What sets me apart from everyone else is that I am fully dedicated to creating my products. I will do whatever it takes to be successful in creating my products. I also have access to a lot of useful resources that many people do not have access to.

I believe all five of these elements fit perfectly together. I am very good at creating solutions to problems. I have come up with two very beneficial products that I know people will purchase. My customer demographic is extremely large and people will be inclined to use my products because they are fearing for their health. Furthermore, I am fully dedicated and have access to multiple useful resources. Together, all of these things form a great business concept.

The two main points of feedback I received on my first Napkin Idea are that I need to narrow down who my target customer is and that I need to be less specific when talking about the effectiveness of my products. In my first Napkin Idea, I said that my target customer would be anyone who is a nicotine addict. However, after reading my feedback, I changed my target customer to nicotine addicts who desire to end their addiction. Additionally, I changed what I said about my products completely curing nicotine addicts after a about a week. I now say that the craving for nicotine products will be greatly decreased after about a week of using my products. I changed this because I don’t want to provide people with specific claims that could end up being false. I incorporated these two pieces of feedback into the second and third parts of my Napkin Idea No. 2.

18A - Create a Customer Avatar

Any person can be a nicotine addict regardless of their race, ethnicity, or religion. Young people, old people, and everyone in between can be addicts. My customers have all kinds of different hobbies, cars, favorite TV shows, favorite books, favorite politicians, etc. They all come from different family backgrounds and they all have gone through different life journeys. The one thing they all have in common is that they are addicted to nicotine and they all need to take actions to end this addiction. I have a lot of things in common with my customer avatar. While I am definitely not a nicotine addict, I am unique just like they are. I am sure many of them like a lot of the same things I like, but I am also sure many of them like a lot of different things than what I like.

17A - Elevator Pitch No. 2

https://www.youtube.com/watch?v=DjR0Ip7QbfY&feature=youtu.be

None of the feedback from my first Elevator Pitch really surprised me. One person told me I should talk about my products earlier on in the video so that I don’t lose the audience. Another person told me I should include some facts in my video so that the audience has a better understanding of just how serious the problem that I am trying to solve is. I thought that both of these pieces of feedback were very helpful. Based on this feedback, I made some changes in my second Elevator Pitch. I made sure to start talking about my products in the beginning portion of the video and I added in some facts to capture the attention of the audience.

16A - What's Your Secret Sauce?

Five ways in which I think I have Human Capital:

1. Once I start something, I will not stop until I have finished what I started.

2. I am an extremely hard worker.

3. I care deeply about my reputation and I would never do anything to hinder it.

4. I am a very detail orientated individual.

5. I am very good at sharing ideas and working with other people

Interview #1: My girlfriend, Jade, thinks I am a very organized person. She also thinks I am very driven.

https://drive.google.com/file/d/1U_t5yVaMzK5pOa5dhOhKQnYuW-yP59PA/view?usp=sharing

Interview #2: My friend, Grant, thinks I am a very hard worker. He also thinks I am very passionate.

https://drive.google.com/file/d/1kF-C4FWY0maynadVC99ObU4tq3PRe5E2/view?usp=sharing

Interview #3: My friend, Ben, thinks I am a very curious person. He says I am always committed to success.

https://drive.google.com/file/d/1C6dYv14j7C7iX4Mmt6Jy_hoR4ypgn6SX/view?usp=sharing

Interview #4: My friend, Jordan, also thinks I am a very hard worker. He also acknowledges that I never shy away from a challenge.

 

https://drive.google.com/file/d/1I30MRdmq30R1r4_qbaheQTFZ89JJk9C5/view?usp=sharing

Inteview #5: My friend, Edgar, also thinks I am a very organized person. He also thinks I am good at coming up with unique ideas.

https://drive.google.com/file/d/16ubmhxDtNEi3W7rXbAj9CTKQ_GRrEhUE/view?usp=sharing

For the most part, I believe the people who know me best see myself in the same way I see myself. If anything, my friends are much more honest with me than I am with myself. I sometimes fail to recognize how hard of a worker I am and how much I do for other people, but my friends are never afraid to tell me how highly they think of me. I would not make any corrections to my list from part 1.

15A - Figuring Out Buyer Behavior No. 2

From doing my interviews, I learned about all the different products that exist to help fight nicotine addiction. There are patches, vitamins, chewing gum, and various other drugs. All of these methods range in prices and effectiveness. The first person I interviewed said the most important thing was that he could purchase my products at a reasonable price. He said he can not afford expensive drugs, regardless of how effective they are. The next person I interviewed said she would pay any price for an effective drug to fight her nicotine addiction. She was much more concerned with the effectiveness of my products rather than the price. The third person I interviewed said she was not sure how much money she would be willing to spend on my products. She said it depends on how effective my products are. The first and third person I interviewed both preferred over-the-counter products because they are much cheaper and easier to get. The second person I interviewed was perfectly okay with having to get a prescription for my products. All in all, from doing these interviews, I have learned that although the effectiveness of my products are extremely important, the price is what will ultimately get people to try out my products. If my products are too expensive, people might not be willing to give them a chance. I believe it would be in my best interest to try to create products that can be sold over-the-counter so that a larger number of people are able to try them out.

14A - Halfway Reflection

1. In order to keep up with the requirements of this course, I have had to make sure I set aside an ample amount of time each week to complete all of the assignments. It is important to not wait until the last minute to complete assignments because everything usually takes longer than expected to complete.

2. A time when I felt like giving up was when I waited until 10:00 am on the due date to do my elevator pitch. I was really busy the night before so I didn’t have time to complete in until the morning. Little did I know, a short video recording would take a really long to complete. I ended up having to record like 20 different times in order to get the perfect video and I barely finished on time.

3. Three tips that I would offer next semester’s students are to make sure to go to the lectures or watch them online, don’t procrastinate, and take the assignments seriously. If you don’t go to the lectures or watch them online, you will fail the weekly quizzes. If you procrastinate, you might wait until Friday morning to do the assignments and then you might not finish in time. If you don’t take the assignments seriously, you won’t get anything out of the class. It’s as simple as that.

13A - Reading Reflection No. 1

1. The thing that surprised me most about Phil Knight is that he has a very introverted personality. This surprised me because many of the “sneaker heads” that are out there today have very extroverted personalities. They want everyone to know they have the newest and coolest shoes. Phil Knight kept more to himself and quietly went about his business.

I really admire the fact that Phil Knight was able to use a $50 investment from his parents to begin the creation of the brand we all know and love today, Nike.

The thing I least admire about Phil Knight is that he began his first shoe business by importing shoes from Japan. While this is still a huge accomplishment, it would have been nice if he could have sold shoes that were made in the United States.

Phil Knight encountered a lot of adversity. His first company, Blue Ribbon, struggled to stay out of debt. Knight had to constantly take out loans so that he could afford to keep his company in business. He also struggled to keep strong relationships with his shoe contractors in Japan.

2. Phil Knight is extremely smart. He noticed there was a need for quality running shoes, so he went out and started a shoe business. He was very dedicated and never quit even though he struggled mightily along the way.

3. One part of the writing that was confusing to me was the part about the $50 investment Phil Knight got from his parents. The book failed to mention how Knight was able to get more money to keep his business afloat. While it did mention he took out loans, I don’t understand how he was able to get enough loans, especially being the young entrepreneur he was at the time.

4. If I was able to ask two questions to Phil Knight, I would ask him when he first knew he wanted to become an entrepreneur, and I would ask him how he was able overcome the constant obstacles that were thrown his way along his journey. I would ask him these two questions because they are both very personal questions that I would be very interested in hearing the answers to.

5. I believe Phil Knight thinks hard work is the key to success. He had to work extremely hard to grow his companies and he continues to work hard, even today. I do share these same opinions because I learned at a very young age that nothing in life is going to be given to me and that I have to work for everything I want.

12A - Figuring Out Buyer Behavior No. 1

For this assignment, I chose a segment of people who have started their own businesses. All three of the people I interviewed went to college and a major in the business school at their respective colleges. One of them was a guy who just graduated from college and started a website design business. Another one was a girl who started her own t-shirt business. The third person was a guy who created iPhone apps that are currently on the app store today.

All three of the people I interviewed told about their business journey and how their ideas came to be. They all said they wanted to start their own business at some point in their lives and that all they needed was a product that people wanted to buy. Once they came up with the product, the hard part was getting customers. The problem was not that there were not many customers. The main problem was that it was hard to make people aware of their products. Acquiring customers can be very expensive and most people in the beginning stages of their business. Do not have a lot of money to spend on marketing their product.

From doing my interviews, I learned that even though I might create a great product and there may be millions of potential customers out there, the biggest issue is going to be getting to be getting these people to use my product. Because there are already similar products out there, acquiring customers is going to be very difficult. I will have to prove to customers that my products are superior to all the others. It will probably be very difficult to go about marketing and advertising my products, but I believe I will be able to do it.

11A - Idea Napkin No. 1

1. My name is Tyler Gaeser and I am from Orlando, Florida. My major is General Business Administration and I plan to minor in entrepreneurship. I also plan on earning my MBA. I am very good at solving problems and coming up with great solutions to these problems. I love to help people in any way I possibly can. I hope to use my product positively affect the lives of millions of people around the world.

2. I am offering two products that fight to end nicotine addiction. The first product is a pill. Addicts will need to take this pill everyday for about a week in order for their addiction to subside. After the week is up, they should no long feel a constant craving to smoke nicotine products. The other product that I am introducing is a tablet that dissolves on the tongue. This product is designed specially for people that are addicted to chewing tobacco. Similarly to the pill, the addict will use it every day and after a week, their addiction will be gone.

3. My products are meant for all nicotine addicts. This could be someone who smokes two packs of cigarettes per day, but it could also be someone who only smokes five cigarettes per day. Regardless of the extent of each person’s nicotine addiction, my products will be effective.

4. Customers will pay for my products because more and more nicotine addicts are becoming worried about their health. Many of these addicts truly want to stop smoking so that they are not a risk for major health issues. I know for a facts these people will use my products.

5. What sets me apart from everyone else is that I am fully dedicated to creating my products. I will do whatever it takes to be successful in creating my products. I also have access to a lot of useful resources that many people do not have access to.

I believe all five of these elements fit perfectly together. I am very good at creating solutions to problems. I have come up with two very beneficial products that I know people will purchase. My customer demographic is extremely large and people will be inclined to use my products because they are fearing for their health. Furthermore, I am fully dedicated and have access to multiple useful resources. Together, all of these things form a great business concept.

10A - Elevator Pitch No. 1

9A - Testing the Hypothesis, Part 2

Who: From doing my interviews, I learned that although some people have a lot in common with others in my opportunity, they fall outside the boundary due to various reasons. Two of the people I interviewed are college students who consume nicotine, but only when they are in a social setting. This means that they only consume it when offered. While these people do in fact enjoy the feeling they get from nicotine, I would not consider them addicts, which is why they fall outside the boundary for my opportunity.

What: When I was interviewing people, I asked everyone whether or not they believe they are a nicotine addict. Of course, most people denied this even if they are in fact an addict. Two guys in their mid-twenties that I interviewed told me they consider a nicotine addict as someone who consumes it almost every day. They also explained that people who are addicts purchase the nicotine products themselves and they constantly crave nicotine. I completely agree with them.

Why: I do believe the underlying cause of the outsiders’ need is different than people who are in the boundary. Another college student I interviewed said that most nicotine addicts grew up around people that used a lot of nicotine products. Because they were always around it growing up, they eventually began consuming it as well. People outside the boundary may not have been heavy exposed to nicotine until they came to college.

	Inside the Boundary	Outside the Boundary
Who	People who consume nicotine daily	People who only consume nicotine when they are in a social setting
What	People who purchase nicotine products for personal consumption	People who only use nicotine products when offered
Why	People are were heavily exposed to nicotine at a young age	People who were not exposed to nicotine until they came to college

8A - Solving The Problem

I am going to create a product the helps people stop their nicotine addiction. Because I do not have the expertise to create such a product, I am going to have to consult with someone who does. I hoping the formulate some sort of pill that addicts can take. This pill will release different things into their body that will relieve addicts of their constant nicotine craving. This is going to be something that the individual will have to take daily until they feel they are fully ridded of their addition. Another product I am thinking about creating is a tablet that dissolves on the tongue. This product will be for people that are addicted to chewing tobacco. While I know products like these are currently available on the market, none of them are very effective. My goal is to create extremely effective products that nicotine addicts want to take.

7A - Testing the Hypothesis, Part 1

Ending Nicotine Addiction

Opportunity:

People all over the world are addicted to nicotine. There isn’t a day that goes by where I don’t see someone smoking cigarettes. Finding a way to end this addiction would instantly help out millions of people.

The who: People addicted to nicotine

The what: They are at risk of all kinds of health related issues

The why: They need help to end their addiction

Testing the who: Everyone who is addicted to nicotine has this need.

Testing the what: People are rushed to the hospital daily because they are suffering from heath related issues due to the constant smoking of nicotine.

Testing the why: More and more people are becoming addicted on a daily basis and we must do something to help them.

Interview #1

This person that I interview also knew a lot of people who are addicted to nicotine. She does not smoke, but you knows a lot of people that do. She has a friend that had to go to the hospital because she had pneumonia due to constantly smoking. She is worried that if her friend doesn’t get help soon, she may not live that much longer. This lady sees this as a huge opportunity.

Interview #2

This guy that I interviewed also knew a lot of people who are addicted to nicotine. This guy also smokes occasionally, but does not consider himself to be an addict. He does know a lot of people who suffer from health issues due to smoking. He believes that nicotine addition is getting out of hand and that something needs to be done about it.

Interview #3

This guy I interviewed thinks nicotine should be completely banned. He has had family members almost die because of their nicotine addiction. He has never smoked before because he knows how bad it is. He doesn’t want to see anyone have to go to the hospital because of their addiction. He also thinks it is crucial that we find a better way to end this addiction.

Interview #4

This girl is in college and doesn’t think smoking is a big deal. She didn’t say she was an addicted, but from the way she was talking, I think she might be. She hasn’t had any health issues from smoking, but knows people who have. She didn’t seem very interested in trying to find a way to get people to end their addiction. She doesn’t understand this opportunity.

Interview #5

This guy is also a college student. He has been addicted to nicotine since high school and has had multiple health issues because of it. He has been to the hospital before with heart related issues. The doctor said that if he didn’t change his lifestyle soon, he might not live many more years. This guy is genuinely worried for his well-being and recognizes this as a big opportunity to change peoples’ lives.

Conclusion

From doing these interviews, I learned that there are a lot of differing opinions regarding this topic. Some people understood the opportunity at hand, while others did not. Some of the people I interviewed have been personally affected by nicotine addiction. Some of them have had health issues directly linked to nicotine, while other know people that have had health issues as a result on their addiction. Four out of the five people I interviewed acknowledged that something more effective needs to be done to help people fight their addiction.

6A - Identifying Opportunities in Economic & Regulatory Trends

Economic Trend: Climate change is causing more natural disasters

·       Source: https://www.thebalance.com/top-usa-future-economic-trends-3305666

·       An opportunity definitely exists here. The opportunity is to find better ways to fight climate change. There are so many things we can do on a daily basis that would help prevent climate change, therefore decreasing the number of natural disasters.

·       Everyone living on planet Earth would benefit from this opportunity.

·       This opportunity may be relatively difficult to exploit because it is very hard to get be to change their lifestyles and the things they do.

·       I saw this opportunity because I know how bad climate change is becoming. Global warming is at an all time high. This increases the chances of hurricanes and other storms.

Economic Trend: Baby boomers aren’t retiring

·       Source: https://www.thebalance.com/top-usa-future-economic-trends-3305666

·       I see an opportunity here to help the baby boomer generation retire. This generation is taking away jobs from the current generation of workers. If we can get them to retire, there will be a lot more available jobs out there.

·       Anyone in the workforce would benefit from this opportunity.

·       This opportunity many be relatively difficult to exploit because there is such a large number of people to deal with.

·       I saw this opportunity because I know how difficult it is to find a jobs. Getting the baby boomer generation to retire will result in a huge increase in the number of available jobs.

Regulatory Change: Entry-level driver training

·       Source: https://www.truckinginfo.com/340546/5-federal-trucking-regulatory-changes-in-the-works

·       I see an opportunity here to increase the required training for beginner commercial drivers. This will make the roads much saver by hopefully decreasing the number of accidents.

·       Anyone who drives on the road would benefit from this opportunity.

·       This opportunity will probably be relatively easy to exploit because it wouldn’t be difficult to provide more training for people.

·       I saw this opportunity because I know how dangerous commercial vehicles can be on the roads. I seen people get killed because the driver of a big commercial truck was not properly trained.

Regulatory Change: Increased cybersecurity

·       Source: https://advisory.kpmg.us/articles/2018/ten-key-regulatory-challenges-of-2019.html

·       I see an opportunity here to further increase the level of security in the online world. Preventing people from hacking in to private online information in a priority.

·       Anyone who uses the internet would benefit from this opportunity.

·       This opportunity might be kind of difficult to exploit because cybersecurity is very complicated and requires the skills of extremely knowledgeable individuals.

·       I saw this opportunity because it seems that more and more people are figuring out how to hack into cyber space. Private information is being accessed by dangerous people. It is time to put a stop to this.

5A - Identifying Local Opportunities

·       Volusia under Tropical Storm Watch from approaching system

·       https://www.news-journalonline.com/news/20190912/volusia-under-tropical-storm-watch-from-approaching-system

·       This article is about a new storm that is approaching Florida. Right now it is labeled as a tropical storm, but it has the ability to grow stronger in the coming days. However, we are still uncertain of the direct path the storm is going to take.

·       The opportunity is to create a system that is much better at predicting and tracking these storms. The current systems in place are just not accurate enough. With a more accurate systems, people will know much farther in advance if they are going to be effected by the storm.

·       Everyone that is within a relatively close distance to where the storm is projected to hit has this problem.

·       Volusia schools work hard to offer shelter during storms like Hurricane Dorian

·       https://www.news-journalonline.com/news/20190905/volusia-schools-work-hard-to-offer-shelter-during-storms-like-hurricane-dorian

·       This article is about people that are in need of shelters during large storms. The issue is that there is a lack of adequate shelters to house people during violent storms like Dorian. This leads to schools having to open up their doors for all these strangers to come live in for a number of days. This could delay the return of students back to school.

·       The opportunity is to build more designated hurricane shelters so that people in need always have a place to go in the advent of a large storm. This would keep people out of the school and would allow students to return back to school in a much more reasonable amount of time.

·       Anyone who might need to live in a shelter during a storm has this problem.

·       Florida beach lights reportedly cause turtle deaths

·       https://www.news-journalonline.com/news/20190905/florida-beach-lights-reportedly-cause-turtle-deaths

·       This article is about sea turtle deaths due to the negligence of people living on the coast. When sea turtles see light, they become instantly attracted. So when people leave their ocean-facing lights on, sea turtle hatchlings begin the go towards the light instead of the ocean. This leads to the death of a large number of baby sea turtles.

·       The opportunity is to create specially designed light blocking window shade that would be required for all windows facing the oceans. People would be required to purchase these window shades. Failure to do so would result in a large fine.

·       People who live on the coast have this problems. Furthermore, the sea turtles have this problem.

·       Don’t add plastic to storm debris

·       https://www.news-journalonline.com/opinion/20190909/dont-add-plastic-to-storm-debris--letters

·       This article is about the large amount of litter that fills our oceans and beaches. Dealing with hurricane debris is already bad enough, but you add in plastics and other trash, the situation becomes much more intense. Large amounts of plastic are washing up on shower which can lead to many different environmental issues.

·       The opportunity is to create a better system of garbage cleanup on beaches. Some beaches have no one picking up garbage which causes the trash to build up into large clusters. Having designated people to pick up trash daily at all beaches would be very beneficial.

·       Anyone would goes to the beach has this problem. The environment also has this problem.

·       Shark bite frenzy in Volusia: What’s going on in the water?

·       https://www.news-journalonline.com/news/20190809/shark-bite-frenzy-in-volusia-whats-going-on-in-water

·       This article is about the growing number of shark attacks at Florida beaches. It seems as though these shark attacks are becoming more and more common over the years. This is causing people to be afraid to go into the ocean.

·       The opportunity is to create a systems that is much better at spotting sharks in the ocean. The human eye can only see so much. If there were some form of technology that could spot sharks from a lot farther away, people would feel much safer going in to the ocean.

·       Anyone who likes to swim in the ocean has this problem.