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.