ENT3003

I decided to read How to Fail at Almost Everything and Still Win Big by Scott Adams. Adams argues that every individual's priority should be themselves. He mentions that if you don't want to be a burden you need to first make sure to take care of yourself, then your economics, and then everyone else. The author also give stories about how he has failed multiple times before escaping the hole he had dug. I believe that the book connects with me and what I've learned and done in the course. I have failed multiple times trying to pursue ideas in this course and had to learn to always account for different solutions to a problem. Thinking of a problem onesidedly ultimately leads to failure (you might succeed a few times but there comes a time where you need to learn to be creative). This was one of the lessons I learned from failing over and over again. I'm glad I failed before I was able to complete a few assignments because it helped me learn a lot of valuable information...

I believe that my most formative experience was having the idea I decided to focus on this entire semester. I was sitting in the airport after a few connected flights with my family, returning back to my home country. As I was sitting there looking at all the weary grumpy travelers and their struggle with their luggage, I suddenly had an exciting idea. I looked at my little sisters manual scouter which she was riding aimlessly around us in repeated circles, and then I looked at the jetlag-infused travelers, angrily pushing around their carry-on bags and dissatisfied babies and had an idea. I believe that this was groundbreaking for my business plan and immediately decided to switch my idea from my starting concept of a DJ school to an electrical carry-on bag scouter.                I think that even though my mindset is not that of an entrepreneur yet, I have moved a lot closer towards it than I previously was. I th...

1)     Venture Concept 1 ( with changes) My idea is revolved around a new product-based idea. The idea is a carry-on bag that has an electrical scouter attached on it. I had the idea sitting at an airport with my family, after four connected flights we had to take and attempting to find our next terminal in the vast new airport of Istanbul. By looking at the model carry on luggage bags with manual scouters, I came up with the idea of an electrical scouter carry-on bag. My customer profile is individuals aging from 24-50, with a passion for traveling, or traveling as a requirement from their jobs. They could be single or have a family, traveling alone or with family. My consumers will also demand a certain degree of style and class and put a lot of emphasis on the “look” on my product. I believe that even though Covid-19 virus has influenced traveling a lot, in a negative way, travelling will once again become a commonality in a year or so and that is the time to develop...

1)      I intend to have my business generate as much income as it can. After my product reaches its maturity stage, I am going to start thinking about options of exit strategy. My two options during decline stage would be deletion or harvesting. If I had loyal customers with regular orders, I would harvest the product and work on my next venture. On the other hand, if the orders had been halted completely, I would delete the product and focus solemnly on my next venture. 2)      I have selected this exist strategy because, as mentioned on the “what’s next” assignment, I want to work on more products through my company. 3)      My exit strategy just means that I know my product will have an eventual end, come fast or slow, but I want it to generate as much revenue as possible before that happens. It is also a trial for my next step as an entrepreneur and I want to see the success rate it may have. The exit strategy has defi...

1)      I work for a company owned by my dad which basically rents out rooms to students in Miami and Gainesville. I manage a property here and deal with finding tenants, making contracts, general management of the property, etc. One of the tenants I roomed turned out to have mental issues and caused many problems to the property and to the other tenants. This is something I should have foreseen so in my mind, I failed. I have tried multiple approaches to dealing with the tenant but have failed in everyway thus far. 2)      From this failure I learned that I need to be a lot more careful with who I lease a room to and double-check their background and maybe even interview them before renting a room to them. 3)      I believe that failure is one of the most important parts of success. How does one know he succeeded if he does not know what failure looks like? I believe that behind every successful entrepreneurs story there l...

Existing Market Step 1: I believe that what is next for the existing market is a product that will benefit travelers in terms of comfortability in the plane for long flights. I haven’t yet figured out what the idea will be but I know that it will have to do with not only convenience but also aim for comfort. The market will be the same, middle-aged travelers and that love to travel in comfort and convenience, but also class. Step 2: I interviewed three of my previous interviewees over zoom and decided to partake in a group call over Zoom. They mentioned that the idea I had would be hard to top but that it would be possible will the time I had before traveling was safe again. They also agreed that especially for people traveling in business class, comfort is very important due to the small seat sizes and they suggested warming pillows for necks or to sit on. I agreed with the idea because the AC on planes can be ruthless from time to time and warming devices would help with comfort ...

My idea is revolved around a new product-based idea. The idea is a carry-on bag that has an electrical scouter attached on it. I had the idea sitting at an airport with my family, after four connected flights we had to take and attempting to find our next terminal in the vast new airport of Istanbul. By looking at the model carry on luggage bags with manual scouters, I came up with the idea of an electrical scouter carry-on bag. My customer profile is individuals aging from 24-50, with a passion for traveling, or traveling as a requirement from their jobs. They could be single or have a family, traveling alone or with family. My consumers will also demand a certain degree of style and class and put a lot of emphasis on the “look” on my product . I believe that even though Covid-19 virus has influenced traveling a lot, in a negative way, travelling will once again become a commonality in a year or so and that is the time to develop this project. Currently, customers are using golf court...

Resources 1.       Social skill (capability) a.       Valuable: Social skills can be very valuable when it comes to entrepreneurship. I believe that it will be of great use in my business idea. b.       Rare: It is not rare. Chances are that if you are in business you also possess some short of social skill. c.       Inimitable: It is inimitable. d.       Non-substitutable: I believe that social skills are very important and non-substitutable and there not a lot of resources that can substitute this skill. 2.       Fluent in 3 languages (capability) a.       Valuable: I think this skill if very valuable. Being able to communicate in one’s home language is key to a successful business as it allows you to make a deeper connection with your customer. b.       Rare: I believe th...

Pitch (Youtube link) https://www.youtube.com/watch?v=2UxXi_iFOTA Reflection I unfortunately did not receive any feedback from my previous pitch, but I did, however, notice some things that I could work on. For example, I believe that I did not establish my credibility enough. I also had a screen in front of me with what I should say throughout my pitch. In my opinion, something that is important in a pitch, is to have it memorized. Having a presentation memorized shows professionalism   and dedication to the idea in hand. Lastly, I wanted to focus on more hand gestures and to seem more confident. Things I changed In my third elevator pitch, I changed a couple of things that did not sit right with me on my second pitch. Firstly, I changed my establishment of credibility. On my second pitch I mentioned I few things about myself but I didn’t think they were enough to make me a credible source to my audience. Secondly, I memorized my pitch, which I found relatively hard but doabl...

1)                    Domain Expert John owns a small-time electronics store at down-town Miami where he sells different types of technological equipment and electronic repairs. I came in contact with him by calling the phone line I found on google maps and speaking to him about a course I was taking and if he could help me out on a project I was working on. He was more than happy to assist me and the following week we were on a Zoom call. He agreed to participate in my “interview” if he was one of the first to know when I made my idea come to life. John, lately, has been focused a lot on electronic scouters. Even though he does not make them in his store and orders using B2B marketing, he often lets his customers bring their own for repairs. He thus has a lot of background knowledge on electrical scouters and their potential components. I think that John will be of good use in figuring out the technical components of my proj...

Mindset: The New Psychology of Success by Carol Dweck. For my second reading reflection, I decided to read Mindset: The New Psychology of Success a book by Carol Dweck. This is book, as it is implied by the title, focuses a lot on psychology and how it can be used assist with success. Psychology has always been a subject that has powered my curiosity as I believe it is the key to understanding a lot about people and, more importantly, oneself. It is curious that even though it has never been a topic that I wanted to pursue as a major, I always found that it helped with different aspects of life. Mindset , in particular, talks about how our everyday interactions with people and general events, in turn, forms one’s mindset. The author divides his theory into two separate categories; the fixed mindset and the growth mindset. According to Carol Dweck, these two categories of our mind, focus on solving problems in separate way. One, the growth mindset, is more centered in solving problems...