Final Reflection (30A)

1. Best moments was being able to read about others potential business ideas and to see how others thing about what potential problems are out there that people need help on and to create a business out of them. Fun moment was definitely doing the first elevator pitch as I’ve never done something  like that before, and it was definitely dreadful having to do it multiple times after messing up.

2. The experience I’ll remember the most was the first time I asked strangers questions about my potential business idea as I kind of got out of my comfort zone to do that. I’m most proud of and joyous of doing the second elevator pitch as it felt pretty natural for me by that point, and I thought I did well.  The most formative was probably doing the venture concept as it got me to think of the quality of the business idea.

3. I don’t see myself as an entrepreneur, but I do see myself as someone who is now thinking of potential problems in the world and how I could potentially solve them.

4. What I would say to future students is to really enjoy the class, and to always try and stay ahead of the assignments. Really take the time to do the interviews, and to not procrastinate to do the assignments. To foster that mindset, really stay organized and have some structure in the way you do things.

Venture Concept No.2 (29A)

Intech.Inc

The opportunity in this venture is to have a true wireless charger for laptops. This venture comes from the need for people to have an easier way to recharge their laptop as the laptop is the primary PC people use for the daily work. The hassle of having to use cables, a power brick, and be situated near a wall outlet can be very difficult if you find yourself in situations that don’t have. The people I would say who have this need the most would be college students, and tech professionals.  There is also a broader need to anyone who would want the wireless laptop charger. There would also be a potential really niche opportunity in targeting frequent travelers in planes as a lot of people travel more often on planes, and as more planes have Wi-Fi on them, a lot more travelers could potentially use their laptops on them without worrying about having to recharge it getting off the plane, or not using it at all because of that reason. The forces that have created this opportunity are that many people are using Laptops as their main computer and people use it everywhere and frequently. This market is mainly aimed at people who use laptops frequently, and geographically, there is no boundary. Customers are currently satisfying this need by having to charge their laptop in the same way as they always have been; with a power brick, cables, and wall outlet. I would say there is a big opportunity to enter this market and build this product as consumers are wanting more flexibility and ease of use with their tech products.

The idea for this product would be a wireless USB charger. So, it would basically be a USB drives, except it will be charging your laptop instead of for storing files. All you would need is to be connected to a network or have an internet connection. Then you would plug in your USB charger into your laptop and if you are on a network, the USB will detect the signal and begin charging the laptop. If one doesn’t have an internet connection there is also the option of draining battery for your phone (an adapter will be included that allows the USB charger to plug into the phone), to then be used to recharge your laptop. This product will sell for $65, including the wireless USB stick and all of adapters needed.

I think people will go to this product as it is convenient and people will find great use for it, as a lot of people are always on the go and using their laptop. It won’t be that hard for people to switch to this product as this would be the only product out there like this. The competitors would mainly be other wireless laptop chargers and potentially laptop manufacturers. Their weaknesses and vulnerabilities might be the fact that they haven’t designed and made the technology like this and might not be able to if some of the technology gets patents. The way the product is packaged, and the way it is presented is important as we want people to feel this is a legit and viable piece of technology, not one someone buys and then never uses because it is a gimmick. In saying this there would be many departments in this business, such as actual technician and support, engineers looking to enhance and innovate with the product, and there would be marketing employees in to make this product available to as many people as possible.

The most important resource for this business would be the connections and innovation that would happen because of the employees and connections surrounding this product. There would be a lot of avenues for this product to get into because of the connections that are with this product. I would say another important resource I need to maintain throughout the whole process is having a great team of innovators, engineers, and scientist to make sure the best quality product is out there in the market. As far as the next venture, I would say there is an opportunity in creating software that wirelessly chargers the laptop, eliminating peripherals all together. Where I would want to be 5 years into this venture is working on the next project, and someone I have trust in to continue managing this business if it becomes successful. In the next 10 years I think this venture helps me in being able to move all the cogs in order to run a successful business, and in the next venture it wouldn’t be as hard as it would be now, since I have no experience currently. I would hope to be more into the software side of the technology business in the next 10 years, and potentially have a group of software engineers that are designing and creating technology that is for the use of making everything powered through the internet, and creating sustainable networks that can always keep things running through the internet without interruptions. The idea would be that energy and power can go through internet connections and not need the use of natural resources in order to keep things running.  There would also be a research institution that goes all in with Machine learning and allows computers to do the work in creating and sustaining energy. Another potential concept that could be on the horizon would be looking at producing affordable chairs and furniture for people that work heavily on the computer. As so many people are stuck to their computer, having comfortable while affordable furniture that helps with ergonomics could be a potential market to enter in. Not only this, but it would allow the business to diversify while still sticking to a common theme of being in the computer ecosystem.

3. A lot of my feedback came in the form of being able to maintain connections and innovation in this venture. The connections I make in the technology industry and market will be a huge factor to  see if this product is successful or not. Without the connections, there is no possible way to stand out, as the market is so saturated already with tons of different tech products coming out each year. Having a great team of innovators and scientist would also be crucial if my company were to survive, and then also thrive. There was also a point made in being able to reach another huge market.

4. Based on my feedback I added about the importance of the resources of how having a good team around the business that will make it successful in the future. What I also added in my venture concept is the possibility of a new potential market that I hadn’t really thought about, which was the need for travelers to have wireless laptop chargers. Lastly, I added an element of a potential diversification of my business to include chairs aimed at people who work on their computers all day.

Your Exit Strategy (28A)

1. Depending on how profitable the business is I would potentially sell it. However, in selling it I would want to sell it to someone who would hold the business to the same standards I would of excellence. So potentially I would sell it to someone I would trust rather than to just anyone, or another company that would try to buy.

2. I intend on this strategy as I don’t want the work I put into it to go to waste in a couple of years by selling it to someone who wouldn’t have the same care of the business. It would also not look good on me to sell a company for someone to then destroy it or not provide the same level of excellence it had when I had it.

3. I really don’t think my exit strategy has influenced anything. I always knew I wanted to build a business that has a good reputation to it and provides a quality product to the customers. In terms of growth intentions though I would plan to branch out into more areas to become diversified. However, I would still want to maintain the level of excellence in every aspect of the business. So, if that potentially means to sticking to one area that I would do exceptionally well in, I would stick to only one area rather than being mediocre in a lot of potential markets. 

Reading Reflection No.3 (27A)

Book- Andrew Carnegie by David Nasaw

1. What surprised me the most about Andrew Carnegie was how fraudulent he was and the unethical practices he developed as he was rising in wealth and power. What I most admired about the entrepreneur was that he was financially savvy and independent, and one that knew how to manage money. What I least admired was again his fraudulent and unethical practices he committed as he was already wealthy. There wasn’t really a need to do some of the thing he did. Andrew Carnegie did encounter failure, particularly in his childhood as he was poor. He dealt with the adversity by using the skills and talents he acquired to work hard and saved money from his job to grow his own business.

2. The competencies of Andrew Carnegie is him being brilliant with money, and his way of working to improve his business to gain any advantage possible. Carnegie was also willing to adapt his plans to be able to continually improve on his own perspectives and thoughts on how thing should be done.

3. There wasn’t a part of the book I really found confusing or difficult to understand. If anything, I really want to understand his change of heart to becoming a more moral person as he all of a sudden changed to become more giving, and philanthropic.

4. My questions:

What made you change your values and attitudes  in becoming more moral as time passed on?

How did it feel like being the richest person in the world at that point?

5. What I believe his opinion of hard work was to value the work one did. He became the richest person in the world by begin able to save and be financially smart with his money when he earned it. He valued his hard work to the point where he wanted to eventually let the money work for him. He was frugal, and that benefited him greatly as he was able to make it on his own because of it. If he didn’t value his hard work, he would’ve wasted the money and never became the person he did in the world. I agree with this as there are a lot of people that work hard, but never have a frugal mindset in order to save. This leads to that work sort of being useless as you have nothing to show for it.

Celebrating Failure (26A)

1. During this semester I failed in getting an internship at my top interest company: Texas Instruments

2. What I learned from this is just getting used to being denied on opportunities, and to learn to accept the outcome, even if it is something you really want. I felt pretty good when sending my resume, and going through that process, but it just wasn’t meant to be.

3. In terms of the failure, I really believe I just need to be continually improving to become the applicant they want and for any employer. Whether that be with technical skills, people skills, and knowledge in general. I use failure as a source of motivation for myself as I like to be challenged and enjoy trying to prove myself to become the ideal person, and for a job, the ideal candidate. This class has taught me to take more risks, get a little uncomfortable and to just talk to people. I feel more comfortable just approaching people in general because of this class.

What's Next (25A)

What I would say is next is finding the next potential  market to enter in the PC space, or potentially going into services within the PC space.

Based off what I received from my customers they all said to begin in looking to make software that can automatically start recharging laptops without the use of any peripherals. They said this would be an idea that would radically change the way laptops are used, as this could potentially bring more people to using them. Not only did they say to do this but to also begin looking at ways where being connected to a network or the internet can begin to power devices in general. Sort of like the Internet of Things and Power of ethernet concepts that are beginning to emerge.

I would say I would be going more towards the software side of things in this new venture, and would be targeting more of the enterprise and tech manufacturing industry in order to capitalize on the potential technologies I would create in this new venture. I guess we could become the “suppliers” of the technologies that we would be able to create to then sell to PC and tech manufacturing companies so they could implement it into their products.

New market

                A radically different market I would potentially go into would be the office chair/ furniture industry. I would go into this industry as so many more people are sitting looking at screens all day, a good chair to sit on is needed for a lot of people, and yet people don’t seem to invest a lot in their office chairs, and end up having physical problems because of it/ poor ergonomics. The value would be there would be an affordable option that is also quality in delivering a comfortable sitting experience for people in their offices or wherever they are sitting to do work for an extended period.

                The product service mix that the people from my interviews gave me would be to allow for different age groups to receive different types of chairs regarding their physical condition, and to have chairs that would fit the needs of all different body types. There would also be a different product service mix as there would be the need of people who would want a chair that looks more “executive” in style, and then people who want a chair that is comfortable not as stylish stylish, but still helps maintain good ergonomics when sitting in front of a screen.

                What I learned about this market is how many people really don’t care to invest in a good chair for the time people are sitting in front of their computers, and the poor posture that is involved with it. I would say my assumptions were correct that not many invest in a good chair, but I found it way more surprising how little people are spending on something they must sit on for a lot of the time. However, what I also learned is this industry is very competitive, but one potential exploit could be the price, as there aren’t many great chairs that are available for a good price.

                I still believe the market is attractive, but the process for manufacturing and supply chain must become extremely efficient in order to give a product that is quality for a good price. That would be the hardest part of entering into this venture, as many are trying to come up with a good chair for a good price, but have failed to do so. This makes this product somewhat niche, as only people with money are going after chairs that are expensive. So, if there were a way to make a good chair for a good price, this venture could potentially take off.

Venture Concept No.1 (24A)

Intech.Inc

The opportunity in this venture is to have a true wireless charger for laptops. This venture comes from the need for people to have an easier way to recharge their laptop as the laptop is the primary PC people use for the daily work. The hassle of having to use cables, a power brick, and be situated near a wall outlet can be very difficult if you find yourself in situations that don’t have. The people I would say who have this need the most would be college students, and tech professionals. There is also a broader need to anyone who would want the wireless laptop charger. The forces that have created this opportunity are that many people are using Laptops as their main computer and people use it everywhere and frequently. This market is mainly aimed at people who use laptops frequently, and geographically, there is no boundary. Customers are currently satisfying this need by having to charge their laptop in the same way as they always have been; with a power brick, cables, and wall outlet. I would say there is a big opportunity to enter this market and build this product as consumers are wanting more flexibility and ease of use with their tech products.

The idea for this product would be a wireless USB charger. So, it would basically be a USB drives, except it will be charging your laptop instead of for storing files. All you would need is to be connected to a network or have an internet connection. Then you would plug in your USB charger into your laptop and if you are on a network, the USB will detect the signal and begin charging the laptop. If one doesn’t have an internet connection there is also the option of draining battery for your phone (an adapter will be included that allows the USB charger to plug into the phone), to then be used to recharge your laptop. This product will sell for $65, including the wireless USB stick and all of adapters needed.

I think people will go to this product as it is convenient and people will find great use for it, as a lot of people are always on the go and using their laptop. It won’t be that hard for people to switch to this product as this would be the only product out there like this. The competitors would mainly be other wireless laptop chargers and potentially laptop manufacturers. Their weaknesses and vulnerabilities might be the fact that they haven’t designed and made the technology like this and might not be able to if some of the technology gets patents. The way the product is packaged, and the way it is presented is important as we want people to feel this is a legit and viable piece of technology, not one someone buys and then never uses because it is a gimmick. In saying this there would be many departments in this business, such as actual technician and support, engineers looking to enhance and innovate with the product, and there would be marketing employees in to make this product available to as many people as possible.

The most important resource for this business would be the connections and innovation that would happen because of the employees and connections surrounding this product. There would be a lot of avenues for this product to get into because of the connections that are with this product. As far as the next venture, I would say there is an opportunity in creating software that wirelessly chargers the laptop, eliminating peripherals all together. Where I would want to be 5 years into this venture is working on the next project, and someone I have trust in to continue managing this business if it becomes successful. In the next 10 years I think this venture helps me in being able to move all the cogs in order to run a successful business, and in the next venture it wouldn’t be as hard as it would be now, since I have no experience currently. I would hope to be more into the software side of the technology business in the next 10 years, and potentially have a group of software engineers that are designing and creating technology that is for the use of making everything powered through the internet, and creating sustainable networks that can always keep things running through the internet without interruptions. The idea would be that energy and power can go through internet connections and not need the use of natural resources in order to keep things running.  There would also be a research institution that goes all in with Machine learning and allows computers to do the work in creating and sustaining energy.