Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise is that the type of corruption that SKS experienced in Nizamabad, India still exist in today’s world.  Hard to believe that a local gang of thugs wields that much power and influence over people in a society.

2) Identify at least one part of the reading that was confusing to you.

The whole concept of microfinance was a little confusing.  A little background into what this concept entails would have been helpful at the beginning instead of farther through the story.

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1- How does your business go about properly identifying and tracking these individuals?  I would imagine that they don’t all have government backed identifications that makes is easy to identify.

Question #2- What is an NGO?  You reference it a few time without an explanation of what it is.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was not a particular point that I disagreed with the author over.  I felt that there was a base level of knowledge that was needed in order to fully comprehend the microfinance process.  For those of us that may have been missing a few of the pieces, it would have been nice for a little explanation.

Final Reflection

1) Read through your blog from this semester. Recall all of the experiences you've had along the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

I would have to say that over all the class was interesting.  There was definitely a time starting about week four and ending in week eight that was definitely a low point.  Life really tested my determination to complete this course.  My son graduated from Air Force basic training, we sold and subsequently purchased our home, the move that goes along with the home sale, and then work and family life.  At some point something had to give and unfortunately it was this class.  The tenacious spirit that Professor Pryor refers too definitely helps during times like this. The best moment, by far is completing these last few posts and signing off for the summer.

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I really cannot think of one particular experience that sticks out.  I really am just happy with the fact that I took an idea that I thought would be useful and fostered it into a plausible business idea.  That whole process will stick with me for a long time.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I do not see myself as an entrepreneur.  While I may have cultivated a business idea, I have not actually accomplished or attempted an entrepreneurial venture.  I think that I have definitely moved closer to developing that mindset.  This class has helped me to look at opportunities in a different light.

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

Pace yourself, here are a lot of assignments in this course.   While at the beginning of the course no exams sounds great, by the middle of the semester you will find yourself wishing for an exam instead of some of the assignments.  I did enjoy the class overall, however there were a lot of times that I just couldn’t wait for it to be over.  Good luck in the future!

Jim

Elevator Pitch No. 4

1) The pitch.

Opportunity

My Wife and Children are avid pinners on Pinterest and various other craft sites and apps.  The issue we face constantly is that one cool project that we see and immediately want to try. The only issue is, a lot of the projects call for tools that we don’t currently own or have never used before.  This leads us to buying or renting tools we may never use again, and worst of all have no idea how to use.

Solution

The solution to this problem lies in this opportunity that I am here to present to you today.  My Companies name is called “Nailed it!” and the opportunity that it presents will revolutionize Pinners, DIYers and craft junkies everywhere.  We will offer a warehouse size workshop, filled with the latest tools and gadgets, big and small, required for completing any project that you can imagine.  This workshop will be staffed by trained professionals who can instruct and guide individuals with no experience in these fields on how to safely and successfully use the equipment.   Need a table saw to rip sheets of plywood to complete that latest closet hack?  Want to have birthday party for your child and all their friends were they can complete a project?  College students, trying to decorate your dorm room and need access to tools that you don’t own?  No problem, we have them and will gladly show you how to use them.  Come down and visit our supply shop stocked with the most popular sizes of lumber used in most projects. We even offer a project of the week, which will help people gain new techniques or introduce them to skills that they have never performed before.  These classes are perfect for the beginner or anyone who may want to try something out before investing a lot of time and money into it.

For a flat hourly rate you can come in to our workshop, safely perform your project and then take it home to enjoy.  We will take care of the clean-up, and have professionals standing by to ensure that at the end of your next project that you “Nailed It!”

2) A reflection on the feedback you received from your last pitch. 

 The feedback that I received from the last pitch again was very positive.  Everyone continues to think that I have a great business idea and they have continued to help add to the concept.  I received certain feedback that suggested a possible need by consumers for supplies.  After further thought into this, I have decided to add an additional service to the warehouse.  This would be a shop area, where limited building materials and supplies could be purchased.  This would not be a fully stocked shop, obviously that would take more space and overhead than is reasonable. However, the most popular types of lumber, and supplies would be available for purchase.  Additional types of classes were recommended and during another project I received a suggestion for birthday parties.  I appreciated everyone’s time and efforts that were put into the feedback.

3) What did you change, based on the feedback?

In addition to the changes suggested last pitch, I added in the shop for the purchase of materials and supplies.  I also added in the suggestion of birthday parties and team building events.

Venture Concept No. 2

Opportunity
The concept of Do it yourself is not a new idea.  People have utilized tools and techniques passed down through the years to create the things that they need for everyday life.  It was not too long ago where people still built their own houses and created furniture off of the land that they owned.  These days it is far cheaper to buy sticks and stuff from mega stores like Ikea, Wal-Mart, Target, and the like.   These products are created overseas in foreign factories of subpar materials.  They are not made to last, they are made to be convenient and inexpensive.  For some of us, the desire to own something meaningful far outweighs the convenience and price factors.  For some of us, that desire to create that meaningful object still burns deep and gives us something to be proud of.  It is these people that are spurring a movement that is driving applications like Pinterest, and Etsy to staggering popularity.  Do it yourself is back and it is getting bigger and bigger by the day.

The major problem faced by individuals taking part in a DIY project is the learning curve.  For many of us, we are trying to do things that we have never tried before.  Sometimes we fail, but sometimes we get it just right.  It is these moments that spur us to the next bigger project, and gives us a confident feeling when the next opportunity presents itself.    Another stumbling block faced when these projects come up are tools.  We   don’t always have what we need, and if we have to buy new ones, we have to learn to use them effectively while completing the project.  The type of customer that I am looking for comes from these very scenarios every day.  The big box home improvement stores are full of them every weekend, fighting to get what they need to complete their home projects before the Gators take the field to destroy this weekend’s rival.

My customer is everywhere, they could be:
• Single
• married
• College Students
• Male or Female
• Young or Old

My target customer could come from anywhere at any time.  This market segment is huge and growing by the day and by the pin.

Innovation

The concept behind my business targets these individuals and the projects that they want to complete.  I look to open a warehouse size workshop, completely equipped with the tools that they need to complete just about any project that they can imagine.  Included in this service would be local professionals that know how to use this equipment, and can give you the tips and techniques that you need to use the equipment safely and successfully.  All that you would have to bring are your supplies, your imagination, and your desire to create.
 
The cost of this service would vary based upon the level of expertise that you need.  The fee schedule would be as follows:

• First time orientation and safety training   $25.00
• Level 1 – Full Service, includes a professional to
        assist you in the completion of your project, tools,
        workspace, and  clean-up.                           $35.00/hour
• Level 2 – Partial Service, Includes a semi-monitored
        area with a service professional available to answer
        questions as needed, tools, workspace, and clean-up.   $25.00/hour  
• Level 3 – Self Service, includes tools, workspace, and
        Clean-up only.  No assistance with this plan.   $15.00/hour
• Limited amounts of building materials and supplies
        Available for purchase if needed.           Prices Vary By Item

Additional areas of interest for customers would come with a varied cost, dependent upon the type of activity.  One aspect of this would be a project of the week, where all supplies and instruction would be included in the set cost.  This activity would be centered on a group like setting where several professionals would teach step by step how to complete a particular project.  This would include lessons on proper usage of tools and equipment associated with the project.  As stated earlier, the cost of these activities would vary based upon the cost of included supplies, level of instruction and time needed to complete the project.

Available for purchase in the shop, would be a variety of building materials and supplies.  These items will not include every possible item that you might need.  However, popular sizes of lumber, screws, nails, and bonding agents would be stocked in the event that they are needed.

Venture Concept

The venture concept associated with this innovation provides individuals with home projects that do not have the various tools and abilities to do the things that they want to do.  We offer them the outlet that they need to accomplish the things in life that have meaning to them. I feel the opportunity to complete these projects without having to spend an enormous amount of money on tools will drive customers through the door.  Through this process they build skills and abilities that will push them to try bigger and more in-depth projects creating the return customer that we are looking for.

Minor Elements

My secret sauce will ultimately be the driving factor behind this business.  It is my desire to help foster an environment where people can come and do the things they enjoy.  In the process of this they build skills that will help boost their confidence where projects of this nature or home repairs are concerned.  Putting into practice the things that I have learned over the years to help others will push this business to be successful and create a business culture that puts customer success before profits.

The next step for this venture will be the introduction of tool kits aimed at various target applications.  These kits will all be a starting point for the customer to add too as they become more skilled and branch out into other project areas.  Kits would vary in complexity, so that someone who already has technical abilities gets wat they need to continue their growth and accomplish the tasks they need too, while a novice will not have a bunch of tools they have no use for.

The next step for me would be to continue to grow this venture into a family business that could be started in other towns and states.  Ultimately, I would want to be able to turn the business over to my children if it were something that they also had an interest in.  In five years, I still see myself very active in the community and the business, pushing to build this venture to the best it can be.

Summary

The feedback that I received for my first venture concept was very insightful and helped me to further hone my concept.  All of the feedback was very positive in nature and very encouraging to someone who wasn’t quite certain of where to start about 13 weeks ago.  One comment in particular, suggested the creation of some sort of a maker community that would help to bring these types of customers together.   While I thought this was an excellent suggestion, I felt that I would be directly completing with far more well established communities such as Pinterest, and Etsy.  I felt that this would take too much time away from the actual business to make it worth wild.  Changes that were made came from feedback that was received during other exercises.  These changes included adding a limited shop in which customers could buy certain types of supplies that they might need and then minor rewording to better explain the overall concept. Overall, I did not make many changes to the actual concept, all feedback felt that the concept was excellent and definitely hit a need in the need market.  The only negative feedback I received, really wasn’t negative to the concept. This feedback in particular, hit home for the secondary market that was referenced in the “What’s next” post.  The poster had a time issue that did not allow for him to take part in these types of projects, so he preferred to pay someone to complete necessary projects for him.  This market segment is definitely a larger segment that needs some further investigation on how to attract them.  The changes that were made enhanced the venture concept and helped to further define the overall services that would be provided.

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I think the biggest surprise was the reference to Felony Franks hot dog stand and how this entrepreneur used this business to help alleviate homelessness in Chicago. 

2) Identify at least one part of the reading that was confusing to you.

I found the information on resolving the paradox of change to be a little confusing.  Finding that balance between chaos and stability could have used a little more explanation.

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1 – How can you take an organization that does not have a cultural entrepreneurial spirit and help them to realize that they need to embrace this aspect of growth?

Question #2 – Do you find it easier to take advantage of Diaspora Networks in today’s age of communication or has technology hampered this?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was no part of the reading that I disagreed with, there were parts that I wished for more information.  However, understanding that need to provide as much information as possible limits this.  Having two chapters to work through, makes it difficult to pick just one particular item.  

Google Gold

1) A discussion of your general approach and strategy to search engine optimization (SEO). What were some of the activities you did for each blog post to pursue SEO? 

My attempts at SEO optimization included using labels in the post descriptions with each post.  I also linked other blogs to my blog and posts with interaction that I had while completing the assigned tasks.

 

2) What were your keywords? How did you select those keywords? Did you change or refine your keywords through the semester?

Most of the key words that I utilized in my posts were the assigned in the instructions for each post.  These key words did change from assignment to assignment.

3) How did you use social media to enhance your SEO efforts? What your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I did not utilize social media to promote my blog.  Not sure there are too many people out there, other than students in this class, that have any interest in my ramblings.  There were no surprises since I did not use the approach.

4) What was your most "viral" post? In other words, which post obtained the 

most traffic? Why do you think?

Celebrating Failure was my most “viral” post.  The astronomical number of page views capped out at 13 as of this posting.  Lighting the internet on fire and just waiting for those advertising dollars to start rolling in.  I would say this one received the most attention due to society reveling in other peoples failures.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

I did not make the first page of google results, or the second or the third.  As a matter of fact, I stopped looking at the tenth “O” in the goooooooooogle search.  I really find it hard to believe that I even made it into the search results.  I am sure that I did, somewhere at least, google finds everything it was just myself that never found it.

Very Short Interview, Part 2

From the initial interview, I now have a greater understanding of the different types of financial obligations, pitfalls and advantages that can come from an entrepreneurial venture.  During my first interview, Peggy referenced certain lessons that she had to learn the hard way.  The lessons that we have experienced in this class have definitely given me more of an insight on how to better manage the business aspect of the venture. 

I revisited with Peggy for the following interview:

I felt fairly comfortable during this interview, after all we have known each other for some time.  My knowledge of the entrepreneurial spirit and what it takes to manage a venture has definitely grown. The combination of the two has created a well-rounded view for the future.  Peggy made no remarks about how I may or may not have progressed in my journey.  Regardless, I definitely feel as if I have grown and made progress.  I was able to put other pieces of the puzzle learned in the area of business

 

Week 13 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

    I was surprised by the extensiveness of the checklist for analyzing a business.  There is a significant amount to energy and time wrapped up into ensuring that you make a correct business decision.

2) Identify at least one part of the reading that was confusing to you.

     I found the section on valuation methods to be a little confusing.  There were a significant number of them listed in the table, but only a few were discussed in detail.

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1- How can an entrepreneur help to diminish the effects of emotional bias?

Question #2- Which valuation method produces the most accurate results of a successful business.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

     I did not disagree with the author regarding any sections of the text.  I would have liked to see more information on the methods for business valuation.

Celebrating Failure

This semester, My Family and I sold our house and purchase a new one that us the luxuries that we wanted while being close to work.  In order to afford that house that we wanted, we had to buy a home that needed updating.  Houses that have been recently updated are going for a significant amount more in the area that we now live.  My failure involved one of the first projects that I took on.  My wife decided that she wanted the large kitchen window overlooking the back patio and pool area to be framed out like a farm house window.  She was even kind enough to find me lots of examples of what she wanted on Pinterest.  So I ripped out the all the old blinds, trim and window sill.  Once the area was cleared I measured and cut the new window sill.  Upon putting it in place the back side dropped down and created a slope with the sill.  This wouldn’t do, everything has to be level!  So I decided that I needed to shim the rear of the sill in order to bring it level.  So after doing this I glued everything down and weighted it down to give the glue time to set.  While this was occurring, I continued to frame out the window, and cut the crown molding for the top of the window.  When all was said and done, I was quite impressed with myself and the end result.

I let everything sit for approximately 24 hours before I removed the weights off the sill. I wanted to ensure that the glue had plenty of time to cure.  At first, everything was good, then slowly, one section popped up and then another.  Before it was all said and done, there was a huge bulge in the middle of window sill. Looking at it from the front, the sill really looked like a little frowny face!  I then decided that this wasn’t an issue and that I would just go get more glue and re-glue the sill in the areas where it was bowed up and then weight it down again.   I even came up with a great way to brace the sill so that it would put steady pressure across a larger surface.  I even left it braced for 3 days to ensure that it was good and glued.

Almost immediately after removing the braces, the sill popped up again.  I was not amused by this in the least, it should have held.  So I slowly and methodically removed all the trim pieces so that I could figure out was going on and fix it once and for all.  Once I finally got all the trim removed and the sill out I immediately saw what the problem was.  The damn shims that I just had to have where putting pressure on the middle part of the sill creating a point that resembled a fulcrum.  So the back was stuck under the window, and the front was constantly being pulled up by the pressure that was being created by the shims that I wedged in to hold up the back of the sill.  I removed the shims and all the glue from my first attempts.  I then laid more glue and then reset the sill, this time without the shims.  I didn’t even need to weight it down or brace it in the least. The next day, I realized that I repaired the problem, and then reframed out the window.
This window fiasco taught me to stop and fully think about what I was doing.  When I dry fit the sill I assumed that it would need something to hold it up in the back, not taking into consideration the very thick construction adhesive that would be there in the next step.  I assumed that I just knew what was needed and I was wrong.  This ordeal also taught me not to just accept things for what they were.  If they aren’t right than go back and do it better, make it right.  I know that this won’t apply to everything, there are those things that can’t be redone.  That’s OK though, if I think my way through things, they just may turn out OK.

Failure, as hard as it can be to accept, can be an excellent teacher.  You don’t always have to be successful, and you won’t always be successful.  So knowing how to handle those situations and knowing how to regroup to move forward is a great quality to have.  You will never succeed if you just give up at the first sign of adversity.  Situations like this just eat at me, and I have to figure it out.  I cannot just accept things that are not done right.  I have always tried to do everything to the best of my abilities, and when I don’t get the result I am looking for I get frustrated.  I do not really feel that this class has changed my outlook on this.  I owe that change to others that I have had the pleasure of having in my life over the years.  This quality is an excellent quality for an entrepreneur to have and is one that will help them to always push for something better.

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

The exit strategy that I have identified with through the entire process has not changed.  I have always wanted to build the business, work in at long as I need to, slowly incorporating my children into the running of the business, with passing it down to them as the ultimate plan of succession.

2) Why have you selected this particular exit strategy?

This business has come from the love of things I love to do, and have shared with my family throughout their lives.  Being a family centered person, I would naturally want them to reap the benefits of business that they helped create.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

This exit strategy has effected in the business decisions that I have made.  They have influenced the type of growth that we are seeking.  Everything is for the long term, with sustained growth being the main focus.  Since we are not looking to sell the business for a profit, opportunities that are invested in have to create long term value.  I am not looking to mortgage the future for a short term gain in hopes of selling for a profit. I am looking to build consistent revenues that will keep the business flourishing.  This outlook will influence how I evaluate each future growth opportunity.

What's Next

Existing Market. 
The existing market that I am targeting for my business concept are individuals, male or female, that have DIY type projects that they want to complete.  This segment may just not have the tools necessary or the space to complete such projects.  They also may just be lacking confidence in their skills and abilities.  The one thing this segment has in common is they have a desire to take part in this type of activity.  When discussing what I felt would be the next innovation to be offered to this market, I leaned towards tool sets that would provide the individual with the tools they already needed or tools that they were learning to use.  These sets would be expandable and allow people to perform certain tasks around their homes.
 
After talking to the three customers of my existing market, I determined that they lean more towards the service attributes than the product types.  They all had great comments about different types of classes that could be offered to better help them grow in their skills and provide entertainment for them and their friends.  One young lady, had a brilliant idea to even have Birthday parties for children.  She thought it would be great for her and her friends to come in for her birthday and complete a project and then have pizza and cake.  This was something that I had previously not thought of, and after further development felt that it was a huge market to draw from.

All in all, there were lots of great comments and ideas that came from this market that actually excited me about the prospect of actually going forward with the venture concept.  Below you can hear the interviews that I held.

 New Market.

The new market that I wished to try to attract was individuals that have no desire to actually build things on their own or partake in a DIY type activity.  These individuals again could be male or female, they would just rather purchase something already completed or pay someone else to do it for them.

After talking to three individuals from this market, I found that even though they may not take part in these activities that they still had a curiosity about it.  For the most part they were all looking for some type of a discount or a group type atmosphere to help attract them.  They also still had that desire to purchase items that had been created locally by somebody else.  They felt that some type of a shop that sold these items would be a draw to attract individuals to the business initially.  One person, approached from the side after an interview and asked about classes to help them build a home based business creating crafts to be sold on Etsy.  All had great ideas that could be used to help build business and grow into a new market.  The interviews can be heard below.

I think what surprised me the most was that this group could be attracted to a new type business outside their comfort zone.  I feel that this market would be an attractive market to try and attract.  They would bring more advertising and word of mouthy type testimonials to the people they know.  This type of exposure could lend a powerful influence to others and bring even more business through the door.

Week 12 Reading Reflection

1)    What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The information presented in the section “How outsourcing can lead to increased competition” was very interesting to me.  I found it be a little alarming that the same foreign manufacturers we are outsourcing too are now redeveloping our products for a cheaper cost.

2)    Identify at least one part of the reading that was confusing to you.

I found the information on strategic positioning to be confusing.  How do firms determine which position would suit them best?

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1- Strategic Management seems to depend heavily on a thorough and accurate SWOT analysis.  How can an entrepreneur ensure that their analysis is truly accurate so that they do not manage ineffectively?

Question #2- Do you see the increase in outsourcing of manufacturing with the increase in foreign direct selling as a byproduct of industrial espionage?  Are these foreign manufacturers stealing our products and re-manufacturing them as theirs?

4)    Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not disagree or find the author to be incorrect in any of the information presented.  I would have liked to see more information presented regarding how outsourcing can lead to increased competition. 

Venture Concept No. 1

Opportunity

The concept of Do it yourself is not a new idea.  Craftsman have utilized tools and techniques passed down through the years to create many of things they need.  It was not too long ago where people still built their own houses and created furniture off of the land that they owned.  These days it is far cheaper to buy sticks and stuff from mega stores like Ikea, Wal-Mart, Target, and the like.   These products are created overseas in foreign factories of subpar materials.  They are not made to last, they are made to be convenient and inexpensive.  For some of us, the desire to own something meaningful far outweighs the convenience and price factors.  For some of us, that desire to create that meaningful object still burns deep and gives us something to be proud of.  It is these people that are spurring a movement that is driving applications like Pinterest, and Etsy to staggering popularity.  Do it yourself is back and it is getting bigger and bigger by the day.

The major problem faced in the do it yourself arena is the learning curve.  For many of us, we are trying to do things that we have never tried before.  Sometimes we fail, but sometimes we get it just right.  It is these moments that spur us to the next bigger project, and gives us a I can do that feeling when the next opportunity presents itself.    Another stumbling block faced when these projects come up are tools.  We   don’t always have what we need, and if we have to buy new ones, we have to learn to use them effectively while completing the project.  The type of customer that I am looking for comes from these very scenarios every day.  The big box home improvement stores are full of them every weekend, fighting to get what they need to complete their home projects before the Gators take the field to destroy this weekend’s rival.

My customer is everywhere, they could be:
• Single
• married
• College Students
• White Collar workers
• Blue Collar Workers

My target customer could come from anywhere at any time.  This market segment is huge and growing by the day and by the pin.

Innovation

The concept behind my business target these individuals and the projects that they want to complete.  I look to open a warehouse size workshop, completely equipped with the tools that they need to complete just about any project that they can imagine.  Included in this service would be local professionals that know how to use this equipment, and can give you the tips and techniques that you need to use the equipment safely and successfully.  All that you would have to bring are your supplies, your imagination, and your desire to create.
The cost of this service would vary based upon the level of expertise that you need.  The fee schedule would be as follows:

• First time orientation and safety training                                               $25.00
• Level 1 – Full Service, includes a professional to assist you
        In the completion of your project, tools, workspace, and
        Clean-up.                                                                                       $35.00/hour
• Level 2 – Partial Service, Includes a semi-monitored area
        With a service professional available to answer questions as
        Needed, tools, workspace, and clean-up.                                          $25.00/hour
• Level 3 – Self Service, includes tools, workspace, and
        Clean-up only.  No assistance with this plan.                                   $15.00/hour

Additional areas of interest for customers would come with a varied cost, dependent upon the type of activity.  One aspect of this would be a project of the week, where all supplies and instruction would be included in the set cost.  This activity would be centered on a group like setting where several professionals would teach step by step how to complete a particular project.  This would include lessons on proper usage of tools and equipment associated with the project.  As stated earlier, the cost of these activities would vary based upon the cost of included supplies, level of instruction and time needed to complete the project.

Venture Concept

The venture concept associated with this innovation provides individuals with home projects that do not have the various tools and abilities to do the things that they want to do.  We offer them the outlet that they need to accomplish the things in life that have meaning to them. I feel the opportunity to complete these projects without having to spend an enormous amount of money on tools will drive customers through the door.  Through this process they build skills and abilities that will push them to try bigger and more in-depth projects creating the return customer that we are looking for.

Minor Elements

My secret sauce will ultimately be the driving factor behind this business.  It is my desire to help foster an environment where people can come and do the things they enjoy.  In the process of this they build skills that will help boost their confidence where projects of this nature or home repairs are concerned.  Putting into practice the things that I have learned over the years that help others will push this business to be successful and create a business culture that puts customer success before profits.

The next step for this venture will be the introduction of tool kits aimed at various target applications.  These kits will all be a starting point for the customer to add too as they become more skilled and branch out into other project areas.  Kits would vary in complexity, so that someone who already has technical abilities gets wat they need to continue their growth and accomplish the tasks they need too, while a novice will not have a bunch of tools they have no use for.

The next step for me would be to continue to grow this venture into a family business that could be started in other towns and states.  Ultimately, I would want to be able to turn the business over to my children if it were something that they also had an interest in.  In five years, I still see myself very active in the community and the business, pushing to build this venture to the best it can be.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.

The revenue drivers for my current concept are an hourly fee paid for by customers who come in and utilize the shop to complete their various home projects.  Another revenue driver is the project of the week, where a customer comes in for a class where all supplies and tools are included, and walked through a project to completion.

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I feel the next product offering would be tool kits that vary dependent upon the type of project that you are looking to complete.  Part of the goal of this business is to give the people the confidence to do these projects in their homes, and tools specific to their needs would help.

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

I feel this next product would enhance existing service offerings by continually helping the individual to grow in their skills and abilities. As these abilities improve, so does their confidence to try new projects, which in turn would drive repeat business.

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

After searching amazon, I located a Black and Decker Project Kit.  This kit included and 20 volt lithium drill with various bits and accessories for completing a variety of projects.  It also included 66 various hand tools, accessories and a carrying bag to keep it all in.

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Likes:
Durable, easy to use
        Battery lasts all day on drill
        Compact and light weight
        Everything you need for most projects

Dislikes:
Storage bag is small
        Does not offer any way to store all the drill bits
        Not as powerful as other equipment
        Bits not as sharp.

• Describe what design/usability changes you'd make to the product.

For my product, I would like to include a larger carry bag that would allow the individual and their tools to grow into overtime.  I would also upgrade the drill bits to a more superior brand name and include some sort of storage/organizer for them.  I would also look to provide a more powerful cordless drill, one that could handle heavier tasks as needed.

• Describe why you think this product would make a good addition to your current product/service offering.

I feel that this would make a good addition to my current service as part of what we are providing is education based.  A tool kit like this, would allow individuals to take those skills home to perform a variety of tasks that we run across on a daily basis.  This repetitive use would give the individual a desire to try something bigger which would bring them back to my business for that continued personal growth and experience.

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words,       what did you read that stood out the most as different from your expectations? 

I think that I was most shocked at the amount of operating income generated by Intel, Microsoft, and Apple since the introduction of their different products.  This amount was far greater than I imagined it would be.

2) Identify at least one part of the reading that was confusing to you.

The innovation landscape map was a little confusing.  I would have liked to see an example or diagram of what one would typically look like.  Leaving it too my imagination did not make the subject any clearer. 

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1- Do you feel that as innovation continues to progress that more and more companies will turn to crowd-sourcing to try and keep up with the demand?

Question #2- How do you handle senior leadership that is not willing to recognize or embrace innovation strategies that would help a company evolve?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I felt that the information presented regarding routine innovation was somewhat contradictory.  In one section he states that “routine innovation is often called myopic or suicidal” and in another section he discusses how the hundreds of billions of dollars made by apple, Microsoft, and Intel was considered to be routine innovation.

My Unfair Advantage

1) Tools- power and hand, various assortment
V- The collection of tools that I have amassed over the years will help to offset some of the initial capital need.
R- Although not extremely rare, this resource is a valuable commodity that is at the heart of venture.
I- This collection is unique in that I have purposely and thoughtfully put it together to solve the issues that I have had in home renovation and DIY projects.
N- This venture will require these exact types of tools to be successful.  They are not substitutable, however there will be additions to this collection during the initial outlaying of capital.

2) Creative (Human Capital)
V- Being raised in a family where there was always some sort of home renovation or craft project in the works has turned me into the type of person that would rather create it myself than pay someone else.
R- My unique experiences over the years are extremely varied from my years in the Army, to bachelorhood, and now into my family years.  This varied experience has created the essence of this company.
I- My experience and abilities are not imitable, everyone’s level will vary.
N- This venture will require this type of well-rounded individual to be successful.  This resource is not substitutable.

3) Wife (also creative and would have shanked Martha Stewart in prison with a shiv fashioned from a tampon tube.  She is that bad ass!)
V- You have heard of people having a creative side, however my wife is just creative all the way around.  There is not one item in our house that we have purchased over the years that she has not made over in some way, shape, or form.
R- She is my biggest commodity and brings a sense of direction to the company.  She is the reason why I build stuff.
I- Thankfully she is one of a kind!
N- Due to her unique and creative mind, there may be imitations but there are no substitutes for this resource.

4) Determination (Human Capital)
V- I am too stubborn to give up on something once I get started.
R- Unfortunately, this is a not rare, as many men suffer from the same problem.
I- This resource is imitable, as many men are “determined”.
N- This venture will require someone with determination.  This resource is not substitutable.

5) Problem Solver (Human Capital)
V- As stated with prior resource, I am too stubborn to give up on something once I get started.  I will always find a way regardless of how long it takes.
R- Again, unfortunately, this is a not rare, as many people suffer from the same problem.
I- This resource is imitable, due to many people having this same resource.
N- This venture will require someone with this resource.  This resource is not substitutable.

6) Friends in Management at Home Depot
V- This resource is of great value, as it adds access to market segments that we are targeting.
R- This resource is not extremely rare, as big box stores are everywhere.
I- This resource is imitable, anyone could also have this resource.
N- This venture will require this resource as a continual source of new customers.  This resource is not substitutable.

7) Access to a large vacant warehouse
V- This resource is of great value, it is exactly the size space that we are looking for and needing to properly set up the different areas for projects.
R- Although this resource is not rare, due to its size and availability at the price we would be able to contract at it would be extremely valuable.
I- This resource is imitable, anyone could also have this resource for a heftier price tag.
N- This venture will require this resource at a large size and is not substitutable.

8) Parent with financial capital to invest
V- This resource gives us the capital required to put this business in motion at an interest rate that we can afford to borrow at.
R- This resource is not rare, there is financial capital available, just at higher interest rates.
I- This resource is imitable, anyone could also have this resource.
N- This venture will require this resource as a cornerstone to acquire the remaining resources needed to be successful.  This resource is not substitutable.

9) Organizational Culture
V- The premise behind this business is to empower individuals to create things that will have meaning to them and bring value to their lives.  The individuals involved with reflect this mission and strive to help every customer succeed.  This will be the biggest driving factor of this company.
R- This resource is extremely rare these days, not many businesses put an emphasis on the success of its customers over the profits of the company.
I- This resource is imitable, and I would love to see more companies follow suit.  The world would be a much better place.
N- This venture will require this resource as a continual source of new customers.  This resource is substitutable, the company could be a success without it.  However, it would be the company that I envision or the one that I set out to create.

10) Large Local Social Network
V- This resource is of great value, as it adds access to market segments that we are targeting.
R- This resource is not extremely rare, social networks are easy to tap into.
I- This resource is imitable, anyone could also have this resource.
N- This venture will require this resource as a continual source of new customers.  This resource is substitutable, other forms of marketing could be used.

Of all my resources, I would say that resource #9 would be my top resource.  I feel that this type of organizational culture will help us to stand out and build the word of mouth reputation that we will need.  Utilizing social media to help advertise will be crucial in the beginning, and having a staff that is focused on the success of the individuals utilizing this business will help this blossom.  When you care about your customers, they know it and that will make the biggest difference.

Week 10 Reading Reflection

For the week 10 reading reflection post I read: Kuratko Chapter 11 Financial Preparation for Entrepreneurial Ventures, and answered the following questions.

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

I found the information on financial ratios to be the most surprising.  Reading the information on each ratio gave me a huge insight into just how much information you can garner from your financial statements.

2) Identify at least one part of the reading that was confusing to you.

I found explanation and example of simple linear regression to be confusing.  I could not fully wrap my mind around the way the author explained this in the book.

3) If you were able to ask two questions to the author, what would you ask? Why?

Question #1:  When comparing the accrual system of accounting against the cash system of accounting.  Does one have advantages over the other or offer a benefit towards a certain type of business?

Question #2:  During the performance of break-even point computations which approach works best or is just an entrepreneur’s preference?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not disagree with the author on any of the points, however any of the information that contained a formula could have been better presented.  Some of the formulas where confusing and needed further explanation or examples.

Elevator Pitch No. 3

1) The pitch. 

Opportunity

My Wife and Children are avid pinners on Pinterest and various other craft sites and apps.  The issue we face constantly is that one cool project that we see and immediately want to try. The only issue is, a lot of the projects call for tools that we don’t currently own or have never used before.  This leads us to buying or renting tools we may never use again, and worst of all have no idea how to use.

Solution

The solution to this problem lies in the opportunity that I am here to present to you today.  My Companies name is called “Nailed it!” and the opportunity that it presents will revolutionize Pinners, DIYers and craft junkies everywhere.  We will offer a warehouse size workshop, filled with the latest tools and gadgets, big and small, required for completing any project that you can imagine.  This workshop will be staffed by trained professionals who can instruct and guide individuals with no experience in these fields on how to safely and successfully use the equipment.   Need a table saw to rip sheets of plywood to complete that latest closet hack?  College students, trying to decorate your dorm room and need access to tools that you don’t own?  No problem, we have them and will gladly show you how to use them.  We even offer a project of the week, which will help people gain new techniques or introduce them to skills that they have never performed before.  These classes are perfect for the beginner or anyone who may want to try something out before investing a lot of time and money into it. 

For a flat hourly rate you can come in to our workshop, safely perform your project and then take it home to enjoy.  We will take care of the clean-up, and have professionals standing by to ensure that at the end of your next project that you “Nailed It!”

2) A reflection on the feedback you received from your last pitch. 

 The feedback that I received from the last pitch was very positive.  Everyone really seems to think that I have a great business idea. Some of the feedback pointed out the need for this type of service by college students, and helped me rethink the process of projects of the week. I feel that the feedback regarding the different market segments was very important. I was surprised the most by the fact that I didn’t think of college students myself!  I appreciated all the feedback and did not feel that any of it was wrong or silly.

3) What did you change, based on the feedback?

Overall, the majority of the pitch was the same.  I did add portions trying to touch on this need for college students, and the thought that even somebody who has completed projects in the past might be able to pick up a new skill from the guided weekly projects. 

My Secret Sauce

Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 
     1) Good work ethic- No matter how you feel you should show up and perform to the best of your abilities.
     2) Compassionate- Take the needs of others into my daily activities.
     3) Problem Solver- If there is an issue that needs to be fixed, I look for a solution, or for an improvement if the problem cannot be totally fixed at the time.
     4) Excellent Common Sense- When presented with new or unfamiliar situations, use past experience to guide and help maneuver through task at hand.
     5) Sense of humor- No matter how bad things get, I always try to find humor in the situation and try to use that to improve the situation or at least lighten the mood.

Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

Interview # 1 – Christy
I have known Christy for 17 years, she felt that there were quite a few things that separate me.  She felt that my work ethic was excellent and that it helps me during challenges.  She feels that I always find the positive and that I use this to help others during these situations.

Interview # 2 – Addison
I have known Addison for 9 years, we talked for quite a while about what she felt made me different from others.  In the end, she felt it was my kind, caring and patient attitude that stood out.  She also felt that I was funny and liked to help people.

 
Interview # 3 – Jesse
I have known Jesse for 16 years, he is a local college student that I helped many times throughout the years.  He felt that I had the ability to overcome just about anything that I set my mind too.

Interview # 4 – Kathy
I have known Kathy (my loving Mother) for 44 years.  She felt that I have passion for what I do in all parts of my life.  She felt that I am caring for people and that I have a positive attitude that helps me in all aspects of my life.

Interview # 5 – Pete
I have known Pete for 32 years, in the recording I mistakenly said 44.  He felt that I had good common sense and that I look at things objectively. That in using these skills I apply them to try and make proper decisions.

Interview # 6 – Lila
I have known Lila for 5 years, which is exactly how old she is.  My youngest daughter did not want to be left out of this process, so we listened to what she had to say.  Being the youngest, I was cringing because of the old saying “out of the mouths of babes!” To my surprise it was worthy of submitting, she felt that I was kind, sweet, and that I take them to fun places.

Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How? 

Overall, I felt that the way that I saw myself and the way others saw me were pretty similar.  I have always tried to keep a level head and make the right decision, by myself and others.  I feel that these actions have been noticed by them and have helped to shape the way they see me as a person.  I feel that the interviewees are correct about me, as I do strive for these characteristics on a daily basis.  I would not make any corrections to my list.  I would probably add understanding to the list though.  I feel that being human, you never truly act the way you want at all times, and that being understanding of this and taking the context of someone’s actions into consideration is also a great attribute.

Week 9 Reading Reflection

For this week's  reading reflection post, I addressed the following areas:

1)    What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I really did not find any of this week’s reading to be a big surprise.  Most of it seemed quite familiar after taking a Marketing last semester.  If I had to put my finger on one particular thing it would be the introduction of the 4 C’s.

2)    Identify at least one part of the reading that was confusing to you.

I found the section regarding quantitative vs qualitative research to be confusing.  They both rely on analytical testing and seem to only very by size.  I would like to have seen an example of each to better each understand the difference.

3)    If you were able to ask two questions to the author, what would you ask? Why?

Question # 1 - Can you further explain the difference between quantitative and qualitative research and give examples.

Question # 2 – If consumer driven philosophy approach is often more effective, than why don’t more venture adopt it?

4)    Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I disagreed with the steps in developing a marketing plan.  I feel that along with the current marketing research and sales analysis it should be evaluated against what plans have been used in the past.  If a plan was unsuccessful than information may be able to be pulled from those plans that could help to better shape future plans.