Reading Reflection No. 3

Miracles Happen by Mary Kay Ash

• What surprised you the most? How driven this woman was and how much she cared about her employees. She was extremely smart and valued the people who drove her product and business by rewarding them. 
• What about the entrepreneur did you most admire? Mark Kay Ash was a strong woman, that is hard not to admire. Instead of going for an everyday job, she stepped out of her element and created a business that benefited others. 
• What about the entrepreneur did you least admire? There wasn't anything that I didn't admire about her. She loved pink and was a strong woman. 
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it? She encountered failure after not being promoted in her previous jobs before the business. She rose above it and created a cosmetic company that profited tremendously. 

2) What competencies did you notice that the entrepreneur exhibited? 

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

To me, it was confusing how much she believed makeup was such a necessity. I mean, I love makeup but that doesn't make a woman. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why? Was there ever a day where you decided to keep your face pure and not put product on it? Do you truly believe that your product will help a woman face with aging

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? In my book, her opinion of hard work was pushing. In sales, you must know your product and love it. There also is a pushy side to it. To be successful in sales you have to be a little pushy, if you give up to easily, you give up your sale. 

Venture concept No. 2

Opportunity

Who has the need?
To be general, anyone could be in need of budgeting. This need would be specifically for people who struggle with money or have a hard time figuring out what they make every month and how to disperse it properly. 

The nature of the need?
The best way to describe the nature of the need would be helping people who need that extra push. The need is very apparent for people to realize they need it. If someone can't budget, their bank account will show it. 

What are the forces or changes in the environment?
The economy would be a huge affect on this need. 

How is the market defined geographically and demographically?
This is pertaining to the service industry, anyone who doesn't have a set pay. It could be beneficial for anyone, but I see it being more useful for people who don't know what they're making everyday.

How are customers currently satisfying this need? How loyal are they to whatever they use now?
Some people use calendars and mark down what they make. I don't believe they're loyal to any ideas as of now. The app could notify you everyday to make sure you don't forget to jot down what money you made. 

How big is the opportunity?
It's an app, so it's a great opportunity. It can target all markets and all areas. 

How long will the "window of opportunity" be?
I don't think there's much time left to create this app. Everyday people are coming up with new ideas and new applications.


Innovation- The app will be set up like a calendar. It will be a free download with upgrades available. One way this app could make money would be by supporting other companies and advertising. There would be a charge for every time an advertisement was displayed on the layout of $100. By running at least 5 a day, that would make a decent profit overall. There will also be different levels. The first level would be a charge of $5 a month. That would include mapping out the least amount to budget for every month. The next level would be $10 a month and that would give options to input your bills, so that the app can calculate what is left over and how to spend it.

Venture concept

What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
Customers will switch to this product because of the quality. It won't just be a budget app for bills. This app will help people save for things like vacations or just to save in general. The customer service will make it well worth it to switch over as well.
Who are the competitors? What are their possible weaknesses or vulnerabilities?
The competition would be other budget apps.
What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
Customer service is going to be my number one priority. There will be someone available 24/7 to ensure that payments are processed correctly and that the glitches are sorted through in a timely manner.
How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
Whenever technology is involved, there has got to be a person who can fix glitches and technological problems. There will be a couple of people for marketing, so the word can get out about the app. I would like to hire someone who can work overnights that is somewhat tech savvy so that problems can be resolved at all times.

Minor Elements

My most important resource will be my customer service. It's very rare that you find good feedback on how well you were taken care of or accommodated when something isn't working the way it should.

The next new product would probably be a new app that links to this one and can pay your bills for you. It can also set aside money for vacations, but won't allow you to use it for anything else.

What's next for me would be managing. It would be nice to just sit back, hire good employees, and possibly travel the world while making money. 

Changes- I fixed the formatting, so it's not all out of whack anymore. I also added a better reason of why people would switch to my idea. I also added a picture!

Final Reflection

1) By far my favorite blog post this semester was the bug list. It was fun and really taught me what bothers me. I truly enjoyed reading and replying to others lists. The most dreadful assignments, in my book, were the reading reflections. I understand the purpose of them, but I don't care too much to read unless interested in something. 

2) I believe this whole class really makes your mind think about what you're capable of. A simple idea can be thought through and with enough dedication, become a business plan. Altogether, this class is nothing like I've ever experienced in school. It's been a great experience!

3) Now all I can think about is ideas for business plans. I've even looked into how to get approved for a business loan. I see myself as an entrepreneur and I can honestly say I didn't before. 

4) My recommendation for future students would be to focus. This class is very beneficial to get you thinking, but you have to keep up with the assignments to get a good grade. If they keep a good schedule every week on getting their assignments done and work little by little throughout the week, they'll succeed with the grade they were looking for.

Making it Real

https://docs.google.com/document/d/10muz8BjA35RzTKVKjOMtlQT5TprS81S2-2DMv7JyvzI/edit

My Exit Strategy

It's a hard decision to make. I guess it all depends on how successful the business is. If the company wasn't profiting as fast as I was hoping for, then I would probably sell the company for a substantial amount of money and start something different. Ultimately, I would love to have a successful business that I could pass down to my children. So, like I said it really all depends. This business would definitely fall into the exit strategy of passing it down through my family. I wouldn't venture into a business concept without striving to achieve that goal. Everyone is going to need help budgeting. So this opportunity will always be there.

Celebrating Failure

Well, I try not to fail at much. One thing I seem to be really good at is getting stuck in the mud. Every week I take my four wheeler out and go mudding. I have big mud tires and my whole thing is decked out so I can ride deep. For me, it's embarrassing when I get stuck. Once you get stuck, someone has to stop what they're doing and help you get out. I've finally learned to watch where people go first. If a smaller four wheeler can go through it, then I can too. I need to stop being stubborn and worrying about going full throttle first. Failure is definitely hard for me. I don't like being embarrassed and I sure don't like to have to try again. This class has showed me to keep pushing. Failure is a part of life and you eventually learn something good from it.

Venture Concept No.1

Opportunity

• Who has the need? 
• To be general, anyone could be in need of budgeting. This need would be specifically for people who struggle with money or have a hard time figuring out what they make every month and how to disperse it properly. 
• The nature of the need?
• The best way to describe the nature of the need would be helping people who need that extra push. The need is very apparent for people to realize they need it. If someone can't budget, their bank account will show it. 
• What are the forces or changes in the environment? 
• The economy would be a huge affect on this need. 
• How is the market defined geographically and demographically?
• This is pertaining to the service industry, anyone who doesn't have a set pay. It could be beneficial for anyone, but I see it being more useful for people who don't know what they're making everyday.
• How are customers currently satisfying this need? How loyal are they to whatever they use now?
• Some people use calendars and mark down what they make. I don't believe they're loyal to any ideas as of now. The app could notify you everyday to make sure you don't forget to jot down what money you made. 
• How big is the opportunity?
• It's an app, so it's a great opportunity. It can target all markets and all areas. 
• How long will the "window of opportunity" be?
• I don't think there's much time left to create this app. Everyday people are coming up with new ideas and new applications.

Innovation- The app will be set up like a calendar. It will be a free download with upgrades available. One way this app could make money would be by supporting other companies and advertising. There would be a charge for every time an advertisement was displayed on the layout of $100. By running at least 5 a day, that would make a decent profit overall. There will also be different levels. The first level would be a charge of $5 a month. That would include mapping out the least amount to budget for every month. The next level would be $10 a month and that would give options to input your bills, so that the app can calculate what is left over and how to spend it. 

Venture concept

• What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?
• Customers will switch to this product because of the convenience. Cell phones are used for everything nowadays. 
• Who are the competitors?  What are their possible weaknesses or vulnerabilities? 
• The competition would be other budget apps. 
•  What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
• Customer service is going to be my number one priority. There will be someone available 24/7 to ensure that payments are processed correctly and that the glitches are sorted through in a timely manner.
•  How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  
• Whenever technology is involved, there has got to be a person who can fix glitches and technological problems. There will be a couple of people for marketing, so the word can get out about the app. I would like to hire someone who can work overnights that is somewhat tech savvy so that problems can be resolved at all times. 

     Minor Elements

      My most important resource will be my customer service. It's very rare that you find good feedback on how well you were taken care of or accommodated when something isn't working the way it should. 

     The next new product would probably be a new app that links to this one and can pay your bills for you. It can also set aside money for vacations, but won't allow you to use it for anything else.

     What's next for me would be managing. It would be nice to just sit back, hire good employees, and possibly travel the world while making money.