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. 

Amazon Whisperer

• Revenue drivers- An app that helps people budget and manage their money no matter what kind of job they have. Charging for different versions. The cheaper versions will just be inputting your lowest daily incomes and then coming up with a realistic pay. The more expensive versions will help you plan to save, even for vacations. 
• Customer's are going to want to link it to you accounts. They are going to want the app to physically do it for them.
• To link the account to the manager, it will be an extra charge. It'll help their experience because it'll take away the self control factor. Although they have something budgeting for them, they still would have to take the money and use it accordingly. 
• I didn't find anything that was like the app I have been talking about. There was books on how to budget but that is not an actual device. 
• I think the books could be a good link to add to the app. Credibility shows a lot to customers and they are more likely to trust the app and spend the money on it. 

My Unfair Advantage

Resources:
1. Determination- Some people don't have a strong drive. I keep pushing through the hard times to achieve my ultimate goal.
2. Amount of people in my network- I know people from different states. I've moved many times and kept in contact with everyone I've been able to.
3. Very Sociable- I'm a social butterfly. I can talk to anyone, whether I know them or not. Definitely not a bit shy.
4. Able to manage money efficiently- After budgeting for so long, I finally understand how to budget for what I need. I never let myself spend over the amount I can afford. Not many people can do that these days.
5. Excellent marketing techniques- I love Marketing. People think it's challenging to grasp a market or even different types of people. The challenge is what keeps the drive to continue to spread the word.
6. Being fearless- I'm not scared of failure. You're probably going to fail a million times before you succeed once.
7. Money which i've been saving, is available- I have the money to put into a small business or app that I believe could be profitable.
8. Technologically savvy- If given a device that I've never used, I can always figure out how it operates. My friends and family are always asking me for help when somethings broken or simply when they don't know how to operate it.
9. Patient- Most of the time I have an abundance of patience. Patience is important in success. Most things don't happen overnight. I haven't met a lot of people who carry patience like I do.
10. Understanding- I think patience and understanding could kind of go hand in hand. When you understand how business works and how long it could take to profit, in comes the patience.

I'd have to say that determination would be my best advantage. Determination can help a person accomplish whatever resource is necessary in succeeding. It's more important because without determination, you have nothing. You lose all your drive, patience, and understanding.

Reading Reflection No. 2

Book- How to Fail at Almost Everything and Still Win Big by Scott Adams

1) What was the general theme or argument of the book? 
Scott Adams argued his amount of fails at success. He also talked about complications he had with dystonia and how he overcame it. His belief was that systems were overruled when being compared to goals. 


2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I believe that all of the assignments we have been doing is really it's own system. There's not technically an ultimate goal but more of a system to better our understanding of how to grasp drive and overcome our fears. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
The assignment would involve all the students to create goals. Then for the responses from classmates we could try and come up with a system instead that would fit in that category of goals.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
I never thought the title would be so exact. I also knew nothing about dystonia and never met anyone who suffered with it, so that was a big 'aha' for me. It would've never crossed my mind that this guy created a comic either.