30A Final Reflection

We Made it!

 I believe the most difficult but more informative assignment was the bug list. I will never forget this assignment because it was the most interesting assignment. The bug list assignment pretty much with the beginning of creating our entrepreneurial mindset. I can’t decide what or when I felt most accomplished because I truly feel I have accomplished each assignment and it has made me extremely interested in class. This is the only class that I watched every lecture. I do see myself as an entrepreneur and I am developing the mindset of one.  

For the students who are going to be joining the entrepreneurship journey, I recommend you think outside of the box and do not hold back on anything! If you believe it, write it! Take risks on all your assignment and it will never be boring that is how you will foster an entrepreneurial mindset

Venture Concept No. 2

Venture Concept 2

Opportunity

The unmet need is left handed people not having the same advantages as right handed people. About 10% of the population is left handed. Most left handed people don’t use things properly because they are not made for us. This opportunity not only involves the left handed adult or child, it involves the parents for the left handed child and or the spouse of the left handed adult. Left handed individuals struggle with writing in a three ring binder, using scissors, going to a bank to deposit or withdrawal money because the pen is on a chain on the right side, trouser zippers, learning to tie shoelaces (as a child because the right handed parents are showing you their way rather than a comfortable way). These are basic day to day things many of use do or have done. The force or changes in this environment is there are not many left handed products sold or sold for a decent price. There are left handed individuals around the entire world but majority are in the U.S., Canada, Netherlands, and Belgium. In order to satisfy this need, left handed individuals go against their motions and learn how to use products with their right handed or use right handed products with their left hand which causes the most frustration. Many left handed individuals become comfortable with using the two methods mentioned above so they are extremely loyal. This opportunity is big, it can change the lives of lefties and future lefties. This window of opportunity will not close until every leftie is satisfied.

Innovation

My company will be called “Southpaw Lifestyle” which will provide left handed products at a decent price through my online store, my physical store, or the products I put on Amazon or sell to Walmart. I’ll be selling left handed scissors, pens, notebooks, guitars, baseball and softball gloves, can openers, and cooking utensils. The way I will make money is by looking for large quantities of left handed products which are sold much cheaper, then sell them at a decent price. For example, I buy 100 left handed scissors that will individually cost 2-3 dollars. I will then sell them for $3.75-$4.00 to customers which is the best price compared to $8-$20 scissors. I will profit $.75-$1.00 for each scissors sold. I can do this for all my products. I can also network with people who make guitars in local stores and ask them for deals. For example, I walk into a local store and ask them how much a left handed guitar is made for, then I will cut a deal and tell them I’m willing to buy 50 guitars from you for $200-$300 for each guitar. For a local business store owner, who would say no to that? Then I’d sell the guitars for $400-$500 each which gives me a $100-$200 profit per guitar. I will also have a few advertisement on my website which will actually give me enough money to pay small bills and for the website itself.  I’d do all of this as I begin my business.

After five years, I’d like to then learn how to create my own scissors, notebooks, pens, can openers, and kitchen utensils. I can look into classes to take to build these items like wood shop and metal making classes. I’ll be able to profit much more if these products were created by my business. For example, I buy a thousand loose leaf college rule paper for $2.00. With researching how to make notebooks, I can make my notebooks that tear paper from the right side instead of the left. If I purchase 2 spiral rings for $1.50, I can make two notebooks which each cost $1.75 for making them and I’d sell them at $3.00 with a profit of $1.25. I’d allow advertisements on my website which will make me some money and I can hold fun events at my store and charge $3.00 for each person that attends my event. I will ensure my products are cheaper than any other left handed product on the market.

Venture Concept

This company will help solve this opportunity because Left handed individuals will purchase handed left products at a good price. This company will have variety of different products from guitars to measuring cups. Customers would switch to my product for the price and the variety. It would be hard for adult customers to buy these products because many are accustomed to using right handed products with their left handed. Parents of children are more inclined in buying my products because these products will help them embrace their left handedness and cause less of a frustration when in school. I have a lot of competition including other left handed companies and right handed companies. My price points are my strengths. I will have the lowest possible prices for these products which may even cost less than right handed products. For the first year, myself and my partner will control the business in all aspects. As the company grows and I begin to sell my own made products, I will hire more employees (10-15) to help with the production and selling of products. The employees will have excellent customer service and work ethic.

The three minor elements

We will have the passion to create a better experience for left handed customers rather than just looking at dollar signs. Because I personally know the struggles of being left handed, I will understand my customer’s needs and help solve these needs.

What’s next? Possibly setting up sports activities by creating my own baseball and softballs clubs that are for left handed players. I’d also like to hold creative nights at my store like a music night for left handed musicians and left handed artists. I will continue to find more products that can benefit left handed adults and children. I’d like to be involved with charities as well.

In five to ten years, I’d like my company to be the top leading left handed company and another store location in another country. As an entrepreneur, I’d like to turn more bugs into fixes. I’d like to continue to develop as a person who turns problems into solutions. This venture will help me have the motivation to do bigger things and have no fear in making my ideas into realities. If I have children in the next ten years, I have them take over the business while I move into my next venture.

Summary of feedback/ What I changed.

I only had positive feedback on my first venture concept or my what’s next assignment. Instead I asked two of my friends to provide me with feedback. One of my friends wanted me to more into detail on how much I will be profiting of items so I went ahead and added how much profit I’d make per item sold in my examples. She believe it was important because she didn’t fully understand how i’d be profiting of the items I sell. I also added that my website will have a few advertisements which will help pay off having the actual website. My other friend didn’t really believe in my business and does not believe it will last more than three years. She said “If some how it does, do you actually want to keep the business to yourself or sell it? Or do you have any other business ideas you’d like to create?” I began to think that I will be passing this business off to my children, assuming I’ll have children in 5 to 10 years, and begin chasing another venture. I corrected a few errors I had as well. I don’t believe there is so much I can change about my venture because it is a small business that is targeting a small market.

27A- Reading Reflection No.3

Mindset: The New Psychology of Success

1) What was the general theme or argument of the book?

The general theme of the book is learning the difference between a fixed mindset and a growth mindset and how these mindsets affect different parts of our lives. Dr. Dweck provides tips, examples, and recommendations on how to develop the growth mindset.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book speaks a lot on failure and how we handle failure. ENT 3003 emphasizes on taking risks because that’s what being an entrepreneur is all about. This book provides me with a growth mindset when taking risks. For example, I took the risk on choosing a difficult opportunity to identify and stick with for the entirety of the class. With the risk, the book has giving me a mindset of growth by using one of the suggestions he mentioned which is to work harder when you feel like letting go and to be self-confident regardless of what or who is around you.  

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise would involve to actually change our mindsets from fixed to growth. Instead of just simply writing out opportunity and going into detail, we can incorporate on how to speak about our opportunity and details. We can use the growth mindset to express our assignments.

A good assignment would be to focus on the feedback we provide to other students. We can enhance or growth mindset through each other by using quality constructive criticism. That will help us learn and grow from one another.  

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 was surprise to see how difficult it is to develop a growth mindset. I was also surprised seeing that many children have a growth mindset and tend to never give up compared to adults. This book really helps giving people motivation to improve themselves and look at failure as good thing rather than bad.

I highly recommend this book. This book is the best of the three I read!

28A- Exit Strategy

My Exit Strategy

1) Identify the exit strategy you plan to make.

I intend on protecting the venture as a family business, and plan to pass it down to my children in the future.

2) Why have you selected this particular exit strategy?

This venture is not just a money making business to me, it is something I have a passion for and find joy in seeing customers happy with their products and their life. As the company grows and I learn more about left handedness and other ways to provide comfort, I’d like my children to take over and become passionate about this as I am. I’d treat this business as a learning experience for my children. This family business will stay around as long as there are still lefties in this world.  

3) How do you think your exit strategy has influenced the other decisions you've made in your concept?

This exit strategy influences both how I have identified an opportunity and the intentions of the growth within the company

26A- Celebrating Failure

It’s a Celebration!

1) Tell us about a time this past semester that you failed

It is my first semester as a student at a big university. I had a motivating mindset and was ready for whatever was coming at me as a student. The first two weeks of being a full time student and working almost 40 hours a week, wasn’t too bad. I was managing and still had the motivational mindset. After those two weeks, I was slowly falling into the cracks of time management failure. I struggled and I am still struggling with balancing all of my assignments, work, and my relationship. I realized I failed when I got a 70% on an exam (with a curve). I immediately fell into the mindset of failure, and that really affected my emotional state and my relationship. I can’t grasp how to manage my time. I feel like I have no room to put in all the studying I can. I’ve tried to create an agenda and I still managed to get off track. This semester I have failed in managing my time and putting all my effort into all of my duties.

2) Tell us what you learned from it.  

I am still learning from this failure. So far all I’ve learned is that negative thoughts create negative outcomes. I am practicing to be positive even if I am not 100% sure on what I am doing. Failing with time management causes stress and poor performance but at the end of the day, I am realizing that I must continue to push through and learn from those mistakes and find a better way to create a habit that’ll improve my time management.

Keep calm and carry on, they said.  

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Failure can either make you or break you. Failure breaks me more than makes me. I really focus on failing rather than what I did to fail and how grow from it. I stress easily, I lose sleep, and I have a negative mindset when I fail.

This class has actually taught me to become more open minded and push through all situations. I am much more likely to take a risk now than I was months ago. I have slowly learning more about myself and my capabilities in this course and will continue to do so throughout my journey as an adult.

If any of my fellow classmates have any tips on how to improve time management and balancing courses, please let me know. :)

24A-Venture Concept No.1

Venture Concept 1

Opportunity

The unmet need is left handed people not having the same advantages as right handed people. About 10% of the population is left handed. Most left handed people don’t use things properly because they are not made for us. This opportunity not only involves the left handed adult or child, it involves the parents for the left handed child and or the spouse of the left handed adult. Left handed individuals struggle with writing in a three ring binder, using scissors, going to a bank to deposit or withdrawal money because the pen is on a chain on the right side, trouser zippers, learning to tie shoelaces (as a child because the right handed parents are showing you their way rather than a comfortable way). These are basic day to day things many of use do or have done. The force or changes in this environment is there are not many left handed products sold or sold for a decent price. There are left handed individuals around the entire world but majority are in the U.S., Canada, Netherlands, and Belgium. In order to satisfy this need, left handed individuals go against their motions and learn how to use products with their right handed or use right handed products with their left hand which causes the most frustration. Many left handed individuals become comfortable with using the two methods mentioned above so they are extremely loyal. This opportunity is big, it can change the lives of lefties and future lefties. This window of opportunity will not close until every leftie is satisfied.

Innovation

My company will be called “Southpaw Lifestyle” which will provide left handed products at a decent price through my online store, my physical store, or the products I put on Amazon or sell to Walmart. I’ll be selling left handed scissors, pens, notebooks, guitars, baseball and softball gloves, can openers, and cooking utensils. The way I will make money is buy looking for large quantities of left handed products which are sold much cheaper, then sell them at a decent price. For example, I buy 100 left handed scissors that will individually cost 2-3 dollars. I will then sell them for $3.75-$4.00 to customers which is the best price compared to $8-$20 scissors. I will profit $.75-$1.00 for each scissors sold. I can do this for all my products. I can also network with people who make guitars in local stores and ask them for deals. For example, I walk into a local store and ask them how much a left handed guitar is made for, then I will cut a deal and tell them I’m willing to buy 50 guitars from you for $200-$300 for each guitar. For a local business store owner, who would say no to that? Then I’d sell the guitars for $400-$500 which gives me a $100-$200 profit. I’d do all of this as I begin my business. After five years, I’d like to then learn how to create my own scissors, notebooks, pens, can openers, and kitchen utensils. I’ll be able to profit much more if these products were created by my business. For example, I buy a thousand loose leaf college rule paper for $2.00. With researching how to make notebooks, I can make my notebooks that tear paper from the right side instead of the left. If I purchase 2 spiral rings for $1.50, I can make two notebooks which each cost $1.75 for making them and I’d sell them at $3.00 with a profit of $1.25. I’d allow advertisements on my website which will make me some money and I can hold fun events at my store and charge $3.00 for each person that attends my event.

Venture Concept

This company will help solve this opportunity because Left handed individuals will purchase handed left products at a good price. This company will have variety of different products from guitars to measuring cups. Customers would switch to my product for the price and the variety. It would be hard for adult customers to buy these products because many are accustomed to using right handed products with their left handed. Parents of children are more inclined in buying my products because these products will help them embrace their left handedness and cause less of a frustration when in school. I have a lot of competition including other left handed companies and right handed companies. My price points are my strengths. I will have the lowest possible prices for these products which may even cost less than right handed products. For the first year, myself and my partner will control the business in all aspects. As the company grows and I begin to sell my own made products, I will hire more employees to help with the production and selling of products. The employees will have excellent customer service and work ethic.

The three minor elements

We will have the passion to create a better experience for customers rather than just looking at dollar signs. Because I personally know the struggles of being left handed, I will understand my customer’s needs and help solve these needs.

What’s next? Possibly setting up sports activities by creating my own baseball and softballs clubs that are for left handed players. I’d also like to hold creative nights at my store like a music night for left handed musicians and left handed artists. I will continue to find more products that can benefit left handed adults and children.

In five to ten years, I’d like my company to be the top leading left handed company and another store location in another country. As an entrepreneur, I’d like to turn more bugs into fixes. I’d like to continue to develop as a person who turns problems into solutions. This venture will help me have the motivation to do bigger things and have no fear in making my ideas into realities.

25A- What's next?

What's Next?

Existing Market

After explaining to my business and what is next for my venture (organizing sports clubs and creative nights, and continue selling different types of left handed products), I interviewed three left handed individuals.

Emily (mid twenties):

What do you think is next for my company’s journey?

I think you have a cool idea to make the left handed community come together. Maybe you should try to help lefties artists musicians get noticed by music industries or even just the town. I noticed you’re not sure on what to provide next. Maybe start selling left handed door hinges. I didn’t think it was a problem until I spent a good amount of money on hinges that aren’t even made for my door. Who knew there were left handed doors!

What should I be doing that I have not planned to do?

You should be planning on making your segment larger. Try to involve some righties. Also focus on more products to offer us. The more products, the more people.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

I believe this is a leftie dream especially for kids. If your company was around when I was 10, my dad would have bought out all your products! Keep on figuring out more products to offer.

Kelly (grandmother of a left handed boy):

What do you think is next for my company’s journey?

I think you should set deals with the YMCA and schools to offer your products to children. I can see this company making it further than you believe because you really care about this. When you make a baseball club, give me a call so I can bring my grandchild to learn how to play baseball

.

What should I be doing that I have not planned to do?

You should plan on focusing more on children and teenagers. Their brains are like sponges so cut the habit of using right handed products when they can just use your left handed products.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

Well you’ve got the pricing right, What about how your products look? Make sure they appeal to kids and adults. A lot of people care about the looks of products, make sure you do too.

Antony (mid twenties):

What do you think is next for my company’s journey?

You’ll have a lot of people looking into your products even right handed people for are curious, draw them in. Provide the righties with things they can purchase too.  I think this will be successful especial with your ideas on creative nights.

What should I be doing that I have not planned to do?

On your creative nights, offer beer, we’re in Gainesville. That’ll attract a bigger crowd. Involve all kinds of creativity like poets too, left handed poets. You need to plan on advertising your company, sell this company to lefties, parents, and kids.

I’ve explained my ideas to you, now what do you think of my ideas of what customers might want?

You’ve got a great idea of what lefties want. I’d be willing to purchase some left handed notebooks in a heartbeat.

Feedback:

From the feedback I received, I believe that in the future I must have more products available. I’m not aware of all the products that can be made for right handed products, I’m only aware of common products I should sell. The more products I offer, the more customers I can attract. It makes more sense to attract teenagers and children more than adults.

I need to make my company advertise kid friendly products but also include adults. I might provide a pair scissors, but maybe I can add a workbook of pictures children can cut out and color. If I provide kitchen utensils, I can also include a mini cookbook. I need to advertise my company on facebook and radio commercials as my company grows in the future.

New Market

After explaining my company and selling left handed products strictly to Amazon and schools only rather than online and in store, I have interviewed two people who will fit this new market.

Aileen (Childhood friend who lives in Virginia):

What do you  think my business should do to help meet customers needs like you?

Well I live in another state so I obviously can’t go to your store and I don’t work at a school. If your products were sold on Amazon, you wouldn’t have to really advertise your products because I can simply type left handed scissors on Amazon’s search bar and your product will show up, especially if the price is lower compared to other options. I’ll be more inclined to buy your products off amazon because I am a prime user so I don’t have to pay for shipping. If you had your online store, I wouldn't be willing to pay more for the shipping.

what kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

You have mentioned all the products you want to sell, but you can easily sell a variety of products. For example, you can sell left-handed scissors for kids and adults, left handed shears for hair stylists, kitchen scissors, and even gardening scissors all of which can be sold on Amazon with different scissors used for different things. It’ll be in the kitchen search, gardening search, and other searches. You should also continue to adapt to new trends in the market. Make your products with style and keep the same price.

Dan (20 years old)
What do you  think my business should do to help meet customers needs like you?

Although selling your products on Amazon is a wonderful idea, you should also export products to Walmart and Target. Your company will expand. It establish a social capital with larger chains (I'm a huge Target shopper) may provide you with more credibility. Make SOME of your products available. Just enough for people, like myself, will get curious and look up more of your products that you I can find on Amazon. I have Amazon prime so what I don't find at Target, I immediately check Amazon. Amazon provides free shipping which makes products more appealing to me.

what kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

I don't think there are any adaptions to be made just some tweaks that can meet more needs and wants.

Feedback:
I was quite surprised to find two people that are left handed and also have Amazon Prime. It's clear that if I sold my products on Amazon, i'd have more buyers available to my company because shipping is free and they'd get their products within two-three days. I expected this to be a more effective way of selling my products but I prefer to have my official store, and online store. I am willing to sell on Amazon because it will be more profitable and left handed individuals all across the U.S. and other countries can buy my products.
I don't believe this new market is more attractive than my existing because I want to have events at my store, and people to easily come into the store to see what we have. My physical store will also be the place that we create our own products. My goals is to provide products, and create a comfortable place for customers to hang out too.