Final Reflection

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 think the experience of talking to random people and getting their feedback was very valuable. I'll remember being outside in 100 degree weather trying to talk to people. I think I'm most proud of developing a product that has actual potential in the retail area. 

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?

After going through this semester, I definitely see myself as an entrepreneur. I'm constantly looking at situations and thinking of ways to exploit an opportunity. I know I'll keep this mindset for the rest of my life and am sure it will benefit me. 

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?

I would recommend that they set reminders for assignment due dates, especially the extra credit quizzes. I often times was out of town and wasn't able to get to a computer during the period the quizzes were open. I would advise future students to stay true to the schedule they set at the beginning of the semester, and especially to have no fear. Just do it. Many of the assignments will make you uncomfortable, but if you persevere you'll begin to find success. 

Venture Concept No. 2

The opportunity I see is for fishermen to be able to have a sense of security when wearing sunglasses out on the water.

-Who has the need? 

• Fishermen who are on the water constantly. Anyone who has lost a pair of sunglasses from dropping them overboard. 

-The nature of the need? 

• The nature of the need is that people spend hundreds of dollars on high quality sunglasses and can't afford to buy a new pair when they lose one while fishing. 

-How is the market defined geographically and demographically? 

• No age limit, anyone who can wear sunglasses
• Men/boys and Women/girls who love the outdoors
• People who spend hours a year fishing 
• Use high-quality, polarized sunglasses 

-How are customers currently satisfying this need? And how loyal are they to whatever they use now? 

• There is currently not a product that activates as Floaki does. There are croakies that have a large float attached, but this is extremely cumbersome and uncomfortable on the back of your neck. 

-How big is this opportunity? 

• This opportunity is very large in fishing towns and cities. Coastlines, lake and river areas would be the best locations for opportunity. 

- How long will the window of opportunity be open? 

• Once the higher end fishing sunglasses companies (Costa del Mar, Smith, etc.) develop floating glasses with the same lenses, there will no longer be a need for Floaki. 

What I am trying to develop is a product that helps save fishermen money and gives them peace of mind. I've personally experienced losing an expensive pair of sunglasses to the ocean, and replacing them is no cheap task. Having great sunglasses is crucial if you are on the water frequently and this product can help ensure that people's investment won't be lost because of a simple mistake. 

The venture concept is that the product I am trying to produce will help people save money and not deal with the headache that comes with losing a nice pair of shades. 

-What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch? 

• Today there isn't a product that fulfills the function of Floaki. I think it will be easy to get customers to buy the product because they don't have another option. 

-Who are the competitors? 

• There are no competitors for this market at the moment. The product is new and may start its own market when launched. 

-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? 

• I think many of these aspects are important for this product. 
• Packaging must be simple but provide the function of the product
• Price point must not be to expensive and should be achievable given the product's simple makeup 
• Customer support will be needed to spread the word, word of mouth will be a huge way of marketing this product

-How would you organize a business to support the ongoing production of your new product?

• I would organize the business with production and office (sales/marketing) in the same location. I would try and locate somewhere in Florida due to the high population of fishermen and charter companies. I would eventually get the product into retail and continue to ship products to all of the stores we create partnerships with. 

FEEDBACK

I've received lots of positive feedback from classmates concerning Floaki. Some of my classmates are fishermen as well and agree that this product has lots of potential. At this point in time the challenges I face are production, but once that's achieved I think the distribution will become popular as more people experience or hear of Floaki. 

Reading Reflection No. 3

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

The general theme or argument of the book was that we are experiencing a third industrial revolution. The major drivers of production are no longer what they used to be--labor based. As we move into robotic labor, the new advantage will be closeness to production. The closer production is to the market the more successful that product will be. 

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

I think it connected with the aspects of knowing your market and both past and future trends. The trends in the production world are changing drastically. 

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

If I were to design an exercise, it would have to involve adapting to a changing market demographic. This book really focuses the changing of businesses focus on labor to proximity of production to distribution. 

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?

My biggest surprise moment was how real this third industrial revolution is. Companies bringing production back to the US is something that will be happening in the next decade. Robot technology is rapidly advancing and before we know it most production will be done without the use of human labor. 

My Exit Strategy

1) Identify the exit strategy you plan to make. 

I plan to sell my business after 5 or so years. This could change depending on the trending success of the product and whether it's projected sales are worth holding on to the company. I always like thinking of new concepts or potential ventures so I think I'll want to start the next 'chapter' after 5 years. 

2) Why have you selected this particular exit strategy?

I selected this exit strategy because I know how my mind works, and 5 years from now I will likely be eager to experience something other than Floaki. Granted, I could be very wrong and if the product is a huge success I would like to hold on to the company (wouldn't we all). If I had to bet, though, I see myself wanting to sell. I always viewed this venture as a side business to my main career, so selling wouldn't be a devastating financial blow. 

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?

I think my exit strategy has influenced how I've approached acquiring and using resources. My main focus has been to talk with avid anglers and see what they have to say about the product. Realistically I would be happy with partnering with one of these people and letting them do most of the selling/marketing because they're already in the demographic I need to be in. Because of this, I wouldn't have as much 'skin in the game' and selling would be much easier for me to do. 

Making It Real

My Resume

Celebrating Failure

Past failure...

A few weeks ago my scooter wouldn't start. I've had it for 3 years and have never had a problem with it, until now. Instead of bringing it to a mechanic right away, I decided to try and fix it myself. I got out some tools I had laying around the house and got to work, starting by removing the top of the scooter to have more access to the engine and battery. 

After a few turns and quick battery charge I was able to eventually get the engine running. It drove well until I stopped it again, and it wouldn't start. I decided to do the same process as before, but something went wrong. My scooter was only going 10mph and accelerating when I would turn my blinker on. Needless to say I had a much bigger problem than I had previously thought. 

What I learned...

I learned my way around a scooter engine/battery and how the connections vary from the engines I'm used to. I also learned that I'm not as good of a mechanic as I may have thought as soon as I got it working the first time. 

Once I was told what the real problem was (after a trip to the mechanic) there was no way I could've solved it with my own resources. 

Reflect..

I think failure is crucial when going through life. If we never fail we will never know how to overcome adversity or problem solve. At the end of the day failing is learning. 

When faced with failure, I get very critical of myself. It also makes me more driven to accomplish what I haven't accomplished. This class has helped in not feeling as embarrassed to put yourself out there. When I'm faced with a challenge in a comfortable environment, it's much easier to overcome compared to the environment that this class has put me in. I'm definitely more likely to take a risk now than I was at the beginning of the semester. 

Growing My Social Capital

Spencer Riley, Market Expert

He grew up fishing and surfing in Vero Beach and Fort Pierce, FL. I believe him to be the market expert for me because he recently opened a tackle shop in town. I've known Spencer throughout high school and know his knowledge is unmatched in our area. I ran into his younger brother a few days ago and was able to get his information. 

After speaking with him at the new tackle shop he cut me a deal on some shirts if I wore them around town. He also gave me his thoughts about the product I have been working on. Including Spencer in my network enhances my ability to exploit opportunity because he has the local knowledge of a market I know as well, but no longer live in. Having his trust and insight in that area could be helpful down the road. 

Billy Ninesling, Supplier

Billy grew up fishing in Port St. Lucie and Fort Pierce, FL and works at large tackle shop in Stuart, FL called White's Tackle. I keep in touch with him every couple of weeks and we always try to fish together when we can. He fits the supplier slot because he deals with customers on a daily basis. He sees what products people like, don't like, and hears why. 

We were recently texting each other and I asked about meeting some of his coworkers/owners down in Stuart when I got the chance. He gladly said he would, only that I had to fish with him before doing so. Having a long time friend like Billy who is in the fishing supply industry reaches a network I'll always want to be a part of. 

Eric Davis, Domain Expert

Eric owned outdoor outfitting store, The Backcountry, and now works as saltwater fishing guide from Melbourne all the way to Key West. He fits the slot of domain expert because he has the utmost experience in the retail side of the market as well as the most experience fishing in all areas of Florida. I was able to contact him over Facebook after seeing some pictures of fish he had recently caught. 

Once I broke the ice, I began talking about current events going on with the algae in south Florida and the tarpon run off of Vero Beach. Being a long time friend of my dad, Eric needed nothing in return to offer me advice and insight on any aspect he can. Having him in my network introduces information I would have previously never known. 

Reflect

Having experience in the same field these people are in was a huge aid in networking. Being able to strike up a conversation about something someone is interested in is the easiest way to begin. It differed in my past experience because I knew the three people beforehand, but I found that being as genuine as possible got me the most trust and response. 

I'll try and use these same strategies that proved effective in the future. With chances being low that I'll know the people prior, I'll need to become as comfortable as possible speaking to total strangers.