Final Reflection

One of the most formative experiences was when we had to interview people to see if our ideas were legitimate and worth proceeding with. The experience that I will remember the most would be the elevator pitches because I was never really able to nail them. I always felt awkward doing them no matter how may times I tried. It made me feel happy when my classmates would comment encouraging things on my blog page. I liked the way some classmates made encouraging comments. I would definitely see myself having more of an entrepreneurial mindset after taking this class. I find myself always thinking of new ways to possibly improve things no matter where Ima at like a supermarket or agency. If I had to make one recommendation to students beginning the path of this class, I would say to not take a week off. I decided to not do some assignments and not doing well int he beginning of the class and found myself scrambling at the last minute to complete every module. There is no need for that type of stress so I believe that you should do every assignment every week. I would also foster the mindset to think of an idea evolved around your passion rather than something that is easily conformed to. Don't make something that everyone else has already though of.

Venture Concept 2

I believe there are several advantageous reasons to switch to my product and I think it will be very easy for consumers to switch to my product after they realize that how much time and money my product saves them. One of the reasons I think customers will switch to my product is that it saves them time and hassle. That is a staple characteristic of a great product. I assume my competitors will be other outdoor activity/sports companies. I believe that a majority of those companies are focused elsewhere in retail clothing and things similar to that. I believe packaging and price points play the biggest role in defining my business concept. I plan to package the product not in a box and have a test or fake rope in the device already so the customer can actually visualize how the product works and can be used. The price point is also crucial because sometimes that is the first thing a customer notices in a product so you must get past that barrier. I would operate one warehouse or factory but I would honestly outsource the manufacturing of the product to a foreign firm to save on production  and operating costs in the initial years until I was able to afford a factory in the U.S. I think twenty to thirty employees would be an efficient amount to begin with. As we expand to different territories, the number of employees will increase as well.

Besides our innovation being our most important resource, we will have patents that will prevent any other firm from copying our design or success. For my product, we see an incredible opportunity in the market to expand my products use for commercial applications. We think we can use my product to replace all docking ropes used in the marine industry, commercial docks, marinas and residential docks. Simply attach rope to the cleat on the dock and adjust the length with the button and then lock in place when needed. Assuming the launch was successful, I hope to be a presence in all coastal states in the US and hopefully our commercial application plan for the product is in place. I would love to command operations in Florida because thats where I think we will achieve the most exposure and success. Since my passion is boating and being out on the water, I could not imagine a better venture to find success. I think being able to really capitalize at conforming the use of my product to suit commercial demand will revolutionize the marine industry entirely. Imagine a form of my product or technology on every structure or property neighboring a body of water. Instead of tying knots which sometimes can be tied incorrectly, you can use my product that simply hooks and attaches to the cleat on the properties dock or even other boat. No more tangled ropes, confusing knots, and time wasted with my product. Being able to enjoy a career that generated from my idea would be a dream come true but understand that it is very difficult. The market is constantly evolving so as a business you must keep with the trends.

I would change my venture for only one reason. I would change it to fit more commercial applications for it to reach a way larger target market. A larger potential market is which equals more sales. In order to make the most money, you must make as many sales as possible .