Final Reflection

1.     After reading through my blog from the experience, I reflected on my experiences. I grew a great deal throughout the semester and I saw my growth through the many customer interviews, elevator pitches and entrepreneur interviews. Although I used to dread the customer interviews at the beginning, I grew to really enjoy them.

2.     The most formative experience was how to engaging my network and getting to know certain entrepreneurs. Connecting with these people were very helpful and I will continue to use the skills I learned to engage with these people as well as the advice that they gave me.

3.     I do see myself as an entrepreneur now. I believe that I have developed a mindset. At first, I did not believe in the mindset and mantra at the beginning of the semester, but through my experiences I can see that I definitely developed a mindset.

4.     If I had to recommend anything to an incoming student I would say to make sure you stay on top of each assignment each week and to make sure to take the class seriously. If you follow these things you would be sure to succeed.    

Week 15 Reading Reflection

1.     In the reading I was most surprised to find out that loans are handled differently for both men and women.

2.     I was most confused about the part on the different types of loans and their specific uses.

3.     If I could ask the author two questions it would be, “ Can you please explain your experience further on microloans in India?” and “Is the loan giving system the most effective model?”

4.     I do not think the author was wrong about anything in the reading.

Venture Concept No 2

Venture Concept No 2

Opportunity

The opportunity I have chosen is associated with texting and driving. There is a huge opportunity to stop this issue considering there are more accidents each year associated with texting and driving compared to drinking and driving. Since this is such a major issue that society faces, there are many potential customers. Parents are always worried about their children when they are behind the wheel of a vehicle. They are concerned that their child will inevitably be distracted. Although some factors may not be able to be prevented, texting while driving is definitely one of them.  Although parents are concerned about their children with this issue, many individuals are concerned with this issue for themselves and the effect texting while driving has on them. Therefore there is a bigger market. 

Technology is advancing with both phones and vehicles, yet there has not been an invention to solve this problem. Currently, parents have to trust their children enough to believe they will not touch the phone while behind the wheel. Realistically, this situation is not ideal because the child with inevitably look down at their phone when the beep goes off. Curiosity gets the best of us. The only way to prevent texting and driving all together is to take away the temptation, curiosity, and the ability to text while behind the wheel altogether.   As technology advances there might be a more efficient way to solve this issue, but today I feel that this is the best solution. 

Innovation

My innovation that I came up with is not anything completely new, but it solves a major problem that nobody has accomplished yet. It takes away all temptation that may cause you look down at your phone for just one second. The product that I am offering is the text terminator. The text terminator is an app that can be downloaded on your phone that will block all incoming and outgoing texts while the ignition is on. The app can be controlled my parents as well as the person operating the vehicle. The app is easy to download and is very affordable.

There is no maintenance on this product and can be yours in a matter of minutes. You don’t even need to drive to the store or wait for your product to be shipped to you.  

Venture Concept

My product will directly solve the problem many face regarding of getting distracted from texting while you are behind the wheel. My product will stop texting and driving and ultimately limit the amount of accidents that are caused because of this distraction. Currently, there are no competitors in this product category. There are applications that will send a text for you via voice, but no application that stops incoming and outgoing texts altogether. My product does not need packaging, but requires great design both for the functionality as well as the appearance. My app can be downloaded for just $5.99 so it is definitely an affordable product. For my business, I would not need to maintain many employees. I would need a team of developers and designers to develop the app, but then I would only need a small team to upkeep the product.

Minor Elements

Most Important Resource:

I think that my most important resource will be its uniqueness. This product does not exist yet, so many will be attracted to it because it will be such a new concept. I believe many have thought of this idea but nobody has executed it in such a simple, easy-to-use way.

Next Venture:

My next venture is to conquer the issue regarding drinking and driving. I want my company to come up with a way to stop the vehicle from turning on if your alcohol level is above the legal limit.

Next for Me:

For me, I want to continue exploring this topic because I am very passionate about it. I want to actually figure out a way for this app to be developed or partner with someone who can help me. Ultimately, I want to continue exploring my entrepreneur side and help solve problems many face.

Feedback:

As far as feedback, I received very positive messages regrading my idea and product that I created. Everyone has told me that it was a great idea and they believe it is very necessary. Some mentioned that there might be a better way to solve this when technology advances, but overall right now this is good. Also some mentioned that they are concerned about this issue and it is not only their parents. 

How I changed: 

I changed based on the feedback to target not just parents and to target all drivers. I did this because so many of us have been effected by this issue and crave a solution. 

Elevator Pitch No. 4

This is my elevator pitch no.4. As this was my 4th time doing this I tried to take all of the comments and feedback that I have received and implement it.  

Week 14 Reading Reflection

1.    After reading the 2 chapters, I was most surprised about how many companies are developing their corporate entrepreneurship.

2.    I was confused about the part that talked about NATA and wish the author would have explained it further.

3.    If I could ask the author 2 questions it would be, “What is the best way to apply all the topics discussed in these chapter to my own venture concept?” and “Do you think the topics discussed will still be relevant in the next 5-10 years or do you think the way the market is now will change?

4.    I do not think the author is wrong about anything discussed in these chapters.