30 A

I will remember for years to come having to ask people that are close to me what they think makes me different. I just found the whole process very weird when I had to ask these five people that are close to me that question. Maybe it is because I was worried about what they thought was different about me. The most joyous experience has to be when I was reading about the founder of McDonald's. It is interesting to read about the road to the creation of one of the most successful businesses in the world. I am most proud of when I was able to make that bug list in the beginning. That was the most challenging assignment, and I was extremely happy when it was completed.

I believe that I am closer to developing an entrepreneurial mindset. After completing this course, I now realize how under-rated risk mitigation is. If you are able to take calculated risks that will not destroy the business if you are wrong, then you will be a much better business owner. For future students of this class, I would tell them to have a specific day or two a week that they use to do this course. It is very easy to get off track when you do not have a day or two dedicated to this class. Also, for future students, I would advise them to complete all assignments as they are supposed to be done. You should read every book, and you should conduct every interview, even if it is not recorded. By completing the class as it should be, you will be able to develop your entrepreneurial mind.

29 A

Opportunity:



The people that I am selling this product to are busy. They are college students that have a pet and have a full schedule. They are the young families that are busy all day. The kids are going to school for most of the day, and both of the parents are working, leaving the dog home alone. These busy groups of people are usually worried about their furry friends that are left alone to their own devices. They are worried about the possibility of their dogs causing damage to their homes due to separation anxiety. Also, these people could be worried about the safety of their homes from intruders. This is quite a big opportunity. There are millions of families and individuals across the world that are busy every day with pets they care about. Currently, these people will buy multiple new toys a year because their dog destroys every single one they purchase. I believe that the people that are currently buying new dog toys on a monthly basis are not loyal to what they are buying now. I believe that once they hear of an indestructible dog toy, they will switch. I believe this window of opportunity will be open for a long time because I only know the recipe for the indestructible rubber used in every toy.



Innovation:



The Indestructible Dog Toy will be sold for $19.99 in stores and online on my website. The toy will be indestructible due to the special rubber that is in it. This toy has been tested with dogs large and small, to see if any breed could break it. Not one dog was able to do any damage whatsoever. Also, there is a hidden camera and speaker inside the toy. So, if you see your furry friend is tearing up the rug, you can play a loud sound from the toy, or you could speak into your phone to tell your dog to stop what they are doing.



Venture Concept:



In terms of the feedback from the last assignment, I received positive words from Abby Tucker. She mentioned that the price of the product was "reasonable." Additionally, She did mention that for some groups of people I could market it using the security feature, and for others, I could focus more on the fun aspect of it. I will then make sure that I make multiple versions of the same commercial in order to appeal to the different consumer groups. This piece of advice will allow me to make a lot more money in the long run. I am very thankful that Abby provided this great advice.



I will be in competition with many different businesses. Since I will be advertising a fun toy that has security features with it, I will be competing with dog toy and security businesses. I believe that consumers will see that they will be able to get a great bang for their buck when they see all the features in the product I am offering. I believe that packaging plays a large role in selling my invention. I will need packaging that makes my toy stand out when it is in the toy aisle at PetSmart. I will have a colorful box with huge letters that emphasize how indestructible the toy is. The pricing of the toy is important too. Since I am using a market penetration strategy, I will make sure that my price is one of the lowest in order to compete with the other toys. I also believe that the customer experience is important in continuing the success of my business. I think that word of mouth promotion is one of the most important parts of growing a business. If someone you know and respect recommends a product or service to you, you will likely try it if you have a need for it. I believe the business location will not be that important because my product will be sold at multiple different pet stores that I will not own.



I would ensure that my business is well organized to ensure success in the future. I will have a CEO, CFO, and a COO to run the long term strategy of the business. The floor managers will be responsible for more short-term product goals. I will try to only hire the best employees for production as possible for the lowest cost since I will not have that much money when I start the business.



I believe that my secret sauce is the special rubber that is used in every dog toy I produce. It is made from using ingredients found only in isolated places around the world that I will not mention. I have connections with multiple suppliers that can get me the ingredients form a reasonable price.



Next, I will begin the development of an Indestructible Dog Toy that has more features and price it higher to appeal to more affluent consumers. It is always a great idea to reduce your risk as an entrepreneur. Having multiple products will reduce the possibility of failure in terms of having to shut down the business because sales from one product can offset losses from reduced sales in another one.



I plan to continually grow this business by creating more products that will appeal to more consumer groups in order to make more money. I plan to continue running the business until my children come of age. At around the time they become adults, I will begin to slowly transfer ownership of the business to them.

28A

  In the next five years, I will probably decide to keep running my business. Since I will only be twenty-five years old, I do not think I will be able to live on what I received from selling the business. I will likely continue running the company until I am in my mid-forties. This will give me enough time to teach my children how to run the business and be successful. Then, at around forty-five, I will be able to retire happily, knowing that I have enough money saved up to have a great many golden years and that my children will be able to lead great lives like me. I believe that my exit strategy has influenced other decisions made in my concept. I decided last week that it would be beneficial to add features to my dog toy and increase the price in order to appeal to more affluent individuals in our society. I did this because I wanted to ensure that my business could do poorly on one toy and still survive with sales from another one. I will continuously innovate in order to grow and keep my business successful for many years to come.

27A

What surprised you the most?
I was most surprised by how close the two brothers were. The fact that they always ate together and had a joint bank account shows how much they value their relationship and trust each other.

What about the entrepreneur did you admire?
I liked that even though Orville Wright almost died in one of his flights, he was still determined to continue doing his work. Orville shows that if you are determined enough to see your goal get achieved, you should be willing to possibly die.

What about the entrepreneur did you least admire?
This is quite a hard question to answer. I liked pretty much everything about the Wright brothers. They are an example of what hard work and determination can get you in the United States of America. I least admire the fact that they did not have more safety features in their earlier models. They could have saved the life of the one American soldier that died in a test flight.

Did the entrepreneur encounter adversity and failure? What did they do about it?
The Wright brothers did encounter adversity and failure. During the testing of their plane at Huffman  Prairie, they failed multiple times before eventually getting a successful flight. Although they had a few failures they decided to try using a catapult to help with the initial takeoff. Their perseverance paid off when the plane flew.

What competencies did the entrepreneur exhibit?
These entrepreneurs exhibited that they were determined to see their hard work through to the end. Even if one of them ended up seriously hurt, they would not give up. Specifically, Orville showed the qualities of a businessman. He was able to take criticism and was nice to others. He had great soft skills.

Identify at least one part of the reading that was confusing to you
What was confusing for me was when the U.S. Army did not even respond to the first message that the Wright brothers sent. When I think of the U.S. Army today, I think of the best military in the entire world that spends more than the next ten best armies. Upon doing research, I found out that the U.S. Army was not as great as it is now in the early 1900s.

If you were able to ask two questions to the entrepreneur, what would you ask and why?
I would ask these two questions: If you were given ten million dollars when you were just starting to develop your plane, would you have continued with it? I would ask this question because I want to see just how dedicated they were to their craft. Secondly, I would ask: What is your outlook on the future? I am just interested in seeing how the two brothers viewed the world before the two global conflicts that would shape it forever happened.

What do you think the entrepreneur's opinion was of hard work? Do you share this opinion?
I believe that the two entrepreneurs believed that hard work was essential. The two brothers used the proceeds from their two businesses to fund the research and construction of their famous plane. Then, they continued working on their project even after running into multiple failures. I know that without their belief in the necessity of hard work, they would not have developed their plane.

26A

This past semester, I failed in getting the grade I wanted on the first and second marketing exams. During the leadup of the first exam, I only studied for four days because the Business Finance test was five days before the marketing exam. I put FIN3403 first because I am a Finance major, and I needed to do extremely well on this exam. On the second exam, I studied for eight days and fell short of my desired score by 1.8 points, which is the equivalent of one question. Now, I have another marketing test coming up. Hopefully, this attempt will be more successful.

I learned from these failures that I need to invest more time in studying for exams. Four days is not enough time to study in order to get the grades I desire. For the final exam, I decided to start studying earlier a little bit at a time. I did this because the final for Business Finance was only four days before the Marketing one. I do not want to repeat the results of the first exam, and I am determined to give it my all.

I handle failure by eating a lot of junk food the day I get the undesirable result. I also will usually start a new television show and binge-watch the entire thing. This class has changed my opinion of failure. This class has taught me that failure is not completely bad. If you can learn from your mistakes, you will come out better prepared to handle other failures.

25 A

Step 1: I believe that the next step for my company is to expand more into the dog toy industry. I will use the special rubber I have access to in order to create better versions of dog toys that are currently popular. I will also try to make the application I have for the toy to be easier to access. There are still some bugs that need to be fixed that I currently cannot afford to correct.  I will also attempt to make all future products inexpensive.

Step 3: After talking to customers, I found that they like the fact that I will attempt to keep my products cheap. One mother said that one of the reasons she likes my product over other random dog toys and cameras is the price difference. She said it would cost her double to buy the dog toy for her dog and a camera for home security if she was looking at the low end of both items. She enjoyed the high quality that she got from my product for the low price of 19.99. I will listen to what she said and continue to provide the same quality for an affordable price. She was happy to hear that one of my goals was to continue making affordable products.

            Another individual I interviewed brought up the idea of increasing my marketing efforts. If I am selling a product that does not have the highest margins, then I should try my best to sell the item to as many people as possible. He brought up the idea that if people have never heard of my product before, then they will likely not leave their home or go on their computer to purchase it. This suggestion makes total sense. Everyone I have talked to previously has not heard of my invention before. Most of them stated they like the product and would most likely purchase it. I just need to either hire someone to be part of my marketing team or I could outsource the work to another company.

New Group:

I want to target a wealthier group of consumers. I believe that I will be able to change the current design of the product to allow more customization. Also, I could always call the same product “premium” in an effort to market to wealthy people. Lastly, I could add more features to the existing dog toy.

Reflection:

Reflect: I talked to an older businessman who also liked my product. He pitched a helpful idea. He said I should try to continuously innovate on the existing product I have. He said I should add more features while increasing the price in order to appeal to more affluent families. This strategy would save my research costs because I would only be improving an existing product instead of starting all over. I already have some ideas on how the make this product better. I could add wheels to it, I could make it light up, and much more. These add-ons would cost very little for me and I would be able to mark up the price, which would make my margins a lot

            In the end, I like the idea of branching out to a different group of consumers. If I am able to add these features to my existing product, I will be able to make more money per item sold. Additionally, since my business model for this new item will be focused on selling to a smaller portion of the population, then advertising costs will not be much higher than I already pay to promote to poor and middle-class individuals. Also, I like being able to shift my risk from only one product to two. As an entrepreneur, I want to run a successful business and take as little risk as needed. For example, if I only had one item selling and it was not making sales expectations one year, then I would need to rethink my entire business model. On the other hand, if I have two items targeting two entirely different groups of consumers, then the chances of my business failing decreases. If one item has fewer sales for one year, the other item can help reduce the impact on the business. Consequentially, I am confident that expanding my business to appeal to more distinct groups will allow my business to thrive and survive.  

24 A- Joe's Indestructible Dog Toys

Business Name: Joe's Indestructible Dog Toys

Opportunity:

My indestructible dog toy has groups of people that have the need for this product. These are people who are generally extremely busy and also have a pet dog. These people can be young or old. However, in my research, I have found that older people are less likely to purchase my invention because of the technological aspect of it. One of the idea groups is college students that are gone for most of the day due to their classes and social lives that also have a dog. Another group that could use my toy is busy families. Usually, these families will have the house vacated most of the day because the children are at school and the parents are both working, leaving their dog alone. Moving on, the nature of the need is the desire to be able to have a dog toy that does not have to be replaced often and to also have the ability to see if the animal left at home is causing trouble when the other members of the household are out. From my research, I have found that most individuals try to deal with these two problems by buying multiple dog toys annually and also letting the dog’s misbehavior run its course. However, just letting a dog mature takes time, which can lead to massive amounts of damage before maturity. I have heard stories of dogs ruining expensive couches and rugs. By the time the owner gets home, it is too late to punish the dog. Consequently, the cycle keeps going on until the dog ages and learns how to properly behave. I believe that potential customers will likely adopt my product because they want to save money in the form of new dog toys and new furniture. Additionally, I believe that this opportunity is large. This toy can be used by millions of households across the United States and the world. It is cheap and easy to use. Therefore, I strongly believe this product will be able to serve the needs of millions and also make me millions of dollars. Lastly, I believe this window of opportunity will be open as long as dogs are owned as pets, which will be a long time.

Innovation:

My innovation to the marketplace is the Indestructible Dog Toy. This product is able to withstand the pressure of dogs as large as German Shepherds and Pit Bulls. This feature will allow consumers to save money because they will not have to continuously purchase new dog toys every time the last one is destroyed by their furry friend. Additionally, this toy has a hidden camera and speaker inside of it. Customers will be able to connect to their toys through an application. Using the application, the owners will be able to see a clear 4k video feed and will be able to speak into their phone to produce sound through the speaker within the toy. For example, if the mother of a busy family checks in on their dog during her lunch break at work, she will be able to see a clear picture. If she sees the dog causing damage, she can either speak into her phone, which will emit a sound from the toy, or she could play a variety of different sounds to tell the dog what they are doing is not correct. This toy will sell for the low price of $19.99. It is being sold so low because I am engaging in penetration pricing. I want to get as many sales as possible and have as many of my inventions in as many homes as possible.

Innovation:

This product will be able to address many different opportunities. For example, you could use the toy as another layer of security in your home. My company had over one-hundred people enter a staging room and asked each individual to find the hidden camera. Not one person was able to find the camera. Secondly, you could also use the toy in order to prevent your dog from causing damage when you are not home. Using the camera and speaker inside the toy, any owner connected to the product through our great application will be able to see what their dog is doing at any time, and will be able to create sound to alert their pet that what they are doing is wrong. Thirdly, consumers will save money when they buy my invention because they will never have to buy another toy due to its durability. I think that customers will want to switch to my product because of the three reasons mentioned above. My main competitors will be individuals in China that will be able to produce similar versions of my product at lower costs. I believe though they will have a hard time copying my toy because the formula used to make the rubber is patented. I believe that pricing, packaging, and distribution will play a large role in selling my merchandise. As a result, I am willing to compromise on price, and I will do my best to ensure I have the best distribution of my toys. Finally, I would hire at least ten people to support my production.

1) My secret sauce will be my customer service. I will always be available to talk to customers whenever they may have a problem. If my company forgets to send a purchased product, we will give a fifty percent discount on it.

2) I would like to venture into the home security space. I got a lot of great reviews talking about the security aspect of my invention. I would like to offer security that is affordable and provides great quality.

3) I would like to continue expanding my workforce. I will base my manufacturing in the United States in order to develop a great relationship with the American market.