30A – Final Reflection

Assignment 30A- Final Reflection

• The most formative experience that I have had in this class is when I had to think of the idea that I would use throughout this class. Finding an unmet need was hard to do since I do not usually think of solutions to everyday problems that people have.
• The experience I will remember for years is when I had to do a ton of interviews to ask people about my personal brand and what makes me who I am.
• My most joyous experience was thinking of the bug list and the minor conveniences that happen to me on a daily basis.
• The experience that I am most proud of myself accomplishing is doing the venture concept, which took me a long time to think through and write out.
• I see myself as having developed an entrepreneurial mindset throughout the course of the semester. This class has helped me change my normal way of thinking to a more open-minded way of thinking. I absolutely think that I have moved closer to an entrepreneurial mindset.
• I would definitely recommend students to do everything ahead of time so that they are not stressing about this class or harder classes. If everything is finished early or started early then this course becomes easier.
• 
  

28A- Your Exit Strategy

Assignment 28A- Your Exit Strategy

Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

• My plan is to stay with Smart Wash and while doing that I can plan what my next business will be. When I am done making enough money and discovering another business venture, I will sell the business to another or company that can manage it with the same principles I have.

Why have you selected this particular exit strategy?

• I chose this strategy because it allows me to venture into other opportunities after I finish my first business. I have a lot of business ideas that I would like to potentially work on, and selling my business gives me the opportunity to do just that.

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?

• Since I would like to have the opportunity to expand into other ventures, I am more open to networking with different kinds of people. I want people to see that I am open to different opportunities and ideas so that I can contact them in case I need them in the near future.

27A- Reading Reflection No. 3

Assignment 27A- Reading Reflection No. 3

I read the biography on Coco Chanel. Here are my thoughts:

• What surprised you the most?

What I found surprising is where Gabrielle Chanel took inspiration from. She was inspired by men's clothing. She strived to make women's clothing more simple. It is innovative that she uses elements of men's clothing and incorporates them into women's clothing.

• What about the entrepreneur did you most admire?

What I admired most about Chanel is that she was determined and did it all on her own. She did not stop working for what she wanted, which is such an admirable trait and something I hope to emulate. She reimaged how the stereotypical women should dress and what they should wear.

• What about the entrepreneur did you least admire?

Something that I did not admire was that she did not really put effort into her relationships. Although she did try to get into relationships, she was more invested in her business. Maybe it is due to her coming from a broken family and also not having time to dedicate to a relationship.

• Did the entrepreneur encounter adversity and failure?

She encountered numerous adversities throughout her life. For example, her partner passed away and she was driven into a bad, deep depression. She was persistent and did not let that affect her business.

• What competencies did you notice the entrepreneur exhibited?

Gabrielle demonstrated that she quiet yet clever, something that she used when working in her business. She paid close attention to the people she worked with and also the fashion that was in style at the time. She did not have many competitors, which helped her business grow even more. 

• Identify at least one part of the reading that was confusing to you.

What confused me was the story about how Gabrielle was a spy for Germany during World War II. Apparently, there was an interrogation but she was released. Overall, that part of the book was the most complicated to follow for me.

• If you were able to ask two questions to the entrepreneur, what would you ask? Why?

I would ask her what she thinks of modern fashion. I would ask her this since fashion is constantly changing and sometimes it goes in cycles. Also, I would ask her what it takes to make a business successful. I would ask her this since she has been through many adversities and she knows what it takes to succeed in a business.

• For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

Gabrielle definition of hard work was never giving up. She wanted to have indepedence and she worked to obtain it. I agree with her opinion, I would rather work hard in order to be independent than have someone do the work for me.

26A- Celebrating Failure

Assignment 26A- Celebrating Failure

• Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester and failed each time. 
• Once, I took a really hard World History class in college and it proved to be more difficult than expected. I studied the book endlessly and even then, I did not get the desired scores on my test. I started taking better notes from the textbook and making sure I had more exposure to the material that was gone over in lecture. My scores starting improving. Also, I aced a huge report that made up a large percentage of my grade. I ended up getting an A in the class, even though I had a C in the beginning.

• Tell us what you learned from it.
• I learned that if the method you are using does not work on the first try, try again with a different method. It is always good to experiment and find new solutions to a problem that you are having. Everyone has a different learning technique so some methods work better for other people than for you.

• 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?
• We can all learn from failure. For me, I do not take failure very well. I am trying to teach myself that failure is something that is inevitable in life and that we cannot avoid or prevent it. The good thing about failure is that we can always go back and see what we did wrong in order to come upon the solution. Although failure is seen a bad, we would not make innovations or inventions without it.

25A- What’s Next?

Assignment 25A- What’s Next?

What I Think Is Next:
I think that I will expand my set of products for this venture. I want to include products such as shampoo, conditioner, and other types of products of that sort. This would open up my market to a ton of new buyers and I would make more profit if I had a wider buyer's market.

Reflection:
After receiving feedback from my three interviewees, I saw how much good input that I could get from potential consumers in my potential market. I am glad that I got the chance to get new ideas on how to move forward with my product.

What makes sense to do is create another skin care product such as lotion or something that could pair well with the Smart Wash foam face wash. I believe that since my products will be harmless and animal-cruelty free, they will gain more of a market. I will also use organic ingredients in my lotions if I decide to expand from face wash to lotion.

New Market:
I think a new market would be men. Although a lot of women use skin care products, I could start marketing my newer products towards men. I could include a different variety of scents and packaging for the face wash so that men can alleviate their acne without having to worry about whether the packaging looks weird or too flashy. I think marketing towards men would allow for more sales since men also would want to take care of their acne issues.

Reflection:

I thought that marketing just to men for my new market would get more sales instead I decided to cater to both audiences from the feedback I received from the interviews that I had. I figured from my interviews that I would be limiting my market if I just marketed my products to men.

I think it would be a better idea to showcase my product to both men and women and make the packaging gender neutral. By doing this, I do not have to market specifically to men or women, I would just have to market my skin care product to the general public.

24A- Venture Concept No. 1

24A- Venture Concept No. 1

• Opportunity:
• At least 85% of people in America aged 12-24, have experienced some form of minor acne. Acne affects up to 50 million Americans per year.
• The need is for young adults to have clear skin and not get irritated by products that use harmful ingredients.
• The forces that allow this happen are puberty, stress, hormones, and even other factors that lead to acne. There is a huge window of opportunity until we discover how to control these factors. Most likely. there will always be a window of opportunity for this product since we cannot control stress, hormones, or other factors that lead to acne.
• There is no satisfactory resolution to this issue. Many interviewees stated that they try a bunch of different skin care products but cannot find a perfect match for their skin type. There are many products that irritate your skin and that use harmful ingredients.  Interviewees spend a lot of time looking for the right match for the specific skin type. I would state that many interviewees are not satisfied with this current solution to acne.
• Potential customers: Individuals (mostly women 12-24) who have skin care issues due to stress, hormones, or other factors that contribute to acne. My product is also open to males (ages 12-24) who would like to alleviate their acne problem and have clearer skin.
• Innovation:
• For individuals with a limited budget, I will have one simple formula that contains only 4 ingredients. I will have a survey for consumers to take that indicates their skin type. From there, I will add an ingredient to customize their skin product, so that it efficiently clears up their acne while using harmless, organic ingredients. My product will be used as a foam that is applied to the face, but the foam comes in different colors/scents similar to a bath bomb. My product will be fairly simple to use and will not require 3 or 4 products to go with it. My product will cost around $10-12 since that is the typical range I buy my skin care products at.
• A more expensive version of my product will be $15 and it will be more customizable for the user's skin type. It will also have a different type of packaging and more of a variety of scents used. 
• Venture Concept:
• Individuals will buy my product if they want to find a viable solution to their acne. They will be able to buy a customizable skincare product online.
• Individuals will switch to my product because my ingredients will be harmless and organic. My products will also be customized to fit their specific skin type, which sets it apart from most skincare products today. I don't think it will very hard for individuals to switch to my product since most consumers are looking for organic, all-natural products.
• One of my major competitors would be Proactiv, a skin care product that is sold in stores nationally. It started out being spread through info-commercials. Proactiv has experience in the market, yet for some skin types their products are harmful and irritating. 
• Price points: I think i can be expensive, but there will be fewer people buying my product. If I market my product right, I will make sales regardless
• Distribution: I want to first distribute my customized skin care products online through delivery. I think that would be the most efficient way to distribute my products since most young adults prefer to order products online. I would then increase my advertisement and eventually put my products into stores if they get enough attention. 
• Customer Service: Customer service is up of the utmost importance for our company. I have will my employees trained to always provide a pleasant customer service experience so that my product has a good reputation. 
• Location: Close to universities, colleges, towns with a lot of young people, malls, and supermarkets. The skin care products will be ordered online.
• Packaging: My packaging will look high-quality. I want my packaging to really draw in customers so that they don't look at other skin care products. I think that if I have a package creative enough, it will convince customers to learn more about my products. I want my package to list the organic ingredients that it contains and the benefits of picking my Smart Wash skin care product.
• Employees: I estimate that I will have around 40 employees to start with.
• Engineers to create the product, the customized products, and test the products.
• Dermatologists to test the credibility of the product
• Marketers- These are the ones who will know all about the product, all the details that make my product unique from the rest. The marketers will be the ones to really sell the product to the buyer's market.
• Web Designers
• Designers- They will design the product's packaging and make a package that captures the buyer's attention.

I am a student at a university with many students that are stressed from classes and other facts that may contribute to the formation of acne.

• Unfair Advantage: My business and personal connections that I discussed in the VRIN analysis. I believe that business experience and having connections with entrepreneurs will help me flesh out this venture. I also have connections with a dermatologist and chemical engineer, which would be significantly beneficial when developing the product. Skincare products and routines have recently become a growing trend throughout social media with young teenagers and adults. 
• What's next: I want to give consumers a harmless, organic skin care product that will not irritate their skin and that isn't complicated to use. On top of that, I want to give them something customizable, something that the skin care industry lacks. So, most likely I will expand the products to stores or even add different kinds of skin care products to get into a bigger buyer market.
• For me: I'd like to help others with their issues, so maybe I will create another startup that has to do with a different field. In 5 years, I hope to have started launching my product and gaining profit. In 10 years, I want to have moved on to my next venture that has to do with helping others.

23A- Your Venture’s Unfair Advantage

Assignment 23A- Your Venture’s Unfair Advantage

1. Uniqueness of the venture: There is not a product that is similar to mine on the market.

• Valuable: This is very valuable if I want to gain a good customer base.
• Rare: The product is rare although a lot of other products do not have competitors.
• Inimitable: It is possible that someone could copy the idea for my product.
• Non-substitutable: I could come up with a similar idea and it gains success.

2. Social Capital: Contact with college students

• Valuable: Their input and experience with skin care products could give me insight into what would make my product marketable.
• Rare: It is easy to get into contact with college students to ask them about the products they use.
• Inimitable: These experiences/input cannot be imitated by anyone since they are personal interviews.
• Non-substitutable: This cannot be substituted.

3. Personal Relationships with entrepreneurs: My cousin is an entrepreneur and gives me tips sometimes.

• Valuable: It is valuable that I can speak to someone everyday about business ideas
• Rare: I could find other entrepreneurs to talk with
• Inimitable: My relationship with my cousin cannot be imitated
• Non-substitutable: I cannot substitute a relationship with someone else

4. Social Capital: Engineer: I could use my chemical engineering contact to help me create the product

• Valuable: This helps me figure out how to design my skin care product.
• Rare: It is not hard to find chemical engineers.
• Inimitable: This would be easy to copy, it is just a matter of connecting with engineers.
• Non-substitutable: I could substitute the engineer.

5.  Social Capital: Dermatologist: I could talk to my local dermatologist about this venture

• Valuable: The dermatologist would help me figure out what is missing in the skin care field
• Rare: It is not hard to find dermatologists
• Inimitable: This would be easy to copy.
• Non-substitutable: I could replace the dermatologist, but not his exact knowledge.

6. Social Capital: Marketing student: I could have my marketing friend help me market my product

• Valuable: He will provide me with the tips needed to market my product successfully.
• Rare: This is not too rare.
• Inimitable: I could definitely copy this.
• Non-substitutable: Anyone could find a marketer.

7. Publicity: Skin care has recently become a growing trend amongst young adults

• Valuable: Media is valuable if I want my product to sell itself.
• Rare: It is rare that skin care gets publicity. 
• Inimitable: It is important that I set myself apart from competitors so that I cannot be inimitable.
• Non-substitutable: I could do advertising myself, but there is already buzz about skin care routines.

8. Social Capital: Business Background: Having a business background will give me an advantage over other ventures

• Valuable: I believe it is valuable to have a business background when starting a new business.
• Rare: It is not too rare for someone to have business experience.
• Inimitable: Unless someone also business experience, they cannot copy this.
• Non-substitutable: The contacts I make cannot be substitutable unless they knew the same people as I do.

9. Public Speaking Experience: I have had a lot of experience speaking in public.

• Valuable: I can use these skills to sell my product.
• Rare: This is not rare, anyone can develop this skill.
• Inimitable: This could be imitated, besides from the exact experience I have.
• Non-substitutable: You cannot substitute this.

10. Fundraising Experience: I have worked on projects where I had to raise money for organizations

• Valuable: This is very valuable when starting up a business.
• Rare: This is not rare.
• Inimitable: It depends on the individual’s drive to fundraise.
• Non-substitutable: I could hire someone to fundraise.

After doing the VRIN analysis, I think I would use the Dermatologist and the Chemical engineer. These two people are fundamental in creating my product. I think these two people would be part of my secret sauce. Also, using someone with an expertise in marketing would help my product get out there.

22A – Elevator Pitch No. 3

Assignment 22A – Elevator Pitch No. 3

Reflection from No. 2:

I received very helpful feedback from my last elevator pitch. I was told that it would be very beneficial if I included an example survey that helps identify a person's skin type. I also was told that it would be beneficial to include an example ingredient that I would add for a certain skin type.

What I changed: 

I have used the same elevator pitch as before but I will make sure to add more details and examples when explaining the surveys and extra ingredients added to the basic formula.

21A – Reading Reflection No. 2

Assignment 21A – Reading Reflection No. 2

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

The book that I chose to read is "Thinking Fast and Slow" by Daniel Kahneman. The general theme of the book is that we use two parts of our brains while thinking and they can lead to us making mistakes. System one is automatic and uses instinct to make decisions. For example, this system uses the flight or flight instinct that senses immediate danger. System two is more conscious and rational. This is the system we use when we make rational and reasonable decisions. System one is faster than System two. When these two systems try to work together, they cause errors. Since our brain wants to think quickly and not exhaust itself, we tend to make impulsive decisions.

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

I think the book has a lot to do with entrepreneurship. In this class, I have learned to think in different ways than I usually think. I have learned how to analyze and find solutions to unmet needs and issues. Similarly to this, the book shows its readers different ways to think and how to make more rational decisions, which is needed when making business decisions. To identify opportunities, we have to use the 2nd part of our brain that analyzes and makes rational decisions.

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

Based on "Thinking Fast and Slow", I would choose an exercise that requires you to use both systems of your brain. 

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?

What I found interesting was that there are many ways that your brain can cause conflict and lead you to make bad or irrational decisions. At first, I thought the book would be more philosophical, so it completely differed from my expectations. I ended up liking the book because it has taught me to be more aware of how I think.

20A - Growing Your Social Capital

Assignment 20A - Growing Your Social Capital

Domain expert:

1. Who they are, what their background is:

• Laura, works in skin care business

2. How this person is a domain expert:

• Deals with skin care products daily

3. How I contacted this person:

• She is one of my mutual friends.

4. Nature of exchange: what they did for me, what is my return expectation:

• I told her about my product idea and she gave me helpful insight into new trends in skin care.

5. How will including them enhance my ability to exploit an opportunity:

• She thinks that if I design my product wisely, I could exploit this opportunity and create a lot of money from it since many people are looking for natural, harmless products for the face.

Market expert:

1.Who they are, what their background is:

• Cara, a UF student who has a lot of background in skin care products

2.How this person is a domain expert:

• I chose someone who is apart of my market

3.How I contacted this person:

• Phone number, I called her

4.Nature of exchange: what they did for me, what is my return expectation:

• She answered some questions for me about skin care products and ways to market the products effectively.

5.How will including them enhance my ability to exploit an opportunity:

• Since she is in the market for the product, she gives me valuable insight about what I can change and pitched ideas to me.

Industry Supplier:

1.Who they are, what their background is:

• Claude, entrepreneur 

2.How this person is a domain expert:

• He sells his skin care products to buyers

3.How I contacted this person:

• Through email, I received the email address from my family.

4.Nature of exchange: what they did for me, what is my return expectation:

• He gave me tips on how to sell skin care products and how to target a young market.

5.How will including them enhance my ability to exploit an opportunity:

• These tips will allow me to sell more products if I decide to make it into a business.

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

From now on, I will be more prepared to pitch my business idea to other people. This experience differed from my past networking experiences because I am networking for a specific goal or purpose in mind, rather than it be casual networking. This will help me pay more attention to people when I attend events in the future.

19A- Idea Napkin No. 2

Assignment 19A- Idea Napkin No. 2

• Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
• My name is Ramar Huntley. After having a conversation with 5 people close to me, I am someone with strong skills in connecting with people on a personal level. Also, I am very good at listening to others' problems.
• If I were to start this business, it would be a small but significant role in my life. Creating skin care products could be one of my side-businesses. It would not take much effort in connecting to people with acne issues.
• What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
• This part has changed but not entirely. I am offering my product to individuals who need help clearing up their acne. I am solving the unmet needs of individuals by providing a skin care product that does not contain harmful products and that does not irritate their skin.
• Based on my feedback, I am specifying that my products contain 4 ingredients which can be combined with additional ingredients for specific skin types. The consumer will take a survey to indicate which skin type he or she has. From there, the algorithm will decide which product works best and they have an option to have a sample delivered to them.
• Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
• I am targeting students that are aged 12-24. Middle school (starting puberty), high school (experience constant acne), and college students (also experiencing acne) will be targeted. Most of these students will be female and also men who are interested in using the product.
• Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 
• Individuals care because the product will not be harmful to the skin. Also, the products will not be animal tested, something that is very important when deciding which skin product to use. Individuals will not have to go through the trouble of buying multiple products that end up not even working with their skin type. Natural products and customization make my product unique.
• What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
• My leading competitor would have to be Proactiv. For some people, Proactiv irritates or dries out their skin. To stand out, I can reach out to my connections in the chemical engineering field and marketing field. Using natural products would give me an advantage in the industry.
• In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 
• I am positive that these five elements go together well. I think one element that I could work on is getting more connections in order to help start up my business. Besides that, I would make a great salesperson for Smart Wash.

Feedback Memo:
1. I specified that I would use cruelty-free testing when testing my products.
2. I specified that my products would only use 4 ingredients that are natural.

18A- Create a Customer Avatar

Assignment 18A- Create a Customer Avatar

For this assignment, I will focus on individuals who my product can be sold to.

My customer is 20 years old and she lives in Florida, where the weather is hot and humid. She attends the University of Florida as a junior and majors in pre-med. She has a busy schedule and is stressed due to her course load most of the time. She does not have a lot of time to have a skin routine every morning and night. Her hobbies include watching Netflix, playing volleyball, reading, playing the piano, and going out with friends. She enjoys watching Grey's Anatomy. She drives a Lexus but walks around campus. She does not have any children.

What do I have in common with her?

I also attend the University of Florida and I get stressed from having a busy schedule. I used to not have time to do a skincare routine because I was so busy. I also enjoy watching Netflix, reading, and playing the piano.

I don't think it is a coincidence.

A lot of college students are stressed because of academics. Also, a lot of college students watch Netflix. Acne is a current issue among young adults, especially students in school.

17A- Elevator Pitch No. 2

Assignment 17A- Elevator Pitch No. 2

Reflection of feedback: Based on the feedback, I was able to make my product more specific and marketable to potential consumers. Some useful feedback I got was too use meaningful hand gestures. Gestures can be as powerful as the speech itself, so that was a very important tip that I was given.

What I changed, based on feedback: I did try to add more meaningful gestures to my elevator speech to help convey my information more properly. I also added that there were 4 ingredients that are in the original formula and the added ingredients are the ones that are used to fit a consumer's specific skin type after they take a survey. I think this advice helped me make my product seem more solid and specific rather than vague.

15A- Figuring Out Buyer Behavior No. 2

Assignment 15A- Figuring Out Buyer Behavior No. 2

Report findings and Draw conclusions:

• In each interview, I learned which products are more desirable amongst consumers. My interview with Daniel helped me a lot. He said that making the product different from other skincare products would help me stand out, such as making the packaging more stylish or attractive. If popularized, the product could be sold in stores like Walmart.

• My second interview also helped me gain insight into the buyer behavior. This interviewee is most likely to buy products online since Amazon makes shopping more convenient, although they would also buy a skincare product in a store. He also likes skincare products that are a reasonable price but high quality. He stated that consumers would not want to buy a product if it is too expensive for them.

• To summarize, this segment helped me realize the alternatives to my product and what I can do to make my product more marketable. My interviewees agreed that my product would be good if it had something to set it apart from the competition. My products would work if I had added a unique touch to them. 

14A – Halfway Reflection

Assignment 14A – Halfway Reflection

1. Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

• I have had to utilize my time management skills whenever I complete work for this class. I try to watch the lecture on the day that they are recorded in order to stay on track for the week. I also have honed my social skills in order to interview the required people nearly every other week.

2. Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this? 

• Once when I was having a bad week, I felt like giving up. I did not want my assignments to pile up on me, so I had to pull through. Knowing that I will be helping myself if I do my assignments pulled me through. I feel like ENT has helped me develop a tenacious attitude in general. Having a heavy workload that needs to be done in a short amount of time has contributed to my tenacious attitude.

3. Three tips. What are three tips you would offer next semester’s student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?

• 1. I will tell you to do your assignments as early as possible and don’t wait until the last minute. Do your work ahead of time so that you have more time to do the things you really enjoy.
• 2. College is hard. I suggest developing a study plan and an overall schedule of your life so that you do not stress and have a breakdown. This will definitely develop a tenacious mindset that is needed at this university.
• 3. I would suggest networking and getting to know a variety of people. In this class, you’ll meet many people who are business students or are interested in business. You will have someone to keep you accountable for your work.

13A- Reading Reflection No. 1

Assignment 13A- Reading Reflection No. 1

I read the biography on Elon Musk. Here are my thoughts:

• What surprised you the most? What surprised me the most is that whatever company Elon ventures in, he has a serious passion for it. He sets impossible deadlines in order to get the most out of his workers. Musk has a fierce persona whenever he leads a business and likes things ran his way. Elon Musk once said that "If there was a way that I could not eat, so I could work more, I would not eat." He has an extreme schedule and lives by it. One thing that I did not know is that Elon Musk is a co-founder of Paypal. 
• What about the entrepreneur did you most admire? One thing that I admired the most about Musk is his strong work ethic and way of dealing with business. He has failed many times but he has also had successes. He had a dream since younger of coming to America which he achieved. Moving from Africa to Canada then to California, Musk had visions of changing the world around him.
• What about the entrepreneur did you least admire? What I did not like about Musk is that at times he could come off as really aggressive and stubborn. With Musk, it is very hard to sway his opinion or perspective. Another thing that I did not admire is that he treats his top workers horribly sometimes, almost verbally abusing them. 
• Did the entrepreneur encounter adversity and failure? Musk has encountered a lot of adversity and failure. He was bullied for being a nerd when he was younger at school in South Africa. He also did not have a good life at home. Musk's parents divorced at a young age due to his father. His father had a strong, overbearing personality. Although the father taught him a lot, Musk experienced some form of psychological torture from his dad. No one gets along with Musk's father. Also, Musk moved to Canada at age 17 in order to fulfill his dreams, knowing little to no family in Canada.
• What competencies did you notice the entrepreneur exhibited? Musk was intelligently smart during a child and often studied encyclopedias and whatever he could get his hands on. He excelled at universities in Canada and in the United States. Musk majored in Business and Physics. These two areas have deemed to be the most used in his career. 
• Identify at least one part of the reading that was confusing to you. One part of the reading that was confused was the part where the author started talking about when he first came to Silicon Valley and how the Silicon Valley did business. This part confused me because it did not have anything to do with Elon Musk, but rather entirely about the author's beginning in Silicon Valley.
• If you were able to ask two questions to the entrepreneur, what would you ask? Why? I would ask Elon Musk how I could start a successful business and what I would need to continuously generate revenue for it. I would also ask how did Musk manage to organize his schedule so specifically that he got the most out of productivity and efficiency.
• For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion? I think what Musk thinks of hard work is never quitting and dedicating your life to what you are working on. Musk thinks that pulling an all-nighter to make a deadline is hard work. I do share his opinion, yet I would not go through the effort of pulling an all-nighter. I would rather sleep on time while getting the project done still.

12A- Figuring Out Buyer Behavior No. 1

Assignment 12A- Figuring Out Buyer Behavior No. 1

Choosing a segment: 

• For this assignment, I chose a segment of college students between the ages of 18-22. All three of my interviewees were college students at UF with acne problems. Carlos is an upperclassman at UF who studies Civil engineering and says that he has had acne problems ever since he started high school. Another is a biology student from FSU who uses skin care products but hasn't found one that matches her skin. The last one is a nursing student from UF who does not use skin care products but wants to start.

Interviews:

• Interview # 1
• Carlos proved to have this unmet need. He seems to have this need whenever he breaks out or tries to look for products for his skin and cannot find it. He does not have this need whenever his skin clears up or he is not stressed.
• Interview # 2
• Kaitlyn, a biology student from FSU has this need as well. Although, she already uses skin care products to control her acne. The issue is that her products have harmful chemicals in them, which causes a need for Smart wash. She does not have this need when she buys skin care products that are made from natural ingredients.
• Interview #3
• Julie, a nursing student from UF, has similar experiences to Carlos'. Her need is the most salient whenever she is stressed and has acne outbreaks. Her need is the least salient whenever she has a healthy diet and is not stressed by schoolwork.

What I learned:

• The findings were exactly as I expected. There is a need for the acne product whenever acne is caused randomly by stress, hormones, or other factors. There is not a need whenever the consumer is not stressed or their acne is not triggered. One of my interviewees talked about using a different product with natural ingredients. The need for my product may not be as strong for her.

How I would describe this segment: 

• I would describe this segment as very insightful. I will be able to use the information gained from the interviews in order to improve my product and see if there is strong enough of an unmet need for it.

11A – Idea Napkin No. 1

Assignment 11A- Idea Napkin No. 1

 

1. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• My name is Ramar Huntley. I am a General Business Studies major who intends on joining the MBA program. I am taking public speaking classes in order to improve my speaking skills. I aspire to help different people across the globe. I see the business playing a role in my life. I would feel good about people with skin acne because it is something that even I have experienced.

2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

• I am offering customers a business product that helps prevent and stop skin acne. For individuals, I am solving the unmet need for a skin care product that fits their certain skin type. Although there are many skin care products in the market already, there are still products that use harmful chemicals and that are made only for a certain skin type.  

3. Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common? 

• I am offering my product to one group: teens and adults. The individuals will range from 12-24, the age that is mostly affected by acne. The product will be marketed to both women and men. This includes middle school and high school students, college students, and young adults that need the product. The products that are not specifically for your skin will be low priced. The high priced products will be the ones that are specifically made to fit your skin.

4. Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service

• I believe that individuals will pay me money for my product because there are a lot of skin care products that irritate and harm your skin. Most people have to extensively search to find the perfect match for the skin type. With Smart Wash, there will be a product already made for any skin type. My product is valuable because of the use of natural products and customization.

5. What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

• I'd say my leading competitor would be Proactiv. Proactiv is well known and popular due to its commercials. For some people, Proactiv dries their skin out. To stand out, I have connections in marketing and also I know chemical engineers who could possibly help me develop my skin care product. Having marketing connections would build up my product's consumer base rapidly. Also, Proactiv uses a lot of unknown ingredients. My product would only use natural ingredients that are gentle on the skin.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.  

• I believe that all of these five elements work together. I believe that one element is weaker than the rest. I do not many connections that would allow me to fully develop this business and product. In order to carry out the business, I would need to make more connections. Besides that, I would make a good business leader for Smart Wash and have no trouble selling its skin care products.

10A – Elevator Pitch No. 1

Assignment 10A – Elevator Pitch No. 1

9A – Testing the Hypothesis, Part 2

Assignment 9A- Testing the Hypothesis, Part 2

• Who: From my interviews, I realized that there are groups of people that do not fit inside of my market. These people would be those who do not have skin problems and are not affected by acne. Also, the ones who already have established skin care routines do not have the need for my product. One of my interviewees stated that it took a long time to find the perfect skin care products for her and that she did not have the need for a skin care product anymore. Nevertheless, she stated that many people have an unmet meet for the product.
• Interview number two (a freshman) said that he does not have time to use a skin care product since he is always busy with school work and he does not schedule enough downtime.
• The interviewees that seem the most interested in my product are female upperclassmen. One of the male interviewees said that he would not use it since he does not use skin care products.
• What: The problem is that acne and skin care issues are inevitable. Stress, puberty, and hormones are all huge contributing factors to acne. 
• Why: The need is not different. It just depends on if the person wants to take the necessary steps to prevent acne or if they already have a skin care routine. 

Inside the Boundary                Outside the Boundary

Who:                       Teenagers and adults who care         Teenagers and adults who don't

                                about their skin                                  care about their skin

                                Teenagers and adults who need        Teenagers and adults who already

                                 the product                                       have skin care products/routines

What:                       To prevent acne while using            To completely cure acne

                                 natural products

Why:                        There aren't a lot of products           People want to feel good

                                 that are natural and specific to         about themselves

                                 certain skin types

8A – Solving The Problem

Assignment 8A – Solving The Problem

• My product has to do with skin care and acne. 
• I would like to have a product that is gentle, easy to use, and specifically made for a diverse group of users.

• Here are some versions of my idea:
• Foam-like wash: This product would be easy on the skin and not cause irritation. I would imagine it similar to a bath bomb. I would also like it to be a moisturizer specifically made for the exact skin type of the user. This product would be made of organic, healthy products but would be able to alter itself to fit the needs of any skin type. 
• Skin healer: This product would minimize the effects of bruising and the discoloring of the skin. It would be applied to areas of cuts or bruises.

• I want to have a product that can be sold in department stores and beauty stores. Although acne is hard to prevent, my product would fit the need of a ton of teenagers and young adults that suffer from acne and breakouts.
• Stores would want to buy my product because skin care products and skin care routines have increased in popularity lately. 

7A- Testing the Hypothesis, Part 1

7A- Testing the Hypothesis, Part 1

Smart Wash

• Opportunity:
• A lot of teenagers and young adults have problems with acne and skin care.
• The who: Teenagers and young adults with acne
• The what: They have skin care problems or acne
• The why: There are different factors that cause acne, with the main ones being hormones and puberty. There isn't a single product to cure acne.

• Testing the who: The "who" is not limited to females or males. Nor is it limited to just teenagers in the United States. Everyone who has gone through puberty has had a case of acne or skin irritation. The majority of Americans who suffer from acne are between the ages of 12 and 24.

• Testing the what: There are a handful of teenagers and young adults who don't have skin care issues when going through puberty.

• Testing the why: There is no way to control stress, hormones, and other factors that cause young adults to have acne. This opportunity would give users a chance to prevent and control their acne outbreaks. The users would be less stressed if they had a certain way to moisturize and care for their skin. Users would be more content if they only had to use a single product in order to have healthy skin.

• Interview #1
• This interview was with a young sophomore female in college. She feels frustrated that she has to buy a variety of products to fulfill her skin care needs. She has gone through years of trial-and-error in order to find products that don't irritate her skin. When using certain skin care products, her skin turns red and becomes dry. She wishes that there was a single product that could fit her skin type perfectly.

• Interview #2
• This interview was conducted with a 14-year-old male high school student. He has stated that he is currently going through puberty, which causes his acne to flare up. He has tried Proactiv and other skin care products, which works but dries out his skin. He states that he has an unmet need for a facial cleanser that moisturizes dry, oily skin types.
• Interview #3
• This interview was conducted with a 4th-year male college student who likes using organic products. The student states that he does not suffer from acne currently, but does when he is stressed. He thinks there should be a product that is applied to the face that is foam-like and gentle to the skin. He also thinks that there are too many products that have unknown active ingredients that can barely be pronounced. 
• Interview #4
• The interviewee is a 21-year-old female basketball player. She does not suffer from acne but has a need for a skin care product that heals cuts and bruises. She plays basketball every day and frequently ends up getting bruises from practicing and wishes that there was a solution to her problem. She thinks that a skin product that heals and minimizes the effects of bruising and discoloring would be perfect for her. 
• Interview #5
• The interviewee is an 18-year-old female college student. She uses makeup every day and takes cares of her skin. Although she does not need the product, she states that there is a need for a skin-care product that has different functions and that is made specifically for your skin type. She thinks that it should be easier for people to take care of their skin. She would like to see a product that cleans off makeup that she has worn, even the oil left over from makeup.

• Given your interviews, what do you know about the opportunity that you didn't know before?
• From the interviews, I have gotten different perspectives and ideas that I have not thought of before. Interview #4 made me realize that there is an unmet for products that heal discolored skin and bruises on the skin. Also, I realized that a foam-like substance would be gentle on the skin and wouldn't irritate it. 
• From most of the interviews, I have gotten feedback about skin care products fitting their specific skin type. I think it would be a good idea to implement certain skin types into the skin care product I want to make. 
• I believe that there is an unmet need for a single skin care product that has multiple functions and that is chemically designed specifically for the user.

6A- Identifying Opportunities in Economic & Regulatory Trends

Identifying Opportunities in Economic & Regulatory Trends 

• Economic Trend: Gap between CEOs' wage and average workers
• Source:https://www.pbs.org/newshour/economy/making-sense/stock-market-boom-has-given-ceos-a-raise-what-about-average-workers
• I believe that this may be an opportunity since there is factual evidence to back it up. The study was carried out by the Economic Policy Institute.
• The prototypical customers are CEOs who make a lot more than their average workers.
• I think exploiting this opportunity would be extremely easy for CEOs because they also get paid from stock, unlike average workers.
• I saw this opportunity because I am interested in increasing the minimum wage for average workers. I do not think CEOs should make a ton while average workers can barely afford rent or living expenses.

• Economic Trend: The Economy Needs More Workers
• Source: https://www.nytimes.com/2018/09/07/upshot/jobs-report-economy-needs-workers.html?rref=collection%2Ftimestopic%2FEconomic%20Conditions%20and%20Trends
• I believe that there is definitely an opportunity for the government to lower the unemployment rate. The fact that wages are increasing means that workers are really needed. 
• The prototypical customers are unemployed citizens who are looking for jobs.
• I think this would be a very easy opportunity to exploit since it would be good for unemployed people and for the economy. 
• I saw this opportunity because I have experienced what it is like for someone to be unemployed and looking for a job. I believe that workers should be able to make a livable wage.

• Regulatory Trend: Federal Aid Heading to Algae-affected Businesses
• Source:https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AFSNC%
• I think this opportunity exists because there have been a lot of businesses that are currently being affected by the discharges from Lake Okeechobee. This is definitely an opportunity since the local newspaper talks a lot about the discharge pollution of the Indian River Lagoon and St. Lucie River.
• The prototypical customers would be small businesses and nonprofit organizations that have been affected by the Lake Okeechobee discharges who are in need of money.
• This opportunity is easy to exploit. The businesses just have to apply for loans through the US Small Business Administration website.
• I saw this opportunity because it is a prevalent issue that has had a great impact on my hometown. 

• Regulatory Trend: Don't Arm Teachers via Federal Grants
• Source:https://infoweb.newsbank.com/apps/news/document-view?p=WORL
• I think this opportunity exists because it wouldn't make sense to arm teachers using money from the Federal Government. For instance, "A Johns Hopkins analysis published in March, suggests that in the heat of the moment 'a consequences of a teacher pulling a gun could be disastrous.'"
• The prototypical customers would be school teachers and their students who would be affected by said teachers.
• The opportunity is somewhat difficult to exploit. There are many people who think teachers should be given guns in order to protect their classroom in case of a shooting. It would be unsafe for schools to arm teachers.
• I saw this opportunity because I think teachers should not play the role of security guard, when they were trained to teach and only teach. The underlying issue would be gun control or the lack thereof.