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.