My Exit Strategy

My Exit Strategy

The exit strategy that I plan to make is to sell my business or idea in the next 5 years. I chose this plan because I don’t think my business has the potential to grow with technology constantly changing. However, I do believe that if sell this app or concept to a larger company such as eBay or Amazon they would be able to make it grow and create a larger profit. I think by having this strategy, it has caused me to not focus too much on how I would make the business grow but rather focus on the details of how I would make it more attractive for future buyers.  

Week 12 Reading Reflection

Week 12 Reading Reflection

In the weeks reading, what I found to be the most confusing was that companies don’t understand the point of a strategy as a whole. In the text it discusses how companies tend to focus more on the strategy rather than how they are going to execute it. This is also confusing to me because in the fatal visions it goes over how companies fail to realize things such as attractiveness in the industry and the strategic plan is used for growth. The questions I would have for this are: 1. Are these problems more seen in smaller starter companies? 2. Shouldn’t these problems be stopped by certain specialist? I don’t think there was anything in the text that I thought was wrong just needed to be clarified as to what type of companies go through this.

Week 11 Reading Reflection

 Week 11 Reading Reflection

For this week’s reading, I found that without a good strategy that allows you to keep innovating, many companies fall flat and fail. What I find confusing is that most companies don’t try to line up their different strategies such as business and innovation.  My two questions to the author would be: 1. how much do the companies need to align their strategies? 2. What does it take to have an innovation strategy that allows the company to continuously grow? For this week I didn’t find anything that the author said to be wrong.

Amazon Whisperer

Amazon Whisperer

·         Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

o    The revenue drivers for my product are the initial starting price for owning the app and the monthly payments of continuing to use the app.

·         Describe what kind of product offering you believe should be next. What's the next thing your customers want?

o    The next thing to improve the product would be hiring movers so that the customers don’t have to worrying about anything once they have sold or rented their item.

·         Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

o    This next thing will enhance the user’s experience. With this they will not have to worry about moving or shipping anything themselves.

·         Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

o    I don’t have a product I have a service but something similar to this would be like amazon prime.

·         What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

o    Customers tend to really enjoy this because they are guaranteed to receive whatever they ordered within two days.

·         Describe what design/usability changes you'd make to the product. 

o    The only thing I would change would be to make more products available for amazon prime.

·         Describe why you think this product would make a good addition to your current product/service offering.

o    By offering a two day delivery system, customers would be able to get rid of their stuff faster and receive stuff faster.  

My Unfair Advantage

My Unfair Advantage

1.       Knowledge of how college campuses work

·         VRIN: I am able to understand where people live and what they need exactly.

2.       Knowledge of how certain dorm/apartments are

·         VRIN: I can organize the app so that people living in certain areas can find things easier

3.       Knowledge of the need to have easy access to décor

·         VRIN: Everyone always need last decorations or furniture I know this because I am a college student

4.       Connections with students

·         VIRN: I am currently a college student so with different connections I can get the app to be known better

5.       Connections with other business owners

·         VRIN: with different connections to different types of businesses I can improve on my business

6.       Connections with people who can help create the app

·         VRIN: I can make sure that the app works correctly

7.       General Business background

·         VRIN: I understand how a business runs finically and socially

8.       Knowledge of how to keep the business going

·         VRIN: Entrepreneurship class allows me to look at different concepts that can be improved

9.       Future trading of décor

·         Eventually the app will create a community of students trading décor within campus

10.   Knowledge of the surrounding area of the campus

·         I understand where the students live and where other people live

 

Resource number two is the best because be having the knowledge of how the campus apartments and dorms work unlike outside vendors I can organize the app so that students can find exactly what they need and not have to worry if that certain décor works in their room or not.

Elevator Pitch No. 3

Elevator Pitch No. 3

Company Name:

Décor Swap

Opportunity:

College students moving from dorm to apartment to house. Problem? Each space needs different accessories. The dorm needs twin size bedding and everything mini. Apartment and house need furniture and more décor. But what do you do with your old stuff? Throw it away? Sell it and pay ridiculous shipping costs? How do you buy new stuff? How do you find new stuff and transfers it hours away?

Reflection on Feedback:

Most of my reflections were based on my actually product rather than the pitch itself. So to improve, I need to make my pitch more detailed. I need to explain my product more in depth.  The other comments included improving my expressions.

Changes:

·         Describe my product more

·         Explain how it is different from other products

·         Use more expression

Week 10 Reading Reflection

For the reading this week, I found it surprising that the overall chapter just talked about general financial accounting issues rather than ways to improve your financial standing as an entrepreneur.  What I found confusing was the section on “handling questionable costs.” My two questions to the author would be about if there would be an easier way to understand parts of the income statement? Overall I didn’t disagree with anything that the author wrote.

My Secret Sauce

What’s your secret sauce?

Part 1:

1.       I have major in business and I am pre-med which allows me to learn about two different fields.

2.       I have a schedule for every day allowing me to be organized.

3.       I have had internships for accounting firms.

4.       I have completed volunteering hours at hospitals, homeless shelters, and other various places.

5.       I have shadowed health professionals.

Part 2:

1. Gabriella talked about how my major sets me apart.

2.  Kasey talked about how my social skills set me apart.

3. Naufa talked about how my skills as a volunteer set me apart.

4. Rachel talked about how I am persistent.

5. Alana talked about how my work ethic sets me apart.

 

Part 3:

Mostly my friends just elaborated on what I had originally said. They kind of talked me up more then I did because they didn't really understand this  assignment and thought they only could say really nice things.  If I had to change anything on my list I guess I would elaborate more.

Week 9 Reading Reflection

Week 9 Reading Reflection

For the reading this week, I found that the marketing research inhibitors were surprising. What I found that was surprising was, the difficulty in picking the correct strategic decision.   What I found confusing was the different stages of the product life cycle correlated to a different pricing strategy. My two questions to the author would be about the marketing philosophies. Is there a way to incorporate more than one? Can you switch it throughout the years? Overall I didn’t disagree with anything that the author wrote except for a few of the consumer characteristics.

Idea Napkin No.2

Idea Napkin No. 2

1.       I am currently a college student pursuing a degree in general business. My experiences in business including working in merchandise at Walt Disney World and creating a nonprofit organization. If I were to start this business, I believe that it would help me enhance my skills for running a business that is not a non-profit.

2.       My product is an app that allows college students sell, buy, or rent apartment/dorm décor from students who live within a certain radius of the campus. The students themselves will be responsible with the delivery of their product. To ensure that they receive it is they have to check into the app. To make a revenue, the app will have a fee on posting your items.

3.       I am offering this to any college student who is not a commuter but rather lives either on or close to campus.

4.       This app cuts out the uncertainty if whether or not the décor will work in your space, the difficulty of transporting large décor from large distances and time that shipping takes.

5.       What sets this app apart from things such as eBay or craigslist is that it only works for students attending the university.

I believe that all elements fit together except for maybe the first. I am not sure that I am capable of creating such a service or ensuring that the app becomes successful. I also am not very good at describing or going in-depth of certain ideas. I am more of a big picture person. This causing me to overlook small details that may affect the success of the service.

The feedback I received was mostly just questions on how I would receive a revenue from the app. I have now stated that in part. The other comments were on how the app is a good idea because a lot of people have problems furnishing and decorating their living spaces.