30A - Final Reflection

The experience that sticks out in my mind the most was the Bug List. This was the first assignment of the semester and I had no idea what I was getting into. Before I read into it, I thought the assignment was actually about bugs. I’ll remember this years later because I have never had to list all of my annoyances before. I realized that I have so many but they are so hard to think of. I also realized that despite being annoyed by so many things, they are easy to brush off and I am generally happy. I felt proud after I recorded my first elevator pitch because it was the first time I had ever done one. I improved the pitch over time, but watching it back I was very pleased and felt confident in my speaking ability.

Now at the end of this course, I do see that I have the potential to be an entrepreneur. I have some of the skills you need, including creative and clear communication. However, I don’t think I see myself being an entrepreneur in the future. These skills are very transferrable and I would like to focus my efforts in a different sector. My entrepreneurial mindset has developed in that I see how you can apply it to so many different parts of life. It’s easier to get what you want when you apply entrepreneurial tactics trying to get it.

To students going down this path in the future, I recommend taking each assignment one step at a time. It is easy to get overwhelmed, but if you use time management and keep up a schedule for completing your assignments, you will do just fine. Take deep breaths and focus on your strengths. Everyone has them and you will be able to use them in this course one way or another!

29A - Venture Concept No. 2

My venture concept is a product that will revolutionize how we heat our homes. My heaters will contain motion sensors so they know exactly when to turn on and off based on whether the room is occupied. This product will mainly be used by people who live in cold places where heat is needed during the winter months. This product is perfect for homeowners who pay their utilities bill. People will want this product for several reasons. It eliminates the annoyance of remembering to turn your radiators on and off. I was in this bothersome situation when I got the idea for this product. This product is extremely efficient, so it will also reduce costs on utilities bills because people will not be using excess heating. Additionally, the efficient aspect is much better for the environment in terms of energy conservation. This product uses advanced technology to save money and keep people happy and warm!

Based on the feedback I have received this semester, I realized that it may be smarter to focus on the B2B market instead of the B2C market as I had originally intended. I might find more success by selling this product to contractors and creating partnerships with companies that are in need of efficient heaters. I could get into contact with home appliance stores and other salespeople specializing in air conditioning and heating. One commenter added that I might be able to break into the room insulation industry with this product as well. That is a great idea. It is also clear from my feedback that I need to have some grasp on how much money this product will actually save the consumers before I make it available to the public. I can’t sell this product on false promises, and in order to get the data I need, I will have to go through an extensive testing period. This feedback has pushed me in the right direction, and, above all, I think I now understand the full potential of my product. There are a lot of different directions this product could go that I hadn’t originally considered. This is an idea that I continue to be excited about.

28A - Your Exit Strategy

I think I do intend to sell my business in the near future. I would like to develop the business plan and strategy continuing a little bit, and then let the venture go. The reason for this is that I never intended to make this my life’s work, and while I do feel passionate that it is a good idea that could be fruitful, I do not think doing this for a long time will make me happy. I think there are either people who know this industry far better than I do and they could be much more successful with my product. They are willing to put in the hard work and energy needed going forward. This exit strategy has not influenced my decisions int he concept, but vice versa. In reaching out to experts and customers along the way, I have realized that the rest of the decisions might be better if they are made by someone else. This idea is strong enough on its own to sell, without me investing more of my human capital in it. It has influenced my growth intentions by slowing me down a bit more.

27A - Reading Reflection No. 3

For this reading reflection, I chose How to Fail at Almost Everything and Still Win Big by Scott Adams. This book is Adams’ memoir. He is a cartoonist. His story shows that life is not a straight path, and that your failures lead you to where you eventually are meant to be. His story is a lesson in keeping your head up and continuing along despite the failures you encounter. This book connected directly with my last post about failure. Failure is a big part of entrepreneurship. There are so many ways to miss the mark and not have a successful product. This book gives great guidelines on how to remain happy through the trials and tribulations of life. If I had to design an exercise for this class, I would have people map out three of their failures and write a reflection on how those could lead them to future success. This would be a good introspective way to turn failures into something positive. My biggest surprise is that Adams doesn’t think it is helpful to find your passion, but rather find your energy. He says you’ll be happy in life as long as you are energetic. This is an interesting take that has less to do with money and more with self fulfillment.

26A - Celebrating Failure

This semester I applied to over 40 internships that I didn’t get. The entire process was grueling and very disheartening. I began to doubt my worth and think that all the hard work I have done up until now hasn’t gotten me anywhere. I did countless interviews and got my hopes up so many times, just to be ignored by recruiters or turned down without any feedback. Eventually, I did secure an internship and I was very happy. However, I’m not sure if it is going to happen now because of the virus. This whole entire process has been a crazy learning experience. I learned how to handle rejection and how to conquer the job application process. I improved my resume and cover letter and my interview skills. I learned not to take things to personally, and that you only need one job to stick no matter how many you apply to! In the future, I am definitely more willing to take risks because I am familiar with this process and have learned how to keep trying even when I feel discouraged.

25A - What’s Next?

Existing Market

I think next I have to move to the actual technological development phase of my venture. I do not have the engineering knowledge or the physical resources to create this product my own. The next step for me here is to outsource these jobs. The three people I interviewed agreed that I need to begin working on this next step. They also said I should start mapping out a rough estimate of how much the product is going to cost. A lot of data analyzation is needed to determine how quickly this product will help people save money. Customers want these answers. This path makes the most sense for my venture. I need to outsource these jobs and beginning finding the right people to do them. I need to collect data on the average wholesale cost of a heating unit and the average cost of heating that na average home owner uses in the winter months. I will begin by mapping out a timeline and setting goals so the product can reach the market sometime before next winter.

New Market

A market I haven’t thought of is the B2B market. That could completely change this venture and I feel silly for not having considered it. My product could work for B2B or B2C. People who already sell heating and air conditioning may be interested in investing in my product. This product could be the whole future of this market if it is successful with customers. Once it gains popularity, it is possible that old models may become obsolete. The two people I interviewed said that I need to make ties with my competitors in order to meet customers who may be interested. These competitors know the customers very well and could be willing to make a deal or partnership with me. These interviewees think I might be even more successful in the B2B market and could catch the attention of some salespeople dealing with similar products. This would take a big chunk of the service aspect out of my hands so I could focus more on the product. I am surprised in general that I hadn’t considered this new market. On second thought, it seems nearly as attractive as my existing marketing, if not more attractive. This new market is definitely worth more of my attention.

24A - Venture Concept No. 1 (No Hassle Heaters)

I recognized the opportunity for my product when I moved somewhere cold for the first time in my life. I was suddenly renting an apartment with a radiator in it for the first time in my life. And this showed on the utilities bill. I was spending more on utilities than I ever had before. I didn’t think bills this high were normal until I realized it was because I was using so much heat. I think had to make a very annoying conscious effort to turn the radiator on and off constantly in order to use as little heat as necessary.  My most important resource is my close connection with this problem. This annoyance and waste of money is something that is in the lives of many people. So long as people use radiators and need to be kept warm in their homes, this opportunity will exist. The window of opportunity will stay open for a very long time. The market is mainly defined geographically. People who live in warmer climates and have no need for heat in the winter and other cold months will not be interested in this product. I don’t think people are currently loyal to their heating devices. I think that many are content as long as they are warm, even if their utilities bills are high because warmth is viewed as a necessity.

The product is a motion-sensing radiator. The radiators could be installed in main rooms and throughout homes. They detect all motion and turn on when the room is occupied and turn off when the room is emptied again. The radiators are highly sensitive in order to be as efficient as possible. This will keep people warm and cozy in their homes without worrying too much about the negative aspects of owning a radiator. People would also not have to worry about children and animals touching the radiator and manipulating the temperature.

This product will help people save money in the long term on their utilities bills. It will eliminate the frustration of worrying about turning your radiators off and saving money. It is also the most energy efficient it could possibly be to keep the customer satisfied and also conserve electricity. The only reason it would be difficult to convince customers to switch is because they have to be willing to pay the money up front and wait until they see themselves saving money and earning the money back on their utilities bills in the coming months. Once this point is emphasized, people may be willing to buy the product. The competitors are standard heating unit companies, but they lack this motion technology that this product has. This business must work very hard to market the product because this idea is breaking into an industry that works to some extent and has been established for a long time. The next step in this venture is to really fine tune the technology to be exactly how I envisioned it and product effective results. In five and ten years, I hope to continue updating this product and improving it to solve all of the problems at hand on a larger scale.

23A - Your Venture’s Unfair Advantage

1. Knowledge of Industry - This is very valuable as it is essential to breaking into any industry no matter what the industry is. It is imitable as this is a well-established industry. Other resources cannot provide same benefits.
2. Personal Connection - This is very valuable because I care about my product and I have a personal will to see it succeeded. This is rare because a lot of entrepreneurs only create products for the economic benefit.
3. High Speed Technology - This is easy to copy but an important value in order to make the product as top notch as possible. This will attract more buyers. It is non-suitable.
4. Highly Sensitive Technology - Same as being high speed. It is valuable for the product to work exactly how it is meant to as quickly as it can to be the best it can be. This is sometimes rare because a lot of products slow down or break over time.
5. Marketability with Different Groups - This is very valuable and sometimes rare depending on the product. A lot of diverse groups can benefit from this product and that will lead to wider sales.
6. Efficiency - This product is eco-friendly which is a very valuable asset to many people in this day and age. It is not rare in general but in this industry it is more rare than not.
7. Interpersonal Skills - This is valuable but definitely not imitable. Any entrepreneur needs this but it is just as important to have nonetheless. Other factors can add to this benefit.
8. Novel Idea - This is important because there is not currently wide competition for the product. It is non-suitable and it can be imitated but it is not at the moment.
9. Firsthand Experience - This idea was conceived from my own experiences and this is very valuable. It is inimitable because no one else has had my same exact experiences. It is not rare in general but can be unique to this product. Nothing gives the same benefit to an entrepreneur because I can really relate to the customer.
10. Understanding of Customer Base - This is extremely important for the actual sales of the product. I think this is imitable but over time I have understood the customer base even more widely and gotten great feedback that will allow me to know my target audience well.

My top resource is my own firsthand experience with the problem that my product solves. This has led me to be really in touch with exact how the product should function. I am able to clearly see the obstacles to creating a suitable product that would provide the best solution. I understand all of the benefits of my product.

22A - Elevator Pitch No. 3

The feedback from my last pitch was very helpful. One person said it looked like I was reading my pitch. I wasn’t, but I made sure to seem more natural and fluid in this pitch. I made my presentation more conversational and natural this time around. I also know my pitch better at this point. I tweaked my hook to relate to the audience a little bit more, but otherwise I kept it mostly the same and tried to keep my safe structure and describing the problem, the product and the solution. In my feedback I was told to dress more professionally, but I did not follow this advice. I feel that I am dressed appropriately enough given the environment I am in. I would amp up my wardrobe if I was giving this pitch in front of an audience.

21A - Reading Reflection No. 2

The book I chose was Thinking, Fast And Slow by Daniel Kahneman. The general theme of the book is that we must make an active effort to understand our thought processes and control our decision making in order to avoid errors and jump to conclusions. The book connects a lot to what we are learning in ENT3003 because it gives advice that is very helpful to the modern entrepreneur. He warns against going with your gut and he talks a lot about making the most economic decisions for yourself. He says to separate your emotions from your economic decisions, which could be very helpful in entrepreneurship. For an exercise in this class, I would present a bunch of logic questions and in the end students would see which ones they got wrong and reflect on why they got them wrong. Did they take the easiest and most available answer? Did they jump to conclusions or trust their gut too quickly? A part of this book that surprised me a lot was Kahneman’s on how lazy our brains are. He said people want to solve problems with the least amount of effort, regardless of the accuracy of the solution. This surprised me because I tend to think the best of peoples’ intellects but I suppose this may be naive. 

20A - Growing Your Social Capital

1. Domain Expert

I spoke to Melinda. She is an air conditioning contractor who works in Doral, Florida for HeatAndCool.com. She is an expert in this field and knows about identifying peoples’ needs for radiators. She has worked for the company for five years and quickly picked up on the ins and outs of the industry. I found the company online and simply called them. Melinda explained how she identifies the costumer’s needs and matches them with the correct product, which will help me identify my potential customers.

1. Market Expert

Emily is a technology expert at a firm called CB Insights. Her company sources information on technology and formats it into reports for the public. She has done some individual work on energy efficient household appliances. I met her through LinkedIn. We spoke on the phone and she gave me some guidance on how to start actually getting the physical product developed. This is an important next step for me.

1. Supplier

I had a quick conversation with Randy on the customer service line at Goodman, where they do wholesale air conditioning. I also find him and the company number through Google. He told me how they contact customers and about the kind of marketing strategies the company typically uses. He described the kind of people he usually comes in contact with in this industry. This will help me expand my customer base.

This experience was different than my other networking experiences because all of the people I spoke too were experts in similar topics. It helped me really concentrate on the questions I wanted to ask and the answers I needed to get. In the future, I will focus my networking conversations in more instead of asking general, getting to know you questions.

19A - Idea Napkin No. 2

1. I am a journalism major with boundless creativity and well-developed social skills. I know how to effectively communicate in writing and spoken word. I think this helps me keep in touch with consumers/the people I am helping. I aspire to help people in daily life through my innovation. This business could be the venture that takes over all aspects of my professional life.
2. I am offering radiators that turn on and off using highly sensitive motion detection technology. The radiators would sense people in the room and quickly warm it up. It will turn off abruptly when people leave.
3. This product is meant for people who live in cold places and have a use for this product. People who live in the south and rarely use heat or maybe don’t even have radiators have no use for this house. These customers are people who own their homes and properties. They have a reason to invest in a product that would lower their utilities bills and save them money in the long run.
4. They care mainly because their utilities bills will go down. They will be maximizing their use of all the heating and electricity they are paying for. This will be very helpful in the colder months when heat is a large expense. Additionally, the radiator will be hyper efficient in saving energy, so it will be better for the environment.
5. My main core competency in this project is that I can closely relate to the issue of being bothered by turning a radiator off and on and suffering the consequence of a high utility bill at the end of the month. By being so close to the problem, this makes me a good person to attempt to solve the issue at hand because it will improve my life as well.

I believe these elements fit together very well. The skills I possess are needed for an entrepreneur no matter what the product or service is. The element of customer outreach and receiving feedback is very important in formulating a good business idea. I can be successful in this aspect. The only part I am really lacking is the technological background to be able to actually develop the product.

My comments said that I am a good person for this project because it is obvious that I care about it. They noted how I am closely connected to the problem and the product at hand. I used this feedback to reflect even further on why I want this product to become a reality. I incorporated that into the napkin.

18A - Create a Customer Avatar

First and foremost, my customer avatar is someone who lives in a cold place and has the use for a radiator and heating technology. My customer is most likely someone a little older with an established career and the ability to afford the motion-sensor radiator. This is also someone who plans on staying in their residence — a homeowner instead of a renter. This person has children and spends time at home with them. They are middle to upper class people. They are most likely liberal because they care a lot about saving energy and helping the environment.

I have my values and life preferences in common with my avatar. I think we want the same things out of life and see why this product would be useful for a number of reasons. The main difference here is that the product targets an older age group that I do not fit in. I don’t think these similarities are a coincidence because I created this idea based on something that was actually inconveniencing my daily life.

17A - Elevator Pitch No. 2

The feedback I received on my last pitch was very helpful. I was told to sway less and use more effective hand gestures. By taking this advice into account, I think I look more professional in my second elevator pitch. I was also advised to explain my product in fewer sentences. This advice might be good, but I didn’t find it necessary in my case. I think it is important to completely explain the product, and it should be explained fully no matter how many sentences are used. That being said, I did try to be more concise in this pitch.

16A -What's Your Secret Sauce?

Ways I Am Unique:

1. I hate missing out. I love making memories and making the most of all of my time. It is important for me to live in the moment and be attentive.
2. I am enthusiastic. I encourage people to follow their hearts and I try to see the positive side of every situation. It is not hard for me to get excited about something.
3. I am patient. I rarely get annoyed waiting at red lights or in line. I understand that some things take time to achieve high quality.
4. I push myself to be the best. I am my own biggest motivator. I don’t like giving up or admitting defeat.
5. I don’t take things too seriously. I know that life shouldn’t be all about work and I value my personal life. I like to laugh and have fun.

https://soundcloud.com/molly-chepenik/sets/secret-sauce

I think most of the interviews are consistent with how I see myself. Some of the people mentioned qualities that I may possess but I don’t see as being specific to me. I think this difference exists because I present myself in certain ways to different people. The interviews about me are correct in their own ways and opinions. I don’t think I would change anything from my list.

15A - Figuring Out Buyer Behavior

Interview 1: I like saving money in general. I don’t typically shop for leisure, but for utility. I shop online only because usually I need really specific products. Because I like to save my money, I have a little more leeway to buy more expensive products. But in general, if there is a good cheap option for a product I don’t see why I wouldn’t choose that one.

Interview 2: I really value price when I am making a purchase. I like to online shop and a lot of the time I will list the products from cheapest to most expensive. From there, I will see which products suits my need. There is no value in spending little money if what I wanted in the first place doesn’t work correctly. I’ve only messed up a couple times by buying cheap things that barely worked.

Interview 3: I care a lot about quality but not if it means the product I want is going to be way too expensive. I like to buy things in person to make sure I am really getting what I think I’m getting. This way, i never have buyer’s regret. I can physically confirm my purchase and if something goes wrong with it, I’m the one to blame.

My interviews showed that people really care about price being low. In a perfect world, the best products would be the cheapest. Sadly, this is not how it is. Either way, most people value price over quality.

14A - Halfway Reflection

The most important thing you need to be successful in this course is time management. It is important to stay on top of assignments and always budget enough time to watch the lectures. Without good time management, it is very easy to miss assignments. It is also important to stay organized in keeping track of the assignments. There are many assignments and it is easy to get confused with them. I was pulled through by my own desire to succeed and do well. I am also very interested in the content in this course so it is easy to want to continue. I have been tenacious in this course and this has led to it! I have also enjoyed speaking to other students through the peer reviews. If you are taking this class next semester, I would advise that you never give up, make a work schedule for when you are going to do assignments and really just try to enjoy the content and apply it to your own life!

13A - Reading Reflection No. 1

I chose to read about Ray Kroc and the making of the famous McDonald's empire. What surprised me the most about this story is that the man behind the chain is not actually a McDonald. He ended up using the milkshake machine from the McDonald brothers and made it revolutionary. I admire Ray Kroc because he seems to be an insanely dedicated entrepreneur and he was always really honest. Most entrepreneurs are stereotyped to want to steal your money and con you into buying things. I least admire that Kroc let his business mindset take over his personal relationships. I personally value a good work-life balance and it seems like Kroc could not have success while maintaining his. He did encounter failure through several business ventures and struggled while selling paper cups before he came upon his success. His competency is that he was a very dedicated worker. The confusing part about this reading was that it seems like there are two sides to the story and that the McDonald brothers might feel very differently about the situation. If I was able to ask him two questions I would ask him what advice he has for a beginning entrepreneur and I would ask about his biggest regret in the making of the franchise. I think Kroc would say that hard work is the most important thing you need in life to be successful and happy. I disagree with this. I think that happiness can just as easily come from a satisfying personal life.

12A - Figuring Out Buyer Behavior No. 1

The three people I interviewed are all homeowners in cold places. They are all older and have steady sources of incomes. The interviewees expressed interest in lowering their utilities bills and said their bills are higher in the winter months. The unmet need here is smarter technology within their homes to save them money. One of them said he was unbothered by having to turn the radiators on and off and that it had just become a part of his daily routine at this point. The other two expressed frustration with this small annoyance. These two have children living with them and said it is difficult to remind them to be aware of how much heat and energy they are using. However, all three people are aware of their high bills at the end of the month.

The interviews show that people have not thought long and hard about how to address this issue, but they understand that the issue is there. This product would procure need awareness simply by existing and being advertised. Not many people search for information on this topic, but the information would become available once this product appeared on the market. 

11A - Idea Napkin No. 1

1. I am Molly and I am a journalism major at UF. I have experience doing reporting and writing. I have done many interviews in my past and I have the keen ability to identify people’s needs and ask the right questions. Regarding my business concept, I think I would benefit from it the same way other consumers would. This concept solves a problem that I have.
2. I am offering radiators with highly sensitive motion detecting technology to be put in people’s homes. The radiators will turn on and off depending on whether the room is occupied and heat is needed.
3. I am offering it to people who need heat in their homes. This is a large population but does not include people who live in mainly warm areas. The product will likely be the most beneficial to people who own property rather than those who rent or are only staying somewhere short-term.
4. The consumers should care because these radiators will save them money in their utilities bills in the long-term. By only being on when they are needed, these radiators will be as efficient as possible. Because of this, they are also more environmentally friendly. Consumers with concern for the environment will benefit here as well.
5. My core competency that will benefit me here is the fact that I care about this product.  I am the exact consumer that this product would be targeting, and this makes me the perfect person to develop this idea.

I think these elements do fit together well. Here I have a very clear problem and a very clear solution. The idea has been fleshed out over the last few weeks and I have a good idea of who my target audience here is. The only thing I am lacking is the technological knowledge to actual create this product. I would need to outsource some help for that.