30A – Final Reflection

Final Reflection

I think the most formative experience anybody takes from this class is the development and pursuit of a single business idea. I have taken different classes with entrepreneurial aspects though most of them had students switch from one idea to another, or rather attempting to find opportunities in a set of different markets. This class was unique with regards to learning how to develop a business idea, and although it is arguable whether focusing on a single idea is more beneficial than attempting to focus on various scenarios (for the sake of learning), it definitely outlines a recommendable path to see through what seem to be “napkin ideas”.

Although I most probably won’t advance with my venture, I do wish to seek out a business idea that I would be more fond of, or have more passion in pursuing, so that I can apply the same exercises completed in this course and seek its development.

On the topic of developing an entrepreneurial mindset, I believe there is a degree of nature involved-- some simply are born entrepreneurs. What this class did though was provide a basis for all of us, so that we are all knowledgeable with regards to how an entrepreneurial mindset works.   

For incoming students preparing to take this course, I would suggest putting effort into developing a business idea that is important to them, so that they can benefit from each exercise and hopefully follow through with their venture.

29A – Venture Concept No. 2

Opportunity

In terms of the world’s general society, social drinking has long been a pass time for adults in almost all cultures. The business product developed arises from the opportunity to exploit the tastes of a regional demographic to which I belong, where many enjoy the consumption of beer with a touch of salt and lime. Salt is said to emphasize the flavor of beer, and it is common culture in the Central American/Caribbean region to include the additive in alcoholic drinks. The original opportunity created revolves around a capsulated version of this additive so as to provide convenience for consumers who wish to indulge in this form of consumption.

Forces

To the extent of my knowledge there is no one product that holds a monopoly in this market, nor is the market sufficiently advanced for powerhouse companies to form a part of. In other words, there is no defined market as to date.

As far as the potential, the business idea could be said to be a hit or miss. There is a barrier that has to be surpassed which is the habit of manually adding the additive and utilizing real lime, though if the product developed is quality and efficient marketing is executed, people will grow to depend on the product. The primary strategy for achieving this is targeting consumers who plan to socially drink in places where the formerly mentioned objects are seldomly available, such as trips to the beach, outings, and/or social interactions.

Window of Opportunity

It is important to keep in mind that as of currently there a few to no competitors in this market. This leaves an opening for a niche market where the product can be introduced and it’s results observed calmly and carefully. The window of opportunity for this product is broad, preference of beer consumption has and arguably always will be present in certain regions of the world. It is simply an innovative product taking advantage of a near absent market with a high-risk, high-potential scenario.

Innovation

The prime factor that I’d strive for in creating this product is ensuring it is something that is eco-friendly and does not contribute to pollution. This is not only a personal goal but a conscious one given the most probable region of consumption would be coastal. As a lover of the beach, I wouldn’t want to be adding pollution with my product in any way. Contemporary society has also been gaining awareness in recent years with regards to pollution and successfully creating a dissolvable and biodegradable product would be an important factor in reeling unique customers in.

If this is achieved within a market practically nonexistent, it would create a large capacity to sustain competitive advantage over any other competitor that may come into the market. Of course, the development of this dissolvable capsule would ideally have to remain competitive in terms of price.

Venture Concept

The venture I have been pursuing for the exercises provided in this course involves a small dissolvable capsule containing a flavored additive consisting of salt, lime and the mix. As far as my knowledge there is no current market offering this product, and the basis of its success relies on creating convenience for people that would like to consume beer in this manner no matter their location. In previous exercises I have been made aware by fellow students that versions of this product were and are sold in coastal areas, though the companies are not exactly advanced and no one company holds a monopoly.

The idea evolved years ago after noticing that most people in my home region of Central America and the Caribbean have a preference for consuming commercial beer with a pinch of salt and lime.

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The demographic target for this product would not be restricted to age, as the product in itself does not contain any alcohol, although the purpose of the product would exclude minors from the target demographic. As far as region, the Central American/Caribbean region is known to have a prevalence for this taste. Regional demographics would not be exclusive though, but they would allow for a greater margin of success.

In regards to distribution and production, I am in contact from a previously pursued venture with various fulfillment centers spread across the Americas and Europe, as well as facilitated access to production means from a verified account on Alibaba. Most likely production would take place in China given the reduced costs and consequently the potential margins achieved. As far as fulfillment centers, those with locations near my target demographic (Central America and Caribbean), would be priority.

This isn’t exactly a venture that requires customer service, as it is a minimal product that would most likely be offered individually by retailers or hopefully by commercial beer corporations if a merge were to take place. The customer experience would ultimately depend on the authenticity of the additives contained inside the capsule, and this would have to be carefully developed and examined in the production process.

If the product were to be successful and the company were to expand, I would have no need to actively sum a vast amount of employees for the ongoing success of the company. A small full-time crew would be suffice in carrying out all application and requirements needed for the company to sustain competitive advantage. This is given due to production being handled in factories via the platform Alibaba, and the delivery to retailers being fulfilled by a prominent fulfillment center. My full-time crew would only need to take care of organizing logistics, administration, and brand-creation.

If the venture is to be successful, I would see myself in five years hopefully holding a monopoly over this product. This could only be achieved if I truly enter a niche market and no competitors arise, and by the time they do, I have enough competitive advantage and innovative stance to keep ahead of the competition. The most important part of this venture is to create good vibes and provide a convenient and eco-friendly device so as to satisfy a customers needs in relation to the manner in which they consume beer. My mission statement would most probably be: “To create a unique experience out of every beer”.

Feedback

The majority of the constructive feedback received was this regards to the organizational aspect of my venture concept. This consisted of the separation of the Opportunity, Innovation, and Venture Concept, which was not previously included in my past assignment. The result of the advised would have cleared my second most prevalent feedback which was the clarification of the points analyzed.

How I’ll Adapt

To adapt to the formerly mentioned I separated the three main parts of the exercise instead of including all points in one. Aspects were not pooled together and were each explained in their corresponding categories. With this strategy I hoped to clarify the points expressed.

28A – Your Exit Strategy

1) 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?

If I’m going to be honest, under the terms that my business becomes successful and can support a living, I would probably stick with it and look to expand. My idea behind the business is really only driven to provide convenience and emphasize a good moment/time. Now, if some big-shot company arrives at my doorstep with an offer to buy the company for a considerable amount of money… it’s all theirs. If I have my children and family set for the future, I would gladly retire early on and go travel and set on philanthropic work.

2) Why have you selected this particular exit strategy?

Well I guess you could say that this isn’t something I am TRULY passionate about nor do I believe that I’m the only correct fit to run the company. Of course I love drinking beer and spending relaxed and good moments with friends and family, but if I’m offered a large amount for my product/business which will consequently set me and those closest around me for life, it would be an easy yes. Then I could go about living life to the fullest, and helping those out in need-- something I care much more about.

3) 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?

Again, I would only sell my business if I was offered a large return, but the idea behind my venture wasn’t exactly produced with this intention. This does not mean I wouldn’t want this to happen (selling for a large return), but simply that I did not formulate my business plan for an expansion or presence large enough in hopes of attracting an offer. In other words, I don’t particularly see my venture having a significant amount of success or popularity so as to result in it being bought out. It’s ultimately a low-budget, low-cost product with a reasonable but not significant margin and is aimed at providing convenience and a good time.

27A – Reading Reflection No. 3

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

The text I read for this assignment was Makers: The New Industrial Revolution by Chris Anderson. The general theme of the book basically encases a predicted perspective of the potential of the digital economy in the near future, focusing on how the power of digital commerce and the Internet will allow for a democratization of entrepreneurs and will ease the flow of ideas, businesses, etc., ultimately increasing the competition for corporations.

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

I think this book has a lot of relevance to what we learned or are learning in ENT3003, given the course has provided a number of exercises aimed at developing business ideas and identifying all aspects of business towards making the product or service a reality, which is in return preparation for a future which Anderson predicts to be an entrepreneurial paradise in which the Internet, low-cost factories and devices such as 3D printers will facilitate small business and entrepreneurial success.

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

I think a good exercise derived from aspects read in this book would be to prepare a business idea within the hypothetical future model of economies suggested by the author. This implies a facilitated network, facilitated means of production, and increased competition. Maybe completing the same exercises we carried out in the course but within this New Industrial Age guideline, so that one may be more prepared or have an advantage point with regards to executing their business plan.

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?

The biggest surprise that I took from the book is when Chris Anderson suggested that more and more people would simply volunteer in the development of products for the simple joy or passion gained from it. I wouldn’t exactly agree with this prediction, as it is arguably ever more difficult to make a living, but this is my personal opinion completely based on the present situation of the economy. I do believe there is more opportunity than ever, but relative to living conditions and debts that most people encounter, I don’t see a time that people would put effort into developing a business if they are not getting any physical benefits out of it (unless it be for a non-profit).

26A – Celebrating Failure

1) 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.

With regards to this class, I started off the course while on a trip in Patagonia and I would constantly check for assignments though I didn’t see the introductory video where Dr. Pryor specified his theory for naming quizzes “cupcakes” to lessen the stress on the student. In my head I wasn’t seeing any quizzes or assignments to complete, just “cupcakes”, which I did not take seriously. When I got back home was when I became aware that the cupcakes were quizzes and you can imagine me palming my face.

In my management class I came extremely unprepared for the first test, having little time to study due to a busy week at work. I had no access to the lecture notes given they don’t provide them overseas, and I started studying the chapters from the textbook the day of. I received a C which was a slap in the face as I haven’t received a grade below a B on a test in two years of college.

2) Tell us what you learned from it.

As far as the learning aspect, it really was a mental switch that I had to initiate and get myself back on the ‘grind’ per say. Organizing myself to be able to deal with due dates for classes and also work a full time job, the latter of which was more difficult given we were renewing contracts with clients and with the country’s economic situation we really had to show them we were still the right candidate for business.

3) 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?

In reflection I think something I learned from a personal standpoint as well as the reading assignments and lectures of this class is that failure is inevitable, but it’s really all about how you handle yourself and the situation around you when presented with failure. One has to learn to fail successfully and look at the bigger picture-- make decisions for changes on how to never encounter those failures again, and strive towards improving personal performance. I think what I took away from this is that success is a process-based scenario. One has to continually work efficiently and intelligently, making corresponding changes in their persona or behavior to reach the goals they set. Of course failure will be stressful, but the key is to chill. Get over that initial anxiety or frustration by punching a pillow if that’s what it takes, then move on and keep working hard.

25A – What’s Next?

Existing Market:

What I think is next?

Although the market I’m venturing into isn’t exactly defined and is small to nonexistent, I do believe in some way it could be naturally merged to or form part of the alcohol (specifically beer) market. I’d say that if my market were to exist, and be known to form part of the commercial beer industry, the next big thing would be to produce bottles with a salted or lime flavored layer on the inside, whether it be the whole inside of the bottle or near the top. Of course these bottles would be sold separately and marketed correspondingly, but this innovation would provide for every sip to be flavored as the fluid makes contact with the inside layer going and subsequently goes into the customers mouth. 

Existing Market Interviews and Reflection:

In reflection of what my interviewees had to discuss, for expansion in the industry I would have to first test out its success and see how customers respond. Their conclusions were very similar, as they argued that since the market is practically nonexistent, or at least to their extent of knowledge, innovation and the next “big step” would have to come directly from the consumer’s experiences. First I should develop the product to an achievable perfection, and then see how the public responds to it. This is where I will know if a new channel for tastes may open up, if the design is not suitable, if accompanying products can be produced, etc. 

New Market: 

What I think is next?

A new market that can be explored is a capsule containing additives that appeal to other regional consumption preferences. Within the whole product creation of my business idea I was only focused on creating a capsule with salt, lime and the mix flavors, as this is something I am familiar with and can relate to— thus the opportunity identified is directly associated to personal taste and knowledge. If I were to travel to other parts of the world, I would most likely find that there are different tastes in different cultures for consuming commercial beer. I think this would be a fun path to explore. 

New Market Interviews and Reflection:

As explored in my own thoughts, my interviewees suggested researching different taste preferences in other regions of the world, as well as creating never before flavors that might cause a new trend. This was an interesting idea as I never thought about it, but after my second interviewee mentioned creating a hot sauce additive I actually started digging it. I’ve seen people put hot sauce on everything, and it actually wouldn’t be such a bad idea to create a capsule that adds a spicy taste to your beer. My other interviewees also explored the opportunity of targeting other drinks with my capsules, such as cocktails and regular beverages. Successfully doing this would create a much larger market though it would weaken the specification of my target consumers. 

24A – Venture Concept No. 1

The venture I have been pursuing for the exercises provided in this course is a business idea involving a small dissolvable capsule containing a flavored additive consisting of salt, lime and the mix. This idea evolved years ago after noticing that most people in my home region of Central America and the Caribbean have a preference for consuming commercial beer with a pinch of salt and lime. 

As far as my knowledge there is no current market offering this product, and the basis of it’s success relies on creating convenience for people that would like to consume beer in this manner wherever they are but don’t always have access to salt and/or limes. After pursuing this idea and creating elevator pitches, developing logistics, and explaining the concept, I have been made aware by fellow students who grew up near beaches that small retailers would sell a similar product but with different design. 

The demographics of this product would not be restricted to age, as the product in itself does not contain any alcohol, although the target for the age demographic would reasonably be those within legal drinking ages. As far as region, the primary target would be those in the Central American and/or Caribbean region given this is a known region where this taste is prevalent. Regional demographics would not be exclusive though, but they would allow for a greater margin of success. 

As far as the potential of this opportunity it really is a hit or miss, if the product is developed well enough and the marketing is carried out correctly, people make grow to depend on this product or have a preference to purchase it so that their need for consuming beer in this manner can be fulfilled and/or satisfied in trips to the beach, outings, and/or social interactions. 

The window of opportunity for this product is broad, as the manner or preference of beer consumption has and arguably always will be present in certain regions of the world. It is simply an innovative product taking advantage of a near absent market with a high risk/ high potential scenario. With this in mind, as far as the venture concept goes, it is important to keep in mind that as of currently there a few to no competitors in this market. This leaves an opening for a niche market where the product can be introduced and it’s results observed calmly and carefully. 

The prime factor that I’d strive for in creating this product is assuring it is something that is eco-friendly and does not contribute to pollution. This is not only a personal goal but a conscious one given the most probable region of consumption would be coastal. As a lover of the beach, I wouldn’t want to be adding pollution with my product in any way. Contemporary society has also been gaining awareness in recent years with regards to pollution and successfully creating a dissolvable and biodegradable product would be an important factor in reeling unique customers in. 

In regards to distribution and production, I am in contact from a previously pursued venture with various fulfillment centers spread across the Americas and Europe, as well as facilitated access to production means from a verified account on Alibaba. Most likely production would take place in China given the reduced costs and consequently the potential margins achieved. As far as fulfillment centers, those with locations near my target demographic (Central America and Caribbean), would be priority. 

This isn’t exactly a venture that requires customer service, as it is a minimal product that would most likely be offered individually by retailers or hopefully if a merge can be agreed on, in a packaged environment with commercial beer. The customer experience would ultimately depend on the authenticity of the additives contained inside the capsule, and this would have to be carefully developed and examined in the production process. 

If the product were to be successful and the company were to expand, I would have no need to actively sum a vast amount of employees for the ongoing success of the company. A small full-time crew would be suffice in carrying out all application and requirements needed for the company to sustain competitive advantage. This is given due to production being handled in factories via the platform Alibaba, and the delivery to retailers being fulfilled by a prominent fulfillment center. My full-time crew would only need to take care of organizing logistics, administration, and brand-creation. 

The innovative aspect of this product again is introduced via the dissolvable/biodegradable capsule. If this is achieved within a market practically inexistent, it would create a large capacity to sustain competitive advantage over any other competitor that may come into the market. Of course, the development of this dissolvable capsule would ideally have to remain competitive in terms of price. 

If the venture is to be successful, I would see myself in five years hopefully holding a monopoly over this product. This could only be achieved if I truly enter a niche market and no competitors arise, and by the time they do, I have enough competitive advantage and innovative stance to keep ahead of the competition. The most important part of this venture is to create good vibes and provide a convenient and eco-friendly device so as to satisfy a customers needs in relation to the manner in which they consume beer. My mission statement would most probably be: “To create a unique experience out of every beer”.