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Final Reflection

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1.      This class has driven me through various emotions. Sometimes I really enjoyed the class and other times I really dreaded doing the work (reading reflections). But I can honestly say that I had far more positive memories of this class than negative ones. 2.      I believe that the most formative experience that I had in this class would have to be creating a venture and having to stick with it for the rest of the semester. This forced me to deal with all the positive and negative aspects that came with my specific product, which is very similar to how it would be in the real world. I think the experience that I was most proud of myself for completing would have to be when I reached out to all of the different people when we were doing the VIRN exercise. I thought that finding people would be difficult but in reality it was not at all. 3.      I do not think that I see myself as an entrepreneur just yet but I definit...
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Venture Concept No. 2

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My second version of my venture concept is very similar to my first version. The only thing that I changed was how I organized some sections. Opportunity ·        I believe that an opportunity for my product is available for parents who have young children and firearms ·        I believe there is an especially large opportunity at this moment thanks to all of the recent school shootings and protests about guns ·       Currently, customers are satisfying this need with regular gun locks that can sometimes be bypassed by children or are not unlockable by all of the adults who should be able to have access to the guns. I do not think that customers are very loyal to any of the gun locks they are currently using. They only use them because they are the only ones available on the market at this time. ·       This opportunity is relatively large thanks to the large number...
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Your Exit Strategy

1.      Although I really enjoy the premise of my company, I do not think that I would like to stay with it for a long time. I think my exit strategy would involve me selling my business within the next five years. I do not think that I would see myself trying to make it a family business or staying with it for a very long time.  2.      I have selected this particular exit strategy because I do not see a definite future for me in this business. Also, this is not my true passion. What I would like to do in the future would relate more to property development. My ultimate goal would have me pursuing a career in which I could be a property developer. 3.      I think that my exit strategy has definitely influenced other decisions I made in my business plan. I chose this idea because the topic of gun safety is very relevant right now, I think that if I entered the market now I could have some quick success and be able to...
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Reading Reflection No. 3

For my final reading reflection, I chose to read  Grinding it Out: The Making of McDonald’s by Ray Kroc. 1.      What surprised you most? ·       The thing that surprised me the most was that Ray Kroc was already is his fifties when he finally started the empire of McDonald’s. Making a fast food empire definitely takes a lot of time and energy and I found it amazing that he was able to do it at such an old age. 2.      What about the entrepreneur did you most admire? ·       The thing that I most admired about Ray Kroc was how he sacrificed almost everything and worked tirelessly to make his vision a reality. I admired that even after failing at many other things he was able to come back strong and make his dream come true. 3.      What about the entrepreneur did you least admire? ·       The thing I least admired about Ray Kroc is th...
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Celebrating Failure

1.      One time I failed this past semester was when I tried to fix my bike myself instead of taking it to a bike shop to get fixed. I failed at this multiple times as I tried more and more things that would yield no results. I eventually did have to take my bike to a bike shop since I was not able to fix it by myself. 2.      I actually learned a lot about fixing bikes although I was not able to fix the actual problem that my bike had. By trying to fix my bike’s problem, I was learning to fix many other problems that bikes have. I would loosen or tighten certain bolts and although my problem would not get solved, I learned what those bolts did for my bike. 3.      Failure is definitely not easy. It can often times be embarrassing or even discouraging. Although failure is tough, it is very important. By failing we learn not only about what we are trying to accomplish but about ourselves as well. Through failure, we often...
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What's Next?

What’s Next?          One possible next step for my product would not only be targeting people who own guns and have children but also incorporating all people who own guns. This would not be a major change but it definitely will help me get more people to buy my products. Especially with all of the recent protests happening in regards to gun safety, I believe that now would be a great time to open up my product to anyone who owns guns. Existing Market Interviews:           Interview 1: The person I interviewed said that the next step for a venture like mine should be on working improving my gun lock. She said that if I have a product that works and that is selling that I should stick with it instead of trying to move on to other products that I do not have as much experience with.           Interview 2: My second interviewee said that my next s...
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Venture Concept No. 1

Opportunity ·        I believe that an opportunity for my product is available for parents who have young children and firearms ·        I believe there is an especially large opportunity at this moment thanks to all of the recent school shootings and protests about guns ·       Currently, customers are satisfying this need with regular gun locks that can sometimes be bypassed by children or are not unlockable by all of the adults who should be able to have access to the guns. I do not think that customers are very loyal to any of the gun locks they are currently using. They only use them because they are the only ones available on the market at this time. ·       This opportunity is relatively large thanks to the large number guns present here in the United States. ·        I believe that the window of opportunity is at its peak right no...
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