29A: Venture Concept No. 2

Assignment 29A: Venture Concept No. 2

 Magic Ink & Sensors

• Opportunity:
• Shoplifting is an act that has caused more than $13 billion dollars of sales to be stolen from retailers every year.  More specifically, shoplifting has majorly affected small and medium-sized grocery stores who cannot afford the security measures of big chain retailers.  However, preventing shoplifting is extremely difficult for grocery stores and there are numerous factors that play into the problem.  
• The forces/changes in the environment that has created an opportunity to create a magnetic ink to prevent shoplifting are the economic standards which can leave people in difficult financial situations and government legislation which have not protected retail stores from theft. 
• The market would be defined geographically anywhere where there are grocery stores.  More specifically, I will start by targeting grocery stores in South Florida where there is a high concentration of small and medium sized grocery stores.  Demographically I would focus on targeting lower income level grocery stores who cannot afford expensive forms of security. 
• These grocery stores are currently attempting to limit shoplifting in their company by hiring more workers or managers to have an eye on the whole store.  However, it is impossible to be aware of EVERYTHING that is occurring in a grocery store.  Therefore, they would definitely be very willing to use my product if it is a small investment that will pay off in the future and long run which is why this opportunity is so big.  
• The window of opportunity will not be open for very long because with the drastically increasing rates of shoplifting over the past years, everyone is looking for better and more effective forms of security. 
• The potential customers would be the grocery stores who want to use this magnetic ink in their food labels and labeling companies who would want to work in conjunction with our product to produce the food labels and packaging tape for grocery stores who buy from them. 
• Innovation:
• The product that I am offering my potential customers is a magnetic ink that will be printed onto food labels.  In addition to the ink, I will be offering a small undercover sensor (about the size of a chip) that will come with a purchase of the ink.  
• As this ink would need to be developed first to find the most effective metals to create it, I do not know exactly how much I would charge for the ink and the sensor. However, giving a very rough estimate, I would sell each cartridge of ink to grocery stores for about $48 and the sensors for a one time fee of about $550.  Although this may seem expensive at first glance, these sensors will only have to be bought once and will detect any shoplifting as customers leave through exit doors.  For labeling companies, I will sell the ink at a discounted price of $42 per cartridge because they will be buying larger amounts in bulk.  
• With my estimated expenses and productions costs, I expect my profit to be about $8.00 for each ink cartridge and about $115 for each sensor that is purchased.  There will also be initial startup costs to take into account; however, if my product sells well with potential customers buying the ink in bulk which will create an instant profit for my product. 
• Venture Concept:
• My potential customers such as grocery stores will buy my product if they are concerned about the safety of their stores and their own customers as well as if they want to find a way to protect their sales and profits.  
• The labeling companies will buy my product because they want to provide their customers with the option of the magnetic ink to print onto the food labels. 
• Grocery stores will pay money for my magnetic ink that acts as a sensor along with two small physical sensors because in the long run, it will save their sales and profits.  
• Distribution:
• In order to make my product known to grocery stores and packaging/labeling companies I will at first go to these businesses and companies in person and act as a salesperson for my product in order to create awareness for my product.  
• Once companies know about my product and are buying my product, I will then distribute the ink directly to my customers' place of business.
• Location:
• The main source for my business will be online.  Customers can learn about my product and order their desired amount through our website.  
• We will also have a corporate office location so that once a grocery store orders the sensors, we will bring the product from our office location and deliver them directly to their store and insert the sensors.
• Employees:
• As it will be mainly an online company, the majority of our employees will be the people making the ink.  I estimate about ten to fifteen employees will be responsible for developing the ink.  I estimate about three to five employees who will be designated to delivering and implanting the sensors for the grocery stores.  And I estimate about three employees to handle the office work, paperwork, and bookkeeping.  Therefore I would estimate a total of twenty to thirty employees needed to run a company for my product. 
• Unfair advantage:
• I believe that my most important resource would be my first-hand experience in handling shoplifting.  As I have caught people shoplifting in a grocery store, I have learned the numerous techniques that shoplifters use to get away with theft and I have also learned how to confront shoplifters in a way that will not create conflict.  This resource will provide me with the best ability to make my product wanted by customers.  
• What's Next for the Venture:
• With this product, I hope to make a dramatic dent in the rate at which shoplifting occurs in retail stores, but most specifically grocery stores.  I want my product to lead to the ending of shoplifting hurting grocery stores' sales and profits and make store owners and managers more comfortable with their store atmosphere.  
• What's Next for Me:
• Five years from now,  I hope that my product will be used by grocery stores all over the country and that with its success I can start moving into the entire retail business such as for clothing stores and super markets.  
• Additionally, I hope that in the future I will create products that can be used by the grocery store business to help increase their sales. 
• Feedback:
• As a lot of my feedback included compliments on the way that I structured my venture concept and explained my complete business idea, I did not change much overall.
• One great comment that I received was that I was estimating too many employees for my startup company.
• By having too many employees working for a startup company, it may be difficult to pay all of the employees that I planned on employing while still making a profit.
• What I will change:
• Based on the feedback that I received, I shortened my venture concept as many of the bullet points I had written down were repetitive of one another.  By shortening my concept and making it more concise, it will have a greater power to have a strong effect on consumers.  
• Another major change I made to my venture concept was that I cut the total estimated number of employees down from about fifty to about twenty.  By doing so, my company will be able to make more of a profit in the beginning.  
• Additionally, by cutting down the number of employees to make more of a profit, the company will be able to afford expansion which may then trigger a need for my employees.  But if my company continues to be successful and make enough profits, then an increase in the number of employees will not hurt the company. 

22A: Elevator Pitch No. 3

 Assignment 22A: Elevator Pitch No. 3

• 1.) Elevator Pitch Youtube Link:
• https://www.youtube.com/watch?v=1Pb9Y9GHcfU   
• 2.) Feedback Reflection:
• I received a lot of different feedback on my second elevator pitch.  The majority of the feedback I received complimented the changes I made from the first elevator pitch.  By adding emotion and changing the order of my facts and explanations, I think I was able to better caption the attention of the audience right at the beginning.  Additionally, a lot of my feedback consisted of comments about my pace and hand gestures which added to the overall effect of the elevator pitch.  
• 3.) What I Changed from Feedback:
• I have changed numerous aspects of my elevator pitch from the very first pitch I recorded and only made small changes from the second one I recorded.  For this third elevator pitch I continued to add emotion to the information that I was explaining.  Something that I changed was that I took out some content that was not necessarily needed so it brought my elevator pitch closer to the ninety second mark while making my information more to the point and concise.  

30A: Final Reflection

Assignment 30A: Final Reflection

• What stuck out to me the most in this class this semester was the very beginning of our entrepreneurial tasks.  Brainstorming something to invent was really difficult because every time I would think of something, I would look it up online and realize that it was already created.  However, once I found an opportunity to pursue, I really enjoyed developing that opportunity.  For this reason, spending so much time thinking of a product or service to invent was definitely the most formative experience during this class.  
• The most joyous experience during this class was definitely when I finally thought of a product/service idea that would not only work for all of my assignments in this class, but actually be beneficial in the real world.  In fact, since my product was something that my family could use in our family business, I was even more excited that I was developing this idea.  
• The experience that I am most proud of myself for accomplishing was recording all three of the elevator pitches.  I am not a big fan of recording myself and I always get nervous when I have to remember particular information to state in a certain amount of time.  However, when I read the feedback from my peers, I was able to see my progress that I made after each elevator pitch and how far I had come from the beginning.  
• Taking this class really changed my mindset on how I see things.  I now realize that there are opportunities all around us and that we can do anything as long as we give it time for development and thoughts.  Therefore, I definitely think that I have moved closer to developing an entrepreneurial mindset and I do believe that I have become an entrepreneur because I always see the opportunity to create something beneficial for myself and for society as a whole.
• I would recommend that students going down this journey in the future should really take the time to develop their initial idea because every assignment in the future will be based off of that idea.  By actually thinking of something valuable, you will be interested in completing your assignments for your idea rather than be annoyed that you have all of this work to do.  To foster this mindset of actually caring about their assignments, I highly recommend that they assign themselves time every week to dedicate to their ENT3003 assignments instead of being pressured to complete them at the last minute.  By dedicating time in their schedule specifically to this class, they will be able to better develop and work on their idea that would produce the best outcome.  

                                

28A: Exit Strategy

Assignment 28A: My Exit Strategy 

• 1.) Identify the exit strategy you plan to make:
• I plan to stick with my company until I feel that it has reached its highest potential possible while I own it.  This will most likely take about a decade to achieve.  However, once I feel that my company/product has reached its potential, I will sell it for a large return and then either find something new to put my entrepreneurial mind to or find another job that interests me the most.  
• 2.) Why I selected this particular exit strategy:
• I selected this mixed exit strategy because I believe that as technology continues to develop in the future, there will most likely be another product that provides the same service that I am providing but better.  And I intend to anticipate that by selling my company at the perfect moment between its success and before its downfall/unpopularity.  
• At a certain point, an entrepreneur must review whatever they have accomplished and determine whether it is worth continuing or closing that door because it will only be valuable and last for a certain amount of time. 
• 3.) How has my exit strategy influenced the other decisions I have made in my concept?
• My exit strategy has influenced me to attempt to make my product and company as popular and powerful as possible as quickly as possible so that it will be relevant for a long time before newer or better technology and ideas are developed.  
• My exit strategy has also influenced my growth intentions and how I plan to acquire and use resources because as I plan on becoming successful as successful as I can as soon as possible, I will need to utilize my resources in convenient ways that will provide the best options for my product.  

27A: Reading Reflection No. 3

Assignment 27A: Reading Reflection No. 3

I read about Mary Kay and her empire in Mary Kay Ash's Miracles Happen:

• What surprised you the most?
• What surprised me the most about this entrepreneur was that it all started with a dream as she was simply sitting down thinking about her life and everything that she had accomplished.  She then realized that her dream job could be something other than a dream- it could be reality.  And this is what inspired Mary Kay Ash to begin her climb to the top.  She mimicked the personality of young girls who use their imagination to play and instead turned this playing into her own reality.  I never thought that I would hear an entrepreneur so successful as she was say that imagination will make our "possibilities limitless."  
• What about the entrepreneur did you most admire?
• I most admired that Mary Kay Ash was able to create such an enormous empire despite all of the adversity she experienced throughout her life.   She spent a lot of time taking care of her father who was sick, her husband died one month before she start her company, and yet, she continued to pursue her dream.  Subsequently, her dedication to her work continued to grow, her brand and name continued to live on as her innovation and work never failed to increasingly gain popularity.  Mary Kay Ash used her ambition and ability to dream to create a name for herself and to utilize her entrepreneurial abilities.   
• What about the entrepreneur did you least admire?
• I found it difficult to find a trait about Mary Kay Ash that I did not admire because I feel as if her determination to make a happy life for herself is something that outweighs everything else.  She never let anyone walk all over her which is demonstrated as she quit her job after men who she had trained herself had been promoted over her after she had been working at the company for over ten years.  I think it is really hard to not admire a woman with such stamina and determination to make a dream come true not only for herself but for women everywhere.  
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• Mary Kay Ash started her business with just her life savings: $5,000.  After her husband. who was also her business partner, died of a heart attack nearly days before she was starting her business, Ash had to buckle up and make the most of those five thousand dollars.  From this adversity she learned to be efficient with her money in order to start up her company and to keep it on its feet.  As a woman in the twentieth century, Mary Kay Ash was not handed anything.  She worked extremely hard to build her name and company because it was something that she wanted and dreamed of having.  She used the adversity she experienced to challenge herself to be the best and to actually reach her goals, however big they may have been.  
• What competencies did you notice that the entrepreneur exhibited?
• I think the greatest skills that Mary Kay Ash exhibited was her ability to use her dreaming as a means of being an entrepreneur.  I find it incredible that she uses her past failures and defeats to ignite a future for herself by using what she learned to become better.  I truly think that this is one of the most important attributes of an entrepreneur as they must keep pushing to refine themselves or their company/ products to be the best. Determination is definitely one of the greatest competencies that Mary Kay Ash exhibits because she never backs down in the face of adversity or defeat, but rather uses it to fuel her goals and dreams. 
• Identify at least one part of the reading that was confusing to you.
• As I read through this book, I was confused about the information that was discussed about Mary Kay Ash's organization talents.  This specific chapter discusses how she ended every day with a list of six things that she wanted to accomplish the next day.  And if something does not get finished, it goes onto the list for the next day and so on.  However, at some point, a $35,000 list is mentioned as this technique become worthy to banker Charles Schwab who sent Ivy Lee $35,0000 for explaining Ash's six things list technique.  However, if I had not researched where the $35,000 came from, I would still be seriously confused.  
• If you were able to ask two questions to the entrepreneur, what would you ask? Why?
• I would ask the entrepreneur how she was able to make something that was just a dream to become reality.  It seems nearly impossible for me right now to simply sit at my desk, think of what I want to do in my life, and just do it.  I would ask her how she ignored all of the noise of people saying that it's not possible and she can't do it and instead made an empire for herself. 
• I would also ask the entrepreneur what it took for her to keep on building her business even after her husband died and after all of the adversity that she faced.  I think that after an event like that, it would be extremely hard to continue pursuing a dream without someone who was there when you started that dream.  I find it extremely admirable that she was able to have enough determination to make a new life for herself and to achieve her wildest dreams and goals in her life.  
• For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
• I think that Mary Kay Ash's opinion of hard work was completing a task that you loved to complete and seeing it through until it reached success.  According to Mary Kay Ash, the point of living is to do something that you love and enjoy; otherwise, what was the point of completing it? Mary Kay Ash was a determined and powerful woman who did not stop until she was living her dream.  I agree with her opinion of hard work as I believe that if you love the work that you are doing, then it will never feel like work.  

26A: Celebrating Failure

Assignment 26A: Celebrating Failure

• Failure:
• A time this semester when I failed was today.  I received an email that said, "We regret to inform you..." and it stated that I was not accepted into the business program that I applied and interviewed for.  I was instantly extremely discouraged because after passing the first round of the application and making it to the interview part, I felt that I had a really great interview and did everything I possibly could to make myself stand out.  I had (or at least I THOUGHT I had) solid answers for every question that they asked me.  I understand that there were clearly other applicants who stood out more but it is hard to spend so much time preparing for something (I spent an entire month preparing my application) and to feel good about the interview to just be completely denied with no explanation why.  
• What I learned:
• As this failure just occurred today, it is hard to reflect on what I have learned from it as I am currently still picking my brain for anything I could have done wrong to be a reason for them not to accept me.  But what I am quickly realizing is that I cannot pick apart everything I said to the interviewers and assume that there could be a reason why I was not picked.  Maybe the other students were just more qualified than I was or had better interviews than I did.  This experience was necessary for me to realize that I am not going to get everything that I want in life and that I am going to have to try over and over again to reach my goals, no matter how many times I may fail.  
• Reflection:
• Yes.  Failure is definitely hard to experience.  The moment that I read the email that denied my acceptance I wanted to cry and punch a wall all at the same time (I know that sounds dramatic).  However, maybe in the future (hopefully the near near future) there will be another opportunity that I accept and then everything will fall into place.  I truly think that we all have to face failure in our lives, even though it is extremely difficult to experience at the moment, in order to embrace the successes.  I know for the future that I need to handle failure without getting instantly upset and rather with the courage to accomplish the next task.  This class has definitely taught me that we can create as many good ideas as we want, but the majority of them probably won't work the way we thought it would.  But all that this failure means is that we simply have to go back to the drawing board and find something new to be successful at.  I have definitely developed the ability to want to take more risks in life in the hopes that one of those risks will pay off in the end.  

25A: What's Next?

Assignment 25A: What's Next?

• What is Next:
• What I think is next for my company would be to broaden our customers from primarily grocery stores to more retailers in general such as clothing stores and supermarkets.  I think that clothing stores would really benefit from my magnetic ink product because it is so simple for someone to steal clothing.  Additionally, I think that supermarkets would also benefit from my product because it would be much more effective in reducing the rates at which shoplifting occurs in their stores while also being cheaper than the high-expense security systems they have currently.  I truly think that the more publicity and awareness that my product receives, the more that retail businesses would be interested and want to try my product in the hopes of reducing shoplifting in their stores. 
• Existing market:
• My existing market is definitely grocery stores, especially grocery store owners and managers because they have the purchase authority for a product like mine.  My existing market is specifically grocery stores because I believe that they have the most potential to benefit from my product and its original purpose.  However, when interviewing people and learning from what they think and need themselves, I am able to adjust my product and target to be the most successful.  
• Existing market Reflection:
• As I talked to customers who are already a part of the market I have identified, I learned of other product and service ideas that could be created to help this market.  As I interviewed grocery store owners and managers, I was able to listen to their ideas about what they thought I could do with my product and company.  Their beliefs partially agreed with mine as they thought that my product would do well in larger retail stores who spend way too much money on security sensors when they do not even work for a large proportion of the time as shoplifters always find ways around the security system.  
• One of the people I interviewed expressed how often he comes in contact with other business owners (not in the grocery store business but simply in retail) who are struggling to find effective ways to limit shoplifting in their stores.  And many people have tried to find solutions such as hiring more employees to serve as security means and buying more expensive security cameras; however, it is impossible to be able to catch everyone by using human labor and it is inconvenient to have someone watching security cameras at every second a store is open.  Instead, by using my product, the people I interviewed really believed that they could stop shoplifters before it's too late and before they get away with it.  
• New market:
• For this new market I took a totally different view and targeted a business to consumer market rather than a business to business one.  I interviewed two consumers: one who is a mother of four and goes grocery shopping at least once a week with her children and another who is a very affluent business man who rarely does his own shopping.
• New market Reflection:
• When explaining my product to the woman, she was immediately intrigued by my product.  She believed that it was a great idea because she has seen people walk out of stores such as Target with items in their cart that they never paid for.  She explained that one time when she left Target, she forgot to pay for the water that was on the very bottom of her cart.  She realized it as soon as she got to her car, walked back into Target, and paid for it.  The expensive security sensors that Target has did not even do their job.  In cases like this, the consumer clearly did not purposely mean to shoplift; however, if there was a more effective sensor, it would save retailers like this so much money. 
• When I explained my product to the wealthy man, he was not as impressed at first.  He believed that my product would not serve any other purpose different from that of the metal security sensors placed in larger retail stores today.  As he rarely does his own shopping, it is possible that by having less exposure to the realities of retailers today, the man does not understand how simple it is for people to steal and how ineffective and expensive those metal security sensors are. 
• Evidently, from this new market I learned that consumers often see shoplifting in very different ways than businesses do because they are not as exposed to it.  This helps validate the accuracy in my targeted market as businesses will definitely recognize my product as a useful tool to secure their sales, profits, and business environment as a whole. 

24: Venture Concept No. 1

Assignment 24: Venture Concept No. 1: Magic Ink & Sensors

• Opportunity:
• Shoplifting is an act that has caused more than $13 billion dollars of sales to be stolen from retailers every year.  More specifically, shoplifting has majorly affected small and medium-sized grocery stores who cannot afford the security measures of big chain retailers.  However, preventing shoplifting is extremely difficult for grocery stores and there are numerous factors that play into the problem.  
• The forces/changes in the environment that has created an opportunity to create a magnetic ink to prevent shoplifting are the economic standards which can leave people in difficult financial situations and government legislation which have not protected retail stores from theft. 
• The market would be defined geographically anywhere where there are grocery stores.  More specifically, I will start by targeting grocery stores in South Florida where there is a high concentration of small and medium sized grocery stores.  Demographically I would focus on targeting lower income level grocery stores who cannot afford expensive forms of security. 
• These grocery stores are currently attempting to limit shoplifting in their company by hiring more workers or managers to have an eye on the whole store.  However, it is impossible to be aware of EVERYTHING that is occurring in a grocery store.  Therefore, they would definitely be very willing to use my product if it is a small investment that will pay off in the future and long run which is why this opportunity is so big.  
• The window of opportunity will not be open for very long because with the drastically increasing rates of shoplifting over the past years, everyone is looking for better and more effective forms of security. 
• The potential customers would be the grocery stores who want to use this magnetic ink in their food labels to serve as detectors for theft.  Other potential customers would be labeling companies who would want to work in conjunction with our product to produce the food labels and packaging tape for grocery stores who buy from them. 
• Innovation:
• The product that I am offering my potential customers is a magnetic ink that will be printed onto food labels.  In addition to the ink, I will be offering a small undercover sensor (about the size of a chip) that will come with a purchase of the ink.  
• As this ink would need to be developed first to find the most effective metals to create it, I do not know exactly how much I would charge for the ink and the sensor. However, giving a very rough estimate, I would sell each cartridge of ink to grocery stores for about $48 and the sensors for a one time fee of about $550.  Although this may seem expensive at first glance, these sensors will only have to be bought once and will detect any shoplifting as customers leave through exit doors.  For labeling companies, I will sell the ink at a discounted price of $42 per cartridge because they will be buying larger amounts in bulk.  
• With my estimated expenses and productions costs, I expect my profit to be about $8.00 for each ink cartridge and about $115 for each sensor that is purchased.  There will also be initial startup costs to take into account; however, if my product sells well with potential customers buying the ink in bulk which will create an instant profit for my product. 
• Venture Concept:
• My potential customers such as grocery stores will buy my product if they are concerned about the safety of their stores and their own customers as well as if they want to find a way to protect their sales and profits.  
• The labeling companies will buy my product because they want to provide their customers with the option of the magnetic ink to print onto the food labels. 
• Grocery stores will pay money for my magnetic ink that acts as a sensor along with two small physical sensors because in the long run, it will save their sales and profits.  The costs of shoplifting have left grocery stores without the sales revenue that they work extremely hard for and deserve.  Additionally, grocery stores want to have a way to know when an item is being stolen and to hold shoplifters accountable for their actions.  
• The large majority of retail stores believe that if there is an opportunity to decrease the rate of theft, they should because every little bit of theft caught leads to a greater decrease in shoplifting as a whole and to a greater profit for these businesses. 
• Distribution:
• In order to make my product known to grocery stores and packaging/labeling companies I will at first go to these businesses and companies in person and act as a salesperson for my product in order to create awareness for my product.  
• Once companies know about my product and are buying my product, I will then distribute the ink directly to my customers' place of business.
• Location:
• The main source for my business will be online.  Customers can learn about my product and order their desired amount through our website.  
• We will also have a corporate office location so that once a grocery store orders the sensors, we will bring the product from our office location and deliver them directly to their store and insert the sensors.
• Employees:
• As it will be mainly an online company, the majority of our employees will be the people making the ink.  I estimate about twenty-five employees will be responsible for developing the ink.  I estimate five to ten employees who will be designated to delivering and implanting the sensors for the grocery stores.  And I estimate about five employees to handle the office work, paperwork, and bookkeeping.  Therefore I would estimate a total of forty to fifty employees needed to run a company for my product. 
• Unfair advantage:
• I believe that my most important resource would be my first-hand experience in handling shoplifting.  As I have caught people shoplifting in a grocery store, I have learned the numerous techniques that shoplifters use to get away with theft and I have also learned how to confront shoplifters in a way that will not create conflict.  This resource will provide me with the best ability to make my product wanted by customers.  
• What's Next for the Venture:
• With this product, I hope to make a dramatic dent in the rate at which shoplifting occurs in retail stores, but most specifically grocery stores.  I want my product to lead to the ending of shoplifting hurting grocery stores' sales and profits and make store owners and managers more comfortable with their store atmosphere.  
• What's Next for Me:
• Five years from now,  I hope that my product will be used by grocery stores all over the country and that with its success I can start moving into the entire retail business such as for clothing stores and super markets.  
• Additionally, I hope that in the future I will create products that can be used by the grocery store business to help increase their sales. 

23: Your Venture's Unfair Advantage

Assignment 23: Your Venture's Unfair Advantage

• 1. Management experience: As I have grown up in my family's business where I have become the manager of a department, I have learned the necessary values of a manager to delegate tasks to make a successful business.
• Valuable: This resource is extremely valuable as my product idea will need to be sold from a successful and properly managed company.
• Rare: I do not think that this resource is rare because there are many incredible company owners and managers who effectively manage their businesses.
• Inimitable: This resource is possible to imitate because many people can either have or develop great managerial skills.
• Non-substitutable: In my opinion, there are not other resources that can provide the same benefit because having good management is necessary to start a company.  
• 2. Grocery store knowledge: Because I grew up in a grocery store business, I have experienced first-hand the challenges that owners in the food business face regarding their sales and how shoplifting affects them. 
• Valuable: Experience in the food business is extremely valuable because I am able to truly understand the detrimental effects that shoplifting has on grocery stores. 
• Rare: I think that this resource is rare because not many people have extended work experience in grocery stores. 
• Inimitable: This resource is possible to imitate because anyone can conduct research on grocery stores and shoplifting and how they intertwine. 
• Non-substitutable: There are other resources such as research that can provide the same benefit. 
• 3. Contact with grocery store  businesses: I have contact with people who own their own food businesses and work within the food business which is integral if I desire to sell this magnetic ink to people who work in the food business to limit shoplifting.  
• Valuable: This resource is very valuable as it creates relationships with other people in the business and can help publicize my product.
• Rare: I do believe that having so many contacts in the food business is somewhat rare.
• Inimitable: I do not think that this resource can be imitated because relationships with people are personable and unique.
• Non-substitutable: There are not other resources that can provide the same benefit because having contacts within your targeted audience is unique. 
• 4. Experience in handling shoplifting: I have witnessed shoplifting occur right in front of my eyes and have learned the correct ways to go about handling the situation to protect the business.
• Valuable: This is a very valuable resource because having knowledge on how to handle this situation is extremely helpful.
• Rare: I definitely think that this resource is rare because not many people have experience in confronting shoplifting first-hand. 
• Inimitable: I do not think that this resource can be copied because it is hard to catch someone in the act of shoplifting.
• Non-substitutable: No other resource can give someone the experience of witnessing shoplifting and the effects that it has on a grocery store.
• 5. Businesses interested in product: As I am familiar with numerous people involved in food businesses and have explained my product idea to them, they have stated their interest in my product and how it could benefit their company. 
• Valuable: This resource is very valuable as it guarantees that I will have the interest of possible consumers.
• Rare: I do not think that this is rare because there are many products out there that strike an interest to consumers. 
• Inimitable: This resource cannot be imitated because if consumers are not interested in your product, then you will not be able to sell it. 
• Non-substitutable: There are no other resources for buying a product besides consumers who are interested in it.  
• 6. Possible investors: As my father started his own grocery store business and is very involved in the food industry, he has expressed his willingness to invest in my product. 
• Valuable: Having a possible investor is an extremely valuable resource to have when creating a new product. 
• Rare: It is rare to find people so willing to trust in a possibility and product and to put their own money into it becoming successful.
• Inimitable: This resource is difficult to be imitated because there are not many people out there who are so openly willing to invest in something new. 
• Non-substitutable: There are other ways to get money to start a company for selling a product such as fundraising.  
• 7. Organizational skills: One of my greatest strengths is that I am extremely organized in everything I do.
• Valuable: This capability is extremely valuable as it will make sure that the company that I am starting to sell this magnetic ink functions properly. 
• Rare: I do not think that this value is rare because many people have an organizational skill in anything they do.
• Inimitable: I do not think that this resource is able to be copied because being organized is an inherent skill that someone possesses. 
• Non-substitutable: The only other way to be organized without having the organizational skill is to hire an assistant to get everything in order. 
• 8. Educational and financial skills : The classes that I have taken at UF along with my experience in the food business will help me with calculating proper funding needed to make and provide my product. 
• Valuable: Having an education in how to manage a business is very valuable for creating a product. 
• Rare: I do not think that receiving an education is rare as a large majority of people are receiving at least a Bachelor's degree before starting their own companies or creating products. 
• Inimitable: This resource is difficult to copy because receiving an education on how to run a business cannot be produced by any other resource.
• Non-substitutable: This resource cannot be substituted by anything else.
• 9. Connections to paper companies: I know people in the paper company business who produce labels for grocery stores.
• Valuable: This resource is very valuable because these paper companies will be the ones buying the ink from me to produce and distribute the food labels for the grocery stores. 
• Rare: I think it is rare to have connections to paper companies that will be an integral part of the process of selling my product. 
• Inimitable: I think that it was be difficult to copy this resource because other people cannot form these relationships with the paper companies without already knowing them. 
• Non-substitutable: This resource can only be copied with a connection to other companies that would by my product. 
• 10. Relationship with people in the food business: By growing up in the food business, I have a multitude of relationships with people who understand the importance of stopping shoplifting in grocery stores. 
• Valuable: This resource is valuable because by surrounding myself with people who understand and witness the effects of shoplifting, I am able to produce a product that is successful.
• Rare: This is a rare resource because not many people know people who are in the food business and can learn from their knowledge in the food industry. 
• Inimitable: This resource is definitely difficult to copy because it takes time to develop relationships with people.
• Non-substitutable: This resource could be substituted by conducting research on the opinions of people who work in grocery stores and how they believe that shoplifting affects their business. 
• Reflection
• Although I have numerous resources and conducted the VRIN analysis for all of them, I found it really difficult to find my top resource with qualities that all align.  However, the resource that I believe exemplifies consistence in all areas is experience in handling shoplifting.  
• This resource would qualify as human capital because it is something that I have experienced in my personal life.  This resource prevails as the most important to me because I think that it is extremely unique as not many people have first-hand experience in a grocery store and/or have witnessed someone trying to shoplift and then having to relate the consequences to the thief.  

17A: Elevator pitch 2

Assignment 17A: Elevator Pitch No. 2

1.) Elevator pitch url:

https://www.youtube.com/watch?v=fqrMQ8Ofy0g

2.) Reflection on Feedback: After conducting my first elevator pitch, I received great feedback from my classmates as to what they thought was great about my pitch and what they thought could use some more practice and revising.  Although many of my peers agreed that my pitch contained great information, they also agreed that I could have used more emotion while I was talking.  I think that I was so focused on the information I was attempting to explain that I completely forgot to continue using emotion throughout the whole pitch. 

3.) What I Changed Based on Feedback:  By receiving this constructive criticism from my peers I was able to revise my elevator pitch to convey just as much information as before and still convince my audience that my product is great while showing emotion throughout my pitch.  By using emotion this time, I hope that I have better conveyed the effectiveness and need for my product.  I also tried to use more motion in my pitch including taking steps front and back and using hand movements while explaining my product to create depth of the video.   

16A: Secret Sauce

Assignment 16A: Secret Sauce

• Five ways I have human capital:
• 1. Determination: My extreme determination to put my mind to what I want to do and to stick with it helps me accomplish anything I want to.  
• 2. Perseverance: I always go the extra mile and never stop what I am doing until I reach the final point that I originally desired no matter how many obstacles I may come across or how discouraged I may get at times.  
• 3. Loyal: I have always remained loyal in everything I do whether I be loyal to friends or loyal to the task that I am completing at hand. 
• 4. Authoritative: I have always enjoyed being in charge of everything and being the person who delegates tasks to get everything done. 
• 5. Anticipator: I VERY RARELY procrastinate in anything.  I like to have all of my work done not only on time, but in advance as I rather have extra time than to be cramming to complete a task.  
• Video Interviews
 
  . 
• Video 1: My roommate and high school friend Mackenzie believes that I am "determined because [she] is very hard-working and never gives up on her dreams."
• Video 2: My roommate Macey thinks that I am extremely productive because "[she] has an amazing work ethic and always gets her work done, especially ahead of time."
• Video 3: My roommate Allison thinks that I am "responsible because [she] takes accountability for my actions and gets her work done."
• Video 4: My mom would use the word compassionate to describe me because I "am very sensitive to the wants and needs of others."
• Video 5: My sister Jacqueline would use the word dedicated because I "always give 110% to everything that I do." 
• Reflection:
• I think the ways in which I see myself and others see me are very similar.  However, I do think that I assess myself in a much harsher way as I try to be as perfect as possible and constantly be doing more than what I am already doing while others see me as someone who is always on top of her stuff.  I definitely think my interviewees are correct about me as I am responsible, productive, committed, compassionate, and extremely dedicated as they said.  I found it interesting that although I interviewed five different people who know me in all different ways, they all had similar ways of describing me.  If I had to make a change to my original list, I would change anticipator to leader as I believe that the word leader better describes my desire to always have tasks done on time and influence others to do the same.  

21A: Reading Reflection No. 2

Assignment 21A: Reading Reflection No. 2

• 1) What was the general theme or argument of the book?
• The general theme and argument of the book was that instead of allowing television and other forms of media having a detrimental effect on consumers by taking up consumers' leisure and free time, recent active forms of social media have the ability to change people from "passive consumers rather than active producers."  In his book, Clay Shirky expresses the opportunities that could be missed out on while consumers are engaged in activities that are not fruitful.  However, by creatively using new media and communication tools available in our society, we have the potential to create greatness. 
• 2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• This book connected with what I have been learning in this entrepreneurship course because just as this class teaches us to brainstorm an idea and stick with it and keep building upon it, this book encourages consumers to become producers and to make a difference.  Just as Shirky advocates for the ingenious use of media and what we have available to us, this course advocates for people to start doing something with their time and what they are offered.   Shirky argues that online communication is changing the world today and his idea of the "cognitive surplus" expresses the idea of how much knowledge is left unused when watching television.  This class taught me how to use every moment of my time just as Skirky argues that we need to be utilizing our time wisely instead of wasting it.  For this specific reason, I believe that this book truly connects with what I am learning in this entrepreneurship course.  
• 3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• If I had to design an exercise for this class based off of Cognitive Surplus, I would have each student keep track of how much time they spend every single day watching television.  Then after a week of keeping track, they would need to analyze how much time total they waste on television.  Then I would tell them to track how much time they spend on interactive social media and other times of communication tools every day and then compare this data with that of the television data.  
• I would then tell the students to compare what they got done in their day to day lives when spending time watching television versus spending time on social media communication tools.  By comparing the two, they will be able to realize how different forms of media produce different or more effective outcomes.  
• 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 'aha' moment in this book for me was when Shirky used Jane McGonigal's TED talk about video gaming to compare time spent video-gaming and time spent in school.  McGonigal claims that online gaming has become a "parallel education system" as kids have spent just as much time engaging in online games as they do receiving an education.  As I was extremely surprised to hear these statistics and facts, it came to my realization that if children really do spend so much time engaging in online gaming, online gaming should be given an educational aspect to create a more prosperous outcome for people.  By using so many examples in our society today, Shirky really gives readers ideas of how to use their time spent on social media and online communication tools to make a difference and ignite a change in the world.

20A: Growing Social Capital

Assignment 20A: Growing Social Capital

• Domain Expert
• 1) Who they are and what their background is.
• Robert works for Sensornation which is a company that sells sensor products for loss prevention solutions.
• 2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Robert is considered a domain expert because he is engaged in selling sensor products to companies that want to limit the amount of theft in their stores just as I want to do.  
• 3) A description of how you found the person and contacted the person.
• I found Robert by looking up companies that are in the loss prevention business for companies by offering sensor technologies.  Once I found a company that is well known for their effective products, I found an email on the website and contacted it as I told them about my assignment and idea and would appreciate learning some insight about their experiences.  I then received an email back from Robert. 
• 4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• Robert provided me with great information as to what companies they sell most of their sensors to and what kind of sensors are the most effective in stores today.  He also explained to me the costs of manufacturing particular sensors and why it is so expensive for companies to buy.  I was pleasantly surprised as to how willing he was to provide me with great information.  
• 5) How will including this person in your network enhance your ability to exploit an opportunity?
• By including Robert in my network, I have the experience of someone who has been working in the sensor business and knows exactly what it is that companies are looking for in loss prevention solutions as he also has experienced what has worked in the past and what has not worked.  
• Market Expert
• 1) Who they are and what their background is.
• Rebecca works for Sensor Tags, Inc. which is a company that offers retail security systems.  
• 2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Rebecca is a market expert because although the company she works for may be appealing more towards clothing companies while my idea appeals more towards grocery stores, her company is still targeting the same/similar market with similar sensor detectors.  
• 3) A description of how you found the person and contacted the person.
• As it is very difficult to speak face to face with someone in this industry, I conducted research on Sensor Tags, Inc. and then found an email to write to.  I explained my product/service idea and asked for any insight or advice that could be offered from a company that sells sensor detectors.  Rebecca was the company's employee would responded to me.
• 4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• Rebecca offered me some insight as to how her company conducts research to most effectively target users of their products.  She did explain about how her company relies strongly upon demographics to decide their targeting methods but she did not go into great detail about what demographics worked the best for their company which left me wanting to learn more about that.  
• 5) How will including this person in your network enhance your ability to exploit an opportunity?
• By including Rebecca in my network, I have the knowledge of someone who has played a great role in choosing what market areas are in need of the sensor products the most and of the most effective ways to attract the buyers to actually buy my product. 
• Industry Supplier
• 1) Who they are and what their background is.
• Jason is a representative in South Florida for Dade Paper Company which produces labels for grocery stores.  
• 2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• Jason is an industry supplier because the company he works for would also be selling a product to the industry that I would be selling my product to. 
• 3) A description of how you found the person and contacted the person.
• As my family is in the food business and we buy our labels from Dade Paper Company, I was able to contact our local representative (Jason) by email. 
• 4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• Jason was actually really helpful when I told him about my product idea and how I would be interested in working in conjunction with his company.  He thought my idea was great and that his company would definitely consider buying the ink from my company to print on their labels.  
• 5) How will including this person in your network enhance your ability to exploit an opportunity?
• By having Jason and his company in my network, I will be enhancing the availability of my product because I can sell my magnetic ink to this company.  I would even be working in alignment with Dade Paper Company as my magnetic ink that acts as a sensor would be printed onto the labels that Dade Paper Company produces and distributes.  Therefore, the grocery stores that buy from labels from this company will not have to go out of their way to buy my product.
• Reflection:
• This assignment was definitely one of the hardest yet for me to complete.  At first it was very difficult to find people that would fit into each category and to contact them.  However, once I conducted research on different companies and was able to find how to contact them (such as through email) I felt more confident in learning how to create a network.  It was also a bit nerve-wracking at times when I would email the company email because I was not confident that I would receive an email back.  In fact, two of the original companies I researched and emailed never sent me an email back.  However, I did not let this deter me from continuing to create my own network.  For past assignments, I had an easier time finding people to interview and to offer insight.  In contrast, this assignment made me work harder to find new people who I had never met before.  This assignment definitely taught me to be persistent in the future in order to create a great network.