Final Reflection

• The most formative experience this semester was the assignment that I had to decide on what idea to build upon throughout the remainder of the class. Going into it, I thought I had so many ideas, but when it came down to it I couldn't think of one that was decent. It really changed my perspective on entrepreneurship, because growing up I always thought I could just think a little and create something worth millions, when in reality it is not that simple. 
• The most memorable experience was interviewing my family for the assignment on social capital. It was one of the most difficult because for some reason my family members are really bad at responding in an interview and they also seem to not know much about me, and what they do know are my bad qualities. Doing the interviews was really enjoyable however, as they were funny and gave me insight into some of the things my family thinks about me. 
• I am pretty proud of the fact that, while it was necessary to pass the class, I was able to follow an idea through to this point. Most ideas I come up with I tend to just though aside and forget about. Doing this till the end gave me an appreciation for the amount of work involved in such an endeavor, and in doing so also was an important step in developing an entrepreneurial mindset. Specifically, the mindset to not give up even if you fail, and to improve and learn from these failures and from feedback.  
• To future students I would recommend to choose a idea that they really enjoy seeing progress, or that they can relate to, even if it is a terrible idea. It will make the assignments much more enjoyable, rather than them feeling like work. Also, I would say don't worry too much about having all the information perfect from the start, because throughout the semester, there is so much room for critique and improvement, which enhances the learning experience. Finally I would say to work at a good pace, and set deadlines rather than waiting until the last minute. With assignments that are rather enjoyable if paced, it would be boring and tedious to have to do the work in a rush, and would establish a mindset that could lead to a worse grade. 

He got a treat after this.

Venture Concept No.2

• Opportunity 
• Many people, myself included, travel on long road trips pretty frequently in their life. Those who travel as a passenger, not a driver, may occasionally have the urge to lie down in the back seat to either take a nap, or stretch their legs out, etc. 
• People with certain medical conditions can find sitting difficult, and so traveling can prove to be very difficult if not impossible without going through special modes of transportation.
• My product is designed specifically for larger vehicles, with a row in the back seat, rather than individual seats, and with no tray/cup holder, etc. application in the middle of the seat. While this limits my potential market, I still believe that a substantial portion of vehicle owners in most of the world do have a car that would be suitable for my product.
• As of 2009, it is a state law in all US states except New Hampshire, for motor vehicle passengers to be wearing a seat belt. Circumventing the law and trying to wrap your seatbelt around you, while somewhat uncomfortable, is also a reason to be charged, for wearing a seatbelt improperly.
• Motor vehicle crashes are the leading cause of death for people ages 1-54. Most crash-related deaths occur to the passenger of the vehicle. Seat belt use is one of the most effective ways to save lives and reduce injury in the event of a crash.
• Currently, passengers who sit in the front passenger seat of a vehicle, would not have the need to use my product, because they can solve the problem of lying down by simply reclining their seat. This tends to be a solution for such passengers.
• Innovation
• My product is a solution for a rather obscure need. It is a need for some people, but it could also be seen a luxury item for others.
• My product is a seatbelt attachment, and not a replacement for the standard seatbelt. It does however, disable standard seatbelt use while it is attached, and is meant for the back seat of a vehicle, for one passenger. It has two latches on opposite ends of the car that lock onto the standard seat belts, utilizing the locking mechanism that exists with a normal seatbelt. These are also adjustable. The locks are attached to straps that come down towards the seat, which effectively are what will wrap around a person. About halfway down the       strap there is a junction, where the belt extends from one side of the car to the other, creating what I can only describe as field goal or U shape. This belt connects the two sides of the attachment. It also has two belts extending inwards, that wrap over and under a person towards the underside of the attachment, where it buckles. Then, the attachment is composed of a fabric material that is thick, but also soft. It acts as a cushion, and wraps from the junction, to the underside of the belt. Towards the middle on the underside of the fabric there is a component that contains two seatbelt tongues. It is adjustable, and locks into both standard seatbelt buckles on opposite seats. 
• The product only works with standard seat belt features, and so in that regard, it is fairly limited. While it is adjustable for different lengths, it will only be applicable in a car or RV that has comparable standard features.
• What I am selling is the one-piece attachment. It is going to sell for $150, and will be sold online through an individual website, as well as through other online retailers. It will also be sold in aftermarket car part shops, and specifically, aftermarket seatbelt retailers.
• Venture Concept
• My innovation is designed to solve the need of people to lie down in the backseat of a vehicle while traveling, but to do so safely, legally, and comfortably.
• Current similar products are limited to harnesses for young children, and medical harnesses for use in medical transport specifically. None of these can do what my product does, to allow any person (limited by certain physical features and vehicle size), to lie down in the back seat of a vehicle safely, legally, and comfortably.
• There are multiple aftermarket seatbelt manufacturers, but I wouldn't consider them competitors simply because they do not provide a product that does what mine will do.
• Packaging is not very important because the product will be purchased for its ability to solve a need or serve a purpose, not for its image. 
• Customer support is extremely important to me, and so it will be a high priority when it comes to defining my business.
• Research will be done prior to development of a prototype to determine if it will be possible to pass state regulations regarding seat belts, and if so how testing will be done to ensure meeting safety standards.
• Development of a prototype is to be done following approval by the state safety regulation that such a product could exist. Once approved, a patent will be issued to protect my idea.
• "Secret Sauce": My business's most valuable resource will be customers curiosity towards a unique and relatively unheard-of idea. Because my product will be the first of its kind, its name will be what people think of first when they feel the need to find a solution to the problem. This will give me an advantage over competitors who make comparable products once mine is established. 
• Whats Next?: Now that I have the idea for my product, and a general understanding of who I will be selling to, and the possible market I could be successful in, actually manufacturing a prototype would come next. I have a basic vision for the design of the product and, will have to test and improve on it over time to get it right. 
• For Me: Like all entrepreneurs, I want to be successful. Not necessarily financially, but seeing through an idea to a point I am satisfied with. In the next five years, I hope to come up with an idea that inspires me, and in ten years I hope to have succeeded in making an idea reality. This first venture is a starting point for me, and although it is nowhere near perfect, or even possible for that matter, it is a step in the right direction.
  

Feedback

• Focus on what is next for my business, and then worry about the rest. 
• Before I can think of who to market to and how, I have to develop a prototype because without a working product, there is no business. 
• Think of B2B relationships, because as a startup with not much financial capital or business experience it will be very difficult to be successful alone. 
• Patent the product design once its developed.
• Make sure it is possible to create such a product according to safety regulations in my state, and that testing it will be possible and eventual lead to licensed sales.

How I'll Adapt

• Research is very important before developing a product, so I added that I will perform extensive research on whether or not it is possible to develop such a seat belt and if it will be able to pass safety regulations after prototype development and testing.
• I already had some degree of an idea on business to business relationships that I wanted for my company, but after listening to feedback, I have set this to be a priority over consumer marketing because, as a startup, it will be nearly impossible for me to develop my product alone. 
• I also added that if the product was approved, I would first and foremost patent the idea so that it could not be stolen by a larger business while I was still developing a prototype. 

Buddy ready for a car ride, using the sleep belt. 

(Actual product may vary)

Your Exit Strategy

 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?

• I would stay with my company Sleep Belt, until I have made enough money to start a new venture. I would eventually sell it to a larger company or investor for a large return, while maintaining a role in the business that would enable me to earn royalties for years to come.   

Why have you selected this particular exit strategy?

• I selecting this particular strategy because while I would be thrilled to make a lot of money off of one idea, I prefer having the ability to create new ideas, without having to worry about continuing work on old ones. Also, while this idea is one I would like to see work out, I am not fully interested or passionate about it as I am other potential concepts. 

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?

• My exit strategy has influenced my decisions to work heavily with other businesses, market my product to other businesses, and plan to possibly acquire investors. Because I do not plan to keep the company forever, working with potential businesses who might purchase my company in the future, is great for showing them the potential profit to be made by doing so. I also hope to grow as much as possible, but wouldn't be discouraged by a peak in growth, because I do not plan on maintaining the business for a long time. I simply look to profit in the short term enough to pursue another idea, next time with more financial capital. 

Reading Reflection No.3

Thinking, Fast and Slow: Daniel Kahneman

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

The general theme of the book is the idea that when it comes to persuasion in marketing, there are two ways to appeal to people. These basic modes of thinking which can be appealed to are people's reason and/or intuition. Intuitive thinking is the thinking we do that is fast, based on emotion, and automatic, whereas rational thinking is slow, deliberate, and systematic thought. Kahneman says that the problem with marketing is that it tries to appeal to rational thinking and not intuitive, when most consumers actually use intuitive thinking to judge whether or not they will buy something. Therefore there is an opportunity to focus more on intuitive thinking in marketing, however, to do this, one must first understand the social, cognitive, and emotional factors that coincide our intuitive thought. This book covers the biases of our intuition, or assumptions that we make. Kahneman calls these assumptions heuristics, which are important to understand when it comes to marketing. 

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

This book connected in some ways to ENT3003, but even more so to a psychology or marketing class. In this class we learned and worked on mainly who we were marketing our products to. We interviewed potential customers and explained our product/idea, and determined what customers were looking for when purchasing, what they thought could be improved, etc. This book did however, enhance what we learned about marketing, by going more specifically into the way customers think when they look to buy products, and what heuristics and biases intervene when we make that decision. Also, a focus on interviewing potential customers was closely tied to the idea that in this book that, in order to market properly it is important to know what your customers are thinking and how they come to think that way.

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

Off of the ideas presented in this book, I would design an exercise were students would have to design a market strategy for their target market of choice. It wouldn't have to be very complex; mainly they would have to decide what sources they will use for marketing (Social media, television, etc.), how they will appeal to the market in this advertisement/ marketing strategy, and then after create a hypothetical advertising message. After doing this, students must interview 3 potential customers and present them the marketing idea/message, and ask if the marketing appeals to the person, and if not what would.   

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 to me was the importance of appealing to customers intuition rather than their reason. This is the mistake that the book believes people make when it comes to marketing. When I read this concept, I thought really hard on what exactly I think of when I decide to purchase something. I realized that I do in fact, tend to mainly decide based on my emotions. If I feel like its a good decision, I will follow through and buy the product. I also tend to purchase or lean toward specific brands, and never really considered the affect branding had while I shopped. Both of these are considered to be formed from intuitive thinking. I expected most of my purchasing decisions to have been made by rational thinking, but this is not the case. This concept has made me think very differently about why I should buy something, and also what a products marketing appeals to when I see it. 

Celebrating Failure

• 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. 
• My brother and I have enjoyed playing ping pong since we were 8 years old. Hes much better than I am, but I'm trying to improve. I never really played properly all my life, I just would play for fun and hit the ball in ways I thought were cool. Last semester he practiced at the ping pong club in UF. He got much better, to the point that I cant really beat him, so recently I've been trying to learn how to serve properly. The first day of practicing, he taught me the basic body motion and how to put spin on the ball, and so I began practicing. I repeated the movements over and over and tried so many times to get it right, but each time I either hit it too hard, or didn't put any spin. In my brothers eyes, I failed over and over. I also new I was failing because it didn't feel right to me. It was pretty frustrating. After practicing a few hours a week and still failing to get it right, I just gave up and continued to play how I would before. One day I will get use to it, but it may take a lot more practice.
• Tell us what you learned from it.
• From this experience, I learned that it is sometimes very frustrating to fail, but that anything can be accomplished with enough repetition and practice. 
• I also learned that something that might seem fairly straightforward for one person, can be a difficult challenge for another. 
• 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?
• I think failure can sometimes be pretty overwhelming, if not accompanied with a positive mentality. Failure can be embarrassing, annoying, and at first seems like a sign to just give up. Personally when I fail at something, whether it is learning how to serve in ping-pong, or doing poorly on an exam for school, I get frustrated. Once my mind is clear, which happens not too long after, I tend to think hard on what I could've done differently. While this sometimes makes me feel like I've let myself down, I also realize how I could avoid making the same mistakes in the future. 
• This class has made me more understanding of the fact that failure isn't loss, but instead a reason to improve, or change the way I approach a situation. Each assignment came with a chance for improvement and helpful critique and feedback, which is something that is not all classes provide opportunities for. I feel that when it comes to approaching success, I am more open minded and likely to take risks, even if that means failing over and over. 

What's Next?

What I Think Is Next: 
I think that the next thing for Sleep Belts is to manufacture and test a prototype of the design. Without having an actual physical product, it is impossible to determine whether or not it is even feasible to continue the idea. The seat belt would need to undergo crash tests for safety, comfort tests, and ease of installation tests just to name a few. The design I have in mind may work, but it is unlikely and would need to be tweaked as necessary. While finding a new market can lead to success, with a physical product that needs to pass safety regulations and varying state laws, testing a prototype is the most important step, that cannot be overlooked or skipped.
Existing Market Interviews:

1. First I interview my friend Renan. He is a college student attending Santa Fe College, along with his brother. He also works part time at a car dealership. Their family lives in Miami so they travels down occasionally and alternate drivers for the roughly 5 hour trip. After providing him with basic details of what my product is and how it works,as well as where I am in the design process. I then asked him what he thinks is next for a venture like mine. He laughed, and then said, that he doesn't think it will be possible to get it approved by law. I then asked him what I should do to get to that point, and hes said that I would have to build a model of the belt and test it, and release results to the media and state vehicle legislation.  I also asked who he believes would be a good market to look towards next, if my product were to be further in development. He said that selling to car manufacturer or aftermarket seatbelt supplier might be easier then selling directly to consumers, because it would mean I could target specif companies, and then if I convince them to sell my product, could avoid marketing to consumers, which is more expensive. 
2. In an interview with another student, Daniel, I asked what he thought was next for my business. He said that in order to begin marketing the product, I would have to prove to the target markets, and the industry, that it works, that it is safe, etc. He couldn't really provide any more insight, because he said without a testable product, my idea is just an idea. While its not an optimistic way to see things, it is certainly a very true statement.
3. Lastly I interviewed my brother, who does fall into my target market, similar to myself. I asked him what would be next for my business. He believes that it will be impossible to get approved by state safety regulations without testing and financial assets, but that this would be the next step. He also brought up the fact that creating a prototype and testing it in proper conditions is going to be very costly for someone of my financial position, and so even before doing this, the first step would be to raise funds to continue the project. 

Reflection:

• After talking to these people who fall into my existing market, I am more confident that my next step, while very difficult and time consuming, is also straightforward. All three believe that it is impossible to create and market my product without first creating a prototype, conducting tests and getting it approved by safety regulations. That is the future of my product, if I chose to pursue it further.
• In my first interview, I also became more inclined towards new possible market to target, which is seat belt and car part retailers. I had thought of this myself during the Growing Your Social Capital assignment, but was leaning more towards marketing to a new group of consumers. There are, however, many benefits to having a B2B relationship/market that outweigh the profits from entering a new consumer market. 
• The second interview confirmed my own beliefs that without a product, all I have is an idea.
• In my third interview I thought of the future in a whole new light; that is the darkness that is the future of my idea without financial capital. 

New Market:

My new market is aftermarket seatbelt suppliers. This is a very different market, as interactions are business to business rather than business to consumer. The fact is that if I sell to a possible retailer of products similar to mine, I can displace some of the workload to another party. While this will decrease my own personal profits, it will make success a more likely outcome in the long run. For this market to even be considered as a possibility, I already know my product has to be more established, and that they will only hear from me if I have a prototype that has been tested and proven to work. If I were to market my product in this way, it would provide value to these businesses in the form of new revenue.

New Market Interviews:

1. I again emailed Seat Belt solutions, the company I spoke to in the assignment on social capital. This time I asked specifically, with an idea in mind, how my business would be helped by working with them. They said first and foremost, that in order for a seatbelt design to be sold, it must past a series of tests including, of course, crash tests. To work with them, I would need to either manufacture the product myself and sell it to them, or sell the design to them for manufacturing. These options, of course, would only come after being approved by the state of Florida safety regulations, and if there is proof of possibility profit to be made from the idea. If All of this were to work out, working with aftermarket seatbelt retailers such as them, would help my business grow, and leverage some of the work required to be successful. 
2. In this interview, I visited the car dealership that my friend Renan works at. His dad is one of the managers at the dealership, so I interviewed him. I explained what my concept was, and where I was in the development process. I then asked how it would help both our businesses if I were to work with them, and also what I would have to do next to eventually reach that point. He said that I would need to have a already marketable product, that has been tested and approved, and has made a profit. He told me that his business, in relation to mine would basically be an investor. I would provide them with part of my business, in exchange for their experience and marketing/ sales service. They would be profiting off of my concept, and I would get a part of the each sale. 

Reflection: 

• I learned that this new market, while being a customer, is more specifically an investor. They would need to profit off of being part of my market, and so I would in turn, receive less personal profit, but have experience and another partner working towards the goal of selling my product. I knew going in that these businesses would require the product to be already developed, tested and approved, and these assumptions were correct. One thing that surprised me was the benefits I would receive from working with other businesses. They would be helping establish marketing for my product, and of course taking a majority of the profits from sales, because they are doing much more work than myself. It sounds bad, but for someone who has no financial assets to get going, it is probably a good idea.
• This new market is very different from my existing market. Because it is a B2B market, it is more of an investor relationship, whereas selling to consumers directly is not. it appears more attractive simply because it will help my product reach the shelves quicker and easier. 

Venture Concept No.1 (The Sleep Belt)

• Opportunity 
• Many people, myself included, travel on long road trips pretty frequently in their life. Those who travel as a passenger, not a driver, may occasionally have the urge to lie down in the back seat to either take a nap, or stretch their legs out, etc. 
• People with certain medical conditions can find sitting difficult, and so traveling can prove to be very difficult if not impossible without going through special modes of transportation.
• My product is designed specifically for larger vehicles, with a row in the back seat, rather than individual seats, and with no tray/cup holder, etc. application in the middle of the seat. While this limits my potential market, I still believe that a substantial portion of vehicle owners in most of the world do have a car that would be suitable for my product.
• As of 2009, it is a state law in all US states except New Hampshire, for motor vehicle passengers to be wearing a seat belt. Circumventing the law and trying to wrap your seatbelt around you, while somewhat uncomfortable, is also a reason to be charged, for wearing a seatbelt improperly.
• Motor vehicle crashes are the leading cause of death for people ages 1-54. Most crash-related deaths occur to the passenger of the vehicle. Seat belt use is one of the most effective ways to save lives and reduce injury in the event of a crash.
• Currently, passengers who sit in the front passenger seat of a vehicle, would not have the need to use my product, because they can solve the problem of lying down by simply reclining their seat. This tends to be a solution for such passengers.
• Innovation
• My product is a solution for a rather obscure need. It is a need for some people, but it could also be seen a luxury item for others.
• My product is a seatbelt attachment, and not a replacement for the standard seatbelt. It does however, disable standard seatbelt use while it is attached, and is meant for the back seat of a vehicle, for one passenger. It has two latches on opposite ends of the car that lock onto the standard seat belts, utilizing the locking mechanism that exists with a normal seatbelt. These are also adjustable. The locks are attached to straps that come down towards the seat, which effectively are what will wrap around a person. About halfway down the strap there is a junction, where the belt extends from one side of the car to the other, creating what I can only describe as field goal or U shape. This belt connects the two sides of the attachment. It also has two belts extending inwards, that wrap over and under a person towards the underside of the attachment, where it buckles. Then, the attachment is composed of a fabric material that is thick, but also soft. It acts as a cushion, and wraps from the junction, to the underside of the belt. Towards the middle on the underside of the fabric there is a component that contains two seatbelt tongues. It is adjustable, and locks into both standard seatbelt buckles on opposite seats. 
• The product only works with standard seat belt features, and so in that regard, it is fairly limited. While it is adjustable for different lengths, it will only be applicable in a car or RV that has comparable standard features.
• What I am selling is the one-piece attachment. It is going to sell for $150, and will be sold online through an individual website, as well as through other online retailers. It will also be sold in aftermarket car part shops, and specifically, aftermarket seatbelt retailers.
• Venture Concept
• My innovation is designed to solve the need of people to lie down in the backseat of a vehicle while traveling, but to do so safely, legally, and comfortably.
• Current similar products are limited to harnesses for young children, and medical harnesses for use in medical transport specifically. None of these can do what my product does, to allow any person (limited by certain physical features and vehicle size), to lie down in the back seat of a vehicle safely, legally, and comfortably.
• There are multiple aftermarket seatbelt manufacturers, but I wouldn't consider them competitors simply because they do not provide a product that does what mine will do.
• Packaging is not very important because the product will be purchased for its ability to solve a need or serve a purpose, not for its image. 
• Customer support is extremely important to me, and so it will be a high priority when it comes to defining my business.
• "Secret Sauce": My business's most valuable resource will be customers curiosity towards a unique and relatively unheard-of idea. Because my product will be the first of its kind, its name will be what people think of first when they feel the need to find a solution to the problem. This will give me an advantage over competitors who make comparable products once mine is established. 
• Whats Next?: Now that I have the idea for my product, and a general understanding of who I will be selling to, and the possible market I could be successful in, actually manufacturing a prototype would come next. I have a basic vision for the design of the product and, will have to test and improve on it over time to get it right. 
• For Me: Like all entrepreneurs, I want to be successful. Not necessarily financially, but seeing through an idea to a point I am satisfied with. In the next five years, I hope to come up with an idea that inspires me, and in ten years I hope to have succeeded in making an idea reality. This first venture is a starting point for me, and although it is nowhere near perfect, or even possible for that matter, it is a step in the right direction.