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)