Assignment 29A – Venture Concept No. 2

Throughout the semester I have been developing an idea around a pen that functions as a stylus for touch screen devices, but also works on paper as a regular pen. Here I will describe a description of a potential venture I would start around this idea/product.
Opportunity:
As a student I spend a lot of time in the library working on my iPad around other students. With increasing amount of online work, textbooks, and online assignments I have used my iPad to take notes. Yet some classes still require handwritten notes and assignments. Having to switch between writing utensils made doing work an even more tedious and stressful task. After discussion with students facing similar problems, I came up with the idea of having a pen that works for both uses. The driving forces behind this need is the development and accessibility of technology. More users are beginning to use touch screen devices to complete task, especially with the integration of technology in education. Initially I thought students would be the primary target, but after feedback I realized many businesses would benefit from a pen like this, as well as graphic and fashion designers who often sketch out idea before transferring them to a digital state. Currently people don't satisfy this need, and still switch between stylus pens for touch screen devices, and normal pens for paper. The people who have this need have the money to afford expensive touch screen devices to take notes and design on, therefore I believe they have the money to afford a pen that makes this process more efficient. For this reason I see this as a small opportunity, medium sized at best. While this opportunity will be available as long as technology remains dominant, I question if consumers will be willing to pay for a product that only solves a simple problem.
Innovation:
This product would be a functioning pen that also works as a stylus for touch screen devices such as iPads. I would primarily focus on making it a efficient for the use on touch screen devices that can also write as a pen. This product would be the size of a regular touch screen stylus with the added functionality of being able to write on paper. I would price my product at $90.
Venture Capital:
Having to switch between writing utensils while working with paper and a touch screen devices is a very tedious process. This product will combine the two writing utensils in one for more convenience
Touch screen stylus can range between $75-$150. I would like to price my product around $90. Currently the Apple's stylus pen is $130, by pricing it lower than that and with more functionality, I would hope to attract and gain customers from my competitors. I would test my product on a college campus because it has a young population that is affluent in technology. I would attempt to keep my business small at the start and expand as needed. I have a specific audience I want to target and can easily advertise through the internet.
Three Minor Elements:
My secret sauce would be a stylus with added functionality, without the premium price of a name brand. If this product were to be successful I would want to sell my product to a company and have a bunch of money. I would take my money and attempt to be more successful with my next idea as a entrepreneur.

30A- Final Reflection

    After reading all of my post I realized how much I have learned from this class. The interviewing process was the most formative experience for me. This is because I am introverted so interviewing people felt strange to me, but as the class progressed I got better and became more confident in my communication skills. I will remember interviewing people and hearing them describe me. They spoke very highly of me and I will always remember that. I am most proud of myself for accomplishing this class as a whole and making deadlines each weak after a slip up one of the first weeks.

    I definitely have began to a develop and entrepreneurial mindset in life. I often find myself looking for ways I can find a solution or improve things in my everyday life. This is going to help me be successful in my career and I am glad I was able to look at things a different way.

    To future students I recommend putting effort into the assignments if you strive to get a lot out of this class. Waiting till last minute to do assignments will never help you grasp new concepts. To do the best in the class I suggest doing the assignments ahead of the deadline and watching the lectures to do good on the cupcakes.

27A – Reading Reflection No. 3

In this reading reflections I read, Grinding It Out: The Making of McDonald’s, Ray Kroc. It surprised me the most that Kroc started out selling disposable cups as a kid. Kroc always had a mind of a business man. I admire Kroc's ability to stay composed during the expansion of McDonald's. I noticed that Kroc is a simple business man. The book states Kroc was "careful not to be extravagant with the company’s money, and he practiced techniques to manage stress when overwhelmed with the complications of running an ever-expanding company." I also admire Kroc's dedication to the restaurant. Encouraging franchises allowed McDonalds to grow quickly while remaining with quality. If I had to ask Ray Kroc a question is would be: "What did you see in the California restaurant operated by the McDonald brothers?" Kroc's opinion of hard work is long 19 hour work days which the book mentions Kroc did often.

28A – Your Exit Strategy

For my venture my exit strategy would be to sell my business in the short run to make a large sum of money. If I were to plan this out correctly, I would only have my venture/product as a side project. Therefore I would see it as a way to make some extra money. I do not think I have room to grow and change my product once I have it on the market. This also contributes to me wanting to sell my product to a later business. I have selected this strategy because I want to keep this as a side project. If it is successful I would not want to stick around and try to make it grow when I could sell it and get money. This money would be used to invest in future products and developments when I am more experienced businessman. This did not influence my opportunity at all, I had come up with the opportunity before I thought of how I wanted to end it.

26A – Celebrating Failure

Each semester of school I usually have a few moments of failure. During this semester I failed to adequately study for one of my exams during a week I had back to back exams. I was making sure I did well on my first exam, without taking the proper time to study for my second exam. This has been an ongoing theme of my struggles in college, but I have finally learned from my mistakes. For finals this semester I have had time to study simultaneity for both classes. I hope that I can improve my exam sores by being more prepared. I think failure is something that needs to be embraced more. I am scared of failure which will make me not try to do things. By embracing failure in society so one can learn from it, I think more people open to try new things.

25A – What’s Next?

Existing Market:
In terms of my product there is not much I can expand on it.  My products is already an expanded on stylus for touch screen devices. If I am successful with my product I can potentially reach into other tech accessories. Maybe a software program for taking notes or cases for one's devices.
Due to my limited opportunities after my current product, I expect myself to sell my product or idea to a major company for a large sum of money. This would be my best case scenario as there is not much I can expand my product on.

New Market:
Currently my target audience is young, technology affluent people. A radically different market I could explore is the elderly who are not tech savy. I think giving older people the opportunity to write on touch screen devices as well as paper would open their minds about technology. Writing is something they grew up doing, so combining something they are used to with technology could possibly open their mind to exploring new things. I could target nursing homes and retirement facilities. Based on my interviews they agree that this is something I could potentially explore. With a huge population of elderly in the world, it would be huge to attract this demographic into my potential customers.

24A – Venture Concept - Universal Pen

Throughout the semester I have been developing an idea around a pen that functions as a stylus for touch screen devices, but also works on paper as a regular pen. Here I will describe a description of a potential venture I would start around this idea/product.
Opportunity:
As a student I spend a lot of time in the library working on my iPad around other students. With increasing amount of online work, textbooks, and online assignments I have used my iPad to take notes. Yet some classes still require handwritten notes and assignments. Having to switch between writing utensils made doing work an even more tedious and stressful task. After discussion with students facing similar problems, I came up with the idea of having a pen that works for both uses. The driving forces behind this need is the development and accessibility of technology. More users are beginning to use touch screen devices to complete task, especially with the integration of technology in education. Initially I thought students would be the primary target, but after feedback I realized many businesses would benefit from a pen like this, as well as graphic and fashion designers who often sketch out idea before transferring them to a digital state. Currently people don't satisfy this need, and still switch between stylus pens for touch screen devices, and normal pens for paper. The people who have this need have the money to afford expensive touch screen devices to take notes and design on, therefore I believe they have the money to afford a pen that makes this process more efficient. For this reason I see this as a small opportunity, medium sized at best. While this opportunity will be available as long as technology remains dominant, I question if consumers will be willing to pay for a product that only solves a simple problem.
Innovation:
This product would be a functioning pen that also works as a stylus for touch screen devices such as iPads. I would primarily focus on making it a efficient for the use on touch screen devices that can also write as a pen. This product would be the size of a regular touch screen stylus with the added functionality of being able to write on paper. I would price my product at $90.
Venture Capital:
Having to switch between writing utensils while working with paper and a touch screen devices is a very tedious process. This product will combine the two writing utensils in one for more convenience
Touch screen stylus can range between $75-$150. I would like to price my product around $90. Currently the Apple's stylus pen is $130, by pricing it lower than that and with more functionality, I would hope to attract and gain customers from my competitors. I would test my product on a college campus because it has a young population that is affluent in technology. I would attempt to keep my business small at the start and expand as needed. I have a specific audience I want to target and can easily advertise through the internet.
Three Minor Elements:
My secret sauce would be a stylus with added functionality, without the premium price of a name brand. If this product were to be successful I would want to sell my product to a company and have a bunch of money. I would take my money and attempt to be more successful with my next idea as a entrepreneur.

23A – Your Venture’s Unfair Advantage

1. Two in One Pen Idea/Product
- This resource is the idea and product for my venture. It is a two in one pen that functions as a stylus for touch screen devices. I believe this product is valuable and rare. I have not heard of anyone who uses this. This product could be easily repeatable though.
2. Money
- This resource is very valuable to my venture. It will be what gets my idea started. It is inimitable in a way but still hard to acquire.
3. Passion
-This resource is a driving component of my venture. I want all my employees and brand to be filled with passion about my product and our customers. This is a valuable resource to have if done right. It is common to have passion but I want to take it to another level which is hard to replicate by others.
4. Access to a target market
-I myself and part of my target market which is a huge advantage. People I know are interested and would use my product. This is valuable, rare and difficult to imitate.
5. Knowledge in IT and technology.
-Knowing how to use technology efficiently and problem solve with tech is a huge advantage my venture has. I have knowledge to build my own computers and such which is a rare and valuable skill.
6.Time
-Time is very important resource which I have. I am young and have no rush. While this is valuable it is also inimitable. Being a young college student I have time to work and perfect my job.
7. Entrepreneurship experience
- This very valuable to resource will help us stay ahead of the competition and seek new opportunities to explore. This is rare and hard to replicate.
8. Culture
- An important part of my venture will be creating and fostering a unique work environment.This is something hard to replicate and is very valuable in being successful.
9. Vehicle
-This resource is important for traveling and making meetings. It is valuable but note rare. Many people have cars.
10. My most important resource would be my money. Without nay money it would be impossible to make any of the other things possible. Having a great idea is only so helpful when you don't have the funds to make it happen.

21A – Reading Reflection No. 2

For my reading reflection I read, Steve Jobs: The Exclusive Biography by Walter Isaacson. I found this biography inspiring and it will definitely enhance my ability in this class. Seeing the perspective of one of the worlds greatest innovators opened my mind up to think in different ways. The general theme of this biography was to emphasize the intensity in everything Steve Jobs did. Steve Jobs saw himself as "chosen" and "special" and these themes were very much present in Apple, a company which he helped create and eventually became CEO of. I did not realize Steve Jobs had left Apple after its creations, but later returned after his own company NeXT, was acquired by Apple. I think this was the most surprising thing I read in the book because it shows you might not succeed at first, but you should not give up. If I had to design an assignment for this book it would be to explain what made Steve Jobs different than his competitors.

22A – Elevator Pitch No. 3

https://www.youtube.com/watch?v=dTEemb9LlP4

On my last elevator pitch I received no feedback so I did not have anything specific I wanted to improve based on feedback. In general I wanted to be more dynamic and confident with the way I spoke. I also committed to memorizing my speech. I still had a slight pause where I forgot one part, but overall I felt like my last elevator pitch was better. Now that I am more confident on camera I would like to add hand motions.