30A – Final Reflection

1.      Ever since I’ve started this class Friday evening have been times of stress because I never do any of this work a day before it’s due so I’m always making a mad dash to get a decent grade. However, the actual things I had to write on were not boring at all, which made the class bearable. I like my idea, but I don’t think I’m the type to risk it all on a business idea.

2.      The most formative experiences were the venture capital pages, I enjoyed how I had to game out an idea and evolve it over time. I love logic puzzles and general conundrums, so this was all my wheelhouse.

3.      No, but I can see the appeal and I won’t say I’d never be an entrepreneur, but it would take an idea that I felt much surer about in order for me to put my skin in the game.

4.      Spend quadruple the length of this class ironing out the kinks mentally, not afraid to call it a dud, before going for your idea, keep asking questions and keeping your ear to the pulse of consumers desires.

29A – Venture Concept No. 2

My problem is people wanting to start a project, be it welding, woodworking, sewing, or working on a car. Not everyone has the money time or space to gather all the tools needed for each of their projects. Often, they end up spending more than they wanted on tools just to complete a task. My solution is an app that allows you to especially airbnb a shop space and an UberEats for materials. A rental service that connects people with open shops who are willing to make extra cash and people who need to get tasks done but don’t have the tools.

A few ways of implementing this service

·                  ·        One being a rental style system, in which people advertise their shop and others seek them out like the Airbnb app.

·                  .      An UberEats like service for delivering materials for those in a bind.

·                  ·        Another could be creating a central location, similar to a hackerspace and charging for membership.

·                  ·        Another possibility is renting the individual tools much like a city bike service.

My main consumers are those who have projects they wish to complete but are limited by space, money, or experience. Much like how Innovation Academy students need to hunt down 3d printers and sandpaper, any college student needs a space to complete their work. Also running out of what you need right when you get into the flow can be annoying, get materials delivered so you can stay focused would be invaluable to college students who don’t have a car.

I got a lot of praise, but I also got pointers to the idea of expanding the services to better serve to convenience. Additionally, ensuring that there would be spaces to rent so that there is never an area without people using the app. So I added the idea of delivering materials to better serve customers who wanted convenience when working of creative projects as well as adding incentives for the owners of the spaces, like learning to teach and working with kids.

28A – Your Exit Strategy

1.      I never want to be stagnant, I want to make the company thrive then sell to move on to something different or at a minimum do what Elon Musk does and start a side project using my main work as a reason for investors to place their bets on me.

2.      It’s my personal preference, if you aren’t learning you’re wasting your time. I enjoy learning something new and doing things I would have never seen myself doing.

3.      My concept is not affected by my personal desire to always be doing something new. I want to be a force of creative energy. If I let this choice effect everything I do I would never get anything done due to apathy. I need to look past that for any desire that is pressing. Long term I do let this effect what I do in the time between choices.

27A – Reading Reflection No. 3

1.      I read Grinding it by Ray Kroc out after reading Christians write-up on it. I always figured that the franchise was started by the founders of McDonalds, this book taught me that Ray Kroc bought it from them and made it into the megacompany that it is today. His judgment on the company was ruthless but I think the results speak for themselves. Starting as a milkshake salesman and working up from there based on his own grit and ability is the American dream, because what’s more American than McDonalds?

2.      Ray Kroc made choices that built the largest companies in the world with the determination not seen since. Carving his own path that lead directly to success, how does one make the choices that could destroy or make something as important as a business.

3.      I was confused by Ray Kroc’s desire to pick McDonalds over getting any other location. A classic burger joint is the staple of the time period. I don’t know why he would choose such an oversaturated market to make a bold change.

4.      My first question would be to how he knew which choices to make, what did he know to avoid, why did he avoid it. My second would be how he knew what he needed to scale and what he needed to replace?

5.      I think that Ray had an image in his head and he knew that only hard work would allow him to achieve it. Additionally, based on where he started he knew it was his best chance at success.

26A – Celebrating Failure

1.      My first failure was my second Chemistry exam, I spent way too much time studying for math and ignored this exam. I got a 92 on the math but fail the chemistry with a 40 percent. Additionally, I’ve missed some assignments in this class due to my inability to properly time manage. I may even miss some of the assignments tonight due to this.

2.      I’ve made a huge improvement making schedules and staying on time with things. Compared to the beginning of the semester I really made a big change in myself to ensure that I can improve not only my grades but other aspects of my life. Said other areas include my health. I’ve found ways to deal with my panic attacks and I’ve made improvements with my weight, In the first couple weeks I gained 40 pounds. Just now I’m losing weight again.

3.      Failure is not the opposite of success but rather a process to success. I lose in order to learn how to succeed. I treat failure almost akin to how people treat plane crashes. I find the black box and analyze why it occurred and make every necessary change possible to improve the situation for next time.

25A – What’s Next?

What I think is next:

               I think the next service I could provide is a material delivery service (in the vain of UberEATS) so that anyone working on their project wouldn’t need to worry about running low on anything they would need, because the worst part of building is stopping your flow to go on a last-minute trip to the store for that last bit.

Existing Market Interviews:

1.      My roommate informed me that I’m not making the incentives for the provider-side of my company.

2.      My other roommate informed me that I could do this now without an app and that I should try and organize before I even consider anything.

3.      My friend who was over informed me that I’m rushing my work and I should not quote him…

Reflection:

               My roommate Arthur is right, I think that the cut for those who supply the tools and area are getting a rough deal compared to Uber and I should find ways to incentivize them to be hands on with people who pay them for their tools. Maybe with an emphasis on “learning to teach” I could attract more people, or maybe if I push more of a casual way to meet new people.

               I prefer my idea because I’m obviously smarter than Arthur, duh. Anyway, I think a great way to expand would be to follow in the footsteps of Uber and continue to make the ease of access a major part of my company. If I ever get to the point where I can’t mirror Uber then I would be large enough to absorb smaller companies that could fill any niche I didn’t think of.

 New Market:

               A new market I haven’t thought of is I much older and rural market that would otherwise not use an app to preform this task. Think a hoarder that want the satisfaction of knowing their things will go to use and not be wasted, they could provide misc. objects to get peoples creative juices flowing. On top of fueling creativity I could do a social service and help someone’s hoarding problem.

Interviews:

1.      Arthur says that the “rural” engineer has a lot to teach city folk about how to be resourceful.

2.      Kenneth says that farmers could put up jobs to makers to solve any small jobs

Reflect:

               I like the idea of people becoming pro-am makers, completing small jobs and anything that would otherwise be a DIY project. My worry at that point is at what point does a contractor become necessary and how do I avoid people using my app as a loophole. The last thing a new company (or I) needs is a lawsuit.

               Arthurs idea of finding a new market to target sounds promising, but how would one penetrate such a market, I don’t have much experience in said market but I’m sure I could find myself someone who is.

23A – Your Venture’s Unfair Advantage

1.      My idea is an extension of an existing tried and true product. Renting is an age-old practice, while uber is new and hip. Uber’s user interactions placed in tool and space rental makes up the crux of my venture.

·        Valuable: Good artists copy, great artists steal. Building on the shoulders of giants is tried and true.  

·        Rare: Few can properly steal the feel of something and not make it an exact copy.

·        Inimitable: I mean, it’s what I’m doing so yeah, it’s probably very inimitable.

·        Non-substitutable: The idea is built on this, so it can’t be substituted.

2.      Social Capital: I am one of the many who need this service for not only school but also personal hobbies.

·        Valuable: This is very valuable, not only being close to but also one of the users of a service is the best way to find its flaws.

·        Rare: Few entrepreneurs are so close to the business as someone who goes into it not to just to make money but to improve an aspect of their life.

·        Inimitable: Few ever do even though I think it’s what separates the good companies from the great.

·        Non-substitutable: This is a part of me, it can’t be substituted.

3.      A similar solution doesn’t exist: makerspaces are on the rise but for people outside of these metropolitan areas don’t have access to such amenities, which is where my idea comes in.

·        Valuable: Uniqueness is very valuable to a business, filling a niche is a safe bet when the niche is large enough.

·        Rare: Companies that find a niche and stake their ground early are the most volatile ways to start but if ones succeeds then greatness lies ahead.

·        Inimitable: Someone could copy me in the future.

·        Non-substitutable: I could probably try and come up with a different niche to fill that would have the same chances for greatness.

4.      Experience working in a tech company.

·        Valuable: Experience can make or break entrepreneurs.

·        Rare: Not very rare but certainly not common.

·        Inimitable: People who do work in tech companies have this as well.

·        Non-substitutable: Experience cannot be replaced.

5.      Ear to the ground mentality

·        Valuable: In the ever-shifting world of tech knowing what’s in and what’s out of favor is invaluable.

·        Rare: Not that rare, some people even found a way to monetize this ability.

·        Inimitable: People should imitate this more, whether they do or don’t is lost to me.

·        Non-substitutable: Like I said someone could be paid with the sole purpose of doing this.

6.      I’m not racist like Papa John, or knee-jerking like Elon Musk

·        Valuable: The PR from these incidents seriously hurt companies.

·        Rare: Apparently it isn’t as common as one would hope.

·        Inimitable: Everyone should be like this.

·        Non-substitutable: What would you even substitute this with? This must be non-substitutable.

7.      Social Capital: I’m a people person willing to spread the word amongst fellow students.

·        Valuable: Getting your name out there is practically half the battle.

·        Rare: Anyone willing to start a business should be ready to get extroverted and sell themselves.

·        Inimitable: People, once again, should imitate this but it’s not always the case.

·        Non-substitutable: Getting a marketing person a real and often smart choice after you get your feet wet, but in the first stages nothing beats doing it yourself.

8.      My idea has demand before I’ve even done anything to organize it.

·        Valuable: People seem to like the idea and say they could use it all the time.

·        Rare: No-one is doing what I’m doing

·        Inimitable: People could do what I’m doing but they aren’t, so I’ll do it first.

·        Non-substitutable: My idea is first and foremost mine, so it can’t be substituted.

9.      Social movement could aid the growth of my idea

·        Valuable: Having a known demand across the nation could be short lived but this has been in the making for years

·        Rare: Plenty of business already cater to this crowd

·        Inimitable: Same conclusion as my rarity.

·        Non-substitutable: Nothing can substitute the growth potential of being supported by a social movement.

10.   My network of people in the industry.

·        Valuable: This is very valuable when starting.

·        Rare: Someone my age doesn’t usually have access to the industry like I do.

·        Inimitable: No one can copy my network.

·        Non-substitutable: I have the most efficient way to contact people in the industry, someone not in the industry has to jump through the hoops I’ve already cleared.

I found this difficult because I didn’t realize my misunderstanding of what counts as a resource. After doing VRIN for this assignment I can say I have a better understanding of my industry and myself.

I think that this is unique, mainly because no one has done such and obvious thing to me yet. All of my capital should be enough to make the difference but I know that the people who make up that capital will put me over the edge and ensure success.