I would like to build and run the business for at least 15
years. After this time period, I would
seriously consider selling the business to a larger corporation. My plan is to work very hard for many years
and then relax and enjoy the money I earned.
When a business expands greatly, the necessary work can become a burden
and continued stress can be unhealthy.
If the business is successful, I would like to retire by 40. I have selected this particular exit strategy
because I live by “work hard, play hard”.
I want to work hard the first half of my life and enjoy the benefits of
this hard work the second half of my life.
Planning this exit strategy only effects how I create the foundation for
my business. Because I will not be
passing on the business to family, I will spend more energy pitching the idea
to major corporations to prepare for the big sale in the future.
Friday, July 26, 2019
Adam Wolf 27A Reading Reflection No. 3
For reading reflection number 3, I chose to Grinding it
Out: The Making of McDonald’s about Ray
Kroc. I was most surprised that Ray Kroc
was not the original founder. The
McDonald brothers were the ones who created the efficient operation. Then this idea was expanded by Ray Kroc. I most admire the creation of a nonprofit
organization called the Ronald McDonald House.
I least admire that Kroc basically forced the brothers from retaining
rights to their name. Their new name,
“The Big M”, had little chance of success.
Ray encountered many problems when working with the brothers’
regulations. He fought their decision to
maintain a small number of restaurants.
Kroc also had trouble obtaining formal, legal documents such as letters
from the brothers.
Ray Kroc had competencies when making innovative changes in
the fast food industry. The biography
described how he had strict regulations for food preparation and customer
service. For example, he demanded each
burger be made identical to the others and food must be delivered to customers
within 5 minutes. I was confused about
the transfer of rights between Kroc and the McDonald brothers. I didn’t understand many of the legal issues
that occurred. Question 1: Do you think fast food is the solution to
fixing long-term problems of a growing population? Question 2:
What would you do differently if you could start over again? I think Ray Kroc’s opinion of hard work is to
devote at least 12 hours to his business each day. Hard work is solving all issues before ending
the day and advancing some aspect of the business each day.
Adam Wolf 26A Celebrating Failure
I have failed three times to learn another language. I took three Spanish classes and have not
improved in learning the language. Each
time, I start from the beginning with no knowledge of the subject. For some reason, I can learn math, business,
and science classes but language classes are a nightmare for me. The information doesn’t click in my brain and
I forget everything the next day. I have
learned a couple things from these repeated failures. First, I am bad at learning Spanish. Second, my mind has trouble processing
different words but not numbers. Third,
I learned to keep trying and try to take more foreign language classes to
improve this failure.
I think failure is healthy to an extent. Failure teaches important lessons and
develops maturity. Failure is hard but
it represents taking a step out of your comfort zone. I handle failure as an opportunity. Defeat one time is a chance to rise greater
than ever the second time. It builds
character and makes us who we are. My perspective
on failure is more accepting, and I do see myself taking more risks in the
future. I see the rewards from
overcoming numerous failures.
Friday, July 19, 2019
Adam Wolf 25A What's Next
Existing Market
What’s next in my venture is choosing a location to build my
factory. This location will eventually
become my company headquarters. It will
consist of a manufacturing section and a management/corporate section.
Customer 1 would like to see my product tested to extreme elements. He wants to know the maximum conditions of
temperatures where my invention will still function correctly. Customer 2 would like to see the disclaimers
and warranty policies. Customer 3
wonders if my invention can be self-assembled or must be installed by a
mechanic.
To grow a successful business, I have solutions to satisfy
each of these customers needs. I will
communicate with a laboratory to do professional testing of my product. This will establish the limitations of my
invention, which allows me to further develop my idea. I need to write the warranty statements and
clearly outline when a product will be accepted as defective.
New Market
I now want to
target a market focused on environmental conservation. First, I want to become a certified
sustainable company through a well-known environmental organization. I will get raw materials from recycled
plastic. Environmentalists will increase
support for my product once they learn about my sustainable efforts.
Person 1 proposed
that I provide discounts on my seat belt cooler for individuals who own
electric cars. People may be convinced
to buy electric vehicles to receive deals and protect the environment. Person 2 wants me to donate a portion of the
profits to environmental events. Once
such event would be community beach cleanups.
I was most
surprised by the unique ideas presented to me during my interviews. Some of my initial expectations were correct
as I anticipated environmentalists would favor brand name recycling and
sustainability. Although the
environmental market does appear to have potential, it is not as attractive as
my initial market. However, I will still
pursue appealing to environmentalists because it will additionally help grow
the success of my invention and business.
Adam Wolf 24A Venture Concept No 1
Opportunity
The news often covers problems related to global warming and
other negative effects from climate change.
Oceans levels are rising as sea ice from the poles continues to melt at
rapid rates. Average earth temperatures
are on the rise, resulting is strange weather events. But most importantly, people are feeling the
effects from heat. Just this week,
another deadly heat wave moved across the United States brining temperatures in
excess of 100oC to Washington DC, New York City, Philadelphia, and
Chicago.
Many residents own cars and few people never have their
vehicle parked in the sun. That means
many of us can relate to entering a scorching car and having to wait outside
until the interior cools off a bit. What
part of a car is metal and within reach?
The seatbelt, which is the part people are most likely to tough. I see an opportunity to fix this
problem. Drivers and passengers show
never have to worry about getting burned by accidently toughing the hot metal
part of a seatbelt. The market is
defined geographically. The opportunity
is big and will last for at least a couple of years.
Innovation
I have created a small rectangular device that attaches to
the end of a seatbelt. The object is
powered by four AA batteries. The seatbelt
must be clicked in and the car not running to activate the seat belt
cooler. It can be produced in 10
different colors to perfectly match the existing interior color. This allows the cooler to be out of
sight. The electric motor is quiet and
operates efficiently. My invention would
be produced in the USA using recycled plastic.
I would target recycling companies to purchase plastics in bulk at low
prices.
Choosing production to take place in the United States would
increase labor costs but transportation costs would be minimized. The United States also has more regulations
that foreign countries. I would
integrate mass production lines to increase potential output.
The starting cost for a seat belt cooler is $25. This reasonable price would target a variety
of audiences and multiple classes. My
plan is to sell to auto parts stores at the wholesale level. The stores would then sell it as retail, and
I would receive a percentage of profits.
If the product advances and experiences further success, I would change
my business strategy.
My long-term goal is to integrate this product into large
car company assembly lines. This would
ensure all cars produced would protect customers against burning themselves on
hot seatbelts.
Venture Concept
I think initially consumers will be hesitant to try my
invention. I will rely on customers who
try my device to spread good reviews. I
hope word disperses with positive feedback and sales increase. Customers will buy this product because
nothing like this exists in the market.
My invention is truly unique, innovative, and most importantly solves a
major problem.
Because this is the only item of its kind on the market,
therefore it is difficult to determine potential competitors currently. Locations plays a major role, as I must place
emphasis on areas that experience extreme heat.
I would start with 20 employees and expand as necessary.
Additional Elements
My most important
resource is location. I live near
numerous transportation methods including truck, ship, and train. I can import raw materials and export the
final product in a timely manner. As
mentioned above, I eventually want to integrate my invention into assembly
production lines of major car manufacturing companies. This will further increase profits and allow
my business to continue to expand. As an
entrepreneur, I hope to be CEO of a public corporation in five years. I hope to be making great profit in five
years. Most importantly, I hope to save
people from burning their hands with hot seat belts and prevent them to deal
with this problem anymore in the future.
Adam Wolf 23A Your Venture's Unfair Advantage
1.
Location:
valuable, not rare, not inimitable, non-substitutional
2.
Knowledge in automotive industry: valuable, not rare, inimitable,
non-substitutional
3.
Social capital of networking with car
manufacturers: valuable, rare, not
inimitable, non-substitutional
4.
Financial capital in the form of investments: valuable, not rare, imitable, substitutional
5.
Provisional Patent application for device: valuable, rare, not imitable,
non-substitutional
6.
Close friends are entrepreneurs (social capital):
not valuable, not rare, imitable, substitutional
7.
Local organizational culture: not valuable, rare, imitable, substitutional
8.
Marketing, Management, and Economic capabilities: valuable, not rare, imitable, substitutional
9.
Human capital of peers already willing to work
under certain circumstances: not
valuable, rare, not imitable, substitutional
10.
Experience with negotiating large costs as
practice
Additional VRIN analysis:
The social capital resources are valuable because they
provide key pathways for businesses to grow.
However, they are not rare because most entrepreneurs utilize
networking. With reference to
capabilities, these are valuable but also not rare because people often share
similar set of characteristics.
Top Resource:
My top resource is location.
Location will help in numerous ways.
I live in Florida, a good location to base my product because Florida is
one of the hottest states. Also, Florida
is great for crowdfunding due to the increased amount of an older
population. Living in Florida is
certainly not rare because millions of people live in the state. I have transportation resources contained
within the location resource because ships come to port and trains pass by on
their way across the country.
Friday, July 12, 2019
Adam Wolf 22A Elevator Pitch No. 3
Just FYI, I thank you for the feedback from my last elevator
pitch. I liked the feedback, but it will
not appear in this elevator pitch. I am out of the country thousands of miles
away on vacation and none of the taxis would allow me to film. The only transportation where I am are the
metro and buses but those don’t relate to my product. In addition, I didn’t pack any dress clothes on
this trip which is why I am casual. But
I want to let you know, I agree with a lot of the advice and will remember the
ways to improve my elevator pitch for future times.
I got even more useful feedback from elevator pitch number
2. People really like how my setting is
in a car which directly relates to my product.
One person suggested I should dress in more professional clothes. Another person suggested I should create a
hook at the beginning of my elevator pitch to attract the audience
attention. A third person suggested I
move back to the driver seat because it was easier to see.
Here is the link in case the embedded video doesn’t
work.
Adam Wolf Reading Reflection No. 2
I read Innovation and Entrepreneurship by Peter Drucker. The general theme of this book is similar to
what we have been learning in class.
Drucker discusses how entrepreneurs see the world differently. They view problems as opportunities rather
than obstacles. Innovation is only one
part of the entrepreneurship process because it’s how you make that innovation
come to reality that really determines success.
Entrepreneurs must have the qualities discussed in lecture. Failure will continue to happen but they must
recover and never give up. I would create
an exercise that is a short writing response.
The prompt would be: How do you
think you see the world differently from everybody else? My biggest surprise while reading the book
was some of the timelines for innovations to come to success. Some took many decades of failure before
success and this impressed and surprised me.
Adam Wolf 20A Growing Your Social Capital
Person 1 is an owner of a local car dealership. He is an expert in the industry because he
has been working with car sales for 27 years.
This person has many years of experience in seeing the success and
failure of various car advancements. He
is involved in the industry because he has worked at multiple car companies,
which means he has a well-rounded background in the industry. I contacted this person by email, and he
responded within 24 hours. I visited his
car dealership later in exchange for taking the time to talk to me. This person will help give me advice on what
he thinks should be improved about my design based on his prior observations in
the car selling industry.
Person 2 is a manager at a local auto parts store. He initially worked as a cashier, then
assistant manager, and now manager. This
person is a market expert because he is directly involved with selling car
parts. I contacted this person by
meeting him at the store. I bought some
items from the auto store in return for our meeting together. This person will help me because they have
the contacts for their inventory managers and can assist in me marketing my
product.
Person 3 is a corporate manager at my country recycling plant. They have worked in the recycling industry
for 15 years and is an important supplier to my industry. I called this person a left a message. They called me back within 24 hours. In return for our meetings, I offered to help
advocate for increased recycling efforts.
This person can help me because the main material in my product is plastic. Creating a deal with a recycling plastic
company will decrease my costs of production.
I had a great experience networking with people who may help
me in the future. I enjoyed learning
about their histories. All three people were
interested in helping me and I had a good time talking to them. It was similar to my networking experiences
in the past.
Friday, July 5, 2019
Adam Wolf 19A Idea Napkin No 2
1. I am a college student attending the
University of Florida with talents in business administration. This
class is providing me with necessary skills for entrepreneurship. I
hope this business is a way to make income while working on my own
schedule. If the business became successful, it would become a major
part of my life and require significant time dedication.
2. I am offering customers a product that cools
the metal part of seatbelts for cars staying in the sun. My product
solves the customer need to not burn themselves when they enter a hot
car. The device would clip to the base of a seat belt and follow similar
physics principles as air condition. It would be battery powered and
could be activated from an app on your phone. Ten minutes prior to
getting in your car, the device would start cooling the
seatbelt. When you grab the seatbelt, it will not burn of you
accidently touch the metal. In
addition, my company could possibly expand in the future to offer other interior
products.
3. I am offering this product to everybody who
has or uses a vehicle and parks their vehicle outside. The
demographics and psychographics of my intended audience are
widespread. All my customers use or own vehicles, and they all have
in common a similar need. People who
will benefit most from the invention are those who live in hot geographic
locations.
4. Much of the US heats to dangerous temperatures
during the summer, especially in Florida and the desert out
west. People should buy my product because it will increase the
safety of their vehicle. Children will be less likely to injure
themselves when getting into hot, parked cars. Customers will feel
the comfort of a cool seatbelt and will no longer have to dread getting into
their vehicle during the day. In the future,
customers can experience the benefits of more interior accessories.
5. What sets me apart from everyone else is my
attention to detail. I would ensure the design of this product is as
efficient as possible, so it solves customer needs to complete
satisfaction. I would ensure no shortcuts in the production process
to deliver the best quality. My idea for this product is something
no one else has.
I believe all five elements
fit together. I can see connections between all components of the idea and
understand the list of priorities. The components of this product seem to be consistent across
multiple areas of interest, indicating the idea has potential. I don’t see any
out-of-joint elements and can visualize the next stages of the entrepreneurial
process putting these elements in action.
I added about 4-5 sentences
to my original post based on the feedback. I really liked two comments. One person suggested I expand the options and
offer more interior accessories. Another
person inquired whether I would want to start up the business myself or join a
firm to get the business going. I have
incorporated changes into idea napkin 2 after analyzing the feedback.
Adam Wolf 18A Create a Customer Avatar
A prototypical customer for my seatbelt cooling invention is
a middle-class male who is 31 years of age.
He drives a white Honda Civic and has a business job working at an
office. The work hours are Monday –
Friday 9am-5pm. He lives a simple
lifestyle with average income and a medium house. He has a wife and two young kids. He doesn’t really watch TV shows but does
watch sports all the time on TV. He is
Republican but is not extreme on conservative issues. He likes reading innovation books because my
customer is always interested in trying new products. Overall, my prototypical customer lives a
usual life and likes routine. He is a
customer for my product because his sense for curiosity allows him to try new
products. Working at the bank during the
week, his car bakes and gets hot because my prototypical customer lives in Florida. These environmental, social, and economic
conditions help define him as my customer avatar.
I have a couple things in common with my customer
avatar. First, I am also willing to try
new products on the market. I like to
test new ideas knowing there is a chance it may not work because the product
was recently developed. Second, I like
to routine as does my avatar. I like a
set schedule so I can expect how the week will go. Lastly, I enjoy watching sports like my
avatar. I don’t think these similarities
are a coincidence because I create a product that begins by solving a problem
for me. Thus, it is not unusual for
there to be similarities between me and my prototypical customer. We both could use the product because we both
have a similar problem that needs to be solved.
Adam Wolf 17A Elevator Pitch No 2
Here is the link as well- https://www.youtube.com/watch?v=j_-n-9wpoPQ
I really liked the feedback I got for the last elevator pitch. The comments were positive and helpful. I realized the strength of filming in a unique setting. People liked how I spoke and how I described the idea. Based on this feedback, I have made minor changes in this new elevator pitch such as trying to speak with more flow and include more information in the same amount of time to inform my audience even more.
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