Adam Wolf 30A Final Reflection

The highs this semester were the later assignments when I started understanding the big picture of my idea.  My high assignments were the idea napkins.  I enjoyed the process of these posts and formulating new ideas.  At the same time, there were some lows.  One of the lows were the elevator pitches.  These were a low because these assignments were out of my comfort zone.  The fun moment was the post of creating your personal avatar.  This assignment was interesting and fun.  Moments of drudgery were cupcakes and reading reflections.  I did not look forward to these at all.

My most formative experience was the interviews I had with people who genuinely cared about my idea.  These experiences and their responses will stay with me for many years, especially if I continue to move forward with this idea.  My most joyous experience is completing this class with a good grade and I am also most proud of this as well. 

At the end of the semester, I don’t see myself as an entrepreneur yet because I haven’t invented the device.  However, I do see myself thinking like an entrepreneur.  I have developed my entrepreneurial mindset.  I didn’t realize all the complexities we must think about before starting a business, but this class helped my sequence the events and think in the correct order. 

I recommend that students starting this class to stay organized and don’t procrastinate.  First, they must stay organized to know when the assignments are due.  This class has a higher number of assignments than most other classes.  Keep a calendar of some type to record when upcoming assignments are due.  Also look at the Canvas calendar as guidance.  To foster this mindset, I recommend don’t procrastinate.  Each of these assignments is meant to teach you something.  You only get out the amount of effort you put in.  Not procrastinating will allow you more time to spend thinking and reflecting on assignments.  This will eventually lead to greater business success in the future.

Adam Wolf 29A Venture Concept No. 2

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 100^oC 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 a rechargeable battery that is environmentally friendly.  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.  Hiring a specialized marketing employee will help solve this potential issue.  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. 

I got really good feedback from the first venture concept post.  One student commented how they see my plan expanding and understand the actions I plan to take in the future.  Another peer states a great suggestion that I incorporated in my venture concept no 2.  He said I should use a “rechargeable energy source instead of AA batteries to power my invention.  This is a fantastic idea and I included this in my revised plan. 

Adam Wolf 28A Your Exit Strategy

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. 

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.

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 100^oC 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.