Assignment 30A

Assignment 30A- Final Reflection 

1) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I think that my most formative experience is having to interview so many people during the semester. I think it really helped my communication skills and helped me realize how easy it is to just talk to someone that you don't know that well. I think this will definitely help me when I join the workforce after I graduate. The experience that I will remember years later would be to fill an elevator pitch. This really took me out of my comfort zone and it taught me how to be able to entice someone into hearing what you have to say about a product that you are passionate about or just in general something that you really enjoy. I'm really proud of myself for being able to turn in the 3 elevator pitches because I was very uncomfortable with having to film myself. 

2) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I think that I have moved closer to developing an entrepreneurial mindset. This class has helped me set goals for myself and being able to accomplish them is great. I also think that creating an idea from scratch was very hard and coming up with something that people would find helpful was very challenging. I think that was what helped me the most to develop that mindset of being able to potentially start a company in the future.  

3) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

One recommendation I have for students in the future is to make sure that they stay on top of the assignments that are due in the class. I think each assignment helps you develop a lot of necessary skills that will help you in the future.  I would recommend just making a draft during the week and finishing the idea up later, that way the can work on the assignments throughout the week. To foster the mindset I would just say to make sure that you are putting a lot of thought into each assignment and treating it as if it were a real company. 

Assignment 29A

Assignment 29A- Venture Concept No. 2 

Opportunity. 
 I believe that there is an opportunity to find lost children and other people that you go with to the park. Even if people aren't necessarily lost, it would be easy to keep track of people in your group. The potential customers for this product would be children starting from ages 7 and adults of all ages. The forces or changes creating this opportunity is mainly children who get very easily distracted and don't follow their parent's orders when they are at a young age. The market for this product is mainly for Magic Kingdom since this is their more popular park. However, this need also applies to any other amusement park. Customers are satisfying the need right now by just using their phones and making their children memorize their parent's phone numbers. I've seen that groups of people also assign a certain spot of the park as their meet up spot. There is also a solution that is provided to meet this need in the park. Disney has a place in the front of the park designated for children who get lost to go there. I think that this opportunity is very big because it would be beneficial to a lot of people. I think the window of opportunity is pretty big because this need isn't something that will go away.

Innovation. 
To solve this unmet need, I would use several items that Disney already sells and provides. The first item that I would use would be the magic band. This band can be bought at any of the parks as well as online. This band can be linked to the tickets and all of the information you need if you are staying at any of the hotels in the park. In addition to all of the information that it provides you with if you stay at one of their hotels, you would get one for free. To solve this unmet need I would create a GPS device that would have to be installed into each magic band. With this magic band, you would be able to scan them in a machine. The machines that Disney already provide as their fast pass system would be changed into a map of the park and it would be able to show you your current location and also the location of the people that you came with to the park. In other words, I would be selling the new magic bands with the tracker in them. I would be making money by selling the magic bands at a slightly higher price than they were before. The price of the magic bands depends on the design that's on them, so the price would increase slightly accordingly to what their price is.

Venture Concept. 
My product would solve the unmet need of lost children and just wanting to know the location of your friends and family in a park. It is a very simple solution to a problem that many parents may encounter while going to the park. Even though technology is very prevalent in today's society, phones can run out of battery. The magic band would never run out of battery and it is a quick way to access the location. With Disney's extensive resources the device can be as accurate as possible with no glitches. Customers would switch to this product instead of resorting to their phones because it is something that they have very easy access to. With this device, they don't have to worry about losing their tickets. All the information that they would need during their stay at the park is accessible through their wristband. I don't think it would be hard to switch to this alternative because so many people have the magic bands already or want to purchase them. As of right now, there are no competitors to this product. Some weaknesses or vulnerabilities that the product might have would be the accuracy of the locations. I think that design, price as well as customer experience play an important part in my business model. Since the magic band is a kind of accessory I think the design is something that people are bound to care about. Price is a given since magic bands are not something that is absolutely necessary it is important to keep the price attainable for customers.  I also think that customer experience is important because they must be able to use the product successfully for it to continue to sell. Customers must see this product as something helpful to them or else they won't purchase it.

The three minor elements 
I think that my most important resource is that this product is very accessible. For a product to succeed, customers must be able to buy the product anywhere they would like. It is easy for them to purchase it while they are at the park. It is also sold online and they ship internationally so this makes it easy access for everyone.

The next step for this venture would be to expand to the different parks that Disney has. If it becomes a success at magic kingdom and if the product is developed well and it works then that would most likely be the next step. 

In 5 years if this venture were able to launch successfully I would like to keep working for Disney. I really like their company and I think that since I was part of something that launched at their parks I would want to continue to work for them developing new concepts and ideas.

2) All of my feedback on the venture concept was positive. No one said anything that was negative about it and they all said they liked my idea. I then went to look at my what's next feedback and a lot of people were intrigued by what my new market was. They said that it would be interesting to have some kind of GPS system for emergencies. I really didn't know what to do next because I didn't receive any kind of constructive criticism on my assignment.

3) Overall, since I didn't receive any negative feedback on my venture concept I really didn't change it. I do believe that maybe one of the negative things about this product is still the accuracy of the location and the price point that Disney may put on this band. 

Assignment 28A

Assignment 28A- Your Exit Strategy 

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

Considering my business is attached to an already established business like Disney, I think I would probably just sell the rights to them so that they can continue to implement it. If the business takes off, there is really no reason for me to continue to be involved because they really would be the ones that are providing the technology. However, I would love to continue to stay involved with a company like Disney and continue developing ideas for them.

2) Why have you selected this particular exit strategy?
I selected this strategy because I think that once the product is developed and in stores, there is really no need for me to continue to be involved. They were the ones that created the magic bands, and my idea would just enhance their already established product. 

 3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think my exit strategy influenced how I came up with the opportunity. I think it influenced what I would do after I had created the product and what would happen after the product was being sold in the market. It also influenced how I would acquire the resources because I would have to partner with Disney and since I want to keep working with them after the product is sold I have to build a good relationship with them.

Assignment 27A

Assignment 27A- Reading No. 3

Cognitive Surplus, Clay Shirky

1) What was the general theme or argument of the book?

The general argument that the book presents is to explain how people have been able to make better use of their time due to the advances in technology. He explains that people have been finding more valuable ways of using their time to be more creative and to add something meaningful to society. With more ways of using the internet to their advantage, people can come up with different solutions to the different problems that one can encounter during their lifetime. It also argues that because of how easily accessible the internet is now it provides varying opinions and different forms of expression.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
I think that the book connects with what we are learning in the class because everything is basically technology based. We have to rely on the technology that we are given to put our ideas out there and show the rest of the class how valuable the may be. I think that it also relates because we had to come up with an idea for a company that we might be interested in pursuing. A lot of the companies that people have created may be able to be developed and could continue to add value to society.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
An exercise that I would design would be to maybe do some surveys with a group of people, and have them tell you how valuable your business would be. Show them your blog posts and have them rate from 1-5 how much value do they think your company would add to society. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
I don't think anything really differed from my expectations of the book. I think what he said aligned with my thoughts which is that nowadays there are a lot of ideas constantly flowing through social media and the internet in general. Some of the ideas presented can change someone's life or help them with different things that they may encounter. 

Assignment 26A

Assignment 26A- Celebrating Failure 

1) I failed at being able to get into UF the first time I applied. I applied to all of the Florida schools, but the one that I was most excited about was UF. I started getting all of the decisions from the other schools but nothing had come in for UF. I applied with a good amount of extra-curricular activities, my GPA was good and my SAT scores were also good. Even though I knew it might be a long shot to get in, it still was very upsetting to get the rejection letter from them. I remember my family telling me that it was going to be ok since I still had options to chose from. But in my mind, I had failed to get into the school that I really wanted to go to. My boyfriend got in a year later than me, and it was really hard to know that we would be doing long distance for a while. 

2) I learned that no matter how hard it was for me to accept the fact that I would not be entering UF as a freshman, I still had other options to chose from. I learned that I could still try again, apply as a Junior and I would still be able to graduate from this school. I also learned that while things do not always go as planned, you can still learn from the experience that the other choices that are available to you. Even though I wasn't able to go to this school for my freshman and sophomore year, I was able to experience my first two years of college with my best friend because she was going to the same school as I was. 

3) I was very upset when I found out that I hadn't gotten into this school the first time I applied. It felt like I had failed, all those times I had worked really hard during high school to not be able to get into my first choice. I think I have changed how I view failure now since not everything is always going to go the way you want it to. I don't really enjoy taking risks that much but I think that this class has opened up more possibilities for that because of all the assignments where we had to interview people. 

Assignment 25A

Assignment 25A- What's Next?

Existing Market

Step 1: After the initial launch of this product into the Magic Kingdom park, the next move for my venture would be to expand the product into the three other parks that Disney has. 

Step 2: When I told the three people I interviewed my business idea they said that they really liked it. They told me that by neglecting the other parks I could've potentially been losing out on a lot of business. They also said that they thought testing it out first in just one park , and then expanding to the rest of the parks was a good idea. They said that by expanding business into the other parks they distribution of the magic bands would be easier since the producer would only have to make one magic band from now on with the GPS included. 

Step 3: After the interviews I made I think that just keeping my magic band product localized for a while is a good idea. I think that once people learn that it is easy to use and it is not a hassle to find the machines people will love it. I also think that it will be easy to market this product especially to parents. 

While conducting the interviews I also realized that my next step would keep making sense. Neglecting the three other parks that Disney has to offer makes no sense because you can also buy magic bands in those parks. I think that customers would appreciate being able to use the magic bands that they had originally purchased with the GPS and being able to use them everywhere in the Disney parks. 

New Market 

Step 1: This product might be able to apply to a completely different cause. Instead of using it for lost children in parks, this product might be useful in school settings. As unfortunate as it is right now a lot of school shootings are happening, and this product might help localize the children in these situations as fast and effectively as possible. 

Step 2: I think that this product would be able to create value because the safety of everyone that is in this situation is very important. It would help the rescue of these children in a hopefully more effective manner. 

Step 3: I interviewed two people that were victims of a school shooting in Parkland. I described my product concept to them and told them what it was originally made for. They told me that they thought that it was a great idea. They weren't sure how it would work in a school setting though and the thought that might concept might be better applied as it was originally intended for. 

Step 4: Coming up with a new target market for my product was very hard. This product was intended just for amusement parks and nothing else. I learned from my new market that my product is just very specified to the target customer that I had thought of originally. My assumptions were correct because I didn't think that people would necessarily liked to be tracked while they are in school. However, I think that my existing market was very happy with the product and with the possible expansion of the product to other parks. I don't find the new market as attractive as my original market because like I said, my product is more intended for amusement parks. 

Assignment 24A

Assignment 24A- Venture Concept No.1 

Opportunity. 
When I was little I went to Magic Kingdom with my family. We were in a large group and we went during one of the peak seasons for the park: December. During the night parade we lost my brother and my dad. My mom tried calling his cellphone multiple times and he wasn't answering. Everyone in the group started panicking thinking that my brother could've gotten lost without my dad. Thankfully at the end of the night when everyone was leaving the park we were able to spot them and find them again. I believe that there is an opportunity to find lost children and other people that you go with to the park. Even if people aren't necessarily lost, it would be easy to keep track of people in your group. The potential customers for this product would be children starting from ages 7 and adults of all ages. The forces or changes creating this opportunity is mainly children who get very easily distracted and don't follow their parents orders when they are at a young age. The market for this product is mainly for Magic Kingdom since this is their more popular park. However, this need also applies to any other amusement park. Customers are satisfying the need right now by just using their phones and making their children memorize their parents phone numbers. I've seen that groups of people also assign a certain spot of the park as their meet up spot. There is also a solution that is provided to meet this need in the park. Disney has a place in the front of the park designated for children who get lost to go there. I think that this opportunity is very big because it would be beneficial to a lot of people. I think the window of opportunity is pretty big because this need isn't something that will go away. 

Innovation. 
To solve this unmet need, I would use several items that Disney already sells and provides. The first item that I would use would be the magic band. This band can be bought at any of the parks as well as online. This band can be linked to the tickets and all of the information you need if you are staying at any of the hotels in the park. In addition to all of the information that it provides you with, if you stay at one of their hotels you would get one for free. To solve this unmet need I would create a GPS device that would have to be installed into each magic band. With this magic band you would be able to scan them in a machine. The machines that Disney already provide as their fast pass system would be changed into a map of the park and it would be able to show you your current location and also the location of the people that you came with to the park. In other words, I would be selling the new magic bands with the tracker in them. I would be making money through selling the magic bands at a slight higher price than they were before. The price of the magic bands depend on the design that's on them, so price would increase slightly accordingly to what their price is.
Venture Concept. 
My product would solve the unmet need of lost children and just wanting to know the location of your friends and family in a park. It is a very simple solution to a problem that many parents may encounter while going to the park. Even though technology is very prevalent in today's society, phones can run out of battery. The magic band would never run out of battery and it is a quick way to access the location. With Disney's extensive resources the device can be as accurate as possible with no glitches. Customers would switch to this product instead of resorting to their phones because it is something that they have very easy access to. With this device they don't have to worry about losing their tickets. All the information that they would need during their stay at the park is accessible through their wristband. I don't think it would be hard to switch to this alternative because so many people have the magic bands already or want to purchase them. As of right now there are no competitors to this product. Some weaknesses or vulnerabilities that the product might have would be the accuracy of the locations. I think that design, price as well as customer experience play an important part in my business model. Since the magic band is a kind of accessory I think design is something that people are bound to care about. Price is a given, since magic bands are not something that is absolutely necessary it is important to keep the price attainable for customers.  I also think that customer experience is important because they must be able to use the product successfully for it to continue to sell. Customers must see this product as something helpful to them or else they won't purchase it. 

The three minor elements 
I think that my most important resource is that this product is very accessible. For a product to succeed, customers must be able to buy the product anywhere they would like. It is easy for them to purchase it while they are at the park. It is also sold online and they ship internationally so this makes it easy access for everyone.

The next step for this venture would be to expand to the different parks that Disney has. If it becomes a success at magic kingdom and if the product is developed well and it works then that would most likely be the next step. 

In 5 years if this venture were able to launch successfully I would like to keep working for Disney. I really like their company and I think that since I was part of something that launched at their parks I would want to continue to work for them developing new concepts and ideas.