Final Reflection

This semester has been quite eventful with everything that is going on. Through all that, this class has been very interesting, and looking back at it now, one of my favorites. There were many moments when I dreaded having to write the weekly assignments or record an elevator pitch, but I found that I always felt good after I did it. The assignments helped me to think about my idea every week. They helped me make sure I was confronting the fact that maybe it wouldn’t work, and that if it could work, I would need to put in a lot more effort. This is something very valuable because I think we often tend to avoid things that can result in failure or that may not work out the way we want it.

The most informative experience in this class was learning that failure is not a bad thing. Comparing it to lack of action, which is what I would normally do, it’s much better. This way you’re able to see what went wrong, learn a lesson from it, and use it moving forward. I think this will be what I will remember for years to come. I will continue to try to apply this to all aspects of my life. My most joyous experience is ending the semester feeling like I did well in the course and learned great concepts that I can use in my day to day life. Also, the feeling that I want to explore other business ideas that I have, and I now feel more empowered to do so.

I definitely feel like I have developed an entrepreneurial mindset. By that I don’t mean that I’ll come up with the next Facebook tomorrow or be the next Jeff Bezos, what it really means for me is that I will make sure to pursue any ideas that I have and learn from those experiences. I will also make sure not to give up on trying new things or thinking of new ideas.

I would recommend that new students do every single assignment without thinking of whether or not they will have a successful venture to pursue at the end of this course. Just do your best to be critical of the idea that you in a constructive way. Fining flaws in the idea is not a bad thing, it’s the only way you can improve your venture and yourself.

                            

Venture Concept No. 2

Opportunity

I believe there’s an opportunity to provide a product that would help with containment and disposal of the waste with minimal contact. Most people dread cleaning the litter, but there really isn’t an alternative when you have an indoor cat. Currently, most people use litter boxes that have to be cleaned by hand. There are some products that attempt to offer a solution such as sifting bags or automatic “self-cleaning” litter boxes, but these solutions are often no better than the standard litter box in the long run.

The market for this opportunity is international, but I would like to focus on the United States, specifically because that’s where I see the biggest opportunity for market share and revenue. According to the American Veterinary Medical Association, 25.4% of American households own a cat. I believe that a large percentage of those households would be willing to try a different litter box solution for the right price and under the assumption that it will outperform their current solution.

The window of opportunity for this product will remain open for the foreseeable future. There doesn’t seem to be a lot of innovation going on at the moment, and the providers in the space seem to be the same as always. I think this is due to the fact that customers have low expectations for the products, which leads to a sense of complacency in the market.

Innovation

The general idea for the product is to provide a space in the customer’s home where their cat can use the bathroom with minimal cleanup and maintenance required from the customer. Also, it is important to make sure that the litter box contains the odor as much as possible. To be honest, the design for this vision has been quite challenging, but I was able to come up with a prototype. I will be the first to admit that this design will need a lot more work, but it is a good place to start. The goal would be to price it between $150 and $200 with expected monthly maintenance of between $15 - $30. This is in line with most of the products that are out there at the moment. In fact, it’s probably cheaper than some of the “higher-end” self-cleaning litter boxes on the market.

Venture Concept

This innovation will solve the issue of dirty litter boxes that expose the owners to cat waste regularly and are extremely difficult to clean. The product will provide:

•  Litter box solution that doesn’t require maintenance as often as the other products that are out there
• The maintenance will be easier to perform and keep up with. It will also minimize the contact with cat waste
• The litter box will provide superior odor containment to make sure that your house doesn’t smell like cat waste
• The price point will be competitive in the market

The customers for this product will be excited to try something else that offers what is listed above. I believe the complacency in this industry creates a great opportunity for a new product to be developed.

Three Minor Elements

• Venture’s Secret Sauce? I think this would have to be the experience that I personally have with litter boxes and how much I honestly loath the idea of dealing with it. This gives me great insight into what a customer in the same situation would appreciate and allows me to feel the empathy required to work on a solution for them.

• What’s next? The next step would be to finish the development of the product and really solidify the concept. This would include the steps to build this all the way out and also what tools/additional resources would be required for the general maintenance.

• What’s next for me? I think I would want to really finish the product before I can see the next steps or have a plan set for the next 5 years. Once I complete this step, I would like to see myself pursuing this venture to grow it into a competitive general pet supply company.

Feedback:

The feedback that I received was from sharing the idea with family and friends. What I heard this most is regarding the blueprint for the design of the product. At this moment, I have gone back and forth with different designs, but I have not been able to come up with something that I’m really happy with or would solve the problem in my opinion. I plan on continuing to work on this until I have something that works (I know it’s possible). I did do more research on products that are in the industry now. I found the commercial below, which I thought was very interesting and creative. I reviewed their product, and I still believe there is much room for improvement. This gives me the assurance that this problem is real and the motivation to keep working on finding a better solution. 

Your Exit Strategy

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?

I don’t see myself creating an exit strategy for something that I build that would involve selling it off to someone else. Of course, I’m aware that not knowing all of the stress of running a company has an influence on my current opinion. However, at the moment, I would like to grow the business as large as possible but to the point where it can still be run by and passed on to my family.

Why have you selected this particular exit strategy?

I selected this strategy because I would like to leave a legacy for my family. More than just money, I would like to create something that they can continue to work on and make their own. I would find it hard to sell something that you’ve worked so hard to create and grow.

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?

Even though I’m not constantly thinking of an exit strategy when thinking about my venture, I do think that it subconsciously impacts my decisions. The way I think of everything is a more long term holding and not a short term to try to sell. This is obviously going to impact the strategies that I choose to implement.

Reading Reflection No. 3

You read about an entrepreneur:

I enjoyed reading this book about Steve Jobs. He’s arguably among the most notable entrepreneurs of our time, and some would argue in history overall. He is the co-founder of Apple Co., a technology company that produces electronics, software, and online services. The company also revolutionized technology and has a cult-like following for its product.

What competencies did you notice that the entrepreneur exhibited?

I think Steve Jobs exhibited a lot of the core competencies that are seen in many of the great entrepreneurs. He had a very strong vision and passion for what he wanted to achieve with Apple, which gave him the ability to stay determined and have the grit required to succeed. He was also able to take risks when necessary and had a way of pushing his team to the limits.

Identify at least one part of the reading that was confusing to you. 

The part of the book that confused me is when Jobs refused to give his early employees shares of Apple stock. I would think that this would be a good way to really make them stakeholders in the company and get better productivity from them. Even Apple’s co-founder, Steve Wozniak, disagreed with this decision and later gave some of the employee's shares of the company stock.

If you were able to ask two questions to the entrepreneur, what would you ask? Why?

1) If you could go back and do one thing differently, what would that be and why?

2) Would you agree with the way the company is being run now? If yes, why? If no, what about it is wrong?

I would ask these questions because I think they would make him think of what he did or what he could’ve done and given some insightful answers about the decisions he made.

For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think that Steve Jobs's opinion of hard work is that it is completely necessary, and I doubt he would think anyone would get very far without it. I would agree with this sentiment as well. I think that hard work is absolutely necessary for success. I do however think that “hard work” is going to look different for everyone. I don’t believe that the traditional idea of working long hours and doing all of the “heavy liftings” yourself is the only way to work hard. I think depending on your situation and what you want to achieve, there are many other ways to “work hard”.

Celebrating Failure

I have definitely failed many times throughout my life. Some failures have been big, some have been small. It has happened with work, school, and personal aspects of my life. This semester has been no different, especially with it being my first semester at UF. One of the failures this semester was an exam that I took for my MAN 3025 class. It was the second test for the class and did fairly well on the first exam. I used the same study methods that I practiced the first time around and it did not pay off. From this experience, I learned that I need to treat each and every exam as if it were the one and only grade int the class. Especially if I want to achieve my goal of graduating with a high GPA/honors.

Failure, in general, has been difficult, but over time, I’ve learned that it is a necessary part of life. When I was younger, failure was harder to deal with. I think this was mostly because I didn’t have a good perspective on things. Now that I’m a bit older and I’ve not only seen myself fail several times but I’ve also learned that it is normal for everyone to fail, I have a better understanding of the role failure plays in my life. I’m no longer as afraid to fail, I just want to make sure that I learn as much as possible from my mistakes, so I don’t repeat them again and again.

This class has changed my perspective on failure from an entrepreneurial and business standpoint. Before this class, I felt that starting a business required preparation to the point where you had to think of every possible thing that can go wrong and have a solution for that before you even take any steps forward. I’ve learned that is definitely not the case, to the contrary, you should expect to fail and learn from those failures to improve yourself and your business. 

We just need to learn how to fail successfully.   

What’s Next?

Existing Market

Step 1: The next step for me would be to solidify the design of the product and its maintenance. I would then have to look into the cost of making it and research the manufacturing process for this type of product.

Step 2: I based this section on conversation and interviews that I previously had throughout the semester on my product/business idea. I think what most people would want to see next is a prototype in action, maybe have one that they can test themselves. The feedback that I’ve received is to try to make sure I have the design/build of the product all figure out before I continue. This is something that I’m still working/doing research on.

Step 3: I think the feedback is pretty straight forward and honest. The next step is really to come up with a concrete design for the product that would allow me to start looking into actually building the prototype. After that, I would be able to start looking into the manufacturing and development of this type of product in terms of cost, location, and productivity.

In terms of growth, I would rely heavily on social media marketing. I think people spend so much time on their phones and social media that it provides for a great median to get the product in front of them. I would have to come up with ideas for clever and low-cost marketing that would increase the product visibility on social media platforms. I would also like to make sure that those efforts are being use effectively by trying to target the correct population.

New Market

Step 1: I was planning on targeting the U.S market of cat owners but looking at the international market would be a different ballgame. I’m more in tune with the market here as I would be in other countries. I would have to more research to see if it would even be worth entering markets in certain countries. I assume some countries have a much lower percentage of households with cats. It is also quite possible that some have a higher percentage.

Step 2: The value that it would create for the international market would essentially be the same as the U.S market. The biggest unknowns for me would be figuring out the cultural sentiments that exist for indoor cats in other countries. Is it a popular thing? Do people consider their pets to be family members? Would they prioritize spending money on a better litter box? These are all questions that I would have to ask myself before attempting to enter that market.

Step 3: For this section, I also based on the previous conversations that I had regarding the venture. I spoke to my parents who are from Colombia and asked them what they thought about the idea. They told me that in Colombia (at least where they are from) many people have indoor-outdoor cats, so there isn’t a large market for litter boxes. This can vary by county or even by region within the country but would definitely be worth thoroughly researching before entering these other markets.  

Step 4: A lot of what I learned about this new market matched the expectations that I had. I will be the first to admit that the amount of research that I did is not enough to definitely say that the information that I gathered applies to all of the market. However, I think it has shown me that there is some truth to the ideas that I had.

At this point, I would not be comfortable entering that market. I think that my initial assessment of the U.S being the best place to start this venture is still correct. While I do think that there are other countries where this might work, I don’t think it’s worth it to start there. I believe perfecting it in the American market will allow us later to expand to other markets without taking on as much risk.

  

Venture Concept No. 1

Opportunity

I believe there’s an opportunity to provide a product that would help with containment and disposal of the waste with minimal contact. Most people dread cleaning the litter, but there really isn’t an alternative when you have an indoor cat. Currently, most people use litter boxes that have to be cleaned by hand. There are some products that attempt to offer a solution such as sifting bags or automatic “self-cleaning” litter boxes, but these solutions are often no better than the standard litter box in the long run.

The market for this opportunity is international, but I would like to focus on the United States, specifically because that’s where I see the biggest opportunity for market share and revenue. According to the American Veterinary Medical Association, 25.4% of American households own a cat. I believe that a large percentage of those households would be willing to try a different litter box solution for the right price and under the assumption that it will outperform their current solution.

The window of opportunity for this product will remain open for the foreseeable future. There doesn’t seem to be a lot of innovation going on at the moment, and the providers in the space seem to be the same as always. I think this is due to the fact that customers have low expectations for the products, which leads to a sense of complacency in the market.

Innovation

The general idea for the product is to provide a space in the customer’s home where their cat can use the bathroom with minimal cleanup and maintenance required from the customer. Also, it is important to make sure that the litter box contains the odor as much as possible. To be honest, the design for this vision has been quite challenging, but I was able to come up with a prototype. I will be the first to admit that this design will need a lot more work, but it is a good place to start. The goal would be to price it between $150 and $200 with expected monthly maintenance of between $15 - $30. This is in line with most of the products that are out there at the moment. In fact, it’s probably cheaper than some of the “higher-end” self-cleaning litter boxes on the market.

Venture Concept

This innovation will solve the issue of dirty litter boxes that expose the owners to cat waste regularly and are extremely difficult to clean. The product will provide:

•  Litter box solution that doesn’t require maintenance as often as the other products that are out there
• The maintenance will be easier to perform and keep up with. It will also minimize the contact with cat waste
• The litter box will provide superior odor containment to make sure that your house doesn’t smell like cat waste
• The price point will be competitive in the market

The customers for this product will be excited to try something else that offers what is listed above. I believe the complacency in this industry creates a great opportunity for a new product to be developed.

Three Minor Elements

•  Venture’s Secret Sauce? I think this would have to be the experience that I personally have with litter boxes and how much I honestly loath the idea of dealing with it. This gives me great insight into what a customer in the same situation would appreciate and allows me to feel the empathy required to work on a solution for them.

• What’s next? The next step would be to finish the development of the product and really solidify the concept. This would include the steps to build this all the way out and also what tools/additional resources would be required for the general maintenance.

• What’s next for me? I think I would want to really finish the product before I can see the next steps or have a plan set for the next 5 years. Once I complete this step, I would like to see myself pursuing this venture to grow it into a competitive general pet supply company.

Your Venture’s Unfair Advantage

1) Management Experience

Valuable: This is extremely valuable because running a business is going to involve the management of resources, capital, and people. All of this is easier said than done, so having some experience in this area gives me an edge.

Rare: This is probably something that is not that rare. There are a lot of people out there with some sort of management experience.

Inimitable: You can’t really imitate management experience as a whole, even more so, it’s hard to imitate a specific person’s experience and how that has shaped them.

Non-substitutable: Management experience can be substituted by other qualities.

2) Product knowledge/Personal experience

Valuable: Personal experience with the need is extremely valuable for the entrepreneur. It gives you the ability to really put yourself in the customer’s shoes to understand what it is that they need.

Rare: I wouldn’t consider this particularly rare in this space since so many people with cats are probably very aware of this issue.

Inimitable: The only way to really imitate this is to get a cat or care for a cat. I suppose anyone can really get that experience if they wanted to.

Non-substitutable: I don’t think there is a substitute for this. Cat litter care/maintenance is unique, and I don’t think you can get that experience without exposure to having a cat for a while.  

3) Empathy for the customer

Valuable: I personally think this is one of the most important resources or strengths. Empathy for the customer allows me to really understand the needs and help create a solution that is going to make an impact.

Rare: I do consider this somewhat rare. Not everyone is empathetic or is in business for the right reasons. Some people see the opportunity to make money as their driving factor.

Inimitable: While I don’t think this is something that can be imitated, I do think that many other people may share a similar sentiment.

Non-substitutable: I don’t think you can substitute this resource. I think that a venture can work without empathy for the customer, but I don’t think that means that you can substitute the resource.   

4) Social media marketing strategy

Valuable: Having a marketing strategy that takes advantage of today’s social media channels is extremely important and valuable. It’s an easier way to reach a lot of customers and target marketing so that it’s more effective.

Rare: Note very rare at all since it’s becoming the more prominent marketing strategy for so many companies.

Inimitable: It is easy to imitate, especially since so many people are doing it.

Non-substitutable: It can be substituted by other marketing channels. However, I think that this is something that is going to need to be a part of every business.    

5) Positive work culture

Valuable: I think this is extremely valuable to run a successful and sustainable business. I think of employees as important as customers, without them, a business would not exist. For this reason, I think they should be valued and taken care of.

Rare: This is probably rare depending on the space. There are certain areas that are known for having a good work culture, and I don’t believe those pet products are one of them.

Inimitable: This can be easily imitated. I do however believe that delivery is important. So, while certain practices can be imitated, I don’t think they will always have the same impact.

Non-substitutable: I don’t think there’s a substitute for positive work culture.  

6) Access to customer feedback

Valuable: This is valuable because it helps me understand what customers need (what’s working/what’s not working)

Rare: Not very rare. Customer feedback can be accessed in many different ways and by pretty much anybody that is willing to look for it.

Inimitable: It can be imitated.

Non-substitutable: I don’t believe there is a substitute for customer feedback.  

7) Communication skills

Valuable: It pays to have good communication skills as an entrepreneur since you are often relying on them to conduct business.

Rare: Communication skills are not very rare in my opinion. I think a lot of people have good communication skills. It’s also based on your audience and what you’re trying to communicate to them. Some people may be better than others depending on those two factors.

Inimitable: Communication skills can be improved with practice.

Non-substitutable: Communication skills are very important and while they can be imitated, I don’t think they can really be substituted.

8) Resiliency and Grit

Valuable: I believe this is the most valuable resource that an entrepreneur can have. This quality allows you to stick with your venture through thick and think, which is the reason successful entrepreneurs are able to achieve their goals.

Rare: This is difficult to answer because I think it depends on the person and their passions. If one can find something that they’re passionate about, then they can develop the grit to stay with it. Otherwise, I do think that is a rare resource.

Inimitable: I personally don’t believe this can be imitated.

Non-substitutable: I don’t believe there is a substitute for this at all.   

9) Ability to seek financial support

Valuable: This is also one of the most valuable resources and entrepreneur can have. Business needs financial capital/support to operate. Having access to this whether it be through your own work or loans from banks/other people is very important.

Rare: This is not very rare, but I do believe it’s sometimes difficult to find or figure out.

Inimitable: This can be imitated. There are tons of resources out there that can walk entrepreneurs through the process of obtaining financial resources.

Non-substitutable: This cannot be substituted in my opinion. Money is money and a business can’t exist without it.  

10) A unique insight into customer need

Valuable: This is valuable because it allows me to understand the problem at hand and come up with better solutions.

Rare: I don’t think that it’s rare since probably all of my customers would understand the issue.

Inimitable: I suppose this can be imitated by putting yourself in the customer's situation for a while to better understand the problem.

Non-substitutable: While it can be imitated, I don’t think you can really substitute understanding a customer’s need from their point of view.

Reflection: Through the VRIN analysis of my resources I honestly learned that a lot of them are not rare or difficult to imitate as I thought. I think this a lesson in understanding how difficult it is sometimes to differentiate yourself from the competition. Sometimes you get so caught up in thinking that you have a great idea that you don’t look at it objectively. I think I still have some work to do to really make this a viable entrepreneurship project that stands out from others.  

Elevator Pitch No. 3

Reflection:

I got some really good feedback from my previous elevator pitch. I specifically thought two points were very constructive and good feedback. One was to make sure my pitched flowed better and the other was to include more detail about the product and how it will work. These are two things that I definitely think helped improve my pitch and I tried to incorporate a little more into this third attempt.

What did you change?

I tried to add more detail about the product and also make sure that the pitch had a better flow to it. These two areas have been the most challenging for me because I don’t have all of the details for the product yet. The flow definitely needed some improvement.

Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big, Scott Adams

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

The general theme of the book, or at least what I took away from it, is to rethink the idea of what success is and the path to achieve that success. Adams talks about a few themes that include energy, systems vs goals, selfishness, and skills. According to Adams, one must first be able to take care of themselves (physically and financially) before they can focus on others. If you don’t take care of those essential things for yourself you become a burden on others, which makes for either party to enjoy each other. He also talks about systems vs goals, which is the concept of achieving something based on understanding/focusing on an overall strategy instead of focusing on specific goals. This makes for more sustainable habits, which in turn help you achieve your goals and be successful. Adams also points out the idea of learning new skills and doing things that make you happy. He believes that you are more productive when you incorporate things into your life that you enjoy. He also mentions that learning new skills makes you more marketable and increases your chances of success.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book had me rethink the way I view success or the path to success. This is something that I think connects with the principles I’ve learned from ENT 3003. In this class, I’ve learned that entrepreneurship is not just about figuring out the next big idea for a product or service, it’s about perseverance and continuing to challenge yourself to figure it out. Systems vs. Goals concept also connects with the class. I think that if I had set goals at the beginning of the class to come up with an idea/solution, I would have failed all along the way. Instead, thinking of it as a system in which I’m constantly challenging myself and learning from my mistakes is going to result in a better attitude and potentially successful outcome.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would use the concept of Systems vs. Goals for my exercise. In the first step, I would have students set a list of goals and steps to achieve those goals. This can be for the class itself or personal goals for the semester. After they’ve done that, I would explain the idea of systems and have them outline some systems for the same goals instead. Then I would ask them to compare the two and the feasibility of achieving those original goals. How do they think they would have felt if they did not achieve those goals? Do they think that feeling would be different if they had set systems instead?

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?

My biggest surprise when reading the book was the concept of being selfish. I didn’t expect that to be something that Adams would mention in this book. But everything made a lot more sense after reading the points he made for why all of this is important. It’s something that I’m definitely going to keep in mind when managing my own life.