29A - Venture Concept 2

Opportunity:

-       - Scooter helmets are required to be worn at all times while on a scooter. However, students tend not to utilize helmets

-       - The police ignore that students do not wear helmets, and it is very rare that a ticket will be given out for the violation

-       - Riding motorcycles and scooters is way more dangerous than other forms of transportation

-       - Fatalities doubled from 1998 to 2008 and more than 15 percent of traffic deaths were associated with motorcycles and scooters, despite only accounting for 1 percent of miles driven

-       - The need is for these numbers to come down

-       - A large percentage of people who get injured in scooter accidents so do because they are not wearing helmets

-      -  The opportunity is to create a sleeker helmet that would encourage more individuals to wear a helmet, and bring down the amount of scooter related fatalities and injuries

-       - The forces that allow this are a lack of scooter safety awareness and a lack of enforcement of wearing a helmet by the local police forces

-       - There is no satisfactory resolution to the need. Some students I surveyed stated that they would consider wearing the redesigned helmet, others completely blew off the idea and would never wear a helmet

-      -  Potential customers would primarily be college students on a large campus who utilize helmets. Other potential members could be Gainesville residents or other city residents who use a scooter a primary form of transportation

- 

-    - There are also new opportunities I have discovered in the overseas market through an interview constructed

Innovation:

-       - For wholesale distribution of the idea, I need technology to help design an elite product. I want the product to be just as safe as other helmets, if not more due to its larger design to completely cover the head. I also want the product to be placed at a similar price as regular scooter helmets

-       - The production of the product will be done at a large factory. From there, the helmets will be sold via wholesale to scooter companies who intend to sell the inventory

-       - I will work with local companies, such as NS4L, to make deals on the helmets if there is a package included. For instance, a buy one scooter get one helmet for free strategy could work

-  

Venture Concept:

-       - My product will be bought if consumers are concerned about their safety. The product will also be bought if my team can prove the helmet is safer than a conventional scooter helmet and has a more visually appealing design

-       - Businesses will purchase my product if they want to expand their brand and continue to support new trends. This idea could be a step forward on the way towards more scooter safety and has the potential to change the industry. Businesses will also join in if they like the new design of the helmet

-       - Switch is definitely available as an option. I think it would be a switch between the conventional scooter helmet and the newly designed product

     - There are no other competitors in the market for the same reasons we are. We are here to enhance the current version of the product, and I do not think there will be great, if any, initial competition

-       Price points: Of huge importance. If the product cannot match the price of the conventional scooter helmets it will be useless because no one will purchase it  

-       Distribution: As the product starts to come off the shelves, I want the distribution to be local. I can be able to draw analysis and conclusions if the product is kept in one place, and will be able to expand once I realize what is the correct direction for the product

-       Customer service: This has not been a large thought of mine in this product. Looking at it now, I will desire to hire a younger population who can connect more with individuals interested in the product

-       Location: Factory close to Gainesville, sales headquarters locally within the city - also suggested to try my plan to expand the company internationally 

-       Packaging: Not of importance, have the logo on the box to try and create a brand

-       Employees: Some will be working with the factory I outsource with, others will be students promoting the helmet and others will be doing book keeping and maintenance

-       Unfair Advantage: My experience within the city of Gainesville is my unfair advantage. I have personal experience seeing no one wear helmets and it not be enforced. I have also seen the perception around wearing a helmet and think I can change it with the new design and studies to prove how much safer my product is.

-       What’s Next: Expansion to other high population college campuses with a large scooter population. Looking to expand overseas where individuals don't wear helmets. 

-       For me: I’d like to continue battling with the issue of scooter safety on college campuses. Recently my uncle was paralyzed in a scooter accident so this is an issue that matters to my heart.  

Feedback : 

- One piece of feedback I received is that this would not be a good idea for Greek life to specifically sponsor. This is because it is not directly related to philanthropy and Greek life therefore cannot directly sponsor the helmet idea.  

- I also received feedback relating to my overseas expansion ideas, and said to encorporate that in my what's next section. 

How I'll Adapt : 

-The biggest adaption I will have to make is whether and/or when to expand my company to China and the Eastern Asia market.

- The toughest part of this decision for me would be learning a new language and testing more unpredictable markets 

- The thrill in this would be having potential to work with a market substantially larger population wise than college campuses across the country 

What I anticipate to look like my model for the product is pictured below. 

30A - Reflection

Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread. 
My favorite aspects of my posts were the interviews I constructed over the course of the semester. The toughest part of the course was coming up with an entrepreneurial ideas that I wanted to pursue. The bug list was also very challenging. 

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?
My most formative aspect of the course was constructing the venture concept assignments. A lot of the feedback I received throughout the course throughout comments on my posts and interviews made me consider different aspects of my idea. These aspects included where to operate business and how to design the helmet. My most joyous experience was coming to the realization that I can run with a business idea. I am most proud of myself for constructing the all of the interviews and spreading out my assignments over the course of the semester. 

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 feel as if this class has taught me to develop an entrepreneurial mindset. I do see myself as an entrepreneur, as I learned a great deal about business through the class lectures. I have moved towards an entrepreneurial mindset through my assignments and interviews. I realized at some point in the semester that I cannot tell people my idea and expect them to commit to it without having to sell the idea and being able to adjust, based off of their feedback. 

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 that I would make for students who are going down this path in the future is to plan ahead and stay on your toes. An opportunity can arise and don't hesitate to take it and run with it. I would recommend that to perform the best in the course students should take actions to stay ahead of their schedule and spread out their workload, as this is a four credit course with many assignments. 

28A- 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?
The exit strategy I intend to make is to make the company publicly traded. I realize that some point down the road I do not want to stay involved in my trade and would like to expand my financial profile and entrepreneurial ideas. Once i make the company public, I intend to sell at least 50 percent of my stock to general shareholders interested in my business. I intend to use the profits from my sale to finance further ideas and work into a trade I love, particularly sports. I do not intend for this to be a family business. 

Why have you selected this particular exit strategy?
I have selected this particular exit strategy based off of my expectations for the company. I think this idea could be highly lucrative, and have thought about starting the company overseas based off of previous constructed interviews. i want to make the company public quickly due to my lack of interest in this field. I would rather do something i love as a profession than continue to fund an idea that I have little personal interest in. 

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 think that my exit strategy has subliminally influenced a lot of decisions I have made about the company and my business concept. My strategy certainly has a small timeframe, based off of how quickly I want to pursue other ventures. It has also influenced my growth potential, as I will certainly hit a ceiling for where the company can grow.

27A - Reading Reflection 3

The book I chose was Shoe Dog, an autobiography written from Phil Knight's point of view, the founder of Nike.

What surprised you the most?
The most surprising aspect of the book was Phil Knight's personality. He was very hard on himself for his prior failures and had some nervous ticks when he was stressed or in a tense situation.

What about the entrepreneur did you admire the most?
The traits in Phil Knight that i admire the most are his honesty and persistence. Knight was very honest about his prior financial situations and roots of Nike. The logo was actually designed to be a short term logo and Knight wanted to originally name the company Dimension Six. His persistence was impressive as well, as he was basically broke while starting his idea and stuck to his plan of bringing foreign based shoes to America.

What about the entrepreneur do you admire the least?
The least I admire about Phil Knight is the way he makes his shoes and the employees he uses. Nike primarily now makes their shoes in Indonesia in factories that are not up to par with safety standards. Many children work at these factories and the town revolves around the factories. Employees are underpaid, and Knight never talked about the process of making the shoes.

Did the entrepreneur encounter adversity?
Yes, Phil Knight encountered tons of adversity while starting Nike. He had no savings from the company and kept reinvesting his retained earnings back in the company for many years. Knight had to beg for credit form bankers and had a bad relationship with his Japanese shoe exporter. Knight overcame both of these issues and went on to found the most successful sports apparel company in the world.

What competencies did the entrepreneur exhibit?
The entrepreneur was very dedicated to his idea. Phil went through a lot of adversity and lows before his foreign shoe company took off, and stuck to his original idea despite the long odds and trying financial situation.

Identify at least one part of the reading that was difficult to you.
A part of the reading, or lack thereof,  that I would have appreciated was the author talking more about the process of making the Nike shoes. This, to me, was a premeditated decision by Knight because he did not want to face backlash for his less than ideal working conditions or his employees.

26A - Celebrating Failure

1. One thing this semester that I have constantly failed at is attempting to schedule a seminar to attend before my advising appointment. I have scheduled multiple seminars to attend, but have forgotten about all of them and have yet to go. This is not good because  I have to attend one of these seminars before I meet an advisor and schedule my classes. I am currently on hold and cannot register for classes until I have this hold cleared.

2. What i have learned from this mistake is accountability. I did not have the accountability to attend the scheduled seminars because I was disorganized and forgot to attend these. An adjustment I recently made to stop this issue from happening in the future was to buy a planner.

3. Initially, I handled this failure with anger. I was made at myself for not attending the seminars and putting myself behind my peers. After thinking about it. I got less angry with myself and instead thought of adjustments I could make. like purchasing the planner. This class has changed my perspective about failure because I am more likely to make adjustments afterwards and realized that everyone fails at some point in their life.

25A

What is next: I think the next step for my idea is to start looking for a factory to produce the item. In addition to finding a factory to mass produce the helmets, I think that I need an idea to finally put into blueprints behind the helmet. My research team must look very hard at how to keep the cost of the helmet low, creating a sleek design, and making sure the helmet is safer than all other competitors. If I am able to do all of this efficiency, the helmet will be in a good spot to launch.

Existing Market interviews

1.     Interview with an employee for NS4L. He stated that he likes my idea because it is unique and will get people interested in the product. He thinks if I advertise how much safer it is it will be more effective than the current helmets

2.     Second interview with a mass producer of helmets in a factory in Jacksonville. He thinks I will not be able to be successful trying to compete with the current competition because of price inflation. They will be able to drop their prices way lower if attempt to compete against them.

3.     Third interview with my roommate who has been driving a scooter for three years in Gainesville. He thinks there is nothing wrong with the current helmet situation and stated that the issue lies within not enforcing the rules. He also thinks my idea will not be able to compete with the current market.

Reflection:

After listening to the people involved within the scooter industry, I realized that my product has some issues outside of the company. The issues range from individuals opposed to wearing the helmets to law enforcement not enforcing the helmet rules. I also did not realize how marked up the current price of conventional scooter helmets was.

New market: A market I have not put much time into is the overseas market. I am sure a lot of individuals in packed cities ride scooter like vehicles across the city and have a need for a scooter helmet.

New market interviews:

1.     I spoke to an international student from China at UF. They stated that in the large, heavily populated areas along the coast that lots of individuals have scooters but she has never seen a helmet. There is an untapped market in China with the scooter helmet industry that could be promoted through showing the safety benefits of wearing a helmet.

2.     I also talked to the factory worker Jacksonville again. He stated that the majority of their overseas shipping goes to European nations, he does not think the company ships to any Asian nations.

Reflection: I have realized that there is an untapped market in my product overseas. This was not something I considered to be an option until now. It would be very risky to open up overseas but there is a huge market that could be seized by a smart investor or anyone who wants to run with this idea.