Principles of Entrepreneurship

30A I think the experience that was most formative was the interview processes that I went through. I am a very shy person and never thought that I could go up to a stranger and interview them. The experience I’ll remember years later is reading all of my peer’s entrepreneur stories. It was nice to see where they came from and how they developed to become an entrepreneur. I would say my most joyous experience were the reading reflections. I enjoyed the books I read and they motivated me to continue. The experience I am most proud of is the elevator pitch. I think I really nailed it and have it memorized and I could actually use it as an elevator pitch in the future. I think I do see myself as an entrepreneur, especially with my grandparent’s experience and expertise. One recommendation I would make to the students going through this journey in the future would be to keep up with the assignments and find an invention that will solve a problem that you are interested in. Having that pa...

29A Opportunity Individuals who do not have that much time, such as busy moms, students with a full plate, and in general, anybody who does their laundry. I came up with this idea when I realized how I was wasting my time re-drying and re-running the dryer machine.  ·        The forces or changes in the environment creating this opportunity is the forgetfulness of humans. We forget to check the lint before drying out clothes causing the machine to have to be re-run. ·         This market is defined geographically and demographically by households and laundromats.  ·        Customers are currently satisfying this need by re-running their dryer when they forget. They are definitely not loyal to that technique since it causes their utilities bill to increase and their time to be wasted.  ·        I think this opportunity is big because t...

28A I think I plan to stay with my business until I am either comfortable financially, or ready to retire, whichever one comes first. I have selected this exit strategy because my grandparents are entrepreneurs and I am following in their footsteps. My grandparents own a chain of condos. They ran it until they were ready to retire, and they have made it into a family business because now my aunts and uncles run it and it will go to my cousins and I one day. I think this exit strategy has influenced the other decisions I have made by leading me to another contact in this industry, I know my grandparents work with a laundry company to get discounts on their bulk purchases for the condos and houses they rent out. This exit strategy has helped me realize and remember their connections that I can use as another opportunity.

I chose to read “How to Fail at Almost Everything and Still Win Big ”. I am glad I did because it made it easier to reflect on my past failures and made the previous assignment easier. 1)    What was the general theme or argument of the book? The general theme or argument of the book was to show readers that failing is ok and that as long as you learn from your mistakes you can still be successful. 2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? The book, in my opinion, connected with ENT 3003 by making me reflect on my past failures like the past assignment did. Also, the peer reviews that we do is to help perfect our ideas and shouldn’t necessarily be taken as a “failure”. They are just constructive criticism. 3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve? Based on the book I read, the exer...

26A For New Year’s this year, I made a resolution to reach out to my friends and family more. I am normally really busy and I tend to forget to update/get updates from my loved ones. My resolution consisted of calling or face-timing my friends and family at least once a month, or bimonthly. I managed to keep my resolution up for the first month, I called one person a day and made sure to text my parents every night. Slowly, I noticed myself stop calling my loved ones, but I still wanted to catch up with them so I would send an occasional text or interact with them on social media. I guess you could say I failed at keeping up this resolution because I haven’t called any of my loved ones for a while since school has gotten more stressful. However, during this pandemic I’ve made more time to reach out to my friends and family, making sure they are ok and catching up with them. I learned that life can get busy, but you should always make time for the ones you love and make sure that t...

25A Existing Market I think the next step would be to start thinking about designs and potentially build a prototype. After that, I should make a layout of an app and know exactly what I want it to accomplish. In order to expand my market, I should grow my connections with businesses and people who can help me get far. I will also conduct more interviews to get more feedback. I will work on implementing them. New Market Right now, my market is both a B2B and B2C business. The manufacturers would be able to build in the LED lights to their machines and the customers who already have a dryer can just add on the extension. I could also make another “LED” but add sound to it and make the LED a yellowish color. With these updates, my invention would be easily accessible to all types of people, the blind, deaf, and colorblind. The update would be my new target market.

24A Opportunity Individuals who do not have that much time, such as busy moms, students with a full plate, and in general, anybody who does their laundry. I came up with this idea when I realized how I was wasting my time re-drying and re-running the dryer machine.  ·        The forces or changes in the environment creating this opportunity is the forgetfulness of humans. We forget to check the lint before drying out clothes causing the machine to have to be re-run. ·          This market is defined geographically and demographically by households and laundromats.  ·        Customers are currently satisfying this need by re-running their dryer when they forget. They are definitely not loyal to that technique since it causes their utilities bill to increase and their time to be wasted.  ·        I think this opportunity is big because...

23A 1.       Communication skills ·        V: I took a public speaking class freshman year to achieve this skill, it will help me with my elevator pitch ·        R: Many people have this skill ·        I: This skill can be learned very easily, but it takes practice ·        N: Other people would be able to provide the same benefits 2.       Way into the industry ·        V: I have an aunt who works in the industry and she can help me make my way to her boss to pitch the idea and get more feedback ·        R: I don’t think this is rare, however not everybody has family connections ·        I: There are other ways to talk to the boss of a company ·        N: No other resources beside...

21A I chose to read “ Art of Social Media” because I have always been interested in Social Media and wanted to learn more about how to expand my audience and their interactions. 1)      What was the general theme or argument of the book? The general theme or argument of the book was to show readers how to increase social media presence and gain potential investors. 2)      How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? The book, in my opinion, connected with ENT 3003 by talking about our position and how we want others to perceive us and deal with us from a professional standpoint and how to advertise ourselves and our products. 3)      If you had to design an exercise for this class, based on the book you read, what would that exercise involve? Based on the book I read, the exercise I would design for this class is to post about their inventions on twitter and try...