Reading Reflection No. 3

Steve Jobs, by: Walter Isaacson

1) You read about an entrepreneur:

• What surprised you the most?

I was surprised right from the start that Steve Jobs was adopted. We have all heard about Steve Jobs and his dealings with Apple but I had never really known anything about his early life as a child and being given up for adoption.

• What about the entrepreneur did you most admire?

I admire the fact the Jobs always stuck to his guns and believed in his own ideas. He was forced out from Apple and went on to start another company called NeXT, Inc. that had minimal success. Apple struggled and asked Jobs to come back as CEO and he continued to do it his way.

• What about the entrepreneur did you least admire?

I least admire the way he treated his daughter in her younger life. Jobs claimed to be sterile and denied his paternity. That is a bizarre and weird decision that is hard for me to grasp.

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Yes he encountered failure and adversity on multiple occasions. He dropped out of College, was kicked out of the company he started, and faced pancreatic cancer. Each time Jobs looked for solutions and continued to explore and find new options to keep moving forward by learning without formal education, starting a new company, and fighting cancer.

2) What competencies did you notice that the entrepreneur exhibited? 

Innovative: He came up with the Apple I, Mac, iPhone, etc. He was the leader of a movement to implement new and exciting technology. He continued to come up with new ways to sell the personal computer and make it user friendly.

Confident: He stuck to his guns even no one else believed in his idea. He came up with crazy marketing campaigns and new and innovative technology that no one thought would work but he saw the need.

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

The most confusing was the mass Exodus of employees during the Mac development. Co-founder Wozniak left along with other top engineers. It appeared that Jobs was not listening to any of his former friends and good employees and did not heed their complaints or advice. This shows a large fault in Jobs. Unfortunately this spelled the end for Jobs as well, at least temporarily.  

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

What is your favorite Apple product? 

Would you agree that IBM as a competitor drove Apple to better than it ever could have been?

I just want to see which product Jobs like best and then determine what he thinks of competition with others and not just bettering himself.

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

I think Jobs think hard work is very important, but more than likely appreciates the ability to relax and find yourself. He worked hard to start his own company in a garage and grow it into a multi million dollar business. I agree that hard work is very important.

Venture Concept No. 2

1) Provide, again, your venture concept description, using this form.

Opportunity:

The unmet need involves the millions of people who have begun to and continue to shop online for clothes. From interviews most people shop online for a large variety of reasons. Some want to take advantage of the cheap prices or large sales. Others like the convenience of shopping from home to avoid the rush at the mall. The list of reasons to shop online is abundant and growing. A specific description includes; ages 15 to 35. Mostly females with a growing male population. These are working people with part-time or full-time jobs. They are technologically literate. They are on their phones or computers 15 or more hours a week. They can navigate online markets, do their own research, and check multiple sites. They are cable of downloading and using simple software. They can set up and use simple technology like cameras and USB cables. They shop online with regularity. Only a portion of their clothing purchases come from offline. They are trend conscious people that are looking to save time and money by shopping online. However, those that shop online face a myriad of problems when it comes to ordering clothes. First off, each brand and style fit differently on every person. Sometimes a medium in one brand is too tight while another brand the same size is too large. Further, when trying the clothes on, they may fit but do not give a flattering appearance to your specific body type. Sometimes users shy away from buying clothes online for these reasons. Also, the return policy may make it difficult to remedy the problems. The advancement in technology and the desire for instant gratification in our culture are a few of the forces creating this opportunity. Currently customers must go to the stores to try on clothes and then order them online or roll dice and hope their online orders live up to expectations. Most people are loyal to whatever brand or trend is popular. The opportunity is massive with almost two thirds of all US adults shopping online monthly. The window of opportunity is closing as more people recognize the need are developing technology to meet it, but if you are first to the market then the projection technology may last 10 or more years depending on how quickly other technologies advance.

Innovation:

My solution to fix the ordering, returning, and repeating cycle is virtual projection technology. The software would take four photos of you to create a 3D image of your body. The user would then select their desired clothing and see it mapped onto their body through their mobile phone or computer. This would show online shoppers the correct size and see how the style looks on their own body without ever even trying the clothes on. My software could be used with your mobile phone or laptop web cameras. Pictures of individuals could be taken with modest clothes on with high contrast. The 3D body image is saved to storage for future reference. Privacy would be a big selling point when it comes to images of people. The price to sell this technology to companies would be 10,000 dollars or more. This would be the price for the setup of the software on their site and licensing rights. The privacy and maintenance services would be a negotiated price.

Venture Concept:

The end user would be the online shoppers for different online clothing retailers. The buyers would be the online retailers. My selling point to retailers is multifaceted. I would first start by explaining the issues that their customers have with online shopping. Explaining that with increased user satisfaction there would be an increase in customer loyalty and more than likely a sales increase. The next step would be to find out how much money companies lose each year on the expenses associated with returns. Preventing returns would reduce transportation, fuel costs, postage, and any number of smaller issues. Further security would be the main and continuing goal for users.

Others suggest that there is possible competition for this service. The recent fad is mirrors inside of department stores that photograph an item you try on and you can switch colors or compared them to other outfits tried on. My argument is that currently this technology is far too expensive to bring to a mass scale. Further, it requires users to actually try on all the items of clothing in the store to compare them. My software would allow you to take a onetime photo and then with a few mouse clicks users let the computer try it on for them and project the 3D image onto their screens. Using the users own computer or phone would be an inexpensive way to reduce costs and spreading the product to the masses.

Business would have me at the top as president, three major officers below me for the different divisions, then five officers under them for different parts of the company, and then the rest of the employees. The three officers would vote on company direction and I would be the final vote.

Three minor Elements:

My top resource is the virtual projection technology. It is more important because it the main driving force in the company, it would be unique and hard to copy. My secret sauce is my well rounded background in engineering and coding along with personal attributes like hard work and competitive.

I want to create an interactive program with a 3D printer so that customers can feel the actual texture of the clothes, for the next step of my venture.

For me in five years I want the launch of the company to go well and sell in within the first 3 years as soon as the profits are great enough. I want to take that money and then begin my own aerospace company. First venture will allow me to make mistakes with minimal risk, learn how to manage people, and learn the tricks of trade with regard to the business world.

2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

Feedback was very positive for with those suggesting that the unmet need I see is actually there. Further the organization and solution for the venture concept was noted as being very good. The one bit of criticism was the need to provide more information on the security of the 3D personal body images.

3) Describe how you changed your venture concept, based on what you learned from the feedback.

I added more information on the security of images.

4) Include a picture (for illustration!), please include the phrase "Venture Concept No. 2" in the post title.

Final Reflection

1) Read through your blog 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.

Throughout the semester I have learned a lot about entrepreneurship and just as much if not more about myself. I learned that failure is not necessarily a bad thing. Failing is the ultimate way for us to learn what works and what does not work. Minimizing the risk when failure occurs can an important factor when it comes to a venture. I also learned that my own hard work and tenacity can help overcome failure and setbacks. The best assignment was reading the book on the Wright Brothers. My least favorite assignments had to have been interviewing people, bu those got better and easier throughout the semester.

2) 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?

The most formative experience was interviewing for any of the assignments because they allowed access to people that could tell you more about what you needed and what problems they saw that others did not. Years later I will always remember creating the venture concept and the ideas and criticism involved. Most joyous experience was reading the novels on entrepreneurs and business. My most proud experience was my elevator pitch and continuing to make it better each time.

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

YES and YES. I feel that I have all the abilities and mindset to be an entrepreneur. I can accomplish any task, can see unmet needs, develop a solution, find out if it will work, research, and develop skills to make the business a success.

4) 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?

I would recommend that students enter the course with a can do attitude and to pursue each assignment not as a class project but as an actual venture they were going to start. TO perform best make sure to have great time management skills and be out going. To foster this mindset, do something out of your comfort level; talk to a stranger or do something that makes you uncomfortable like heights.

Making It Real

HERE IS THE LINK: https://drive.google.com/file/d/0B_M2u-df9XdLdzhSN3dBYW82Q00/view?usp=sharing

My 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?

This venture is a get in and get out, make the money while you can plan. Technology moves so rapidly that my innovation will be quickly replaced or matched by competition. The key for me is showing the potential and need for my product before others competitors enter. Once the need is shown I will sell the business for a nice profit and move on.

2) Why have you selected this particular exit strategy?

I like to be well rounded in all areas of my life. I would rather have the money and risk it on another venture or multiple ventures with a little more money involved.

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?

The way identified the opportunity was affected by the fact that I am solely motivated on profit while I have noticed others care more about social or emotional beliefs that may help others with little to no profit. Further, growth for the business is minimal in my mind. I want to start the business, show potential, then let someone else either make it bigger or change it. I just do not have the funds to grow it and the risk is still quiet substantial for me, but an investor may be willing to take on the risk.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

A time I failed this semester was trying to learn how to swim. Like many of you I grew up and learned how to doggy paddle, but never really learned how to swim. I was training for my first triathlon and had to be able to swim about half a mile. My first day in the pool I could barely make it 25 meters. My stroke was off, I sucked more water than air in with each gasp. I felt like I ran a mile after swimming 50 meters. This trend of failure continued for almost a month and a half. Eventually my water confidence rose and I swam a continuous 50m. A week later I swam 100m. Two weeks later I hit 500m. Two weeks before my triathlon I swam a continuous half mile. I was so happy that a little less than 4 months ago I could barely do 25m and now I was swimming 1000m like it was nothing.

2) Tell us what you learned from it.  

I would consider myself as an athletic body type and continue to play sports like rugby, but i had never trained to swim. I learned that if you do not consistently practice a skill then it will not develop. Further, I learned that perseverance can be the key factor in anything you do to succeed. Finally, the key to anything is belief. I willed myself to accomplish the goal.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago? 

Failure just motivates me. Sometimes I am a little to cautious because I want to be the best at everything I do and I do not want others to see my weaknesses. Sometimes you have to put yourself out there, take a risk and hope for the best along with some hard work. I would be more inclined to take risks after the past four months since I faced one of my slight fears, the water. The class makes this obvious in that failure can come with anything you do, you just have to be determined to overcome it. 



Me just coming out of the swim portion at the St. Anthony's triathlon. 

Venture Concept No. 1

Opportunity:

The unmet need involves the millions of people who have begun to and continue to shop online for clothes. From interviews most people shop online for a large variety of reasons. Some want to take advantage of the cheap prices or large sales. Others like the convenience of shopping from home to avoid the rush at the mall. The list of reasons to shop online is abundant and growing. A specific description includes; ages 15 to 35. Mostly females with a growing male population. These are working people with part-time or full-time jobs. They are technologically literate. They are on their phones or computers 15 or more hours a week. They can navigate online markets, do their own research, and check multiple sites. They are cable of downloading and using simple software. They can set up and use simple technology like cameras and USB cables. They shop online with regularity. Only a portion of their clothing purchases come from offline. They are trend conscious people that are looking to save time and money by shopping online. However, those that shop online face a myriad of problems when it comes to ordering clothes. First off, each brand and style fit differently on every person. Sometimes a medium in one brand is too tight while another brand the same size is too large. Further, when trying the clothes on, they may fit but do not give a flattering appearance to your specific body type. Sometimes users shy away from buying clothes online for these reasons. Also, the return policy may make it difficult to remedy the problems. The advancement in technology and the desire for instant gratification in our culture are a few of the forces creating this opportunity. Currently customers must go to the stores to try on clothes and then order them online or roll dice and hope their online orders live up to expectations. Most people are loyal to whatever brand or trend is popular. The opportunity is massive with almost two thirds of all US adults shopping online monthly. The window of opportunity is closing as more people recognize the need are developing technology to meet it, but if you are first to the market then the projection technology may last 10 or more years depending on how quickly other technologies advance.

Innovation:

My solution to fix the ordering, returning, and repeating cycle is virtual projection technology. The software would take four photos of you to create a 3D image of your body. The user would then select their desired clothing and see it mapped onto their body through their mobile phone or computer. This would show online shoppers the correct size and see how the style looks on their own body without ever even trying the clothes on. My software could be used with your mobile phone or laptop web cameras. Pictures of individuals could be taken with modest clothes on with high contrast. The 3D body image is saved to storage for future reference. Privacy would be a big selling point when it comes to images of people. The price to sell this technology to companies would be 10,000 dollars or more. This would be the price for the setup of the software on their site and licensing rights. The privacy and maintenance services would be a negotiated price.

Venture Concept:

The end user would be the online shoppers for different online clothing retailers. The buyers would be the online retailers. My selling point to retailers is multifaceted. I would first start by explaining the issues that their customers have with online shopping. Explaining that with increased user satisfaction there would be an increase in customer loyalty and more than likely a sales increase. The next step would be to find out how much money companies lose each year on the expenses associated with returns. Preventing returns would reduce transportation, fuel costs, postage, and any number of smaller issues.

Others suggest that there is possible competition for this service. The recent fad is mirrors inside of department stores that photograph an item you try on and you can switch colors or compared them to other outfits tried on. My argument is that currently this technology is far too expensive to bring to a mass scale. Further, it requires users to actually try on all the items of clothing in the store to compare them. My software would allow you to take a onetime photo and then with a few mouse clicks users let the computer try it on for them and project the 3D image onto their screens. Using the users own computer or phone would be an inexpensive way to reduce costs and spreading the product to the masses.

Business would have me at the top as president, three major officers below me for the different divisions, then five officers under them for different parts of the company, and then the rest of the employees. The three officers would vote on company direction and I would be the final vote.

Three minor Elements:

My top resource is the virtual projection technology. It is more important because it the main driving force in the company, it would be unique and hard to copy. My secret sauce is my well rounded background in engineering and coding along with personal attributes like hard work and competitive.

I want to create an interactive program with a 3D printer so that customers can feel the actual texture of the clothes, for the next step of my venture.

For me in five years I want the launch of the company to go well and sell in within the first 3 years as soon as the profits are great enough. I want to take that money and then begin my own aerospace company. First venture will allow me to make mistakes with minimal risk, learn how to manage people, and learn the tricks of trade with regard to the business world.

Elevator Pitch No. 3

1) The pitch. 

2) A reflection on the feedback you received from your last pitch. 

Feedback

I like that you included what your feedback was into your post so that I have a better idea of what you're talking about when you discuss your improvements. Statistics are always good in that it shows that you truly know what you're talking about and that your idea is necessary. The concept of it being "from the comfort of your home" and also filmed at home I also think is a good touch, because it gives your point a good visual. Keep up the good work and I think your idea is going to turn out great.

Hey Caleb. You have a great introduction for your online shopping service. I think it's a really awesome idea to have this product for those who have difficulty with finding their sizes in clothing stores and for those, like me, who are too lazy to go out most of the time. Your speech was well-rehearsed and very calm. I would say that a mention of your vision for this product would be the only thing missing from this attempt.

Hi Caleb, 
Great job, I think you did a great job looking into the criticism and improving your pitch. I really like the tone and you definitely connect well with the audience. I think adding the stats was a great touch and really help drive home the point. Great job overall and really impressed with this pitch!

Hi Caleb,
I think you did a great job with the pitch. You showed that there is a clear demand for the product and used statistics to show that online shopping is not a fad-like trend. One suggestion, mention the actual product earlier. Until you mentioned your venture I thought you were starting a clothing company. Overall great job!

Reflection

A lot of the feedback was positive without too much criticism. The two points that came up were mention my vision for the product and possibly bring the product up sooner. I agree with stating my vision, that could be a good point to show investors and buyers what to expect. I do not agree with bringing the product up sooner. I think as of now the set up of the problem and then solution flow nicely and get the point across.

3) What did you change, based on the feedback?

From pitch No. 2 to No. 3 I added a quick sentence about my vision for the future from suggestion of the feedback.

Amazon Whisperer

• Describe the revenue drivers

Software Licensing: Allows users to have access to the software and enjoy the product

Software Upgrades: Constantly improves the user experience

Hardware: Improves user experience and software technology

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

Next they want improvements in how well the software works, possibly 3D cameras that are portable, and maybe the ability to feel the texture of the clothes with a 3D printer attachment with different materials. 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

All of the improvements would enhance user experience.

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

Not the software I want to design but a part of the user experience I could incorporate.

Fujifilm FinePix Real 3D W3 Digital Camera: 

• Capture high-resolution images in 2D and 3D
• Record HD 3D movies (720p resolution); dual 10-megapixel CCD and lens system
• 3.5-inch widescreen autostereoscopic LCD displays images and movies in 3D instantly, with no glasses required
• mini-HDMI output jack offers easy connection to a compatible 3D HDTV; view images and movies instantly in 3D
• Capture images and movies to SD/SDHC memory cards (not included)

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Customer reviews are all 4 and 5 stars but only 12 reviews.

Did not like that prints only provided through the company on special paper.

Need foreground to see 3D effects

Poor package software

• Describe what design/usability changes you'd make to the product. 

Make it more user friendly and easy to use without experience on both the hardware and software. Possibly help develop new software in the camera to promote 3D effects without foreground.

• Describe why you think this product would make a good addition to your current product/service offering.

It would be great to help people get a real 3D view and it may make the design and development of the software easier and less complicated.