Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I think the biggest surprise to me was how the CEO Akula explained as how to make money at the bottom tier of the economic pyramid while raising standards.

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

I thought it was confusing how a customer base that has been nearly tripling each year grows so fast through small business loans and other financial services in India.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask for a larger background review of himself and of the CEO Akula.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't think there was anything wrong that the author wrote. Rethinking the microfinance was very interesting. 

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.

I actually really enjoyed a lot of the assignments from the class including the fun experience with handing out a dollar and seeing what would happen. I did not enjoy doing customer interviews because I had trouble finding customers that were available to talk to and interviewed.

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?

I really loved the assignment where we had our family members and friends say positive things about us. That assignment really brought up my spirits. I think the experience I will remember most from later years would be definitely the giving out the dollar to random individuals. The look on peoples faces was very interesting and seeing how each person responded to this interaction was extremely entertaining. 

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?

I do 100% see myself as an entrepreneur. I really think I have the skills and ability to become a successful one and I think this class really helped me realize that and grow from myself. 

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 starting this with an open mind and really letting yourself learn a lot because it is so interesting to see how everyone can be an entrepreneur if they want to. All you need is a good idea and persistance to be successful.

Elevator Pitch No. 4

Elevator Pitch

Venture Concept No. 2

COMMENTS FROM VENTURE CONCEPT NO. 1

"Hi Alyssa! Honestly, I liked how you incorporated how the service related to you, and that it was an issue you struggled with yourself. "

"Hey Alyssa, reading through your blog post I found your idea to be really unique. I find it interesting and helpful because of the advances in technology the market is making."

I got back some very positive comments and not many constructive criticisms so it was hard to alter my concept. 

My name is Alyssa Freeberg and I am a sophomore marketing major and double minor in retail and entrepreneurship. My new venture focuses on an algorithm that will be provided through fashion and clothing websites that allows for consumers to shop the apparel based on issues they have with their body type or ways to combat their insecurities by sorting apparel on the clothing sites to those necessities and requirements they have. 

Opportunity.

The individuals that have the need and want for this product are potential customers that can't seem to find clothing that hides their insecurities or highlights there positive body attributes through clothing websites online since you can't try clothing through e-commerce. The nature of this need comes from a personal experience I had and frustrations I have while shopping online and receiving the product and having it not fit the way I wanted or maybe not even finding clothing that I think will highlight my body. 

Innovation.

My product is not actually a tangible product, but it is in fact a service for lack of better words. My service allows for individuals, mostly female, to be able to find clothing that highlights their wanted attributes on their body or hide insecurities they have. It is important for consumers to try on clothing but since e-commerce is on the rise, many consumers are getting frustrated with the lack of ability to try on clothing prior to them purchasing. I will make money by clothing websites buying my algorithm from me and possibly adding commission from every individual that utilizes the filters that my algorithm allows customers to use. 

Venture Concept. 

My innovation will solve the opportunity I identified because my service will allow for individuals to be able to be more confident in shopping online and not wasting their time returning the product through printing our a return label than having to make the trek to the post office and so on. Clothing websites will want to buy my innovation because it will encourage more customers to purchase clothing online through their e-commerce option and feel more safe about liking the products that they will purchase. This innovation will provide a trust between the clothing website and the customer. I think customers will switch to using this filter because it is focused on what they want and how they can look better and feel better in their clothing. I don't believe I have any other competitors at the moment. The only other way individuals would get this information on what looks best on them is through magazines and articles but my algorithm and service allows customers to be shopping and see what would look best with their body type and explain to them how they will look in the clothing. 

Three minor elements.

1. My most important resource will be my algorithm. My service cannot thrive or even be a service without it. Then it would be the clothing websites.

2. I would love to open my own store or line of clothing that specifically focuses on certain body types or specific areas customers want to target.

3. I want to have every clothing website use my algorithm and have every customer live off of this. I want individuals to forget how they shopped before without it. 

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO? 

I thought it was important to keep my blog consist and when commenting on each post that I have reviewed I added my blog link. By doing this, many people have the ability to easily click my link when looking at their own blog. This creates more people to check out my blog from other peoples blogs.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

My keywords would be entrepreneurship, new venture, entrepreneur advice, entrepreneur education. These keywords will draw in individuals that are interested in what I blog has to say. I would stay consistent with my keywords because I think they were true to my blog and would give me a lot of individuals and viewers.

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I used social media by utilizing other peoples blogs! I thought that was the best way to do it because they have similar interest in what my blog has to say and what they have to say.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

I dont think I really had a viral post, I think they mainly based on peoples need to comment on it for the grade.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

I did not because there are actually a lot of blog posts that make it hard for mine to come up. 

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise in the reading for me was the explanation of the entrepreneurial mind-set in certain organizations. I thought it was really interesting to learn about peoples mind sets and behaviors.

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

I thought it some of what was confusing to me was the ethical challenges in entrepreneurial circumstances and how some of these issues are actually problems because it seems like common sense and should not be a challenge.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author how corporate entrepreneurship differs in ethical challenges and their mind-set. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't think I disagreed with anything, I actually really liked this chapter and learned a lot.

Very Short Interview Part 2

After looking back at my interview with the entrepreneur I interviewed a while ago, I realized I loved the questions I asked and thought they provided me with a lot of information that I wanted to know from talking to him. The questions were worded well and he liked the questions as well. I think I would like to ask a few more questions because learning more and more about entrepreneurship everyday I want to learn more. 

I couldn't record the interview because the entrepreneur was in another state so I facetimed with him. I asked him a few questions on his successes since I last spoke and what he has learned since I last spoke.

I have come a long way since the last time I talked to this entrepreneur and I feel like I am turning into an entrepreneur. I definitely feel more comfortable talking to an entrepreneur because I feel more as a peer now and understand what he does for a living. He did convey a sense of thought that progressed in my journey.  

My Exit Strategy

I intend to stay with my business for several decades because I feel like there is always more to a business and you can always enter into new markets and ways to make more profit. Since I created this business, I do not feel comfortable selling my business for a return. I intend to keep my venture as my own business and not pass it on to my children unless they want to enter into this industry. I think my exit strategy has influence my other decisions in the fact that the business falls on me and since it is my own venture and I intend on staying with it for the long run then I want to make the decisions for myself and keep it successful. It has not influenced how I have identified opportunity because nothing has changed with ownership and my intent has stayed the same. My growth intentions are just to increase the success within my business and gain more and more resources to grow my business.

What's Next

Existing Market. 

Step 1: I think that my product will become very useful and prominent within the retailing and e-commerce industry. 

Step 2: All of the three customers that I interviewed stated the same thing with the fact that my service and algorithm will be very important to people shopping online. One of the individuals explained that there should be more products or services that our business should offer. Another individual said that our revenue might be stagnant. The third customer explained that she loved the idea and would be ready to use the service. 

Step 3: I think that I agree with one of my customers that we will need to expand our company and maybe break into another industry. I don't necessarily agree with the customer that claimed our revenue would become stagnant because I feel like there will always be another apparel site or another e-commerce industry.

My venture will continue to grow because it is a unique and special idea that clothing sites don't have and that customers don't even know that they want it yet; which is the  most important part of an entrepreneurial venture. 

New Market.

Step 1: I feel like my company and entrepreneur venture is both B2B and B2C because I am directly targeting customers and designing my algorithm to relate to customers but I am also targeting my business to other businesses because that is who is buying my service.

Step 2: I think that I could alter my service and algorithm to other industries and maybe even in person services like for people to see when they walk into stores and malls. 

Step 3: I had trouble with this part of the project because I was having difficulty figuring out what new market I was going into and how to contact these individuals. I did interview one individual that was involved in more male orientated industries and sports. 

Step 4:  I learned that there is so much more to learn about every other industry and there are ways to adapt your company and service and product to other industries and ways to get the word out there for your product. My expectations were correct in the fact that I need to educate myself more on other industries before I dive in. 

Week 12 Reading Reflection

Strategic Entrepreneurial Growth

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

I think the biggest thing that stood out to me was how the author combines every entrepreneurial experience and can figure out the successful strategic ways to grow your new business venture. 

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

I think all of the numbers and statistics were confused to me and should be explained further. 

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask how there are certain strategic ways to help grow a venture when every person and every persons story is different. I would also ask to hear about some stories if he knows of any of business entrepreneurs that tried to use these strategic growth 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I think the author was wrong that there are specific strategies that apply to every individual but I do believe that there are strategies that can help individuals over all. 

Venture Concept No. 1

My name is Alyssa Freeberg and I am a sophomore marketing major and double minor in retail and entrepreneurship. My new venture focuses on an algorithm that will be provided through fashion and clothing websites that allows for consumers to shop the apparel based on issues they have with their body type or ways to combat their insecurities by sorting apparel on the clothing sites to those necessities and requirements they have. 

Opportunity.

The individuals that have the need and want for this product are potential customers that can't seem to find clothing that hides their insecurities or highlights there positive body attributes through clothing websites online since you can't try clothing through e-commerce. The nature of this need comes from a personal experience I had and frustrations I have while shopping online and receiving the product and having it not fit the way I wanted or maybe not even finding clothing that I think will highlight my body. 

Innovation.

My product is not actually a tangible product, but it is in fact a service for lack of better words. My service allows for individuals, mostly female, to be able to find clothing that highlights their wanted attributes on their body or hide insecurities they have. It is important for consumers to try on clothing but since e-commerce is on the rise, many consumers are getting frustrated with the lack of ability to try on clothing prior to them purchasing. I will make money by clothing websites buying my algorithm from me and possibly adding commission from every individual that utilizes the filters that my algorithm allows customers to use. 

Venture Concept. 

My innovation will solve the opportunity I identified because my service will allow for individuals to be able to be more confident in shopping online and not wasting their time returning the product through printing our a return label than having to make the trek to the post office and so on. Clothing websites will want to buy my innovation because it will encourage more customers to purchase clothing online through their e-commerce option and feel more safe about liking the products that they will purchase. This innovation will provide a trust between the clothing website and the customer. I think customers will switch to using this filter because it is focused on what they want and how they can look better and feel better in their clothing. I don't believe I have any other competitors at the moment. The only other way individuals would get this information on what looks best on them is through magazines and articles but my algorithm and service allows customers to be shopping and see what would look best with their body type and explain to them how they will look in the clothing. 

Three minor elements.

1. My most important resource will be my algorithm. My service cannot thrive or even be a service without it. Then it would be the clothing websites.

2. I would love to open my own store or line of clothing that specifically focuses on certain body types or specific areas customers want to target.

3. I want to have every clothing website use my algorithm and have every customer live off of this. I want individuals to forget how they shopped before without it. 

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

The revenue drivers include consumers that shop online and through clothing websites and have the issue with buying clothing on line that might not fit their body type or shape. 

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

I believe the next thing my customers want is a model of themselves to put clothing on to see how it likes and the styles that are similar to their purchase so they can know what it will look like on them prior to them purchasing it.

• 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.?

I think this "next" thing will enhance my existing service by allowing my customers to understand what products fit them and how certain shapes and sizes work with their body types. I believe this will improve the user experience because it will allow them an easier way and more exciting ways to try on clothing. 

• 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.

This was the closest thing I could find that is similar to the product that I want to offer next from amazon.com. This product is a maniquen that costs $55 and allows customers to put their clothing on it to see how it looks. 

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

The customer reviews for the product are actually really good. Customers like that there are different sizes for the model which relates to my product. Customers don't like the smell of the product which is extremely interesting and easy to fix. 

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

I would change the design of the product because I would want customers to use their exact measurements on their body so they can actually see how the product would look on a body type such as theirs. 

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

I think this product would make a great addition to my current service because of its increase of accessibility to my consumers. 

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I thought it was so interesting how the author made it extremely prominent to explain that, "Innovation initiative frequently fail and successful innovators have a hard time sustaining their performance like Polaroid, Nokia, Sun Microsystems, Yahoo, Hewlett-Packard, and countless others have found."

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

I thought the big idea was very confused and needed more expansion. 

3) If you were able to ask two questions to the author, what would you ask? Why?

I would like to understand more examples of how you connect innovation to strategy like the Bristol-Myers Squibb. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I didn't think there was anything wrong that the author said but I would like to understand more about the different categories of innovation, for example the routine, disruptive, radical and architectural innovation. 

My Unfair Advantage

• Generate a list of all of the resources in your venture (produce a list of at least 10 resources that you already possess)

1. Clothing
VRIN-it is extremely valuable because it is what we are selling and it should be hard to copy because we want to be different

2. Clothing websites
VRIN-this is very valuable because we need to form good relationships with our websites who are our partners

3. Social media followers
VRIN-these are extremely extremely valuable because these are the people that will be spreading the news about our company and will be following our every move 

4. Active customers
VRIN-we need these customers. these customers will be extremely valuable to the success of our business

5. Intrigued customers
VRIN-these are rare but are important and hopefully become less rare when we start to market our idea 

6. Word of mouth
VRIN-this is very important because it will help our company grow and get the word out

7. Capital
VRIN-this is non-substitutable. we need capital to being our company and place our idea into action

8. Investors
VRIN-this is valuable, rare and non-substitutable. investors will be the base of our company and help start it

9. Fellow supporters
VRIN-this is less important than the rest because this is for our help and goes along with word of mouth

10. An algorithm
VRIN-this is extremely inimitable. we can not have any availability for other companies to copy our algorithm.

The top resource is our algorithm. We need to be able to show how different our company is and how we can be extremely successful and show our customers that our business and idea is something they didn't even know they wanted.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

My biggest surprise for me in the reading learning about how much goes into financial preparation for for innovative ventures and new companies. 

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

I was confused on how there is a basis and financial plan most entrepreneurial ventures go by because I feel like it depends on each specific business. 

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author to provide more variations of success stories and failures with financial prep for ventures. I would also ask about the specifics of job positions in this field because I know that there are a lot of positions for financial advisors and investor positions that are very helpful for new companies. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't think there was anything wrong that the author said. I am curious to learn about his experiences with financial prep and how he has encountered either failure or success with it.