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. 

Elevator Pitch No. 3

I thought this assignment was extremely difficult. I did not gain that much feedback from the last two elevator pitch comment posts. The only helpful comment I did receive was that I was not supposed to change my elevator pitch just the way in which I performed it on the video. It was hard trying to be creative so I just stood in front of my computer again.

Growing Your Social Capital

Person 1: Karen Levitt

1) Karen Levitt has been a fashion merchandiser and has been active in the fashion industry since she has graduated college. She has worked for the online shopping company called Ideeli and has had an extreme impact in their growth. 

2) This individual is the domain expert because I she engages in the same type of business that I hope to be a part of and has actually helped me gain contact with the company I am interning for this summer. 

3) Karen is actually one of my best friends moms and I have known her since I was little. It wasn't until recently that I knew she was a domain expert for the industry I wanted to be a part of. 

4) The nature of exchange we have is filled with reciprocity. She has helped me gain the internship I have lined up for this summer, while I am also helping her with ways to incorporate new social media into her business. 

5) Including Karen in my network has been one of the most amazing decisions I have had. I wouldn't have the opportunity that I have this summer without her. 

Person 2: Ivy Trinka

1) Ivy Trinka is a retired buyer for Off Saks Fifth but had worked there for decades. 

2) This individual is the market expert. Ivy has been apart of the industry for such a long time and has gained insight into many different parts of the industry throughout her growth within the company. 

3) Ivy Trinka is one of my grandmothers best friends whom helped me get in contact with her. 

4) I have only met Ivy a couple of times but she is always thinking of me when it comes to people that work at Off Saks and always talks to me about her experiences within the industry. 

5) Having this person in my network opens opportunities that might be available in the future with Off Saks. She also has been extremely helpful with explaining to me what it takes to be in the industry. 

Person 3: Lara Weinstock

1) Lara Weinstock has had a variety of different job positions from buyer, to interior decorator, to stay at home and many more. 

2) This individual is filling the supplier expert spot. She has actually been a supplier for many companies and has helped me learn about the day to day responsibilities. 

3) Lara is one of my mothers friends that she has had throughout me growing up. 

4) My nature of exchange with Lara is extremely important to me. She has always been available to me for questions and connections. 

5) Including Lara in my network gives me yet another connection to the fashion industry and ways to get my name out there. 

Finally: Reflect. 

I think it is extremely important to always be networking. You never know who you are going to meet while standing on line for coffee or walking into a clothing store. It is always important to have an open mind and get ready to have your elevator speech if you meet someone that could be potentially helpful with your future. I have always believed that it is important to network and won't stop believing that. You can always extend your network.