Reading Reflection No. 3

 Innovation and Entrepreneurship, Peter Drucker

1.     This book was based on a few main premises.  The first says, the practice of innovation is purposeful and a discipline.  The second is, the practice of bring an entrepreneur, is the institution that is the carrier of innovation.  Finally, the last idea of the book is, that sound entrepreneurial strategies and management are required to successfully bring an innovation to market.  

2.     It enhanced the idea that being an entrepreneur is a lot of hard work.  Better yet, being a successful entrepreneur, is a lot of hard work.  A lot of people can be a so called, "entrepreneur" and not be successful.  But only a few people can actually make a living and a enterprise from their innovations.  Simply having the idea is not good enough.  A lot of people have good ideas, but without being able to have the entrepreneurial strategies to bring the idea to market, the idea is worthless.  

3.     The exercise would involve bringing our innovation into some sort of simulated market and control the management decisions and see how successful the idea is.

4.     Simply how hard someone has to work to be successful in this type of scenario. 

Venture Concept No. 2

Opportunity

One of the most annoying and uncomfortable things is when I wake up hot and sweaty in the middle of the night.  I have learned that a lot of other people experience this too.  Some people can’t afford to keep their A/C at 68 degrees and others have issues of other people not being comfortable with the air so cold.  But when you get under all your sheets at night your body warmth can make it very hot and you end up waking up sweating.  This isn’t necessarily limited to certain geographic locations, but it definitely is more of an issue in the south with the hotter exterior temperatures.  Right now there are some gel products on the market that help to keep the mattress cool but they don’t always work great and a lot of people aren’t happy with them.  I believe this opens the door for a big opportunity to design the right type of mattress to fight the issue of becoming too hot while you sleep.  This opportunity will be open until the competitors can come up with something better than the gel mattress.

Innovation

My product is a mattress that incorporates venting channels throughout the mattress with cooling fans underneath to allow the circulation of air under your sheets.  Most people sleep with the fan in their room on, and while this does help circulate the air and keep it cool, it doesn’t solve the problem of the warm air stuck underneath our sheets from our body temperature.  We sleep better while we are fully covered with sheets because it provides a sense of security and it more comfortable.  So the solution is to simply allow channels throughout the mattress, underneath the top pillow sheet, to give a cooling sensation so the mattress doesn’t heat up so much.  One of the biggest types of mattresses this is a problem in, is memory foam.  Due to the density of the mattress, it holds heat extremely well.  And we hate giving up memory foam because it is so comfortable.  These mattresses would sell competitively at 300-600 dollars. 

Venture Concept

The mattress will solve customers’ problems by allowing the air underneath their sheets to circulate and also keep the mattress cool. Customers will switch when they learn that there is finally a good solution to their problem.  Everyone cares about how good they sleep and no one wants to wake up or get a bad night’s sleep from being too hot.  Other mattress companies are the competitors and they have the gel product but nothing similar to this.  Packaging doesn’t really effect this much because of what it is.  What would help are good displays showing how the mattress works and what exactly it does.  I would have a manufacturing facility with probably 10-20 employees on the floor with the manufacturing process and another 10 senior employees working on sales and distribution. 

 

2.    Pretty much all of the feedback that I received was positive.  It appears that the majority of people in Florida experience this problem.  Some of the people had the problem because their roommate likes it warmer, so they get stuck being hot and waking up sweating at night.  Others have the problem because they can't afford to keep their entire house and 68 degrees at night.  But regardless of the reason, the problem is still the same and the need is still the same.  No one gave me any negative feedback to base more comments off of.

3.     I have not really changed the concept because I have not really received negative feedback to base a change off of.  I believe that it is a much needed innovation and the majority of people see a use for it.

Final Reflection

1.     We have done so much posting throughout this class, it is interesting to go back and look over it all again now that we are at the end of the semester.  There have been some tough assignment that we have come across that took a lot of thinking, and I will admit, I have skipped some assignments because they just seemed like way too much and I didn't have enough time.  However, a lot of the blogs made us think about our ventures and go a lot deeper into it than what we normally would.  I imagine most people had these ideas for a while but didn't really think much about it until this class came along.  I think the venture concept is definitely the high of the class.  The lows are those long assignments where it seems like you have to come up with way more things than are realistically needed.

2.     The best experience was definitely creating the venture concept, which most of the assignments were geared towards.  It is cool to be able to do something like that in a class setting and get feedback from other students and actually see what people think about your idea.  I will remember that for a while.

3.     I think I have definitely moved closer to developing a good mindset as an entrepreneur.  I wouldn't really call myself one yet until I develop a concept in the real world and have investors check it out and like it.

4.     I would recommend that they get as involved in the course as possible.  Unfortunately, I was taking some other very difficult classes this semester so this was really my easy class that I could just do enough for a decent grade.  But I am a little disappointed that I didn't have more time for it.  I would of liked to pitch my idea to the board and do more.  I would encourage anyone else to see this class for what it is, which is a great opportunity to get real world experience to the type of stuff and entrepreneur goes through, but in a more controlled setting.

My Exit Strategy

I plan on either licensing the idea or making a quick exit after it has become worth several million in a few years.  I get bored with things if I do them for too long so I would rather sell the firm for a huge profit and look at investing into another firm that has already started or coming up with something else of my own.  I would consider remaining around for consulting services for the people who buy it from me.  I would also like to negotiate a royalties into the contract so I remain to make an income from the idea.  I don't think my exit strategy has changed much about what I would do for the concept.  I would still make it the best I can so that it will be worth as much as possible.

Making it Real

Here is my resume that includes founding my venture.


Link to my resume

Celebrating Failure

Something that I have failed at this semester, and quite often, is when I am hydrodipping for my company.  It requires a lot of work and no matter how many times you have done it, you can still mess it up.  When you have so many different chemicals mixing and specs that need to be just right, it is easy to mess up.  It is also very frustrating because you have to sandblast whatever you are working on again and start over.  So you basically just wasted the time you had already spent on it.  But, I have learned to be patient and keep trying because I will get it right eventually even if I mess it up once or twice.  

Venture Concept No. 1

Opportunity

One of the most annoying and uncomfortable things is when I wake up hot and sweaty in the middle of the night.  I have learned that a lot of other people experience this too.  Some people can’t afford to keep their A/C at 68 degrees and others have issues of other people not being comfortable with the air so cold.  But when you get under all your sheets at night your body warmth can make it very hot and you end up waking up sweating.  This isn’t necessarily limited to certain geographic locations, but it definitely is more of an issue in the south with the hotter exterior temperatures.  Right now there are some gel products on the market that help to keep the mattress cool but they don’t always work great and a lot of people aren’t happy with them.  I believe this opens the door for a big opportunity to design the right type of mattress to fight the issue of becoming too hot while you sleep.  This opportunity will be open until the competitors can come up with something better than the gel mattress.

Innovation

My product is a mattress that incorporates venting channels throughout the mattress with cooling fans underneath to allow the circulation of air under your sheets.  Most people sleep with the fan in their room on, and while this does help circulate the air and keep it cool, it doesn’t solve the problem of the warm air stuck underneath our sheets from our body temperature.  We sleep better while we are fully covered with sheets because it provides a sense of security and it more comfortable.  So the solution is to simply allow channels throughout the mattress, underneath the top pillow sheet, to give a cooling sensation so the mattress doesn’t heat up so much.  One of the biggest types of mattresses this is a problem in, is memory foam.  Due to the density of the mattress, it holds heat extremely well.  And we hate giving up memory foam because it is so comfortable.  These mattresses would sell competitively at 300-600 dollars. 

Venture Concept

The mattress will solve customers’ problems by allowing the air underneath their sheets to circulate and also keep the mattress cool. Customers will switch when they learn that there is finally a good solution to their problem.  Everyone cares about how good they sleep and no one wants to wake up or get a bad night’s sleep from being too hot.  Other mattress companies are the competitors and they have the gel product but nothing similar to this.  Packaging doesn’t really effect this much because of what it is.  What would help are good displays showing how the mattress works and what exactly it does.  I would have a manufacturing facility with probably 10-20 employees on the floor with the manufacturing process and another 10 senior employees working on sales and distribution. 

1.       I could patent the mattress and make competitors unable to duplicate it.

2.       A pillow that has cooling vents with gel inside would be a good next step.

3.       I would either like to license it to a big mattress company after I patent it or be the CEO and run the company.  

Amazon Whisperer

1.  The revenue drivers of my business concept are the sales of the mattresses.
2. The next product that I imagine offering is a self-cooling pillow.
3. This will go along nicely with sales and I could even discount the pillows with the purchase of a mattress.  I believe it would improve the customers experience and brand loyalty with one brand offering everything.
4.   The product that I found is a gel mat that stays cool and you can put it inside your pillow case.
5.   It has about 1400 reviews with 4 and a half stars.  They like that it keeps their pillow cooler.
6.  I want the gel to be in the pillow instead of a mat that goes on it.  
7.   This would go perfectly with a mattress that cools itself.

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2. 

My Unfair Advantage

1.  Having a friend that already works in the industry, Chris Noel.

• This is valuable in the fact that he already knows the industry and what it needs.  He also has contacts for sales and distribution already established.  This is somewhat rare to already know someone in the industry but their are plenty others with that advantage.  It can be copied with different people.  He can be substituted for someone else.

2.  Personal experiences pushing me to create the best possible product and giving me first hand knowledge of what's needed.

• This is very valuable.  This is not rare at all, it can be inimitable and can be substituted. 

3.  Already owning a business which gives me the experience needed to know how to start a new one.

• This is valuable.  It isn't very rare but there are still a lot of people who don't own businesses so it makes starting a new one a lot harder.  This is inimitable and can be substituted.

4.  Financial backing to accomplish goals.

• This is very valuable because without it you can't succeed.  It is somewhat rare but plenty of others also have backing.  This is inimitable and can be substituted.

5.  Excellent computer skills.

• Computer skills are necessary nowadays to be able to run a business successfully.  It is not all that rare in my generation.  This is inimitable and can be substituted.

6.  A friend that owns a networking and search engine optimization company, Adam Smith.

• This is valuable because it helps with acquiring a larger market of people.  This is pretty rare to have someone like that as a personal contact.  It can be imitated with putting up capital for someone to be able to do the same things.  He can be substituted for someone else. 

7.  The original idea for this product.

• Valuable because without it I wouldn't have anything.  Rare because clearly no one else has it.  It can't be imitated or substituted.  

8.  Perseverance to follow through with ideas.

• Very valuable.  Somewhat rare.  This is inimitable and can be substituted.

9.  An education from UF.

• Very valuable.  Not very rare.  This is inimitable and can be substituted.

10.  Friends and family who support me.

• Very valuable.  Not very rare.  This is inimitable and can be substituted.

I would say that Chris Noel is my top resource because he can help me with getting directly into the industry with my first products.  

Reading Reflection No. 2

 How to Fail at Almost Everything and Still Win Big, Scott Adams

1) What was the general theme or argument of the book?

The general idea of the book is Adam talking about the good and bad of his career.  However, most of the stuff is bad regarding his corporate office job.  His main strategy is to invite failure in, embrace it, and then pick its pocket.  He said that something that he has been doing his whole life.  He went from failing at his office job, his restaurants, his inventions and his investments, to making a success out of his comic strip.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The main idea behind the book, and behind ENT 3003 in my opinion, is perseverance.  It is easy to give up but it is hard to keep on going and eventually turn your failures into a success.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

It would involve some exercises that were impossible to complete, but the failures of them led to the understanding of the next exercise.  

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

One of the things that stood out to me was his statement that "goals are for losers."  This took me off guard a little because we have basically been told our whole lifes that we are supposed to have goals.

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am Chris Parrish, a senior at UF.  My talents are seeing opportunities and finding ways to make something out of them.  I currently own my own business which specializes in customs coatings on firearms and the manufacturing of firearms.  We also to retail sales. This has given me a great deal of experience with all of the things that it actually takes to run a business from taxes and accounting to quality services and customer satisfaction.  My aspirations for the project in this class is for everyone to know what the product I am creating is and have the opportunity to get a mattress that cools itself.  It would play a major role in my life because I would be involved with every aspect of the business.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

My product is a mattress that has vent channels and it sends cool air through them to the side of the mattress that you are sleeping on.  So instead of your mattress heating up and making you too hot at night, you will sleep comfortably under your sheets. 

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I believe my product works for almost everyone.  The majority of people get hot at night while they sleep so there is a pretty broad market. There will probably be more buyers in the southern United States simply because of how much hotter it is for more of the year.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

They care because they will be able to get a better nights rest instead of waking up from being hot.  It will also save them money because they won't have to turn the air down so far in their house to be able to get the same good night's sleep.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

I have the willingness to take the risk to create a business which is what I believe holds a lot of people back.

I believe that all of these elements fit together and that I have the ability to create a successful business out of this if I did it in the real world.

My Customer's Avatar

I believe that my prototypical customer consists of a wide range of people.  Everyone sleeps on a mattress so it just comes down to who cares more about spending money to get a good nights rest.  I think that males are the ones who are more willing to spend money to accomplish something like that.  Also, someone who is more active and middle aged is more likely to not sleep as well or have back issues from being active.  So the person I created in my mind fits the picture below.  As far as their political views and what car they drive, I would honestly be biased and say they are republicans who drive trucks.  But that's just because that fits me.  Really and truly I have such a wide range of customers that they will all share all kinds of different views.  

My Secret Sauce

I am out of town on vacation and unfortunately unable to do the interviews in front of a camera.  However, I was able to make phone calls and still do the interviews so I will post the summary.

1)
A.  I believe I am more of a risk taker than most people which is something that is needed for an entrepreneur.
B.  I think I am a very logical thinker which helps me to solve problems and think about things in ways that a lot of people don't.
C.  I have been creating my own little businesses and trying to sell things ever since I was little.  I remember getting in trouble in 5th grade for making and selling stress balls at school out of balloons and sand.  I was selling them for a dollar each and got in trouble when one busted in class.
D.  I can easily ignore what people say so it helps with not getting offended very easily and causing issues in relationships.
E.  I have determination to make things work even when it is difficult.

2)
AJ Moser
He thinks I am very smart and somewhat arrogant.  But the arrogance is also from me being confident in my abilities.  He said I am able to run my business successfully and make money so he understand how I can act extra confident sometimes.

Chris Noel
He said that I always have good ideas and answers to problems.  Every time he has pitched an idea to me I have been able to give him constructive criticism for it.

Kristiian Serena
He said that I am a good salesman.  I am always buying and selling something and making money. Also that I like working for myself so I can think on my own and not be controlled by someone.

Devyn West
She said that I am smart and come off as cocky sometimes.  Also, that I like being in control because I always want to drive everywhere and do everything myself instead of letting others do it.

My Mom
She thinks that I am confident and independent.  She has watched me with my businesses and knows that I spend a lot of time working and trying to make things work well.

3)
I pretty much agree with what everyone said.  I definitely like doing things myself if I want them done right because I don't trust others to do it right.  I wouldn't make any corrections to my original list.  I think everyone described me pretty accurately.

Hangry

Hangry- The emotion of becoming angry due to being hungry.

As we have seen in people, as you become hungry, you start to become irritable.  Also, the hungrier you get the easier it is to get angry.  Therefore, I have combined Hungry and Angry to become, Hangry.

Since I started using this word, so have others around me.  The word is easy to understand the meaning of when used in context so others caught on to it easy.

Halfway Reflection

1)  This course has required some perseverance and a lot of determination.  Although none of the assignments are really "hard," they do require your time each week and force you to do some things that you wouldn't normally do.

2)  I felt like giving up on one of the very first assignments, the bug list.  I had the hardest time thinking of so many different things.  I normally only focus on big problems but the big list involved spotting the smallest problems that really don't affect me that much.  This class has helped to think deeply about different problems to search for resolutions.  This class forces you to think in a way that will benefit you in the future.

3)  a. Try to prepare yourself to spend several hours a week on this course.
     b. This isn't really a hard course but it does take your time and commitment to fulfill all of the assignments.
     c. Make sure you don't miss any of the extra credit quizzes!

Idea Napkin No. 1

1)  My talents include the ability to solve and overcome problems.  I think in logical ways about solutions to issues that we are faced with.  I want to see this product around the country.  I want everyone to know about it and know that it is an option available to them

2)  I will solve the customer's need by offering them a mattress that cools at night instead of heating up with their body heat.  This will especially help couples because the extra body heat of another person just heats a tradition mattress up more.

3)  This product is available to absolutely everyone.  Everyone has body heat and either has to keep their house very cool at night to not get hot, or they just get hot when they sleep.

4)  This is a valuable solution because it beats all of the other options.  For example, for the people who turn their A/C cooler at night, that costs them more money.  If they had this mattress they wouldn't have to turn their A/C down because the mattress will keep them cool.  This also helps consumers to get a better sleep at night.

5)  No one else has done this in the way that I have imagined.  This is a problem that I have first hand experience with and it bothers me every night.

I believe that all of these elements fit together.  If you can't answer all of these question, then you probably won't be able to run a very good business.

Reading Reflection No. 1

I chose to read The Wright Brothers by David McCullough for my first book.

1) You read about an entrepreneur:

• What surprised you the most?  What surprised me most was how hard it was for the brothers to get started.  They ran into so many obstacles and people literally thought that they were crazy.
• What about the entrepreneur did you most admire?  I admired their perseverance more than anything. Everyone they contacted to work with shut them down.  In the end they succeeded while other, better funded, organizations failed.
• What about the entrepreneur did you least admire?  There wasn't really anything about them that I didn't admire.
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?   Yes, they encountered an enormous amount of adversity and they constantly failed over and over again.  That is why I admire their perseverance so much.  So many people would have given in to the constant failures and listened to all of the people telling them that they are crazy.  Most would have given up, but the Wright Brothers didn't. 

2) What competencies did you notice that the entrepreneur exhibited?  The brothers were skilled at building things.  They started with their love for bicycles and they opened a shop building those.  Their imagination also helped with discovering how to make a plane.

3) Identify at least one part of the reading that was confusing to you.  Nothing was really confusing...

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

I would ask how they were able to block people's opinions out and simply focus on their work.  Most people would have given up with everyone thinking that they were crazy, they would of eventually started to believe they were crazy.

I would also ask how hard it was to leave such a close knit family to travel around and conduct all of their testing and demonstrations.  Most people coming from a family like that don't like leaving home.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?  I think that their opinion of hard work is to never give up even in the face of adversity.  I would like to think that I share that, yes.

My Solution

One of the main things that I have been posting about is the problem of how hot most people get when they sleep.  I believe that there are two possible ways to go with solutions for this one.  The first option is a solution that is similar to the new A/C seats in vehicles.  If we put fans in the mattress to pull the cool air from underneath then it would keep the mattress from getting hot.  We could simply create channels in the mattress for the cool air to run through to reach the top of the mattress and the person.

The second solution is a cooling gel layer near the top of the mattress.  This would help to reduce the heat from building up in the mattress while you are sleeping on it.  This is obviously the simpler option but I also believe that it would be slightly less effective than the fans.

Looking for Opportunity

Economic Trends

1.  Bitcoin
A.  http://www.prweb.com/releases/2016/5/prweb13447745.htm
B.  Bitcoin has been around since 2009 and although it has had its ups and downs, it seems to be getting the attention of the public now.
C.  The younger generation who has more tech knowledge with mostly be the customer.
D.  We all use currency so Bitcoin will be relatively easy to catch on.  And with the promising investment opportunities it is hard to not like.
I have studied Forex trading and this is something similar.

2.  Grocery home delivery
A.  http://www.gourmetretailer.com/top-story-profiles___trends-meal_kit_delivery_services_projected_to_top_$1b_this_year__packaged_facts-12701.html
B.  In the ever growing convenience and want-it-now society that we live in, it is no surprise that have groceries delivered straight to your home wouldn't be the next logical step.  And we aren't just talking groceries anymore, this has evolved into having already planned meals being delivered directly to your house.  This has taken all of the hard part of deciding what to put together for dinner out of the equation.
C.  A lot of the younger generation might consider this but I believe that the busy soccer mom and the elderly who have trouble going all of the way to the grocery store will get on board also.
D.  Everyone needs groceries so this wouldn't be too much of a challenge to get going.  And it clearly isn't considering they were on track for $1 B in sales.
I see this because I understand people wanting convenience even though I actually like going to the grocery store, I understand some people hate it.

Regulatory Changes

3.  Cyber warfare
A.  My source is a warrant officer in the United States National Guard
B.  Cyber terrorism is one of the biggest threats we face in today's society.  With our major cities becoming more and more based off of computers and everything being digital, we are becoming vulnerable.  For example, think of a the city water supply of a major city like Phoenix, the water is chemically treated by a computer.  If someone hacked into that network they could change the chemical balance and poison everyone in the city who drinks that water.
C.  This can potentially affect everyone.  The customer would be the government and defense companies who would buy software to prevent hackers and have a team monitor the software.
D.  The opportunity is easy to exploit because it is very dangerous.
I see this because I am interested in defense and the military.

4.  Emissions changes
A.  http://www.autonews.com/article/20141008/OEM11/141009787/technology-propels-fuel-economy-average-to-record-24.1-mpg-epa-says
B.  With the new emissions control, truck manufacturers have been pushed to develop more and more economical trucks.  
C.  This effects the manufacturers and also the people who buy the trucks.
D.  This is a regulated sector so it is easy to exploit.
I see this because I drive trucks so I pay attention to what is going on with them

Identifying Local Opportunities

1. More than 4,000 GRU customers lose power in storm

http://www.gainesville.com/article/20160520/ARTICLES/160529989/1002/news01?Title=Trees-down-power-down-after-storm-blows-through

GRU had a mass power outage today following the storm.
The problem was above ground lines being hit with all of the tree fall due to the storm.
GRU as well as their customers have a problem.

2.  Optimism and Issues at Alachua County Business Forum

http://www.gainesville.com/article/20160519/ARTICLES/160529999/1002/news01?p=3&tc=pg

County commissioners are at opposing views on whether growth for the county is a good thing or not.  With that being said, there is one major issue that restricts economic growth with manufacturing in the county.  Manufacturing companies don't like high utilities because they use a lot of electricity and this increases their cost.
This causes problems for a wide range of people.  Large amounts of tax revenue from large companies increase the county budget and allows for improvements.  County wide growth is important.

3. Area unemployment rate lowest since 2008

http://www.gainesville.com/article/20160520/ARTICLES/160529979/1002/news01?Title=Area-unemployment-rate-lowest-since-2008

While the article as a whole is great, there is a sector that could be even better.  Manufacturing is the fastest growing for jobs in Alachua county and we are hindering that with high utilities.
The workforce is affected.

4.  Real estate inventory down, prices up in April

http://www.gainesville.com/article/20160520/ARTICLES/160529980/1003/NEWS?Title=Real-estate-inventory-down-prices-up-in-April-

Home sales have jumped 17% compared to last year.  Part of the reason due to a low inventory of lower prices homes.  This caused people to spend a little more than they usually would which increased home sales by 44% between 200 and 250k.  This issue here is low inventory of low end homes which hurts the buyer.

5.  Faculty spouse recommends state buy bullet-proof lecterns

http://smartboard.blogs.gainesville.com/2015/11/faculty-spouse-recommends-state-buy-bullet-proof-lecterns-for-profs/

As another option for those who are opposed to campus carry, a professor's wife has proposed that universities use bullet-proof lecterns.
The issue with this is it would cost about 60 million and actually offer very little protection to the professor and absolutely no protection to the students.