My Exit Strategy

My Exit Strategy

1. I do not have a timeline on when I want to sell my business. In an ideal world I would grow the company very quickly and have the ability to sell around eighty to eighty-five percent of it in ten years. Selling this large portion will allow me to remain involved but still give me the luxury to explore different ventures or options.
2. I do not like following a strict routine. I believe this can force life to be monotonous. This is why I have chose this specific exit strategy. Selling the business would not be easy for me as I would care tremendously for it. That is why I would only ideally sell eighty to eighty-five percent of it. 
3. I don’t think that my exit strategy has influenced my decision. My exit strategy is based on the most ideal situation. I do not think this situation is very likely therefore I would not make any decisions based on the exit strategy.  

Week 12 Reading Reflection

1) There were no big surprises for me in this reading. I thought the chapter offered a lot of useful and practical information

2) I as confused on the Bureaucratization v Decentralization paragraph. I had a difficult time understanding what the author was attempting to display in this paragraph. I did not get the full meaning of this concept.

3) I do not have any questions for this chapter, mainly because I believe the author did a superb job of backing up his terms with examples. I thought this was an extremely well written chapter other than the term I mentioned in #2.

4) Most of the terms that the author described are crucial parts of growing a business. This is relevant knowledge that an entrepreneur must know in order to be successful. I do not think the author was incorrect about any of his statements.

Venture Concept No1

Venture Concept Write-Up

The bathroom and kitchen has evolved tremendously over the past hundred years. With new technologies that include the toilet, washing machine, and microwave, people are always looking for new ways to make their life more convenient. My product offers this next great convenient appliance. I want to make the lives of Americans easier by selling the next great appliance. My product is a bathroom or kitchen sink that is automatic. This product is common in public places but I want to make it available to the everyday American. The user no longer has to put themselves at risk of germs and bacteria by touching a dirty lever. With the automatic sink you can quickly wash your hands win the most convenient way possible. This product is the future of all bathrooms as we have reached a point in our society that this idea is technologically possible and affordable for many Americans. 

What make my product different is the fact that I offer an installation package with a handyman while at the same time offering a high-tech product. My product offers variation from the normal, boring sink that people have in their homes. Not only will my sink be available in many different aesthetic designs but it will also impress any guests that you have in your home with the automatic dispensary of water. My product would offer a solution to every desire that someone would want in a home sink. It would offer a cleaner, faster, and more convenient way to wash your hands. While at the same time it would look very appealing to anyone that uses it. I would make my money off of the purchases and installation of the sinks. I will have a very drastic price range of sinks from a simple concept to a very elegant and fashionable design that fits the look of that you are aiming for in your bathroom or kitchen.

The goal of my company is to be the supplier of the next technological advancement appliance. We want to supply consumers with what will be the new norm of home bathroom and kitchen sinks. This is my vision because I believe it is a rare opportunity. There are many people out there who are willing to pay for the most convenient and high tech product on the market. There are also many people who have to replace their broken sinks and are looking for new alternative. The changes in environment that created this opportunity are the technological advances that we have made. This product is relatively new and therefore consumers need to be convinced of its worth before they feel comfortable putting it in their homes. My main focus geographically would be the United States but if I find that I am having success I would expand to Canada and other countries that I believe my product would be successful in. This is a universal product as everyone has a demand for sinks. Customers currently are using sinks that  have levers on the sides. These levers are dirty and unnecessary. My product offers an alternative to touching dirty levers. Once you wash your hands why would you want to put your hand back on a dirty lever to turn off the sink? This opportunity can be huge. Everyone uses sinks and people are constantly replacing, building, or upgrading their bathroom and kitchen sinks. This could be a very profitable opportunity. This window of opportunity may not be open for very long. I feel as if a large corporation may come up with a similar idea and put their plan into action. 

I believe customers will switch to this new product once they realize the benefits that my product has to offer. It is much better in many ways than the current product and therefore I believe customers would want to switch to the newer product. The competitors are any companies that sell sinks. I would be competing in the sink market which is very competitive. There are many very large players that if planned correctly would have a much better chance at being successful implementing my ideas than I would based on their brand name. I would start my company off with a website. From this website I would offer the consumers the product and installation and give them a specific price. I would then spend part of my funds on marketing. It is important that consumers know where to find our product. Once I begin making sales and expanding I would need to hire employees and inventory to keep up with the demand. This will allow me to progressively grow the company as I scale it to the amount of demand that I have. 

My unfair advantage is the way I can market my product. I believe that my product is undoubtedly the most convenient and easy product on the market. I would need to convince consumers to invest their money into my product using key words like convenience, cleanliness, and safest. The next opportunity that I would want to target with my venture is adding an automatic toilet as a product. This would change the dynamic of my company from a sink company to a bathroom appliance company. I believe the automatic toilet would work very well with selling an automatic sink as many people will be looking to buy both products at the same time. In five years I hope that my company will be such a hit in the United States that I will be able to make an easy decision to expand it to other countries. I hope that I have created a company that consists of many great and wonderful employees with whom I have grown close with. I hope that my company is respected and well-liked by all my consumers. I also hope that consumers genuinely enjoy my product and I am able to attain my goal of making their lives easier. I also hope that my company grows to become the most powerful player in my market. 

Week 11 Reading Reflection

1. I thought the opening paragraph was very interesting. Usually when you think of companies like Polaroid, HP, and Yahoo you think of the success that they have had. You forget that even these large and powerful companies struggle a lot of the time. You also realize how fragile a company really is and why it is important to continue and try to stay innovative. 
2. I thought the article was fairly straight-forward. Therefore I was not really confused about anything
3. I would ask the author what experience he has in the field. I would also ask what inspired him to write this article
4. I didn't find anything that I disagreed with the author about.

Amazon Whisperer

Amazon Whisperer

1. I would make money by the profit I receive from consumers buying bathroom and kitchen sinks. 
2. I believe my next product that I should offer is an automatic flushing toilet. 
3. This will add to my brand as a company that seeks to create a cleaner and more convenient  home experience. I believe once my customers see how convenient and great my sink is they would want to also buy the toilet. 
4. This product is an electronic sensor that senses when your toilet can flush. It adapts to most toilets. 
5. Customers love this product. They feel as if it helps their house have a tech feel to it. They also think the product is great and makes their life easier.
6. I would offer an automatic toilet in which you would not have to buy and install this sensor. I would also sell the sensor for people who are not looking to exchange their entire toilet. 
7. I think this product would be a good addition to my existing business because it is a compliment. If someone is remodeling their bathroom they would prefer to use the same company for their toilet and sink. It would make it easy on them if they were both purchased and installed with the same company. 

My Unfair Adventure

My Unfair Advantage 

1. My product makes everyones life cleaner and more convenient

Valuable- This is what will make by business thrive. This is the key concept of the entire business

Rare- This product may not be very rare but my entire business model makes it valuable

Inimitable- If someone wanted to attempt to copy my business they most likely could. I do not have a patent or copyright that would prevent them from doing this. 

Non-substitutable- The current product should be replaced by the higher technology, more efficient product. 

2. I consistently have a positive attitude

Valuable- This is very important in building a positive work environment.

Rare- I do not get upset very easily. I am much more level-headed than most people.

Inimitable- Someone can attempt to replicate a positive attitude but they may not be able to keep it up for very long. My attitude is very sincere therefore it comes naturally. 

Non-substitutable- a negative attitude discourages people and makes them upset and less productive. 

3. Exceptional marketing- I believe I possess qualities and connections that would create for successful marketing.

Valuable- I believe marketing is one of the main components in a business’ success. No matter how good of an idea you have, if no one knows about it you will not be successful. 

Rare- most companies market themselves, therefore this is not rare, but how you market is crucial. 

Inimitable- Not everyone has a knack or ability for marketing. I feel as if I know what people like and what attracts their attention.

Non-substitutable- A company must be able to market in some way otherwise they will not have customers and will not make any money. 

4. Would be able to receive loans- I have people around me that believe in my abilities and that would invest in my company if it is a good enough idea. 

Valuable- One must have the funds to create a business. 

Rare- Not everyone has the ability to receive the funds in order to put their ideas into action. 

Inimitable- Only some people have the ability to receive funds, whether it is through a bank loan or friends and family. 

Non-substitutable- bank loans can give out funds but it is sometimes difficult to receive these loans. 

5. I think things through before making decisions. I never rush into decisions. I always weigh both outcomes of a decision before making one. 

Valuable- You have to constantly make good decisions to improve your business.

Rare- I feel as if sometimes too many people rush into decisions. 

Inimitable- This is a trait that I have had my entire life. Although sometimes people may develop this trait after certain life experiences.

Non-substitutable- The entrepreneur can hire someone who has been in a similar position and ask what they think the best decision is. 

6. I would provide outstanding customer service. I would be able to guarantee this by only hiring people who have similar values as me. These people would truly care about the business and will understand how important the customer is. 

Valuable- This is incredible important in the success of a business. 

Rare- Most companies say that they put the customer first but I do not always see it. 

Inimitable- I believe this is common practice for companies. 

Non-substitutable- No

7. Willingness to continue learning. I believe that you can never stop learning therefore I will not get extremely discouraged and I will always have a thirst to know how I can continue to better the company. 

Valuable- I believe this is a very valuable and necessary trait. 

Rare- I think this is a very unique trait and one that many entrepreneurs have. 

Inimitable- Willingness does not come easy and it cannot be forced

Non-substitutable- No

8. I believe I have an exceptional ability to manage people. I have gained these skills through different organizations and sports teams that I have been involved with. 

Valuable- These skills are vital in building a successful business

Rare- I do not believe many people have this skill

Inimitable- It cannot be easily copied because it takes life experience to obtain these skills

Non-substitutable-No

9. My business strategy is to attack the home market first before taking on and competing against larger companies for hotels, restaurants, etc. 

Valuable- Business strategy is very valuable. You must have a plan before you begin creating a business. 

Rare- A business strategy is not rare.

Inimitable- It would be difficult to implement and replicate. 

Non-substitutable- No

10. I would not feel as if I am working because I would be doing what I enjoy. Therefore I would not mind putting in the hours necessary to make the company successful. 

Valuable- This is very important for an entrepreneur. They're chances of succeeding is greatly increased when they enjoy what they are doing. 

Rare- I believe this is a very rare quality

Inimitable- This is not something that can be replicated.

Non-substitutable- No

I believe my unfair advantage would lie in my third point. Exceptional Marketing

I believe it is more important to my venture than the other resources because it is what would separate me form other companies. If the consumer does not know about your product they will never buy it. Therefore I believe my exceptional marketing skills would be an advantage. 

Growing Your Social Capital

Stephen J. Scott Handyman Alachua County. I learned about the process of installing a sink. I also learned what the average handyman would cost for installation of a sink and faucet. This is very useful for me because it helps me gage how much my product should cost to the consumer. It also gave me a better idea of how often a handyman might be needed. He was my domain expert as I would be competing with handymen to install my own product myself. 

https://www.angieslist.com/companylist/us/fl/newberry/stephen-j-scott-handyman-gainesville-florida-reviews-6273043.htm

I was interested in the sales of this company. I wanted to see how much of their sales went to hotels or restaurants and how many went to homes. They were an important supplier in my industry. They offered a very similar product to mine. 

electronicfaucets.com

I wanted to know how their sales of non electric sinks are. It is very important to know the market that you are entering. I also want to know if they offer an installation package. Consumers want convenience and my company would be able to offer an even more convenient process with an installation package. I added an additional contact to help me understand and recognize the other suppliers in my industry. 

FaucetDirect.com

Lowe’s 

http://www.lowes.com

Lowe’s is a major supplier of sinks. They are the expert in my market. Contacting and making connections with Lowe’s would help me learn about how they supply their sinks. I would learn about the portion of online to in person sales that they make and what customers are looking for when they enter the store. 

I found that it was very difficult for me to attempt to make contact with people because of the market that I am in. The market that I would get involved with is dominated by large market players that consists of Home Depot, Lowe’s, and Sears. It is very difficult to make a connection with someone who has the knowledge and information that I am specifically looking for. If I were to enter this market I would be competing with these very popular and well known companies. I would also be competing against other companies like Electronic Faucets and Faucet Direct. These companies to a large portion of online sales. After doing this research it has made me realize how competitive and difficult this market is. 

This experience made me realize how dominating large companies like Lowe’s, Home Depot, and Sears are. It made me understand why there are not many other players in that market. It would be very difficult to create just a sink business as these big corporations have businesses where sinks are just a small portion of their product. This makes it difficult to network as it is very difficult to reach someone who is an expert in one particular field of their large businesses. 

Week 10 Reading Reflection

1) This chapter was not much of a surprise. I did think, however, that this chapter was very informative. This chapter had a lot of useful information that is very practical.

2) I was confused on what a note payable was. The definition in the book was not very clear to me.

3) I would ask why the author decided to organize this chapter in this format. I think that the chapter could have been split into a part one and part two.

4) Much of this information was new to me. Therefore I do not have enough knowledge to disagree with the author on any of his statements.

Elevator Pitch No.3

All of my feedback was very positive.
The one suggestion that I received was that I should add more hand gestures. I attempted to add some hand motions and gestures to my pitch this go around.

My Secret Sauce

Five ways in which I think I have human capital that is truly unique.

1. I have a very solid work ethic
2. I have an exceptional ability to motivate others while also being very approachable at the same time
3. I am very cooperative
4. I hold great leadership skills including the ability to lead by example
5. I am an extremely honest person

According to my feedback I am a very approachable person. I am a good listener. I have very exceptional people skills. I am also a good leader who is able to show this by leading by example.

I believe I see myself very similar to the way that other people see me. I believe the adjectives that I described myself as were very close to the ones that others used to describe me. 

Week 9 Reading Reflection

1) I was surprised when the book read "many entrepreneurs know very little about their market, and some even attempt to launch new ventures without identifying any market." It seems crazy to me that someone would take on the risk of starting a business without even considering what sort of people would buy their product.  I feel as if this happens much less than the book made it out to appear.

2) I was confused on the paragraph about Quantitative and Qualitative Marketing Research. I did not quite understand the definitions that the book gave. I would also need some examples for me to understand what these terms truly mean.

3) I would ask the author if he could expand on his paragraph about Quantitative and Qualitative Marketing Research? I would also ask what the author meant when he was describing Product Life Cycle Pricing. I was left unsure what that was after I finished that paragraph.

4) I do not think that the author was wrong about anything in this chapter. This chapter did a good job of informing me on all the marketing challenges for entrepreneurs.

Idea Napkin No.2

1. I like to think that I am someone who thinks entrepreneurially. I am someone who enjoys watching things grow from small to large. I am a very honest and hard-working person who has good intentions in everything that I do. One of my favorite things to do in my free time is to watch shark tank. I believe I am good at communicating and implementing concepts. I think I am a good leader and motivator. One day I do hope to start my own company. I see this business as being an extension of me as a person. I would pour my heart and soul into the business because it is a part of who I am. I would enjoy the process even through the ups and the downs because thats what I enjoy doing. 
2. I am offering a product that makes one’s life more convenient. My idea is to create an affordable motion sensitive sink that can be a staple in the average American’s home. This sink makes your experience efficient and even cleaner in the fact that it can prevent sickness. The less dirty objects or levers that you touch the less chance you have of contracting germs and becoming sick.
3. I am offering it to the general public. I want to offer this product to the everyday Americans home at an affordable price. Once I am large enough there is no reason not to become a major player in the restaurant and hotel industry as well. 
4. I believe customers would care because people are always trying to be more efficient. Anything that saves time as well as preserves their health is something that they will want to invest their money into. 
5. I have experts that can install the sink at an extremely low price. I also have manufacturers that allow me to create the product at a price that is very low. With the low prices I can have a decent margins on return with my price. This lower price will allow me to make a profit by selling to more Americans across the nation. Once my business is established in America we can progress to other developed countries in order to expand the business.

This is a business that has potential to grow and be a staple. There will always be a demand for sinks as people need the water supply. With this demand we offer the most convenient product available. Not only is it convenient but it can also give your bathroom the aesthetic look that you have been searching for. I believe that these elements fit very well together. The aspect of my business concept that is weaker is that I do not yet know how I would market the product. Their are many different ways to market and I would have to do more research to figure out how I would want to attack my marketing campaign.

Feedback

1. Convenience is really important when a person is deciding whether or not to buy a product.

2. People are concerned about their health

3. There may be competitors with a similar idea

4. I could distinguish my product from others by adding a self cleaner to the sink.

5. The demand for sinks will never disappear.