Final Reflection

Samantha Twohig
ENT3003
Final Reflection
4/22/20

1. The experience that I will remember for years was creating a product. The product that I created was a set of required information for social media platforms in order to reduce and further stop the issue of data violation. This experience opened my eyes to all the factors that go into creating a product, finding a target market and how to go about marketing my product to that specific audience. I am most proud of this experience and my accomplishment because know I know that I can do this once I enter the real life business world.

2. After taking this course, I definitely feel like an entrepreneur. The many assignments in this class have taught me all the things that I would need to be an entrepreneur in the future and has let me closer to this mindset. Also after reading about all the famous entrepreneurs and their success as well as failures, I learned even more about what it takes to be in this business and made me more excited to pursue something like this in the future.

3. For the students entering this class in the future, there are many things that go into it. The most important factor, however, is time management. There are many assignments due on a weekly basis and if a student is not on top of them they will not get it done in time or done to the best of their ability. Poor time management will hinder students from succeeding in this course as well as in their future endeavors. In order to foster this mindset, students should look at every assignment like it for the real life business world and take them seriously as these are the skills they will need in the long run.

Venture Concept No. 2

Samantha Twohig
ENT3003
Venture Concept No. 2
4/19/20

Opportunity: Social media platforms are the leading thing in society at the moment, and they will just become even more popular as technology continues to enhance. With that being said, the ongoing issue of data privacy violation will only get worse. Unless we step in and change this; and that it was I am going to do. This is a big opportunity because so many people experience this when making accounts for these platforms and it is not okay. No one's privacy should be violated. With technology continuing to advance, new social media applications surface which means that I believe this opportunity will last for awhile.

Innovation: I am designing a product that will reduce this issue. When making accounts on the social media platforms, they require you to input a lot of personal information that is seemingly unnecessary. With that being said, what I am going to do is create a set of required personal information, but less than already required, that are in fact necessary in order to actually get the accounts started. Then I will market my product and explain all the benefits it will have on the platform’s business as well as the customers that use it. I will sell my product for 50 dollars and will ask for 10-15 percent commission for a certain amount of times my product is used. Once I have the social media businesses on board I will implement it into their platform so that this will be the new way to make an account.

Venture Concept: My product will make it not only easier to make an account but also safer. Implementing this will also make people feel safer when giving these social media platforms their personal information. Social media platforms will want to buy my product because it will make their customers want to use their product more. If consumers do not feel safe they will not make accounts with these social media apps. I do not think it will be hard to switch either, not only because it is in the best interest of their audience but also because with all the new technology, it will not be hard to implement. Additionally, packaging really does not have a big effect as it is technology, however, customer support could play a big role in customer experience and further affect the success of my product and the services provided by these social media platforms.

The Three Minor Elements:

1. My unfair advantage will be my hard work and determination. I strive to overcome all obstacles or any mistakes that might stand in my way and I will bring that with me into this business and into the real life business world overall. This quality will help me succeed as many obstacles may stand in my way in this industry as it is constantly changing.
2. After I sell and implement my product into one platform, I am hopeful that we will see great results. With that being said, I will strive to implement my product into all social media platforms so that they all will adopt this change.
3. In five years, I hope to have helped both the social media platforms with their businesses as well as the consumers in feeling safer when plugging in their information. This venture has given me the perspective of an entrepreneur and has taught me skills that I will be able to take with me in future endeavors.

Feedback: I got very good and positive feedback from my last venture concept. I realized from my feedback that my product is very much needed and will make many people feel safer. Additionally, due to my feedback and the interest already in my product after the previous one, there was not much I changed going into this one.

Your Exit Strategy

Samantha Twohig
ENT3003
Your Exit Strategy
4/13/20

1. I chose to enter the social media market. With that being said, I will probably sell the business in a few years, not necessarily because I want to but because I will most likely have to. Right now, all social media platforms are very popular but as time goes on and technology advances, it may become less popular. If that happens then my product will useless in the market. This type of product and this kind of market is not a business that is passed down. I hope to stay in this type of business but I believe this product will only last as long as the market.

2. I picked this strategy because my product and business follows the market of social media platforms. If new technology reaches the surface then new forms of social media or something we have not even seen yet, then my product will be useless.

3. After making my exit strategy, I realized that in the few many I should appeal to a market that will allow me keep going. Although this product will give me the maximum benefits it could give me during that time, it may be nice to have a business that I could pass down. On the other hand, I like that I chose this market because I can relate to so many people when addressing it and I am confident with my product. The exit strategy definitely geared me towards certain decisions but I would not change any of them.

Reading Reflection No. 3

Samantha Twohig
ENT3003
Reading Reflection No. 3
4/13/20

1. The general theme of Scott Adam's novel, How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life, is failure. Adam's uses his experiences and his failures to give the audiences tips on failure and teach them how to move on and learn from these failures. One thing he stated was, "A combination of mediocre skills can make you surprisingly valuable", which to me, means that you can do anything with hard work and passion.

2. This book connected to this course because it focuses on failure. We just had an assignment that related to failure so I wanted to take a look at Adam's strategy and tips in this field. After reading this novel, I learned how to cope with failure in a better way than I already do. Both the book and the course taught me how to learn from my failures and be proud of my mistakes to encourage me to work harder in future endeavors.

3.   If I had to create an exercise, I would all the students pair up or get in groups and share with the group a time that they have failed.  Each group member will get a turn and they will also be giving feedback so that everyone will know that they are not alone.

4. What surprised me after doing this assignment was the author. The author made it sound so easy to admit to failure and was so easily able to use his experiences within his novel. He was also able to do this in a humorous manner which I also found very surprising and impressive. I can not talk about my failure proudly and he taught me that it is good to and make me feel more comfortable doing so.

Celebrating Failure

Samantha Twohig
ENT3003
Celebrating Failure
4/13/20

1. This past semester, I failed to get grade I wanted on my first finance exam. I worked really hard at this class, watching all the videos and taking all the practice exams because I knew the difficulty of the course. Each time I took the practice exams I would get the same concepts wrong so I would always go back to look over where I am a mistake. Although I did all these things to prepare for the exam, I was still unhappy with the grade I received and therefore "failed" in my book.

2. From this failure, I learned how to adjust my studying for the next exam. I realized that the Study Edge was not the only material I should be studying. I started to watch all the lectures and do all the problems he posted to the Canvas additionally to the Study Edge ones. As a result of this, I did so much better on the second exam. I learned how to approach the next exam and how I can take this lesson with me to my other courses in the future.

3. Failure is hard. Failure is embarrassing. Failure is painful. When I fail, in my eyes and through other peoples eyes, it is really hard for me to cope with and it increases my level of anxiety. However, this failure and this courses taught me that it is okay to fail and you need to learn to just get up and try again. Know that you did the best you could. This lesson will help me in future courses as well as in the real world. I am definitely more likely to take risks now than I was.

What's Next?

Samantha Twohig
ENT3003
What’s Next?
4/9/20

Existing Market:

Step 1: In terms of product/service, the next step in my venture would be to find a reputable social media platform and sell them my idea. They would most likely test the product and see the amount of people who make accounts using this change, before all social media platforms make this change as well. They would need to determine if making this adjustment will further benefit their business enough.

Step 2:
Interview 1: (female, 18) This young teenager uses social media on a daily basis in order to communicate with friends and family as well as sharing pictures. With college coming up she now uses social media platforms to meet and connect with new people who will also be attending her chosen college, Mount Saint Mary’s College in New York. She never thought about the problem of data violation, but after I explained my product to her she agreed that she would feel a lot safer if not as much personal information was required when making these accounts.

Interview 2: (male, 24) This young adult just graduated from the University of Florida after getting his masters in business administration. With that being said, he is moving to New York City in search of a job in that field. He stated that social media plays a very big role in both the job search and the search for an apartment as it makes it easier to communicate with possible employers as well as apartment building managers. After hearing about my product, he stated that we should be coming up with a way to encourage all platforms to make this change.

Interview 3: (female, 50 children 14,16) This woman not only uses social media herself but she also watched her two children use it all the time, many hours of the day. She liked hearing about my product and believes it should be implemented immediately as it made it feel more comfortable especially regarding the safety of her kids. She believed that we need to somehow get this idea out there and get the attention of the social media platforms.

Step 3: In terms of growing my existing market, I will need to find investors. It will cost money to make the product as well as implement it into each platform. Additionally, in order for existing businesses to support me, they need to know that other people believe in the benefits of the new product. As a result, I need to do some research on the different social media platforms and their importance for customer safety and start pitching them my idea.


New Market:

Step 1: This target market is one that is unaware of what social media even is and would not even think about using it.

Step 2: My product does not need to only be implemented in social media platforms but it any types of forms that may require certain information that may be unnecessary. To appeal to my chosen new target audience, my set of required information can be implemented anywhere in order to make all people feel safer when sharing certain information and be aware of where this information will be kept.

Step 3: It was hard to find people in this target market because social media has become such a huge aspect of people’s lives and very few people refrain from using it. However, I was able to find a few people to interview and they greatly helped me build on my idea. My first interviewee was my dad who does not have any form of social media. Although he does not use it personally, he sees people around his use it and feels safety should be these business’ first priority. He also said that this product could be implemented in many places for instance applying colleges.

My second interview was with my grandmother who never had social media and would never think of having it. However safety has always been a big priority to her especially now that privacy violation has become a growing issue. She loves my idea and thinks it should be implemented everywhere in order to appeal to all audiences rather than just people who use social media.

Step 4: After taking a look at this new market, it does not seem to be as attractive as my existing market however it was good to research and see the affects my product would have on different people. A large amount of revenue would not come from this new market. After receiving feedback, it was brought to my attention that although social media is a large aspect of society today, it is not the only thing that experiences violation of privacy and I need to take that into consideration as I enter my product into the market.  

Venture Concept No. 1

Samantha Twohig
ENT3003
Venture Concept No. 1
4/9/20

Opportunity:
With social media platforms continuously growing, the problem of data privacy violation is also growing. With that being said, the changing environment of these platforms is what creates this opportunity and the individuals who use any form of social media are the people who have the need. These people are the potential customers for the product that I have created in order to increase the safety of people’s privacy within these platforms. Demographically this product will make users of social media apps including instagram, facebook, snapchat, etc., feel safer when they make their accounts. Geographically speaking, the location will not have much of an affect. Customers are very loyal to their social media accounts as it is now what most people rely on to communicate and keep in touch with friends and family. This is a big opportunity, therefore, the “window of opportunity” will be open for a very long time as the popularity of all social media platforms is still growing.

Innovation:
When making an account on these social media accounts, they require a lot of personal information; information that is not always necessary. I am creating a set of required information that will be implemented into all social media platforms. This set of information will require less personal information that will hopefully make people feel safer when they create these accounts. By setting one set of standard requirements that all social media apps will use, will not only increase security in the industry but will also increase the amount of individuals that use these platforms. I would like to create a partnership with these different apps, as well. I will sell my product for 50 dollars and will ask for 10-15 percent commission for a certain amount of times my product is used.

Venture:
My product will make creating on an account on these social media platforms easier and safer as well as making users feel safer when sharing certain information. All social media should buy and implement my product for many reasons, however, the most important one is in order to stay in business and to make sure that people are still using their services. If customers do not feel safe with a social media platform and are scared of data privacy violation, they will not want to continue using it. I do not think that it will be hard for them to switch to this set of required information becuase it what is best for their market audience and will all the new technology it will not be hard to implement. Packaging really does not have a big affect as it is technology, however, customer support could play a big role in customer experience and further affect the success of my product and the services provided by these social media platforms.


Three Minor Elements: 

1. My most important resource or my “unfair advantage” would be my confidence. In order to be successful in the business I have to be confident in my product and believe that my product will help not only the social media platforms in their industry but also the customers making these accounts feel safer.

2. After I sell and implement my product into one social media platform, I strive to implement it into all platforms. I believe that all apps should to adopt this upgrade in order to keep thier loyal customers.

3. In five years I want this venture to have helped as many people as possible feel safer and more aware of where their personal information is going. I want people to feel comfortable and not be scared to make accounts. This venture has allowed me to understand the perspective and steps of becoming an entrepreneur and I hope to use these skills to continue to create products and services that will benefit large populations worldwide.

Your Venture's Unfair Advantage

Samantha Twohig
ENT3003
Your Venture's Unfair Advantage
4/6/20

1. Strong Support System:

Valuable: Yes! Having a strong support system not only makes completing tasks easier and faster but also is a motivating factor 

Rare: Yes this is rare because not everyone is as fortunate enough to have people in their life to act as that support system for them 

Inimitable: Yes it is possible that not everyone has a support system however, it is hard to create one if it does not already exist 

Non-sustainable: A strong support system is definitely not substitutable but is a very important thing in life 

2. Perseverance: 

Valuable: Yes, not everyone is able to overcome the obstacles that may get in their way

Rare: Yes, because when things get rough many people just choose to give up

Inimitable: Perseverance is not something that people gain overnight. It takes experience, failure and even more, motivation

Non-Sustainable: Yet many people may exhibit this characteristic, it is different with every individual

3. Strong Network: 

Valuable: In order to be successful in any part of business, it is important to have strong connections 

Rare: Yes, not everybody have the ability to reach out or have the resources to do so in order to obtain those strong connections 

Inimitable: Creating these connections requires individuals to step outside of their comfort zone which is not easy for everyone 

Non-Sustainable: Older and more experienced people will have stronger connections than me as they have had more time to make them 

4. Sales Experience: 

Valuable: To be successful, it will help to have experience 

Rare: Not necessarily, as most job applications and companies ask that their employees have sales experience  

Inimitable: It is easy to learn how to be a good salesperson from watching and following how someone else does it 

Non-Sustainable: If you do not have good sales skills you may not succeed in the business 

5. Good Work Ethic: 

Valuable: Yes, extremely! In order to get everything done on time and organized you must have a good work ethic 

Rare: Not necessarily but everyone has different work ethics 

Inimitable: You can not copy someones work ethic. You can watch someone and strive to work as hard but it takes time 

Non-Sustainable: Some people may have stronger work ethics but I always try to work hard when I am completing my tasks 

6. Confidence: 

Valuable: Yes, in order to succeed you must be confident in your product and in your business as a whole 

Rare: Yes, not everyone is confident in what they do and that can be a cause of not having a strong support system

Inimitable: Yes other people have confidence also but you can not necessarily learn to be confident from them

Non-Sustainable: Confidence is an important aspect in the business world and can not be substituted 

7. Experience with Rejection: 

Valuable: Being able to accept rejection and move forward from it is the key to success

Rare: No, rejection happens very often in life and only very few people have not experienced this 

Inimitable: You can learn from rejection and take advice on how to deal with it in order to move forward 

Non-Sustainable: Rejection can not be substituted with incurring a loss 

8. Research on Target Market: 

Valuable: In order to successfully market a product you must first understand the audience that your are targeting 

Rare: Every business has a target audience, however, not everyone is equally devoted to doing the proper research 

Inimitable: The research that I have done myself is inimitable but someone will not be able to arrive at the same conclusions as me 

Non-Sustainable: Every individual has different research although it could be similar 

9. Connection with Investors: 

Valuable: Yes, in order to be successful in the market you need to connect to people who would be interested in a companies product

Rare: It is rare for people at a young age, however, everyone needs these connections 

Inimitable: You can not fake connections but you can always make new ones 

Non-Sustainable: There are many different connections and not all are the same 

10. Ability to overcome challenges: 

Valuable: Introducing a new product can be challenging and you must be able to move past those challenges to succeed 

Rare: Very few people are able to come up with solutions to the problems that arise 

Inimitable: It is good to take advice from someone on how to overcome challenge but everyone has to find their way 

Non-Sustainable: No it can not be substituted 

My top resource is confidence. Creating and selling a product is difficult. However if you are not confident in your product or in yourself, no one else will be confident in you or take you seriously in the real world. Confidence in one product can lead to the creation of many others and make you further successful in the market. 

 

Elevator Pitch No. 3

Samantha Twohig
ENT3003
Elevator Pitch No. 3
4/2/20


https://www.youtube.com/watch?v=BJcoBclKuxc

Based on my feedback, I did not change much of my product features, however based on personal experience with the violation of data privacy, it has further opened my eyes to the importance of fixing this issue.