ENT3003

Friday, April 19, 2019

30A Final reflection

1) From Reading my past posts I realized that my lowest moments where in the beginning when I was still learning how to work my blog and I submitted three assignments the wrong way and got zeros fro them and the high was seeing my progression from my first post to my final post and to see how much more comfortable I have become. 
2) The thing I'm most proud of completing is the class in general. Being able to see how many posts I actually made and to see how they got better as the later post came in was awesome to see and surely something I won't forget anytime soon. 
3)I think I am more an entrepreneur in the way I think now I don't see the negatives in failures anymore only the lessons I learned and the knowledge I gained.
4) I think all students should take this course as it makes you really adapt your mindset  and see things differently. To get your mindset in the entrepreneurship form before this class I would just advise that you never look at anything as a negative and only look at things as positives and see how your viewpoint changes. 


Image result for finished
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Friday, April 12, 2019

28A Exit Strategy

The exit strategy I plan to make is to sell the company in 10yrs, but still keep stake in it as an investment. I will then use the money I get from selling to pursue more ventures that I can cash out with. This has influenced my decisions greatly as I have not put thought into the long term that much as I plan to sell and have focused on optimizing in the short run. 

Posted by Sam C at 10:16 PM 2 comments:
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29A venture concept 2


Image result for a lock on internet


             The opportunity that I have focused on is the idea of internet security. As a consumer of the internet myself, I myself see the need for better security as have my friends and acquaintances. This window of opportunity is big and keeps growing as technology keeps evolving to be faster and better. As technology increases, the ways to scam people online gets larger as well, so tech advances and scammers both rise together creating this opportunity. The need for more security when transferring money online is the opportunity. The target consumers are college students between 19 and 25. From personal experience and interviews, I have learned that 90% of students at this age do the majority of their transactions online with apps like cashapp, venmo, apple pay, and more. This window is fully open right now to take advantage will keep being open for the foreseeable future as new tech is made every day. Right now, all these transaction apps have a general security system, but people still get scammed out of their money and information with the rudimentary security.
            The innovation that I am proposing is a third-party app, called AppSafe, that works with the transaction apps as an extra layer of protection. The general transaction apps are more worried about getting their transfer fees than about security, and in contrast my app will be 100% about security. I will have to negotiate with the transaction apps to get them to accept the service and I will only talk with reputable apps. The way I would create profit is that you sign up for my app and make an account and then once you have an account it links to all the accepted transaction apps that I have made a deal with. There will be a monthly fee of $10 to be a member and receive the benefits of my service.
            The reason that people will create on accounts because they aren’t switching from an old provider to a new one this is a totally new product. There are other security apps like MacAfee, but they focus on protection from viruses on a computer. There is no other app that works on your phone and focuses on transaction apps as my does. The only competitors are the transaction apps themselves, but as I will be working with them there are no real competitors. As there is no packaging and selling involved the most important part of the app will be customer support. Customer support is a very important part as the customer needs to know about the security of their sensitive information and money. If my product launched today, In 5 years I would like to have saved up some money from this venture and start a new and bigger one. I would give up the control of the original app but keep stock and royalties and use those to invest in more projects and too start new ones. This venture would be the starting point that launches me to invest in and create many new projects in the future. 
          All the feedback I got on the first Venture concept really just made me want to elongate the what's next section of this. All the feedback was positive and encouraged me to keep up with this venture as it is a good idea and the only main concern is that their will be imitators who try and copy my company.  The only thing I changed from my previous post was that I just bolstered up the ideas I already stated and didn't change too much.
Posted by Sam C at 10:09 PM 1 comment:
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27A Reading

Thinking, Fast and Slow, Daniel Kahneman

1) What was the general theme or argument of the book?
The general theme of the book was that there are 2 ways your brain works, System1 and System2, and you need to figure out when to use which one. 
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
This book enhanced this class because it allowed me to see when I was using System1, which is impulsive automatic action, and when I was using System2, a very conscious thoughtful action. It allowed me to go back and see where I may have used the wrong system and learn from it to use the right one in the future. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
An exercise I would implement would be a list of five scenarios and you must pick which system you would to use to solve it and you solution and why you picked that system. 

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?
The biggest surprise was learning about the two systems which I always knew it was how you think, but the way Mr. Kahneman wrote it made it really surprising because it is such a simple concept blown up. 

Posted by Sam C at 9:59 PM 1 comment:
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26A Celebrating Failure

This past semester I failed by getting a C in Financial Accounting and it really helped me out in the long run. I didn't put the time or give the attention to detail that I needed too to get the grade of A or B that I was looking for but it helped me for the future. It showed me how to really study and how to manage my time better. I am now in Managerial Accounting with an A which shows how I learned from my mistake. I handle failure as a learning opportunity and an opportunity to correct mistakes that you have been making. After taking this class, I am definitely more inclined to take risks as if I fail it will be ok because I will learn from it. 



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Friday, April 5, 2019

25A Whats Next

Existing Market- College Students aged 19-25
1. The next move in my venture is to create the actual app and sell it to existing apps like venmo and cashapp.
2a. Roommate 1-  age 20 - Agrees that the next move is to create the app. Also thinks it should be very simple and not that complex and it will be more appealing.
2b. Friend 1 - age 21 - Thinks I should have the design for the app, but meet with the already created apps first to get connections so when my venture is done it will be easier to sell because of the previous connections already made.
2c. Friend 2 -age  20 - Agrees with my roommate about creating the app then meeting developers, but disagrees about the simplicity of it as kids in this age range are very good with technology.
3. These interviews have made me realize that I should make the app first and then bring it to the venmos and cashapps of the world. Also making the app not too simple but not too complex is the biggest concern as too easy will make the app seem obsolete, but too complex and no one will know how to use it.



New Market - Older people aged 60 +
1 The new market that I will be targeting is the older generation around the ages of 60 and up. As older people don't know how to use technology well, this product will help make sure their important bank and money info is safe and secure.
2a. Grandparent 1 - Likes the idea, but doesn't know how applicable it is for people his age because they aren't online a lot and mostly go to the bank and such in person because on lack of technological skills.
2b. Grandparent 2 - Loves the idea because she doesn't really know how to use technology and gets confused by it. Thinks if it is simple and easy to use people in the age range will definitely use it.
3. From this new set of interview it made me realize that the design has to be simple to reach more markets. The original market was split between a complex or simple interface, but it wasn't that important to them as it is to the new market. The most important aspect for this new market is how easy it is to use so I will make my venture very easy to use and accessible to all.

Posted by Sam C at 10:44 AM 3 comments:
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24A Venture Concept 1


Venture Concept

            The opportunity that I have focused on is the idea of internet security. As a consumer of the internet myself, I myself see the need for better security as have my friends and acquaintances. This window of opportunity is big and keeps growing as technology keeps evolving to be faster and better. As technology increases, the ways to scam people online gets larger as well, so tech advances and scammers both rise together creating this opportunity. The need for more security when transferring money online is the opportunity. The target consumers are college students between 19 and 25. From personal experience and interviews, I have learned that 90% of students at this age do the majority of their transactions online with apps like cashapp, venmo, apple pay, and more. This window is fully open right now to take advantage will keep being open for the foreseeable future as new tech is made every day. Right now, all these transaction apps have a general security system, but people still get scammed out of their money and information with the rudimentary security.
            The innovation that I am proposing is a third-party app, called AppSafe,  that works with the transaction apps as an extra layer of protection. The general transaction apps are more worried about getting their transfer fees than about security, and in contrast my app will be 100% about security. I will have to negotiate with the transaction apps to get them to accept the service and I will only talk with reputable apps. The way I would create profit is that you sign up for my app and make an account and then once you have an account it links to all the accepted transaction apps that I have made a deal with. There will be a monthly fee of $10 to be a member and receive the benefits of my service.
            The reason that people will create on accounts because they aren’t switching from an old provider to a new one this is a totally new product. There are other security apps like MacAfee, but they focus on protection from viruses on a computer. There is no other app that works on your phone and focuses on transaction apps as my does. The only competitors are the transaction apps themselves, but as I will be working with them there are no real competitors. As there is no packaging and selling involved the most important part of the app will be customer support. Customer support is a very important part as the customer needs to know about the security of their sensitive information and money. If my product launched today, In 5 years I would like to have saved up some money from this venture and start a new and bigger one. I would give up the control of the original app but keep stock and royalties and use those to invest in more projects and too start new ones. This venture would be the starting point that launches me to invest in and create many new projects in the future.  

Posted by Sam C at 10:44 AM 3 comments:
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23A Venture Advantage

  1. Charisma - Important, rare, imitable to an extent, cannot be replaced
  2.  Accessibility - Important, common, imitable
  3. Online Knowledge - Important, common, imitable, cannot be replaced
  4. Simple Design - Important, very common, can be replaced, imitable
  5. Connections - Very Important, somewhat rare, cannot be replaced
  6. Marketing skills - important, semi-common, cannot be replaced
  7. Time management - very Important, somewhat common, can be replaced 
  8. Work ethic - Important, semi-common, imitable, can be replaced
  9. Organization - Important, common, imitable, can be replaced. 
  10. Ability to adapt - Extremely Important, rare to have, not imitable, cannot be replaced

I think that my ability to adapt is the most important resource that I posses. It is a very hard attribute to recreate and I don't think many people have this skill. The market and the world is constantly changing and evolving and if you can't keep up and change with it, you will get left behind. 

Posted by Sam C at 10:29 AM 3 comments:
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Sam C
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Blog Archive

  • ▼  2019 (30)
    • ▼  April (8)
      • 30A Final reflection
      • 28A Exit Strategy
      • 29A venture concept 2
      • 27A Reading
      • 26A Celebrating Failure
      • 25A Whats Next
      • 24A Venture Concept 1
      • 23A Venture Advantage
    • ►  March (8)
    • ►  February (8)
    • ►  January (6)
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