Week 8 Reading Reflection

1.) One thing that surprised me from the reading was seeing that venture capitalists aren't satisfied with a reasonable return on investments. I thought investors would stay satisfied as long as they make a decent return. I didn't expect that they would want unreasonable returns in order to invest.

2.) One thing that confused me from the reading was that they didn't really explain why having too much reliance on one member of a team could be deal breaker for venture capitalists. I never assumed that that would be a problem.

3.) My first question to the author would be what he thinks of the new trend of crowdfunding? Does he think it could take over as the main way to finance a business? Also, in this day and age its hard to make a product that is truly unique. What does he think is the best way to try and present a product if uniqueness isn't possible.

4.) I think the author is wrong to think that unrealistic expectations can be a deal breaker for venture capitalists. From what I've seen, people who make the products have more understanding of the industry more than anyone. So they know exactly how well they're product is really worth.

Half-way Reflection

1.) A behavior I picked up to keep up with this course is to try and stay organized and manage my time well. There were times in the beginning where I would almost forget to do assignments. Now I keep a schedule on when I want to get things done.

2.) Moments I felt like giving up was when I had to do the interviews and the elevator pitch. I couldn't bring myself to do them but then I realized that they were things that could be done really quickly. I think those two assignments have helped me develop a tenacious attitude.

3.) three tips I would give out for this course:

1. Keep a schedule on when you want to get things done. This makes things easier.
2. Don't worry about having to go out and asking/ interviewing people.
3. Having a friend with you when doing some of the assignments can make things easier.

Week 7 Reading Reflection

1.) One thing that surprised me from the reading was the way advertising was after WWII. I thought persuading people using emotions you get from buying products or using relatable characters would have been something done before that time.

2.) One part that confused me was when the reading was trying to explain how attitudes matter to the buying decision. The reading wasn't exactly clear on how it helps sell products.

3.) One question I would ask the other is what does he think the most effective way to segment an audience is. Can segmenting them through attitude or lifestyle lead to more profit? Also, which purpose of segmentation is more effective, advertising or new products? I feel that a new develop on advertising can make any product more appealing for different audiences. Microsoft has done a great job at using different kinds of ads to target different kinds of people for their Surface Pro series.

4.) One thing I disagree on with the authors is that they say that visiting a clinic about a medical condition is a middle of the spectrum decision. I think in most cases that's a more deeper decision since it has a chance of being something serious.

Elevator Pitch no.2

What stood out to me the most from the feedback I got from the first elevator pitch was how positive it all was. Every comment I got said that they thought my idea was great and it was something they would.

For this pitch, I tried to make sure my delivery was more concise. I wanted to make sure I got the idea of KeyBrain across better than the first pitch. While nobody had a problem with understanding the product, I thought I could do a better job at it.

Interviewing Customers No. 3

The questions I asked during the interview:

1. Do you carry a lot of keys with you?
2. Do they ever annoy you? Do they hurt your leg when they're in your pocket? Are they too bulky? Is it a hassle to find the right key?
3. Would you be willing to buy a product that fixes those annoyances?
4. If it came with a feature that would help you locate your keys if you lost them through an app, would that be an incentive to buy it?
5. How much would you be willing to pay for this kind of product?

From these interviews, I learned that people could really benefit from having a new kind of key chain. People want a more compact, less noisy, and easier way to store their keys. What surprised me the most is how much people are willing to pay for it. Throughout the interviews people said they would pay $10-$20 for the product. I didn't think people would go over $10. Because of these interviews, my thoughts on the product has changed. I'm more confident that this product is a good idea and would actually benefit a lot of people.

Week 6 Reading Reflection

1.) What surprised me the most in the reading was the Airlines were less profitable than Knitting Mills from 1992-2006, with Airlines averaging 5.9% ROIC and Mills 10.5%.

2.) One part of the reading that confused me was the shaping industry structure part. The idea of an industry reshaping itself was not sticking with me.

3.) One question I would ask the author is what he thinks the biggest barrier to entry is for incumbents. He listed 7 but surely there is one that more hindering than the other. Also, I would ask how big of a threat are substitutes. There are five forces that shape industry competition, so much do substitutes effect that.

4.) The thing that I disagree on with the author is on Rivalry. He says that rivalry is especially destructive to profitability if it gravitates solely to price because price competition transfers profits directly from an industry to its customers. I think in the long term rivalry can be beneficial to profitability as it fuels competition to make the better and more affordable products. Rivalry can set which company is the best.

Idea Napkin No.1

1.) I have experience designing apps for student and professional projects. My aspiration is to have a career that is both creatively rewarding and can provide benefits to people. If I were to start this business, this could achieve that aspiration. I would dedicate all my time to designing my key holder product and knowing people are willing to buy it would give me the sense that I'm having a positive impact on society.

2.) My product, KeyBrain, is meant to replace the regular key chain. Having a lot of keys in your pocket can be annoying. They can sit uncomfortably in your pocket, takes up a lot of space, are noisy, and can be a hassle to find the right key when you need it. KeyBrain is a new key holder that is meant to fix all those problems.

3.) This product would be great for individuals who carry a lot of keys around with them all the time, like college students. This would also be great for any organization or business that has a lot of rooms, like a hotel or convention center. Every time I got to a hotel, I see workers who have these huge amount of keys on a small key chain. They always chain them to their belt buckles and have a hard time finding the right keys to every door they need to open.

4.)  The product itself is a small rectangular container that holds and organizes all of your keys. Its compact so it takes up less space in your pocket and is more comfortable, removes the clattering of keys, and makes find the the right key easier. The idea is that you put your keys into the container and when you need to take a key out, there is a knob in the side that slides the key out and back in. Depending on the number of keys you carry, you can have the container hold 5 to 10 keys at a time. So for staff workers at a hotel instead of carry a huge bundle of disorganized keys, you can carry 2 or three KeyBrains that have the keys sorted together.

5.) What sets me apart from everyone else is my determination. No matter how far fetched or impossible something might seem, I'll do my best to things work. What I have that nobody else has is that at my age I have experience with working with professional clients on making a new product from scratch.

I think that all five of these elements fit together well for me. My experience with designing apps gives me some insight on how to develop an idea from the ground up. The product that I'm offering can really benefit a a large demographic of people. The people I listed would care about my product and everyday people could use it as well.Also my core competencies are things that will help me move my business further if I wanted to start it.

Interviewing Customers No. 2

1.) After the first round of interviews, I started with a broad opportunity. I thought of a way to reduce the amount of space our phone, keys, and wallet take in our pocket. Now I focused more on one of those items, keys/ key chains. I thought of an opportunity that would reduce the clutter, noise, and annoyance of having a lot of keys in your pocket.

2.) In the last interview I talked to anyone. But for these interviews I focused on students. I think students would definitely gain the most from this opportunity than anyone else because of all the different kinds of keys we have to carry at all times.

3.) In this interview, I changed my questions to focus more on the issues of keys.

5.) After these 10 interviews, I have more confidence in my opportunity. I think it's good idea and it's something that people would actually use. 

6.) My three tips for students in the class next semester:

1. Don't worry too much about asking random people for interviews. 
2. Having a friend with you when your interviews makes things easier
3. Think of your surroundings. Make sure you're interviewing people in a quiet place so when people watch your videos, they'll be able to understand whats being said.

Week 5 Reading Reflection

1.) What surprised me the most from the readings was finding out how long it takes to obtain a patent. I knew the process was complicated, but I never thought it would take 24 months to get it done.

2.) One part of the reading that confused me was the reasons a trademark may be invalidated. I didn't understand what the conditions they listed meant at first, but after reading them again I got it.

3.) A question I would ask the author is which of the three primary forms of organization does he think is more suitable for a smaller business. Would a sole proprietorship or partnership be more beneficial. Also, with this chapter being about trademarks and legal challenges, I would ask the author a question on a current event. I would ask him what he thinks about the Finebros. controversy that happened over the past week with them trying to trademark content.

4.) There is one thing I disagree with that the author wrote. He states that generic words never get trademarked, but there have been many times in recent events where they have been. The game studio, King, trademarked the word "Candy" for Candy Crush, Sony tried to trademark the term "Let's Play", and the Finebros trademarked the "React".

Elevator Pitch no.1

KeyBrain

Having a lot of things attached to your keychain can be really annoying. It’s bulky and can take up a lot of space in your pocket, it can be uncomfortable to move around with, and it can be a hassle to try a find the right key when you need it.

My solution is a small container that neatly holds all your keys. The key holder would be a thin container, that could fit in your palm, that you would slide your keys in and out of. When you need to use a certain key, there is a knob on the side that raises and lowers the key. This would fix all the problems I listed above. Your keys would take less room in your pocket and be more comfortable to carry, and finding the right key would be easier.