Week 15 reading reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
What surprised me the most, was that SKS Microfinance has a 99.5% repayment rate.
2) Identify at least one part of the reading that was confusing to you.
In this article I didn't find anything confusing. The author did a good job explaining her business and it's processes.
3) If you were able to ask two questions to the author, what would you ask? Why?
How did you go about handling situations that involved gangs?
How hard is it to be able to utilize technology with your clients in those types of areas?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
There was nothing that I believe the author was wrong about. I think the author did a great job and has a great company.

Final Reflection

- Well, with about 70+ assignments that needed to be completed this semester, there were quite a few different experiences. The ones that stuck out the most though, where the assignments that needed to be recorded, because those were the assignments that put me out of my comfort zone. The highs for this class would probably have to be the video recording assignments, those were the easier assignments and required less actual work. The lows for this class would definitely have to be the amount of assignments due each week in this class.

- I would have to say the most formative would have been the entrepreneur interviews and the reading reflections. The experience that I will probably remember for years would be the elevator pitch's. What assignment I am most proud of myself for accomplishing, is the venture concepts and idea napkins.

- I would have to say I'm not exactly an entrepreneur per say, but I definitely have a better mindset now then I did before. Especially after the wide range of assignments that we had to complete in this class.

- If you were going to journey down this path, I will say, share before you declare. To perform well in this class you definitely have to check canvas everyday, because there can be around four assignments due every week. Also, if an assignment involves a recording, make sure you do them in advance, because it can be hard to find people willing to be recorded. One way to foster the mindset to perform well in this class, is stay positive and keep an open mind to peoples opinions about your venture.

Venture Concept No. 2

Introduction

Just wanted to give you a quick idea of what my product is before I tell you why I have the opportunities I have and why it’s innovative. Basically, I want to build off the idea of the steering wheel quick release you see in race cars and incorporate it into cars right off the factory lot. I believe this idea will help promote less vehicle thefts in the country and even around the world.

                                

The pictures above are of the aftermarket steering wheel quick release, where I would be using a similar idea and building my product around that idea.

Opportunity

An opportunity is a group of customers with unmet or under-met needs. I believe my customers that have this unmet need or under-met need are basically anyone with a new vehicle and a used vehicle as far back as 5 years. The customers have this need because there is an exceptionally high number of car thefts a year. I think the force in our environment that creates this opportunity is the economy. Some people have to resort to these types of behaviors, so they can make money by stripping cars. The market opportunity is really for anyone who wishes to buy my product. Speaking geographically, my market would have to be mainly in California, because seven of the top 10 cities with the highest rate of vehicle theft in 2014 were in California, according to the National Insurance Crime Bureau. The only way the customers are satisfying the need they have at the moment is really only through anti-theft alarms and some use tracking devices, but it doesn’t keep your car from being drivable. There is also the aftermarket route, but this route gets rid of the factory air bag, which creates a definite safety issue. I believe this opportunity came be very big if it’s pitched and marketed right, because there is a very large market of new car buyers that are not going anywhere.

Innovation

An innovation is defined as a new or creative service, product, or process that addresses the customer’s needs. I believe my product will be innovative because a motor vehicle is stolen in the United States every 46 seconds, and no one has thought of putting my idea in a vehicle right off the factory lot. As you saw above in the pictures, my idea revolves around an aftermarket steering wheel quick release. What I plan to do is design my own quick release to avoid any issues and work with different car manufactures to build their factory steering wheel around my product. As I said earlier, if you buy an aftermarket steering wheel quick release the only option you have is an aftermarket steering wheel that loses the airbag. So, working with the car manufactures to build a product that retains the airbag and all the safety features, could lead to a very innovative product with a lot of opportunities. Also, the steering wheel you get with the car is the only one that will work for your car. All of this will lead to me making money, but at the moment I’m not sure how I will charge the car manufactures as I will be working with each one them to build my idea around their factory steering wheel. My product would most likely be an option like a special feature where every car sold with my product, I will receive a certain percentage of the amount extra for the added feature of the car.

Venture Concept

A venture concept is defined as the application of a specific innovation to address a specific opportunity. So, with the application of my innovative idea to put a factory steering wheel quick release into cars right off the lot, will definitely reduce the amount of car thefts throughout the country and eventually the world. It will reduce the amount of car thefts, because if a car thief decides to walk up to your car in the middle of the night while your sleeping and sees that your car doesn’t have a steering wheel, it will most likely deter the thief. I think customers will want to buy my product because there is no other product like it at the moment that comes as a factory option from the dealer and since there is no other product like it, I will not have too much to worry about when it comes to bringing customers over to my product. Although, I do have a little competition when it comes to the aftermarket steering wheel and quick release, but like I said there are no options out there that retain the airbag. As a business, I would locate my offices in high theft areas where manufacturers will be interested in my product and possibly work with me to create other anti-theft products for their vehicles.

Three Minor Elements

·       I believe my most important resource is my ability to create great customer service. There are so many bad and negative reviews about businesses out there, but it’s because of their customer service and not the product itself.

·       For my next venture, I would create another theft deterrent that a car manufacture could incorporate into their vehicles. The idea would consist of posts like a jack that lift the car when you park and lock in place to keep your car from being movable. These post will extend and retract into the frame of the car with a hydraulic system.

·       Hopefully in five years, I would successfully get my product in the market and creating a profit to help research new ideas. As an entrepreneur, in the next decade I would like to have my next venture be a success as well, to create an ultimate car theft deterrent. But it all rides on how successful I am with my first venture, to determine if my visions can come to light.

Feedback

Based off the feedback that I received from my fellow classmates, it did not lead me to changing much on my concept. The feedback I did get, had to do with the fact that customers that use my product will not want to carry the steering wheel around with them wherever they go. I believe this is more of a personal preference and if you want that extra blanket of security, this will be a product to invest in. Most thefts of vehicles happen in residential areas where people get too comfortable or on side streets out side of their home. So, even if you don't want to carry it with you into the store, just having it available to take inside with you when you get home, even if it means taking an extra trip, could definitely benefit you.

- William Garlock

Elevator Pitch No. 4

For my fourth and final elevator pitch, I did not change anything too drastic. This time it was more of me just practicing my pitch. I did only get one comment on my 3rd elevator pitch and it suggested I be a little more enthusiastic during the pitch, but I'll let you decide if I hit that point or not.

- William Garlock

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
After looking at the table of Top Ten Countries with which the U.S. Trades, I was not aware that Canada was our largest partner.
2) Identify at least one part of the reading that was confusing to you.
I don't want to go as far as saying confusing, but once chapter 4 started talking about global environment of entrepreneurship and going into economics and so forth, then I had to put my thinking cap on.
3) If you were able to ask two questions to the author, what would you ask? Why?
In your opinion, would you rather be an entrepreneur or a cooperate entrepreneur?
What skills do you need to become a cooperate entrepreneur?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
After reading through the chapters I did not find anything that I particularly thought was wrong or disagreed with.

- William Garlock

Google Gold

1) A discussion of your general approach and strategy to search engine optimization (SEO). What were some of the activities you did for each blog post to pursue SEO?

 I did find it hard to complete assignments and also try to incorporate a strategy that was the same into each post, since a lot of the assignments were different. So at the end of each post I incorporated my first and last name as you will find below.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

Like I said above I incorporated my name at the end of each post, which is also the name of my title. Other then that, I really didn't focus on key words, besides the entrepreneurial terms used in each assignment. If I were to add keywords, they would be in hashtag form and include popular references.

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I actually do not use social media anymore, so I didn't feel comfortable posting my blog out of nowhere and reactivating my accounts. I'm sure if I did use social media to promote my blog, it would definitely enhance my SEO as it would create more view and promote more comments.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

My most "viral" post was my first elevator pitch. Combined it had the most comments (6) and views (16). I would think it had the most, because it was the first elevator pitch and other fellow classmates might have searched around and viewed pitches to get ideas before they started theirs.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?
I made it to the first page of google by searching "ENTWILL3003", which is part of my URL and is not very common. So, I'm not surprised it's on the first page. Since it's part of my URL, it also brought up results of comments on other classmates blogs. 

- William Garlock

Very Short Interview, Part 2

1. Well my first interview with Bill was my first time actually going out and interviewing someone. I will say it wasn't too awkward since I knew Bill through my Dad. That interview was also the ice breaker I'd say to going out of my comfort zone to start interviewing people. The interview itself was very informative, it taught me, in his opinion, what it means to be an entrepreneur. Also, some of the things I should learn before venturing out for myself to be an entrepreneur.

2. Interview
- What was your career path to arrive at your current position?
It started when I was experimenting with raw materials when I had a need. I had to fix a fiberglass corvette fender and realized fiberglass was something I could work with. I started molding and building with fiberglass. I grew up on a river and was always into boats and decided to build them. Ever since then I have changed and perfected my molds to build a competitive business.

- What are some skills that are crucial to possess in order to succeed as an entrepreneur?
Some skills that would be crucial would be having a marketing sense, goals, a business strategy, skills in your particular field, and fiscally responsible.

- If you had one piece of advice to someone just starting out, what would it be?
Don't go into business for yourself. But on a serious note, you have to be disciplined and be educated on the products and services you want to offer to the fullest. Get a good attorney and a good accountant.

3. I would say I have come a little ways since taking this class, I have more of a entrepreneurial mindset and putting all my ideas and concepts into play. Like I said, now that I have come a little ways, talking to Bill was a little easier now that I know more about what it takes to be an entrepreneur. I've gotten better at the interview process and being able to hold conversations now that I know more about entrepreneurship as well, which helped out a lot.

- William Garlock

Week 13 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
What stood out to me in this chapter, was the sheer length of the checklist for analyzing a business.
2) Identify at least one part of the reading that was confusing to you.
One part of the reading that was confusing at first was the pricing formula, but after going over it a couple more time it started to make sense.
3) If you were able to ask two questions to the author, what would you ask? Why?
What is the most important factor to consider while performing due diligence?
How long has it taken you to complete a checklist for analyzing a business if you have completed one?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I didn't disagree with anything the author had to talk about in this chapter.

- William Garlock

Celabrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

To be honest, I fail a lot. Putting it that way sounds pretty bad, but I work at a bank as a teller, where I have to refer or cross sell products to my customers. I couldn't even begin to tell you how many times customer have told me "no" or "not interested", and its been worse then that before.

2) Tell us what you learned from it.

Basically what I have learned from all the times I had an unsuccessful refer to a customer, you are going to fail... a lot... way more then you are going to succeed. If that wasn't the case, I would have twice the sales.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago?

I believe failure is hard, but you just have to take it in a positive manner and learn from your mistakes. If you take failure too negatively, you're never going to have the drive to fix the areas you're failing in so you can succeed. My current position has taught me a lot about failure and so has this class. I've learned that if you fail, try again, and keep trying until you figure out what you are doing wrong. Once you learn what you are doing wrong, fix it, and try again until you succeed.

- William Garlock

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

What I plan to do once I get my product off the ground and making money. I would like to stay with the business to come up with more innovative ideas and then retire, but also keeping it a family business for future generations.

2) Why have you selected this particular exit strategy?

I chose to stick with this particular exit strategy, because I would like to give my future children and grandchildren guaranteed opportunities if they decided to follow the path of the family business.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I believe my exit strategy has definitely influenced my decisions toward my concept. One reason would be, because I would like to come up with new ideas to keep the business profitable for future generations, which I have already came up with one other idea that I could try and pitch to the market to keep profits up.

- William Garlock

Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I was surprised by the lack of planning for some entrepreneur business ventures. He also mentioned that the planning is informal and unsystematic, which you would think would be of more importance for something like a new venture.
2) Identify at least one part of the reading that was confusing to you.
I didn't really see anything as confusing, because in my management class I'm currently taking, we just got done going over the whole strategic planning process.
3) If you were able to ask two questions to the author, what would you ask? Why?
Which one of the key factors during the growth stage is the most important? Which planning style in your opinion is the most successful?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
There was nothing that stuck out to me that led me to disagree with the author.

- William Garlock