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? 

     I was surprised by the adopt a profit-oriented approach in order to access commercial capital discussion.  

2) Identify at least one part of the reading that was confusing to you.

     To be quite honest, there were not any parts of the reading that were confusing to me. The advice that the article provides on how to effectively scale a business was all presented in a concise and understandable manner. 

3) If you were able to ask two questions to the author, what would you ask? Why?

     - I would ask the author if he truly believes that adopting the scaling strategies of international giants like Starbucks and McDonald's will actually benefit a company in the microfinance industry. To me, it seems that the industries are not very comparable, so the scaling strategies might not translate well. 

     - I would also ask the author what the company's protocol is for handling clients who default on loans. It doesn't seem like clients in India would have much personal property of enough value to go after in the case of a default. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

     - As I said earlier, this article was actually very informative and did not leave me with anything to disagree with. 

     

Final Reflection

I found the most beneficial exercise from this class was the two very short interview assignments because I was actually able to see my improvement as was an outside entrepreneurial expert.  It was nice to see the improvement the class was able to make over a semester.  I also enjoyed crafting my product in the beginning stages through the elevator pitches and interviews of customers.  I think I have moved closer to developing an entrepreneurial mindset because I am more drawn to look for and create new opportunities for innovation and creation.  I would recommend for students in the future to embrace the assignments with a different mindset; one that harnesses growth and fosters innovation.  You must embrace the assignments and hold yourself accountable to performing the tasks as abstract as they may seem sometimes.  

Elevator Pitch No. 4

Year after year, the ocean's most successful killer is not the great white shark. It's not the deadly jellyfish. Not even monster waves or hurricane-force winds. Your worst ocean nightmare during a day at the beach is more likely to be a rip current.  I am the owner of the Lifeguard Drone, a company that is pioneering the way in the innovation of deployable flotation device drones to reduce the amount of time that it takes a lifeguard to reach a victim during an emergency.  The United States Lifesaving Association concludes that more than 80% of rescues on surf beaches are due to rip currents.   These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The drones will also be equipped with cameras to help with locating the victim in the water as well as look for sharks and other potential dangerous hazards in the water.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.

2) A reflection on the feedback you received from your last pitch. 

     I didn't receive much feedback from my last elevator pitch compared to after my few elevator pitches.  The only suggestion I received was to be more enthusiastic with the pitch from the second pitch which I improved on in my third pitch.  The other comments were all positive feedback based on the plausibility and usefulness of the lifeguarding drone.  One classmate commented that he believes this is a very creative and innovative idea and one that he would have never thought of as he is from a landlocked country.  

3) What did you change, based on the feedback?

     I focused on adding more change in vocal tone and pitch and adding in hand gestures to go along with my pitch.  I also added more enthusiasm to my pitch this time around.  Also,  I added several features such as a camera and towing mechanism to the design of my product based on feedback through the interviews and my second elevator pitch pitch. I also included some facts about the problems occurring with rip currents and ocean rescues in the United States.  

Venture Concept No. 2

Opportunity

The market has a need for more efficient and effective means to lifesaving practices.  For example, the Deputy Chief of Virginia Beach Lifesaving Service, Tom Gill, has been looking to incorporate the use of a lifeguarding drone into his private lifesaving corporation in Virginia Beach, VA.  Tom Gill has been my employer for the past four summers.  I emailed Tom to introduce him to my vision of using a lifeguarding drone during ocean rescues.  Tom responded saying, "This is an excellent opportunity that will help facilitate ocean rescues and advance the reaction time to reaching a distressed patron."  Additionally, the United States Lifesaving Association (USLA) has shown a recent push in innovation in lifesaving equipment in an effort to reduce drownings nationally. The USLA works to reduce the incidence of death and injury in the aquatic environment through public education, national lifeguard standards, training programs, promotion of high levels of lifeguard readiness, and other means.  The USLA oversees lifeguarding practices in the United States and has the power to create a market for lifeguarding drones to advance lifesaving technology to improve on reaction time to drowning victims.  

The USLA could benefit from mimicking RTS Ideas’ inclusion of a lifesaving drone called the Roboguard into its daily lifesaving practices.  RTS Ideas is a British company that launched the practicality of using drones in service industries.  RTS Ideas invented a drone to rescue holiday makers in trouble.  The company then developed the idea of using a drone during ocean rescues to help pull drowning victims in to shore.  RTS Ideas is developing a new areal drone technology, called Roboguard, which could actually save lives by decreasing the time needed to reach drowning people and that could also save more than one sinking person at a time.  Lifeguards or rescue team members can fly the drone over the victims with a radio control.  The drone, carrying cameras and three rubber life tubes, can be sent out from the shore.  The victim can then catch the life tube that the robot dropped onto the water to stay afloat whilst waiting for a lifeguard or rescue team to bring him/her back to a safe location.  The company is currently looking to expand its study to how its drones could help humanitarian disaster relief efforts.  I would like to try to pair with RTS Ideas to expand the use of lifeguarding drones to United States beaches.  

Innovation

Year after year, the ocean's most successful killer is not the great white shark. It's not the deadly jellyfish. Not even monster waves or hurricane-force winds. Your worst ocean nightmare during a day at the beach is more likely to be a rip current.  I am the owner of the Lifeguard Drone, a company that is pioneering the way in the innovation of deployable flotation device drones to reduce the amount of time that it takes a lifeguard to reach a victim during an emergency.  The United States Lifesaving Association concludes that more than 80% of rescues on surf beaches are due to rip currents.   These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The drones will also be equipped with cameras to help with locating the victim in the water as well as look for sharks and other potential dangerous hazards in the water.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.

I was starting a business to further promote safety for beach-goers.  The price of the drone would be about $1500-$4500 depending on select features and models.  The lifeguarding drone would target its sales towards lifesaving companies and organizations; however, the drone would directly benefit public beach-goers as it promotes attentiveness and safety.  Throughout the course I have worked to refine this opportunity.  After conducting my three rounds of customer interviews, I concluded that the incorporation of a lifeguarding drone would be seen as useful and helpful in cutting down on the time it takes to reach a victim in the water.  A lifeguarding drone is up to seven times faster than humans when reacting in an emergency.  Drones have the benefit of direct flight so they do not have to bother with being slowed down by waves, current, or other pedestrians.  The drone is able to release a flotation device in which the victim can hold on to until the lifeguard is able to make contact with the victim.  

Venture Concept

I believe that lifesaving companies will continue their current lifesaving practices as well as add on the addition of at least one lifeguarding drone that can be used as an additional means to scan the beaches and help with quicker reaction time during an emergency.  This should not be very difficult as the lifeguarding drone is meant to provide additional assistance during a rescue.  Having more eyes and attention on the water can be very beneficial to beach-goers who rely on lifeguards to protect them from inherent dangers such as rip currents, sharks, and choppy waves.  As I discussed earlier, RTS ideas is a company that produces and sells lifeguarding drones in England.  Therefore, RTS Ideas would be seen as both a potential company to partner with and a market competitor within the same market domain but appealing to a different set of customers.  I intend to be the founder and innovator of my company Endless Summer that creates innovative lifesaving equipment to help lifeguards perform their day to day activities.  I would be introducing the first full-time use of the lifeguarding drone in the US.  The lifeguarding drone has been used in other countries like Spain and Chile.  These countries have seen a significant reduction in the number of drownings since introducing the use of a lifeguarding drone in addition to lifeguards during rescues.  I would need to focus on using equipment and parts for the drone that would be durable and able to withstand the high concentration of salt and sand while at the beach.  

The three minor elements

What do you think your most important resource will be? 

     I think it will be difficult for a new company to enter the market as I intend to create a partnership with RTS Ideas to expand the use of lifeguarding drones to US beaches.

Second, what’s next for the venture? 

     The next product I plan to offer is a waterproof detachable radio that can be put in an arm band so the lifeguards on the rescue can communicate directly with their supervisors.  This will help to relay the status of the rescue such as the number of victims, when contact is made, and when the scene is clear.  

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision? 

     In five years I would like to expand my adventure outside of the state of Florida to appeal to lifeguarding companies along the east coast.  I hope to see a change in the style to lifesaving practices as lifeguarding drones further promote public safety and provide efficient and effective help to victims caught in a rescue.  

Feedback:

I received all positive feedback from my first venture concept.  One individual commented that they like how I have put together a business venture that aligns with my passions.  Another individual was excited by this idea because it would have a very real and noticeable impact on lifeguards and people who live by the beach.  Overall, the addition of a lifeguarding drone to ocean rescues would be a great way to promote public safety at the beaches.     

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? 

     The biggest surprise to me from this weeks reading was regarding the discussion on  diaspora networks.  Diaspora networks are relationships among ethnic groups that share cultural and social norms.  Diasporas are linking together stronger than ever before by offering potential linkages for global entrepreneurs through communication technology like the internet and Skype and social media sites like Facebook and LinkedIn.

2) Identify at least one part of the reading that was confusing to you.

     I was confused on the discussion of gradual internationalization.  Some countries are resource-rich and others are market-rich.

3) If you were able to ask two questions to the author, what would you ask? Why?

     - How does an entrepreneur asses whether the company should explore international markets and opportunities?

     - Are you involved in diaspora networks?

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 find any areas within the two chapters that I disagreed with.

Google Gold

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

     Search engine optimization is the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.  Search engine optimization can be done by selecting high traffic key words that link the site to words commonly typed in the Google search engine.  

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

     For my blog post, I chose key words like lifeguarding, drone, and ocean rescues.  My blog posts also could be found by searching the title of the assignment which was assigned to us.

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 did not use any forms of social media to enhance my search engine optimization efforts.  I know I gained a bit of a following through friends and family that wanted to see my interviews and keep up with my entrepreneurial progress.       

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 Identifying local opportunities which received 20 views.  I think this post received the most traffic because I discussed opportunities in local Gainesville that apply to a much larger range of customer base.

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?

     Unfortunately, none of my posts went viral.  They could only be found when searching for the title of the post or the title of my blog.  When searching for the title of the post, my results came up on the first page. 

Very Short Interview, Part 2

     I chose to interview Jerry Davis, an entrepreneur out of Melbourne, Florida. Mr. Davis started his insurance restoration company in South Florida in his mid twenties and has grown and expanded the company to a multi-divisional insurance restoration company across the state of Florida. Upon reviewing my first short interview, I think I asked provoking questions and received valuable feedback.  The questions I asked Mr. Davis the first time around were very generalized entrepreneurship questions.  This time around I focussed on being more precise with my line of questioning.  Unfortunately, Mr. Davis lives in Melbourne, Florida so I called him for this second short interview. Our conversation is typed out below:

1. Q: How did you get your idea or concept for your business?
A: "When I first moved to South Florida from my home state of North Carolina, due to all of the hurricanes, I noticed there was a profitable market for a business like mine and decided I would give it a go."

2. Q: What was your mission at the outset?
A: "At the outset of my company, my mission was to provide affordable and reliable insurance restoration services for individuals living within the South Florida area. Since then, my mission has broadened to include a broader customer base and more complex company capabilities."

3. Q: What sort of culture have you tried to create within your business?
A: "Over the years, I have tried to create a culture of continuous improvement at Dry First. Within my company, we have several continuous on-job training programs for all of our employees - including myself. I think its extremely important for employees to see their boss always striving to get better because it creates a spillover effect and encourages company success."


I felt much more comfortable with discussing entrepreneurial concepts now compared to three months ago.  I feel like this interview and discussion was much more productive and effective.  Mr. Davis was able to notice that my entrepreneur vocabulary and viewpoints had changed from three months ago.

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? 

     I was surprised to read that Facebook was valued the same as Amazon.  I would've guessed Amazon would've had significant more worth due to its large market scale and quick and on-time delivery service.

2) Identify at least one part of the reading that was confusing to you.

     I was confused about the discussion on the valuation methods and the use of adjusted tangible assets (balance sheet values), price/earnings (multiple earnings value), and discounted future earnings as the principle measured used in current business valuations. 

3) If you were able to ask two questions to the author, what would you ask? Why?

     - How would you go about valuing a business based on start-up costs, accuracy of projections, and degree of control?

     - What method would you primarily use in valuing a business? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

     No I didn't find anything that the author was wrong about.  I thought this was a very interesting chapter.  

Celebrating 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. 

     I went skiing and snowboarding in Blackcomb Whistler, Canada with my family for spring break.  Now I have been skiing since I was four years old and my parents were skiing with me in-between their legs; but this was my first time snowboarding in years.  The last time I went snowboarding I was about 7 and ended up walking down the last part of the mountain at the end of the day because I was so tired of falling.  I am a good surfer and wake boarder so I was determined to teach myself how to not just snowboard but to also keep up with my dad who enjoys flying down the mountain (as do I).  It was the first day in the fresh powder of western Canada and I didn't fall just a few times.  I spent countless times pushing myself up the hard packed snow and brushing off the fresh wet powder from my jacket and gloves.  I was about to say I guess snowboarding isn't for me. But then I changed my mindset.  I said come on Neatrour and focused in more on my mechanics and feeling the shift in weight of my board.  By day 3 I was going down black diamonds and keeping right up with my dad on skis.  

2) Tell us what you learned from it.  

     I learned the value of concentration and focus on the task at hand.  There have been countless other times in academics and athletics where I take a deep breath, zero in on the task at hand, and perform significantly better.  My balance from surfing, wake boarding, and wake surfing helped with picking up snowboarding more quickly.

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? 

     Failure makes us feel horrible.  Nobody wants to fail or chooses to fail.  Failure gives us an opportunity to reflect on how to improve.  Personally, I tend to pay closer attention to my failures that my achievements.  On exams I rarely forget the concepts to questions I've missed in the past as I focus more on those concepts that I missed so I won't miss them again. I use my failures to motivate me to set higher goals for myself.  I believe I am more likely to take a risk now than I was a few months ago.  I have always been a bit of a risk-taker but this class has helped me with broadening the way I look at small concepts and simple daily things.  

My Exit Strategy

1) Identify the exit strategy you plan to make. 

     I intend to exit the market within the next five years for a large return.  I started a company that manufactures and sells lifeguarding drones.  These drones would have a deployable flotation device to release to the victim as well as accessories such as cameras for improved vision for locating the victim, a gps tracker to help locate the drone if it sinks during a mission, and speakers for relaying information to the victims.  I believe the market for drones will increase in the next decade which is why I plan to exit the market in the next 5 years for a large return.  

2) Why have you selected this particular exit strategy?

     I selected to exit the market after turning a profit because I do not plan to make a career out of manufacturing and selling lifeguarding drones.  I think I can turn a profit on this venture because I believe the use of drones will increase as technology continues to improve.  

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? 

     My exit strategy does not change my venture or short-term or long-term goals much.  Regardless if I was planning on exiting the market or not, I would still like to return the most on my investment.  So I would like to focus not only on the short term vision of my venture but also what I envision handing on to the next young entrepreneur.  

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 most surprised by the discussion of the fatal visions in strategic planning.  I agree with fatal vision number 3 and how often times young entrepreneurs are aggressive and pursue a position of dominance in a fast-growing industry.  

2) Identify at least one part of the reading that was confusing to you.

     I was confused about the distinction from entrepreneurial and managerial focuses and transitioning from entrepreneurial to managerial.  

3) If you were able to ask two questions to the author, what would you ask? Why?

     - Can an entrepreneur's vision affect the company's strategic plan?

     - How does your strategic plan differ from other entrepreneurs?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

    I thought the author was correct with his description on strategic entrepreneurial growth.  I didn't find anything wrong or anything I disagreed with in the chapter.   

  

What's Next

Existing Market. 

Step 1: Talk about what you think is what's next. You may rely on your analyses from "The Amazon Whisperer" exercise (when you discussed what product you thought might come next.)

            The next product I plan to offer is a waterproof detachable radio that can be put in an arm band so the lifeguards on the rescue can communicate directly with their supervisors.  This will help to relay the status of the rescue such as the number of victims, when contact is made, and when the scene is clear.  This product will help to relay valuable and specific information about the rescue.  It improves the experience for the lifeguard as lifeguards on shore are no longer responsible for relaying specific information about the status of the rescue and the victims.  It furthers customer loyalty by improving safety measures at the beach. I would be using a waterproof detachable radio and put it inside an arm band.  In order to operate the lifeguard would still have to press the open communication button to relay information.

Step 2: Interviews.  What should we be doing that we aren't planning to do?

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

            After receiving input from interviewing three customers who are already a part of my current market, I plan to adapt my current venture to add more optional features to improve the efficiency and effectiveness of the drone.  I think the addition of a GPS tracker accessory is a great improvement as it would help with locating the drone if it crashes or sinks during use from strong winds.  I also have added features from past interviews like cameras for detecting sharks or other dangers and speakers that can be used for relaying communication from the shore to the victims in the water. 

I would be introducing the first full-time use of the lifeguarding drone in the US.  The lifeguarding drone has been used in other countries like Spain and Chile.  These countries have seen a significant reduction in the number of drownings since introducing the use of a lifeguarding drone in addition to lifeguards during rescues.  I would need to focus on using equipment and parts for the drone that would be durable and able to withstand the high concentration of salt and sand while at the beach.

  

New Market.

     The feedback from individuals in this new market helped me to look at my product in a different view.  For example, Kaitlyn used her engineering knowledge to focus more specifically on the types of products and materials that should be used into making a light-weight and durable product.  She suggested I use fiberglass to prevent rust from the salt water and salty air.  Additionally, David suggested I modify my approach to make smaller models to cover smaller areas of space like for a lake or pool.  I plan to adapt my product to accommodate three different size models.  The largest model will be able to travel up to a 10-mile radius!

     These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The drones will also be equipped with cameras to help with locating the victim in the water as well as look for sharks and other potential dangerous hazards in the water.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.