28A - Your 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?

I would love to work hard on my business for a few years and eventually sell it. There are a few reasons for this: I am young and I don't think I would be intellectually stimulated by it for the rest of my life. While I love cars, this is ultimately a product line of automatic sunshades. I would love to sell for a profit and look for other companies to start or invest in. Elon Musk could have stayed with PayPal but he wanted to look for opportunities because it was more exciting to do so, and he would have lots of money!

2) Why have you selected this particular exit strategy?

I chose this exit strategy because it best aligns with my goals of becoming financially independent early on in life and being able to use my capital to invest in good business ideas or ventures going forward. I think this is the most exciting and the best use of my social capital. 

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?

This is a tough question to figure out but I would say these things are somewhat related: I plan to grow fast, I plan to borrow money from venture capital, I plan to license the product overseas (give up possible runway), and possibly sell to a large auto supply company down the road. This will allow me to gain experience creating a company while setting my up for a large exit down the road. 

27A - Reading Reflection No. 3

I chose to read Cognitive Surplus by Clay Shirky who is a professor at NYU whose work surrounds the internet and its effects on the population. 

1) What was the general theme or argument of the book?

Cognitive surplus is a phrase coined by the author. It is essentially people's extra time and creativity that leads to productivity and sharing online. People have lots of time on their hands and are spending more and more time on the internet, therefore, there is increased creation. He explains there are four types of sharing: personal, communal, public and civil. Personal sharing is your typical selfie post on instagram to your friend group. Communal sharing would be buying and selling furniture in the Facebook marketplace in Gainesville, and only benefits the local area. 

The next two he says are really valuable. Public sharing is when people go on Wikipedia and spend their valuable time creating content for other people to use. Civic sharing would be people using their online resources to crowdfund resources and share safety areas during a hurricane. He focuses on the benefit that civic sharing can have, or actually making society a better place. The general theme of the book is cognitive surplus can be a powerful thing and will continue to have impacts going forward as it increases. From another angle, people should spend less time watching TV and exercise cognitive surplus to make the world a better place. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think cognitive surplus related to ENT because there is a new concept in business that companies should be aware of their environmental, societal and governmental impacts. Simply making a profit for personal or communal (employees) reasons is not enough. Understanding the public and civic impacts is what will set apart a venture for long term success. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would have the students explain the 4 sharing aspects with regard to their business. 1. What are the personal benefits that you are getting from starting this business (financial, behavioral, mental). 2. How would your business change your friends, family, local area? 3. How would you make a public impact across the state/country. 4. How are you changing society? (are you giving back in any ways?). I believe this exercise will help create an even stronger venture idea by examining all areas of impact. 

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

My favorite part of the book was thinking about how social media and the internet could be a good thing for my life AND society. I was at a point where I was deleting social media every other week to give myself a break. Maybe I could start writing blogs or looking for ways to help society (ie. volunteering to help an online charity with something). The author quotes that Americans watch 2 billion hours of TV or over 5 hours a day. I want to make an effort to make my screen time valuable towards my personal benefits (ie. career enhancement) but also civic value (raising money for a cause on Facebook). 

26A - Celebrating Failure

1. A time that comes to mind when I failed this semester is trying to qualify for the club golf tournament. I was too focused on other things (schoolwork, friends, going out) that I put my golf game on the back burner. When it came time to qualify I fell way short of the needed score. My game was all over the place, I had been missing classes, and I was angry because it was too late to get better.

2. I learned that it is important to balance everything in your life. It is easy to forget about certain things and put them on the back burner. While golf is just a hobby it is an important way for me to release my stress and relax. I am constantly learning to find ways that will make me happy and healthy in the long term.

3. I think in general that I do not like failure. Overtime that dislike has shifted from being embarrassed to not liking to lose. When I fail at something it makes me want to try harder next time and be successful. Not being able to play golf well because I didn't practice was emotionally straining but I changed my behavior by starting to practice more immediately after. This class has forced us to talk about creating an entire business and reflect on those decisions over time. In this "simulation" I have made many mistakes and realized my business would have failed on certain ideas. I am more likely to take a risk now but even more likely to think about how I can try my best during the task.

24A - Venture Concept No. 1

My company is called EasyShade and our mission is to provide used and new cars with the most high tech and easy to use sunshades in the world. Our product includes an automatic sunshade, a fixed sunshade that would be pulled down with your hands, and an app that would allow pre timed heating and cooling of your vehicle. Let me get into a little more detail.

The Opportunity:
There is almost one car for every person in the United States! That is about 300 million vehicles driving around the US. Everyone knows what a sunshade is but the age old problem is that people are too lazy to use them. Sunshades allow for a cooler car and protect the interior of your car. Our product is high tech and actually works, plus it is automatic! Our target market is 30-50 year old males and females with cars worth more than $25,000 new or used. A conservative estimate puts this at about 25 million vehicles. I would sell the non-automatic sunshade at $50 and the automatic sunshades from $200-500. At an average price of $200 this puts the total market size at $5 billion. Assuming we are unique and could obtain 50% of the market share this could be a huge opportunity. The nature of the need is that people like their vehicles and like being comfortable therefore they will pay for this. One negative force in the environment is that there is more public transport however I would sell shades to buses/trains as well. I am defining the market in the US but would like to license the idea overseas. This would allow me to save money on marketing but collect royalties while focusing on the US. I am going off the premise that people are not loyal to their current sunshades. However, I am also assuming most people see the value in a sunshade which may or may not be true. The window of opportunity should stay open if I can get a patent and partner with new cars being manufactured.

Innovation:
I am taking an existing product and reinventing the wheel so to say. I have a group of products with the main one being sunshades. The automatic sunshade could be sold in the aftermarket or in new car manufacturers. It would be sold for $200. I would also sell a sunshade that would attach to your windshield permanently and could be pulled out by hand for $50. This would appeal to a wide array of the market as well. The automatic sunshade would be installed at a shop or by yourself and would automatically go down when you lock your car. It would rely on a sensor in your car that knows when your car locks and would trigger the sunshade. My sunshades also come with an app that I will build out. This app would allow you to login and remotely turn on heating and cooling before getting in. This product duo is my version of innovation.

Venture Concept:
My desire is to bring my sunshade and app innovation to the market opportunity of helping people improve their cars and feel more comfortable. I think it will be decently easy to get people to switch because they can buy the hand one for $50 or the automatic for $200, both of which are way easier than taking one on and off that may not even fit the windshield. A possible weakness is having enough capital to fund inventory and figure out the distribution strategy. Competitors include current options, car manufacturers, and other auto aftermarket suppliers. The packaging will have to be superb and display the product well. Distribution online will be the most profitable but might require online marketing. I would possible create some funny videos and try to go viral. My desire is to create a luxury brand and get people talking about the product. I would hope to have around 15-20 employees in marketing, finance, social media, engineering, and operations.

23A - Your Venture's Unfair Advantage

VRIN, valuable , rare, inimitable, non-substitutable

1. My first resource is my background in finance. I had an internship with JP Morgan working with Middle Market companies with all types of credit aspects. I am also in a graduate finance program that gives me exposure to analyzing companies. My unique experience is valuable and somewhat rare. No one can imitate my exact experiences and a substitute would have to be someone else with similar experience.

2. One of my best human capital connections is Thomas who is a supplier at AutoNation. He is in the aftermarket supply industry and would allow me to sell my product around the United States. My unique connection with him is valuable and somewhat rare. While other people know him, I have made connections that what be hard to copy by others and there are few resources that would be as as good as knowing him.

3. One of the best capabilities of the product is the ability to reach old or new cars and help people in hot or cold weather. If I can sell a product that can immediately start helping someone with their daily routines and that people haven't thought of before then that is valuable and rare. I am worried about companies imitating me which is why I would need a patent. The substitute is a hand held sunshade but I believe my product is superior.

4. Speaking of financial capital I know of a variety of people that have invested in businesses and could give me startup money. This includes my immediate family and friends. This is valuable because I would be able to get off the ground and run my business. It is somewhat rare to have family with capital to do this. This seems to be inimitable and substitutable because it is unique to me.

5. One of my social capabilities is to talk to anyone and ask good questions. I have already interviewed complete strangers on this idea who at first did not agree with the idea. However, I was able to communicate with them about the benefits and sway them over. I believe my communication skills are valuable and decently rare. Many people can try to imitate this but there is no substitute for knowing how to communicate properly.

6. Another good human capital resource is Chuck from the BMW dealership. He has worked there for decades and could connect me with upper leadership. If I can pitch this for new and old BMW's that would be a great business. My connection with him is valuable and unique to me.

7. Another capability of my company is the ability to branch into other products including the app or anything that would improve the comfortability of cars. My goal is to help every car become even better. The mission of my company is unique and can be valuable if I work hard.

8. Another good thing about my product is it can be used around the world. I could possible use my social and network to license the product overseas while I focus on domestic markets. My ability to become an international company is valuable and somewhat rare.

9. Another financial resource I have is money in the bank. When an entrepreneur has saved up money in the past this allows for financial flexibility. I would not have to take a salary starting off which would allow the business to grow. This is valuable and I am not sure how rare. This can be substituted by other means but is not the same.

10. Lastly, I would say my love of cars and passion for business would allow me to succeed. I would be happy to work hard for my dream and to well along the way. It is valuable to do work that you love and somewhat rare.

22A - Elevator Pitch No. 3

Here is my third elevator pitch. I did not receive any feedback on my second one so I basically kept the same format. I am thankful for any feedback.

https://youtu.be/Sqd6qrktghc

21 - Reading Reflection No. 2 

1) What was the general theme or argument of the book?

The general theme of thinking fast and slow is that there is two thought processes. The first one is fast and instinctive, and reacts automatically to situations. The second one requires thinking and is more complex. It involves reasons and believes about what you believe to be true. For example, it would be deciding to increase your natural walking pace because you want to get places faster. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think that thinking fast and slow connected with ENT 3003 because there are always two sides of your brain working towards the decision you make. One of them is completely natural while one of them involves more logic. System one is usually enough for simple situations but when thinking is when system two comes into play. With ENT 3003 your ideas come to you naturally but then you have to engage system two to bring your ideas to fruition. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I had to design an exercise for class I would have students write down their favorite things about being a Florida Gator on gameday. Then I would have them contrast this with all the bad things they can think about on gameday. System one thinks about all the good times that you have had while system two thinks about what it actually good or bad during gameday. 

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?

I was surprised that system two is incapable of failure due to the inability to judge the facts of the situation. This is a result of ignorance and laziness where the logical part of the brain will not make up for the impulsive side when you do not have the required knowledge barrier. 

20A - Growing Your Social Capital 

1. Chuck (Domain Expert) - BMW Sales Representative who has helped me with all my car issues and understands the products really well. His background has always been working with and selling cars. I contacted Chuck over the phone because he is back home in Naples at my local dealership. I established social capital by asking him to help me with my idea for a class. He was able to explain what BMW already has (heating and cooling on timer) but without an app, and also that he thinks this would be a great idea to put in the actual manufacturing of the cars. He always sees sunshades in people's car but knows they don't use them because they have to replace the interior liner after 5-10 years. Chuck will help me make connections with BMW employees and understand what people want in a luxury vehicle. 

2. Megan (Market Expert) - 30 year old female who drives a car worth over $20,500 and has done market research on her friends for other products (beauty). I called her because she lives in Orlando. My sister is just inside my target market and drives a car that would be considered luxury. She is on the forward trend of innovation and sells products (granted not car products) to those in my market. For example, she owns a robot vacuum and finds deals to order UberEats/Postmates for free several nights a week with specials. I asked her what she thought of my product and after having to explain it for a couple of minutes she thought it was a great idea and something she would buy. She did mention that many of her friends would buy it but might have to explain in detail what it does for them. As I have found this will require high marketing budgets. 

3. Thomas (Supplier) - AutoNation which sells to many repair shops around Naples, FL. Thomas loves cars and is an expert in supplying aftermarket parts. I could use him to sell my aftermarket sunshades to customers because he would best be able to explain how they help and how to install them. I called him over the phone and asked him to explain his role as a supply expert. He was very impressed that I called him and in exchange gave me some great advice. He said to find someone who has engineered car products in the past and is with a reputable firm now. Give them equity because you will need their expertise to get the company going. From there, use suppliers like AutoNation to distribute. Going forward I might need his help to get AutoNation on board. 

Finally: Reflect. I have been to many networking events and have tried to improve my networking skills overtime. I agree that it is easy to stand there and not ask any questions. I have definitely done this in the past, especially when I don't have good questions. For this assignment I was able to have good questions and goodwill that will improve my networking going forward. 

19A - Idea Napkin No. 2

1. You. I am a junior at the University of Florida in the Masters of Finance combined degree program. I am 20 years old and I am a male. My talents are finance/accounting and communicating effectively with others. My skills include the Microsoft Suite, the Bloomberg terminal, and understanding the markets. Experiences include JP Morgan working with companies and a previous accounting internship. My aspirations are to work in finance until I get enough personal capital to invest in entrepreneurial ideas. I see the business I want to start as fitting in well to my desires because I will understand the finances really well and will have enough capital down the road to fund it. 

2) What are you offering to customers? My company will sells products and services to make cars more comfortable. My main product is an automatic sunshade that will automatically go down and up when you lock and unlock you car. This product will sell for $200-500 depending on the shape of the window and how much work it is to produce. I will also try to partner with a car manufacturer to put it in their new automobiles offering customers a better alternative to buy a new car. I will also offer a service through an app where it will connect to your car and you can set timers to heat or cool your car in advance of getting in. Another product I thought of is actually a non automatic sunshade that would stay in place on the top of your window and you could manually slide it up and down to click it in place. This opens up my market and I could sell it for closer to $50. That is also why I changed my company name to EasyShade from AutomaticShade. 

3) Who are you offering it to? My target market is ages 30-45 (male or female) with cars worth more than $20,500 (new or used). I assuming this market will be willing to spend $50-500 to help make their cars more comfortable and to stop the elements from making the car less valuable over time. My customers value ease and the use of technology to improve their lives. They understand the value of making their car luxurious. My customers all have the desire to feel and be innovative and young. 

4) Why do they care? Customers will pay to use this product because it is helping them in a variety of ways. First off, the sunshade makes the car much more comfortable temperature wise. Second, the app makes this even better will pre timed heating and cooling. And lastly, it protects the value of the car over time (i.e. the cloth lining of the car melting off). 

5) What are your core competencies? I am an ambitious young 20 year old that understands finance very well (going to work on Wall Street). However, I lack engineering experience and experience in starting a business. What nobody else has is my unique network of connections which include entrepreneurs, people with money to fund ideas, and engineers. I would rely on this heavily. 

I believe these elements fit in together for the most part. The weakest part is that the founder of the business (me) has no extensive automobile experience, engineering background, or any idea how to start an actual business. Overall though I feel like I could make up these shortcomings with my network of friends and that I can get through with my basic understanding of business. 

Feedback Memo: 

I received one comment on my original idea napkin. The two main points that I took away were to flesh out the desire of why customers would want this and to better explain what I am offering. I incorporated this in numbers 2 and 3 by adding more detail.