This was an interesting journal entry. It's clear that the author faces a social challenge succeeded in his business in the arena that he's in, catering to very poor people. Personally I agree with his approach and journal entry.
I do find it confusing that he faces so much societal pressure. To help with that confusion I would ask the author: 1) where does he think that societal pressure stems from; and 2) how is he able to cope with those societal pressures?
I don't think the author was particularly wrong about any aspects of the journal entry.
Tuesday, April 19, 2016
Final Reflection
2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
The most formative experience for me was my acceptance of failure as a growing tool. I'll remember the moment that clicked for me for years to come.
My most joyous experience was my first video interview. It was intimidating at first but seeing the video when I prepped it for posting was exciting! I think I have the video creator bug now!
I'm most proud of the progress I made in my elevator pitches. They started out pretty rough, and I've never considered myself a salesman, but now I think I might be able to actually sell something when motivated.
3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
Yes, I do see myself as an entrepreneur, and this class certainly helped me with that. I feel I was headed down that path already, and I absolutely feel like I'm moved closer to having an entrepreneurial mindset. Now if I could only spell entrepreneur without having to use spell check!
4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
I would recommend that students have no fear in their efforts during this class. We're protected by the class and college bubble in out interactions with the public during this class, and that's something to be leveraged as a growth opportunity - get out there and don't be scared! To perform best, be bold and confident in your ideas, and have that come across in your videos. That confidence will help foster the entrepreneurial mindset that you'll find yourself getting familiar with throughout the course. Good luck!
The most formative experience for me was my acceptance of failure as a growing tool. I'll remember the moment that clicked for me for years to come.
My most joyous experience was my first video interview. It was intimidating at first but seeing the video when I prepped it for posting was exciting! I think I have the video creator bug now!
I'm most proud of the progress I made in my elevator pitches. They started out pretty rough, and I've never considered myself a salesman, but now I think I might be able to actually sell something when motivated.
3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
Yes, I do see myself as an entrepreneur, and this class certainly helped me with that. I feel I was headed down that path already, and I absolutely feel like I'm moved closer to having an entrepreneurial mindset. Now if I could only spell entrepreneur without having to use spell check!
4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
I would recommend that students have no fear in their efforts during this class. We're protected by the class and college bubble in out interactions with the public during this class, and that's something to be leveraged as a growth opportunity - get out there and don't be scared! To perform best, be bold and confident in your ideas, and have that come across in your videos. That confidence will help foster the entrepreneurial mindset that you'll find yourself getting familiar with throughout the course. Good luck!
Venture Concept No. 2
The opportunity for my venture concept is a swimming pool pump automation device that will turn on and off a pool’s water pump dynamically. It will do this based on a number of factors.
The first factor is the current level of chlorination in the pool. The second is the amount of debris in the pool.
Today, pumps are commonly set on a very basic timer and typically turn on at a given point in the day. They then turn off at another given point in the day. This goes on and on, with no regard to the direct and immediate chlorination levels in the pool.
The pumps turn on and off like this to circulate water and chlorine throughout the pool. They also do this to create suction for debris removal. Debris is removed via the skimmer or skimmers at the top of the pool. Debris is also removed by any robotic or automatic pool vacuums that may be in the pool. At times there are more than one device. Sometimes there is a skimmer and a vacuum, both running at the same time.
When the pool pump turns off, there is no chlorine circulation aside from the mostly stationary chlorination float with a tablet or two in it. Also, when the pump is off there is no debris collection.
The opportunity is to optimize the times and duration that pool pumps run. This will provide opportunities for cleaner, more safely chlorinated pools and will also potentially save pool owners in electric bills because the pool pump will only run when debris is detected or chlorination levels are low.
People all over the world own pools. Most commonly pools are found in warmer climates but indoor heated pools exist even in places like Alaska and Siberia where it is mostly freezing throughout the year. My target market will be the southern United States in states like Florida, Texas and (southern) California. Those states have high numbers of houses with swimming pools.
I see the opportunity as a $3M opportunity. That is based on assumptions I’m making on the number of homes that are in my target areas with swimming pools.
This window of opportunity is open for likely three years. By that time a competitor will surely create a similar device and eat into my opportunity’s potential for revenue generation.
From an innovation perspective, my product is a very innovative one by its nature. It will leverage Internet of Things concepts and will be proactive in its ability to drive owners to living a more green lifestyle with a smaller carbon footprint. Going green in energy is an innovative concept and there is much attention being placed on that concept today.
My venture concept will draw customers to add my device to their pool systems because of the return on investment it provides to owners. They will be able to recoup the costs of the device and its maintenance within a short timespan through savings on energy usage and pool service companies that provide weekly maintenance for them. If they do not use a pool maintenance service, they will still be able to save on the amount of chlorine they buy and place in the pool because they’ll have a more efficient and timely understanding of how much chlorine is actually needed.
There are no significant competitors today that I can see.
Packaging is important as this device will sit in pools and be on display. Distribution will influence pricing, and pricing must remain effective and low. The business I organize around this venture will remain small and simple, with a partner as a manufacturer of the physical product, and electrical and mechanical engineer, a marketer and myself to handle business functions.
My most important resource will be myself in this venture. I have the skillset and connections to make this venture come to life.
This venture will lead to me being able to sell the company and product line for $2.4M, enabling me to invest that money and live off of the modest 5% interest I anticipate as a return annually. I would be free for other ventures as well, all while knowing my previous venture was covering my bills through investments. This is what would be next for me as well.
I didn't complete the first venture concept in time, so this one was new for me. I did incorporate feedback I've gotten on other assignments into this one, such as what to do with the investment money and to include potential debris collection, which came indirectly from a comment saying to look for other things the product can do, that helped me in a small way to think through a bigger picture.
The first factor is the current level of chlorination in the pool. The second is the amount of debris in the pool.
Today, pumps are commonly set on a very basic timer and typically turn on at a given point in the day. They then turn off at another given point in the day. This goes on and on, with no regard to the direct and immediate chlorination levels in the pool.
The pumps turn on and off like this to circulate water and chlorine throughout the pool. They also do this to create suction for debris removal. Debris is removed via the skimmer or skimmers at the top of the pool. Debris is also removed by any robotic or automatic pool vacuums that may be in the pool. At times there are more than one device. Sometimes there is a skimmer and a vacuum, both running at the same time.
When the pool pump turns off, there is no chlorine circulation aside from the mostly stationary chlorination float with a tablet or two in it. Also, when the pump is off there is no debris collection.
The opportunity is to optimize the times and duration that pool pumps run. This will provide opportunities for cleaner, more safely chlorinated pools and will also potentially save pool owners in electric bills because the pool pump will only run when debris is detected or chlorination levels are low.
People all over the world own pools. Most commonly pools are found in warmer climates but indoor heated pools exist even in places like Alaska and Siberia where it is mostly freezing throughout the year. My target market will be the southern United States in states like Florida, Texas and (southern) California. Those states have high numbers of houses with swimming pools.
I see the opportunity as a $3M opportunity. That is based on assumptions I’m making on the number of homes that are in my target areas with swimming pools.
This window of opportunity is open for likely three years. By that time a competitor will surely create a similar device and eat into my opportunity’s potential for revenue generation.
From an innovation perspective, my product is a very innovative one by its nature. It will leverage Internet of Things concepts and will be proactive in its ability to drive owners to living a more green lifestyle with a smaller carbon footprint. Going green in energy is an innovative concept and there is much attention being placed on that concept today.
My venture concept will draw customers to add my device to their pool systems because of the return on investment it provides to owners. They will be able to recoup the costs of the device and its maintenance within a short timespan through savings on energy usage and pool service companies that provide weekly maintenance for them. If they do not use a pool maintenance service, they will still be able to save on the amount of chlorine they buy and place in the pool because they’ll have a more efficient and timely understanding of how much chlorine is actually needed.
There are no significant competitors today that I can see.
Packaging is important as this device will sit in pools and be on display. Distribution will influence pricing, and pricing must remain effective and low. The business I organize around this venture will remain small and simple, with a partner as a manufacturer of the physical product, and electrical and mechanical engineer, a marketer and myself to handle business functions.
My most important resource will be myself in this venture. I have the skillset and connections to make this venture come to life.
This venture will lead to me being able to sell the company and product line for $2.4M, enabling me to invest that money and live off of the modest 5% interest I anticipate as a return annually. I would be free for other ventures as well, all while knowing my previous venture was covering my bills through investments. This is what would be next for me as well.
I didn't complete the first venture concept in time, so this one was new for me. I did incorporate feedback I've gotten on other assignments into this one, such as what to do with the investment money and to include potential debris collection, which came indirectly from a comment saying to look for other things the product can do, that helped me in a small way to think through a bigger picture.
Sunday, April 17, 2016
Week 14 Reading Reflection
The biggest surprise for me in the reading was also the most confusing. This was the concept of intracapital. I hadn't heard the term before. I would ask the author, isn't this just internal research and development budget? Also I would ask whether intracapital is a newer concept or if it's been around in business for decades.
I do not feel the author was particularly wrong about anything in the chapters.
I do not feel the author was particularly wrong about anything in the chapters.
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?
Each week I added a label to my posts, which helps to tag the posts so that they can be found in Google. I also used accurate post titles and made sure that my word choice in the posts including terms that I believe will be commonly searched against by Googlers.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
I used these keywords often, and used them consistently throughout the semester as my prime keywords: entrepreneurship; career; journey; failure; college.
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 didn’t actually incorporate social media into my posts or SEO efforts. In hindsight that would have been a good way to increase exposure. Had I used social media I would’ve added my posts to LinkedIn and Facebook and I would’ve been sure that I tagged my posts with the keywords I mentioned above.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
My Week 13 reading reflection was my most trafficked post. I did include some popular terms in my post that may have resulted in higher traffic.
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 see myself on the third page in Google. First is the one that matters though.
Each week I added a label to my posts, which helps to tag the posts so that they can be found in Google. I also used accurate post titles and made sure that my word choice in the posts including terms that I believe will be commonly searched against by Googlers.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
I used these keywords often, and used them consistently throughout the semester as my prime keywords: entrepreneurship; career; journey; failure; college.
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 didn’t actually incorporate social media into my posts or SEO efforts. In hindsight that would have been a good way to increase exposure. Had I used social media I would’ve added my posts to LinkedIn and Facebook and I would’ve been sure that I tagged my posts with the keywords I mentioned above.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
My Week 13 reading reflection was my most trafficked post. I did include some popular terms in my post that may have resulted in higher traffic.
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 see myself on the third page in Google. First is the one that matters though.
Sunday, April 10, 2016
Week 13 Reading Reflection
I found this chapter to be the most confusing chapter in the book so far. Maybe it's because we're so close to the end of the class, and there are so few pages left in the book! That's exciting, but still I had difficulty grasping the concepts in this chapter.
A particularly confusing topic was the discounted earnings method section. I would like to ask the author 1) what techniques are used to estimate expected flow, since there can be so many inaccurate ways to do that, and 2) what techniques are used to determine the potential lief expectancy of a business? These seem like metrics that are more like guesswork vs real numbers, and if you're basing legitimate business decisions off of guesses, how much trouble can you be getting your company into?
I don't feel the author was particularly wrong about anything in this chapter.
A particularly confusing topic was the discounted earnings method section. I would like to ask the author 1) what techniques are used to estimate expected flow, since there can be so many inaccurate ways to do that, and 2) what techniques are used to determine the potential lief expectancy of a business? These seem like metrics that are more like guesswork vs real numbers, and if you're basing legitimate business decisions off of guesses, how much trouble can you be getting your company into?
I don't feel the author was particularly wrong about anything in this chapter.
Saturday, April 9, 2016
Celebrating Failure
During this semester I failed to keep track with all of the assignments. There were days I looked at the syllabus and frustratingly realized I completely missed an assignment. I did this at least three times this semester, and it was a big fail on my part each time.
Failure is unavoidable in life. At some point, you will fail. I understand that and after many, many failures I've come to appreciate the learning opportunities that failures bring. What I learned from the failures in this class is that I need to invent a Canvas add-on that puts syllabus calendars on iPhones with daily reminders for assignments!
Failure is unavoidable in life. At some point, you will fail. I understand that and after many, many failures I've come to appreciate the learning opportunities that failures bring. What I learned from the failures in this class is that I need to invent a Canvas add-on that puts syllabus calendars on iPhones with daily reminders for assignments!
Wednesday, April 6, 2016
My Exit Strategy
My exit strategy includes selling my company to a large pool pump timer company. Pool pump timers have a dense saturation in the home pool market, and my product is a natural extension for pool pump timer companies.
I intend to sell within 5 years. Once it's sold, I plan to take the minimum sale amount of $2.4m and if my math was accurate when I planned this and I'm getting a decent 5% rate of return off of investing that 2.4m, I'll make somewhere between 100k and 200k per year on the interest alone and can live off of that, and pursue personal or business ventures at my leisure.
I selected this strategy because I've been working for 20 years already and, well, I'm over it.
I think this exit strategy has influenced the speed at which I plan to deliver on my product's availability. The sooner I can get the out, the faster I can sell it.
I intend to sell within 5 years. Once it's sold, I plan to take the minimum sale amount of $2.4m and if my math was accurate when I planned this and I'm getting a decent 5% rate of return off of investing that 2.4m, I'll make somewhere between 100k and 200k per year on the interest alone and can live off of that, and pursue personal or business ventures at my leisure.
I selected this strategy because I've been working for 20 years already and, well, I'm over it.
I think this exit strategy has influenced the speed at which I plan to deliver on my product's availability. The sooner I can get the out, the faster I can sell it.
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