Assignment 30A – Final Reflection

I think the most formative experience was the very first assignment, the “Bug List.” People don’t really ever think of things that bug them so much. I’ll definitely remember the stories that people told me, either personal experiences or ones heard by others, about drunk driving. My most joyous experiences were when I received positive feedback from my peers. It reassured me that my product has potential. It motivated me throughout the semester that my product would do big things in the future. I’m proud of being very persistent about this issue and trying to be an advocate for the opportunity that I have spoken about the entire semester.

I don’t think I am a full entrepreneur, but I see myself getting closer to becoming one. I have opened my thoughts to many new perspectives. I can see myself as one who has grown closer to having an entrepreneurial mindset. I can see the big picture with many things now that I didn’t see before.

I highly recommend to start these assignments early on. When you choose your opportunity make sure there is a wide variety of details to include. You don’t want to run out of ideas to add or take out. To perform best in the course, you should try to do your assignments for the week early on so that you don’t procrastinate. Some assignments are pretty lengthy. Also, try to do the reading reflections right away, that way you don’t have to read a book over break. Get creative, open your mind, and try to understand where others are coming from. Try to have many opinions as it will help when interviewing others.

Assignment 29A – Venture Concept No. 2

Opportunity:

There is still an unmet need with society drinking alcohol and then driving while intoxicated. Everyone is affected by this need, whether it’s the intoxicated driver, the people in the car with them, or the people who crash against them. Over the last decade this matter has become of much more importance due to the fatality rate increase caused by impaired driving. Society has publicized these issues tremendously, but the issue has still not been resolved.

The opportunity is so immense that at least 10,000 people are killed every year because of this matter.

The forces that are allowing this action to occur are lack of security with underage drinking. Also, there is a substantial availability of alcohol within a home of underage kids. Alcohol is easily accessible to people over 21, but there isn’t enough concern going around for those whose drive intoxicated regularly. People of all ages are a concern for drinking and driving. The window of opportunity will be open until the fatality rates begins to decrease.

The geographic and demographic market is all over the world. For this particular class I am focusing only on the United States. You do not need to be rich or poor in order to drink alcohol. Anyone can drink at any age, but legally the drinking age is 21 years old in the U.S.

There are customers who on their own try to help their family and friends to not drink and drive. There was one person that I interviewed that tries to satisfy the need by making sure no one drives home after a night of drinking and instead calls a ride for them.

Innovation:

For people who get caught drinking and driving they get arrested or receive a ticket for driving under the influence. There is a machine that exists for those who have had multiple DUI arrests that gets put in your vehicle. It contains a breathalyzer attached to it where you have to blow into it to be able to start your vehicle. If the machine shows that you have a BAC of 0.08% or over you will not be able to start the vehicle. If the BAC shows to be under 0.08%, then the vehicle will start. The machine can randomly ask you at any point in driving to blow into the breathalyzer to ensure that you have not been drinking during the drive.

I firmly believe this machine should be installed into every single vehicle. The product will be sold online and in stores. Car manufacturers will also be able to purchase this product to install it into every new car that they sell. The product will come in multiple sizes as well as color choices. Prices will range from $85 to $150 based on the size of the machine.

Venture Concept:

This product would solve the opportunity by not allowing people to enter into a vehicle and driving it while intoxicated. Customers will buy this product because of safety. An individual, of any age, can purchase this product to ensure their own safety, but also for those around them.

A similar product are breathalyzers that are sold individually. The government currently installs these machines into vehicles, but only for people that have gotten a DUI before. Customers will “switch” to this product because it offers much more than just the individual breathalyzer. There are no major competitors other than the individual breathalyzers. 

Packaging: The packaging should not be intense or flashy to repel the interest away from customers. The label should be clear of what the product is intended to do. The box will show that the machine has been tested and approved by authorities to be used in any kind of vehicle.

Price Points: An important issue is if my competitors are much higher or lower than my price I would have to adjust the cost to keep up with the market. Also, I would not want the product to be so expensive that customers would have to think of their financial responsibility over their safety.

Distribution: I would sell to families to ensure no one underage is in any danger while under the influence. This would also be sold in colleges that way students will not drink and drive on campus. This will also be sold online on a website for anyone to purchase.

Customer support: My employees will be on call 24/7 to ensure that the product is not a problem to anyone.

Customer experience/Location: Customer experience will be noted. Feedback will be taken seriously. Location will not be of concern because it will be sold nationwide.

The company would be fairly small to focus more on the details and ensure that the product meets the basic needs of the customer market. Engineers help create the machine and ensure the breathalyzer works. Car manufacturers can give input. The marketing department would only focus on the advertising and customer market that the product attracts. Lastly, the distributing and supply team would ensure that the product is delivered.

I will have backup of my product from the government. They will be able to help me adjust any issues that I may have with the product and be able to compare it with the one they currently use. I want to be able to spread the use of this machine to other vehicles such as scooters and motorcycles, since the main focus right now is solely cars. Colleges have the issue of students driving their scooters while intoxicated around campus. I would love to see the product make a difference in society to see the fatality rate at half of what it is now. As an entrepreneur I would love to see myself as a successful owner of this product with nothing but positive outcomes with the company.

Feedback:

The feedback I received based on the peer reviews was very positive. The student just reassured that my product would benefit many people in society and would save many lives. They reiterated that the government would be great help in backing up my ideas.

More advertising would help based on my new market. All ages are part of my market and encouraged to buy my product.

I condensed and changed my venture concept to include people of all ages. At first my market was focused on underage teens, college students, and parents. I realized after the “what’s next” assignment that my new market should include everyone. Middle-aged adults also commit this act and should be included in this issue. Teens and college students are always publicized, but they are not the only ones who drink and drive. It is just as important for an adult to have this machine in their vehicle, scooter, motorcycle, etc. When marketing this product, I need to make sure to advertise the product in a way that would attract everyone in my new market.

Assignment 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 intend to keep the business because it is something that I believe in and do not want to see someone else take over the business and forget about its importance. I created this product to help society and save lives. I hope one day my family will take over the business if they have the same opinions towards it. If they wish to do so, I will be able to retire and keep it within the family.

2) Why have you selected this particular exit strategy?

I have strong beliefs towards this opportunity and do not wish to see it go down the drain if someone else takes over. That person may not have the same values towards my product and may choose to ignore the importance of it. If I can keep it within my family, it will show others how important this issue is and that we are not interested in solely making money, but on saving lives.

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?

It shows that I am dedicated to my business and do not wish to have someone else destroy all the work that I’ve put into it. It has given me more opportunities than I could have imagined. It has influenced other perspectives as to what this product currently represents and what will and can represent in the future. This opportunity has helped me come up with more ideas for this product and has shown me how to expand my market instead of solely focusing on one specific region or age group.

Assignment 27A – Reading Reflection No. 3

1. What surprised me the most was that Ray’s goal was not to sell hamburgers. He became partners with the McDonald’s brothers to sell the multi-mixtures to them to various locations. This eventually turned McDonald’s to what it is today.

Ray was devoted to making McDonald’s very successful across the entire nation. He had an obsession with the business and making sure everything was right. Even after making many mistakes in life, he was still devoted to being good at business.

He did not know how to balance his career and his personal life. His obsession with the business took over his entire life. It ruined many relationships. His life became solely the business alone.

He encountered many failures in his life. He did many things in life before becoming successful with the McDonald’s brothers. He became successful later in life with the multi-mixer. During this process, he did not want to expand on the business so far that he wouldn’t be able oversee so many locations, and control the quality of the stores.

2. Once he got to the position that he was in with McDonald’s, Ray was already very experienced with running businesses. He had already been in the selling market for other products. Like mentioned before, he realized that opening too many restaurants in various locations would be crazy and he would take a risk with the quality of the stores.

3. I found it strange how Ray and the McDonald brother did not get along. I wonder if they didn’t get along because of the way Ray consumed himself with his business.

4. What did you see differently in the McDonald’s restaurant that caught your eye to start business with the brothers? Did you think that McDonald’s would have as much success as it does now?

5. After so many years of failure, I think Ray realized that in order to be successful you need to put in all of the work. He saw an opportunity and took it. With help from the restaurant he was finally able to become a successful businessman. I think Ray would agree that with dedication and devotion you can accomplish anything.

Assignment 26A – Celebrating Failure

1. The hardest class I’ve had to take in UF so far has been Financial Accounting. People had told me not to leave studying and practicing problems till the last minute. I have never had to study so much in my life. The first exam I studied a few days before and realized I didn’t have enough time to study all the material. As a result, I did not do that well on the first exam.

The second exam I decided to buy the Tutoring Zone package for the class to help me stay updated with the material. I thought this would be easier and I wouldn’t have to do as much work. So I decided to study for an entire week, thinking that was still enough time. I got a better grade than the first exam, but it still wasn’t good enough.

For the final exam, I decided I was going to be studying from the first lecture. Every problem that I was given, I was going to study them the day of. Finally, I scored very well, which helped my final grade in the class.

  

2. I shouldn’t have procrastinated on the first exam, and probably would’ve gotten a better grade in the class overall. I should’ve listened to my friends and started studying from day one of the semester. I ended up with a C in the class, but that was the only C I got in the semester so it didn’t affect my overall GPA by too much.

  

3. It depends on the situation in which you fail at. Sometimes, yes, it is embarrassing and other times it is very difficult. I have failed many times in life, more in my personal life than academically. It is much harder to deal with failure in your personal life, but I have been able to overcome those obstacles. Within this class I have seen different perspectives on success and failure. This class has definitely been different than others in which there are no exams. Failure in this class would mean not completing your assignments on time and not following directions. I have always been a risky person, but this class has showed me how to take a risk in different ways.

Assignment 25A – What’s Next?

Existing Market:

I would like to expand my product by not just having the machine work for cars, but also other engine vehicles such as motorcycles, scooters, etc. I would hope that this product would serve everyone equally and satisfy them, but reviews and feedback will be taken into consideration if changes are needed to be made. Also, if manufacturers decide to purchase this product for their new vehicles, I would also like to have them work with their past customers to help install the machine into older cars.

They like the idea of expanding the market by adding scooters and motorcycles. They would like to see this product sell in stores and not just from online and car manufacturers. One interviewee liked the idea of selling them in different colors. Another mentioned to also sell regular breathalyzers as well that can be put in a purse or even as small as putting it in your pocket. The third interviewee mentioned how colleges and universities should regulate this product with people who buy parking decals to have the machine installed into their vehicles.

All of the feedback received was definitely reassuring that this opportunity exists and that this product can and will be very beneficial for society. I think feedback is the most important aspect when trying to branch out to different markets and new customers. You won’t be able to sell your product if your current customers do not approve of changes made to your product. The three interviewees definitely saw a future in my business and thought it would make a difference.

I will try out the new ideas that were given to me from the 3 customers that I interviewed. Making regular breathalyzers is a good idea because it will allow me to branch out into other parts of the market and not just solely on the machine made for vehicles.

After speaking with these customers I am very confident that I will be successful in the existing market. Not only will my product reduce the fatality rate and save lives, but it will help people make better choices in life and realize the more important things that others take for granted.

New Market:

A new market that I have not really focused on are people older than 30. People of all ages drink and drive, but it is more common to see teenagers who are underage drinkers and college students to get into an accident while intoxicated. Some think that as you get older you become wiser, but in this case it is not true. Some think they are experts at having a few drinks and being able to drive themselves home. No matter how good you are at driving while intoxicated, there is still a risk that you are putting on yourself and to those around you. It is still illegal to do so no matter the age.

I would take into consideration the feedback received from the previous customers and advertise my product in stores such as Target and even Publix which is most common for middle-aged people to walk in.

I interviewed two adults that are parents to teenagers and college students. They thought my product would be very helpful for their children.

The first customer I interviewed, who did not wish to be named, thought only of this product to be for their child and not for someone their age. He does know of friends his age that do drink and drive and thinks it would be a great idea to sell to those of his generation. He didn’t think I should change anything about size and color, etc. and thinks it is very generic as to everyone liking it no matter the age.

The second customer, Josh, thought this product should be sold to people even older than him. He has seen some accidents occur due to intoxicated driving and it was not because of a young driver. He agrees that this issue is being caused by drivers of all ages. He also did not think I should change anything about the product and leave it the way it is. He thinks by expanding this product to be sold to all ages would definitely be helpful in this new market.

I learned that there is just as much of a need for my product in this market as there is with my existing market. I was surprised to hear that these customers thought it would be a great idea to advertise and branch out to all ages and encourage to buy my product.

I was not expecting for this older market to approve of my product with people their age. Also, I was surprised when both customers said my product was fine as is. They both thought it was set up well enough for anyone of any age to purchase. This market is just as attractive as my existing market. I think both markets are just as important and need to be emphasized on in order to make a difference.

Assignment 24A – Venture Concept No. 1 - U Drink, U Drive, U Lose

Opportunity:

• There is still an unmet need with society drinking alcohol and then driving while intoxicated. Everyone is affected by this need, whether it’s the intoxicated driver, the people in the car with them, or the people who crash against them. Over the last decade this matter has become of much more importance due to the fatality rate increase caused by impaired driving. Society has publicized these issues tremendously, but the issue has still not been resolved. The opportunity is so immense that at least 10,000 people are killed every year because of this matter.
• The forces that are allowing this action to occur are lack of security with underage drinking. Also, there is a substantial availability of alcohol within a home of underage kids. Alcohol is easily accessible to people over 21, but there isn’t enough concern going around for those whose drive intoxicated regularly. The window of opportunity will be open until the fatality rates begins to decrease.
• The geographic and demographic market is all over the world. For this particular class I am focusing only on the United States. You do not need to be rich or poor in order to drink alcohol. Anyone can drink at any age, but legally the drinking age is 21 years old in the U.S.
• There are customers who on their own try to help their family and friends to not drink and drive. There was one person that I interviewed that tries to satisfy the need by making sure no one drives home after a night of drinking and instead calls a ride for them.

Innovation:

• For people who get caught drinking and driving they get arrested or receive a ticket for driving under the influence. There is a machine that exists for those who have had multiple DUI arrests that gets put in your vehicle. It contains a breathalyzer attached to it where you have to blow into it to be able to start your vehicle. If the machine shows that you have a BAC of 0.08% or over you will not be able to start the vehicle. If the BAC shows to be under 0.08%, then the vehicle will start. The machine can randomly ask you at any point in driving to blow into the breathalyzer to ensure that you have not been drinking during the drive.
• I firmly believe this machine should be installed into every single vehicle. The product will be sold online and in stores. Car manufacturers will also be able to purchase this product to install it into every new car that they sell. The product will come in multiple sizes as well as color choices. Prices will range from $85 to $150 based on the size of the machine. 

Venture Concept:

• This product would solve the opportunity by not allowing people to enter into a vehicle and driving it while intoxicated. Customers will buy this product because of safety. Parents will buy this for their children to avoid drunk driving as teenagers. They will also buy it for themselves in case someone has to drive their vehicle. An individual will purchase this product to ensure their own safety, but also for those around them.
• A similar product are breathalyzers that are sold individually. The government currently installs these machines into vehicles, but only for people that have gotten a DUI before. Customers will “switch” to this product because it offers much more than just the individual breathalyzer. There are no major competitors other than the individual breathalyzers. 

• Packaging: The packaging should not be intense or flashy to repel the interest away from customers. The label should be clear of what the product is intended to do. The box will show that the machine has been tested and approved by authorities to be used in any kind of vehicle.
• Price Points: An important issue is if my competitors are much higher or lower than my price I would have to adjust the cost to keep up with the market. Also, I would not want the product to be so expensive that customers would have to think of their financial responsibility over their safety.
• Distribution: I would sell to families to ensure no one underage is in any danger while under the influence. This would also be sold in colleges that way students will not drink and drive on campus.
• Customer support: My employees will be on call 24/7 to ensure that the product is not a problem to anyone.
• Customer experience/Location: Customer experience will be noted. Feedback will be taken seriously. Location will not be of concern because it will be sold nationwide.
• The company would be fairly small to focus more on the details and ensure that the product meets the basic needs of the customer market. Engineers help create the machine and ensure the breathalyzer works. Car manufacturers can give input. The marketing department would only focus on the advertising and customer market that the product attracts. Lastly, the distributing and supply team would ensure that the product is delivered.

I will have backup of my product from the government. They will be able to help me adjust any issues that I may have with the product and be able to compare it with the one they currently use. I want to be able to spread the use of this machine to other vehicles such as scooters and motorcycles, since the main focus right now is solely cars. There is still an unmet need with other types of vehicles. Colleges have the issue of students driving their scooters while intoxicated around campus. I would love to see the product make a difference in society to see the fatality rate at half of what it is now. Hopefully other countries could use this machine and have their governments require the machine in all kinds of vehicles. As an entrepreneur I would love to see myself as a successful owner of this product with nothing but positive outcomes with the company.