Reading Reflection No. 3

1) Anderson discusses in this book how technology today is shaping the way goods are produced now.  Big companies can't compete with smaller more technologically advancing production businesses.
2) Much like the last book I read, How to fail and still succeed, I learned everything is a lesson in life. Anderson mentions several projects throughout the book and how they each mean something different. Much like I discovered in class, you can't stop once you get going with an idea.
3) If I were to make an assignment from this book for the class I would have each student make up or create a business that could follow the form Anderson believes is taking over. That is, what you can you produce and manufacture all via the internet?
4) I think the thing I took away the most was how history tends to repeat itself in a certain way that still requires innovation to be used in order to create new products. The link from the first industrial revolution to the next is something that I found extremely interesting and ended up reading more intp online after listening to the book through my phone. Eventually I thought I was getting the same values as from the first book and decided I'd rather look back at entrepreneurship from a historical perspective, it was an interesting idea.

Venture Concept No. 2

Opportunity

The group of customers with an unmet need I am serving are Anna Maria Island visitors in Bradenton, Florida.  These customers include locals living on the mainland, locals living on the island, and those who are just visiting the island. Currently the island has no large parking structure that can accommodate all the cars and traffic that inhabit the island. Often times cars cause the single lane road to get backed up so far that the line cane start miles inland.

• Geographically the market consist of Anna Maria Island, Perico Island, and Bradenton, Florida. Demographically the market consist of all local residents in the area (typically middle class families and retired elders).
• Currently island visitors, that do not have a residence to park at on the island, use the very limited public beach parking lot. While this lot is located in a good area it is not anywhere near large enough to solve the greater issue at hand. 
• The opportunity is large considering I can help three different target markets.
• The window of opportunity will be open as long as the population on and around the area stays where it's at now. The Amount of tourism also has an effect on the window.

Innovation

My product and service is to build a parking garage on mainland right before you cross the bridge to Perico Island, the island in between Anna Maria and mainland, allowing island visitors to park. Then a trolley service shuttles them from the parking garage to the island. This reduces the volume of traffic on the road out to Anna Maria. The garage would house a restaurant and convenience store which are some of the revenue drivers. The parking meter toll and trolley fee also are revenue drivers. The toll would only cost fifty cents an hour and can be paid for using an app on a smart phone. The trolley pass could be purchased as a year subscription or as an individual one time pass. The restaurant and convenience store would be owned by another business. They would just need to pay a monthly rent to use the space in the building.


Venture Concept

• Customers want to use this product and service to avoid the hassle of finding a parking spot on the island whether it's for the beach, dinning, or any other reason. Once the customer realizes the line of traffic is already backed onto mainland they will be more willing to park at the garage and take the trolley to Anna Maria. 
• Currently the only 'competitor' is the public parking lot on the island. Their major weakness is the lack of size. The lot is constantly full with people often times parking illegally in and around the lot. 
• The location must be convenient to get to in order not to deter anyone from parking at the garage. If customers have to go out of their way to get into the lot where the structure is built it will hurt the business.  Customers also must have a good experience using the garage. Showers will be provided to allow beach goers to clean up before getting in their cars. Also the restaurant provides a dinning experience to those who wish to have a meal before or after their visit to the island. 
• In order to start my venture I would need to purchase land requiring me to have a real estate agent. Next I would have to pay a construction company to build the garage. Finally I could rent out space to a restaurant business and a convenience store.

The ability for my venture to adapt and serve multiple markets is an important resource. The garage could potentially serve as parking for large scale events in town. Owning land that can provide a service to a large amount of people has many benefits. Also in the case of a state of emergency my business can provide support for those that need to evacuate the island and head for a safer shelter.

Next I want my venture to become a destination of some sort. Eventually I want my customers to use the trolley to head out to the island but then come back and spend more money at the business around my garage.

In five years I'd like to have purchased land to build the garage on and have a plan set for constructing the garage. Perhaps in the next decade I can have similar ventures all along the coast of Florida helping all the customers with this problem. This venture allowed me to open up to the idea of solving not just my own problems, but everyone else's. 

I did not receive any negative feed back from the first time posting this, however one person mentioned they liked my trolley system idea. So I will elaborate more on that here.

• goes to and from the island
• various stops on the island
• can also transport bikes, kayaks, paddle boards, etc.
• year pass, one time use pass
• pet friendly

I want the trolley ride to add to the "island experience". By having these features I believe I am doing just that.

Final Reflection

1) Throughout the semester I experienced a few things I would not have done if it wasn't for the way this class is carried out. Physically going out into my community and talking to people I don't know and asking about my venture concept was a new experience. I also enjoyed reading other people's blogs and following their story as well. I dreaded cold calling people and asking for their time the most.

2)The most joyous and proud moment was after an interview assignment was completed and hearing good feedback. All the stress of getting people to tell me their thoughts on my idea was over and it actually being decent is very satisfying. I certainly will not forget doing those assignments.

3)I absolutely have the entrepreneurial mindset now after completing this course. I can't help stop thinking about problems I run into that other people must have as well. I constantly go from one idea to the next and figure out how I can make a venture and business out of solving these problems.

4)One thing I would mention to students taking this class in the future is to have an open mind and the ability to put yourself in new situations. If you feel negatively towards uncomfortable scenarios this class probably isn't for you. You have to be able to think about any and everything from multiple viewpoints.

My Exit Strategy

Within the next five years of managing my venture I'd like to sell the property and ownership of the garage to a buyer. I would rather live in a different city and embark on new experiences and ventures.  This is just one of the many 'bugs' I've identified in life and I don't want to help solve only one. I'd rather spend time in a larger city and develop solutions to customer's needs on a larger scale. Perhaps the revenue from this venture can fund my next one. Often times one bug leads to another, so this exit strategy is the same concept. Leaving one venture for another, then another, and so on. Being an entrepreneur never really ends, that's one of many things I've learned this summer.

 

Making It Real

Here is the link to my resume.


https://drive.google.com/open?id=0Bx6H4MLdvRjAU0RBZEIydG41ekU

Venture Concept No. 1

Opportunity

The group of customers with an unmet need I am serving are Anna Maria Island visitors in Bradenton, Florida.  These customers include locals living on the mainland, locals living on the island, and those who are just visiting the island. Currently the island has no large parking structure that can accommodate all the cars and traffic that inhabit the island. Often times cars cause the single lane road to get backed up so far that the line cane start miles inland.

• Geographically the market consist of Anna Maria Island, Perico Island, and Bradenton, Florida. Demographically the market consist of all local residents in the area (typically middle class families and retired elders).
• Currently island visitors, that do not have a residence to park at on the island, use the very limited public beach parking lot. While this lot is located in a good area it is not anywhere near large enough to solve the greater issue at hand. 
• The opportunity is large considering I can help three different target markets.
• The window of opportunity will be open as long as the population on and around the area stays where it's at now. The Amount of tourism also has an effect on the window.

Innovation

My product and service is to build a parking garage on mainland right before you cross the bridge to Perico Island, the island in between Anna Maria and mainland, allowing island visitors to park. Then a trolley service shuttles them from the parking garage to the island. This reduces the volume of traffic on the road out to Anna Maria. The garage would house a restaurant and convenience store which are some of the revenue drivers. The parking meter toll and trolley fee also are revenue drivers. The toll would only cost fifty cents an hour and can be paid for using an app on a smart phone. The trolley pass could be purchased as a year subscription or as an individual one time pass. The restaurant and convenience store would be owned by another business. They would just need to pay a monthly rent to use the space in the building.


Venture Concept

• Customers want to use this product and service to avoid the hassle of finding a parking spot on the island whether it's for the beach, dinning, or any other reason. Once the customer realizes the line of traffic is already backed onto mainland they will be more willing to park at the garage and take the trolley to Anna Maria. 
• Currently the only 'competitor' is the public parking lot on the island. Their major weakness is the lack of size. The lot is constantly full with people often times parking illegally in and around the lot. 
• The location must be convenient to get to in order not to deter anyone from parking at the garage. If customers have to go out of their way to get into the lot where the structure is built it will hurt the business.  Customers also must have a good experience using the garage. Showers will be provided to allow beach goers to clean up before getting in their cars. Also the restaurant provides a dinning experience to those who wish to have a meal before or after their visit to the island. 
• In order to start my venture I would need to purchase land requiring me to have a real estate agent. Next I would have to pay a construction company to build the garage. Finally I could rent out space to a restaurant business and a convenience store.

The ability for my venture to adapt and serve multiple markets is an important resource. The garage could potentially serve as parking for large scale events in town. Owning land that can provide a service to a large amount of people has many benefits. Also in the case of a state of emergency my business can provide support for those that need to evacuate the island and head for a safer shelter.

Next I want my venture to become a destination of some sort. Eventually I want my customers to use the trolley to head out to the island but then come back and spend more money at the business around my garage.

In five years I'd like to have purchased land to build the garage on and have a plan set for constructing the garage. Perhaps in the next decade I can have similar ventures all along the coast of Florida helping all the customers with this problem. This venture allowed me to open up to the idea of solving not just my own problems, but everyone else's. 

Celebrating Failure

Earlier this semester I missed half of the assignments for a week when I left town for the weekend. I had gotten back late Sunday night and didn't have enough time to finish all of the homework that was due.  I realized then that if I was going to continue working full time and leave town every weekend to visit friends I'd have to be much more organized.

I think failure made me analyze my schedule in great detail this summer. At one point I considered quitting my job or dropping the class. Ultimately I discovered how to keep both and figured out I can hold myself to a very tight and specific schedule. This class made me consider failure as a means to quit at first, but after one weekend of getting ahead on assignments I gave it another shot.

Outside of class I think I look at failure differently now as well. Before I might take failure as a sign to quit and try something else. Now I'll try and critique something or alter it to work before I throw in the towel.