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? 

The biggest surprise for me in the reading was the chart explaining the strategic management process.

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

One part of the chapter that was confusing was the part where the author explained the fatal visions in strategic planning.

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

How accurate is the average strategic management process in comparison to real life?

When once having the entrepreneurial edge, how do you capitalize after?

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

I don't think the author was wrong about anything in the chapter! I agree with pretty much everything he explained aside from my questioning of the accuracy.

Venture Concept No. 1

Venture Concept No. 1

1. Opportunity

(1) who has the need (i.e., who are the potential customers?)
The customers who have the need for my product are consumers who are into stylish retro clothing, specifically the collegiate crowd where styles are hot and trending very fast.

(2) the nature of the need.
The nature of their needs are to look good in public and always keep up to date with the trendiest clothing.


What are the forces or changes in the environment creating this opportunity?
The forces in the environment that create these opportunities is trends. Every day there is something new trending in the style world and with my clothing line specifically targeting the collegiate crowd. 

How is this market defined geographically and demographically?
Demographically the market is designed by the four years of college students; in other words, every year theres always something new that is trendy and everyone wants it. This market consists of college students between the ages of 18-23. Geographically, this market is in sections of states all over the nation. Every college campus can be aware of the styles of my company through social media.

How are customers currently satisfying this need? And how loyal are they to whatever they use now? 
Customers are satisfying these needs by being trendy and staying up to date with their styles. Students go out and buy the clothes thats hot during the time and spread the word normally.

How big is this opportunity?
This opportunity is probably one of the biggest ones I've seen pop up, especially due to the fact that I have support from big names in the music industry who'd be willing to promote and wear the clothing.

How long will the “window of opportunity” be open?
This window of opportunity will be open forever pretty much, since trends have always been a forever thing.

2. Innovation

I would like to you discuss your innovation in moderate detail. Explain what it is, what it does, and how it works. You should also describe how you will make money – in other words, what, exactly, are you selling and for how much? 
My innovation ideas for this opportunity are very broad, because its such a huge market of collegiate students. I will make money simply by the profit margins from buying the clothing at wholesale and reselling it for a few dollars more than I got it for. To be specific, I will be selling tees, hats and tanks with all-black designs that were inspired by the styles from Europe. These styles will also be available in various comfort ways. Tees and hats will be at $20, tanks will be at $15.

3. Venture Concept

A venture concept may be defined as the application of a specific innovation to address a specific opportunity. In this section, describe how your innovation will solve or address the opportunity you identified. You also want to explain why customers will buy your innovation. In describing the concept, you also want to be sure to cover issues such as:
My innovation for this venture concept will solve the opportunity I mentioned above because trends are always happening. Its a never ending market, especially with college students. The 4 years of college are always one of the most trendiest time periods of a person's life. 

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 
The reasons customers will switch to this new product, is because it'll be trendy and superstar producers who they admire and follow will be supporting the clothing. In marketing of clothing styles, advertising through having famous people wear the clothing always does the job. 

·        Who are the competitors? What are their possible weaknesses or vulnerabilities?
      The competitors are other clothing brands, like vineyard vines, polo, nike and adidas. Possible weaknesses of these competitors are lacking the trendy college styles that these students would enjoy.

      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
     Packaging, price points distribution and customer support all play a huge role in starting this company. When dealing with clothing, it is crucial that timing for shipping and satisfying your customers is going all well. 

The three minor elements

My rescue for this product I offer is the source where I buy the clothes wholesale. I can always drop prices as a last chance but its highly unlikely. What sets it aside from competitors is the style difference and quality comfort of the clothing. 
What's next for this venture is to bring attention to it and reel in more customers to hype them up for releases. The next opportunity I wanna tackle in this plan is to start making the shirts. The next product in line for this is unknown, but for sure will be accessories.
What's next for me? I'm aiming to have this company through the roof blooming in 5 years. As an entrepreneur, I just want to be successful.

Week 11 Reading Reflection

Week 11 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? ----In the reading, the biggest surprise for me was the fact that the author provided good examples of how businesses establish and keep good connections with each other. Thats a very important thing to learn and have knowledge on, especially when trying to succeed as an entrepreneur.

2) Identify at least one part of the reading that was confusing to you.----One part in the reading that was confusing to me was the part where it explaines Corning's strategy.

3) If you were able to ask two questions to the author, what would you ask? Why?----Q1: How can one develop and keep the ways of Corning's strategy? In other words, would practice and review of it help me know it the most and apply it?
----Q2: What if someone cannot come up with an Innovative strategy. Is this the end of the road for them?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?----I honestly do not believe the author was wrong about anything in the reading. It was published by Harvard Business Review for a reason. Very credible source.