My Exit Strategy

My exit strategy for my first venture will likely be to sell within the first five years or so. Right now I imagine myself starting a successful venture that I will be able to sell for capital to start a new venture. I have selected this exit strategy because I have always dreamed of expanding and growing more than one company. I also think that I won't have enough capital to make my first venture my final and ideal venture. I may be lucky enough that my first venture is so great that I will stick with it and grow it and maybe even pass it down to my children one day. I don't think my exit strategy has had much influence on my assignments this semester. I think that the exit strategy depends on the opportunity and not the other way around. For example if I come up with an opportunity that I think will be a long lasting company my exit strategy would be different from an opportunity that I don't believe will be around for a long time. My exit strategy does influence my growth intentions and how I plan to use and acquire resources. If it is a business venture that will be short lived I won't have long term growth intensions and the way I plan to use and aquire resources would reflect this as well as well.

Venture Concept No. 1

Opportunity

Who has the need? Anyone with a smartphone could have the need. The potential customers can almost be anyone. There is a higher likelihood of middle aged and younger customers but this doesn’t exclude people who are older. The nature of the need comes from somebody who has a smartphone and a computer or just one or the other. This person may need extra storage for a device, need to transfer files, or want to back up their device. Potential customers are currently solving this need with a similar product that is not as advanced as my product. Some are loyal but from the reviews I read many are not and some of the reviews were from customers who once were loyal and lost respect for the brand after using their product. This opportunity could be huge is marketed right and if the software and support is awesome.

Innovation

The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.

Venture Concept

Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people here and there and sell all of them my idea and tell the to get to work!

The Three Minor Elements

1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.

2. I think the next thing for my venture would be to offer and online store option. Something like a subscription for online storage space or some other type of online option that supports my device.

3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.

Celebrating Failure

I recently failed Orgo 1 by less than 5 points. I learned to be more serious about my classes and to be more organized. The reason I failed was because I missed a few assignments that would have easily brought me to a passing grade. I think failure can be a lot of things. What failure can be or feel like it dependent on what you have failed at. Some things can be more or less devastating and sometimes not devastating at all. I think that there is a lot to be learned from failure. Failure is basically learning things the hard way. When I fail it is usually upsetting but I am motivated to better myself so it doesn't happen again. This class hasn't changed my perspective on failure I don't think. I believe I am still as likely to take a risk as I was before this class.

Elevator Pitch No. 3

This is my script from my second elevator pitch below

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector and comes with adaptors for lightning port and micro USB; this makes it the fastest memory device compatible with iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making customization a choice, not an option. Quickstick comes with customer service and technical support 24 hours a day in case anything happens to go wrong. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.


This is the script for my third elevator pitch below. Not a ton of revisions were made as my changes were mostly made during the presentation. You can find the video here

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector as well as a lightning port connector and micro USB adaptor; this makes it the fastest memory device compatible with both iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. This will be the first device that can easily transfer files TO a phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making personalization fun and easy. Quickstick comes with customer service and technical support 24 hours a day in case you have any questions or concerns. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.

I did not not receive any feedback critiquing my second elevator pitch, however, there were some changes that I wanted to make after I finished my second attempt that I had the chance to change during this attempt. I wanted to change my energy during this attempt. My second attempt wasn't as good as my first in the way that I presented it. I also changed the script a tiny bit to be even more clear to my audience. The biggest change I made in my third attempt was my energy and tone of voice. I think this is my favorite attempt yet, but I could still improve. The only things that I think I need to improve upon would be to memorize the script so I can recite it without reading which will allow me to be more enthusiastic and emotional during the presentation and I also think the audio quality could be better which would also help with the enthusiasm because I think I was talking much louder than the recording makes it seem.

My Unfair Advantage

For this assignment I will be using a convenient store for my venture.

10 Resources

1. Work ethic - This is valuable because hard work is a key component of being successful and being able to make things happen. This is rare because it is something that not everyone has. It is something that is learned and not all people have the proper upbringing to develop it. This is something that can be challenging for some to copy. It really just depends how much will power you have.

2. Realistic personality - This is valuable because it allows me to see things at face value. To be successful it is important to be honest with ones self. This is rare because a lot of people like to see things not for what they are but for what is more appealing to them and this can lead to poor decision making. This is something that is hard for people to learn because it is something you are born with or are taught throughout childhood.

3. Personable - This is valuable because it is important to be able to talk to people and it helps to create relationships. This is rare because you have to be born with an extroverted personality and know how to talk to people. Not all people are born this way. This is not hard to copy but some people don't have the proper personalities to be personable.

4. Adaptable - This is valuable because the world is always changing and you have to keep up or you will be left behind. This is rare because many people are stubborn to change, especially in old age, and you have to realize that things are constantly changing and we have to keep our ideas fresh or they will get old. This is not always easy to copy because it is something that requires intelligence and being adaptable doesn't mean any one thing. It is how you apply it that matters.

5. Calculated risk taker - This is valuable because most things in life involve risks but calculating risks makes for more educated decisions and less error. This is rare because it takes an analytical and honest mind to evaluate risks properly and not everyone thinks this way. This is hard to copy because it requires intelligence and understanding of the risk/benefits.

6. Team work - This is valuable because in many situations one will find themselves having to work with others and it is important to be able to do so. This isn't necessarily rare. Not everyone is good at working as a team but it is something that we have been conditioned to do from a young age so most people are capable of working together. This is not hard to copy this is something we have all learned from a young age.

7. Financial capital - This is valuable because it takes money to make money. This isn't necessarily rare. It depends how you get the capital that could make it rare. Having a rich father who will invest millions into you venture is rare. receiving money from a bank or investors is not so rare. This is not hard to copy. Anyone with decent credit and a business plan can get a loan or anyone with a good idea can find investors.

8. Social capital - This is important because many people have the ability to help others. Like the old saying goes, "it's not what you know, it's who you know" This is somewhat rare depending on how much social capital you have. For example, being tight with the president or owner of a large company is extremely rare. Even having a good relationship with your mayor would be rare. This can be hard to copy because not everyone knows the same people and unless you track down all of someones contacts and maintain an identical relationship then you have different social capitol than the person you are copying.

9. Strong personality type - This is valuable because sometimes you will be put in a situation where you will have to stand up for yourself or be outspoken. This is rare because it takes a certain type of personality and everyone is born and raised differently. This is hard to copy because some people jsut aren't made for it.
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10. Good communicator - This is valuable because getting a point across clearly is important and confusion can lead to mistakes. This is rare because it is something that is learned and not everyone it taught. It stems from being sociable and understanding how to communicate effectively. This is hard to copy because some people just don't understand how to communicate effectively.

For all of my resources, I don't think that there are any resources not mentioned that can substitute them. Some resources may have similar effects but I think they are each unique.

For this specific venture I think that my top resource is calculated risk taking. This is something that I don't plan on being a long term venture. This idea is simply to get my capital up so that I can move on to my next venture, therefore my top resource isn't going to be something that necessarily contributes to longevity but that gets me off the ground. Calculated risk taking is my top resource because there are obviously risks involved in starting a new venture and this being my first venture, it needs to be successful. If I fail on my first venture I don't have anything to fall back on unless I have mommy and daddy's money or I raised money through kickstarter or something. I need this first venture to be successful in order to move on to the next so this is why I believe being a calculated risk taker is my top resource for THIS venture.

Amazon Whisperer

Revenue drivers - The device (a memory stick that has a usb connector as well as a lighting connector and micro usb connector)

Product offering - Different storage sizes, different colors/styles, 3 in 1 memory stick (lightning, micro USB, USB 3.0), and easy to use device able to transfer files between devices

Next thing - The ability to back up to a cloud. This will make for easy memory storage and will foster customer loyalty as their information would be entrusted in our servers

Similar product - This is a picture of a SanDisk version of my idea except it only has the usb and lightning port and no micro usb. It also is USB 2.0 instead of USB 3.0 which is superior in speed. It is meant to connect to an iPhone or iPad to create more storage or to transfer things. This is very similar to my idea except it is missing the micro USB and therefore half of its function.

Customer reviews

Cons - First I looked at the most negative reviews to reveal the biggest flaws. It turns out that software updates and how they are updated were the most mentionable flaws. Another huge problem was the inconsistency of the pairing with phones. There wasn't much mention of problems pairing with computers but it was mentioned in almost every negative review that there was inconsistency of connection to the users phone or problems updating the software. The specific problem with updating the software was that you have to do it through a PC which many consumers don't own. What if you have a Mac? Many of the buyers said that they wish you could do the software update through and app on the phone. 

Pros - A lot of the pros that I read included that the device is perfect for backing up. It seems like a lot of the buyers want the device to create space on their phones. There was mention of fast transfer speeds. One person thought that including an extension cable would make the product better. The same person also said that the device is only for backing up and is unable to transfer files to an tablet or phone but can transfer them to the computer from the phone or tablet.

Design and usability changes - I would make changes so that there is an option of the lightning port and micro USB. Not only would this improvement help people who want to switch from an Android to an iPhone or vice versa, but it would also be useful for people who live together but have different phones so they care share one device instead of buying multiple if they'd like. Another change I'd make is USB 3.0. USB 3.0 is much faster than USB 2.0 and a lot of the comments mentioned they enjoy the fastest transfer speeds possible. I would also improve upon the cons of the device, such as how the device is updated. The device would be controlled through and app and can also be updated through the same app so that the device is not dependent on a computer. I'd also like the product to be able to transfer to phones and not just from them. Right now it seems that you can only transfer from phone to device to computer but not the other way around. I would also make sure that the connection to the phones is consistent and that if the device could not recognize the phone it will make troubleshooting suggestions, such as to restart the phone, so that people don't encounter technical problems using the device. 

Good addition - I think this product would make a good addition because it does everything people want and more. It would fix some of the most common issues with similar devices but it also have much more potential as well. When I was looking at the product I also viewed the "people who bought this item also bought" and noticed that someone who was buying a memory stick compatible with a iPhone was also buying Android phone cases. This lets me know that they must either have two devices or are trying to switch from one company to another. In either case they could benefit from a device that can connect to both or their devices and not just one or the other. I also noticed on a second similar product I viewed that someone bought and extension with the device so I think that including one with the product would be a good idea. I also didn't see any mention of a cloud with any of the other products but I also didn't see any mention in the comments either so many it would be nice to have but not a necessity.

Reading Reflection No. 2

This reading reflection is on the book "Makers: The New Industrial Revolution"

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

The general theme of the book is examining the modern day industrial revolution. It examines todays "makers" and what it takes to be a "maker" and entrepreneur. It also compares the opportunity we have today compared to the opportunity of our ancestors.

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

The book connected and enhanced what I am learning in ENT 3003 by giving a different perspective on what it's like to be an entrepreneur today. The book does this by explaining all of the technological advances and resources we have today that we did not have in the past. It explains in detail how these advances and resources give everyday people a chance to more easily, more safely, and more cost efficiently begin a business venture. The book provides specific details and great examples.

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 and exercise for this class it would be to find a product or service created within the last ten years and to find out how it was funded, how it is produced, how it is marketed, and so forth. From reading this book I realize that there are so many different ways to do all of these essential parts of making something and it is important to take a look at how a successful product or service has come about to understand better the process of starting something new in this day and age.

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? 

The biggest surprise was what I read about funding. I already understood how kickstarter and gofundme work but I didn't realize how incredible they are until reading this book. They allow for a "maker" to be funded without selling a portion of their idea to a venture capitalist, they don't have the high risk of taking out a large bank loan, and instill a sense of ownership from the investors which leads to more word-of-mouth marketing and other forms of free advertisement. These websites allow for people with awesome ideas to get funding and get their word out without loosing partial ownership of their idea or loosing their house because of a failed attempt at starting something new. 

Idea Napkin No. 2

1. You
I am a young adult with a lot of learning to do. My talents are - talking to people, putting in 110% to things I'm passionate about, and thinking outside of the box. Some of my skills include listening, speaking effectively, confidence, teamwork, and problem solving. My aspirations include living a successful life, which to me is living a comfortable life that I am proud of. When I think of being a business owner I always think of making the business successful and then expanding from there. I think that this will play a large role in my life because I want to retire as early as possible so I can enjoy my retirement while I am still young.
2. What are you offering to your customers?
For this exercise I am going to use the idea of a gas station/convenient store again. I will be offering a wide range of products inside of the store and outside I will be offering gasoline, windshield washing stations, etc... basically it will be your everyday convenient store/fast food/gas station. I will be solving customers' unmet needs by building this establishment in an area where most people have trouble getting to the store because of lack of transportation. This idea is based solely off of the need of the people who live close by and also based on the amount of traffic through the road. This idea is not supposed to be innovative it is simply exploiting a need that is unmet in the area. This is not something I plan on being an income source for the rest of my life. This is simply a short term plan to make some capital to qualify for loans to fund my next venture. I would either hire someone to run the store and I would keep ownership of it or sell it after it becomes succesful. I know this idea would work well because of my interviews and because of the lack of stores around an area with a high population of people, many of which don't have quick or reliable transportation. Those who do have a vehicle will still be drawn in to my idea as well. The crime is a tad bit higher in this area than other parts of town but I think that it would not be much of a problem. There would be security cameras in plain view and maybe a monitor at the front of the store to show customers the cameras are functional, Employees that are loyal and alert to help prevent theft, and strategic product placement/security to make stealing anything valuable seem like too much work and risk.
3. Who are you offering it to?
I'm offering this service to everyone along the stretch of road where the store would be built and also to anyone driving by, which is a lot of people everyday around 5 o'clock when work lets out and there is decent traffic on this road in general.
4. Why do they care?
They care because many of the people along this stretch of road don't have many other options. They need something convenient and this will be one of their only options. Also it is convenient for people who are driving by. Many people use this road on the way home from work or to get across town and traffic is always at least decent for this reason. There isn't a gas station on this stretch of road so it would create a new convenience for many people.
5. What are your core competencies?
I believe that I think differently from the majority. I have always had a very realistic view on life and I think it helps me see everything for what it truly is. Many people like to see things more as they would like them to be, but I see them as they are. Some people have confused me with being "negative" when I have simply made an observation, which goes to show they chose to see this observation in a good light and I just chose to see it unfiltered. I have a very strong mind and I will use it.
I am very good at noticing unmet needs of myself and others and I am good at coming up with ways to solve these unmet needs. Every time I see an advertisement, business, etc... I am always thinking of what makes them successful, where they need improvement, and how the idea could have been better. This is a quality that will help me create the best business I can.
Evaluation
I believe all of the previous elements work together. I think that if I want to make something happen, it will happen. The only thing that holds me back is my harsh criticism of my ideas. The reason I am so critical is because I know that many businesses fail and I want to be so sure that I know it can't fail. I think this is a good thing though and I believe it falls in line with my realistic view of life. Many people who open businesses that aren't successful or go bankrupt are most likely people who aren't as realistic of me. They probably thought their idea was an amazing idea but weren't being critical, or realistic, enough. I won't have this problem. When I make my move into the business world it will be a carefully calibrated decision and it will be a success.
Five main takeaways from feedback
The main thing I changed was better explaining my idea. I did not make it clear that my idea was not supposed to be innovative.
I made clear what my idea is in the "what are you offering to your customers" section.
I added and exit strategy to better explain the long term plans of my idea.
I talked about the crime in the area and how I would address it.
I better explained how I was planning on exploiting my idea.
I elaborated on "why they care".

Elevator Pitch No. 2

Here is the link to the video

One of the biggest things I took from the feedback from the last pitch was explaining my product better. I thought this was most important because nobody will be interested in a product if they don't even know what it is. None of the comments stood out as silly to me. The feedback that surprised me the most was someone misinterpreting what my product was, which can be fixed by better explaining the product.

Based on the feedback I changed around the structure of the script and tried to explain the product better. the time limit for the assignment has helped me better understand how important it is to get to the point and be as clear as possible. In hindsight of my second recording I still can see room for improvement. There are at least two more sentences I could have added to make things more clear. For example, I could have said, "The Quickstick will be able to connect directly into the charging port on Iphone and Android phones". To me, the inventor of the product, I assumed people would easily understand my idea but it is important to make sure you are clear enough and quickly state what it is you are selling. I also noticed that I am less enthusiastic when I am reading my pitch as compared to when I did it off of the top of my head. It is harder to do it off of the top of my head but I feel like it was better when I had more enthusiasm. There are still things I'd like to change but I think that I did make progress from last time. 

Here is the transcript

Hi, my name is Cameron Hellstrom, and today I bring you the Quickstick. The Quickstick is a memory stick for your phone. The Quickstick can connect to devices through a high speed USB 3.0 connector and comes with adaptors for lightning port and micro USB; this makes it the fastest memory device compatible with iPhone and Android phones. The idea is to make transferring files, backing up, and creating more memory for your device as simple and quick as possible. You are able to easily transfer files from phone to phone, phone to computer, and computer to phone. There are many different uses for the Quickstick and therefore it is available in a variety of different memory sizes to meet your needs, from sharing small files to backing up multiple devices. Quickstick is available in many different colors and styles making customization a choice, not an option. Quickstick comes with customer service and technical support 24 hours a day in case anything happens to go wrong. Quickstick also comes with security. You can choose your own passcode so nobody is getting in, but you. Hop on board with memory stick of the future. Once again, I'm Cameron Hellstrom with Quickstick.