23a

Some of the resources in my venture include:
1. Social capital (knowing people in the industry)
V- social capital is very valuable in a business venture because it's good to know other people in the industry that can help you out when you need it.
R- this resources isn't necessarily "rare" as many different companies know people in the industry.
I- this is something you can't really "copy", but other businesses can definitely find people in the industry to connect with.
N- there is no other resource that can take the place of knowing people in the industry.

2. Financial capital (financing to get the venture started)
V- this is extremely valuable since almost all business ventures need financing to get started.
R- this isn't rare, unless you're a student or someone just starting out that may not have funding.
I- this also isn't something that people can copy.
N- there's not really any other resource that can replace this, as all businesses need funding.


3. I have the quality of perseverance
V- I would say this is valuable when starting out because it may not work out the first time, or it may take a while to gain traction and you need to be patient with the process.
R- I would say this is a little rare because most people want instantaneous results.
I- people can't really "copy" this.
N- there's not really any other resource that can replace this.


4. Educational capital (knowledge of the industry)
V- This is valuable because it'll make starting and succeeding in your business venture easier.
R- This isn't very rare because many people can gain knowledge of their industry.
I- this also isn't something that people can copy.
N- knowledge of the industry is irreplaceable.


5. Human capital (people I can recruit as employees)
V- this isn't really a necessity, since some startups are done solo or with a very small group of people.
R- this also isn't very rare, as it's easy to recruit people.
I-this also isn't something that people can copy.
N- since human capital isn't really necessary (at least at first) it could probably be replaced with other resources.


6. Emotional resources (a great support system)
V- this is valuable for when you're first starting out, because it can be very stressful.
R- this is somewhat rare because not everyone has a good support system.
I-this also isn't something that people can copy.
N- I would say nothing can replace a good support system.

After reviewing all of these, I would say that financial capital is the most important since you need money to get started, and not everyone has the money needed to get started.

21A reading reflection

The book that I chose to read was How to Fail at Almost Everything and Still Win Big by Scott Adams.

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

The theme of this book was that even if you fail in life or don't succeed right away, you're still able to "win big". It's all about how all of our failures in life are what lead to our successes later in life. Without failing, we wouldn't be able to succeed.

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

The book is all about looking at life and failure in a different perspective, and looking at failures as something that helps us rather than hinders us. I think with ENT3003, it also teaches us about going about things a different way and using all of our experiences to our advantage in order to succeed. Both the book and our class teach us that there is no one way to succeed in life.

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 an exercise for this class based on the book, I would tell the students to pick a time in their life when they felt like they failed, like not getting into the college they want or losing a big game, and tell how that failure led to success later on.

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 "aha" moment in the book for me was when Adams talked about selfishness being a good thing and being able to help lead to your success. Obviously not all selfishness is good, but the kind where you put yourself first and make yourself a priority. That was a big surprise for me. 

20A

For this exercise, I'll admit it was a lot harder than I anticipated. I had trouble contacting people and getting them to email me back. However, I was able to find 2 of the 3 people for this project and they are as follows:

1. Dwayne Swinton. He runs a business dedicated to K9 health and nutrition, so I thought it would be fitting to contact him since he's in the niche of nutrition and "healthy for the environment" type things.
2. The domain expert
3. One of my friends used to work with him a few years back so I contacted her to get his email. I then emailed him about my business idea to get his feedback.
4. I laid out my business idea, target audience and why I thought it would make for a good business venture. He gave me some tips on honing in on my true purpose for the app so that my main goal doesn't get lost in other good ideas.
5. By including him in my network, I have someone who runs a business and knows how to target consumers and get them to purchase his items.

1. Amanda DePaul. Amanda works for a firm that conducts consumer research to see what people in certain areas are buying/not buying, and what their demographics are.
2. The market expert
3. Amanda is a friend of my boyfriend's family so I was able to email her with my idea to get her feedback.
4. I laid out my business idea, target audience and why I thought it would make for a good business venture. She thought that my target audience as far as age was a good choice. Most young teenagers and older retired people might not have the time/money to go from store to store to buy more expensive, but good for the environment products.
5. By including her in my network, I'm able to get insider info on which demographics are buying more items in my niche or what their spending habits are.

This experience was very different from my networking experiences in the past. I would usually just meet people and talk with them, but I've never had such strict parameters of finding people to do this before. I think it was a good learning experience though.

19A

1. WHO AM I?
I'm a mom to a 4 year old girl and I deeply care about the environment. I'm always trying to find ways to cut back on waste and buy cleaner, more organic products. If I were to create an app with the green movement in mind, I think it would help me and others be more conscience about how they take care of the environment.

2. WHAT AM I OFFERING?
I am creating an app that helps consumers see which businesses, brands and products are involved in the green movement and make environmentally friendly products. It's hard for people to know which brands really care about the environment and make an effort to create products that help tiger environment. By creating an app with all of this in one place it'll help people make smarter decisions about where they buy their products and what products they buy.

3. WHO ARE YOU OFFERING IT TO?
This app is being marketed towards those who care deeply about the environment and the impact they have on the environment. It is also for those who do their own shopping and have the time, energy and money to be able to buy these environmentally friendly products.

4. WHY DO THEY CARE?
The people who would be using this app care because protecting the environment is something that everyone should care about because a lot of our natural resources are nonrenewable and we are slowly killing the planet am. By using this app, we can make a difference in the impact we have on the environment.

5. WHAT ARE YOUR CORE COMPETENCIES?
This app has the convenience of Google but strictly for organic, environmentally friendly products and companies.

As for the feedback, one person added that they would love to use the app for finding cruelty free makeup and skincare products and I think that would make a great addition to my app! I think that all in all, the app pairs well with my targeted audience.

18A

My customer avatar would be an early 30s to late 40s woman. She shops at Whole Foods and always remembers to bring her reusable bags with her. She goes to spin class every Thursday night with her friends and then they go out for dinner afterwards. She enjoys wine and cheesy rom-coms. She has two young children in private school and plans out their weekly schedule every Sunday night. She drives a new Subaru and loves travelling.

I would say I'm similar to this avatar in that I care about the environment and use reusable bags. However, I don't make enough money to shop solely at Whole Foods lol. I think that We're a little similar because I would want to invest myself in an app that I resonate with and believe in.

16A

I would say that five qualities that set me apart are that I'm very analytical and observant, I love numbers and enjoy making charts and diagrams, I'm extremely determined, I'm very good with money and saving money and I'm compassionate towards others.

I think a lot of these skills are things that not everyone has, especially loving math and being good with numbers. The five people I interviewed in regards to what they thought were my strongest assets, all said that one of my greatest qualities was my compassion for people and my willingness to help those in need. My mom told me another quality was my money-saving mindset. One of my brothers said that I'm very independent and don't rely on other people.

Of all of these qualities that were named, I think they all thought about the same as me. I know I'm very compassionate and I'll help just about anyone who needs help. And I'm also very independent, having moved out on my own at 19. I would say that I see myself about the same as my family and close friends. 

15A

The three people I interviewed this time were a co-worker, an extended family member and one of my brothers. What I learned from these interviews is that a lot of people buy based off of price. If there is an item similar to the one their getting, but it's cheaper, they'll go with that one, even if the price per ounce is not as good. I discovered that people only look at shelf price to determine what they're going to buy versus how much they're getting for what they're buying. For example, an 8oz bottle of ranch dressing for $3 versus a 15oz bottle of ranch for $4. While the $3 bottle is cheaper, you get more for your money with the $4 bottle, but people don't look at that.

Most people I talked to would rather buy online then go into a store to purchase. They also prefer to put the purchase on a credit card, no matter what the price is. When thinking back on their purchase, the "rightness" of it is determined by how cheap they got the product for, and if they actually use it. I've realized that many of us buy items either in store or online and end up not using them, or not using them as much as we thought we would.

All in all, people will go for the cheapest item when purchasing, even if there's a better bang for your buck elsewhere. People also prefer to shop online in the privacy of their homes and pay with credit. If I were brand or business, I would make sure that my prices were low, and that I had a very user friendly website.