30A – Final Reflection

2) I believe the most formative experience was celebrating failure. I loved the fact that were we guided to learn from our mistakes. That is not a common practice for university classes so it a great change to encouraged to learn from failure. I will remember the work ethic of continually improving and perfect. throughout the course, we've expanded on multiple aspects of our original idea and got into tons of depth for each one. That is something that I will most definitely carry with me. My mom joyous experience was performing the interviews. Seeing how people notice your effort and truly try to help you accomplish your goal is very motivating. I was proud of the new ways I used my mind. I tend to let my imagination take my mind from thought to thought without really focusing and expanding on a specific one. I was glad I was able to focus and perfect one vision throughout the entire semester. 

3) I believe I have progressed as an entrepreneur throughout this semester. Understanding the effort and process that entrepreneurs exercise was very beneficial. I thought I had an entrepreneurial mindset before this class and now that it is over I believe the mindset has strengthened. I learned what it takes to actually develop and establish an idea to its full potential. 

4) I would recommend next semesters students to observe their surroundings and learn from their observations. People experience so much throughout the day and don't notice half of it. It is important to analyze and take lessons away from everything around you. I would also advise students to discuss their ideas with their friends and gain constructive feedback. I would also suggest for them to get their work done early in the week so it is done to their full potential and not rushed. 

Venture Concept No. 2

1)  The music industry had shifted immensely throughout the past few decades. The shift was mainly for purchasing single albums to joining prescriptions with unlimited access with everything they offered. It began with people accessing music through purchasing albums. After that they developed CD’s which was much cheaper to produce than an album. That was an extremely lucrative time for the music business because they were able to manufacture the CD’s at a much faster rate and still maintain relatively high prices for the sale of just one CD. iPods came out which made music listening much more mobile and accessible, but people were still purchasing music per album or song. The most recent and pivotal shit was to streaming service prescriptions. This gave people to the ability to pay a monthly fee for full access to everything the service has to offer. That shift changed the game and made music listening much more convenient for lots of people. However, that system does have some flaws. In most cases, people are only members of one subscription. They do not want to pay for more than one service that each share most of the same songs. The issue arises where there is a song that your streaming service does not offer. You are already committed to that service and it would be inconvenient to switch or subscribe to a new service for such a limited amount of songs. When you hear a new song that you love you want to be able to access it. You want to be able to feel the way you felt when you listened to if for the first time, wherever you go. People who love music need a way to have the opportunity to always have access to the music they love. Music is a treasured and appreciated universally. Something that lots of people cherish most. This makes the geographic of this opportunity very broad. The efforts will begin in America, and once the company becomes more established and developed we can focus on expanding to other countries. People of ages 12-40 listen to their music through their streaming service subscriptions. Some people above that age range who are technologically inclined will also access music through streaming services, but lots still use CD’s. Customers want a platform that does not restrict their music variety and capacity. When faced with the problem of running into a song that they cannot find most people resort to YouTube. YouTube has one of the widest assortments of music but also has some flaws. Searching song and having to leave the app open every throughout the entirety of the song is a large inconvenience. Customers need a platform that is going to provide them with all the songs they love whenever and wherever they want.

The product will be an application for a music streaming service that ensures the widest variety of songs. The way it will accomplish that goal is by going through multiple other services in order to gain rights for the songs. It will access the songs through other services and give commission to the providers who are allowing access to the songs. It gives companies the incentive to allow rights and access to the song by providing contracts that will confirm payments per listens. All customers will have to do is purchase the app of the Appstore of their mobile provider. There will be reasonable monthly payments or a reduced price for the year with a single down payment. Once you are a member you will have access to music along with other features that the application has to offer. There will be interviews with popular and up in coming artists as well as talk shows. The talk show episodes will host special guests that will show off a little of their talent and what makes them special along with talk about what motivates and inspires this. Customers want a product that will enhance their music-loving experience. This product will be a subscription with that will provide the full music experience.

The best aspect of this product is that it will truly make people appreciate and enjoy music. Having the ability to listen to a song and then be provided with an interview of what inspired that artist to create the song is truly entertaining. It will strengthen peoples love for music which will make them appreciate and love the product. There are tons in store for this product. It can continue to expand and satisfy more customer needs as the platform progresses. One idea is allowing customs to give constant feedback on what songs they are trying to access but cannot. We will respond with a set procedure that gets the song added with a certain time frame. If this were to be accomplished I could see myself working with my team to get take the company to the next level. Working in a field that I love is a dream and it would drive me to work to my full potential. 

2) I have received tons of constructive feedback since my first venture concept. People have told me that they think it would be a good idea to add interesting features to the app along with just the music listening app. This is a great way to get customers more invested in the product. Pretty much a way to get customers more involved in order to increase they're satisfaction and listening experience. 

3) One of the things I was happy to add was the additional features to the platform. My original idea was to have made the product specifically for a wide range of access to music. I have recently added the feature or giving customers access to interviews from popular and up incoming artists. Listeners will have the option of being directed to interviews related to songs they are listening to. Understanding the motivation and inspiration artists have behind making songs is truly entertaining. 

4) 

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?

If I were to make this business come to fruition it would be very hard to sell. I would have the opportunity to work with an industry I love with a team of people with similar goals. I would try my best to continue expanding the business and increasing profits. When it is my time to finally retire I would either try to sell the company or pass it down to my children if that is an option. 

2) Why have you selected this particular exit strategy?

I selected this particular strategy because I would love to work for a company involved in the music industry. It would help me stay creative and eager to work. 

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?

I think my exit strategy definitley influenced different decisions in my concept. If I plan on running and not selling it than I would structure the industry differently. I would make it more individual rather thank structure it the way someone trying to acquire it would prefer. I would grow the company with coworkers that are likeminded and believe in the idea. 

27A – Reading Reflection No. 3

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

The general theme of the book discusses how manufacturing has changed with the advancement of technology. It used to be extremely difficult to turn an idea into reality. You would have to hire people to manufacture products which would cost lots of money and time. Nowadays there are more options such as 3D printing that makes it cheaper and easier to manufacture products. The process has shifted from manual labor to sitting behind a computer. This provides tons of opportunities for businesses and economies. 

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

This booked connected to what we are learning in this class in lots of different ways. It discusses how manufacturing is outsourced and how these technological advancements make it easier to get your product produced in high quantities. A large aspect of entrepreneurship is using creativity to put together different aspects of an organization. Understanding developments in manufacturing can really benefit an entrepreneur.  

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would design an exercise that split the class into groups that work on developing a physical product. The groups would be given a category and they would have to design a product to benefit people in their sector. After they come up with the designs we would utilize the universities 3D printing lab and actually manufacture the physical product. 

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?

Understanding where manufacturing is heading was very eye-opening. Seeing how easy it is to make an idea into a physical prototype will allow me to do more experimenting with my visions.  

26A – Celebrating Failure

1. I used to never consider myself a procrastinator. I prided myself on finishing my responsibilities promptly. It would bother me to have unfinished tasks so I would always do them early. During this semester that was not the case. One of my classes just had two deadlines with a test and all the assignments due at each deadline, which I thought I would have no problem handling. I failed to accomplish my assignments slowly throughout the semester and was left with one week to do three months worth of work and studying. Cramming to finish everything before the deadline made that one of the most stressful weeks of my life. 

2. I learned a lot from the discomfort my mistake caused. I realized that my work was inhibited due to the fact that it was rushed and vowed to make sure to never put myself in that position again. I also learned that being overconfident can sometimes be a bad thing. I thought I was capable of easily planning my time so I lacked the initiative to make a schedule and properly plan. 

3. It's easy to understand that you can learn from failure but it is hard to not let the discomfort make you forget it. When I fail I try to convince myself that it is just a learning experience but I am at such a low point that it makes it difficult to internalize that. This class changed my perspective of failure immensely. Repeating steps such as the elevator pitch helped me learn from failure and correct my mistakes. Seeing how I've learned from failure will definitely help me take more risks in the future. 

25A – What’s Next?

Existing Market. 

The customers had lots of constructive feedback to offer. They seemed to really understand what the people would want. They liked the idea of creating a brand that represents a lifestyle. They believed it would be a key tool for attracting customers. If we promote the brand properly we will be able to send off the energy and appeal that people are looking for. The customer base is mainly avid music listeners, and we must use that to our advantage. 

Through events and advertising, we will be able to promote a brand that people are connected to. When they see if they feel good. Music has the ability to alter emotion and we are going to utilize that properly. Our goal is to make it so that when people see the brand they think of their favorite song, artist, or music experience, which will generate positive emotion. 

New Market.

The book industry is a market that is very separate from music streaming. My ventures concept can be valuable for this market because in both markets that is an extremely wide range of content. Music and books are both very different expressions of art but have almost infinite products. This idea has the ability to make a book industry that focuses on achieving an extremely wide range of book availability. Maybe a network of books that are tracked in order to give people access to a wide range. 

I learned a lot about this market. I'm not a huge fan of reading so this is a market that I am very unfamiliar with. Music is all about audio and listening. Just like the music businesses, the book industry has also developed and changed throughout the advancement of technology. The interviewees shared some interesting things about the book market and one of them was that people are constantly trading books. That is something that is uncommon in lots of markets. I wasn't surprised by that aspect but it made me think much deeper into this new market. It seems like an attractive and versatile market with lots of opportunities. 

23A – Your Venture’s Unfair Advantage

1. resources 

• A team that cares about what they are working for 
• Great advertising 
• Sponsored artists 
• Financial backing 
• Expert human capital 
• Singularity 
• Strategic planning 
• Unique features 
• Events/concerts 
• An appealing brand 

2. "VIRN"

• A team that cares about what they are working for 

People who are doing what they love as their occupation generate the best results. There are lots of other career paths and industries that people enjoy but music is something that people feel and live for. Having the opportunity to put all of your effort toward something that you love is very unique. This is one of the most invaluable resources to have, it can benefit many different aspects of a company. 

• Great advertising

Advertising is extremely versatile and creative. There are many ways to attract customers to products. Marketing a service that people are passionate about is about can connect to people in a powerful way. There will always be great minds and competitors in the marketing world but promoting something that people love is an advantage. This is a resource that the company would be relying on. 

• Sponsored artists 

Fans look up to their favorite music artists. If they were represented by our brand it would attract a large customer base. Companys have the ability to sponsor tons of large celebrities. A music brand sponsoring a musician is a great fit. This is also a very unparalleled resource.  

• Financial backing 

Financial capital is what companies rely on. It is not an easy resource to obtain but if your pitch the idea with the right plan you find investors. Other companies may also have sufficient funds, but we will work on effectively allocating the money. This is an extremely crucial resource.  

• Expert human capital 

Having workers with tons of experience is tremendously beneficial. It is an asset that can take a company to the next level. Lots of companies have smart and skilled employees but we will be searching for people the correct mindset for our vision. This is a matchless resource. 

• Singularity 

Pitching a product that focuses on having a unique product is very valuable. It will be centered around having the widest variety of songs. Other services will have solid selections, but we will be putting our focus on accomplishing extensive song availability. Being different is what will help you stand out and succeed. 

• Strategic planning 

Strategic planning is how you accomplish your visions and goals. Following a plan is how all companies are structured. Effectively implementing strategies and carefully following them is how you succeed in executing goals. By using a combination of approaches we can make this inimitable asset. You will not be able to accomplish anything without proper plans. 

• Unique features 

Along with music services, we will also offer special features through our platform. There will be options to watch music videos and see interviews with artists. That is not common for a music streaming service. Our content will be very unique and provide aspects of music that people usually do not experience. Gaining this type of competitive advantage is very important. 

• Events/concerts 

Organizing concerts and events will be a great way to show people what our brand is about. We have a good opportunity to make music events and use it as a form of marketing. Having sponsored artists will give us the advantage to do plan events. Showing people a good time will result is awareness and appreciation for the company. 

• An appealing brand 

We want to create a brand that attracts people. Something people are amazed by. Music is something people can relate to and it is a good way to appeal to people. If we make the brand into a lifestyle than people will be more attracted to it. This is a very important resource that is important for drawing in customers. 

3. I think the most important resource will be a team that cares about what they are working for. Passion take people a very long way. It makes people work to their full potential. That is one of the most important aspects of an industry to succeed. If people are passionate about their job they will make sure all the elements of the business are beings properly executed.