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. 

Evevator Pitch No. 3

1. 

2. The feedback I received was very constructive. People mentioned how I improved and was able to reach out to a more specific customer base. Elery mentioned that he thinks it would be beneficial for me to pivot to a platform that is specifically for small artists. He based that idea from his volunteering at a small music festival and thought it would be successful for upcoming punk music artists. Cam mentioned that I should end on a stronger point. 

3. This elevator pitch was for sure the smoothest. I made sure to take the feedback from both of the other pitches into account. I finished with a more powerful statement that will hold the listener's attention. I also made it longer. I was much more comfortable and was able to recite it with more confidence. 

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly or amazing and inciteful. 

3) What did you change, based on the feedback?

Third time's the charm, as they say. I bet you find a few things different from the first time, including: (a) it's almost memorized, (b) you're far more comfortable in front of the camera, and (c) the pitch itself is better. If this is or isn't true for you, please include this in your reflection!

Reading Reflection No. 2

Thinking, Fast and Slow, Daniel Kahneman

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

The general argument of the book talks about how to gain control of conflicting parts of your brain. It talks about how there are two systems in your brain that try to take over situations, which ends up skewing your perception of things. The book talks about cognitive approaches that will help you deal with these situations. 

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

Entrepreneurship is a very broad topic. It requires an accumulation of many skills that you learn and develop throughout life. Understanding how to perceive and handle situations is a truly important attribute for entrepreneurs. The book teaches skills that will help entrepreneurs make decisions and properly face conflict. 

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

The book explains how the two systems of your brain function. How one side is instinctive and the other is analytical. Sometimes you think you can answer with instinct because it seems obvious but you really need to further analyze the situation. A good exercise would be to give the class hypothetical situations that seem obvious and see if the class just to a quick instinctive solution or if they analyze the situation and correctly solve the problem. 

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?

This book truly made a lot of sense and was extremely logical. One section specifically truly stood out to me. It explained how when you are faced with a situation or problem you think it is the most important thing in the world, but in reality, you only think it is the most crucial because it is what you are currently thinking about. I related to that statement on many different levels. I've recently been stressed out with lots of assignments and tests. Due to the fact that those are the things I am currently worried about I think that it is the most important thing in my life. I forget that things such as my health, family, and happiness are the more important things in life and that those assignments are just temporary tasks.  

20A – Growing Your Social Capital

Person #1- 

1. The first person is George Caplin. He was born and raised in Brooklyn, New York. He did not go to college and currently works for a music label.  

2. He is filling the spot of the domain expert. He was able to share some aspects of how rights and contacts for songs are formulated. 

3. This is my friend's father. My friends told him about the idea I had and told him that he gave me his number to contact him. 

4. I called him and he was more than happy to share some knowledge with me. He gave me some great insight and did not expect anything in return. 

5. He enhanced my opportunity by helping me better understand music labels and contracts. 

Person #2- 

1. The second person was Jett Brookes. He is from the Bahamas and went to school at the University of Florida. 

2. He is filling the spot of the market expert. He helped me understand the progression of the music streaming industry. 

3. Jett is my dad's friend from high school. My dad gave me his phone number and was very happy I was reaching out to him. 

4. We had a phone call and he was able to share a lot of valuable information. Once again he did not expect anything in return. He was happy to help me out. 

5. Learning about the music streaming industry will give me the ability to maximize my strategy. 

Person #3-

I was unable to contact someone who is a supplier in the industry I am trying to enter. It used to be much easier to sell CD's or albums but with the accessibility these days, I was unable to find someone who sells music subscriptions. 

Reflect - This experience showed me how easy it is to gain valuable information. It also showed me the benefits of having mentors who are experts in an industry. The smartest people are the ones who are not afraid to learn from others. This activity helped me realize that. 

19A – Idea Napkin No. 2

1. I'm a person who loves enjoying every day with my friends. I am a talented athlete and love the outdoors. I'm from Miami, Florida and love the boating and wakeboarding. My favorite thing to do it go surfing. There aren't many waves in Miami but whenever I get the opportunity to surf I'll be the first one in the water. Being out in the middle of the ocean is one of the most refreshing feelings. I aspire to create a business that will benefit tons of people. I see this as a business that will give people the ability to further enjoy their music listening experience. If I were to start this business I would love to be working on creating expanding a business that I am passionate about. 

2. I am offering customers a music streaming service with an extremely wide variety of songs.  They will no longer be faced with the problem of songs being unavailable.

3. My customer base will be people who are avid music listeners. It will be a variety of demographics. Mainly millennials that are caught up with new apps and technology. I will try to extend it to as many locations as possible as popularity grows. 

4. Customer will pay for my service because it will provide them with easy access to the music that they love. It will offer the same features as all of its competitors but will make sure to have almost all songs available. If a customer notices that there is not a song that they are trying to save to their library then there will be an option to report that the song is not available and we will take measures to add it. 

5. There are many music streaming services but what sets mine apart is that is will focus on having the widest variety of songs. 

I believe many parts of the idea fit together but there are definitely gaps in the plan. Combining existing platforms and offering commision is a good way to gain access to a wide variety of songs. It will be difficult to gain the rights of some songs that have more constricting contacts. 

In my previous post, people shared very constructive feedback. One point was that this topic is something that I am passionate about and I should continue to pursue something I enjoy to make a living out of it. He also mentioned that this idea has the potential to be very successful in the music industry. That feedback drove me to continue generating new ideas to make this idea come to fruition.