Final Reflection

Upon reading my past assignments, I do recall moments of frustration, excitement, and confusion. Sometimes these emotions and feelings would occur at the same time. Any assignment that involved going out of my way and interviewing individuals was just so taxing. I consider myself a pretty introverted person with some extroverted tendencies but doing that task was definitely draining at times. I did enjoy writing the reflection part of the assignments and receiving feedback from other students. The peer reviews made me feel hopeful for my business and I didn’t use to think so at the beginning of this entrepreneurship journey.

Overall, I can definitely say I’ve learned a lot about creating a business and setting my mind to an entrepreneurial spirit. It’s been quite a rewarding journey, and I can even say that I’ll miss those cupcakes, as tedious as they could be. Albeit, entrepreneurship may not be something I’ve expected of myself, I am glad I tapped into that unknown territory. I was able to learn something about myself and realize I am a capable of more than I expected. 

As for my one recommendation, have fun with it! Find an idea YOU believe in and you’ll be surprised what you’ll find. Also, don’t give up and be as authentic and transparent about going into a specific business. This comes into play especially when you’re interviewing your prototypical customer. You want to make sure you’re not misleading anyone about your product or service and that your intentions are genuine. But overall, don’t give up. Success isn’t easy and it can takes years for things to come into fruition. Believe in yourself and don’t give up.

Venture Concept, No. 2

Opportunity:

Many women, especially women of color, feel a sense of insecurity or danger when they are isolated in certain dangerous situations. For example, walking home alone at night could be a time when someone would exhibit this imminent fear. There is an opportunity here to give back that sense of security to these individuals, and that is by providing a service where women can be education on proper crisis management in addition to different types of self-defense techniques. The specific group of customers we’re catering to will fall under the spectrum of young women between the ages of 17-30 who live in urban areas.

Innovation:

Albeit not radically innovative, this service does have a sense of incremental innovation. The service will allow for a combination of physically active workshops teaching self-defense and and an educational experience teaching basic crisis management with some experienced professionals. This combo differs from your typical gym membership or Krav Maga class, it’s encompassing a nature of things and it’s catering it to a group of individuals who need it the most. This course can be offered at a pay-per-class rate at just $10 per class. For our returning customers though, this service can offer a monthly membership as well at $20 for four sessions, which includes the Krav Maga self-defense class and crisis management seminar/lecture.

Venture Concept:

This service will satisfy this opportunity of insecurity and fear instilled in women by empowering them to stand up for themselves. In the grand scheme of things, it’s not the women’s fault that these situations happen to them but some of these events are inevitable and only drastic changes in societal norms will prevent this from happening. But as an immediate remedy and an empowering one at that, providing a service that incorporates self-defense techniques to a marginalized group of individuals (all women) and educates them on proper crisis management can end this imminent fear and possibly the stigma surrounding women as well. Some competitors might be other programs that offer self-defense classes or other gym memberships. The business would probably only have a few instructors, mainly previously experienced RAD (Rape Aggressive Defense) instructors and occasionally certified speakers who can discuss crisis management and different types of action scenarios.

Three minor elements:

Most important resource: I would definitely say the mission of the company is our most important resource. It is intangible, but without the goal of the business is lost. We are here to empower women and take away the fear of being in isolated locations and feel defenseless. We want to provide a safe and inclusive space and that all falls under our mission. We have the ability to use that resource to the best of its capability and provide a sense of community for all women, including women of color.

What’s next: It would be ideal to expand our mission even further and find ways to incorporate just women but other marginalized groups such as those that are a part of the LGBTQ+ community, mainly transgender individuals. They suffer from a lot of violent crimes, and I would want this business’s next venture to focus on providing a safe and inclusive space for them as well. Our mission would extend to protect everyone who have had their rights violated through means of violence.

What’s next for me: Five years from now on, I could only hope this venture goes national and becomes a part of a movement. Although a lot of this sounds like it would fall under a non-profit organization, this could be a business that could eventually chain and/or franchise itself where multiple different locations across the United States open up shop and provide this service. I can only hope it grows to become this big phenomenon, and eventually I would hope to travel and motivate other instructors and managers of these business on how to grow their franchise successfully.

Feedback: 

To be honest, most of the feedback I received on my post were positive and not many changes were suggested. In fact, many of the people who commented on my posts were very encouraging and wished me the best on my business venture. I truly appreciated the feedback and it makes me hopeful for the future and where this business may take me.

Reading Reflection No. 3

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

The realm of business, specifically marketing and advertising businesses, is evolving dramatically. Over ten years ago, outbound marketing techniques such as direct mail outlets and telemarketing sales would have been the sure way to grasp the customers’ attention. Now, outbound marketing is growing more and more obsolete with inbound marketing taking its place.

2. How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

The one thing that truly connected this book with my experience in this class is the focus on customers’ wants and needs. In “Inbound Marketing,” Galligan and Shah discuss how marketing is all about following where your customers will be. They then dive deep and discuss the miracles of the Internet and people have grown accustomed to using the web to shop and gather information. Albeit pretty straightforward, this whole notion of accommodating to your customers and going off of their needs really connected with my experience taking ENT3003. With all the interviews and constant feedback, it truly does show that a business can only be as successful as its customers and their loyalty.

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

Based on this book, I would probably try to create more of an experiment than so much as an exercise. I would group up individuals into two distinct groups, one would focus on outbound marketing techniques (e.g., radio ads, TV ads, direct mail, telemarketing, etc.) and the other group would focus on inbound marketing (e.g., social media, texts, emails, online presence, etc). Both of these groups would have one exact same mission and would need to reach out to at least 20 people (the same 20 people for both groups). Once their marketing tactics are completed, an online survey will be sent out to these 20 subjects. This survey would essentially have them provide any sort of feedback relating to their experience with these two groups and which marketing technique persuaded them the most. Hopefully, this exercise/experiment will provide some insight on the effectiveness of either marketing techniques.

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?

Shah and Galligan did a really good job describing how dramatically inbound marketing affected the democratic primary election for Obama and Clinton back in ’08. At the time, I was only in middle school so concepts such as marketing and politics were outside of my realm of understanding. But now that I am older, I would think back to that time and wonder how a first-time senator was able to beat a huge political figure like Clinton. You can definitely say I had an “aha” moment when Galligan and Shah went on to describe the magic that is inbound marketing. Twitter followers, Facebook likes, LinkedIn connections, and many other forms of social media presence had the ability to change the game for Obama back in ’08. I always knew social media was a powerful tool, but I would’ve never thought that even back then it was able to have the ability to change the political climate. Nowadays it seems so obvious, especially with a lot politicians growing their Twitter presence and top news getting infiltrated through this platform. Yet, it still baffles me from time to time.

My Exit Strategy

I believe the exit strategy would truly depend on the success of my business. If it doesn’t do too well then it would probably be best for me to cut my losses and divest. Selling the business will probably be the most profitable move for me at that point. But if business grows successful and sustains a substantial customer base, I would want to stay with the business until I retire.

As aforementioned, it truly depends. But ideally, I would want to stay with the business until I retire. I truly believe in the mission of my business and if it has the ability to impact individuals, especially marginalized groups, my career in this venture would be very rewarding. 

The decisions I’ve made in the past with this venture have definitely influenced my exit strategy. The goal of this business is to empower a marginalized group of individuals, it’s not something I would want to give up easily especially if it has the ability to make an impact. I wanted to create a business that resonates with me and my past experiences. Learning about self-defense techniques and crisis management has changed my life, and I believe it has the potential to change the lives of many others too.

Celebrating Failure

I’ve definitely experienced failure a multitude of times this semester whether it was not doing too good on an exam or forgetting to submit an assignment. There were many moments where I wished I could’ve went back and studied more or been more responsible. It’s easy to regret on a lot of these failures, it’s not as easy to take them in with stride and use them as an opportunity for growth. Failure is a funny thing. It has the potential to make you feel like it’s the end of the world yet at the same time it could be the best thing that happens to you. 

Therefore, I can wholeheartedly say that my past failures taught me something. In fact, it’s continuing to teach me something. I’ve learned to manage my time better so I can allocate better studying habits. I’ve learned to map out a schedule and put in reminders so I don’t miss any assignments. I’ve learned that no matter how many times your business plan or idea fails, you have to get back up and find ways to make it better. Failure has taught me a lot about perseverance and it’s humbled me quite a bit.

All in all, failure is hard. It’s not fun and sometimes it can be emotionally and mentally draining. Personally, I sometimes (well, most of the time) handle failure with tears. Lots and lots of tears. And sometimes it helps, it allows me to release all the tension I’ve been experiencing beforehand. Once all those tears gone, I have clear and open mind and it gives me the opportunity to reflect on a particular failure and grow from it. For example, I’ve definitely some form of failure with this class especially with missing point opportunities. I know it may seem a bit superficial, but sometimes it’s the smallest failures that make the biggest impact.

What's Next?

Existing Market

Step 1:

After being able to establish a pretty stable clientele, I would divulge further into our brand and mission by selling merchandise. Aside from the basic shirts and decal stickers, some of the merchandise may include accessories that is relevant to our service. Since we are focusing on self-defense techniques, some of the accessories could be key chains that can help aid with aggressors or mace bottles. We are not only focused on selling our brand, but selling our mission.

Step 2:

 I interviewed three of my customers, each of them from different classes I’ve taken on campus and based on the information I gave them on my business venture they seemed to agree with my next steps. Two of them specifically stated that I should divulge into having a greater online presence. I was originally relying on word-of-mouth with gathering up customers, but once the business begins to boom some more marketing our mission and brand will definitely be integral in putting the word out. I myself was hoping to maintain a cost-free marketing streak, but if it comes down to it and the business grows big enough I could buy a domain name, create a website, and potentially hire some brand ambassadors while I’m at it.

Step 3:

Upon interviewing these customers, it seems that I have done a decent job aligning my expectations with theirs. Albeit our specific expectations were a bit different, better marketing for the future seemed to be the common theme. I was thinking about tangible marketing, with selling T-shirts, key chains, decals, and mace bottles. They were more focused on maintaining and even upping our online presence through a user-friendly website, potentially a downloadable app, as a means to get the word out on a vaster scale.

New Market

Step 1:

I am currently targeting a very specific demographic, women between the ages of 17-30 living urban areas. A completely different market I could potentially target could be transgender individuals, whether they be men or women. This is an entire demographic of individuals that exhibits the same fears as my original market and could also greatly benefit from it.

Step 2:

What’s nice about this service is that although I specifically catered it to women and women of color, it can apply to people outside of that spectrum. Transgender individuals suffer from the very same fears as these aforementioned women. Therefore, there won’t be a need for many changes to incorporate this group of individuals. The crisis management education portion of these workshops will remain the same, but some of the self-defense techniques will have to change depending on the gender being taught. Differences in the physical body along with other anatomical features could be a game changer in teaching how to defend yourself against an aggressor.

Step 3:

I interviewed two individuals who are a part of the LGBTQ+ community and they are both transgender. They transitioned from a female body to a male one. Both interviewees had similar responses to my business venture. They both are still relatively new in their transitions and only started taking their respective hormones when they were in high school. They had an interesting perspective based on their previous experience as women. They both thought this business venture could help a lot of marginalized groups and were all for me expanding to other demographics. They both did mention that they remember having this fear more fervently when they were in their woman state. They do not feel that fear as much especially around people who do not know there are transgender men. Although it is still there, because hate crimes against transgender individuals is still very much alive, and most of the time they want their identity to be protected. In terms of shaping the business to better cater them, they would not want it to be advertised to the whole world as a means to protect the customers and business from potential hate crimes.

Step 4:

I never really thought about that way, but society is still very mixed on their opinion about transgender individuals. Most people are very confused about it and do not feel the need to protect these individuals. They seemed like the perfect demographic, different from my original one, that could still benefit from this service. I did not realize that there is a part of this market that wants their identity to be protected. In fact, advertising this service publicly to transgender individuals takes away from the safeness of this venture. It really opened my eyes to the different issues going on outside of women. Therefore, I think it might be a bit more difficult to explore this new market especially nowadays. Who knows how things will change in the foreseeable future.

Venture Concept No. 1

Opportunity:

Many women, especially women of color, feel a sense of insecurity or danger when they are isolated in certain dangerous situations. For example, walking home alone at night could be a time when someone would exhibit this imminent fear. There is an opportunity here to give back that sense of security to these individuals, and that is by providing a service where women can be education on proper crisis management in addition to different types of self-defense techniques. The specific group of customers we’re catering to will fall under the spectrum of young women between the ages of 17-30 who live in urban areas.

Innovation:

Albeit not radically innovative, this service does have a sense of incremental innovation. The service will allow for a combination of physically active workshops teaching self-defense and and an educational experience teaching basic crisis management with some experienced professionals. This combo differs from your typical gym membership or Krav Maga class, it’s encompassing a nature of things and it’s catering it to a group of individuals who need it the most. This course can be offered at a pay-per-class rate at just $10 per class. For our returning customers though, this service can offer a monthly membership as well at $20 for four sessions, which includes the Krav Maga self-defense class and crisis management seminar/lecture.

Venture Concept:

This service will satisfy this opportunity of insecurity and fear instilled in women by empowering them to stand up for themselves. In the grand scheme of things, it’s not the women’s fault that these situations happen to them but some of these events are inevitable and only drastic changes in societal norms will prevent this from happening. But as an immediate remedy and an empowering one at that, providing a service that incorporates self-defense techniques to a marginalized group of individuals (all women) and educates them on proper crisis management can end this imminent fear and possibly the stigma surrounding women as well. Some competitors might be other programs that offer self-defense classes or other gym memberships. The business would probably only have a few instructors, mainly previously experienced RAD (Rape Aggressive Defense) instructors and occasionally certified speakers who can discuss crisis management and different types of action scenarios.

Three minor elements:

Most important resource: I would definitely say the mission of the company is our most important resource. It is intangible, but without the goal of the business is lost. We are here to empower women and take away the fear of being in isolated locations and feel defenseless. We want to provide a safe and inclusive space and that all falls under our mission. We have the ability to use that resource to the best of its capability and provide a sense of community for all women, including women of color.

What’s next: It would be ideal to expand our mission even further and find ways to incorporate just women but other marginalized groups such as those that are a part of the LGBTQ+ community, mainly transgender individuals. They suffer from a lot of violent crimes, and I would want this business’s next venture to focus on providing a safe and inclusive space for them as well. Our mission would extend to protect everyone who have had their rights violated through means of violence.

What’s next for me: Five years from now on, I could only hope this venture goes national and becomes a part of a movement. Although a lot of this sounds like it would fall under a non-profit organization, this could be a business that could eventually chain and/or franchise itself where multiple different locations across the United States open up shop and provide this service. I can only hope it grows to become this big phenomenon, and eventually I would hope to travel and motivate other instructors and managers of these business on how to grow their franchise successfully.