Reading Reflection No. 3

I read the book, "The Wright Brothers" by David McCullough

1.

• I was surprised that neither of the brothers had a family of their own, and they were whole-heartedly committed to their entrepreneurial ways. 
• The thing that I am admired the most about these two were transparent they were with their passion on providing flight for human beings, and the way they went about it, the journey, was astonishing how it played out. 
• The least admirable thing that the Wright brothers did was when the U.S. War department were not interested in their innovation, and since they didn't respond to the brothers they took their innovation to France to conduct trials there. In hindsight, it makes sense why they made the move that was one of the only flaws did not sit well with me, although it was not major. 
• Most definitely the Wright brother's encountered adversity and failure throughout their innovation of flight here and that is the epitome of their success story, and why it is still a strong story to this day.             

2.  I noticed a variety of competencies that the Wright brother's exhibited in their duties as an entrepreneur from problem solving, adaptability, forward-thinking, patience, and mostly important persistence and determination. 

3. A part of the reading that I found to be confusing was how they described the flighting conditions at Huffman Prairie to be almost idea conditions for flight at the time, but later talked about how Kitty Hawk was the place with plentiful wind and the idea place with no mention of Huffman Prairie. 

4. How did you guys continue with your aspirations of aeronautics with so much adversity and failure? I just want to know how they kept that drive for so long. 

Also, how did you guys stay so humble and true to your roots with the fame you and success you got for the innovation of flight here in America? It seems like it would be difficult to stay true to oneself and remember what got you there, once success happens, but I believe it has to do with the upbringing with values and morals instilled in them. 

5. I would stay the brother's definition of hard work would be doing something you have passion and love for, and that makes a difference in the world for the future. Also, continue to do this while all the challenges, adversity and world are against you and don't want you to success. Just keep fighting. I would stay that I share a portion of this opinion with them because I do not know if I would be able to continue with an idea or concept if everything continued to get in my way, and I tried multiple ways to succeed at it how the Wright brothers continuously did.  

Venture Concept No. 2

Opportunity 

The opportunity that I have identified was the need for more electric vehicle (EV) charging stations in specific locations. I believe the dependence of crude oil by the United States is extremely disturbing, and until there is an alternative that is easily accessible to the majority of our citizens it is going to continue this way. Furthermore, the market for electric vehicles is starting to gain traction and become a necessity for a healthier environment for the future. Also, with more automakers manufacturing more EVs in their product line there is slowly becoming an unmet need for charging stations around the country, specifically smaller/rural communities. The need is for individuals who need to charge their vehicles when they are and out and about, and away from their home charger if they have one. Additionally, with Tesla set to release their Model 3 at the end of 2017 that is going to be more affordable for the average person this is also adding to the need of having more charging stations throughout the country because Tesla's vehicles are able to travel longer distances with less stops to charge than the average EV of other automobile manufacturers. This is also a force that is going to have automakers think of how they are going to be able to compete with Tesla in the future for the EV market, so in order for that to happen they are going to have to make EVs that will be able to travel a few hundred miles on a single charge. On the other hand, the vehicle these automakers have right now are the prime market for EV charging stations, since they need more charges more frequently. This opportunity would be tested here in Gainesville with the current EV market, and local residential and commercial properties. The current customers of EVs are meeting their need of charging stations by currently owning one at their residences, if they are homeowners or they are using the 10 or so stations currently around the Gainesville area. They are extremely loyal to this process because these are their only options to charge their vehicles. Finally, I believe this is a huge opportunity given the trend of electric vehicles on the road now, and the continuous process of research and development going on to produce even more in the near future, which means I believe the window of opportunity for this is only going to be open the next 3-4 years.  

Innovation 

• GREEN TANK-- FOR A GREENER TOMORROW!
• My innovation is a incrementally innovation to a product that is already on the market. 
• I would like to expand the electric vehicle charging market of the Gainesville community.
• My product would be provide current EV owners with more areas to charge their vehicles and have the freedom to go anywhere in town without the hassle of not being able to find a station near them or that is occupied. 
• I would sell the charging stations to local properties, such as residential and commercial places. 
• These properties would be charged for the station itself at a cost of $3,000 dollars per station, and installation fees, which vary depending on the amount of work needed to be done to install the station, so from $500 to several thousand on installation costs.
• I would get a commission off each station sell, as well as a small royalty if the property charged its customers to gain additional revenue.

Venture Concept 

• Green Tank will provide a hassle-free option for consumers to charge their vehicles, while going about their busy lifestyles.
• Customers will buy this product because it gives them an added resource their to property along with an additional revenue source to promote. 
• It will allow companies to show customers they are environmentally conscious and forward thinking, which could attract new customers to their properties. 
• The current competitors the companies who have charging stations at the University of Florida, parking garage downtown, and Magnolia Park in Northwest Gainesville.  
• Their vulnerabilities are they are only have one or two stations at each location.
• The customer experience and support with the business locations play the biggest role defining my concept because I want to build a reputable brand that promotes positivity, while supporting an alternative to a pressing issue.
• Also the price point is not extremely high because most of the cost is up front and more of an investment.

Minor Elements

  1. Secret Sauce: 

• My social capital would have to be my concept's secret sauce, since I am building a relationship with a company that manufactures and distributes electric vehicle charging stations nationwide. 

      2. What's Next:

• The next opportunity would be partnering with this company to become an independent distributor for them, and promote both brand's in the process, while gaining valuable connections and credibility in the process. Also, I think another way to implement even more eco-friendly alternatives to this product and concept would be to add the ability to use solar power initiatives to power the charging stations as the main power source, instead of straight electricity. 

      3. My Future:

• I would love to for this concept to be my everyday job in the next five years, and having my hands dirty in the day-to-day operations of this business. Also, if I were to build enough capital in this business I would like to add additional concepts to my portfolio that are geared towards environmentally friendly initiatives something that would bring intrinsic rewards.  

FEEDBACK

--It was hard to implement much change into my venture concept for the second go around because I had a lot of positive feedback, and telling me how this concept is only going to get bigger as the green revolution continues to grow. However, the two interviews I was able to get for the What's Next assignment, which I didn't complete because I didn't meet the minimal requirements for submission. 


--Anyway, these two individuals suggested two variations of extension to the product line. The first individual suggested that I incorporate solar power energy into my charging stations to eventually use that as my primary source of energy, which I thought was an compelling perspective, and I tied that into my minor elements that could potentially add value and growth factors to my product. The second individual suggested I expand my product to public transportation avenues, once this industry starts to manufacturer vehicles to meet the need of needing charging stations for buses, taxis, etc. This was an interesting thought as well, but it seems to premature for an industry that has few needs for my product in the near future. Therefore, I did not implement this aspect into my second edition of my venture concept.  

Final Reflection

1. After reading my blogs from this semester, I can definitely tell where my highs, lows, fun and moments of drudgery. I would say my low moment of this class was when I was trying to figure out a lot concept that I would be able to roll with for the rest of the semester, and have the passion for it that would keep me motivated to complete the tasks at hand. My high for the semester was when my concept was coming together to my liking and getting feedback to continuously tweak it to make it better, which started happening around the Idea Napkin number 2 assignment. I would say the overall process of this class was the fun aspect of the semester, and just reflecting on it now.  

2. The most formative experience for me that I will remember for years to come was when we had to grow our social capital, and the process we had to take in order achieve success for the assignment. I definitely took a lot out of it, and it was great to meet people in the industry I would potentially get into with my venture concept.  

3. I wouldn't necessarily say that I am an entrepreneur at this moment, but I definitely think I have a great foundation to build upon if I want to continue down this path of becoming an entrepreneur. Additionally, I do believe that I have moved closer to developing an entrepreneurship mindset, and now I know the basics of what it takes to become an entrepreneur and the process one takes.  

4.  The one recommendation I have for students who are taking this in the future would be pick something you have a passion for, and something that you truly believe needs an addition to in order to make it a better product or service for the consumers. Also,  I would recommend that they build a solid schedule for this course in the first few weeks of the semester so that they build a strong habit in completing the assignments on time when they pick up in difficulty later on in the semester to preform best in this course. Finally, in order to foster this mindset, students have to be committed to process of the experiences in the assignments regardless if they succeed or not along the way, and to not give up after missing an assignment or two early on because they can still succeed in the class, while getting a valuable experience out of the class. The student is going to get out of the class what they put in to it!!  

My Exit Strategy

1. I intend to stay with my concept for at least the next decade, and I would like to retain majority ownership. I am not against giving up a certain percentage of my business up for further financial investment, and guidance. 
2. I have chosen this strategy because I would like to see the business grow, and see how it positively impacts the communities the product will be in. Also, I will be able to continue to grow my social and human capital in the process, which could lead to discovering more unmet needs in the environment. Thus, leading to potential opportunities that could lead to more business ventures overall. 
3. I believe my exit strategy has greatly influenced the decisions I have made for my concept. From the beginning, when I was trying to figure out an opportunity I wanted to do something that would make a difference for the future, and something that I would be able to be apart of for the start up and growing of it. Also, by being able to acquire additional resources definitely involves the growth of my concept from the Gainesville area to around the United States. Thus, leading to my initial thoughts of my exit strategy, and how I would like to be involved for quite sometime. 

Making It Real

Link for Resume----MAKING IT REAL!

My updated resume is attached!!

Venture Concept No. 1

Opportunity 

The opportunity that I have identified was the need for more electric vehicle (EV) charging stations in specific locations. I believe the dependence of crude oil by the United States is extremely disturbing, and until there is an alternative that is easily accessible to the majority of our citizens it is going to continue this way. Furthermore, the market for electric vehicles is starting to gain traction and become a necessity for a healthier environment for the future. Also, with more automakers manufacturing more EVs in their product line there is slowly becoming an unmet need for charging stations around the country, specifically smaller/rural communities. The need is for individuals who need to charge their vehicles when they are and out and about, and away from their home charger if they have one. Additionally, with Tesla set to release their Model 3 at the end of 2017 that is going to be more affordable for the average person this is also adding to the need of having more charging stations throughout the country because Tesla's vehicles are able to travel longer distances with less stops to charge than the average EV of other automobile manufacturers. This is also a force that is going to have automakers think of how they are going to be able to compete with Tesla in the future for the EV market, so in order for that to happen they are going to have to make EVs that will be able to travel a few hundred miles on a single charge. On the other hand, the vehicle these automakers have right now are the prime market for EV charging stations, since they need more charges more frequently. This opportunity would be tested here in Gainesville with the current EV market, and local residental and commercial properties. The current customers of EVs are meeting their need of charging stations by currently owning one at their residences, if they are homeowners or they are using the 10 or so stations currently around the Gainesville area. They are extremely loyal to this process because these are their only options to charge their vehicles. Finally, I believe this is a huge opportunity given the trend of electric vehicles on the road now, and the continuous process of research and development going on to produce even more in the near future, which means I believe the window of opportunity for this is only going to be open the next 3-4 years.  

Innovation 

• GREEN TANK-- FOR A GREENER TOMORROW!
• My innovation is a incrementally innovation to a product that is already on the market. 
• I would like to expand the electric vehicle charging market of the Gainesville community.
• My product would be provide current EV owners with more areas to charge their vehicles and have the freedom to go anywhere in town without the hassle of not being able to find a station near them or that is occupied. 
• I would sell the charging stations to local properties, such as residential and commercial places. 
• These properties would be charged for the station itself at a cost of $3,000 dollars per station, and installation fees, which vary depending on the amount of work needed to be done to install the station, so from $500 to several thousand on installation costs.
• I would get a commission off each station sell, as well as a small royalty if the property charged its customers to gain additional revenue. 

Venture Concept 

• Green Tank will provide a hassle-free option for consumers to charge their vehicles, while going about their busy lifestyles.
• Customers will buy this product because it gives them an added resource their to property along with an additional revenue source to promote. 
• It will allow companies to show customers they are environmentally conscious and forward thinking, which could attract new customers to their properties. 
• The current competitors the companies who have charging stations at the University of Florida, parking garage downtown, and Magnolia Park in Northwest Gainesville.  
• Their vulnerabilities are they are only have one or two stations at each location.
• The customer experience and support with the business locations play the biggest role defining my concept because I want to build a reputable brand that promotes positivity, while supporting an alternative to a pressing issue.
• Also the price point is not extremely high because most of the cost is up front and more of an investment.

Minor Elements

1. My social capital would have to be my concept's secret sauce, since I am building a relationship with a company that manufactures and distributes electric vehicle charging stations nationwide. 
2. The next opportunity would be partnering with this company to become an independent distributor for them, and promote both brand's in the process, while gaining valuable connections and credibility in the process. 
3. I would love to for this concept to be my everyday job in the next five years, and having my hands dirty in the day-to-day operations of this business. Also, if I were to build enough capital in this business I would like to add additional concepts to my portfolio that are geared towards environmentally friendly initiatives something that would bring intrinsic rewards.  

Celebrating Failure

Failure 

I would say the most I have failed at in the past few months were assignments associated with this class. The assignments I failed at were ones that we had to get interviews with because I would not find the right amount of people that I needed to be able to complete the assignment, while getting sufficient information in the process. It took me a few times of failing at these particular assignments for me to realize that I needed to take a different approach in being successful in the assignments rather than be starting the assignment earlier in the week or setting a goal of how many people to approach to get a rewarding interview that I would be able to use. 

Learning Experience 

The learning experience that I took from failing a few assignments with similar guidelines with this class was that I needed to find a method that would work with my personality and free time that would help me be successful with future assignments of this sort. Also, I learned that just because I didn't complete a few assignments and may have not got the experience out of the assignment that I should have it was still a learning experience that will allow me to handle similar situations of trying to get interviews again. 

Reflection 

I believe that failure is a necessary step in everyone's life that we all need to experience to some level. This is one of the only ways that we as human beings are going to learn, and I believe that the majority of the time when someone fails, myself included you get more out of that experience than if you would have completed it successfully, which will make a person gain multiple attributes out of that experience, such as resiliency and determination.  I would say that I handle failure in multiple ways because the majority of the time I am pretty hard on myself when I feel at something that I am determined to not make that same mistake again, since it affects me negatively. Other times, if I am stubborn and want to do something my way when others say maybe I should look at it another way, and then I fail at that task than I am not as hard on myself because I should have listened to other's feedback. However, I think I need to experience failure sometimes in order to get me going in the right direction again. Finally, I do believe this class has given me a new perspective on failure, and I think I am more likely to take risk now than I was at the beginning of this class because it is not as bad as you think it is when you fail at something. I think it was more about myself mentally telling me how bad it is going to turn out than actually doing something and failing at it, and not having that experience.