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30A- Final Reflection

- April 24, 2020

1. Throughout this semester, I have experienced feelings ranging from satisfaction to regret in this class. When we first made the "bug list" I thought it wouldn't be too difficult to come up with a solid idea. It was once we had to narrow it down to one business concept for the rest of the semester that I began to struggle. I had come up with a bunch of ideas in the list but I didn't think any of them were good enough. As the semester went on, I gained more confidence in the idea after doing different assignments. The hardest assignment for me was "Figuring Out Buying Behavior". Since my concept is based on selling self-scanners to retailers, it's a business-to-business deal. It was difficult to find people to interview that could provide meaningful information about the buying behavior in this industry. The best part for me was pushing myself to come up with something that could differentiate my product from what is on the market. At first, my concep

28A- Your Exit Strategy

- April 16, 2020

1. After a few successful years with my company, I plan to sell it for a high profit. 2. I selected this strategy because I am interested in getting into other industries. If I continue to run this business it will take time and money away from what I want to do. I believe my idea has great potential for long term success but I would rather sell it to someone who is more experienced and passionate about serving the retail industry. I thought about making it into a family business but selling self-scanners isn't the type of business I would want to pass down. 3. My exit strategy did influence some of the decisions I made in my concept. For example, I came up with the idea of adding a robotic arm to the self-scanner. This was supposed to make my product stand out immediately against competitors. Retailers would then want to buy my product because it would be the latest development in the industry. My reasoning behind this idea was that it would put my product on the map and drast

26A- Celebrating Failure

- April 15, 2020

Earlier this semester I decided I wanted to try the ketogenic diet. I heard of all the health benefits this diet could bring and the success people have had losing weight with it. I set a goal to go keto until the end of the semester. I slowly starting taking out certain foods from my diet such as potatoes, pasta, and bread. Each of these foods made up a major part of my diet so I was expecting to see results soon. After about two weeks, I noticed that my energy was increasing and I wasn't feeling so bloated all the time. It was getting hard to handle my cravings but I was satisfied with the results. By the time February came around, I had lost 10 pounds. Around this time, I started to miss pasta more than anything. Italian food has always been my favorite and I was having a weak moment. One weekend my mom made my favorite carbonara pasta and I decided to have a plate. It tasted like the best pasta I'd ever had in my life after a month and a half of being keto. As a result, I d

25A- What's Next?

- April 10, 2020

Existing Market 1. The next step in the current market is to market my product so that the company name begins to float around in the industry. As of now, people might just think it's a cool product but I need to fully convince them of the benefits this product could bring to their company. With proper marketing in the beginning phase, my product will become a household name based on the inherent value it brings to major retailers. 2. After having interviewed three customers they were all curious to how the robotic arm will be featured in my product. The next step is to figure out how we will develop this feature in a way that won't drastically increase the price. They highlighted that it's important to make it as consumer-friendly as possible. For example, there should be a button to let the scanner know that it's time to start bagging the items. I'll try to cut out parts of the product that seem to be unnecessary in order to decrease the price as much as possi

24A- Venture Concept No.1

- April 10, 2020

Company name: Scanno Opportunity: The opportunity I am attempting to exploit with my product relates to the unmet need among consumers of major retailers. In this day and age consumers want to make their life as easy as simple and easy as possible. Customers want to have the best experience possible when they go to the store and this is the main reason why big retailers are willing to spend loads of money on the customer experience. There will be a high demand among retailers for this product because not only will it increase the number of customers that come to their store, it will also have a positive effect on their brand. By having the latest self-scanner available on the market they will be viewed as a company that values innovation. Innovation: My idea is to sell a highly-functional self-scanner so that every register can be occupied with one of these products instead of a cashier. This will decrease wait times and will elimi

23A- Your Venture's Unfair Advantage

- April 09, 2020

1. Perseverance VRIN: I'm dedicated and refuse to fail. I'm willing to work until everything gets done no matter what challenges I face along the way. Many people don't have this skill and they'd rather give up when it gets hard in order to be stress-free. This skill is inimitable because it comes down to the preexisting mentality of the individual. 2. Social skills VRIN: I have been great at networking throughout my academic and professional life. People have told me that I'm very convincing. As a natural extrovert, I love having deep conversations with people. These skills will give me an advantage when trying to make deals with partnering companies. Many people might take an office job over a sales job because they don't like the interaction with people. 3. Marketing skills VRIN: I have past experience with marketing for a real estate company. I've done digital marketing on the company's website and have created customizable designs to

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