30A Final Reflection

1.     What sticks out to you as the most formative experience?

I believe there were so many formative, and developing experiences throughout this class, that it is difficult to pick one. I feel like actually coming up with an opportunity belief and creating a solution was probably the experience that was the most formative. It is difficult to first find real world problems, and then identifying a solution that does not yet exist. I also feel like my elevator pitches were pretty formative since it was something that I did not have much experience with.

2.     The experience that you'll remember years later?

The experience I will remember for years later will probably be the whole experience of coming up with a product and asking people whether this product has possibility to become something big and successful.

3.     What was your most joyous experience? 

My most joyous experience was probably when the people I reached out to for the social capital assignment reached back out and agreed to talk with me. I found it very difficult to find such a variety of experts and was worried they would not have time or be interested in talking with me. I felt very happy when I heard back from them and they said they would be willing to help.

4.     What experience are you most proud of yourself for accomplishing?

My experience where I felt the proudest with myself was probably when I wrote my venture concept and realized that I actually came up with a legitimate idea for a business over the last couple of weeks. I felt a sense of accomplishment once I finished it and looked it over. Also, I felt very proud of myself when I finally came up with the last of the 20 bugs for the bug list.

5.     Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I absolutely see myself as an entrepreneur now. I feel like I have learned so much from this class on how to think and act as an entrepreneur. Through all of the exercises, I have found what it really takes to be an entrepreneur and the effort involved in getting a venture on its feet. This class has really helped me grow as an entrepreneur and how to find opportunities in society. I have also learned that entrepreneurship is different for everyone and there is no one size fits all.

6.     What is the one recommendation you would make to the students who are going to journey down this path in the future?

The one recommendation I would make to students who plan on going on this journey would be open to failure. Failure is the greatest tool that an entrepreneur can have. It allows entrepreneurs to figure out how to make the proper adjustments for their market. It allows entrepreneurs to grow, but only if they are willing to accept it.

7.     What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

I would recommend to students that in order to succeed in this course, make sure you pace yourself. Make sure that you do not wait until last minute to work on the assignments, especially ones with interviews or the reading reflections. I would recommend that they create a calendar system to strictly follow. This would help them develop the mindset of never following behind and waiting till last minute to work on assignments.

29A Venture Concept #2

Opportunity:

·        Within this market, there are freshmen college students who must live independently for the first time and need a way to hold themselves accountable for maintaining a balanced healthy lifestyle. By not having a way to hold themselves accountable, these students risk not living a healthy lifestyle which could have consequences in the future.

·        Having a healthy lifestyle includes a balance of all aspects of life: diet, fitness, work vs. leisure time, sleep, mental well-being, etc. By achieving a healthy balance of all these aspects, students can have a healthy lifestyle which will help them be successful in the future.

·        The forces that are creating this opportunity is the fact that freshmen are living independently away from home for the first time. They now must do everything on their own without the help from back home. Having to figure out everything on their own can be overwhelming and as a result their lifestyle can become unbalanced.

·        Currently this market is satisfying this need by seeking academic resources, athletic facilities, mental health support, calendars, and books on how to manage different aspects of their lifestyle. They are only loyal if the resource is affordable and it constantly produces the results they are seeking.

·        This opportunity is very big. According to the US Census Report there are currently around 16 million college students in the US, a portion of that being freshmen (stats vary per college).

·        The “window of opportunity” is around August and September when the freshmen are first starting college. Some of the freshmen may need a little help with living on their own for the first time and have manage their own lifestyle without much guidance. That does not mean those it is the only window of opportunity. This can be a year long opportunity as well.

Innovation:

·        The product is application for mobile devices that helps users track the different relevant aspects to their daily lifestyle. The application will auto generate goals for users to meet in order to maintain a healthy balance of the relevant aspects of their lifestyles. The application will also provide access to additional resources that users can then use to complete their daily goals.

·        Since it is simply an application, the only data it can track on its own is the data that the mobile device itself can collect. Other information (for example, diet) users would have to input manually. This is done intentionally so that users are encouraged to track their own progress.

·        On the individual level, we are selling this product in any app store that comes preloaded on their mobile device. To stay competitive with many other apps on the market and to stay in line with students’ tight budgets, we will sell it for $0.99-$1.99.

·        On the business level, we would sell the application to universities who can then provide the service to their students for free. We would customize it for the universities in order to include any resources or services that they may provide. The price would be based merely on the amount of customization wanted by the universities.

·        Another way to make money would be to have local businesses pay to be included as “resource” in the application. That way they can advertise their services to help students.

Venture Concept:

·        This application is a solution to help students solve their need of needing a way to track and hold themselves accountable for maintaining a healthy lifestyle. This application will allow students to track their progress in the relevant areas of their lifestyle. The auto-generated goals provide accountability for students by giving them a form of motivation to complete the tasks and maintain a healthy lifestyle.

·        The reasons customers will switch to this new product are that there is not another product on the market that tracks all of the aspects of one’s lifestyle. Most services only track one or two aspects. Until the reputation is built, and it can prove that it can provide good results, there may be some difficulty in getting people to switch to the app.

·        There are some competitors in the market. However, the idea is to act as a platform that allows people to have access to the other services out there and be able to use them to reach the goals within our application.

·        Since it is an app, we lose the face-to-face element with consumers. In order to work around this, we would have a strong customer service team to be available to users. The important thing is to keep prices low for the consumers, and make sure the product is motivating and providing enough resources to help students meet their goals and feel good about themselves. As long as the results are positive, they will continue to use it.

·        On the “business” level, we would need to make sure we have some keeping the software running smoothly, someone who can help generate appropriate goals for the system to give out, and some one to research the kind of resources that are currently available.

Minor Elements

1.      There are many important resources that this product has that can make it successful. Besides its uniqueness and ability to be customizable, I think our “secret sauce” is having someone with app development experience. Having gone through app development in the past, and already knowing what to expect that first- time app developers may not expect is crucial. Also, having social capital and connections to developers and market experts is also very important.

2.      There are a couple things next for this venture. The hope is to develop new features like rewards systems and social connections that further enhance the overall experience for users. There are other markets that this product could be successful in, but the primary focus is on this current market.  

3.      What’s next for me? Assuming we launched, my hope is to build a very successful product that really can help people. As an entrepreneur, within the next decade I hope to have built a very good team of people developing a really good product for consumers. This venture helps me achieve this vision by giving me a better idea on how to approach markets and how to develop a product based on their needs.

I looked at the feedback I received from both my last venture and the “What’s Next” exercise. From my feedback, it was recommended that I find an aspect of my app that will substitute for face to face interaction. I totally agree with this point. It was also recommended to narrow down a specific time as to when my product will be demanded. This is also good feedback as it would help with marketing and other aspects of the venture.   

I updated my venture concept based on the feedback I received. I clarified the specific time as to when my product would be demanded (August- September when freshmen are first starting school). I also mentioned how the app could include a customer service feature to help with the lack of face to face interaction. Finally, I talked about how the current market is the primary focus for the product, but other markets also exist.

28A 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?

My current plan is to continue to work for SmartLife until I am making profit and can invest time and resources into another venture. However, I do not plan to sell it right away. I plan on keeping ownership of it since it is something I would have worked on for such a long time. I plan on hiring someone to manage and run the company with similar goals that I had and be able to make a difference in society. If it is at a point where other parties are interested in paying a good price, or running it along with other ventures proves to be a difficult task, then I’ll consider selling it.

2)     Why have you selected this particular exit strategy?

I have chosen this particular exit strategy for multiple reasons. I have multiple ideas for businesses, and I have the curiosity to see if any of them will actually become successful or not. This product is just one of those ideas. I like the idea of still maintaining ownership of the company (assuming it is still making profit) if things do not work out with the other ventures. I also like the idea of keeping the business in the family. Being able to work with my dad on some entrepreneurial ventures was such an awesome experience and I would want my kids to be able to have that experience too and bring new ideas on how to make the company more successful.

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 feel like my exit strategy has influenced the decisions I have made with this venture. At the end of the day, I want to make a difference in the world, so creating a product that is able to do that was always my goal. A part of me always knew that I would like to pursue my other ideas eventually. Being able to go through this class and develop the resources I needed for my current venture was a fantastic experience. I always approached each assignment with the mindset that I want this venture to grow and succeed, but at the same time I need to develop the skills to acquire the resources I need for my other ventures later. Not knowing if I will sell my ownership to someone else, or ultimately keep it, I made sure that the decisions were focused on making the product successful and be able to help me make a profit.

27A Reading Reflection 3

For this reading reflection, I chose How to Fail at Almost Everything and Still Win Big, by Scott Adams.

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

In this book, Scott Adams tells readers about his journey towards his success. He gives a first -person account of all the failures he has endured that ultimately lead him to become a successful cartoonist and author. He goes into detail about many of the failures he has had in his career and how he has taken the lessons from each failure and applied them to being successful. He writes this book not only to share his accounts, but also to share to young entrepreneurs what he feels that led him to success so that they can be successful too.

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

This book directly connects with what we are learning in ENT 3003. It is a direct tie in with assignment 26A where we had to reflect on our own personal failures. This book is all about reflecting on failure and figuring out how to use it to find success. All you have to do is find the positives in what you failed in and use it to your advantage. He also teaches you how to think like an entrepreneur. He claims that an entrepreneur should not have goals, but rather have a system for success. He also stresses the importance of gauging your own personal energy, level of happiness (which he claims is the only useful goal in life) and making sure you learn multiple skills in order to increase your chances at success.

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

If I had to design an exercise for this class, I would focus it around peoples’ patterns and systems. I would have the students write about the patterns in their life and have them equate it as a component of success. They would have to justify that pattern on some level. I would also have them write about their systems. I want part of the exercise to focus the differences between goals and systems. They would write about their own systems and reflect on how much those systems lead to success versus how goals lead to success.

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?

I think the biggest surprise to me was when Addams said that “goals are for losers.” I have always been “goal-driven”. I set a goal for myself and try to achieve it. Hearing how goals actually may not lead to success shocked me. He says that goals often lead you to continuous failure and once you achieve a goal you just jump right back into the “cycle of permanent presuccess failure.” Addams said that we should rather focus on systems which he says is “something you do on a regular basis that increases your odds of happiness in the long run.” To me, this changes my viewpoint on how to approach entrepreneurship and really try to find my system for success.  

26A Celebrating Failure

1)     Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

My Introduction to Financial Accounting class has probably been the biggest challenge for me this semester. My biggest failure of the semester in that class was the second exam. My final grade on that exam was not a F (thankfully) but it was still low enough that it was discouraging. Prior to the exam, I failed at keeping up with the lectures every week and fell a little behind. I spent the three days leading up to that exam catching up on a quite a few lecture videos, which are roughly an hour and a half each. I studied like crazy for that exam and at the end of the day I still did not get the results I was hoping for. So, with the next exam only a few weeks away, I am making sure I do not fall behind on the lectures and adjust my studying to help myself succeed.

2)     Tell us what you learned from it.  

I learned a couple of things from this experience. I learned that it is not smart to fall behind on the lectures for any class then try to cram all of the information right before the exam. I also learned that you could put in as much effort as you can into something and at the end of the day you might still fail. This made me realize that I may need to change my methods of studying in order to achieve the goals that I set out for myself in that class.

3)     Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

When you first experience any kind of failure, sure it can be hard. Perhaps you were confident you were going to achieve certain results but ended up with the opposite. That can be hard because it can be discouraging in the short run. However, it is important to treat failure with the right attitude. Someone once told me, “Failure is like a life lesson. We learn from the mistakes we make and figure out how to do better next time. That is why failure is the most important tool we can have.” Ever since I heard that, it has kind of changed my perception on failure. Yes, I might feel discouraged at first, but ultimately, I try to take the failure and learn as much as I can from it.

This class has also changed my perception on failure. This is the first class where I have had to interact with random people and share my ideas. Sometimes people like my ideas, others do not. However, I felt the lessons I have learned from both groups have been very valuable. This class has shown me that failure is expected and is the most valuable tool in entrepreneurship. I would say I more likely to take a risk now than I was before.

25A What's Next?

Existing Market

What I Think is Next for the Venture:

I think the next step for the venture is improving the features and make it offer more than just daily goals. I think a reward system needs to be implemented in order to really drive people to want to complete the goals rather just “to be healthy”. Maybe get local sponsors to provide rewards if the users achieve certain milestones by certain amounts of time. If universities are offering this to their students, maybe help the universities create an incentive to get students to really work hard to compete their goals on the app. For example, if a student completes a milestone by a certain period time, they can maybe get a gift card for the bookstore or a free t-shirt. By having this reward system, it creates an extra level of motivation.

After describing my business concept, I asked three random college freshmen the following questions:

·        What should we be doing that we aren’t planning to do?

·        As a consumer, what other features would you like to see with this product?

·        In what ways could we improve our current ideas/goals?

·        What factors of this market do you think we are missing/not considering?

·        In your opinion, is this a good product to sell to universities to provide to their students? Why or why not?

·        Are there any resources that the market might want that we should add to improve the product?

·        Do you think having the “goals” feature would motivate people to want to make sure they are maintain a healthy lifestyle?

·        From a consumer standpoint, in what ways can this product “grow” in the future?

Interview #1:

Interviewee #1 provided the following feedback:

·        Allow the users to have milestone steps and user set goals rather than auto generated ones in order to improve the feeling of accomplishment.

·        Include a section in which people can connect with friends and share certain tracked items.

·        It is a good idea to sell this to universities because it gives them a better idea on how to help their students.

·        Help lines for when people are in distress due to mental issues

·        In order to grow, become widely used in businesses as well to increase the well being of employees and student interns.

Interview #2:

Interviewee #2 provided the following feedback:

·        In addition to the necessary aspects that someone needs to track, include aspects about social life and well-being. A section about friendships and relationships would be really helpful to help get the most out of social life.

·        When it comes to the resources available, categorize them per section. For example, include healthy eating habits in the diet section and fitness regimens in the fitness section.

·        Provide additional information about each section to stress the importance about each aspect and why tracking progress is important.

·        The product should definitely stress the importance of organization in the time management section.

·        Include incentives to motivate students to reach their goals.

·        In order to grow, build on each category. Perhaps add subsections to each category to become more specific.

Interview #3:

Interviewee #3 provided the following feedback:

·        Implement reward system for successes

·        Provide options to see lists of “healthy” foods or gyms within a certain mile radius.

·        Make sure you focus on the motivation aspect of things because sometimes “goals” is just not enough.

·        Teach people how to access options to maintain healthier lifestyles. Rather than just saying “exercise”, provide a list of activities to do in different settings

·        In order to “grow” makes sure to provide rewards as incentives.

Reflection:

After receiving and reflecting on my interview feedback, I have found that my venture concept can be greatly improved. All three had different points and different ideas on how to grow this produce. Based on all of these different ideas I can determine the “what’s next” step.

Like with my thoughts about it earlier, the interviewees stressed the importance of having a reward system. I think they are right when they said it would add an extra layer of motivation. Some people may find satisfaction with completing a goal. Others, it may take a reward in order to accomplish their goals. The ultimate mission of this product is to help people and I think incentives may help with this mission. After hearing it from the interviewees and how they see its importance, I am more confident in the reward system idea.

I also like the idea of focusing more on the social aspect and having the “friends” feature. In two different interviews, the interviewees stressed the importance of socialization and what better way to promote that with a share with friends section. Being able to share their results on social media may make the users more proud of their accomplishments and gives them something to talk about with others. Overall, I also have confidence in this feature.

New Market

My current target market is young adults who are freshmen in college. A radically different market that may be good with this product is the retiree market. Retiring is a major step in someone’s life. It is not as stressful as living on your own for the first time. However, when someone first retirees, their lives are very different. They are out of the workforce and have a lot more down time on their hands. This can possibly lead to changes in lifestyle that may not always be beneficial for a retiree’s health. It is for this reason that I believe that this product could see some success in this market.

After presenting them my venture concept and opportunity, I asked two local retirees the following questions:

·        In your opinion, are retirees experiencing a need of needing a way to track how well they are maintaining a healthy lifestyle?

·        Within the retiree market, is there any particular group or segment that you think the product could be beneficial to?

·        Within this retiree market, are there any specific resources that people are currently using or looking for to help with this need?

·        Which features of the product would be beneficial to the retiree market?

·        Which features of the product would not be beneficial to the retiree market?

·        In your opinion, what kind of features can be added to the current product to be successful within the retiree market?

·        Are there any other recommendations that you would like to add for us moving forward?

Interview #1:

Interviewee #1 provided the following feedback:

·        Retirees are somewhat experiencing this need. Being retired is a far less structured daily life. Some retirees could use a little help with being more productive.

·        It can also be helpful to the retirees who are less disciplined.

·        Currently, the retirees are constantly searching diet apps and suggestions.

·        Many retirees are already experts on living an independent life. Some of the less disciplined could find value in this product due to diet concerns or money management.

·        The most important features to add for this market would include money management, calendar for checkups, and inspirational tools to find happiness on your own.

Interview #2:

Interviewee #2 provided the following feedback:

·        The retiree is experiencing a similar need. As you get older, more health issues “pop-up” and people need to be more aware of what they can do to be healthy.

·        Since we all come from different backgrounds, some are more disciplined with keeping up with their health at an old age.

·        Those who are lazy and need to exercise or watch their diet would benefit the most. However, it is important to remember that everyone is different in what they want to do and how they want to do it.

·        Many services exist now. There are many age 65+ gyms available for the elderly.

·        Services that would benefit this group would be information on healthier food items and access to doctors.

·        It is important to remember that with technology, retirees may not be able to read the screen or know how to work the technology. Being able to print things might be helpful.

·        Moving forward it is recommended to categorize things and allow users to pick and choose which aspects to focus on.

·        A point system might be motivational.

Reflection:

After going these interviews, I have learned a lot about this new market. I found what would work for this target group and what would not. I also gained a better idea on the needs of this new target group. This information can help me paint a better picture on whether this market is as attractive as my current one.

What surprised me the most was the needs and features that the retiree market would need. Both interviewees stressed the importance of having information on better food options for this market, which would already be included due to the existing market. However, the features that I did not think of were money management tools and access to doctors. For that age group it makes a lot sense due to the different circumstances of the need versus a college student’s needs.

Although there is some demand, I did not take into account some other aspects. The retirees would have already been independent most of their lives and many would not find value in this technology. While some may still use it, I fear majority would not need something like it. Overall, I feel like my assumption is wrong and it is not as attractive as my existing market. This does not mean that there is not potential, but it does mean that a lot of changes would have to be made in order to fit the needs of this other market.

24A Venture Concept No.1 for Smart Life

Opportunity:

·        Within this market, there are freshmen college students who have to live independently for the first time and need a way to hold themselves accountable for maintaining a balanced healthy lifestyle. By not having a way to hold themselves accountable, these students risk not living a healthy lifestyle which could have consequences in the future.

·        Having a healthy lifestyle includes a balance of all aspects of life: diet, fitness, work vs. leisure time, sleep, mental well-being, etc. By achieving a healthy balance of all of these aspects, students can have a healthy lifestyle which will help them be successful in the future.

·        The forces that are creating this opportunity is the fact that freshmen are living independently away from home for the first time. They now have to do everything on their own without the help from people back home. Having to figure out everything on their own can be overwhelming and as a result their lifestyle is becoming unbalanced.

·        Currently this market is satisfying this need by seeking academic resources, athletic facilities, mental health support, calendars, and books on how to manage different aspects of their lifestyle. They are only loyal if the resource is affordable and it constantly produces the results they are seeking.

·        This opportunity is very big. According to the US Census Report there are currently around 16 million college students in the US, a portion of that being freshmen (stats vary per college).

·        The “window of opportunity” is always open. Every year there is always incoming freshmen into colleges. Some of these students are pretty independent. Others may need a little help with living on their own for the first time and have manage their own lifestyle without much guidance.

Innovation:

·        The product is called Smart Life an it is an application for mobile devices that helps users track the different relevant aspects to their daily lifestyle. The application will auto generate goals for users to meet in order to maintain a healthy balance of the relevant aspects of their lifestyles. The application will also provide access to additional resources that users can then use to complete their daily goals.

·        Since it is simply an application, the only data it can track on its own is the data that the mobile device itself can collect. Other information (for example, diet) users would have to input manually. This is done intentionally so that users are encouraged to track their own progress.

·        On the individual level, we are selling this product in any app store that comes preloaded on their mobile device. To stay competitive with many other apps on the market and to stay in line with students’ tight budgets, we will sell it for $0.99-$1.99.

·        On the business level, we would sell the application to universities who can then provide the service to their students for free. We would customize it for the universities in order to include any resources or services that they may provide. The price would be based merely on the amount of customization wanted by the universities.

·        Another way to make money would be to have local businesses pay to be included as “resource” in the application. That way they can advertise their services to help students.

Venture Concept:

·        This application is a solution to help students solve their need of needing a way to track and hold themselves accountable for maintaining a healthy lifestyle. This application will allow students to track their progress in the relevant areas of their lifestyle. The auto-generated goals provide accountability for students by giving them a form of motivation to complete the tasks and maintain a healthy lifestyle.

·        The reasons customers will switch to this new product are that there is not another product on the market that tracks all of the aspects of one’s lifestyle. Most services only track one or two aspects. Until the reputation is built, and it can prove that it can provide good results, there may be some difficulty in getting people to switch to the app.

·        There are some competitors in the market. However, the idea is to act as a platform that allows people to have access to the other services out there and be able to use them to reach the goals within our application.

·        Since it is an app, we lose the face-to-face element with consumers. The important thing is to keep prices low for the consumers, and make sure the product is motivating and providing enough resources to help students meet their goals and feel good about themselves. As long as the results are positive, they will continue to use it.

·        On the “business” level, we would need to make sure we have some keeping the software running smoothly, someone who can help generate appropriate goals for the system to give out, and some one to research the kind of resources that are currently available.

Minor Elements

1.      There are many important resources that this product has that can make it successful. Besides its uniqueness and ability to be customizable, I think our “secret sauce” is having someone with app development experience. Having gone through app development in the past, and already knowing what to expect that first- time app developers may not expect is crucial. Also, having social capital and connections to developers and market experts is also very important.

2.      There is a couple things next for this venture. The hope is to develop new features like rewards systems and social connections that further enhance the overall experience for users. There is also the possibility of exploring new markets that face a similar need.

3.      What’s next for me? Assuming we launched, my hope is to build a very successful product that really can help people. As an entrepreneur, within the next decade I hope to have built a very good team of people developing a really good product for consumers. This venture helps me achieve this vision by giving me a better idea on how to approach markets and how to develop a product based on their needs.

23A Your Venture's Unfair Advantage

1.     App development experience: I already have had experience co-founding an app company in high school, where I learned all of the necessary steps that are involved with creating an app business.

a.      Valuable: This is extremely valuable because I already know the necessary steps I will need to take rather than having to learn as I go.

b.     Rare: Since the app industry is still growing, having this kind of experience is somewhat rare, but becoming more common.

c.      Inimitable: The experience can be somewhat imitated, but since every app is different, it is also individualistic.

d.     Non-substitutable: I could always hire someone to take care of all of the development and business side of things, but that also costs money whereas I could just do it to reduce costs.  

2.     Social capital: domain expert: I already have contacts with global app developers who I already have a professional contact with, and they can develop the software for my app.

a.      Valuable: This is extremely valuable because I can not code and having a developer who can code the software is crucial for this business venture.

b.     Rare: It is not as rare. There are many coders out there who can do this type of work. However, this particular contact is rare since they work on a global scale rather than locally.

c.      Inimitable: This can be somewhat inimitable. Since coders are becoming more demanded by app companies it is very easy to get contacts. Finding one on the global scale is trickier.

d.     Non-substitutable: I think having someone who understands how software development works is more valuable then having to teach myself. Since every coder has their strengths and weaknesses, the “same benefits” could vary among who you hire.

3.     Public speaking skills: I have had experience doing public speaking for three years prior to coming to college and have had practice with elevator pitches from this class.

a.      Valuable: It is a very valuable resource to have since it allows me to comfortably talk to investors and be able to pitch my ideas in order to make sales or get funding.

b.     Rare: This is not a rare skill to have. Many people have had public speaking experience.

c.      Inimitable: It can be very easily imitated; the trick is to have the right amount passion and presence to get your point across effectively.

d.     Non-substitutable: I could always hire someone to do the speaking for me so there are other ways to get the same benefit.

4.     Leadership skills: I have had a lot of experience to develop leadership skills through volunteer work and clubs I have been part of.

a.      Valuable: In a venture like this, it is a very good resource to have to make sure things get done and everything is going well.

b.     Rare: It is not entirely rare, everyone has the opportunity to develop these skills it just comes down the amount of experience.

c.      Inimitable: I feel like it is not entirely a skill that can be easily imitated by anyone without any experience.

d.     Non-substitutable: It is not a skill that can be substituted. It is a crucial element in any venture.

5.     Uniqueness of product/features it provides: Even though there are a lot of products out there that can help with one or two aspects of a person’s lifestyle, there is not anything on the market to can be individualized and cover all aspects a person finds necessary.

a.      Valuable: This is very valuable since it helps this product stand out rather than be viewed as just another product on the market.

b.     Rare: Having originality is rare, but that does not mean that success will follow based on its unique design and capabilities.

c.      Inimitable: It is very unique now, but once competitors enter the market, it could easily be imitated.

d.     Non-substitutable: Uniqueness is not something that can be provided via other resources. I can easily come up with another unique venture concept that just costs time and money to do so.

6.     Social capital: market expert: Having someone who can give me a better understand about the behaviors of my target market and their buyer behavior and needs.

a.      Valuable: This is extremely valuable because I need as much information as I can get in order to be successful in this venture.

b.     Rare: It is a very rare resource to have. Not very many people may have the expert knowledge of this target group and has had experience with working with it over the years.

c.      Inimitable: It is not very easy to copy one’s knowledge and experiences. It is possible for someone to try to become an expert but that takes a lot of time and resources.  

d.     Non-substitutable: I can always go look for another expert on this market. However, every expert will have different knowledge and experiences. It also takes time to find another expert.

7.     Social Capital: Personal Trainer: Part of the app would be a list of resource that users can use to complete their goals. Personal trainers can be a resource within the app to help people with fitness and diet goals.

a.      Valuable: There is definitely some value to having this contact. It is important to have resources to provide to users in order to help them complete their goals and the contact information to personal trainers could be useful.

b.     Rare: It is not a rare contact since there is many personal trainers that I could easily reach out to.

c.      Inimitable: Many personal trainers have the same general knowledge which makes this contact very easy to copy. The only thing that might be hard to copy is any specializations the personal trainers focus on.

d.     Non-substitutable: There are many resources I can provide to users that are not personal trainers to help them complete their goals, so yes there are other resources that can provide similar benefits.

8.     Entrepreneur influences:  I come from a line of entrepreneurs (mother, father and grandfather) who have all had the experience of starting and running their own companies. They give me the encouragement and always motivate me to think creatively.  

a.      Valuable: Having entrepreneurial knowledge and motivation is extremely valuable when trying to form my own company.

b.     Rare: It is somewhat rare. I can easily talk to other entrepreneurs, but I feel like it is different when it is a family connection.

c.      Inimitable: Having as close of a relationship that I have with family entrepreneurs, it can not be imitated.

d.     Non-substitutable: None of my direct family members have much experience in the technology field, so having a connection with an entrepreneur in the tech field could be very beneficial.

9.     Adaptability: If the market changes or the demand decreases, this product can easily adapt to any changes that we could face without having to change any core functions of the product.  

a.      Valuable: This is very valuable. Having this ability allows us to tackle different markets without having to worry if the target market does not work out.

b.     Rare: It is very rare. Many products are designed to serve a particular market and are not designed to adapt to changes in that market.

c.      Inimitable: It is not a feature that can easily be copied. Once the product is on the market the idea of adaptability can possibly be copied but it would difficult to do.

d.     Non-substitutable: I do not know of any other resource that can provide the same benefit.

10.  Innovation and maintenance costs: Since the only costs, outside of development, would be maintenance costs. This would allow us to sell the product at a more affordable rate thus making it an attractive product.

a.      Valuable: This is extremely valuable. This allows us to maintain a product at low costs which saves the company money. By having low costs, we can lower the costs enough to still make profit but make it affordable to the consumer.

b.     Rare: This resource can be somewhat rare, but especially in this market.

c.      Inimitable: It can be copied, but it all relies on how much maintenance is required to keep ones’ own software running.

d.     Non-substitutable: I do not think there is any other resource that can provide the benefit of low costs.

After conducting my VRIN analysis, it is very difficult to choose which resource that is the strongest in all of the criteria. It seems like almost all of the resources have their strengths and weaknesses in each category. Ultimately, I still feel that App Development Experience is still my best resource. All of the resources are very important to making the product grow and work well in the target market. However, for many first-time app developers and app businesses, they may be unaware of the many challenges they will ultimately face during development and distribution. Having this prior knowledge, really helps prepare for many of the potential problems (software bugs, beta testing, etc.) and makes the process run much more smoothly.