This image represents my pride in my elevator pitches.
Monday, December 2, 2019
Alex Clouser- Final Reflection Assignment 30
Throughout this semester, there have been many highs and lows, especially outside of this class for me. I believe that this class has given me a way to feel as though I accomplish a lot on Fridays when I am cramming to finish up my blog posts, which really helps my self esteem as I feel like at least something is going right in my life. I think the most formative experiences were the reading reflections because I really feel like I learned a lot from all of my books that can be applicable even if I do not choose to become an entrepreneur. I think that the reading reflections were also extremely interesting because you got to read other peoples' reflections about their own, different, books. I think that I will remember these books years later because they were just very impactful and overall interesting to read. My most joyous experience in this class was writing this blog post because it is my last blog post and signifies the end of my entrepreneurial experience in this class. I am most proud of myself for doing all of the elevator pitches because when I first looked at the syllabus at the beginning of the semester, I told myself that I could be fine without doing the elevator pitches and still get a good grade, but I actually willed myself to finish them on time and was comfortable enough to upload myself in a video, which I was dreading at the beginning of the semester. I do not see myself as an entrepreneur, but I do think that I have fine tuned some entrepreneurial characteristics that I already possessed prior to this class. I believe that this fine tuning has definitely lead me closer to the entrepreneurial mindset, but I do not believe that I am quite there yet or whether I even want to be there in the future. One recommendation I would give to students who are taking this class in the future is to stay on top of lectures and to watch all of them because they help with the Cupcakes a lot and also help to let you not get overwhelmed by your workload. I recommend that they just hold themselves accountable in order to foster this mindset.
Alex Clouser- Venture Concept No. 2 Assignment 29
My potential opportunity is in the data collection industry. The nature of this need is to have a data collection system that collects data effectively and securely because a lot of people have fears about the safety of their privacy with regards to data collection. My target consumers would be in the retail industry and social media outlets because they rely on data collection to further their business and their marketing exploits. The forces that are creating this opportunity are the public distrust and the overall attitude towards data collection and how it is invasive to consumers private data. I believe that the opportunity is long term because I think it will take a long time to change this public attitude towards data collection. I think that this is a big opportunity because of the lack of available alternatives to current data collection methods.
My innovation would be new data collection methods that do not invade people's privacy and make them feel better about the action of data collection. This innovation would make data collection more indirect through things such as promos or holiday gift guides or other things of the like. It works through people interacting with the product, such as ordering things from the holiday gift guide or participating in a special promo which gives you a certain bonus during a specific criteria, such as a discount when you shop on your birthday, or something of the like. I do not know yet the pricing criteria for my innovation, but I wouldn't make it too expensive because then no company would want to buy it.
The data collected from this interaction is then processed by the retailer and used to improve their next holiday gift guides with popular items purchased, improve their marketing campaigns, and gives them the ability to help better serve their customers with things that they want. This will help to ease consumer attitude towards data collection by not being invasive, yet also still help companies to further their future ventures. My product will change consumer distrust surrounding data collection because it will be publicly known that none of the information that is collected will ever be sold to or used by any other company except for my own. Companies will buy my product because they will gain positive publicity for actively trying to change their data collection methods and will not get as much public backlash as other companies have been getting in recent years because of the non-invasive quality of my methods.
I believe that my most important resource is my connections to people in the retail industry because that can benefit my venture the most and is also hard for other companies to replicate. What is next for my venture is to further expand my data collection methods and to continue to come up with new ways that are not invasive to collect data. To be honest, in 5 to 10 years I would like to see my venture become successful and would really like to sell my venture for a hefty sum of money because then I could put my energy into something less time consuming than running a business and would be able to focus on my other life goals that I have.
The feedback that I received on my last Venture Concept was pretty positive, but it definitely included some critiques and suggestions to help strengthen my venture concept this time around. One of the main things that was talked about in the feedback was to expand my customer base in order to reach more customers. One more suggestion that was given to me about my last Venture Concept was to explain more about how exactly I plan to go about changing the consumer stigma surrounding data collection and gain their trust. Other than these critiques, the rest of the feedback was very positive and said that my concept was very detailed and well thought out.
I changed my venture concept by adding social media outlets to my customer base since that was one of the most mentioned suggestions. I also changed my venture concept by adding more detail to my plan on how exactly I am going to get people to trust my data collection methods more than they do the current ones. I learned a lot through the feedback on my first one and have learned that you can always improve in some way in order to keep your business successful and running.
My innovation would be new data collection methods that do not invade people's privacy and make them feel better about the action of data collection. This innovation would make data collection more indirect through things such as promos or holiday gift guides or other things of the like. It works through people interacting with the product, such as ordering things from the holiday gift guide or participating in a special promo which gives you a certain bonus during a specific criteria, such as a discount when you shop on your birthday, or something of the like. I do not know yet the pricing criteria for my innovation, but I wouldn't make it too expensive because then no company would want to buy it.
The data collected from this interaction is then processed by the retailer and used to improve their next holiday gift guides with popular items purchased, improve their marketing campaigns, and gives them the ability to help better serve their customers with things that they want. This will help to ease consumer attitude towards data collection by not being invasive, yet also still help companies to further their future ventures. My product will change consumer distrust surrounding data collection because it will be publicly known that none of the information that is collected will ever be sold to or used by any other company except for my own. Companies will buy my product because they will gain positive publicity for actively trying to change their data collection methods and will not get as much public backlash as other companies have been getting in recent years because of the non-invasive quality of my methods.
I believe that my most important resource is my connections to people in the retail industry because that can benefit my venture the most and is also hard for other companies to replicate. What is next for my venture is to further expand my data collection methods and to continue to come up with new ways that are not invasive to collect data. To be honest, in 5 to 10 years I would like to see my venture become successful and would really like to sell my venture for a hefty sum of money because then I could put my energy into something less time consuming than running a business and would be able to focus on my other life goals that I have.
The feedback that I received on my last Venture Concept was pretty positive, but it definitely included some critiques and suggestions to help strengthen my venture concept this time around. One of the main things that was talked about in the feedback was to expand my customer base in order to reach more customers. One more suggestion that was given to me about my last Venture Concept was to explain more about how exactly I plan to go about changing the consumer stigma surrounding data collection and gain their trust. Other than these critiques, the rest of the feedback was very positive and said that my concept was very detailed and well thought out.
I changed my venture concept by adding social media outlets to my customer base since that was one of the most mentioned suggestions. I also changed my venture concept by adding more detail to my plan on how exactly I am going to get people to trust my data collection methods more than they do the current ones. I learned a lot through the feedback on my first one and have learned that you can always improve in some way in order to keep your business successful and running.
This picture represents my addition of social media companies to my customer base in this Venture Concept.
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