30A – Final Reflection

1) Summary of ENT3003 throughout the semester.

-This class allowed me to gain a great deal of knowledge and personal growth surrounding entrepreneurship as a whole. I never fully understood how many different variables were present when trying to build a successful business venture. This class allowed me to reflect and develop successful answers to all of those questions one must answer when trying to develop a successful business venture. ENT3003 felt so free and simple, but it actually allowed me to learn many new things independently, and without some teacher holding my hand for the answer. The class gave me a new respect for being a life long learner and developing solutions on the fly. I gained much more from this class than I initially expected when I first signed up.

2) What sticks out to you as the most formative experience? 

-The most formative experience for me personally was going out into the "real world" and interviewing and gaining consumer insight. I was very nervous personally when I first went out to conduct this kind of research on my own, but then I realized that as an entrepreneur there is really no one to do this besides myself. Honestly, the class taught me to solve problems myself and develop solutions for each new assignment that was assigned. The experience of going out and interviewing consumers about their varying preferences was so cool and eye-opening and I will never forget that experience from this class.

3)  Now, do you see yourself as an entrepreneur? 

-Yes, I certainly do. This class really taught me to think and develop solutions myself. There are going to be multiple circumstances that are uncomfortable or "hard" but as an entrepreneur, you have to push past those barriers in order for you and your venture to be successful.

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

-I would say the biggest recommendation for any new student going down this path in the future would be to keep an open mindset when approaching any assignment. There were times personally where I did not want to interview some random individuals at the gym about the various supplement they all consumed, but I had to push past the initial uncomfortableness and just introduce myself. There are many times that like that in class and keeping an open mind will allow you to grow and develop yourself effectively.

29A – Venture Concept No. 2

Opportunity:

-The opportunity that I have identified is a revamp of the consumer supplement industry. The majority of individuals who consume in the supplement industry want to develop and build a healthier lifestyle, so why try to sell them so ridiculous, ineffective fat burners or slimming teas. The key to any healthy lifestyle is a clean and well-rounded diet. That's why I created Anam Beauty and Wellness. The goal is to provide a variety of clean products that are viewed as staples like salt and pepper would be viewed as a staple in anyone's kitchen. Anam Beauty and Wellness is launching with four main staples in mind. Each staple, product, is designed to bring a specific and healthy new edge to the consumer. The first product is called Renew. Renew was developed to renew the consumer's body, simple as that. Now, Renew accomplishes with help from the main compounds found in renew- ALA and Hyaluronic Acid. ALA, or Alpha-Lipoic Acid, is a naturally occurring and powerful antioxidant that provides key nourishment to the body by preventing specific cell breakdown, as well as increase levels of vitamin C and E. Hyaluronic Acid is also another naturally occurring antioxidant found in the human body, it has shown to help prevent skin aging, as well as improve swelling and osteoporosis. The second staple product is called Divine Greens, a superfood powder. This product is designed to be packed full of vital nutrients, probiotics, and prebiotics that we all struggle to consume. The third product is called Burn, which is a natural thermogenic. Burn is packed full of essential B vitamins and naturally occurring caffeine. This product is designed to give the consumer that natural morning jolt of energy in order to crush the day. The last product is our all-natural and keto-friendly Collagen. Collagen is a naturally occurring protein that helps one's skin remain elastic and full, as well as help strengthen bones and joints. These products will all be marketed and sold online via social media and our website.

Innovation:

-The common supplement company focuses on pushing basic, hoax products like slimming teas. Anam Beauty and Wellness aims to squash those hoaxes and bring forth a line of products that the average consumer can trust and use, knowing that what they are putting into their body is actually having a positive effect. The products we are launching are designed to focus on clean and simple ingredients, the ones that work. We are innovating the process and relationship between the supplement company and the supplement user. Providing a line of staple products, that everyone and anyone can use, from the young mother trying to build a better routine to the elderly grandparents who are trying to get a handle on their health.

Venture Concept:

-Consumers will switch and adopt Anam Beauty and Wellness as their choice of supplement products because we provide the trust and transparency of the staple products everyone needs in their kitchen. The products we are bringing forth are products everyone could consume and know that what they are putting into their bodies is helping them live a healthier and longer life. Over the years of interacting with various supplement consumers, the vast majority are just confused and lost when shopping through the shelves at their local GNC. They need a company that they know provides staples for their everyday health needs, not some fancy pre-workout or diet pill. Creating a simple and effective online web store where consumers can read and learn about our products, and why they work, will push the company to the top in the consumer's mind. Anam Beauty and Wellness was created based on my personal experience consuming in the industry. I had no clue what half those products were and what they actually did, so I decided to present the consumer a straight forward line of supplement products with full transparency as the number one goal in mind.


Summary of the feedback from Venture Concept No. 1:

-The feedback I received from my first venture concept was all positive and supportive. Therefore, I did not change much based on those remarks but added more details on the delivery and marketing of the products.


Describe how you changed your venture concept:

-All that I changed in regards to this venture concept was adding more details surrounding our marketing initiatives and how we plan on selling to the consumer via Amazon and the website.

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make.

-As I grow Anam Beauty and Wellness, my main goal is to partner with a larger retail supplement company, such as GNC. I want to stay with the company for as long as I can while continuing to grow the company into a household name. I would love to also partner with some kind of all-natural, vegan focused company because I see that kind of market quickly gaining popularity amongst our society. If I was approached by someone to sell Anam Beauty and Wellness I would make sure that I would still have the voice in determining the direction of the company going forward. Ultimately, my goal is to bring my products to multiple name brand grocery and supplement retailers. I think it would fit the brand best to stay focused on providing staples to the everyday consumer and these retailers would allow me to reach those kinds of consumers best.

2) Why have you selected this particular exit strategy?

-I have personally selected this particular exit strategy in order to maintain the core values and intentions of Anam Beauty and Wellness. With this in mind, I think it is best to avoid direct selling of the company and focus on building partnerships with various retailers and or companies. I want to be able to steer Anam Beauty and Wellness on reaching the everyday consumer and the main way of doing that is offering our products in various in-store retailers. Therefore, partnering with these retailers will allow for a great deal of consumer exposure while also allowing myself direct oversight of the company's direction.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept?  

-I do think this exit strategy has influenced me to focus more so on growth and exposure. I initially wanted to develop various products I personally wanted for myself, but I quickly realized that the everyday consumer most lily will not want those products. Therefore, I wanted to focus on the staples side of the health industry and provide consumer's the best bang for their buck. Hopefully, this allows Anam Beauty and Wellness to gain a greater market share when we launch.

27A – Reading Reflection No. 3

The Book: "Steve Jobs" by Walter Isaacson

1) You read about an entrepreneur: 

• The most surprising thing I learned from reading Steve Jobs was the creation of Job's RDF, the reality distortion field. The RDF meant that once Jobs had decided something that should happen, he would bend reality to his will until it became true. He was determined in every way imaginable and it was his infectious determination that would allow him to convince a team of engineers to work 20+ hours on various fonts for the Macintosh computer. He had convinced his entire workforce that they were building the world's greatest computer, and it was their duty to fulfill that goal for Apple. 
• I admire Job's determination and enthusiasm surrounding his creation of Apple. Apple was nothing but a longshot of a dream when it first started and it took extreme determination at the top to push the company to its massive success of today. Job's provided the framework for Apple's success, and without his driven leadership, I do not believe Apple would be where it is today. Lastly, Job's also embraced failure and decided to learn from it with a positive perspective versus a negative one.   
• I least admire Job's self-obsessed nature for success. He seemed to view his ideas and creations to be better than everyone around him, which caused either great success or great failure. Job's was so determined in his basis of beliefs that nothing could ever change his view, which caused him to have some serious failures that I personally believe could have been easily avoided. 
• Job's did face a lot of failures throughout his time of being an entrepreneur. His ability to accept these failures and overcome lead to his ultimate success. I think the biggest failure Jobs overcame was his ousting from Apple in 1985. He had to overcome his obsession with complete control. He returned in 1997 with a fresh perspective on management and allowed himself to place more trust in individuals he believed in. This allowed him to bring the best version of Apple to the marketplace. 

2) What competencies did you notice that the entrepreneur exhibited?

• Steve Job's exhibits extreme passion and determination when pursuing any new business venture or project. He has the extreme ability to push for the best in his various ventures, as well as motivate his employees to view their part as essential for creating the best version of Apple. Lastly, he also has the ability to channel various amounts of knowledge and direction into any project with a flip of a switch. This has allowed Apple to gain dominance in the tech industry for well over 10 plus years. 

3) Identify at least one part of the reading that was confusing to you. 

• There wasn't much that confused me about this biography, but the one confusing part of the biography was about the selection of Apple as the name for Steve Job's computer company. I understood the various reasons for Jobs calling the company Apple, but the general ideas behind do not make sense to me. I guess Job's obsession with fruit and his diet was one of the main driving factors.  

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

1. How do you personally measure your own success?
2. How do you constantly keep innovating?

Why: I would ask Steve Jobs the first question to gain insight on how to properly navigate a personally fulfilling and successful career. I would ask the second question just based on my own curiosity for how one continues to innovate year after year. 

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

Steve Jobs views hard work as the key for any entrepreneur to be successful in their pursuits. Steve Jobs is his own testament to the benefits of hard work and perseverance. He failed constantly and still carried the belief to learn from those failures, which allowed him to have such great success in building the greatest tech company too date. I share the exact same opinion of this belief. 

26A – Celebrating Failure

1) Tell us about a time this past semester that you failed.

-One of the most disappointing "failures" in my life did occur last semester surrounding an internship with a boutique private equity firm. I had put in over a month of grinding through the interview process, which was five, in-depth interviews over Skype. Obviously, I was very happy to make it to the last round of interviews and I was hopeful of securing the position for the summer. Ultimately, the firm wanted to recruit a student closer to graduation in order to secure him or her with an offer for full-time employment. The fact that I was a sophomore put me at a great disadvantage and was my failing factor. The real feeling of failure came from the fact that the majority of private equity firms had already filled their summer internship positions, which left me with really nothing for the summer in terms of an internship.

2) Tell us what you learned from it.

-I learned from this "failure" to accept the process of failing. The firm gave me great remarks and told to reapply next fall for the same position. I have often been very hard on myself when situations like this do not go my way. However, as I reflected on the failure I understood there was still some kind of position out there that would give me exposure to the finance world. I ended up getting a banking internship at the main office in Tallasheee for a local, smaller bank. This banking internship is not what I initially wanted, however, it will provide a great level of insight and knowledge into a necessary part of the business world. Sometimes certain situations do not play out the way we want them to, but the key I learned was to find an alternative that brings a net positive in a situation that seems negative.

3) Reflect, in general, on what you think about failure.

-Personally, failure is extremely frustrating in situations where you feel like all the necessary work was done and yet you still failed. Failure is just a constant reminder to the fact that some things are just not intended to work out, so you have to navigate around the situation in order to prosper from the failure. The worst action when dealing with failure is to just give up completely, but that does not mean an individual should keep pursuing the same failure over and over again. Failure is designed to be the ultimate teacher so one can learn and not repeat the same failures, but ultimately find the alternative solution to be successful.

25A – What’s Next?

Existing Market

Step 1- The next step for Anam Beauty and Wellness would be expanding our social media presence. If you are reading this please check out our Instagram: @anambeautyandwellness. Ideally, it would be beneficial for Anam Beauty and Wellness to sponsor some social media influencers in order to gain more recognition. This process is more difficult than I originally expected. The hardest part is finding someone with a social media page that fits the same message you want to provide to your potential investors.

Step 2- I believe the consumers within my industry would just simply say hurry up and start selling the products. I honestly think I have been too slow at launching the website, although it is very difficult task juggling both school and this business.

Step 3- The future of the next step is simply to push more social media presence, while simultaneously gaining a few "brand ambassadors" to help with that initiative. Then shortly after just launch the website and start selling the products.

New Market

Step 1- The new target market that I would pursue would be selling to wholesale to large in-store retailers, like Publix or VitaminShop. My existing market is exclusively selling directly to the consumer via our website. The goal for Anam Beauty and Wellness would be both B2C and B2B, which would obviously allow us to increase sales and draw in new customers.

Step 2- My venture would give this market new value by adding quality, affordable products to their shelves that would change the way customers shop for nutritional products at their particular store.

Step 3- I believe the customers would get added value from entering this new market for two reasons. The first reason would be easier access to the products we offer at Anam Beauty and Wellness, and the second reason being a better quality product than the generic wholesale protein and weight loss matrix usually offered at these kinds of large retailers.

Step 4- Since I was not able to speak directly with the customers in my specific industry it is hard to say I learned something new from their perspective. However, I think they would be happy that Anam Beauty and Wellness would be adding our products to their local retailer's shelves because it gives them a better alternative to the generic products usually offered.

24A – Venture Concept No. 1

Opportunity:

-The opportunity that I have identified is a revamp of the consumer supplement industry. The majority of individuals who consume in the supplement industry want to develop and build a healthier lifestyle, so why try to sell them so ridiculous, ineffective fat burners or slimming teas. The key to any healthy lifestyle is a clean and well-rounded diet. That's why I created Anam Beauty and Wellness. The goal is to provide a variety of clean products that are viewed as staples like salt and pepper would be viewed as a staple in anyone's kitchen. Anam Beauty and Wellness is launching with four main staples in mind. Each staple, product, is designed to bring a specific and healthy new edge to the consumer. The first product is called Renew. Renew was developed to renew the consumer's body, simple as that. Now, Renew accomplishes with help from the main compounds found in renew- ALA and Hyaluronic Acid. ALA, or Alpha-Lipoic Acid, is a naturally occurring and powerful antioxidant that provides key nourishment to the body by preventing specific cell breakdown, as well as increase levels of vitamin C and E. Hyaluronic Acid is also another naturally occurring antioxidant found in the human body, it has shown to help prevent skin aging, as well as improve swelling and osteoporosis. The second staple product is called Divine Greens, a superfood powder. This product is designed to be packed full of vital nutrients, probiotics, and prebiotics that we all struggle to consume. The third product is called Burn, which is a natural thermogenic. Burn is packed full of essential B vitamins and naturally occurring caffeine. This product is designed to give the consumer that natural morning jolt of energy in order to crush the day. The last product is our all-natural and keto-friendly Collagen. Collagen is a naturally occurring protein that helps one's skin remain elastic and full, as well as help strengthen bones and joints. These products will all be marketed and sold online via social media and our website.

Innovation:

-The common supplement company focuses on pushing basic, hoax products like slimming teas. Anam Beauty and Wellness aims to squash those hoaxes and bring forth a line of products that the average consumer can trust and use, knowing that what they are putting into their body is actually having a positive effect. The products we are launching are designed to focus on clean and simple ingredients, the ones that work. We are innovating the process and relationship between the supplement company and the supplement user. Providing a line of staple products, that everyone and anyone can use, from the young mother trying to build a better routine to the elderly grandparents who are trying to get a handle on their health.

Venture Concept: 

-Consumers will switch and adopt Anam Beauty and Wellness as their choice of supplement products because we provide the trust and transparency of the staple products everyone needs in their kitchen. The products we are bringing forth are products everyone could consume and know that what they are putting into their bodies is helping them live a healthier and longer life. Over the years of interacting with various supplement consumers, the vast majority are just confused and lost when shopping through the shelves at their local GNC. They need a company that they know provides staples for their everyday health needs, not some fancy pre-workout or diet pill. Creating a simple and effective online web store where consumers can read and learn about our products, and why they work, will push the company to the top in the consumer's mind. Anam Beauty and Wellness was created based on my personal experience consuming in the industry. I had no clue what half those products were and what they actually did, so I decided to present the consumer a straight forward line of supplement products with full transparency as the number one goal in mind.


The three minor elements:

The most important resource of Anam Beauty and Wellness will be genuine care and concern for the intended consumer. The goal of the company is to set the record straight on what the consumer actually needs, no more lies and no more fads.

Realistically, the next step for this company is to finish the web development and ramp up our social media presence for launch, hopefully sometime mid-June.

I hope in the next year to two years to see some serious growth and brand recognition, as well as establish ourselves in a few in-store retailers.

23A – Your Venture’s Unfair Advantage

1) Deep knowledge of the Supplement Industry. 

-Valuable: I have been a consumer in this industry for over 7 plus years and have tried well over 200 products. This has allowed me to understand and learn about a variety of different ingredients, as well as discover what works and what does not.

-Rare: This is rare because not many individuals have this long of an experience being a consumer in this particular industry.

-Inimitable: It is possible to gain the same information that I have gain, however, it is difficult due to the time it would take to gain this kind of knowledge.

-Non-substitutable: My knowledge of the supplement industry inspired me to pursue this venture in order to correct a lot of the falsehoods made by various supplement companies.

2) Personal Network. 

-Valuable: Having a vast network of friends can bring forth new ideas and opportunities that would be unavailable without it.

-Rare: I wouldn't say this kind of resource is rare, however it is difficult to build.

-Inimitable: The connections that I made personally are not inimitable. My connections are unique to me personally.

-Non-substitutable: I do not think this resource is possible to replicate in any way, therefore it is extremely valuable.

3) Professional Network.

-Valuable: Developing a professional network is important in order to grow your venture in a particular industry.

-Rare: Building a professional network is difficult, therefore it is by necessity rare.

-Inimitable: The exact professional relationships that I have personally built are inimitable. They are impossible to replicate.

-Non-substitutable: I think this is the greatest resource because no other could grant the same value.

4) Work Experience in the Supplement Industry.

-Valuable: I used to work at GNC as a cashier, where I interacted with well over a thousand customers and gained serious insight into the mind of the consumer.

-Rare: I don't believe many business owners have the knowledge that I do personally, therefore it is rare.

-Inimitable: No, it is impossible to replicate this kind of experience.

-Non-substitutable:  I do not think any other resource could add this kind of benefit.

5) Time management skills. 

-Valuable: The ability to spend my time productively and efficiently allows me to complete work at a fast pace.

-Rare: I do not believe this skill is necessarily rare because many people claim to have this skill.

-Inimitable: Yes, anyone can build this skill.

-Non-substitutable: Yes, I do not think any other skill can fulfill this skill position.

6) The Uniqueness of the products. 

-Valuable: Yes, the products that Anam Beauty and Wellness are unique which means consumers must come to us for our specific products.

-Rare: Yes, not many people manufacture these kinds of products.

-Inimitable: Yes, other companies could manufacture similar products.

-Non-substitutable: Yes, there is not another product like these.

7) Cheap cost.

-Valuable: Allows my profit margins to be greater.

-Rare: Yes, but it is variable.

-Inimitable: It depends on where you manufacture your product and what kind of product it is.

-Non-substitutable: No, you could find another similar product to manufacture cheaply.

8) Entrepreneurial Experience.

-Valuable: Allows me to understand how to get the company functional and operational, as well as turn a profit

-Rare: Yes, since this skill takes time to develop.

-Inimitable: Yes, someone just needs to put in the work.

-Non-substitutable: Yes, this skill is not substitutable at all.

9) Branding.

-Valuable: The branding is unique and eye catching. This draws recognition to Anam Beauty and Wellness.

-Rare: Yes, my branding for Anam Beauty and Wellness is Trademark protected and therefore is rare.

-Inimitable: No, no one can copy this branding.

-Non-substitutable: Yes, the branding is unique to my business.

10) Social Media Experience.

-Valuable: I understand how to properly run and manage a professional business account that allows me to connect to the world.

-Rare: Yes and no. I am no social media expert, but I definitely know more than the average business owner.

-Inimitable: Yes, someone can learn the same social media experience that I have.

-Non-substitutable: No, social media is a key part of marketing and therefore there is not a substitute to that experience.


Summary:

-On completion of the VRIN analysis, I realized that my valuable resource is my professional network since it allows me to connect with professionals in my industry that promotes my venture, as well as their own.

22A – Elevator Pitch No. 3

1) The Pitch.

2) A reflection on the feedback you received from your last pitch

-All of the comments I received on the first elevator pitch were very positive and complementing. I wanted to focus on addressing the audience more directly in this video. I did this by setting up my camera for a better angle when I recorded this elevator pitch. I also wanted to bring more attention to the product's development and its ingredients. However, it is hard for people to understand exactly what I am talking about due to the uniqueness of these various ingredients.

3) What did you change, based on the feedback?

-The main suggestions I received on my pitch were from Lamar and Adriana. They both suggested setting my camera at a better angle when recording my pitch. Also, Lamar stated that I should add some evidence to back the pitch in order to give credibility to the products produced by Anam Beauty and Wellness, so I did my best to incorporate more detailed descriptions of the products in this pitch.

21A – Reading Reflection No. 2

Book: The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

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

-The general theme presented in "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki is that of presenting one's social media with professionalism, just like a business. The book gives a little over one hundred tips for creating a successful engagement and message for one's various social media pages. Mr. Kawasaki gained a majority of his knowledge in social media marketing through his job in 1983 at Apple as the "Evangelist," where he hoasted series of articles, talks, speeches, and QAs about the upcoming Macintosh computer. Throughout the book, Mr. Kawasaki talks about creating content that gets the viewers engaged with the social media page.

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

-The book above allowed me to gain a deeper understanding of how amazingly valuable social media is for all entrepreneurs, and it's free! This class highlights many of the same points made by Mr. Kawakaski, such as viewer engagement and learning the target audience. Additionally, it broke down step-by-step exactly how to implement those teachings into any and every social media page one owns. Social media is here to stay in our society, and learning the art of presenting one's business online is key for being a successful entrepreneur.

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 based on this book it would be opening a separate, business social media page, either on Instagram or Facebook, that represented one's business idea. Throughout the length of the course, students would make posts and try to engage with their followers to develop proper market recognition and find their ideal customer.

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?

-My biggest 'aha' moment came from reading about Mr. Kawasaki's tip about presenting one's personal social media page. The importance of treating your online profile with professionalism is important when branching out into the business world. Posting something silly or misrepresenting online can greatly hurt someone's view of you as an individual, even if they misinterpret what you posted. It only takes one online post to ruin one's reputation, and that is very important to keep in mind before making a tweet or comment.