Final Reflection

I've had several formative experiences this semester thanks to this class. Looking through my blog and seeing all the work I've devoted to my venture concept and even discovering my next plan, my more longterm goal of starting my own beauty line. Thanks to these assignments, I finally forced myself to sit down and truly think and plan. Plus, with all of the excellent peer reviews, I was able to really question what needs improving in my current plan. I am proud of the accomplishments I have made in this course. At this point in the course, I do find myself to be an entrepreneur and I no longer struggle with spelling it! Another accomplishment haha. This class has made me look at the world of business different and see how to use my creative mind and talents and apply them in an entrepreneurial way. My recommendation to the future students is to not neglect the video lectures. Students have told me that the lectures are not that essential for the course, but in my opinion, its an excellent way to gain knowledge from others experiences. So don't neglect them and learn from others!

Week 15 Reading Reflection

• Something that surprised me with this weeks reading is how truly essential a loyal customer base is! I sort of already expected it but I'm still amazed at how much it matters. In the end, it could really be what makes or breaks a company.

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• If a company finds themselves in a situation where they have their customers doubting the brand, what could they do to regain it? If a company's website gets hacked and customers bank information gets stolen, what are the proper steps the company should take in this situation?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Venture Concept No. 2

The forces in the current environment creating this opportunity is the current rise of social media and the consistent desire to buy. This marked is open to all geographically and demographically. Customers are currently satisfying their needs through Instagram and other social media sites such as that but this app is not meant to compete with those but rather work with them and provide an improvement.

This opportunity is huge due to the fact that it combines everyone: the companies, the bloggers, and the customers/followers. This window of opportunity, I predict, will remain open as long there is a desire to shop and check social media.

I believe customers will switch to this new product because I am offering the customer/follower a method to shop in a more comfortable and straightforward manner. I am offering the blogger a way to elaborate better on the products discussed and offer a website for the followers to click on and direct them straight to the product desired. Lastly, I am offering the companies that desire promoting, a cheaper alternative that, in many ways, reaches out to more consumers than a paid spread on a magazine or commercial. It will not be difficult for customers to switch to this because there has never been anything like this before. 

There is no company or application as simple yet intricate as this! Some companies offer bloggers a place to show their professional photos, some are applications simply for professionals, but with all those you practically start from zero! There is not cost for packaging or concern for location since it will be an online application. For employees, I do not think more than 15 people would be needed. Perhaps some programmers and some individuals familiar in business with good social skills.

Feedback:

Unfortunately, there is not much I can write for this because, despite this being "Venture Concept No. 2", it is actually my very first Venture Concept. I, unfortunately, missed the due date of the first one. I see on this assignment that I could also discuss my feedback for the "What's Next" exercise, however, I missed that due date as well. Therefore, I do not have any feedback to discuss.

Week 14 Reading Reflection

• Something that surprised me was when one of the founders of 3M considered an idea of using sand paper in place of razors. It's strange because I remember a few years ago watching a commercial about this concept on TV. I later saw the products at stores like Bed, Bath, and Beyond and I would always think to myself whether or not it would take off. From the lack of talk I hear about it, I suppose it didn't work.

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• Which method has been found to be most beneficial at the workplace, holistic or ethical? Do you believe it's best for entrepreneurs to pursue correcting inefficiencies in the market or improving existing companies?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Google Gold

1) I feel like I could have worked harder on search engine optimization. When it came to each blog post, all I truly did was try to promote it better by going on other students websites and attaching a link to my blog on their comments section.

2) My main keywords were my name, my blog title, and my beauty blog name. With all these key words, people interested in my ENT class blog, or my beauty blog, could be directed to this page.

3) I did not use social media to enhance my SEO efforts too much for this blog. All I used was my YouTube page that I created for the class and Yellowdig. However, I've had a very positive social media response when it comes to my beauty blog (instagram.com/evicitta). I have been enhancing my SEO for that blog through YouTube, Instagram, Facebook, Tumblr, and Pinterest. Social media has certainly helped improve my blog's profile.

4) My most "viral" post was "Napkin Idea No. 1". If I remember correctly, this was the post that required everyone everyone to comment on 4 posts instead of the usual 2 or 3. Because of this, I received 4 comments, instead of my usual 3.

5) When I google "Evelyn Fernandez ENT", other links of mine show up first but then my blogspot link shows up as #4. However, when I google "evicitta", my beauty blog is my first suggestion, then followed by all my other blogs.

instagram.com/evicitta

Week 13 Reading Reflection

• Something that surprised me while reading this week was the concept of "rollup." That was a very new term for me. I learned that it's how new companies avoid the "growth pains" of starting a new business. 

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• What is an ideal way of handling the control factor when one is in the process of purchasing a business? My second question is how much should the evaluations between a large company differ from those of a small company?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Celebrating Failure

1) Something that I have repeatedly failed at this semester, as much as I hate admitting it, is attendance. At the beginning of the semester I was doing so well! I was extremely productive. Working out and waking up early enough to make breakfast before class! Not, I'm amazed if I even wake up before 1 P.M.

2) I learned that I am having my days pass me by. Also, that I'm paying for an education that I am highly neglecting. I'm paying for classes, but I'm not going to classes. Im paying to learn, but in the end I am having to teach myself.

3) Failure is certainly something that makes me self-conscious and embarrassed. I've changed the way I now perceive failure, thanks to this class and certain people that I've met this year. Before, I would convince myself that I did not care about the outcomes but it was also because I was not trying at the time. Now, I'm trying harder, and finding myself accepting failure a little harder than I used to. However, in this case it's a good thing. The fact that failure impacts me now means that I recognize that it's something I must learn from and no longer just something that I brush off and ignore. This class has certainly changed my perspective on failure and has motivated me to take more risks and learn from the failures.

My Exit Strategy

1. My exit strategy, for me, greatly depends on the venture. Up to now, I've only discussed my idea of an application that helps promote brands and bloggers. However, I do have another venture goal of eventually starting my own makeup line. When it comes to the application, my exit strategy would be to sell the business for a large return within the next 5 years. The makeup line, on the other hand, I would turn into a family business and pass it down to my children.

2. I selected these particular exit strategies based on my passions. The application is a nice idea, something useful, but I could not see myself working on it for very long. I would rather sell it and invest the money on the beauty line. Which leads me into my other exit strategy. I would turn the makeup line into a family business because it's my true passion and I want to continue having control over it. Also, its something that would continue to change over the years so I know I would not lose interest.

3. My exit strategies definitely influence my grown intentions. With the makeup line, I'm thinking of consistent and longterm success. Therefore, I would make decisions with much more care and work on making several strong connections. I would treat it with far more respect and time. While with the application, I just want it to be great for now. Obviously try to make it as great as it can be, but I do not intend to spend as much time and dedication on it since it's end goal is to be sold.

The pictures attached are from my beauty blog to show my passion for makeup and my future line:

https://www.instagram.com/evicitta/

Week 12 Reading Reflection

• I was not all that surprised by this weeks reading. In my opinion, it all seemed like common sense. Only surprise I found were the examples the author provided when explaining what could go wrong when strategic planning is neglected.

• Again, I found this section to be very much like common sense so I did not find any part of this reading confusing. I found it to be a very straight forward read.

• When does an entrepreneurs company begin to see significant profit? Also, if a company is failing, from your experience, what should be the go to strategic planning approach to attempt to rescue it from failure?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.