30A – Final Reflection

• The most formative experience was the first reading reflection. I read Miracles Happen by March Kay Ash and took a lot of lessons away. The experience I will remember years from now were the elevator pitches. At first it was difficult for me to record myself, but each time I got better. The most joyous experience was creating a customer avatar. I liked being creative and coming up with a detailed description of my prospective customer. I also enjoyed creating the actual avatar on mybluerobot.com. I am most proud of the second venture capital assignment. It felt like all the pieces of a puzzle coming together. I was able to analyze my business plan progression throughout this entire semester.
• I do see myself as an entrepreneur. I have learn how to create a business idea, conduct market interviews, and analyze the strengths and weaknesses of my product. I have moved closer to developing an entrepreneurial mindset. I am more creative and open minded than I was at the beginning of the semester. I have increased my social capital and understand the important of targeting a specific market. The books Inbound Marketing by Brian Halligan and Dharmesh Shah and The Art of Social Media: Power Tips for Power Users by Guy Kawasaki gave me great advice on marketing and using social media to promote my product as an entrepreneur. 
• The one recommendation I would give students who are going to journey down this path in the future would be to work ahead. Since this class is self paced, students are able to complete assignments way before the due date. This helps a lot if a test for another class is coming up. The student would be able to finish this class's assignments before hand. To perform best in this course students need to be self-motivated and driven. To foster this mindset they need to be organized and plan their week in advance. They need to set goals each week and meet them. 

29A – Venture Concept No. 2 The Spicer

Opportunity
1. The need: Inexperienced cooks, restaurants, and anyone who dislike having to watch dishes after cooking.
2 Nature of the need: The biggest need is for people to save time and money. Additionally, there is a need to improve cooking and minimize the amount of time spent on washing dishes. Lastly, there is a need to reduce the amount of plastic used for spice containers.
3. Forces Creating Opportunity: One change in the environment that creates this opportunity is leaving for college. In many instances this is the first time a person has had to cook for themselves. They are inexperienced cooks and have trouble determine the amount of spices need for a recipe. Another factor that creates this opportunity is lazy people. They love finding ways to shorten the time it takes to do a tasks. The last force that creates this opportunity are managers of restaurants wanting to save time and money on their spices.
4. Market defined: If you are looking at it from a B2B perspective it would be geographically. I would want to target restaurants locally. If you are looking at it from a B2C perspective, it would be defined demographically. I am targeting young adults ages 18-25 who have recently started living on their own.
5. Currently satisfying this need? Customers are currently satisfying this need by either using regular measuring cups or estimating the amount of spices. Professional, experienced cooks may be very loyal to estimating the amount of spices needed for a recipe. Since they have been cooking for years this solution has become easy and convenient for them. Less experienced cooks may not be loyal to using measuring cups. They want to find an easier, faster solution.
6. How big is this opportunity? This opportunity is quite big because I am able to reach more than one market. I am able to solve many needs and since I am targeting both B2B and B2C I have a larger customer base.
7. Window of opportunity: This "window of opportunity" will be open as long people continue to cook and the restaurant industry continues to grow. Customer will always want new innovative, fast ways to solve problems.

Innovation

The Spicer dispenses perfect measurements of spices ranging from 1/4 of a teaspoon to 2 tablespoons. It can hold 15-20 different spices. By using the touch screen the cook would chose which spice and measurement he/she wanted. The machine has voice command, which allows the customer to request measurements while cooking. An app can be downloaded on Smart phones to control the device. A cooling system is included, which keeps fresh herbs cold. The first design holds 15 spices and is $75 dollars, while the second one holds 20 spices and is $100 dollars. When the machine is running low on spices a red light will turn on to notify the cook. The standard colors of the machine are dark blue, light blue, white, silver, and black. For an extra $25 dollars customer can customize the machine's colors to match their other kitchen applications. For an extra $20 dollars a customer can add an oil dispenser, which provides the cook perfect measurements of oil or a separate container that attached to the machine and holds dry ingredient, such as oil. The customer can also purchase an additional application for $20 that chops, minces, and dices vegetables. The Spicer comes with a money back guarantee if the customer does not like/use the product in the first week. It also comes with a year warranty.

Venture Concept

• It would be easy for customer to switch. The machine is very simple to use and saves the cook time and money. By always producing perfect measurements meals will no longer be under or over spiced. The cook will also save time by not having to wash measuring cups after cooking. Restaurants will want to use my product to minimize waste.
• The competitor is Select-A-Spice Auto-Measure Carousel by Kitchen Art. It dispense spices, but the cook has to turn a wheel to select the spice he/she wants. Unlike my product their machine is not programmable. My product is able to hold up to 15, while theres only holds 12. Another vulnerability is the amount of spices their machine can hold. It only can store 4.5 ounces, which is half a cup, while mine can store 2 cups of each spice. Their machine also only holds spices while my machine is able to dispense liquids such as oil.
• Business concept
• Packaging is important. The design of the box will need to accommodate the machine and keep it from not breaking. 
• Price point is an important factor. If people think it is too expensive for the value it gives, they will not purchase it.
• Distribution is important. I want to sell online and in local stores like Target, Walmart, and Bed, Bath, and Beyond. 
• The support my team gives our customer is very important. This will effect the customer's experience. I want the entire team to be knowledgable on how the product works and be able to answer any questions a customer would have.  
• Customer experience is very important. In the beginning of selling my product most of my sales will come from word of mouth. I want my customer to have a great experience with my product so that they will spread the word and convince others to purchase it. 
• Business location is slightly important. I want to be in a city with lots of restaurants close by, so I can market my product.
• Employees
• Supply Chain- in charge of distribution, focused on invoices and coordinating shipping
• Marketing- responsible for creating marketing event, in charge of the company's website and social media accounts.
• Management-focused on the short/long term goals, create new ways to improve the product, and respond to customer inquires
• Finance- billing processes 
• Sales Force- responsible for calling local restaurants and performing cold calls 

Unfair Advantage: My most important resource is the uniqueness of my product. It implements new technology that has never been seen before. No one has ever created a spice dispenser that automatically dispenses perfect measurements of spices and oil. I think this advantage will create curiosity, which would attract customers. 

What's Next For The Venture: I want to continue to improve my current invention. I would want to utilize artificial intelligence and technology more. By programming the machine with the cook's favorite recipes The Spice would be able to dispense spices without having to be asked. Additionally, I would program the machine with information about each spice. The machine would be able to answer any question the cook had about the spices. Lastly, I would program The Spicer with set-up instructions. The customer would be able to push a button and listen to the instructions rather than having to read the manual. By adding these extra benefits my product will be more appealing to customers. 

What’s Next For You? In the next five years I would want to continue to create new innovative kitchen products people have never seen before. In the next 10 years I would hope sales are increase to open up a brick and mortar store for customer to come try out my products. The knowledge I gained from my first venture will be very beneficial when I decide to launch another idea.

Summary of the Feedback

• Product reduces the amount of plastic used for spices if customer buys in bulk.
• Program the machine with the cooks favorite recipes so he/she does not have to tell The Spicer what ingredient needed
• Program the machine to describe information about the spice the cook is using (Ex. the taste)
• Program the device with set up instructions
• Add on device that chops, minces, or diced vegetables
• Increase the size of the machine to hold other dry ingredients such as flour
• Increase the number of spices the machine is able to hold
• Have The Spicer alert the cook when spices are running low
• Money back guarantee and a year warranty 

How I Changed My Venture Capital
One student's comment highlighted the fact that The Spice is reducing the amount of plastic used for spice containers as a result of customers buying spices in bulk. I added this information into the "nature of the need" section. I include the new product ideas such as adding a device that chops vegetables, increasing the number of spices and different types of ingredients the machine can hold, and adding a notification system when the spices get low to the "innovation" section. I also added a money back guarantee and one year warranty to the "innovation section." I added the suggestions in regards to artificial intelligence to the "What's Next For The Venture" section. Programming the device with new, advance technology will be a future goal I have for the company. 

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make.
I plan on staying with the business for several decades, retire, and pass it down to my children. The company would be my number one priority. I would retire after one of my children was ready to take over the company.

2) Why have you selected this particular exit strategy?
I enjoy seeing things improve and finish what I start. I think it would be a great life accomplishment to start a company from scratch and see it prosper. If the company was doing well and I enjoyed being the owner, I would not see a reason to change careers. I chose to pass the business down to my children, because I am very family oriented. Family owned businesses tend to keep the same values over time. I would want my customers to feel comfortable and taken care after I left.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? 
Since I plan on staying with company for a while I would want to establish great values from the beginning. I would create a through company manual and have everyone trained the same way. In regards to acquiring and using resources, I would find a distribution company and bank that are very economically stable. I would look for other companies to build long term relationships with. Since I plan on passing the business down to one of my children, I intend to bring them into the business at a young age. I would give them the opportunity to start working with the company in high school and try my best to train them. I would allow them to make some of the business decisions and get a feel for a management position.

27A – Reading Reflection No. 3

1) What was the general theme or argument of the book? The general theme of the book Inbound Marketing by Brian Halligan and Dharmesh Shah was to help companies market their service/product through google, social, and blogs. The book highlights how marketing tactics ten years ago, such as buying an e-mail list or sending direct mail to a larger target audience, are not effective ways to reach customers. Some topics the book covered included creating an online profile, starting a blog, and responding to comments. After every chapter the book provided a "to-do list" that related to the chapter.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? This book connected with ENT 3003, because it gave great suggestions on how to promote your company to prospective customers. As an entrepreneur I would be able to use the advice to enhance my website, blog, and social media accounts. The book spends an entire chapter on how to start a blog. Some suggestions included using a blog platform that does not include the programs name, adding a video or picture to each post, and posting once a week. In ENT 3003 some of our blog posts required a photo, which highlights one of the tips the book gives.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve? The books gives four tips for creating an effective username on social media. Number one is to use your real name, number two is two keep it simple and clear, number three is to not include numbers, and number four is to have a consistent name across all site. For the exercise I would have the student analyze their current username using these suggestings. I would then have them create a username that met these four requirements.

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? The biggest "aha moment" of the book was the advice to move beyond the width of your wallet. The author points out how in the past effective marketing depending on how much money a company spent, but now it is based on creativity. Companies need to create remarkable content that will attract the customer's attention. The author advises companies to advertise their product/service on blogs and social media sites making sure to monitor their performance and make changes when needed.

26A – Celebrating Failure

1) Tell us about a time this past semester that you failed.
This semester I tried cooking chicken at my apartment and failed. I had just gotten a new pan, which was smaller than the usual one I use and wanted to test it out. I first added butter to the pan. While I waited for it to melt I seasoned my chicken. I was in a rush and did not have time to sit and wait for the chicken to cook, so I put it on high heat. The chicken ended up smoking up the entire apartment. I had to use the vent and open a door to try and get the smoke out. Another time this semester I tried cooking the chicken again. I cooked it on medium/high heat. It ended up smoking up the house again, but not as bad as the first time.

2) Tell us what you learned from it.
I learned to cook chicken on medium temperature. If you cook it on high heat it only burns the outside and does not cook thoroughly. I also learned to be patient. Cooking can take time, especially if you are cooking more than one thing. Lastly, I learned practice makes perfect. The second time I cooked the chicken it created smoke, but not as much as the first time. Since then, I have gotten better at cooking.

3) Reflect, in general, on what you think about failure.
Failure can be really hard and embarrassing, especially if you are a prideful person. At work when I mess up on something it can be difficult for me to ask for help, because I feel I am bugging my boss. I have to remind myself my boss is there to guide me and would rather have me ask questions than do the wrong thing. At first when I fail I feel discouraged, but have to remember failure is a part of life and learn from my mistakes. This class has not changed my perspective on failure, but supported my belief that everyone fails. I am more likely to take a risk than I was a few months ago.  The entrepreneurship books I read this semester showed me how failure can be a good thing. The Mary Kay autobiography gave examples of times she failed and how she learned from those failures and improved her company. 

25A – What’s Next?

What I Think Is Next: I plan on implementing a cooling system in The Spicer, which allows cooks to store fresh herbs, such as basil, mint, and rosemary. Fresh herbs can be used for cocktails, desserts, and dinner recipes. I also plan on improving the machine by adding a Smart device system. Now customers will be able to measuring spices using their Iphone or voice command. This will be helpful when cooks are busy making two things at once or when their hands are unclean for measuring. They will no longer have to stop what they are doing to measure ingredients, but can use voice command.

Existing Market Interviews:
Number One: Female, junior in college age 21
1. Reaction to what I think is next: It would be cool to have both dry and the fresh herbs, for example parsley and basil are better fresh while red pepper flakes are better dry. I would use the smart device function. For example, while tenderizing meat I could ask the machine to measuring out spices, which would save me time.
2. What should we be doing that we are not planning to do? When you add the Smart Device you should not only have it measure spices, but also allow it to inform the cook information about the spice. Program the machine to describe the taste of the spice the cook is adding. For example when dispensing basil the machine would tell the cook what other spices would be a good compliment with it.
3. What would the customer want next? Customer would want an add on device that chops, minces, or diced vegetables.

Number Two: Female junior in college age 21
1. Reaction to what I think is next: I think the new ideas are very useful. A place to preserve fresh herbs is very beneficial. It frees up space in the refrigerator.. I would not use an app on my iphone to control the device. It seems like more work than just selecting the spice by hands. On the other hand, I would use the voice command. This would be great to utilize when reading off a recipe.
2. What should we be doing that we are not planning to do? It would be good to increase the size of the machine to hold not only spices, but other dry ingredients such as flour. Most of the time I measure out all my dry ingredient at the same time, so it would be more convenient for me to have them all in the same place.
3. What would the customer want next? Customers want a larger selection of spices instead of only 12-15.

Number Three: Female senior in college age 21
1. Reaction to what I think is next: The Spice is a great product idea. I would buy it. Just over the weekend my mom asked me to measure a specific amount of rosemary and thyme for a steak sauce we were making and I had no idea how much to add. The new ideas are really creative and beneficial. Millennial love apps, so being able to control the device through your phone is a good idea. Since you are targeting a young audience they will be tech savvy.
2. What should we be doing that we are not planning to do? I would want the machine to alert me when the spices are running low. Whether it be a button that lights up on the machine or a notification on my phone something that allows me to know when to refill the spices.
3. What would the customer want next? I would want the machine to be pre-programmed with my favorite recipes. This would allow me to chose the recipe I was cooking, so The Spicer could dispense the ingredients I needed without having to tell it.

Reflection: 
After interviewing three people in my current market I now know what to improve to continue to grow in this market. All three people loved my new ideas of adding a cooling system and artificial intelligent to the design. Most of the new concepts my interviewees created were based of artificial intelligence.

My first interviewee was interested in programming the machine to describe the taste of each spice when dispensed. She also wanted to add an application that automatically chops vegetables. My second interviewee advised me to make the machine larger so she could store more cooking ingredient such as flour. She was also interested in increasing the number of spice holders. My third interviewee wanted the machine to signal here when spices were getting low. She also wanted The Spice to be pre-programmed with recipes, so she would not have to tell the machine what spices she needed. All three interviewees gave me great, innovative ideas on how to improve my product.

New Market: Since my current target audience is young adults, my new market will be an older generation. Some of the ways my product could be modified to better meet this market include making the font on the machine larger, creating a thorough user guide, and making sure the process is as easy as possible. Since my product is already very easy to use the only issue I see would be with technology. Some of the older generation are not as tech savvy, so using an Iphone to control the machine may be a problem.

New Market Interviews
Number One: Male, age 67
1. Reaction to what I think is next: I think it's a great idea to add a cooling system to store fresh herbs. This new invention gives you another selling point. I personally would not use the app function, since I do not own an Iphone. I would use the voice command function if it was simple and easy to understand.
2. How do think my business might help customers like you? When my eye sight was bad after surgery it was hard for me to read the small labels of the spices.The machine would have helped me to read the labels. It would also make me want to cook more since the process of preparing ingredient would be easier.
3. What adaptions would need to be added to make the product successful in your market? I would would want the company to provide a money back guarantee and a decent warranty for a year if the product broke.

Number Two: Female, age 61
1. Reaction to what I think is next: As a gardner I really enjoy the cooling system. It would help me store spices from my garden or the farmers market. I would not use the app function. I am not proficient with technology so it would just slow me down. I would use the voice command though.
2. How do think my business might help customers like you? Since all the spices are in one place it would help me with organization. The price point would be a big factor for me, since I already have many spices. I would rather buy this for a gift for someone else like a new bride.
3. What adaptions would need to be added to make the product successful in your market? I would need a simple user guide. I struggling with setting up devices, so it would be helpful if the machine  had a button that played the set up direction out loud.

Reflection:
What surprised me the most was this market's concern for price. Since most people in this age range are close to retiring I assumed they would not be worried about money compared with the younger generation. My first interviewee pointed out a money back guarantee and a decent warranty. While my second interviewee said price would be a large buying factor.

My assumption about creating a set up manual was correct. I also was corrected about technology possibly being an issue. My first interviewee did not own an iphone, so my new invention would not be applicable to him. This new market is not as attractive as my existing market. As a result of being an experienced cook, it would be more convenient for them to estimate the spices rather than purchasing a new product.

24A – Venture Concept No. 1 The Spicer

Opportunity
1. The need: Inexperienced cooks, restaurants, and anyone who dislike having to watch dishes after cooking.
2 Nature of the need: The biggest need is for people to save time and money. Additionally, there is a need to improve cooking and minimize the amount of time spent on washing dishes.
3. Forces Creating Opportunity: One change in the environment that creates this opportunity is leaving for college. In many instances this is the first time a person has had to cook for themselves. They are inexperienced cooks and have trouble determine the amount of spices need for a recipe. Another factor that creates this opportunity is lazy people. They love finding ways to shorten the time it takes to do a tasks. The last force that creates this opportunity are managers of restaurants wanting to save time and money on their spices.
4. Market defined: If you are looking at it from a B2B perspective it would be geographically. I would want to target restaurants locally. If you are looking at it from a B2C perspective, it would be defined demographically. I am targeting young adults ages 18-25 who have recently started living on their own.
5. Currently satisfying this need? Customers are currently satisfying this need by either using regular measuring cups or estimating the amount of spices. Professional, experienced cooks may be very loyal to estimating the amount of spices needed for a recipe. Since they have been cooking for years this solution has become easy and convenient for them. Less experienced cooks may not be loyal to using measuring cups. They want to find an easier, faster solution.
6. How big is this opportunity? This opportunity is quite big because I am able to reach more than one market. I am able to solve many needs and since I am targeting both B2B and B2C I have a larger customer base.
7. Window of opportunity: This "window of opportunity" will be open as long people continue to cook and the restaurant industry continues to grow. Customer will always want new innovative, fast ways to solve problems.

Innovation

The Spicer dispenses perfect measurements of spices ranging from 1/4 of a teaspoon to 2 tablespoons. It can hold 12-15 different spices. By using the touch screen the cook would chose which spice and measurement he/she wanted. The first design holds 12 spices and is $75 dollars, while the second one holds 15 spices and is $100 dollars. The standard colors of the machine are dark blue, light blue, white, silver, and black. For an extra $25 dollars customer can customize the machine's colors to match their other kitchen applications. For an extra $20 dollars a customer can add an oil dispenser, which provides the cook perfect measurements of oil.

Venture Concept

• It would be easy for customer to switch. The machine is very simple to use and saves the cook time and money. By always producing perfect measurements meals will no longer be under or over spiced. The cook will also save time by not having to wash measuring cups after cooking. Restaurants will want to use my product to minimize waste.
• The competitor is Select-A-Spice Auto-Measure Carousel by Kitchen Art. It dispense spices, but the cook has to turn a wheel to select the spice he/she wants. Unlike my product their machine is not programmable. My product is able to hold up to 15, while theres only holds 12. Another vulnerability is the amount of spices their machine can hold. It only can store 4.5 ounces, which is half a cup, while mine can store 2 cups of each spice. Their machine also only holds spices while my machine is able to dispense liquids such as oil.
• Business concept
• Packaging is important. The design of the box will need to accommodate the machine and keep it from not breaking. 
• Price point is an important factor. If people think it is too expensive for the value it gives, they will not purchase it.
• Distribution is important. I want to sell online and in local stores like Target, Walmart, and Bed, Bath, and Beyond. 
• The support my team gives our customer is very important. This will effect the customer's experience. I want the entire team to be knowledgable on how the product works and be able to answer any questions a customer would have.  
• Customer experience is very important. In the beginning of selling my product most of my sales will come from word of mouth. I want my customer to have a great experience with my product so that they will spread the word and convince others to purchase it. 
• Business location is slightly important. I want to be in a city with lots of restaurants close by, so I can market my product.
• Employees
• Supply Chain- in charge of distribution, focused on invoices and coordinating shipping
• Marketing- responsible for creating marketing event, in charge of the company's website and social media accounts.
• Management-focused on the short/long term goals, create new ways to improve the product, and respond to customer inquires
• Finance- billing processes 
• Sales Force- responsible for calling local restaurants and performing cold calls 

Unfair Advantage: My most important resource is the uniqueness of my product. It implements new technology that has never been seen before. No one has ever created a spice dispenser that automatically dispenses perfect measurements of spices and oil. I think this advantage will create curiosity, which would attract customers. 

What's Next For The Venture: I want to continue to improve my current invention. I would want to implement a cooling system inside The Spicer, which allows the customer to store fresh herbs. From the social capital assignment I learned my product could be used to provide topping on cocktails. By adding on these extra benefits my product will be more appealing to customers. 

What’s Next For You? In the next five years I would want to continue to create new innovative kitchen products people have never seen before. In the next 10 years I would hope sales are increase to open up a brick and mortar store for customer to come try out my products. The knowledge I gained from my first venture will be very beneficial when I decide to launch another idea.