Week 11: Reading Reflection (You Need an Innovation Strategy)

1). Senior leaders duty to implement innovation stood out to me the most because usually you hear of responsibility being spread throughout an organization. Putting the responsibility on top-level management assigns accountability and helps to ensure that senior leadership is actively engaged in the company. This was surprising to me because often you think of the new employees and interns being the most up to date with evolving trends, but instead, senior leaders are to set the overall tone.

2). The most confusing part for me was the supply-push versus demand-pull approaches. When someone is developing a business, I feel like it doesn’t necessarily neatly fall into one of these two categories, so clearly differentiating the two was a little complex to understand at first. He simplified the concept by going into detail and providing real world examples, such as Texas Instruments and the handheld calculator, that made it much easier to understand though.

3). My first question would be how a company or entrepreneur would know which of the four types of innovation to implement? Although he mentions that it should fit into the business strategy, assess the level of competition, examine the rate of technological change, and be a balance between each type, where would someone starting out in the industry begin? I think our course is designed more toward someone who is new to the field, so my question is aimed more at where someone would begin in developing the four areas. My second question would be in general, why do you believe innovation is so important? Obviously the article is extremely well developed and goes into a lot of detail, but my question would be to the author, in your opinion, why focus so much on just one area that so many people struggle with anyway?

4). I did not disagree with anything the author said. He had many excellent points about how each structure and process was interdependent, and he also noted that no one system was the magic answer for every company in every circumstance. I thought he was very practical in applying theory to real world practices and made many good points about innovation overall. In addition, his section on how innovation must create value for the customer was right on.

Week 10: Reading Reflection (Chapter 11)

1). The most surprising thing to me was how much this chapter actually covered, and how much detail was included for each concept. Financial information is very complex and encompasses many concepts that are highly intertwined. For a simple chapter in a textbook, I was impressed at the level of explanation and general flow of information that was easy to follow.

2). The most confusing part for me was the financial ratios just because they are not as common. Most of the other stuff in the chapter such as balance sheets and income statements are easier to understand simply because I am more familiar with them. The book did a good job putting them into a chart and explaining each one in detail, but this was the most complex part of the chapter for me.

3). My first question would be why this chapter included a financial glossary at the beginning? Several of the other chapters had numerous terms, and many of them are defined within the text later anyway, so why did he choose to include a separate glossary for this chapter in particular? My second question would be why the author chose to include certain financial concepts over others. What makes something more relevant in particular to entrepreneurship and this textbook/class overall?

4). I did not disagree with anything in this chapter. Financial information is fairly straightforward, so it is hard to argue with formulas and the balancing of equations, but I thought the author did a good job overall methodically explaining each concept as well.

Week 10: Elevator Pitch No. 3

1). The pitch:

Youtube link: https://www.youtube.com/watch?v=WNN3D6cNlW4

2). Reflection: Three of my four peers had extremely positive comments. The majority of the feedback said that they particularly enjoyed my passion, professionalism, enthusiasm, and idea overall. Most of the comments loved the idea and encouraged moving forward with healthier on campus options at a more affordable price. They also said I seemed to get the message across in a timely manner to where they had no questions at the end of the pitch which I really appreciated. One comment said the idea was “not original whatsoever” and that there was “some sort of app that already did this he can guarantee”. I’m not entirely sure what this comment was and it was drastically different from all of the other feedback on all of the other assignments, so I took notice, but let it go because I do think that they are wrong. Until you struggle with a dietary restriction and live on campus, I don’t think you have a right to necessarily comment on others ‘ struggles, so I personally disagree.

3). Changes from Elevator Pitch No. 2: I only modified certain wordings to make it slightly more informal. I kept a lot of the same content because the comments were so positive. I tried to make this one more conversational, but there are many similarities between this one and my previous pitch. I also tried to be more synamic and use more hand gestures to seem more natural.

Week 9: My Secret Sauce

1). What I think makes me unique:

To begin, I am very passionate about everything I do and try to put in maximum effort. Emotions weigh heavily on my decisions, and I always try to go with my gut instinct. I do try and please people and put them first whenever I can (although sometimes that doesn’t always work out well). On the other hand, I can care what others think too much and base decisions off others opinions. My friends and family are a huge part of my life, and are a reflection of me as well. I would like to think I am hard working and driven, and also take pride in my organization skills, especially my planner. I also like to think of myself as being very well rounded with personal skills, sports, school, and a positive attitude.

2). 5 interviews with the people that know me best:

*I am currently studying abroad in Italy so I reordered FaceTime interviews with friends and family from home. Sorry if the quality is not the greatest.*

https://www.youtube.com/watch?v=zKpJ6nn75N4

The first interview was with my dad. He describes me as having both a great deal of knowledge and common sense that is unusual at such a young age. He also noted that I am very well-rounded, possess skill sets that I’m not even aware of, am good at breaking the ice with others, always finish what I start, and enjoy a challenge. He admires my desire to compete, and said that if I’m tied into it emotionally, there is no stopping me. I also have the ability to adapt quickly, am much more sensitive than most, and my passion makes me a happier person overall.

https://www.youtube.com/watch?v=uvp8k3eV0ec

My second interview was with my mom. She also describes me as sensitive and caring. Another thing she mentioned as well was my intelligence, especially relating to common sense. Other qualities included being very personable and a good team player.

https://www.youtube.com/watch?v=xbHerAWxxI8

My next interview was with my best friend from home, Hannah. She focused more on my emotions and ability to compromise with others without compromising my own beliefs. She also said I carry myself in a very individualistic manner and have a unique talent to make others feel special.

https://www.youtube.com/watch?v=sIajIPjql4M

My next interview was with my godfather, Vince. He describes me as intelligent, hard working, and organized. He said there is nothing I can’t do when I put my mind to it. He also mentioned about how deeply I care about things, to the point that it bothers me if it’s not perfect.

https://www.youtube.com/watch?v=KhDH0LIBiVU

My last interview was with another friend from home, Maci, who I’ve also grown up with. She noted my natural drive to be the best that I can be at everything I attempt. She also touched on the passion I have for things and pressure I put on myself to strive for excellence.

3). Reflection on the differences:

I think it’s human nature for us to judge ourselves harder than others might. I tried to approach this from an unbiased standpoint and give the good and the bad. My interviews consisted of the people who knew me best, which is my closest friends and family. Obviously their answers pointed out more positive qualities, but there are definitely parallels between our answers. I think every person touched on the fact that I am much more sensitive, emotional, and passionate than most people. I care about everything I come into contact with, and it is pretty obvious that others see that as well. Some things they mentioned that I didn’t think of was my common sense. Being book smart is one thing, but also being street smart is extremely important to me, so it was nice to hear that the people closest to me think that I have a good head on my shoulders. Every quality they mentioned was right on track in my opinion. Depending on my relationship with them, it definitely touched on different parts of my personality, but all were very similar. I wouldn’t necessarily change my list any looking back. I, like everyone else, am a complex person and have many parts that make me who I am. Although I agree with many of their characteristics as well, there is nothing that I would change about my own self-assessment.

Week 9: Idea Napkin No. 2

Idea Napkin:

1). As a marketing major, I definitely have a larger focus and the most experience with public relations, marketing, and advertising. I am also a communications minor and believe that people skills are at the top, if not the most important skill to have. I was diagnosed with Interstitial Cystitis recently and believe that struggling with a dietary restriction first hand makes me even more passionate about this business venture because I live with making these decisions every day. I think it is essential to incorporate one’s personal life into their career, and I hope to somehow connect my experiences with my job so that I am doing something everyday that I am proud of.

2). My idea is an on campus grocery store, similar to the POD, specializing in groceries in others foods specifically for those people with dietary restrictions. This would be a sort of market with both fresh foods but also food on the go at a cheaper price for students on a budget. I believe there is an unmet need because there are not many options available for those with dietary restrictions, especially on campus.

3). My larger demographic is all college students because anyone would like an on campus grocery store with cheaper and healthier options. Specifically, my target segment of that larger population is those college students with dietary restrictions such as being gluten free, diabetic, vegetarian, or Kosher. For example, you may not know Oreos are vegan. These can be enjoyed by all college students, but specifically meet the need of many particular segments. The overall demographic is broad, but it also fulfills the specific needs of groups that are often left out of mainstream food and grocery options.

4). When your body cannot physically process certain foods, it is invaluable to have the right foods available. Many people who have these restrictions have to go with whatever fits their needs even though it is often not the most appetizing of choices. You may crave the chocolate cake, but if your body can’t process it, than you can’t eat it. This is unique because it would help provide more options to people who are used to such a limited selection. I know I personally would be willing to pay for a service that broadens the scope of food choices, and I think that others, especially with dietary restrictions, would feel the same way.

5). This is an original business concept. This sets me apart because there is no grocery store that provides options specifically for these segments, let alone one on campus at an affordable price. It is a new idea, and with the introduction of so many new dietary trends, I think it is long overdue.

I think all of these elements fit together in one way or another. Although some parts of the business plan are slightly stronger than others, I believe it is an invaluable concept to people with dietary restrictions. I obviously want to continue to improve upon the idea in any way possible, but I am very satisfied with it overall. Food is a basic necessity of life, and something as basic as eating can be taken for granted until your options are limited.

Feedback Memo:

1). My passion stands out and makes the message even more powerful.

2). Even for those who don’t struggle with a dietary restriction, more options on campus at a lower price would benefit many segments.

3). Could bring the campus and overall community together by creating a place where everyone can find something to eat.

4). Marketing major/people skills transcend across my business idea as well.

5). Very original concept/fits an unmet need/would definitely be beneficial to increase the number of options available.

I tried to continue to incorporate the notes above in my post. As I mentioned before, using passion and personal experience to bring people together has always been important to me, so that is a continued focus. I elaborated a little more on many areas, but honestly kept a lot of the original structure as well. I also tried to further expand on how it could meet the needs of a broader demographic (all college students) instead of just the target segment (those with dietary restrictions). In addition, I explained more about cheaper pricing because that seemed to be a popular theme. Overall, the feedback was very positive and I used it as a tool to further develop by business idea.