29A - Venture Concept #2 My concept is to create a business that centers around the sale of highly-customizable, modern firearms for conservative, 2nd Amendment supporting customers. The opportunity revolves around a lack of firearm businesses in the greater Gainesville area as well as a more rural, conservative population who would be prime candidates. As far as awareness goes, my customer's are well aware of what is available, but lack the knowledge to assemble or customize the firearms. This is where I convert them from aware to leads, after which I will be able to sell them on why my product is superior to all other products in the area. I firmly believe that this opportunity has large potential to be a lucrative investment and business proposition. The innovation surrounding my business concept has already been accomplished by gun experts in the industry, but successfully pairing the innovation and associated inventions is where my expertise comes into play. Why wou...
Posts
30A - Final Reflection This semester has had a lot of ups and downs and times of hardship and drudgery. I will say however, that it has also been a period in which I learned the most from a certain class. With that being said, I now have a clearer picture of the rigors associated with such a profession and mindset of entrepreneurship. What sticks out to me the most is the science behind this subject. This course teaches you elementary methods of getting your business off the ground all the way to launching it and nurturing its growth after reaching success. If I had a more robust and sound business idea, (along with quite a bit more money), I am confident that I would be very able to start my business and fulfill my entrepreneurial dreams. I really enjoyed making the customer avatar assignment. It struck me as a great assignment because it made me think realistically about my potential customers and how I was going to reach out to them. I am most proud of thinkin...
Your Exit Strategy - 28A
1. My exit strategy involves growing my fledgling business to effective maturity, tying up all loose ends as far as regulation and taxes goes, and then assessing current business worth. If I find that my business is worth more kept rather than liquidated or sold, I will continue to grow the business and look for additional outlets to success. In that regard, I can see myself holding on to my business for 5+ years. 2. I have selected this strategy because I know that I am probably the only person in my current and future family with this particular business interest. I would not want to pass on my business to my children because it takes a special person to grow such as business. As a result, I would rather leave an inheritance to my children to do with as they see fit. 3. My exit strategy revolves around the intention to grow the business to a certain degree, after which I will liquidate and move my resources to another business venture of my choosing. This idea will enable me to ...
Reading Reflection #3 - 27A
How To Fail At Almost Everything And Still Win Big Scott Adams, in my opinion, is the working man's champion. He believes in hard work and the end goal. In essence, success through multiple failed ventures is the ultimate goal. His book primarily features a a list for success, broken down into your health, your finances, and lastly, the people around you and your duty to the world. Although this may seem selfish at first, when you don't take care of yourself first, you become a burden to your family and loved ones. ENT3003 has taught me that to properly assess how you will succeed at something, you must first detail the necessary steps, execute those tasks, and then analyze your mistakes and retrieve feedback to amend your initial appraisal. In that regard, failing and learning from those mistakes will lead you to ultimate success in life. The exercise I would design is assessing your current life and seeing what you could add/change. This includes diet, exercise, sleep...
Celebrating Failure - 26A
There was a time this semester that I failed to properly carry out a task at work which led to some serious disarray and loss of work time. It had been a late night and I simply forgot to do something and heard a lot about it the next day at work. Fortunately, I was able to right the situation and once again get on the good side of my manager. I learned that no matter how tired you are or how long of a day you've had, its vital that you make a list of tasks that you need to accomplish. In that regard, you will never forget to do something. That night, I was simply too lazy to take inventory and make a premeditated list. In that situation, I dealt with my own failure by behaving in such a way to show my manager that I was sorry for my mistake and then I dealt with it by finishing what I had failed to do. Emotionally, I was resigned to the fact that it was 100% my fault and had to deal with the consequences of my actions. As far as my willingness to repeatedly fail in the journe...
Whats Next? - 25A Existing Market What's next entails the following: The firearm industry is moving into more adaptable building of firearms as opposed to buying an assembled gun from the store. Customer #1: Q: What do you think the next step is for my business? A: The next step might involve getting a feel for what additional parts consumers want on their firearms, such as sights, stock grips, or larger magazines. Q: What should we focus on as a business? A: You should focus on getting all your regulatory bases covered with the government. I know people who haven't done that and they learn a hard lesson. Customer #2: Q: What do you think the next step is for my business? A: Your next step should be attaining legal permits to buy wholesale items from larger companies Q: What should we focus on as a business? A: You should focus on keeping your overhead at the lowest possible point with shipping loopholes, promos, etc.. Customer #3 Q: What do you think...