Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

I have recalled and reflected on these specifically in answer 2. 

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

The experience that sticks out to me the most is developing the venture concept and getting feedback from other people on the idea. This sticks out because it was through this assignment that I was able to receive constructive feedback that tested my ability to solve problems and needs in this world. The experience I'll remember years later is the assignment where we had to get feedback on our strengths and areas of unique capital  that we offered the venture. This exercise is something I plan on continuing to do because it is a great way to learn what areas you can improve in and better understand yourself. That assignment also revealed difference in how I understood myself compared to those who know me best. This was also the most joyous experience. I am most proud of finishing the venture concept twice and developing a legitimate action plan for what the best next steps are for marketing the idea. 

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I see myself more as an entrepreneur or someone with that mindset because of this class. This class helped develop that mindset by encouraging us to re-do assignments and concepts several times, building on the feedback we received. It helped us see that an entrepreneurial mindset is one that is looking how to improve and is not afraid to receive negative feedback, but rather values this. It also was very similar to the entrepreneur concept in how we were tasked with all the work in casting this vision for the venture and idea, instead of having a team to delegate these tasks to. That is what an entrepreneur has to be for the venture in reality. 

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

The recommendation I would give for those going down this journey is to just start writing and putting down ideas and then go back and refine them. For many of the assignments, it may seem overwhelming to find an innovative solution to an idea. But if you are diligent in asking for feedback from people on their needs and then write down what comes to mind, it is easier to develop a clear solution path. Secondly, I recommend you check the assignments for each week early enough so you know how much time it will take to complete the work. I did not see much of a need to work ahead, but I did see a need to know ahead of time at the beginning of the week what was expected to be submitted on Friday. There were a few times I did not check this and then ran out of time in completing the assignment, or completed it with much less quality because I did not plan. Thirdly, I think feedback from peers as well as setting aside time to reflect on yourself (strengths and weaknesses, as well as your false ideas about yourself) is what will make a difference in developing this mindset to be an effective entrepreneur. If you aren't receiving feedback from peers, you will not only stay the same and not grow, but will also go on thinking you are better than you are, or far away from a breakthrough when you are really close. And if you do not set aside time for self-reflection, you will then the same will also happen, although maybe worse, since you will be missing the feedback from the person who can understand parts of you better than your peers - which is you. This class can help you develop those self-reflection skills that are necessary for you to answer the bigger questions about life and your vision for your entrepreneur ideas. 

Venture Concept No.2

1) Venture Concept No. 2
Opportunity: HeartBeat LLC 

Who has the need: 
Hospital systems with ER waiting rooms have the need to manage their flow of patients efficiently and be able to staff the shifts with the correct number of hospital workers in order to meet the demand of the day. Patients entering into the ER also have the need to know their estimated wait time. They also need to track their visit in the hospital and have all of their medical information housed in one location.

What is the nature of this need:
The need is constant at the majority of services within the desired market (hospital systems). All hospitals with ER waiting rooms have this need. The need is recurring throughout the calendar year, it is not confined to a particular season. However, the need is most present during peak times in the service. These times are between 10p and 3a, mostly on weekends. The need may also be more apparent in holiday seasons such as the month of December. This is because there is an influx of emergency categorized patients as well as a likelihood of medical staff being absent or having to take days off unexpectedly.

·      What are the forces or changes in the environment creating this opportunity?

The forces at play in this environment include the unpredictable nature of patients coming into the ER in hospitals. There are also unpredictable forces including the amount of people available for certain shifts during peak times as well as when those peak times will be. Additionally, medical staff is busy in serving patients already admitted that they do not recognize the need to inform the waiting patients of their wait-time, nor do they have another way to notify them efficiently through other medical staff. 

·      How is this market defined geographically and demographically?

This market is not confined to particular geographic location, since all locations have hospitals that have difficulty managing their operations flow efficiently. Demographically, this market includes people of all ages and ethnicities, but would lean towards a younger generation that is more apt to use technology to solve their problems. It is also a class of people that are roughly middle and upper class, not too much would be included from lower class. This is because the service is an application and requires a smart phone. Although the accessibility of smart phones is growing. The market also includes an educated demographic since those who will be using the product in hospital systems are all educated with medical or business degrees. 

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

Customers on the hospital admin end are making flow decisions based on their own calculations, without a computer or algorithm. They are also track medical records via their current database software from a third party, but are working without generated guidance from a computer on these decisions. On the patient end, patients are solving their need by asking the front desk assistant how long their wait is and making sure they are prepared to wait a while before they go to the ER. Neither groups are very loyal, although the hospital leadership customer segment is more loyal to their current system because they are used to it. 

·      How big is this opportunity?

This opportunity is somewhat big. It fulfills a need that people definitely have and one that affects their lives directly. But it has been made in the past and has a higher potential to be duplicated (at least for the patient waiting time service).

·      How long will the “window of opportunity” be open?

The window of opportunity will stay open for a while most likely. This is because it is hard to create the service that provides a computer based solution to the management of staff and patients in a hospital. One that does it in real time. Also the opportunity will always exist with the unpredictability of the industries customers. 

Innovation:

What it is:
The product is an application on your phone that allows healthcare professionals to track the flow of patients in their hospitals and manage the staffing for hospital shifts and for patients to receive an estimate on the wait time for being seen when coming to the ER. 
What it does:  It also provides real time data for how efficient the current staffing is and what the best decisions are to make in terms of room assignments and personnel adjustments - based on the current patient data inputted into the system upon them checking in. The app provides metrics to the healthcare staff for them to see where the health of their overall operation is at - such as statistics or ratings on room management, wait time, check ins, etc. The app also provides patients with an estimated wait time that updates in real time on their phone, when they check into that specific ER room. 
How it works: The app uses systems engineering software to measure the efficiency of an operation based on standards inputted. These standards are based on the design and operation of each hospital specifically. Hospital management will be asked to input information about their hospital (its DNA) and the app will set ratings and metrics to be used for measure the productivity and efficiency of the hospital by division. It then takes this information and reports estimated wait times for customers based on the current flow of patients and the current capacity, using the rate of efficiency it calculates based on the inputted info. 

What exactly am I selling and for how much?
I am selling an application subscription. It will be for $1000 a month.

Venture Concept:

• How my innovation will solve or address the opportunity identified:

This will address the opportunity identified because it will provide patients with an accessible service to check their ER wait time as well as hospital systems a reliable service to manage their operations more efficiently. 

• Why customers will buy my innovation:

Customers will buy this innovation (in this case customers are patients in the ER) because there does not exist an accessible version of this on the market just yet. Hospital systems are also eager to improve their operations because it helps them continue to do business and serve patients without wasting time and resources. 


The implementation of this product will separate it from competitors. It contains analytics that will be able to provide to a hospital information that will be easy for hospital management to interpret and understand. It will interpret and present this to them without them having to struggle to understand it. 

·      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

Customers will switch because it saves them time and money in the long run. They will have to pay more up front, but considering how much they profit from medical services, it is worth it to them if they can serve more patients while also improving patient experience. 

There is currently nothing on the patient side that will give them the service that this product gives them. This improves the patient's experience by engaging them. 

·      Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

Competitors are the hospital systems themselves who have software teams making their own systems capable of providing this solution. As well as third party companies. Their weaknesses are that they do not specialize in this product. Hospitals are willing to out source if it means they will get a better product at a cheaper cost. If their engineers in house do not have the capacity to create as effective of a product. 

Hospitals can hire consultants but they are limited in that they do not own or produce a product similar to the one I am marketing. 

·      What role does packaging, my price points, distribution, customer support, the customer experience or the business location play (if any) in defining this business concept?

It plays a big role. It is a necessary component of keeping the hospital relationships over many years in order to continue providing them (the client) the service. It keeps the hospital systems from going to another third party. The presentation and the intuitive user experience is what will build their loyalty.

Business location does not play a role, because I do not have a storefront. Customer support is a huge component because I am marketing an electronic product. The customer experience is also vital considering the higher possibility that the client can switch to a competitor. So our customer service must be top-notch. 

This venture will generate profit through licensing and subscriptions, not through ownership of the software. 

·      How do I organize a “business” to support the ongoing production of this new product, service, or process? How many employees? What roles are in the venture?  

The business will have a few number of employees because there aren't as many positions needed. There will need to be a few business operations employees, a few software engineers, and a limited amount of representatives who go out and sell the product to local hospitals. They will have to consult with the engineers consistently or need to have engineering backgrounds to interpret the product design. 

I would also need an advisory board that consists of specialized consultants for giving feedback on the product. There would need to be a healthcare consultant, a marketing consultant, and a finance consultant, amidst maybe a few others. 

2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

Based on the What's Next general feedback, here are the changes I want to make about the venture concept: 

• Develop an advisory board to develop the product idea and get it in the market (with emphasis on healthcare)
• Produce a pro forma statement giving a financial vision and strategy (part of a business plan), with a potential emphasis on marketing
• Secure adequate funding for the concept
• They also recommended I detail the price points and find out what role customer service and support will play in bringing this venture to market 

3) Describe how you changed your venture concept, based on what you learned from the feedback.

• More specific detail when it comes to why customers will buy this innovation based on what their current solution is
• Included more detail about how my product will beat competitors and why the customer base will switch the this product solution. 
• I implemented a step in my plans to develop an advisory board to guide the development of this product before I present it to investors. 
• Their feedback also showed me that I need to develop a new name to identify this venture 
• I further detailed the role of the advisory board in developing the venture concept 

4) Include a picture (for illustration!)

Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I intend to sell the business to someone that allows someone to manage the service but where I can serve as interim partner and then receive a revenue from a revenue agreement. I would receive a percentage of the revenue from the accounts that are open from the company. 

2) Why have you selected this particular exit strategy?

I have selected this exit strategy because it allows me to leave the business in a shorter amount of time so that I do not have a higher risk of losing money. It also allows me to leave the business and still be confident that I will have a return secure enough to be able to pursue other ventures and profit on the business. If I do not secure the royalty style revenue, then I may sell the business and not end up profiting in the long run, compared to if I had kept it. I also think my expertise will help in projecting confidence to the clients, so I want to stay with the business from a management perspective. This brings confidence to the buyers of the business that the value of the business will be maintained. I also will be rewarded in this way for the management work I am doing.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I think because I am selling the business it limits how much I want to grow it. Knowing that I will sell it and stay on in a managerial role made me want to improve the value of those relationships and has made me want to maintain this strong relationship. I think the exit strategy has made not influenced the identification of opportunities, because the pursuit of new accounts would come regardless of the exit strategy. It affects how I enter a venture and therefore makes me more alert for opportunities that have easier exit strategies.

Reading Reflection No. 3

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

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

The theme or layout of this book is a hundred practical tips for understanding social media and growing your personal or business brand on social media platforms. The book covers treating your social media account professionally, presenting content that viewers want to see in addition to what you want to market, and allow various accounts to talk to interact with one another as you market what you are marketing. 

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

I think this book connects with this class because it covers how to take an idea and a solution and communicate it effectively to potential investors. We learned in this class how  to conduct elevator pitches and present what we offer to potential business partners, and this guide to social media also details how to present your information using many of the same principles. The book also discusses the difference between communicating what you want to market and marketing what you have to what the audience wants to know about. This applies directly to the main points of marketing that we discussed in the second half of the course. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would have the class create social media pages for their product ideas and then integrate them together as the book suggests. The assignment requirements would match the suggestions of the book and students would have to build a brand for their product by focusing on what their viewers would want to see. 

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 part of the book's information that was most surprising was how it showed how that everyone is a media company. That now, with Amazon, facebook, YouTube and Twitter, anyone can broadcast themselves or their product to the world and gain a following. It's both a gift and a disadvantage. On the one hand, it comes at no cost and so is very easy to get started on it as an entrepreneur with little money. However, it is becoming more saturated as the platforms become more popular. Therefore, it is necessary to be unique and relate to your audience's needs and tendencies as much as possible when you post and share. 

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

The time I failed this semester was in meeting the complete requirements for the assignments of the political science class I am taking. This happened on several occasions, where I did not dedicate the necessary time on assignments that would be needed to complete all of the requirements for the assignments on time. The failure was poor time management, both before the assignments and then while working on the assignments. 

2) Tell us what you learned from it. 

I learned both practical and theoretical ways to better manage time and to receive more motivation for working on assignments as soon as they are assigned. On the practical end, I learned I must start early working on assignments and limit the amount of distractions I have that come into my computer and phone. Now that most work is being done on computers during the quarantine, if my computer is not on do not disturb, I will be distracted by an incoming message or task that I am supposed to complete. Further, I should set a schedule to only work on the assignments one at a time. 

On the emotional end I should reflect on whether I enjoy what I am studying and working on. Not every assignment will be my favorite, but overall I should study and work in a field/major that I enjoy, so that I have a genuine desire to get working on the assignments. The reason I did not want to start working on the assignment was because I did not try to see how it was connected to something I was interested in. Also, I learned that I must go back to my overall purpose for doing anything I do. It is not just working on a homework assignment to complete it, but to complete a degree. And the purpose of earning a degree, for me, is to serve God as the Creator with my work. When I remember studying is another way I honor him as the Creator, as the God who saved me so that I may live, then I will be more motivated to finish for his sake. 

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I somewhat answered this in the second question. I think failure is hard because we desire to be perfect and failure reveals that we are not, thus confronting us with our weaknesses and making us vulnerable. Before I was a Christian, failure scared me and was something I tried to avoid in many respects. I was accepting of failure when it came to smaller, more business related goals, but when it came to my career, relationships, and self, things that I idolized and placed my identity in, I was unable to embrace failure in the healthy way people spoke of. In now being a Christian, I am able to embrace failure, knowing Jesus came and lived perfectly in my place, and because of him I am accepted and loved by God even through my failings. This new love has given me the power to want to improve those weaknesses out of a love for him as the Creator. And even when I do fail, the peace in knowing for sure that I will one day be restored to perfection, even though I don't deserve it (when God judges the world through Jesus). 

This class has definitely changed my perspective on failure. I think the style of the assignments, in how they encourage us to generate a lot of ideas for solutions and not care as much about the perfection of them has helped me see the value in starting with something that is flawed but is on the right track. I am more likely to take risks now, especially when trying solutions with organizations. 

What's Next

Existing Market. 

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

To identify new needs for hospital management systems and then expand the services of this app to assist them in fulfilling these needs. Develop new metrics to help healthcare administrative staff manage their hospital routines and operate as a growing business. Additionally, offer technical solutions to needs of patients in addition to offering them the estimated wait time service.

Gather data on patient to use and input into the application to use in better developing the app. I can also provide a service in the app in which this patient data is captured and then channeled for hospital use. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. 


Feedback from interviews (done over phone):
Having an app for the hospital is important but you will need patient information for this to function. So you should provide a way to gather this data using your application service. Develop "what if" scenarios up front and then interview patients to get as much user feedback as possible. Develop the right way to get the app up and running. Not just an ineffective way. Develop effective surveys to get data about user satisfactory, especially from hospitals. Use this as an important selling point when presenting to hospitals, customizing presentation to hospital size.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

Develop the right to get the app and running. Perform various surveys to gather user experience information. Create an operational discussion/strategy about how we are developing this idea - this has to include a web developer, a marketing and sales team, an executive team. Get a handle on estimate for how much it will cost to develop (financial estimates). Understand the balance between an entrepreneur and a team

Additionally, I would have to build the product and perform analysis consistently. The product may need to get to market quickly, but it should not stop us from building the product service and making sure it fits directly to the existing market. I would have to continuously gather information through surveys but make sure that these services offer quantifiable feedback to measure the effectiveness of the product. The team of people to help support this venture should also be developed, although I may have stick to an idea at first in order to afford it. That's why a financial estimate for pricing comes into play.

New Market.

Step 1/2: 

The market I've identified are restaurants that has seating that larger and in need of more logistical management. It also has the same need to determine wait time. 

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market?

Product supply for the restaurant would be different than the hospital market. The products that this app would be managing are more accessible day by day, compared to hospital equipment. Food management would be different for the restaurant market as well. In this case this is not a part of the service in the hospital. Also, valet in the restaurant is more important than in hospitals. We can adjust the mix of eat in, deliver, or take out.


Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.

This new market surprisingly has more differences than the hospital market that can be fleshed out through the application's services. I assumed that there would be much more overlap between the markets in terms of what the product could offer. This new market was however just as predictable when it comes to what can be automated by this application in it. It it clear that restaurants have trouble with staffing and have a wait time. It wasn't clear that they need to manage their food supply efficiently and have a way to order food more efficiently. This new market is not as attractive for this venture because although there are more restaurants, hospitals are more apt to use the product and pay more. Restaurants can fulfill this need manually without losing as much time and money. The marginal gain for restaurants are higher. 

Venture Concept No. 1

Opportunity: HeartBeat LLC 

Who has the need: 
Hospital systems with ER waiting rooms have the need to manage their flow of patients efficiently and be able to staff the shifts with the correct number of hospital workers in order to meet the demand of the day. Patients entering into the ER also have the need to know their estimated wait time. They also need to track their visit in the hospital and have all of their medical information housed in one location.

What is the nature of this need:
The need is constant at the majority of services within the desired market (hospital systems). All hospitals with ER waiting rooms have this need. The need is recurring throughout the calendar year, it is not confined to a particular season. However, the need is most present during peak times in the service. These times are between 10p and 3a, mostly on weekends. The need may also be more apparent in holiday seasons such as the month of December. This is because there is an influx of emergency categorized patients as well as a likelihood of medical staff being absent or having to take days off unexpectedly.

·      What are the forces or changes in the environment creating this opportunity?

The forces at play in this environment include the unpredictable nature of patients coming into the ER in hospitals. There are also unpredictable forces including the amount of people available for certain shifts during peak times as well as when those peak times will be. Additionally, medical staff is busy in serving patients already admitted that they do not recognize the need to inform the waiting patients of their wait-time, nor do they have another way to notify them efficiently through other medical staff. 

·      How is this market defined geographically and demographically?

This market is not confined to particular geographic location, since all locations have hospitals that have difficulty managing their operations flow efficiently. Demographically, this market includes people of all ages and ethnicities, but would lean towards a younger generation that is more apt to use technology to solve their problems. It is also a class of people that are roughly middle and upper class, not too much would be included from lower class. This is because the service is an application and requires a smart phone. Although the accessibility of smart phones is growing. The market also includes an educated demographic since those who will be using the product in hospital systems are all educated with medical or business degrees. 

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

Customers on the hospital admin end are making flow decisions based on their own calculations, without a computer or algorithm. They are also track medical records via their current database software from a third party, but are working without generated guidance from a computer on these decisions. On the patient end, patients are solving their need by asking the front desk assistant how long their wait is and making sure they are prepared to wait a while before they go to the ER. Neither groups are very loyal, although the hospital leadership customer segment is more loyal to their current system because they are used to it. 

·      How big is this opportunity?

This opportunity is somewhat big. It fulfills a need that people definitely have and one that affects their lives directly. But it has been made in the past and has a higher potential to be duplicated (at least for the patient waiting time service).

·      How long will the “window of opportunity” be open?

The window of opportunity will stay open for a while most likely. This is because it is hard to create the service that provides a computer based solution to the management of staff and patients in a hospital. One that does it in real time. Also the opportunity will always exist with the unpredictability of the industries customers. 

Innovation:

What it is:
The product is an application on your phone that allows healthcare professionals to track the flow of patients in their hospitals and manage the staffing for hospital shifts and for patients to receive an estimate on the wait time for being seen when coming to the ER. 
What it does:  It also provides real time data for how efficient the current staffing is and what the best decisions are to make in terms of room assignments and personnel adjustments - based on the current patient data inputted into the system upon them checking in. The app provides metrics to the healthcare staff for them to see where the health of their overall operation is at - such as statistics or ratings on room management, wait time, check ins, etc. The app also provides patients with an estimated wait time that updates in real time on their phone, when they check into that specific ER room. 
How it works: The app uses systems engineering software to measure the efficiency of an operation based on standards inputted. These standards are based on the design and operation of each hospital specifically. Hospital management will be asked to input information about their hospital (its DNA) and the app will set ratings and metrics to be used for measure the productivity and efficiency of the hospital by division. It then takes this information and reports estimated wait times for customers based on the current flow of patients and the current capacity, using the rate of efficiency it calculates based on the inputted info. 

What exactly am I selling and for how much?
I am selling an application subscription. It will be for $1000 a month.


Venture Concept:

How my innovation will solve or address the opportunity identified:
This will address the opportunity identified because it will provide patients with an accessible service to check their ER wait time as well as hospital systems a reliable service to manage their operations more efficiently. 

Why customers will buy my innovation:
Customers will buy this innovation because there does not exist an accessible version of this on the market just yet. Hospital systems are also eager to improve their operations because it helps them continue to do business and serve patients without wasting time and resources. 

·      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

Customers will switch because it saves them time and money in the long run. They will have to pay more up front, but considering how much they profit from medical services, it is worth it to them if they can serve more patients while also improving patient experience. 

·      Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

Competitors are the hospital systems themselves who have software teams making their own systems capable of providing this solution. As well as third party companies. Their weaknesses are that they do not specialize in this product. Hospitals are willing to our source if it means they will get a better product at a cheaper cost. If their engineers in house do not have the capacity to create as effective of a product. 

·      What role does packaging, my price points, distribution, customer support, the customer experience or the business location play (if any) in defining this business concept?

It plays a big role. It is a necessary component of keeping the hospital relationships over many years in order to continue providing them (the client) the service. It keeps the hospital systems from going to another third party. The presentation and the intuitive user experience is what will build their loyalty.

·      How do I organize a “business” to support the ongoing production of this new product, service, or process? How many employees? What roles are in the venture?  

The business will have a few number of employees because there aren't as many positions needed. There will need to be a few business operations employees, a few software engineers, and a limited amount of representatives who go out and sell the product to local hospitals. They will have to consult with the engineers consistently or need to have engineering backgrounds to interpret the product. 

What is my most important resource: 

The most important resource I have will be the integrated software of the app. This will make sure the app is technically effective but also is intuitive and enjoyable to use. Not overcomplicated in its presentation. 

What’s next for the venture? 

The next opportunity I want to tackle with my current innovation is expanding this service to provide more services within the app that allow hospitals to function. If these are additional metrics or a better platform to house patient information, which can then replace the current third parties they use.

What’s next for me? Where do I want to be in five years with this venture? Where do I want to be, as an entrepreneur, in the next decade, and how does this first venture help achieve this vision?

This venture helps steer me in the direction as an entrepreneur that develops ideas for businesses that help the greater health of people and the community. This can include healthcare, ministries, and businesses that are non profits. In five years I hope this venture is the product that UF health uses here locally, as well as a product that reaches nearby cities within this time frame.

Your Venture’s Unfair Advantage

Resource List and VRIN: 

• Consumer Oriented culture 
• VRIN: This is valuable (V) because it shows that the business will not serve us as the owners as the priority, but will serve the customer as the priority, which is how loyalty is built. It is rare (R) because most companies do not go the extra step to gather feedback from their customers or offer their customer the support that they would want as a customer. This resource is inimitable (I) because it requires an understanding of the customer that not every company has as well as the best. It is non substitutable (N) because this resource creates loyalty from customers in a unique way which not every resource can do. 
• Integrated software design 
• VRIN: This is V because it allows the user or the customer to come back to the application product and use it for multiple things in their job, instead of just for the one service. This is R because some applications exist for this product area but only focus on showing the wait time for the patient, but do not offer flow management. This is I because it requires technical and social expertise, as well as an understanding for how the two merge together on a platform. This is N because it offers people solutions in an industry with technical products that aren't intuitive. 
• User friendly interface 
• VRIN: This is V because it allows the customer to operate on the device smoothly and logically. It's easy to use. It is R because typical softwares made for medical companies are not always intuitive. It is I because it's difficult to find friendly interfaces and make them, unless you have been a customer in that industry before. And if is N because its the resource that can provide customer satisfaction and dependence in unique ways. 
• Relatable customer service team
• VRIN: It is V because the people interactions are what people remember most about dealing with a company. It is R because most companies do not have relatable customer experiences but are rather trying to get the most money out of their customer as possible. It is I because it can only be duplicated by intentional and wise training. It is N because its the only resource that deals with serving the customer on the personal level. 
• Marketing ingenuity 
• VRIN: It is V because it can relate the product to the needs and desires of the customer that may be out of their initial assumption for what the product can do. It is R because many companies have a product that they put on the market but few can connect its value to the personal lives of customers. It is I because it can only be duplicated with artistry not necessarily an education. It is N because it is the resource that actually brings sales and profit to the company. 
• Innovative and ground-up organizational culture that values each employee as an individual and not based on what they can offer 
• VRIN: It is V because it is what makes the company sustainable and produces a culture that helps employees enjoy their work. It is N because it the only resource that works internally and makes the designers of the product more innovative. It is R because most companies tend to value their employees based on their position. It is I because it requires leadership that is usually hard to come by. 
• Experts in the medical industry are consulted consistently in the creation and use of the product 
• VRIN: It is V because they can provide the best feedback on how the product functions, since they are in the field. It is R because a product like this may be more commonly made by software engineers who may not consult with the industry they are coding for every-time that they develop something new. It is I because it requires relationships with people in the medical field consistently which not everyone is willing to put the time into. It is N because it is the only resource that uses the perspectives of those that are going to use it in order to develop the product. 
• Local network of hospitals/healthcare offices from UF to test product nearby 
• VRIN: It is V because it can serve as a trial or incubation resource that develops and perfects the product. It is rare because we have a top hospital system readily accessible nearby, whereas some entrepreneurs have to move. It is I because it, like R, it cannot be found many places in the country. This hospital system has all the conditions possible to test it  in. It is N because it is the resource that provides a testing site that mirrors the market perfectly. 
• My capabilities include solving problems from an organizational perspective. This skill will be useful in making sure the technology seamlessly connects to the way the operations work
• VRIN: It is V because it makes sure the product doesn't just get the results correct but makes the customer enjoy using it to get there. It is R because most technical products are not presented simply and can be intimidating. It is I because this requires both an understanding of people and technology. And requires a production process that is as unique as Apple. It is N because it is the only resource that deals with the actual production system of the product. 
• How integrated this brand will be assist with multiple health administration tasks, not just managing the flow of patients 
• VRIN: It is V because it allows the user to use the product for more than one service, which helps the overall brand. It is R because usually these products do not, not a lot of these products at least, have an integrated ability and can do it well. They usually tend to be better in one aspect or another. It is I because its hard to find engineers and people who are good with systems who can produce it in this way. It is N because it is the only resource that provides the business with variety and diversification in terms of the services that the app provides. 

Top Resource: 

I have determined that the top resource is the integrated software design resource that this initiative has. I chose this because it is the only resource that can offer a practical difference between competitors and is also one that has proven to be effective in other industries as well. This would be a unique resource still because the medical industry is not one that has this unique attribute compared to another industry like consumer electronics. The integrated software design is necessary because this idea is bringing a very technical and computational product to an industry of people who need to use it quickly and efficiently, not having to think so much to navigate the app, but rather are able to use their intuition to input data and track statistics. 

Elevator Pitch 3

Here is my third elevator pitch (Tyler Jacobs);

https://youtu.be/jMXlGqdpUqk


Reflection and Feedback that produced change:
In the last pitch, I received feedback that suggested it was good that included product information and features in the pitch that made it easier for investors to see the value. In this version of the pitch I made sure to also include features that showed why it was worthwhile to invest in. I made sure to include that the app is mobile, that it gathers people together across the hospital, and that it provides real time metrics that can be monitored by hospital administration staff. This makes it easier to see the value in specifics. Additionally, I included these specifics to show the difference between this app and another resource available to customers that could meet their need. I also included that the app will help with specifics known to the industry, such as room assignments and staffing, and that it automates this for the management staff.

Reading Reflection No. 2

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

The general theme of the book is that there are two modes of thought in how we process information. One being fast, which is emotional and instinctive processing and decision making. The other is slow, which is processing based on logical and methodical reasoning. The first type of thinking (fast) is the one that influences most of our judgement and thinking, much more than we believe. Kahnenman, the author, argues that system two (slow) will act as a monitoring system for system one, in which it is support, encourage, or suppress behavioral ideas proposed by system one (the faster judgement). 

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

The book provides an understanding for how we as entrepreneurs can make decisions and which way to make decisions is most effective given different circumstances. It helps enhance the mode of understanding in which cases is it best to think fast or slow, given the circumstances presented to an entrepreneur. Some instances it may be better to rely on system one mode of thought and trust your instinct for how risky an entrepreneural project may be. On the other hand, it may be better to rely on logical thinking for a project that has less risk. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise I would design would require students to practice slow and fast thinking. I would create an exercise that presents problems or opportunities (possibly specific to an entrepreneurship setting), and then require students to give answer/solutions to these (or their opinion on the viability of the opportunities) using both modes of thought. Then compare and contrast the answers given and assess the differences between arriving at both answers using the two systems. 

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?

I did not expect system one to have that much dominance in terms of how often we use it. It makes a lot of sense, considering human beings are not completely rational creatures, but rather often reason from their hearts and are prone to biases. It was illuminating to learn that system two often supports and checks in on system one, which validate a lot of my understanding of human nature. We first develop a gut and instinctive opinion and then use reason to understand it or keep it. The way the two systems work together was very different from my expectations.