30A - Final Reflection

What sticks out to me as my most formative experience was reading the book on Elon Musk and Andrew Carnegie. I'll definitely remember the things I take away from the books for years. My most joyous experience had to be reading the books as it was easy work. The experience I am most proud of myself for accomplishing was coming up with the venture concept and seeing how into it over the semester I have developed it.

I don't really see myself as an entrepreneur because I haven't started anything or done anything yet. I definitely feel that I have moved a lot closer to developing an entrepreneurial mindset.

The one recommendation to future students is to make sure you balance your week out with watching the videos and doing the lectures. I would recommend they take notes on the lectures in order to perform best in this course. I recommend them being able to manage their time efficiently and to take effective notes in order to foster that mindset.

29A -Venture Concept No.2

Business Name: JSSF - (Just Some Safety Feature)

Opportunity: The people who have the need are car companies who would use the product to make their cars safer on the road. The nature of the need is that they need more ideas or technology that would make their cars safer on the road. The forces in the environment are the constant need of car companies to improve the safety of their cars in order to be able to sell their cars more. The market isn’t defined geographically as car companies are situated all around the word and demographically is defined solely by the car companies. The customers are currently satisfying the need by creating multiple safety features in order to make them safer. They are loyal to what they use now because it adds to the safety of the car but they’re open to adding more features along with those. This is a big opportunity because they’re constantly looking for new features in order to increase the safety of the car. The “window of opportunity” will be open until cars become obsolete since they are constantly looking for new features to add to their car. Another opportunity would be air traffic being unsafe and requiring humans to manually and safely avoid collisions in the air.

Innovation: The product that we are providing is a mixture of software and hardware. It would be sensors that we develop and transistors and receivers that work with software that we develop in order to make it our property. The hardware and software would be able to be integrated into any car with the sensors being able to sense the surroundings of the car. The transmitters and receivers would be able to send information to other cars so they all collectively know they’re surroundings. The software would allow the car to detect when a crash occurs or is about to and moves in order to avoid the accident instead of not reacting quick enough and crashing. As the one car moves to avoid it the car sends information to the other cars enabling the surroundings cars to move as a group to collectively avoid the collision without causing more accidents. The same software and hardware idea would be used but heavily modified for planes so planes would be able to detect each other without human interference and would be able to avoid each other. We would be making money by licensing the technology and software for 20% of the profits made from the total cars and planes sold with the technology implemented.

Venture Concept: Our innovation will address the opportunity that I identified as it would make cars and planes much safer as that’s what car companies attempt to strive for. The companies will buy our innovation since it would make cars and planes safer and with the idea of Artificial Intelligence becoming a reality many car buyers would be intrigued by the technology and would want to buy it as they would be able to compete with Tesla as well as plane companies wanting A.I. integrated into planes. The customers won’t switch to this product but add it on to their vehicle since it would increase safety and quality of the car which would result in a higher price being offered and more profits would be made. It wouldn’t be hard to get them to add them on since Tesla customers are in love with the technology that comes with the Tesla Car and they would want to replicate that with their brands in order to retain customers. There is no other competitor since Tesla sells the car with the technology as a product to the public while we would sell the technology straight to car companies. Neither packaging, distribution, customer support, customer experience, or business location play a role in defining my business concept. There is no other competitor in the airplane market with this kind of technology. The only thing that defines the business concept is the price point or the royalty percent that we require from the profits from car companies as the percent may have to change depending on if the percent is accepted or rejected by the car companies. In order to organize my business would be to hire a small team of experts in A.I. and people who know how vehicle traffic works and getting engineers that would be able to develop the product for us.  After that, there would be no need to support the ongoing production of our new product since we only must sell the license to car companies. We wouldn’t have to work on the product as in the license we could add a clause that allows them to edit to technology and software s that they can sustain it to keep its effectiveness and allow it to change the software to a certain extent. They could be able to change it, so it integrates with their car but still allows it to work with cars from other companies. The roles in the venture would be to build the product and to be of a salesman and try to get companies to buy the license.

The three minor elements: Our most important resource would be the lack of competition as this would allow us to capitalize on the market since if we get most car companies to buy the rest will attempt to buy the license just like they did with the electronically adjustable side mirrors on cars since that was designed by a man who licensed it to car companies. If competitors attempt to copy, they won’t be effective since our product would already have most of the market and a competitor would just lower the usefulness of the product so it wouldn’t be a worthy venture for them.

What’s next for the venture would be to develop systems that would allow cars and planes to communicate with each other and be able to drive by themselves since Tesla attempts to do so only for their cars so other car companies would be vying for the same technology and as a result if we make it then we could license the new technology developed by us to the other companies.

What’s next for me is that after we develop the self-driving car is to retire and live of the continuous stream of checks from the licensing deals since if cars become obsolete and if we have flying cars the tech developed by us to allow self-driving cars could be implemented into flying cars by the car companies and allow ourselves to either sell the technology to car companies who switch to that industry or to new companies in order to create controlled air traffic. As an entrepreneur in the next decade, I would want to be able to create whatever my mind thinks of and be able to make money off it. The first venture would help me achieve my vision since I would have a constant stream of money that I could use to finance the new ideas that I pursue.

Feedback: The feedback I got was my idea was good, but I would be competing with big names such as Elon Musk who is relentless, but if I'm persistent I could be highly successful. '

Changes: I changed my venture concept to include the airplane market since I feel the new market would also be a great opportunity to exploit.

I thought this was funny.

27A - Reading Reflection

I read about the biography on Carnegie.

1)

• What surprised  me most was the level of hands of he was on the business while he relaxed or went on vacation.
• I most admired his philanthropy as in his later years he was dedicated to giving away all the money he made over the years.
• I least admired his ability when he criticized his partner Frick by saying he was unstable to everyone else when Frick was rightfully pissed at Carnegie and Carnegie wouldn't apologize when Frick found out and called him out. Carnegie encountered a lot of adversity and they were prepared for it and when it needed Carnegie's attention he allowed his employees to handle it while he gave advice from other places.

2) The entrepreneur exhibited many competencies and was able to learn things quickly and be able to do it more efficiently than anyone else. He know how to cut costs and how to make the business more profitable.

3) One  part that was confusing was how he was able to still live luxuriously and still be able to give away so much of his money.

4) One question I would ask is how he was able to retain still be a majority shareholder and be able to stay out of the day to day events of the business and be able to live his life since I think that's the goal for me to be like that if I owned a business or more than one. Another question would be how he was able to discern which places he would give grants to during his later years when he was all about philanthropy since I would like to do charity as well but I rather do it on my own instead of charities since I would know where it's going and how it's being used.

5) I think the entrepreneur's opinion of hard work is if you were able to get the work efficiently done as he valued labor workers as he was one of them and also since he had short work days but got more done in the few hours than most people in a day. I agree with the second part because if you can do the same amount of work in a few hours than a day I think it would be beneficial than doing a long work day.

28A - Your Exit Strategy

1) The exit strategy I plan to make is once I feel the business has gotten as far as it could with the markets I want I'll retire and  live off the constant supply of money from the licensing deals that I made with the companies. The business I could just stop doing and not make it active. and have it as the name for the licensing deals as use that to get the money.

2) I selected this particular exit strategy as it makes the most sense since I could retire early and live of the money that keeps on coming in.

3) My exit strategy has influenced other decisions I've made in my concept since the exit has anyways been to retire after all markets have been utilized and live off the licensing deals. It didn't really influence how I identified an opportunity since the opportunity remains giving the tech to car companies but influenced how I want to give it to them. IT has influenced my growth intentions and how to acquire and use resources as it's based on just producing the tech making sure it works and licensing it right away which allows me to use minimal resources to make sure its always updated as I can have the car companies do it themselves.

26A - Celebrating Failure

1) Last semester I failed chem 1 and calc 1 since I thought I could study the same way as I did but turns out that I tried to tech myself and kinda knew the material but not good enough.

2)What I learned is that I have to actually study and make sure I actually know what I'm doing so I don't fail another class and screw up my schedule.

3) I handle failure the same way I do for everything since I've had a nonchalant attitude and live life attitude since I was born I just go with the flow. I'll change my ways so it doesn't happen again but when it happens I'll be like "ok" and move on with my life. I don't think this class changed my perspective on failure since it happens and is part of life. I would still be more likely to a risk if I feel like I would most likely benefit from it.

25A - What's Next?

Existing markets: For the existing markets I terms of products and services would be to try and make self driving cars a reality as there isn't much left to do from there.

All three interviews didn't know what know what else to make other than self driving cars while one said maybe to do more safety features. When asked about what I think customer might want next they agreed that they would want the ability to have self driving cars.

What makes most sense for my venture would be to make the technology for the self driving cars so that would be around the same area as the product we made now. Since after self driving cars are made there would be nothing else to make and licensing the same technology would mean more money for us. The other thing would make a system to improve traffic for self driving cars after we made them

The second path would be to make a system that would regulate the traffic of the self driving cars so there wouldn't be a need for them to stop. After making this product we could sell the technology to the government so they could regulate traffic or license it to private companies. The last thing is that the venture could do nothing and make money from the licenses.

New Market: Air vehicles

Our concept might create value since the safety feature could also be applied to helicopters and airplanes if two are heading towards each other and want to safely fly pass each other. The other thing is if we created self driving cars then we can make self flying air vehicles.

The two people I interviewed said to find ways to make planes much safer in case crashes happen if a freak accident occurs with self driving planes. I didn't have any more ideas to I think customers would want and again I could always leave and retire with the money from licenses. They said that if it was a quick make the technology and license it is to hire a small team so I wouldn't have to spend much money on salaries.

What I learned about this market is that the same technologies can also apply to air vehicles. Since air vehicles are used a lot as well the technology could be used to increase the efficiency of air travel. What surprised me the most was how easily the technology could be altered for planes.

My assumptions were correct as I realized that I was able to alter the technology and I would be able to make it able to integrate with  air vehicles, The new market however doesn't seem to be as attractive since airplanes and helicopters aren't being produced at the same rate as cars would. However to counteract that the price or rate of the profits from the license could be higher.

24B - JSSF Venture Concept No.1

Business Name: JSSF - (Just Some Safety Feature)

Opportunity: The people who have the need are car companies who would use the product to make their cars safer on the road. The nature of the need is that they need more ideas or technology that would make their cars safer on the road. The forces in the environment are the constant need of car companies to improve the safety of their cars in order to be able to sell their cars more. The market isn’t defined geographically as car companies are situated all around the word and demographically is defined solely by the car companies. The customers are currently satisfying the need by creating multiple safety features in order to make them safer. They are loyal to what they use now because it adds to the safety of the car but they’re open to adding more features along with those. This is a big opportunity because they’re constantly looking for new features in order to increase the safety of the car. The “window of opportunity” will be open until cars become obsolete since they are constantly looking for new features to add to their car.

Innovation: The product that we are providing is a mixture of software and hardware. It would be sensors that we develop and transistors and receivers that work with software that we develop in order to make it our property. The hardware and software would be able to be integrated into any car with the sensors being able to sense the surroundings of the car. The transmitters and receivers would be able to send information to other cars so they all collectively know they’re surroundings. The software would allow the car to detect when a crash occurs or is about to and moves in order to avoid the accident instead of not reacting quick enough and crashing. As the one car moves to avoid it the car sends information to the other cars enabling the surroundings cars to move as a group to collectively avoid the collision without causing more accidents. We would be making money by licensing the technology and software for 20% of the profits made from the total cars sold with the technology implemented.

Venture Concept: Our innovation will address the opportunity that I identified as it would make cars much safer as that’s what car companies attempt to strive for. The car companies will buy our innovation since it would make cars safer and with the idea of Artificial Intelligence becoming a reality many car buyers would be intrigued by the technology and would want to buy it as they would be able to compete with Tesla. The customers won’t switch to this product but add it on to their car since it would increase safety and quality of the car which would result in a higher price being offered and more profits would be made. It wouldn’t be hard to get them to add them on since Tesla customers are in love with the technology that comes with the Tesla Car and they would want to replicate that with their brands in order to retain customers. There is no other competitor since Tesla sells the car with the technology as a product to the public while we would sell the technology straight to car companies. Neither packaging, distribution, customer support, customer experience, or business location play a role in defining my business concept. The only thing that defines the business concept is the price point or the royalty percent that we require from the profits from car companies as the percent may have to change depending on if the percent is accepted or rejected by the car companies. In order to organize my business would be to hire a small team of experts in A.I. and people who know how vehicle traffic works and getting engineers that would be able to develop the product for us. After that, there would be no need to support the ongoing production of our new product since we only must sell the license to car companies. We wouldn’t have to work on the product as in the license we could add a clause that allows them to edit to technology and software s that they can sustain it to keep its effectiveness and allow it to change the software to a certain extent. They could be able to change it, so it integrates with their car but still allows it to work with cars from other companies. The roles in the venture would be to build the product and to be of a salesman and try to get companies to buy the license.

The three minor elements: Our most important resource would be the lack of competition as this would allow us to capitalize on the market since if we get most car companies to buy the rest will attempt to buy the license just like they did with the electronically adjustable side mirrors on cars since that was designed by a man who licensed it to car companies. If competitors attempt to copy, they won’t be effective since our product would already have most of the market and a competitor would just lower the usefulness of the product so it wouldn’t be a worthy venture for them.

What’s next for the venture would be to develop systems that would allow cars to communicate with each other and be able to drive by themselves since Tesla attempts to do so only for their cars so other car companies would be vying for the same technology and as a result if we make it then we could license the new technology developed by us to the other car companies.

What’s next for me is that after we develop the self-driving car is to retire and live of the continuous stream of checks from the licensing deals since if cars become obsolete and if we have flying cars the tech developed by us to allow self-driving cars could be implemented into flying cars by the car companies and allow ourselves to either sell the technology to car companies who switch to that industry or to new companies in order to create controlled air traffic. As an entrepreneur in the next decade, I would want to be able to create whatever my mind thinks of and be able to make money off it. The first venture would help me achieve my vision since I would have a constant stream of money that I could use to finance the new ideas that I pursue.