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.

• Based on all of my posts from the semester, I didn't necessarily have any lows or moments of drudgery. I found each assignment/blog post to be interesting to write. The highs from all the posts would be the ones where I was able to have more creative freedom like the "what's next" post or the "what's your secret sauce." I found the most challenging assignments to be the interviews because it was hard to summarize exactly what I learned when talking to people and was overall difficult to find people who would be a good match for the assignment. 

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 most formative experience for me in this class was finding something that I was passionate about and imagining myself making a product out of that. It was fun to do research about my potential product and research people who have done similar things and be able to tweak it to be a truly unique product. I also think it was fun to do research on how exactly I could create my product since I am already so passionate and interested in the leather industry, and finding possible sustainable materials was very entertaining for me. 

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 don't necessarily see myself as an entrepreneur, as I find the business world to be very boring and I couldn't ever really see myself being at the forefront of it, however, I do think the idea of creating a product to be very intriguing. I have always had this idea of creating a good leather alternative, so it was fun to really research the idea and explore it more in-depth. I definitely have learned more about what exactly becoming an entrepreneur entails and am now more open to the idea of starting my own company one day. 

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?

• I would recommend future students understand that the product they chose in the first few assignments is going to be the one that is discussed for the entirety of the entirety class, so make sure you really want to talk about it and have a passion for it. I didn't really know when I first decided on my product that I would be focusing on it for the entire class, so I am glad I chose the product I did and it was something that could be expanded upon and something I am truly interested in.  
  

Venture Concept No. 2

Opportunity:

• There is currently a huge worldwide market for leather and fur. The industry is one of the largest in the world and is contributing negatively to both humans, animals, and the environment. The leather industry is both an environmental and humanitarian crisis. The tanning of leather creates many dangers to both the environment and those that work within it. The environmental threat involves the dumping of solid and liquid waste that contains leftover chromium and other hazardous compounds. 
• The chrome pollution that comes as a result of the tanning process is extremely damaging to the environment, as well as the water waste that is produced in this process. The large doses of chromium produced when tanning leather can damage fish and plants in the area it's dumped in. 
• Due to the rise in environmental sustainability and veganism in society, there is a need for a good leather alternative. Many people are starting to become aware of the cruelty that goes on in the animal agricultural industries, and it's creating a market for animal alternatives. 
• This is a big opportunity because there is not a large market for a leather alternative. This leaves a lot of room for a company to come in and rule the market for vegan leather, and possibly many other vegan alternatives. 
• The potential customers are those who have an interest in environmental sustainability, veganism, and humanitarian efforts. 

Innovation:

• My innovation will be a sustainable alternative to leather, which will be made from plant materials. This product will be good for the environment and not pose a threat to animals or humans, which leather does. This product will be able to be compostable when desired, but it will be as robust as real leather and will be used in the same materials. There are leather alternatives that exist, but none are made from plants and made to be sold in large quantities. This product will be sold to individuals in the form of shoes, car seats, and handbags. 
• This product will be sold in bulk to businesses who want to reach a larger audience and demonstrate that they care about the environment. I would sell this product by the amount or weight of the amount being purchased, possibly around $250 per yard. 

Venture Concept:

• Individuals will buy my product if they are concerned with the environment and the way that animals and humans are treated in the leather industry. They would buy my product at boutiques or clothing stores where they would normally buy shoes or handbags.
• Businesses will buy my product to show that they care about the environment and are taking a stance for something positive. People want to buy from companies who want to make a difference in the world and put their hard-earned money into the hands of people who care. Many companies now are starting to be more environmentally conscious due to the huge growing concern about the state of the earth. People are willing to change little things in their life more than ever in order to possibly minimize their environmental impact. Businesses are realizing this and are starting to take the initiative to "go green" in little ways, which piques the interest of buyers and therefore boosts their sales.
• People will switch to this product if they have the proper education about the leather and fur industry. It might not be an easy feat to get people to switch from a product they have been using their whole life, but it is possible with the proper education. I would have to create a large ad campaign to demonstrate to people how important making the switch is. Advertising would have to play a huge role in the success of this business endeavor.
• Price point: The price point for leather products are currently not high, but it depends on the brand. My specific leather would be made from plants, so the price will be comparable to real leather. I would also make it my mission to pay my workers well and create a friendly working environment, which might increase the price of the product.
• Distribution: I would start distributing this product to vegans since they are already the target audience. Vegans already have an interest in buying meat alternatives, so they would definitely be willing to explore leather alternatives.
• Employees: I would definitely start with a small number of employees. Creating a faux leather would not take a lot of manpower, but would need to focus more on skill. It takes a lot of knowledge to create a sustainable alternative to any product, so creating a leather out of plants or fruit skin would take a lot of effort. I would also make it a goal to treat employees as best as possible and create a good working environment.

Unfair advantage:

• I think it would be hard for competitors to have the same motivation that I have for creating this product. It isn't easy to maintain strong ethics and morals when going into a business, but if I can uphold these then it will be hard for competitors to get a leg up. Consumers are attracted to companies that have a strong backbone and a passion for sustainability. Other companies can create a similar product, but having the ethics surrounding my product cannot be matched. 

What's next:

• I want to make sure that people realize that they are constantly supporting an industry which is so detrimental in so many ways. People are very unaware that when they buy something, they are directly supporting a whole industry with their money. 
• For me, I would like to learn more about industries in the world that are so negative but people aren't aware of it. There are many industries out there that are running on poor ethics and destructive ideas, and I want to make sure I am not supporting them.

Interview reflection:

• All in all, this segment opened my eyes to different features and possibilities of the product. Over anything else, the faux leather needs to be perfect in order for people to consider it. I should go to a place that already sells a leather alternative and considers what can be improved on in terms of material, texture, and the product. If I have a product to compare to and improve on, it would make the product better. From conducting these interviews I learned that there was a lot of pushback to using faux leather due to the fear of customers now being interested. There was a common concern of the loss of customers since it is such a huge change for companies to switch over such a desired material. The demand for faux leather might not be that high because there are not a lot of people who are educated in the leather industry. I learned that people are really afraid of implementing new products into their business because they are fearful of losing sales. I do think the concern is valid because people, in general, don't like change, but with something so detrimental to our environment, I think people would be willing to buy a leather alternative if people were educated on the topic. 

How I changed: 

• Based on the feedback I received, I changed a few things regarding my product. Firstly, I noticed that people wouldn't necessarily be willing to completely switch over to fully vegan leather, so I thought maybe I could incorporate some recycled leather in order to help the environmental waste as well as help transition people. I also found out that people aren't educated on the industry so I would have to focus a lot on advertising and making sure that people are informed on why I am selling this product. 

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 plan to stay with my faux leather product until I make enough money to be financially stable enough and can afford to not work for a good amount of time. I would keep this plan until I decide to start another business or work on another project. After working on my product for a while I would probably sell it to a company who has the same ideals and ethics that I have and will maintain the value of the product.

2) Why have you selected this particular exit strategy?

• I selected this exit strategy because I want the opportunity to branch out creatively, and this would give me that chance. In order to keep life interesting and creatively fulfilling, I need change and the opportunity to be completed with a project and move on to something else. 

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 this exit strategy reflects my importance on maintaining a certain ethical code with my product and the people who would be working on it. I would make sure that the company I sell my product to would have a good background and would make it a priority to stick with the morals that I have, and also have the same passion about the product. Knowing that I would eventually leave the business would impact how I present the product and would allow me to open myself up to other business owners since I know that I want to work on other things at some point. It would allow me to make connections and network, and not close myself off and focus solely on one project. 

Reading Reflection No. 3

• I read The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

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

This book discusses the ways in which social media can benefit your life or be detrimental to it. The book discusses how there is a strategy in using social media so that it can benefit you and not be something that weighs you down. The strategy discusses is to stay focused on what you want to gain and don't allow other things to get in the way. The book also discusses how to get started on social media and how to use it for marketing. 

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

This book was really beneficial for any entrepreneur or young person who uses social media to read. It gives a different perspective on social media and how to use it for your benefit, not just to connect with your friends and develop unhealthy habits from it. The book gives a list of strategies to implement into your time spent on social media so that can achieve success. It relates to this class by discussing target audiences and marketing techniques, which we also discuss. 

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 everyone create an Instagram account or a blog and attempt to implement the techniques listed in the book. This would be a type of experiment to both see how easy it is to use these marketing strategies and also to see if they work in the real world. The class would create demand for a product, drive online traffic, build a following, and create a network for their product. 

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?

My biggest surprise while reading was how this book is very focused on marketing through social media and not much else. I was expecting this book to focus on the social aspect of social media and the individuality that makes it appealing for people, but it really focused on brand and product recognition and marketing. I think it could have focused more on how if you portray yourself a certain way online you can also achieve the same things, but without a product. You can use social media to simply market yourself and capitalize off of yourself, and have brands reach out to you wanting to work with you. I think the book should have discussed this more, not focused so much on products. 

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. 

• A time last semester I felt a huge amount of failure was in my news reporting class. I was going through a really hard time in my personal life and found the class extremely difficult to well in. We were required to write in AP style and turn in a "breaking news" story every week, which I found very challenging, especially for Gainesville. My TA was really strict on grading, and learning an entirely new way of writing proved to be very difficult for me. I was doing very poorly in the class for the first couple of weeks and received my first F on an assignment in college. Eventually, I did a ton of extra credit and starting to get the hang of the class and the assignments, but the first couple of months left me feeling really defeated. 

2) Tell us what you learned from it.  

• This class made me realize that not everything is going to come easy to me and there are going to be very difficult classes in college. It was the first class I truly thought I might not get through, but I forced myself to push through and I eventually passed. It definitely was a wakeup call for me that not everyone is going to be helpful to me at such a big university, and I will be having to figure things out for myself. 

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?

• Failure is hard, but it is something we all have to go through to realize that life is not easy. Some things are going to come really easily, but there are some things that are extremely difficult that you might not be able to handle. It's important to experience failure in order to grow from it and learn from your mistakes. Failure is definitely a really hard wakeup call, but we all need to go through it. This class changed my perspective on failure because I learned that you can fail momentarily but succeed in the end if you try hard enough and don't let the failure consume you. 

Whats Next?

What's next for my product and service:

• I think the next product I should consider should be marketed to those who don't necessarily feel like branching out with faux leather but are somewhat interested in the idea. As of now, these individuals do not have any experience with faux leather and don't necessarily know what it entails, so I would branch out and talk with them. I think my product should manufacture a product that contains some leather recycled leather, but is overall mostly made with plant and fruit cells and stems.

Market Interviews:

• I interviewed a girl who is vegetarian and tries to limit her use of leather and animal products. I talked with her about I asked her several questions about what her opinion was about the leather and fur industry, and she didn't even seem to be aware of the environmental impact. She said that she had a vegan diet but sometimes if she found a bag or pair of shoes that she really liked but were made with some leather, she might consider buying them. She was surprised to find out that the working conditions for people producing leather were very poor and she said she would be very interested in buying a good leather alternative. 
• I interviewed an engineering student who is vegan and is starting to incorporate alternatives in all aspects of his life. He seemed to care more about the fact that there is a large environmental impact, not so much about the ethics of the industry. He is an engineering student who tries to budget while in college, so the leather is not something he thinks very much about. He said he owns a few leather products, but would reconsider the materials of his shoes next time he decides to go shopping. He said his main concern when buying products is the price, so if the alternatives are priced well, he will buy them 
• Lastly, I interviewed a man who has been vegan for 30 years and has slowly cut out any and all animal products. He is very passionate about veganism and has been an advocate for several years and has strong beliefs about the fact that the leather industry is both cruel for animals as well as our environment. He would be very interested in the faux leather that I would be creating.

Reflection:

• After talking with people who are already in the market that I would be going into, they would be very willing to buy my product. There is a strong community of those who are passionate about veganism and animals, and they would be my main target. From these interviews, I learned that it would be pretty simple to use vegans as my target audience, and they would be very willing to try my product if I labeled it as vegan and promoted the idea that leather is detrimental to the environment.

New Market:

• The new market would be those who are either against veganism or are very passionate about leather and are very set in their ways. Some people prefer the traditions in life and don't appreciate branching out in any way. This new market would be very difficult to penetrate, but in order to have a successful product, you need to target everyone.

New market interviews:

• This interview was conducted with a library staff member who has been working in the library for 6 years. He is an older man who doesn't shop or think about material items much. I asked him what he thinks of the leather industry and he didn't have much to say about it other than it was a "necessary evil." I proposed the idea of an alternative to leather in order to cut down on the environmental impact of leather and he said he would prefer to buy items that had less of an impact on the environment. He said he wouldn't go out of his way to make the switch but if it were in front of him, he would buy a faux leather. 
• In this interview, I talked with a male grad student. We discussed the fact that leather and fur are extremely detrimental to our environment, as well as cruel for animals. He seemed to care more about the fact that there is a large environmental impact, not so much about the ethics of the industry. He is an engineering student who tries to budget while in college, so leather is not something he thinks very much about. He said he owns a few leather products, but would reconsider the materials of his shoes next time he decides to go shopping. He said his main concern when buying products is the price, so if the alternatives are priced well, he will buy them.
• This interview was conducted with a female student who said she mostly wears leather shoes and she doesn't consider it an issue. She said that she knows that an animal will have to die for the shoe but she thinks eating meat could be considered just as wrong, and therefore, doesn't consider it an issue. She mentioned that she has never given leather alternatives a thought because the quality is not the same and it isn't as easily attainable.

Reflection:

• These interviews made me realize that it would be difficult to get into this new market, but not impossible. Everyone I talked to said they would consider buying this product but would need to test it and experience the fact that it would be just as good as real leather. Overall, I think it would be very easy to sell this product to vegans and those who have an understanding of the leather industry, but very difficult to sell and market to an audience of those who are very set in their ways. 

Venture Concept No. 1

Opportunity:

• There is currently a huge worldwide market for leather and fur. The industry is one of the largest in the world and is contributing negatively to both humans, animals, and the environment. The leather industry is both an environmental and humanitarian crisis. The tanning of leather creates many dangers to both the environment and those that work within it. The environmental threat involves the dumping of solid and liquid waste that contains leftover chromium and other hazardous compounds. 
• The chrome pollution that comes as a result of the tanning process is extremely damaging to the environment, as well as the water waste that is produced in this process. The large doses of chromium produced when tanning leather can damage fish and plants in the area it's dumped in. 
• Due to the rise in environmental sustainability and veganism in society, there is a need for a good leather alternative. Many people are starting to become aware of the cruelty that goes on in the animal agricultural industries, and it's creating a market for animal alternatives. 
• This is a big opportunity because there is not a large market for a leather alternative. This leaves a lot of room for a company to come in and rule the market for vegan leather, and possibly many other vegan alternatives. 
• The potential customers are those who have an interest in environmental sustainability, veganism, and humanitarian efforts. 

Innovation:

• My innovation will be a sustainable alternative to leather, which will be made from plant materials. This product will be good for the environment and not pose a threat to animals or humans, which leather does. This product will be able to be compostable when desired, but it will be as robust as real leather and will be used in the same materials. There are leather alternatives that exist, but none are made from plants and made to be sold in large quantities. This product will be sold to individuals in the form of shoes, car seats, and handbags. 
• This product will be sold in bulk to businesses who want to reach a larger audience and demonstrate that they care about the environment. I would sell this product by the amount or weight of the amount being purchased, possibly around $250 per yard. 

Venture Concept:

• Individuals will buy my product if they are concerned with the environment and the way that animals and humans are treated in the leather industry. They would buy my product at boutiques or clothing stores where they would normally buy shoes or handbags.
• Businesses will buy my product to show that they care about the environment and are taking a stance for something positive. People want to buy from companies who want to make a difference in the world and put their hard-earned money into the hands of people who care. Many companies now are starting to be more environmentally conscious due to the huge growing concern about the state of the earth. People are willing to change little things in their life more than ever in order to possibly minimize their environmental impact. Businesses are realizing this and are starting to take the initiative to "go green" in little ways, which piques the interest of buyers and therefore boosts their sales.
• People will switch to this product if they have the proper education about the leather and fur industry. It might not be an easy feat to get people to switch from a product they have been using their whole life, but it is possible with the proper education. I would have to create a large ad campaign to demonstrate to people how important making the switch is. Advertising would have to play a huge role in the success of this business endeavor.
• Price point: The price point for leather products are currently not high, but it depends on the brand. My specific leather would be made from plants, so the price will be comparable to real leather. I would also make it my mission to pay my workers well and create a friendly working environment, which might increase the price of the product.
• Distribution: I would start distributing this product to vegans since they are already the target audience. Vegans already have an interest in buying meat alternatives, so they would definitely be willing to explore leather alternatives.
• Employees: I would definitely start with a small number of employees. Creating a faux leather would not take a lot of manpower, but would need to focus more on skill. It takes a lot of knowledge to create a sustainable alternative to any product, so creating a leather out of plants or fruit skin would take a lot of effort. I would also make it a goal to treat employees as best as possible and create a good working environment.

Unfair advantage:

• I think it would be hard for competitors to have the same motivation that I have for creating this product. It isn't easy to maintain strong ethics and morals when going into a business, but if I can uphold these then it will be hard for competitors to get a leg up. Consumers are attracted to companies that have a strong backbone and a passion for sustainability. Other companies can create a similar product, but having the ethics surrounding my product cannot be matched. 

What's next:

• I want to make sure that people realize that they are constantly supporting an industry which is so detrimental in so many ways. People are very unaware that when they buy something, they are directly supporting a whole industry with their money. 
• For me, I would like to learn more about industries in the world that are so negative but people aren't aware of it. There are many industries out there that are running on poor ethics and destructive ideas, and I want to make sure I am not supporting them.