Final Reflection - 30A

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 really enjoyed taking this course. I learned something regarding entrepreneurship or myself during each one of the assignments. I didn't particularly like having to interview people or having to ask family members for personal feedback about myself, it felt weird and unnatural. I particularly didn't like the weeks where we had three assignments due, but overall I enjoyed all the assignments because I thought I learned from each one of them. The lowest point in the class was in the beginning on assignment 2A- Bug List. I finished the assignment too close to the due date time and couldn't figure out how to turn it and ended up being locked out from submitting it. I ended up with a 0, and it crushed my spirit. But thankfully I didn't allow this one assignment to set me back, and since they completed every single one of the assignments on time.n


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?

For me, the assignments that I felt was the most formative was Venture Concept 1 & 2. It went into great detail about my future business and analyzed every aspect and ways to improve or change. Based on the feedback received, it allowed me to add a few things that I hadn't thought of. I really enjoyed the lectures overall. The professor has a fun way of teaching that is entertaining yet still informative enough that you retain all the information. The experience I didn't like was the elevator pitches because I struggle with those types of settings, so I'm proud that I managed to do all three pitches. I could have easily not done them, but I pulled through and completed them and felt like I improved with each one.


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 didn't realize how much work being an entrepreneur involved. From having the right mindset to building a strong human, social, and financial capital. I didn't realize how important those factors were in building a business. I believe that being a business owner is the path I want to take. I'm still trying to figure out the appropriate steps to make, but I think based on my personality, entrepreneurship is the path I want to take. This class definitely reinforced that notion.


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?

This class is not hard, but it is time-consuming and tedious. I like that there are only quizzes and no exams for the whole semester. I feel like I learned more because I didn't have the pressure or anxiety to pass an exam. I would recommend future students to watch the lectures at regular speed and make sure to pause and take good notes since the quizzes will be based on that information. Don't leave assignments for the last minute because it's impossible to do a good job on them if you're rushed, and some require you to contact people for interviews or feedback. For part C of the assignments and quizzes, I like to do them all on Friday, that way I can enjoy my weekend and risk not turning them in on Monday. One of my favorite assignments was the reading reflections because the best way to learn is from successful entrepreneurs. They share their downfalls but also methods on how they overcame their failures, which is valuable information that you can learn from.

Venture Concept No. 2 - 29A

1) Opportunity:  

The opportunity is found in the young Millenial who does not have the motivation or knowledge to workout in a gym setting. They want to get in shape and become healthier but struggle with knowing how to properly use the equipment found at most gyms.

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

Health has always been something people strive to improve on. We are all aware of the importance of getting enough exercise in our daily routine can be to our overall mental and physical health. Still, unfortunately, more young Millenials are too busy watching Netflix than getting some movement in. Also, since they lack the knowledge of how to exercise since it's not taught in school, they feel lost and therefore don't have the motivation to workout.

How is this market defined geographically and demographically? 

Geographically, the gym would be first opened up in the Central Florida market with hopes of possible expansion in other cities around Florida and perhaps a nationwide franchise. Demographically, the gym would not have any confinements, but it will be targeted to young Millenials ages between 20-37 because the need is more significant in that age range.

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

There are many gyms currently on the market, but most people are paying monthly dues without actually going. In essence, wasting their money. This is how most gyms make their profit because they continue to sell memberships without worrying about overcapacity.

How big is this opportunity?

The opportunity is definitely present to bring a new and innovative gym in the central Florida market.

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

As long as another gym with the same or similar concept doesn't open up, then the opportunity will be there.


Innovation:

A gym that will have video instructions in each station that will guide and teach you on how to properly use the equipment as well as the number of reps for your desired goal. By having this system it will help members reach their results faster and reduce the potential of getting hurt by misusing the equipment. A fun reward system will incentivize you to check in a workout. Goals will be set up with a gym trainer at the beginning of the month, and you'll be entered into our monthly drawings if you achieve 100% of your goal. I believe monthly prizes and rewards would be a great incentive to motivate members to go to the gym. Prizes could include certificates to local businesses such as restaurants, spas, entertainment, etc. The monthly dues will be $49.99/month with no annual or initiation fee. There will also be a smoothie station to provide protein drinks to the members after their workout. This will provide another added benefit to the member and profit for the gym. 

Venture Concept:

The gym concept that I'm proposing is unlike a gym I've seen or worked out before. There will be instructional videos in each section of the gym and a reward system that will give each member to win prizes based on their goals achieved. 

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

The new gym will get people motivated to exercise and excited to go to the gym because they won't feel lost any more thanks to the instructional videos in each section of the gym. If marketed correctly, this will be a fun and innovative concept that will have people curious and want to try out the gym. And hopefully, be long term members. There will also be a one-week free trial to allow future customers to test out the gym concept and all the benefits the gym has to offer before they commit. 

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

Competitors are the gyms present in the current market. Their weaknesses are their lack of innovation. The same gym structure is present in most gyms. Orange Theory, for example, is innovative but involves a class setting and scheduled times. This hurts them because of their limited class size and set times. Also, their prices are costly. My gym will have a fixed price and only one type of membership, month to month, for members over 18yrs old for $49.99/month.

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

There is not packing involved since the gym is more of a service-based business than a physical product. Customer service in terms of employees will be a significant factor because members will want to feel like they belong to a family and will want encouragement from our employees. Having the gym open up in Central Florida will be a massive advantage because it's a growing city with the potential to attract many new clients. The main promotion will be through Instagram with the use of bloggers and influencers that have a high reach in the area. Will will provide them with a free month membership as well as other perks for them to promote on their platforms. 

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I would need a day time manager as well as a night time one to help run the operations and customer side to the gym. I will need two personal trainers who will be walking the gym floor, assisting members that may be confused with the videos provided, and to make sure they are safe. I will hire a social media manager that will handle all of the social media promotion and influencer marketing.  For additional income, there will be products such as power bars and energy drinks inside the gym for purchase, as well as a smoothie bar. 


Three Minor Elements:

Our secret sauce is that there isn't a gym concept like mine out there currently on the market. People now more than ever are interested in fitness and health than ever before because of the available information regarding the topic. The rise of fitness bloggers has also increased the need to look healthy for young people. The demand and need are there, and our gym will help people by actually caring about them as individuals and not another due monthly profit.

If the Central Florida location goes well, then we will look into expanding to other cities around the state and hopefully franchise and grow throughout the nation.

I want to remain the owner of the gym and grow this venture nationwide. The more people we can help, the better. In 10 years, I'd like to sell franchises of the gym and live off those profits.


2) I received all positive comments but little to no constructive feedback. Rebecca said that she is guilty of also paying for a gym membership but not actually going and that the instructional videos would motivate her to go. This reassures me that there is a demand for my gym concept. Yudi also mentioned that he would benefit from going to his type of gym. Aishwarya liked the reward system and overall business idea.  

The feedback received from the What's Next assignment provided much better suggestions that I applied to my updated venture concept. Joanna suggested using bloggers for Instagram promotions, which I believe it's a great idea. Morgan brought up implementing a one-week free trial so people can try out the gym without signing up. I had never thought about this, so I'm glad she suggested it because I think it'll be useful. Kyle suggested I add a smoothie bar because most people like to drink a protein shake after their workouts. Another great idea from the feedback I received. 


3) I evaluated all the feedback received and implemented all the suggestions provided. I will use bloggers and influencers from the area to help promote the grand opening of the gym as well as future promotions. The collaboration will include many perks and discounts to the smoothie bar and free membership for a month. The smoothie bar was another suggestion that I thought was a great way for additional income as well as an added benefit for our members. I will also give out free one week passes to our community and businesses close by for them to try out the gym before signing up for the month to month membership. That way, they can try out and share with their family and friends, and hopefully, provide positive feedback and referrals. These great suggestions will help improve the gym concept before it launches to provide the best service to the future membres and high profit for me. 

Your Exit Strategy - 28A

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?

As much as I'd love to say I'll keep the business for years to come and create an empire, never say never. If the price is right, everything is for sale. If the conditions are in my favor, then perhaps selling would be a good option, and I could use that money and invest in another business. I don't think you can predict what's going to happen in 5 years, especially with a new business. The first year is always the hardest, but ideally, it would be nice to keep the business and make a nice living from it.

2) Why have you selected this particular exit strategy?

I think it's smart to scale your business and eventually sell it to the right buyer for the right price. I follow a few entrepreneurs online, and I'm seeing the trend of building a business and in less than 5 years, turning around and selling it. It's sometimes difficult for a small business to grow without the help of investors, so instead of losing all control of the company, it would be wise to sell and take your profit.

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 haven't thought about selling until now, and it made me think about the long term goal. So the exit strategy selected has in no way influenced the decisions made for my concept. I believe that when you start up a business, the initial goal shouldn't be solely focused on selling. It should be about making the best product or service your customer can purchase. Then if the success is there, and selling is in your plans, do everything you can to get it to that level where multiple people show interest to purchase.

Reading Reflection No. 3 -27A

I read How to Fail at Almost Everything and Still Win Big by Scott Adams.


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

The general theme of the book is that you shouldn't be afraid of failing. Failure is actually a good thing that should be embraced and used to your advantage. The author shares his failures and how he grew and learned from his experiences.

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

In the book, the author talked about persistence and emphasized on having a robust social network. After completing multiple assignments for ENT 3003, I can 100% agree with him. You need people to help you build your business. You don't know everything, and if you think you do, you'll won't be able to advance. The assignments we did regarding our social capital resources, as well as going out to interview people are great examples of us stepping outside out of our comfort zone and having the opportunity to expand our network. You never know who you're going to meet that will be able to help you along the way.

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

I would create a class exercise where the students write down their business idea and the steps needed to make that idea a reality. Building good habits and a routine will train you to be disciplined and become a hard worker. Small steps daily will yield better results and keep you on the right path to success. Building a system and consistently maintaining a routine is better than setting out unrealistic goals that will discourage you from seeing through your idea.

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 "aha" moment was when Adams says that having goals actually hinders your success. At first, I was taken aback by that bold statement because I am a person who loves to set goals, but after understanding his message, I get it. Sometimes when you focus too much on the "goal," you essentially are expecting a hefty return and end up discouraged when that doesn't happen. He also says that you need more than a passion for succeeding, which I agree with. Passion and motivation are two things that can quickly disappear if you don't see instant results. Perseverance and hard work are the keys.

Celebrating Failure - 26A

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. 

Last year, as I was reflecting and writing out my new year's goals, I decided that this year was the year I was going to learn how to play the piano! I had it all planned out. I was going to teach myself with the help of free apps and Youtube tutorials.

My yearly goals are set up by quarters. Every three months, I try to tackle a new goal. One of the goals for the first quarter was to purchase a keyboard piano and sheet music. By the fourth quarter, the goal was to be able to play a full-length song by Christmas. But life, school, work obligations, social life, and let's face it, laziness, all got in the way and I never even built my way up to the first step, which was buying the instrument.

2) Tell us what you learned from it.  

I learned that to achieve anything in life, whether it's building a business or learning how to play the piano, you need to be disciplined and set priorities. If it's truly important to you, you'll find a way to achieve it. I've realized that the only thing that gets in between me and accomplishing goals is myself and the excuses I make. As harsh as that may sound, it's true.

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 finally got a keyboard this past month. It's not the most expensive or fanciest piano, but it's everything I need to start learning. I think the reason why it took me so long to get to this point was that I wanted to get the perfect keyboard and have the ideal conditions to play. But what I've learned in this class is that the perfect timing doesn't exist. You just have to take action and do it! The more you wait around, the less likely that goal will become a reality. Whether it's for a professional or personal goal, the best thing you can do for yourself is to do the best you can with what you have. At the end of the day, its all about progress, not perfection.

What’s Next? - 25A

Existing Market: 

I will focus on setting up the gym property and then marketing through various ways to attract young Millenials wanting to get healthier by going to the gym.


1. Joanna, age 32, suggested reaching out to local bloggers in helping me spread awareness of my gym through Instagram. Which is a great idea and one that I had already thought about since social media is the number one way to advertise these days.

2. Morgan, age 22, suggested I do a one-week free trial for people to try out the gym without committing to joining. I hadn't thought about free trials, but it seems like a great idea and a way for the community to see who we are and what makes the gym different than the others.

3. Kyle, age 29, said that I could also add a smoothie station because the profit would be good, and some people prefer protein shakes instead of energy drinks or protein bars.


The feedback and suggestions I received were all great and things I will implement to my gym. I especially loved the smoothie suggestions because it will be another way to make a profit and keep the members happy.

New Market:

Instead of focusing on young Millenials, I will focus on attracting the elderly community that wants to stay in shape and improve their health.

Norma, age 59, likes the idea of instructional videos in each section but wants there to be exercises that involve chairs or something that doesn't include her doing too much strain on her body.

Greg, age 62, wants to go to a gym where there are pool exercises because that's his favorite way to burn calories and doesn't involve rigorous training.



After interviewing these two individuals, I saw how different their needs and wants were from the young millennial market. It made me realize that I won't be able to cater to both at the same time because it would require more money on modified equipment and the addition of a pool and instructor.

Perhaps, in the future, I can open up a new gym but with an elderly client base. I don't think I've heard of any gym catering to that market before. I think it's one that would be highly profitable as well because the demand is there. When opening up a gym, researching and knowing who your demographic is, is a massive part of how successful the gym will be.

Venture Concept No.1 - 24A

Opportunity:  

The opportunity is found in the young Millenial who does not have the motivation or knowledge to workout in a gym setting. They want to get in shape and become healthier but struggle with knowing how to properly use the equipment found at most gyms.

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

Health has always been something people strive to improve on. We are all aware of the importance of getting enough exercise in our daily routine can be to our overall mental and physical health. Still, unfortunately, more young Millenials are too busy watching Netflix than getting some movement in. Also, since they lack the knowledge of how to exercise since it's not taught in school, they feel lost and therefore don't have the motivation to workout.

How is this market defined geographically and demographically? 

Geographically, the gym would be first opened up in the Central Florida market with hopes of possible expansion in other cities around Florida and perhaps a nationwide franchise. Demographically, the gym would not have any confinements, but it will be targeted to young Millenials ages between 20-37 because the need is greater in that age range.

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

There are many gyms currently on the market, but most people are paying monthly dues without actually going. In essence, wasting their money. This is how most gyms make their profit because they continue to sell memberships without worrying about overcapacity.

How big is this opportunity?

The opportunity is definitely present to bring a new and innovative gym in the central Florida market.

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

As long as another gym with the same or similar concept doesn't open up, then the opportunity will be there.


Innovation:

A gym that will have video instructions in each station that will guide and teach you on how to properly use the equipment as well as the number of reps for your desired goal. By having this system it will help members reach their results faster and reduce the potential of getting hurt by misusing the equipment. A fun reward system will incentivize you to check in a workout. Goals will be set up with a gym trainer at the beginning of the month, and you'll be entered into our monthly drawings if you achieve 100% of your goal. I believe monthly prizes and rewards would be a great incentive to motivate members to go to the gym. Prizes could include certificates to local businesses such as restaurants, spas, entertainment, etc. The monthly dues will be $49.99/month with no annual or initiation fee.

Venture Concept:

The gym concept that I'm proposing is unlike a gym I've seen or worked out before. There will be instructional videos in each section of the gym and a reward system that will give each member to win prizes based on their goals achieved. 

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

The new gym will get people motivated to exercise and excited to go to the gym because they won't feel lost any more thanks to the instructional videos in each section of the gym. If marketed correctly, this will be a fun and innovative concept that will have people curious and want to try out the gym. And hopefully, be long term members.

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

Competitors are the gyms present in the current market. Their weaknesses are their lack of innovation. The same gym structure is present in most gyms. Orange Theory, for example, is innovative but involves a class setting and scheduled times. This hurts them because of their limited class size and set times. Also, their prices are costly.

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

There is not packing involved since the gym is more of a service-based business than a physical product. Customer service in terms of employees will be a significant factor because members will want to feel like they belong to a family and will want encouragement from our employees. Having the gym open up in Central Florida will be a massive advantage because it's a growing city with the potential to attract many new clients.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I would need a day time manager as well as a night time one to help run the operations and customer side to the gym. I will need two personal trainers who will be walking the gym floor, assisting members that may be confused with the videos provided, and to make sure they are safe. I will have products such as power bars and energy drinks inside the gym for purchase. This will be a great additional source of income.


Minor Elements:

Our secret sauce is that there isn't a gym concept like mine out there currently on the market. People now more than ever are interested in fitness and health than ever before because of the available information regarding the topic. The demand and need are there, and our gym will help people by actually caring about them as individuals and not another monthly due profit.

If the Central Florida location goes well, then we will look into expanding to other cities around the state and hopefully franchise and grow throughout the nation.

I want to remain the owner of the gym and grow this venture nationwide. The more people we can help the better. In 10 years, I'd like to sell franchises of the gym and live off those profits.