Final Reflection

This class has been a great learning experience. After reading through my posts from this semester, the most formative assignment to me was identifying an opportunity. It helped me learn that entrepreneurs looks at bugs or problems and find solutions for it. The assignment that I would remember for a long time is the one where five people closest people to me told me what they thought about me. Their words will stick with me. The most joyous assignment was creating the customer avatar. I thought it was fun to create a picture of the person who I am targeting. The assignment that made me feel accomplished was the second elevator pitch. I used the critiques from my peers to make my elevator pitch better, and I think it was good with the revisions.

Since we're at the end of the semester, I do see that I have some of the entrepreneurial mindset. I see failure and bugs as a way to improve or do better. I am able to look at things in an entrepreneurial perspective now.

A recommendation I would give to the future students is to stay on top of the assignments. They should not do them last minute. In order to stay on top of the assignments, they should look at the assignments in the beginning of the week to see what type of assignment is due later that week. Some of the assignments are longer than others.

                               

Venture Concept No. 2

Part 1: Illustrious Beauty

Opportunity. My business plan has an opportunity with makeup enthusiasts. They are people who are very familiar with how makeup works, and they love wearing false eyelashes. The unmet need is that eyelash glue is very stubborn, so there needs to be a product or service that can help remove remaining eyelashes glue after an attempt to wash off all makeup from the face. People are always longing for the best eyelash glue that can keep the false eyelashes intact through rain, wind or sweat. Therefore, eyelash glue manufacturers make the glue stronger and waterproof, which is harder to remove. The market is defined to be from 18 to 38 years old. They are most likely to reside in the suburban or urban areas. The market is composed of mostly women, but men can also wear false eyelashes and other makeup products. They can be from any race. The customers currently satisfy the need by using different methods like micellar water, facial cleanser or picking at the glue until it comes off. They think the method that they are using is not efficient enough because the glue is still stubborn which can also pull off their own natural lashes. The opportunity is big because the beauty industry is always getting bigger. With the use of social media, cosmetics is gaining more attention because people want to do the same looks that they see. The “window of opportunity” will not be open for too long because anyone can come out with a product to help with the unmet need. So I would have to act on it fast.

Innovation. The product I am trying to create is an eyelash adhesive remover. I would want it to be like a balm that the customers are able to lightly rub on their natural eyelashes to remove the stubborn eyelash glue. It would be safe for the eyes. The product is meant to break down the glue and to become detached from the natural eyelashes. For a tub of the product, I would want to sell it for $30. Along with the product, I would want to sell a service. If the customers want to go through a treatment, then it would include the eyelash adhesive remover product and a lash serum. After the remover is used, the lash serum would be used to protect the natural lashes’ health. The treatment would be sold for $75.

Venture concept. My innovation will help solve the unmet need of removing the stubborn eyelash glue that is left on the natural eyelashes and eyelids. Customers will buy my innovation because they do not want to keep the eyelash glue on their eyes because it is unsafe and it does not look clean. The customers will switch to this product because they already spend a lot of money on beauty products so they will pay to remove the eyelash glue. Also, it is to help with the health of the lashes, so it is a cleaning product which is important. Makeup enthusiasts know it is important to work on the skin before putting on makeup. It is important to have a good and clean foundation, which is the face, before putting on any cosmetics. Customers might be a little skeptical at first to try the product, but they should try it first before making a decision if they do not like it. The competitors are brands that have cleaning balms or eye makeup remover, such as Clinique or Lancome. Their weaknesses are that they do not have products specifically to remove the eyelash glue. Packaging is very important when it comes to beauty products. So the packaging for my product should look prestige. I believe the price point is valid because beauty products are marked with high prices because of the name and the distribution. Also, I think the customer support and customer experience will be great because I have the customer in mind when creating the business plan. Since it is a new business, I would have about 10 people help me with the business. I would need help sorting out the products for delivery. Most of the work would be done in a warehouse. So customers would have to make the purchases online.

Most important resource. I have beauty experience by working with different people and doing different makeup for different occasions. I think the quality is unique to have because I know what the customers are looking for in products or what products they want to see be created.

Next step for venture. The next step for the venture is to look for a formula. It is important to get the right formula that I know customers will like to use. It has to be effective.

Next step for me. In five years, I want to see the business do really well. I hope that there are other products launched within the brand name. My goal is to work in the beauty industry, so I think the venture would help me go far into it.

Part 2: Feedback

The feedback I got on my first venture concept and "What's Next?" assignment were overall positive from my peers. They said that my business idea is good and well thought out. However, my existing market gave me feedback on my idea. They told me that I should consider putting my business online before having a brick-and-mortar. Also, they said I should create a line of false eyelashes.

Part 3: Changes

I changed my venture concept based on what my existing market told me. I changed my idea from a physical location to an online business. The reason why I changed it to online is to raise awareness for my brand before I have a physical location to sell the products and services.

Your Exit Strategy

1. The exit strategy I plan to take is management/employee buyout.
2. I selected this particular exit strategy because I I would want to sell the business to someone who has the same values as me. They were there at the beginning so they know the origins of the business.
3. My exit strategy has influenced the way that I wish the business to carry on. I put my passion into the unmet need, so I would like for it to grow.

Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big, Scott Adams

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

• The book is about failing and how it's okay to fail. Scott Adams talks about different ways of thinking when it comes to failure or goals. He makes you think about the situation in a more positive way in order to do and be better.

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

• In my opinion, the book helps me understand failure and enhances my understanding of taking risks. Entrepreneurs have to take risks, and they always experience failure. However, they are successful because they learn from it in order to make money.

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

• The exercise would involve an activity for the class where they would create a list of their strengths that other people may have trouble with. The strengths that they list are areas that they would be comfortable taking risks in, which is a part of the book that Adams talked about. It helps you think about jobs that you may be comfortable taking on.

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 was surprised about the systems and goals thought process, but it does make sense. People make goals but they're similar to wishes in the aspect that people have those goals, but probably aren't doing anything to accomplish them.

Celebrating Failure

1. During the beginning of the semester, I had an internship that involved digital marketing. I had to create an online campaign, and I thought I was doing well but my boss gave me critiques on the project. So I would fix it and submit it, but it was still not to his liking until I finally got to the final attempt that he really liked.
2. I learned that it's okay to fail. You have to be willing to learn and improve to do better.
3. I usually take failure harshly. I think about it all the time, and I feel embarrassed. After taking this class, I learned that it is okay to fail. If you fail, then it's an opportunity to reflect on what went wrong and see where there needs to be improvement. I am more likely to take risks now because I think that it is important to take risks to see where it leads you.

What's Next?

Existing Market

1. What's Next? After developing an eyelash adhesive remover product and service, I would like to develop an eyelash glue that is healthy for the eyelashes. It would also act as a serum to help the lashes grow longer and thicker. I would also make sure that the eyelash glue is able to handle rain, wind and sweat.
2. Interviews. I interviewed three people who are in my existing market. Overall, they like my business plan, but they had some good suggestions for me to think about. Two of the three said that I should consider selling online before I think about a physical location. They said it is smarter because I need to raise awareness for the brand before opening a location. Also, they said it is a real unmet need for many makeup users so they suggested that I promote the business by paying social media influencers who have content related to beauty. When I asked them about the new product that I would develop, they said it is a little contradicting to the product that I am selling first, but if I can truly make it healthier than other lash glue then it would work. Also, one of them mentioned that I should also develop a line of false eyelashes.
3. Path For Future. After the interviews, I realized that I thought too far into my business plan with having a physical location to sell my product. I do agree that I should try selling online before opening a brick-and-mortar. Also, I do think it is important to have beauty influencers to endorse Illustrious Beauty on social media. Many of the people who I am trying to target are on social media, and they are influenced in buying products because of their favorite beauty guru.

New Market

1. Identify New Market. I would look into B2B like salons to sell the products. 
2. Value. Illustrious Beauty would be valuable to salons who want to sell extra products. They are able to make a profit from selling the products and doing the service.
3. Interviews. I interviewed two people who are in the salon industry. They think the business plan would work if I do start small. They think I should try selling the products and service to local salons before going to bigger brands. If I start off smaller, then it will test to see if the products will sell well. They think that it would benefit local salon owners as well. It will help them be different from other salons. Also, they mentioned that the salon must be certified by Illustrious Beauty in order to sell the products and service. It would help with credibility.
4. Reflect. I learned that this market likes to look for products or services that will make them stand out from the competitors, which is similar to all businesses. It surprised me that the salon owners do not wear false eyelashes, but they do have a lot of clients who do wear false eyelashes so they were interested in my business plan. They thought it was different from what they have seen. My expectations and assumptions were correct because I have worked in a salon before so I know what the clients/customers are looking for when it comes to products and services. I think the new market is attractive, but probably not as much as my existing market. It is a market that I can benefit from, but the salons would also have to do their part to sell Illustrious Beauty in order for us to keep selling to B2B.

Venture Concept No. 1 - Illustrious Beauty

Opportunity. My business plan has an opportunity with makeup enthusiasts. They are people who are very familiar with how makeup works, and they love wearing false eyelashes. The unmet need is that eyelash glue is very stubborn, so there needs to be a product or service that can help remove remaining eyelashes glue after an attempt to wash off all makeup from the face. People are always longing for the best eyelash glue that can keep the false eyelashes intact through rain, wind or sweat. Therefore, eyelash glue manufacturers make the glue stronger and waterproof, which is harder to remove. The market is defined to be from 18 to 38 years old. They are most likely to reside in the suburban or urban areas. The market is composed of mostly women, but men can also wear false eyelashes and other makeup products. They can be from any race. The customers currently satisfy the need by using different methods like micellar water, facial cleanser or picking at the glue until it comes off. They think the method that they are using is not efficient enough because the glue is still stubborn which can also pull off their own natural lashes. The opportunity is big because the beauty industry is always getting bigger. With the use of social media, cosmetics is gaining more attention because people want to do the same looks that they see. The “window of opportunity” will not be open for too long because anyone can come out with a product to help with the unmet need. So I would have to act on it fast.

Innovation. The product I am trying to create is an eyelash adhesive remover. I would want it to be like a balm that the customers are able to lightly rub on their natural eyelashes to remove the stubborn eyelash glue. It would be safe for the eyes. The product is meant to break down the glue and to become detached from the natural eyelashes. For a tub of the product, I would want to sell it for $30. Along with the product, I would want to sell a service. If the customers want to go through a treatment, then it would include the eyelash adhesive remover product and a lash serum. After the remover is used, the lash serum would be used to protect the natural lashes’ health. The treatment would be sold for $75. Also, I would want to make it available to cosmetics stores to sell.

Venture concept. My innovation will help solve the unmet need of removing the stubborn eyelash glue that is left on the natural eyelashes and eyelids. Customers will buy my innovation because they do not want to keep the eyelash glue on their eyes because it is unsafe and it does not look clean. The customers will switch to this product because they already spend a lot of money on beauty products so they will pay to remove the eyelash glue. Also, it is to help with the health of the lashes, so it is a cleaning product which is important. Makeup enthusiasts know it is important to work on the skin before putting on makeup. It is important to have a good and clean foundation, which is the face, before putting on any cosmetics. Customers might be a little skeptical at first to try the product, but they should try it first before making a decision if they do not like it. The competitors are brands that have cleaning balms or eye makeup remover, such as Clinique or Lancome. Their weaknesses are that they do not have products specifically to remove the eyelash glue. Packaging is very important when it comes to beauty products. So the packaging for my product should look prestige. I believe the price point is valid because beauty products are marked with high prices because of the name and the distribution. Also, I think the customer support and customer experience will be great because I have the customer in mind when creating the business plan. Since it is a new business, I would have about 20 people help me with the business. I would need help in the physical location to sell the products, market the products/service, handle customer service and handle distribution.

Most important resource. I have beauty experience by working with different people and doing different makeup for different occasions. I think the quality is unique to have because I know what the customers are looking for in products or what products they want to see be created.

Next step for venture. The next step for the venture is to look for a formula. It is important to get the right formula that I know customers will like to use. It has to be effective.

Next step for me. In five years, I want to see the business do really well. I hope that there are other products launched within the brand name. My goal is to work in the beauty industry, so I think the venture would help me go far into it.