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Showing posts from November, 2018

Reading Review #3

The Art of Social Media 1) What was the general theme or argument of the book? The theme of this book is to teach the readers strategies to enhance their social media techniques. It discusses how to effectively use your social media accounts and how each one is different and beneficial in their own way. It gives tips on how to create content and how often you should post. There is also advice on gaining more followers and really managing your social platforms.  2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? This book really connects with and enhances what we have learned in this course because with any business you have to have social media accounts nowadays. Social media gives business owners the opportunity to connect with people all over the world at the tip of their fingers. Knowing how to effectively use social media will only make your business more successful.  3) If you had to design an exercise for this cl...

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? The exit strategy that I plan to make for this particular product I have created would be to sell it and use that profit to start another business. I love that the options of creating and helping people is never ending. I would love to use my profit, experience and new knowledge to help me start another entrepreneurship endeavor.   2) Why have you selected this particular exit strategy? I selected this exit strategy because I believe that I would feel fulfilled with the business knowing that I got it to the level that it did and now I can use my profit to start another business that I am even more passionate about.  3) How do you think your exit strategy has influenced the oth...

Celebrating Failure

This past year I moved to Nashville to pursue a career in country music. I made this move by myself at 20-years-old with no family. The hardest thing I have experienced was moving to a town full of insanely talented people and trying to show my talents and creativity. In June I released my first single under the stage name “Brooklyn”. After releasing the song I realized how difficult it was for listeners to find my music because of how many other artists have that name. I knew that I needed to add a second name but didn’t know where to start because I knew I wasn’t going to use my legal name for music. For two months I sat and thought and brainstormed. When I finally thought I had the right name something would give me a reason not to use it. This may not seem like a big deal but it really put a hold on the single and my music in general. I took down the single because I didn’t want to cause confusion and I knew that I would need to release it under the new name was I figured th...

What's Next

Existing Market.  I think that as the brand launches and we begin to evaluate the progress of the product, then changes will be made accordingly. If we want to create new features then that will be able to be added to the app for an easy solution. I talked to Matt who said he loves the idea because he already has a smart watch so it would be easy to use once the thermostat is installed. He thinks it is a unique idea and said that in the future we could consider adding features such as a speaking aspect like how people can ask Alexa to do things through a speaker. So a possibility could be adding a voice feature for people to tell the Arm Stat what to change the temperature to. I interviewed a girl named Kaitlyn and I told her about how I would love to get on Shark tank and she thought this would be a great way to gain exposure if I was accepted on the show. She didn’t have other ideas on how to expand the product. And my third interviewee, Sam, said he wo...

Venture Concept - Arm Stat

Venture Concept Opportunity The opportunity for my product is for anyone looking to improve the comfort of their homes by using an innovative way to control the air temperature. Many of my customers will most likely be middle to upper class and have some extra money to spend on my product. Apartment complexes will also be targeted as they have the power to install my product in all of the units in the building. The nature of the need will not be anything urgent but more so a luxury for my customers. The forces or changes in the environment that are creating the opportunity for my product is the ever changing nature of technology. The more technology advances and changes, the more people want the newest product. My market will be directed towards big apartment complexes and I will start in major cities in the southeast to try to get the most business at first. Starting in major cities will help generate business because there is more money to be spent there. Residen...

Your Venture's Unfair Advantage

1.      Creative Capabilities: I have always had a creative mindset which is valuable in determining how to best make a product that is different and catches the eye of consumers. Creativity is not “rare” but some people are definitely more business minded than creative so I do think that you cannot imitate it. You cannot substitute creativity, you either have it or you don’t. 2.      Social Media Techniques: Having previous experience with social media it is valuable to my company because this will be one of the ways that we advertise the product. It is not rare and it is definitely imitable since social media is such a big part of todays society but it is not substitutable because you need to have strong social media techniques in order to successfully use the outlets for your company.   3.      Social Communications (AKA engagement through social media platforms): Having social media is one thin...