Rich ENT 3003 Blog

Venture Concept Description 1. The Opportunity My opportunity involves a great majority of the population in the United States not understanding how to use technology effectively. From this population, I'm specifically trying to target foreigners who have recently moved to the United States and people of elderly age. The major force causing this opportunity is our society's reliance on technology nowadays. With a shift towards comfortability in today's day and age, we are increasingly resorting to relying on technology to accomplish every day tasks. Thus, I feel like these people are being exiled in our society. Currently, this opportunity is being dominated by big name companies such as Best Buy with their geek squad or Apple with their genius bar. I believe that this opportunity is big enough for my business idea to dominate the "at home" market even while these companies are comfortability ahead of the "appointment" market. I believe that my busine...

Thinking Fast and Slow  by Daniel Kahneman 1) The overall theme of this book is the cognitive struggle that your brain goes through with two systems of modes of thought. System 1 is a fast mode of thought which is capitalized on instincts. System 2 is a slower mode of thought which focuses on deliberate thinking to make decisions. The book describes how these two modes of thoughts interact and how to minimize mistakes when these two systems are involved. 2) This bo ok relates to what we're learning in the course for multiple reasons. I think the most important thing it teaches us is how to think and in what situations should you capitalize on a particular mode of thought. Knowing the difference between these modes of thoughts and not rushing into decisions can be the difference maker for an entrepreneur not to have his/her business venture implode. Furthermore, this book is very useful when one decides to think creatively. When coming up with a business venture, it's...

1) I intend to sell the business within 5 years if I reach the levels of success that I think my venture is capable of reaching. I think this is the right course of action for an entrepreneur to make. 2) I've picked this particular exit strategy for multiple reasons. For one, I think an entrepreneur shouldn't be tied to one project. Being creative and having success in multiple ventures that all have varying fields is the ultimate sign of success in my eyes as an entrepreneur. Secondly, allowing your venture to succeed amongst multiple forms of ownership is the ultimate sign of success. This means that as an entrepreneur, your idea was so good that people outside the founder agree with it and will put in the same energy and effort to see it succeed.  3) The main thing that my exit strategy influences is having outside influences have their say on my venture. I'm a huge believer that someone should have multiple advisors in order to determine what needs to be improv...

1) This past semester, I was playing in a basketball game in our intramural league. Having played varsity basketball in high school, I consider myself to be a very good player. Anyways, in a game where we were down by 1, I missed two free throws that could've potentially won us the game. This is not the first time this has happened. I've never been that good of a free throw shooter, even with multiple hours put in of practice. I've had this exact scenario happen to me twice in my life before it happened again this semester. The other two times this has happened was once during a league game and once during a game for my high school in a tournament. 2) Even though this has happened to me three times in my life already, there is something I can learn from this. I learned that you need heavy investment in something in order to better yourself at it. Hours of practice isn't enough to better yourself. Instead, severe dedication through hundreds of hours of work must be put...

Existing Market.  Step 1:  After college, I plan to take a gap year before venturing into law school. During this gap year, I want to study computer design and application design. During this process, I will decide whether or not I should pursue this venture further. Step 2: I've interviewed 3 potential customers who I feel have a general understanding of my venture and who it could potentially apply to. They all had a response that was relatively under the lines of "if you want to take this seriously, you need to delve deep and have a firm understanding of application design". They understand the potential that this venture has, and they don't want it to go to waste through a lack of understanding of application design. Step 3: As I've said previously, my future lies in a gap year after I graduate college and then hopefully I can go to law school. During this gap year, I plan to study computer design and application design. Hopefully from this, I will be a...

The Opportunity My opportunity involves a great majority of the population in the United States not understanding how to use technology effectively. From this population, I'm specifically trying to target foreigners who have recently moved to the United States and people of elderly age. The major force causing this opportunity is our society's reliance on technology nowadays. With a shift towards comfortability in today's day and age, we are increasingly resorting to relying on technology to accomplish every day tasks. Currently, this opportunity is being dominated by big name companies such as Best Buy with their geek squad or Apple with their genius bar. I believe that this opportunity is big enough for my business idea to dominate the "at home" market even while these companies are comfortability ahead of the "appointment" market. I believe that my business idea has an advantage over these big companies to offer potential customers the opportunity...