28- 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?

If my business were completely successful I would want to pass it down to my children and work with it until I think it was time to retire. Due to the pandemic ending, it would probably only strive strongly for 4-5 years but I believe it would still survive past this time period just at a lower extent. I believe that when you are doing something you love, you're not really working. Your just having fun and helping the community at the same time. 

2) Why have you selected this particular exit strategy?

I think this is the best way to go, as the pandemic will get better, we still dont know how long masks will be needed and required. Many people get this virus and have no idea they have it, so im sure we will still be taking these precautions for many years to come. 

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

Yes, I think I would need to start this business now for it flourish fully and be working to its full extent. This way it will have a peak of customers during the pandemic and people will hear more about the product and its advantages. 

27- Reflection. 3

What was the general theme or argument of the book?

This book talks about entrepreneurs and how they can evaluate the economy and society. 

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

This book explains the same processes that we are learning in our class. It talks about what is needed to be a successful entrepreneur. It talks about leadership and innovation and how these aspects can change your views on your business.

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

I would create an assignment that had to do with innovation and how students think about innovation. What is there way of brainstorming new ideas and products? 

What was your biggest surprise or 'aha' moment when reading the book? 

My biggest AHA moment was when I read about what is needed to start up a business. Sometimes people are too scared to take risks and to be a business owner you need to trust what you have after you have created a plan. You will not start off making a million dollars, but each dollar made is a success. 

26- Celebrating Failure

1) Tell us about a time this past semester that you failed.

I was so close to getting an A in my math class last semester and studied so hard and ended up failing my final exam and got a B in the class. This was a failure because it was my only B that semester and I really wanted to be on the dean's list for the first time. 

2) Tell us what you learned from it.  

I learned that even if you try really hard, sometimes it doesn't work out. This doesn't mean that you shouldn't try and do your best, but you need to learn from the mistakes you make to be able to learn and grow with them. 

3) Reflect, in general, on what you think about failure. 

The way I deal with failure, is accepting it and trying to learn from it if I can and move on. Emotionally its harder but you have to believe in your own willpower and strength. This class has helped me see that you can learn from failure and accept it and move on and see how to avoid it in the future. 

25- whats next

Existing Market. 

Step 1:

I think that manufacturing our product will be the next step and then actually placing our product on the market will start generating revenue.

Step 2:

“I believe that this product could do really well with children. When parents see a product that can help kids learn, they are always up to buy it.”

“If you can partner with other brands and companies, I believe that the product will really expand and catch more consumers.”

“This seems like a great product; I think the company will become very successful to resolving the one size fit all mask issue in the population.”

Step 3:

When developing these customizable masks, we are looking to help the majority of the population by helping them stay safe while giving an incentive that is important to everyone: comfort. It is important to have your own size and customizable masks at a reasonable price.

New Market.

Step 1:

A totally different market would be the people who do not believe in the virus. They people would not be willing to buy masks because they do not think they are essential.

Step 2:

It could present a similar aspect of comfort and safety for them. They would also be able to go into stores and places with these masks. So the designs and comfort could appeal to them and help them stay safe as well.

Step 3:

Everyone I know does believe in the virus.

Step 4: 

It just surprises me to see on the news and on social media platforms that their still are people who are not taking care of themselves and still not wearing masks.

24-Venture Capital

Since the pandemic has started, we have all been instructed to social distancing and quarantining at home. This is difficult because some people have jobs that are not suitable to work at without masks. The only safety precaution we know of at the moment is the use of social distancing for 6 feet and the use of filtered masks. Since the pandemic, the use of hand sanitizer and masks has increased dramatically. Due to this increase, and the demand for more of these products, the prices of both products has increased dramatically. Masks are made in factories and are usually one size fit all. These masks are not adequate for all people, as we are all very different and need different sizes and adjustable straps.

Some people who work all day during these hard times, need to have the mask on almost all the time. Imagine having to wear an uncomfortable mask for 10-15 hours. This is not suitable for many. Many people are also forced to leave their homes to buy groceries, food, and wash clothes, and run errands. Even though there is a pandemic, life is still moving forward, and it is impossible to stay home 24/7. Due to this, masks are required in mostly all public spaces. Now, they are stopping people from coming in stores and restaurants without having a mask. There are also many safety precautions that are taking place along with this. But the masks are primordial.

So, what can you do to find a comfortable mask that is suitable for you, your children and even elders in the family? You can buy one mask for over thirty dollars, or buy the disposable masks that are not comfortable and still offer the risk of bacteria getting in due to a cervices created because of a wrong sizing option. This is the route that some people take. What If there were masks available to you that were customizable in sizes, customizable in colors and designs as well as being reusable and having a pocket for a filter for extra safety for you and your family.

I am offering you this solution. Masks that are customizable in size, in designs and colors. They will also have a pocket to insert a filter, as well as being made of cotton that is a washable and reusable material. These masks will help you and your family members stay safe as well as make them comfortable and willing to wear their masks due to the sizing options and how soft they are. Children in the family will also want to wear their mask. They will be able to pick their favorite colors and have their correct size. They will be less reluctant to choose a mask that to them, is cool and can match their outfits! Different designs will also be able for children and adults. They can include designs with any size of mask that is needed. This will also make it easier for each family member to know which mask is theirs and easily differentiate due to colors and designs that vary. These masks are handmade which makes them able to be sold at a lower price. People would be benefited due to the lower price and will be able to buy more for each person of the family. Due to the different sizing options your family members will be safer as there will be no open crevices for bacteria to get in. The open pocket in the mask is optimal for any type of filter as some CDC guidelines show that a filter connect help prevent the spread of the virus. Since the masks are reusable families will not have to buy more than one for each person. This will also help eliminate the waste that is caused by the disposable mask.

Since there will be different colors available, these masks will be appropriate for any type of setting (work, school or just shopping). You will be able to make your own mask as you desire as well as picking the correct size. There will be sizing options available as well as a chart that has the different sizes outlined with measures that you can take at home to make sure that you will get the correct mask. Most masks are disposable and sold in high quantities which can affect the environment. These masks are reusable and will be priced fairly for the public. Each mask will have a different price due to their design and size but the price of each will be reasonable due to the quality and materials used.

These masks will be suitable for kids’, parents, and elders in the family. Order yours today and protect your family from the pandemic. As well as enjoy your own personal style due to the different designs and colors that you can pick from. most importantly live in comfort while staying safe.

23- Unfair Advantage

• Generate a list of all of the resources in your venture:

  ·       Financial capital

  ·       Valuable- A need when looking to produce and be able to market and make the products

  ·       Rare-Its something every business needs to survive

  ·       Inimitable- Others can also have financial capital

  ·       Non-substitutable- Others can also have financial capital

  ·       Quality

  ·       Valuable- Masks are quality and will last

  ·       Rare- Rare at a good price, quality usually means more money

  ·       Inimitable- Hand made and thick material

  ·       Non-substitutable- Others can have good quality, but at a higher price

  ·       Designs and colors

  ·       Valuable- Masks are different and customizable

  ·       Rare- Not many masks are available like this

  ·       Inimitable- Different designs are available, cloths and colors

  ·       Non-substitutable-will be hard for others to copy and keep quality

  ·       Fair prices

  ·       Valuable- For everyone who needs masks and works

  ·       Rare- Most masks are expensive, and prices have risen

  ·       Inimitable- Hard to keep high quality and price low

  ·       Non-substitutable- Handmade and safe, hard to copy

  ·       Different Sizing

  ·       Valuable- Masks are different and customizable for kids and others

  ·       Rare- Limited sizes (S,M,L) in normal masks, mine are different

  ·       Inimitable- My masks will be different and not easy to copy

  ·       Non-substitutable- Sizing options will be flexible because of handmade masks

  ·       Social capital

  ·       Valuable- People to sell to and connect

  ·       Rare-A large connection for first customers

  ·       Inimitable-My own connections that can share to their families

  ·       Non-substitutable- Others may have connections as well

  ·       Handmade

  ·       Valuable-More quality and easier to fix mistakes

  ·       Rare-More of a family business and shows dedication

  ·       Inimitable- Most masks are made in factories and have malfunctions

  ·       Non-substitutable-No masks are actually all hand made

  ·       Protective from virus

  ·       Valuable- Needed to access places with others to stay safe

  ·       Rare- Needed to go to restaurants, shopping, most places

  ·       Inimitable- Other masks protect as well

  ·       Non-substitutable- Other masks don’t have filters

  ·       Required in public places

  ·       Valuable-Needed to stay safe and not get the virus

  ·       Rare- everyone needs a mask now in public spaces

  ·       Inimitable-Other masks are available but not customizable

  ·       Non-substitutable-Other masks are available

  ·  At least a Year or two left of production

  ·       Valuable- This virus will be here for a while and people don’t have re-useable masks

  ·       Rare- Usually things are based on trends, this is more of a need

  ·       Inimitable-This is available but not as comfortable for users

  ·       Non-substitutable- Other masks are available but not quality and customizable

  My top resource is having a year or two of production left, which shows the business can prosper. Another top resource is the different sizing which is not inimitable and more comfortable for customers. This will be important for children and elders to be more comfortable and confident when wearing their masks.

22-Pitch 3

I received positive feedback about the information that I gave in my pitch. The only things that were pointed out about my delivery was that the video was a little choppy between segments so I tried to do this one in a full take. I changed these aspects and tried to focus more on the outcome on the feelings of people who are watching this pitch. I thought all the constructive criticism was valid and therefore included it into my new pitch. 

21- Reading Reflection

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

The general theme of the book was hot use media with your industry. The book outlines different marketing strategies and how a website should engage customers, and make potential customers into real customers of your business.

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

I think it connected directly to the marketing processes we are learning in this class. It focused more on the product and how to create unique ideas for a marketing base. 

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

Trying to come up with a unique strategy to market your product and a plan on how your website could make potential customers into real customers.

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 felt that the 'aha' moment from this book was how many different strategies I learned for marketing my product. This book made it simple to create your own strategies to market and explained how these different approaches can help your customers become more involved. It shows the amount of potential your business can have with a correct marketing strategy. 

20- Growing Social Capital

1. Angela was a lecturer who has two children herself. She would be the market expert because she has a background in business and parenting. I found her because she was my lecturer who I wasn't close with, but I had her email. I asked her some questions about she feels about customizable masks and how she thinks this would affect the population of children as we still don't know how long this pandemic might take. She has many connections and knows how to advertise and market masks especially because she is also part of the customer niche I want to sell to. I feel that she could definitely help me with marketing strategies and advice on how to move forward with the business.

2. Sebastian is a mutual friend who has a degree in management. He would be able to fill the supply role to package and sell the product throughout the U.S. I met him through a group me and reached out to him there. He could help me by finding manufacturers and distributors for my masks. He will also be able to find where I can buy my supplies to build my masks at a better price and with quality. He was very helpful when answering these questions and told me I should look at buying supplies in bulk.

3. Alyna is a young student studying psychology and childhood development. She would be the domain expert because she has the most knowledge in the field of children, and she would be able to give me tips on what kinds of designs to use and how make those masks more comfortable for kids. I found her through mutual friends on campus and was able to reach out when I got her contact. She answered some of my questions on she thinks children would react to colorful and fun masks and she gave me positive feedback. I think she is a great connection for any future information I may need to discover about children and what their interests are to pick out the best masks.
I think this was a great experience because creating new relationships can help you find the right team of people to work with. While expanding your social capital, you also gain a lot of knowledge and trust between new people. I have done this type of contacting before, but more for a business and not myself. It was nice to get feedback from others and expand the connections on campus.

17- Elevator Pitch 2

I received positive feedback about the information that I gave in my pitch. The only things that were pointed out about my delivery were my enthusiasm in the beginning as well as not having the best closing strategy that would connect to the customers. I changed these aspects and tried to focus more on the outcome on the feelings of people who are watching this pitch. I thought all the constructive criticism was valid and therefore included it into my new pitch. 

19- Idea Napkin 2

1) Im a very crafty person and I like to put things together, so  I would really enjoy being able to make different designs and masks for people. I love kids so it would go hand in hand with that as well, as the sizes would be able to fit small children as well as older adults. 

2) Im offering a more comfortable and real solution as opposed to the one size fit all face masks. This will be more attractive to customers because they will be able to customize their mask and even pick a size that will be more comfortable to wear all day. This also will help families to be able to differentiate between their masks. These masks would include a filter in between the cotton which would also be different from most in store masks that do not include these.

3) This is going to be offered to everyone. This will apply to people who have to work, who have to be in public places and interact with with many people. Due to the virus not having a vaccine yet, the face masks are required because they help you and other stay safe from germs. The customers all have a similar thought of wanting to stay healthy and not get a possibly deadly virus. 

4) Customers will care because of their safety, as well as needing these masks to be able to be let in to many public places now. This not only a prevention for them to not be possibly hurt by the virus, but a requirement in most stores and businesses now. For people who have to keep these masks on for a longer period of time, the customizable sizes will come in handy. These custom sizes will not allow any outflux or influx of germs as there will not be any open holes due to the comfortable and sizable fits. 

5) I am very driven to get what I want. If this opportunity prospers I will be sure to keep up with it while coming up with more innovative ideas to create more profit while helping the community. I hope to be able to help people as well as sell something that they will be interested in buying. 

I personally think that all these factors fit together, while still helping the community stay safe. The pricing would also be fair, because these face masks sometimes are overpriced when out of stock. In these cases, I hope to help and get the name of the business out there as well. This is a double win, as people will be more comfortable and safe at the same time. 

The feedback I got initially was all positive, so I added a little more detail about how my masks would include a filter in them as opposed to most cotton masks that do not have this. It was important to point out that most masks have small openings on different peoples faces and that still allows for the influx of germs. With my masks these germs would be stopped by the filter and cotton because of the different sizes and adjustable straps. 

18- Custom Avatar

My custom avatar is a mother in her 30's, who has children and has to work along with her husband and take care of her kids as well. She works in a public place where she has to be with other people and then go home to her family. She has two children, one girl and a boy. The mother does not feel old at all, but tries her best to keep herself and her family safe from todays pandemic. This is hard because she has to work with people day to day and come home to her children. 

I have many things in common with my custom avatar but in the other direction. I am a young adult and when I go out and run errands for school or work, I have to be very careful to not come home and possibly give my parents the virus. Everyone is susceptible to this pandemic, especially smaller children and their working parents. I don't think this is a coincidence, as much at it is a safety measure and a precaution to stop the possible spread of the virus to our families. This is why my avatar would be a mother with a family, the instinct is usually to protect, and with my product of face masks, both her and her husband as well as their children can have custom face masks to be safe!