28A Your Exit Strategy

Exit Strategy

My exit strategy will be to stay with it for 5 years and then probably sell it off depending on the venture’s success. I feel like there is a certain point I can take the company to and at that point, I won’t be able to do much else. I want to pass it on to a buyer and allow them to spin the venture as they wish. This venture was just the beginning of me finding what opportunity I should truly take on.

Why?

I chose this strategy because this venture allowed me to learn from it. Now, I know how crucial feedback is, what tools to use to find the right opportunity and target audience, and can apply my experience to my next venture. I also want to sell it off because, after 5 years, I don’t know how much more I can do with the venture. I feel like at that point I won’t be able to do much more and just need somebody else to take over. The selling factor is also dependent on how well the company is doing. If it is doing well, I might keep it for a couple of years, but if it is not, I’ll sell it to a buyer.

Strategy Influence

My exit strategy has influenced other decisions I’ve made in my concept by showing how I am shifting my focus on another venture and closing the chapter to my first venture. Like I mentioned before, it allows me to know how to identify a proper opportunity and audience to market and sell my product/service through the tools I have learned. As well as, helping me know what people to connect with to build my company and where to look for investors. This exit strategy helps me to grow as an individual and apply my previous experience to the new venture.

27A Reading Reflection No. 3

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

What was the general theme or argument of the book?

The general theme of the book is finding success through our failures. Adams talks about his life, challenges he has overcome, and explained his failures. He describes the strategies he used to embrace this failure and use it to his advantage to help him be a successful comic strip writer. The takeaways from this book for me is not following goals but using systems, focusing on your personal energy, and faking it till you make it.

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

This book connected and enhanced what we learned in class by emphasizing the point of embracing failure In this class, Professor Pryor encourages us to take risks as an entrepreneur. This is the best time for us to take these risks and fail because the impact is not that huge and will only help get us better. The failures that we encounter early, will allow us to learn from our mistakes and apply them to future decisions.

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

If I designed an exercise based on this book, I would make an activity focused on taking risks and being more comfortable. I would ask students to identify 5 things/skills they are bad at or fear and challenge them to do an activity or a job that addresses one of the skills/things. After, I would ask them how they felt after taking the risks and did it help them be more comfortable with trying new things.

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?

The biggest surprise moment of this book is Scott telling us to be selfish. We need to make sure that we check on ourselves and that we are good physically and mentally. He realizes that looking after yourself is key because without doing that you aren’t operating properly. Usually in life being selfish has a negative view, but in the book selfishness is good. Adams talks about how you need to focus on yourself first and make sure that you are good in place, before you start helping others. If you’re not together, how can you help someone else? I definitely loved this and agree with his point.

26A Celebrating Failure

Past Experience 

A time this past semester that I have failed is when I failed my exams for a class. In this class, I thought I understood the material, but when it came down to the exams it was clear that I wasn’t fully grasping the concepts. I did have Study edge and office hours available to me, but I didn’t utilize these resources. I felt like I could’ve done better, but it was to the point that I had to drop the class. I haven’t experienced failing a test before, but it is a humbling experience. I have high standards for myself when it comes to academics, but this was a let down I have to learn from.

Learned Lesson 

I learned from this time that college is only getting harder and that I need to do better with prioritizing my time and classes over anything. I need to make sure that I watch lectures and do my HW on time, do lots of practice, utilize the resources provided at UF and attend office hours to get any questions answered. I want to make sure that I am not in this position again in the future and do my best from now on.

Reflection 

In general, failure may be discouraging, but it is good for you in the long run. Failure allows you to learn from your mistakes, so you don’t make them in the future. You should fail every once in a while, however, not continuously because at that point that means you are doing something wrong. I handle failure pretty good, I may feel down at the moment, but I don’t let it hold me back for long. I use failure as motivation to go harder to achieve my goals.

This class has changed my perspective on failure. I am more likely to take risks now because this class has taught me that failure is not that bad as an entrepreneur. It is better to fail at this stage because the impact is not that huge and will give you enough time to improve. Failing just means that you have to work harder to achieve your goals.

25A What's Next?

Existing Market

Step 1: What’s Next?

·      In terms of products and services, I would like to add services that complement Smart Closet. I was thinking of service that will suggest outfits based on inspirations you like or your preferences, allow you to buy them, and have it shipped to your home for customers to wear.

Step 2: Interviews

·      My interviewers like my current solution, but also like the new feature of them picking out outfits from different boutiques based on suggestions and having it shipped to their house. They said they also have struggled with online shopping because of the wide variety, but having it based on their suggestions is easier.

Step 3: Future Plans

·      After my own expectations and feedback received, I think it will make the most sense for my venture to add this new feature. However, I would have to do a trial run with it to make sure I can implement it fully.

New Market

Step 1: Different Market?

·      A new market that I could target is a more affluent part of society. My product is targeted now towards a younger audience, which would require a more affordable price. A wealthier audience will allow me to implement more features that will enhance the app.

Step 2: Value

·      My venture will create value for people in this market because their appearance is an important matter and my product helps with the right outfit to make you look good. I wanted to implement a personal stylist coming out once a week to see what you like, plan your outfits, and lay them out for you, instead of answering daily questions.

Step 3: interviews

·      After the interviews, the people said the new features are nice. However, they mentioned they were already similar to some solutions they already had. They already have personal shopping assistants and stylists that buy and pick their outfits. I didn’t really expect much from this market, but I would give it a try. My existing market is much better than the new market.

Step 4: Reflection

·      I learned from this new market that this might not be the market for me. The wealthy audience already has the money to buy whatever product/service they need to satisfy their needs. They are already set on the solutions they have in place and wouldn’t switch to my product. I would need to do more research in finding a market that would actually need it or offer a different service/product.