Laura Mena's ENT3003 Blog

1.  Opportunity My product is a computer adapter that can be used on any type of MacBook depending on the model. The adapter will be built for each specific model of MacBook’s. The adapter will bring various of the ports needed to watch movies, use USB’s, and connect phones. It will include a tuck in chord that allows it some protection against dust and will have a sleek metal case along with a case to place it in after every use. The adapter will be more affordable than other adapters which a higher quality as well. I will be making money by selling this product in the amazon market which attracts a lot of people to buy it once it is Amazon prime certified and sell it on other platforms. Venture Concept I believe the reason customers will end up buying my product instead of other adapters and such is because we will provide insurance for the product for up to 30 days after purchase which most companies do not provide. This will prevent mad customers and provide high q...

My exit strategy 1.        Although I loved coming up with this idea and creating a whole hypothetical company and product, I think that in five years I would end up selling the company. This is because I have no sentimental value to it and I purely did it out of making money out of an unmet need. It also depends on how popular and successful the company is. If the company is very successful then I will most likely keep it because of the amount of money it produces. 2.        I’ve selected this particular exit strategy because I believe that from this first company experience I will learn and with the money I receive from it I will be able to start another company with more sentimental value to me. I wouldn’t want to spend my whole life selling and improving adapters even if it is a good unmet need. 3.        My product and company definitely has helped me understand how the world o...

Grinding It Out: The Making of McDonald's by Roy Kroc  1. I chose to read grinding it out because I’m fascinated by how McDonald’s became one of the most popular fast food chains in the world. The book starts out by Kroc’s humble beginnings and him wanting to make a business and become a great entrepreneur. One of the things that stuck out to me the most would have to be how humble he started off. It’s incredible what you can achieve if you just dedicate time and effort into something.  2. I believe that Kroc is a very resilient man because of how he went from small jobs and bad mistakes to getting his life together and building a huge fast food chain. His determination to be the best businessman did not stop and he never gave up his dream.  3. I never knew the backstory to McDonald’s so I came into this believing that Kroc was the founder of McDonald’s when in reality McDonald’s already existed but Kroc made it into this big fast food chain. This is was conf...

Celebrating Failure 1). My last semester was my first semester here at the University of Florida. It was a very stressful semester involving many breakdowns and days of continuous stress. One thing that I really wanted to succeed in was in getting an additional scholarship. This was a very stressful time because I wanted more scholarships and the more I kept applying to, the more I didn’t hear back from any of them. It was very disappointing and I didn’t feel like I was good enough to win any. Then I applied to one that my friend told me about and I ended up getting it. It was many weeks of non-stop applying that led to this moment of happiness.  2. From this experience I learned to be patient and have hope that everything will work out for the best. If I would have given up then I wouldn’t have ended up with the scholarship I wanted in the later future. It is always important to keep trying and never give up on what you want.  3. Failure is hard and it hurts ou...

Existing Market  One of the most interesting things that come up when interviewing these three people was the questions “how will you prepare for failure, if any?”. This is a point that I hadn’t really thought much of. If we fail with the first product, I would like to try again. Maybe go back to the drawing board and start planning again from scratch. Something in my creative process had to have been wrong.  Another question that caught me off guard was “How will this product be made?”. This a question that even I do not know how to respond to because all this time we’ve been creating an overall and general view of the product that I haven’t really thought of it. I would have to go back and think of each and every single aspect to the product if I ever decide to try to make it work. New Market From the information gathered from the three interviews, I can conclude that I will definitely meet customers like them. This is because this product is very unmet need esp...

Opportunity One day I was sitting in my couch trying to look up movies to watch. My roommate comes up to me all mad and ranted about how annoyed me was at the fact that her brand-new adapter had stopped working. I went to go see her adapter and it looked very expensive. This is when she told me that she bought it one day ago at the bookstore for forty dollars. I was shocked because it was such an expensive adapter and it was also brand new. Later that week my class for entrepreneurship gave us an assignment that included making a product and company out of an unmet need. Automatically, I remembered the adapter situation from earlier that week and started to do my research.  My opportunity came from personal experience which I’m very sure many other people relate to everyday, especially college students. The advancement of technology has caused these unmet needs because of its lack of quality adapters. Although this issue is a one and second world issue, it is seen across t...