Assignment 30A Final Reflection

• My most formative experience in this course would have to be completing the assignments that required interviews. My first assignment that required an interview was quite easy, as I was able to interview people that I knew right away. Though, as more assignments went on requiring interviews from new people each time, the more difficult it became as it required me to go beyond my comfort zone and approach new people to complete these interviews.
• One thing I'll remember years later from this course would be the elevator pitches, because it was one of the assignments that I started off immediately disliking. Having to record myself speaking in front of a camera, and uploading it onto youtube to receive feedback was definitely a step outside of my comfort zone. On top of that, each elevator pitch took hundreds of tries and re-filming, to memorize the pitch and not mess up. Though, the growth I was able to see in myself and the pitches were definitely memorable, seeing that I grew more comfortable each time.
• With that said, the improvement I was able to make with these pitches and being able to overcome going outside my comfort zone was an accomplishment I was proud of by the end of this semester. Seeing the positive feedback I would receive from these pitches on top of that, was also reassuring. I was nervous at first to read all of the feedback on my posts, but soon learned that the feedback itself was beneficial- both positive and negative- and I loved learning from it as well.
• I wouldn't necessarily say that I see myself as an entrepreneur, though, I do feel that I have developed an entrepreneurial mindset. I find myself having a new perspective on life, always finding opportunities and looking for ways to improve and grow. Also, I am now willing to take more risks and go past my comfort zone. 
• I would advise the students to be aware of their time management, because this class isn't one where you can pull of completing the assignment last minute. I'd say, that if you put time and effort into these assignments and enjoy the experience overall, it won't feel like a dread to complete these assignments. In which, I personally have learned so much from this course and found growth in myself by completing these assignments. Focus your venture concept on something you are passionate about, as it will motivate when completing the assignments revolving around the concept. To foster the entrepreneurial mindset, be open to new ideas, learn from the feedback of others and adapt, and be willing to take risks!

Assignment 29A Venture Concept 2

Opportunity:

• Every day, card payment users are prone to credit card fraud through skimming due to the easy availability to skimming devices, which grants easier opportunities for skimmers to steal credit card information through card readers. Skimming is a type of credit card theft where a small device is placed in card readers to detect and steal credit card information from the swipe of the magnetic strip. The unmet need is the prevention of skimming, so that card users can freely swipe their card into card readers anywhere, without having to face fraud or having the worry of facing fraud. 
• The potential customers that have the need, are any card users, whether it is debit or credit, because they are the ones that skimmers target and are more prone to facing credit card fraud.
• The main issue with credit card fraud through skimming, is that as technological advances are arising, it has become more efficient to get away with credit card fraud without the card user knowing. Therefore, the forces that create this opportunity, include the technological advances that have lead to skimming devices that can efficiently hack into card readers. 
• According to Shift, "the United States leads as the most credit fraud prone country with 38.6% of reported card fraud losses in 2018." In which, "Florida had the highest per capita rate of reported fraud, followed by Georgia and Michigan." 
• Though, there is no current satisfactory solution to this need, as many people are still facing credit card fraud today through skimming. However, based on my interviews, many have tried to avoid skimming by using cash payments, being aware of where they use their card, and having EMV chip cards. Although these alternatives can help with the prevention of skimming, the risk of facing the fraud is still inevitable as people are still getting their cards stolen. Thus, this is a fairly big and serious opportunity that is common worldwide, and the window of opportunity is open until an actual solution that meets the needs is found.

Innovation:

• The product that I will be selling that may be applied to the marketplace to address these customers' needs is a technological advanced credit card case that will allow card users to detect skimmers before the skimmers are able to steal their information. 
• The product is a thin, clear case for your card with built in technology that will be able to detect if a card reader is clear of skimmers. The case replicates a credit card with a magnetic strip that is used for detection. 
• With the case on the card, the card users can swipe their card into the reader, and if a green light appears, it indicates that the machine is clear of a skimmer. Though, if a red light appears, it will indicate that there is a skimmer on the machine and that the user should not swipe their actual card into that reader. Once the user has checked if their machine is clear, they can take the card out of the case and swipe it into the reader without any concerns. 
• I will be selling my product with high built-in technology for $150.

Venture Concept:

• Card users will be interested in buying my product due to the countless times and incidents regarding credit card fraud. They are currently seeking solutions towards avoiding this issue, and there has yet to be a satisfactory solution. One thing that all of the incidents regarding credit card fraud through skimming have in common is that the victims of fraud were unaware of when it had happened. That is what makes skimming so successful, the fact that skimmers are able to steal credit card information from consumers through card readers without them even knowing. Therefore, with this common problem of not exactly knowing of whether they are facing credit card fraud or not, consumers will seek my solution of preventing the fraud before the damage can be done. My product would appeal to consumers, as they will be able to become aware of the issue before the issue of skimmers can negatively affect them. There may be hesitations at first when purchasing the product, but I think that the pros will outweigh the cons. 
• There is not really any competitors, other than EMV chips, which people have turned to for more security of their cards. Though, although EMV chips have led to more security on cards, they are still vulnerable to credit card fraud through skimming, as skimmers have also found a way to hack card inserters. 
• I think price points plays an important role, as it is important to make sure that the price is reasonable. You don't want the price to be too expensive, but you don't want it too cheap where consumers will be skeptical of the quality of your product. 
• As for distribution, I would first distribute it in banks to get the name out there. As these consumers are concerned for their checking accounts, claiming frauds, making deposits, I can raise their awareness of my product which will hopefully catch their eye. I find that being in that setting will persuade them even more. 
• Packaging wise, I think the simpler the more effective. Though, the packaging should be enough to communicate itself how the product works, so that when consumers get their hands on the product they will be drawn to it.
• Lastly, I would need to hire engineers to build the product, technological experts who would be behind the science and technology of the product and test the product, marketers, researchers, and distributers. 

Unfair Advantage:

• From my VRIN analysis, I would say my top resource is my Finance Background/Experience. It's always a plus when you go into starting a business with some background and experience regarding your business's field and market. Having this demonstrates your credibility for the business, and your experience can give you a better understanding of your consumer market. Though, the fact that my product is also one of a kind makes it viable.

What's Next:

• I want to prevent credit card fraud through skimming with my current product, and take away the worry of getting your card information stolen. I could also expand upon preventing  credit card fraud not only through skimming, but through other ways such as online payment methods. In which, I would create a system/app that would scan for online skimmers. Though, this would require much more research and development to effectively implement this in the future. 

For Me:

• I want to continue tackling economic issues. In five years, I see Swiped having been launched and me generating new ideas for my next innovation to build upon this product. In the next decade, I see myself steadily managing Swiped. If I do end up coming up with a good new innovation, then I will want to launch it in the next decade to help build up a positive reputation towards solving these issues.

Feedback

• Well thought out and introspective
• Like the use of bolded words and phrases
• Like the name of the business
• New endeavor of branching out to new market of those who use online payment, with a system/app that scans for online skimmers is good- though would be difficult to tackle, so it would require a lot of research and development
• Some agreed with my top resource being Finance Background/Experience, though I also received feedback that other resources were more effective, such as the uniqueness of my product

How I'll Adapt

• I decided to adjust the formatting of my venture concept with the use of bullets, on top of the bolded words, to ensure clear communication. With this formatting, it allows readers to get a better understanding of the venture, gets the point across, and it allows the important information to stand out. 
• I expanded more on my new endeavor under the subheading "What's Next." Based on the feedback, I described the new idea but also included the fact that it would require a lot of research and development. In which, I also added researchers to my hiring team with this in mind for the future.
• I included the uniqueness of my product on top of my Finance Background/Experience under the subheading "Unfair Advantage" because I found that both of those were important resources. 

Assignment 28A Your Exit Strategy

• Identify your exit strategy
• I intend on staying with my business, depending on how well it does in the future, until I had made enough money and feel satisfied enough with the business itself to sell it to an individual or company. With that said, I don't intend on staying with the business until I retire, as I only plan on starting up the business and generating enough success to where it can be sold to another person or company, where the business can be further expanded. I aspire to sell the business to an individual or company with the same intentions as me, and will continue to build upon the venture and ensure the prevention of credit card fraud. 
• Why have you selected this particular exit strategy?
• I chose this exit strategy because as I am passionate about ensuring the prevention of credit card fraud, I do have many other interests and aspirations that I want to pursue as well. Therefore, I do not intend on staying with the business for several decades or making it a family business, as selling my company in the mere future will allow me to focus on pursuing my other aspirations. 
• How do you think your exit strategy has influenced the other decisions you've made in your concept? 
• I think that with the intention of eventually leaving this business, it has allowed me to be more open to others' ideas. I found that knowing that I would eventually sell my business to another individual or company, it was important to consider the suggestions and keep in mind the multiple ways that my business could be adjusted and improved. With this, it influenced me to identify an opportunity that was a major issue broad enough to where these ideas could be built up, and continuously be improved throughout the years.

Assignment 27A Reading Reflection No. 3

The Art of Social Media: Power Tips for Power Users by Guy Kawasaki

• What was the general theme or argument of the book?
• The book emphasizes insights and strategies of building a strong and compelling presence on the most popular social media platforms. Kawasaki presents hundreds of tips and tricks of bringing attention towards your business and advancing it through social media. He gives in-depth breakdowns of each key aspect to keep in mind with your social media, such as optimizing your profile, perfecting your posts, and gaining followers. Overall, The Art of Social Media stresses the significance of social media in terms of self branding, as well as the importance of treating your social media like a business. 

• How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• The book goes through the many tips of maximizing the benefits of social media that include getting your name out there and self branding. Many of which, are also emphasized in this course being that social media is a significant platform for marketing your business. Both the book and the course also emphasize key aspects to consider when using social media to promote your business, such as effective ways of including links and key words, and creating a business page, to ensure that your business is receiving the most amount of attention it deserves. In which, nowadays, social media has allowed marketing to be more efficient and effective, as it can be shared with thousands with just one click. Social media plays a huge role in entrepreneurship, as it gives entrepreneurs a platform that will give them the opportunity to get their business out on the field and generate success. Overall, I found that this book increased my understanding of how social media is beneficial in the business world, and how an entrepreneur can apply many of these key takeaways towards their business in order to be successful.

• If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• An exercise that the class can do based on The Art of Social Media, would be to create a business profile for your business. The book began with a chapter based on optimizing your profile and its importance, to explain who you are and convince other people to pay attention to your business. Each student's business profile should include the avatar (image of you as the entrepreneur or logo of your business), cover (image that visually sums up your business), biographical text (summary of what makes you credible and include text that summarizes your venture), and important links that are relevant to your business. Having a strong profile is significant to your business, as it draws your customers in and it is essentially their first impression of your business.

• What was your biggest surprise or 'aha' moment when reading the book? What did you learn that differed most from your expectations?
• One thing I found surprising, was that Kawasaki emphasized the notion that with social media, if you are not "pissing someone off" on social media, you are not using it aggressively enough. In his chapter about how to perfect your post, he highlights the importance of being active, in which he defined to be 3 to 20 posts each day. He stated that as long as your posts are good, there is no problem with posting multiple times a day. Overall, this whole notion of posting multiple times a day and that you know you are using social media correctly if you are pissing someone off, differed from my expectations. I always thought that constant posts on social media, pissing people off, would drive the consumers away from your business, as they may find it annoying. Though, Kawasaki argues that it is important to make yourself known through social media.

Assignment 26A Celebrating Failure

• A time you failed this past semester
• This semester, Marketing happened to be my most challenging class. My test score for the first exam was able to attest to this, as it was my first failure this semester, at least in my book. After getting A's on all of my other first exams, and then seeing my score on the Marketing exam left me feeling disappointed. Though, as I was deeply discouraged, I set the goal to adjust my study methods in the class and adapting to what works best with the course itself, and strived to get an A on the second exam to balance it out. When the second exam came around, I did not cram my studying this time, and I completed and reviewed a lot more practice exams. When scores came out, it improved drastically, but I still fell a couple points short from an A. I was less disappointed in the B, but I still wanted to get an A on the exam, especially since the exams make up more than 60% of our total grade. In which, taking my last two attempts in consideration, I am making sure that I am fully prepared for the final exam, and I continue to strive to reach my goal.
• What you learned from it
• From this, I learned how important it is to set goals for yourself and push yourself to achieve them. I found that by setting the goal for myself, it motivated me to work harder to achieve it, which ultimately resulted in a higher test score. Though, I learned that time management is key, and it is important to balance all of your classes in order for you to make sufficient time to study for these exams. I found that my mistake for the first exam was cramming all of my studying, which didn't allow me to fully grasp the material needed to pass. 
• Reflection
• As unpleasant and embarrassing failure is, it is definitely necessary and beneficial in the long run. I was definitely blindsided and discouraged by my failures in Marketing, but this has allowed me to grow and learn along the way. It allowed me to readjust and learn from my mistakes to avoid making the same one. From this, I was also able to apply my learnings to other courses and other applications in my life. I find that I deal with failure both emotionally and behaviorally. When it comes to failure, the feeling of discouragement and disappointment is almost immediate. Though, this feeling is what pushes me to take action and learn from it so I don't have to get that feeling again. It pushed me to set the goal for myself to ace the next exam and change my studying ways and pay more attention to how the course works. Lastly, I'd say that this class has changed my perspective on failure. It pushed me to go outside of my comfort zone, and that it was okay to take risks, regardless of the outcome, good or bad. Through these assignments and interviews, I found myself gaining perspective from others as well. Overall, I feel that I am more open minded and willing to take more risk after this class.

25A What's Next?

What's next:

• I think I can expand my market, as credit card fraud can be implemented in many ways other than through skimming. Therefore, I think the next product Swiped should consider is a product that is targeted towards those who use online payment, as those who pay through online have also been prone to credit card fraud. Since these online payers are familiar with technology, perhaps I could develop a system or app that could scan for any online skimmers before you would have to pay, to detect hackers beforehand.

Existing Market Interviews:

• I interviewed three other people that were a part of my existing market, being card users. In which, I was very surprised to hear the differentiation between the responses, which just means that there is room for this venture to grow. My first interviewee suggested creating an app on top of the actual product, that would be able to somehow detect the skimmer on a machine. In which, once she heard about my idea of targeting online payers with a system/app that could help detect skimmers online, she immediately grew fond of the idea and agreed. My second interviewee didn't have any other suggestions, as he stated that he thought my current innovation was already a good idea. Though, he had really good feedback on my idea of expanding my market and creating the system/app, as he said that it would be a great idea and market to segment. Lastly, the last interviewee suggested developing an entirely new credit card with some type of extra security to prevent skimmers. I found this to be a good idea, but a very complex one that may not be all that effective seeing how EMV chips are. Though, she really liked my next idea for the venture.

Reflection:

• From these three interviews, I found that there is a huge window opened to move forward with growth for my product, as there were many different responses from prospective customers. Which is why, it is important to listen to your targeted customers, as they are the ones you are trying to satisfy. I think that an app would make the most sense moving forward, as technology continues to increase daily, it is only appropriate to develop a modern and efficient way of detecting skimmers. One other person suggested the development of an app for detection, as it would be convenient, efficient, and accurate. Yet, all three of the interviewees liked my idea of venturing out my market and incorporating a familiar technological foundation for a better outcome in demand. With the three interviews, my own expectations, and my existing knowledge, I am more confident in my new venture idea of developing an app.

New Market:

• As mentioned before, I had not previously thought about the market of online payers who put their card information online to purchase. Online shopping and banking has become more relevant today are are also prone to facing credit card fraud, as thieves are also beginning to look into stealing card information by hacking these online payments. Therefore, as credit card fraud through skimming is very common today, credit card fraud through online payments are certainly another risk and issue occurring today. Therefore, with my current product I can keep the idea of detecting the skimmer before they steal from you, but I could make a digital form that could be sold towards these online payers. In which, if I created an app/system that could let the consumer know if the website was safe to enter their card information before they payed, it would be beneficial towards this new market. 

New Market Interviews:

• The first person I interviewed was very familiar with online shopping, and addressed their concern for entering their card information when having to pay. Though, they stated that they do so anyway and just hope for the best, regardless of their slight concerns. They agreed that if I modified and created another product that had the same idea as my current product, but could be more applicable for online payers, that they would definitely purchase it. They liked my idea of creating some kind of online system or app that would be able to detect to see if a website was clear of online hackers/skimmers. The second person had a very similar response and suggested a program for your computer that would act as a virus check, but for credit card skimmers. In which, the program would do a full scan right away to ensure the security of a website. 

Reflection:

• What surprised me the most about the interviews with this new market was the positive feedback. I originally thought that it would be difficult to apply my current venture concept towards another market. Yet, from my interviews, I learned that with some modifications and another platform, I can effectively apply the same concept towards this new market. Though, I did have the expectations that the possibilities of a new product for this new market would be limited, as it would only make sense to create something digital opposed to tangible. After completing these two interviews within this new market, i am more confident in venturing out to a new market and modifying my current concept to be applied towards this market. I think that having the same concept but different platforms for these two different markets can ultimately lead to a successful business if implemented correctly, basing off of the consumer's needs.   

Assignment 24A Venture Concept 1

Opportunity:

• Every day, card payment users are prone to credit card fraud through skimming due to the easy availability to skimming devices, which grants easier opportunities for skimmers to steal credit card information through card readers. Skimming is a type of credit card theft where a small device is placed in card readers to detect and steal credit card information from the swipe of the magnetic strip. The unmet need is the prevention of skimming, so that card users can freely swipe their card into card readers anywhere, without having to face fraud or having the worry of facing fraud. The potential customers that have the need, are any card users, whether it is debit or credit, because they are the ones that skimmers target and are more prone to facing credit card fraud. The main issue with credit card fraud through skimming, is that as technological advances are arising, it has become more efficient to get away with credit card fraud without the card user knowing. Therefore, the forces that create this opportunity, include the technological advances that have lead to skimming devices that can efficiently hack into card readers. According to Shift, "the United States leads as the most credit fraud prone country with 38.6% of reported card fraud losses in 2018." In which, "Florida had the highest per capita rate of reported fraud, followed by Georgia and Michigan." Though, there is no current satisfactory solution to this need, as many people are still facing credit card fraud today through skimming. However, based on my interviews, many have tried to avoid skimming by using cash payments, being aware of where they use their card, and having EMV chip cards. Although these alternatives can help with the prevention of skimming, the risk of facing the fraud is still inevitable as people are still getting their cards stolen. Thus, this is a fairly big and serious opportunity that is common worldwide, and the window of opportunity is open until an actual solution that meets the needs is found.

Innovation:

• The product that I will be selling that may be applied to the marketplace to address these customers' needs is a technological advanced credit card case that will allow card users to detect skimmers before the skimmers are able to steal their information. The product is a thin, clear case for your card with built in technology that will be able to detect if a card reader is clear of skimmers. The case replicates a credit card with a magnetic strip that is used for detection. With the case on the card, the card users can swipe their card into the reader, and if a green light appears, it indicates that the machine is clear of a skimmer. Though, if a red light appears, it will indicate that there is a skimmer on the machine and that the user should not swipe their actual card into that reader. Once the user has checked if their machine is clear, they can take the card out of the case and swipe it into the reader without any concerns. I will be selling my product with high built-in technology for $150.

Venture Concept:

• Card users will be interested in buying my product due to the countless times and incidents regarding credit card fraud. They are currently seeking solutions towards avoiding this issue, and there has yet to be a satisfactory solution. One thing that all of the incidents regarding credit card fraud through skimming have in common is that the victims of fraud were unaware of when it had happened. That is what makes skimming so successful, the fact that skimmers are able to steal credit card information from consumers through card readers without them even knowing. Therefore, with this common problem of not exactly knowing of whether they are facing credit card fraud or not, consumers will seek my solution of preventing the fraud before the damage can be done. My product would appeal to consumers, as they will be able to become aware of the issue before the issue of skimmers can negatively affect them. There may be hesitations at first when purchasing the product, but I think that the pros will outweigh the cons. There is not really any competitors, other than EMV chips, which people have turned to for more security of their cards. Though, although EMV chips have led to more security on cards, they are still vulnerable to credit card fraud through skimming, as skimmers have also found a way to hack card inserters. I think price points plays an important role, as it is important to make sure that the price is reasonable. You don't want the price to be too expensive, but you don't want it too cheap where consumers will be skeptical of the quality of your product. As for distribution, I would first distribute it in banks to get the name out there. As these consumers are concerned for their checking accounts, claiming frauds, making deposits, I can raise their awareness of my product which will hopefully catch their eye. I find that being in that setting will persuade them even more. Packaging wise, I think the simpler the more effective. Though, the packaging should be enough to communicate itself how the product works, so that when consumers get their hands on the product they will be drawn to it. Lastly, I would need to hire engineers to build the product, technological experts who would be behind the science and technology of the product and test the product, marketers, and distributers. 

Unfair Advantage:

• From my VRIN analysis, I would say my top resource is my Finance Background/Experience. It's always a plus when you go into starting a business with some background and experience regarding your business's field and market. Having this demonstrates your credibility for the business, and your experience can give you a better understanding of your consumer market.

What's Next:

• I want to prevent credit card fraud through skimming with my current product, and take away the worry of getting your card information stolen. I could also expand upon preventing  credit card fraud not only through skimming, but through other ways such as online payment methods.

For Me:

• I want to continue tackling economic issues. In five years, I see Swiped having been launched and me generating new ideas for my next innovation to build upon this product. In the next decade, I see myself steadily managing Swiped. If I do end up coming up with a good new innovation, then I will want to launch it in the next decade to help build up a positive reputation towards solving these issues.