Assignment 30A: Final Reflection

MY ENT3003 EXPERIENCES

MOST FORMATIVE:

            My most formative memory was the assignment about failures. It is hard to tell people times that we have failed, but sometimes it helps. People can tell give you feedback on how to improve or find ways to relate to you. It is important to know that failing is a learning tool and not something that will destroy our future and I that assignment helped me figure that out.

MOST JOYOUS/MEMEROABLE

            I had to link these two questions together because my favorite memory in this class was the first assignment ever, the Bug List. I had so much fun creating that list because coming up with the topic were like a mini vent session. I still find myself, even at the end of the semester saying Darn I really should have added that to my bug list or that would have been perfect for my bug list. The most incredible thing too is that after I mention that to myself or my friend I try to brainstorm ideas of how to fix the issue.

MOST PROUD  

            I am very proud of completing not one, not two, but three elevator pitches. I will be completely honest: they were my least favorite assignments because I do not like hearing my recorded self talk and I do not like being in videos. I thought I was going to struggle through them, but they actually went better than I had expected, which is awesome.

ENTREPRENEURIAL MINDSET

            I think I have developed more of an entrepreneurial mindset over the course of this semester. When I see issues or potential opportunities I go through the steps of some of the assignments. I think of why the problem exists, what ideas could constitute a solution, and who would be affected by the problem/improved by the solution. It is a different way of thinking, but it is very useful. I honestly do not think that I will become an entrepreneur, but now I feel like I better equipped to help people who are.

MY RECOMMENDATION

            My biggest recommendation for this class would be to pick an opportunity that inspires, connects, and speaks to you (when it comes to the assignment where you have to pick one idea for the remainder of the class). I struggled with picking one initially and I know that if I didn’t pick the topic I did and chose a random one, I would have been absolutely miserable. A topic that you connect with will be important because you will be excited to learn more about your idea through the different assignments and you will be able to talk to people who will help that idea grow.

Assignment 28A: Your Exit Strategy

My Exit Strategy:

            I would probably stay with the LB Food Allergy and Sensitivities Test (which is what I would be calling my product) for a maximum of 5 years. Ideally, I would have help create or start creating the simple food test, found doctor’s offices to partner with, and create a customer base. After that I would most likely sell the test or rights to the test and continue with the job I would have at that time (which hopefully, fingers crossed, would be marketing for a professional sports team, one can hope).

Why this Strategy:

            I chose this strategy because although many people said I have a great idea, I do not think that I could stay with it for very long. I do not think that I have the proper background or knowledge to push this idea past what I have already thought of. By that I mean, I am a marketing major and I am basically using my experience of dealing with food allergies/sensitivities to help people. I would have a learning curve when it comes to designing the test itself or trying to express the idea to doctors. I feel as though I would want to leave my idea in capable hands and have them constantly improve the product. I am content with knowing that I potentially helped people, that is enough for me.

Has this Strategy Impacted My Decisions:

            The idea of leaving the company fairly early has affected some of the decisions I made in designing my concept. I have expressed many times that I want my product to be very accurate for consumers and having my product created in more capable hands than mine will help accomplish this. Also, I feel as though sometimes I express my ideas very thoroughly because, subconsciously, I want to find someone who believes in this idea as much as I do and has the knowledge, resources, and expertise that an idea like this needs to reach the next level. 

Assignment 27A: Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big

By: Scott Adams

General Theme/Argument of the Book

            The general theme of the book is finding a model for future successes in life and realizing that failures are an important part of success. Adams stated many times that failure is a tool and not an outcome; one needs to cultivate a relationship with their failures and extract value from it. This value will greatly help one succeed in future endeavors. Adams also gives many examples of how he found systems that have helped in life and gave specific examples of failures and setbacks he faced.

Connection with ENT3003

            While reading this book, I found quite a few connections with the ENT3003 course. The first was the idea of inviting failure. We have had many assignments in this course so far and I’m sure I’m not the only one who has messed up on an assignment, maybe had to cycle through many ideas before settling on one, or even have had someone post a comment that gave good advice, but did not want to use it. This class and all the assignments reflect on the inviting failure idea: we must use it to better ourselves and make improvements, no matter how hard it hurts to be wrong.

            Adams also emphasized hard work over passion and this class requires hard work in order to keep up with the assignments. If one wants to use this class as a foundation for an idea, passion alone will not drive them to success because passion can fizzle. One must be able to work hard to gather all the information, create a prototype, and see the idea take off.

            One section in chapter 20 really stood out to me and the section was about public speaking. Adams described a public speaking course in which one of his fellow classmates had a very big fear of speaking. As he put it, she crashed and burned when it was her time to speak, but he professor told her that what she did was very brave. This empowered the student and helped her eventually volunteer to speak during class. This reminded me of those darn elevator pitches (still my least favorite assignments). The elevator pitches pulled a lot of people from their comfort zones and it is important to realize that it takes courage to do that. I felt even better during the last pitch.

Exercise

            In the very beginning of the book, Adams mentions that passion is not a great driving force for success. The real heart lies in hard work. The exercise that I would create would revolve around this concept. For the first part of the assignment, students would describe an idea or opportunity that they are passionate about. They would then describe how they would bring this idea into fruition. Finally, either in this assignment or another (after some thought was given) they would reflect on their passion and be asked if they think passion alone would drive their opportunity/idea to success or maybe it would require more work than they thought. Hopefully, the students would realize that while passion is important it cannot take the place of determination and work.

Aha Moment

            My aha moment while reading the book was when Adams said that systems work better than goals when it comes to success. I thought, that is crazy because everyone tells you from childhood that you should set a goal and reach for it. However, as I continued reading the book I realized that this idea was true. Systems become habit, you get in a groove. Goals are temporary and sometimes if you are not in the right mindset you can mentally adjust them the wrong way. What I mean by that is let’s say your goal is to be able to run a half marathon. As you start your program you might realize that the feat is harder than you think and you might mentally change that goal to a 15k and then a 10k and then a 5k. You have just moved your goal down by 10 miles because self-doubt crept in. This can happen too with a start-up business or idea. Creating a system will help you stay consistent with work and allow failures to become a natural part of the cycle. You can look forward to milestones when they are reached and not let self-doubt impact you.

Assignment 26A: Celebrating Failure

My Failure

            One of biggest shortcomings has to be that when I have to do something important I usually will wait till the last second to do it. Studying for an exam, working on a group project, updating my resume for Career Showcase, you name it I probably was too lazy to do it on time. This failure revolves around the last example.

            This semester for Career Showcase I waited until 11 o’clock the night before to update my resume. That was my first mistake because I had just gotten off work, was very tired, and I knew that my head was not in the right mindset. My roommate is a Cap Mentor so I asked her to look over my new and improved resume (I had a lot of updating to do because she said the formatting for resumes changed). She looked over my resume and said it was great, so I printed out my resume and went to sleep.

            The next day I woke up and went to the O’Dome to talk with different recruiters. I basically introduced myself as Lauren, a marketing major and talked to them about all of my marketing experience because I am a MARKETING major. I was mostly looking for a job, but I handed my resume to a few recruiters for internships and leadership development programs.

            The last recruiter I spoke to brought my failure to light. Once again, I introduced myself as Lauren, the Marketing major, and told her about my marketing internships. She said that I would have better luck applying for a job rather than going for an internship, which she was recruiting for. The last thing she said to me made my heart sink. She said, “Yeah, I would look online for jobs closer to your graduation date. There will be plenty of opportunities especially since you are a Finance major.” I literally screamed WHAT when she said that. I looked at my resumes and saw that my roommate has accidently changed my major from marketing to finance because she is a finance major and she was on the verge of falling asleep when she looked at resume.

            My first reaction was that I could not stop laughing, I thought it was hilarious, but I also felt incredibly stupid because I did not proofread my work. This hurt more when I kept getting rejection letters from the leadership development program and internships because the businesses I talked to were looking for Marketing majors and not Finance majors. YIKES.

What I Learned

            Initially from that experience, I thought that I had basically wasted my time at Career Showcase. It did not really affect me because like I said I was looking more for a job rather than internship, but still rejection letters are never fun. The main moral of this story is PROOFREAD, PROOFREAD, PROOFREAD. I know this appears on each of our assignments in this class and we just want to submit it and get it over with, but one small error can change the meaning of something. I also learned that waiting till the last second, especially with regard to important things, is the worst thing you can do. Work at things little by little and as I will keep saying proofread. Read it yourself, have other people read it, have your computer read it to you. It will only help you catch the mistakes.

Reflection Failure

            It is very embarrassing to talk about and reflect on failures. You can imagine how upset my parents were when I told them I had the wrong major written down on my resume. But something good came from this experience, I learned just how important proofreading is and not to wait till the last minute to accomplish tasks. Learning from mistakes is an important part of life, some of them might be ugly or absolutely ridiculous, but I can say I will do whatever I can to not make the same mistake again.

            I feel as though this class has helped me realize how important failures are to any process. Talking or reflecting on failures is hard because we do not want to think about mistakes that we made. But learning from them can help us more in the long run. I feel as though I am will still take risks, but now I know that even if I fail I can still create value from it.   

Assignment 25A: What's Next?

EXISITING MARKET

            I think that the next part of my venture would be to create “boosters” to my basic food allergy and sensitivity tests. Some people may not have discovered any issues with the basic food allergens and may know of a family member with an allergy to certain fruits, vegetables, or spices. The consumer would be able to buy a cheaper food test, but it has a narrower category (spices allergy/sensitivity test versus a food allergy test with 90 foods and 10 spices). I feel as though this would be better for consumers because they could test of certain things that upset their stomach or they think might have an effect because it bothers family members. This would help justify spending money on the basic test rather than thinking you are wasting it on an unnecessarily extensive test.

INTERVIEWS:

What should we be doing that we aren’t planning to do?

1)     “Maybe you should consider making a take-home test. I like that the proposed test is basic, and I feel as though there will be less confusion than using one of the bigger tests. Also, my children are younger, and they still do not like their doctor or GI visits; having a test that I can purchase and administer from my home instead of having to pack up the kids would be awesome and could really help busy parents or young adults, which you said were in your target market.”

2)     “What about one of the complex food allergy tests. I know that you said that you did not want a test that had a ton of different foods as to avoid confusion, but I’m think about those people like me who just want to get everything over and done with in one easy test. This would probably be easier for the older half of your target market and it still can be recommended by doctors.”

3)     “This might be a dumb idea, but what about having this available or at least have it as an option at grade schools. Like when I was in grade school I had to or at least had the option to take a hearing test, eye sight test, flu shots, and I think a couple of other tests. The school had nurses that administered these tests or gave shots and my parents were present for the shot. Most food allergy tests are tested by getting blood drawn so this could be done in the nurse’s office if properly sterilized. Or the school could just bring nurses in to talk about food allergies and sensitivities. What I am trying to think of is a way for your product to be exposed without only relying on pediatricians or doctors. They can be really busy with patients, so they may forget it bring it up if you know what I am saying.”

REFLECTION:

            The three interviewees brought up very good points during their interviews. The first two described ways that I could make my tests easier for consumers. The third interviewee suggested an idea that would help spread the knowledge of food allergy tests and expand my service aspect. They were all very interesting thoughts that I am glad I am able to consider.

The first interviewee recommended selling the food allergy tests in stores, even though that was something I did not want to initially do. This is an interesting point because some people or parents are very busy and going out of their way to make an appointment to get blood drawn or to see a GI, especially if symptoms are not present yet. The second person brought up a bigger food allergy test, again a concept that I wanted to avoid. They did make a good point that young adults would probably want to get their testing over and done with. However, a more extensive test would be more money which college students may not want to pay. The last interviewee’s idea was interesting too. I doubt that we would be able to perform the food allergy test unless I veer away from the test regarding blood to be drawn, but I did appreciate that it would allow my test further recommendations.

Out of all these ideas, I think that I would consider making a take-home food allergy test. It makes the most sense and I forgot that some young children do not like doctor visits. This would make a child more willing to take the test, especially if done from the safety and comfort of home.

NEW MARKET

            This would be a radically different market than the one I am pursuing and would take a lot of research and development, but a new market that I could pursue would be non-food allergen tests. The allergens that would be tested would be things like allergies to pollen, insect bites, or even dust. I would still be in the allergen market; however, I would need to devise a way to test for these other allergens together. For example, insect bite allergies can be determined using a skin test, this is not necessarily the same as determining a pollen allergy. It might now be as simple as a food allergen test, but it could be as useful as one.

NEW VENTURE CONCEPT:

            This new allergy test could help people who do not have food allergies, but have severe reactions to other allergies. I know that many people do not know if they are allergic to bees, wasps, or other insects until they are stung. Or people just assume they are allergic to dust if they sneeze or feel congested in its presence. A simple allergy tests that tests for the basic non-food allergens would be able to alleviate the confusion and mystery regarding these allergens. I would use the same concept for these tests as I would for the food allergy tests.

INTERVIEWS:

How can this new product (described above) be successful in the market?

1)     “I do have to say that is a very interesting idea. I have never heard of anything like that in the market. But what you are saying makes sense. My brother is very allergic to bees and wasps; we carry around an EpiPen every time we go outside for an extended period of time. My mom is not allergic to their stings, my dad is, and my brother is, there is a part of me that wants to know, but I do not want to get stung to find out. There are those skin tests that check, but I feel as though I have a pretty slim chance of getting stung by bee or a wasp. I do not go around chasing, I leave them alone and they leave me alone. Anyone, I think if you could pull of a test that checks for multiple allergens people would like that a lot. It would be worth it to invest time and money in a test that gives results on multiple allergens rather than just one, especially if the allergen someone has is not that bothersome.”

2)     “The idea is pretty cool, but it may be hard to pull off since different allergens affect different parts of the body (i.e. nose, skin, stomach, etc.). If you were able to pull something off that tests for multiple allergens or maybe create a take home kit, you would need to make the price of the product more affordable to consumers. Something that could be sold at a drug store. I, also, if you couldn’t tell think that this particular product should be more of a buy at and store and take-home product. I think that would be easier on people price wise and convenience wise.”

REFLECTION:

            I learned from these interviews that maybe my idea is not as crazy as it seems, but it will be difficult to create. My second interviewee made a good point when he said that different allergens affect different parts of the body and it may not be easy to check with one test, a kit would probably be better. I also found it interesting that interviewee one did not want to take a skin test even though bee sting allergies run in his family. This would create a use for my product, especially if I could get other allergens included in the test.

            I would not want to venture into this concept. I feel as though it is too complicated to create a working product and would be way too risky for me in general. The market may be attractive because I know that some of my friends and family members, including myself, would like to know what we are actually allergic to, rather than just assume and brush it off. 

Assignment 24A: Venture Concept No. 1

The LB Food Allergy/Sensitivity Test

Opportunity

            About 15 million people have food allergies/sensitivities. Of these 15 million, 5.9 million are children under the age of 18. These issues are becoming more prominent in today’s world and cause many different reactions.  

            With that being said, my target market would be children aged 6 to college aged adults. The people of these age groups would be beginning to display symptoms of food allergies or sensitivities as their bodies are still developing and changing. The need is becoming more and more important as more people are discovering that they have difficulties digesting or consuming certain foods. The effects of food allergies can be incredibly severe (anaphylaxis) or milder as they are with food sensitivities (stomach aches, discomfort).

            The market is not necessarily defined geographically or demographically as the problem I am trying to provide aid to is more of a biological problem. Anyone can develop issues with certain food at any time. What is important is that people can learn about possible food allergies or sensitivities so that they can react early and not face serious consequences.

            Currently customers are learning about food allergies and sensitivities through trips to the gastroenterologist or through take home food allergy tests. The gastroenterologist and take-home food panel tests test for allergies or sensitivities against about 50-100 different types of foods. This may seem fairly easy, however, many people have to “jump through hoops” to come to this conclusion. A lot of money can be wasted going from doctor to doctor, unless an obvious food allergy symptom is displayed. Also, there may be a lack of understanding with the consumer when it comes to using a take home test.

            There is a fairly big window of opportunity, as the statistics of food allergies and sensitivities are huge and have no indication of slowing down. The window of opportunity will be open as long as there are food allergies and sensitivities or until information becomes more prominent (that people do not have to go through the run around to get information about it or diagnosed properly).

Innovation

            My idea would make diagnosing or simply gaining information about food allergies easier. My idea is a combination of a product and a service. The product itself would be a simple food allergy test. It would only test against the most common food allergens (gluten, soy, peanuts, tree nuts, milk, shellfish, and seafood). These are the foods which usually cause the most severe reactions in people. Using this simple food allergy test would allow parents to become more aware of possible health issues their child could have and enable them to be more prepared in the case of a food allergy emergency.

            The service aspect would be partnering with doctors. Ideally, I would like my tests to be similar to how a doctor handles some of the optional shots. The doctor or pediatrician, in the case of a child, would tell the young adult or parents of the child that food allergies and sensitivities usually begin to pop up in the early years of life. They would describe this basic food allergy test and present it as an optional choice, in case young adult parents would want to learn more or see if there is anything food related issue. The main idea is prevention and having information known so severe reactions can be limited or (in the best, but unlikely case) eliminated.

            I would like the food allergy test to be on the cheaper side, maybe $25-$50. Other food allergy tests can be in the hundreds or thousands of dollars. If more testing is warranted, then the consumer will be able to reach out to a recommended gastroenterologist and take their preferred food allergy test.

Venture Concept

            Customers would want to use my product because it allows for an easier flow of information. There can be confusion when using my competition, a take-home food test, or it can take a while for a customer to seek out the help of a gastroenterologist. The hardest part would be getting the doctor to approve my test and recommend it to their patients (switching to my food allergy test).

            The key players for my idea would be customer support and price points. Many people face a confusion and frustration when first discovering that they have a food allergy; they go to many doctors or hospitals and it can be one of the last issues doctors suspect. Having doctors explain food allergies early and having a basic food allergy test available early can ease people into an easier food allergy transition. With regard to price, my test is significantly less expensive, and people will not feel like they wasted tons of cash if no allergy or sensitivity is discovered.

            My business would require many people for the research and development phase. I want my tests to be very accurate, so I would imagine a team of about 15-20 people. My distributors and marketers would be the doctors themselves as it is their recommendation that will allow my product to flourish.

Minor Elements

            Secret Sauce: My most important resource will be the relationships between doctors and gastroenterologists. People trust their doctors and I would need this credibility in order for people to use this product. I know some doctors and gastroenterologists, so this should help create an advantage for me.

            What’s Next: I think the next step for my opportunity would be to create “booster” food allergy tests. These tests could look specifically at certain food groups. For example, if a parent in a family was very allergic to mangos maybe the parents would want to know if their child had any fruit allergies/sensitivities.

            Next For Me: After about 5 years, I would want to put this idea in more capable hands than my own (maybe a doctor or other professional in the health field). I do not see myself as a long-term entrepreneur and I would like to have my own job working for a well-established company.  

Assignment 23A: Your Venture's Unfair Advantage

1)     Food Allergy Experience: I have had a negative food allergy experience, so I know what is like to be frustrated when trying to diagnose the issue.

a.      V: I think it is valuable because this connection is what drives me to exploit the opportunity and try to find a solution

b.      R: It is not very rare, because millions of people have had food allergies/sensitivities at some point in their lives

c.      I: This resource is hard to copy, since no two people share the same experience

d.      N: Someone else could have had this idea before me or used their experience

2)     Marketing Experience in Health Field: I had a marketing internship at Florida Hospital East Orlando, so I have had exposure to marketing to doctors.

a.      V: Marketing to people in the medical field can be difficult, but it is good to have a basic understanding of how to do it

b.      R: Many people have the opportunity to have ride along internships with physician relation employees, etc.

c.      I: Again, this resource is one of those one two people can share the exact same experience. What I learned from this can be completely different from someone else

d.      N: Also, similar to the first resource where it could have been any intern in that position

3)     Gastroenterologist Contact: I have seen a few GIs during the year and they know me pretty well. My sisters are also very close with their GIs so I would have access to their knowledge.

a.      V: Food allergies/sensitivities are their field; they are incredibly important to helping develop this product

b.      R: Knowing a few GIs is not something that is very common among people, but it is not completely rare (just more out of the ordinary)

c.      I: It is not hard to copy at all, but it may take a while to develop a connection unless you are in the medical field or repeat patient

d.      N: Gastroenterologists are probably the most knowledge about the digestive system, you could ask a regular doctor, however their knowledge may be limited.

4)     Grassroots Marketing Experience: At my marketing internship, I learned how to market and advertise different things using little to no money, which helps if you do not have a big budget

a.      V: This is very valuable since not everyone is going to have large to unlimited funds for a project

b.      R: Many people have used this tactic, but sometimes it can be forgotten because of how simple it is

c.      I: Other methods of marketing can be used; methods that require money

d.      N: Money can substitute the need for these basic marketing tactics

5)     Target Market Exposure: A lot of my friends and family members have had food allergies ranging from small sensitivities to severe, severe allergies

a.      V: It is important to have an understanding of who your target market is. I can run a number of ideas by them and take their feedback into account

b.      R: This is not very rare because many people would be willing to share their stories, however, the stories and experiences of my friends and family are rare

c.      I: Other people in the market can copy this idea and they do need to know their target market in order to still be in business

d.      N: Other people can be used and also a more established company/product would be able to have actual customer feedback regarding the product

6)     Knowledge from Failed Entrepreneurial Venture: My mom briefly started her own business but had to shut it down due to errors in planning, etc. She always jokes with me that if I ever need advice on starting a business/product she will tell me what not to do.

a.      V: It is always good to learn from past mistakes

b.      R: Many people have had failed business ventures, ideas, etc.

c.      I: The fact that the person giving me advice is my mom cannot be imitated

d.      N: This could have been substituted with any entrepreneur who has made a mistake through the course of their business, idea, product design, etc.

7)     Persistence: This is one of my human capital resources. If I really love what I am doing or trying to accomplish, I will do whatever it takes to make it succeed

a.      V: Sometimes circumstances will keep your spirits low or try to convince you to quit, but you have to stick with it if you believe in it

b.      R: Many people are persistent

c.      I: No one will ever have my level of persistence; it is unique to me

d.      N: Persistence is hard to do without, it keeps you from giving up

8)     Increased Food Allergy/Sensitivity Rates: Food allergies and sensitivities are becoming more and more common. People are going to need information and tests to help deal with them

a.      V: This is what will be driving the market for my product

b.      R: Food allergies/sensitivities themselves are not rare, but unfortunately this works to my product’s advantage

c.      I: Any company with a food panel test can profit off of these increasing rates

d.      N: Other food panel tests can be used instead of mine

9)     Financial Donation for Research: My two sisters have had their fair share of dealing with food allergies and other health related issues. They are the kinds of people who would donate to a research project that would help other people live happier and healthier lives

a.      V: It is nice to have some money available especially when creating a product that will have lots of R&D put into it

b.      R: Many people are funded differently

c.      I: Anyone could donate to my cause, but it makes it that much more special that it would come from my family

d.      N: Other people could donate to my product’s research or development or I could fund it myself

10)  Adaptability: This would be reflected as my human capital and part of my business. I can respond to changes better than most people I know, and I would want my product to reflect that as well.

a.      V: It is crucial to be able to respond to changes that affect your market and your own personal life

b.      R: Many people are able to adapt, but some may be more suited to deal with these challenges than others. It is rare thought to adapt to a situation perfectly as there is always room for error

c.      I: I create my own level of adaptability and would create my own level for my business as well

d.      N: It is hard to be able to handle change without being flexible and adaptable. You could ask someone for outside help, but that may come at a cost.

It was very hard for me to come up with a resource list for this assignment. I think I was starting to over analyze things and I kept searching for the perfect VRIN resource, which may be difficult to find. However, I do believe that my most important resource would be the contact with the Gastroenterologists. Food allergies and sensitivities are part of their world and they know it best. Having GIs on board and being able to communicate with them would help create a product that would work and give the results that doctors, and patients would both want.