Assignment-29A-Venture Concept #2

Business Name: The Movie Spot

Opportunity: My business opportunity has to involve with the satisfaction and needs of loyal customers who are passionate about the film industry and enjoy going to movie theaters on a good consistent basis. The nature of this need is highly valued in the target of these certain customers. I believe by changes in this environment that follow up in the business opportunity will have a positive impact in terms of the nature of economics. This market is defined as less involved with based off results and statistics that surround this general opportunity. Demographically, it can be viewed as a need for all ages from sixteen years-old and above. No, I don't believe customers are fully satisfying themselves with this need. When they are, it is not meeting their full expectations, which means there is a certain wrench thrown into their solution in wanting to fulfill their unmet need. This opportunity is a very big need in the eyes of the target of customers who have an extreme passion for watching films and this a large sum of people across the map. I think the "window of opportunity" will always be open as long as the film industry is doing well, and I don't think that will disappear.

Innovation: For my idea of innovation in this business opportunity, the product/service I want to highlight and make the most important out of the whole opportunity is the implementation of the customer/membership system that will be free of charge and easy process to sign up for. This will be a huge success for the business in ways of meeting the needs of our customers and making them feel like a "VIP" to the business. This is a very simple process for the customer and there is really no trouble or frustration that will be brought to the customer. Once a customer is locked into the system as a memeber and for each ticket they will buy, their rewards will be based off a point system. For every ticket they purchase, they will be rewarded two points. Two points will equal a concession discount they can cash in on at that station. For every five tickets they purchase, which will equal ten points, this will result in a free movie ticket on a movie of their choice and this is the golden tactic I think will bring in more customers once the word is out about our membership system.

Venture Concept: I believe the main priority in our way of thinking in implementing our innovation method in making the customer important will be exceptionally viewed upon by other customers who are currently not members. What I am trying to say is for example, if a first time customer visits our theater and sees how our members are using their membership cards that treat them well. This is where it will make the non-members not feel apart of something special and this is where we will meet that need by focusing on the innovation and concept of customer satisfaction. Once we make that first time customer apart of the membership on their first experience at our theater, we will be successful in so many ways.

Three Minor Elements:

1.) For the business and it's impact it will have on customers, our most important resource to us that will make it hard for competitors to copy is the risk we are willing to take on the innovation and the product/service idea of membership system and an example of that is the amount of money that will be lost in ticket sales when a member redeems a free ticket on their membership card. Yes, we lost a sale on the face value of a movie ticket, but it will be gained and a profit will rise when that same customer purchases a high amount of snacks and beverages at the concession department because it is the fact we made them feel satisfied that they didn't pay for a movie to where it leads them to the decision in treating themselves with popcorn and soda by hypothetically speaking that were disciplined to save their points on earning a free movie.

2.) The next idea to tackle for the venture would revolve around the narrative of how can our theater be more productive and put ourselves out there for people to notice, but in a sense to where we don't want to be the only theater in town that everyone chooses to got to. I feel like if all of our screen houses inside are sold out for every show, everyday, this will not sit well with our members. To where they have to rush and get to the theater because we become a business based off reservations, and that's not exactly the direction we want to go in.

3.) What I think will be next for me once I get this startup venture off the ground, I would say in five years that I hope to see the theater bring in a large sum of customers/members to where we will have a stable flow and alternative sources of revenue being brought in by not only customers, but by also other friendly businesses in the community. In the next decade as an entrepreneur, I would also say that once this startup venture is off the ground, it has succeeded tremendously, and exceeds our expectations, I would want look at the next venture concept of want to create a couple of more identical theaters in other locations. I don't necessarily want to start a chain like AMC, but that idea is never off the table. I just want to start slow and see how this first venture plays out.

Summary of Feedback: I did not receive any feedback on my first venture concept from any students. I believe if I would have received feedback, it would've been positive and negative. On the positive note, I think people would've been happy with my decision to pass off my startup that hopefully becomes successful off to my kids and then my grandkids in making it become a true family business, and I think people would agree with me that all of the work I put into this venture would not want to be run by someone who is always thinking about the next way to make a quick buck. On the negative side, I think a few classmates would've seen the memberships system become a problem in the way people would abuse the free perks, but then again that is my whole idea behind it. They have to spend money  at the theater to receive those perks and discounts.

What I changed about my second venture concept: For my second venture concept, I honestly didn't change anything about it. Yes, I did not receive feedback from classmates, but I also did not want to make any changes even if I received feedback, because I felt that everything I had set out to do in this venture concept would've been the right path to take, especially the exit strategy and not selling the business. If I had to change anything about this second venture concpet, I guess I would've changed the focus on customer service and turn that focus on the accommodations to the customer in seeking other needs they would want met when they come to the theater. For example, installing a full service bar in the lobby because the majority of customers like to enjoy an alcoholic beverage at the movies, or a separate department room for an arcade because the majority of customers are grown adults with children and they would like to kill some time by playing games with their family. I feel like those ideas would be a successful strategy in wanting to create more revenue for the business.

Assignment-30A-Final Reflection

1.) After reading through all of my posts, there have definitely some moments of drudgery at the beginning of the semester after seeing how many assignments that were required in this course. The middle of the semester was filled of excitement that we were half way done with the class. The end of the semester was filled with the gratitude and emotions of reflecting back on how much effort I've put into the class this semester.

2.) All of the assignments that I have completed have been a formative experience by far. The elevator pitch assignments was something that I'll always remember doing. The experience I am most proud of myself is the accomplishment of reading all three books.

3.) I don't necessarily think I have developed an entrepreneurial mindset, especially now at the end of the semester. Mainly because I have mentioned it countless times that I am not a big risk taker and I don't know if I will get over that fear to become a successful entrepreneur.

4.) If I had to prepare someone who is going to take this class in the future, I would inform them on making every assignment count. Treat the cupcakes as if they were your only quiz, so you're able to focus on the lectures carefully. More importantly, I would tell future students to always remain positive and don't get overwhelmed by the amount of workload in this class.

Assignment-27A-Reading Reflection #3

Steve Jobs by: Walter Isaacson

1) You read about an entrepreneur:

• What surprised you the most?: The thing that surprised me the most about Steve Jobs' is his entire journey of life and all of the events he had experienced. Experimenting with LSD in India, dropping out of college, building one-hundred computers in a month, etc.
• What about the entrepreneur did you most admire?: The thing I admired most about Steve Jobs is the way he handled adversity and failure. This man went through hell and back in trying to be successful. He looked at all of his opportunities as a way to be creative and invent something this world has never seen before. He just wanted to make a difference in this world with his own inventions. He valued the aspect of success to the highest level and he wouldn't stop until he had reached that level.
• What about the entrepreneur did you least admire?: The thing about Steve Jobs' that I least admired is the way he treated his team of employees. They all wanted to reach the same results of success, but I think Jobs' wanted it more than anyone and he wasn't going to rest until he got the results he envisioned. 
• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?: Jobs' had surely encoutnered adversity and failure when he dropped out of college, he was fired from Apple in 1985, and his "NeXT" computer project not doing so well. Jobs' still continued to take risks and look for new opportunities to make a difference in the world by investing in Pixar, rejoining and saving the company of Apple with his help of brilliant moves such as coming to a deal with Microsoft to implement the Microsoft Office program into the Mac.

2) What competencies did you notice that the entrepreneur exhibited: The competencies I've noticed that the entrepreneur exhibited is the fact that practice makes perfect. Jobs' was an extremely motivated hard worker and he wouldn't accept results if they were mediocre. He wanted the closest thing to perfection.

3) Identify at least one part of the reading that was confusing to you: One part of the reading that was confusing to me was the fact that Jobs' lost a fortune from the "NeXT" company that he invested a lot of time and effort into after he had just recently been fired from Apple. BuT, going back to the confusing part is that I don't understand why he quickly bought a share of Pixar and invested a percentage into Pixar after all of those failures. 

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?: If I were able to ask Steve Jobs two questions, my first question would be, "Why didn't you give Steve Wozniak the credit he deserved?" And my second question would be, "What was the hardest thing you've experienced in your life? Whether it was business failures, personal life matters, etc. Even though these seem like obvious questions to ask a guy like Steve Jobs, I would ask Jobs these two questions because I feel like he would give me an answer I need to hear when it comes to the concpets of success, failure, personal relationships, and how hard it can be to manage all of these when life doesn't deal you a good hand.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion: I think Steve Jobs' opinion of hard work is again, the notion of practicing perfection of his art. He seems like he was a big perfectionist and it bothered him if there was something about his creation or product that didn't look right in his eye.

Assignment-28A-Your Exit Strategy

1) Identify the exit strategy you plan to make: If my startup were to turn out successful in the beginning years and for a good amount of time past that, I honestly would keep examining how the business does for say, twenty years. If business is still booming by that time in the future, then I would prepare to pass down the business to my children if they want to take on this responsibility.

2) Why have you selected this particular exit strategy: I picked this particular exit strategy for my venture mainly because I would hate to see the business ran by a greedy individual who only thinks about how the business will come up with another way to make a buck the next day. If my children were to take on the business then I know it will be in good hands of how the place will be run when I'm retired and gone.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept: My exit strategy has definitely influenced other decisions made in my concept in the ways of how I plan to execute this venture and manage my time while pursuing this project. I don't think it necessarily has influenced the way I've discovered opportunities for this idea, but it sure has influenced my growth intentions for wanting to see the business have a positive impact before making a decision on what to do with the business in the future.

Assignment-26A-Celebrating Failure

1) Tell us about a time this past semester that you failed: If I have to recall failing at a point in this past semester, especially for this class, I would have to say that I was on a trend of doing well on the cupcake quizzes. Then there was the week after spring break and I did not do well at all on the cupcake and I was pretty disappointed.

2) Tell us what you learned from it: What I learned from this failure is that I got out of sync from being on a schedule/rhythm of completing assignments, watching lectures, and then taking the quiz. For this particular week, I waited literally until the morning of the due date to watch the lectures and take the cupcake thirty minutes before noon. So with that being said, I learned that I can wait until the last minute of the due date to watch lectures for the cupcake and expect to have a positive result. 

3) Reflect: What I would say about the biggest meaning about failure is that it's all about how you handle it after the matter. You have to be honest and ask yourself, "Am I going to settle for this, or am I going to change something about myself to where I can be successful?" This class has changed my perspective on failure in the way that I can't control what life brings my way, mostly in regards to the amount of work that is assigned for this class, completing week after week, and having to manage that with other classes. I guess you could say in some sense that I am more willing to take a risk in this class, but I don't know about pursuing my own startup.

Assignment-24A-Venture Concept #1

Business Name: The Movie Spot
Opportunity: My business opportunity has to involve with the satisfaction and needs of loyal customers who are passionate about the film industry and enjoy going to movie theaters on a good consistent basis. The nature of this need is highly valued in the target of these certain customers. I believe by changes in this environment that follow up in the business opportunity will have a positive impact in terms of the nature of economics. This market is defined as less involved with based off results and statistics that surround this general opportunity. Demographically, it can be viewed as a need for all ages from sixteen years-old and above. No, I don't believe customers are fully satisfying themselves with this need. When they are, it is not meeting their full expectations, which means there is a certain wrench thrown into their solution in wanting to fulfill their unmet need. This opportunity is a very big need in the eyes of the target of customers who have an extreme passion for watching films and this a large sum of people across the map. I think the "window of opportunity" will always be open as long as the film industry is doing well, and I don't think that will disappear.

Innovation: For my idea of innovation in this business opportunity, the product/service I want to highlight and make the most important out of the whole opportunity is the implementation of the customer/membership system that will be free of charge and easy process to sign up for. This will be a huge success for the business in ways of meeting the needs of our customers and making them feel like a "VIP" to the business. This is a very simple process for the customer and there is really no trouble or frustration that will be brought to the customer. Once a customer is locked into the system as a memeber and for each ticket they will buy, their rewards will be based off a point system. For every ticket they purchase, they will be rewarded two points. Two points will equal a concession discount they can cash in on at that station. For every five tickets they purchase, which will equal ten points, this will result in a free movie ticket on a movie of their choice and this is the golden tactic I think will bring in more customers once the word is out about our membership system.

Venture Concept: I believe the main priority in our way of thinking in implementing our innovation method in making the customer important will be exceptionally viewed upon by other customers who are currently not members. What I am trying to say is for example, if a first time customer visits our theater and sees how our members are using their membership cards that treat them well. This is where it will make the non-members not feel apart of something special and this is where we will meet that need by focusing on the innovation and concept of customer satisfaction. Once we make that first time customer apart of the membership on their first experience at our theater, we will be successful in so many ways.

Three Minor Elements:
1.) For the business and it's impact it will have on customers, our most important resource to us that will make it hard for competitors to copy is the risk we are willing to take on the innovation and the product/service idea of membership system and an example of that is the amount of money that will be lost in ticket sales when a member redeems a free ticket on their membership card. Yes, we lost a sale on the face value of a movie ticket, but it will be gained and a profit will rise when that same customer purchases a high amount of snacks and beverages at the concession department because it is the fact we made them feel satisfied that they didn't pay for a movie to where it leads them to the decision in treating themselves with popcorn and soda by hypothetically speaking that were disciplined to save their points on earning a free movie.

2.) The next idea to tackle for the venture would revolve around the narrative of how can our theater be more productive and put ourselves out there for people to notice, but in a sense to where we don't want to be the only theater in town that everyone chooses to got to. I feel like if all of our screen houses inside are sold out for every show, everyday, this will not sit well with our members. To where they have to rush and get to the theater because we become a business based off reservations, and that's not exactly the direction we want to go in.

3.) What I think will be next for me once I get this startup venture off the ground, I would say in five years that I hope to see the theater bring in a large sum of customers/members to where we will have a stable flow and alternative sources of revenue being brought in by not only customers, but by also other friendly businesses in the community. In the next decade as an entrepreneur, I would also say that once this startup venture is off the ground, it has succeeded tremendously, and exceeds our expectations, I would want look at the next venture concept of want to create a couple of more identical theaters in other locations. I don't necessarily want to start a chain like AMC, but that idea is never off the table. I just want to start slow and see how this first venture plays out.

Assignment-25A-What's Next?

Existing Market: With my business opportunity in it's existing market, I believe the products and services that go into it will stay the same, and then there will be some changes in terms of how these products and services will be displayed and used for customers, especially with my business startup occuring in the movie theater industry.

Interviews: With the interview process being cancelled for the remainder of the semester and reading over the details of this assignment and what it requires from the interviewee, I think if I were to summarize this process of the assignment based off the feedback I've gotten from past prototypical customers, some of the answers I would consume from prototypical customers is that I would always have to adapt the customer's preference just like in most businesses. But, in dealing with the movie theater industry, the customer side of this business can be the hardest part of in this industry and if you don't adapt to the customer's preferences, you can expect to see some decline in revenue. These preferences would be the adjustments to minor recommendations from customer segments such as customer service, hospitality, entertainment, etc.

Reflection:Based on my own expectations and the feedback I've gotten from previous customers, the biggest thing that from my venture that makes the most sense is the idea of is the execution of a consistent and professional reltaionship with the customers. So like I said before, the customer segment is huge for the opportunity and I wanted to have a strong focus on making sure the customer is taken care of before the needs of our own as a business.

New Market: With the evolution and dramatic advancement in technology, I think targeting a B2C market in a poor part of society will definitely be a struggle in making an effort to continue to supply and support our customers to their demands with a scarce amount of resources these individuals will have.

Now that I have identified a different market in a different view of society, I still think the most pivotal segment of my venture concept is the idea of this membership system I want to implement to make all customer feel like they belong and are valued on a pedestal to make our business more unique than others in the industry.

Interviews: To summarize this part of the interview process for this concept, some of the kind of adaptions to the products/services mix I think I should make in order to be successful is that I think the prototypical customer would come up with a certain amount of questions based on their agenda of what they experienced from the last visit, especially if it comes to a certain product or service will be important for the business to have those answers prepared, or to at least consider these suggestions of the customer.

Reflection: There were definitely some good takeaways in targeting this new market and new vision of a different part of society to where it was important to consider different circumstances or situations that could possibly have a dramatic effect on my business opportunity. Some of my exepectations/assumptions were somewhat correct in the customer segment.
This new market, on second thought didn't appear to be as attractive as I thought, but as I went onto explain how much value that the customer perspective has on the business opportunity could still have the same impact just as much as the existing market would.