Final Reflection

The most formative experience for me was the elevator pitches.  I consistently saw improvement with each one.  It wasn't just practicing memorizing lines, but it also helped me to formulate persuasive rhetoric, which I think is a great skill to have.  My third elevator pitch I was actually really proud of, and enjoyed that assignment the most.

I honestly don't really see myself as an entrepreneur.  I'm not salesmen type of guy, as you might be able to tell from me skipping all the interview assignments.  I don't have that drive to go "Hey stranger, check this great idea I have!"  That just isn't me.  I do have more of a mindset now for picking out "bugs" and saying "hey, there might be an opportunity here" but that's as far as it goes.  If I thought the idea were great enough, I might patent and sell it, but I doubt I'd pursue it unless I was super, super passionate about the idea.  It would have to really excite me on a personal level.

One recommendation I would make for future students is that you don't have to do all of the interview assignments to get an A, so if you hate talking to strangers don't sweat it too much.  I only did one or two and am still going to do fine in the course.  But if you want to perform the best, then I would simply say do every assignment.  As far as fostering the mindset, simply doing the assignments will do that.  The assignments themselves seem to have that goal in mind already.  Once you do that, you'll feel more confident to pursue a venture and take on the world...

like this guy.

My Exit Strategy

It's quite difficult to be thinking of an exit strategy when I'm still thinking of a way to get this venture started.  How I exit largely depends on many factors that are unforeseen.  However, if my application Athlete Finder is successful, then I see no reason why I wouldn't just grow old like Conan here and rake in the profits.  Ideally, I would hire a team that is constantly trying to update that app, making it more relevant as time goes on, and just oversee any big decisions.  If the app is doing well and continues to do well, then I grow old and eventually would probably sign it over to my future kids.  If the app is slowly going downhill, then I sell it off.  Like I said, how I exit largely depends on information I don't have yet, so it's difficult for me to give a concrete exit strategy.  This exit strategy hasn't influenced any decisions I have made while exploring this venture, and I imagine this is because I haven't even thought about it until this assignment.

Making It Real

Resume

Celebrating Failure

I've recently started playing golf and it's a very hard game.  So I continually fail at that every time I hop on the green.  I always fall short of what I want to do, whether it's hitting over what I expect to, or slicing the ball into the woods on my first drive.  This is expected though, because it's a learning experience.  You try, fail, adapt, try again, and gradually get better.  When I slice a ball, I say "Okay, what causes the ball the slice?, figure it out, fix it, see if it works, and so on.  Failure has never been emotionally draining to me.  I've never taken it bad, because I know it's completely nonsensical to be 100% successful in everything you do the first time you do it.  This class didn't really challenge my perception of failure at all.  I learned a lot, for sure, but my perception of failure being a positive thing, a learning experience, has remained the same.

Elevator Pitch No. 3

The only critique I had on my elevator pitch was more of a suggestion, and that was instead of making my app about finding other golfers to play with, it has now been updated to include many popular sports.  It was also suggested I explain more about how the app works, so I attempted to do that as well.

My Unfair Advantage

1) Creative
V: Valuable in the sense that I can make my app different and interesting, while also being familiar and relatable to the users.  I come from a family of musicians and I myself compose on a daily basis.  Granted, creating music is different from creating an app for athletes to find other athletes, but the same inherent ability to think outside the box is still there.
I: Creativity can be copied in a sense.  It's called plagiarism, copyright infringement, etc.
R: Somewhat rare.  Some people are creative, and some aren't.
N: No substitute for being creative.

2) I know a guy
V: This is very valuable.  I have a couple friends that are familiar with app designing, which is precisely what my service is.
I: Can be copied if you know the same guy, I suppose.
R: I don't really know if this is rare or not.  You either know the right people, or don't.
N: I don't think there is any substitute for knowing the right people. Networking is everything.

3) Education

V: There is value in being educated. There better be, this degree is expensive.
I: This can be copied.  Many people go to college.
R: Not that rare.  40% of Americans are college graduates.
N: There is a substitute: self-education. 

4) Determined

V: Very valuable. Instilled during my time in the Marines. Don't stop until the job is done.
I: Can't copy determination exactly, but it can be easily confused and conflated with motivation.
R: Somewhat rare.  I see people quit on a lot of things too quickly.
N: No substitute for embracing the grind and doing what needs to be done via sheer will.

5) Cultured

V: I have lived in 10 different countries. Valuable in regards to international user compatibility.
I: You can't copy an understanding of the cultures and customs of a region.
R: Somewhat rare. Many apps are region specific.
N: There is no substitute for having a high sense of cultural awareness and perspective.

6) Computer/Technology savvy

V: Very valuable, considering my service is an app for Apple and Android devices.
I: This can't be copied, but learned. Although, I've spent my whole life around games, computers, and electronics so this is second-nature to me.
R: Somewhat rare, maybe.  I know plenty of people that still don't know how to drag files to their desktop, or even copy and paste.  Seriously.  Cntrl+C Cntrl+V.
N: The only substitute for this is if you have a partner going into the business that can handle all the techno stuff.  But if your idea is an app, you should be familiar computers, phones, internet, etc.

7) Original Idea?
V: I put the question mark because while there is no app on the market like mine, it can be said that no idea is truly original any more.  Originality can sometimes be valuable.  But original does not always mean good.
I: The idea can be copied.  Heck, I sort of got this idea from Tinder.  Just replace the local singles with athletes, and you have a new app.
R: If every idea is based upon someone else's idea, I'm not entirely sure how rare it is.
N: Your idea can't be substituted because that's what your business adventure is based on.  Without it, you couldn't move forward.  Unless, of course, you substitute it with a new idea entirely.

8) Financial Capital

V: Very valuable.  I have a grandfather that loves helping family that want to help themselves.  If I pitched him this idea and he thought it could be successful, he would fund it in a heartbeat.  I wonder how many great services or products never made it to the market because the entrepreneur didn't have the resources to get it started.
I: You can't copy money... I mean you can, but then the FBI would come after you.
R: Somewhat rare.  Everyone has money troubles in some form or another.
N: No substitute for access to financial resources.

9) Work well under stress

V: Extremely valuable.
I: It would be difficult to copy this behavior. You could, however, grow accustomed to it.
R: I think this is somewhat rare.  I witness too often people buckling under pressure.
N: I don't think there is a substitute for working well when s*** is hitting the fan.

10) Social Support

V: I have a family of very smart people: doctors, physicists, writers, etc. Sometimes just having smart people offer advice and support can be very valuable.
I: I suppose you could hire a group of advisors from various backgrounds, but there is no personal commitment there like there is with a family.
R: Who knows, every family is different.
N: Each individual is unique and offers their own unique perspective, so this isn't substitutable to me.


I think the most important resource I have is my grandfather's financial support.  So many great ideas can't even get out there because the originator doesn't have the funds to get it going.  I mean, I can be educated, cultured, and work well under stress all I want, but if I don't have the funds to kick-start this idea into motion, it simply isn't going to happen.

Amazon Whisperer

Since I'm offering a service instead of a product, this exercise will be difficult to complete (as Dr. Pryor himself noted), but I will attempt it nonetheless.  The current revenue drivers for my Athlete Finder phone app are ads, like they are for most apps.  If the customer doesn't want ads and desires more use from the app, they can pay a small monthly fee which is another revenue driver.  As far as the "next" thing my customers want, again, this hard to answer because I'm not actually providing a tangible product to begin with.  The only thing I can think of to enhance the service is to continually improve the app, poll customers, read reviews, add services, and constantly update the app making it continually relevant.  Since I can't go to Amazon and pick out a similar product, the best I can come up with is to find a similar app.  If I had to pick one, I would say Tinder.  Tinder is typically used to find local singles, but the idea is essentially the same with my app.  You select your sport, browse profiles of other athletes or weekend warriors, and if both people indicate a desire to play a game of golf, tennis, basketball, etc., then a text window pops up and you can talk about meeting up to play ball.  This app is essentially Tinder, except for athletes.  But this comparison goes off the exercise a little bit, because I can't exactly align Tinder with my existing business.  As expected, it was difficult to answer some of the questions because what I'm selling is a service and not a product.