Final Reflection 30A

Entrepreneurship is a Journey

1. This class has been a great experience for me. There were certainly difficult stretches that challenged the way I have thought for years, but ultimately, I am most certainly better because of it. The high of the semester was when we had our first assignment about finding things that bugged us. This really helped change the way I viewed entrepreneurship. Additionally, I enjoyed the elevator pitches and thought it was a great way to practice public speaking. The lows for me generally came when I had to stick with an idea that I didn’t think I could do currently. It was hard doing interviews when I didn’t feel like I really had a viable business. These were the moments when I wanted to give up on working to become an entrepreneur, but now I know I only needed to have a growth mindset.

2. I really think the most formative experience came from the Bug List and identifying solutions to those problems. This was a great assignment and helped me to change the outlook I had on what entrepreneurship is. I am proud of being able to consistently learn and grow throughout the semester and being able to develop a growth mindset and better understanding of entrepreneurship.

3. I don’t think I see myself as a successful entrepreneur yet. However, I feel I have the tools to become one down the line. I most certainly have moved closer to an entrepreneurial mindset and I now understand what makes an entrepreneur. It is a process that can be learned, and it takes being willing to take risks and learn from it. I have learned some great lessons this semester and it will help me in whatever my future holds.

4. I would recommend that people choose an idea that they are passionate about and would like to learn about. You will have to do a lot of research around your idea, so make sure you choose something that you enjoy learning about. One of the best tips to succeeding in the course is to simply stay on task and not be afraid of failure. By being open to learning from rejection from interviews and other assignments, you can learn some valuable lessons in the course. I would also recommend reading The New Psychology of Success. That book was incredible and has helped me to develop a growth mindset that will help in all areas of life.



Thank you to everyone who left constructive feedback on my posts this semester. Also, big thank you to Dr Pryor for leading a class that fosters real growth and learning that will help me in whatever job I have. I have really enjoyed this class this semester!

Venture Concept 2 29 A

Bryce Ballard

ENT 3003 | Venture Concept 24A



Opportunity

The opportunity that I will be seeking to exploit is based around helping nonprofit organizations receive donations in a streamlined process while helping those donating the goods save time and effort. Nonprofit organizations frequently need more donations to help the community and are often asking for donations. Many people would like to help the community with their unused goods and products, but they simply do not have the time in their busy schedules. This means there is a mutual desire to help on both sides but a streamlined process to help all parties involved does not exist. This is where the opportunity exists and why Waste to Grace could be the perfect solution as a streamlined platform to help all involved.

The forces that have created this environment are mainly technology and the ever-increasing business of life that most people face. Technology has opened the door for more communication and location sharing opportunities that could allow for a platform like this to exist. Additionally, many people like to help others and do good for the community. However, people are simply too busy to drive to locations to donate goods. This creates an opportunity for organizations to come to pick up the goods that would like to receive. This market could be widespread across the United States. However, this venture will focus on starting in the Ocala and Gainesville market. Demographically, middle to upper class residents will be targeted for donations. The window of opportunity should remain open unless a different company were to create a similar platform that took on this market and was able to exploit the opportunity first.

Innovation

This platform would be incrementally innovative. It would use technology that is already available like direct messaging, location services, posting pictures, and advertisements. First, nonprofit organizations must sign up on the website. They must verify that they are a nonprofit organization and then they can be a part of the platform to view donation items in their area. Residents with donation items will simply have to sign up on the app with their information and then they can take pictures of the items they would like to donate with a short description. They will then post it to the platform for all organizations to see. The nonprofits can then request to pick up the goods. After they have been claimed the item is marked as donated and taken off the platform. Businesses will also be able to sign up to donate their perishable food items. They will be able to post on a separate section of the sight with their food items. These items are always in high demand and again nonprofits will be able to select the items and go pick them up. Businesses will also be able to keep track of the goods that they donate and be able to write them off as tax deductible.

Waste to Grace will attempt to a self-funded platform by selling advertisements and post requests for items that they need currently need. Advertisements will be sold at prices based on app and website traffic. Nonprofit organizations will also be able to pay for slots that will request certain items that they need. They can also pay for alerts that will go out to those with the app for certain items that they need currently. This will create revenue to self-fund the platform.

Venture Concept

The innovation that Waste to Grace brings will satisfy the needs of the market by providing a better way for both the organizations and those donating the goods. Both organizations and people making donations will use the Waste to Grace platform because it offers an easier way to donate goods and a streamlined process with less time involved and less items wasted. The cost per user ratio should not be very high, somewhere in the realm of 15 cents per customer, since organizations will encourage their community naturally to be involved in the platform since it helps out all sides. The only competitors would be if organizations already have deals in place regarding how they receive their donations (most do not). Other factors of competition would result if someone else tried to start a similar platform to directly compete for the advertising dollars. Price points and packaging do not play much of a role although advertising does. Waste to Grace will build a network of organizations, residents, and businesses in the Ocala and Gainesville area to be able to build a starting point. This will take sales and marketing to build the data base, but as more national organizations are involved, the concept will spread rapidly. Waste to Grace will need minimal employees but will use the infrastructure of existing nonprofit organizations to be able to spread the Waste to Grace platform. This will allow us to have a low overhead cost and be able to focus on self-funding the platform. I will run much of the marketing and sales aspect to grow the platform and I will hire a service to create the app and website to house the platform.

Three Minor Elements

The most important resource that my company has will be the passion for helping others that Waste to Grace will foster as well as the convenience of the platform being backed by large national organizations. I have personal experience in humanitarian efforts and will be able to facilitate the company in a fashion that brings joy and help to many people. The venture will look to move to a national scale mainly by utilizing the infrastructure already created by the national organizations. The next step will be creating contracts with the large organizations to become a partner to bring more goods to those in need. Lastly, if this was my first venture I would want to stay involved and lead the company. This would be a venture that could help a lot of people and make a big difference in the community and even the nation. I would work to grow the company and help thousands of people along the way.





2. Unfortunately, I did not have any feedback from either the Venture Concept assignment or the what’s next assignment. I however did look at other plans I had put together and realized that I had left out my plan to use the existing infrastructure of other nonprofit organizations so that costs remain low. This will allow the platform to have a better chance of being self-funded and contribute the max amount of capital and time towards improving the donation process.




3. These are some of the changes I made: “This will take sales and marketing to build the data base, but as more national organizations are involved, the concept will spread rapidly. Waste to Grace will need minimal employees but will use the infrastructure of existing nonprofit organizations to be able to spread the Waste to Grace platform. This will allow us to have a low overhead cost and be able to focus on self-funding the platform.”

Reading Reflection 3 27 A

Innovation and Entrepreneurship by Peter F. Drucker

1. This book relies on over 20 years of research and studies to determine the process and application of innovation in entrepreneurship. This is a fascinating book that has many great insights and practical steps to becoming an effective entrepreneur. Although certain traits such as comfort with risk are important, all people with different personalities and traits can become successful entrepreneurs. Essentially, he boils it down to the fact entrepreneurs search for change, respond to it, and exploit the opportunity. Again, this does not come from an innate ability to recognize opportunities, but rather it comes from methodology. My favorite theme in the book was the 7 Sources for Opportunity section. This identifies the certain scenarios or climates where opportunities for entrepreneurship can be found. This is something I have struggled with and this section really explained how and where to look for opportunities. It also discusses practical tips for exploiting an opportunity as well as the policies and practices of innovation for the entrepreneur. Overall, this book has some profound information that is very beneficial for becoming an entrepreneur and provides tools that I will seek to incorporate into my life moving forward.

2. This book connects vert well with many of the lectures and exercise we participated in this semester. Many of the examples of businesses both good and bad were ones that Dr. Pryor has talked about this semester. Additionally, many of the exercises we did are designed to help us incorporate many of the lines of thought discussed in the book. Ultimately, it is about the process of entrepreneurship and not a profound moment that leads to success. I feel that this book connected perfectly with the course and it will be one that I use as a tool along with the information provided in the lectures.

3. If I were to design an exercise for the class based on the book, I would do another exercise based on discovering new opportunities for entrepreneurship. One source of opportunity is from the unexpected failure. The exercise would be to research and identify three failing businesses or industries. You would then have to discuss the reasons for failure and determine if it was caused by poor leadership and management, or by some outside source or change in the market. Other companies’ failures could be a great way to determine changes in customer perception or desire. This could lead to identifying what customers actually value and a potential to identify a solution to that markets needs.

4. I think the biggest moment for me when reading the book came from Part 3 and Entrepreneurial Strategies. Many of the strategies were related to what we have learned this semester. Ultimately, we have learned that the success of an innovation only comes from the success in the marketplace. The strategies discussed in the book and in class are excellent tools to determining the success of a product in the marketplace. This is something that has been very hard to figure out for and I never really knew a good strategy for identifying that. However, this class and book helped me determine the process of identifying worthwhile opportunities.

Your Exit Strategy 28 A

1. For Waste to Grace, my business venture, I would like to stay apart of the venture and grow it into a well-known nonprofit organization. The main reason I would like to remain a part of it and not step down from the organization is because this is a venture that would be worthwhile and make a difference. I would like to grow the venture into an organization that helps millions of people and hundreds of organizations receive the goods that they need. This would be something that I would like to pass on to my family and let them be involved in a capacity that grows the brand and lets them be involved with helping others directly.

2. The main reason that I have selected this strategy is that I want to be a part of something that makes a difference and work in a field that makes you feel fulfilled. I would not want to sell the organization or move onto something else because ultimately the whole point of me starting the organization would be to help others and that is my passion. I want to be a part of something that is bigger than just a normal day job and I think Waste to Grace would supply this opportunity. Therefore, remaining in the business makes the most sense as my strategy.

3. My exit strategy for wanting to remain involved has most certainly influenced by decision making in developing the concept. I want to be able to be a part of an organization to make a difference and something that cam be self-sustaining, so that is why I developed the concept of Waste to Grace. I wanted to create an opportunity to work in something that is fulfilling, and I think this organization would provide that opportunity. I would want to grow the business moderately and without incurring massive amounts of unnecessary debt so that we can develop a sustainable company. Overall, my desire to be a part of an organization that makes a difference has greatly influenced my decision making and my strategy to remain a part of the organization.

Celebrating Failure 26 A

1. I have failed at plenty of things in my life and have often tried to avoid failure at all costs. This semester I planned to be able to be able to develop some effective small business plans and have an idea that I felt I was ready to invest in and start to grow. However, I do not feel that I have an idea that warrants my investment currently. I have never been a very creative thinker and I think I have become more comfortable with a fixed mindset than I would like. When the first exercise of the semester challenged me to think about things that bother me and then look for solutions, I thought this was a perfect way for me to develop a product or service that I could begin to grow. I had a few ideas for solutions that were interesting but either my ideas for solving them weren’t practical or they simply weren’t that warranted. I started to become discouraged and wondered if I was ever going to be creative enough to effectively solve problems. I eventually found an idea that was interesting to me and stuck with all the assignments in the semester, but I have never really felt that the service is actually a viable candidate for starting a business. Overall, I have really enjoyed the class, but I also started to put a lot of pressure on myself to find a good business to start and that made my failure to find a good business idea more pronounced.

2. One of the biggest things I have learned and begun to understand is that failure is a part of the entrepreneurship process. One of the best ways to learn and develop an idea is through failure. I have spent so much time trying to be the best at what I was good at instead of stretching myself to grow into a rounded person. I learned that essentially, I have been fostering a fixed mindset. By being afraid and frustrated by failure, I allowed myself to get comfortable and believe that I could start a business without failing at all. I now know that is simply not true. Failing and learning from it is a necessary part of life and entrepreneurship. I am thankful that I am learning and applying this to my life and not putting so much pressure on myself every time I fail.

3. I feel that fear of failure has often driven me to avoid trying things that I felt I might fail at. Failure is obviously not a fun experience. However, I feel that I am reshaping my outlook and response to failure so that I can learn from these experiences and push myself to grow more. This class and reading the Mindset book has really helped me reshape my outlook on failure. This is probably my number one take away from the class and I am looking forward to incorporating this more into my journey moving forward. I most certainly feel that I am much more open to failure and taking risks than I would have been before the class.

What's Next 25A

Existing Market

1. The next steps for Waste to Grace are straightforward. Using the existing infrastructure of nonprofit organizations like Salvation Army, we would seek to grow the platform throughout the southeast United States and the nation. Changes will be made along the way most notably to create a larger market for receiving perishable foods to help eliminate food waste and help feed those in need. I think that with more capital and a greater commitment to engage companies and individuals to keep track of food purchases and donate what is not needed will help to grow our influence and impact more than ever before. This will take a larger commitment from the nonprofits themselves as these products must be picked up in a timely manner. Overall, this seems to be the best next course of action for Waste to Grace.

2. Judy, who is a middle-class resident in Ocala, suggested having an option for the person donating the good to also be able to drop it off to a local nonprofit. This would add flexibility for some nonprofits and the people that have the time to deliver their goods and simply want to take them to the place that needs them most. She agreed with my plans for the next steps of the company and said that helping to distribute the food would be a much-needed aspect of the company.

Christa said that she thought the plan in place seemed to be an effective way to help others and was the best course of action moving forward. She also suggested targeting farms that raise crops and meat as sometimes they have excess as well and could be a possible section that would be involved in donating food. Consequently, she also agreed that the next steps for the company should be to grow the food aspect.

Brian was interested in the idea as well but had some concerns about the revenue needed to be a self-sustaining company. I asked for other ideas of raising revenue and he suggested government funding and accepting donations. This is a possibility, but it would be hard to count on in the early stages. He also believed that growing the company to focus on food distribution would be a great move because he believes there is more of a need for that in local communities specifically that have soup kitchens.

3. Waste to Grace will focus on expanding into a strong focus on receiving food items in a faster way to get more perishable items into the hands of those that need them. Although as we launch, food items will be a part of the process, once Waste to Grace is established, we will turn to target farms and restaurants with greater consistency so that we can get more food to those that need it. After implementing this locally, we will show the data to other organizations across the country about why they need to have someone that can pick up the food items. Hopefully, by having an increase in the communities that implement this step we will be able to convince other organizations to be focused on that as well.

Additionally, we will focus on gaining government backing to help fund the platform. We will also accept grants and donations from organizations and individuals to help fund the platform. Although advertisements and specialized posts will still be a part of the funding, we will shift focus to gaining large sponsors as we grow the brand. Additionally, as the local venture is successful, we will use the infrastructure from large nonprofit organizations to expand nationally. We will roll out in the same way with an ever-growing focus on receiving food donations whenever possible.



New Market

1. A new market that would be a different strategy to still help nonprofit organizations would be to create a platform where they could specifically sell the items they have in their thrift stores. The reason that this could be successful would be that people could be motivated to purchase items where the proceeds go to help their community. It is true that people can already simply go to thrift stores and shop for goods there. However, the convenience factor of having an online site to view the items currently for sale could help nonprofits sell more goods and the people purchasing them to be able to find what they are looking for faster.

2. It is possible that by creating a simple platform where nonprofit organizations could easily post items for sale, that more people would purchase used items from them. Some people will not purchase used items regardless, but this would make it easier for thrifty shoppers to purchase goods. This idea could use the same platform but just have a separate section where nonprofit organizations are selling the items they have in stock.

3. I interviewed Lynn who is a thrifty shopper who will sometimes buy used items if it something she is looking for. She was very intrigued by this idea of being able to find goods that nonprofit organizations own and buy them used while supporting those in need. Her only concern about the idea was that the organizations must be committed to updating the site so that people are not frequently showing up the thrift store trying to buy something that has been sold. Additionally, Becky is someone who will also buy used goods and actively supports nonprofit organizations. She loves to redo furniture and would be very interested in an easier way to find items that nonprofit organizations. Becky was concerned that this could make some people try to sell their goods themselves without donating them to the nonprofits, thus limiting some donations.

4. This was an interesting exercise to think about a new market. I had not considered possibly branching out into a new market of my venture. I think this would be a fairly easy idea to incorporate into the Waste to Grace to platform. This would potentially target a new audience and act as an added incentive for organizations to join the platform. I was most surprised at the potentially new market that could be incorporated into my existing idea in the fact that this was something that had never occurred to me before. It is a great reminder to always be looking for new markets that could be a fit.

I think that some of my assumptions were correct in that some people would be very motivated to purchase goods from a site like this. I do not think this is as attractive as my primary market because it could interfere with my primary market in some ways. However, there is some potential in this idea and something to explore further.

Venture Concept 24A

Bryce Ballard

ENT 3003 | Venture Concept 24A



Opportunity

The opportunity that I will be seeking to exploit is based around helping nonprofit organizations receive donations in a streamlined process while helping those donating the goods save time and effort. Nonprofit organizations frequently need more donations to help the community and are often asking for donations. Many people would like to help the community with their unused goods and products, but they simply do not have the time in their busy schedules. This means there is a mutual desire to help on both sides but a streamlined process to help all parties involved does not exist. This is where the opportunity exists and why Waste to Grace could be the perfect solution as a streamlined platform to help all involved.

The forces that have created this environment are mainly technology and the ever-increasing business of life that most people face. Technology has opened the door for more communication and location sharing opportunities that could allow for a platform like this to exist. Additionally, many people like to help others and do good for the community. However, people are simply too busy to drive to locations to donate goods. This creates an opportunity for organizations to come to pick up the goods that would like to receive. This market could be widespread across the United States. However, this venture will focus on starting in the Ocala and Gainesville market. Demographically, middle to upper class residents will be targeted for donations. The window of opportunity should remain open unless a different company were to create a similar platform that took on this market and was able to exploit the opportunity first.

Innovation

This platform would be incrementally innovative. It would use technology that is already available like direct messaging, location services, posting pictures, and advertisements. First, nonprofit organizations must sign up on the website. They must verify that they are a nonprofit organization and then they can be a part of the platform to view donation items in their area. Residents with donation items will simply have to sign up on the app with their information and then they can take pictures of the items they would like to donate with a short description. They will then post it to the platform for all organizations to see. The nonprofits can then request to pick up the goods. After they have been claimed the item is marked as donated and taken off the platform. Businesses will also be able to sign up to donate their perishable food items. They will be able to post on a separate section of the sight with their food items. These items are always in high demand and again nonprofits will be able to select the items and go pick them up. Businesses will also be able to keep track of the goods that they donate and be able to write them off as tax deductible.

Waste to Grace will attempt to a self-funded platform by selling advertisements and post requests for items that they need currently need. Advertisements will be sold at prices based on app and website traffic. Nonprofit organizations will also be able to pay for slots that will request certain items that they need. They can also pay for alerts that will go out to those with the app for certain items that they need currently. This will create revenue to self-fund the platform.

Venture Concept

The innovation that Waste to Grace brings will satisfy the needs of the market by providing a better way for both the organizations and those donating the goods. Both organizations and people making donations will use the Waste to Grace platform because it offers an easier way to donate goods and a streamlined process with less time involved and less items wasted. The cost per user ratio should not be very high, somewhere in the realm of 15 cents per customer, since organizations will encourage their community naturally to be involved in the platform since it helps out all sides. The only competitors would be if organizations already have deals in place regarding how they receive their donations (most do not). Other factors of competition would result if someone else tried to start a similar platform to directly compete for the advertising dollars. Price points and packaging do not play much of a role although advertising does. Waste to Grace will build a network of organizations, residents, and businesses in the Ocala and Gainesville area to be able to build a starting point. This will take sales and marketing to build the data base, but as more national organizations are involved, the concept will spread rapidly. Waste to Grace will need minimal employees. I will run much of the marketing and sales aspect to grow the platform and I will hire a service to create the app and website to house the platform.

Three Minor Elements

The most important resource that my company has will be the passion for helping others that Waste to Grace will foster as well as the convenience of the platform being backed by large national organizations. I have personal experience in humanitarian efforts and will be able to facilitate the company in a fashion that brings joy and help to many people. The venture will look to move to a national scale mainly by utilizing the infrastructure already created by the national organizations. The next step will be creating contracts with the large organizations to become a partner to bring more goods to those in need. Lastly, if this was my first venture I would want to stay involved and lead the company. This would be a venture that could help a lot of people and make a big difference in the community and even the nation. I would work to grow the company and help thousands of people along the way.