Your Exit Strategy 28A

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I would like to sell my business within a decade so that I can use my resources to create an even better business.

2) Why have you selected this particular exit strategy?

Because I have more than just one idea and I think it would be great to take the guaranteed money and then invest in another entrepreneurial endeavor. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think it has really affected my decisions, I've made decisions in the best interest for the company, so as if I was going to be a part of it forever.

Reading Reflection No.3 27A

 The Long Tail: Why the Future of Business is Selling Less of More, Chris Anderson

1) What was the general theme or argument of the book?

The book is used essentially as a guide for tailoring your tailoring your business idea to the future market, which is always changing.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

In ENT 3003 we learned about the importance of providing customers for a product that satisfies their needs. By focusing on exactly what these needs are, it helps us to provide "less of more", or in other words, better quality products or services for customers.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would make the students list all of a customers potential needs and then create another list of ways to satisfy these needs.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

That the key to providing more to customers with less is learning how to develop products and services that are tailored more towards their needs.

Celebrating Failure 26A

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

2) Tell us what you learned from it.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I failed when I tried to complete my calculus III web assign about Stoke's Theorem. It was really hard and I couldn't figure out how to do it even though I had watched the lecture. I was very annoyed and I spent hours trying to figure out the problems and I still didn't figure it out so I ended up with a poor grade on my homework assignment.

I learned that it is important to seek help when you are having trouble. I eventually reached out to my TA and he was able to explain the problem in a way i could understand.

Failure can be difficult to deal with but it is definitely a learning experience. I have learned from this class that it is okay to fail and that learning from your failures can help when creating your business.