Final Reflection

Final Reflections on ENT 3003

This class was nothing that I expected. I found the set up kind of jarring in the beginning. While I like the project based grading system, I would have preferred a more traditional route based on my personal schedule. I really enjoyed being forced to create an idea and work through it in different ways. The idea I had was only a passing thought at first. Now, looking back, I can see how much developed just from small assignments. The building blocks of being an entrepreneur are definitely something I will always remember.

            I’m proud that I made it through. With this class set up, I was not able to complete every assignment to the standard I have always held myself too. At points, I had to accept the failure because I had far too much to juggle personally, professionally and educationally. Normally, I am a classic overachiever. This semester I had to let go of that and it was an amazing lesson for me.

            With the technical building blocks and lessons on the roller coaster of entrepreneurship, I do see those traits in me. I think it could be possible with passion behind me. However, even with the mindset there – I don’t think it is something I will truly move toward.

            I think I would have recommended students to keep an open mind. There were many assignments I thought were silly and pointless. Looking back, I can see the point to them as they were layers in the entrepreneurship process. As stated in the beginning, a future student will most certainly have to keep to schedule.

Week 15 Reading Reflection

Week 15

1)   What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? I really enjoyed reading on how SKS focused on customers and considered that to be the most critical factor in their growth. When referring to finance companies, I think most believe they are only out for themselves/bottom line. I thoroughly enjoyed reading a different perspective and how their customers were so important they wouldn’t give in to bad business practices.

2)   Identify at least one part of the reading that was confusing to you. I did not find any of the reading confusing. It was actually very well written and easy to understand the concept.

3)   If you were able to ask two questions to the author, what would you ask? Why? I think I would really dig into the author’s personal feelings towards what they are doing. I feel like this article could turn into a very long interview. The author went into detail on how SKS became who they were but I would want more in depth discussion on the emotional aspect of those hurdles mentioned.

4)   Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I think the author is passionate about SKS and its rise to success and there is nothing wrong with the way he has presented it. I would say that SKS is an exception in the finance world. They are much more humanistic in their approach.

Venture Concept #2

VENTURE CONCEPT #2

The Rundown...

Opportunity

My customers are crunched for time facing neglect of their cosmetology needs. They are busy professionals, over-worked mothers, and those that keep non traditional hours. They can’t seem to keep up with their hair and styling needs to make them feel put together.

* Within a busy schedule, they can’t find time to get an appointment during salon hours.

* These customers can be located anywhere and although it isn’t a rule – they tend to be     professional women and even mother’s who can’t find time for themselves.

* These customers are currently either ignoring their need all together or seeking over the counter remedies that don’t always come out right. There isn’t any loyalty because it isn’t well thought out. Basically, the customer is in a “whatever works” mentality.

* The opportunity can be huge and the window of opportunity seems to be open for now. However, with services like Uber – it is only a matter of time before someone tries to evolve their mobile cosmetology business into a wider platform.

Innovation

My product is service based. It is a web/app platform where a network of cosmetologist can be dispatched out to clients on their time. The web platform will include a social network of cosmetologist who can input their times available and services provided. On the consumer end, the client can search for someone who meets their needs and what hours they are available. From there, a match can be made and a cosmetologist can set up their service time. Traveling to the client gives personalized attention and fosters loyalty. It can also provide additional income by requiring the client to pay a premium for certain time frames. Style on the Run will charge cosmetologist a joining fee as well as commission based on the service total.  The cosmetologist can set their price as well as adopted a “premium” charge for twilight hour services.

Here is a scenario to consider:

Client: Jennifer – a CEO working a sixty-hour work week. She is exhausted and getting home at 11 o’clock in the evening has done nothing for her social life. She gets a rare chance to meet with an old friend on Friday only to realize she has three inches of new dark growth to her butter blonde hair. She feels she needs to look her best but with a full schedule she could never fit in a 2-hour session at the salon. Jennifer heard about this new service that could let her schedule the color she so desperately needs at the only time she is available.

Enter Style on the Run…

Casey – a color specialist receives a request for touch up. She has plenty of evening availability and is a night owl anyhow. Scheduling an appointment at midnight the following day sounds great. Not only can she charge her rate of $100 – it is in the premium time frame which adds an additional $35 to the bill. Casey knows this would be a client that she wouldn’t normally have so she happily pay her percentage to Style on the Run of $27. Not only has she profited from a client she wouldn’t have normally reached, but now Jennifer is so happy with her experience she is completely loyal to Casey and has scheduled the next time.

            The alternative to this is Casey struggles to build a clientele during the hours of 10a – 6p and Jennifer tries to attempt to color on her own which ultimately could turn into a corrective color situation. That could be two times the cost and even more time consuming.

Venture Concept

Style on the Run can meet the need of those who just can’t find the time to schedule a salon appointment. Clients will pay for the convenience in itself.

* Customers would switch from regular salons because they could have their time needs met. The idea of scheduling on their terms is enough to gain interest.

* Salons may be competitors during their operational times, but after hours the only other options are stylist who independently run their services from their homes. They would benefit from joining Style on the Run and grow their clientele.

* I think initially it wouldn’t take a very large work force to get the app and website going. From there, it would need a large base of cosmetologist to meet the needs of those in different areas. I feel the biggest hurdle would be focusing on certain areas and seeing eventual growth.

***New Thoughts to Consider***

I did not receive any feedback regarding changes. Everyone's response was positive and in hopes that my idea would actually come to life! Because of the lack of recommendations, I felt I should keep my venture the same. Knowing now what my exit strategy would be, I would have to say perhaps I would remove myself emotionally a little bit. I didn't consider the thought before that NOT taking it long term would affect my emotional involvement.