Assignment #28- Exit Strategy

In reality, I am not in the position to open a business at this point in my life due to many reasons. However, for the sake of this exercise I will imagine that I was realistically able to.

1. If I had opened a successful business, I would want to hold onto it for as long as I possibly could. I imagine owning a business to be possibly the biggest accomplishment in one's life. It has your name on it. You stand for it. I could not imagine letting go to something I built from the ground up, except in extreme circumstances. I would be proud to keep the business in the family, and would love to watch it grow and develop over time.

2. I selected this strategy mostly because of how I feel about accomplishment. I find motivation in reflecting on difficult times. Owning a business would drive me to be better every single day. And being able to share that with family down the road would bring me great joy. I would be able to quite literally leave my mark on the world, which is my ultimate goal in life.

3. I do believe that my outlook has influenced how I view opportunity. I would like to solve a problem indefinitely. I was never really 100% confident on my idea and I believe that if I seriously considered starting a business, it would take a long time to hammer down my idea. In terms of growth and resources, I would still use similar strategy to obtain both. The military has graciously provided me with experience and a huge network base that I could exploit. In the long run, I would love to own my own business if the right circumstances exist.

Assignment #27- Reading Reflection No 3

  
Thinking, Fast and Slow by Daniel Kahneman

1. The general theme of the book was explaining how we use different parts of our mind to accomplish everyday tasks. Kahneman breaks the mind into 2 different systems. System 1 is automatic and is the part that responds quickly to impulses. System 2 is more complex and is what we tap into to solve difficult problems. Together these systems dictate how we handle certain situation and make decisions.

2.This book greatly mirrors what we have learned throughout this class. Entrepreneurship is all about taking risks and critically thinking about decisions for success. If you take a step back to learn how exactly the mind works, you can better understand why we make choose to do certain things both in business and life. This book gave some great insight on personality and character as well. It was very eye opening and I will carry some of the tools along with me forever.

3. The exercise I would do is similar to the one I proposed before. I would have the class break into groups and complete several rounds of tasks. I would have everyone not only talk about their answers to brain busters, but explain how exactly they got to it. At the end, I would debrief the group on which tasks weighed in on different parts of the mind and why. This would allow the students to understand the different actions of the mind, and apply it outside of the classroom into their lives and potential businesses.

4. This book drew out exactly how I think and rationalize decisions. I was able to substitute myself for whichever character they were describing and that was the most surprising throughout the entire book. He gave questions and pretty much walked through what was already going on in my head. Books mean so much more when they are relatable. Kahneman did a really great job of applying these mindset concepts to any average person. I learned so much and I highly recommend this book!

I will leave y'all with my favorite quote from the book-
" Nothing in life is as important as you think it is, while you are thinking about it."

Assignment #26- Celebrating Failure

1. During this semester, I would say that I failed myself in terms of expectations for my other class, Principles of Marketing. I thought I had the perfect strategy of doing the homework assignments, taking my own notes, and taking the time to study before exams. Although I did not literally fail the exams, I did much worse than I had worked for. After the poor grade on the first exam, I invested even more time into the class and work load. I still cut the same exact grade on the second exam and it was very frustrating.

2. What I have learned among several other things is that I am still not a great test taker. It has been a long while since I have taken a proctored multiple choice exam but my ability has not changed. I also have not been practicing test taking skills along the way either. It is a weakness that I need to improve on in the future semesters. I do believe that it is partially a mental factor that I need to work on as well and have confidence.

3. I believe that failure says a lot about a person. If we imagine a "perfect" person, we would never understand how they handle adversity and how they work under pressure. Life happens and plans go sideways more times than not. It is not about failure itself , but how one recovers from it. Personally, I believe that strength comes from the mind and that it takes strength to overcome failure. Each failed opportunity provides building blocks to improve. If you look at failure in that manner, it isn't so scary. After taking this class, I would say that I have learned much about myself, compared to others viewpoints, and I might consider taking a risk if the rewards are substantial.

Assignment #25- What's Next?

Existing Market

1. In terms of my service, my next step would be contacting the Federal Aviation Administration to pitch my idea and see if it is possible within their regulations. I think that this is the most important step before I am able to move forward. I would also be researching laws and regulations to make myself more knowledgeable on the policies and procedures that already exist. I would do my best to mimic procedures that are already in place.

2. In my interviews, some interesting suggestions were brought up. The first was to establish a huge advertising base in order to get out there. This is important because customers could potentially lead the drive to this service. Additionally, I was advised to potentially pair with the military exclusively for my service. Within the military, certain flights are available to military members and their dependents. This would severely lessen my opportunity, but it could be a potential staring point.

 3. In terms of growing in this existing market, what makes the most sense is to start in the military community and then grow from there. Moving military families and supplies are a priority. With my knowledge and network, I think that it would be more realistic to get my services implemented within the military community. I would also have much more support from outside forces, due to the inherent need.

New Market

1. My new market would be frequent flyers upon civilian airlines. This is a much broader and larger market.

2. This could expand the demand for commercial flights. By allowing pets on board, more people would be interested in traveling. It could re-design air travel as we know it today.

3. I spoke with commercial pilots and reserve military members who fly often for business. They were rather skeptical of the idea due to the extensive change in their normal routines. They suggested that not everyone has this need and frequent flyers might actually be bothered by this new concept. This could potentially drive customers away instead of increasing the numbers. It would be a huge adaptation to the current norms of flying.

4. I was surprised by the push back that I received. However, it does make sense and their concerns are very rational.  I am thinking that instead of incorporating a cabin into existing airlines, I would have to create an entire airline specifically for traveling with pets. That is how I can avoid losing existing customers and accommodating everyone's needs. This new market is not as attractive as my existing market.

Assignment #24- Venture Concept No.1 "Companion Cabin"

Opportunity. Pet owners and military members alike share the need to travel with their pets for work and/or travel. Convenience is the force in the travel environment that creates this opportunity. This market spans across the world, as service members are stationed both in the states and abroad. Customers currently find alternative solutions, such as pet boarding, to satisfy this need. There is room for their loyalty to shift elsewhere. This opportunity can change commercial aviation. The window of opportunity is indefinite.

Innovation. The innovative piece of my service would be creating something that has never existed before. Instead of putting your beloved pet below in the cargo section, they would travel right beside you. In order to make money, I would charge a price that is reasonable and similar to what airlines charge now to fly a pet. The experience would be attractive because owners would not have to worry about their pets flying alone. I believe that they would be willing to pay for ease of mind and convenience.

Venture Concept. Right now, customers are torn between leaving their pets behind while traveling, finding care for their pets, or not traveling at all. I think that allowing pets to travel in the cabin of commercial airlines will solve this problem and provide a huge convenience factor. I think that this would be a very attractive alternative to finding other care for pets while traveling. Competitors would be pet boarding services. I would create an airline that specifically specializes in transporting pets along with their owners comfortably. It would have the same structure of any given commercial airline.

The Three Minor Elements

1.      My most important resource would be my network base. My career in naval aviation has provided me a great foundation in the field. I know numerous pilots and managers who work for airline companies. They can  provide me with information needed to get my foot in the door and support me along the way.

2.      The next opportunity would be getting my idea out there and well known. I do believe customers would chose my service over alternatives, if it was available.

3.      In five years, I would hope to be established and changing the aviation community. If I am still in the military, this venture would be very difficult to maintain realistically.

Assignment #23- Your Venture's Unfair Advantage

1. Experience 
V-most people learn by doing
R-not everyone has similar experiences
I- depends on what exactly the experience is
N-shapes each person individually

2. Network
V- networking can make or break a venture
R- large scale of people
I- it takes time to build up a network
N- other assets can actually be substituted

3. Financial Assets
V- makes venture possible
R- most people borrow money for start up
I- money can be obtained from other sources
N- can be substituted depending on type of financial asset (i.e. savings or mutual funds)

4. Knowledge
V- "knowledge is power"
R- not everyone has knowledge in business or the specific field they are pursuing
I- if the opportunity exits, knowledge can be researched and obtained
N- the ability to work with someone that posses knowledge exits

5. Social Skills
V- working well with people is crucial in business
R- these skills take time to master
I- they can be imitated
N- a strong staff could be substituted

6. Strong Segment
V- the segment must see the need for product
R- a product will not succeed in all segments
I- many segments have the potential to be strong
N- segments can be substituted

7.  Managerial Skills
V- much of business involved managing people and assets alike
R- it takes time to master these skills
I- great managerial skills can be imitated across markets
N- staff can be hired to manage

8. Aviation Background
V- thorough understanding of the field
R- only a small portion of the population works in aviation
I- military background is rather unique
N- aviation careers are not as common as other jobs

9. Passion for Pets
V- provides motivation to succeed
R- very common so not rare
I- many people share
N- if passion is not there, people will not be interested

10. Time
V- time is very valuable because it allows progress
R- not every entrepreneur has enough time to devote
I- time is money
N- no substitutes exist

Reflection- I believe that my network base is my strongest resource. My career in naval aviation has provided me a network of pilots and big names of civilian aviation. It is a very unique resource to have and I think that it puts me ahead of competition. It is very rare and not imitable, therefore it makes me stand out. 

Assignment #21- Reading Reflection No. 2

The book that I chose to read was Mindset by Carol S. Dweck.

1. The general theme of the book was how an individual's mindset affects all aspects of his or her life including relationships, school and business. Dr. Dweck suggests that 2 types of mindsets exists- fixed and growth. A person with a fixed mindset accepts things for what they are instead of questioning circumstances. A person with a growth mindset instead explores why things are the way they are and how to change circumstances.

2. This booked enhanced what we are learning in the class and exemplifies the exact type of mental strength it takes to be a successful entrepreneur. Specifically in the business chapter, the book gave examples of well known business people such as Steve Jobs and Bill Gates. Dr. Dweck dove deep into all the personal aspects of each persons life and pointed out specifically what make these people stand out from the others. In addition, she gave examples of exactly where other entrepreneurs had failed and why. Everything revolved around mindset and the willingness to grow or learn.

3. My exercise for a class would begin with breaking into small groups. Then, different situations would be presented and students would be asked to respond to 2 options. Each option would correspond to either the growth or fixed mindset. Students would then compare their responses and discuss their reasoning. In the book, Dr. Dweck would ask a series of questions after each chapter and allowed the reader to compare themselves to either mindset. This exercise would do the same, and make students aware of their mental mindset and how it affects them.

4. My biggest surprise when reading the book was what mindset I identified with. I considered all the events in my past, and pieced together why I ended up where I am in life today. In terms of mindset, I was definitely living with a fixed mindset while growing up and I believe that it directly has to do with the way my parents raised me. They always put undue stress on me in both school and sports. Now that I am older, I have learned how big of a setback living with a fixed mindset is. This book motivated me to strive for a growth mindset in all aspects of life. The book did not really differ from my expectations. After I read the description, I was immediately interested. It was a great read and a true upper. This book inspired me to be better all around and I learned alot.