Reading Reflection No.3

How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life, Scott Adams

What was the general theme or argument of the book?

The general theme of the book may be described as how to think and behave in a way that is conducive to success.  In the book, Adams enumerates a seemingly endless list of failures, one after the other.  Where others would be defeated, Adams chooses instead to adopt another tactic.  He not only accepts failure, he embraces it.  But the process doesn’t end there.  Adams suggests that we delve deep into that failure until we have discovered the necessary lessons revealed in each experience.  In Adams’ own words, he surmises that the way to approach failure is by, “…grabbing failure by the throat and squeezing it until it coughs up a hairball of success.”

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

This book was a perfect match for the subject matter we are learning in ENT 3003.  In our class, we have discussed failure, then in our exercises we experienced it, and finally we examined failure in our assignments.   After reading the book by Adams, I got a chance to see actual examples of how failure can be integrated into success and why failures are necessary stepping stones to success.  Adams faced his failures fearlessly.  He seemed fascinated by these experiences and was able to understand how each moment of defeat enriched his next venture.

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

If I were to design an exercise for this class, I would focus on the importance of creating systems for success.  In his book, Adams goes against everything that we have been taught by stating, “Goals are for losers.”  He believes that people, who set goals and try to reach them, live in a perpetual state of temporary failure and that happiness is dependent on a given result.  In its place, Adams suggests that we implement systems which are a series of practices that increase our chances of happiness.  For example, Adams describes, “losing twenty pounds is a goal, but eating right is a system.”  My exercise would be to ask students to list 5 goals that they have and then convert each of them into a system. 

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?

All of my life, I have been told to follow my dreams and to go after my passion because that will bring me happiness.  Adams objects.  He believes that passionate people tend to take huge risks for unlikely outcomes.  While being passionate may make a person driven, it is not necessary for achievement.  My biggest surprise in the book is when Adams stated that, “Success caused passion more that passion caused success.”  Passion is actually futile.  What we actually need for success is personal energy. 

Final Reflection

ENT 3003 has been such a rewarding experience for me because it is one of the few classes that have allowed me to learn intensively about entrepreneurship and to learn about myself.  I am so grateful for the freedom that we have been given in completing our writing assignments.  Usually in other classes we are given a broad topic and are expected to submit a perfect paper in return.  In this class, however, we were given specific questions to address that were thought provoking and introspective.  This provided guidance throughout the assignments which managed to provide a sense of accomplishment in each step of the process.  Although the guidance we received was fundamental for completing the assignments, we still had the freedom to express our ideas in various styles and formats, which allowed for the development of creativity.

By far the most formative experience for me in this class has been the improvement in my writing technique.  I have discovered that communication is critical for success in almost every aspect of our lives, ranging from personal to professional.  I never imagined that I would learn about writing in Entrepreneurship.  My most joyous experience has been reading other people’s feedback.  It was quite evident that people made a concerted effort to offer comments that were constructive and inspiring.  I actually felt connected to other members of this class and felt we were in this process together.

One of the things that I am most proud of was my interview with Satish. I have watched countless interviews and thought the process was obvious.  The actual process was much different than I had expected.  It involved me lurking around Barnes and Noble and approaching people desperately seeking an interview.  To my dismay I was turned down several times.  Just when I was about to give up, I approached a gentleman by the name of Satish who happened to be the one person in the bookstore who would allow me this opportunity.  I was nervous and the notes I made to structure the interview proved to be useless.  I decided instead to simply listen and to respond to what was being said.  I suppose this is the first lesson in how to communicate effectively and productively.  His comments were thorough and innovative, and provided me with new ideas for the funding and distribution of my product.  It really was a turning point for me, in that I could actually see the potential in my idea.  The interview was difficult to say the least, but it turned out to be a great experience.

It has always been my philosophy to leave a situation better than I found it.  I have noticed that most people complain when they encounter a problem and then decide to distance themselves from it.  For them, the problem is solved because the tension is eliminated.  This class challenges us to seek out those problems and to see them not as an obstacle, but rather as an opportunity to improve lives.  The Bug List assignment was actually cathartic for me.  First of all, I appreciated being asked what I thought about the world around me and, more specifically, what I don’t like.  Typically I go out of my way to only think positive thoughts, but this assignment asked for the exact opposite.  At first I resisted, then I started to truly delve into what bugged me and why.  In the end I felt better and learned more about myself.  Then I thought, now what?  To my surprise, Dr. Pryor showed us that in every one of those issues lies an opportunity just sitting there, waiting to be solved.  At this point before I voice a complaint, my mind is already considering if there is a potential solution hidden in plain sight.  I would say that I have moved closer to developing an entrepreneurial mindset.  There is a subtle yet powerful change that takes place when problems become opportunities.

The main recommendation I would make to future students is to take a chance without hesitation.  Regardless of whether you feel awkward, nervous, or confused, just take the first step in getting each task completed.  To perform best in the course, you should focus on the task at hand, but don’t over analyze it.  By doing one step at a time, you will be surprised at what you can accomplish.  Above all do not be concerned about rejection.  Rejection is something to be accepted and even embraced.  This simply means that there is a better idea waiting for you just around the corner.  After all, failure is a stepping stone to success. 

Venture Concept No.2

Water is a rare and priceless commodity.  People are searching for a way to maximize their water usage in an efficient way, which conserves water while minimizing costs.  It would be useful to have a system that would provide additional free water, without a negative impact to the environment.  This need has always existed because mankind has always needed to find the most effective way to manage the limited resource of water, making this opportunity boundless.  In order to meet this need, people make an effort to restrict their water use.  When that is not possible, people simply opt to pay more for their water to meet their needs.  This opportunity is big enough to have a lasting and positive global effect. 

Any individual, home, or business could benefit from having an external reservoir of renewable, pressurized water to use at their disposal.  Anyone with a lawn, a pool, or a garden would find this product indispensable.  There are numerous practical applications for this product.  For example, a farmer could use a larger version of this tank to help with irrigation and livestock needs.  Businesses such as car washes and auto rental agencies use large amounts of water for maintenance and business operations.  This product would prove to be a valuable asset in reducing service and production costs.

My innovation is called Water Harvest.  This is a water storage system that efficiently utilizes runoff water to create a reservoir of filtered, pressurized water.  I would like to develop a water storage tank that could be installed on the side of a home and attached to the downspout drain of the gutter system.  During a rainstorm, as the water is channeled through the gutter system, it would be collected into the tank and stored for later use.  The internal pressurized pump would allow the homeowner to use pressurized water for numerous projects such as watering the lawn, filling a pool, or washing a car.  Additionally, I would also offer a product line of biodegradable soaps, organic fertilizers, and chemical free pesticides that would significantly reduce harmful runoff that is destructive to the environment.

The Water Harvest system will include the following:

• 120 gallon storage tank
• Pressure pump
• External mounting hardware kit
• Valves and fitting
• Filters
• Tank cleaning kit
• Projected retail price: $425.00

 Upgrades and additions:

• Onsite assistance with installation
• Variety of sizes available: Standard, large, and industrial
• Ship, repair, and return
• Warranty: Service and parts
• Underground tank options
• Tank additives: Biodegradable soaps, insecticides, and organic fertilizers
• Customized  tank enclosures
• granite display
• wood display

Admittedly, there are similar products in the marketplace, which classifies my product as an incremental innovation.  However, I believe that customers would switch to the Water Harvest because water use can now be regulated and pressurized.  This would create a wide range of practical applications for the user.  It will be difficult for new customers to switch because there would be a substantial initial investment incurred by the customer.  Another concern is that there is a lack of information available because it is a new product.  Rather than simply placing my product on the shelf of a retail store, I would find unique ways of relaying my product to potential customers.  The most difficult market to penetrate will be home improvement stores where the solution would be to offer free educational seminars.  I would also promote to homeowner associations that already manage resources for their community.  This would allow me to sell in large quantities in a single transaction.  By finding different ways to reach potential customers, my product will have a greater chance for success.

According to my research, the top three competitors include Tank Depot, Dultmeier Valve Company, and Norwesco.  The toughest competitor is Norwesco, which is the world’s largest manufacturer of water storage tanks.  Their main weakness is that their product is standardized with limited options which require purchasing parts from other vendors.  They focus on the industrial and commercial market while neglecting the needs of a typical private homeowner.  There seems to be little brand awareness which is indicative of minimal marketing.

The largest expenses will be packaging, shipping and assembly and my biggest challenge will be to reduce those costs.  I believe in using the highest quality products and materials to ensure a positive customer experience when the Water Harvest is used.  I plan on implementing the notion that the customer is always right.  Any concern or issue will be treated as an unmet need and I will make every effort to meet it.  The business location is irrelevant to the product’s success because the focus will be on shipping and distribution.  One priority for manufacturing will be finding locations that offer tax incentives to reduce startup costs. I anticipate that the product will qualify for a government funded rebate of up to 33%.  According to the U.S. Department of Energy, rebates for solar panels and solar water heaters fall within this range.  Since this product aims for water conservation, I plan to secure an incentive package for this product.

I will focus my organization based on rewarding productivity.  It is my goal for my employees to be paid among the highest in the industry.  I plan to reward hard work, effort, and accomplishment whenever possible.  I also believe an eight hour work day is antiquated.  I prefer to implement the concept of working until the job is completed independent of set schedules.  Finally, I plan to base work relationships on respect and to change the workplace into a joy place.  

My most important resource is communication. A successful venture is centered on the idea that the message about a product and its benefits is received clearly and understood by potential customers.  Additionally, for a consumer to fully understand the cost effectiveness of harvested water, communication is needed.  The next step for the venture is to design an internal reverse osmosis water purifier. Installing a quality filtration system will certainly add to the cost of the tank, but the prospect of having an easy source of clean, purified water will help to drive the sales of the Water Harvest.  Finally, the next thing for me is to develop other businesses that are related to conservation.  I hope to be running a family of successful companies, bringing prosperity to many while improving the quality of our environment.

I have found that the comments that I have received throughout the development of my venture concept have been encouraging and inspiring.  The feedback that I have received after each assignment has caused me to delve deeper and to find new solutions and approaches to the challenges that I have encountered.  I would also mention that not only have the comments been kind and extremely comprehensive but some of the feedback has provided me great insight and caused me to consider my concept from various perspectives.

I have received favorable comments regarding the Water Harvest, which would help to protect the environment through water conservation.  The need and usefulness of this idea seems to resonate well with others.  That being said, this product continues to face substantial challenges. In developing a business plan for the Water Harvest, I received a few comments stating that the initial cost incurred by the consumer may be quite substantial.  There may be ways to minimize the retail price of the Water Harvest, including using recycled materials for assembly. One excellent suggestion that I received in my feedback, is that I should market this product to municipalities rather than the individual homeowner because this sector can more easily absorb the costs.

Reducing the overall expense of the Water Harvest will remain a significant challenge to overcome.  Initially, I had wanted to target the private sector because I hoped that homeowners would feel the immediate energy and cost saving benefits of the Water Harvest.  However, after reading the comments that I have received, I now feel that by focusing on reducing manufacturing costs while meeting the needs of the commercial and agricultural sectors, that the Water Harvest would have real value and potential.  

Making It Real

Here is the link to my entrepreneurship resume!

My Exit Strategy

Developing my venture concept of the Water Harvest has been rewarding in unique and unexpected ways.  For my exit strategy from this venture, I would like to see this business flourish and to leave a positive impact on everyone involved.  After five years or so, I would like to sell the business to one of my larger competitors.  I would hope that at least some aspects of the improvements and innovations of my product would be adopted in their business practice. 

In developing a business plan for the Water Harvest, I noticed that the initial cost incurred by the consumer may be quite substantial.  There are ways to minimize the retail price of the Water Harvest, including using recycled materials for assembly.  One excellent suggestion that I received in my feedback, is that I should market this product to municipalities rather than the individual homeowner because this sector can more easily absorb the costs.  Another barrier to the growth of the business is the manufacturing cost of the Water Harvest.  Reducing the overall expense of the Water Harvest will remain a significant challenge to overcome.

I believe that my exit strategy has influenced decisions that I have made regarding my project.  I feel that I have always known that this venture concept would not be a lifelong commitment for me.  What I found to be an interesting result of this perspective is that it allowed me to be completely objective and unattached to this idea.  In other words, I could more effectively consider the strengths and weaknesses of this idea without taking it personally.  Not only did it become easier for me to accept both the positive and the negative aspects of this idea, but I also found myself being more open and broad-based in my approach towards developing this venture concept.

Celebrating Failure

A moment that I wanted to give up was when I was trying to select a venture concept.  I actually had come up with a really good idea.  I had imagined a portable, solar powered, rechargeable, light source.  I thought this idea would be revolutionary because it could bring light to people who have no access to electricity. 

I thought this idea was practical, innovative and above all, it would help numerous people around the world.  I had already considered its design when after doing some research, I discovered that this idea had already been created, patent pending, and it was recently placed on the market.  When I realized this, I was devastated because it was an idea that I had been seriously considering for some time.

It was difficult to accept that this idea was no longer a possibility.  However, I took some comfort in knowing that the idea itself was actually good enough for someone else to think of it and it had enough potential for someone to run with it.  This caused me to become more open to alternative concepts and to consider their potential.  I also realized that although similar ideas may coexist, the objective is to make any endeavor stand out in its own unique or improved way.  

Failure is extremely difficult because it can lead to self-doubt.  Once I began examining this concept I realized that we all have a tendency to be hard on ourselves.  Our self-worth seems to be somehow connected to our accomplishments and even more so to what we fail to accomplish.  I think that the most important thing to remember is that what we do is not who we are.  What we do is simply a choice.  The great thing about that is that if we don’t like the choice we made, then all we have to do is to choose again.  After all, the greatest way to learn is to experiment with experience.

This class has not only taught me that it is alright to fail, but that it is even advantageous.  Each failure is an opportunity to see what works and what needs to change.  The experience alone can be inspiring and lead to a new idea or process that simply never would have occurred had it not been for that failure.  I have also noticed that while failure may bring on a sense of loss, the knowledge and experience gained are extremely useful in facilitating the next attempt.

Venture Concept No.1

Water is a rare and priceless commodity.  People are searching for a way to maximize their water usage in an efficient way, which conserves water while minimizing costs.  It would be useful to have a system that would provide additional free water, without a negative impact to the environment.  This need has always existed because mankind has always needed to find the most effective way to manage the limited resource of water, making this opportunity boundless.  In order to meet this need, people make an effort to restrict their water use.  When that is not possible, people simply opt to pay more for their water to meet their needs.  This opportunity is big enough to have a lasting and positive global effect. 

Any individual, home, or business could benefit from having an external reservoir of renewable, pressurized water to use at their disposal.  Anyone with a lawn, a pool, or a garden would find this product indispensable.  There are numerous practical applications for this product.  For example, a farmer could use a larger version of this tank to help with irrigation and livestock needs.  Businesses such as car washes and auto rental agencies use large amounts of water for maintenance and business operations.  This product would prove to be a valuable asset in reducing service and production costs.

My innovation is called Water Harvest.  This is a water storage system that efficiently utilizes runoff water to create a reservoir of filtered, pressurized water.  I would like to develop a water storage tank that could be installed on the side of a home and attached to the downspout drain of the gutter system.  During a rainstorm, as the water is channeled through the gutter system, it would be collected into the tank and stored for later use.  The internal pressurized pump would allow the homeowner to use pressurized water for numerous projects such as watering the lawn, filling a pool, or washing a car.  Additionally, I would also offer a product line of biodegradable soaps, organic fertilizers, and chemical free pesticides that would significantly reduce harmful runoff that is destructive to the environment.

The Water Harvest system will include the following:

• 120 gallon storage tank
• Pressure pump
• External mounting hardware kit
• Valves and fitting
• Filters
• Tank cleaning kit
• Projected retail price: $425.00

 Upgrades and additions:

• Onsite assistance with installation
• Variety of sizes available: Standard, large, and industrial
• Ship, repair, and return
• Warranty: Service and parts
• Underground tank options
• Tank additives: Biodegradable soaps, insecticides, and organic fertilizers
• Customized  tank enclosures
• granite display
• wood display

Admittedly, there are similar products in the marketplace, which classifies my product as an incremental innovation.  However, I believe that customers would switch to the Water Harvest because water use can now be regulated and pressurized.  This would create a wide range of practical applications for the user.  It will be difficult for new customers to switch because there would be a substantial initial investment incurred by the customer.  Another concern is that there is a lack of information available because it is a new product.  Rather than simply placing my product on the shelf of a retail store, I would find unique ways of relaying my product to potential customers.  The most difficult market to penetrate will be home improvement stores where the solution would be to offer free educational seminars.  I would also promote to homeowner associations that already manage resources for their community.  This would allow me to sell in large quantities in a single transaction.  By finding different ways to reach potential customers, my product will have a greater chance for success.

According to my research, the top three competitors include Tank Depot, Dultmeier Valve Company, and Norwesco.  The toughest competitor is Norwesco, which is the world’s largest manufacturer of water storage tanks.  Their main weakness is that their product is standardized with limited options which require purchasing parts from other vendors.  They focus on the industrial and commercial market while neglecting the needs of a typical private homeowner.  There seems to be little brand awareness which is indicative of minimal marketing.

The largest expenses will be packaging, shipping and assembly and my biggest challenge will be to reduce those costs.  I believe in using the highest quality products and materials to ensure a positive customer experience when the Water Harvest is used.  I plan on implementing the notion that the customer is always right.  Any concern or issue will be treated as an unmet need and I will make every effort to meet it.  The business location is irrelevant to the product’s success because the focus will be on shipping and distribution.  One priority for manufacturing will be finding locations that offer tax incentives to reduce startup costs. I anticipate that the product will qualify for a government funded rebate of up to 33%.  According to the U.S. Department of Energy, rebates for solar panels and solar water heaters fall within this range.  Since this product aims for water conservation, I plan to secure an incentive package for this product.

I will focus my organization based on rewarding productivity.  It is my goal for my employees to be paid among the highest in the industry.  I plan to reward hard work, effort, and accomplishment whenever possible.  I also believe an eight hour work day is antiquated.  I prefer to implement the concept of working until the job is completed independent of set schedules.  Finally, I plan to base work relationships on respect and to change the workplace into a joy place.  

My most important resource is communication. A successful venture is centered on the idea that the message about a product and its benefits is received clearly and understood by potential customers.  Additionally, for a consumer to fully understand the cost effectiveness of harvested water, communication is needed.  The next step for the venture is to design an internal reverse osmosis water purifier. Installing a quality filtration system will certainly add to the cost of the tank, but the prospect of having an easy source of clean, purified water will help to drive the sales of the Water Harvest.  Finally, the next thing for me is to develop other businesses that are related to conservation.  I hope to be running a family of successful companies, bringing prosperity to many while improving the quality of our environment.

Elevator Pitch No.3

https://www.youtube.com/watch?v=9YsJXOreidM&feature=youtu.be

I received extremely helpful feedback on my Elevator Pitch No.2 speech.  Originally when I first taped myself, I noticed that I was swaying back and forth a great deal and I gestured in a way that seemed exaggerated to me.  For the second video that I submitted, I believe that I over compensated.  I made a concerted effort to be as still as I could be and leave my arms down.  It was no surprise that I received comments suggesting ways that I could look more natural and therefore convey my message effectively.  I would also add that the comments were not only constructive but very kind and encouraging. 

I also knew that if I added more pertinent information that I would have to sacrifice certain aspects of my original speech.  For my Elevator Pitch No.3, I decided to add some striking points that make my concept stand out from competitors.  This made me take a closer look at any information in my speech that was not critical to my message.  I added three new points and omitted a few lines that were not providing necessary information.  This quickly became another lesson in purposeful and useful communication.

Based on the feedback, I increased my energy and I moved in a more natural way as I spoke.  I also slowed down though constantly aware of the time limit. I modified my speech to focus on elements of my idea that make my product stand out and therefore created a more complete message all around. 

Amazon Whisperer

There are six principal revenue drivers for the rainwater tank concept:

1. Rainwater storage tanks in a range of sizes to accommodate small homes up to large scale agricultural and industrial applications.
2. Installation to include the choice of above or below ground, on-site assistance, and telephone support.
3. Services such as on-site service calls, telephone support, repair and returns, and replacement parts
4. Filters and purifiers
5. Additives including lawn fertilizer, organic peppermint oil based insecticide, biodegradable soap, tank cleanser and anti-mold compound
6. Tank attachments consisting of a motorized pump for pressurized applications, support brackets, and customized valves and fittings 

The “next” product offering will be to add the capability to purify collected rainwater making it safe, healthy and pleasant to drink.  Municipal water has an abundance of minerals and chemicals including high amounts of fluoride which is now found to be very unhealthy.  Purchasing bottled water from the store is costly and time consuming, and in-house treatment systems require high startup costs and frequent replacement of filters.  Installing a quality purifier such as a reverse osmosis system will certainly add to the cost of the tank, but the benefits of clean drinking water will easily exceed this cost.

Amazon.com offers a 6 stage pH Alkaline Mineral Reverse Osmosis Drinking Water System manufactured by LiquaGen Water company that yields 75 gallons per day.  It removes up to 99% of contaminants including arsenic, chlorine, lead, fluoride, heavy metals, bacteria, virus and over 1,000 others.

                             

Customer reviews for the purifier are very positive, the water taste is a consistent high point.  One customer had an issue with all the fittings being loose and had to fix a number of leaks, but was then very satisfied.

There would be a couple of initial changes made to this product.  First, the tank offered would not be required since one already exists.  Second, the output would be boosted from 75 gallons per day to match the tank’s capacity.  The prospect of having an easy source of clean, healthy drinking water will drive up sales of the rainwater tank collection systems, while contributing to a healthier environment.

My Unfair Advantage

1.      Communication skills: A successful venture is centered on the idea that the message about a product and its benefits is received clearly and understood by potential customers.  I believe that good communication is rare. It takes effort and verification to determine if the message relayed is in fact the message received. I also believe that communication is a two-way street. It is crucial for the producer of a product to receive feedback an opinions from end-users.  This provides opportunities for growth and evolution of the product.

2.      Quality oriented:  I believe that pressurized water storage tanks would be products that would be used for the long term.  I would like this product to work efficiently and meet or even surpass expectations every time it is used.  I would select the best quality of materials and design so that the experience of utilizing this product would be a pleasant one for the customer each and every time it is used.

3.      Bilingual: I am originally from Bogota, Colombia and I was raised in the United States.  My background has provided me a unique perspective of two diverse yet remarkable cultures.  I am fluent in English and Spanish.  I believe that the ability to communicate in Spanish may help with opening new markets and demographics that would otherwise be quite difficult to reach.

4.      Protecting the environment:  The benefits of having a pressurized water tank go beyond those realized by the customer.  Using ecologically friendly additives and natural pesticides have a true global impact.  This will reduce the amount of chemicals and fertilizers that runoff into the storm sewer systems and eventually into rivers, lakes and the oceans.  In Florida, Lake Okeechobee has been loaded for decades with excessive amounts of nitrogen and phosphorus such as fertilization runoff from farms and urbanization.  Such nutrients, along with other environmental factors (such as warmer temperatures), promote the growth of blue-green algae, also known as cyanobacteria.  This has caused the unprecedented amount of toxic algae blooms infesting miles of southern Florida's coastline.  Widespread use of environmentally friendly additives may help significantly to prevent future environmental damage such as this.

5.      Efficiency:  I continuously look for new ways to improve a process.  I am always interested in finding ways to increase efficiency while minimizing expense and effort.  I believe that efficiency is a crucial element needed for managing and maintaining a cost-effective and productive business venture.

6.      Personal relationships:  I would like to focus my efforts on developing a strong network of individuals that are like minded and are able to share their unique qualities and capabilities in support of this venture.  While I believe it is important to surround myself with knowledgeable people that are experienced in this field, I feel that it is equally important to find people that are supportive, encouraging, and reassuring, especially when the process becomes difficult.  For this reason, I believe that friends and family would be an invaluable asset in this endeavor.

7.     Cost Effective:  People are continuously searching for a way to maximize their water usage in an efficient and effective way, which conserves water while minimizing costs.  It would be useful to have a system that would provide additional free water, without negative impact to the environment. This would be beneficial to the consumer because it would minimize water consumption while reducing utility costs.

8.      Flexibility:  One of the most important attributes of any successful venture is the ability to adapt and change with the growing market.  Being receptive to the consumer by understanding what their unmet needs are and adapting your product to fulfill this need is critical for sustainability and longevity. 

9.      Reliability: I believe that reliability is instrumental in building customer loyalty.  Reliability occurs when there is consistency in the quality of standardized service a consumer receives. This creates a positive experience for the consumer which leads to confidence and trust in the provider.  This will motivate the consumer to want to do business more often with that provider.

10.  Rebates, tax credits and exemptions: The United States Department of Energy currently underwrites a number of programs to purchase solar heating systems.  For example, the state of Florida offers a sales tax exemption for all solar equipment; the Orlando Utilities Commission provides an instant $1,000 rebate for solar water heating systems.  The advantages that the water tank system offers regarding cost savings and protecting the environment make it a potential candidate for similar incentive programs. 

After compiling my list of resources, I believe that my top resource is communication.  I noticed that communication was a fundamental aspect needed in each of the other listed resources.  To create reliability, communication is needed.  To determine if a government grant is possible and how to apply for one, communication is needed.  Additionally, for a consumer to fully understand the cost effectiveness of harvested water, communication is needed.  After all, what is a good idea if it is not communicated? 

Reading Reflection No.2

Thinking, Fast and Slow, Daniel Kahneman

The author states in this book that we have two systems of thinking that are constantly active.  There are two systems of thought process.  System 1 represents the fast thinker that jumps to conclusions and makes quick decisions.  System 2 represents the process of slow thinking.  This system is the more powerful of the two, and is most often in charge.  It requires focus and it allows ideas to be constructed in a logical fashion.  Kahneman explains our thinking process, what we assume that we are thinking, and what we are thinking subconsciously.  By fully understanding the two part system of thinking, we are able to develop significant ways to improve our lives.

The most prevalent theme in Thinking, Fast and Slow is to identify the effort and energy expended in thinking, and how that impacts our behavioral patterns.  Kahneman states that more energy is exerted in System 2 thinking as more effort is required to simultaneously maintain several ideas or related tasks.   The System 1 thinking process does not manage this; instead its strength lies in discerning simple similarities and differences one issue at a time.  System 2 thinking can create a set of tasks that overrides System 1 responses, known as executive control.  Additionally, Kahneman explores concepts of the thought process that significantly affect our choices and decisions such as intuition, loss aversion, prospect theory, and the halo effect.  Experiments related to these concepts were performed and the information gathered may help entrepreneurs plan and target product and service development activities, and guide marketing efforts to the public.

The book has directly connected with what I am learning in ENT 3003 in a number of ways.  I have noticed that I actually experience both thinking processes mentioned in the book.  I engage in System 1 thinking when taking the extra credit quizzes for this class.  By having to answer five questions in three minutes from the lecture material, only the fast aspect or System 1 can be used.  The time constraint on the quizzes motivates one to quickly select an answer.  There is simply not enough time to allocate the energy and the time needed to methodically arrive at a reasonable solution. 

System 1 was prevalent while conducting the interview exercises, because it is just not possible to stop in the middle of a recorded interview to consider how to respond to comments being made, or to contemplate what to ask next, or when to end the session.  Additionally, I have found that System 2 is crucial to the development of the venture concept and with delving into personal reflections, where ideas are carefully crafted and presented in ways that clearly convey concepts in a comprehensive way.

One exercise that I would develop for class would be to test the concept of the “anchoring effect” that is prevalent in marketing our products and services.  This is a cognitive bias that makes one rely heavily on the first piece of information received.  The exercise to develop for class would be to test the concept of the “anchoring effect” prevalent in marketing our products and services.  This is a “cognitive bias” that makes one rely heavily on the first piece of information received.  Students would be randomly assigned to read a flyer that contains 3 key pieces of information.  However, each student is exposed to a unique placement of that information.  Later, a survey can be conducted to determine which piece of information captured their attention the most.  By using a control group, we can compare the variations of message placement.

The biggest “aha” moment in the book came in the section about decision making where the average person makes over a hundred decisions per day, and even more for those who do it for a living.  It is astonishing to realize how frequently decisions are made, regardless of their complexity.  Entrepreneurs need to recognize this concept and focus on taking advantage of it to become successful in all of their missions.  

Growing My Social Capital

Jarrett Kimbrough is the Florida Sales Manager for Tank Depot in Pompano Beach.  The company is a low cost online retailer of plastic storage tanks that was founded in 1998 and has 8 offices in the southern region of the United States.   Jarrett is a market expert who also has a technical background in tank design and production, having previously worked for Norwesco which is a company that manufactures plastic storage tanks.  I located Jarrett through an internet search focusing on water tanks and called him directly.  He was very friendly and eager to hear my proposals, and referred me to two people in his network that are a domain expert and an important industry supplier.  He wishes me great luck on developing the ideas and to let him know first when it is time to line up distributors.  Also he encouraged me to stop in next time I am in Pompano Beach to get a hands on look at all their products that relate to water tanks.  I see Jarrett as a very important part of my network already since he is sharing contact information, seems to like the proposals, and wants to see great results.

Tom Smith is the president of Norwesco which is a principal manufacturer of plastic water storage tanks.  He has been with the company since it was founded in 1981 and manages all of the operations, qualifying him to fill the spot of domain expert.  Tom was referred by Jarrett from Tank Depot, and was reached by email and telephone follow up.  He expressed an interest in the pressurizing aspect of my proposal and sent a schematic diagram of their 120 gallon tank to assist with design ideas for custom valves.  At this point there is no return expectation other than to keep himself and Jarrett in the loop.  Tom will be of great help since he is already willing to provide details to help develop the proposals.

Kent Dickeson is the manager of the Iowa division of Dultmeier, a B2B supplier of valves and fittings for a broad spectrum of industries.  He represents an important industry supplier, and was referred by both Jarrett from Tank Depot and Tom from Norwesco.  Kent was very helpful on the phone, and is willing to send supplier agreement contracts once manufacturing is ready to begin.  He wants to get new business once it is created, and promises the lowest pricing and fastest delivery of stock items.  This will be very helpful at a later stage because manufacturing chains have moved more to “Just-In-Time” (JIT) delivery systems for parts and supplies, and Dultmeier has adapted and gives consistent and superior service.   

I was quite surprised at the ability to reach these individuals on short notice and for the amount of information received in a few short calls and emails.  Often networking experiences result in a lot of dead ends before communication is made.  It is very encouraging to know that there are people out there like Jarrett who not only listened, took interest and gave referrals, certainly above and beyond his job description.  Both Tom and Kent were also very helpful and give a lot of hope to the development process. 

My Secret Sauce

5 ways in which my human capital is truly unique:

1. Curiosity:  I am very curious about the world around me.  I continuously find myself asking deep questions that I believe help me to understand the world around me in a way that is relevant and comprehensive.  This understanding allows me to develop meaningful relationships with all things in my life.  Many insights that I have gained over time have helped me to resolve many issues for myself and even others.

2. Communication skills: I think that the primary function of every human being is to either express or receive communication.  Our five senses are precisely for communicating information about the world to ourselves.  Communication is so important that I think that every issue or conflict can be resolved with clarity and understanding which is made possible by communication.  I immerse myself in reading, writing, talking and music; all of which are forms of communication.  I have even surprised myself by actually solving a problem from time to time simply by talking about it. 

3. I believe in a win-win situation.  I try to engage in situations where all parties gain from the experience.  In other words I don’t participate in anything at the expense of someone else.  I even find it a joyful challenge to figure out ways for everyone to gain from an experience.  It’s one of the most satisfying endeavors to engage in.

4. This may sound a little odd, but something that is unique about me is my concept of forgiveness.  Initially I thought that forgiveness meant that you quietly tolerated what happened and eventually forgot about it.  For me, forgiveness means that no harm can ever really be done and that each experience, especially the painful ones, are tremendous opportunities that generate compassion.  True forgiveness means understanding that since no harm can be done, there actually is nothing to forgive.  This has brought me the greatest freedom imaginable.

5. Persistence: I don’t think I shine in any one area so when I attempt to do something, it usually is extremely difficult for me.  Looking back at those tough experiences, the one thing I find is that I don’t give up.  It may take me three times as long to complete something compared to other people, and I may be the last one at the finish line, but I do make every effort to finish in the best way possible.  

Interviews with 5 people that know me best:

https://soundcloud.com/tmcarrizosa/interview-with-stuart-7-3-2016

https://soundcloud.com/tmcarrizosa/interview-with-eduardo

https://soundcloud.com/tmcarrizosa/sounds-from-sunday-evening

https://soundcloud.com/tmcarrizosa/sounds-from-wednesday

Reflection on the differences:

I was taken aback by how kind, generous and compassionate these interviews were.  I think this is the first time that homework and completing an assignment actually felt really good in every way.  I saw myself as a person who has drive and perseverance and focuses on developing communication skills on various levels.  Yet in speaking to the people that know me the best, they described me as being talented, intelligent, artistic, spiritual, good with animals, and compassionate.  What was remarkable about the interviews was how emphatically they expressed qualities and skills that I did not see in myself.  I consider myself quite shy, but one family member thinks that because I’m such a people person and can express myself well, that I could become a professional speech writer.  This was just one of many revelations that occurred in the process of making these interviews.  I think that if I were to make any corrections to my original list, I would make it more aspiring and ambitious to reflect the broad spectrum of commentaries made during the interviews.  

My Customer’s Avatar

My Customer Avatars are Jason and Emily.  They are married, in their mid-thirties, registered as Democrats, and just beginning their family.  They have one child and hope for another, and they definitely have two dogs.  Jason and Emily are outdoorsy people.  Jason has a boat that he likes to take out on the water from time to time.  It can be an expensive hobby but because he’s handy, he does a lot of the boat maintenance at home.  He also likes to work on his car, and his garage contains several ongoing projects.  Emily, on the other hand, has just started her very own herb garden.  She will also be growing her own tomatoes, and has a mango tree in the backyard.  She is really excited about how great those organic, natural tomatoes will taste once they are ripened. 

One of Jason and Emily’s favorite things to do is take their daughter and their two dogs to the beach to play.  But after a trip like that, the cleanup can be lengthy.  They have to wash the dog, rinse their feet, and clean all the toys and the beach chairs.  For situations such as this, Emily and Jason have a pressurized water collection tank.  They use their pressurized water to rinse off their belongings, wash the dogs, and give a quick rinse to the car once they are home from the beach.  Emily is happy to not bring the mess into the house and Jason is happy to save a little money by not having to use water from inside the home.  Emily makes sure to save some of the stored water for her garden which she will be tending to later that afternoon. 

Emily and Jason love going on road trips.  They are saving up to go to the Grand Canyon.  They like binge watching shows on Netflix such as “Lost” and “Breaking Bad.”  They also care a great deal about the environment.  Emily recycles her empty shampoo bottles and any other materials used in the household.  Jason remembers to turn off all lights and appliances when not in use.  Both of them really enjoy using the water from the tank because not only are they conserving water, but they are helping the environment as well.  

Elevator Pitch No.2

The Pitch:

https://youtu.be/5DgQXnRaAVI

Reflection on the feedback:

I feel that all of the feedback I got was extremely important.  I found that some people didn’t quite capture what made my idea stand out from existing water storage tanks available.  I feel that I should focus more on the pressurized water aspect.  Water collection may be considered typical, however my concept includes a water filtration system and pressurized water technology.  This would greatly broaden the practical applications and increase diversified usage of the stored water.   I should also focus more on the additives that I could offer including biodegradable soap, organic and natural pesticides for example.  I also could stress the aesthetic variety in both appearance and sizes that would be available.   

Changes based on the feedback:

I did not change much on the Elevator Pitch Number 2.  I found that by trying to include additional information I inevitably would exceed the time limit.  Including new details in the minute long elevator pitch would mean sacrificing significant, basic information that is necessary for the listener to understand the concept.  

Halfway Reflection

ENT3003 is a class that will lead you through the process of developing an idea into a viable product that could provide a solution for others.  This class explores the concept of entrepreneurship and provides the opportunity to hone the skills needed to engage an idea and bring it towards fruition.  Rather than memorization or intimidating exams, this class ingeniously uses experience as its prime educational format to reach students in an impactful and compelling way.  I have suffered through grueling exams and massive term papers and although the results were positive, the details of the information retained are fleeting at best.  This new approach to teaching encourages a student to think critically and creatively, which causes the learning experience to be lasting and significant.

Moving through the class, I have received a steady stream of concise yet very comprehensive assignments that are manageable.  Each assignment takes me on a new path.  In other classes I have found myself dreading to know what’s coming next.  In this class, I am curious to see what’s around the corner, and even more curious to see where it leads.  In one assignment, we were asked to compile a Bug List, which is a list of things that bugs us.  It never occurred to me that by allowing myself to complain, I would actually be participating in a preliminary step of developing a concept.  Wherever there is a problem, irritation, or issue there always is an opportunity for a solution to improve the lives of anyone involved. 

As a UF student who lives off-campus, it’s easy to feel disconnected from other students.  Through the blogging and commenting exercises, this class encourages me to look at what other students are thinking and what motivates them.   I have come to realize that their ideas and remarks are thought provoking and even inspiring.  Dr. Pryor has structured a class that is not overwhelming or dreadful.  Instead it is task oriented and allows an open exchange of ideas and opinions.  By allowing creativity, asking relevant questions, and using critical analysis, we are all able to develop an idea that is significant, impactful, and beneficial in some way.     

Tenaciousness is a competency. 

This class is comprised of a steady stream of assignments that are concise and engaging.  In order to not become intimidated by the class, I recommend checking the website on a daily basis to keep up with updating your blog, posting comments, and assignment modifications.  Another behavior that I would recommend is allowance.  This would mean to allow you to come up with ideas without judgement, doubt, or constraint.  It is also important to get out of your own way by taking on a task without hesitation.  Although the assignments are challenging, each one on its own is doable.  

Tenaciousness is also about attitude.

A moment that I wanted to give up was when I was trying to select a venture concept.  I actually had come up with a really good idea.  I thought it was practical, innovative and above all, would help numerous people around the world.  I had already considered its design when after doing some research, I realized this idea had just been created, patent pending, and recently placed on the market.  When I discovered this, I was devastated because it was an idea I had been considering seriously for some time.  I took some comfort in knowing that the idea itself was actually good enough for someone else to think of it as well and to run with it.  This caused me to become more open to alternative concepts and to consider their potential.  I also realized that although similar ideas may coexist simultaneously, the idea is to make your concept stand out in a unique or improved way.  

Three tips.

1. In the wise words of Nike, “Just do it.”  Regardless of whether you feel silly, awkward, nervous, or confused, just take the first step in getting the task completed.  Before you know it, it will be.
2. Slow and steady wins the race.  Only think about the task at hand, but above all, don’t overthink it.  By doing one step at a time, you will be surprised by what you accomplish.
3. Pay no mind to rejection.  In this class you will experience rejection whether it comes from others, or even from yourself.  There will be times where you will reject your own ideas.  This just means that there is a better idea waiting for you around the corner.

Lodium

1. My portmanteau is Lodium

2. Lodium is a word that describes a food item as being low in sodium.

3. I did use this word at home, with friends and family, and in restaurants.

4. When I first used the word I was met with curious faces and even grimaces as if I had misspoken.  I was always asked to repeat myself.  When I was directly asked what it meant, I would say, “You know, as in low sodium.”  All of a sudden a big grin would come over their faces and they would reply in agreement, “oh yeah, I get it!”  Then they couldn’t help themselves but to repeat the word after me.   A family member told me that she loved it and said that since we should all seek to eat low sodium food, she thought it was a good thing I was using it, not knowing I had created it.  Another family member said, “Excuse me?” and, “Can you repeat that?” followed by “How do you spell that?”  When I went to Panda Express and asked for lodium soy sauce, the girl at the counter handed it to me as if I had said a real word.  I was surprisingly nervous to ask a complete stranger this word, perhaps because I felt silly, but it was well received.  One friend of mine has noticeably used the word repeatedly.  I think that for him, it’s actually caught on.  Most interesting of all is that I accidentally said it out loud myself.  I suppose the next call will be to Webster’s dictionary.