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.