30A – Final Reflection:

·      Some of the most fun assignments for this class were the reading assignments. I really enjoyed getting an opportunity to read about some very accomplished entrepreneurs and I even applied some of their aspects of motivation into my everyday life. I’m usually not much of a reader and without being required to read I probably wouldn’t have read any of the books on that list, however, I learned a lot of neat information regarding some cool people.

o   I really didn’t enjoy interviewing people because sometimes it was difficult to find enough people or people that were well versed in the fields in which I needed information. But nonetheless, I was able to learn a lot of things from doing so.

·      I think the most formative exercises were probably the venture concepts. It was really cool to have one big assignment that really tied everything together and made you able to see all of your work in a finished product (in terms of this class). Going back and reading my venture concept again and fixing it up a little in the second time around made me see all of the cool things I had put together along the way throughout the course of this semester.

·      I definitely think that this course has made me look for opportunities in situations. I’ll often find myself thinking about how something is inefficient or annoying to me and then I’ll start to think about ways that that could be fixed. Often times nothing pops in my head but I consider that a small failure and I’ve realized that you keep on failing over and over until you eventually succeed. My success could one day realizing a very open opportunity in which I could start a very successful venture.

·      I think that it’s very important to take this course seriously because it all builds on each other and if you slack off on some of the beginning assignments you can find it hard to create new information on top of a lousy base. I also recommend doing every assignment for the same reasons. Often times the assignments are directly correlated to assignments from week’s past and if you don’t complete them then you’ll have nothing to base your future assignments off.

28A – Exit Strategy

·      Exit Strategy:

o   I intend to build my app up to become the most complete version possible while attempting to make the venture as profitable as possible in order to be able to make enough money to start more ventures. I plan to sell my app and its rights within the next 5 years preferably to a company with much more stake in the Medical Field in order to make sure that the app continues to be useful or potentially more useful than when under my control.

·      Why this strategy?:

o   I decided this would be the best route for my venture because I think that I could begin to invest in more profitable things and if the app turns to people with the right intentions I believe it could still have the mindset for the customer first and become even more helpful for those in need.

·      How has this influenced my other decisions?:

o   I think that with my current venture it’s possible to put a lot of time and energy to make the app as effective and user friendly as possible while still having it be possible to move on in the near future. I think that this makes the most sense with my venture because it’s not something that can really continue to become much more grand. I think that it would make much more sense for me to take the earnings from the app and put it into other ventures.

29A - Venture Concept

29A – Venture Concept No. 2

Opportunity:

            For my venture I have specified an open demographic that has an unmet need I could accommodate. I think that adults in need of medical assistance whether it be an emergency or a diagnosis for something as simple as the common cold could use my app. I think that the nature of my venture is pretty fluid. It could be used in general medical situations but definitely for situations in which people are not sure how to deal with a situation that might be an emergency. It’s essentially a question base that would provide more information to users about their selected medical situation.

·      Environment:

o   The world today is very fast paced and we definitely live in a time where people are undoubtedly looking out for their own wellbeing regardless of whatever scenario they’re put in. With this being said. I think that there are a lot of times in which people become injured or sick and the person accompanying them has to make the decision or whether or not to take that person to the hospital. Often times this can result in some sort of legal reprimanding for one or both of the parties involved and I think this app could clarify whether or not taking emergency precaution is necessary; especially if the judgement is clouded with legal thoughts.

·      Market:

o   The market is demographically open because anyone with access to a smartphone capable of downloading apps can utilize my venture. Geographically, since this would be an app offered on general app stores, I think it would be accessible to everyone across the globe with access to internet. However, I am definitely constricted to the medical market.

·      Current Options for Customers:

o   Currently, most people with uncertainty regarding medical situations usually resort to the emergency room or 911 (in the US). I know that often times people take their friends or loved ones to the emergency room or call 911 and rack up unnecessary medical expenses especially if the injury isn’t as serious as previously believed. I believe there is some sort of loose loyalty involved because people are definitely more inclined to go to professionals whenever in distress, however, they often complain about the service they receive.

·      Opportunity Size:

o   I think that this opportunity is relatively moderate and needs to be taken advantage of very carefully. I don’t think that going with a purely economic approach would be effective because it would focus more on profits rather than the wellbeing of the customer, and often times that is what start-ups tend to do. I think it needs to have a modest start and keep the customer close in mind in order for this opportunity to continue to be possible.

·      Window Length:

o   I’m really uncertain about this topic because it depends on how long it takes for someone to create this type of interface. I would assume it is close to being developed because there are more and more apps coming out regarding virtual doctor visits to receive prescriptions for injuries or diseases.

Innovation:

·      My venture is relatively innovative and could expedite a multitude of processes for a large amount of people. If created properly my venture would make it a lot easier for people to figure out the severity of their medical situation. My venture would encompass a personalized set of questions after former selections are made regarding the specific type of medical situation that is being encountered. Afterwards, they can answer questions that would help them understand the severity of their situation. I would attempt to make money off of advertisement revenue as I would be making this app free to the public.

Venture Concept:

·      Switching to my product:

o   I think that it will be relatively easy to get people to switch over to my product as there isn’t really much involved with getting started. The app would be free and would only be used as a preliminary action to an ER or 911. If customers are unsatisfied with my app then they can still seek an ER or call 911. I think it would be very harmless to utilize my venture and when performed properly would only be able to produce benefit.

·      Competitors:

o   Currently the competitors that I face are relatively weak competitors. They’re not exactly in the same type of venture as I am and serve as different legs to the end goal, which is medical safety. My venture would be primarily used as a service to find out whether or not the other steps are necessary. These competitors are things like the Emergency Room and 911.

·      Packaging and Organization:

o   These parts are very minor for my business as I would be creating an app. I would have a small team regarding medical information and another team invested on the technological portion of the app. I would focus on the most user-friendly interface possible and try to integrate other aspects that allow my venture to be as broad as possible.

Three Minor Elements:

·      My most effective resource will most likely be my ability to reach almost every demographic. I won’t be constricted to a certain group of people because my venture can grasp everyone.

·      I think the next step for my venture would be for me to incorporate more aspects of the medical market into my app.

·      I think I would like to either move further into the medical market or create more ventures similar to the one I have already created but for different branches of the economy.

·      Feedback:

o   While I didn’t receive any student feedback, I went back through my “What’s Next” assignment and found how open my app really is. I can definitely add different aspects into my app in order to make it more diversified rather than specialized. Rather than focusing solely on a questionnaire for medical emergencies, my app can have multiple facets involving video chats with Doctors for diagnoses, as well as Medical Shuttle assistance for those in need of transportation to the hospital. It can also incorporate an on-call system linked into local hospitals and Doctor’s offices so that customers can utilize one application for all of their needs regarding their situation(s).

·       

24A – Venture Concept No. 1

Opportunity:

            For my venture I have specified an open demographic that has an unmet need I could accommodate. I think that adults in need of medical assistance whether it be an emergency or a diagnosis for something as simple as the common cold could use my app. I think that the nature of my venture is pretty fluid. It could be used in general medical situations but definitely for situations in which people are not sure how to deal with a situation that might be an emergency. It’s essentially a question base that would provide more information to users about their selected medical situation.

·      Environment:

o   The world today is very fast paced and we definitely live in a time where people are undoubtedly looking out for their own wellbeing regardless of whatever scenario they’re put in. With this being said. I think that there are a lot of times in which people become injured or sick and the person accompanying them has to make the decision or whether or not to take that person to the hospital. Often times this can result in some sort of legal reprimanding for one or both of the parties involved and I think this app could clarify whether or not taking emergency precaution is necessary; especially if the judgement is clouded with legal thoughts.

·      Market:

o   The market is demographically open because anyone with access to a smartphone capable of downloading apps can utilize my venture. Geographically, since this would be an app offered on general app stores, I think it would be accessible to everyone across the globe with access to internet. However, I am definitely constricted to the medical market.

·      Current Options for Customers:

o   Currently, most people with uncertainty regarding medical situations usually resort to the emergency room or 911 (in the US). I know that often times people take their friends or loved ones to the emergency room or call 911 and rack up unnecessary medical expenses especially if the injury isn’t as serious as previously believed. I believe there is some sort of loose loyalty involved because people are definitely more inclined to go to professionals whenever in distress, however, they often complain about the service they receive.

·      Opportunity Size:

o   I think that this opportunity is relatively moderate and needs to be taken advantage of very carefully. I don’t think that going with a purely economic approach would be effective because it would focus more on profits rather than the wellbeing of the customer, and often times that is what start-ups tend to do. I think it needs to have a modest start and keep the customer close in mind in order for this opportunity to continue to be possible.

·      Window Length:

o   I’m really uncertain about this topic because it depends on how long it takes for someone to create this type of interface. I would assume it is close to being developed because there are more and more apps coming out regarding virtual doctor visits to receive prescriptions for injuries or diseases.

Innovation:

·      My venture is relatively innovative and could expedite a multitude of processes for a large amount of people. If created properly my venture would make it a lot easier for people to figure out the severity of their medical situation. My venture would encompass a personalized set of questions after former selections are made regarding the specific type of medical situation that is being encountered. Afterwards, they can answer questions that would help them understand the severity of their situation. I would attempt to make money off of advertisement revenue as I would be making this app free to the public.

Venture Concept:

·      Switching to my product:

o   I think that it will be relatively easy to get people to switch over to my product as there isn’t really much involved with getting started. The app would be free and would only be used as a preliminary action to an ER or 911. If customers are unsatisfied with my app then they can still seek an ER or call 911. I think it would be very harmless to utilize my venture and when performed properly would only be able to produce benefit.

·      Competitors:

o   Currently the competitors that I face are relatively weak competitors. They’re not exactly in the same type of venture as I am and serve as different legs to the end goal, which is medical safety. My venture would be primarily used as a service to find out whether or not the other steps are necessary. These competitors are things like the Emergency Room and 911.

·      Packaging and Organization:

o   These parts are very minor for my business as I would be creating an app. I would have a small team regarding medical information and another team invested on the technological portion of the app. I would focus on the most user-friendly interface possible and try to integrate other aspects that allow my venture to be as broad as possible.

Three Minor Elements:

·      My most effective resource will most likely be my ability to reach almost every demographic. I won’t be constricted to a certain group of people because my venture can grasp everyone.

·      I think the next step for my venture would be for me to incorporate more aspects of the medical market into my app.

·      I think I would like to either move further into the medical market or create more ventures similar to the one I have already created but for different branches of the economy.

·      Feedback:

o   While I didn’t receive any student feedback, I went back through my “What’s Next” assignment and found how open my app really is. I can definitely add different aspects into my app in order to make it more diversified rather than specialized. Rather than focusing solely on a questionnaire for medical emergencies, my app can have multiple facets involving video chats with Doctors for diagnoses, as well as Medical Shuttle assistance for those in need of transportation to the hospital. It can also incorporate an on-call system linked into local hospitals and Doctor’s offices so that customers can utilize one application for all of their needs regarding their situation(s).