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Final Reflection

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I think my most formative experience was the venture capital assignment. That’s really the first time that I had to completely look my business all the way up and down and identify the opportunity, how I’m going to meet that need, and why people would do that. When you think about starting a business people often first think to raising money or something similar, yet no one really thinks about how you’re going to first identify the need and the opportunity that you must meet. It completely changed the way that I perceived starting a business and it definitely taught me a lot. I also learned a lot from the elevator pitches as they taught me how to speak well in front of others but also was a lot of fun to see how that process worked. I really do believe that I’ve developed more of an entrepreneurial mindset, as the way I perceive things and opportunities really has changed. I wouldn’t call myself a complete entrepreneur because I haven’t started my own business, but I’ve definitely made...
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Venture Capital Revised

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Venture Capital Revised Opportunity There is an opportunity in this market for a personalized trainer app that takes out the middleman and gives consumers a customized workout plan directly at the fingertips without having to meet with a trainer, saving them both time and money. This is for young adults and millenials who want to get fit but save the time and money it takes to do so. With the rise in fitness and being in shape ever so prevalent in social media and pop culture, there is demand to get that perfect body now more than ever. The market for a product like these includes young adults all over the U.S., specifically towards anyone trying to get in shape or workout. Customers satisfy the need for workout plans by simply going to trainers, and while some remain relatively loyal as they’ve gone to the same trainer for a while, those looking to cut down time and money would be willing to switch for a cheaper product. This opportunity is pretty big as many people are trying to...
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My Exit Strategy

My exit strategy for my app FitTrend, is to sell it for a large return in hopefully stock, (not a majority but a decent amount of shares), and some cash. This is because although I do think I have a chance that it could be successful, it would be more valuable and successful for a larger company that has the ability to run it properly. Whether it be a company such as LA Fitness or a tech company like Google, they would be better equipped to hire the personnel and grow the company than my limited knowledge of the subject, which requires me to outsource almost every aspect of the company. For this reason, I would sell for a large return with stock so I can get money for the future from FitTrend, as well as immediate money if I want to jumpstart a project that I’m more passionate about and more ready to handle myself. It hasn’t necessarily influenced me yet, as this is really the first time I’ve given it a lot of thought, but it definitely would factor into some of the decisions. I would ...
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Failure Is Good

Failure is something that is initially hard to take at first, but is beneficial in the long term. Something that happened with me specifically this semester that relates to failure was when I didn’t do well on my first financial accounting exam. It was the first one at the beginning of the semester and I didn’t realize how to properly study for that class nor the tests. I simply thought that because I was doing the homework I didn’t have to study as much for so I wasn’t adequately prepared. It was good that it happened at the start of the semester, however, as it taught me how much work it would take to get a good grade in the class and I took that principle forward in order. I decided to devote more time to the second exam and studied different materials and ended up getting a 90, and plan on doing the same for the third exam. Failure is something that is essential to every aspect of life because of the process it makes you learn, and the harder the failure, the better you learn. The ...
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New Markets

Existing Market While I think my product can definitely have a good foothold in my existing market, after interviewing a couple different customers I think there is definitely ways I can improve and grow in it. I interviewed one person who works out at Southwest everyday, another one of my friends who goes to Student Rec, as well as one random person who I met through one of my friends. We discussed how I could grow in my existing market, and what I need to be doing and planning for that I’m already not. The biggest takeaway I think is an aspect of customer service that I seemed to miss. In the fitness market, I definitely could add a constant stream of communication where I could have a personal trainer on the line, ready to talk with any consumer about how to do a workout or what they should do. This, along with adding a nutritional aspect to my app, could help my app grow and expand in the fitness market, getting more consumers and raising demand for my product. New Market I thin...
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Venture Concept

Opportunity There is an opportunity in this market for a personalized trainer app that takes out the middleman and gives consumers a customized workout plan directly at the fingertips without having to meet with a trainer, saving them both time and money. This is for young adults and millenials who want to get fit but save the time and money it takes to do so. With the rise in fitness and being in shape ever so prevalent in social media and pop culture, there is demand to get that perfect body now more than ever. The market for a product like these includes young adults all over the U.S., specifically towards anyone trying to get in shape or workout. Customers satisfy the need for workout plans by simply going to trainers, and while some remain relatively loyal as they’ve gone to the same trainer for a while, those looking to cut down time and money would be willing to switch for a cheaper product. This opportunity is pretty big as many people are trying to workout and it could be adve...
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My Venture Resources

1. Organizational Structure - One of my resources that allows me to keep costs low is the fact that I would have a virtual system, where I could do all of my work at one headquarters as all of the information is sent in online and we create our custom workouts online. This allows for all of the physicians and people who create the plan to be in one location, or even work from home and send it to them, so we can keep costs low and not have to have multiple facilities. Valuable - It’s very valuable because low costs mean higher profit margins. Rare - I would say its moderately rare. Big companies like Walmart, Sam’s, and others are able to keep costs low because of their economies of scale, but its not like everyone does it. Imitable - Again, moderately imitable. Some companies all work online and it allows for low costs, but it is not very common Non-Substitutable - There are other ways to create the same benefits, so it is somewhat substitutable. 2. Social Capital - I plan on hiring we...
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