Final Reflection

For this final reflection, I'd like you to do a few things:

1. Read through your blog from this semester. Recall all of the experiences you've had along the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

The highs were doing the elevator pitches, lows were doing the interview with the first entrepreneur, but it was much easier later in the class. My fun moment in the class was when you did the road trip and came around to the different cities to personally meet your students. The only dread that I had in the class was the amount of assignments that were due almost on a daily basis. However, it was also very realistic to a person who is running their own business. If this class is too much to stay ahead of, just wait until you open the doors of your new business.

 

2) What sticks out to you as the most formative experience?

I would definitely say the information that I learned from interviewing random and unknown potential customers for my business. This is an exercise that can be used for so many different scenarios in business. You can learn valuable information for a new business venture or just adding a new product or service to your current business.

 

The experience that you'll remember years later?

I really think doing the pitch is something that is useful and proof that if you do something over and over you get better at it and it gets easier.

 

 What was your most joyous experience?

I enjoyed the five dollar free money give away. It was just neat to catch people off guard and get their real and raw reactions to this exercise. I will also admit that is even a little uncomfortable for me to do but their reactions were priceless and worth my little bit of discomfort.

 

 

 

What experience are you most proud of yourself for accomplishing?

I like the fact that I really have developed and backed up with research a possible new and profitable venture.

 

 

 

3)At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

          Absolutely!

4)What is the one recommendation you would make to the students who are going to journey down this path in the future?

Approach this class as if you were running your own business. The assignments are customers and your grades are your profits.

 

What would you recommend they do to perform best in this course?

You are given most of the assignments in the first week or two of the class, so jump in fast and hard and get a week ahead on any assignments that are due. If you do this then you will never miss any of your points or (Profits).

 

 What would you recommend they do to foster that mindset?

Take this class and every assignment as a serious business matter. If this class were your job how would you approach it every day? Don’t forget to also have fun with some of your assignments.

 

Even though these are my final thoughts of the class it is the beginning of my new entrepreneurial mindset.

 

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Elevator Pitch No. 4

 

I did not receive any feedback on what I should do different, but I have come up with a few more ideas on my own. First of all I did my 4th pitch on location again at the beach because the surf was really up and just shows you how much my product would be used. I had a two hour surf session myself this morning but eventually had to call it quits because the paddle out was killing me. If my service had been in use today I am pretty sure that I could have made some money.

 

I also did a few informal interviews with some of my fellow surfers out there today and they all loved the concept. Based on the feedback that I have received from my fellow students I am pretty sure that I will try multiple price structures for the use of my services until I find the one that maximizes my profits and still fits into my consumers budget.

 

"Venture Concept No. 2"

 

Thank you to everyone who made comments on my new venture idea. I appreciate your candid responses. I certainly think that the more eyes and brains you put on a project you will have many more options for the final outcome. My feedback was pretty eye opening for me. It is amazing the things you miss on your own concept. That is why feedback is a must before you bring your product to market. It just helps wash out all of the bugs before you actually give a real customer a bad experience.

Some of my feedback included questions on the pricing for my services. Other concerns were on the logistics itself. I guess when you hear the word zip line it automatically makes you think of a tower or some high place where you would get on the zip line. However, this on is actually on the water’s surface which is where you actually get on to use the service.

The changes that I will make to my first concept are to possibly change the name of the company from surfline to some other name. Possibly change it to No Paddle Surfing that would be a different concept from traditional ways of surfing. I will also try out various pricing strategies to see which on the market is most tolerant.

Venture Concept—A Zip-Line for Surfers

 

The opportunity

 

My Venture Concept organically presented itself to me. I am an avid surfer, and find myself in the water as much as possible. Surfing in an amazing sport, but it is also quite physically demanding. The physical demand is where and why my idea blossomed. It all began when the first hurricane swell of the year arrived on shore. It was a perfect day for surfing, but I noticed so many surfers sitting on the beach watching the waves just roll in without a surfer on the wave. I quickly figured out why not too many surfers were out in the water enjoying the ten foot swells that Mother Nature had created. My first attempt to conquer the seemingly impossible paddle out was a non-stop paddle out for twenty seven minutes before I was sent crashing back to the shore only to try again later. With my second attempt of paddling for forty seven minutes non-stop I finally made it out past the breakers, but I was so tired I didn’t even feel like surfing. I was surrounded by many potential customers. The problem was so simply evident that I couldn’t believe someone hadn’t already thought of a solution, so I did. Before I answer some of your questions of why there is a need for my product I want you to look at this picture from Jacksonville Beach. It has been said that a picture says a thousand words.

 

 

 

 

 

So obviously my target market would be surfers. You would not expect a snow skier to climb a mountain just to be able to ski down it, so why should a surfer use all of his energy paddling out just to catch and ride a wave? The estimated American surf population is 2.4 million, so there is quite a large customer base waiting to be tapped. The median age of surfers is 34 so the paddle out is just going to be harder as they continue to age making my product even more attractive to prolong their love for catching the big one. The only other option to satisfy their need to get past the breakers is to use a jet ski to tow them into the waves. However, this practice is very much frowned upon as the ski could be dangerous to other surfers or swimmers in the water.

 

 

 

 

 

Innovation

 

I believe my product would be considered as radically innovative. I have never heard or seen anything like this before in or outside of this industry. Simply stated, my service would allow a surfer to grab hold of a zip-line handle that is attached to a fixed structure like a pier or a buoy and be pulled across the water and thorough the breakers dropping you into the line-up. A person could surf all day long by not using any energy to get out past the breakers. The revenue side of this idea is generated by charging a daily fee to use the zip-line. The fee would be determined by the location of each zip-line. The harder the paddle out the less sensitive the customer would be to the fee. It’s a tradeoff for enjoying 10 waves for that session or riding 50 waves in a session. I would also offer weekly, monthly or annual passes. There really would be no switching cost for the customer other than the daily fees because there is no current alternative.

 

Venture Concept

 

Here in lies the beauty of a radical innovation. It’s unique and a one of a kind. There are no other competitors currently in the market place. The possible weakness of a competitor is I will be an established brand and business before they even attempt to crack into the market.  However, the key to the success of this business is location, location, location. It has to be on the water at the beach and at a surf break.

 

Secret Sauce

 

My secret sauce or unfair advantage for me would be timing. Being in the right place at the right time with the right solution to a problem is everything. The reason the timing is so important it gives me time to get established and execute exclusive area contracts with all the major locations that I want to position my products and services in. Exclusive contracts will keep the competition at bay for an extended period of time.

 

Next Venture

 

I would like to use the same zip-line as a thrill ride for swimmers with boogie boards propelling them across the water at high rates of speed. This could be utilized on the days when the water is flat and my services would not be needed by surfers. This would also lend itself to a huge rental program for those who do not want to carry a long board all the way to the beach and back every day. You can rent surfboards, boogie board or even stand-up paddle boards. By offering such an array of rental products it will help expand your customer base to those who would like to surf but can’t afford to purchase a $600.00 board.

 

What’s Next?

 

I would like to think this concept would be very successful tried and true within the next five years. It is not very often a brand new concept is imagined and then actually put into action. Being a surfer myself I can appreciate the possibilities and benefits that a service like this could offer to me. I have received very encouraging feedback from the surfing industry including several pro surfers who really loved the idea. Entrepreneurship is a funny thing. It is very common for a successful entrepreneur to fail on several ideas before he hits on one that really works. The lessons learned from failed attempts are invaluable. This concept has gotten so much traction thorough the interview process it just might be something I follow through with and give it a shot. I have started up, owned, operated and sold a business before and it’s almost impossible to get entrepreneurship out of your blood. With all that being said, you may possibly be seeing me standing under a pier at a beautiful resort and surf break collecting daily fees from surfers using my zip-line. 

 

So at the end of the day which one of these surfers do you want to be?