ENT-30A-In The end

This semester was mostly lows for me honestly. I got Mono in mid-September, which pretty much ruined up until thanksgiving break in terms of social life and will to do anything really. However, I made the commitment to myself to not let my grades slip up, even though I was quite sick for many weeks. I worked hard, went to office hours which is something I normally never do, and pretty much just worked harder than I ever had to make sure I kept my grades up. Now, I am on track for my best semester yet at school, assuming I don’t completely bomb my final exams. I state this as the “thing” this semester that I will look back on in many years, because I will always remember the time I had mono in college. But from that, I will also remember how hard I worked to be successful, and when I think of that I will be able to apply that work ethic to whatever the task is at hand. Whether it is late nights in graduate school, or if I simply feel like just giving up, I will always remember the lessons about hard work and how rewarding it is when everything comes together like you want.

Singlehandedly due to this class, I definitely believe that I have developed more of an entrepreneurial mindset. I am constantly drafting up new ideas or tweaking existing ones, all while using the tools that I have learned in this class to aid me in doing so. I am constantly thinking how I can make my life, and the life of those around me easier in some way and what would benefit us. I attribute this mindset to this class so I thank you for that! Hopefully one day I will cash in big time on one of my ideas.

My best piece of advice for students taking this class in the future, and really for anyone who wants to develop an entrepreneurial mindset would be to keep an open mind. I have learned in this class that you never know where the next big idea will come from. Sometimes the stupidest ideas turn into wildly successful companies that many people never would have thought of or pursued simply because they did not keep an open mind. Opportunity presents itself on every corner, and it is your responsibility to think outside the box and accept new ideas, and that every idea has potential- to which the extent is up to you, the individual.

ENT Venture Concept 2

Opportunity:

I believe that there is an opportunity in Gainesville, but also in many other cities and towns across the country and even world, to improve the flow of traffic on the roads at all hours of the day. No one likes sitting in traffic. People are often in a hurry, and like to get to their destination as quickly as possible. I believe that is why the opportunity for improved smart light traffic technology is so huge. The “customer” base is any person on the road. Millions and millions of people every day see traffic lights. And, many of them are constantly wondering why they sit at red lights when no other cars are coming in the other direction. This is where the smart lights come in to play. The increasing number of cars and motor vehicles on the road is increasing every day, and that’s why this opportunity will always exist. In other words, I don’t believe the window of opportunity will ever close on improving technology for how fluid and well traffic lights work and sense the flow of traffic. I think the window of opportunity will be open until a solution better than the standard traffic light comes along.

Innovation:

            My innovation is a better and more improved traffic light sensing technology. This technology already exists. However, I believe that there is an opportunity to make it better. Traffic patterns are constantly changing, and there needs to be a product that allows traffic lights to monitor these patterns and change with the traffic. Since traffic lights are city/government controlled, pin pointing exactly how I envision making money is difficult at times. However, I believe the best way would be to develop a new technology that Improves the flow of traffic, and simply is better than anything else in the industry. Then, I would license this software to the traffic light manufacturing companies, who would pay me to allow them to install my technology in their lights to ensure that they operate well. I don’t have an exact price, but if the technology worked well, it could be thousands of dollars. In addition, I would sell improved light bulbs for traffic lights as I believe there is also an opportunity to make traffic lights more visible during the day time, where they don’t stand out against the night sky.

Venture Concept:

            I think that my innovation will fulfil my opportunity because improved traffic patterns not only makes people’s lives easier, however it also opens doors for more opportunities. An example would be making it easier to do construction. Traffic lights that are timed well and can sense the volume of cars would aid in reducing the clutter around construction sites which would make everyone’s lives easier, and safer overall. But, more than that, I think it just comes down to if the technology works better than the rest of what is out there. In every business venture, there is some sort of competition. In this case, it would be the current manufacturer of smart light technology. I would have to create software that functioned better and was more advanced than theirs. Everyone wants the best product available, and it is no different with traffic lights. I would ensure that mine is the best and that it helps traffic flow the best making the driving experience overall more enjoyable for people of all ages. Another point I want to add is that the good thing about licensing software is that it does not require a manufacturing facility or packaging costs. That would be taken care of by the company that manufactures the tangible traffic lights themselves.

1.     I believe that my most valuable resource is going to be someone who is extremely tech-savvy and can create the software that I am looking for. Not everyone can write code to function at the level that I would need it to, so that individual or group of individuals who could write the software itself would be my most valuable asset. Another would be someone who is a phenomenal salesman who could convince cities and companies why my traffic lights are better than my competitors and how they will benefit the area.

2.     Another opportunity I see in this venture is improving the light bulb used in traffic lights that emit different colors. Too many times I stop at traffic lights and can barely see what color it is because of the sun or the light itself is too dim to see. I think there is a light that should be/could be made that stands out well in the daylight hours in addition to night.

3.     Assuming I were to launch, 5 years from now I would want to have my traffic light software across the entire united states. I’m not saying every traffic light would have to have my technology, but I would like for it to be in all 50 states in certain lights to help prove that mine works better than the others, I could also gather data to help me constantly improve and fine tune my software.

Summary of feedback/What I changed: Overall, the feedback on my last venture concept was very good. People like the idea, and think that there is definitely a need for it in the US and especially here in Gainesville! Honestly, overall I am very satisfied with this venture concept and think that I established a good guideline and plan of sorts to follow in the future. I think that this plan is just the beginning, as new ideas constantly come and go.

ENT 28A- Exit strategy

1)    The exit strategy I plan to make is to sell the business for a large return.

2)    I selected this particular exit strategy is because the reality is that I do not want to deal with the stress of owning a business and everything that comes along with it for the rest of my life. I want to travel and do things I enjoy, maybe pursue a new hobby. However, all of these things require money and that’s why I would choose to take the large return and sell the business so that the stress is off of my shoulders.

3)    I don’t think that this exit strategy has had any negative effects on the other decisions I have made in my concept. Realistically, I wouldn’t leave or sell the business until I was one hundred percent satisfied as to what it has become. Also, it is one thing to say all of this now as a figurative strategy, however if faced with the actual decision of walking away from a business I created I am not sure what I would do. The above was what I think I would do. Hopefully one day I will have the opportunity to find out!