ENT 25A-What's next

For this assignment, I am going to lump together my old market and new market, because after I interviewed my three people for each market, it became clear to me that there was no difference. Everyone sees traffic lights. It doesn’t matter if they live in a rich or poor neighborhood, where they live, etc. As long as they drive, they see traffic lights. In my interviews, the interviewees recommended just trying to get my technology in as many traffic lights across the globe as possible, which was my original plan. However, I did bring up the possibility of putting a better light bulb in my traffic lights. Both groups of interviewees agreed that this would be a good improvement for many traffic lights. As their bulbs start to dim, it becomes harder and harder to see what color they are during the day. Overall, I knew that my old market and new market would be the same from the beginning. A traffic light is something that is so generic, that there is no specific market. It is something that affects nearly everyone and it is hard to think of a radically different direction in which I could take this company. However, I will continue brainstorming and thinking of different ways in which I can expand my business. In conclusion, the people I interviewed agreed with me in the direction that I plan to take my company, which can be seen in my previous post about my venture. I look forward to receiving more peoples input and growing my business ideas and overall strategy and goals.

ENT 24-Venture Concept

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.

ENT 22A

Overall, based on my last pitch and the feedback I received, I feel as though it comes down to just being in front of the camera and engaging your audience, which I think (hopefully) I did a better job with. Let me know what you think! Overall, I think I was just more comfortable in front of the camera.

ENT 23A

My ten resources:

1.     Human Capital (connections)

·      Valuable: Connections with people in any field can help jump start a business and guide it to success, especially if they are experienced businessmen

·      Rare: Each person’s connections are unique and that is what makes them rare

·      Inimitable: Each person’s human capital is hard to replicate because everyone knows different people

·      Non-substitutable: Nothing can replace valuable experience

2.     Social Skills/Persuasion

·      Valuable: being able to communicate well with people and persuade them is very important in life and business

·      Rare: Each person has their own skill set when it comes to effectively communicating

·      Inimitable: Being able to communicate well is replicable, as many people have effective communicative skills, however there are also many who don’t

·      Non-substitutable: Effective communication skills are critical and con not be substituted.

3.     Financial capital

·      Valuable: Having lots of money can help you acquire new resources and grow your business

·      Rare: The more money you have, the rarer you become as an asset

·      Inimitable: It is possible to replicate money, if you find someone who is rich

·      Non-substitutable: Money can be earned, but having it from the start can provide a huge head start

4.     Determination

·      Valuable: Being self-driven and determined to complete your goal can help ensure that you will have a successful business

·      Rare: Being determined is not too rare in the entrepreneurial world

·      Inimitable: Determination is imitable

·      Non-substitutable: There is no substitute for hard work

5.     Time Management

·      Valuable: It is very important to organize your day and prioritize what you need to get done

·      Rare: Not rare

·      Inimitable: imitable

·      Non-substitutable: Being a good time manager is very important

6.     Desire to make things easier

·      Valuable: Can help you envision and create your product

·      Rare: Not rare

·      Inimitable: Imitable

·      Non-substitutable: Wanting to help make others’ lives easier is the driving force behind many businesses today

7.     Access to material resources

·      Valuable: Certain materials can greatly help you if your business requires such

·      Rare: Not everyone can get your hands on certain resources

·      Inimitable: Not necessarily imitable, if the materials are rare

·      Non-substitutable: sometimes one certain material is needed, and there is no substitute for that one material

8.     Social capital

·      Valuable: Having social connections via networking and such can prove very important and provide new opportunities

·      Rare: This goes along with human capital, and having good networking/social capital can be rare

·      Inimitable: Every person’s social capital is unique

·      Non-substitutable: Valuable people can help you in the long run

9.     Desire to succeed

·      Valuable: Goes along with determination, is the driving force behind the business

·      Rare: Not rare, many entrepreneurs are determined

·      Inimitable: Imitable

·      Non-substitutable: Once again, not substitute for hard work

10.  A vision

·      Valuable: It is important to see the end goal, what do you want to accomplish?

·      Rare: Not rare

·      Inimitable: Each person’s vision is unique

·      Non-substitutable: There is no substitute for a well-aimed vision

Summary: My most valuable resource is definitely human capital. Nothing can replace a mentor who has already been through the ring with running a successful business. They can teach you a ton of what you need to know, and greatly shorten the learning curve.