Final Reflection

The End Of Our Journey & The Beginning Of Your Journey 

What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I enjoyed the pitches. I liked the concept of progressively getting better at giving pitches. I also liked the feedback I would receive. I am most proud of doing all my assignments on time and never missing one (missed one but that was because I did not 'declare').

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

I believe I have developed more of my entrepreneurial mindset. There were things that I was ignorant of that this class has forced me to see and learn of. 

What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

I recommend that they do all their assignments. And if they are truly entrepreneurs, then put your best work in the class. This class helps foster young aspiring entrepreneurs. 

Venture Concept No.2

Venture Concept No.2

Opportunity: My customers have the need for eye care, whether it is glasses, eye exams, eye problems, surgery, or health problems associated with the eye. Their unmet needs are that all the previous needs are not localized or centralized in one area or location. Because of this unmet need secondary parties arise, such as those with not a lot of time on their hands, people taking elderly people to appointments, people trying to get ahead of rush hour. This opportunity is created due to these circumstances especially because it is in Miami which has a huge problem with traffic and overpopulation. The market is from many counties in Miami. Customers currently satisfy this need by not going to either the optical or the ophthalmologist, not listening to the optometrist or ophthalmologist, driving to two different locations to satisfy their needs. They are not loyal because they complain to our optical about driving here and there and asking why the optometrist cannot do some procedure. I believe this opportunity is big but it has not been solved because there is some flaw to it. This window of opportunity will be around as long as I become an ophthalmologist.

Innovation: My innovation is a new way to conduct eye care. It is to connect both an ophthalmology practice as well as an optometry/optical. People initially go to an optical to get glasses, get eye tests, and check their health. If a problem arises or something is out of the ordinary the optometrist recommends the person go to an ophthalmologist. The ophthalmologist diagnoses problems for eye care, performs surgery, and sends the person back to the optometrist so they can see if any problems arise again after surgery. However these practices are never in the same building or location. I propose to fit both of these together. This is profitable because if a patient has a problem they simply go to the ophthalmologist upstairs and then they go back to the optometrist downstairs. The fast pace will create many opportunities to have multiple customers and patients. It would become like clockwork. And because it is fast people will recommend my business to others.

Venture Concept: Customers would switch from going to two places to one because it is more convenient in all possible ways. One location means you only drive to one place you use less gas less traffic. One location means you can develop meaningful connections with people making a small business like model. It seems like it would be fairly easy to switch. My competitors would be cheaper places such as big corporations. Their weaknesses are that they do not care about the customers; they have less variability in their selection of glasses. The customer experience would definitely play a big role in how my business would succeed. They need to feel as though they are being talked to and approached as friends. The location is important as well. Having one location would draw in customers that are looking for convenience, especially those that are in a rush. I would support this business by hiring employees to run the optical, hiring an optometrist, hiring an office team for my ophthalmology practice, and me being the ophthalmologist. My family who owns two optical (soon to be three) will send their customers that have eye problems to me for my ophthalmology practice.

My most important resource will be me becoming an ophthalmologist because that will allow me to not only perform surgeries and not hire an ophthalmologist, but know all facets of eye care. So I can manage the optical as well as the ophthalmology practice. I will have the fact that I am an ophthalmologist which is a hard profession to earn that my competitors probably do not have. My next venture is to create more optical around Florida and become a corporation. Assuming I have launched I expect the business to be doing well and me to start planning on opening another optical. And in the next decade I expect to have opened that optical and repeat.

Feedback: The feedback I received was that they agreed with me on that the business mostly revolves on the customer experience. One suggestion was figuring out a way to retain customers due to their open use of other eye care options. Another suggestion was for me to look into how I would receive money. As an ophthalmologist, will I be receiving a salary? For the first suggestion I believe that my customers will stay with my business because of the convenience and that it is a small business. It is more personal. For the second question, I would be an ophthalmologist who owns two businesses. I will put in and take out accordingly. Because I would want my business to succeed I would probably always put as much as I can afford back into the business. I will not be making a salary.

Your Exit Strategy

Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

My business will not begin in the next 5 years. It begins when I become an Ophthalmologist. But after five years of opening an optical with an ophthalmology practice, I do not plan on selling. I plan on having the business for the rest of my life and passing it down generations. 

2) Why have you selected this particular exit strategy?

I selected this strategy because I am part of a family business. My family owned many optical in Nicaragua till they were forced out, and now we are rebuilding and we have two optical with a third on the way. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

It has influenced every facet of my concept. My whole concept revolves around the fact that I go into eye care. It has influenced my journey and what I want to become. It has influenced my future and what I expect from it. 

Reading Reflection No. 3

The Last Book!

Thinking fast and slow by Daniel Kahneman

1) What was the general theme or argument of the book?

The general theme of the book was that a persons behavior is determined by two systems. System 1 is impulsive, automatic, intuitive. System 2 is thoughtful,deliberate, calculating. As they play off against each other their interactions determine how one behaves. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book connected with ENT because it shows a lot on how the consumer mind works. Targeting specific parts of what makes people attracted to things, businesses can manipulate consumers to walk in their stores, buy there products. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would show my class multiple scenarios in pairs of two where the class participates. In which scenario is what system? 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

From watching his lectures on the book he talked about how when people are exposed to math problems their pupils dilate by about 50 percent. That it is something you do rather than something that happens to you. It requires steps and thinking rather than seeing someone angry which is something that happens to you, which does not require high thinking. 

Celebrating Failure

Let's Fail A Lot!

I am currently a second year student in the innovation academy, meaning that I only do Spring and Summer terms. In my first year Spring I took Chemistry and dropped the class. Now I am taking the class again but it is still very difficult. I still do not do as well as I would hope to in every test. Each time I received a test grade back I changed the way I approached my next test. And each time I have done better. I learned that through my failure that I should not take it as a defeat but instead as a learning experience. This class has showed me that I should learn from my mistakes therefore decreasing risks. I do not take 'risks' when studying, instead I learn from my past exams and study harder. 

What’s Next?

Whats Next? 

Existing Market

- I interviewed three people and in those three interviews each of them said they didn’t expect much of anything. One suggested opening up another optical but besides that there was not much to improve on an idea that is simply putting two practices into one.

Other than opening new optical around Florida, I do not see myself doing more entrepreneurial work. - I plan on enjoying my life once I get to that stage (as well as along the way).

New Market

The Online market- Young People

- When interviewing this market I found that the main concern with my business is physically going to the store. They did admit that it is important to go for eye exams and if worse comes to worse eye surgery. But the majority of them do not go to an optical because they can order glasses online. At first I suggested we have an online store and try to develop a way to conduct eye exams online. The interviewees liked that idea. But it still did not solve the issue of physically going to the store to get real eye exams and eye surgery. They did not have an answer.

- This new market is the defining decade of many businesses. The first person to solve the problem of people not wanting to go to places and ordering online will be the person to make the most profits. In the case of eye care it is still developing.

Venture Concept No. 1

Putting It All Together 

Opportunity: My customers have the need for eye care, whether it is glasses, eye exams, eye problems, surgery, or health problems associated with the eye. Their unmet needs are that all the previous needs are not localized or centralized in one area or location. Because of this unmet need secondary parties arise, such as those with not a lot of time on their hands, people taking elderly people to appointments, people trying to get ahead of rush hour. This opportunity is created due to these circumstances especially because it is in Miami which has a huge problem with traffic and overpopulation. The market is from many counties in Miami. Customers currently satisfy this need by not going to either the optical or the ophthalmologist, not listening to the optometrist or ophthalmologist, driving to two different locations to satisfy their needs. They are not loyal because they complain to our optical about driving here and there and asking why the optometrist cannot do some procedure. I believe this opportunity is big but it has not been solved because there is some flaw to it. This window of opportunity will be around as long as I become an ophthalmologist.

Innovation: My innovation is a new way to conduct eye care. It is to connect both an ophthalmology practice as well as an optometry/optical. People initially go to an optical to get glasses, get eye tests, and check their health. If a problem arises or something is out of the ordinary the optometrist recommends the person go to an ophthalmologist. The ophthalmologist diagnoses problems for eye care, performs surgery, and sends the person back to the optometrist so they can see if any problems arise again after surgery. However these practices are never in the same building or location. I propose to fit both of these together. This is profitable because if a patient has a problem they simply go to the ophthalmologist upstairs and then they go back to the optometrist downstairs. The fast pace will create many opportunities to have multiple customers and patients. It would become like clockwork. And because it is fast people will recommend my business to others.

Venture Concept: Customers would switch from going to two places to one because it is more convenient in all possible ways. One location means you only drive to one place you use less gas less traffic. One location means you can develop meaningful connections with people making a small business like model. It seems like it would be fairly easy to switch. My competitors would be cheaper places such as big corporations. Their weaknesses are that they do not care about the customers; they have less variability in their selection of glasses. The customer experience would definitely play a big role in how my business would succeed. They need to feel as though they are being talked to and approached as friends. The location is important as well. Having one location would draw in customers that are looking for convenience, especially those that are in a rush. I would support this business by hiring employees to run the optical, hiring an optometrist, hiring an office team for my ophthalmology practice, and me being the ophthalmologist. My family who owns two optical (soon to be three) will send their customers that have eye problems to me for my ophthalmology practice.

My most important resource will be me becoming an ophthalmologist because that will allow me to not only perform surgeries and not hire an ophthalmologist, but know all facets of eye care. So I can manage the optical as well as the ophthalmology practice. I will have the fact that I am an ophthalmologist which is a hard profession to earn that my competitors probably do not have. My next venture is to create more optical around Florida and become a corporation. Assuming I have launched I expect the business to be doing well and me to start planning on opening another optical. And in the next decade I expect to have opened that optical and repeat.