Blog Post #27: Assignment 27A - Reading Reflection No. 3

Thinking, Fast and Slow by Daniel Kahneman

1. The general theme of this book was that there are two systems of thinking that different people use every day that help us make decisions, but at the same time can also cause us to make mistakes.
2. In my opinion, this book is connected with and has enhanced my learning in ENT3003 because it can show the different ways that customers think, allowing entrepreneurs to more effectively communicate with them.
3. An exercise based on this book that could be used in this class would be to have students identify which type of thinking system a customer uses based on their characteristics.
4. My biggest surprise from this book is that people tend to spend most of their time using System 1 thinking.

Blog Post #28: Assignment 28A - Your Exit Strategy

For my exit strategy, I intend to stay with my business for as long as possible until I no longer feel a passion for the work I am doing. Once that day comes, I will sell my service for a (hopefully) large enough return so that I can retire and live comfortably for the rest of my life. I have chosen this strategy because I truly care about my business. I want it to succeed for as long as possible by having the most capable people doing their best work for it. However, if I lose my passion or for whatever reason can no longer do my best work, then it only seems fair to the company to sell it someone who can do a better job than me. I also chose this strategy because I would like to retire early and make as much money from my business as possible. With that being said, I believe that the only thing this decision has influenced about my company is that I want the best, hardest-working, most passionate employees working for me and my service.

Blog Post #26: Assignment 26A - Celebrating Failure

This past semester, I failed to successfully complete a task that was given to me at my job. My boss asked me to thoroughly clean all of the equipment at our office before his 30-minute meeting was over. Although the amount of equipment I needed to clean was a pretty large, I still should have been able to clean everything in the time I had before my boss came back. However, I got more focused on making sure each and every single piece of equipment was absolutely spotless rather than simply making sure everything was cleaned. Therefore, by the time my boss returned, I was not finished cleaning everything. When he came back to see that I was still cleaning, not only was he very disappointed, he gave me a pretty stern warning that if it happened again, I would not last at my job very long. After that, I was pretty disappointed in myself, but I learned from it, left it in the past, and moved on.

After failing to complete that task, I learned that everyone has different wants and needs and that they can be misidentified. In this particular scenario, I thought that my boss' main need was to have the equipment as clean as possible. However, what he really wanted was to have all of the equipment cleaned as quickly and efficiently as possible. In other words, he was more focused on the speed of the task being completed rather than the quality of it.

Personally, I have never been a huge fan of failure. With that being said, when it does happen, I accept it, learn from it, and move on. You learn more from failures than successes. Therefore, I think failures can be a good thing, as long as you learn from them, don't let them affect your performance and work in the future, and make the same mistakes again. Being a part of this class this semester has helped me understand this lesson even more.

Blog Post #25: Assignment 25A - What's Next?

Existing Market
I think what the next step for my service would be to pick up and deliver both marijuana products for local dispensaries and food from local restaurants. I think that this would help my service acquire a wider range of customers.

After interviewing 3 members of my existing market about my idea for the next step of my service, they were all very excited about it and thought that it would be a great addition to my service. Since one of the medical uses of marijuana includes helping those with eating disorders, I believe that by adding food to the list of things that my drivers pick up and deliver, this can benefit both my service and customers greatly.

Based on my own expectations and the feedback I received from a few customers in my existing market, I believe that the best way to expand my service would be to add food as an item that my drivers pick up and deliver to customers. Consumption of marijuana products, whether for medical or recreational usage, induces hunger. Therefore, I think that the addition of food delivery would be very beneficial for both the customers and the success of my service.

New Market
A new market that is different from the one I plan on targeting is to grow and manufacture marijuana products. This will create value for our customers because, by eliminating the need to go to dispensaries and pick up the products from their and pay the dispensaries, customers will be able to order products directly from my service. This will result in lower costs for our customers.

After describing my service to the customers of the new market and my new idea on how to expand and improve my service, they seemed quite enthused. By being able to lower the prices of my service by selling products directly instead, the customers said they would be more likely to use my service.

I was able to learn a lot from this new market. I learned that, although customers prefer to pay lower prices for my service, it is still very important to them that the products they purchase are of very high quality. However, since I do not know a lot on how to grow and manufacture marijuana products, I believe that it is in the best interest of my service to stick with simply picking up and delivering marijuana products.

Blog Post #23: Assignment 23A - Your Venture's Unfair Advantage

Resources

1. Drivers
1. V: Yes because they provide an easy and quick form of delivery.
2. R: No because a lot of people know how to drive.
3. I: No because it is easy for similar companies to hire drivers.
4. N: No because there are other ways our products can be delivered to customers, such as drones.
2. Cars
1. V: Yes because they provide an easy and quick form of delivery.
2. R: No because many cars are used and manufactured every day.
3. I: No because it is easy for people to purchase cars.
4. N: No because people can use other forms of transportation, like scooters or bicycles.
3. Access to Marijuana Dispensaries
1. V: Yes because drivers will be picking up desired products for customers from the dispensaries.
2. R: Yes because dispensaries have regulations that only allow certain people in.
3. I: Yes because it can be difficult for some people to access dispensaries.
4. N: Yes because dispensaries are the only places where the products our customers desire are legally sold.
4. Outside Investors
1. V: Yes because their investments were able to get the service off the ground.
2. R: No because anybody can become an investor.
3. I: No because other companies can gain investors.
4. N: Yes because only they can invest in my service.
5. My Own Investment
1. V: Yes because it helped start my service.
2. R: Yes because I only invested in my service.
3. I: Yes because I will only ever invest in my own service.
4. N: No because I can replace my investment with an outside investor.
6. Bill, my father's friend, from GrubHub as an Advisor
1. V: Yes because he can provide advice on how to improve my service.
2. R: Yes because not many people have his level of expertise.
3. I: No because other people can get advice from him.
4. N: Yes because few people have his level of expertise.
7. Knowledge of Marijuana Product Trends
1. V: Yes because we can market certain items more to customers if we know they really want them. 
2. R: No because other people have this kind of knowledge.
3. I: No because other people can gain this type of knowledge.
4. N: Yes because you cannot replace this kind of information that we know
8. Loyal Customers
1. V: Yes because they make up a large amount of our sales.
2. R: Yes because must customers are not loyal to only one service.
3. I: No because all companies and services have some loyal customers.
4. N: No because we can replace customers with other ones.
9. Excellent Customer Service
1. V: Yes because customers appreciate quality customer service.
2. R: Yes because not all companies have good customer service.
3. I: No because any company can have good customer service.
4. N: Yes because you cannot replace excellent customer service.
10. Low Costs
1. V: Yes because customers don't want to pay a lot of money.
2. R: Yes because most services of this kind are costly.
3. I: No because other companies have low costs.
4. N: Yes because you cannot replace low costs.

My Top Resource

My service's top resource is my access to marijuana dispensaries because without access to them, my service would not be able to deliver products my customers desire.

Blog Post #22: Assignment 22A - Elevator Pitch No. 3

https://youtu.be/ElD6Ug97lxY

What really stood out to me in the feedback that I received was that I did a really good job of being direct and detailed in my elevator pitch. However, I needed to do a better job of being more enthusiastic.

Based on the feedback I got, I didn't change much. I kept what I said mostly the same. However, I tried to be more enthusiastic and passionate in how I delivered my elevator pitch.

Blog Post #21: Assignment 21A - Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big by Scott Adams

1. The general theme of this book was that making mistakes and failures can be positive because you can learn from them and make your products and services better and more effective.
2. In my opinion, this book connected with and enhanced my learning in ENT 3003 because whenever someone is trying to create a new product or business or service, it is important to go through rounds and rounds of trial and error to see what works and what doesn't and why.
3. An exercise based on this book would involve students doing a simulation where they go through trial and error to try to make a product or service successful.
4. My biggest surprise from the book was that Scott Adams advised that entrepreneurs complete tasks that require the most creativity first. 

Blog Post #20: Assignment 20A - Growing Your Social Capital

Person #1

1. Bill is my father's friend from college who currently holds an upper level position with GrubHub at their corporate office
2. Bill is filling the role of the domain expert because he knows all of the logistics behind a third-party delivery service, which is what my service would be doing. However, instead of delivering food, like GrubHub, my service will be delivering medical marijuana.
3. Bill met my father in college and they have been close friends ever since, so I've met him multiple times. To get in contact with him, my dad gave me his cell phone number and email address.
4. As a favor to me, Bill listened to my elevator pitch and was able to give me a lot of great feedback on my idea for my service.
5. By including Bill in my network, I now have an expert on delivery services, which is going to be a crucial part of my service. As a result, he will be able to give me tips and advice on how to improve that aspect of it.

Person #2

1. Nathaniel is a close friend of mine who is marijuana dealer back in my home town in Massachusetts, where recreational and medical marijuana usage is legal for people 21-years-old and older. He buys marijuana at dispensaries and then sells it to others of age for discounted prices. He often delivers the products to his customers. 
2. Nathaniel is filling the role of the market expert because he has a lot of experience with picking up, delivering, and selling marijuana to those who can legally use it. This concept is very similar to what my service will be doing.
3. I've been very close with Nathaniel since high school, so all I had to do was call his phone to get in contact with him.
4. As a favor to me, Nathaniel listened to my elevator pitch for my service and we discussed the details and logistics of it. In return, he gave me some great feedback on whether or not there is a legitimate market for my service.
5. By including Nathaniel in my network, I now have an expert on the kind of market my service will be targeting, which is very important.

Person #3

1. Gage is the owner of a medical marijuana dispensary in Massachusetts. He is an expert at selling marijuana to people who need it and can legally have it.
2. Gage is filling the role of the supplier, since he is the owner of a store that sells medical and recreational marijuana to people, and it will be stores like his that my service will be picking up products from for our customers.
3. My friend Joseph works at the dispensary that Gage owns. As a result, Joseph was able to give me Gage's phone number so I could get in contact with him.
4. As a favor to me, Gage listened to my elevator pitch for my service. In return, he told me he loved my idea and thinks that by working together, we could both become very profitable.
5. By including Gage in my network, I now have an expert on who the drivers of my service will be picking up products from.

Reflection

This experience was very fulfilling and helpful for the development of my service. I have never participated in a networking activity where I was pitching an original idea of mine. I thought it was fun and gave me some great feedback!

Blog Post #19: Assignment 19A - Idea Napkin No. 2

You
My name is Jack Hertz and I'm a rising senior APK major from Marblehead, MA. Although I would consider myself to be a typical, average, 21-year old man, I believe that I can be quite charming, very hard-working, detail-oriented, friendly, and confident without coming off as cocky. I am also very approachable, driven, and pride myself on doing the best work I can possibly do. I believe that all of these attributes and talents, along with my extensive experience with medical marijuana users, will help me make my medical marijuana delivery service. Since I take pride in doing the best work I can possibly do, I plan on putting everything I have into this service and making it the best it can possibly be. Specifically, I would love to see it become a nation-wide service, helping consumers in need of medical marijuana but are unable to access it.

What are you offering to customers?
My service will deliver medical marijuana to customers and patients who are in need of it for treatment purposes but are unable to physically acquire it due to their critical conditions. This service will allow more patients looking for alternative forms of treatment to use medical marijuana. Customers will be able to order specific amounts and strains of medical marijuana both online and/or over the phone. However, to ensure that this service remains 100% legal, it will be heavily regulated and only people with a medical marijuana card will be able to use it.

Who are you offering it to?
This service will be offered to all patients that own a valid medical marijuana card. Although most patients that will actually use this service will be those that are unable to access medical marijuana for treatment purposes by themselves, this service allows any patient with a valid card to use this service.

Why do they care?
Customers will use this service for a number of reasons. For example, many patients with chronic illnesses do not want or like to use traditional forms of medicine because of the negative side effects that accompany them. Therefore, these patients choose to look for alternative methods of treatment, such as medical marijuana. Another reason customers will choose this service is because it provides a simple, easy to use system that delivers the medical marijuana right to the doorsteps of its customers, making it easily accessible for all customers, not just those that are forced to stay at home.

What are your core competencies?
What separates this service from competing services is that this is the first legal form of marijuana delivery and transportation. Never before has there been a service that delivers medical marijuana, making it a unique service that no other company or organization can offer.

I believe that all of these elements fit together very well. By offering a service that has never been offered before, consumers with the unmet need are forced to use and purchase the service. There are many patients that are unable to access medical marijuana by themselves for numerous reasons. This means that there is a large target market and potential for this service to be successful.

Feedback Memo
My peers did not provide me with any sort of constructive feedback for my last idea napkin. As a result, I did not change anything or make any edits.

Blog Post #18: Assignment 17A - Elevator Pitch No. 2

https://youtu.be/4tWxg9DrY-I

In my last pitch, I received a lot of great feedback. I was told I was very enthusiastic and informative and did a great job. However, I was told to discuss who or what the service would be monitored by, which I did in my second elevator pitch.

Blog Post #17: Assignment 18A - Create a Customer Avatar

My prototypical customer is a 35-year-old man that suffers from glaucoma. He works from home and typically enjoys playing video games and drawing in his free time. He usually doesn't drive much due to his condition, but when he does, he drives a Black 2014 Audi Q5. He enjoys tv shows such as It's Always Sunny in Philadelphia, Rick and Morty, and The Office. He has a serious girlfriend but does not have any children. He doesn't enjoy reading or pay attention to politics, and when it comes to eating food, he always prefers ordering delivery. Although he is a full-on adult, he is up to date on new trends in society and has found that alternative methods of treatment work more effectively for him than traditional ones.

After creating my customer avatar, I realized that I share a few similarities with him. We both enjoy watching the same tv shows and playing video games. I also do not have any children and don't like reading or politics. I do believe that this a coincidence.