30a

1. The high moments of this class were when we were focused on our business idea and gathering information about it. I was very interested in my topic so it was fun for me to talk to people about it and get different perspectives. The lows were early on in the semester when we had to use the online database to find information about different articles. This was very frustrating and tedious for me because of the selection of information on UF’s database.

2. I would say the most formative experience in this class was doing the elevator pitches for my business idea. At first, I thought I would hate those assignments, but as I grew more comfortable doing them it became a fun exercise. I’ll remember it years later because I will use the techniques I learned to create an efficient pitch for future assignments and speeches. My most joyous moment was the interviews with my family and peers when they talked about what made me unique. It felt really good to hear the people you care about most say those nice things about you. I’m most proud of the assignment where you had to reach out to a domain expert, market expert, and industry supplier because it took a lot of work to come into contact with them and get the information I needed. It took hours of research and calling different businesses, but it felt very satisfying when I completed it.

3. I do see myself as much more of an entrepreneur than I did before this class. After learning all the different elements of an entrepreneur I feel like I have developed that mindset. It developed more and more as the semester went on because of my business idea evolving. This course has made me look at more things in my daily life as opportunities and how I can use them to fill a need.

4. The best recommendation I would make to future students is to create an idea that you are really interested in because it will make the experiences in this class a lot more worthwhile. If you pick an idea and don’t feel like you really believe in it, then pick one that you do so you can get the most out of this class. The most important thing you can do to perform well in this class is to always stay on track, and even ahead, so you can turn everything in on time and get the grade you desire.  In order to foster that mindset, they should set up a schedule each week so they have designated time for the three assignments, two lectures, quiz, and feedback assignments. If they use this advice, then they should be able to get the grade they want and develop an entrepreneurial mindset that will serve useful in their future career.

29a

Opportunity:

Many people want to help make a difference in our deteriorating environment but aren’t sure how to make this happen. Fossil fuels are nonrenewable and non-sustainable and directly impact climate change, air pollution, water pollution, land degradation, and global warming. People are becoming aware of the harm fossil fuels cause and are looking for alternatives that support our environment. Switching from using fossil fuels to solar energy is a realistic and efficient idea that a lot of people aren’t taking advantage of. Solar energy is renewable and is a much cleaner alternative to fossil fuels. Solar energy is provided by the sun which is sustainable, unlike fossil fuels, which we will eventually run out of. The more people that use solar energy will lead to less damage to our surrounding environment and less damage to all the people impacted by the use of fossil fuels. This market is defined geographically by being most effective in areas that provide the most sunlight. There are a few places that couldn’t support the use of solar energy because of their climate, but the majority of places would thrive using solar energy. California, Arizona, Florida, and North Carolina would all be ideal locations to support solar energy and start a business that would be able to expand. Customers are currently satisfying the need of helping the environment by recycling, using less water, saving electricity, etc. If they are willing to make these lifestyle changes then they are pretty loyal to it, but the bigger the change the more loyal they would be. This is why a change to solar energy is a massive opportunity that could attract a large number of people who already feel strongly about the cause. The window of opportunity for this idea will be open until a potential better way to produce energy comes around. There are no signs of this occurring any time soon and fossil fuels are being used up, so there should be a large window of opportunity for solar energy to take over the market.

Innovation:

The product I am offering is a "Solar Energy Program" that will be available in stores and online. This program includes the full installation of the solar energy system and regular monitoring of the system every 3 months or any time the customer would like one. This program will be a total cost of 10,000-13,000 (depending on the size of house and location) for an averaged sized home with the option of paying per year, per month, or upfront. This product will also be offered to businesses and the price will be calculated based on system size. This program will be offered to any area that can support solar energy, which will allow me to sell to untapped markets. This will give me an advantage over my competitors and will help me stand out as a business. The expected break-even point for this investment is 3-4 years so it is ideal for anyone who is staying in their house for 5+ more years as they would be making a profit after that.

Venture Concept:

This innovation will solve the opportunity I identified because it will be a way people that directly impact the environment and make a difference. Customers will switch to this new product because of the clear benefits it has for the environment and financially. Solar prices are only getting cheaper and as more people see its advantages over fossil fuels it will become the main choice for powering your house/business. The hardest part of this investment is convincing people to switch from the system they have had for so long. I believe the hesitation for solar energy is people aren’t knowledgeable about it and already have a system they feel comfortable with. Once people learn more about solar energy systems and see the great experiences other people have had with a solar energy program, they will be much more willing to switch over to solar energy. The competitors of this product are the electric power system and any new alternative that could result from the constant search for better ways to power houses and businesses. The weakness of electric power systems is that they are powered by fossil fuels which are harmful to the environment. The price points will be very important for this business because this will be one of the main reasons people switch to this product or not. It will be vital to show customers the cost breakdown and the potential profit they could make long-term. Customer support and the customer experience will be crucial because if this solar program builds a really good reputation from customers then it will quickly grow the business. This business will be centered around putting the customer’s needs first and always providing the best possible service to them. I would organize a business to support my product by starting locally in Florida, where there is an ideal climate for solar power, and expanding from there. The main positions I will need to fill for my solar company are solar installers, salesman, solar consultants, electricians, and engineers/designers.

Unfair Advantage:

The environmental interest centered around my business idea is my unfair advantage because this has the potential to attract a large number of people. People will want to switch to solar energy because they are supporting a cause that directly impacts them and the environment they live in. Most businesses don’t have this luxury which is why it will be very difficult to copy my success.

What’s Next:

After I have success at the local level, I would like to expand this business country-wide and even potentially global. Wherever the climate supports a solar business, I believe people will be interested in the business which will lead to it being a money generator.

For Me:

In five years I would like this business to have expanded to the majority of the country and already figuring out how to expand it further. As an entrepreneur, I want to come up with new ideas that help save the environment and use the lessons I learned from this first venture to make it a reality.

Feedback:

The feedback I received was mostly positive, but the one thing that my peers said I could change was explain how I am going to stand out in this market. I think this is good, constructive feedback that I can use to improve my business idea.

What I Changed:

In my Innovation section, I went into more detail on how I plan to stand out by explaining how I would be expanding out to new markets where solar energy wasn’t an option before. There are many states in the US that don’t see solar energy as an option because of the climate, but I believe a solar energy system can be be implemented in these areas with the right products. This element will make my business unique compared to my competitors and will allow me to have customers in many different areas.

28a

I intend to stay with my business for the next several decades and continue to grow the company until I have made enough money to retire.

I have selected this exit strategy because I believe solar energy will have more appeal in the upcoming future than ever before. The environment is in dire need of an alternative to fossil fuels and solar energy fits that bill. Taking advantage of predicting this trend so early in the process is why I believe my business will be successful for years to come. I understand that my idea may not blow up right away, which is why I am prepared to play the long game until my business hits its peak. This is why staying with this business for the next few decades are the best route for me to take and the most profitable decision for my business idea.

I believe my exit strategy has influenced the other decisions I have made by not feeling like I need to be profitable right away. It is important for me to get all the information necessary to make my business a success before it takes off so when it does it has a higher chance to reach its full potential. I’m prepared to start as a local company and expand from that because of my exit strategy. On the other hand, if I wanted to sell my company in the next 5-10 years I would have to go all-in acquiring resources in order to make profits right away. My exit strategy allows me more flexibility and relieves a lot of the pressure that would come with my other options.