Peyton Whittington: ENT 3003

1. I think my greatest experience is just completing this class in general. I chose business as my outside concentration for my major because I thought it'd be useful to me in the future, but I was pretty scared to delve into something I didn't know about. I'm not a business-minded person at all, so I wasn't sure what to expect from this semester taking two business classes. Assignments like the venture concept and idea napkins were difficult for me because they required a type of forward-thinking that I wasn't used to in the fast, in-the-now world of journalism. However, apart from my little boo boo I described in Assignment 26, I pretty much kept on top of things for this class and I think I did pretty well. This class taught me that I can try new, scary things and succeed, as long as I keep an open mind and persevere! 2. Alas, I am as much of an entrepreneur now as at the beginning of the class, and that is to say I am not an entrepreneur at all. I've ta

1. Opportunity To explain the need I'm fulfilling with my product, I'll first show a few memes made by people who are likely in my target market: You get the idea. Most people do their makeup in their bathroom or at their desk. The lighting in these situations can be very poor, so one only knows whether they've done a bad job blending their makeup once they step out into natural sunlight.  There is a need  for a way to simulate natural sunlight indoors.  My  potential customers  include makeup enthusiasts and makeup artists. Anyone who is truly dedicated to applying their makeup flawlessly is in need of consistent, favorable lighting for makeup application. Makeup artists also have this need, as they are always working in different spaces and, as a consequence, inconsistent lighting to meet client needs. Although they don't have the need themselves, I believe that I have a promising market in hotel and Airbnb owners. Services are entirely based on intangib

1. I think my exit strategy will involve expanding the business for a decade or so and then selling it. I think that my knowledge and tastes concerning makeup have a shelf life, and one day my products will be irrelevant. I think I will sell the business before that happens. That way, some ambitious newcomer can make something of the brand name and I can retire. 2. As I've stated in previous posts, many big names in the makeup industry will start by selling one product and then expand into other product lines. I hope to do the same thing since I obviously love makeup and would like to create a makeup collection of my own. Expanding the business for 10 years or so will give me the time I need to establish my brand name and accomplish everything I want to accomplish before selling. 3. I really hadn't thought of my exit strategy before now since I was so concerned with getting my venture off the ground. I think I was aware that whatever I chose as my business idea for this cou

For this reading reflection, I read  Coco Chanel: An Intimate Life  by Lisa Chaney. This was, by far, my favorite book that I've read this semester! What a terrifically researched biography.  1) You read about an entrepreneur: What surprised you the most?  From the beginning of the book, I was surprised that Chanel had such a rough start to life. Her childhood and young adult life were so tragic it was almost like a soap opera. Many entrepreneurs have a sad, if not atypical backstory, so I guess I didn't expect her to come from a loving home with a white picket fence. Still, the story of her wayward father, her mother's untimely death, and her upbringing in a convent was entirely new to me. It made me appreciate her success that much more. What about the entrepreneur did you most admire?  I think the quality of Chanel's I admired most was her love of work, not for money or fame, but for the freedom to do as she pleased. She grew up very poor and would depend on h

1. You know when you're about to fall asleep and your brain says, "Hey, why don't we think about every embarrassing thing you've ever done at length?" Yeah. The instance I'm about to describe falls under that category. Remember Assignment 16: What's Your Secret Sauce? It was arguably one of the most involved assignments we've been given this semester, only because we had to record our interviews, upload them to Soundcloud, and embed the recordings into our posts. I had all my interviews laid out and loaded into my post except one. I arranged to have a sleepover with my two best friends so I could interview one of them for the assignment. All I had to do was remember to interview one of them before we commenced our night of music video dance parties and fatty foods. Simple, right? Wrong. Very wrong indeed. I bade my companions goodnight, and just as I closed my eyes at 11:58 p.m., I remembered the reason for this sleepover, yet unfulfilled. I jo

Existing Market What I think is next: Assuming the launch goes well, people are buying from my website, and the mirrors make their way to the shelves of Sephora and Ulta, I think my customers will want different shaped mirrors next. Some might want a full-length mirror to get the whole outfit in, some might a small mirror to keep on their desk, etc. I also think we can start making different colors and border designs to fit different room aesthetics. After all, a room with a rustic feel and a room with a mod feel are going to need two very different mirrors.  Interviews:  Boy, my predictions for what's next for my market couldn't be further from what my interviewees saw as the future of my brand. I know that this is the point of doing assignments like these, but I'm always both shocked and impressed by how far my interviewees' answers seem to be from my expectations. I interviewed a few more of my friends who are into beauty and skincare, I will say that all of them

1. Opportunity To explain the need I'm fulfilling with my product, I'll first show a few memes made by people who are likely in my target market: You get the idea. Most people do their makeup in their bathroom or at their desk. The lighting in these situations can be very poor, so one only knows whether they've done a bad job blending their makeup once they step out into natural sunlight.  There is a need for a way to simulate natural sunlight indoors.  My potential customers include makeup enthusiasts and makeup artists. Anyone who is truly dedicated to applying their makeup flawlessly is in need of consistent, favorable lighting for makeup application. Makeup artists also have this need, as they are always working in different spaces and, as a consequence, inconsistent lighting to meet client needs. Although they don't have the need themselves, I believe that I have a promising market in hotel and Airbnb owners. Services are entirely based on intangib

1. Human capital: I know makeup. This is a simple thing, but it's the most obvious trait I simply need to pull this off. Because I know the beauty industry well and what tools are needed to make makeup application a breeze, I know the functions this mirror should be outfitted with. Valuable: Like I said, I think it's the foundation of all the resources I possess. Knowledge about the industry is extremely valuable if I hope to break into it. Rare: Not rare at all. Many people have knowledge about makeup, but not everyone wants to start a business. Inimitable: Very imitable. Many people possess the knowledge I have. Non-substitutable: I suppose it is since you can't substitute knowledge on the industry with other knowledge. I guess I could hire people who know the industry better than I do, but that would be a waste of resources.  2. Social capital: I happen to know someone with their own makeup brand whose products are stocked in Riley Rose, a popular makeup store.

Reflection and changes: On my last pitch, I received the feedback to distinguish myself from market competitors in my pitch. I think this was a fair point since there are makeup mirrors on the market that attempt to solve the same problem I am addressing, but with the wrong methods. Most mirrors boast that they have strong, bright light, but that doesn't necessarily mean better quality lighting overall. Just because the light is powerful doesn't mean it is the correct hue or intensity. I think my mirror's unique ability to color correct lighting is what sets me apart from other vanity mirrors, so I included a line about this in my final pitch. I didn't change much else since I think I've got my pitch down to a nice length and level of description. I found that each of my takes hit around the 90-second mark pretty spot on, so I think I've got the timing down to a science.

Domain expert: Caty MacFarlane, freelance makeup artist Caty is the president of my belly dance troupe and someone who knows a great deal about makeup. She is always stocked up on the latest beauty products and usually does everyone's makeup for big performances. She sells her services on a case-by-case basis. I reached out to her on Messenger to get her thoughts on my business idea. She said that a huge challenge in makeup is finding your exact skintone, and the lighting in makeup stores doesn't exactly help. She said if you're mixing shades to try and find your exact match, you usually have to step outside to see for sure. However, she said that even a shade that seemed fine under different lighting looks completely different once you step outside. She said that a mirror like the one I'm offering would be most useful in makeup stores, a target market I hadn't even considered. She seemed very excited about my product concept, which boosted my confidence in the v

For this assignment, I read Clay Shirky's "Cognitive Surplus." (I really, ridiculously enjoyed it!) 1. The central theme of the book is how humanity's inherent need to socialize, share, and communicate can be harnessed via social media technology to coordinate action and discussion in an unprecedented way. This is called our cognitive surplus. Throughout the book, he cites various examples of curious human behavior that arose from the combination of humanity's basic desire to be social creatures and innovative forums for public discourse. It's a truly fascinating analysis of human behavior and how it has not been changed but given new opportunities through the Internet and social media. 2. I am taking two business courses right now as part of my outside concentration for my major. I've learned in both courses that a huge part of business is looking past what you think the reasons for consumer behavior are and trying to find the actual reasons that m

Reflection: This assignment was a bit hard to do because I received only positive feedback. Everyone who commented on my post said that my product was something they would buy or could see a loved one buying. They also said that I seemed engaging and excited to talk about my product, which was encouraging. I appreciated their comments since I was having doubts about whether my product was a good enough solution to the problem. They assured me that it was. Changes: Since I only received positive feedback on the first one, I really didn't feel a need to change much about my elevator pitch's wording. I am my own worst critic, and I noticed that my delivery seemed a bit stiff in the first pitch. I made a conscious effort to be more conversational and not sound so nervous in this pitch. Hopefully, it came across that way. I want to seem genuinely excited about my product and approachable to the audience.

I'll preface this post by saying that I didn't receive any feedback on my last idea napkin, so the feedback I'll be using for this assignment is the feedback I received from the people I've talked to in the process of developing my business plan. You: Talking to my friends and family for assignment 16 really opened my eyes to the human capital I possess that I was previously unaware of. I knew that I was honest, driven, and analytical, but my mom pointed out that I'm able to come up with creative solutions to problems and apply my wit to many situations. My mom is an incredibly smart woman who has worked in the mortgage industry for many years, so I trust her perspective on my business strengths. My aspirations are still to be a multimedia journalist or content creator, but if I actually created this business, it would mean traveling more to sell my product and getting to know the beauty world a lot better. What are you offering to customers? My product is still

My product will be sold to both business and individuals, but I will focus on individuals for this assignment because there are many more of them and I think they make the most interesting customer avatar. My customer is a 21-year-old woman who lives and breathes makeup. The centerpiece of her room is her vanity and she has her makeup separated by brand, type, and color. She subscribes to all the hottest makeup YouTubers and trusts their opinions on which products to buy. She flew all the way to LA once to go to Beauty Con and meet Jeffree Star, her idol. In fact, she even has her own beauty YouTube channel. She doesn't have many subscribers yet, but she's just happy to be putting her art out there into the world, you know? She lives in an apartment close to her college campus with her three girlfriends. She's a marketing major, but she's just doing it to please her parents. She knows she wants to be a makeup artist. She drives a silver 2011 Toyota Camry that has