This class was very helpful in further shaping our BEAR Innovation idea. By being able to practice our pitch, we were able to see what aspects needed to be worked on and how we could improve our idea. I also liked being able to talk to the two women via web chat. Listening to them provided some insight into what it takes to start a business, often times this means working a day job in order to get the business off the ground. I have worked two jobs at a time before, so I think this is something that I would be able to do. Especially if I were starting my own business as a second job, I would have much more motivation than I did when my first job was an office job and my second was waiting tables.

I really enjoyed our guest speaker last night. I thought hearing from someone who was successful and had practice in more than one market was definitely helpful. I especially liked how he was very realistic in his explanations. For instance, when he was talking about his friend who wanted to own a truck driving business, he stated that in order to be successful in the long run, you're going to have to make sacrifices when starting out. His friend that didn't want to drive the truck for a few years in order to get his feet of the ground was a great example of such sacrifices a newfound entrepreneur would have to make. I also found it interesting that many other students in my class see trying to start a business fresh out of college as a difficult task. Ideally I would love to be my own boss and create a business that solves some kind of a problem. One of things the speaker kept mentioning was the how many times the hardest part to starting a business is just taking the leap. I would like to say that I would be able to do it, but if ever faced with the opportunity where I could take that leap, I'm not sure if I would have the courage to do so.

Value Proposition

February 8, 2016

During class today we discussed value proportions which was something that was really helpful in brainstorming ideas for the U-Innovate competition. In order for a product to have value, there needs to be a problem for it to solve. An entrepreneur needs to be innovative in order to solve problems creatively, especially if there are already other solutions to the problem in the market. I think that innovation and creativity are two key attributes of an entrepreneur. I would like to be able to think of ideas to solve problems that I, or other college students might face on a day to day basis.

Entrepreneurial Mindset

Because I grew up around an entrepreneur (my dad), I had never thought it was anything out of the ordinary. However, listening to the various results from interviews conducted by other students in the class, I realized how difficult a thing it can be. One of the character traits that really resonated with me was optimism. I have seen how difficult it is when work is lean and how hard it can be to remain optimistic. I also think acceptance of rejection was something that is especially important in an entrepreneur. 

One of the hardest things about entrepreneurship that I would have trouble overcoming would be taking that initial leap. I like to have things planned out and starting a business is something that is very unpredictable and uncertain. Even though it is risky, starting a successful business is obviously very rewarding. Taking calculated risks is something I would definitely like to attempt.