Blog 23: Senior Project Reflection

(1) Positive Statement
What are you most proud of in your block presentation and/or your senior project? Why?


I am most proud that I was able to allow my audience to understand the content of presentation and was able to create an effective interaction between them and with them, leading to an more effective engagement to my presentation. I was able to execute the way I planned the whole presentation and made time. Of my senior project I am most proud of the things I discovered and what I accomplished.  I really devoted a great amount of my time researching and reading lots of valuable sources that nurtured my final presentation.  I greatly enjoyed having the opportunity to to learn fully on entrepreneurship for 9 months. Entrepreneurship is one of my greatest passions and learning how to properly embark a business is essential to learn for the career I am pursuing. 

 
(2) Questions to Consider 
a. What assessment would you give yourself on your block presentation (selfassessment)?


AE       P          AP       CR       NC


b. What assessment would you give yourself on your overall senior project (self-assessment)?        


AE       P          AP       CR       NC


(3) What worked for you in your senior project?
 

For the most part I was able to take lots of value from my senior presention. I was able to do most of my interviews in a timely manner and complete my mentorship hours. Since the very beginning I choose something that I am greatly passionate for which is entrepreneurship. Everything time I researched I did not consider it as work. I enjoyed researching both at school on Fridays and at home on a daily basis. I must admit, there are many things I did for my senior project that I did not document because more than just the final presentation grade, I was able to get an education on something I really like.


(4) (What didn't work) If you had a time machine, what would you have done differently to improve your senior project if you could go back in time?


I don't know maybe find more mentors which I am currently doing and find more quality research. I think that there is so many valuable sources out there and there is always more to learn. 


(5) Finding Value 


How has the senior project been helpful to you in your future endeavors?   Be specific and use examples.




Yes very helpful. For my independent component two I did lots of research for my startup I am currently working on. With my senior project I learned all of the components that make up a startup and I know exactly what to do when I officially launch. I elaborated an ecommerce business based on apparel products. I am currently working on getting more capital to be able to sustain all of the components that will make up my business and working on exclusivity agreements with fashion companies. Without a doubt my senior project was what I most enjoyed doing this year.

Exit Interview

(1) What is your essential question, and what are your answers?  What is your best answer and why?

My essential question is "How best can an entrepreneur turn his startup into a viable company?" My answers for my essential questions are:

•  An entrepreneur can best turn his startup into a viable company by launching a lean startup by following and implementing the customer development process
• An entrepreneur can best turn his startup into a viable company by following and implementing the business model canvas.
• An entrepreneur can best turn his startup into a viable company by creating a business blue print that is considered a living document that investors are willing to fund. 

It was difficult to determine what was my best answer because each answer is vastly different from each other and figure out different ways to launch a startup. But my best answer is:

•       An entrepreneur can best turn his startup into a viable company by launching a lean startup by following and implementing the customer development process.

(2) What process did you take to arrive at this answer?

To determine my best answer I analyzed my essential question. When I did, I found out that the key to determining my best answer was being able to determine the viability of a startup essentially a company. I asked to myself, "what exactly do I mean with turn into a VIABLE company". With Viability I mean the ability to survive.  Survival in a business sense, is linked to the financial performance and position of the business. The Viability is determined by its long term survival and ability to be able have sustainable profits over a long time span. Therefore a business is viable if it is able to survive for a numerous amount of years because it continually has positive cash flow essential making a profit year after year. The longer a company can stay cash positive the better its viability. With that in mind I was searching for an answer that would make a startup profits, and what makes a startup profits? A good product or service. And what makes a good product or service? People who are willing to spend there money on it, also known as customers. Customers is what determines the viability of all companies. So I was searching for a way to know if there are customers for a particular product or service before it gets out into the market. Moreover, the customer development process does just that. I was able to find my best answer through my independent component 1. I took an 307 entrepreneur course where I was exposed which exposed me to the customer development process. My professor, Dr.Kushev,  exposed me to the customer development process but only described it for two class periods. I wanted to learn more about it and asked him if he knew of any sources to look into so I could do more research. Thankfully he sent me a few links and books that I was able to research and analyze.  The most impactful source for my best answer are The Startup Owner Manual by Steve Blank.

(3) What problems did you face?  How did you resolve them?

The few problems I had were filling in some of the holes I found within my answer. I resolved my problems by doing lots of research. I really devoted my time this year searching for sources that could make my answer(s) better and every time I would have a problem or a question I would research until I solved it. 

(4) What are the two most significant sources you used to answer your essential question and why?

I read though many books and articles to truly learn about Entrepreneurship. There were many sources that had bits of information similar to one another but analyzed and simplified in their own way. The two most impactful sources for my best answer are The Startup Owner Manual by Steve Blank and The Lean Startup by Eric Ries. These two sources are the foundation, the basis for my best answer because they went into depth on what I was looking for from the very beginning. 

Be prepared with evidence and specific examples to support any response.  It is also significant to cite sources as you explain.

End of April

This month has been one of the most busiest of the year. I have been working literally, 24/7, to get all of my work done. With independent component 2, senior project, and my after school activities I have not gotten the chance to get time off.

I greatly enjoyed my independent component. It was fun creating my own startup and finding new mentors. My best experience during my independent component 2 was meeting the entrepreneur Tai Lopez who gave my lots of great advice to many things I need to consider when launching my startup.

I, for the past week, have been working on my senior project at least 2 hours a day to not leave everything for last min. I hate procrastinating which is good at giving me stress.  It is safe to say that I am almost ready to present and can't wait. I am ready for that final presentation!

Independent Component 2

LITERAL
(a) Include this statement: “I, student name, affirm that I completed my independent component which represents _47hours and 45min of work.”
(b) Cite your source regarding who or what article or book helped you complete the independent component.

John W. McGuthury 
Vice president and 
Chief Information Officer 
Division of Information Technology 
California State Polytechnic University Pomona 
(I do not know if I can post his contact information since it is not in the cpp staff directory, but if you want it as proof I will show it to you in person)

Tai Lopez
Investor Entrepreneur and Author
Founder of tailopez.com
http://tailopez.com/
1.800.604.2587
8581 Santa Monica Blvd # 703 West Hollywood CA 9006
 
(c) Update your Independent Component 2 Log (which should be under your Senior Project Hours link)
done
(d) Explain what you completed. 
I researched and figured out my business model for my Startup. I learned many things in the process and got a new mentor. I was able to define my value proposition, customer segments, channels, cost structure, and revenue streams for my Startup. I followed two of my answers for my EQ as I began researching for my startup. I followed the customer development process and business model canvas. I did extensive research and went to events to gain more knowledge of the business world. I honestly underestimated the work that has to be done when launching a Startup. To launch my Startup I would have to invest  an initial amount of $17500. The 47 hours and 45min of research I did is not enough. There are many more things I need to figure out before investing to reduce the chance of failure. The more I research and figure things out the more I get assurance that my business model is repeatable and scalable so that it can potentially turn into a viable company.
INTERPRETIVE 
Defend your work and explain the component's significance and how it demonstrates 30 hours of work.   Provide evidence (photos, transcript, art work, videos, etc) of the 30 hours of work.  

APPLIED
 
How did the component help you answer your EQ? Please include specific examples to illustrate how it helped. 
I was able to test out my idea for my startup with the customer development process. I figured out that my target audience is 19-24 females who are in college and like to dress well
I was able to figure out the different things I need to cover to run my startup. Like my value proposition, customer segments, channels, cost structure and revenue streams.
I was able to figure how much capital I need in order to get everything up and running.
I was able to learn more things other than customer segments and the business model that I need to worry to run a business. In these conferences I learned many things.  Some key points were marketing strategies, the four p's, personality tests, cognitive biases, and  business productivity.
All in all,  I learned many of the things a startup has to work on to be able to turn into a viable company. 

Grading Criteria 

• Log on a digital spreadsheet under Senior Project Hours
• Evidence of 30 hours of work 
• LIA submitted to blog

Extra March Blog

During the whole month of March my itinerary was loaded! I was so busy I felt the month flew by at sonic speed. Having to finish my 307 telecom class at CPP and do school work, and my extra curriculum activities kept me busy 24/7. As for my independent component, I have been working on my independent component periodically throughout the month working of different aspects of it and taking an online course of entrepreneurship. At Kittrich Corporation I had the privilege to be in a business meeting with a possible business partner. It was a great experience being able to see how Kittrich interacts and does business with potential partners. 

I am excited for the month of April.  I cant wait for next week. I am ready for a whole week of break. April is closer to May, and May is closer to graduation.  April and May are technically the last two months of my primary education. This two months are the final preparation that is left before my post secondary education. Like March, April and May are going to be gone at the blink of an eye.

Fourth Interview Questions

Interview 4

1.     Why did you choose to launch a business off of  (will say the industry)?

2.     What first initial steps did you do to successfully turn your startup into a company?

3.     What were the biggest obstacles you had when starting out?

4.     How did your initial startup get funding?

5.     How were you able to make your first sale?

6.     What delivery and plan system that most effectively shows the need for your niche to the proper market?

7.     What best strategies did you use to waste minimal cash flow starting out?

8.     What most productive habits did you create that lead to your success?

9.     What mindset did you have when you launched you startup? Has it changed?

10. What makes you different from your competitors?

11. What has been your worst mistake and what did you learn from it?

12. What makes your enterprise a viable company?

13. What do you have to do, as an entrepreneur on a daily basis to make sure your company’s productivity does not decrease?

14.  How do you know what products or services to launch?

15.  What would you say are the two most important skills an entrepreneur should master to be successful?

16.  What major concerns do you have about your company?

17.  What has been the toughest decision you had to take in the last couple weeks? How did you end up making your decision?

18.  On what do you base your management decisions? On education or past experience?

19.  What would you say is the best book an entrepreneur should read to be successful?

20.  What things do you, as a leader, do to make sure all your employees are on the same page as you?

21. If you had one thing to say to someone who is just starting out, what would it be and why?

Blog 17: Third Answer

  EQ: How best can an Entrepreneur turn his into a viable company? 

Answer #3: An Entrepreneur can best turn his start up into a viable company by making an optimal business blue print that is considered a living document.  

The optimal blue print- the optimal business blue print is a business plan that outlines his goals and how they will be achieved. 

     -Many successful startups make a well-written blue print. A great example is the one Fred smith is the CEO and founder of Federal Express best known as FedEx. Even though he received a C on his blue print in business school because, according to his professor, the idea was unfeasible, he was able to execute it properly and create the worlds first overnight delivery company that changed the transportation industry forever. Of course he revised it many times making is a living document.

  A Living document, also known as a dynamic document, is a document that can be updated and edited. One of the reasons startups fail is because when they write their startup they believe once they write it, it is set and stone. In other words, they believe it can't be changed, therefore, follow it until it has reached its dooms day. 
     - One great example is the webvan company who created a business blue print that described a grocery delivery service no one needed. Therefore, because they did not change their ways or change their business plan, they are one of the biggest startup failures of history. 
 The business blue print will determine if investors invest in his startup. 

The business plan is not only created for the startup to acknowledge. It is also created for potential investors who can fund his start up that may determine the longevity of the startup.       
       -There are many successful startups that got funding from investors who gave them the needed capital to expand. There are many great examples a few of which are Netflix and Amazon.
    
My main resources for my third answer are campus CEO, the lean Startup and Startup owner’s manual.

An Entrepreneur can best develop an optimal business blue print by really knowing his industry, having a strategic mind set, having a clear vision of where they want to be and how they will get there, and making it a living document.