Venture Concept No. 1

oncept for the class include customer retention, customer acquisition, product innovations, new merchandising strategies, pricing and promotional strategies, new sales channels and distribution strategies, changing consumer/customer dynamics, technological advancements, entering into new markets, and lastly, mergers and acquisitions. These are the different ways this company makes its money. 

The kind of product offering I believe should be next will be a surf bard with an installed waterproof radio. This is the next biggest thing that I know my customers want because they are always asking about waterproof headphones and cell phone cases so that they can listen to music while they surf. 

After going on Amazon I found a product called a SoundBot and it is a waterproof speaker that lasted over 6 hours and connects via Bluetooth to any device! It also is equipped with radio and other cool things like audiobooks.

Amazon Whisperer

The revenue drivers I currently include in my business concept for the class include customer retention, customer acquisition, product innovations, new merchandising strategies, pricing and promotional strategies, new sales channels and distribution strategies, changing consumer/customer dynamics, technological advancements, entering into new markets, and lastly, mergers and acquisitions. These are the different ways this company makes its money.

The kind of product offering I believe should be next will be a surf bard with an installed waterproof radio. This is the next biggest thing that I know my customers want because they are always asking about waterproof headphones and cell phone cases so that they can listen to music while they surf.

After going on Amazon I found a product called a SoundBot and it is a waterproof speaker that lasted over 6 hours and connects via Bluetooth to any device! It also is equipped with radio and other cool things like audiobooks.

This is a picture of the SoundBot.

The customer reviews for the product gives it a 3.8/5 stars, but is highly liked because of its waterproof abilities, loud speakers, endured multiple natural disasters, portability, and great size. The customers although, do not like the unclear radios, not easily accessible radio stations, temperature resetting to Celsius, and how you have to manually turn off the speakers.

I would change this speaker so that it has a built in microphone and one can speak when they want to turn it off. As well as providing it with a clip on so that one can put it on anything.

I think this product would make a great edition to my surfboard if it was built in to the side of and could be easily clipped on or off for adjustments. This product and my product would work hand in hand with each other, tremendously helping one another out.

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was the topic on the mythes about being an entrepreneur and the legalities that come with being one. There are many things 'legally' one has to do and conquer before becoming an entrepreneur. I found that very crazy to believe and now understand why there are shows like Shark Tank, that help people with certain things like that.

2) Identify at least one part of the reading that was confusing to you.

Nothing specifically was confusing to me, just surprising in other words. I found some of the topics to be a little hard to understand, but I overcame that, and definitely was not confused.

3) If you were able to ask two questions to the author, what would you ask? Why?

If I were bale to ask two questions to the author it would be, "do you think these shows like shark tank help a person?" and "which type of entrepreneur do you think deserves most credit for their work?".

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I do not think there was anything specific the author was wrong about, nor disagree on, I was just surprised during some of the readings and topics he spoke about.

My Unfair Advantage

Hello everyone!

My name is Alexa Bernstein and I own a company called SurfsUp. My company targets people who are interested in surfing and need the equipment and apparel for it. I was originally based in the east coast and shipped to many places in the west, so I decided to station my main store in Huntington Beach, California (the surfing capital of the country). When I expanded my stores, my customer ratings increased, as well as my business (financially and socially). My social capitalist have increased my networking tremendously and my company has gained the skills required to keep succeeding in my business. 

VIRN ANALYSIS

List of resources SurfsUp possess:

·    1. Knowledge and expertise on Surfing equipment and outerwear.

Valuable - Knowledge and expertise on what SurfsUp is selling is needed to help customers buy what is most suitable for them.

Rare - Kind of rare to find employees who know every detail about your product. 

Inimitable - Many surfers can replicate what my employees know.

Un-Substitutable -There are many surfers who are capable of this work. 

·     2. Excellent communication skills amongst each of the employees in all of our stores.

Valuable - Very valuable because communication is what helps this business thrive.

Rare - Very rare to have a good employee system, having them each communicate daily on what their stores have and don't have, along with sharing customer reviews/ideas.

Inimitable - Fairly difficult to replicate the relationships my employees have with each other.

Un-Substitutable - There are not many employees who are willing to make this company part of their every day lifestyles. 

·      3. Incredible 24-hour customer service. The phone is always on for customers with any issues or concerns on their apparel or equipment. We are here to make our customers happy and that is most important to SurfsUp. There would be nothing without our amazing customers!

Valuable - Very valuable, it is what stands out most to our customers.

Rare - Extremely rare to have such high customer service rates and abilities to help our customers 24/7.

Inimitable - Not easily done, no companies have such a thing.

Un-Substitutable - There is no substitute for having 24-hour customer service, providing our customers with help every day and hour of the week.

·      4. Time Management and Self Discipline amongst all of our employees.

Valuable - Very valuable tool to making a business succeed.

Rare - Very rare because most employees just work to work, but this company's employees work to make it their lifestyle and dedicate themselves to it. They set goals and work towards them.

Inimitable - Not easily replicable due to other tasks employees may have. These employees thrive off of the success of SurfsUp and are only trying to help it keep succeeding.

Un-Substitutable - Self-disciple and time management cant ever be substituted for something else. 

·      5. Low-cost equipment

Valuable - Very valuable considering we have the best and lowest cost brand name equipment for our customers. Its what makes us stand out most.

Rare - Very rare due to the high costs most business have on ripping off people.

Inimitable - This can easily be replicated, but will most likely not happen near my standards'.

Un-Substitutable - Low-cost equipment can only be replaced by even lower-cost equipment, but at that point won't even be a good piece of equipment.

·      6. Our innovating skills. We meet every week to discuss new possibilities the company can come out with in the future. We are always innovating. 

Valuable - Coming up with new ideas every week is what keeps this business going. People like to come back each time and see something new. It keeps the customers excited!

Rare - Very rare, most businesses just come out with new things each season, SurfsUp comes out with new things ever 3-4 weeks.

Inimitable - Fairly replicable, our vendor is always sending us new stuff.

Un-Substitutable - Innovation is the key to success and cant ever be substituted

·      7. Our human capital and network with the factories/business owners we buy from. We network with the best surfing equipment company in the world, and choose wisely what products we buy.

Valuable - Very valuable, networking is the key to succeeding in a business.

Rare - Not rare, most companies should do it, and most companies that do are successful.

Inimitable - The vendors SurfsUp buys from can someday be replaced for a different vendor selling a different piece of equipment we are buying, but cannot be replaced for a piece of equipment or apparel we are already buying from them. We have very good relationships with our vendors.

Un-Substitutable - Not highly substitutable.

·     8. One of our locations is in the surfing capital of the country: Huntington Beach. Our strongest location and consumer-loved store.

Valuable - Very valuable, this is our biggest and most loved store. It is the heart of our business.

Rare - Not rare to have a surfing company located in the surfing capital of the world.

Inimitable - Easily replaced if SurfsUp cannot pay its rent dues each month.

Un-Substitutable - Not highly substitutable, this is our most prized-possessed store.

·    9. Risk-taking and exploring customers/employees ideas. There is no better way to succeed in a business than from help of the people working in it.

Valuable - Very valuable towards the success of this business.

Rare - Fairly rare.

Inimitable - Easily copied and done.

Un-Substitutable - There is no substitute for good ideas and risk taking.

     10. Trust within the system and employee benefits.

Valuable - Very valuable because our employees is what helps this company succeed.

Rare - Rare to have complete trust within your employees and benefits to help them live their every day lives.

Inimitable - Not easily replicable by other employees due to their lack of being trustworthy and lack of care for the company.

Un-Substitutable - Substitutable if an employee doesn't hold to my standards.

After looking at SurfsUp's resources, it is fair to say that our most valuable resource is our biggest location. The location we have in Huntington Beach, CA, targets just the right people we need to make our consumer-based business thrive. Without this location we would not get the great business we do. It was hard to choose one resource because our employees and customers are incredible, but this location has been the heart of our company. 

Week 10 Reading Reflection

While reading this week’s reading of Theory, Process, and Practice by Donald Kuratko, I came across many confusing, intelligent, and serious statements that I found to not only be enlightening, but also questioning. 
What stood out the most was the global entrepreneurial mindset that Kuratko spoke very seriously about, it was different than most because I felt and still do feel it is the most important entrepreneurial mindset of them, as well as the most vigorous.
A part I found confusing was how he spoke about that mindset in terms, because it is a difficult area to cover since it is the hardest midst to have. 
I would ask the author what does he prefer, an external or internal environment? And why does he feel that is the better or worse environment to be in? 
I don’t think he was wrong about anything he said, but he could have emphasized why his reasoning was the way it was to help my confusion on the topic/mindset he set upon for me to read. 

Growing My Social Capital

My individuals in my social capital have to meet the criteria I have set amongst my employees and individuals I seek to become a future employee in my business. The social capital helps business owners (like myself) network with each other in an easy way, helping each person and their business grow. I am looking to find a store manager for our biggest location in Huntington, California.

In growing my social capital, I will work through these networking channels, searching to find a professional who can do the job and have the dynamics necessary to helping our business.

The five social capitals are listed below:

Mary Wright who has been working with a clothing line of her own, specializing in incorporating old materials into clothing. By this, she brings the environmental aspect into a clothing line, which is how she works her business. She manages her own company very well, but wants to stop. She knows how to manage customers as well.

Bob Frank was the general manager for the store Claire's and has lots of potential in a clothing store. Claire's is now shut down, but with his knowledge on customers and persuasive attitudes, he can definitely fit the job. 

Alex Adams manages a surf shop in downtown LA and wants to find something in the Huntington Beach area, which is the surfing capital of the world. He works all long shifts and has a passion for surfing, which can help him relate to my customers. Also he is about 27 years old and has the young attitude my store seeks.

Olivia Cohen is a surfer who often comes in and is very intrigued by my company. She has way more knowledge and experience with/on surfing equipment than anyone I have yet to meet. Her intelligence on the subject can help her thrive.

Andy Paul manages a store located in LA that provides not only surfing equipment, but lessons on how to surf. His company thrives due to the lessons they incorporate and deals they hand out. His business skills are out of this world.

Elevator Pitch No. 3

I reflected in my video that people weren't very pleased with the new locations of where my SurfsUp company was locating, which I didn't understand much due to me giving them the best customer service and providing them with new locations like they had asked. Based on the feedback I decided to change locations once again.

My Secret Sauce

My 5 top human capital attributes is my fun and loving personality, my caring advice on helping others in situations, my insight on life and always wanting to have a good time, and my knowledge on guiding others through a hardship, my creativity, and my independency.

My videos:

In my reflection, the differences that exists between my perception and my interviewees' perception of my top attributes is definitely similar in some ways and I think I was kind of on the spot about them. They weren't very different, but the differences weren't a red flag as well, they are things I didn't list, but could see how I do attribute them.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The biggest surprise for me in the reading was the differences between international business and business within the area you're living in. It stood out because I had never heard of a situation like that before.

2) Identify at least one part of the reading that was confusing to you.

One part of the reading that was confusing to me was probably nothing because I understood everything I read, just some things stood out more than others.

3) If you were able to ask two questions to the author, what would you ask? Why?

If I were able to ask two questions to the author I would ask, which type of business do you prefer? and why?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't particularly think there was anything the author was wrong about nor disagree with, maybe in other chapters yes, but not specifically this one.

Idea Napkin No. 2

In idea Napkin No, 2 I decided to go with a much more broader view on who I am as a person and what I would like to achieve. My name is Alexa Bernstein and I am offering a jewelry line for kids in which they design what they want on paper and I make it. My target audience is of course kids, but mostly parents with kids. This cool, new, millennial idea will have kids going wild! My customers will spend their product on my company because what better why to make your kids happy than doing what they want/love? No other way! My core competencies are other jewelry businesses that specify in jewelry for kids. The feedback memo for me includes locations of each store, gender differences in jewelry, customer service, owner feedback, and employee needs