30A – Final Reflection

             I learned a lot through my journey in Entrepreneurship  class. Reading all my post, and how the professor challenges us to not only think about a business idea, but also think it through. Il pushed me to better my initial idea and make it perfect.

              I will definitely remember this experience for years to comes. Once I'm ready to open up my own business, and mature my idea, I will refer to all the project we carried in this class, that helped me think about sides of a business that will never think about.

              My advice to future student is to take this journey very carefully and spend a little bit more time on each assignment because it will pay off. And I am not talking about getting a good grade, but more so in you professional life. You will learn about yourself, and what kind of entrepreneur you will be.

Venture Concept No. 2

Opportunity.An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe both (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section: 

                   

·     What are the forces or changes in the environment creating this opportunity? 

The changes driving my business is mainly everyone using website and researching places to travel online. People a more and more inclined to look up think on website vs in a book. Same concepts apply for the travel part, people prefer to book their vacation online.

·     How is this market defined geographically and demographically? 

It will target people around the world that have the means to travel and seeking a customized experience. My customer would be in a younger ground. mid 50s would be the highest age.

·     How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  Right now people use generic website or go to travel agencies.

·     How big is this opportunity? It is pretty big if done right.

·     How long will the “window of opportunity” be open? 

The window of opportunity would be open as long as people go online to shop for everything including vacations.

Innovation:

I know that idea is not new, because have created website to travel, book flight, hotel, and even book rental cars, but what I’m trying to achieve would be taking those website to the next level of professionalism, adding a special touch to each guest, making them feel special. 

Venture Concept:

·     What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  

Customer would switch because they will see the value in my product, making their life easier, and having the best travel agents out there. Having the advantage of going online but not losing the human touch and personalization of each product.

·     Who are the competitors?  What are their possible weaknesses or vulnerabilities?  

Other travel website would be my main competitor, established one. The volume of product and customers would be their weakness.

·      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? 

     

     The location would not really matter because it’s a website, but what would is the price range, staying competitive compared to other travel website. Customer support would be very vital to my project, because it would give me the advantage from another website.

·      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I will start with my brother, a friend and me will be launching the business and as the business expand start hiring employees as we go. The roles would be mainly reservation, and customer service agents, and my brother is an accounting so he will take care of the income and the money side of the business.

what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

As an entrepreneur, I would see myself starting a few other venture in the next few year. I would be constantly looking for opportunities to grow and expand the travel website, and take on other hats. 

The changes I would make would probably to be adaptable to technology and not stay stagnant with my business idea. being innovative is a big part of the trend to stay accurate in that time and age. 

Adapting to my customer's needs, do surveys, to get valuable date to make the business better. As well as rewarding my customer for being loyal and always choosing my website.

28A – Your Exit Strategy

Your Exit Strategy

 Do you intend to sell your business in the next 5 years for a large return? Yes

Do you intend to stay with the business for several decades and retire? Yes

 Do you intend to protect the venture as a family business, and pass it down to your children? Yes

To be honest, I haven't thought about a exit strategy until today. Ideally, keeping my business ventured taking it to the next level would be my goal. Keeping it as family business would be great, but if a buyer offer a lucrative offer, I would definitely take it and dive into a new venture. So my response would vary depending on the circumstances. 

My main point is that I don't have an exit strategy as of yet, because my main focus would be t make this business successful, and according to this class, I would need a lot of patience as well as energy to invest.

27A – Reading Reflection No. 3 Submit Assignment

Thinking, Fast and Slow, Daniel Kahneman

Daniel Kahneman, born March 5, 1934 in Tel Aviv, is an Israeli-Israeli psychologist and economist, professor at Princeton University, winner of the Nobel Prize for Economics in 2002. An exceptional event because the laureate is above all a psychologist.

Simply, since the early 1970s, his work in the psychology of knowledge and decision have sought to challenge the fundamental rationality of thought, the foundation of neoclassical economic theories.

Take a breath before you dive into the 500 pages of this fascinating book that explains why our way of thinking leads us very regularly to make errors of judgment. Because if we can be victims of optical illusions, we are much more often of cognitive illusions. The whole book demonstrates it and you can experiment with it yourself thanks to the many small educational tests that are offered.

An example to be convinced: you are in the subway and between a passenger who starts reading the Newspaper. In your opinion, is this person more likely to have a PhD or not have a post-secondary education? You look for the PhD, while the number of people without higher education taking the subway is much larger than that of people with a doctorate. Daniel Kahneman enters the meanders of our reasoning and explains everything that can lead us to make mistakes. Of course, all of his results come from tests of behavior in the laboratory and nothing assures that people would always react in the same way in real life. Yet we come out frightened of how our emotions, our mood, what we have done or heard just before, or our ability to build relationships where there is none distort our judgment.

In his latest book, Thinking, Fast and Slow, he gives us the secrets of our conscious and unconscious way of thinking, divided into two systems. For Daniel Kahneman, our thinking is composed of two systems:

The first, fast thinking is unconscious, intuitive, natural. "This system simplifies the events and uses a system of idea association to produce a quick sketch of a given situation. He responds to situations with modeled solutions.

The second, slow thinking, uses more thinking, reasoning and requires much more effort. It is difficult to operate because there are too many things to analyze.

What is certain is that it is the fast thinking that governs our decisions. These are our intuitions and Daniel Kahneman emphasizes "the failings of this system that gives the impression of widespread irrationality in men. "

In fact, given its predominance, System 1 is certainly responsible for our mistakes but also for our successes. Our mistakes? Yes since he can not analyze all the probabilities and models of situations. It does not, for example, take into account the arrival of exceptional events.

According to Daniel Kahneman, we are dominated by fast thinking and the dictatorship of intuition, including subject matter experts. In order for them to be able to operate the system 2, they would have to prepare and train themselves in particular situations so that the system 1 could respond adequately and modeled. But that's partly unrealistic. Yes, this training can be applied to a chess game but how to predict the outcome of a conflict. It's impossible.

Unfortunately, ordinary people will not be able to escape the decisions that come from their intuitions.

26A – Celebrating Failure

Celebrating Failure

This semester, as all previous ones, I had to struggle with balancing between my full time work and my full time schedule. Some days I feel strong and tackle the class assignment like a pro, and other days, I feel exhausted after a long day at work, so I just wanna relax and watch a movie. On top of that this semester, I had to overcome so personal issues, and moving out to a new place. My main failure this semester was to keep up with the lectures.

As illogical as it may seem, failing to achieve our goals can set the stage for our next successes ... as long as we consider these setbacks as lessons and not as a sign of future failures.

We all know what failure is. When we do not reach the goal we set ourselves, we feel sad, ashamed, dejected, discouraged. One can also be paralyzed or convince oneself that the game is not worth the candle.

Resilience shows that courage and perseverance seem as predictive of success as intelligence, and that those who succeed the most are the most determined. Similar work on development indicates that children who believe that intelligence can be cultivated tend to be more successful in school.

25A – What’s Next?

Existing Market. 

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

The new step would be expand destination, I will start with the ones I am an expert on and then start adding other ones. As the base of my product is knowledge of the destinations and the customers service.

Step 2: "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. 

Customer #1: He said that I should follow technology and not let my business become old and outdated. What he meant by that is to follow trends and always be a pioneer in the industry.

Customer #2: Add exotic destination to my collection and listen to my customer’s needs to be able to stay in the page.

Customer #3: Be consistent with the customer service that you are given. Don’t take your customers for granted and always challenge yourself.

Step 3: 

It is essential to offer the traveler a product that will stand out from the others and meet his expectations, his needs increasingly demanding to make your online agency a success. For this I must think about the main lines of your project; the product you want to offer, who is your target, how are you going to put it in place and, above all, are you proposing something new?

Creating an online travel agency is, in my opinion, a good idea. If you take into account the convenience, it allows you to save even if on the rental of a local, which is not a luxury when you know how much travel agencies are busy, so you do not have to worry about extra charges.

New Market.

Step 1: 

As I said earlier, we do not have to deal with simple tourists today; since the mass tourism of the sixties, the tourist has evolved to give way to the traveler. More than just a need for relaxation, sun or sand, he is now looking for a new, authentic experience that will give him intense emotions.

Step 2: 

Most people are ultra connected (smartphones, tablets, laptops), and regularly go on the web during the day, returning home, in the evening, at night ... It is also what is part of the world. evolution of the traveler; he is informed, and has the habit of having immediate answers to his requests, he no longer has the time to wait, nor the time to move. The price factor remains an important element in the buying decision even if I think for myself that the search for emotion or a transcendent experience can go beyond that.

Step 3: 

Customer #1:the profile of the traveler to change, but that does not mean he does not need you anymore! It's only fitting to adapt to this new multichannel era, a customer should be able to contact you when he needs it and as soon as possible please! As a click-to-chat trend, it's like a live chat run by travel agents or specialists from such and such destinations, this process allows the customer to have a quick answer to his questions.

Customer #2: It is also possible to set up hangouts organized by TAs or agencies, these are types of live videoconferences that could be used to present a destination or news with experts. We can see that more and more online agencies are working directly with the local receptives and thus eliminate intermediaries, so at Evaneos for example you compose your trip to the card with local receptives.

Step 4:  

You must then remain consistent in your initial choices, if you choose to specialize on one or more destinations, they must have common points (geographical area, similar cultures, themed destinations) that is what will make the customer you will perceive as a specialist, if you disperse you will probably lose credibility. Ask what your target is looking for, offer him unpublished products that he can not do by himself. Beyond these basics, propose more means to stand out, finesse lies in putting the value of authenticity, so much sought after, without using the word.

Set up meetings between your customers and the local tourism actors of your destinations. The whole thing is to propose animations outside the internet, the authenticity it also passes by meetings, moments of emotions which are not substitutable on the virtual space which is the web. The traveler needs those moments that are part of his experience.

24A – Venture Concept No. 1

Putting It All Together

Opportunity.An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe both (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section: 

·     What are the forces or changes in the environment creating this opportunity? 

The changes driving my business is mainly everyone using website and researching places to travel online. People a more and more inclined to look up think on website vs in a book. Same concepts apply for the travel part, people prefer to book their vacation online.

·     How is this market defined geographically and demographically? 

It will target people around the world that have the means to travel and seeking a customized experience. My customer would be in a younger ground. mid 50s would be the highest age.

·     How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  Right now people use generic website or go to travel agencies.

·     How big is this opportunity? It is pretty big if done right.

·     How long will the “window of opportunity” be open? 

The window of opportunity would be open as long as people go online to shop for everything including vacations.

Innovation:

I know that idea is not new, because have created website to travel, book flight, hotel, and even book rental cars, but what I’m trying to achieve would be taking those website to the next level of professionalism, adding a special touch to each guest, making them feel special. 

Venture Concept:

·     What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  

Customer would switch because they will see the value in my product, making their life easier, and having the best travel agents out there. Having the advantage of going online but not losing the human touch and personalization of each product.

·     Who are the competitors?  What are their possible weaknesses or vulnerabilities?  

Other travel website would be my main competitor, established one. The volume of product and customers would be their weakness.

·      What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? 

     

     The location would not really matter because it’s a website, but what would is the price range, staying competitive compared to other travel website. Customer support would be very vital to my project, because it would give me the advantage from another website.

·      How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

I will start with my brother, a friend and me will be launching the business and as the business expand start hiring employees as we go. The roles would be mainly reservation, and customer service agents, and my brother is an accounting so he will take care of the income and the money side of the business.

what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

As an entrepreneur, I would see myself starting a few other venture in the next few year. I would be constantly looking for opportunities to grow and expand the travel website, and take on other hats.