Exit Strategy (ENT3003 Assignment 28A)

1. The exit strategy that I plan to make withe my sports agency venture is to protect it as a family business and pass it down to my children eventually.
2. I have selected this particular strategy because it makes the most sense in every aspect. If it grows enough in only 5 years to command a high return then the chances are that it still has room to grow so you're not really selling it at its peak anyway. On the other hand, as an entrepreneur, these ventures should only open more doors to expand and get into other businesses so I am not interested in simply focusing on this venture for decades and then retiring. Building it enough to then pass it down to a competent family member to keep it going, while I explore other opportunities and am able to still serve as an advisor for this one seems like the most beneficial and lucrative strategy to follow.
3. I feel like my exit strategy hasn't and shall not influence the decisions I make in running the business. Regardless of my exit strategy, I will still operate to the best of my ability and utilize my resources as I see fit to give me the best possible return. Having that good balance of knowing when to take risks and when to be safe will make you successful no matter what the long term plan.

Reading Reflection No. 3 (ENT3003 Assignment 27A)

1. The message that Peter Drucker tries to convey in his book, Innovation and Entrepreneurship, is that the most important way to be a successful entrepreneur is to be customer-focused rather than focused on the product. Identifying the market first and then tailoring the product to fit them is how to succeed.
2. The book preaches to focus on the customer, which is what we've been learning in this class. We have been taught to identify an opportunity and create our ideal customer for that opportunity before we go on and develop a product that tailors them and fills that want/need.
3. An exercise for this class, built around the teachings of this book, would actually be very similar to the customer avatar assignment. Focusing on the customer and learning everything there is to know about them is essential to being able to provide them with a product that will benefit them and that they will see equal value in.
4. Even though we already learned this in class throughout the semester, it is still quite surprising to see other professionals share this approach of being innovative in a product that tailors a specific audience rather than one that can bring in and create its own audience.

Celebrating Failure (ENT3003 Assignment 26A)

1. Just this semester, I feel like I failed in procuring an internship for the summer. There were plenty of opportunities available to me to network and even though I sent out emails and applied to the few that interested me, I have yet to get an interview or even a simple response. Granted, I am doing the UF in London: Study and Intern program for the Spring 2020 Semester and am also a veteran with over 4 years of work experience in Supply Chain Management, so I'm not desperate for an internship or experience. However, more experience would only help, so I am definitely still on the hunt for a summer internship for when I get back from London.
2. I have learned that even great profiles and people get overlooked for opportunities all of the time. That is not a reason to doubt yourself or get down, but instead to continue to grind and push yourself to reach that goal. Greatness always gets recognized, we just have to be patient sometimes and wait for our moment.
3. Failure is definitely hard and makes you look at yourself in a bad way. However, after that initial stage of being down about it, you should be able to reflect and find ways that you could have done differently and then go out and attack the same goal or a different goal in a different angle that you didn't see before. That is how I handle failure, as fuel to power me in a slightly different direction to achieve the same goal or a similar one. I am able to look at failure more as a risk worth taking, because of this class, because it showed me that all successful people are the ones who failed the most at one point in their lives.

What's Next? (ENT3003 Assignment 25A)

Existing Market:
Firstly, what makes the most sense right now in order to grow in my venture is to be patient. I have to do as much research as possible to learn everything there is to know about this new structure that the NCAA will implement. Seeing as how that has yet to be decided upon, the best I can do is be patient and soak up as much experience as I can in what I know will be needed, and to soak up as much knowledge on the additional potential needs, even starting to get the experience in those skills as well to get ahead of everyone else.

Another thing to focus on is finding ways to cater to my potential customers and make them feel as comfortable as possible with having me handle their finances essentially. One way to do this is to start developing that application now that is easily accessible by the customer and shows them how much they're worth. So, upon the new structure being implemented by the NCAA, we will have an easy way to draw the student-athletes in and show them that we are in full support of their individual growth in building their brand.

New Market:
The new market that I have identified is the professional level of sports. I feel like my agency can also cater to professionals because we can provide the necessary focus and tools to specifically cater to them and make them more comfortable to have us as their representatives. I will surely have to learn the difference in the structure they compete in versus the one that the collegiate athletes fall under, but seeing as though it is not as strict on paying players, it should be a seamless learning curve.

What surprised me the most in this approach is that professionals also value tools that can easily explain things to them, such as my app that will show them their worth. While these athletes make millions and have much more room for error, they would still understandably prefer not to learn the hard way and lose out on much more money, especially when this could have been remedied by simple apps that track and forecast their worth. My assumptions and expectations were correct in feeling that my agency can also benefit professional athletes, and on second thought, this new market appears to be as attractive (if not more) than my existing market because of the much more lucrative revenue and seemingly less work to that will be required of me to market these players since they're already established. However, there is the threat of much more competition, so that is something to take into account as well.

Venture Concept No. 1 (ENT3003 Assignment 24A)

SmashBro Sports

Opportunity:

• Who has the need? Student-athletes, mostly in the collegiate level have this need.
• What is the nature of the need? Nature is very important as student-athletes often find themselves misrepresented, or even not represented at all, and suffer legally and financially because of it.
• What are the forces/changes in the environment creating this opportunity? The NCAA being forced to implement the Pay For Play Act to finally give student-athletes the opportunity to market themselves and reap the rewards.
• How is this market defined geographically and demographically? This market is far-reaching across the nation geographically to athletes who are in college.
• How are customers currently satisfying the need? And how loyal are they to whatever they use now? Customers are currently going through illegal measures to profit from their likeness, and are often caught and put their eligibility to play in jeopardy. They are not loyal to whatever method they currently use, as it is currently illegal and just a way to get as much as they can before getting caught.
• How big is this opportunity? This opportunity is huge and potentially very lucrative, as the NCAA generates around a billion dollars per year.
• How long will the "window of opportunity" be open? This window of opportunity will not be open for very long and will surely be filled soon after the act is passed allowing for student-athletes to publicly and officially seek out representation.

Innovation: My venture is an agency that is solely focused on this market of student-athletes. While being well versed in the Pay For Play Act, as well as the rules the NCAA are sure to add and enforce to accommodate it, my venture will focus on the best interests of the player. As a student-athlete, they need someone who is not only focused on getting them as much money as possible, but to also do it within the structure of who they're playing for so that their eligibility does not come into question. As a result, my agents will receive anywhere from 25 to 35% of the athlete's endorsement contract.

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? This is an agency that is directly tailored to them rather than one that is just focused on getting them paid by any means necessary. If they value their eligibility and the legality of their deals, it should be a seamless switch.
• Who are the competitors? What are their possible weaknesses or vulnerabilities? The competitors are the agencies who represent more than just those in this new structure at the collegiate level. As a result of this, they may have a hard time knowing the boundaries of what they're able to do for their representative exactly so that it is also in their best interest as far as being available to play.
• 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 concept of my business is to focus on the customer as a whole, not just the finances they can bring in regardless of if it puts them in jeopardy of playing or whatever. With that being said, customer support plays a vital role in the success of my agency and what makes us stand out.
• 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? My agency will run the same as any other agency, but the focus will only be on college athletes. We will start off with a handful of quality agents, each handling certain regions, and taking on multiple roles. We will surely expand, as we see fit, to accommodate where there will be more help needed. 

3 Minor Elements:

1. Unfair Advantage? My secret sauce is my social capital. With my network built through the military and beyond, I am able to reach and relate to any type of customer there is.
2. What's next for the venture? The next product I want to develop is an app that will be easily accessible by the customer. This will give them a tool to track the progress of their marketability and give them further reassurance as to how much they're worth and what they're making.
3. What's next for me? As far as my business, I would like for my agency to at least have served as the model for how agencies within the NCAA should operate, if not also be the leading agency in collegiate sports. As an entrepreneur, however, I envision this opportunity only growing my network even further, creating even more opportunities to break into.

Venture's Unfair Advantage (ENT3003 Assignment 23A)

1. Leadership
• Value - Businesses thrive on the backs of those who are leaders not followers.
• Rarity - Not many people have that leadership trait, or better yet, experience.
• Inimitability - Though one can always build their leadership skills, it is a skill that most who possess it are born with.
• Non-substitutability - There is no adequate number of followers that can replace a leader.
2. Experience
• Value - Having experience is usually one of the most important resources to have.
• Rarity - Many people have trouble getting into their desired career field because they lack the required experience.
• Inimitability - Military experience is second to none and not able to be replicated.
• Non-substitutability - While regular work experience is quite valuable in itself, military experience has another level of distinction attached to it.
3. Education
• Value - Education is vital to having a legitimate business as it is much easier when someone has all of the required documentation to support their competency and legality.
• Rarity - Many agents start off without the proper certification.
• Inimitability - This resource is much easier to be possessed, though that it is a very time consuming topic.
• Non-substitutability - There aren't much substitutes for this resource, as specific certifications and degrees are usually required.
4. Human Capital
• Value - To have the necessary knowledge and skills in management is invaluable.
• Rarity - It may not be too rare for those in my age range to have similar wisdom.
• Inimitability - My perspective is what makes  me unique and that is not replicable.
• Non-substitutability - As there may be adequate substitutes, my mix of knowledge may be the best suited for this market.
5. Social Capital
• Value - Connections are always valuable.
• Rarity - The diverse and far-reaching network that I have is not usually seen in my age range.
• Inimitability - My connections are so diverse and versatile that it is nearly impossible to replicate.
• Non-substitutability - Connections can be substituted of course, but again, mine may be more needed for this market.
6. Financial Capital
• Value - Good credit and financial history usually equals success.
• Rarity - It is extremely difficult to maintain a good credit score and not get into debt.
• Inimitability - My financial position can be replicated, though it will most likely take a long period of time.
• Non-substitutability - Substitutes will usually be of less value than where mine is.
7. Marketability
• Value - Getting your brand out there is important to the growth of the business.
• Rarity - Many sports agencies do not market much.
• Inimitability - My marketing plan is very inimitable, but for some reason there isn't much change in the current marketing plans of agencies to get more exposure.
• Non-substitutability - There are certainly substitutes to my plan, however, it may not generate as much interest.
8. Support
• Value - Having both physical and emotional support is important to how fast your network grows.
• Rarity - It is not very rare to get support, as long as you have a solid plan and the necessary resources.
• Inimitability - It is quite easy to imitate the level of support that I have.
• Non-substitutability - There really is no substitute for support, you ether have it or you don't.
9. Versatility
• Value - Being able to handle multiple aspects is very important.
• Rarity - It is not very rare to find someone who is able to multitask.
• Inimitability - It is very easy to replicate the skill of doing multiple things at once.
• Non-substitutability - The alternative is to focus on one thing at a time, and that is not feasible in the fast-paced sports world.
10. Focus
• Value - Focusing on the task at hand, as well as the betterment of the player we're representing is essential to getting quality results.
• Rarity - It is not very rare to do this, yet agencies still have trouble focusing on anyone other than themselves and their agency.
• Inimitability - It is not very difficult to imitate, yet again, the lack of focus on the player has proven to be an issue often.
• Non-substitutability - An alternative, and the norm, has usually been beneficial to only the agency, which is unacceptable.

After conducting my VRIN Analysis for my resources, I have concluded that my social capital is the most important of them all. Since I have been in organizations that build relationships for a lifetime with people of many different walks of life, my network is definitely my greatest resource. The fact that it is only growing too, is what will only strengthen that resource further and in turn even lend aid to the growth of the other resources as well.

Elevator Pitch No. 3 (ENT3003 Assignment 22A)

Reflection: What stood out to me was how the feedback pointed out my progress in cleaning up my pitch, as I still felt like I had plenty to work on but also felt like progress was made. My enthusiasm was also a topic of discussion, which is a bit of a surprise, seeing how I have to use more silent enthusiasm than anything as I am at work recording these videos.

Changes: The changes that were made are mostly focused on cleaning up the speech so that it will sound more crisp and confident rather than me jumbling my words and sounding unorganized. Other than that, I tried to cut down on time to get closer to the desired 90 seconds.

Reading Reflection No. 2 (ENT3003 Assignment 21A)

1. The theme of the book, Thinking, Fast and Slow, by Daniel Kahneman is about being aware of there being two systems in your head that are constantly in a battle over which one will control your actions.
2. This class has taught me that you can't just have a set plan and expect it to go that way. This book builds on that by giving the pros and cons of both systems and helping us find ways to organically incorporate both when making a decision.
3. An exercise for this class, built around this book, can be writing down the reaction to a situation using both systems and writing about the strengths and weaknesses of those approaches. Then, try to incorporate both of them before writing about how that combined approach differed from the individual ones.
4. The biggest surprise to me is that it was said that the second system, which involves being conscious, is one of the most 'recent' additions to our brain and only a few thousand years old.