Final Reflection

1. Reading back over my blog posts, It was interesting to see which ones I remembered as being somewhat fun and which ones I dreaded. I remember a really strong feeling of accomplishment when I came up with an idea and realized it hadn't been implemented yet, and that it was something extremely relevant to me. I remember absolutely dreading the reading reflections or the assignments that required multiple interviews. After a few of them, I began running out of people to interview and didn't have the desire or time to go meet new people to interview.

2. The most formative experience for me was teaching myself how to speak and convey what I meant. Listening to recordings of my interviews allowed me to pick up on things to change with what I say and how I say it. My goal the past year has been to improve my professional communication skills and some of the assignments really helped with that.

3. I wouldn't say I see myself as an entrepreneur. I understand the process much better, but I don't have that itch to continue finding new markets to exploit. My career goals lie somewhere else. I may one day want to start a business withing my field, but not necessarily a new or creative idea.

4. I would recommend students taking this course really understand how much of a time commitment it is. At first when you think no exams, you think easier class. While the class wasn't hard, not having time or resources to perform some of the interviews really sets you back. I'd also say that just because you fell behind, you need to pick back up. I fell behind and just stayed there and I wish I would've continued working harder. This class requires planning ahead and going out of your comfort zone, so my advice is to be ready for that.

Making it Real

https://docs.google.com/document/d/1AXlgFLIa7WNOO_UAXRJdJ6fU5YdJT3yAeagR5aWrons/edit?usp=sharing

Exit Strategy

I would plan on selling the business in as little time as possible to help pay for flight training and college. I don't have the drive to run my own business for a long period of time. I want to fly for a living and running my own business would be more than just flying, I would have to work other jobs. The only influence this has had on my plans is that I only want to get the business up and running, I wouldn't be looking ahead at the future of the company.

Celebrating Failure

This class has made me fail several times. With the length of the Summer C semester and working a job and having other commitments, my time has been stretched thin and I often forget or willfully neglect assignments for this class. It is embarrassing that I may end up with a poor grade in a class that should be easy to do well in. At times, it makes me want to drop the course. The main thing its taught me is to not stretch myself too thin. I thought I could handle all of these responsibilities but instead it has decreased my performance in all of them. In the future, I will only accept what I am capable of doing to the best of my ability. This class has made me fail in a stupid way, and I need to push myself harder.

Venture Concept

Opportunity:

Problem: There is a lack of aerial sight-seeing tours or charter travel by air within the Cayman Islands and neighboring islands.

Who: Tourists and residents within the Cayman Islands or who plan on visiting the Cayman Islands and would like to travel in a unique or privatized way. Also tourists or residents who would like a new style of touring the islands and surrounding areas.

Where: The Cayman Islands specifically, but neighboring Caribbean islands as well.

Current Solution: There is currently a helicopter tour on the island, but one helicopter with one pilot will not sustain the mass influx of tourists during high season.

How long will it be open: Someone will surely recognize this problem soon and given the right person, would be able to exploit the opportunity.

Innovation:

Seaplane tours are very popular among tourists or by travelling residents in small islands. Seaplane charters to neighboring countries and islands or sight-seeing tours would be something that could be very profitable in the Cayman Islands.

The customer would be paying for travel or tours by seaplane. The money would specifically be used for operating costs of the airplane and the pilot’s time. The price would be too difficult to determine right now due to the different operating costs of airplanes and the different taxation system in the Islands. My best estimate would be a flat rate of $150 per hour and an extra $25 per person.

Venture Concept:

Applying seaplane tours and charters in the Cayman Islands would be an easy task. It would offer an alternative to airline travel between the 3 islands and be a more interesting way to travel. Tours would be able to reach places that would take boats too long to get to and cars can’t go. The most difficult part would be competing with the long established helicopter tour pilot, but in season there will be plenty of business to be going around.

Unfair Advantage: Being a citizen and having the right to work in the Cayman Islands is something that eliminates several competitors and having my seaplane license is another advantage.

What’s Next: The company would initially start with one small airplane but in 5 years it would be incredible to watch it grow to multiple planes and pilots or to larger planes for large charters.

What’s Next: I want to be a big name in the aviation community, however that comes to be. If this venture would help boost me into a prominent aviation figure, that is what I would like.

My Unfair Advantage

Social Capital:


1) Claude
-V: Claude's input and advice was invaluable to me. He advised me on how to design my product, how to seek a patent, how to word my application for a patent, etc.
-R: Claude is a rare commodity in that he teaches engineering and entrepreneurship and has created products with patents and sold them before. I don't know many other people who have done that.
-I: Anyone could imitate this if they found a similarly qualified person.
-N: There is no way I would have learned as much from Claude as I did from anyone else or my own research. He couldn't be substituted.
2) John
-V: I need a person with technology and programming skills to move forward with my product. John has those skills and experiences.
-R: Computer and software programmers are not that rare.
-I: Most people with a computer programming degree could imitate this skillset
-N: By skill set alone, he is easily substitutable.
3) Jonathan
-V: Jonathan is constantly around pilots and trying to improve their lives, and pilots would generally trust him if he were to offer up a new product or advice on a product.
-R: He is the only airport manager I know, so to me he is rare.
-I: If someone was able to find an airport manager, they could  imitate his value.
-N: Because I do not know any other people in his position, I would argue he is not substitutable.
4) Jordan
-V: Jordan would have value in endorsing my product. As a flight instructor, his concern is safety and he said if the product improved safety he would definitely endorse it.
-R: Flight instructors are not rare at all so I could easily find more endorsers.
-I: Anyone could endorse anyone's product, flight instructor or not. Easily imitable.
-N: He is easily substituted for any other instructor. The more the better though.
5) Kelsey: Kelsey is also a flight instructor so her VRIN is the same as Jordan
6) Will: Will is also a flight instructor so his VRIN is the same as Jordan and Kelsey.


Human Capital:


7)Work Ethic
-V: A strong work ethic is extremely valuable today. Companies need people who can grind out their work and push things through and make things happen.
-R: Among young people, I am seeing a lack of work ethic in the majority of them.
-I: It can be imitated, but it is not something that changes overnight.
-N: It cannot be substituted. Without a strong work ethic, the product would be mediocre, if it was ever even created.
8) Flying Knowledge
-V: This is pretty valuable to my product. I need to know what the problem is and what new problems could arise from it that I'd need to solve.
-R: Most pilots would have the same knowledge base as me, varying based on experience.
-I: Easily imitable
-N: Not substitutable at all. Without the knowledge, I could not make this product happen.
9) People-Skills
-V: These are not so valuable to my product. They are only useful after my product is on the market.
-R: Several people have great people-skills.
-I: Easily copied, possibly even easily faked.
-N: I could still envision myself being successful without these.
10) Ability to Test Device
-V: I can firsthand test out the glitches in my product and what problems might be caused. I don't have to rely on an expert's opinion.
-R: I could find other pilot's to do it if I needed to.
-I: Only other pilots would have the ability to test their product, non-pilots would have to hire someone.
-N: Not having this would be like a chef not being able to taste his food. You would not be able to know if it is up to your standards.


My most important resource is Claude. He can mentor me through the entrepreneurial process and has given me advice, articles to read, and resources to use going forward in the process. There is a very strong chance I will continue with this idea after the class ends and Claude is one of the main people pushing and helping me.

Growing My Social Capital

1) John


John is a former roommate of mine who is a computer science major and has developed apps in the past and sold them. He is currently working as an iOS developer for a tech startup.


He will be the Domain Expert for this assignment. While he doesn't have any experience in aviation, he has the technological background to develop my product as an app or a device and program it to work the way I desire.


I met him through my fraternity and we became roommates about a year after meeting. I recently asked him if he would be willing to help me with this idea and he said he would be more than willing.


Our exchange with each other is good. We are close friends and lived together for a year so we get along well and are good at dividing work and accomplishing our own individual tasks for a broader goal.


Including him in my network will solve the problem of my lack of programming knowledge or skills and allow me to continue with my ideas without having to learn a whole new skill set.


2) Jim


Jim is the chief pilot for the company he works for. He has been flying for over 20 years and knows hundreds of other pilots.


He will be the "Market Expert" for this assignment. He represents a large portion of my market because he flies a twin engine, complex airplane by himself. He is exactly the type of pilot I have targeted for my product. He also knows several other pilots and how to communicate my ideas to them.


I am interning at the company Jim flies for and have had multiple conversations about my product and flying with him. He seems interested in my product and I enjoy talking to him about flying.


There really isn't a favor either of us have done for each other, but I am sure he would be glad to help me just as I am glad to help him. We have a good exchange between the two of us.


Jim is an experienced and well-known member of the flying community where I live and is my ideal customer. He would be able to help me market my product to other pilots and decide what features other pilots would like to see.


3) Jonathan


Jonathan is a general manager of an airport. He has worked at several airports throughout his career as well as an airline. Jonathan also has his pilot's license.


Jonathan will be the "Supplier" for this assignment. He runs the day to day operations of the airport and sells fuel, parking, rental cars, and other services to pilots.


Jonathan is my boss. I brought up my concerns for safety and checklists and he thought my idea was good.


Our exchange is what is normal between a boss and an intern. He asks me to do something and I do it. I wouldn't say they are favors since they are part of my job. Other than that, I think he would be willing to help me out and vice-versa.


He has access to pilots who fit my intended market every single day. He sees their needs and frustrations and could help me innovate new ideas and include my product among the products and services he already sells.




Reflection: This was actually one of the easier networking exercises I have done for this class. The main reason is due to the acquisition of my internship. I now have access to several people involved in the aviation community and it is easier to find people to interview or network with. If I didn't have this internship, this would have been the most difficult exercise because I was running out of pilots I knew who I could interview.