Final Reflection

• Looking back on the semester makes me realize how much I've learned and changed from different experiences. It was definitely difficult in the beginning when I would wait until a few hours before due dates to finish our assignments. I ended up missing a few and I was worried about how low my grade would drop. After a setting up a weekly schedule for this class I was able to get things done, think of a really good business idea, and really understand what we were learning.
• I think the greatest experience I had was following the live workshop where I actually changed my initial business idea to something I was more passionate about. I ended up having a successful MVP (minimum viable product) which made me feel like a real entrepreneur.
• I would definitely say I'm more of an entrepreneur now. I look at the world differently and see opportunities in a ways that I didn't before. I could see myself following through with my venture concept even after the class ends.
• I would tell any students taking this class to be ready to open their minds and think in ways that might be completely new to them. Pick an idea that you'll actually enjoy working on for a whole semester. And have fun with the assignments, you'll value them more!

Venture Concept No. 2

• Opportunity
• In the U.S., obesity affects about 93.3 million adults or 39.8% of the population (2016). Obesity leads to conditions such as cardiovascular disease, stroke, type 2 diabetes, and certain cancers - some of the leading causes of death.
• Only about 20% of adults meet aerobic and muscle-strengthening physical activity guidelines recommended by the U.S. Department of Health and Human Services.
• On average, the typical American adult exceeds the recommended intake levels of solid fats, added sugars, refined grains, sodium, and saturated fats while also under-eating the recommended amounts of vegetables, fruits, whole-grains, dairy products, and oils on a daily basis.
• The steady rise in inactivity levels and poor nutrition creates the need for adults to have a structured workout and nutrition program that is both affordable and easy to follow.
• The forces that allow this to occur are limited time and knowledge and a lack of resources. The window of opportunity will remain open until these forces no longer exist.
• This market consists of adults ages 35+ across the country who don't exercise regularly and/or have poor eating habits.
• Currently, many of the people I interacted with claimed they simply don't have the time to get to the gym or work-out and get their daily physical activity in short bursts throughout the day (i.e. biking to work, walking the dog, doing chores around the house, etc.). In regards to nutrition, many complained that eating healthy is just too expensive, especially when having to provide for their family and children, so they opt for cheaper, less nutritious foods for the sake of convenience.

• Innovation
• For individuals looking to lead a healthier lifestyle through more exercise and better eating, I will be selling a brochure with workouts and meal plans for $5. The workouts included can be done in 30-45 minutes at home for those who don't have time or can't afford to go to a gym. There will also be options to include equipment such as dumbbells, resistance bands, etc. to increase the difficulty of the workout. The meal plans will incorporate a sample grocery list that will fit modest budgets.
• For individuals who have more money to spend (i.e. those without kids or a family to support, people who have more experience in working out and/or nutrition), I will offer a more customized, in-depth brochure for $10. These workouts can be done at home or at a gym and will include greater detail in nutrition.

• Venture Concept
• I think my product will be appealing to customers because it is an easy and affordable tool to aid in leading a healthier lifestyle. I will offer physical and digital copies of the brochure so they can have access to it at any time.
• The main competitors to my product will be the growing number of fitness influencers and online coaches in the market. While these individuals and business offer similar products, they are often very expensive. It is also difficult for consumers to differentiate between legitimate sources and those scammers who offer "quick fixes" for weight loss that have no scientific evidence to back their claims which sets my product apart from the rest.
• I think customers will "switch" to my product because it's different from what currently exists. A lot of the fitness world relies on social media (Twitter, Facebook, Instagram) and is geared towards a younger population. I want to attract older individuals who might not be tech-savvy or invest as much time on social media sites.
• Price points: I think this is the most distinctive aspect of my product compared to other offers fitness entrepreneurs. I am keeping the cost very low to appeal to a large number of customers. Raising my prices wouldn't make me any different to what is already on the market and would defeat the purpose of my mission statement which is to make a healthy lifestyle available to the average American.
• Packaging: Offering my product in two formats, physical and digital, will increase accessibility for my customers.
• Employees: If my business were to grow to the point where I couldn't deliver on my own any more, I would only employee individuals with backgrounds in exercise and nutrition. This includes exercise physiologists, board certified personal trainers, registered dietitians, nutritionists, etc. I want to ensure my customers are getting accurate information and advice.

• Unfair Advantage
• I think the biggest advantage my product has is the affordability factor and the knowledge it provides. As a college student with limited time during the day, I know how crucial it is to have a cheap option for something that will benefit my physical health in the long run. As an APK student on the pre-med track, I want to share my knowledge with others who might not have the means to learn it themselves the importance of daily physical activity and good nutrition.

• What's Next for the Venture?
• I hope that this venture can expand into other aspects of the fitness industry. First, I would like it to become a website that has a subscription option for customers to receive regular (daily, weekly, or monthly) programs that include workouts, recipes, and general information related to fitness. I would also like to offer affordable supplements (i.e. protein powder, vitamins, etc.) and equipment (i.e. free weights, resistance bands, etc.) to enhance my customers' fitness goals as they become more knowledgable. Eventually, I would like to open up low-cost gyms around the country for individuals to attend with a variety of fitness classes to offer. 

• What's Next for Me?
• As a future healthcare professional, my only goal is to help others and ensure everyone has the opportunity to live their best life. In 5 years, I hope this product will have expanded to more than a brochure, but a platform that can reach several people around the country lead a healthier lifestyle. In 10 years, I don't know if I'll be an entrepreneur, but I hope to be done with medical school and still leaving a similar impact on people's lives. 
• Feedback
• One suggestion I got was to expand my target market to groups that aren't in the 35+ age group. I think I'll do this after the venture has grown with a specific audience first.
• A lot of people liked that I had a solid background on what I'm trying to sell and included scientific evidence for the information. I'll continually make sure that this is a priority when creating products.

Your Exit Strategy

• Identify the exit strategy you plan to make.
• While I'm very passionate about my business idea and want to help people start their fitness journey, my ultimate career goals aren't centered around this venture. I would sell my business to an individual or company with a mindset that aligns with mine once I'd finished medical school and became a full-time physician.
• Why have you selected this particular exit strategy?
• I chose this because I would want my vision to live on even though I am no longer involved with the business. I would want like-minded individuals or a fitness company to pick up where I leave off and make the business even better. 
• How do you think your exit strategy has influenced the other decisions you've made in your concept?
• I think that knowing I won't stay with this business forever has influenced some of the decisions I've made and the ideas I've come up with. I've had a flexible approach in identifying opportunities and structuring the business because I know I'll have to give up control and would like to be able to not only comfortably transition myself out of the picture, but make things easier for the remaining employees to continue working without me. I've also thought about expanding my target market to a wider range of people to allow for future growth and expansion.

Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big by Scott Adams

1. What was the general theme or argument of the book?
• This book follows the life of writer and cartoonist Scott Adams and how he learned to persevere after several failures. Although he is famous for the Dilbert comic strips, he had years of failed jobs, start-ups, and patents before finding success. Through a series of lessons, he explains how he stayed motivated and continued to work hard.
2. How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
• I think this book is the epitome of the entrepreneurship process. It is impossible to create a best-selling service or product right off the bat with an idea. From what we've done in our own venture ideas throughout the semester, I have had to change tactics, input feedback I'd never thought about, and even adopt a new opportunity towards the end because I was "failing". 
3. If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
• I would create an exercise that would involve listing up to 5 failures, ones that have actually happened or potential ones, and then have the class think of at least 2 success that could come from those failures. This would help create the mindset that failure isn't the end of the world and can actually be the driver of success.
4. What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
• I found the lesson Adams gave on focusing on systems rather than goals to be the biggest surprise in this book. We've been conditioned to set goals when we plan to do something. However, the problem with goals are that they are specific and have deadlines, so when we don't reach them we feel like we've failed, even if we were making good progress up until then. Systems are more open-ended and allow you to make adjustments when necessary and leave more room for potential successes rather than potential failures. 

Celebrating Failure

• A time that I failed: This semester I've really been struggling in my biomechanics class. It's an APK course that combines physics and anatomy, and I personally just don't understand physics. I barely passed PHY2053 and the concepts we've been learning in biomechanics builds off of that class, so I knew I needed to brace myself. The first bi-weekly quiz we did I literally got a 50% and honestly wasn't even that surprised since I didn't know what was going on. I tried going to office hours for extra help, reading the textbook, going over the lecture slides repeatedly, and doing several practice problems. But, by the time the next quiz rolled around I still only got a 60%. With 6 quizzes, 3 exams, and 2 class activities making up our grade I started to panic because I need to do well in this class to graduate. Luckily, I was able to recover my grade by getting As on the activities and averaging B+'s on the first exam and next 3 quizzes. There is still 1 more quiz, an exam, and a final, so hopefully I can keep up my streak.
• What I learned: I learned that no matter how much you prepare or think that you're ready for something, failure can still happen. I also learned that persistence and dedication are necessary to get through failures. I could have easily given up after not getting the grades I wanted or dropped the class and accepted my fate, but I kept pushing until I got the results I was looking for.
• Reflection: It's definitely important to fail; it's a part of life and learning how to overcome it will set you up for success in the future. This class is definitely different from what I'm used to because we do a lot of work that focuses on experience and hands-on learning that can be used to face failure head on and not allow it to consume us. I wasn't much of a risk taker before this class, but I think I'm more likely to go out of my comfort zone in the future. 

What's Next?

• Existing Market
• I think the next step in my venture is identifying individuals who are not currently participating in daily physical activity and/or following a healthy diet, but are interested in starting, and offering a sample product for $1. This would be similar to the one I created for the workshop with a little information on nutrition, a sample meal plan, and only 3 workouts. 
• I interviewed 3 middle-aged adults with kids, 1 father and 2 mothers. The father has a gym membership, but his attendance is not regular. They all had tried popular diet trends they had seen on TV, read about in the news, or heard from their friends but either couldn't keep up with them or get their families to follow as well. All 3 of my interviewees thought the idea for a sample product would be a good idea, and all 3 expressed interest in purchasing the full product because of its low-cost and simplicity. The father was also interested in having workouts that he could follow in the gym that would improve his attendance and increase his motivation to be active. The mothers loved the at-home, no-equipment workouts because they are usually running on low time to get to a gym. They were also interested in the nutrition aspect because they have to take into consideration foods that they feed their kids.
• Based on my previous experience with selling a sample product for the workshop and the feedback I received from my interviewees, I am still confident in my idea. There is a market that exists for my product and several customers willing to pay for it. I think the path that I've set for the venture so far works in first offering a sample at more than half the cost, then offering the full option at $5, and eventually the most in-depth brochure at $10 for more experienced or well-off individuals in the market.
• New Market
• A market that I didn't really consider because there are already so many options for them are college students. This population is at an advantage over my existing target audience because they have so many more resources available to them (i.e. social media tools, on-campus meal plans, free gym facilities). I think my product could be appealing to this market because it is affordable, which every college student can appreciate, and gives a structured outline that can aid in weight loss or management goals.
• I interviewed 2 UF students, one that lives in the dorms and another that lives near me off-campus. The on-campus student lives in Murphree, right next to Student Rec, and claims her gym attendance is pretty regular but she struggles with weight because she doesn't know a lot about nutrition. The off-campus student is the opposite, since he has taken HUN2201 (Fundamentals of Human Nutrition) and would like to go to the gym more often, but doesn't know how to lift properly. He suggested that on the online version of my product I offer tutorials or step-by-step instructions on how to perform exercises that I include in my workouts.
• I appreciated the feedback I got from this new market because it gave new perspectives that I hadn't thought about before. As my venture grows I will have to adapt to market changes and offer more information in my product. This includes providing more information on exercises through videos or images for people to learn correct form and technique. Given my experience with the current fitness industry, I didn't think college students would be interested in my market. But, I underestimated the amount of people who don't know about exercise and nutrition or necessarily turn to social media or the Internet for guidance in this field. 

Venture Concept No. 1

• Opportunity
• In the U.S., obesity affects about 93.3 million adults or 39.8% of the population (2016). Obesity leads to conditions such as cardiovascular disease, stroke, type 2 diabetes, and certain cancers - some of the leading causes of death.
• Only about 20% of adults meet aerobic and muscle-strengthening physical activity guidelines recommended by the U.S. Department of Health and Human Services.
• On average, the typical American adult exceeds the recommended intake levels of solid fats, added sugars, refined grains, sodium, and saturated fats while also under-eating the recommended amounts of vegetables, fruits, whole-grains, dairy products, and oils on a daily basis.
• The steady rise in inactivity levels and poor nutrition creates the need for adults to have a structured workout and nutrition program that is both affordable and easy to follow.
• The forces that allow this to occur are limited time and knowledge and a lack of resources. The window of opportunity will remain open until these forces no longer exist.
• This market consists of adults ages 35+ across the country who don't exercise regularly and/or have poor eating habits.
• Currently, many of the people I interacted with claimed they simply don't have the time to get to the gym or work-out and get their daily physical activity in short bursts throughout the day (i.e. biking to work, walking the dog, doing chores around the house, etc.). In regards to nutrition, many complained that eating healthy is just too expensive, especially when having to provide for their family and children, so they opt for cheaper, less nutritious foods for the sake of convenience.
• Innovation
• For individuals looking to lead a healthier lifestyle through more exercise and better eating, I will be selling a brochure with workouts and meal plans for $5. The workouts included can be done in 30-45 minutes at home for those who don't have time or can't afford to go to a gym. There will also be options to include equipment such as dumbbells, resistance bands, etc. to increase the difficulty of the workout. The meal plans will incorporate a sample grocery list that will fit modest budgets.
• For individuals who have more money to spend (i.e. those without kids or a family to support, people who have more experience in working out and/or nutrition), I will offer a more customized, in-depth brochure for $10. These workouts can be done at home or at a gym and will include greater detail in nutrition.
• Venture Concept
• I think my product will be appealing to customers because it is an easy and affordable tool to aid in leading a healthier lifestyle. I will offer physical and digital copies of the brochure so they can have access to it at any time.
• The main competitors to my product will be the growing number of fitness influencers and online coaches in the market. While these individuals and business offer similar products, they are often very expensive. It is also difficult for consumers to differentiate between legitimate sources and those scammers who offer "quick fixes" for weight loss that have no scientific evidence to back their claims which sets my product apart from the rest.
• I think customers will "switch" to my product because it's different from what currently exists. A lot of the fitness world relies on social media (Twitter, Facebook, Instagram) and is geared towards a younger population. I want to attract older individuals who might not be tech-savvy or invest as much time on social media sites.
• Price points: I think this is the most distinctive aspect of my product compared to other offers fitness entrepreneurs. I am keeping the cost very low to appeal to a large number of customers. Raising my prices wouldn't make me any different to what is already on the market and would defeat the purpose of my mission statement which is to make a healthy lifestyle available to the average American.
• Packaging: Offering my product in two formats, physical and digital, will increase accessibility for my customers.
• Employees: If my business were to grow to the point where I couldn't deliver on my own any more, I would only employee individuals with backgrounds in exercise and nutrition. This includes exercise physiologists, board certified personal trainers, registered dietitians, nutritionists, etc. I want to ensure my customers are getting accurate information and advice.
• Unfair Advantage
• I think the biggest advantage my product has is the affordability factor and the knowledge it provides. As a college student with limited time during the day, I know how crucial it is to have a cheap option for something that will benefit my physical health in the long run. As an APK student on the pre-med track, I want to share my knowledge with others who might not have the means to learn it themselves the importance of daily physical activity and good nutrition.
• What's Next for the Venture?
• I hope that this venture can expand into other aspects of the fitness industry. First, I would like it to become a website that has a subscription option for customers to receive regular (daily, weekly, or monthly) programs that include workouts, recipes, and general information related to fitness. I would also like to offer affordable supplements (i.e. protein powder, vitamins, etc.) and equipment (i.e. free weights, resistance bands, etc.) to enhance my customers' fitness goals as they become more knowledgable. Eventually, I would like to open up low-cost gyms around the country for individuals to attend with a variety of fitness classes to offer. 
• What's Next for Me?
• As a future healthcare professional, my only goal is to help others and ensure everyone has the opportunity to live their best life. In 5 years, I hope this product will have expanded to more than a brochure, but a platform that can reach several people around the country lead a healthier lifestyle. In 10 years, I don't know if I'll be an entrepreneur, but I hope to be done with medical school and still leaving a similar impact on people's lives.