Final Product Project

1. Based on your evaluations on entrepreneurial mindset, summarize your level of need for achievement, individualism, control, focus, and optimism. What strategies and tactics could enhance these in the next 6 months? 

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When it comes to my entrepreneurial mindset there are a lot of things and ideals that keep me going in the right directions.  I feel as if I have a high level of need for achievement and individualism which in a way go hand in hand.  I want to achieve whatever I set out for and part of that for me is doing in my way and at some points alone.  I am very driven and optimistic when things are in my hands and I feel as if that makes me more focussed because back to before, my need for achievement.   In the next 6 months I feel like taking courses to learn more about my sector market and doing activities that keep me stress free and ready to work in a good manner could keep me focussed and driven as ever.  There are a lot of important things that go into the entrepreneurial mindset and it is because without a good one, you will not be as successful and driven to have the best outcome possible.  When it comes to people being great at what they do, especially entrepreneurs, they need a high level of all of these skills in order to make sure everything goes in the right direction. 

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2. Based on your evaluations on entrepreneurial motivations, summarize your level of self-efficacy, cognitive motivation, and tolerance for ambiguity. What strategies and tactics could enhance these in the next 6 months?

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When it comes to motivation and how hard one is willing to work in order to succeed, one's self-efficacy, cognitive motivation, and tolerance for ambiguity are all very important.   My level of self-efficacy I would say is pretty high based on my ability to follow a course of action in order to get things to where they need to be in order to get a desired outcome.   My cognitive motivation I feel is good but could also use some improvement.  I feel as if I do an okay job when it comes to interpreting information and then turning it into an action.  I say I could improve just because I feel as if this is something most people can improve upon and can always get better at understanding things.  Lastly tolerance for ambiguity is something I feel I have a very high level of.  Whenever I look at a situation or problem I am good at understanding there are multiple interpretations and outcomes that can be seen and it is not as easy as going forward.  You must think.  I think that overall over the next few months I can raise these levels by talking to others, understanding there are differences and working towards solutions.  

3. Based on your evaluations on entrepreneurial behaviors, summarize your confidence, risk tolerance, interpersonal relationship skills, and social capital. What strategies and tactics could enhance these in the next 6 months? 

My entrepreneurial behaviors are something that I feel I have very high levels of as a person.  My level of confidence is something that I can work on but I feel I do a good job believing in myself and others.  I can work on this by trusting my gut more and knowing I wouldn’t ever make a terrible decision.  I feel that my interpersonal relationship skills are my best asset and something that I use to succeed in lots of situations.  I can always work on them though by doing things such as networking and putting myself in uncomfortable situations that I can work to make myself feel confident in.  My social capital is something that I actively work to increase and am very interested in having a variety of people I know as great connections.  This is another thing that can be worked on through networking and meeting new people.  I think that being able to have good behaviors when it comes to being an entrepreneur can help a lot based on the fact that it opens up a lot in places such as connections for if you need help or support and just self drive by being able to trust yourself and your abilities to get things done.  

4. Describe an innovative business idea that you have that is the basis for the rest of these Opportunity Analysis Canvas questions.

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My innovative business idea that I have thought of is an airplane seat divider and shield in order to help prevent the spread of COVID-19 and also make travelers feel more comfortable.  The divider will be able to be placed on any seat with an easy clip attachment in order to make it very convenient for all users and able to be switched based on who is on the plane and in which seats.  This idea is something that will start on airplanes but eventually could be used in places such as trains, cars, busses and even in waiting rooms.  The idea is a foam plastic material that can be inserted in between each seat to prevent the spread of the virus.  This shield will be able to be easily replaced after every use and easily put into place.  Not only will the material be good against fighting the virus but like I had mentioned, it will make travelers feel more comfortable and allow them to travel in ease, stress free with a new divider put in place before each flight or travel experience.  

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5. For your business idea, what are the knowledge and demand conditions related to this idea. 

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The knowledge and demand conditions needed for my product are pretty simple but at the same time can be very hard to obtain.  The knowledge needed would need to come from doctors and scientists who have done lots of research on COVID-19 and can figure out the safest and easiest way to produce the product where it can fulfill its function to its fullest.  At the same time, hiring doctors to help with the research would not be too difficult.  “Since the outbreak, doctors, scientists and designers have been working on ideas to stop the virus spreading.” (Source 2). There would be so many doctors willing to help with the invention as they have been for so many others since the virus outbreak.   The demand is definitely there based on the size of the travel industry and the amount of airlines that can still make their planes safer.  “Surveys indicate that instead of growing comfortable with air travel, more people are becoming skeptical about it.” (Source 1).  This product could increase airlines chances of getting more customers and ones that are can spread the word about how safe travel can be.  

6. For your business idea, what is the life cycle stage of your industry, and the existing industry structure.

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Right now my products industry is in the growth stage.  This product is one that is directly for the prevention of COVID-19 and the market is still on the rise with so many products coming out each day and week to help prevent the spread of this virus.  Although we are getting closer every day to finding a vaccine that does not mean that coronavirus and its risks will ultimately disappear.  Until every person in the world gets the vaccine, the industry will be in the growth and shakeout stages.  There is a lot of uncertainty about the virus and when it will disappear which is why the market is on the rise.  “the virus could burn itself out and disappear by 2021. However, if immunity is moderate, lasting about two years, then it might seem as if the virus has disappeared, but it could surge back as late as 2024” (Source 3.) With scientists saying COVID-19 could have a presence until 2024 that leaves a lot of time for this product to thrive on airplanes.   “The effects of the COVID-19 outbreak will be felt in aviation for several years to come, and it will bounce back, it always does. Just expect the recovery to be slow.” (Source 4).  This product will thrive for lots of time.  

7. For your business idea, what are the demographic, psychographic, technical, and societal changes as well as the political and regulatory forces in your industry.

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Right now there are a lot of forces in the industry based on the fact that every single person in the world is involved.  It is pretty evenly distributed where people who travel come from but the top destination by far is the United States. What is interesting about travel right now is it is not streamlined on a societal or political level.  Each country is doing it differently along with every city and airline.  The breakdown of age is interesting as “Those aged 55-75 planned to spend $6000+ on vacations a year” (Source 5.) This age group is one that is the most susceptible to the virus and one that feels they need safer air travel.  In addition, in the United States for example there are regulatory forces such as TSA and the CDC that make sure everyone is following certain protocols while traveling.  “Travelers are reminded to follow the Centers for Disease Control and Prevention (CDC) travel guidance” (Source 6.)  This is a way that people must follow the rules and a way that our product can make an entry into the industry.   

8. For your business idea, what factors you can your team eliminate, reduce, raise, and create. Describe why the factors that you selected for the value curve are important to customers.

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There are lots of factors that my team can help change in different directions.  The first and main factor that this product raises is ease of use.  When it comes to COVID-19 there are a lot of different products that can be complicated to use, put together and trust.  This product is an easily replaced product and one that does its job in a simple manner.  In addition, this creates safety factors that aren’t in place currently on airplanes.  This product is able to reduce health concerns and allow people to feel comfortable when traveling.  Right now "we cannot be sure everyone is using the same precautions as we are, nor if they have been advised to." (Source 8) This product would create some regulations and make sure it is more standard and safe.  This product creates a movement towards where air travel used to be and is able to put the market in a better direction.  This product also reduces the amount an individual will need to spend on their own COVID-19 preventative products since they will be provided. It is recommended by airlines and the CDC that you “Bring extra supplies, such as masks and hand sanitizer.” (Source 7).  This is more money that individuals have to spend as it is.  

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9. For your new business idea, discuss how the learning curve influences your success, the complementary assets that are critical to develop for your venture, and the reputation of your competitors. 

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The learning curve is very important for my product and especially the industry hat my product is in.  COVID-19 is a virus that we as people are learning more and more about every single day and each piece of information can affect things such as the product I am creating.  The more research and things we can learn can only make this product more safe and continue the decline of the Coronavirus.  We have learned that foam plastics can be a good barrier and this is why it will be used as the material for the shield despite environmental concerns. “The pandemic has pushed people to prioritize hygiene over environmental concerns, at least for now.” (Source 9).  It has become more about health and safety of humans right now then the world which does not seem ideal but more necessary.  The thing about this product is there is no direct competitor who is in this market.  The only other competitor would be the companies making face shields and airlines who are doing their own thing to prevent the spread of the virus and who would decide not to buy this product.  No one has directly tried to do this however.  

10. For your new business idea, summarize why the problem is real, how your team's solution creates value for stakeholders, the types of advantage that you all possess, and your ability to build the right team. 

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It is very obvious why this problem is very real.  There is a world pandemic going on and it is affecting the lives and safety of millions every day who are deciding to travel and continue to spread the virus.  To be exact there have been over 68 million recorded cases since the first case was recorded. (Source 10).  Our solution is a product that can reduce the spread of the virus and allows people to travel and feel more comfortable doing so.  We help out the airlines (our customers) by getting their business back in the right direction.  We also help out the common public by allowing them to feel safer on the planes.  We help the government by continuing to regulate the economy and also suppliers and employees by giving out more business.  Building the right team is one of the most important things that can be done.  This would create a team that can help solve a world problem and give lots of different groups benefits and something that they really do need.  We possess an advantage as a group that has a product that could change the way we travel for a long time and really as long as COVID-19 is around.