Final Reflection - Assignment 30A

As I read through all my posts from this past semester, it was fun to see how far I came from just evaluating the things in my life that bug me, and instead looking for opportunities to change them. My most formative experience probably was the bug list. It was the thing that made me stop and consider why things are the way they are, and what might be done to change them. It was then that I started to think like an entrepreneur.

Coming up with my waterproof overcoat product was probably when I felt most accomplished in this course. The idea came from a personal problem I face on the norm and I wanted to address it further, seeing it maybe others feel the same way. It was by digging deeper and asking questions that showed me that their were quite a few others who experience the same frustrations with waterproof mascara!

I think that being so involved in developing something that what my own did give me a little insight on being an entrepreneur. Perhaps after this venture I will be able to see even more opportunities in the world that allow me to use my (very limited) creative mindset to see how these problems can be solved.

I would tell future students to go into this class with an open mind. Even if they are like me and took this class as a business elective, they can still be challenged to think outside of the box they have built around themselves and find new ways to make a difference.

Venture Concept No. 2 - Assignment 29A

Intro

In the world of makeup, there are so many products out there to help women to express themselves. Whether it be colorful eye shadow, bold eyelashes, or winged eye liner, the possibilities are endless. What a woman should not have to worry about though is her mascara running down her face when she unexpectedly gets emotional at a social event, or when it starts pouring when she walks to her car. A waterproof product is essential in this time of crisis, or else her entire makeup regime may be ruined! But what can she do? She does not like to buy waterproof mascara, it is not the same as her favorite mascara from the Sephora Collection, and she knows she’ll never use the whole tube in time.

This is why a waterproof overcoat is necessary.

Opportunity

My potential customer is exactly the woman I have described above. Women who do not like waterproof mascara for various reasons- it does not come off as well when they wash their face, it is not necessary for all occasions and in turn they end up wasting most of the tube. I fall into this category of potential customers and my product is exactly what I am looking for. Having a waterproof overcoat that you could apply over top your normal mascara would solve these issues that my market has.

Currently, waterproof mascara is all these women have- and I, as a member of this market, am not satisfied. Too often I end up wasting more than half a tube because I only need every once and awhile for weddings or possibly beach days. I think that if women knew this product was an option, they would take advantage of it and make the switch.

Innovation

Since my own need is one of the reasons for coming up with this waterproof overcoat, I know that it is an innovative and creative product, or else I would not have the need. That being said, here is exactly what I have come up with: a waterproof overcoat that you apply over your favorite brand of mascara. The product contains ingredients that allow a longer shelf life than most waterproof mascaras, so it will last longer and will not be wasted.

When it comes to making money, I will have to look into how much it is actually going to cost to manufacture my overcoat. I believe it will cost around the same amount of a tube of regular mascara, but on the packaging I will be sure to include that it will last longer than most tubes- allowing the customers to know that they are getting more bang for their buck.

Venture Concept

Today, people are all about convenience. They are also all about saving money. So with a waterproof product that lasts longer than the normal three month lifespan of a tube of mascara, these ladies will fulfill both of these. My overcoat can be used on the days that they need it, knowing that they did not waste money on a product they will only use a couple times before it is no longer good. I believe that when the customer becomes aware of my overcoat, they will no longer buy waterproof mascara.

To further my business venture, I will have to enlist someone to produce a prototype for me, once that is done I will use my pitch to get makeup manufacturers on board to sell it alongside their mascara. Perhaps sell them in the same packages together to give the buyer a deal. I think my best option would be to partner with a makeup company, or maybe multiple, that are already established in order to get a boost from the use of their brand on my product. I think that with the partnership and my patent, we would be able to last in the market for a little while before competitors try and copy my product. If I get multiple companies on board though, it would allow my customers to be able to buy whichever brand they normally buy in mascara. Doing that would also eliminate the competition because everyone would be selling my overcoat with their products.

Beyond the help of big name makeup companies, I am going to include a travel size option in my product line. Allowing customers to buy the smaller tube so that they can take it with them in their purse or backpack even. The travel size tube would draw everyone as well because who doesn’t love mini items?

My Most Important Resource

Beyond my actual product, I think my own go-getter attitude and organizational skills will help me stay ahead of the game when it comes to dealing with competitors. Since I am a part of my target market and since the other women in my life were primary targets as well for my product, I can have them help give me advice on what I should do next with my product.

What’s Next For the Product?

After I have success with the waterproof overcoat, I will launch my travel sized tube that I mentioned earlier. My customers will already have fallen in love with the overcoat, so when the travel size option emerges they will be thrilled! They can store one in their makeup bag and one in their purse!

What’s Next For Me?

After launching my overcoat and the travel size tube, I will probably sell my patent to the makeup company or companies that I have partnered with and make sure I get royalty for my product, since it was my invention and all. However, I am not much of an entrepreneur so I may have to move on from my successful waterproof overcoat and look towards the future I have in the business world.

*All the feedback I received from my peers was positive, they all liked my idea of branching out into the market of women who do not normally wear makeup. They also encouraged me to do a partnership with bigger companies- their connections and investments may help me make my product a best seller.

That being said, I did not change much of anything about my second venture concept- I believe my concept is solid and apparently so do my peers. Works for me!

(Ironically enough, I got this image off of a blog that discussed how to remove waterproof mascara without ruining your eyelashes ...)

My Exit Strategy - Assignment 28A

When it comes to my exit strategy, I plan to make a graceful leave after I have guaranteed my product is in good hands. I am not a natural born entrepreneur, so I think I would sell my product to a makeup company that already exists and is successful. I would partner with them at first, maybe even with someone like the “sharks” on Shark Tank. I’d sell a percentage of my product for a certain amount of money, and get their expert advice on how to successfully sell my product. I would then slowly make my exit, signing a contract that would give me royalty for every overcoat I sold.

I chose this exit because I am not an entrepreneur, I am more of a HR kind of gal. I do not come up with invigorating ideas very often, so the overcoat might be my one and done idea. It has influenced my decisions in this class because in the back of my mind I know I am not going to continue this venture too much farther than the overcoat and the travel size tube.

Reading Reflection No. 3 - Assignment 27A

For the third and final reading assignment I read about Mary Kay Ash, the founder of Mary Kay Cosmetics. She was quite the woman- she grew up in a time when men dominated the workforce and the business world, yet she did not let that stop her from reaching her full potential.

What surprised me most was that at the age of seven, Mary Kay had to care for her father, cooking and cleaning, while her mother worked overtime to provide for their family. However, Mary Kay did not see this as odd. She just took that responsibility and worked hard no matter what.

That being said, I really admired Mary Kay’s dedication to starting her dream company. Her earlier years were not the easiest, being a young, divorced mother of three, she did not let obstacles get in the way of working hard and providing a comfortable life for her family.

I was very impressed by Mary Kay. I myself use her beauty products and I really enjoyed getting to read about the company’s founder. I do not think there is anything I did not admire about her.

Like I mentioned earlier, Mary Kay experienced a lot of hardships, but she did not let that stop her from accomplishing her goals for her company.

I believe Mary Kay was so successful partly because of her unique way of using her personality and experience in sales and customer service. The way she set goals for herself, even in the very beginning when she worked for The Stanley Home Products Company, helped make her own company so successful. Her own natural ability was what helped her achieve each and every one of her goals.

I was not confused by the book. Mary Kay wrote it very clearly, giving her exact story of putting her dreams and goals into action. Her story has inspired me to put some of her practices into action in my own life.

If I could ask Mrs. Ash two questions, I would ask how she was able to be content in her life at the age of seven, when she had to take care of her father- making him food and cleaning the house for her mother. That is a lot of responsibility for a seven year old- I need that kind of skill in being content in my own circumstances.

I would also ask her who inspired her most in life. Who helped shape you into the woman you are today? She overcame a lot and I want to know who in her life motivated her to do so.

Obviously Mary Kay was not afraid to work hard. All throughout her life she worked hard to care for her father, provide for her children, and make women’s lives better with her makeup products. Such hard work is very important- I definitely agree with such a strategy.

Celebrating Failure - Assignment 26A

I hate failing. I am one of those people who likes to do things right the first time. I hate having to go back and fix the sometimes silly mistakes I made. Obviously failure is inevitable, and to my dismay, I experienced some this semester. It came in the form of exams. In the two other classes I am taking I went into my first exams unprepared. I thought I had studied an efficient amount, but when I took the exams on ProctorU I was very surprised at how specific the questions were and how much I had not actually studies. I received a C on each of the exams- this is failure in my book.

From this failure, I learned that there is no such thing as too much studying. On my second exam in one of the classes I studied like my life depended on it. I read each of the chapters and looked over the lecture slides at least twice. When I took the exam I was definitely more prepared, but there were still questions I was not too sure on. My goal is to do even better on the third and final exam.

Like I said, I am not too fond of failure. However, I do believe it is necessary for growth. Without it, I would not have known how specific the exam questions were going to be and how I can improve for the next ones. Overall, I see the importance of failure and how it can shape me into a better person.

What's Next? - Assignment 25A

Existing Market

After interviewing potential customers in my opportunity market, they gave me some good insight on what could be next for my entrepreneurship venture. One of them told me I should look to launch my own individual line of my waterproof overcoat, so that I do not have to share the idea with anyone else. Another said partnering with the big companies might be the best thing, especially since I do not have much experience in the makeup industry. The third suggested that I should go beyond just the overcoat and look into other ways to help women in the makeup industry.

Based on all the advice given, I still feel the same as when I started looking for opportunities. I feel as though this might be my “one and done” venture into the world of entrepreneurship. I think that my waterproof overcoat is very innovative and creative, and that it will help so many women out there who have a love/hate relationship with waterproof mascara. However, after the success of my overcoat has taken form, I will most likely step back and allow the future of the product to pan out. I believe that if I partner with another makeup company, they will know what to do to continue to make women all over the world have a better alternative to waterproof mascara.

New Market

To find this new, different market I went to women who do not wear makeup at all. I explained to them the possibilities of my product and all the benefits it offered to women. These two ladies thought it might be a good idea for those who do wear makeup, but did not budge on the fact that they would not be buying the product themselves. They did offer some insight to help me influence those women who do not like waterproof mascara and those who refuse to wear it. But as far as the future of my company, they said to look for ways to personalize my own brand. Make it unique and make it my own, not allowing big companies to take over my idea.

I was not too surprised about this reaction. Going into these interviews I did not believe I would be able to change their minds on wearing mascara, let alone using my product. However, I am all about listening to advice and insight from others, and interviewing outside of my already existing market made me step out of my comfort zone a little. Knowing that I would not just hear about how great my product idea was made it a bit intimidating, but I am glad I was able to hear from the other side of the market!

Venture Concept No. 1 - Assignment 24A

Intro

In the world of makeup, there are so many products out there to help women to express themselves. Whether it be colorful eye shadow, bold eyelashes, or winged eye liner, the possibilities are endless. What a woman should not have to worry about though is her mascara running down her face when she unexpectedly gets emotional at a social event, or when it starts pouring when she walks to her car. A waterproof product is essential in this time of crisis, or else her entire makeup regime may be ruined! But what can she do? She does not like to buy waterproof mascara, it is not the same as her favorite mascara from the Sephora Collection, and she knows she’ll never use the whole tube in time.

This is why a waterproof overcoat is necessary.

Opportunity

My potential customer is exactly the woman I have described above. Women who do not like waterproof mascara for various reasons- it does not come off as well when they wash their face, it is not necessary for all occasions and in turn they end up wasting most of the tube. I fall into this category of potential customers and my product is exactly what I am looking for. Having a waterproof overcoat that you could apply over top your normal mascara would solve these issues that my market has.

Currently, waterproof mascara is all these women have- and I, as a member of this market, am not satisfied. Too often I end up wasting more than half a tube because I only need every once and awhile for weddings or possibly beach days. I think that if women knew this product was an option, they would take advantage of it and make the switch.

Innovation

Since my own need is one of the reasons for coming up with this waterproof overcoat, I know that it is an innovative and creative product, or else I would not have the need. That being said, here is exactly what I have come up with: a waterproof overcoat that you apply over your favorite brand of mascara. The product contains ingredients that allow a longer shelf life than most waterproof mascaras, so it will last longer and will not be wasted.

When it comes to making money, I will have to look into how much it is actually going to cost to manufacture my overcoat. I believe it will cost around the same amount of a tube of regular mascara, but on the packaging I will be sure to include that it will last longer than most tubes- allowing the customers to know that they are getting more bang for their buck.

Venture Concept

Today, people are all about convenience. They are also all about saving money. So with a waterproof product that lasts longer than the normal three month lifespan of a tube of mascara, these ladies will fulfill both of these. My overcoat can be used on the days that they need it, knowing that they did not waste money on a product they will only use a couple times before it is no longer good. I believe that when the customer becomes aware of my overcoat, they will no longer buy waterproof mascara.

To further my business venture, I will have to enlist someone to produce a prototype for me, once that is done I will use my pitch to get makeup manufacturers on board to sell it alongside their mascara. Perhaps sell them in the same packages together to give the buyer a deal. I think my best option would be to partner with a makeup company, or maybe multiple, that are already established in order to get a boost from the use of their brand on my product. I think that with the partnership and my patent, we would be able to last in the market for a little while before competitors try and copy my product. If I get multiple companies on board though, it would allow my customers to be able to buy whichever brand they normally buy in mascara. Doing that would also eliminate the competition because everyone would be selling my overcoat with their products.

Beyond the help of big name makeup companies, I am going to include a travel size option in my product line. Allowing customers to buy the smaller tube so that they can take it with them in their purse or backpack even. The travel size tube would draw everyone as well because who doesn’t love mini items?

My Most Important Resource

Beyond my actual product, I think my own go-getter attitude and organizational skills will help me stay ahead of the game when it comes to dealing with competitors. Since I am a part of my target market and since the other women in my life were primary targets as well for my product, I can have them help give me advice on what I should do next with my product.

What’s Next For the Product?

After I have success with the waterproof overcoat, I will launch my travel sized tube that I mentioned earlier. My customers will already have fallen in love with the overcoat, so when the travel size option emerges they will be thrilled! They can store one in their makeup bag and one in their purse!

What’s Next For Me?

After launching my overcoat and the travel size tube, I will probably sell my patent to the makeup company or companies that I have partnered with and make sure I get royalty for my product, since it was my invention and all. However, I am not much of an entrepreneur so I may have to move on from my successful waterproof overcoat and look towards the future I have in the business world.