Reading Reflection 3

Elon Musk is a fascinating and unique character. Coming from a modest background Musk was able to make himself into a defining entrepreneur of the generation.  When reading Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future I was most surprised by the manner in which Musk was able to attain his success. He did not come from money and was able to fund his ventures with the profits of his own work.  Upon graduation Musk had a major role in the development of PayPal and another online banking service. This gave him money to fund projects he was more passionate about like clean energy and space exploration.  Musk’s success has been fueled by his work ethic and determination. These are qualities that I truly admire. His staff claimed that even when they worked 20 hour days, he would work 23.  This passion and work ethic is truly something to be admired.  However, this gave him little time for his family and relationships.  He went through 3 marriages and struggled to support his family.  This is something I hope to avoid as I peruse future entrepreneurial ventures.  However, if that is what it takes to push society into the future then I admire it.  If I could ask Musk questions they would likely revolve around the planet and global warming.  As he aims to one day inhabit Mars, I would ask, “How long do you think humanity has before the planet is uninhabitable?”  I would even ask “Do you think society is past the point of no return in terms of the damage we have already inflicted on the planet?”  Lastly, there is no denying Elon Musk’s stance on hard work and effort. The only limit to a human’s ability is effort.

Final Reflection

ENT3003 was an extremely unique educational experience.  As a somewhat introverted personality, this course challenged me to step outside of my comfort zone.  Perhaps the most formative experience was having to go out and interview strangers about the significance and reality of my opportunity.  As I did this multiple times, I felt myself become more comfortable and prepared for these activities.  I am extremely proud of my improved ability to openly discuss and question people about my product.  These interviews helped me refine my product and greatly improved my elevator pitch. This made my last elevator pitch my most joyous experience because I truly felt it was successful.  While took some time for me, I recommend incoming students prepare themselves for these discussions and interviews.  Also, developing a product that they truly believe in and are passionate about makes these interviews much easier.  With a product they they believe in they will be much more likely to be able to discuss and defend their product to strangers.

Venture Concept No. 2

In recent years, technological development and cultural changes have lead our society to complete dependence on energy and electricity.  Nearly everything we do and use requires energy, and this does not come without a cost. Currently, a vast majority of our energy is provided by the combustion of fossil fuels. This process releases carbon dioxide and various other pollutants into the atmosphere which can build up and lead to global warming. Scientists warn that if we do not change our current energy system, sea levels will rise, climates will change, and many animals will die.  These facts aside, the acquisition of oil can also be extremely dangerous and harmful. Because oil is a limited resource that can theoretically run out, wars have been started over it’s acquisition. While our country can not produce infinite fossil fuels, the sun, wind, and other resources are constantly running and can be harnessed to produce electricity.  For these reasons I have decided to create an entirely self sufficient automobile.  

With large scale commercial projects, household power can make a relatively simply transition to a primarily renewable system.  Transportation, however, has been intrinsically linked to oil and fossil fuels for decades.  With the purchase of a car, there is an implicit cost of filling your tank multiple times a month.  Despite recent downward trends in gas prices, these cost still add up and can be extremely expensive. This creates an opportunity for a car that does not require such expenses. Rather than requiring external fuel, my car design would include a solar panel on the hood of the car that can collect energy to be stored in a battery and used to run the car. In a sunny place like Florida this can be extremely effective, allowing people to drive without the input of fossil fuels. Additionally, once the car is set in motion, a wind turbine will be utilized to collect kinetic energy from the the car’s motion.  This will allow the car to sustain power and speed for long trips. When conditions are less favorable, this will be extremely useful as the energy of motion will create this no matter what the conditions. Additionally, I have decided to include a charging port, much like a Tesla, so the car will be able to start in cloudy and shaded areas.

Such a product would have a massive client base and would be guaranteed to succeed. Anybody who drives would be able to see the benefits of driving such a car.  Over time the gasoline savings would make this car the clear choice for any consumer looking to cut back on their gasoline spending.  While the car may be expensive to purchase, such savings can justify a high upfront cost. This unique advantage allows my product to stand aside and above all other cars, including current green options like Tesla and Prius.

Becoming the first to market self sustaining automobile will be a huge advantage.  The savings and environmental benefits are undeniable and few will be able to refuse.  This will set the stage for major success among a range of demographics.  Those who are less concerned with the environmental benefits will still be able to see the long term financial motives. Additionally, the environmental motives become more and more relevant by the year.  Such a universal client base leaves the ceiling for such a concept extremely high.

In theory, this idea sounds fool proof. However, the technology is extremely new and primitive.  Creating this concept will require major research and development costs.  Current solar panels must improve their efficiency before this concept can be considered viable.  The best way to hit the market immediately would be to offer interchangeable parts that can be swapped once the technology improves.  This will discourage people from waiting until the technology develops to make their purchase.  Instead they would be able to make the purchase now and easily upgrade if a new model comes about. This would also create a major revenue stream.  Between these options the company is bound for success.

Ideally, this self sustaining automobile will revolutionize the transportation industry. Consumers will immediately feel the benefits of their independence from gasoline.  In just a few short months the savings will be extremely significant.  Such tangible results will create a product that essentially sells itself. My staff will see this and be extremely passionate about the product they are selling.  It will be easy for them to sell because they will simply outline the facts and let the consumer make the educated decision. Such a passionate work force will be a strong asset when it comes to sales.

It is clear that my aspirations are high for this product.  If all technological research and developement were to go as planned I truly feel this product will change the way people see transportation. For these reasons I would anticipate an extremely high demand upon the product's release.  Inorder to meet this demand I would need a strong network of manufacturers and distributors. Such resources would be extremely difficult and expensive to create from nothing.  Therefore, I would likely look to sell my concept to and established company.  A stable car company like Tesla or Toyota would be able to expand my product across the country with ease.  Their vast manufacturing resources may also drive the price down, making my car more accessible for the general public.

Feedback:

While a majority of my feedback from the previous concept consisted of flattery, I did make a few minor adjustments to my concept.  One of the major concerns for a self sustaining automobile is the inability to function in unfavorable conditions.  This is why I have decided to include a charging port.  While the car will not depend on the port, like a Tesla, this will serve as a useful back up in certain environmental conditions.  I also chose to further detail my own escape plan and ideas for the future of the company.  Because this concept has such a large potential I understand that it would be difficult to handle on my own.  I have made this entire venture more realistic by outlining the possibility of selling the concept to an established vendor.

My Exit Strategy

Once my product has been developed and refined, I would ideally look to sell this concept to an established manufacturer.  If all goes well I am confident that demand for this vehicle would be extreme.  In order to meet this demand, I would need major manufacturing and distribution resources.  The best way to acquire these would be to align myself with an established vendor like Tesla or Toyota.  This would allow me to expand my brand in the quickest and simplest way possible.  All along I have anticipated major growth upon my technologies development. However, I refuse to limit my capacity as I could always outsource different tasks.

Making It Real

Here is a copy of my updated entrepreneurial resume:

https://drive.google.com/file/d/0B8hSI-YsDg7mckFGaFgxMkZFb2s/view?usp=sharing

Celebrating Failure

This summer I originally except for summer B in Gainesville. I had two classes online during summer A that I assumed would keep me busy. It did not take long to realize, however, that summer A was longer than I anticipated.  As the afternoon naps got repetitive I realized it may be time to pursue a job. While I had experience as a camp counselor my legitimate work experience was limited. This made it difficult as I pursued my last minute summer job.  I first applied to a chocolate shop right by the apartment that I live in. This seemed ideal as they hosted birthday parties for children, relevant to my limited experience. After a one day trial run they decided not to reach out to me. This rejection seemed unreasonable and harsh at first. However, this opened the door for a new opportunity which turned out to be a huge success. I ran into a man wearing a “Geoscape Solar” t-shirt and began talking to him about solar energy and my interest in sustainability. He was very impressed by my curiosity and passion and decided to bring me on as an intern.  Had I not been turned down from the chocolate shop this opportunity would have never presented itself.  While failure can be tough to grasp at first we must always recognize that we are opening new pathways and opportunities. Through this class I have realized that even the most uncomfortable rejections can be modified and reevaluated.