Elevator Pitch No. 1

Link: https://www.youtube.com/watch?v=MlyQanNxkzc

Assignment 22A- Elevator Pitch No.3

Assignment 22A- Elevator Pitch No. 3

           

Link: https://www.youtube.com/watch?v=wE_WeNZ4MDs

From my past pitch, I listened to the feedback I received and tried to keep the good parts like inflection and tempo the same and incorporate things I could improve on. For example, this time around I worked on memorizing my pitch more effectively so that I don’t break eye contact with the hypothetical audience at any point. From the feedback I received, I understood that this eye contact helps with a clear delivery and makes the audience feel like you’re venture seriously. People are more likely to appreciate a speech that has been memorized, rather than having to watch someone reading something off a paper. I also tried to include more specific qualities of my business concept and why it is important to purchase. By highlighting the dangers of the internet, I also hope I was more convincing this time around. Lastly, I tried to improve on my energy and hand gestures to go hand in hand with what I’m saying. 

Assignment 21A- Reading Reflection No. 2

Assignment 21A- Reading Reflection No. 2

Book: The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

In today’s day and age, social media can really help propel a business and reach millions of potential customers around the world. According to Kawasaki, excelling in social media is critical in jumpstarting your business, making sure it can compete with similar business, and increasing its growth potential. In order to excel in social media, Kawasaki provides important tips in this book. These tips include treating your social media with professionalism, creating content that your audience wants to see and allowing for audience feedback and interaction. According to Kawasaki, capitalizing on these tips will allow you to exploit the opportunities social media offers. Treating your business on social media with professionalism will attract potential customers and build trust, because your audience will see that you are taking this venture seriously. This book really incorporates a lot of the concepts we learned through this class. For instance, as Kawasaki alludes to hard work and passion go hand in hand. You must put your all into marketing your business on social media because this is the best way for it to be noticed. Just like taught in this class, you must approach your business from different angles and pour your all into it if you want it to be a success.

In addition, the book states the importance of creating not for yourself, but targeting your audience. If you post things with a purpose and something that will appeal to you audience, you will boost your follower count and increase your potential revenue. In terms of keeping your audience engaged, this is also a very powerful tool on social media. People are more likely to interact with a business and purchase something if they feel like their voice is being heard. If I had to design an exercise after reading this book, I would definitely incorporate making a social media post on Instagram to promote your business. Although it doesn’t have to be real, having practice in developing a social media platform for your business and how to post about your product can really be helpful. Something I learned from this book that really differed from my expectation was that Kawasaki didn’t initially reach success off of social media. Instead, he worked to promote Macintosh in its early development through speeches, presentations and personal interactions. I believe these experiences really helped him understand what customers are looking for, and translate this knowledge onto social media.

Assignment 30A- Final Reflection

Assignment 30A- Final Reflection

Throughout this class, I’ve experienced many highs and lows. There were many times where I underestimated the amount of work it would actually take to develop a business concept. The assignments where we had to interview people that would help contribute to our potential business was definitely challenging, but so informative. Conducting market research and seeing how customers would respond to your product is integral in understanding the scope for your business. Out of all the experiences, however, I believe the most formative experiences were the different elevator pitches we recorded. I can definitely see the growth and progress I made between the first and third pitch. While it pushed me out of my comfort zone, I think being able to talk about your product and sell it a large audience is one of the most integral components of starting a business. Even though I was only in front of a mirror, I could imagine giving the same speech to a crowd of people. Although, this scared me I believe it was great practice to get me ready for a similar situation in the future should I choose to launch this type of business or another. Public speaking is never easy, but as an entrepreneur it can be a great tool to increase your customer base and future revenue. Therefore, I consider the elevator pitches the most joyous experiences and the one that caused me the most challenges. I am most proud of myself for putting myself out there and pushing myself by getting through them. After this class, I definitely think more like an entrepreneur and have developed an entrepreneur type mindset.

Although I wouldn’t go as to far as to call myself an entrepreneur because I have no product or begun to market anything, but I can see a change in how I think. I now consider elements like competition, resource availability and marketing, rather than just coming up with a product that can help people. I now go beyond, about how exactly I can reach an unmet need, tap into unexpected markets, use social connections and exploit opportunities. One recommendation I would make to students going down the same path is to be on top of time management and take the assignments seriously. These assignments are geared toward allowing you to generate a realistic business model and plan. Using these exercises will only help you in the future as an entrepreneur. Time management is also very important because some assignments require intensive research or interviewing many people, which can take a while. In order to get into the right mindset for this class, I’d recommend reading some of the books on the reading list. These books can help encourage you to take the assignments seriously and take your business model to another level.

Assignment 29A- Venture Concept No. 2

Assignment 29A- Venture Concept No. 2

As the world becomes increasingly online, with the outbreak of the corona virus, I think people now more than ever are in the market for a cybersecurity system that would provide effective protection. Banking, shopping an even school is now done online. Protecting sensitive information and private data is significantly more important in today’s day and age, just because the amount of information we put on the internet now. Although there are measures people can take, like sharing less on social media, it is inevitable that Google and other websites will save your personal information. Making sure there is a system in place to prevent this information from getting into the wrong hands could help millions of people around the world. I will use close social connections in the IT and cybersecurity field to develop a cybersecurity system that has multiple checkpoints before it can be accessed, as well as having firewall/antivirus protection. Firewall/antivirus protection will prevent hackers from getting access to people’s private data, or potentially infecting your computer so that all your data is stolen. Having multiple and specific checkpoints will mean that potential invaders will need more than just a simple password or birthday to access the system. I think the window of opportunity for this business will only expand because everything is moving online, however I think now is hot time. This is because with the coronavirus outbreak, people now more than ever are spending the majority of their time online, thereby increasing their risk if they don’t have adequate protection.

My product would initially be sold for less than typical cybersecurity systems that cost thousands of dollars. I would be willing to sell it for around $700 and have a discounted cost of $500 for students and those in low-income markets. This will allow me to tap into markets that also want to protect their online security, but don’t necessarily have the funds to afford a cybersecurity program. These markets can help grow my business and bring in more revenue for the future. Customers will be more inclined to purchase my product because it will offer effective protection at nearly half the cost as most cybersecurity systems. My most important resource in making this venture a reality will be the close family connections I have in the cybersecurity and IT field. Not only can they help develop my product and make adjustments as technology improves, but they also have access to thousands of computers and systems that can be used to test the product before it hits the market. The next step in my venture will be to develop the product and test it on these computers and large systems to make sure it is effective.

The feedback that I got from my previous venture concept was very important because I learned I needed to get more specific for my next venture concept. Therefore, I tried to incorporate specific elements of my venture concept, like exactly how much it would cost, how it would work and why it would be appealing to customers compared to other similar products. While, I highlighted the benefits of having an effective cybersecurity system in my last venture concept, I didn’t get into details as to how I would go about in achieving this. So, in this venture concept, I made sure to address the social connections I look forward to using in order to develop and test this product. By incorporating how the firewall/antivirus system with multiple checkpoints may help providing effective security, I hope I provided a better picture for what I hope to accomplish.

Assignment 28A- Your Exit Strategy

Assignment 28A- Your Exit Strategy

Since the world is becoming increasingly cyber, and my business involves developing a cybersecurity system that can protect private data, I think it will be a product in demand for a long time. Obviously, as new technology emerges, the software and programming of the system will have to adapt to reflect these changes. Since I project this product potentially helping millions of people for a long time, I intend to stay with the business for several decades and then retire. Despite this, I definitely plan on hiring different people that can take over different sectors of the operation so that I don’t have to concentrate on every little aspect. Having people that I can trust and are from the cybersecurity field are going to be critical in the success of this product. Since I have so many people in my family that are part of the IT and cybersecurity field, I plan to delegate the operations side to them. I would primarily focus on marketing and selling the product to different types of consumers. Once I retire, I plan on giving this responsibility to someone who is just as passionate, if not more, in the venture as me. I plan on staying with the business for decades because I am really interested in helping people protect their sensitive information. As someone who has experienced being hacked, I am aware of the dangers and uncertainties that can exist online. I’ve also had my credit card number stolen, which is actually becoming common with a lot of people. I want to help other people like me, and those who have experienced event worse intrusions.

Since everything is moving online, I believe the market for an effective cybersecurity program will only expand. I hope to make my product a success and help people for decades to come. My exit strategy has definitely influenced my growth projections and use of resources. Since I am dealing with social connections that I am very close with in my own family, and they have resources to get this business started, I don’t initially plan on investing on new resources. Obviously, once my product is launched I will have to invest in additional resources to support the growing business. In addition, as a result of staying with the business a long time I expect a higher growth rate than if I passed the business to someone after 5 years. This is because there won’t be an intermediary transition phase in which someone else has to be trained to fill my position. With this transition, another individual may have trouble familiarizing themselves with the operations, or relating to other members of the team. So I definitely think if I stay on the project for a longer time, it will help growth projections. From my experience, I’ll also know what works and doesn’t and can implement various changes to make the business more successful.

Assignment 27A- Reading Reflection No. 3

Assignment 27A- Reading Reflection No. 3

Biography: Coco Chanel, Lisa Chaney

           

After reading about Coco Chanel I was surprised to learn that she came from poverty. As such an iconic and prominent fashion designer and trend setter in the 20^th century, I would’ve thought that she had connections in the industry or came from an affluent family. However, as the book alludes to, her humble beginnings is probably why so many people were able to relate with her and connect with her style. I was also surprised to learn about her many affairs with prominent figures of the time, as well as with a possible German spy. I liked how Chanel pushed boundaries and didn’t let preconceived notions about how women should dress stop her from innovating and creating new styles. In addition, I admired how Chanel pushed for progression of women through her clothing. Although Chanel experienced backlash for designing clothes that were considered not appropriate for women at the time, she stuck with her convictions and didn’t let conservatives stop her from creating. Instead, through this adversity she continued to push for progression and even rebelled against typical standards. Similar to how she overcame poverty, Chanel was able to escape from convention through her passion.

Throughout the book some competencies Chanel exhibited were resilience, hard work and networking. Chanel was conscious of her humble background, coming from an orphanage and working as a seamstress. Whenever she would face struggles later in her life and as she started expanded her business, she would rely on how she overcame hard times in the past to help her get through these struggles. The resilience she showed proved to be key as she became a cultural and fashion icon in Paris and throughout Europe. Another aspect that really helped Chanel was how she networked with prominent men of her time to achieve status and connections to help her grow her business. Whether she took them as lovers or friends, many of them Arthur Capel helped her to launch her “little business.” One part of the reading that confused me was the rumor that she potentially had a German Nazi spy as a lover late in her life. I don’t know if this was a fact or something that was circulated to discredit her and her work. From the reading, I gathered that there were many people who weren’t a fan of Chanel’s progressive attitude, so I can see why they would start this rumor. If I could ask Chanel two questions it would be how did your early life impact your designs and ideals in fashion later on? I would also be curious to know how her business was able to grow during a time when the world faced two world wars. From everything I know about Chanel through her biography, I definitely think Chanel viewed hard work was a tool to exploit. I agree with this because although many people big dreams, not everyone puts in the blood, sweat and tears required to make it a reality. Even with people that work hard, they are often required to go above and beyond to achieve their dreams.

Assignment 26A- Celebrating Failure

Assignment 26A-Celebrating Failure

This past semester, in addition to taking a heavy course load, I thought I would also be able to study for the MCAT and take it in April. Since I’m a junior and hope to apply to medical school this spring, it was critical that I take the exam now and get a relatively good score. The alternative to not taking it would mean that I would have to take it over the summer and apply late in the cycle, or potentially take a gap year. I’m someone who thinks they can do everything and likes to be involved in a lot of activities. I definitely underestimated the amount of material on the exam and how hard it would be. Along with school and my other activities, I just couldn’t keep up with the rigorous hours required to study for the MCAT. My lack of understanding and trying to do too much at once was exacerbated by the coronavirus situation. Once I began taking practice tests and failing, I realized I was nowhere close to the score I had imagined. I realized that I would need to dedicate full time studying to just the MCAT and would most likely have to take a gap year. While this failure was hard to accept, I knew that I would do much better and have a better quality of life if I just tried to do a few things at once. The fact that I was trying to do both school, extracurricular activities and the MCAT at the same time meant that I wasn’t able to give full focus and dedication to any one of these.

I definitely had to fail to realize that no matter how hard you try there are just some things out of your control. You can’t force things and try to do everything at once. Instead, you should work hard and do as much as possible without sacrificing your health or relationships. Overall, I think failure is one of the hardest things to accept and go through. Not only does it take a hit on your confidence, but it can also cause you to feel ashamed or less than. You could feel like a disappointment or like you let other people/yourself down, but as long as you learn from your mistakes and actively work to adapt and adjust to eventually achieve your goal, you are on the right path. Failing to take the MCAT, and having to take a gap year, is definitely disappointing and I always think if there was anything more I could’ve done to make it work. However, what I realized is having this mindset is not going to help me moving forward. I have to realize that I gave it my all, but was just trying to do too much at once. 

Overall, now I am proud of the hours and grind I put in and know that it will help me in the future.

This class also helped me change my mindset and views on failure because after reading/listening to stories of different entrepreneurs and doing various exercises to develop a business concept, I realize that if you ever want to accomplish something you have to dedicate full time and effort to it. It isn’t possible to start up a business, and market it, if you are doing a hundred other side projects. Dividing your workload and conquering one thing at a time will yield better results. A positive mindset and resilience is also key. For instance, if the Wright brothers gave up after their hundredth crashed flight, who knows when the first plane would’ve been created. All in all, I believe failure is an integral component to success and should be something we all learn from so that we can adapt and become better.

Assignment 25A- What's Next

Assignment 25A- What’s Next

Existing Market:

I believe what’s next for my venture in the existing market is for me to get together with the contacts I have in the IT and cybersecurity field and build a cybersecurity system that offers comprehensive protection. When I interviewed my uncle who works as a cybersecurity consultant for AMBAC insurance and asked what should we do that we aren’t planning to do? He stated we need to build a team that can actually be committed to this project. No one person can accumulate all the data and software to come up with this system. We need multiple people working on this project. Everyone on this team will also be working other regular jobs, so it is important that we take that into account with the time frame. When I asked him if customers were on the market for an effective cybersecurity system, he said it is a great time to go into this business. According to my uncle, as the world is becoming increasingly cyber there is demand now more than ever for cyber protection. Companies want to make sure that their private data, as well as sensitive information about their consumers is protected.

The second person I interviewed was my cousin Pujan who also works in cybersecurity. When I asked him what should we do that we aren’t planning to do? He stated that there are new changes in technology and new viruses that erupt daily. It is important that we as a team have enough people to stay up-to-date on these adaptive threats. We need to evolve and adjust our system with the same speed as hackers and those looking to commit fraud. When I asked him what customers may want next out of a cybersecurity system, he said people would definitely be interested in is a system that doesn’t offer easy access. These days when everything about our lives is stored on the internet, we don’t want this information to get into the wrong hands. As Pujan alluded to a system that grants access to only those authorized to view information is essential. There are many ways to circumvent this, but we need to implement additional roadblocks for hackers. The third individual I interviewed was my cousin Nidhi, who works as an attending resident at Mt. Sinai in New York. When I asked her what should be doing that we aren’t, she stated that it was important to analyze breaches that have occurred in hospital systems and other large corporations. By analyzing this past data, you can gather how leaks occurred and how to prevent similar mistakes in the future. When I asked her what my customers might want next, she said a cybersecurity system that won’t cost thousands of dollars. Average workers and students don’t have that much money to prioritize towards cybersecurity. Providing something that is effective, but affordable is key.

Following my interviews, I agree that I need to deliver on creating a safe, comprehensive and relatively cheap product. Once I am able to produce this sort of product, I think the next step for my venture to grow in the existing market is to promote as much as possible. When an average person is on the search for a new cyber security system, it isn’t always evident what technology is the best, what sets one apart from another or even why it is necessary in the first place. When my product comes out I am going to reach out to the contacts I have in media, as well as social media influencers, so that the masses can hear about it.

Being able to reach millions and make them understand why it is unique and necessary could have a significant positive impact in building my consumer base. Another thing that could help grow my existing market is to make apparent the existing threats that exist online. I think in today’s day and age we kind of just accept that everything is recorded by Google and all our records saved. However, this can be very dangerous and past examples of cyber theft and hacking should be brought to light in the media. This increased circulation will heighten concern, and make people more aware of the need for effective cybersecurity.

New Market

Another market that I also plan on targeting is the poor portion of society. I understand that many people with economic struggles, are not going to prioritize a cybersecurity system. Despite this, I am willing to highlight all the reasons they should and offer breaks and discounts to all those that subscribe to an annual membership. Having less funds means that you have more to lose if fraud is committed at your expense. Online transactions have a high chance of being monitored and tracked. This make poorer people just as susceptible to credit card fraud, and other leaks that could cost them thousands as everyone else. However, unlike everyone else, poorer people have more to lose. To understand this new market, I first interviewed my friend Aditya who is a third year college student at Carnegie Mellon. As a student who is primarily paying for his own education, he barely has enough money to get a week’s supply of groceries. When I asked him how my business may help someone like him, he stated that if it was affordable enough it could help him incur any fraudulent charges or issues. When I asked him what adaptations I should make to appeal to people that may not have much money, he said it was important that I keep the price point in mind. He said I could run promotions at special times in the year, where people like him could potentially capitalize on some needed protection.

The second person I interviewed was my friend Jenna, she is going to dental school and like Aditya doesn’t have extra money to shell out on products not needed for sustenance. When I asked her how my business may help people like her, she stated that it could give her some comfort and security in knowing her credit card information, identity and other sensitive information is being protected. When I asked her the adaptations I should make to appeal to someone like her, she again touched on the price. She stated if the price was kept lower for those in graduate school, college or other professional school, I might see a huge increase in subscriptions.

After interviewing this new market I was surprised to see that even people with not a lot of money were still willing to purchase a cybersecurity system for the right price. As long as my product was offered at a substantial discount, they would be willing to designate some funds for peace of mind. Both the people I interviewed acknowledged that if financial fraud or other hacks were committed against them, it would cause a great deal of damage and stress. Due to this sentiment, I believe the assumption I had that poorer people have more to lose to be correct.

If someone only has $50 in their account and $30 is fraudulently taken out, that person is going to have significant stress the next day when they call their bank trying to get their money refunded. However, with increased cyber security, the chances of such fraud occurring because of an online transaction and greatly diminished. I think this market is as attractive as my existing market because with diminished prices for students and other struggling workers, I believe I will increase my consumer base. This will eventually make me popular in places of diverse income and help me grow.

Assignment 24A- Venture Concept No.1

I believe there is a great need for better cybersecurity software. These days, everything we do from banking, to school, to documenting of health history is conducted online. This poses a serious threat that anyone with malicious intentions to commit fraud, or otherwise steal sensitive information to sell to a third party, can easily do so. Software and antivirus programs that currently exist on the market can be very expensive and not provide effective coverage. We’re constantly hearing of leaks of private information, social media accounts getting hacked and credit card fraud. There is a significant unmet need to improve cyber security for individuals, as well as companies, businesses and health care providers. No one wants their identity, social security or other sensitive information being leaked to those looking to commit transgressions with it. Private data should be kept private. In terms of hospitals and health care providers, often times, patient files are recorded on an online system. If this system does not have adequate protection, health histories and other sensitive information could fall into the wrong hands. These unfortunate people who have their information stolen and made public could be susceptible to everything from wrongful employment discrimination to termination. Since I have a lot of family members that work in the health care as well as in hotels/motels, I know the online systems they use to keep records isn’t that secure.

Although there are standard security measures like a password and login, there isn’t much else required to access the system. Once in, all that is often required is entry of a birthdate to access a customer/patient file. There should be a system that employs multiple checkpoints and runs various scans before access can be granted to such private data. That’s where my new cybersecurity software system comes in. I am proposing a system that incorporates multiple checkpoints, along with antivirus/firewall protection that can secure our networks. Not only would this save companies millions in reimbursement, but it would prevent the stress and turmoil that could ensue from foreign invaders gaining access to your sensitive data. There should be system that exists that requires much more than a simple password and birthdate to access consumer’s file. I think the window of opportunity for my product is huge considering most business transactions, and record keeping is done online. With the outbreak of the coronavirus, everything is moving online. Everybody wants to have a secure network to operate from and be worry free that whatever they put into the cyber space isn’t stolen and used for malicious purpose. Essentially, I am offering a cybersecurity system that provides comprehensive protection from invaders by integrating a checkpoint system with firewall/antivirus protection. The system will also have face recognition with checkpoints of its own, so no unauthorized users will be able to access sensitive information. In addition, my product would offer a holistic system so that it can be used by businesses as different as hotels and hospitals.

Quality cybersecurity systems, like those provided by Siemens and Norton, sell at an average of $1000 and more. Since my system will have the benefit of being tried and tested and created without much initial investment due to my connections in the industry, I will try to sell it for half the price at $500. In addition, I will include a package that if renewed annually, a discount of $50 will be included. Members will also enjoy benefits by accumulating points for free scans and file cleanups. I hope these measures will help me outcompete some leaders of the field. While my innovation is a fairly new idea and hasn’t even begun to being developed, I think once it does hit the market customers will be drawn to it. Customers will see that it is much cheaper than some of the leading cyber security software’s and will be tempted by its promise to offer comprehensive protection. In addition, I will use my connections in advertising in the media to promote the product as much as possible. Social media will also be a big platform of promotion. The main selling point will be highlighting the threats that exist on the internet. When it comes to cyber security, not much is marketed on tv, radio or social media. The average person is unaware of the various software that exist and the resources that make one company better than another. The more they see a certain company’s cybersecurity advertisement or hear about its benefits, they are more likely to look into it and talk about it with their close circle. In the end, they will be likely to purchase our product and help spread word about it along the way.

Other companies for cybersecurity don’t really make advertising and branding a priority, as much as they could. I feel like focusing on this aspect can really give my product some edge. Another benefit of my product would be that it wouldn’t take up too much space and be a simple download that doesn’t need any instore travel or hassle. There will also be a support line so that people can get immediate help when trying to set it up. Idealistically, my business would have over 1000 employees and we would be able to dedicate a team for solely support/setup, another for updates and any problem utilizing the system/ and another for marketing and promotion. The base of my staff would be people in the IT and cybersecurity field, who are trained to make changes as the world adapts to new security measures.

Like a real virus hackers can adapt, so it is always necessary to stay up-to-date with the latest technology and viruses that exist. For this reason, I believe my most important resource will be the family connections I have in the IT and cybersecurity field. Not only will they help me develop my cybersecurity product, but they can help me test it on a large network. I believe for my venture the next step will be talking to my family members in these fields and starting to develop a product that can offer comprehensive protection with multiple checkpoints. Even though no system is completely full proof we can try to get as close as possible. In the next 5 years I hope to atleast have a product that delivers on this promise and begin marketing it. Through social media and my connections on the news I hope to engage as many into the topic of cybersecurity as possible. I hope that this will increase interest and a potential consumer base. This first venture will be my introduction into the business world. I will learn all the dos and don’ts and realize how the corporate world is actually run. From this point on, I will expand my businesses from the knowledge and experience I have gathered. I’m sure I will make a lot of mistakes along the way, and hope to learn from them as well.   

Assignment 23A- Your Venture's Unfair Advantage

Assignment 23A- Your Venture’s Unfair Advantage

1)      Contacts in the cyber-security field that are in charge of protecting large networks and companies.

This is a valuable resource because these people can help me develop a product that is actually effective in protecting people’s online data. I think this is a rare resource because not many people can say that they have so many family members and close family friends in the IT and cybersecurity field. Not only does this mean that they’d be willing to help me without looking for much in return, but I would have extremely qualified people working on the job. Their daily tasks entail protecting their companies from online invaders, so they are aware of the software needed, and the tricks hackers use to steal sensitive information. All this knowledge combined means they could really help produce a product that is effective in protecting sensitive records and data. I also believe this resource is non-substitutable because the knowledge and experience these individuals bring to the field is hard to replicate.

2)      Access to hospital/motel/hotel data for records and statistics on cybersecurity lapses in the past.

This information can also give me insight on the methods perpetrators may employ to hack or steal sensitive information. I also have family that works within hospital administration and run hotels/motels. This is both a valuable and somewhat rare resource. Not only will I be able to increase my understanding on how stealing of customer information has occurred in the past, I’ll know the current measures these places are taking for online protection. Once, I understand this, when I create my product I can make sure that it does much more and offers a wider range of protection than what most hospitals/hotels/motels currently have in place. In addition, should I want a place to test out my product, I can always try it out at one of these places. Due to again having these connections, once again in my own family I believe this resource is non-substitutable.

3)      Laptops/computers for testing

Having access to different types of laptops and computers will be essential in testing my cybersecurity software. The fact that my dad has access to thousands of different hp/mac/and windows computers will really help me in terms of conducting trials. I think this is quite a rare resource because not all startup cyber security programmers can gain access to thousands of computers for trials without a payment or giving something in return. I also think this resource is nonsubstituable because there are no other resources that can compare to having access to many different laptops/computers. In order to test the efficacy of my software system I need to make sure it runs smooth on all types of networks and computers.   

4)      Consumers willing to try the product

Following my interviews, there were some people I talked to who were already saying that once my product comes out that I could test it on their company. I believe this resource is very valuable because having a large company utilize my product will not only give me great feedback, but potentially thousands of new customers should they like the service. I don’t believe this resource is rare because many people can find places ready to accept cybersecurity help for no initial charge. Despite this, I think it is rare to have people already willing to say they’d try out a software system before it is even released based on connections. Due to this, I think this resource to a degree is nonsubstituable.

5)      Connections to people in news and radio that could help me market the product.

My best friend’s father works at both NBC and MSNBC, which could really help me in marketing once my software is developed and ready to be sold on the open market. This is a very valuable resource because making your product more known and talked about is a great way to attract customers. Even if the people that hear about it don’t buy it, if they talk about it, like or share it that could really help spread the word. I believe this resource is both rare and nonsubstituable because products may take years of development, financial pushing and marketing before people start to give it attention.

6)      Social media that can also help me promote the product.

Although I don’t have that big of a following, I know if I am somehow able to market my product on Instagram, tiktok etc. so that it reaches a broader audience, it will really get more people talking about cybersecurity. I think this is an essential and rare resource because the more people know about your product, the more customers you are likely to attract. However, I think it is rare to get much notice on social media, especially because there are so many users and content creators. Getting endorsements or making a product go viral can really have a significant impact on the growth of your business. I believe this resource to be nonsubstituable because in today’s day and age more people obtain information from social media than the news.

7)      Freedom to access mostly everything on the internet

It is a valuable resource to live in a country that doesn’t really restrict internet use. We can access sites and networks of various countries, and by doing so we can get introduced to their online systems. If we become familiar with their systems, we can try to guess how they may use various programs to hack into American computers and networks. I don’t believe this is a very rare resource because a lot of other liberal countries like Canada, UK and Australia exhibit limited censorship. I also don’t think this resource is nonsubstitutable because there are ways around censorship and restrictions in most countries.

8)      Access to advertisers

Learning from professional advertisers in the media can be very valuable tool because teach me the best ways to push my product. I can learn how to convey its necessity in every home and corporation, why it is the best over competitors and how it will protect millions of people from online invasion. Having professionals who have had years of experience in advertising is both nonsubstituable and rare.

9)       The news, to figure out creative methods people have used to hack systems, and measures people can take to boost security.

Learning from previous leaks and breaches of private data, gives us a great pool of information. This is a very valuable resource because it allows us to see what the implemented protection was at the time of breach, how hackers were able to get around the protection and the resulting impact. Therefore, when we create our software we can ensure that these mistakes are not made and additional reinforcement is added so hackers are unable to access sensitive information. While I don’t think this resource is rare because this information is accessible to everyone, I do believe it is nonsubstituable because this pool information is critical in understanding the mistakes of the past and not repeating them.

10)  Energy & Time

As a young student, still in college I believe that energy and time is a valuable resource I have. Although its not that rare because many other students my age could have similar ideas. I do think my work ethic, resilience and drive will help me in this endeavor. I also believe this resource is nonsubstituable because there is no replacement for dedication and grind.

Ø  I think my top resource is having connections to people in the IT and cybersecurity field. This is because they are the ones who can help me develop my cybersecurity software, with multiple checkpoints and antivirus/firewall protection. In addition, they can give me new ideas to implement into the system because they know the latest trends and methods of attack in the cybersecurity field. They also possess networks/and computers where this product can be tested before it is marketed and released. Having these close connections is my most valuable resource because without them my product wouldn’t be able to become a reality.

Assignment 20A- Growing Your Social Capital

1)      Domain Expert: Pujan Kavi

Through my father, I came in contact with Pujan, who works as a cybersecurity consultant with Bank of America. As someone who has been trained in cybersecurity, Pujan is aware of many of the threats that exist online. He says the best advice he can give when it comes to cybersecurity is to share as little as possible and not keep sensitive information, like credit card or social security numbers saved on your computer. Even though Google saves 99% of everything we enter online, there are measures we can take before cybersecurity experts get involved. According to Pujan, data breaches and hacks are commonplace in his field of work. Since he works for Bank of America, which is responsible for the financial information of millions of users, he knows the importance of maintaining security. Along with his team he makes sure all data servers are running and only authorized personnel have access to the financial records of clients. Like most banks, Bank of America encourages online banking and transactions. In order to ensure that practices like this can continue, Pujan works behind the scenes to install antivirus/firewall protection, code cybersecurity programs and stay up to date with new technology and potential enhancements for his company. I found Pujan through my father who is also a computer engineer. My father and Pujan took cyber security classes together in college. When I asked Pujan about my potential business idea, he said it definitely was necessary. As the world becomes increasingly cyber, the threat of attacks and hacks are becoming more and more prevalent. As a result having security systems in place to hinder such activities would only help in the long-run. In return for his feedback, I thanked Pujan and would love to work with him in the future. If I could combine Pujan’s expertise in cyber security with my idea, I can develop a concrete product that could help millions of consumers worldwide. By making this contact, I can exploit the opportunity to protect people from having their private information hacked or leaked by those looking to commit fraud or use this information for malicious purposes.

2)      Market Expert: Sanjiv Dave  

I met Sanjiv through my Uncle, as they both work in the IT Department at AMBAC insurance in New York. Since AMBAC insurance represents thousands of clients, a lot of information is gathered about them by the company. Everything from people’s financial records to their social security is collected so that adequate research can be done into whether that individual would make a good client or not. Since AMBAC is an insurance company, Sanjiv and other’s must make sure that whoever the company chooses to represent doesn’t misuse their trust and funds. In return, it is the company’s job to protect the private data of their clientele. Sanjiv must make sure that online files are kept private and don’t fall into the wrong hands. When I asked Sanjiv about my cybersecurity system and if he would potentially be interested in purchasing it in the future, he said if it actually came to fruition he would definitely be in the market. As he stated, there is a need now more than ever to adapt to technological changes and new strategies hackers have implemented to steal private data. It is his responsibility to stay vigilant and up-to-date about all products and services on the market to help him secure his company. According to Sanjiv, if my product enhances cybersecurity with multiple checkpoints and an effective anti-virus/firewall, he would love to try it out in his company and at home. After talking with Sanjiv, I thanked him for his feedback and promised him in an update in a couple of years. I believe Sanjiv and AMBAC insurance represents a large market in the future, because they need effective cybersecurity to ensure that thousands of clientele are protected from online theft.

3)      Supplier: Bhavik Vyas

Bhavik works for Norton Security, which is a cybersecurity program for computers around the world. Norton runs numerous scans, live updates and file cleanups to free up space and prevent viruses from taking hold of computers. As someone who supplies this cyber security program, I asked Bhavik what he thought about my business model. While he said it was definitely needed in today’s day and age, he said I needed to come up with factors that would distinguish me from other competitors. For instance, he said Norton, McAfee and other security programs are all interested in protecting private information and data. He said being able to identify what makes my cybersecurity program standout is really give me a business advantage in the future. Again, I came into contact with Bhavik through my father as they had collaborated on a security project for my dads company in the past. I thanked Bhavik for is very constructive advice and definitely want to implement his tips into my updated plan. I believe he’s advice will really allow me to exploit the cyber security market in the future.

Reflection: Upon interviewing a supplier, market expert and domain expert I can safely say I got essential feedback that will enable me to develop a product that can help millions of people keep their sensitive information secure online. After talking to my three interviewees, I not only expanded my network, but I build connections that could one day help me build a substantial product. As of now, I have no formal training in cybersecurity or IT. However, building these connections gives me hope that I can have the help of individuals in the field to make this cybersecurity system a reality. I also identified potential markets to sell this product to once the time comes. Overall, I believe this process was so valuable and I look forward to doing similar exercises in the future to expand my knowledge and make new connections.

Assignment 19A- Idea Napkin No. 2

You:

My name is Shivani Dave and I am a junior at the University of Florida. I hope to obtain a dual degree in both biology and business, as I hope to one day open my own medical practice. While I want to have my own practice and even maybe start a company, I recognize that cybersecurity is of upmost importance. In whatever endeavor I undertake, I want to make sure that the personal information of my clientele is protected. If patients have trust that their sensitive medical records and other information, like credit card numbers/birthdays are kept secure, they are more likely to stay with my business. In addition to cybersecurity, I hope some of my talents will also lead me to success. For instance, I am a very flexible and open-minded person. This can allow me to adjust to new circumstances or problems that may arise, as well as adopt new ideas that may lead to innovative techniques. Another good quality I have is that I take failure well. Rather than being discouraged or giving up after receiving negative feedback, I try to learn from my mistakes. I understand what I’ve done wrong and try to improve next time around. Although I don’t have much experience in the business world, I have seen relatives run their own practices and I hope to gain experience from them. By applying their experience with my skills, I hope to one day run a successful business. I want my business to keep patient security as its upmost priority, and thereby build a loyal consumer base.

What are you offering to consumers?

I am offering a cyber-security system that ensures consumer safety. Nowadays everything from banking, school to even doctor visits are conducted online. Providing an online platform people can go on, where there is little to no threat of hacking or leaking of private data, is essential. My cyber-security system would have multiple checkpoints and up to date antivirus/firewall protection. These checkpoints would ask much more than a birthday, code word or company password in order to log on to the system. In addition, the firewall/antiviral programs would be tested and put up against companies specifically targeted at stealing private information. With these measures, I hope to provide a cybersecurity system that will ensure consumer safety.

Who are you offering it to?

My product/service is for everyone all over the world, but especially for businesses looking to build their consumer trust and reputation. In today’s cyber world, everyone is impacted by online hacks and leaking of sensitive data. Cyber fraud and identity theft are also on the rise. This means that in some way or another, everyone is subject to cyber security threats. Having adequate protection is essential to impede those looking to steal your private information. Businesses that adopt my cyber security program, will see an increase in consumer loyalty as people are more likely to interact with businesses that protect their private information. This will in turn lead to a larger consumer pool, who will spread the business and enhance its reputation in the long run.

Why do they care?

When people go online or interact with a business, they want to make sure that their credit card numbers, social security information, medical records and other sensitive information is kept private. They don’t want fraud or identity theft to occur and they definitely don’t want someone to gain knowledge about their personal information and sell in to a third party. Mostly everyone with a phone or computer cares because they want their private information to be protected.

What are your core competencies?

My core competencies are being resilient and hard-working. I know creating such an in depth cyber security system will require a large team and a substantial amount of trial and error. However, one thing all my friends and family can attest to is that even if I get knocked down a thousand times, I always adjust what I did wrong initially and try again. Another factor that can help me in the future, is the connections I have with doctors and software engineers in my family. They can help me understand the problems out there to a better degree, and help me create a program that will truly match consumer needs. They can even help me get in touch with people that will increase my network and consumer pool once I choose to launch my business.

While I believe all the elements of my potential business plan fit well together, there are some questions as to how this will be achieved. For instance, if I come up with a cyber security system and market it to everyone, there is a chance that people looking to commit fraud will buy it and use it for malicious purposes. They may purchase it and figure out how to crack it and then use this knowledge to hack onto other systems to steal private information. Although there isn’t a foolproof plan to prevent this from occurring, if I can somehow find a way to screen who is buying my product I can figure out who wants it for genuine reasons from those looking to commit fraud. Another detail I haven’t worked out yet is how to incorporate this system into a large company. Even though the head of a hospital may adopt this cybersecurity program, they must provide training on how to use it effectively. Without this additional training, employees may be confused and not use it correctly. The downside of this would be that the business would still be under threat, due to improper use or complacency. Despite these questions I have about integration and circulation, I believe the ideals of my business model fit well together. With a little bit of trial and error, I believe other elements will also fall into place. Feedback Memo- Two main points I took away from the feedback I received on my last idea napkin was the importance of acquiring knowledge and experience, as well as being able to apply this to the real world. When writing this idea napkin, I tried to highlight the current knowledge I do have, and how I plan on increasing my network and knowledge about cybersecurity.

Assignment 17A- Elevator Pitch No. 2

Assignment 17A- Elevator Pitch No. 2

1)      Link: https://www.youtube.com/watch?v=AH92ItoUM8I

2)      My video did not upload correctly last time so unfortunately, I wasn’t able to receive any feedback on my last elevator pitch. However, looking back, I definitely could’ve improved on my inflection, flow and making more eye-contact with the hypothetical audience. I tried to incorporate these tools in this elevator pitch. I also tried to emphasize the threat of cyber-security and why it would be smart to purchase this product right now. By heightening people’s sensitivity to the matter, I hope it’d attract more potential customers.

3)      Based on my own assessment of elevator pitch No.1, I tried to talk louder and annunciate between my words. In my first pitch, there were times when I would mumble or wouldn’t be clearly audible. So, I definitely made a concerted effort to be as clear as possible and make useful hand gestures to help with the pitch. I also emphasized the reasons behind why people should purchase this product. Last elevator pitch, although I touched on why consumers should be interested in securing their private data, I didn’t really highlight all the threats. In addition, I added a conclusion this time around. During my first elevator pitch, there was more of an abrupt ending. This time I ended the pitch with why it was better to be safe rather than sorry, and asked the customers a direct question about what they were waiting for.

Assignment 18A- Create a Customer Avatar

Assignment 18A- Create a Customer Avatar

My customer avatar is an average cybersecurity employee at a tech company. As he’s responsible for the safety of his company’s personal data, he is on the lookout for software that will enhance security checks and also implement a tougher firewall/anti-virus program. In today’s day and age, the threat of online intrusion and leaks is very real. My prototypical customer is someone looking to prevent hacks and stealing of sensitive information that could compromise people in his company. I would imagine my customer to be somewhat tech savvy, have had negative experience with online invaders and is responsible for protecting personal/private data. They would commute to work every day in a black SUV, to be as covert as possible, and have a family they are also looking to protect with cybersecurity at home. Hypothetically, they would have 2 children at home and they would be in their early teens. As a father, my prototypical customer would’ve already instructed his children on the dangers of the internet and implemented measures to protect his families’ private records/information. My prototypical customer would be in his late 40s-mid 50s, but would definitely feel younger. They would be updated on current politics and be interested in reading about new developments in cybersecurity. They would try to gather as much information as possible to simultaneously protect themselves and their families, as well as the corporation for which they work for.

There are many things I have in common with my prototypical customer. Even though I am not a cybersecurity employee at a tech company, I too want to protect my private information from online hackers. These days banking, shopping and even school are online. With the outbreak of the coronavirus, much of our time will be spent online. We need to be able to protect out credit card information, academic credentials and other sensitive data from people trying to steal it. So like my prototypical customer, I am also on the lookout for new antivirus/firewall protection that runs multiple checkpoints before someone access granted.  I find that the things I have in common with my prototypical customer are not a coincidence, but merely a reflection of my personal concerns. In addition, I believe these worries are shared with the majority of the population. We all hope that sensitive information doesn’t fall into the wrong hands as the world becomes increasingly cyber.

16A- What's Your Secret Sauce?

1)      Five ways in which I think I have human capital that is truly unique is that I am very open-minded. I have my own individual thinking and beliefs, however if an opportunity comes along I am open to adjusting my views. In that way, I’m very adaptable as well. In both business and life, a lot of situations don’t go as plan. Being able to shift with the situation and mold yourself to current circumstances can really help if there is a major change. Another quality that makes me unique is that I am very resilient. Even if a hundred doors are closed on me, I still find a way to get to my goal. Although I listen to other people’s opinions and am willing to compromise, if there is something I really believe in, I will fight to get it accomplished. Another trait that would really help me as an entrepreneur is that I am very approachable and easy-to-talk to. People who support my beliefs and even those who oppose it feel comfortable around me. I am able to have an open discussion and shift my viewpoint if someone else’s view makes better business sense. Lastly I am very loyal, while this can be a blessing and curse, I believe it will help in entrepreneurship. Anyone who is willing to help me in my journey, I am likely to build an extremely trusting relationship with. Although this doesn’t mean that I am reliant on others, I just build close connections that could come to use should I ever need them.

2)      From all the interviews I conducted, the majority of people said I was friendly, hard-working, approachable, determined and creative. I believe all these attributes, combined with the fact that I’m not afraid to fail will really help me in entrepreneurship. Although other people may possess some of the traits listed above, most people give up after getting knocked down and being denied over and over again. While I have never been exposed to too much of the business world, I have had extremely trying times through which I have always found a way to bounce back or adapt. This is why some of my friends also stated that I was determined and hard-working. The interviews are uploaded on the following links on YouTube  https://www.youtube.com/watch?v=mDXWzKxibvA , https://www.youtube.com/watch?v=-_18UU6b09w , https://www.youtube.com/watch?v=mNBLB7JOyaA ,

https://www.youtube.com/watch?v=LjU4jYFczxw ,

https://www.youtube.com/watch?v=9_HO8sdsrmI

3)      I believe for the most part my interviewees were correct in how they view me. Despite this, I think I do have to work harder to truly live up to all the affirmations. For instance, although I am good with people and very friendly, I can do better in maintaining close connections and also building a network that will one day help me should I decide to run a business. I also think I need to improve my time management skills. Although my friends stated I was diligent and hard-working, I feel as though I would get so much more accomplished if I improved on not procrastinating. However, I do acknowledge that I’m creative, friendly and love to be challenged. Whenever something comes too easy, I am always suspicious about it and am not afraid to grind. If I could make any corrections to my list above after interviewing 5 people, I would add creative and hard-working. This is because for entrepreneurship, innovation is key. Adding something that is completely missing from the market and being able to add your creative spin on it can really go a long way.

15A- Figuring Out Buyer Behavior No. 2

The segment of interviewees I chose were people who had been hacked or had a problem with online leaks in the past. For my first interview, I chose my roommate Caroline who had inadvertently liked a Ray-bans ad on Instagram and subsequently found Ray-bans ad posted to her Instagram page. All she did, was accidentally like an ad and then had her account “hacked.” After talking with her I realized that she really wanted to find a way to protect her privacy, especially on social media. Although she is on the lookout for a better protective/anti-virus system, she acknowledges her limitations. She isn’t willing to spend a lot in order to secure her private data. As a college student, she has a lot of other things to pay for before she can devote substantial money towards online safety. In regards to quality and style, she definitely prioritizes the former over the latter. According to Caroline, regardless of the looks of a security/check-point system she wants it to be effective. She wants something that will offer quality protection if she pays for it. Another thing she mentioned, when asked what she would prioritize when purchasing, was a system that wouldn’t take up too much space on her computer. She takes a lot of online classes, has pictures and other things already clouding her laptop, so downloading a program that will take up a significant portion of space isn’t ideal.

When I asked her if she was more likely to purchase a security software online or in-person with someone knowledgeable about the subject matter, she said she would rather do it in-person. This is because she isn’t aware of all the systems out there, and feels if she went to someone who understood her needs and was able to provide a cheap, safe solution it would be better. She said she would most likely use a credit card to make the purchase and try to do a free trial period, so if it isn’t effective she can cancel her subscription. When I asked her who would be involved in the purchase decision, she said she would definitely consult someone at a tech-store, as well as her dad before making a purchase. She judges the “rightness” of a purchase based on how much use she gets out of it, how long it stays in good quality and how effective it is. She knows she’s made a bad decision if there is a cheaper alternative on the market that achieves the same purpose and is just as good in quality. Also if a product wears down or breaks right away, she says she probably could’ve made a wiser decision.

The second person I interviewed was my cousin Nidhi who is currently an attending resident at Mt. Sinai. A few years ago she witnessed someone trying to steal patient records and data from her hospital and notified heads right away. Ever since then, her hospital has improved its cyber-security tremendously, but is still looking for ways to effectively secure sensitive patient information. Although she isn’t in charge of purchasing a system to achieve this, she can lend her opinion to those that are. When I asked her if price matters, she said to a degree, but since her hospital is one of the biggest in the entire country, they’d probably be willing to spend a lot in order to ensure security. In addition, she said quality rather than style was most important. Patient records can be mishandled and used for malicious purposes, so a system that protects this online data effectively is what matters. Another factor she mentioned was the importance of more checkpoints. She said that while their current system has multiple checkpoints, the information needed to access patient files isn’t very hard to find. Having a security system with passwords and key information that isn’t easily accessible is what would really help secure the system. Our hospital is most likely to purchase a security system online because we are trying to update our cyber-security.

According to Nidhi, since this would be a system to enhance the online security of the entire hospital they would most likely finance the purchase. The heads of our department and IT team would be in charge of the ultimate decision and purchase. Nidhi states that when she thinks about right purchases she made in the past, she thinks about products or services that she used over and over again, an made life easier and fun. When she thinks about bad purchases, she thinks about stuff she bought that only got a 1 time use and are still in storage to this day.

The last person I interviewed was my dad who works in the IT department for Cerebral Palsy in New York. Since my dad is one of the managers at the IT department he is in charge of purchasing software that is up to date and effective in protecting thousands of computers and servers. When I asked him if price matters, he stated that while he considers price, he mostly takes into account quality. He looks at the software and how a product is manufactured before purchasing anything. For a security system, he also takes into account whether or not a company offers a trial period. Since my dad manages so many computers on a daily basis, trying out a security system before implementing it for the entire network is essential. He always wants to make sure he’s a step ahead of people trying to steal information from the company and private user data. According to my dad by analyzing critical information of a security system and comparing it to others out there, he usually makes purchases online. Since he works for a big company, this purchase is usually financed. When I asked my dad what he considers a right purchase he stated something that is good quality, relatively cheap and can last a long time. He considers a bad purchase to be something that breaks down easily or is too expensive for what is given in return.

Following my interviews, I can definitely acknowledge that there is a big and diverse market for cyber-security. Many people are looking to protect private date and sensitive records from hackers or companies specifically targeted at stealing information. My interviewees all had similar answers for what they considered good and bad purchases. They want something that is relatively inexpensive, effective, good-quality and long-lasting. Another factor they all had in common was quality over aesthetics, when it comes to a security system. Depending on whether they are looking to purchase for themselves or for a large corporation, their answers on the method of purchase varied. In addition, the specific qualities they were looking for in a security system also varied based on where they worked and what they needed it for. In terms of alternative evaluation, purchase decision and post-purchase evaluation, I believe this segment took into account all the right factors when trying to boost their cyber-security. They all want bang for their buck and are interested in quality, rather than price or looks. 

Assignment 14A- Halfway Reflection

1)      Some of the behaviors that have enabled me to keep up with this course is to read ahead of what each assignment entails the week before. This allows me to plan and understand how much time I need to dedicate to each post. For instance, some assignments only call for a reflection, while others require reading an entire book or conducting a 5-10 minute interview with 5 people. Understanding what assignments require ahead of time, will allow you to plan and manage your time acutely. This will also mean that you won’t be stressed out about say reading an entire book the morning a post is due. Another behavior that has helped me keep up in the course is to make a planner. In college, we often have multiple assignments and classes to study for, so if we don’t plan a time in which to accomplish them, they can build up. By making a planner, I know exactly when everything is due and have designated time periods in which my sole focus is entrepreneurship.

2)      As I’m a junior whose trying to pursue both business and medicine, there have been many times in college when I’ve wanted to give up. Specifically, I almost reached a breaking point this semester because I was taking 15 credits, while simultaneously trying to study for the MCAT. What I learned was that if I pack my schedule so much, I wouldn’t be able to do well in either school or on the exam. I needed to pick one or the other and dedicate my focus to that. So, I decided to plan better so I’m not doing too much at once. I’m going to focus on school this semester, and worry about the MCAT in the summer. This will enable me perform better on both, without having a complete mental breakdown. What I learned from my experience this semester is that I definitely had tenacity to not give up entirely. I made the decision that was best for me and enable me to perform better in the long-run.

3)      Three Tips:

- Manage your time- Some assignments are very time-consuming, stay on top of due dates!

- Don’t be afraid to ask questions- If you don’t understand something, ask someone because its better to do an assignment correctly than investing your time in something that’s wrong.

- Work Hard- The skills you build in this class will help you build an entrepreneurial mind frame for the future. So, don’t just take these assignments for granted, actually try to understand and utilize the tools you learn in everyday life. Apply what you learn in life!!