Celebrating Failure Week#13

The quote by Thomas Edison is one I have repeated many times to myself, as well as to friends who are experiencing failure. In fact, to go along with your picture of baseball, the great Babe Ruth who was famous for hitting home runs, but he also held the record for the most strikeouts – until another baseball great broke the record – Mickey Mantle. Ruth’s mantra was: “Every strike brings me closer to the next home run.” I have spent my life with that quote seared in my brain.

Tell us about a time this past semester that you failed

n  I didn’t listen to my adviser. I was told that two courses would be sufficient for my first term at UF, but I thought I knew better – thus, I have struggled to get all my assignments completed, a position in which I have never been. In fact, I haven’t done many of them because I put myself in a situation that made me choose between assignments from different courses.

Tell us what you learned from it

n  Listen! It would not have hurt me to only take two, and then once I got into the semester I could have determined at that time whether I could handle a full time job along with 12 credit hours at UF. Instead, I did it “my way.” I decided to take 12 credit hours and if it was too much I would back it down next semester. Wrong decision. I learned that instead of listening to my adviser and been proactive, I am now in a reactive state (more like panic) as the semester comes to a close.

Reflect, in general, on what you think about failure

n  Michael Jordan said exactly the way I feel about failure: “I missed more than 9000 shots in my career. 26 times I was trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” There is nothing fun about failure. What I have learned over the years is failure is my teacher, not my undertaker. Failure has delayed my success, but not defeated it. Along my journey, failure has been my detour, but never my dead end. I have stumbled, and gotten back up. What happened yesterday should no longer matter except to learn from it. Life always offers you a second chance, and it is called tomorrow. As Scarlet O’Hara said in the last line of the Civil War novel, Gone with the Wind, while thinking of ways to get Rhett Butler back: “After all, tomorrow is another day.”

So, now I have to get back on track and move closer to my dreams and goals. After all, tomorrow is another day (but I have assignments due today!)

My Exit Strategy Week #13

 Identify the exit strategy you plan to make

·         Because my venture is associated with missing children, I don’t intend on making my first million with the organization. Moreover, I don’t expect to sell the venture as I would eventually allow it to be in the hands of my children, who feel as passionate and strongly as I do about the plight of missing children. I don’t believe I would just exit this venture, except for age or illness.

Why have you selected this particular exit strategy?

·         As you can see from above, I don’t plan on doing an exit, except for age or illness, but would rather pass it on to my children. Because this is more a mission than business, I would never try to get rich off the tragedy of a lost child.

How do you think your exit strategy has influenced the other decisions you've made in your concept?

·         I chose this venture, not for the profit or easy exit strategy, but for the purpose of making a difference in the world. Growing up in foster homes gave me a keen sense of what might happen when a child is separated from their family. What has driven me more than anything is my friend’s daughter who has been missing for over 15 years. Although I lost a daughter who was killed by a car, I cannot imagine having a child missing, without any sense of where to find them. My exit strategy hasn’t influenced where I might get resources, but my passion and zeal for missing children – for all children – is enough to catapult me into action. I am currently a Guardian ad Litem, and already work with neglected, abused, and abandoned children – somewhat of a preventive measure of missing and abducted children. 

Reading Reflection Week #12

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

·         I did not come across anything that as surprising to me, nor something that stood out as different from my expectations. I will say that what did NOT surprise me was the Fab Four of innovative growth. As the textbook describes, they are in a class all their own.

2) Identify at least one part of the reading that was confusing to you.

·         Nothing was confusing to me, however, what I do know is that trying to transition from entrepreneurial to manager or vice versa is confusing! I know that the leadership/manager balance is extremely difficult to achieve, so it only stands to reason the critical entrepreneurial/manager balance must be just as difficult. This balance is one way these Fab Four have stood out from all the rest but have failed for lack of innovation.                                                                                                                                                              

3) If you were able to ask two questions to the author, what would you ask? Why?

1.    How could a company or a venture achieve the same level of success as the Fab Four? I would ask this question because it would be the secret to the same type of success.

2.    As a piggyback on the first question, I wonder if this type of success can be taught, or is it innate. I wonder because that same type of question – Are leaders made or born – has gone on for centuries.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

·         Nothing the author explained in this textbook could be considered wrong in my opinion, as I do not know enough about Strategic Entrepreneurial Growth to critique his writings.

Venture Concept #1 

 word count 995

Opportunity

The words “missing child” call to mind tragic and frightening kidnappings reported in the national news. According to the FBI, between 2014 and 2015 over 900,000 children were documented as missing. The likelihood of finding abducted children has sharply increased in recent years due to technological advances in the way searches are conducted and a greater awareness that fast action saves lives. More than 99 percent of the reported missing children in America in recent years come home alive. However, the recovery rate for the alarming segment of children abducted by strangers is less heartening. Statistically, on average 57 percent of them come home alive and 40 percent are killed; the rest remain as open cases. When the kidnappings are the work of strangers, the snatcher has typically targeted the child for sex and has studied the child’s habits in order to increase chances of a successful abduction. We know that pictures are the most effective way to get a child home safely, and so, pictures are everywhere. Every known idea is employed to help pictures of missing children get out to the public as soon as possible. The Amber Alert, a public notification system that focuses on highways has reported having safely brought home over 800 missing children; Walmart postings about 234 and about 200 from direct mailing. 

While we are deeply grateful when even one child is rescued and returned home safely, these numbers represent a small portion of the millions of children that are missing. Of all the children kidnapped, about 25 percent are abducted by strangers, almost all are abducted by men, and over 2/3 involve female children. Kids are rarely abducted from school grounds and most are in their teens. Granted, new technology and social media are increasingly used by law enforcement to instantaneously share news of an abduction, bringing new hope for those still searching for the thousands of missing children still unaccounted for, there is still much work to be done. No family wants to face the horror of a child who has gone missing, and in such cases, they deserve to know that all resources are being deployed to ensure a quick and safe return.

Innovation

74 percent of children kidnapped and later found, are murdered within the first 3 hours of being taken. People think “it can’t happen to me,” but it can; no one is immune from the tragedy of a child abduction. There are reactive ways to help find children, however, what we need most is the proactive raising of public awareness on how to protect children and prevent abductions. Additionally, while the Amber Alert is a successful national alert system, there are gaps that must be filled to become even more effectual in rescuing missing children. This is where my innovation becomes a partner in the already growing network of child recovery organizations that will increase the likelihood that abducted children will be recovered swiftly and safely. Because information about the missing child is vital, many cases might be solved more easily if key pieces of information about their kids is provided immediately, these strategies could be employed:

·         A child’s identification file that could easily be sent to authorities immediately

·         DNA Swabs

·         Current picture (taken every 6 months) and other demographics

·         Fingerprints

·         Identifying marks

·          Prevention and safety training to local communities, schools, and parent associations for parents and other volunteers

·         Work with Amber Alert to send current pictures to every smartphone within range of cellphone towers near where the child disappeared.

·         Classes in physical defense techniques to keep children safe from attack, abduction, and sexual assault.  

There is no set dollar amount for this venture, as it depends on many variables. However, I would offer a partnership program for those who would like to partner with my organization. My revenue drivers would be donations from individuals and corporations, corporate sponsorships that might include an employee match, in-kind donations such as office equipment and supplies, service donations that might include free event space or photocopying, an adopt-a-kid event, and varying levels of sponsorship ranging from Bronze at $500 – Platinum with a donation of $4000. Moreover, I will be seeking grants to ensure ID kits are distributed to school age children annually.

Venture Concept

FSU and UF are fierce football rivals, however, during the 2006-2007 football season, FSU legendary head coach Bobby Bowden and the National Championship Florida Gator’s Coach Urban Myers, joined forces to distribute to 2.6 million school age children similar kits in what was the largest state-wide ID kit distribution in history. While kudos belong to all involved, there must be education and follow up for effective management of information. 

From the tragic experience of losing a child to having a friend with a missing daughter of 15 years, my passion would increase my chances of having people clamoring to be a part of my program. My goal is to match the above number each year as an ongoing commitment to keeping children safe. I would seek to have my DNA/fingerprinting kits approved by the FBI, and in doing so would have the vital information stored at home in one area, to be provided to law enforcement and other search teams in the event of an abduction. I would depend on volunteers along with a few dedicated administrative personnel.

Minor Elements

 My greatest resource is my lifelong experience – first as a foster child, then as a parent of a dead child, then as a guardian ad litem, I have more passion for children and their safety than most other people I know.  

      

      I have not been able to come up with the “next best thing” but am hoping that this venture will double or triple the rescue and safe return of missing children.

3.      

      F. Scott Fitzgerald said, “Show me a hero and I will show you a tragedy.” I would like to leave a legacy of heroes around the world, all seeking to help save our children. 

 Reading Reflection Week #11

Gary Pisano: You Need an Innovation Strategy (Harvard Business Review, June 2015)

What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

o   I was surprised to see the matrix which considers how a potential innovation fits with a company’s existing business model and technical capabilities can assist with the decision of how a company focuses on innovation and investing. I was also surprised to see how that each of these kinds of innovation can become complements, rather than substitutes.

Identify at least one part of the reading that was confusing to you.

o   Not much was confusing for me, although much of it was new information. I do think this is invaluable information, however, more should be taught on this in class.

If you were able to ask two questions to the author, what would you ask? Why?

1.    How is it that a leader recognizes which innovation strategy must evolve? As one can imagine, innovation is much like a moving target, so it is important leaders know which ones must be changed.

2.    What methods would a company use to determine which innovation gives value for our customers and then which ones should be changed first? We don’t want things changing unnecessarily and resources to be used randomly.  

Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

o   Nothing was ‘wrong’ as far as I know, based on minimal knowledge. 

The Amazon Whisperer Week #11

Revenue drivers currently included in my business concept for this class are:

• Donations from individuals
• Corporate sponsorship or donations
• Sponsorship programs with varying levels of sponsor
• Bronze - $500
• Silver - $1000
• Gold - $2000
• Platinum - $4000
• In-kind donations – computers, office supplies office equipment
• Services donations – event space, photocopying, mail service, etc.
• Adopt-a - kid safe -event – communities, employers, or organizations adopt an event based on employee donation and company match.

What’s the next thing your customers wants?

• This question is difficult to answer since my product is a service geared toward abducted children. Based on research, I believe a local network along with the ID information, comprised of law enforcement, civilian, computer forensic experts and volunteers, who share the common goal of identifying, locating and rescuing children who are being exploited would be a value added benefit. We could use state-of-the-art technology as well as investigative techiques to help analyze the pictures and videos of children being exploited in an effort to identify and rescue them. 

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

• The old Proverb, “It takes a village” speaks to the cultural context and belief that it takes a village to raise a child. We can only assume if it takes a village to raise a child, then it takes an entire community to take an active role in finding a missing child. We each have a role in making sure our children are safe and surrounded by people who care. By having an efficient and effective network, we can all work together to keep our kids safe.

Go to Amazon and try to find a product that is similar to the one you want to offer next

o   There is an organization, Child Rescue Network, whose mission statement is to “empower children and families to help prevent sexual abuse, abductions and victimization through educational programs, community awareness and strategic partnerships.”

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

o   There are no reviews for this particular organization, however, I would say because they are so diverse (even though all these areas must be addressed) their resources would be spread across many of their programs.  

Describe what design/usability changes you'd make to the product. 

o   I can’t say I would change much of this product for what they are doing, however, I would rather focus on just child abductions. I did see they have a Facebook page that would be useful with my product. Social media can be used to get the word out very quickly and using it makes perfect sense.

Describe why you think this product would make a good addition to your current product/service offering.

o   I would say that partnering with this organization in the area of child abduction would make a great partnership. I find that people diversify so much that they lose focus. My goal would be to find the children and bring them home. My friend who has had a missing daughter for 15 years does get help from TBI and other organizations, but there is not just one group out looking for her daughter continually. When organizations spread themselves too thin, I believe everything suffers. While this organization would be a good resource, I would rather support them just in the area of missing children. 

My Unfair Advantage Week #11

V – valuable • R – rare   • I – inimitable  • N – non-substitutable

Passion

·        V – My passion is valuable because I could do this venture all day and keep on throughout the night regardless of what else I must do.

·       R – At the end of the movie, Serendipity, one of the main characters makes this statement: “The Greeks did not write obituaries. They simply asked, ‘Did he have passion?’” This quote is inspiring because it suggests that we should live with gusto – with excitement and wonder – so that when we pass away, we will rest contented, having employed fully the unique talents with which we were blessed?

·       I – Few people discover the work the love and for this reason, people cannot imitate my passion for my idea.

·        N – Passion in innate and helps to engage an organization. Once you discover the work you love, work becomes more than a job – it becomes a unique calling, a life’s mission. A life’s mission cannot be substituted by any other resource than passion.

Motivated

·       V – My motivation is intrinsic and it energizes, maintains and controls my behavior.

·       R – Motivation, like passion, is a rare commodity. Very few people have it consistently and in useful quantities.

·       I – Motivation refers to the energy and/or commitment with which an individual performs a task or role. Because of my experiential background, no one can be more motivated that I.

·        N – While there is no real substitute for motivation, I would say that discipline would be the closest substitute for motivation, and it is discipline that eventually becomes a huge source for motivation.

Adaptability & Flexibility

·       V – There is a well-known Chinese proverb that says that the wise adapt themselves to circumstances, as water molds itself to the pitcher. I have a keen ability to change to fit new circumstances. I have no problem getting out of my comfort zone.

·       R – The reason there are not more entrepreneurs is because many people might have passion about an idea, but are inflexible in their own environment.

·       I – I think one can pretend to be adaptable and flexible, however, when push comes to shove, their inability to adapt shines through. Change frightens some people while is seen as an opportunity to others. Again, because of my background I am quite adaptable to all situations, except ethical, moral or legal.

·        N – The only resource I can see that would be substituted for adaptability would be tolerance. You can be tolerant, yet inflexible on major issues.

Self-belief

·       V – Because of my experience I believe in myself. I know that what I am doing is not for myself, but for the benefit of society. I am confident and dedicated to my project.

·       R – Self – belief is like a pendulum – it swings too far one way where people believe in themselves TOO much, and then it swings back to the other side so some people believe in themselves TOO little.

·       I – Self-belief can be imitated by pretending to believe in yourself. I have done this at times until I could believe in myself.

·        N – Self-belief can be substituted, as mentioned above, by positive self-talk until you actually do believe in yourself.

Hard work

·       V – Having an intense focus in my idea is by far a valuable resource.

·       R – A work ethic is a set of values based on moral virtues of hard work and diligence. It is difficult today to find someone as reliable as I am, or as having as much initiative to accomplish my goals.

·       I – Hard work can be copied by others with no problem, it is just the fact that it is hard to find someone working hard today.

·        N – I grew up hearing the old adage: “There is no substitute for hard work.” I still believe that idea, however, I have learned to work smart – and not hard – in some situations.

Disciplined

·       V – I would say discipline is the most basic and building block of success. You can figure out the rest of these resources, however, without discipline, you can’t be successful.

·        R – Discipline is a rare commodity in a microwave society. Foregoing immediate gratification for a future reward is something in which this generation does not understand. I have the uncanny ability to discipline myself regardless of what other events happen around me. One can see in professional sports, where some amazing athletes take performance enhancing drugs, to win events.

·       I – Discipline cannot be imitated, even though there are varying levels of discipline.

·        N – I see no good resource that could be substituted for discipline.

Understanding of what I am offering

·       V – Having experience in child neglect and abuse, plus a friend who has a missing child, gives me a deeper understanding than most others without the same experience.

·       R – Because it is rare for someone to have a missing child, understanding of this situation is quite rate.

·       I – Deep understanding – inside and out - cannot be imitated by an outward concern.

·        N – There is no real substitute for experience in this type of venture.

Planner

·       V – Planning is a long-term commitment but you cannot always plan every step of the way in one sitting. I am the type of person who plans for everything, while having a ready solution for all possible risks. Moreover, I am capable of dealing with unforeseen possibilities, which is vital to the life of a business.

·       R – My experience shows most people are reactionary, whereas I am proactive in practice. Being reactive shows that one does not have initiative, but appear to be tossed and turned by the tides of life.

·       I – It is pretty difficult to imitate planning. Either you plan or you fly-by- the-seat-of-your-pants or your plan. Sometimes you can over-plan which zaps creativity, but most people are not guilty of over-planning, but rather they lack the discipline to plan.

·        N – There is an old saying: “If you fail to plan, you plan to fail.” Occasionally, you can recoup and start over, but a continual lack of planning is organizational suicide.

Network abilities

·       V – It takes a village! Using others for their good and your gain makes any venture easier and more successful. In sales, networking is invaluable for potential clients or vendors. Networking helps you work smarter, not harder. I always seek out mentors.

·       R – We live in an over-connected world and navigating this social media to find purpose and meaningful networks can be daunting. Learning to connect intelligently in order to harness our connectedness, is a rare commodity.

·       I – There isn’t really a resource that can be imitated for networking abilities. Either you know how to connect in order to network to get big things done, or you are at the mercy of other advertising strategies.

·        N – The only real substitute for networking is “pounding the pavement” when looking for clients.

Ability to make an Exit

·       V – Not every attempt is successful as we see in the high rate of entrepreneurial failure. Like the old country star, Kenny Rogers says: “You gotta know when to hold ‘em, know when to fold ‘em, know when to walk away………know when to run.” This is valuable or otherwise, you will continue to make sunk cost investments in the same venture.

·       R – Cutting losses is rare among individuals – we see that in people who stay in toxic and dysfunctional relationships. There are people who quit too soon – and who end up employed by those who never give up.  

·       I – There is no resource that can be imitated by the ability to quit, only that people know when and why to quit and move on.

·        N – While giving it a second chance is powerful and at times, honorable, there is no substitute for making a gracious exit at the right time.  

Discipline is my top resource because when I get my teeth into something for which I have deep passion, I don’t let go. I believe discipline is a common trait of all successful leaders. If you take a look at successful business leader or professional athletes, you will see that discipline is the one key element. Discipline is a fundamental element in obtaining goals, dreams and desires. I have climbed over many obstacles to keep heading toward my goals, and although there have been some sacrifices along the journey, but believing in my journey has kept me plodding forward. Years ago, a pilot friend told me the first thing they are taught in any emergency situation is to “keep flying the plane.” In my life most of the time I just keep flying the plane. I have disciplined myself to keep putting one foot in front of the other in the midst of some pretty deep waters and my discipline has taken me from an orphan to the halls of Congress where I was instrumental in facilitating the enactment of homeschooling laws in Tennessee.