Venture Concept No.2

My re-vised Venture concept will be consisting of a qualitative and quantitative approach for financial metrics. Qualitative in the sense we will be conducting conducive feedback from our customers on their satisfaction, the product performance, and time convenience saved and reimbursement cycle time. The quantitative measurement will be solely off our company's financial statements. People recommended that my services should be cost-effective and I should take considerable understanding into my capital allocation, and develop our brand recognition in a 3-5 year horizon considering that I want the company to grow long term, vs selling the company. My main goal is to avoid a high turn over rate, and that is conducive of why I want a low number of employees early on to keep my operating expenses at a minimum because with any business venture comes significant loans to make up for low capital funding.

30A Final Reflection

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27A Reading Reflection Number 3

The Wright Brothers book was 100 Percent my favorite and one I am selecting for this assignment. We learn so much from the Wright brothers. They turned so much failure that they experienced in the 1900s with a poorly developed infrastructure for air device development, and created the first plane that is today the most efficient, cost-effective traveling mechanism that everyone in the world uses, with extreme comfort. yet 120 years ago it started with something that could barely fly off the ground. The book helped me think entrepreneurial which is in relation to this class. the general theme of the book was them learning how to overcome their failures, they did not trust most people and to accomplish their goals when people thought they could not pull it off. yet they establishing a problem in society and found a way to solve that problem. My biggest surprise was them having the ability to pull off the first flying mechanism, considering in the early 1900s resources and the odds were against them. The exercise I would implement would definitely have to be a course on failure, when your body and mind are put to failure so you can develop. An example I like a lot is how US Navy Seals are put to failure consistently in their training regime. In physical exercise and mental exercise, and they need to overcome adversity to survive. We do not need to do that in the beautiful country we live in, but for them the stakes are the highest with the loss of their own life if they do not plan meticulously and strategically.

Exit Strategy 28A

I do not intend to sell my company within the next 5 years unless there are astronomical returns. I want to grow the company domestically and globally until i have developed enough cash flow to retire and move to a private island of the Amalfi coast, or live in Brussels, Belgium. But growth for the company is my main venture. I do not believe in quick turn and burn for the company once it sees a positive cash flow in the early life of the company.I do believe having my exit strategy has affected my business acumen and mindset in how I would run the company. As i mentioned before, I want to have low employee numbers early on, keep operating expenses low and loan costs low, until we have developed a mid-enterprise system where we can afford to increase employees, and operating expenses.

26A Celebrating Failure

I would definitely have to say I failed at business Finance a couple times.  I had to withdraw from the class because of the intensity of the class then had to retake it and completely bombed the first exam. Although, I struggled, I ended up pulling through the class and overcame my adversity. I learned that determination and drive play a lot bigger factor in life than you think. If you want to feel fulfilled you need to work at it and overcame adversity and work hard. Do whatever you need to do with your habits and mindset to achieve your goal that you have set in front of you. I would definitely have to say considering I failed that course and re took it last semester, It definitely taught me to take risks, but be smart about your risk taking. I am not talking about jumping out of a plane without a parachute risk, but take risks that are reasonable.

24A Venture Concept

Venture Concept

“Wright Enterprises”

ENT3003

Cody Wright

7/20/2018

My venture concept is a type of software that helps benefit the healthcare industry as a whole and will help keep rapid innovation in these interconnected industries.
Opportunity-

The need is for healthcare personnel that will be utilizing this software and the benefit will be received by the personnel in healthcare as well as the recipients (patients). I believe our software is at the forefront of 21^st century innovation. The need is to enable efficient and effective patient care, as well as a dual process that will be helping speed up the reimbursement process for providers in the healthcare industry. So there is a strong need in this market for the personnel as well as the patients. The market is defined as a domestic region of the United States. Customers are satisfying this need through software as a service, but we are here to build upon unmet needs such as, electronic claim submission, instead of paper, faster software than current. So essentially we are building upon a developed product, but improving. This opportunity is huge considering that software as a service is under scrutinized today and within a 3-5 year window it will be enormously developed.

Innovation-

Our software performs at high levels to execute optimal performance through a variety of channels. We will be making money by performing webinars on our software and engaging potential prospects and MQLS (marketing qualified leads). We will make money by charging a monthly and annual rate for our software. We will hold 8-10 products that are delivered to a variety of providers. We will provide our Software as a service for claim submission services, eligibility verification for patients (huge need in that facet), as well data entry software to help organize and keep information up to date, to simplify the administrative and clinical complexities that the healthcare industry has foreseen.  Acute (hospitals), Ambulatory (physician, walk in clinic), Post-Acute (Skilled Nursing facility, home health), and strategic partner (software vendor, special billing service). Prices range on the software and the amount of claims a provider submits. Some can be a monthly range of $75-100, others can range to $5000-6000 a month for some hospitals.

Venture Concept

Our application that is specific is a unique software that addresses claim submission services as a whole, and is implementing faster, more efficient electronic claim submission to speed up the reimbursement process for providers. Essentially we are making money, and contributing to a good cause by getting these providers money back rapidly so they can stay taking care of patients, and providing an efficient data entry software that helps them efficiently and effectively take care of their patients and keep them organized. Would not be very hard. We will establish value, but not only value, but we will be solving a problem and putting money in their pockets, fast. Because who doesn’t want their money back fast? Competitors include, other IT SAAS based companies that are interconnected with Healthcare. Their weaknesses include not being the fastest, up to date software programming. Our major strength is; being the best software engineering and social and human capital that “Wright enterprises” has provided. Packaging is efficient and up to date. We have technical logistical coordinators that have years of experience in a developed market such as Jax, FL, and Shanghai, China. Distribution, customer support have all been laid out and planned. Customer experience is a huge priority because we are aiming for the betterment of patients in healthcare. Business location is Tampa, FL because it is a hub for IT Software development and cloud based securities, and technical developments. I would organize the business to support ongoing production by hiring experienced directors to manage and oversee. Logistics and transportation, Finance, R&D, Marketing, etc. 25-30 Employees to start until we develop positive cash flows, due to the nature of negative cash flows for startups early in their life.  I personally believe it is a good strategy to keep employee numbers low in the early life for startups from observance of other startups and how their earnings stack up and how their financial statements look early  on. We are an innovative, in Demand Company so it could change and we could hire a few hundred employees in a short time span to keep up with upcoming demand in the market place, but I am starting off small as the CEO, considering we are already taking loans and are in debt to start. My philosophy is that you need to spend money to make money, but I believe we have spent a significant amount already.

Three Minor Elements

First- Our most important resource is our social capital and human capital. We have an innovative, diverse group of individuals that have the ability to think on their feet and understand their sector well, and have experience behind them. People of different backgrounds and ethnicity coming together to contribute to a greater good for the healthcare industry. It is near impossible to match our level of intuitive thinking, but not just that, but our drive to help people in the healthcare industry. As well to make money.

Second- Not too sure what is next. But we want to continue to grow and develop an extremely strong brand recognition that is unprecedented and will be a strong brand in the Tampa market that is recognized as a software development hub.

Third- I plan on continuing to run the firm. Because it is something I am passionate about. I love working for a great cause, in helping people and making money. In 5 years I will be 27 years old. I hope to be known as a fortune 500 CEO helping people within the healthcare industry, have an impressive net worth, a diverse group of connections. And traveling to Europe and Dubai on my private plane to help people on a global level and meet likeminded individuals as myself. I hope to build “Wright Enterprises” into something that is not only known as a financial giant but as a means that has helped millions of people.

25A Whats Next

Existing Market
I Believe from speaking with my 3 interviewees that we need to focus on the forefront of outperforming our competitors and what they do to be successful, how can we capitalize on a competitive advantage that we may have. What they do to have financial success and how we can compete. We also need to utilize our resources at hand, and not have too many employees at first until we have a developed brand recognition in an existing market because of us still having negative cash flows, it takes years for us to have positive cash flows. I have a friend that runs a business at 26 and is still in the negatives.
New Market
I believe that a B2C market would be a completely new market we would target. We would definitely need to adjust our strategy in implementing our business principles. From the interviews of the 2 people that we conducted we learned that our business idea will need to be adaptive to the consumers we are targeting, our primary target market. Not a whole sector of business in our B2B strategy that we were planning initially. My assumptions were completely different after speaking with our contacts, and we need to do more innovation into this market.

23A Your Ventures Unfair Advantage

My venture's unfair advantage would be primarily our social capital and human capital. That is empowered through numerous mindsets, various ideas and ways that we can innovate the company. Because with any young company we will have troubles and will not see positive cash flows till years down the road when we are financially stable. Our industry is sustainable and has forecasted demand for the future. But we lack financial capital as a young company and brand recognition as a young company. Although we lack these things, we also possess an unprecedented strength of the intellectual capabilities that some our brightest minds bring to the table. The way we structure our company around innovation and experience has truly shaped our organizational culture. Our 10 capabilities include: Social capital, human capital, human empowerment, innovation, extensive experience, youth, education, and health-oriented mindset, emotional intelligence, ability to communicate.
None of our resources can necessarily fit all the VRIN criteria. But our Human capital fits the VRIN criteria. above all else, because our thought process trumps AI(Valuable) our Education (rare), hard to imitate, there are other resources that can provide a similar benefit, but no where close to us.

22A Elevator pitch (again)

https://www.youtube.com/watch?v=mMxgH8HPhR4&feature=youtu.be

21 A. Reading Reflection No.2

The book I choose was "thinking fast and slow"
I enjoy this book because it is based off of human decision making. Being a marketing major that is what we study (human decision making in business). I was able to understand the authors system 1 and system 2 structure, it helped stem creative thinking within myself.
The book helped connect with what we are learning in class by helping us be able to think more creatively. and understanding how risk plays a factor into our decision making through the implementation of system 1 and system 2.
I would create a hands on exercise that stimulates creative thinking, that is what the book made me think. because when you study our thought process you learn how to think creatively. So something outdoors and using your mind for something of that nature.
I dont know what an "aha" moment is, but the way the book made me think and how intellectual, creative thinking came from me was an "aha" moment, I suppose.

20 A Growing your Social Capital

Domain Expert: Andy Richards 

Meeting Andy through a connection at UF has helped me learn more about the technical side of running my business and growing it. Andy and I stay in contact with friends on a consistent basis. Considering Andy is a technical expert in IT technology specifically in Marketing, and completing an MBA while combing that with IT experience has brought a groundbreaking area of information for me to grow and learn from his knowledge. Combing my own talents with his and having a broad, strategic positioning for the company, compiling long term growth has been beneficial in our meeting. We both provide each other with different business ideas, that our trade off.

Market Expert: Harry Thomas

Working as a market research analyst in the IT sector has helped me grow as well. Harry works for a similar IT company as mine, that is how we met. and have stayed in contact with meetings. and has habitually placed himself with difficult tasks and has great technical experience to fill me in with company initiatives. 

Supplier William Upchurch 

Working in Jax, Fl where supply chain and logistics is huge. Has provided Will with great experience and has been able to provide me with valuable info to gain in starting my business. William and I were friends at a prior institution. 

All of these people have different backgrounds. So facilitating them in my company will provide great exposure through diversity. 

Yes this has shaped how I will pursue networking opportunities by providing differentiation within my connections. 

17A Elevator Pitch No.2

https://www.youtube.com/watch?v=dPcbImLHzBQ&feature=youtu.be

19A Idea Napkin No.2

Who: I am Cody Wright. My talents are my work ethic, my eagerness to learn, and urge to be great. My skills would be working in a fast paced environment, cold calling, quick learner. My aspirations are to be in a broad, strategic position for a business and utilizing economic empowerment in ways to make technology more effective and more cost effective. This business already plays a major role in my life by working for an Information technology company.
What: I am offering a unique, efficient and cost-effective solution to technology needs for broad range of people in the healthcare field, so they have the ability to do their job more effectively, and that is to save lives. The product would be a software as a service product that healthcare can utilize.
Who: I am offering this product to the healthcare industry. the demographic would be people domestically in the US and people globally in the healthcare industry. My customers all have in common a need to have the most efficient technology to do their job well.
Why: Our customers care because if we can show them that they can save more lives in a cost effective way, then we have established value for them in a way that will help them do their jobs well.
Core Competencies: Our core competencies is our state of the art technology that has been developed in a sense to solve the problems that our customers face, in that those problems are underutilized, inefficient technology. And being the best Information technology SAAS based product on the market is what sets us apart from the rest of our competitors.

18A Create a Customer Avatar

My prototypical customer is someone that is in a younger generation. Someone that is inquisitive and questioning of the way things work and has an eager intent and thirst to learn and better not only themselves on an individual scale but on an environmental scale. The hobbies that my customer would have would be fitness, social networking, learning. The car that my customer is driving is very subjective, but it would be something economical and would better the environment. They most likely do not have children, and if they do it is 1-2 children. They most likely would be adopted with my customer, going back to how they want to help better the environment and the world as a whole. Their favorite books would most likely be crime books, or mysteries. Something that keeps you thinking and wondering what is going to happen next(resorting back to the entrepreneurial, inquisitive mindset). Once again another subjective question. Their favorite politicians are most likely independent. They are most likely between 24 and 35.
Overall, I have a lot in common with this avatar, most of all we are the same type of person, I do not think this is a coincidence.