28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

My exit strategy for my mobile gas station would be to stay with the business for several decades and try my hardest to grow my organization into a fortune 500 company. I am not too sure what I would do with the business after I was to retire. I would most likely sell the company and pass that money down slowly to my children. 

2) Why have you selected this particular exit strategy?

This strategy seems like the most stable and safest route. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

My exit strategy has barely influenced the other decisions I have made. The decisions I made for this company would remain the same with any route I were to take.

26A – Celebrating Failure

1.

This entire semester I have been struggling with one of my classes. It is another class, similar to this course, that is almost fully online. It is a very tough class with a lot of material. However, at the beginning of the semester, I thought it was going to be a breeze, so I unintelligently did not put my full effort into the class. Once the first test came around, I did not do too well on it (I failed it haha). 

2.

This first failure so early into the year made me realize that this class was not going to be as easy as I thought it was going to be. That one failed test made me rethink my approach at this class. It made me seek extra help and study for longer times in preparation for the next test.

3.

Failure is one of the hardest things that people have to go through, but at the same time, failure can be one of the best teachers in life. Everyone knows the saying "You learn most from your failures," and I think this is one of the truest statements in life. Failure is something that you never want to experience twice. The next time u do something after a failure, you will make sure or at least try to make sure that it won't end in the same result.

25A – What’s Next?

Existing Market. 

-The next step in my venture is to widen the fuel types available for purchase/refueling and then expand into various other states in the US. After conducting three interviews with customers who are included in our market of service, I have realized that the price of the fuel is very important to those who would use the service. This means that the next step in our venture should be focusing on how to get fuel for the cheapest prices. 

Growing our market is very important in making this venture successful. At the begginning, we will obviously have to start small and work our way up the ladder. The first step in growing our market is to increase our range of service. To increase our area of service, we would need to put more and more fuel trucks on the road that are able to provide the refueling service via the app. The more trucks on the road will mean that there is a greater area of service. 

New Market

A radically different market from what we plan to target would be aircraft refueling. This is a radically different market because of how much fuel is needed to refuel an aircraft. It would require much larger trucks with much larger fuel capacities. First and foremost, it would require a way to enter that market. 

The value would be created in this market if we were able to lower the cost of our fuel to lower numbers than our competitors. Aircraft cost a lot of money to refuel, meaning whoever is selling the cheapest fuel will probably be hired. 

24A – Venture Concept No. 1 . OTM Gas (On The Move)

Opportunity

Who has the need?

Anyone who is a frequent customer of stationary refueling stations (7-11, Mobil, Speedway, etc) to purchase fuel for their vehicle. Anyone who owns or frequently uses vehicles that require liquid fuel are potentially people with this need.

What is the nature of the need?

The nature of the need is that most people waste much of their valuable time refueling their vehicles. This opportunity makes it so that people no longer have to go out of their way to find a gas station. The gas station comes to them. 

·      What are the forces or changes in the environment creating this opportunity?

The forces in the environment that created this opportunity is the need for gasoline but the absence of a way to get that gasoline to you rather then you going to it. 

·      How is this market defined geographically and demographically?

The market is geographically defined as anywhere that has gas stations in use. The market is demographically defined as anyone who is a frequent customer of stationary refueling stations (7-11, Mobil 1, Speedway, etc) to purchase fuel for their vehicle. Anyone who owns or frequently uses vehicles that require liquid fuel are potentially people with this need.

·      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

Customers are currently satisfying their need for fuel by driving out of their way and using up valuable time that could be used elsewhere by refueling their vehicle at a gas station. There is little to no loyalty in the fuel market. Customers tend to go to whatever gas station is closest or the cheapest.

·      How big is this opportunity?

Very big due to the number of vehicles on the road today. Gasoline is one of the most used resources on our planet today.

·      How long will the “window of opportunity” be open?

This opportunity window will be open until gas powered vehicles are no longer on the road. 

Innovation

     

-My opportunity is a mobile refueling station/truck that comes to you rather than you going to it. There will be an app that allows you to pinpoint your vehicles stationary location and then request for a truck to come and refuel the said vehicle. Credit Cards or other payment methods will be attached to the app, which means your presence is not necessary during the refueling process. The amount of fuel you requested or however much it takes to refuel your vehicle will automatically be charged to your account after the service has been provided.

Venture Concept

-My innovation will address the issue of having to travel to a gas station to refuel by having the gas station come to you. Customers will switch to this service because of how much time it will save them. Customers will no longer have to waste time trying to find a gas station or refueling their vehicle. 

-The competitors of my potential venture are all stationary gas refueling companies (7-11, Speedway, Mobil1, etc). The weakness of these competitors is their stationary nature. All the competitors do not have a mobile refueling service.

-Price points and business location are the two things that define my business concept the most. The price points of the fuel will be similar, if not the same as stationary refueling stations. The business location is the most defining concept of my business because it has no location. It is a mobile refueling service that can be anywhere at any time. 

-To organize the ongoing growth of my opportunity, I would need to employ app developers, drivers, and service workers who do the refueling. 

The Three Minor Elements

-My most important resource in this opportunity is the mobile nature of my service. My service comes to you rather than you coming to it. 

-The next step in my venture is to widen the range of fuel types available. (diesel, high octane, etc) 

-In five years I hope to be operating in multiple states and I hope to be the leading refueling service on the market.

23A – Your Venture’s Unfair Advantage

10 Resources:


My Human Capital- 

Is a valuable resource, however, could be imitated by others.

My Social Capital- 

Is a very valuable resource that is not easily imitated. Building social relationships take time. 

My Financial Capital-

Financial Capital is a valuable resource that every company wishes to have. This is not an easily imitated resource, however, it is possible for other companies/organizations to have similar financial capital/abilities.

My Work Ethic-

Work ethic is a very valuable and rare resource that is not easily imitated by others.

My Relationships-

Relationships are everything. Relationships are rare and very valuable resources. Relationships can be imitated or substituted but it is not easily done.

"It's not what you know, it's who you know."

My Education-

My education is a very valuable resource but can be easily substituted.

My Problem Solving Abilities-

Problem Solving Abilities are rare and very valuable. Not everyone possesses a quick-thinking mind. 

My Creativity-

A very valuable resource that is not easily imitated.

My Understanding Mindset-

An understanding mindset is something that every successful entrepreneur should possess. Knowing that things are not always going to run smoothly or that problems will arise is key to being ready for anything.

My Leadership Abilities- 

Leadership abilities are valuable and rare resources that are not easily imitated or substituted.


Top Resource-


Relationships are my top resources because having the ability to ask for help or advice is always easier and quicker than solving the problem yourself.