Sunday, February 7, 2016

Week 5 Reading Reflection

Some things that surprised me in this week's reading was all the areas listed of entrepreneurs' shortsightedness. In previous chapters it felt as though entrepreneurs were to be the opposite of shortsighted, and no such entrepreneur existed that didn't plan and clearly understand the marketplace. However, this chapter the author talks all about how entrepreneurs might under calculate costs, have no insight on the market place and may realize new products with poor timing, and may not have a valid estimate as to how much and/or how a product will be developed. It was interesting to learn that entrepreneurs might not be as well versed in every subject as it seemed previously.
The section on "uniqueness" was really confusing to me, I wasn't sure if the author was trying to say that an issue with entrepreneurs can be that an idea they have is so unique that the technology doesn't (yet) exist to create it, or that there are some more unique ideas than others.
The author talks about a downfall of entrepreneurs being a lack of objective evaluation, and so I would ask him how could we get our ideas completely objectively evaluated? Are there websites we can go to to ask others that are complete strangers to give us their thoughts? Or are there groups you can join to group evaluate each other's ideas? I would also ask the author how you can minimize all of the downfalls he listed within this chapter without being an expert in every area, from innovation, to business and market, etc? It felt as though each downfall was a result of being to, say, too creative, and not enough, say, "business-like," or vice versa, so how could you truly eliminate all of these problems?
The only part that I really disagreed with in the entire chapter was the section where the author discusses the issue of product availability. The author states that a failure to a new product idea can be the lack of availability once the product is released. I don't know if this is always the case, as you see make-up brands and other such companies advertising for future products to get customers interested, excited and hooked onto this interesting new idea. I think that this can sometimes be effective as long as it isn't too premature and can allow for a successful amount of immediate response from the market.

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