Author Archives: mlee019

Week 6

1.     Describe five businesses or non-profits that have been created in my field.

McAfee, Nuance, DNSFilter, Deepwatch and Crowdstrike are 5 businesses in the cybersecurity field. McAfee, for example, is an American global computer security software company. The company was bought by Intel back in February 2011 and became a part of Intel security division. Nuance is a multinational computer software technology corporation. They provide speech recognition and artificial intelligence. All businesses were created as defensive mechanisms to help build the security of its own and/or other companies. 

2.     What is your overall perspective on the entrepreneurship experience? 

My overall perspective on the entrepreneurship experience is to always be prepared. Stay ready all the time so for one you dont have to get ready and also so if there is an opportunity that pops up you won’t be scrambling to get things together. Another thing would be to stay determined and never quit. After failing so many times it is easy to give up and move on to the next project. But what if you continue to fail that project too. There is no easy way out when it comes to running your own business but as long as you are strong mentally and you have the heart and passion for what you’re working on you will be able to accomplish anything. 

3.     How did entrepreneurship prepare or not prepare you to be a competitive candidate for vacant positions?

The competitive edge has always been in me when it comes to anything I set out to do. Entrepreneurship has helped me prepare for upcoming challenges/positions by keeping me on my P’s and Q’s. Staying aware of any and everything and also keeping me organized so that I am not only persistent but also knowledgeable. 

4.     What suggestions do you have to improve the experience? 

My overall experience has been very enlightening for me so as far as making any new suggestions I dont have any to point out. Nothing is perfect when it comes to entrepreneurship so I didnt expect for my experience to be flawless. 

5.     What’s next for you?

For now, I am going to finish strong with my classes and prepare for graduation next semester. Over the summer I will work on getting a position with a Cybersecurity company and continue to learn and grow as an entrepreneur.

Week 5

1. What are the connections between the disciplines addressing entrepreneurship at ODU?

Some connections would be staying consistent and knowing when NOT to give up. It can get frustrating doing the same thing over and over just to get the same result. But with patience you can take the previous trial, see where your error was and fix it the next time around. 

2.     Is entrepreneurship an art or science?

Entrepreneurship is both an art and a science. Creativity is a huge factor when it comes to building your business. From logo design to the overall process of finding inventory to figuring out how to sell it. It can be considered a science as well because running a business can be like conducting an experiment. You have your variables and your trials to test your variables/products.  Some tests will work and some won’t but it’s all about consistency and discipline. 

3.     How is failure good?

You can’t succeed without failure. If there is a chance in life where you are successful at everything you do there is still a chance of getting backdoored because you wont have learned how to fail. Failures are stepping stones to reach your main goal. Without failure you would have a false reality of the entrepreneurial industry. So falling on your face a couple times won’t hurt because in the end your hard work and determination will make it all worth it. 

4.     What have I learned from failing?

Even though I failed I wouldn’t have realized that I would even accomplish the failure to begin with. So it gives me determination to continue to try it until I complete what I started. Failing can either make you stronger or make you weak. You can let your failure overcome you and your goals or you can use that emotion and put it into your next trial. 

5.     What ethical issues might arise related to what I am working on?

Some of the most common ethical issues in the business industry is discrimination, whistle-blowing and social-media rants or even ethics is accounting practices. In the field that I am working in, I can come across all of these problems, everything is on social media. Every opinion and thought that anybody could think of, including the fake news is on display for everyone to see. 

Week 4

Week 4 Journal Entry

  1. Why do entrepreneurs get in trouble with the law?

There are a few factors that can contribute to entrepreneurs getting in trouble with the law. Those factors include neglecting to follow corporate compliance laws, trademark and copyright infringements, separate business and personal assets, employee termination, and shareholder agreements are all common filing taxes. 

  1. What does psychology have to do with marketing?

Marketing psychology is used to anticipates buyers behavior by understanding cognitive biases or errors in judgment. Consumers commonly make irrational decisions when making purchases so using marketing psychology helps to pinpoint that demographic to make them their main target to appeal to. 

  1. What types of marketing sway my decisions?

Persuasive marketing, Call to Action, and Color Psychology are all types of marketing tools used to sway the consumers decisions. Color Psychology is used to target the visual aspect of marketing. The study of hues helps to build a better understanding about how color affects human behavior. Call to Action is used as an in prompt marketing tool to catch the attention of the target audience. This tool is implemented to help consumers make a faster decision on their purchases. Lastly, power of persuasion is a very influential tool to use in marketing because it is the easiest and the most effective. Using your words and actions to sway consumers into buying your product.

  1. How can I pitch ideas better?

 The 10, 20, 30 rule is a great method to use when building the structure of a pitch. Keeps it organized and efficient to make sure all of the needed information is given while also keeping it fun and creative. Research is KEY. Not having all of the needed information can make or break a pitch. So making sure to be prepared for any question asked will definitely help make my pitch ideas better. 

  1. What are my strengths and weaknesses in pitching?  

Strengths: 

  • Presentation only presents main topics while I have flashcards with the details on it. 
  • Creativity has always been a strength of mine, I enjoy making a presentation visually appealing. 

Weaknesses: 

  • I get nervous in crowds so it affects my presenting ability. I start to read faster and I also tend to forget to maintain eye contact.

Week 3

Week 3 Journal Entry 

1.     Why do ethics matter in entrepreneurship?
In this society, businesses are increasingly distrusting of one another. It’s comforting to have companies with ethical business models. It is a refreshing change for customers who have no decision but to trust their goods and services. Applying ethical practices sometimes is easier than it sounds because other business owners are not as ethical even if they portray themselves in public. To be ethical is really a matter of individual preference. However, institutions that have successfully created a healthy corporate culture are bound to have happier and better-performing services and customers.

2.     How does my own personal budget relate to an entrepreneurship budget?
Personal budgets are based on bills, expenses, and your own personal needs. An entrepreneurial budget has nothing but the business needs in mine. From inventory to overall expenses, the budget gives a good guideline on how much money can be spent before making good revenue.

3.     Why do we need budgets?
Budgets are put in place to help properly spend and save money when there is a goal/event/responsibility that needs to be financed. They are needed so that there is no overspending or if there is a surplus in money or inventory it is put in writing so that the business can move accordingly. To do that there are some ways to organize your budget. Keep your personal and business expenses separate, put money aside for taxes, save all receipts, Negotiate with vendors for better prices, and make sure to record all expenses.

4.     What is social entrepreneurship?
Social Entrepreneurship is doing business for a good cause. Social entrepreneurs combine commerce and societal problems in a way that benefits those who are involved in the cause. They don’t define success by making a profit, their success is measured by making the world a better place.

5.     What are the most significant legal issues entrepreneurs face?
– Setting up an Entity
– Founders Agreements, Put in Writing
– Employment Issues
– Licensing 
– Lawsuits
-Discrimination, Harassment

Week 2

Week 2 Journal Entry 

1. What is design thinking?  
Design Thinking is a type of formatted thinking so that a product or service is executed properly. There are five steps that help frame the process so it is organized and well-planned. Understanding is the first step, making sure that all of the proper research is done. Coming up with ideas is the next, taking all of the research collected and coming up with an idea that can benefit a certain demographic. After brainstorming then the selection process takes place to figure out which idea is the most effective. After choosing, the trial process begins to find the correct prototype or business plan to fit the idea. After completing many trials in the end there will be a final solution.

2. How has design thinking influenced a product I use?
Every product I have used or bought from a store has gone through a process of design thinking. Before a manufacturer releases a product they have to test and try it out several times so that it is safe enough to be used by the public. If a product makes an individual sick or ill it can result in a lawsuit and possibly the end of the product selling ever again. The reason why products such as Lysol and Tissue Paper sell so well is that it has gone through steps of design thinking and has been executed properly.

3. What are the connections between opportunities and planning? 
Opportunities are a way to get a foot in the door for an upcoming idea or plan. Planning is the process that happens once that opportunity has been put in motion. They both correlate with each other because you can’t have one without the other. Both are in the framework process of design thinking and they are both vital to the proper execution of a product. 

4. What opportunities have I missed?
The only opportunities that I have missed are the ones that I missed out on or acted upon. Opportunities are only put in motion if there is a plan attached to them. 

5. Can a successful venture be unethical?
A successful business venture can be done in two ways, the easy way or the hard way. The hard way is going through all steps of design thinking and trials. Creating and recreating over and over again till the final product is produced. The easy way is to try to find a loophole to go through so that the process doesn’t take too long. The difference between both is the actual quality of the product. You can tell which items have been made with unhealthy cheap ingredients and which items are well thought out and planned. For example, resellers are a type of entrepreneur that takes a product that’s already out and either knocks it down or raises the prices depending on the product. Designer resellers will knock down the price of the product so that people believe that they are getting a good deal when in fact they are buying unauthentic products. This type of successful venture is very unethical because not only are they taking the easy way out but they are also lying to their customers. 

Week 1

Week 1 Journal Entry

1. Am I an entrepreneur?
Anybody can be an entrepreneur, all they need is an idea. Every day, without knowing, an individual will go through situations where they wish they had something or had access to someone to help them out. Sometimes it will be there and sometimes it doesn’t even exist. I believe that I am a future entrepreneur because not only do I come up with random ideas but I progress to the next step and do research. Not all ideas will follow through but determination and consistency are key. 

2. What is success?
Completion, Progress, and Participation are the three ways I would measure success. Success through participation is when an individual doesn’t complete a task or even get to the next step but they are proud that they even came up with the idea or decided to act on it. Success through progress is when an individual feels accomplished when working on a project and not finishing but at least they learned and tried their hardest. Success through completion is when an individual has gone through all the steps and has a valid outcome. Each level of success can be viewed differently depending on the person, but we all know the level of success an entrepreneur should be at its completion. 

3. Am I a self-starter?
How well do I follow through on my ideas?
I love to create new ideas and come up with new ways to make others’ lives easier, but I do have a tendency to give up if it is not seen the way I viewed it in the beginning. But I know if I had all the right resources, I would be able to follow through on any idea that comes to mind. Writing out business plans is good for the structure of the business, but without resources, it is hard to follow through but it is not impossible. When working on future business plans I will make sure to cover all building blocks so that I know what to expect and how to handle certain situations. So if there is a setback I will know how to combat it with a progressive solution.  

4. How does ODU view entrepreneurship?
ODU views entrepreneurship as an unorganized timeline. Once all of the information is in front of you, you have to connect the dots. Go through all four phases of building your business plan and make sure when executing everything is recorded and studied to ensure accurate results. There are many different routes to take when starting a business, it just depends on your purpose and goal. Having all components figured out before executing will not guarantee success but it is a solid stepping stone to stand on. 

5. What is my role in this ecosystem?
Unfortunately, I am still trying to decipher what my role would be in the ecosystem. But if I had to choose a couple right now I would gravitate towards lifestyle, small business, or social. I’m currently involved in a lot of different fields such as IT, Sports, and Arts.  But I am also interested in venturing into other fields such as Health and Beauty or even Entertainment. Being one person with a lot of ideas and having friends with a lot of opinions can definitely put a hold on my progress and decision-making. So right now I am deciding to focus on what I am involved in right now and using my knowledge to excel with whatever I want to do.