Entrepreneurship and Society: Explores Entrepreneurship using five values. Value in Use, Value in Finance, Value in Fitness, Value in Distribution, and Value in Exchange.
ENTP 1010 is an entrepreneurship-based class that teaches the basics behind entrepreneurial ventures using the scientific method. This class is based around the scientific method that uses 5 values to help validate a product or service that leads to the launch of a company. The five values are, Use, Fitness, Finance, Exchange and Distribution. The basic concepts behind these five values help to form basic framework to start an entrepreneurial venture. In the class we studied multiple different companies and broke down each of the five values for the company. While breaking down the five values for each of the case studies it puts the reality of starting a business into perspective. In order to start a business there has to be value creation. Without value creation the business will be dead very quick. If the business survives there is a reason behind that survival, usually it is because they have a great value in fitness, they are constantly creating new value for their customers whereas the larger companies are not constantly changing for their customers. They are content with their business and if they continue on that path they will end up like Big K or Sears, dead. The toughest thing is starting up a business that is going to compete with the big name players. Within the first year 90% of startups fail, this is for a number of reasons including, poor management, not enough value creation, or too small of a market capture. My dream is to start up a business in the near future, whether that is while I am a master’s student or shortly after I am not sure but this is a dream of mine. In todays information age the consumer is looking for products and services that are faster and more convent for them. For instance Uber, on demand services has disrupted a huge national / global market. A goal of mine is to disrupt the outdoor industry in a similar capacity.
A business based around creating value and creating a good value in exchange is one that can have the opportunity to disrupt large markets globally. I am going to talk specifically about skiing since that has been my main hobby throughout my whole life. The value in exchange for ski resorts specifically in the western region has taken a turn, mainly because of large corporations such as Vail Resorts. A season pass to Vail in the year 2000 was $200 today their season pass costs $790. The big difference is that todays season pass is called the epic pass that works 10+ different resorts in the US and 3 resorts in Europe. As a resident of Salt Lake City there are so many options for season passes but the exchange does not compete with the epic pass exchange. For instance Snowbird costs $600 for one season pass. So in this case the Epic pass has a much higher value in exchange. I am very passionate about skiing, but there is a large issue with the future of the sport, the cost. The ski resorts could be setting themselves up for failure in the near future because people cannot afford to learn to ski. I would love to disrupt this industry to make it more accessible for beginners to learn to ski so that the sport can continue to thrive. This course has helped me to realize that this industry needs to be disrupted in some sort of way and that has helped me to make this a goal of mine.