Author: admin

Based on all of the work you’ve done on your venture, the current state of the economy, and the hope for reopening, reflect on how context has shaped your decisions. How different would things have been if it had been “normal”? Does your business stand to gain or lose anything from a return to normalcy?

Context has definitely shaped the decisions for our venture in a number of ways. To begin, if things had been “normal,” Lilly (my business partner) and I would have been able to meet frequently in person. Meeting online definitely allowed us a bit more flexibility, but that liberty was quickly negated by our heavily intense course schedules as seniors, as well as navigating the COVID-19 safety restrictions of the college. It was difficult to focus on creating and maintaining a business venture with so many different things in flux – from housing situations, managing close contacts, to even eating in/outside of the dining hall. It was hard to have stable footing at all this semester mentally, let alone to have the sanity to manage a new business. If things had been “normal,” I’m sure that Lilly and I would have been in much improved mental states without the external, incredibly stressful stimulus of COVID-19. Furthermore, we also would’ve had access to a lot more resources, both physically and monetarily. We were both affected financially by the pandemic, and as a result had overall less money to invest at the onset of the business. In “normal” circumstances, we would’ve had more finances to contribute for the foundation of the venture, and in turn would’ve worried less about losing resources in the “trial & error” process, (i.e, we lost a few bandanas we paid for in the sublimation process) as well as investors believing in/supporting the business. Given the pandemic’s effect on personal finances, it also seemed that people were less included to purchase a novelty item, such as a bandana for their dog. As a result, we had to put more effort into advertising and publicity to promote the product, both online and through word of mouth. In normal circumstances, people would’ve been more eager and financially capable of purchasing the product.

With these points highlighted, our business stands to gain much from a return to normalcy. As financial stability returns post-COVID, potential customers will be more likely to engage with the product. Additionally, as our personal finances improve with the uplift of the economy due to people returning to work, Lilly and I will be able to put more money into the business, as engage with more potential investors who will do the same, as well as hire more employees to help us. Lastly, with the mental health struggles of COVID-19 out of the picture, Lilly and I will be able to focus wholeheartedly on the growth of the venture, with less external anxieties and pressures (social, emotional, etc.)

I would currently invest in my venture. Firstly, in regard to financial projections and our breakeven analysis, we were able to formulate direct material per unit, legal, and other variable costs at values that allows for a healthy margin for the business. Essentially, we have conducted strong research to make our major costs per unit (the bandana itself and the screen printing) reasonably low, and therefore feasible to expand upon to get the business going. Additionally, based on student/faculty populations of colleges and universities in the surrounding area (where we plan to first launch our business) we have estimated a minimum sales for each period, and in turn how many periods it will take for us to have enough sales to breakeven and make profit. With these numbers and research in mind, our financial projection is in a good and stable place – which is a major element that investors look for before deciding whether or not to invest.

Next, we have also done extensive market research. We have decided to not solely market to college students, but rather also those with pets who are accessible and directly part of their households – professors, parents of students, and alumni – which creates a greater customer pool. In addition to examining potential customers for the product, we have also researched the pet accessories industry and have made note of the trends, competitors, and the monetary value of the industry as a whole. Regarding competitors, we found that essentially none of them incorporated a philanthropic element into their sales, as we plan to – which excites us, and we feel will set us apart (along with our unique designs). Additionally, we were pleased to find studies that demonstrated that the purchasing pet of accessories and choosing to clothe a pet with decorative, spirited items is not only popular among Gen Z, but also with Millennials and Boomers – thus increasing our chance of sales and popularity with a variety of generations. We have to do a bit more research about our older customers, but as of now we have strongly monitored our collegiate audience – the channels with which they receive information, their preferred design aesthetic, and how to best promote the product to them. Furthermore, we have a game plan for how to get the word out about the product and are excited to enact it.

We are pretty close to achieving meaningful milestones – such as printing our first bandana! We have an original design prepared for the first school we’re launching at (Muhlenberg) and were careful to not step on anyone’s toes regarding copyright in the design creation. We are currently finalizing the screen printing details, which will be our last step before we are then able to print a bandana. Investors like to be able to see and interact with the product, which is on the way. To put the company over the top, we need to really demonstrate the potential for expansion for the venture, and the power of its impact. We eventually want to help animal shelters across the country through the selling of these bandanas, with the ability to sell collegiate-themed pet accessories nationwide. Therefore, as a next step, we will pitch the venture to additional animal organizations (both in and out of the Lehigh Valley) to create partnerships and see who would like to collaborate with us. Those partnerships will help us establish local roots with animal-loving communities across the country, while also contributing to a meaningful cause.

I believe that our venture offers compelling value to investors, and am excited to continue to bring it to life.

In a co-founder or founding team, I need someone with financial training. Since I’ve paired my entrepreneurship minor with a theatre major, it’s very important to me that I team up with someone who has a mathematical, monetary-minded skillset. I’m capable of managing a budget, determining how much we need to sell to break even, etc – but I need someone who knows financial management like the back of their hand. Since investors at their core are deciding whether or not to give us money, it’s incredibly important that we have someone on the team who can prove they know how to distribute and most effectively utilize that money, as well as crunch the numbers to show the investors exactly how their investment will pay them back in the long term. My skillset is artistic and digital – I am skilled in website building, graphic design, social media management, and marketing. I enjoy the more people-oriented side of business – pitching the idea to customers/investors, and analyzing customer profiles and behavior. To compliment these skills (and my overall extraverted attitude) I would greatly benefit from someone more “behind-the-scenes” and mathematical on my team.

Throughout my college career, I have met a few individuals who I think embody the ideal partner for me. I have a friend Matt who shares my creative spirit, but is studying both business and accounting – I think he compliments my energy well both personally and professionally, while providing new, helpful knowledge that I don’t currently possess. He does not go to Muhlenberg, and we’ve known one another since high school – we tried our hand at starting a venture in 2016, where we began our own successful theatre company for kids. We made a profit, and the theatre is still functioning to this day with online classes. I imagine later in life we will continue to create more artistic ventures together with our combined experience.

I think the way I would divide up a company’s ownership among partners varies on the initial breakdown – who came up with the idea? Who is going to be the “face” of the company? Who has control over what aspects – marketing, finances, etc. I believe that whoever initially had the idea should get slightly more equity in the company, as the company would not exist without that idea. However, I think it’s also important to keep in mind what equity percentages will encourage partners to be loyal and satisfied. For example, if I’m getting 10% and my partner is getting 90%, I think that breakdown is too low and might cause partners to be unmotivated or leave the venture.

As a result of listening to the podcast, my thoughts on co-founders and equity split have been reaffirmed in some aspects, and changed in others. I was validated in my idea about having somewhat of a fair split. Alex’s potential business partner was very dissatisfied when only Alex offered him 15% in their conversation about equity. He told Alex that with that percentage, it would feel like he was working FOR Alex, rather than WITH him; it would feel like a job rather than two cofounders managing a venture. I do think Alex was right in wanting more of the pie – because he did have the idea for the venture (and as I mentioned above, I feel that is important to equity). I think the compromise they came to is solid, and will make Alex’s cofounder feel like a respected, valued part of the company. Regarding co-founders, the podcast also affirmed my thoughts about finding one. It has to be someone you can trust, who you can see a future with in managing the company. Alex mentions that his co-founder Matt sent him a business plan when he did not know how to create one – emphasizing that a good co-founder fills in the gaps and compliments your skillset with their own.

I believe that the craft of pitching seems simple at its core, but is also incredibly complex. It seems to be filled with paradoxes – you want to introduce a new concept, but in a relatable way. You want to make investors feel like they’re part of something much larger than themselves (as Alex notes via his choice to include bold numerical statistics) but you also want to seem personable and realistic with your goals. It seems that the art of pitching is learned like most things, with practice – as shown when Alex pitches to Chris, takes Chris’s notes, and then rephrases/tries again mid-pitch (and sometimes mid-sentence!) I also feel that a good pitch is pivotal to the success of a business, for a number of reasons. Firstly, as Chris notes, a pitch forces an entrepreneur to boil down their idea to a short period of speaking time; they must succinctly and coherently express the problem, how the company will solve the problem, and how solving that problem is going to make large amounts of money for all involved with the company. If any part of the company’s mission or launch plan is too complicated or unfeasible, having to create a pitch will expose those issues; this roadblock can help the company to reexamine its strategy and priorities – which is what Alex ended up doing as he worked with both Chris in episode 1 and his friends in episode 2 to rephrase and summarize the company’s goals. A good pitch is also necessary for the more obvious reason – to gain support and money from investors! I also greatly admired Chris’s approach with Alex’s first pitch in that he was able to pitch the concept back to Alex – showing him just how concise and enticing he could boil it down to. I feel that a good pitch has to be engaging, informative, and personal – which was shown in Alex’s decision to include an anecdote from his life in his second pitch. I also loved the idea that a pitch should leave the investors with FOMO (or fear of missing out) on a great opportunity, as if you’re inviting them for a ride they won’t want to miss.

Personally, I feel that delivering pitches is an exciting opportunity to present an idea you’re passionate about. Especially with my theatre background, being an engaging, exciting public speaker has been ingrained in me from a young age, and has only strengthened with the academic support of my theatre major. As an actress in an audition room, or a playwright to a theatre company deciding their season, I’m constantly pitching myself and my work. I don’t have any reservations about speaking in front of strangers, and do not feel incredibly intimidated by the “investors” of the theatre world (i.e directors and casting teams), for I feel that if I have enough confidence to essentially pitch “myself” as a theatrical artist and work I’m passionate about, I definitely will have the drive and confidence to pitch a new product or service. Theatre as a business is driven by receiving feedback/taking notes and implementing them, so I’d be eager to receive notes about my pitching style and improve from there. Lastly, since so much of my experience in the arts involves personal elements, I’d feel very comfortable using the tactic of personal anecdotes (as Alex mentions) to add an element of vulnerability/relatability to my pitch for investors.

Coles and Nichols discuss that a documentarian’s location is reflected through their voice. This is shown in Agents of Change as the creators developed the documentary with young people in mind, just as they once were when they protested. Their location is one with the intention to inspire young people to create change.

Nichols mentions that voice is more than just narration in a film, but rather the choices made to construct it.

This idea is shown through the creators of Agents of Change’s choices in the structure of their film. Their choice to include the protestor’s former, younger selves in the background of their interviews shows that their voice has not changed. Even as adults, they still believe that issues of racial inequality in education need to be combatted. They know that history tends to repeat itself, and that it is necessary to encourage the next generation to stand up for what’s right.

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pg. 91- a documentarian’s report will be strengthened by what’s witnessed…

• the agents of change creators were part of the action that they’re depicting in their film, makes their approach more specific and powerful. they are primary sources, they witnessed the event
• the creators absorbed sights and sounds that made the experience unique to them
• highlights sensory experience to be conveyed in the documentary- gunshots, yelling of protestors, newscasts
• the students were there, they are experts in what they experienced because they’re the ones who lived it

Style

One thing that I found interesting in Nichols’s article was when he mentioned that the voice of a documentary is not strictly limited to what is verbally said. Common literal voices found in documentaries are the narrator or authorities on the subject who are often not seen. Nichols mentions that “the voice of the documentary speaks with all the means available to its maker”. In this statement, Nichols is referring to the cutting, editing, and framing of the shots. In addition, he is referencing lighting, sound, clip chronology, and intention of the film. Nichols argues that all of these elements work together to create a voice for the film. I found this interesting because I was under the impression that the voice of a documentary was strictly the creator’s narration, or the obvious voice. I didn’t realize that it had so many deeper layers.

One concept that I discussed in my Stranger with a Camera essay was Barrett’s ability to depict both sides of the murder story due to her location. Barrett is both an insider and an outsider, because she is from Kentucky like Ison but is also a filmmaker like O’Connor. Therefore, Brett could relate to both parties in the conflict and as a result felt an obligation to give both sides equal attention and treat them with respect.

https://nyti.ms/2Fs08S4