Overall Personal Reflection: Not A Farwell
A lot has transpired over the past couple of months thanks to the venture creation class that I otherwise would not have had the pleasure of experiencing if I were not to have enrolled and “stuck with it.” I must say that initially embarking on this academic journey, I was very apprehensive and confused, but I would later come to realize that although I was entering unknown territory, the journey that lay ahead was one that would open my eyes to a whole new world in more ways than one. Both the aspects of actually starting a venture and integrating the concept of 3D printing lay at the heart of the class and made for a very challenging semester long project that was filled with a lot of sweat, tears, and fun.
From a personal standpoint, I had never actually thought of starting an entrepreneurial venture and only had the faintest of ideas of what actually compromised a sound business plan and concept. Here, coursework at Baruch tends to not stress chance and risk, we are taught to be risk-averse for the sake of the longer time horizon. Compounding this is the fact that I am an accounting student and here conservative measures and doing things “by the book” are principles that are constantly emphasized. I definitely learned that there are many contingencies and components that must be thought of when considering a venture. Also, no matter how original your idea may be, there will always be some type of competition no matter how unique or different you may think the product or service actually is; substitute goods/services. To provide insight on this, my project had to do with the production of 3D printed in-ear monitors, and although 3D printing itself is a new technology, competition exists in a wide array of forms from mass market offerings to specific niche companies that create custom products. As a matter of fact, 3D printing too was very unfamiliar to me as I had never actually bothered to take a vested interest in the emerging technology. I honestly had thought that this was just far-fetched sci-fi tech that may be a nice idea some day, and one that would probably materialize items out of “thin-air,” but this initial uninformed notion would too come to change.
Concerning 3D printing, it is a technology that will undoubtedly change all facets of life when the technology actually matures to the point of adoption by the masses. Technology in general is constantly becoming cheaper, more effective and efficient, and most importantly accessible; 3D printing is no exception. There are many ongoing efforts currently in process by researchers, hobbyists, institutions, organizations, for-profit entities, etc…. that will undoubtedly and inevitably develop and “bear fruits.” From medicine to food to bio-engineering, 3D printing technology is developing into a force that will shake the conventional and traditional landscapes of industry and life. A lot of excitement lies in the future and the potential of the technology and I personally cannot wait to see how it develops. Here, without this particular class, I worry that I would not have been exposed to such a potential “game changer” unless I were to by chance come across a highly publicized story, and even then, I would only have a very basic interest and a rather uneducated and thus inaccurate notion of the concept as a whole.
Concerning my personal strength and its development, I would come to learn that this is tied into my keen desire for detail. This positive/negative quality (depending on how one looks at it and the circumstance it may apply to) allowed me to dive deep into the “MyBud” in-ear monitor project and explore technology not only in a pure manufacturing sense that encompasses the use of 3D printing equipment, but complementary technologies such as a 3D ear-scanning system developed by Lantos Technologies. Adding to this, my product would come to evolve into having actual components that can actually be feasibly constructed and thus become a real product. Undoubtedly, the fact that I had an actual tangible idea that can be materialized makes me feel a great sense of accomplishment as I recall all my efforts and struggles. Focusing on the struggles, much research needed to be done into both 3D printing, the actual creation of the venture, and the development of the actual product. Again, two notions were very unfamiliar to me and they were the technology and the venture creation process. Here, many hours were spent scouring Google and digging deeper and deeper clicking through sites and adding them to my favorites until I had a few new “favorite sites” added to my bookmark bar; I’d estimate approximately 100 in the bookmark folder. The whole learning experience was wonderful as it was hands-on, and the amount of time and effort put forth was exactly what the end result yielded; it was a culmination of all the efforts and time spent. Thus, if I can go back to late January when I was first starting the course and give myself advice, it would definitely be to work only part-time so that more effort can be devoted to actually exploring all the interesting facets of 3D printing. Adding to this would be to come in with more realistic expectations of the technology and its limitations so that a more “concrete” business plan could be developed for the project. Regarding the future, I plan to take a concept that has been stressed during the last few weeks of class and utilize it; take a chance, failure is not bad. Indeed, entrepreneurship may have risks, but one can also bear substantial rewards for taking a chance on an idea. If one does not try something, they will never actually be able to know if it will work or not (much like asking a girl out; personal story, but I wouldn’t have a fiancee if I didn’t!). This notion of risk-taking and integrating it with expectations of what embody a venture will definitely be a part of my future at some point in time because there is a desire to open a business. However, as it relates to 3D printing, I just do not 100% know yet, but I am now much more aware and open to the concept 🙂
–