Logan Russell's Reading Reflection No. 3

For this assignment, I read Inbound Marketing by Brian Halligan and Dharmesh Shah. 

1.    The general theme of Inbound Marketing is discussing and analyzing the changing landscape of marketing and explaining what these changes are, how they impact marketing as a whole, and how to best adapt to these changes. Highlighted specifically are the impact of new technology and social media in the marketing realm.

2.    This book connects with and enhances what I am learning in class in a number of ways. For starters, this book dispenses incredible facts and advice about marketing, which is a huge factor of growing and maintaining a successful business. I have been able to use the information I learned from Inbound Marketing to both understand how to best get my idea recognized and on its feet but also how to better understand my target consumer through marketing. 

3.    If I ever had to design an exercise for this class based off of Inbound Marketing, it would go something like the following. I would ask the class to develop a marketing strategy unique to their product. This strategy would involve extensive research in order to conclude how to best reach out to their target consumer. Once the students have figured out their strategy, they will use it on real consumers and record their responses. 

4.    The aha moment I had with this book was when I realize just how important a factor marketing really was in the entrepreneurial process. Before Inbound Marketing, I knew marketing was essential, but I didn’t realize the scope of just how much relied on a strong grasp on modern marketing and marketing strategy.

Logan Russell's Celebrating Failure

1.    One of my greatest and most frustrating failures occurred when I repeatedly attempted to receive my driver’s license. I had dedicated hours to doing the online coursework and managed to get through that and onto the hardest part, the actual driver’s test. The first time I took it I failed miserably. I took it again and failed a second time, but that time it was worse because my instructor was a brutish, frustrated jerk who made me feel severely uncomfortable. It wasn’t until my third attempt that I ended up passing.

2.    I learned a series of things through this experience. The most important takeaway I would say was that sometimes I will have to deal with unsavory people in order to get through things. But the main thing is to adapt and overcome to see the problem through and come out on top. I also learned the significance confidence has on performance, as I strongly believe that I would have done significantly better on my tests if I had more confidence in myself and in my ability. 

3.    I believe failure at its root is an opportunity to learn and improve; society ingrains the thought in us that failure is intolerable and toxic toward success. I handle failure by working through it emotionally and then remembering that the sun will still rise the next day and that if I learned something from it, it was meant to happen. I would definitely say this class has changed my mindset on taking risks in a positive way.

Logan Russell's Your Exit Strategy

1.    Deciding how to exit my business was actually a much harder decision than I thought it would be. I have given so much thought into what it would do and how it would be ran and operated that I found myself surprisingly unequipped to answer the question. But after giving it a considerable amount of thought, I decided that I would give my company to someone much more capable of leading it five or so years down the road of it finding success should it do so. 

2.    I selected that exit strategy in particular for a number of reasons. The primary reason is that despite it being my idea, I am almost certain that I will want somebody more qualified and experienced to really take it to the highest high. While I don’t doubt my abilities to materialize this idea, I do doubt that I of all people should be the one to see it into maturity. Another reason is that I anticipate wanting to spread my wings and try other things in life, and holding onto the business might hinder that exploration. 

3.    I honestly think my exit strategy has had little to no bearing on the growth or decisions I have made on behalf of my idea. I never planned to have lifetime involvement in this idea; all I committed myself to was getting it from idea to reality, which is exactly what will happen.

Logan Russell's Whats Next?

Existing Market

With my venture, what I think comes next would be to find a way to distribute the movies we help fund. The first step in that direction would be to host sort of a film festival showcasing the films the site helped fund. This would get the films a good level of exposure, but I think more can be done in that department, which is why I bring up distribution. If we can get a contract with cinemas to show these movies, that would be the solution. 

My interviews were with Charles Cranley, a film student and filmmaker, Diane Leeman, a script editor, and Kevin Fine, a boom operator. All three have great experience in the film industry and were more than qualified to answer the questions I had about my product. When I asked them what was next for a venture like mine, they all agreed with the plan that I laid out, saying that it was indeed the logical next step for a service like mine. Upon describing my business to them, they said I should consider becoming a place where original content is made by users of the service which I thought was a remarkable idea that I immediately added to the grand scheme of my opportunity. 

The first step for the future based upon the feedback I received from my interviews would be to continue thinking about my plans of distribution. I believe the concept of hosting a festival showing off the work of our clients is strong and will be mutually beneficial to us and to the filmmakers.

I believe following this up much farther down the road will be producing our own content, much like what amazon does now. We would utilize the filmmakers and personnel we helped, which again will be mutually beneficial for us and them alike.

New Market

The market I will be using is the actual movie theater market, or talking directly to movie theaters. My venture concept will generate interest from this market because should I continue with my plan with the idea that I will make deals with this market to show my clients’ movies, then this market will make a huge profit. 

My interviews were with Marc Richman, an employee of a film distribution company, and Raul Ballesteros a manager at a local movie theater I frequent. Upon telling them both of my concept they both agreed that it could prove lucrative by bringing people to theaters and promoting the content of the filmmakers I assist. 

What surprised me the most about learning about this market was how receptive they were to my idea. I anticipated that there would be a positive reception, but I didn’t expect it to be the level it was at. I am now confident that I want to incorporate this market into my own. 

My expectations were correct in that I was expecting a positive response; I knew that this idea would be lucrative so I went into this with a level of confidence. While this market is very intriguing, I want to stick in the market I am in now, serving the people of that market. This is because I want to work with the underdog; the cinema market is doing just fine, so I am not as attracted to it. 

Logan Russell's Venture Concept No. 1

FilmFunder Venture Concept

Opportunity The forces or changes in the environment that are creating this opportunity are the dynamics of the ever-changing film industry. Currently, studio produced blockbusters are dominating the film market leaving scraps for whoever’s left behind, in this case independent filmmakers. The industry wasn’t always like this, but the condition it is in now has left a severe imbalance that must be restored so everyone has a greater chance to showcase their work to the world.

The market my opportunity is designed for is based geographically in Los Angeles, California primarily and made specifically for young independent filmmakers without the means of producing their own films. My location is Los Angeles because obviously that is the hub of filmmaking, so most people will be there.  And my demographic are young individuals because most indie filmmakers are younger and lack experience. 

Customers are currently satisfying this need through a number of different options with varying degrees of success. The primary method independent filmmakers are coming up with budgets are through crowdfunding sites such as gofundme and Kickstarter. Filmmakers use these sites to get people contribute small amounts to their overall budget, often in exchange for incentives. There is very minimal loyalty to these sites because more often than not the financial goals are not reached and people try different sites hoping that the end result will be different in a positive way. 

This is a very big opportunity for a number of reasons. The first of these reasons is that the need is there and has never been more prominent in the history of the film industry. Never before has the financial gap between studio produced and independent filmmaker been this big. Because of this disparity, the independent filmmakers can use all of the help they can get, which is where my idea comes into play. I am not trying to change the industry; I understand that there is nothing that can change how the film industry operates. I am simply trying to find a way for independent filmmakers to showcase their work to the world in a cost effective manner. 

I’ve got a pretty good feeling that the opportunity that the window of opportunity for this idea will be open for a significantly long time. Like I said before, the industry is set in its way the way it is now; it would take a catastrophic event to even chip away at its current formula. Because of this, my opportunity has the chance to thrive because the environment is ripe for its need. 

Innovation My idea is creating a crowdfunding platform with the specific purpose of funding independent films of all kinds. A filmmaker will request how much money they need to raise as well as what they will offer those that contribute to the film’s budget. Possible investors can choose however much they wish to contribute, much like other crowdsourcing sites. Money will be made by taking a percentage of the money raised by the effort should the goal be reached. We also aim to showcase the work of the films we fund by putting together something like a miniature film festival displaying the movies. Through this, the films will get the exposure they may not have otherwise. 

Venture Concept I think the main reason customers will switch to my product from other crowdfunding platforms is because there doesn’t exist another such platform that caters specifically to filmmakers and raising money for their budgets. Because of this, I anticipate that it will not be very hard to get people to switch because of how there is quit literally no one else like us in the field currently. The competitors currently are other crowdfunding sites like gofundme and Kickstarter. Even though they do not cater to the aforementioned niche market we do, they are very popular so they are a competitor nonetheless

Three Minor Elements

My most important resource will be my well-established connections in the film industry to give me insight as well as business. Through years of cultivating strong bonds with fellow film enthusiasts, I can confidently say I know my market and they will warm up to me once I hit the scene. I am almost certain of it. What lies ahead for the venture is currently fairly up in the air. I cannot predict how well things will go should my product hit the market. But my hopes are that we will be able to expand our services in quality and scope should we encounter success right out the gate. What lies next for me would be to cultivate the idea to the point where I would feel comfortable passing it off into more capable hands and then move on with whatever my life throws at me next. While I am passionate about my idea, I know others can maintain it far better than I. 

Logan Russell's Your Venture's Unfair Advantage

1.    Financial Backing
Valuable- Financial backing is incredibly valuable in any entrepreneurial endeavor, and I am fortunate enough to have this backing should I choose to pursue my idea in the future.
Rare- Financial backing is not rare by any stretch of the imagination; anyone who has an idea and the means to get it funded could easily do so, since in class it was said $10, 000 was the average amount necessary to launch a startup.
Inimitable- Like I said before most people have access to this amount of money, so financial backing is very imitable.
Non-substitutable- Financial backing is very non-substitutable; money is all but a requirement to actualize practically any business idea.

2.    Family Connections
Valuable- My family connections, considering what they are, are incredibly valuable towards my idea; I believe they could not be actualized without these connections.
Rare- These types of connections I believe are quite rare; not many people have family connections that are poised to bring an idea to new heights.
Inimitable- I believe family connections are truly inimitable in the business environment.
Non-substitutable- In my situation with the idea I have, I believe there is no substitution for these connections.

3.    Film Industry Experience
Valuable- For what my idea is, having film industry experience is crucial to the success of what I would be trying to launch.
Rare- Film experience is not at all rare, as most people living in Los Angeles have some form of it up their sleeve.
Inimitable- The experiences in film I have anyone else with the same connections could have as well, so it is very imitable.
Non-substitutable- I believe this industry experience is important and cannot be substituted for much of anything else. 

4.    Film Knowledge
Valuable- Knowledge of film and the industry as a whole is incredibly important and valuable
Rare- This type of knowledge is not rare; many people possess it
Inimitable- This knowledge is highly imitable since anyone who wants to learn about the industry has the resources to do so.
Non-substitutable- This knowledge cannot be substituted in this endeavor; it is necessary for understanding the target market.

5.    Outside Connections
Valuable- I consider my outside connections incredibly valuable to the success of this endeavor.
Rare- Most everyone in Hollywood has non-familial connections, so it is not at all rare.
Inimitable- Anyone can make connections over time, so they are highly imitable.
Non-substitutable- Connections are definitely non-substitutable all of the time; I believe they are essential to the plan.

6.    Outside Experience
Valuable- My experience outside of the film realm is still fairly valuable to my overall plans.
Rare- My outside experiences are very run of the mill; there is nothing rare about them.
Inimitable- These experiences are highly inimitable, anyone could have similar ones.
Non-substitutable- These experiences are highly substitutable; their presence has next to no bearing on the success of my idea. 

7.    Outside Knowledge

Valuable- I believe my knowledge outside of the film industry has a fair share of value. 

Rare- There is nothing rare about my outside knowledge; most students have the same amount of it.
Inimitable- My outside knowledge is highly imitable; most people can replicate it and it possesses no uniqueness.
Non-substitutable- My experiences could be easily substituted for anybody else’s.

8.    Travel Experience
Valuable- My travelling experience is quite crucial to my idea and very valuable in my opinion.
Rare- There is nothing rare about my travel experiences.

Inimitable- My travel experience is highly imitable.
Non-substitutable- My travel experience is very non-substitutable.

9.    Market Knowledge
Valuable- My knowledge of my target market is hugely valuable in this endeavor.
Rare- There is nothing rare about my market knowledge
Inimitable- My market knowledge is highly imitable.
Non-substitutable- My market knowledge is very non-substitutable.

10.  Motivation
Valuable- My motivation to keep this opportunity alive is very valuable to my overall progress in materializing my plans.
Rare- There is nothing rare about my level of motivation
Inimitable- My motivation is highly imitable.
Non-substitutable-My motivation is very non-substitutable.

My top resource are my family connections; be them what they are, without them my idea would have practically no chance of materializing and I wouldn't have the knowledge to carry my plans out.

Logan Russell's Elevator Pitch No. 3

2. Reflection: Much like the first pitch, I was very happy to see that I had received some positive feedback from my peers on my final elevator pitch. Like before they gave me great comments on the feasibility and content of my idea and supported its necessity to the film industry. Also like before, I got a great smattering of constructive criticism that I found really insightful and am eager to put into practice in the near future. One of the best pieces of advice that I got was to again delve deeper into how I generate revenue. I was given the same critique after the first elevator pitch and thought that I had properly rectified it this time around, but from what I heard it would do me good to further elaborate. I was also told that my most recent pitch was far too long, which is totally true and I was able to fix it this time around. 

3. Like I mentioned before, changing the length of the pitch and elaborating on certain points were the main takeaways of the critiques and is what I changed in this final pitch. I do agree with the prompt; I found that I had memorized the pitch at this point, that I had gotten very comfortable delivering the pitch, and that the pitch grew in overall quality. 

Logan Russell's Reading Reflection No. 2

For this assignment, I read “Mindsets” by Carol S. Dweck. The book explores the differences between growth and fixed mindset, discussing how different aspects of life are hugely influenced depending upon which mindset you possess. 

1.    The general theme or argument of the book is centered around embracing the growth mindset, which stresses learning from every experience, be it success or failure. Adopting this mindset means that outcome of the situation is less significant than what is gained from it and how it is applied to the next challenge. 

2.    This book connected with and enhanced my learning experience in this course by making me realize how much of entrepreneurship as a whole is based upon the growth mindset, and how important it is use that mindset to become and remain successful. The book gives several examples of different CEOs and which mindsets they used and how impacted the businesses they ran

3.    If I were to design an exercise in class based upon what I learned in this book it would go something like the following. I would divide the class into two groups, one using the fixed mindset and one using the growth mindset. I would give the two groups the same task. I would tell the people in the fixed mindset group that you are either good at the task or you are not; there is no in between or room for improvement. I would tell the growth mindset people that the more you practice the task, the better you will become. I would then assess the results.

4.    The biggest surprise or aha moment I had while reading this book was realizing just how much the mindsets played out in my own life, particularly the fixed mindset. Dweck went through dozens of situations in which both mindsets were applied and I was shocked to see how many of the fixed mindset qualities and the results aligned with how I operate on a daily basis. This book made me understand the significance and consequences of going through life with this mindset, and gave me the tools to change my mindset.

Logan Russell's Elevator Pitch No. 2

2. Reflection of Feedback: I was very pleased to see how well my last pitch was received by my peers; they all were very enthusiastic about the prospect of my ideas and how they had a practical want and need in society. They spoke of my natural enthusiasm and knowledge of the topic, which I was very excited about seeing that it shone through in my pitch. They also gave me some really good constructive criticism as well. The main piece being how I did not touch upon clearly enough how I would consistently generate revenue through my service. This observation was a great piece of information that I strived to include more thoroughly in my next elevator pitch. Beyond that, even though I got a lot of positivity, I am looking to polish my pitch overall the next time around so that I personally can be satisfied with my work.

3. Based upon the feedback I received from my peers, I sought to more thoroughly explain both the intricacies of how my product will work as well as how it will generate revenue consistently. I will admit to being more or less ambiguous in my first pitch, but I resolved to make my decisions more apparent in this pitch and I sincerely hoped it showed. No matter how many times I practiced the pitch, however, it was never as short as it needed to be, so I left it the way it is.

Logan Russell's Create a Custom Avatar

My avatar’s hobbies include filmmaking obviously; not only is this their passion and primary source of income, but it is also a hobby that they enjoy whenever they have a free moment of time throughout the day. They also enjoy writing, reading, hanging out with friends, and of course going to the movies. They drive a car that is beat up and probably quite a few years old; LA is an expensive place to live, so there is no room for a tune up or a new car in their budget. It’s a black, white, or blue car, one of the more standard colors that most cars come in. They watch all sorts of TV shows in order to look for inspiration for their next film project; they run the gamut by watching sitcoms, thrillers, talk shows, dramas, etc. Because they are young people focused on their career, my customer avatar does not have children; they can’t afford to have them right now. Because they don’t have children, none of them could be adopted; however, that is an avenue they might explore later in life. Their favorite books are genre books, fantasy and horror novels and thrillers, again for the reason to give them inspiration for their next work. They are, like most in Hollywood, a liberal, so their favorite politician would lean on that side of the political spectrum. These are young filmmakers, so they tend to be between early twenties and early thirties. They feel as young as they are; their enthusiasm for their work and dedication to their vision make them an unstoppable force.

I have a great deal in common with my avatar, and I highly doubt it’s a coincidence. I have all of the same hobbies as my avatar and the same dedication to seeing my vision become a reality as they do. Because of where and how I was raised, on the West Coast by a family in the film industry, I have much of the same know how as my avatar, and I am equally as enthusiastic to show it off through my work. Although I do not intend upon becoming a filmmaker, me and my avatar’s circles cross lines in many places.

(Here is my custom avatar!)

Logan Russell's Idea Napkin No. 2

1      You I am a University of Florida sophomore who is currently double majoring in telecommunications management and business administration. I am from Los Angeles, California and have every intention of returning in order to pursue entertainment law in the near future. My talents lie mostly in my knowledge and understanding of the film industry. I have mastered the art of screenwriting, learned the skills involved in cinematography, producing, and directing to a tee, and have very intimate knowledge of industry trends, political and business trends alike. Like I mentioned earlier, I want to pursue entertainment law upon returning to Los Angeles. I could easily see my business idea playing an important role in my life; this product of providing funding for independent filmmakers is the personification of my belief that even the smallest and most unknown filmmakers should have the chance to have their work shown, and I can very much see myself fighting for that right in entertainment law.

2      What are you offering to customers? I am offering two things to two separate demographics of customers. My primary focus is operating a crowdfunding website specifically geared toward fledgling filmmakers. This website will link up the filmmakers with possible investors and donors who would be willing to fund the work. 

3      Who are you offering it to?Like I said before, my product is geared toward two different groups of people. The first group are independent filmmakers who lack the necessary resources and/or funds to produce the film they want to make. The second group are people willing to fund and invest in the dreams of these filmmakers through the source. 

4      Why do they care?Customers will pay good money for this because it gives them the opportunity to get their visions actualized. This product could be thought pf as an investment by a filmmaker in ensuring that their movie will have the proper funding and distribution it deserves in a collaborative environment.

5      What are your core competencies?Like I mentioned in the first question, I have incredibly comprehensive knowledge of the goings on of the film industry. For years I have learned as much as I can about film culture, business, and trends, and I believe this knowledge sets me apart in an important way. 

Evaluation I found that every element of this assignment jives with one another in a way that each branch supplements the other. My knowledge about the film industry and my entertainment law aspirations make an idea like this quite viable in my mind. Utilizing all of these aspects and seeing how well they jive with one another makes me confident of the success of such an idea.

Feedback Memo The first important piece of feedback I received was that I have to find a way to make this idea stand out among other similar crowdfunding cites. I plan to do this through catering specifically to filmmakers getting funds for their projects. The second important piece of advice I got was to find a way to ensure the process is more effective that other crowdfunding sources. I plan to accomplish this by offering incentives for involvement that surpass other crowdfunding sites.