From both of these entrepreneurial journeys, I discovered the market opportunity for Reservoir Jewelry and the need in the community for my solution of high quality, affordable, hypoallergenic polymer clay earrings. This need was supported by the statistic from Statista which states that "49% of people prefer to buy jewelry from small businesses" based on a 2022 poll. I also learned the design thinking process, which helped me reevaluate the problem in my community and how my product would help to solve this need. Since I had already ideated, prototyped, tested, and implemented my product before, I restarted this process by first empathisizing, or conducting research, about the need in my community for afforable polymer clay earrings. Then, I defined the problem through my value proposition which served as a basis for how my product is better than competing vendors. The process of bookkeeping was also very helpful to learn in order to understand if my microbusiness was making profit or losing money. It also broke down my direct costs and other expenses that had to be deducted from my profit. Overall, what I learned through these experiences will help my business be more successful in the long run by understanding how my product differs from similar vendors and developing more thorough finanacial tactics.
This experience has highlighted that I need to develop my skills in the marketing side of my business. To address this, I intend to further develop the branding of my microbusiness with a more cohesive table design, as well as business cards and new signage. I will also market more through the instagram account for my business and try to sell through that platform, like I did in the past. I realized that the word "Reservoir" is hard to spell and with proper signage and business cards, people would be able to better find me if they would like to purchase in the future.
My entrepreneurial journey this semester has reignited my passion for creating. The entrepreneurial characteristics of creativity, curiosity, resilience, and communication were exemplified this semester through my devotion to my business. These traits will benefit me in my future endeavors by challenging me to think outside of the box in whatever job I end up in. The communication that I gained while marketing my earrings to customers at the Pop-up was useful in building my confidence as an entrepreneur and this trait is especially useful to communicate successfully in the workplace. My resilience was revealed in the lack of sales I faced in the beginning to the 4 sales I had at the last pop-up. If I choose to continue this business in the future, I believe these traits will set me apart as an entrepreneur through my passion to create and the curiosity and resilience to deal with any challeneges I face along the way as a small business owner. Hopefully, I can continue to create and grow Reservoir Jewelry, despite working a full-time job next semester.