Final Reflection

1.     I remember when spring semester first started this year. I was already looking forward to it weeks in advance because Fall semester had to be cut short due to personal reasons. I was so excited and once it was already here, it felt so grand and exciting. I was looking forward to starting my classes and meeting new people as well as making new friends. I wouldn’t say there was an ounce of an dread in me towards thie semester

2.     But then….we got hit with an unexpected pandemic and everything took a turn for the worst. Campuses and towns closed down and UF urged everyone to go back home and be with their families in a time of crisis. This is undoubtedly an experience that will be remembered forever. Our kids will learn about this pandemic in history books. This put a severe damper on all the spring semester had in store for all of us. It was quite disappointing might I say. There was so much perspective in my eyes for career events, clubs and gatherings, fitness events and so on. But again it all to be cut short, and who even knows when things are going to get better.

3.     Yes, I definitely feel like I have more of an entrepreneurial mindset. Although I would say coming into this class I already somewhat had one because of my prior entrepreneurial experience, this class definitely  enhanced and solidified that mindset even more than it was before.

4.     Watch the lectures because not only are they informative and relatable, but they are interesting and will really help you focus on getting that entrepreneurial mindset. Sitting down at libwest and watching lectures/taking notes was a highlight of my short spring semester experience this year. And the obvious, just make sure to stay on top of assignments to not fall behind.

29 Venture Concept NO.2

Opportunity:

-       Who has the need: students over the age of 18, people within the 18-40 age range, people who enjoy going out and overall nightlife.

-       Potential customers: people who like going to clubs and concerts, club owners, managers of venues, party and event planners

-       Nature of the need: to avoid losing essential items, getting items stolen, not enjoying time out because of extra baggage and constantly having to hold something or look over it.

What are the forces or changes in the environment creating this opportunity?

-       People are constantly either losing their phones or keys or even worse getting things like a wallet stolen. These circumstances are never fun and are prone to causing a lot of stress for consumers as well as setting a bad reputation for the place in question.

How is the market defined geographically and demographically?

-       Ideally, a lot of places to where my product would fit involves clubs and venues that host events or concerts. These can be found from anywhere to big, urban cities to small college towns like Gainesville for example.

How are the customers currently satisfying this need?

-       They are either taking everything with them and shoving things in their pockets or holding in hand. Or they may not take anything with them at all; which looks good on the surface but during a night out can be a real inconvenience when trying to call or buy something and you just happen to not have your wallet with you.

How Big is this opportunity ?

-       Pretty big

How long will the window of opportunity be open?

-       Until something innovative combines a cellphone, keys, and wallet all in one.

What are the reasons to think customers would switch to this new product?

So they do not risk losing something of value or necessity. For example losing a phone or getting a wallet stolen will come out much more expenisve than just paying the small price to use my product.

28- Exit strategy

1.     For my exit strategy, if all goes well I do intend to sell my business for a large share. With this money I will save and invest into properties in several locations around the world. With the money I hopefully get from selling my business, I will once again invest it properly so that I know I have steady income coming in every month, as well as save some of that money to ensure I can sustain myself and retire at ease.

2.     I have selected this particular strategy because I do not want to be tied to one thing in one place for the rest of my life. With what I get from the share, this will allow me to explore places I have always wanted to see, invest in real estate and other businesses that might serve me well in the long-run as well.

3.     It has influenced me in terms of finding the right investors and partners that I know will help grow my business and help it accumulate more value over time. If you have the right business model and plan, along with the right team, then things should go relatively smooth for the most part, and the results in the long-run should be positive as well.

27- Reading Reflection No.3

1.     What was the general theme or argument of the book?

The Long Tail: Why the Future of Business is selling less of more.

The general theme/argument of this book is essentially how “tomorrow’s” markets belong to those who can truly take advantage of them and all their needs and sectors. More so, this book is about the economics of abundance of a new and improved business model that is starting to sprout as new information about consumers wants and needs are prevailed.

2.     How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

This book connected with what was taught in this course because it shows how powerful the concept of “less is more” truly is. It also emphasizes what were to happen if everything in this consumer-driven world were to essentially become “available” and what would be the outcome of such a phenomenon. Although personally, I pretty much do think a lot of what consumers want and need is already available. But this book delves into how simple and practical innovations can be perceived differently by consumers as opposed to things being made through large corporations.

3.     If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

For starters, I would have each student pick out one very complex product or idea. Then I would have students get into groups and decide on one idea or product that they have each chosen. Next, I would ask for them to pick apart the idea/product and just pick it apart as much as they can so they have different parts to go off of. I would finally ask them to generate a product/idea off of what they have picked apart from that existing product or idea and try to make something simple off of just that one aspect they chose.

4.     What was your biggest surprise or ‘aha’ moment when reading the book? In other words what did you learn that differed most from your expectations?

Something that surprised me was how consumers will pay more attentions to something small and simple when it was made by someone who are “small and simple.” Consumers are starting to drift away from the belief that everything made by large corporations is the best that their money can buy.

26- celebrating failure

 1.     Tell us about a time this past semester that you failed—whether in this class, or outside of class.

This semester sure had its ups as well as quite a few downs. Unfortunately with this unexpected pandemic that loomed over us this semester, a lot of things at least for me fell into question. Overall, I am pretty satisfied with how I am ending the semester in almost all of my classes. There is although on exception. Going into 2020 and picking out my schedule, I was excited about my courses and new professors, but there was one class I  was extremely nervous about and I had my doubts about how well I was going to do. Long story short I have been struggling with this class since the beginning of the semester, and the COVID-19 shift made things even worse. Studying at home is not nearly as productive or efficient as it is back on campus, not to mention it feels impossible to study when my mom is yelling at me every five seconds. It sucks to honestly say that I have to drop this class at the end of the semester because I do not want it affecting my GPA and having it tank.  It is also disappointing because I truly feel like I did the best that I could to try and pass this class. Maybe it was my mistake to take 18 credits in one semester.

2.     I learned that I should try and maybe work on bettering my time management skills when it comes to studying as well as not rushing to register to many classes all at once. It is not really a good feeling when you have to drop a class after going through all that work.

3.     I think that in order to succeed, individuals must go through failure. I just think it is a crucial part of the process. We all obviously handle failure differently, and sometimes it may take more time to cope with that failure than one might think. Some people realized they failed and try to move on as quickly as possible. While others may tend to dwell more and reflect on that failure. Personally for me, it honestly just depends on the situation and the depth of the failure. If it is something like failing a class, I fee, there really is no need to sit and dwell, but rather acknowledge why I failed and what I need to do in order to makeup for it and overcome. I think this class does a good job at teaching us that taking risks is necessary. The bigger the risk, the higher the value or the outcome.

25A whats Next?

Existing Market:

Step 1: Ideally, the next step for my venture concept is to expand into real establishments and get this thing running. I would most definitely be interested in finalizing everything with my contacts up in Toronto and get this show on the road. We already have the units built and designed and ready to be placed in clubs, venues and establishments.

Step 2: I think the main thing my customers want is having an opportunity to go out and have fun without losing and getting anything stolen. They want to have a safe place for their items and as far as I see it, they want nothing more than for us to start launching and placing these units into establishments.

Step 3: What makes most sense is seeing how this works in the first 5 locations and determining whether it makes sense to pursue into bigger or smaller locations. Customer satisfaction and safety is the number one concern and we want to see if these things are going to be followed correctly. Not to mention, based on feedback from a wide scope, this seems like a product that people will pay to use and it should take off well and smoothly.

New Market:

Step 1: This I believe would only work in cities where the population is pretty dense. It could work in small towns where bars and club are located, but I believe because there is less people in small towns as opposed to big cities, people will be rather skeptical.

Step 2: I truly have no clue how this alternative market would work because it is pretty specific. It would have to take a great deal of persuading people as to why it is better for them not to get their stuff lost or stolen, even if they do live in a smaller city or town

Step 3: I cannot really predict what they would say because most of the feedback I have gone through are from customers who are in my specific market sector.

Step 4: Because I cannot reach out to customers at this particular moment, I did some googling and looked at some places in smaller towns here in the U.S. and Canada and found that my product would fit well into the establishment itself because  a lot of these places are even more spacious than the ones in big cities. But it all depends on how secure people feel about it and their trust towards my product and if they see the practicality about it.

24A Venture concept No. 1

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23A- Your venture's unfair advantage

1.     Experience in the entrepreneurial field

V: some would say I created my own business starting back in the 5^th grade when I was just 10 years old. I learned the concept of hard work and making money myself at a young age. As well as learning about expenses and budgeting.

R: I think it is pretty rare for a child to start a business in the 5^th grade, but also not so rare that the whole idea sparked from creativity.

I: I think it is probably easy to gain access about entrepreneurs. It is widely accessible (such as college courses like ENT3003).

N: I do not think having experience in being an entrepreneur is substitutable

2.     The simplicity of the whole idea

V: in a lot of cases, less is more. I think that is what brings value to my idea. The idea is so simple and it does not require much. That is why I believe consumer will like it. It is simple and easy to use and understand.

R: I do not think this is that rare. There are tons of products and services out there that are simple and have made so much money and are very valued among consumers.

I: .This is a concept that is not always so easy to imitate.

N: the concept of having something be simple is something anybody can come up with, but it is not easy.

3.     Network

V: This point is probably the most valuable out of all the advantages. Who and what you know is crucial for a successful startup of a business. Not to mention this could add so much value to your company.

R: This can be pretty rare. Some people do not have useful social and human capital that could benefit a business. Having the right connections could sometimes make or break a business.

I: I do not think the connections I have are inimitable. I met some of these people in the most craziest places (bar in a small island off Greece) and I think it was just a matter of being at the right place at the right time.

N: This is absolutely something that cannot be substituted. Who you know and the relationship you build over time is something one cannot replace.

4.     Punctuality and managing time wisely

V: this is extremely valuable. If you do not know how to manage time and are always late for example, you are not only losing time and money, but also there is a lack of respect towards the other people you are dealing with. This could result in people not taking you or your business seriously.

R: For the most part, I do not think there is any rarity in this skill. If people are serious about themselves, their partners and their business then they have this skill without any problems.

N: if someone is punctual  and reliable, there isn’t anything you can replace that with.

5.     Not too many competitors

V: This is extremely valuable. If you do not have much competition, this gives more opportunity for more revenue and customer acquisition.

R: No, there are similar products out there but none of them are utilized the way they are in my business model.

I: No because it is very specific to my business.

N: I do not see any other resources that offer the same perks and benefits as this

6.     Experiencing the need itself MULTIPLE TIMES

V: I think this does bring value because the more you go through something as irritating as getting your phone stolen twice when going out, it only drives more passion to find a solution.

R: No because a lot of people go through this need that my product tries to solve

I: These experiences are most likely something you should not really want to go through again or have someone do to you ever.

N: no this is not substitutable

7.     Taking courses in college that help with learning about business and entrepreneurship

V: this is extremely valuable because of skills it teaches and tools we need for once we do go on and start out own business

R: not very rare because a lot of students are business majors

I: This depends on the person in my opinion. But I do not think that the knowledge I have acquired is inimitable.

N: The only other thing closest to this resource is either an internship opportunity ot job

8.     Having enough $ saved up the business

V: this is crucial because without money you don’t have any way of starting the business

R: this is not very rare, a lot of people save money. But I do think it is rare for someone to start saving money seriously and on their when they are young without having parents assist them or tell them how to do it

I: no, this aspect of my life is not inimitable. I have spent over 10 years saving and nothing could replace that.

N: No

9.     Simple yet versatile

V: this is valuable because with more experience and analyzation we can build more and add to the product to make it even better

R: no, I think innovation is not really rare when trying to help a product evolve

I: some concepts and ideas are easy to recreate and some are not

N: This will only make the product better and more valuable. But with this of course comes trial and error

10.  Social Media platform

V: YES. This could potentially in some cases make or break a business as well. If you know how to efficiently run the social media platform your business  can go anywhere.

R: this is something a lot of business rely on

I: not difficult to recreate or imitate

N: There are in fact other ways to bring in revenues and customers for a business. But this is probably the most efficient and effective.

After thoroughly conducting the VRIN analysis, the top resource in this list is probably my human and social capital that I have acquired. I talked about them in a recent post. The only unfortunate factor is that they are all based in Canada while I am here in the U.S. But maybe that could work in my favor. There are a lot of places in Toronto that could work well with my concept and I have just the people to help me and lead me along in order to help my business strive and succeed.

Elevator Pitch 3

-       https://youtu.be/Gi1gjOSWyqs

    

-    What stood out to me from the feedback I received was my peer thought I included everything necessary in my pitch and did not leave room for confusion. Another comment that also stood out was how someone mentioned this would be a great idea to implement in places like gyms. Most gyms I have been to already have this type of concept inside of their facilities. I think what makes my product unique is how it would be installed in somewhere you least expect it: like a night club or concert. I also received a very good question about whether or not someone would be guarding the units while people are out and about to make sure their items are kept safe. As much as I would like to say there would be, that is not really up to me, but more so the club staff and how they decide to go about it once they have purchased the unit. But that being said, this does make room for some new ideas. Like maybe installing a security camera into the unit so it is being watched at all times. Thanks for the feedback!

   

 -        I wouldn’t say I have the pitch memorized but I do write dowon on apiece of paper the order of things I address so I do not mess that up. Because I feel that I would mess up more if I tried to memorize it word for word. I honestly think my second pitch came out better than my 3^rd because I was way more nervous for this one than I was for the second one.

21A- Reading Reflection No.2

1.     What was the general theme or argument of the book?

-       The book I chose for this assignment was The Art of Social Media Power Tips for Power Users by Guy Kawasaki and Peg Fitzpatrick. The general point/theme throughout this book is how social media is almost near the top of what determines the success or failure of your business. Ultimately, this is a guide that the authors deemed “essential” to get the most out of your effort, time and money.

2.     How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

-       ENT3003 has taught me that marketing is a crucial aspect to growing your business. Acquiring more human and social capital is key for getting the business to thrive and prosper. This book focuses on growing all that capital by using social media resources and connections.

3.     If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

-       The exercise I would implement would be going to either career fairs or networking events and have the students somehow acquire social capital through at least one out of the many social media platforms that exist. Whether it be following someone on Instagram or making a new Facebook friend or finding someone on linked in. This exercise will help the student network and meet new people as well as use social media to network and build that capital.

4.     What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed the most from your expectations?

-       What surprised me the most is that there is something called social media aptitude and readiness test (SMART). I did not know that this existed or that something like this would ever exist. It actually quizzes you on things like what platform’s posts has the longest lifespan. That was pretty interesting to find out.