Week 15 Reading Reflection

I think the most interesting or surprising bit of information I took from this article related to customer loyalty. Attributing focusing on the customer and customer loyalty as the main reason for growth seems like a given, but I feel like many companies ice over that fact and give credit to the advertising or the marketing department of the business for keeping customers. Truly focusing on the customer and their needs is something a lot of companies should do more of and worry less about the financial bottom line.

I think this article was well written and clear. However some of the topics within the article were a little difficult to follow. For example, microfinance as a concept is a very deep subject matter to get into in such a small article but the author did a good job making it as clear as possible.

I think one question I would want to ask the author is what was the beginning of this startup like? Growing a company that has thin margins seems like a difficult task and I wonder if there were a lot of times of doubt or worry that he would go under?

The other question I would ask the author of this article is about the vision of his company. Did you see it growing to what it is today? Or did it surpass your expectations? Setting goals is an important aspect of business and I wonder if this was the game plan the entire time.

I don't think that there was anything within this article that the author was wrong about. The author presented his information in a way where it was clear what the author intended to say through his word choice and he used details to back up his statements.

Final Reflection - "Reflection"

Looking at my blog from the beginning of the semester seemed like a bittersweet adventure. I remember when I read that would we would be keeping a blog this semester and feeling a sense of excitement because I have always wanted to have a blog. Little did I know my blog and I would be attached at the hip for the duration of the semester. I am actually sad that this class is over and reflecting on the experiences brought back a sense of all sorts of emotions. Overcoming the awkwardness that was customer interviews and the free money exercise, to creating a new venture in my company Stud-ease I have come a long way since the beginning of the semester. Watching my first elevator pitch and seeing my comfortability and confidence grow in front of the camera is awesome to witness from beginning to end. Realizing that failure is a part of life and even the most successful people today have been through it and come out on the other side. There are so many takeaways from this course that I can't simply narrow it down to one. 

Creating an entrepreneurial mindset seemed like just an idea at the beginning of the semester, almost like one of the course objectives every professor lays out in the syllabus and never really revisits at any point in the semester. But starting with a clear objective and almost doing a check up on that objective really made me think and process what that objective means to me now. When I first recorded the video saying the mantra it was nothing but words, now I can say that it makes sense and has more meaning. Being an entrepreneur doesn't have to be owning your own business but how you function and how you think about things in any job you are in. I can definitively say I am an entrepreneur.

The best advice I can give to a new student taking this course is just to try everything! This course will take you out of your comfort zone and I encourage you to let it. This course isn't about future oriented concepts that you hope to put in your back pocket and hopefully use someday, but it provides information and gives you experiences in four months that you will take with you far beyond your time at UF. You can only grow when you step out of your comfort zone, try things and if you fail try some more, your dreams are always obtainable with the proper mindset, and I encourage you to redefine failure. View it as an opportunity to learn as opposed to a let down and try again! 

I thought it only fitting as it is the final reflection to include a quote from the ultimate dreamer Walt Disney himself. "All our dreams can come true, if we have the courage to pursue them." - Walt Disney 

Elevator Pitch No. 4

In the last elevator pitch I did the main piece of criticism I received was that the audio clips I used in my pitch were distracting. It did seem to be a little bit of a distraction for me as I tried to remember the pitch and play the audio at precisely the right time. I can understand how the audience may be distracted by it too. Other than that general consensus of feedback the majority of the feedback was positive. People said I seemed confident in my pitch and really seemed to deliver the information well. 

Based upon the feedback I received I decided to make this pitch straightforward. Even though many people enjoyed the props I had used in previous pitches, I felt as though I knew the information like the back of my hand and just went for it. I personally enjoyed the uniqueness of my other pitches, but seeing that it was my last pitch I decided to make  it as straightforward and professional as possible. I felt so much more comfortable than I did the first time I attempted this exercise and am thankful for all of the feedback I received throughout the semester. :)  

Venture Concept No. 2

Stud-Ease 

The opportunity I have identified is found within the college age students demographic. The learning curve leap students take from high school to college is a big one and can be especially large when it comes to exams. Often in high school, students are almost hand held through what an exam will be like and the content that will be covered. But when it comes to college, receiving a study guide can seem like finding the golden ticket in a Willy Wonka chocolate bar. Exams at the college level are much more difficult and can seem daunting to new students and even more experienced students if studying is difficult for them. There isn’t necessarily a cookie cutter way or an easy how to guide when it comes to studying. It can be discouraging to many college age students when they can’t find a way to study that works for them and exam after exam they are not scoring up to their potential. Not to mention some college courses are more difficult than others to understand and trying to find a way to study on top of that is a lot of stress for anyone to handle. With the amount of college campuses across the country, and the number of students enrolled each semester, the opportunity to assist in this problem seems promising.

The business idea I have developed is called Stud-ease. This is a studying service and aid that takes into account the concept that people learn and retain information differently. It sets itself apart because of the way it differentiates learning style through my proprietary Learning Style Assessment Quiz. This quiz which is offered free through the website identifies the learning style that best suits you and can group you into one of three categories: visual, auditory or kinesthetic learner. You will receive your results and then will be offered a monthly subscription to gain access to thousands of new resources at your fingertips designed specifically for your style of learning. The monthly subscription would be around $14.99 and would be the sole way the company gains revenue. The students would gain access to online tutors for specific courses that are especially difficult on the college level, alongside studying tips and video tutorials that would cater to the way they are able to best retain information. I would do a soft launch to begin with based on two campus locations, The University of Florida located in Gainesville and the University of South Florida in Tampa. As a student at UF I know courses and have quick access to student feedback, the reasoning behind selecting USF as a second location is my background with the campus. I attended classes there for a few years as an undergrad before transferring to UF and am still located in Tampa, FL. Selecting just two campuses to begin with would allow me to get product feedback before expanding to campuses throughout the country.

My company will help the opportunity I identified because of the personalization it offers and the uniqueness of the concept. Researching top competitors in the market I have found many companies that offer tutors but not a single one is based off of the learning style of the student. Identifying learning styles in students has become an interesting topic of research and using this to my advantage will help to differentiate my product from my competitors. The online convenience will be an asset as well since it will enable students to study and use resources in their time and whenever they find the need.  I believe a monthly subscription base for my venture is the best way to make revenue since it isn’t a long term commitment and offers an out for the consumer at any time. As a college student I can identify with the uneasiness of pledging money months in advance to a product and how difficult it is to commit to that in the consumer's mind. As college students balancing tuition and living expenses is enough to worry about each semester without having to commit to a long term subscription to a service that might not be viewed as a necessity. Setting the subscription as a smaller number would be less intimidating to the customer base I am looking to capture. In terms of employment I would need a few employees to troubleshoot and run some aspects of the day to day operations, but my most employed would be online tutors. Being online will allow them to be located anywhere across the country and offering part time hours could be a good income supplication for educators.

The most important resource to my company is the Learning Style Assessment Quiz. This quiz is what sets my company apart from competitors in the market and is the basis for the resources that are personalized for each student. The next product I would classify as “in the works” would be based on the major exams college students take. For example the CPA exam accountants take, the entrance exam for Law School, Medical school exams etc. Utilizing learning styles into studying for these tests can be big money makers and would be structured a little differently. Instead of a monthly subscription I would charge a one-time flat fee and offer it as a course with modules instead, still personalized based upon their learning style. These exams are very important to the career path these students wish to take and can be a great addition to my company. I would hope to have this product up and running at least five years into my company’s hard launch. I hope that in the same time span that expansion has taken place and the company structure is solid. I would like to always be a part of the company in some realm even though my true desire is to open my own music store and teach lessons, hopefully within the next ten years.

Feedback: I received quite the assortment of feedback for my venture concept and other assignments related to my venture idea. One of the most common pieces of critique I got was about the competitiveness of the market. I agree that the education market is a highly competitive market and has big players like Pearson, ACT/SAT etc. But our unfair advantage of the Learning Assessment Quiz is something that will set us apart in this market. Another piece of feedback that I have taken away from this concept is the verbal proof of concept. Many people have told me that they can relate to this problem and would consider getting a subscription, this helps to confirm that I have found the target audience after narrowing it down from the beginning of the semester. 

Based upon the comments on my first venture concept I gathered that the $19.99 price point could be a little on the higher end for a college student's budget on a monthly subscription basis. Due to this feedback I decided to set the price at $14.99 per month in order to engage a wider audience. As a college student myself I can understand how $20 a month can be steep when considering the other costs of college as well. 

Google Gold

In order to increase the search engine optimization for my blog I really tried to use the tools this class provided to generate more views. For starters on each blog comment I did this semester I tried to relate to the person's blog post I was reviewing and then encourage them to read my blog by sharing the URL. I also tried to utilize, when I was able, modern phrases or words that people would google regularly. For example, for my halfway reflection I quoted lyrics to a Bon Jovi song that people might google.

The main key word that I tried to use was the company name that I came up with which was Stud-ease. In a majority of my posts I included it, in my YouTube video titles I tried to include as well as the blog titles I was able to. I stuck with this word throughout the semester and tried to use it often. "Learning Assessment Quiz" was another phrase I tried to use often since people are always trying to find out more about themselves, maybe this was something that people could google or be curious about from time to time.

When it came to sharing my blog with others I told my parents, grandparents and friends about my blog and showed them some of the content I have on my blog. I also was able to share the URL with several of them which they were able to look at on their own free time. Every single person who viewed it and told me about it gave me positive reviews. They especially liked how professional it looked and the elevator pitch videos I have embedded within it.

The post that gained the most traffic this semester was "Customer Interview No.1" with all of my elevator pitch posts running a close second. When looking at all of these post I did notice that all of the post had the phrase "Stud-ease" in the title which lends me to believe that a search engine could have helped in the traffic these posts obtained. I also think part of this traffic was due to the fact that other students might have viewed them for commenting purposes.

When I googled "Stud-ease" my blog did appear on the top of the search engine! It actually linked right to one of the elevator pitches in my blog. The other key phrase I tried to incorporate towards the end of the semester didn't yield any results when googling it.

Week 14 Reading Reflection

One thing I found really interesting was in chapter 4 of the assigned reading. The triple bottom line section was extremely well structured and gave great examples in terms of each aspect of the triple bottom line. Many companies would just assume when it comes down to that the financial bottom line is the most important to a company but seeing it laid out next to the environmental and social bottom lines as well really puts it in perspective.

The only term in these chapters that was a little confusing was the term "intracapital" The context it is used in chapter 3 isn't very detailed and it is just sort of mentioned briefly, not really defining the definition of the term and how it relates to the entrepreneurial mindset.

My first question pertains to the I-Team which is mentioned in chapter 3 of the text. It is defined as two or more people who formally create and share ownership of a new organization. This concept seems a little confusing because it seems as if it can get confused with a leadership team or ownership. How do you distinguish this group within a business? Is it necessary to distinguish them, or can they hold other jobs focused in different areas of the company?

Diaspora networks are a concept that I have never heard of before reading in this chapter. The author did a good job explaining how they are relevant today but also noted that they have been important for a long time to companies. My question is how were they measured in an age that didn't have social media and the internet? What are some resources other companies used in order to measure the strength and the relationship with these networks?

In both of these chapters I think the author presented the information in a way that was clear. He also provided a variety of resources that helped reiterate the points he made in both chapters. Due to his thoroughness I do not believe there is anything within these chapters that the author is incorrect about.

Very Short Interview - Part 2

When reviewing the interview that I conducted in the first part of the semester, it was a good reminder of what great advice I had received. Being able to have written this information down and look back on it is something I am glad to have done. The advice I received about entrepreneurship still stands true if not more true because of the insight and wisdom I have gained in this course. If someone is able to talk you out of pursuing starting your own business then that is a definite red flag and is something you should really think about. I think that the characteristics that Mr. Hudson mentioned also ring more true because of the knowledge I have gained throughout the semester in the lessons of perseverance and humility. 

What is a typical day like for you?

     Most days for me start at 6:00 AM, but fortunately I work from home so I don’t have to commute to work. My companies are based on a mobile design since it is a service entity so there is not a brick and mortar location. I spend a majority of my day talking on the phone or working on the computer, but some days I am traveling all over the state of Florida and doing inspections. The day typically ends around 7:00 or 8:00 at night but I am able to do personal things throughout the day because of my flexible schedule. 

 What types of tasks do you spend most of your time doing?

     If I were to break it down into percentages then I would say I spend about 50% of time looking at and dealing with various government compliances. This includes licenses and permits, building codes and so much more. I probably spend about 20% of my time doing accounting tasks, primarily payables and receivables. Another 10% I spend on managing my staff and employees. Another 10% of my time I spend on business growth, this is mostly sales and marketing stuff. And then the last 10% is mostly miscellaneous tasks that differ day to day. 

What aspect of your job has been most satisfying?

     The most satisfying thing about owning my own businesses would have to be the freedom I have. Being able to be there for my children is the most important. I can honestly say I have never missed a first (word/baseball game/award etc.) for either of my kids. The freedom also allows me to volunteer in my church easily as well. The most unsatisfying thing would have to be the fact that I can never escape it. I have to be present all the time. I don’t get to clock out like a normal 8-5er. Even when I am on vacation I have to be available for anything. The other hard aspect has to be the responsibility. I have a responsibility to my family and to the families of my employees and if I fail then many other things will fail too. My family could lose their house, my kids college funds could disappear and lots of other things.

Again I would have to say the answers that I received were very insightful and there was clearly a lot of thought put into them which I greatly appreciate. Knowing how a normal day goes for an entrepreneur and hearing some of the pros and cons of the job are great tips I can utilize as I look towards the future of owning my own business. The answers I received three months ago were helpful in beginning the course and these answers are also helpful as we look to end the course. Interviewing in this class was difficult in the beginning but has become much easier as the class has progressed and for that I am grateful. 

Week 13 Reading Reflection

The most surprising aspect of this chapter for me was the checklist for analyzing a business and the due diligence process. I didn't realize the amount of questions and sections of a business that must really be taken into a business before deciding to purchase or pursue that venture. It went for several pages in the text and was rather extensive which honestly shocked me.

The only real vocabulary word of the chapter that was a tad bit confusing was the term undercapitalization. I think the definition is a little unclear and doesn't really help to define what the terms means in how it relates to analyzing a business.

One question I have pertaining to the text is in regards to due diligence. It seems to be a very formatted formula with step by step categories and questions that help evaluate a business. The question I have pertaining to this concept is about the formula. Is the one provided in the text one that is used by most people in order to evaluate a company or does it vary based on the company and business being evaluated? Obviously financials are important to all aspects of the business but the intangibles differ based upon the service or product the business offers.

The second question I have relates to the avoiding start-up costs excerpt of the chapter. The section states that some buyers will pay more for a business than the value it truly is because they are trying to avoid the start up costs of a new business. My question is how does this make sense? How can you put a price on the amount of exposure and the reviews a business has already garnered in comparison to the cost it would be to start this fresh? That seems like a difficult cost to estimate and I would like to know the method they would use to estimate these costs.

This chapter on valuing entrepreneurial ventures was very detailed and provided a lot of good information. After reading the chapter I don't think there was anything that author was incorrect about due to the explanations that were utilized throughout the chapter.

Celebrating Failure

One of the most defining moments in this class for me was the "Free Money" exercise. Even though it was several weeks ago I still remember it as if it was yesterday. Walking around the Dollar Tree trying to determine who I was going to offer the dollar bill to was one of the most awkward experiences I have had. I must have walked around for 5-10 minutes just trying to find a person to approach with the task. I finally mustered up the courage to walk up to this nice looking older lady and offered her the dollar for free and she gave me one of the strangest looks. You could read the confusion and suspicion on her face and she simply looked at me and said no and just walked away. I remember just feeling my confidence level tank and I questioned trying to complete the exercise. Luckily I didn't give up regardless of the cold responses I received because the last two people I approached were worth the embarrassment and self esteem blows I had taken earlier. I was able to give away $2 to two young kids who were able to use that money in the toy section and buy something they really wanted.

Through this experience I definitely had a lesson in perseverance. Regardless of the previous failures I experienced being able to make two little kids day was well worth it to me. Adapting and changing my game plan during the exercise allowed me to become successful in terms of giving the dollar away and not giving up. It would have been easy to just not even try the exercise or give up after the first no but I kept it at. Not everything we do becomes an instant success the first time sometimes the lessons we learn through failure are far greater than the success in and of itself.

People can look at failure from one of two lenses, the first lens being defeat. Defeat can seem to be the end of the world to some people and defines who they are as a person. This would be the negative way to look at failure, instead the other lens looks at failure as a learning experience. Seeing failure as a tool to learn from and better oneself for the future is a productive way to view failure. I think one moment I will always remember is sitting in my seventh grade history class and a poster next the board said "You miss 100% of the shots you don't take" - Wayne Gretzky. As a basketball player I sat there and really thought about that for a moment. If you don't try then you will never know if you will make or miss your shot, therefore by default you will miss it. At least by trying you give yourself a chance and regardless of whether you make it or not you had better odds than when you didn't shoot at all and you can take something away from the experience.

This class has definitely pushed me out of my comfort zone in more ways than one and I am grateful for the skills I have gained along the way. This class really proved my theory that if you don't at least give an effort than you will for sure fail. If you try than you still might fail but the risk of succeeding is worth the risk in and of itself.

My Exit Strategy

My venture Stud-ease has received a lot of feedback throughout the semester, a majority of which stated this idea has never been heard of before. Due to the uniqueness of the business my ultimate end game would be to sell to a larger corporation or license my proprietary Learning Style Assessment Quiz  to an education company. My hope would be to grow the company and increase the value of Stud-ease for several years before moving into this phase.

Although I truly believe this company could be quite successful throughout college campuses it isn't my desire to run this company forever. My passion lies in music and I hope to open my own music store and studio one day and running the day to day of both of these companies would be unrealistic. I think this company, Stud-ease, would provide a lot of tools and experience that would help my music venture to be successful along with financial support as well.

My exit strategy hasn't really affected the plans I made for my company. The only way I can think of that Stud-ease was impacted by my exit strategy is the intense focus on the short term as opposed to the long term. For example I consider expansion to be something that would happen in the short term as opposed to too many years down the line. This is because capturing a larger audience and market would put me on the big name education companies radar and would perhaps expedite the process of licensing or selling in the long term. Having those companies attention and perhaps seeing me as a threat would allow me to bargain and receive an offer for purchase that I wouldn't be able to refuse.

Week 12 Reading Reflection

One part of this chapter that I really enjoyed reading about was the excerpt that included the innovation growth of the "Fab Four" which included Apple, Facebook, Google and Amazon. It was interesting and somewhat surprising to me to hear how each of these companies started. I didn't realize Facebook was originally created to rate the attractiveness of the female classmates of college guys at Harvard. I also thought it was surprising to see how some of the beginnings of these companies were rocky and yet they are widely known and successful today.

This chapter covered some of the very same material I covered last semester in my marketing and management courses. Due to this overlap in material I don't think that there was a concept in particular that was confusing to me.

One of the sections discussed the key factors during the growth stage a startup or business. Within this section is discussed the importance to tolerate failure as an entrepreneur. I understand failure is part of the gig but I also think that the desire to succeed is an extremely motivating factor to many entrepreneurs. So although willing to accept failure, is it acceptable to have the fear of failing simultaneously?

My second question is based off of stabilization stage in managing entrepreneurial growth. It states that this stage is a result of both market conditions and entrepreneurial effort, but how do you know when you have entered this stage? I would think it looks different for every company and is unpredictable for many markets, so how can entrepreneurs anticipate or focus on reaching this stage?

The author of this chapter provided the information in a clear and concise way with a lot of detail in order to support his statements. For that reason I don't think there is anything the author is wrong about within this chapter of the textbook.

Venture Concept No.1

The opportunity I have identified is found within the college age students demographic. The learning curve leap students take from high school to college is a big one and can be especially large when it comes to exams. Often in high school, students are almost hand held through what an exam will be like and the content that will be covered. But when it comes to college, receiving a study guide can seem like finding the golden ticket in a Willy Wonka chocolate bar. Exams at the college level are much more difficult and can seem daunting to new students and even more experienced students if studying is difficult for them. There isn’t necessarily a cookie cutter way or an easy how to guide when it comes to studying. It can be discouraging to many college age students when they can’t find a way to study that works for them and exam after exam they are not scoring up to their potential. Not to mention some college courses are more difficult than others to understand and trying to find a way to study on top of that is a lot of stress for anyone to handle. With the amount of college campuses across the country, and the number of students enrolled each semester, the opportunity to assist in this problem seems promising.

The business idea I have developed is called Stud-ease. This is a studying service and aid that takes into account the concept that people learn and retain information differently. It sets itself apart because of the way it differentiates learning style through my proprietary Learning Style Assessment Quiz. This quiz which is offered free through the website identifies the learning style that best suits you and can group you into one of three categories: visual, auditory or kinesthetic learner. You will receive your results and then will be offered a monthly subscription to gain access to thousands of new resources at your fingertips designed specifically for your style of learning. The monthly subscription would be around $14.99-19.99, based upon feedback on price after launch, and would be the sole way the company gains revenue. The students would gain access to online tutors for specific courses that are especially difficult on the college level, alongside studying tips and video tutorials that would cater to the way they are able to best retain information. I would do a soft launch to begin with based on two campus locations, The University of Florida located in Gainesville and the University of South Florida in Tampa. As a student at UF I know courses and have quick access to student feedback, the reasoning behind selecting USF as a second location is my background with the campus. I attended classes there for a few years as an undergrad before transferring to UF and am still located in Tampa, FL. Selecting just two campuses to begin with would allow me to get product feedback before expanding to campuses throughout the country.

My company will help the opportunity I identified because of the personalization it offers and the uniqueness of the concept. Researching top competitors in the market I have found many companies that offer tutors but not a single one is based off of the learning style of the student. Identifying learning styles in students has become an interesting topic of research and using this to my advantage will help to differentiate my product from my competitors. The online convenience will be an asset as well since it will enable students to study and use resources in their time and whenever they find the need.  I believe a monthly subscription base for my venture is the best way to make revenue since it isn’t a long term commitment and offers an out for the consumer at any time. As a college student I can identify with the uneasiness of pledging money months in advance to a product and how difficult it is to commit to that in the consumer's mind. As college students balancing tuition and living expenses is enough to worry about each semester without having to commit to a long term subscription to a service that might not be viewed as a necessity. Setting the subscription as a smaller number would be less intimidating to the customer base I am looking to capture. In terms of employment I would need a few employees to troubleshoot and run some aspects of the day to day operations, but my most employed would be online tutors. Being online will allow them to be located anywhere across the country and offering part time hours could be a good income supplication for educators.

The most important resource to my company is the Learning Style Assessment Quiz. This quiz is what sets my company apart from competitors in the market and is the basis for the resources that are personalized for each student. The next product I would classify as “in the works” would be based on the major exams college students take. For example the CPA exam accountants take, the entrance exam for Law School, Medical school exams etc. Utilizing learning styles into studying for these tests can be big money makers and would be structured a little differently. Instead of a monthly subscription I would charge a one-time flat fee and offer it as a course with modules instead, still personalized based upon their learning style. These exams are very important to the career path these students wish to take and can be a great addition to my company. I would hope to have this product up and running at least five years into my company’s hard launch. I hope that in the same time span that expansion has taken place and the company structure is solid. I would like to always be a part of the company in some realm even though my true desire is to open my own music store and teach lessons, hopefully within the next ten years. 

Amazon Whisperer

My company Stud-ease has one primary revenue driver and that is based upon monthly subscriptions. The way my company works, for all of you first time blog visitors, is you go to our website and take a FREE Learning Style Assessment Quiz. This will determine the way that you study best and will customize studying tools that will complement the way you retain information. The monthly subscription comes into play once you decide to join and will give the customer access to online tutors and tutorials along with studying tips and exercises that will help you study efficiently for a wide range of college subjects. 

The next thing I think my customer base would want is a special studying program for Med School exams, Law exams, Accounting exams etc. Some majors offer entrance exams to get into their college and some exams are certification exams that are crucial to students careers. The main focus of my business previously was college courses and learning how to adjust to college exams. This extension would focus on specific subject area exams and creating a course that would adapt to your specific learning style and way of information retention. This would also extend the usefulness of my proprietary Learning Style Assessment Quiz and would perhaps reach into a new target audience.

The product I found on Amazon that has a similar offering to my product is a CPA Exam Review for Dummies. This product runs approximately $23 and includes registration tips along with reviews of the four areas of the exam. This product claims to be a great tool to provide an overview of what the exam is like and includes practice questions. This product's rating is 3.9 out of 5 stars on Amazon. One of the negative reviews online stated that the target market for this text is unclear and that the product doesn't go into much depth on the topics. Others stated that the book was great for the price considering some test takers spend hundreds of dollars on more advanced courses and products. Another reviewer actually said this product gives customers an access code to a free one month trial for more online tips and problems. I would never have known this since that part of the product is not advertised anywhere in the product description. 

My company would offer this resource a bit differently. For starters I would offer it exclusively online that way it would allow me to utilize the customer's learning style into the course. I think one thing I learned from the reviews is that it might be possible to partner with a textbook company and offer free trials when the product launches in order to gain some traffic and knowledge about my product. I would also try and hire a few tutors or perhaps even students who have passed to add to the content my course would offer. As I stated before this product extension would extend my target customer base and create loyalty within my company, being a one-stop shop for all college students studying needs. 

Week 11 Reading Reflection

One of the most interesting aspects of this article were the timelines that were featured on pages 5-6. Seeing Corning's breakthrough innovations through the decades and even the centuries was fascinating. The beginning innovation being the glass envelope surrounding Edison's light bulb to Gorilla Glass which has exceptional damage resistance is a lot of innovation. Starting with light bulb glass which breaks easily to damage resistant glass is quite the innovation in that time span. It really makes you think about what the future will look like with start up products today from innovation and new technology.

One thing that was a little confusing is the Innovation Landscape Map on page 8 of the article. The 2x2 grid just seemed a little confusing for the information that the article was trying to give. I personally like 2x2 squares because often times it simplifies information however I don't think that was the case here. The square size I feel limited the amount of information that could fit in each box and didn't allow the examples to be expounded upon in as much detail as I would have liked in order to understand the information.

One question I have about this article would be related to crowdsourcing. The author did a good job of explaining it but my question is about the true price of the tradeoff in using crowdsourcing? I feel like this would have been a good section to do a pros and cons list for crowd sourcing to see what the tradeoffs really are as it relates to this topic.

Another question I have would be what is the most challenging innovation for a company to overcome if its competition gets to it first? For example Netflix began the streaming and the delivering of movies to your door service while Blockbuster was considered a top dog in the movie renting industry. This innovation proved difficult for Blockbuster to ultimately overcome since it eventually closed its doors and filed for bankruptcy.

There is nothing within this article that I believe the author was wrong about. The article was well written and extremely detailed, showing the amount of research that went into the author's findings for this article.

My Unfair Advantage

My Resources:

1. Personal Story - My struggle in trying to find a way to study that is effective for me when coming to college is valuable to my company because others will be able to relate to my struggle. It is rare to me and I'm sure others will have similar stories. No one is able to copy my story since it belongs to me and no one can take my experience from me either. 
2. Leadership - My leadership skills are essential to my company because in order to run a successful business you must be able to communicate clearly and lead your employees and company into the future. Many people have leadership qualities so I wouldn't classify this resource as rare but it is specific to me. So although others can have this resource my way of doing things makes it not easily copied. 
3. Learning Style Quiz - This would have to be one of the most valuable resources my company has since it differentiates me from my competitors. With my background in psychology courses and the contacts I have made it would be difficult for other companies to copy my exact learning style quiz and without the quiz it would be hard to copy my business format. It is something no one else is really utilizing and makes it a rare resource. 
4. UF Business Degree - A business background and degree is valuable to anyone wanting to start their own business. You can get a business degree from anywhere making it substitutable, however as a top tier business school a UF degree is a valuable part of my future resume.You can't copy the degree and knowledge you gain from UF.   
5. Access to Potential Employees - As a transfer student I have access to college student bodies both in Gainesville and in Tampa. This will allow me to hire potential tutors for a variety of college classes as well as advertise in these locations. This is a valuable resource to get my company started and can't be substituted for any similar resource. These two locations will allow me to have two locations to begin with and provide jobs in those areas. 
6. Creativity - My creativity is not something that can be copied or made a substitute for. As a musician I have creativity flowing inside me nearly all the time as I try to make new renditions of old tunes and write new songs. This is beneficial to my company because my business is diverse and tries to reach a diverse range of people based upon how they learn best making it a valuable necessity in my target market. 
7. Technology Era - The technology that is readily available in this day and age such as the internet and apps is very valuable to my company. It is not rare since it is the world wide web and many people have access to it. You can't really have a substitute for this resource or copy this resource since it is already solidified and used by millions regularly. 
8. Passion for Helping Others - As a service company for others wanting to help others succeed is valuable to your company and some can argue even rare. In this day in age many companies can focus more on the bottom line and less about genuinely wanting to help others. This is something that can't necessarily be copied or substituted for anything else. 
9. Organizational Skills - This is one of the best skills I possess and as a potential CEO of my company a very valuable resource. There are many people who have this skill so I would not classify as rare necessarily but there is no substitute for organization and order. 
10. Feedback About Business - The customer interviews and the comments I have received from others about this potential business idea is vital in the startup stages of my company. It is something that there is no substitute for in terms of genuine market feedback and is valuable to my company. It is also specific to my company which can classify it as rare and inimitable. 

My Top Resource:

It was actually really difficult to narrow down one resource that is most important to my company, but after some evaluation I would say the Learning Style Quiz is my top resource. It is the piece that sets me apart from my competition and is the secret success to my company. Everybody retains information differently and discovering the way you learn is the key to unlocking the best study habits for you.

Week 10 Reading Reflection

The one section of this financial chapter that actually took me by surprise was the mention of simple linear regression. I'm currently taking business statistics and we are learning about simple linear regression right now. As with a lot of information we learn throughout college we don't necessarily see how that information always connects to other subjects and is important in the grand scheme of things, but it is cool to see something I am learning in that class tie in to this class. Finding out that this topic crosses over makes me more interested in understanding its role in finances.

This chapter is actually a lot of information that I have learned previously. I was an accounting major before I transferred to UF and changed my major so I took several classes that covered this information. This chapter was like a refresher course on this subject and wasn't especially confusing. The author had some different ways of presenting this information but all in all it was the same information.

One question I have from this chapter would be about the importance of these different financial documents. When creating a business at what point should you sit down and really iron out these documents and project costs and such? I feel as though so much information fluctuates and changes so much within a business in a matter of months. Not to mention how it would be much more fluid in a new startup or business.

In one of the subsections of the chapter the text focuses on the value of currency. My question is how has the value of the currency changed in the last century in America? I understand that things were a lot cheaper a few decades ago but is that because of the value of currency or inflation? Or some combination of the two? Gasoline used to cost so much less and fluctuates so much today. But was the value the same back then or really cheaper?

There was no information that I believe the author was wrong about in this chapter. As I stated earlier I have learned a lot on this subject and believe the author did a good job presenting the information within the chapter.

Elevator Pitch No. 3 - [Includes Outtake Video]

Elevator Pitch No.3 was definitely much easier to do than the previous two. Really understanding my company and immersing myself in the idea has allowed the vocabulary and concept to flow easier when I talk about it. On my last pitch I received relatively positive comments from my peers but there were some things that were up for me to improve upon in this pitch. One of the comments I actually got was that I seemed to be stiff when I was giving my pitch. This actually contradicted comments that I had received on my first pitch where multiple people told me to calm down with the amount of movement I was doing. I found a compromise in this dilemma by using a suggestion from one of my peers who said meaningful hand gestures would be a decent place to meet in the middle.

Another comment I received was to specifically explain how I was going to teach the different learning styles to my customers. I really wanted to include more of this is my pitch but was unable to say as much as I would have liked based on my time constraint. How the customer was going to pay was another important thing I felt the need to address and decided on a monthly based subscription as the best option for my service, which I added to my pitch as well. One comment that I received, which I didn't quite understand was related to my company name. It suggested that I consider a new name because it brought up negative connotations with it which I did take seriously, however I could not think of why this might be an issue. When I went to get more information from the peer who commented on this the comment had been deleted.

I'm sure many people can relate to the struggle it is to get a complete elevator pitch take without messing up in some aspect... So I decided to include a short video here that included all of my many mess ups! Enjoy!! :)

Week 9 Reading Reflection

One aspect of this chapter that I found incredibly interesting was table 10.4. It breaks down the changing purchases and priorities of consumers throughout their various life stages. For example a 20 year old is more apt to purchase furniture than a sole survivor who has a focus on healthcare and security oriented products. I can understand how breaking down the consumer by age can be an insightful tool for a business.

With the amount of marketing knowledge I have from other marketing courses, this chapter was pretty easy to comprehend and seemed more like a review of marketing terminology as opposed to confusing concepts. The author presented the information in an easy to follow format and explained concepts in great detail.

One of my questions relates to the quantitative and qualitative section in the text. As a new business startup, which type of information tends to be more useful? Having a lot of responses can help shape your business and give a proof of concept but I feel like sometimes it can be impersonal and unhelpful. On the other hand I feel like qualitative research can give much deeper responses and thought. Which would be more beneficial to the entrepreneur?

My other question involves the utilization of social media marketing. Social media is something that has really taken off in recent years and I would like to know if there is a concrete way to measure social media driven sales. I feel as though as a consumer I have been exposed to more companies because of social media marketing but if I go and purchase their product how do they know their social media marketing is to thank for my purchase?

Surprisingly, not really, there is nothing that I found to be incorrect in this chapter from the text. The information is presented well and the author uses a wealth of resources to prove his point. Marketing challenges in entrepreneurship seem to be straightforward and understandable.

Idea Napkin No. 2

I am someone who gives 150% to every single thing I do. When I commit to doing something I am not the type of person who halfway does it or back out of my commitments.  I am someone who is also extremely organized which benefits me greatly. I am often times the person that people ask to do things that need organization which is something I enjoy doing. If I chose to make this studying company a reality I would devote a lot of my time and energy to making sure this company would be successful. Although I think this company is a great concept I'm not sure if I would be the right person to run the day to day operations because I don't necessarily have the passion for this specific product. There are so many other dreams and aspirations I want to pursue, one of which would be  opening my own music store and teaching lessons to all ages. I think a part of entrepreneurship that can sometimes be neglected is passion.

The specific product that I have been conceptualizing and thinking through is my company called Stud-ease. It is a pretty simple concept that can be used either online or through our app. How it works is you first take a free survey that will determine which way you study best based on a variety of things about you. You will be grouped into one of three categories: the visual learner, auditory learner, or kinesthetic learner. After you receive your results you will have an option to purchase your studying package which we provide specifically for you. This package offers a variety of services that includes online tutors, videos and study tips for every subject imaginable all of which is personalized to your learning style. I have first hand experience with the struggle students face in finding a way to study for exams, especially in the leap from high school to college. Everyone retains information and learns differently and finding the most optimal way of studying should be evaluated on an individual basis.

This product is specifically aimed at students. There isn't really a specific age range since anyone who is classified as a student can benefit from the study tools my company provides, but I am going to target the high school seniors and the college aged students the most. The biggest struggle I had was from high school to college and in my customer interviews many people agreed with me.

With the competition that students face today in trying to get into college getting good grades in high school and on pre college tests, ACT/SAT, have become so much more important. High school seniors have so much pressure to succeed on these exams and knowing how they study best is crucial to this success. Learning how to retain new information can be beneficial for all collegiate age groups as well, from the first year college freshman to the student pursuing their doctorate. Although the class subject might change, the way that everyone learns is consistent.

One thing that I believe sets my company apart is the focus that I place on the individual student's learning style. Whether someone is visual, auditory, kinesthetic learner, or a little bit of each the free test evaluation will offer programs and tips that are adapted to how you best learn. For example diagrams and charts, no matter how organized, are not going to connect with someone who understands through listening to someone explain a concept to them. My program will help pinpoint how you learn best and adapt a study plan just for you.

I think that the concept I have created is realistic and something that I have not actually heard of before. I actually wish it existed when I transitioned to college because I would have learned how to study more efficiently so much sooner. I think creating tools and plans for each type of person may take time and research but is something that can be achieved. The only aspect of this company that creates pause is the market I would be attempting to enter. There are a lot of big name players in the studying and education space and if I didn't capture the market quickly they could create something similar to my concept. 

Based upon the feedback I received the first thing I had to address in my revised idea napkin was the how. I had multiple people comment that they didn't understand how my company would operate and looking back at my first idea napkin I can see why there was confusion, so I added more detail to my second paragraph. I also had questions concerning how I was going to differentiate myself from others in the market. I was able to address this question by adding a few more details about that topic as well in my second paragraph. My third paragraph needed editing as well, since my first idea napkin I narrowed who my customer was going to be and needed to correct that in my second idea napkin. Another part of the feedback that I received was actually positive in the fact that many of the commenters thought my product was a good idea and something they struggled with. This further confirmed that there was indeed a market for my product in my target customer base. The last thing that I really took away from the  first idea napkin was that I needed to speak clearer with less words in conveying my idea in order to keep the reader interested without all of the fluff of extra words which is why I retracted some previous lines from my first idea napkin. 

Week 8 Reading Reflection

I think one of the biggest surprises I learned about in this chapter was venture capitalists. I had heard this term before but I thought it was just a fancy name for entrepreneur. Little did I know these people are actually investors. They invest in business ventures and provide capital to these ventures for mostly start-ups, early stage or expansion ventures.

I have to admit that this chapter was definitely in an area that is not my expertise. Capital, lending, crowdfunding and financing are all terms that I would not say I truly understood coming into this chapter. I read this chapter multiple times in order to grasp the concepts that were presented and most of them eventually made sense. The only section I think still generates the most confusion is the private placement section and the rules that are listed within that section.

From watching the television show Shark Tank I have heard of the term crowdfunding before but it isn't defined really well on the show. The book talks about it being a 21st century phenomenon, my question pertains to present day companies. Are there any big companies that are successful today that needed or utilized crowdfunding to finance their business early in their startup?

The other question I have about this chapter in the text book is about Initial Public Offerings (aka an IPO). The text mentions several advantages and disadvantages to making this decision but doesn't really discuss the motivation for companies to go public. For example after the success Facebook was having, why did the owner elect to go public?

I don't think there was information that the author was incorrect about. As I stated in a previous paragraph a lot of this information was new to me and there wasn't a lot of knowledge I had on the subject to compare it to.

Halfway Reflection - "We're halfway there!"

"Woah we're halfway there, Woah livin' on a prayer, Take my hand and we'll make it I swear, Woah livin' on a prayer" - Bon Jovi 

Tenacity is a skill that you will definitely need in order to be successful in this course. If you are unsure if you possess this skill or not you will shortly find out. You have to take initiative in this course to get things done well in advance, waiting until the last minute is a bad strategy and you will not succeed if you use that technique. It's really easy to make excuses to not do an assignment, whether it be it seems difficult or time consuming or that it takes you out of your comfort zone. If these are your reasons I challenge you to take them on without reservation, you will feel such accomplishment if you do. One of the biggest tips I would offer is to look ahead at least a week or two in advance. Some assignments take more planning than others and knowing what you need to start strategizing for is a huge help!

One of the first assignments you do in this class is customer interviews. It seems super intimidating to go up to people you don't know and ask them questions on a hypothetical idea that you haven't even worked out completely in your head but don't overthink it and just do it. I was really nervous to do this because I really didn't know if my idea was really a good idea at all but I received so much positive feedback from customers and peers that I was so glad I did it. The other assignment in the first half of the course that really put my tenacity to the test was the "Free Money" assignment. I really wasn't all that nervous on my way to the location I did the experiment but once I got there I immediately wanted to give up. And it didn't help that the first three people I talked to refused to accept the free money I was offering. Talk about low self-esteem and encouragement! But shortly after I found two small kids with their grandmother and was able to successfully give away some money! I felt so good after interacting and giving away the money to the two kids that I was immediately encouraged. If I would have given up after my first three failures I wouldn't have felt the joy of making the kids day! And even though it seems like a small lesson in perseverance it really can be applied to many things in life.

The first tip I would offer to new entrepreneurs in this course is to take risks and push yourself. There are going to be assignments that you might not think fall in your comfort zone but the only way we grow as people is to try new experiences and push on those walls inside of us so we have room to grow as human beings. My second tip would be to be intentional about not giving up. Some of us might have mastered the skill of tenacity but some may need to look up what that word means prior to beginning the class (I fall in the latter category). But whichever group you fall into commit to doing everything 100%, you can't fail if you try. My final tip would be to really try and space out the workload of this course throughout the week. If you wait until the deadline to do all the assignment due for that particular day you will feel incredibly overwhelmed and won't benefit from the exercise.

Week 7 Reading Reflection

The aspect of this article that really surprised me was the length in time marketing has been studied. Ever since World War II marketing has continually evolved from demographic focused marketing, to finding emotional connections in marketing, to even trying to tap into the consumer's subconscious in order to advance marketing efforts. Before there were even televisions to air advertisements companies used other means to send their message out. I think oftentimes we forget how much we as a cultural have evolved and it is astounding to look back on it and see it full circle.

I think that the table underneath the section titled "What is at Stake?" could have been a little clearer. Some of the information included in the boxes was confusing in terms of being able to understand what the author really wanted to drive with his point. For example, the bottom row of boxes gave some examples but didn't elaborate on the examples making it difficult to relate to what the author really wanted to express in his example.

The article discusses World War II as being a big point in history where consumer products really launched from and became important in terms of marketing. What are some examples of marketing tactics that were used during this time? With a difficult way to distribute mass media to the public, besides the newspaper, how to companies successfully do this during this era?

I know one of the big terms that is used now is customer acquisition costs. This article kind of touches upon it when it discusses segmenting the market in order to gain customers with purchasing power. My question is what is a range in customer acquisition costs that would be the most optimal? How do these companies go about discovering the customer with the most purchasing power for their product?

I think this author offered an interesting article that really provided the history and a variety of ways that marketing segmentation takes place. I believe that the author did a great job with this article and did a lot of research to back up his points. He presented many facts that are difficult to argue with as a reader.

Free Money?

For this exercise I decided to go to the place where people tend to get the most bang for their buck, the dollar store!!! I picked this location because I thought this would provide an environment where people could actually appreciate the value of the dollar I was giving them.

Originally I planned on approaching anyone I ran into while I was in the store. My gameplan is to just walk up to them, say hi and offer them a dollar. My explanation if necessary in the situation would be to say I hope that it would make them smile. In the dollar store I really hope that everyone would be willing to accept my dollar since it would allow them to get anything they wanted or needed.

This exercise was so much more difficult than I anticipated. Approaching someone while they are busy and shopping proved to be hard because it really took me out of my comfort zone. I tried to think if the situation were reversed would I accept the dollar or not? I actually only was able to give away two dollars during the experiment and it was to two young kids. I decided to go down the dollar store of the toy aisle and they were with their grandmother picking out toys to buy and I was able to give them each a dollar. When they finally accepted the dollar it actually felt good to have someone finally accept it after the skepticism and the looks I had received at my previous failed attempts. The young girl was pretty shy but as the video shows the little boy "already had a dollar" haha. With the other attempts I had I tried to explain it was free and that I just wanted to something nice for somebody but each one still rejected it. All in all it was a good exercise that taught me a lot about reaching outside of my comfort zone and offering something to a stranger.

Elevator Pitch No. 2: Stud-ease

This elevator pitch was much easier than the first elevator pitch I gave. First of all it took a lot less takes in order to stop stuttering and fumbling over my words. I received a lot of great feedback from my last elevator pitch and used that advice in order to make this elevator pitch better. The first piece of advice I was given was to narrow down the who in terms of the target customer. I chose to narrow in on the college aged students specifically for my service. I also received feedback that I moved too much and talked too much with my hands which I know I have a bad habit of doing. So I made a big effort to not use my hands as much and only utilize them when I needed to. I think the comment I received that surprised me the most from my last pitch was the fact that people thought my pitch was really good. When I uploaded my first pitch I honestly felt pretty defeated because I didn't think I delivered it the best I could but after take 100 I decided it wasn't going to get much better. The fact that people thought it was dynamic and interesting made me feel as though I was being too hard on myself which is something I often do as well.

Week 6 Reading Reflection

In this article I think I fell into the first generalized category of people that tend to believe that when you think of competition you think of established competitors in your market. I didn't really think that the four other categories would be classified as competition as well. But the other four categories that are listed do affect and sometimes can be the primary cause of change in profitability. Customers, suppliers, new entrants and substitute options for a product can all affect the profitability line of a company equally if not greater than direct competition. 

This article made a lot of sense to me and all of the areas where I would typically get confused, new vocabulary, but it was explained and was provided with real life present day situations that made it relatable and understandable. As a viewer of the show "Shark Tank" I actually had some knowledge of terms that I didn't know had names. For example on the show entrepreneurs often times come in asking for money because they need to lower their cost of production by ordering more units of their product and supplies. Little did I know this issue is actually associated with barriers to entry and is called "Supply-side economies of scale" and it actually is a big conflict many businesses face. 

The first question I would ask the author is related to the "Power of Suppliers" section in the article. The first paragraph listed a range of actions that powerful suppliers do to companies to exercise their power. I would like to know if these actions are considered to be legal? Perhaps they are legal, even though many seems extreme, but not really ethical? For example one thing listed is lowering the quality of service of the products produced by the suppliers. This doesn't seem like it would be legal.

The second question I have in regards to this article is in the "Rivalry Among Existing Competitors" part of the text. It says competition is high in a market if the exit barriers are high. This section didn't really give an example of what an exit barrier would constitute of and I want to know if there is a present day example of what this would be like? 

There was nothing in this particular article that I believed the author of the article was incorrect about. The author thoroughly explained the information he presented and gave great examples to many of his points which allowed the information he presented to be put in context. The information he presented was also more factual in nature therefore making it difficult to really argue with. 

Idea Napkin No. 1

I am someone who devotes 100% to every single thing I do. When I make the decision to commit to something I am not the type to halfway do it or back out of my commitments. This attribute is something that I easily apply to any business venture I pursue. I am someone who is also extremely organized which benefits me greatly. I am often times the one people ask to do tasks that need organization which is something I delight in. This idea I've had for a study company is something I think would be successful. If I chose to attempt making this concept a reality I would devote a lot of my time and energy to making sure this company would be successful. Although I think this is a great concept I don't know if I would be the right person to run the day to day operations because I don't necessarily have the passion for this specific product. There are so many other dreams and aspirations I want to follow, one of which would be pursuing opening my own music store and teaching lessons to all ages. I think a part of entrepreneurship that can sometimes be neglected is passion.

The specific product that I have been conceptualizing and thinking through is my company called Stud-ease. This company offers a variety of services that includes online tutors, videos and study tips for every subject imaginable all of which is personalized to your learning style. I have first hand experience with the struggle students face in finding a way to study for exams, especially in the leap from high school to college. Everyone retains information and learns differently and finding the most optimal way of studying should be evaluated on an individual basis.

This product is specifically aimed at students. There isn't really a specific age range since anyone who is classified as a student can benefit from the study tools my company provides. I noticed a big knowledge gap between my high school and college days but others struggle much sooner when they try to discover a study technique that serves them best. I would say my target group would probably range from middle schoolers through college students.

With the competition that students face today in trying to get into college getting good grades in high school and on pre college tests, ACT/SAT, have become so much more important. Not only is it important for those on their way to college but learning how to efficiently study can help a student throughout their collegiate career as well. Learning how to retain new information can be beneficial for all age groups from the first year college freshman to the student pursuing their doctorate. Although the class subject might change, the way that everyone learns is consistent.

One thing that I believe sets my company apart is the focus that I place on the individual student's learning style. Whether someone is visual, auditory, kinesthetic learner, or a little bit of each the free test evaluation will offer programs and tips that are adapted to how you best learn. For example diagrams and charts, no matter how organized, are not going to connect with someone who understands through listening to someone explain a concept to them. My program will help pinpoint how you learn best and adapt a study plan just for you.

I think that the concept I have created is realistic and something that I have not actually heard of before. I think creating tools and plans for each type of person may take time and research but is something that can be achieved. The only aspect of this company that creates pause is the market I would be attempting to enter. There are a lot of big name players in the studying and education space and if I didn't capture the market quickly they could create something similar to my concept.

Customer Interviews No. 2 - Study Techniques

I believe that my company Stud-ease is still a great opportunity that if pursued properly would help out a problem for a lot of students. Learning how to study that is beneficial for you can be the difference in a C and a B, and a B and an A.

I believe that I have targeted the right audience in the student age group. I again chose to interview high school and middle school students for this group of interviews to gain more knowledge about their studying habits. This provided a greater sample size and allowed me to start recognizing trends in my data.

The questions I used to conduct each interview:

·         What grade are you in?

·         Do you study for your exams or tests?

·         How long would you say that you typically study for?

·         What are your study techniques? How do you study?

·         Has anyone ever taught you how to study?

·         Would you be open to learning a new way to study?

Based on some of the feedback I received and the direction I wanted to go with my opportunity I wanted to know if anyone had taught my customers to study before. This question would gauge potential customer’s previous experience with learning how to study. I also removed a few of the questions that seemed to be irrelevant to the purpose of my interviews.

Interview 1: https://youtu.be/oqMWbuIghtg

Interview 2: https://youtu.be/yGtNycREXi0

Interview 3: https://youtu.be/aEj0zwP9rlg

Interview 4: https://youtu.be/ZQktdlSOk7o

Interview 5: https://youtu.be/aF2zVI-vOLY

When I first started exploring this opportunity I thought it was just a small problem that I faced when I was in high school and now in college. But I have realized that through these interviews that this problem is still one faced by many today. Studying is something that leads to success and is also something being neglected to be taught to students today.

When I started interviewing potential customers I found it to be somewhat intimidating. But the more you do the less intimidating it became. Some tips I would offer is to be bold in your questioning. Get answers that are going to really help you learn about the solutions to the opportunity you have found. Another tip I would offer is to know what you are doing, or at the least fake it until you make it. Seem confident with your questions and ask them in that manner. The last tip I would offer is just to be yourself. There is nothing that makes a potential customer more comfortable than a friendly smile and warm personality. :)  

Week 5 Reading Reflection

One thing I guess I really didn't analyze or think about in real depth was the fact that there are so many ways that a venture can fail. There are so many problems that range from internal problems, start-up problems, external problems and the list goes on. When you think about these problems there are so many that are out of your control as an entrepreneur. For example when the housing market crashed many Realtors who just started their businesses couldn't have foreseen that happening. Even people who were putting their house on the market suffered losses because of this but there was nothing they could have done to change the outcome of the crash.   

The only aspect of the text that I had wish was a little clearer came in the 6.3 table. There are a bunch of formulas listed with the title of the formula next to them but I wish there were examples given with these. This would help put the formulas in context of when they would be used and how they add value to a company individually. Just having formulas listed doesn't help the reader put in context the use of the formula. 

When looking at the "Pitfalls in Selecting New Ventures" section of the text I think there is another category that could be added and that would be the market opportunity. I think in the interviews that we have done on our opportunities the discovery has played a vital role in determining whether there is a market for our product or not. If you just assume or blindly walk into an venture without knowing this information it could be a mistake. Do you think this could be added as one of the subtitles of this section? 

The other question that I would ask the author is in regards to the feasibility criteria approach. Some of the questions listed in this section seem very specific, for example "Does the product have potential for very high margins?". When you are thinking of launching a product are these things that are really of importance to ask? I understand making money is important to a business but it doesn't have to make you a millionaire. It seems as though if the answer to this approach is no than it is implied that it might not be a good product. Is that a misunderstanding or really what this approach implies? 

I feel as though the author presented the material, except for the few things listed above, in a clear and understandable way. There wasn't anything that glaringly seemed to be incorrect in this chapter's material.