Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Biggest surprise was the way the narrator personalized the article. Business is very opinionated and the author certainly highlighted this.

2) Identify at least one part of the reading that was confusing to you.

The issue revolving around fatwa was somewhat confusing to me. In fact, not even completely sure what the issue is.

3) If you were able to ask two questions to the author, what would you ask? Why?

-How do you bring yourself to have a relationship with clients that doesn't seem strictly business related?

-To what extent should a client be kept within your business if they are not profitable? When do you say enough is enough?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I disagreed with nothing from the author.

Final Reflection

Going back and reflecting from this past semester with ENT3003, I would say the experience I'll remember is getting interviews for the venture concept. It would so strange or me to go out and just ask people if I could interview them, but I got much much better at it over the course of the semester. Definitely won't forget the initial awkwardness from the first round of interviews. This was also the most joyous thing I had to do, as interviewing people always presented new perspectives on the idea. Getting in touch with Collin from NS4L was really cool too. The experience Im most proud of doing is just doing what was asked of the course as a whole. It was a lot of fun (though annoying at times) and provided me with different experiences that I thoroughly enjoyed. If I had simply half-assed the course I would not be able to say the things I am saying now. Do I consider myself an Entrepreneur? Obviously on paper I am not, because I have not done anything in terms of business yet. However in my head I am an entrepreneur, always have been and always will be. I am constantly looking for opportunities to lead to success. A recommendation I have for students is to make sure that this is what they want. There will be lots of uncertainties and failure - I am saying this without having finished my freshman year of college. They are simple facts you have to accept if you wish to be an entrepreneur. For future students, simply do what is asked of you an take a genuine interest in the course. Take advantage of it. The A is easy to get, but the experience are only attainable if you reach out for them. To foster this mindset I would say just be excited to be in the course, it's not difficult, yet it can be one of the most interesting and eye opening course you take here at UF.

Elevator Pitch No. 4

The feedback I received from the previous pitch was overwhelmingly positive. A lot of people seemed to raise concerns over how I am going to beat out competitors, with that I have one answer that wasn't mentioned in the elevator pitch as I seem to define that as a more specific detail, the answer being marketing. Having a personal connection to the University of Florida allows me to understand how exactly students think. Winning the marketing and customer service game will be the key to my success with a good product.

Venture Concept No. 2

Opportunity.
The opportunity that presented itself for my product was the abundance of scooters here in Gainesville and the insane amount of rain we get here which is part of the reason Gainesville has the nickname "The Swamp". Scooter culture is vast and ever-growing and with that comes a line of different opportunities for products to become successful. I noticed that a vast majority of scooters don't have any sort of cover for them and that most scooters are stored outside. Anyone who owns a scooter understands that if you leave it out for a few days without using it that it will take several tries just to start it up. In the long run this is not good for the scooter, so this is just one of the things that made me realize that scooter covers could and should becomes the norm when owning a scooter. The elements will take a toll on scooters, which would lead to ever increasing maintenance costs. Of course I don't expect students to put the cover on every time they get off the scooter, but perhaps at night or certainly when they know they won't be using it for awhile. The market is defined geographically as basically universities around the nation (starting with the University of Florida) that have scooter culture with the target demographic of course being college students. Eventually I'd hope to have partnerships with scooter dealers to allow scooters to come standard with a weather cover, thus allowing the weather covers to become the "norm". Customers are not currently satisfying the need, unless we define it as maintenance repairs at the local scooter shop. The idea here is to make customers realize that they have a need and then proceed to give them the product that satisfy this need. The opportunity is as big as the the scooter culture around the country. Of course the opportunity can and will lead to other opportunities, so I would argue that the opportunity is enormous. The window of opportunity for this specific product will be open so long as nobody succeeds in making scooter covers the norm. 
Innovation.
Specifically speaking my product is a all purpose weather scooter cover for scooters here in Gainesville. It is made out of a waterproof fabric of sorts and has elastic "waistbands" to fit around the scooter which also allows it to say onto the scooter. It goes over the scooter to protect it from natures elements when stored outside whether it be rain, sun, wind, etc. thus increasing the longevity of the scooter. It works simply by going over the scooter when being used and when it's not being used it folds up and fits comfortably;y into the storage compartment of the scooter. I will make money by having the scooter covers mass produced overseas (sorry USA) to be able to sell them at an affordable price. $25 for a good scooter cover would be my price with a roughly $10-$20 profit margin per scooter cover. If sales are lacking and customers want something of a higher quality and American made, I have no issue with going that direction as well.
Venture Concept.
Customers would undoubtedly switch to my product because there is no current mainstream scooter cover for scooters here in the Swamp. In my case it is not a matter of getting them to switch from one brand to mine, but rather to get the customers to buy into the idea to have a scooter over in the first place. If marketed correctly I do not see this is a particularly difficult challenge. $25 for a scooter cover that will save hundreds of dollars down the road in maintenance is simply logical. The competitors are companies that already have scooter companies, however seeing as they do not have much popularity with scooters here, there isn't too much competition. Location is huge in terms of my scooter covers, because if there are no scooters around, then my product will fail. Thus I will only go to places that have scooter culture, starting here in Gainesville. Customer support is essential to any business, I have to win that battle. I would organize a business to support the continued production of my product having different teams with different departments completing different tasks, with myself overlooking everything. No more than 10 employees are needed to begin with, as we grow as a company, more employees will be hired.
Feedback.
The feedback I received was completely positive in regards to the first post I made about the venture concept.  There was nothing but good comments about my venture concept. I didn't change anything because I received no negative feedback!
Change.
Due to the completely positive feedback, I didn't have to change anything.

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Ultimately I found it somewhat that giant organizations (EU, WTO, and NAFTA) would be deemed somewhat responsible for entrepreneurs around the world.

2) Identify at least one part of the reading that was confusing to you.

Intrapreneurship and entrepreneurship are different how???

3) If you were able to ask two questions to the author, what would you ask? Why?

-Do you think corporate greed has grown to a level within the US to the point where it is unhealthy for the whole of society?

-Whats the best advantage of developing a mindset of corporate entrepreneurship.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not disagree with anything the author stated.

Google Gold

Throughout the semester I used various words and phrases that I thought would help push my blog towards the forefront (SEO). Generally I would promote my product with a brief description so if someone managed to come across my blog they would know exactly what my product is. The amount of blogs I have read throughout the semester in which I was generally confused after is surprisingly high.

Keywords included
-Gainesville
-Scooter
-transportation
-University of Florida
-weather cover

I haven't made it to the first page yet unless someone searches my blog name. Social media did little to nothing for my blog, as I did not advertise the blog on social media. The course provided plenty of feedback with the various peer reviews that were assigned to my blog.

Im not sure what I would deem the most viral post to be. However the most notable feedback I got was for the elevator pitches.

Very Short Interview, Part 2

I couldn't meet up with the exact same Entrepreneur, as he was busy. However, I did meet up with an entrepreneur whom I know very well and I asked him three questions.

Q: As you set out an entrepreneur, what was the biggest challenge of that initial stage?
A: The most difficult thing for me was simply getting into the world of business. I had left home and quit my job all within a year and I was only 19 years old. Not knowing what is going to happen is a scary thing, but I would advise anyone to try and put yourself in a situation in which you don't know what is going to happen. Life will work out.

Q: How did you go about growing your network to the point where it is today?
A: Being in the culinary industry, I started from the bottom and worked my way up. Always being nice to people and not being afraid of meeting new people is key towards building a network. Constantly put yourself in a situation in which you will meet people, make a good impression, and boom thats how you network. Eventually you will meet people who "know" people or something of that sort. Soon enough people will be going out of there way specifically to network with you.

Q: How do you know if the venture you create is the one you want to build a career around?
A: With me, I have built my career not around a single venture, but rather around an entire industry (culinary industry). I always have new ideas within the industry, and sometimes I decide to act on them. At the end of the day, you will know if what you are doing is what you love. You just know.

While this entrepreneur was not the same one I interviewed with the last assignment, it is someone that I had talked to before. The level of comfort level was obviously there as we discussed various topics. I actually met the man through my father (who is an entrepreneur himself) this semester. I know him only as Mike of custom foods, and hopefully this assignment will  help me with my entrepreneurial endeavors in the future.

Week 13 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The fact that the process of the deals was so lengthy and in depth was a bit surprising to me. 

2) Identify at least one part of the reading that was confusing to you.

The process of buying a business and all the little steps and what not that go into the process, I have not learned all of the "steps" yet. 

3) If you were able to ask two questions to the author, what would you ask? Why?

-What is the best way of buying and valuing a business?

2. Which method is most common for valuing a business?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not disagree with the author or anything, seeing as the author is the expert and I am the student.

Celebrating Failure

I suppose I will take this assignment as an opportunity to talk about the fact that I cannot seem to do well in Survey of Calculus MAC2233 (have an exam Thursday wish me luck). Throughout the first two exams, both methods of studying I did resulted in bas results on the exams. Hours upon hours were spent studying material, but evidently in the wrong way. This had led me to prepare more for my upcoming way and led me to study for efficiently. Also, for the first two exams I was in Colorado until a few days before the exam, for this exam Ill be here the entire time. I learned that sometimes my best just isn't enough, which is why I believe people all have specific things they are good at. Also, I learned to persevere and to set a mentality of success which hopefully will heed positive results in the course and throughout life in general. I think failure is something that needs to happen on the path to success, if you never experience failure, you will never understand what success is. i handle failure by looking towards to future.

My Exit Strategy

1) With this venture specifically, I definitely would try to sell it in 5 years to make a profit. This idea is small in my eyes and I definitely would not want to limit my entrepreneurial career to one small idea. Ultimately I would like to use this idea as a sort of means to "test the waters" with the real world.

2) I have selected this strategy because I do not wish to have this venture as something that I am stuck with for the rest of my life. I hope to do bigger and better things and use this as a learning process.

3) Absolutely I think my exit strategy has influenced my decisions for my concept.

Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The author didn't seem to outline what EXACTLY boost the value of a firm. There were plenty of formulas but there didn't seem to be much analysis of real world situations.

2) Identify at least one part of the reading that was confusing to you.

The formulas that were provided confused me because I don't completely understand how a mathematical formula can determine the value of a firm.

3) If you were able to ask two questions to the author, what would you ask? Why?

-What do you personally think makes a company "valuable"?

-What exactly do you consider "valuable"? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I didn't disagree with anything the author said.

Venture Concept No. 1

Opportunity.
The opportunity that presented itself for my product was the abundance of scooters here in Gainesville and the insane amount of rain we get here which is part of the reason Gainesville has the nickname "The Swamp". Scooter culture is vast and ever-growing and with that comes a line of different opportunities for products to become successful. I noticed that a vast majority of scooters don't have any sort of cover for them and that most scooters are stored outside. Anyone who owns a scooter understands that if you leave it out for a few days without using it that it will take several tries just to start it up. In the long run this is not good for the scooter, so this is just one of the things that made me realize that scooter covers could and should becomes the norm when owning a scooter. The elements will take a toll on scooters, which would lead to ever increasing maintenance costs. Of course I don't expect students to put the cover on every time they get off the scooter, but perhaps at night or certainly when they know they won't be using it for awhile. The market is defined geographically as basically universities around the nation (starting with the University of Florida) that have scooter culture with the target demographic of course being college students. Eventually I'd hope to have partnerships with scooter dealers to allow scooters to come standard with a weather cover, thus allowing the weather covers to become the "norm". Customers are not currently satisfying the need, unless we define it as maintenance repairs at the local scooter shop. The idea here is to make customers realize that they have a need and then proceed to give them the product that satisfy this need. The opportunity is as big as the the scooter culture around the country. Of course the opportunity can and will lead to other opportunities, so I would argue that the opportunity is enormous. The window of opportunity for this specific product will be open so long as nobody succeeds in making scooter covers the norm. 
Innovation.
Specifically speaking my product is a all purpose weather scooter cover for scooters here in Gainesville. It is made out of a waterproof fabric of sorts and has elastic "waistbands" to fit around the scooter which also allows it to say onto the scooter. It goes over the scooter to protect it from natures elements when stored outside whether it be rain, sun, wind, etc. thus increasing the longevity of the scooter. It works simply by going over the scooter when being used and when it's not being used it folds up and fits comfortably;y into the storage compartment of the scooter. I will make money by having the scooter covers mass produced overseas (sorry USA) to be able to sell them at an affordable price. $25 for a good scooter cover would be my price with a roughly $10-$20 profit margin per scooter cover. If sales are lacking and customers want something of a higher quality and American made, I have no issue with going that direction as well.
Venture Concept.
Customers would undoubtedly switch to my product because there is no current mainstream scooter cover for scooters here in the Swamp. In my case it is not a matter of getting them to switch from one brand to mine, but rather to get the customers to buy into the idea to have a scooter over in the first place. If marketed correctly I do not see this is a particularly difficult challenge. $25 for a scooter cover that will save hundreds of dollars down the road in maintenance is simply logical. The competitors are companies that already have scooter companies, however seeing as they do not have much popularity with scooters here, there isn't too much competition. Location is huge in terms of my scooter covers, because if there are no scooters around, then my product will fail. Thus I will only go to places that have scooter culture, starting here in Gainesville. Customer support is essential to any business, I have to win that battle. I would organize a business to support the continued production of my product having different teams with different departments completing different tasks, with myself overlooking everything. No more than 10 employees are needed to begin with, as we grow as a company, more employees will be hired.
Three minor elements.
My ventures secret sauce is not EXACTLY the product itself, because the product is relatively simple. My "secret sauce" is being able to take advantage of Universities that have scooter culture and market to the college students (who are always looking to save money somehow) with the pitch that makes them think that buying my product is the only logical thing to do. My companies versus my competitors would have the advantage in the marketing game. I will only be located where scooters are abundant, where as most competitors believe the bigger picture is with motorcycles around the country. I'll be able to market my product to the point where everyone that has a scooter also has one of my scooter covers. The net opportunity for the venture is not something I can simply predict out of thin air. Opportunities present themselves as time drags on, but I would argue something dealing with scooters would be the next step for my company. What exactly is next for me? I would not restrict my life as an entrepreneur solely to scooter covers. If I am able to successfully market scooter covers, I do not see why I wouldn't be able to market actual scooters at different universities around the country and even more so around the world.

Amazon Whisperer

For my business, the main method of making money is obviously selling m product which is a oocter cover for scooters here in Gainesville. The next thing my customers might want would possibly be an indirect relationship with scooter companies here. If they buy a scooter it will come with a scooter cover kind of thing. It will enhance my product because it will allow the product to become standard with scooters. The product will move on to become the "norm" and people who don't have scooter covers will realize they should probably have one.

This is similar to what I would think of selling, but with a hefty price tag. The customer reviews are overwhelmingly positive. They like what it does, it's ease of use and of course the quality. They don't like the price. I would design the product to be more specific to scooters and find some way to make them cheaper without compromising quality.

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The surprise I had in the reading was that execution of ideas is not the main reason for failure.

2) Identify at least one part of the reading that was confusing to you.

The general point of everything sort of went over my head, aswell as the fact that when a company lacks some sort of business strategy, specific fields can try to make things cater to them.

3) If you were able to ask two questions to the author, what would you ask? Why?

-How do strategies work for different kinds of businesses?

-How does a business strategy allow a company to win the customer service battle?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in the article I disagreed with.

My Unfair Advantage

1. Patience
-V: Valuable in any situation in life
-R: Patience, although well known, I not a very common quality among people, it is rare
-I: Patience cannot be copied, but only self-taught through life experiences
-N: no
2. The ability of seek out opportunity
-V: Valuable as it allows me to take advantage of situations when they arise
-R: Rare because it is a quality of true entrepreneurs
-I: Cannot be copied, but only self taught in very few individuals
-N: No, seizing opportunities is a  quality that is unique to itself
3. Ability to bring people together
-V: Valuable to be able to bring people together, can use it to bring people around a product.
-R: Rare because not many people have the ability to bring people together
-I: Can potentially be copied, by mimicking what I do, however if they don't truly know what they're doing, they'll have difficulties
-N: No
4. Financial backing
-V: I am lucky enough to know people who would be willing to invest in my company
-R: Rare because I know people who have a lot of power and wealth that believe in what I can do
-I: Can be copied if people know the correct thing
-N: No, financial backing is essential to a business
5. People Skills
-V: Valuable because I know how to make people like feel comforted
-R: Not so rare because people can develop people skills relatively easily
-I: Can easily be copied if people just learn how to be nice
-N: No, people skills are essential towards building a business
6. Connection to a market expert
-V: Valuable because it can allow me to seek advice about the market I am in
-R:  Rare, yes because not too many people have a direct connection like this
-I: Can be copied if someone knows the same person
-N: No, nothing can lead to knowledge
7. Creativity
-V: Valuable because it allows you to be diverse
-R: Not rare
-I:  The quality cannot be copied, the process can be
-N: No
8. Time
-V: Valuable because this company will be my career
-R: Time is rare indeed
-I: Cannot be copied
-N: Yes, efficiency can lead to the same results
9. Connection to a supplier
-V: Valuable because it allows me to create my product
-R: Rare, no.
-I: Can be copied
-N: No
10. Connection to a distributor
-V: Valuable because I have places that will sell my product
-R: Rare, not necessarily
-I: Can be copied if someone goes after the same distributor
-N: No

I think the ability to seek out opportunities is my best quality because it allows me to take advantage of situations as I see fit which can only lead to success.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The statement cash flow was slightly confusing but also surprising because it really highlights the fact that in the age of technology we live in, cash is still king.

2) Identify at least one part of the reading that was confusing to you.

This same thing, the statement of cash flow confused me because supposedly an analysis of cash availability and cash needs shows the efficiency of a company

3) If you were able to ask two questions to the author, what would you ask? Why?

-In the age of rapid technological advancement, will cash remain dominant or will digital currencies take over in the future?

-If an entrepreneur has created a company but has not yet made any sales, how will efficiency be measured?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Seeing as the author is the expert on the subject and I have only just been exposed to the new material, there is nothing I thought the author was wrong about.

Elevator Pitch No. 3

The feedback I received from the earlier elevator pitch was overall very helpful. I was told to not be so monotone and seem a little more enthusiastic. I had a problem hitting that minute mark however, so I wonder if there is any tips on lengthening the process out.

Based of the feedback I received, I changed what exactly was said and how I went about saying it. Before it was too long (now its sort of short). I definitely like the constructive criticism for sure.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique.
-I am very open minded. Unlike many people in the world, I will not discredit you simply because we have different ideas and/or opinions. Tell me your side, if i like it then sweet, if not then I'll use my knowledge to back up my opinion. I try to not be ignorant.
-I have the ability to see opportunities when they arise. I am definitely not the most motivated and driven individual out there. A lot of the time I simply do what I am supposed to do and then proceed to take advantage of a situation when something comes up.
-I am good at giving people advice. I help people during their time of need. I usually know what to say in situations (whether it be some simply drama or something much more serious)
-I have the ability to learn almost anything and become good at it. I understand that practice makes perfect. That goes with anything in life.

-I am truly multicultural. Being half Thai and half American, I have gone through the culture shock many a time when visiting Thailand and understand that the world is a very very big place.


Seeing that all the people that know me the best are not in Gainesville, I texted the 5 people and put out conversations below



 The main takeaway was simply the respect I gained for this person and the knowledge that they have respect for me.It was nice to see nice things being said about me from this person, because all we ever do is joke around.

 

What my friend said here about street smarts reinforces the idea I said about seizing opportunities when I see them. She knows I work my way into positions with less effort than most people, simply because I can see an opportunity and take advantage of it.



What is said here means a lot more than it looks to be. This is my best friend who said this, and there is plenty of backstory and evidence to back up each statement. Makes me happy to know I have a friend like this person, whom I will know for the rest of my life.



This one is from my father. So it truly truly truly means a lot to me. We don't often talk about much besides politics and sports, so this was a nice change of pace. Everything I know and all of my qualities I can thank to that man. 




Arguably one of the smartest people I know. Met him in high school,  we have very similar mindsets when it comes to work so he understand the academic side of me very well.


Reflect on the differences
The way in which I see myself and how others see me is generally very similar. I try to be the same person both inside and out. I would say the interviews are correct about me, because if I do not know who I am, then these people most definitely do. I wouldn't make any "corrections" to my list from part 1. I would simply add to it over time.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Definitely one of the biggest surprises was the fact that companies and corporations still heavily use traditional methods of surveying. I just assumed everything would've been done with technology. 

2) Identify at least one part of the reading that was confusing to you.

The different philosophies (customer-driven & sales-driven) are independent from one another. I personally don't see how these two couldn't be directly related to each other.

3) If you were able to ask two questions to the author, what would you ask? Why?

-Is social media going to take over marketing anytime soon? Has it made a significant impact?
-In terms of surveys, will companies continue to rely on traditional methods or will they readily switch to using technology?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in-particular that the author said that I disagreed with.

Idea Napkin No. 2

1) You.

My name is Anan Samuel Lagana. I am half American half Thai. I'm a freshman here at the University of Florida majoring in Business Administration with a possible goal of a minor in entrepreneurship. Some of my talents include being skilled at tennis, golf, and downhill long boarding. I am able to make connections with people relatively easily. Some of my experiences are working as a sales associate at Brookstone, running a concession stand, and as a Database Systems Administrator at Culinary Systems, Inc. My goals in life can be narrowed down to one thing: being happy. To go into more details, I hope to own my own business (do not like the idea of working in a cube or under someone in a repetitive lifestyle), I hope to have a family of 2-4 kid and a wonderful wife. Hopefully having the financial stability to be able to provide my family with the life is accustomed to, making sure my parents are good to go, and of course loving what I do. If I started a business regarding scooter covers, I would without a doubt expand it to deal with more things. Whether it is becoming a scooter dealer or having more innovative products in similar industries. It would completely change my life.

2) What are you offering to customers?

An all purpose weather cover for scooters here in Gainesville and places they have major public transit for vehicles. They protect against the elements for scooters stored outside, thus increasing the longevity of the scooter.

3) Who are you offering it to?

Expanding on the original idea, a vast majority of my customers are still college students. However I recieved feedback to expand to cities with major public transportation. Even overseas. For example, in Thailand there are many places where scooters vastly outnumber cars. So there is a good market there.

4) Why do they care?

Customers will pay money for my product because they spent a minimum $1000 on a brand new scooter and they'll want to protect their investment. If my product can ensure that the scooter will last longer, then customers will be willing to pay it.

5) What are your core competencies?

With weather covers already in existence, I will win out with reliability, price and ease of use. I have the ability to talk to scooter owners and dealers in regards to scooters.

The elements go together relatively well however there is one aspect of my product I need to solve. How do I prevent the covers from getting stolen? Or make them cheap enough to the point where if they are stolen, people won't fret over buying another one. Aside from that everything falls into place. There are scooters in Gainesville, there aren't many scooter covers.

Feedback Memo

The feedback I received on the first Idea napkin was 100% positive. Therefore there was nothing I had to drastically change with my idea. However, the feedback got me thinking about how I could expand the idea to more places. One person suggested expanding to cities with major public transit and such. While I would have to research the city and its respective demographics, this helped my think even bigger. I came to realize that I was restricting myself to only thinking about the United States. I am half Thai and I have been to Thailand over 15 times. Any who has been there knows that motorcycles and scooters are HUGE there. Boom. Prime market. Ultimately the feedback was positive and reinforced my idea was ha

Week 8 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Until now, I had never actually thought there were any advantages towards debt financing, being a college student all I hear about is debt so I just assumed there could be no good from it and that it was only a temporary fix to a problem. Now I know there are good uses towards it.

2) Identify at least one part of the reading that was confusing to you.

This part wasn't explicitly stated in the reading, but I just want to understand how business owners determined whether or not to use debt financing or equity financing. 

3) If you were able to ask two questions to the author, what would you ask? Why?

-How does one determine whether or not a venture capitalist is asking for too much power by way of the money they are able to contribute? I simply want the author's opinion on the matter.

-What helps a corporation finally decide to go public? In what situations is going public the correct move? I don't exactly understand what is "better". For example, why hasn't SpaceX gone public? Why isn't Publix public? 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Being that I rather inexperienced on the topic, I don't particular have anything to say against the author. He obviously knows what he is talking about, and to me he seems credible.

The Twenty Percent

1) Find a business owner and talk to them about their customers.

The entrepreneur I decided to interview was Collin the Chief of Everything over at NewScooters4Less! It only made sense to contact one of the most relevant scooter companies here in Gainesville with the idea I had for the course. I have set in on several presentations by Collin about entrepreneurship and if you haven't done that, I highly recommend you find out the next meeting he will be at. Unfortunately he had a tight schedule so I was not able to meet up with him person to person, but he made a video talking about all the questions! The link is below:

https://www.youtube.com/watch?v=UrlgbpXjpCc&feature=youtu.be

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described.

The target customers were of course students at the University of Florida. Turns out if you tell people they do not have to be recorded, there's a good chance they will say no. 

Who do you think their target customers are?

In this case all three 'target customers' responded with the same answer. "Students at UF". For this particular business, it's pretty easy to realize that without UF, NS4L would go out of business in a heartbeat.

What are their customers' unmet needs?

-response 1- "I think a lot of people just like the idea of convenience. I know with my friends, they don't necessarily need to have a scooter, it just makes life easier. Uhh but also I can understand that for people who live off campus why a scooter makes much more sense. Regardless I want one"

-response 2- "Getting to class if you don't live in a dorm. I hate the buses here. RTS is just awful sometimes. Before coming here, never in a million years would I have thought I would own a scooter. Now I have one and I love it. I'm living at the retreat next year so it'll really be useful then."

-response 3- "Unmet needs are definitely just ease of transportation. There's parking everywhere for them and they help people get to class or wherever they need to go in Gainesville."

Where do they find their customers? What are their customer's demographics?

I put these two questions togother becuase collectively I got virtually the same responses. Each person for both questions said something along the lines of 

"they find their customers around UF and their demographics are simply college students." Any age, regardless of gender.

What kinds of media do their customers consume? 

Again all 3 people said the same thing "Social media is king"

I would say the entrepreneur definitely understand the customers needs, otherwise NS4L wouldn't be so relevant and ultimately wouldn't still be in business.[

Half-way Reflection

1) Tenaciousness is a skill
Something that the course will help you understand is to never give up. Through ups and downs with interviews, ideas, assignments, it will let you realize that in order to succeed as an entrepreneur you must be persistent. This class is an easy A, for sure. However, if you truly want to be an entrepreneur you must be willing to go the extra mile with the course so you can gain the true experience the course is intended to give.

2) Tenaciousness is also about attitude
When I was trying to track down people to talk to and get serious advice for whatever the assignment was. You become tempted to just find people to give you simple answers, yet these kinds of responses provide no constructive criticism. Also, people are going to tell you bad things about your idea or your product. Take it to heart. Listen to the customers and use it to your advantage, not to your downfall.

3) Three tips
- Be persistent. If you have an idea you truly think has the potential to be successful, then work towards making that dream become a reality. Have a positive attitude and understand that the life o an entrepreneur is not easy, but if it is truly for you then you will forever be happy.
-Absolutely absolutely absolutely use criticism to your advantage and take advice from people with more experience seriously. It will only help you in the long run.
-Never forget the true goal, the drive to be successful will mold your actions into a path that will lead you towards success. There will be bumps in the road, not only for the course for more specifically for life. Just remember to always be persistent.