Week 8 Reading Reflection

For me, the biggest surprise from the reading was that there is such a thing as an "Angel Investor". While I was previously aware of different kinds of wealthy individuals who focus on investing in small, start-up businesses, the fact that there is a specific term for them was quite interesting to me. I was also surprised by the speed with which venture capitalists were able to reach a "no/no go" decision with respect to their evaluations of investment opportunities. 6 minutes for an initial screening is quite fast in my opinion.

I was most confused by the fact that most venture capitalist firms tend to invest in mature, established businesses, as opposed growing start-ups. I believe this confusion stems from the portrayal of venture capitalists in the media and on TV. If you've every seen HBO's Silicon Valley you'll know what I'm referring to.

Given the opportunity to ask two questions, I would ask what is the best way to find angel investors and what private placements, which are regulated by Regulation D of the SEC, specifically refer to. The first question stems from the quote in the reading by William E. Wetzel, Jr. which claims that often times angel investors can be found "within 50 miles or within a day's drive at most". While small businesses are almost certainly headed by entrepreneurs, angel investors are probably not in small business environments. I would ask the second question simply because I did not fully understand what a private placement is.


I did not find any aspect of the reading where I believed the author was wrong.

Half-Way Reflection

Developed Behaviors:
As we approach the half-way point of the semester I feel it's important to reflect on the behaviors that have allowed me to succeed thus far. The number one behavior that I have used to keep up with the course is keeping myself organized. Every person has their own way of being organized. My take on this method is to keep a daily "planner" or list in my computer and phone with what I need to do. Below I've included a screenshot of this planner but this is during a time where I'm quite caught up on my work and am actually working ahead. Believe me, there have been times where this list has been much larger and I've had to list out several assignment next to one class.

I've also developed myself throughout the course of these two months enough that I no longer really find it hard to speak with a stranger. Many of the assignments in this course required that I go out and speak with strangers, a task that I have struggled with in the past. Communication skills are extremely important and while I considered myself quite personable before taking this class, I have definitely grown in my ability to approach strangers and hold a conversation.

Hard Times (How to keep the momentum going!):

The "hardest time" that I have experienced so far in the semester was definitely when I had several large deadlines due during the same week. These deadlines included a Physics 2 test (those are hard by the way), a 1000+ word report, customer interviews, and group work for a software development project. When there is pressure from so many different assignments it can be very easy to give up and under-perform in one class to make up for it. I was able to pull through by staying committed and working long hours several days in a row. Keeping a goal in mind is especially important when trying to stay focused with a lot of work. For me that goal is to personally develop myself as much as possible, all while keeping my grades up. That sounds like tenacity to me.


Tips:

1. Stay organized. There is no one "right" way to do this, but whatever way you choose to stay organized make sure it works for you.
2. Make realistic and achievable goals. While it's not realistic to say you'll be ahead by 3 assignments in every class by the end of the week, it is realistic to say you'll be ahead by a few assignments in one class. Completing goals is just as important as setting them to begin with.
3. Go above and beyond requirements. While it's not realistic to dedicate a large amount to every assignment, you'll get the most out of this class if you take every assignment seriously. Sure you can choose to do the bare minimum for every assignment, but you'll have to ask yourself if you're really developing any useful skills for the real world (where you'll be all on your own).

Week 7 Reading Reflection

After completing this week's reading from the Harvard Business Review I was most surprised by how much importance companies placed on an individual's identity and what products conformed to that identity instead of what decisions consumers made when spending their money. As detailed by the reading, consumer behavior is much more important than consumer identity. However I was not aware that companies used the latter metric so heavily during the last four decades.

I was most confused by the portion of the reading that focused on creating segmentations that conformed to what senior managers thought. While I understand that early statistical research conducted by private companies focused too much on consumer identity, I was unsure as to how that related to the marketing manager's reluctance to accept such data.

Given the opportunity to ask two questions to the author I would ask if the appropriate approach has been taken by modern companies in identifying consumer identity and how companies go about obtaining the statistical data they use to make informed marketing decisions.

I found the author's input was quite good and well supported by a variety of real-life scenarios. Overall a great article.

Free Money

Strategy:

Where to go?: The best way to find people to approach was definitely a very busy and public place. I choose the area near Turlington and Marston to give away my dollar bills.

Kinds of people to approach?: I decided to focus on people that were looking down and that were busy as this would provide the best experience in catching someone's attention. I also found it easier to speak with individuals that while walking, didn't seem to be in much of a rush so as to make it easier to hold a conversation.

Conversation Starter/Plan?: My initial plan was to try to incentivize people to provide feedback on the business idea stated in my other blog posts (OddJob - a CraigsList like phone app for College students) but due to reasons stated below (in the reflection) I decided to change my approach. My second idea was to give people the dollar bill under the context of a "social experiment" to see if they would pay the dollar bill forward to someone else. See my reflection for what I learned about each conversation idea.

Prediction: I predicted that out of 5 people only 1 or 2 people would actually take the dollar bill.

Encounters:

Note: Unfortunately the sound in my first video is not very good, but you should be able to hear me speak.

Reflection:

After completing this assignment I definitely gained some insight as to how to make it easier to sell a product or approach an individual with respect to a product. My first idea (getting people to provide feedback in return for a dollar) did not work well in reality. I think the main cause behind this was that people felt bad taking a dollar from someone trying to create a new business or further themselves. I then realized that it would be much easier to give someone a dollar (and have them keep it) if they felt good about taking the dollar. This proved to be true as I was able to convince 2 out of the 5 people to take the dollar under the context of them "helping" out by paying the dollar forward. If I could have given the dollar under the context of a non-for profit organization (imagine the non-for profit gives 2 dollar for every dollar I give) then it would have been even easier, in my opinion. I had predicted that it would be harder to give away a dollar and this proved to be true.

Feel free to leave feedback below!

Elevator Pitch No. 2

Overall I think that the feedback I received last time I did my elevator pitch was quite good. There was no feedback that I thought was wrong. I was however surprised that many people that left feedback thought I was relaxed throughout most of the pitch. I believe this applies to any presentation, but when you look back on yourself it's much easier to identify a specific moment during which you were nervous than it is for others to identify.

Based off the feedback from last time I tried to keep my hands at my sides and express myself as clearly as possible in order to make the pitch look natural.

Please let me know what I can improve this time around!

Week 6 Reading Reflection

After finishing the reading for this week I was most surprised by the statement that "Industry structure drives competition and profitability, not whether an industry is emerging or mature, high tech or low tech, regulated or unregulated.". This surprised me because I have traditionally thought, as I think most people do, that outside "magical" forces dictated the profitability of an industry. I believed that the simple fact that an industry is emerging or that it is specialized in products/services that are highly used by the average consumer played the highest role in determining profitability. 

One part of the reading that was confusing to me was how the power of suppliers affects profitability. Specifically how "supplier groups can credibly threaten to integrate for- ward into the industry." The wording here is what confuses me, as I'm not sure if the author is referencing the ability for suppliers to grow to become a competitor in an industry or the consequences of industry participants making more money relative to the suppliers themselves. 

Two questions I would ask the author are what are some more specific examples of high exit barriers and what are the best ways to gain market share (from the perspective of a corporation) without engaging in "innovation for its own sake". While I understand that company owners and workers can be very dedicated to their field and in maintaining the health of the company overall, I don't understand how those factors contribute to high exit barriers. It seems to me that if any company truly wanted to exit the industry it could do so, presumably with a new player entering the market or existing players taking up that market share. I'm also interested in learning different strategies for gaining market share, although I realize that some methods (like adapting to emerging substitutes) are mentioned in the article. 

Considering that the author, Michael E. Porter, is much more qualified on this subject than I am I find no reason to think that he is wrong in his statements. As stated at the beginning of the article, Porter's five forces have changed the way companies view their role in being profitable in an industry and I believe this is for good reason. 

Idea Napkin No. 1

1.) You: I am a hard-working, independent individual who seeks to directly control the route my life is to take. While I don't mind going above and beyond to fulfill a goal or task, I find much more fulfillment when working on my own accord and not being forced to answer to other people. As a Computer Science student I have skills in programming and computing technologies. I've also worked with both start-ups and large businesses and have seen the differences in how those businesses are run. If I were to start OddJob (the business described below) I would dedicate most of my time, including free time, to the development and growth of the business. While I would be much more involved with the technical side of the app I wouldn't hesitate to speak with potential customers.

2.) What are you offering to customers?: I'm offering an easy way to reach out to individuals nearby that are willing to help with specific day-to-day tasks. Similar to Craigslist, this app would allow individuals create job postings which can be fulfilled by others in the area.

3.) Who are you offering it to?: OddJob would be offered to college students at first. College students would be most willing to try out a new app, they often find themselves in need of help due to the nature of being by themselves, and they always need spending money. At first OddJob would offered to UF students solely, but over time other colleges would also be eligible for OddJob.

4.) Why do they care?: College students would care about a product like OddJob because they are normally young inexperienced individuals that don't necessarily have the knowledge or man power to complete day-to-day tasks. College students moving out without the help of friends or family members can struggle moving furniture. What about a student looking to put some art up on their wall but don't want to damage their wall? Name the task and there is surely someone out there who has struggled with completing it by themselves.

5.) What are your core competencies?: A.k.a what makes my idea different? College students are likelier to trust other students than they are to trust other strangers. While Craigslist is well known, it misses out on a younger market that is more and more likely to use technology their friends use. Additionally, the need for a smartphone to use OddJob can facilitate security checks and can lead to a safer for all individuals involved.

Reflection:

After completing the five elements of an idea napkin listed above I believe that they fit well together. The choice to focus on college students is one that I can relate to easily (seeing as I'm a college student) and one which I think would help the business. As I mentioned above, I have no problem going above and beyond in the pursuit of self-fulfillment and success. While OddJob may not take off immediately upon release, I think there definitely exists a market for such a job-sharing platform.

Week 5 Reading Reflection

After completing the reading for Week 5 I was most surprised by the fact that 89% of entrepreneurs attribute the failure of a new-venture to internal factors, instead of external factors. Previously I believed that external factors, such as market conditions and a lack of an active customer base were the most prevalent factors in causing a new venture to fail. However, after completing this weeks reading I came to realize that many of these "external" problems are simply caused by inadequate research/preparation done by the entrepreneur.

One part of the reading that I found confusing was the breakdown of financial factors that contribute to the failure of a new-venture. This is mostly due to my limited background in the finance field, having only taken an Intro to Accounting class next semester. Hopefully my understanding of this field will increase as it is definitely important to avoid the pitfalls discussed in the reading.

If I had the opportunity to ask the author two questions I would ask how much importance should be placed on marketing when starting a new business and how early legal considerations should be made in the venture process. The first question comes from the fact that while I acknowledge that marketing is necessary for many businesses to succeed, I also believe that many start-ups spend too much money on the early years of the business. The second question rises from legal considerations that I find myself thinking about when looking for business opportunities. For example, if someone were to create a short-term leasing/property management business (like Airbnb) and wanted customers to have the option to sign their leases online, what legal precautions would have to be taken? Additionally, how early do these legal measures have to be implemented.

I did not find myself disagreeing with any points the author brought up. While this may be due to my lack of knowledge in starting a business, I think all the information the author presented was well supported with other sources.

Elevator Pitch No. 1

My opportunity for this assignment was college students that often find themselves in need of help for simple tasks. These tasks often take a short amount of time and consist of moving furniture, getting a painting put on the wall, or even painting a wall. Without another solution, students are often forced to wait until their friends are available to get simple stuff done.

My solution to this opportunity is a phone app called OddJob. OddJob functions a smaller scale version of Craigslist that allows college students to post their tasks as a job posting on the app. OddJob then sends notifications to all the users in the area with the app installed as an opportunity for them to help another student out and make a small amount of money while doing so.

Below you can find my elevator pitch:

Reflection: This was the first time that I had really sat down and done an elevator pitch. In the future I could definitely improve by looking into the camera more, adding some concrete facts to my pitch, and maybe explaining the product a little more. I would very much appreciate it if readers could leave comments below with feedback on what they think I could do better.

Thanks!