Celebrating Failure

While the instructions for this assignment indicate that a failure from this past semester (Spring 2016) should be used, I will instead be using a failure from last semester (Fall 2015). Doing so will enable me to fully detail a failure from which I learned and have reflected upon quite a bit.

Fall 2015 was a hard semester for me, quite possibly the hardest semester I have experienced as a sophomore at UF. I was taking several challenging classes including ACG 2021 (Introduction to Financial Accounting), CDA 3101 (Introduction to Computer Organization), and finally COP 3530 (Data Structures and Algorithms) during Fall 2015. While I knew from the beginning of last semester that I would have to put a lot of work into my classes to succeed, I underestimated the amount of work that was truly required. By the end of the semester I ended up getting a B in CDA 3101, a B- in COP 3530, and a C+ in ACG 2021. While some would not consider these grades to be a true failure, seeing as ACG 2021 is touted for it's difficulty as an undergraduate course and COP 3530 is a prerequisite for nearly every class in the Computer Science Engineering major, I hold myself to a high standard. For me, Fall 2015 constituted a semester in which I failed.

As a result of my failure, I learned various lessons. More than once I left assignment for the last minute in COP 3530, a class in which the assignments were non-trivial in scope. As I worked to complete assignments that I procrastinated on, I forgot to complete assignment for other classes, such as a quiz in ACG 2021. I no longer procrastinate on assignments, especially those assignments that stand to teach me the most (with regards to my field) and which I know will be involved beforehand. Furthermore, I've learned to keep on working and pushing forward, even when the going gets tough. Had I studied longer and worked more towards practicing the concepts covered in tests for ACG 2021, I could have gotten a B or a B+ instead of a C+, which would have been much better. Now, even though I work a part-time job (19-23 hours a week), I continue to work and put in the extra degree of effort in my assignments because I know the rewards speak for themselves.

I have found that while I initially handle failure emotionally (I think that to a certain extent, we all handle failure this way) I eventually handle the bulk of the failure in a behavioral manner, finding ways to better myself and change my habits in order to succeed in the future. I personally believe that this is the best method of dealing with failure. There's no use in thinking in terms of "could have" and "should have" when the past cannot be changed. As a result, I see failure as an opportunity to grow and advance as an individual. While this class has not significantly changed my views on risk-taking, I find that I am more likely to take a risk in which the main consequence is "failure" simply because I know that failure can push one to succeed and achieve more than previously thought. I think the image below illustrates this point well. Don't see failure as an absolute end. Instead see it as an opportunity to work harder and reach goals that seemed too far to reach before.

Week 13 Reading Reflection

After completing this week's reading, I was most surprised by the amount of steps that must be taken in order to both value a venture and for an existing company to buy another company. Before reading Chapter 14 of our textbook I knew that these processes are by no means simple. However, Table 14.1 and Table 14.2 (Due Diligence Evaluation and Checklist for Analyzing a Business) both clarified the exact points that must be addressed when properly valuing a business.

I was most confused by the process to apply the price/earnings ratio to privately held corporations. While the math makes sense to me, I'm not sure where exactly the capitalization rate comes from. Some more explanation for this quantity would have been helpful in understanding the conversion method.

Given the opportunity to ask two questions I would ask how big the difference between start-up costs and the costs of purchasing an existing business is when creating a final valuation price and how important it is that every item on the Due Diligence checklist be completed. The first question arises from the section at the end of the chapter, which states that while existing companies will be more expensive to acquire than start-ups, the overall cost is cheaper when considering the costs a start-up must incur to obtain a clientele and start making money. The second question comes from the fact that the evaluation checklist is quite long, spanning the length of almost two pages.

Overall I think that the author's points are very sound and do not contain any errors.

My Exit Strategy

After having successfully grown OddJob into a viable business I plan on greatly minimizing my involvement with the venture. I would make sure the structure of the business is such that it would be able to grow and survive with a different team in charge of it's operations.

I have selected this particular exit strategy because I know that after growing a business I will want to  move onto another opportunity. While I'm not opposed to continually supporting OddJob and other older business ventures, I think there are always greater opportunities for advancement.

I don't think my particular exit strategy has influenced my other decisions in building the concept of OddJob. My exit strategy only applies once the business venture has grown a sufficient amount and does not depend on the amount of time that has passed. Assuming that OddJob is still a viable business after 5, 7, or 10 years, I would only leave once I felt the business is in a stable enough position.