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? 

The biggest surprise for me in the reading was that "angel investors" can be an actual asset to entrepreneurs. I didn't know that all different types of "angels" existed, and that one is actually able to receive loans from these people. 

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

I was slightly confused by the Rules 504a, 504, 505, and 506. I understand the need to distinguish the difference between different levels of monetary value. However, I find it confusing that only "sophisticated investors" are selected for sales exceeding 5 billion dollars, and the way they go about determining who is a "sophisticated" investor. 

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

1. How does one go about getting a loan from an angel investor?

2. What is the best way to get capital for a start-up, from the options listed in the chapter? 

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 said in this chapter; I found it interesting. 

Half-way Reflection

Here are some tips for next semester's ENT3003 students!

In regard to tenacity as a skill (in this class), it is important to use a calendar system to record dates of homework assignments so that you can keep up with all the assignments, and that way you won't miss any of them!

There have been a few moments this semester where I really just wanted to give up and not do the assignment at all. Most of the time, I overcame that attitude and just bit the bullet and did the assignment. (Pain is temporary, GPA is forever lol). I think I have maintained my good work ethic in this course, and it has been aided by my tenacity to complete homework assignments.

Three tips for developing tenacity:

1. Being well organized and thorough makes it easy to have a tenacious attitude in a class. So set yourself up to be organized and it'll make things easier to get done!

2. In terms of developing the tenacious mindset, keep persevering and doing the work and it'll pay off in the end!

3. Keep trying in the course no matter what. Interviewing entrepreneurs is an awesome experience! Focusing on your goals can help you strengthen your tenacious attitude. 

Week 7 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? 

I found it surprising that non-demographic segmentation no longer worked. In fact, I found it surprising that both non-demographic and demographic segmentation are deemed antiquated by marketing teams. I would have figured that these methods of observation would gauge consumers' buying patterns efficiently. 

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

I thought it was confusing that a broader view of nondemogrpahic segmentation was seen as necessary. I would have guessed that a more specific view would have been more useful. 

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

1. How do you think one will gauge the importance that a consumer places on a product?

2. Do you think that there will be a new method of segmentation in the next 10 years, and if so, what do you think it will focus on?

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

I thought it was odd that the two previous forms of segmentation were seen to not be very useful. However, I am not an expert and I do not have enough knowledge to whole heartedly disagree with the author. 

Elevator Pitch No. 2

Here is my latest video of my elevator pitch!

It definitely was easier to film this time around because I was much more comfortable with the pitch, and videoing in general. Last time, I got advice to try to move around more, and be more dynamic!

I still think I have room for improvement but I think that this time I was more enthusiastic!

Definitely used more hand gestures this time around, whoops. 

Week 6 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 biggest surprise for me in the reading was that the author considered mergers to be inefficient for the economy. I thought this was a shock because normally companies who successfully merge, are deemed greater and more successful.  

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

The part of the article that was the most confusing to me was that there was only limited access available to the article. I'm not entirely sure what happened with the website but from I read, it was an interesting article. I am just not sure if it was an excerpt, a summary, or the full article. 

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

1. How should companies avoid mergers to become more economically efficient, and to reach their full economic potential?

2. Is there one competitive force that outweighs the others?

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 I disagreed with the author about in this article. 

Interviewing Customers No. 3

Interviewing Customers No. 3 

This time around for interviewing, I asked the same set of questions I had asked in the second round of interviews. However, this time I explained a background idea of my product beforehand. I felt that this better prepared my interviewee for the questions to come, and they were more comfortable with me by the time I started asking the questions. With this method, I was able to get more length responses fro most of my interviewees, and overall it was a successful venture!

I interviewed outside of Marston this time because there were so many people walking in, and it was easy to quickly ask someone some questions. I focused on college students this time, but maybe in the future I will ask people from different age groups. 

From this most recent round of interviews, I discovered that by giving a background idea of my product beforehand, people were more willing to give ideas and suggestions for my product. They also gave more lengthy answers and seemed more relaxed during the whole process. 

Here are my five interviews!

 

 

 

Idea Napkin No. 1

Here is my Idea Napkin! 

Me: 

Who am I? Good question. I'm a first year Finance major, with a Spanish minor, from Orlando, FL. I love talking to people and getting to know them, which I believe will help me when I am networking with future clients. I also am a very organized person, which is a major key (to success, hopefully) when running a business. After college, I want to go into the finance world, or maybe even corporate law. The experience from running this business has the potential to develop my business-related skills. Specifically regarding to this business, I think it would be cohesive with my current plan for my future, it could fit nicely alongside a career in business or law. 

What am I offering to customers?

The product that I am proposing is a phone/computer charging cable that has a slinky-like design. (It is also similar to the slinky water hose, just a charging cord instead.) This product will be more durable than the other phone/computer charging cords, meaning it is resistant to fraying, breaking, and being unable to charge. It also will resist tangling, which is a fun added bonus. 

Who am I offering this to? 

EVERYONE (that has a cell phone or computer).

Why do people care?

Because they're nice. Just kidding. This product will change the charging cable game. Everyone knows the struggle of charging cords that lose their elasticity and/or break. This is the solution!

What are my core competencies? 

I have strong communication skills, which will help when I am spreading the word about this new product. I also am a college kid, living in a town full of entrepreneurs who are ready to help and give advice about the process. 

I think that all of these five elements fit well together in my business plan. Running a business requires actual business skill and interpersonal skill. I am studying business so the more "textbook" skills will come with time, whereas I already have strong interpersonal skills (though they develop with time, as well.) The hardest part about this business will be spreading the word and creating the product at a low enough price to appeal to consumers. 

Week 5 Reading Reflection

Week 5 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?

Two of the biggest surprises I discovered while reading, were 1: how long it takes to get a patent (3 years); 2: a trademark lasts only for the duration of the author’s life plus 70 years.

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

I understand the main differences between corporations, partnerships, and sole proprietorships. However, i became a little confused when discussing the differences between the specific forms of partnerships and corporations, such as limited partnerships, LLPs, and S corporations.

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

1.Why did you choose to include portions of other chapters (7,11,13) in this chapter?
2.How do you think cyberlaw will evolve over time?

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 I disagreed with the other about in this chapter.

Customer Interview No. 2

Hi everybody! Here is round 2 of me interviewing customers! Since the last time, I have fine tuned my idea, switching from a charger that is customizable to avoid confusion to a charger that has a slinky like design to avoid tangling and breaking. I have directed my new interviews towards college age kids because I think that they are most likely to be using technological devices the most: phones, tablets, computers, etc. for studying and recreational purposes. Since the last round of interviews, I've also made my questions more specific which will elicit responses that are more relevant to my current business opportunity. Through these interviews, I've learned how valuable of an experience interviewing customers can be, and I look forward to doing it more in the future. I was home this weekend, so I went around to different neighborhoods and knocked on doors to ask people questions. It was a little uncomfortable but worth it in the end. Luckily, I'll be back in Gainesville the next time I have to conduct customer interviews! 

My three tips for students taking ENT3003 next semester are:

1. Be confident when interviewing. If you seem comfortable, the interviewee will be comfortable and lead to an overall better interview experience. 

2. Really listen to what the customers say. Sometimes their insight can be extremely helpful when developing your business opportunity. 

3. Go interviewing with someone else in the class maybe the first couple times around. It makes it more comfortable for you to interview, and you have someone to film your interview. 

Here are my 5 interviews this time around! 

Elevator Pitch No. 1

Hi everyone! Here in this post I have uploaded my first elevator pitch! This video is about me selling my product, The Elasticord, produced by Lil Solutions (company name is still in the process of being decided). This product will replace all charging cords that lose their elasticity or break, leaving us left without a charge. The design of this cord mirrors that of a slinky, making it more durable and elastic. This springy design also makes the cord easily transportable, and resistant to tangling. 

It's sleek-y, it's slinky, it's here. Get yours today!