Week 15 Reading Reflection

Good Afternoon folks,

Back at it again with the reading reflection. This week our reading was "Business Basics at the Base of a Pyramid" on the Harvard Business Review. With that, let's get started!

What Surprised You?

I was amazed that SKS Microfinance was profitable. When you explain the original business idea, it sounds like a charity or a non-profit, but to believe it is extremely profitable is amazing.

What Was Confusing?

I was confused with to how he was able to start the company all by himself. He did not mention bringing any workers or friends a long when he started. Typically Micro-financing companies need a good amount of manpower, so I was curious to know how he handled the beginning of his business. The article kind of skipped the beginning.

Questions for the Author?

1. Will you ever expand your company to other poor companies, or just remain throughout India?

2. Do you think your next generation of Microfinance will catch on to other companies?

Disagreements?

There is nothing I disagree with, the company has an excellent business model and the article is well written and clear

Final Reflection

Good Afternoon folks,

This is one of the last posts for Entrepreneur Weekly for the semester. This week we are going to go through all of the memories throughout the semester and really recollect with with good, the bad, and the ugly. Then I am going to leave some advice for those taking this class next semester. With that, let's get started!

1. There were so many experiences throughout the semester so it is really tough to pick just a couple to mention but my some of the best experiences were the interviewing customers and free money. I love meeting new people and it was really fun to talk to random people about my company and hear their feedback. Interviewing and recording is definitely something I will remember forever since I often go back through old photos and memories to recollect.  In addition, completing my venture concept was surprisingly fun. It was really cool to see my idea come together. It was tough to consistently keep up with the reading reflections and some of the other assignments.

2. After taking this class, I really do feel as if I have developed the entrepreneurial mindset. At work I often find myself identifying problems and developing solutions to make my company a better place. Whenever I deal with anything annoying I constantly think of new ideas of how it could be better. This class has made me realize that I am entrepreneur and it has convinced me to explore starting my own company sometime down the road.

3. For those taking this course in the future, I recommend giving it your all for every assignment. You get out of this class what you put into it, and although at times it may be tough, giving it your all will make it much more enjoyable. I also recommend getting your assignments done early. It is a lot more enjoyable to spend time on these assignments instead of doing them last minute before they are due.  In order to foster the mindset, make sure to be open minded during every assignment. Some things may seem silly or dumb but they help you become a better person in the end. You may not realize it while you are doing it but you will in retrospect. You should also try and practice things outside of the required work. Whether you are complaining about something you find annoying or talking new ideas with your buddies, creativity and a mindset take practice, and if you really want to foster it you need to adopt it outside of the classroom.

I hope this helps for those of you taking this class next semester and I wish you all the best on your journey's!

Elevator Pitch 4

Good Afternoon folks,

This is our fourth and final elevator pitch. I made sure to work on making it smoother and really going into detail about my company. The video is below, let me know what you think.

Venture Concept Number 2

Good Afternoon folks,

This week we are going to discuss my venture concept in depth for the second time. I know that I have mentioned it before, but now I am actually going to put it all together and see what happens. This time I really tried to go more in depth and see what was not clear. I think this time around it is more put together and easier to understand. Give it a read and let me know what you think.

Summary:

My venture concept is a company where you can rent out watches for a monthly service fee. My target customers would be young adults living in the suburbs or near large cities. Customers can order watches online or utilize our mobile app.

Opportunity:

There are millions of college students and young adults across the United States that are unprepared to dress up for nice occasions such as job interviews and weddings. This reason is not because of ignorance of proper dress code but because of lack of money. Many people are just trying to scrape by the first few years into their career. Many young adults are not really worried about luxury items like watches and earrings. As we move on accessories like watches are beginning to make a comeback in the fashion industry. Adding a nice watch to an outfit can really be the cherry on top in winning over somebodies first opinion. Many of my potential customers will be young adults in there 20s to mid 30s and living near larger cities where dressing up is more prevalent. Any sort of city or suburb to a city are where a majority of my customers will live as many people try and begin their career in a city. Currently, customers are taking on debt, borrowing watches from friends, or not wearing watches at all to deal with this unmet need for watches. Many people do not feel the need to pay hundreds of dollars for a watch when they are barely putting food on the table. Cost seems to be a large issue for customers looking to fulfill this unmet need. I believe this opportunity is larger than people believe it to be. Many people admit they would wear a watch if it was more affordable, but the cost is the driving issue. The opportunity for customers are endless, it is just whether or not somebody can lower the price without cutting profits. This large opportunity will not be here forever, as it will quickly close if nobody takes advantage and finds a way to offer affordable watches to these potential customers. In conclusion, millions of young adults would love to wear watches if they were more affordable.

Innovation:

My innovation is radically innovative, as it has never before been seen within the watch industry. I want to be able to make watches more affordable to these potential customers by creating a company that allows consumers to rent out watches for a monthly service fee. Customers can select and order different watches to rent through our website or through our app. Customers will come in whenever they would like and rent out watches for different occasions. If customers really enjoy the watch they rent, they then have the ability to purchase that watch. There will be three different levels of membership: Bronze, Silver, and Gold. Bronze members will pay $10 a month to be able to rent out watches up to $150 in store value. Silver members will pay $20 a month to be able to rent out watches up to $350 in store value. Gold Members will pay $40 a month to be able to rent out watches up to $1,000 in store value. Included with a monthly subscription, is free access to our mobile app, which allows you to browse through different watches and order a watch to your house on your phone. Members will be required to purchase our watch insurance for an additional $3 per month. Customers can rent up to two watches at a time. Customers cannot request a new watch until the previous one has been received. Customers can only hold onto a watch for up to one month before having to exchange it out of a new one.

Venture Concept:

My company will allow customers to customize their accessories without having to pay thousands of dollars to do so. I believe customers will easily adopt my service because it allows them to wear any watch that they like for an affordable monthly price. Because it is a brand new service within the watch industry, I would not have any immediate competitors. The only competitors I would have are the watchmakers themselves, and they are not able to compete with my variety and low price because they have to set up stores. Being able to operate solely online reduces my costs enough to lower the prices of my watches below my competitors. I would actually let me customers take advantage of brick and mortar stores to showroom the watch they would like and then rent it through my company. My pricing, packaging, and distribution of my product play a huge role in my business concept. Since my business is totally operated online, it would lower my total costs. However, consistently having to safely package and distribute the watches will play a huge role in my companies success. I would try to negotiate a deal with Amazon, FedEx, or UPS so that I will promise to utilize only that shipping company if they offer me a lower price on shipping. I would also negotiate a deal with multiple watch suppliers to receive a portion of the sales. For example, if Rolex were one of my suppliers, then Rolex would only receive additional money from me if a Rolex watch sold, not if a watch were just rented out. Watch suppliers would jump at this as a promotional method to put more watches on the market. If people see more people wearing a specific companies watch, it will influence them to buy that watch. Customers of my company will help determine the current style of watches, which could in turn benefit certain suppliers. Suppliers could also test out brand new watches through my company before actually placing them for sale.

Three Elements:

1.My company’s unfair advantage is its adaptability. Because I am not actually producing any of these watches, I can determine which ones I want to purchase for rent. If a certain watch goes out of style, I do not have to deal with that sunk cost making the watch.

2.  My next opportunity is taking advantage of other accessories. I want to add other accessories such as earrings or necklaces, and I can easily incorporate that into my companies’ strategy. Once I get a foothold on watches, I plan to expand to other popular accessories.

3. I believe in five years, I want to be able to create a demand for watches that once was not there. I want people who did not wear watches, to begin wearing watches because of my company. In ten years, I want to think about expanding my company worldwide. Targeting people all across the world. After beginning expansion, I plan to sell my first company to begin another. I want to always stay ahead of the game, and I do not want to stay in the watch game for too long before it gets too competitive to make profits.

Week 14 Reading Reflection

Good Afternoon Folks,

Back at it again with the reading reflection. This week our reading was "Business Basics at the Base of a Pyramid" on the Harvard Business Review. With that, let's get started!

What Surprised You?

I was amazed that SKS Microfinance was profitable. When you explain the original business idea, it sounds like a charity or a non-profit, but to believe it is extremely profitable is amazing.

What Was Confusing?

I was confused with to how he was able to start the company all by himself. He did not mention bringing any workers or friends a long when he started. Typically Micro-financing companies need a good amount of manpower, so I was curious to know how he handled the beginning of his business. The article kind of skipped the beginning.

Questions for the Author?

1. Will you ever expand your company to other poor companies, or just remain throughout India?

2. Do you think your next generation of Microfinance will catch on to other companies?

Disagreements?

There is nothing I disagree with, the company has an excellent business model and the article is well written and clear.

Google Gold

Good Afternoon Folks,

This week we are going to discuss the promotion of my blog and the search-ability on Google.

1. My general strategy and approach for search engine optimization for each blog post was pretty simple. I used screaming frog to help audit to optimize my site’s navigation, internal link structure and PageRank flow. Besides that, all of my content is original so it was easier to increase my search rankings.

2. I always tried to use words entrepreneur, re-dial (company name), innovative, venture concept, and others as my key words. I tried using words related to entrepreneurship for those interested or my company name for those who have heard of my company. I would change my words a little bit throughout the semester but I tried to remain consistent or else the use of key words would be pointless.

3. I mainly used Facebook to promote my blog. I was really good about posting it early on in the semester but as time went on it became more difficult to stay on top of it. At first, people were pretty receptive to my blog because it was new but as I began posting it more often less and less people tended to look at it. My most viral video was my "Interviewing Customers Number 1".

4. If you type in "tgbentrenpreneurship" you will find my blog on the first page of google, but if you type in my other key words you will not find my blog until very far down google searches. 

Very Short Interview Part 2

Good Afternoon Folks,

This week we are going to visit our old friend Tom Burgeson for our second very short interview. Unfortunately I was unable to see him in person so I had to do it over the phone. With that, lets get started!

My first interview gave me a good mindset coming into this class. I really took Tom's advice and I think it helped me get the most out of this class. I have tried to take what I can from this class and I cannot believe how far I have come. I went from an idea to something I actually want to pursue. After this class, I now understand what it takes to run your own company. I have thought of my company from all aspects and I feel like I am ready to get started.

Question 1:  In our class, we just recently talked about our exit strategy for our venture concept. What is your exit strategy for your company?

Answer 1: "Well, I have dedicated nearly my whole life to this business so there is definitely no price I can sell it for. I love my business and there is no way I can get rid of it. I plan on passing the business down to my son when I believe he is ready. I want to keep Hallmark Emblems in the family for generations to come."

Question 2: Is there any advice you can give me as I continue forward with my venture concept?

Answer 2: "Keep working and don't get discouraged. There are going to be times that you want to give up, but don't. If you keep your head up and keep working the results are eventually going to come. Believe in yourself."

Question 3: How do you manage a work life balance as an entrepreneur?

Answer: "You don't. I can be on vacation or out to dinner, and I have to constantly be ready to work. It is one of the down sides of being an entrepreneur. You just have to learn to live with it. Sometimes I get some alone time to relax but it is very rare."

Week 13 Reading Reflection

Good Afternoon folks!

This week we are going to talk about our week 13 reading.

What Surprised Me?

I was really surprised with the number of ways you can value a company. I figured there was more than one, but I was not expecting so many options. That was really interesting to me.

What was confusing?

Since there are so many methods of evaluating a company, it is confusing to understand which method or methods to combine when trying to value a company.

Questions for the Author:

1. How do you value a company that is not publicly traded?

2. Which methods are most important for your company to meet?

Disagreements:

I did not disagree with anything the author said. Really well written

Celebrating Failure

Good Afternoon Folks,

This week we are going to discuss some of my failures from this semester!

To start out, I was denied from an accelerated masters program that I had been working towards since my Freshman year. I definitely took a hit from it emotionally, as it had been apart of my college plan since arriving here at UF. I never had failed at anything major before so I did not really think about a backup plan if I did not get in. Initially, I lost a bit of purpose for being here and worried I would not be able to get a job after graduation.

Now I am planning on doing an alternate program that is a much better fit for me. I believe everything happens for a reason, and not getting accepted was probably a blessing in disguise. The career path that program offered probably would not be as enjoyable as the one I plan on doing. I learned that when one door closes another one opens. There are a plethora of opportunities throughout your life and many ways to get to the same place. I realized that it is better to try and fail then to never try at all because you become a better person because of it.

Failure tends to have a negative connotation, which is totally understandable. But people do not understand that you can make positive out of anything. Whenever you fail, you learn something about yourself and how you can make yourself a better person. I handle failure by initially being upset for a little bit. Then I go on a run and reflect on what happened and what I did. Finally, I make a plan to better myself so it doesn't happen again. This class has made me realize that I can take more risk. There are so many opportunities and all it takes is to get lucky once to strike gold. This class has taught me that calculated risk taking is an effective way to accomplish goals.

My Exit Strategy

Good Morning Folks,

Unfortunately all good things come to an end, like my company. Today I am going to tell you about my exit strategy for my venture concept.

1. For my company, I plan to sell it for a large sum of money five to ten years down the road. As much as I would love my first business, I do not know large a company selling watches can really grow. I think my best bet is to sell of the company and use some of that money to invest in a new startup.

2. I selected this particular exit strategy because I am afraid that my venture concept has a relatively low ceiling. My target audience is already relatively small and I think that once other companies begin entering my market, the competition for profits will be too much. So selling off my company five years down the road to invest in something else would be my best exit strategy.

3. When I first come up with the idea for this concept, I knew coming in that I could not stay with this company for the long run. So when making decisions about my concept, I tried to utilize other companies as much as possible so I was not stuck with a lot of sunk costs when trying to get rid of my company. I always tried to keep costs as low as possible and minimize the land I have to pay for so that I can easily exit my company without any issues.

Venture Concept No. 1

Good Afternoon folks,

This week we are going to discuss my venture concept in depth for the first time. I know that I have mentioned parts of it throughout these past two months, now I am actually going to put it all together and see what happens.

Summary:

My venture concept is a company where you can rent out watches for a monthly service fee. My target customers would be young adults living in the suburbs or near large cities. Customers can order watches online or utilize our mobile app.

Opportunity:

There are millions of college students and young adults across the United States that are unprepared to dress up for nice occasions such as job interviews and weddings. This reason is not because of ignorance of proper dress code but because of lack of money. Many people are just trying to scrape by the first few years into their career. Many young adults are not really worried about luxury items like watches and earrings. As we move on accessories like watches are beginning to make a comeback in the fashion industry. Adding a nice watch to an outfit can really be the cherry on top in winning over somebodies first opinion. Many of my potential customers will be young adults in there 20s to mid 30s and living near larger cities where dressing up is more prevalent. Any sort of city or suburb to a city are where a majority of my customers will live as many people try and begin their career in a city. Currently, customers are taking on debt, borrowing watches from friends, or not wearing watches at all to deal with this unmet need for watches. Many people do not feel the need to pay hundreds of dollars for a watch when they are barely putting food on the table. Cost seems to be a large issue for customers looking to fulfill this unmet need. I believe this opportunity is larger than people believe it to be. Many people admit they would wear a watch if it was more affordable, but the cost is the driving issue. The opportunity for customers are endless, it is just whether or not somebody can lower the price without cutting profits. This large opportunity will not be here forever, as it will quickly close if nobody takes advantage and finds a way to offer affordable watches to these potential customers. In conclusion, millions of young adults would love to wear watches if they were more affordable.

Innovation:

My innovation is radically innovative, as it has never before been seen within the watch industry. I want to be able to make watches more affordable to these potential customers by creating a company that allows consumers to rent out watches for a monthly service fee. Customers can select and order different watches to rent through our website or through our app. Customers will come in whenever they would like and rent out watches for different occasions. If customers really enjoy the watch they rent, they then have the ability to purchase that watch. There will be three different levels of membership: Bronze, Silver, and Gold. Bronze members will pay $10 a month to be able to rent out watches up to $150 in store value. Silver members will pay $20 a month to be able to rent out watches up to $350 in store value. Gold Members will pay $40 a month to be able to rent out watches up to $1,000 in store value. Included with a monthly subscription, is free access to our mobile app, which allows you to browse through different watches and order a watch to your house on your phone. Members will be required to purchase our watch insurance for an additional $3 per month. Customers can rent up to two watches at a time. Customers cannot request a new watch until the previous one has been received. Customers can only hold onto a watch for up to one month before having to exchange it out of a new one.

Venture Concept:

My company will allow customers to customize their accessories without having to pay thousands of dollars to do so. I believe customers will easily adopt my service because it allows them to wear any watch that they like for an affordable monthly price. Because it is a brand new service within the watch industry, I would not have any immediate competitors. The only competitors I would have are the watchmakers themselves, and they are not able to compete with my variety and low price because they have to set up stores. Being able to operate solely online reduces my costs enough to lower the prices of my watches below my competitors. I would actually let me customers take advantage of brick and mortar stores to showroom the watch they would like and then rent it through my company. My pricing, packaging, and distribution of my product play a huge role in my business concept. Since my business is totally operated online, it would lower my total costs. However, consistently having to safely package and distribute the watches will play a huge role in my companies success. I would try to negotiate a deal with Amazon, FedEx, or UPS so that I will promise to utilize only that shipping company if they offer me a lower price on shipping. I would also negotiate a deal with multiple watch suppliers to receive a portion of the sales. For example, if Rolex were one of my suppliers, then Rolex would only receive additional money from me if a Rolex watch sold, not if a watch were just rented out. Watch suppliers would jump at this as a promotional method to put more watches on the market. If people see more people wearing a specific companies watch, it will influence them to buy that watch. Customers of my company will help determine the current style of watches, which could in turn benefit certain suppliers. Suppliers could also test out brand new watches through my company before actually placing them for sale.

Three Elements:

1.My company’s unfair advantage is its adaptability. Because I am not actually producing any of these watches, I can determine which ones I want to purchase for rent. If a certain watch goes out of style, I do not have to deal with that sunk cost making the watch.

2.  My next opportunity is taking advantage of other accessories. I want to add other accessories such as earrings or necklaces, and I can easily incorporate that into my companies’ strategy. Once I get a foothold on watches, I plan to expand to other popular accessories.

3. I believe in five years, I want to be able to create a demand for watches that once was not there. I want people who did not wear watches, to begin wearing watches because of my company. In ten years, I want to think about expanding my company worldwide. Targeting people all across the world. After beginning expansion, I plan to sell my first company to begin another. I want to always stay ahead of the game, and I do not want to stay in the watch game for too long before it gets too competitive to ma

Week 11 Reading Reflection

Good Afternoon Folks,

What surprised me?

I was surprised that implementing another companies innovation system may not work for your company. I thought that mimicking a successful company would help with your company.

Confusing?

I do not really understand how one can have one company working side by side but independently at the same time. I understand that they should communicate but what is beneficial to one department might be useless to another.

Questions?

1. How does a company determine its innovation strategy?

2. How often should evaluate its innovation strategy to prevent ineffectiveness?

Disagreements?

I don't have any disagreements with the author. Every point he makes seems extremely valid.

The Amazon Whisperer

Good Afternoon Folks!

1. Revenue Drivers
The revenue drivers for my company are the adds for my app, my loyal members, and customers who are buying watches.

2. What am I going to offer next?
I believe the next product I am going to offer are other accessories such as earrings, bracelets, and necklaces. Instead of just allowing people to only rent watches, they will be able to rent other accessories as well. It will foster customer loyalty as they can get all accessories with my company instead of just watches.

3. Amazon Product
One of the products I plan to offer is a professional looking necklace. The necklace I found is a thin silver necklace with a diamond stud. It is very professional and would look great for both a nice occasion and something more casual.

4. Reviews of the Product

Customers said that they like the sparkle of the necklace and the fact that they can wear it with pretty much anything. Many people said they wear it daily and at nice events. The people like the classy simple look along with the nice diamond. The only thing customers complained of was the fragility of the chain itself. Many said it broke and that they needed to buy another chain. 

5. Changes to the product

The only real change I would make to this specific product is the chain itself. I would keep the same look with a thicker more durable chain. Besides that, I think the necklace does an excellent job at attracting target consumers. 

6. Benefits of this product

I think expanding my product to other accessories besides just watches will attract a lot more female customers. Adding necklaces will appeal to my female customers and really help when looking to expand my company.

My Unfair Advantage

Good Afternoon Folks,

This week we are going to find my unfair advantage!

1. Redial App:
My app will coincide with the watches we offer and it will allow customers to browse watches online and order them right there on their phone.

2. Ability to Rent Watches:
There are many different types of companies that allow you to use their services for a monthly service charge and they have proven to be very effective. But, there are none that do this with watches.

3. My Innovativeness:
I am constantly thinking of new things and ways to make things better, once I get the company started I think I will be very good at keeping us ahead of the market and out competitors. My innovativeness will be very valuable down the road.

4. Partnership with Shaun Reid's Promotion Company:
Having a partner in the promotion business is huge when trying to inform people about your service. This is extremely valuable especially when it comes to getting started.

5. Adaptability of My Company:
With a company like mine, it is very easy for me to adapt to the market. If the style of watches changes, or maybe another accessory comes into play, I can easily alter the products that I offer to my customers while other companies cant.

6. Team-oriented Informal Company Culture:
Having a team-oriented company culture promotes innovativeness and efficiency. I want to my workers to enjoy coming to work and I want them to feel comfortable pitching ideas to me or other managers. When people feel like they have a say where they work, they tend to work harder.

7. My Uncle is a Patent Lawyer:
When coming up with new services and new ideas, it is key to have a patent or copyright on it to prevent others from stealing your idea. Having a family member in that business allows me to quickly patent ideas or inventions that I come up with.

8. My Sense of Humor:
I think my sense of humor and weirdness will help my company grow. As the owner of the company, you reflect people's perception of the company. My uniqueness and genuineness will attract customers because they feel safe using my services and working with me.

9. Online Expansion:
With a company that allows people to rent things for a service fee, I do not have to have the trouble of owning a store. I can utilize brick and mortar stores for show rooming for customers before they rent out my watch. Just like Netflix shut down Blockbuster, I think not having actual stores gives me a competitive advantage over other companies.

10. Global Positioning
Watches are popular all around the world, and watches that are fashionable in that region tend to be made in that region. My company can easily operate all around the world and provide fashionable watches to each region. Also, I can taylor my companies plan to each culture.

1. Redial App. Although some of these can definitely give me a competitive advantage over others, I think the Redial App is the one that gives me an "Unfair Advantage".  An App is something I can copyright and utilize fully. Apps allow me to market my services and expand my customer range to all over the world. With a company that is a one of a kind, this app will also be a one of a kind. If other companies want to copy me, having an app during this technological age gives me a huge advantage over competitors.

Week 10 Reading Reflection

Hello Folks,

This week we are going to talk about the week 10 reading.

Surprises?

I was surprised how companies handle questionable costs. I never really thought about where or how companies assigned repair costs. 

Confusing?

I do not really understand internal rate of return and how it is done. I feel like you are making estimates and then comparing those estimates, but it was tough for me to understand.

Questions?

1. Although a lot of these finances are extremely useful, it tends to be geared towards larger publicly traded companies. What are the differences in a balance sheet between companies offering stock versus those who don't?

2. I understand that different countries have different standards and rules of accounting. What are some major differences between a company outside of the US vs in the US?

Disagreements?

I do not disagree with the author at all. Many of the information is objective and commonly used by all companies across the United States.

Growing My Social Capital

Hello Everyone!

This week we are going to start building my social capital. What that means are people within my industry that I am networking with to help get my company going. With that, lets get started.

Domain Expert

Brad Burgeson is actually the son of the entrepreneur I interviewed. Tom mentioned how his son is really good with technology. We then connected and talked about my assignment and my business idea. Brad has created his own app before and said he would be willing to assist with creating my app. The only expectation he wanted was for me to keep in touch with him and continue to ask him about starting up a company. He mentioned how he wanted to start his own company and wanted me to include him in my idea. The app is half of my business idea, and having someone with the ability to help me set up an app is huge in both my marketing effort and expanding my customers. 

Market Expert

My grandfather happens to be my market expert. My grandfather buys and sells used cars to college students and young adults. My grandfather says many of his customers are early in their career and want a cheap quality car. He told me he would be willing to help me promote my product to his customers and use his garage to store my watches as long as I mention his business to my friends at college. My grandfather will help me target my customers and store my watches, two things that are extremely helpful in a startup.

Supplier

Shaun Reid is an older brother of a friend of mine who had a business similar to mine but with signs. He would make signs that were unique and self working and rent them out to businesses to help them with promotion. I found him because I mentioned this class to some of my friends and he talked about how his brother had his own business. We then connected and talked about my assignment and my business idea. Shaun is able to help me because he deals with promotion all of the time. He really liked my idea and said he had space in his warehouse to hold and sell my watches. He thinks a lot his customers would be open to watches and loves pairing up with me. The only expectation he wanted was 15% of profits and for me to keep in touch with him and continue to ask him about starting up a company. He mentioned how he had help with starting up his company and he wanted to do the same for me.

Elevator Pitch 3

Good Afternoon Folks,

Feedback:

This week we are going to try a third crack at my elevator pitch. Based on the feedback, it was suggested I dress up to make it more professional and I add some more detail to interest the customer more. People loved my enthusiasm so I tried to maintain that in this video.

Changes:

Based on my feedback I dressed up to make it seem more professional. I also tried to go in more depth about my company and stay away from generalizations. I also tried to use some examples and really sell my company instead of just informing you of what it is.

Let me know what you think!

My Secret Sauce

Good Afternoon Folks,

This week we have a lot to go through! I am going to discuss five ways that I think my human capital is unique then I am going to interview five of my closest friends and ask them the same questions. Finally, we are going to compare answers and see any differences. With that, lets get started!

5 Things That Make Me Unique

1. I have a high emotional intelligence. Many people seem to like me and I am excellent at utilizing empathy.

2. I am very competitive, and will turn anything into a competition. I also love arguing, and think constructive arguments help us better ourself.

3. I am not afraid to be myself around others and people are drawn to it. I embrace being goofy and weird because it is who I am. I often utilize this as charisma to get people on a project.

4. I know how to market and sell myself, something many people don't know how to do. As a personal trainer, I am constantly marketing and selling myself.

5. I believe I am excellent at strategizing and finding value in things or people. Whether it is fantasy football, stocks, or buying groceries, I am really good at getting the best bang for my buck. I also find myself very good at games that require a lot of strategy.

1. Ben is one of my really good friends, and currently one of my roommates. He mentioned my interpersonal skills, my creativity, and my work ethic as my top three aspects of my human capital.

Andrea is my girlfriend and also my best friend, she knows me better than pretty much anyone. She mentioned my charisma and my positive attitude as the two top things that I can bring to the table.

Chris is my other roommate and another one of my closest friends. Chris mentioned my creativity, work ethic, attention to detail, and ability to work with others as my strong suites.

Brandon is one of my close friends whom I met through work. Brandon mentioned my innovativeness, personality, and work ethic as my top human capital skills.

Christa is another one of my close friends whom I have met through work. She talked about my accountability, emotional intelligence, and honesty as my strongest traits.

Reflection:

I see myself as an outgoing, creative, hardworking, competitive, strategic person. My friends tend to see my interpersonal skills, my innovativeness, and my hard work, but they do not mention my competitiveness and strategic mind. I think they did not mention my competitive side because they did not think of it and I think they did not talk about how I love strategy because I kind of keep it to myself. My friends were all right, but there were some things I think they all missed. If I were to go back to my list, I would add creativity to my list instead of selling myself.

Week 9 Reading Reflection

Good Afternoon Folks,

This week we are going to discuss marketing and my thoughts on the week 9 reading.

Surprises:

I was actually really surprised at the amount of strategies companies can choose from when considering a market plan. Starting with what questions to ask, who to ask, and what form to ask them in. All the way to how to advertise and how much money to allocate to marketing.

What Was Confusing?

I was confused how entrepreneurs are able to identify consumer characteristics within their market and how they use them to help market and sell their products.

Questions:

1. Typically entrepreneurs work alone or have a few people working with them when they start their business. How how much time should they be spending on marketing in the beginning phases?

2. What marketing techniques do you recommend for a small growing business versus an established company?

Disagreements:

I love the information the author gave regarding marketing, but it seemed to be for established companies and not so much brand new companies. For instance, forecasting sales, pricing, finding a market are all things that are extremely difficult for a business just starting out. The author fails to address those issues, and I wish he could have spent more time discussing problems for businesses just beginning instead of ones that are already established.

Napkin Idea Number 2

Hello Everyone,

This week we are going to expand on my first napkin idea. With that, lets get started!

Who am I?

First, let me tell you about who I am. My name is Travis Bowen and I am a second year Finance major from Clearwater, Florida. I am really good at getting along with others and solving problems. I also consider myself pretty enthusiastic and ambitious. My experiences include working as a personal trainer at the gym and interning as a research assistant for a profressor here at the University of Florida.

What am I offering?

As person who loves watches, I absolutely hate the fact that I can only own three of them. Every time I go into a store, I instantly look at the watches to only dream about one day wearing them. Also, I often find myself not being able to wear a watch because it is not the right occasion or it does not quite match my outfit. What I want to offer is a company that rents out watches. Customers would pay a monthly service fee to be able to come in and try out different watches for different occasions.

 I would have three levels of customers, Bronze, Silver, and Gold and each one would correlate with a class of watches. So the bronze members would pay less per month and would only be able to rent watches up to $125 in value. The silver customers will pay a little bit more and rent watches up to $250. The gold members will pay more money and receive watches up to $750 in value. Before signing up, members must purchase insurance through the company for an extra monthly fee. 

Who am I offering it to?

This concept would apply to pretty much anyone, but specifically college students and young adults. Many younger individuals who just graduate college have trouble putting together a nice wardrobe. Many people in their early 20s need to attend job interviews, weddings, and other nice events that require dressing up. Having a watch can add the perfect touch a nice outfit. I also am offering this to people who normally would not buy watches because of price but would be interested in trying them out.

Why do They Care?

People notice a nice watch, and it can really make a good first impression. Also, there are a ton of times where it would be nice to wear a specific watch for one occasion without actually having to purchase it. My company would allow individuals to both try out different watches before purchasing them or just use them for one occasion. Watches can be a lot of money, and it would be extremely convenient to have the ability to switch up watches whenever you like.

Core Competencies?

A business that rents watches has never been seen before. It is unique in its own way that it allows customers to practically own a wide variety of watches for a monthly price. Styles constantly are changing, so why not keep renting out watches for a low monthly price instead of paying hundreds of dollars for it to go out of style in a couple of years.

I believe that all of these elements fit perfectly into my business plan. The only criticism I can give myself is that I am really only targeting a small percentage of people and it is an extremely niche company. But, I think my business can bring watches back into style. If people had more money, they would definitely like a couple more watches to wear. Whenever creating a completely new business you are taking a risk, but other companies like Netflix have implemented similar ideas and have proven to be really successful. 

The Twenty Percent

Good Afternoon folks,

This week we are going to discuss the importance of the 80-20 rule, which is an old saying that 20 percent of your customers drive 80 percent of your profit. For this week, we are going to find a business owner and talk with him or her about their most valuable customers so we can see how well he or she knows his customers. After speaking with the business owner, we are going to find 3 target customers and ask the same questions to see if the owner is able to accurately identify needs in his or her target customers. For this assignment I am going to speak with the owner of M&M films, a videographer who develops films for sports players, weddings, and commercials.

Who Are The Target Customers?

When asking Kyle Mogged (Owner) about his target customers, he gave me an answer different than I was expecting. 

"Many of our customers come from a variety of backgrounds, and have different intentions for the videos they are receiving. Some want to get a scholarship, some want to promote their business, and others just want the cherished memories of a wedding or family reunion. Customers vary in age, income level, and race, but the one customer we try and target are the athletes. The athletes generate the most revenue because they need us to cover a lot of games over a short period of time. Also, we can get highlights for two players by recording just one game."

Although they are open to all customers, Kyle believes that high school and college athletes are the 20 percent customers he needs to target. He says they like pop-culture, are very confident in their abilities, and tend to come from lower middle-class families.

Three Target Customers

After talking with Kyle, I went out and found 3 high school athletes looking to play collegiate sports after graduation. 

1. The first person I interviewed was Cody Carden, a senior basketball player from Clearwater, Florida. Cody played 4 years of varsity basketball and is currently seeking offers from several respected smaller schools like Lynn, Weber, and Trinity. Cody claims he likes country music, comes from upper middle class, and says that he would be happy to play anywhere, as long as he can play the sport that he loves. Cody came off as extremely humble, and actually does not really share any of the characteristics Kyle described.

2. The second person I interviewed was Tay Scott, a Senior football player from East Lake High School. Tay played four years of varsity football and is currently committed to play football at Clemson University in South Carolina. Tay plays wide receiver for the eagles and recorded over 10 touchdowns and 1,000 yards receiving over his senior year. Tay likes hip hop music, comes from a lower middle class, and says he wants to make it big so he can support his family later on in life. Tay seemed humble, but confident in his ability to go pro. Tay definitely fit the description of Kyle's target customer.

3. The third person I interviewed was Christian Townsend, a pitcher from Countryside High School. Christian played 4 years of Varsity baseball and is currently committed to playing at Florida Gulf Coast. Christian is into rap, comes from a middle class family, and wants to play baseball for as long as he can. Christian seemed a little conceded, and was kind of like the target customer that Kyle described.

Differences

Based on talking to the three target customers, Kyle did a pretty decent job at identifying more. The only thing I see that Kyle can change is not just focusing on the super star athletes and more on the ones struggling to get offers. People like Cody are going to be easier to get and more willing to pay money for highlights because he really needs them to get into a good college. Kyle seems too focused on the stereotypical athlete and not as much on the lower end athletes. But besides that, Kyle did a pretty good job identifying target customers.  

Week 8 Reading Reflection

Good Afternoon Folks,

This week we are going to talk about raising capital through the week 8 reading reflection!! Lets get started.

Biggest Surprise?

My perspective of venture capitalists was completely different before reading this chapter. For one, i thought that venture capitalist was pretty much the only way to help raise capital. I never really thought about angels or taking on debt as a possibility for raising capital. Also, the stereotype in my head of venture capitalists were greedy people who couldn't come up with an idea so they throw money into yours so they can have power and make more money. Instead, there is a lot of thought that goes into investing in an idea and it does not necessarily have to be innovative technology. Very interesting.

What Confused Me?

Can companies utilize both debt and equity financing without issuing stock, or do they need to go public to use those methods. The way the author explained it confused me a bit, and he made it seem like any company can do it.

Questions?

1. The chapter made it seem like people did one thing or the other. They either practiced deb and equity financing, utilized IPO's, or used venture capitalists. Do some companies use more than one of these methods to raise money, or do they typically just stick to one method?

2. I know that all ways of raising capital have their pros and cons, but do you have a method you prefer over another overall? 

Disagreements?

The only disagreement I have is that the author seems a little bias towards venture capitalists, and he does not seem to mention any real negatives of using them. Although they are probably very effective to use, there must be some cases or negatives of venture capitalists. Besides that, really informative chapter and I really enjoyed it.

Half-Way Reflection

Good Afternoon Folks,

This week we are going to give a reflection of everything that has happened so far this semester. We are going to discuss how I have succeeded in this class, what has been challenging, and any tips for students taking this course next semester.

How Do I Keep Up With The Course?

My strategy for keeping up with this course is breaking it up day by day. I try not to focus too far ahead but I also do not let myself get behind. I try and complete one assignment per day, and sometimes it can be really tough, but I have learned to push through and get it done. This class has brought me out of my comfort zone and it has made me a much more confident and carefree person. Before this class I used to look for others for assurance whenever doing anything but not I am never afraid to be myself. In addition, I have learned how how effectively and efficiently manage my time. I now have to use a calendar or else I will easily miss an assignment or two.

Challenges?

There have been several times when I had the urge to completely skip an assignment because I did not feel like doing it. Whenever I had this feeling, I would tell myself that little things like these make the difference between success people and failures. Everyone can work when they feel well, but it takes a true champion to work when things get tough. A lot of assignments seemed weird at first, but as the class goes a long I realized how it all tied together. I also use that as motivation, because I know these assignments are helping me become a better entrepreneur. 

Three Tips?

1. Use a calendar or your phone to remind yourself for assignments. It can be very easy to miss things in this class if you do not pay attention. Either use a calendar or some sort of reminder tool to help keep you on top of things.

2. Don't be afraid to go outside of your comfort zone. Many of the activities can be a little weird or intimidating but embrace it. Nobody judges you, and these assignments help you grow as a person and an entrepreneur. 

3. Put in as much as you would like to get out of it. If you go all out on your blog, and actually do every assignment, you are going to learn so much more. It can be easy to just use your friends for assignments, but you need to learn the skill of approaching random people and making conversation if you want to be successful in business. Put in 100% and you will get 150% out of it.

Free Money

Hello again folks,

This week we are going to try an interesting activity called "Free Money" where I try and give away a dollar to five different people. I am going to go to the gym because it is both crowded and near where I live. I am going to approach people who look exhausted because it shows they worked hard and deserve that dollar. I plan on starting the conversation by asking about their workout and then immediately showing the dollar and asking them if they want to take it. I will explain how I had this dollar given to me because I was working hard and that I encourage them to do the same. I believe that the dollar and my smile will speak for itself. I want to keep it simple and offer the money up front because I think it will increase the odds of the person taking it. I think at least 4 out of 5 people will take my dollar. Lets look at the results below!

Week 7 Reading Reflection

Hello again folks,

This week we are going to talk about the week 7 reading.

What Surprised Me?

The article gave a completely different perspective on marketing, specifically with what works and what doesn't. I had always thought things like psychographics were effective, but I guess we were using them the wrong way.

What Confused Me?

In the article, it talks about focusing on valuable customers because they are profitable to the company. But wouldn't that prevent one from being able to utilize marketing segmentation to gain more customers? Also, isn't risky to focus on one specific type of customer?

Questions?

1. How do companies utilize segmentation if they offer different products in different regions?

2. How do specialist plan to validate statistics used to convince senior management to change marketing strategies?

Disagreements?

I do not have any disagreements with the author, as I believe he or she did an effective job explaining his or her point. Marketing is constantly changing and the authors strategy seems very plausible.

Elevator Pitch 2

Hello Folks,

This we week we are gonna try another elevator pitch! Below is the video.

This time I tried to be more enthusiastic and introduce who I am before beginning my rant on my business idea. I think it made it better but let me know. Until next week my friends.

Interviewing Customers No. 3

Hello Everyone,

Third times a charm, as we go for our third round of interviews! Videos are attached below.

For this edition, I really wanted to see if people liked my business idea so after asking questions about the problems I proposed my idea to see what people thought of it.

Week 6 Reading Reflection

Good Afternoon Folks,

This week we are going to talk about the 5 competitive forces in the business world. Week 6 came from a different author, so I am excited to share my thoughts with you.

What Surprised Me?

What really surprised me that buyers serve as a competitive force. Whenever I think of competitive forces I think of competitors within that particular industry, not things like suppliers and buyers.

What Confused Me?

I know that the author said how competition is not like a tug-of war between two competitors but instead with 5 forces. I understand the 5 forces, but I guess I cannot visualize how exactly the five forces interact.

Questions For the Author?

1. The first question I have is have other industries besides the airlines industry reacted in similar ways to the competitive forces?

2. My second question is how companies have created other competitive strategies to increase profits?

Disagreements?

The only disagreement I have is that not necessarily every industry has the same weight on all of the same five forces. Suppliers for example have more weight on the buyer side, while buyers have more weight on the supplier side, and so forth. I agree all industries have the same five forces, but the author should not that some competitive forces are stronger than others.

Idea Napkin No. 1

Hello Everyone!

This week we are going to discuss my business plan (Napkin Idea).

Who am I?

First, let me tell you about who I am. My name is Travis Bowen and I am a second year Finance major from Clearwater, Florida. I am really good at getting along with others and solving problems. I also consider myself pretty enthusiastic and ambitious. My experiences include working as a personal trainer at the gym and interning as a research assistant for a profressor here at the University of Florida.

What am I offering?

As person who loves watches, I absolutely hate the fact that I can only own three of them. Every time I go into a store, I instantly look at the watches to only dream about one day wearing them. Also, I often find myself not being able to wear a watch because it is not the right occasion or it does not quite match my outfit. What I want to offer is a company that rents out watches. Customers would pay a monthly service fee to be able to come in and try out different watches for different occasions. 

Who am I offering it to?

This concept would apply to pretty much anyone, but specifically college students and young adults. Many younger individuals who just graduate college have trouble putting together a nice wardrobe. Many people in their early 20s need to attend job interviews, weddings, and other nice events that require dressing up. Having a watch can add the perfect touch a nice outfit. 

Why do They Care?

People notice a nice watch, and it can really make a good first impression. Also, there are a ton of times where it would be nice to wear a specific watch for one occasion without actually having to purchase it. My company would allow individuals to both try out different watches before purchasing them or just use them for one occasion. Watches can be a lot of money, and it would be extremely convenient to have the ability to switch up watches whenever you like.

Core Competencies?

A business that rents watches has never been seen before. It is unique in its own way that it allows customers to practically own a wide variety of watches for a monthly price. Styles constantly are changing, so why not keep renting out watches for a low monthly price instead of paying hundreds of dollars for it to go out of style in a couple of years.

I believe that all of these elements fit perfectly into my business plan. The only criticism I can give myself is that I am really only targeting a small percentage of people and it is an extremely niche company. But, I think my business can bring watches back into style. If people had more money, they would definitely like a couple more watches to wear. Whenever creating a completely new business you are taking a risk, but other companies like Netflix have implemented similar ideas and have proven to be really successful.