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? 

Reading about venture capitalists was very interesting. I have heard the term before, and knew a little about what they do, but didn't realize the full scope of work that encompasses that title. Prior to the reading, my knowledge of such an individual was that they provided income to those who needed it provided they get a percentage of sales. I didn't realize they provided so much more to the business, but it makes sense seeing as the business they provide funds to is their investment and they want it to thrive.

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

Private placements was by far the most confusing part to me.

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

Why would a VC not want to run the business completely? If they are in the business to make money, wouldn't they want to control the aspects that make the business profitable, even if that means all parts?

Is crowdfunding going to keep growing or will it die off post-hype? It seems like so many small businesses are now getting their start through crowdfunding, but I feel that people many drop that idea when the few bad companies slip through and leave a bad taste in investors mouths. 

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

I think the author was wrong stating the VC only backs good management. I think that some VCs can identify a good idea with poor execution and capitalize on it. VCs have a lot of resources so bringing in the tools necessary to make the business profitable shouldn't be that difficult for them.

Half-way Reflection

1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

For the most part, I have developed not only the habit of checking every day for changes to assignments or keeping up with what is due, but also developed set times that I needed to record specific assignments if necessary. Recordings for me were usually done during the week and written assignments or reading assignments were finished on the weekends.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I never felt like giving up in the class, but looking at the recordings that I would have to do seemed a bit much at the beginning. However, some of them were very easy to accomplish and the ones that I either couldn't complete or just didn't have time, I knew that I could get back in extra credit. That is what kept me going.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1. Complete assignments early. It is hard to find the will to do something at the last minute and just deciding to skip it this week.

2. Don't skip assignments. It is easy to just use extra credit to fill the void, but the more you skip assignments, the more you will choose to not do them in the future.

3. Read ahead and see what next week has to offer. It will help knowing what you are getting into.

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? 

The biggest surprise to me was the idea that senior management might not understand the marketing strategies incorporated within their company. Of all people, I would assume that senior level management would understand the methods used but instead, it is easy for them not to understand how it works and to not accept the data.

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

Knowing what is at stake seemed to be the only section that I was really confused on. 

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

Is there a time that warrants the use of a "go for broke" strategy versus the ongoing strategy? I feel that sometimes putting all of your efforts towards one thing rather than stretching it out can allow for potentially useful results.

What are the consequences to not knowing exactly what is at stake for your customers? It is easy to undervalue or overvalue something, but what will be the result of such an action?

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

Since this is a new area for me, I didn't seem to think of anything as wrong or incorrect. It is hard for me to question the validity of the statements because I don't have much knowledge on the subject.

Elevator Pitch No. 2

Reflection: From the feedback that I received, it looked like I was on the right track. This time I tried to make it more like a typical pitch in that I wanted to provide a real world situation that would should why people would use my product and when. I want the viewer to feel like they are in that situation and they can see my app as their solution. I didn't change much else other than eliminating any useless filler and sticking to the main points.

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 ability of certain companies in particular industries to generalize their parts in such a way that they can easily switch between suppliers. With this, they can minimize the profit that trickles down to the suppliers and be the only focus. I had never thought about this being a potential strategy before.

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

Most of what I read seemed to be pretty straight forward. A lot of the topics were things that I haven't really thought about before, such as certain strategies that companies must take to retain market share, but for the most part none of it was confusing.

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

What is the hardest barrier of entry to overcome? I know that all barriers are difficult to overcome as they are barriers for a reason, but which one do most firms struggle the most with.

With some firms developing their own market, what can they do to ensure that the barriers to entry stay high enough for them to retain most of the profits? Many small businesses often have good ideas, but then are taken over by larger companies with more capital that can produce the product or service for cheaper, thus pushing them out.

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

I didn't see anything in the reading that stood out to me as wrong. Most of what the author was talking about was very insightful and all of it made sense. 

Idea Napkin No. 1

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a big technology buff. For my entire life, technology has been a part of every single moment. From building my own computer to working at repair centers, I can't think of a time where technology hasn't influenced me. I know what it is like to have broken devices, I also know what it is like to repair them. I know the pricing, the times, and the required man power to complete a job.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I am offering a way for customers to find reputable repair personnel who can fix their broken devices for an affordable price. Currently, customers have to search all across town, calling and visiting different businesses, obtaining quotes for price and ETA, and hoping that the person they are going to can actually complete the job.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this service to anyone who is having a hard time finding someone to repair their device. From college students, to seniors who don't have their own personal "geek squad" in the family that don't want to be taken advantage of. Of course my direct market will be more college kids as an app like this would flourish in a town like Gainesville. The one thing that all my customers have in common is broken devices and not enough time to go running around town.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Customers will care about my app because it makes it easy for them to find affordable people who can repair their broken products. Customers will also like my app because it is the first of its kinda. No one has released an app that does what I plan my app to do.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

One thing that sets me a part from others is that this is actually a niche market. The repair market has settled for a while and most people just resort to going to the local repair shop or their friends. With this app, it is opening up a whole new world to an area that hasn't seen much change. In a way, it is like what Uber has done to the taxi industry. Bringing affordable repairs and the ability to take on as many clients as a user wants.

I feel that with my idea being the first of its kind, I don't see a lot of drawbacks right away. One thing that does stand out to me is participation. For the first few months or even the first year, it might be difficult getting people on board with the idea. Whether it be finding clients or finding people willing to do the repairs, it is going to take a lot of effort initially. This is why it will be necessary to find the repair personnel first, then go after the consumer.

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? 

Proprietary. When I looked at companies like Apple, I always wondered why they have so many devices that have proprietary parts and they aren't conforming to what other companies are using. After reading this section, it makes a lot of sense. Apple uses this to their advantage to take their devices to another level that isn't obtainable currently with what the other companies are using. They will need to innovate and find a way of accomplishing the same task as Apple but by that time Apple will control the market.


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

Nothing in the reading seemed confusing. A lot of this I have gone over before and the rest is mostly common sense.


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

Is there ever a time that you should rush production in order to have the first item of its' kind on the market to create a following? I feel that in very specific cases, the first person to the market will control it. Many will see others as "knock-offs" and not hop on board, even if it means the first generation of the product isn't as effective.

What is the best way to go about obtaining adequate capital in the early stages of development? A lot of entrepreneurs fall short at this step and don't ever take off because they couldn't acquire capital even though they have a somewhat profitable idea.


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

I don't necessarily agree with the author that the product has to always be completed 100% before going to market. Look at the first iPhone for example. When it was first shown, over 90% of the phone wasn't functional and there were specific actions that had to be completed in a set order to make it work. They rushed the device but achieved market control and continue to hold the market to this day.

Elevator Pitch No. 1

TechFriend!

1) My opportunity: I found that many people that I talked to couldn't find reputable repair people in town that didn't charge an absurd amount of money for the repair. Regardless of what the repair was, they found that they were all charging over $100. For college students especially, this is a lot of money and a lot of students just can't afford it.

2) My solution: By creating an app, this would allow users to search through reputable repair personnel that would have their strengths and prices listed on their profile which would allow the users to sort however they want to find the right repair person for them. Just as eBay does, there would be a feedback system integrated to show those with reputable experience and allow them to build a larger client base.