Week 15 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 was somewhat surprised, but more interested to see that the profit-oriented approach helped him gain the capital needed to start his business. We don't really think of that when trying to find someone to invest in our company. We think of ways to persuade them to essentially give us their money, and we do things such as show our business model, or show how we will be successful. I think that what most VCs are looking for is profit. If you don't talk about profits, how do they know that you will make any? If you aren't centered around that, then they see that as a longer time on their return meaning they are less likely to invest.

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

This weeks reading was relatively easy and because it wasn't textbook oriented, I don't feel as if any of it was confusing to me. For the most part, HBR is directed towards the average reader so I don't feel that many will find concepts or terms they aren't already familiar with.

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

What is the quickest way that one can grow their business and achieve the volume they need to stay afloat? Starting a new business and acquiring capital is never easy, but it is especially hard when working on small margins. Volume is also not easy to come by with a new business as you don't have a name for yourself.

Do most new startups have to suffer through with the dreaded first three years, or is there ways around that through things like marketing and word of mouth? Again, with achieving volume, you need a name for yourself which comes in time. For a new venture, they need to start pushing out products or services as soon as possible to pay back any loans they have and to stay in business. Do they just have to accept the first few years will be slow? Or can they do something to get the process started?

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

Not at all. Vikram Akula seems to know a lot about what he is talking about and he has a lot of first hand experience. I don't see anything that would lead me to believe he is misinformed or wrong about anything.

Final Reflection

1. What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

I would probably say that the entire process of forcing myself to come up with an actual concept will be something that I remember. If it weren't for this class, I don't think I would have the drive or push necessary to force me to think of an idea or concept and actually lay out a plan for it. In the past, I have had small ideas here and there, but they always fall through. I was never required to actually think more about so I would get distracted and the idea would fall to the back of my mind never to resurface again. With ENT3003, I was pushed to actually follow through with it and formulate a plan of action to start my business and I hope this push continues onward and I can finally make my dream a reality. 

2) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I feel as if I have somewhat of an entrepreneurial mindset now that the class is over, but I don't feel that I am an entrepreneur yet. I did come up with a venture concept, and I was able to form a plan of action and receive feedback on. However, I don't see myself as an entrepreneur until that becomes a reality. Until I start my business, and actually bring something tangible to the name, I don't think that I am an entrepreneur. I definitely know that I have moved closer to developing the mindset, as I have learned a lot from this class. I know that if I do decide to go through with my concept, the information that I gained from ENT3003 will help me greatly.

3) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

By far, gain as much feedback as you can on your concept. Nothing improves you more than hearing from other people what you could improve on. The problem with going with your own ideas 100% of the time is that we are biased. We see our concepts as mostly flawless and typically overlook the things that customers are looking for in a product. We see the big picture, but ignore the smaller details. Your friends, family, and even complete strangers will become your best friends by the end of it all because you will rely so heavily on them for feedback. The more feedback that you have, the more you can change your idea week to week, and the more you can bring to the table when it comes time to the elevator pitches or venture concept submissions. 

For the actual classwork, my biggest piece of advice is to start early. Work ahead. This will give you time to come up with thoughtful posts and insightful recordings. Trying to do it last minute will be not only difficult, but won't be the best that you can do. Ideas and concepts don't just happen over night. Give yourself some time to actually think about it so that your posts stand out as some of the best. 

Elevator Pitch No. 4

Venture Concept No. 2

Venture Concept 2: TechFriend

Opportunity:

My opportunity has not changed, so this section will remain the same.

In any city, especially a college town, there is a large demand for repair personnel to fix broken laptops and cellphones that have succumb to the various aspects of life. This need is unmet in most cities because of repair time or costs that customers cannot meet. Laptops and similar devices are vital to the learning experience in college because they help us research and complete assignments that we would otherwise have to do at the library and set aside time for. These devices are more convenient for us and simplify our lives thus reducing our overall stress. Having them in working condition is vital to our daily routines. Currently, to get your devices repaired, you have to contact one of the few repair places in town and because they are so limited you have to usually pay their high prices. Loyalty to these places is low because many people do not like the prices they charge and only resort to these options as it is the only option available. This is a big opportunity for us because the market for electronics is increasing dramatically which means the number of broken devices is increasing as well. The focus area for TechFriend is currently Gainesville, but can easily be branched out to other major cities based upon the success of the launch of the app. 

Innovation:

My idea is to create an app called TechFriend and bring it to the people of Gainesville. The idea behind my app is simple: bring together customers looking to get their devices repaired and those who are looking to further their repair experience. I want to create a place that someone can go to and look up someone who specializes in a particular type of repair, negotiate a price, and have their device fixed in a timely manner without having to deal with the high price and long wait times that many of those repair shops come with. I also want to create a place in which up and coming technical personnel can further improve their skills just by setting up shop on the app. Many people cannot afford the overhead it takes to run a repair shop or the advertising required to make it successful, which is why TechFriend will do all of that for them.

TechFriend will generate revenue by charging an initial fee for the app and a fee for repair personnel to keep their "shop" on the app. Repair shops around town have to heavily markup their services to not only account for their rent, but also utilities and even advertising which can substantially increase the price and really hurt the customer. TechFriend strives to eliminate this problem by using an app so that rent, utilities, and even advertising won't be a problem for our technical personnel. 

Background screenings and a rigorous interview process will be completed for each and every repair personnel. We want to ensure that the person you are contacting is not only qualified to get the job done, but will also make you feel comfortable doing business with them. The last thing TechFriend wants is an unsafe atmosphere. We will also work with local shops and other various locations to setup meeting areas for the techs and customers. This way we can ensure that both parties feel safe.

Venture Concept:
As with my opportunity, the concept overall has not changed either.

Why do people want to purchase our app? It is one of a kind. There is no app out there like it that will offer it the same benefits that we do. Getting the customer to switch will be easy because they have to choose between high prices and long wait times or low prices and quick repair times. Which would you choose? With this in mind, our only competitors are the local repair shops. It is clear that the major flaws of our competition are their inability to charge lower prices and lower their turnaround times. Capitalizing on this will seal the deal for us and establish our brand.

The good thing about working with an app is that there doesn't need to be as many employees as a typical business. The only employees we will be needing are coders for the app, customer support to resolve any issues between clients and repair personnel, and a small advertising team. With most places currently relying on word of mouth, the marketing budget for our app will be very small and almost non-existent. This means that we can focus our profits on other areas such as developing a stronger technical team to constantly update and enhance the app. Customers want to see updates for their apps because that shows them they are supporting a product that the company itself supports. 

Feedback:

The feedback I received was mostly positive with a few points that I had to iron out in my business plan. The first thing that I noticed was that I hadn't addressed the problem with a safe environment for the customers. After consideration, I have decided to modify my initial idea of letting the two parties choose an area to having pre-designated areas established for the two parties to meet. This will ensure that both parties will be safe and neither will have to feel as if they were "forced" by the other to meet in an unsafe location. I also modified how the app would generate revenue by only charging the techs a subscription fee rather than both parties, but also keeping the app a paid app rather than free. If I have customers choosing my service because of its' low cost, I feel that it is counter productive to continually charge them for the service. Lastly, I wanted to address the issue with having reliable techs. Just as any other company has done in the past, TechFriend will interview every single applicant, conduct background checks, and follow up with references to determine if the applicant is right for our service. We only want the best for our customers and our customers should expect the best from us.

Week 14 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 plans that are involved with doing something like this in a large corporation. Unlike small businesses, where things can get done in a timely and relatively simple manner, larger corporations seem to need to account for many different factors and employees. 

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

I think the entire reading as a whole was very confusing compared to past readings. I didn't seem to really grasp what was being talked about here. I understand the importance of entrepreneurship, but with a company already established, how can it be considered "entrepreneurship" if the idea was already set in place? Innovation, to me, is what they are referring to.

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

Is it possible for this type of "entrepreneurship" to hurt itself as a result of the findings? I feel that providing a corporation with the materials necessary to enhance their ideas or come up with new solutions could hurt themselves if the information isn't set in stone and falls into the hands of the wrong person.

How is this any different than a standard research and development team or a team dedicated to the innovation of its past products? The two seem incredibly similar and it is hard to draw the line between them.

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

No, but as a whole the concept of corporate entrepreneurship still confuses me. I don't see a need to establish another term for something that was already defined.

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO? 

My idea behind the SEO was that we were "advertising" our page by posting links to our posts on other blogs. I didn't go out of my away to use any other techniques to improve my Google ranking.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

I didn't know that we were supposed to specify keywords and attempt to use them more, but I am sure things such as my service name or what the specific topic was about helped in getting that keyword count up.

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

Mostly YouTube. If I knew more people in this class I might have used things such as Facebook to get some exposure for my blog, but it didn't really cross my mind as I didn't think anyone would want to read my posts if they didn't have to. YouTube, in way, still helps as it can still attain exposure from a larger audience than say my Facebook friends list.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

My third elevator pitch seemed to generate the most traffic by a few views. I don't think there was any particular reason other than maybe I perfected my method. I don't think those views were at all from Google and were all from Canvas instead. However, it is interesting to note that that particular post was my most popular and the views for other posts varied greatly.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

No I did not make it to the first page. I think my lack of SEO is partially to blame and the fact that Google is incredibly saturated with similar blogs that, without the right promotion, I wouldn't stand a chance to compete with.

Very Short Interview, Part 2

Looking back on my original interview with Brian Behan (BB Graphics), the information that I gained was immensely helpful in determining what I would need to know to succeed on my path to becoming an entrepreneur. I think that some of the information that I gained, initially, from the interview was helpful but wasn't something that I was necessarily taught. Things like management, whether it be time or people, really depend on the field you are in and aren't blanket skills that you can cover all types of businesses with. Also, learning to say "no" isn't a skill that is taught but more a skill that you learn with time. Going into this next interview, I wanted to find some more information that couldn't be taught.

The interview was done over the phone and as a result I wasn't able to record the conversation.

1. Did you ever experience any failures in becoming the entrepreneur you are today?

Yes, to a certain extent. When I over promised or under delivered. You want the business so bad that you promise certain results. You promise a customer that it is going to look or be a certain way, and it just ends up being different from what you described or envisioned. Promising someone a certain price and then finding out that the job takes more material

2. When did you realize that you had made it and that your business was successful?

When I didn't have to advertise and people still came in. I didn't have to take out money for a TV or radio ad and I still had customers, new customers, calling me and buying from me. The majority of the new clients that I obtained told me it was because it was they were referred from existing clients. When you see that your business is running on word of mouth, you know it is successful.

3. Do you think it was worth it?

Of course. There is nothing better than being your own boss. The freedom, and the fact that you appreciate yourself is what makes it worth it. There is nothing more rewarding than building something from the ground up.

After finishing this interview, I definitely felt more relaxed talking to Brian. I could tell that he noticed I was more relaxed too. It was almost like talking with a friend rather than just a business owner who agreed to some random interview. I think that if I can keep up with this level of comfort, gaining knowledge and succeeding in the entrepreneurial world will be much easier for me.

Week 13 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 amount of due diligence that has to be completed before acquiring a venture. It makes sense that one needs to be as sure as possible that the money isn't going to be wasted when purchasing a venture, but just looking at the sheet provided in the text, it is clear that this isn't a simple process. So much research must go into the decision to ensure this is the correct choice. 

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

The area that talked about the amount needed to acquire a new business was the most confusing to me. I think it is mostly because I am not a business owner so some of the terms or what exactly is being asked don't seem clear. Some examples would be "reserve to carry customer accounts" or even knowing how much money goes into renovations beforehand.

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

How does previous activity of a business affect it's value, especially if the business has a high potential earning? Potential earnings increase the ventures value, but what if the company hasn't been successful recently?

Are businesses not valued with the inclusion of some of their startup costs? If it costs X dollars to start this new venture, I would hope that some of that was included in the value because it was required to start it in the first place. If that is the case, why is avoiding start-up costs even a part of the valuation process?

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

Nothing that I can tell. This section was a bit more difficult than the last few so my knowledge was limited.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

Looking back on this semester, I would have to say that the one thing that I "failed" at the most was probably Business Finance. Specifically, the first exam of the class. Coming into this semester, and knowing what Business Finance entailed, I tried to prepare myself for the difficult work that was required. Before the first exam, I studied hard for it. Spending many hours each day up until the test hoping that I could at least do somewhat decent on the first exam. However, after the first five minutes of looking at the exam, I realized that I failed.

2) Tell us what you learned from it.  

I learned from that exam that I needed to change my studying habits before the next exam. Starting just a few days early wasn't enough and I knew that I needed to start doing more practice problems. It didn't feel good going into an exam thinking you are prepared, only to find out that you only knew about half of what was on the exam. I am someone that does well with regards to academics so seeing that I failed on something that I studied substantially for was devastating. However, I know that I can learn from this an have been changing my studying habits to help me do better in the class.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago? 

Whenever I fail something, I try to not let it get to me as that can affect how I will do on other things that are currently happening. I try to focus on how I failed, and explore other ways of approaching this situation to succeed the next time I encounter it. In the beginning, when I realize I failed, it does affect me emotionally. I am usually feeling pretty down and bad about myself because I let myself fail. I try to eliminate this feeling as quickly as possible, though, because I know it isn't good to dwell on those things that you no longer have control over. Since starting this class, I actually feel less likely to take as many risks because taking the safer route, in the long run, provides consistent results.

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

To answer this question, I decided to look at how many firms operate in the first few years and what their founders decided to do. I looked at companies like Uber, which is close to my idea, and see how they are currently doing and how the market is holding up. Uber has been around and active for about six to seven years and they are continually doing well. However, just like my idea, they are a low margin business that is susceptible to bursting as a result. The main way for my app and business to stay alive is from constantly adding new repair personnel to meet client demand. If that supply ever dips, I will lose money. As a result, my exit strategy is to sell the company after about six years. This will let me get past the dreaded beginning stages in the first two years, and give me four years to establish a name that is worth buying. 

2) Why have you selected this particular exit strategy?

As I said before, my business is like a bubble and it is only a matter of time before it bursts. My exit strategy works best because it gives me time to establish a name for myself and sell the company before that bubble bursts. This will provide me with enough assets to live comfortably and work on my next venture and hopefully self-fund it.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I don't think that my exit strategy as influenced anything. The main idea behind my strategy is a result of my entire business model. Changing anything because of my exit strategy would be changing my idea completely. 

Week 12 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 sheer size and amount of time and planning that goes into a new venture. Obviously starting a new venture can't be easy and there needs to be some planning, but just by looking at the charts and everything that needs to be mapped out it is clear that the dedication and time that goes into a new venture is incredible. 

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

Nothing seemed to be confusing other than how it was determined what would be included on each stage. Otherwise, everything seemed relatively straight forward.

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

Why is marketing activities considered a part of the second stage? Given that the venture hasn't established capital yet, marketing should be pushed to the third stage.

How can a new firm anticipate the surge of growth and prepare for it? The reading states that the growth stage is sometimes the hardest to overcome for some firms as they can't handle the sudden surge of growth.

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

I feel that the second stage, start-up activities, needs to be re-evaluated. I don't think that a new venture should be worried about marketing activities so soon if they don't already have the capital needed to sustain the business. Marketing activities needs to be put into the third stage after capital and an effective team is established.