Week 15 Venture Concept No. 2

My venture concept description:

Product: temperature-regulating cell phone cases

1. Opportunity
-The forces in the environment creating the opportunity are very hot and very cold climates
-Geographically, the market is defined as those living or who frequent southern or more temperate climates in the United States like Florida, Georgia, Texas, and Southern California.
-Demographically, the market is defined as teenagers and adults.
-Currently, when people receive the "error" message on their phone when their device becomes overheated, most people have to put their phone in a cool place for a few minutes to be able to use it again.  Those at the beach try to avoid the issue by putting their phones under a towel.  Similarly in cold climates, when people's phones shut off due to extreme coldness, they have to put it in a warm environment like a bag or step inside a warm building for a few minutes.
-The opportunity is very big.  Many people experience overheating or freezing of their phones while outside.
-The window of opportunity will probably be open for a little while longer.  I haven't seen anything similar on the market yet.

2. Innovation
- I am selling temperature-regulating cell phone cases for Android and Iphone users.  The case lets customers use their phones outdoors in extreme temperatures (hot and cold) and blocks the heat or cold from entering the phone. The phone case will be competitive with other popular brands such as LifeProof and will be waterproof as well.  I hope to capture LifeProof's market share and offer a unique product that meets an unmet need as well.  LifeProof phone cases sell for around $80-$90 so my price would be around this number.  I would probably sell them for just under $100 since my case offers other features.

3. Venture Concept
-Customers would switch to this product so they could use there phones outside in summer and winter no problem.  With proper marketing, it will not be hard to get customers to switch from their LifeProof or other phone case.
-My main competitor as mentioned before is LifeProof, but their weakness is that they don't offer my temperature-regulating feature.
-Packaging and price points are definitely key in defining my business concept.  The packaging has to be eye-catching in order for people to notice my products on shelves.  My product needs to be advertised well all around.  My price point should also be right around the price of LifeProof; however, I would want to price my case a bit higher because of the additional features offered.
-For my venture, I would want to sell my product in stores like Best Buy and Apple Inc.  I would need a production crew and a team of planners.

I think the name of my product "TempTec" will stand out and will capture a large audience.  I think with a solid brand name and by capturing a lot of people at the get go, this could be my secret sauce that would make it hard for future competitors to reach my success.

The next thing I could add to my venture would be creating temperature-regulating cases for Ipads and tablets.

In five years, I will have probably sold the rights to my product.  Though I am passionate about it now, I do not see myself sticking with it long term, as I have other passions as well and I am constantly creating and starting new things.

I wasn't able to submit my previous venture concept, so I do not have any feedback to share.  However, I feel like with all of the elevator pitches, interviews, idea napkin write ups, and experiences I gained from this class, I was able to create a great venture concept that I can use as inspiration to actually start this business.

Week 15 Elevator Pitch No. 4

I still applied all of the feedback I received from my previous critiques into this pitch.  My feedback this time around was all positive and I didn't receive any new critiques.  I was told that I sounded confident and poised, so I made sure to portray the same level of confidence for my product in this pitch.  I made sure to dress nice, stay away from my distracting kitchen blinds, and be relatable to common situations (like going to the beach with your phone, etc).  Last time I wasn't looking at the camera lens, so this time I made sure to look at the right spot and provide eye contact with my audience.

Week 14 Google Gold

My general approach and strategy to search engine optimization (SEO) was keeping the keywords of each assignment title in my actual post (I am doing it here as well, by including the term SEO and words like "approach" and strategy").  This way, if someone googles common words like "approach" and "strategy" in hopes to learn how to do something, my blog post may appear for them.

Other examples of keywords I used are: business, product, customer, growth, industry, market, etc.  I also made sure to mention my product (phone cases) in each blog post where this product applied so that my post may come up if someone googled the words "iphone" or "phone case."

I used Youtube in combination with my blog, but honesty I haven't seen much activity or traction from that.

My "most viral" post is my "week 12 Whats Next" post.  I received the most comments and views on this post, and this is probably because I see a lot of keywords in this post.  I used the words and phrases: markets, hot climates, Floridians, cell phone cases, temperatures, product, features, waterproof, overheating, error message etc.  All of these terms are highly googled and searched for, especially by people who experience problems with their phones/live in hot climates/want to find out information about products etc.

When I typed all of my keywords into google, my blog was the first entry to show up! Woohoo go me yeahh.

Week 14 Very Short Interview Round 2

Reflecting on the previous interview with Donna Delfin, I see how her hard work got her to where she is today with her amazing online clothing and accessories business.  Donna and I talked about what I've learned about entrepreneurship this semester.  I know that a lot of market research is necessary in finding the best products available for customers.  I've learned that marketing products in a specific way to target customers is also very important.  She related this finding to her own business as well.  She is constantly staying on top of trends and scouting new designers and boutiques to consign with.  I decided to ask her the three following questions because I feel like having a growth strategy is really important in any entrepreneurial endeavor.  I learned that building brand awareness is really important for her, and she attends blogger and fashion events regularly to see what she can do more to showcase her brand.  Collaborating with well-known companies and well-liked bloggers and social media influencers is also important in building her brand and growing her business.  I am excited to she where she will go next with her business and am happy that she took the time to give me great insight!

How is the place you are now in your business (meaning your level of success) different from when you first started?

I originally started with a partner but I feel more freedom and flexibility now without one. I am able to build out the marketing , product development , and partnership strategy as I envision it without getting buy in from a partner. I also am able to get support from designers and brand partners to build brand awareness and sales.

Did you have a specific growth strategy for getting your business to the point it is now?

Yes , my growth strategy includes more influencer collaborations , pop up shops, and enlarging our product offering to compete in the marketplace.

How do you plan to expand your business in the future?

I would love to expand my business by partnering with more local brands to create unique events , do local marketing through ambassadorships , and offer our products in local boutiques.

Celebrating Failure Week 13

Well this will be more lighthearted than serious, but my story will still provide some great lessons and learning info!  This semester I volunteered with the UF Sidney Lanier Fitness Program where UF students lead students of the Sidney Lanier School through fitness and recreational sport activities on UF's campus outside of the stadium.  As volunteers, we learn and grow just as much as the Sidney Lanier students do, and I love that about the program.  Everyone learns from each other and experiences personal growth.

I have basically no athletic ability...I am very much a girly girl, and hand-eye coordination is not my thing.  I suppose it could be if I actually tried and wasn't so resistant about it!  Anywho, one day some of us were playing baseball with the students, and my stance was completely wrong.  I think I was facing the front with the bat out to the side or something.  Who knows.  The pitcher tells me to shift my body, so I shift out even further from the bat instead of the proper profile stance I suppose you could call it. Oops!  We were both laughing about it, and it took me a good three tries to finally grasp what she wanted me to do.  Thankfully I had an experienced player to my left, and he was happy to correct me, haha.

Well, once I had the proper stance I hit the ball like never before.  I was quite proud of myself, I do admit.  I attribute this success to my positive outlook and mindset...this is huge and goes such a long way in making aspirations reality.  I've learned that the harder I try at something, and the more I force, and the more resistance I give to something, the harder it is to allow what I want to come to me.  I've learned to just have an open mindset, trust in my abilities, and be thankful for the simplest of things.  I urge you to tap into this mindset and to watch all of the good start coming into your life.  This little home-run hit for me really validated all of the things I've learned this semester with just being more open to receiving good things.  Having confidence and knowing I can and will do great things allows so much good to flow through.

This class has definitely changed my perception on failure too.  I don't look at failure as a bad thing at all.  Failure just creates an opposition to what we want, and through this opposition and contrast, we easily know what we do want.  Once we establish what we want (say, for our ventures to be successful and for us to have great interviews and to create great businesses and/or products),  we can simply allow these great things to happen for us by keeping our minds open to new opportunities and doors that will lead us to were we need to be next.  We just gotta keep the light on!

Week 13 Exit Strategy

1. I plan to sell my business in the next 5 years for a large return.

2. The reason I plan to sell my business is because, though I am passionate about my product (my temperature regulating cell phone cases), I am passionate about many other things as well, and I plan to pursue those passions.  I am sure demand for my product will change in the next 5 years as well, so new ownership may be a good thing for this product as it can adapt into something new.

3. My exit strategy has influenced my growth intentions for my product.  I know exactly what I want from my product right now, and I have the resources lined up that will allow my product to be successful right now.  However, I really haven't thought about the future of my product and what features I see it having/new locations it will be selling in 5 years time.

Week 12 What's Next

So, I realized my existing market only consisted of Floridans- people who live in hot climates.  While their input is extremely helpful in giving me valuable information for my product (temperature-regulating cell phone cases) I realized I also need the input from people who live in or have experience living in very cold temperatures as well, since I want my product to be an all-climate temperature regulating phone case.

In my interviews below, the first three people are Floridians who know what it is like to receive the error message when their phones become overheated, and they were able to give me input on where I could go with my product and what key features they thought would make my product stand out.  Just like someone commented on one of my elevator pitches, one of my interviewees said she thought it would be a good idea to give the phone cases a waterproof feature as well, since the only time she has experienced the overheating error message was when she was by water either by the pool or at the beach.

The next three interviewees live in cold climates currently or have family back home who live in cold climates.  One of them explained how they thought the case was great for business people who need a reliable appliance and won't experience call-dropping when their phone gets too cold.  And another person stated that it would be great for people who are active live snowboarding and skiiers as well.  This gave me a good idea for the advertising side of my venture; maybe I could market to active people and business persons in ad campaigns.

Week 11 My Unfair Advantage

Resources:
Human Capital:
1. Education
2. Training
3. Skills
4. Productivity
5. Experience
Social Capital:
6. Social Networking
7. Diversity
Financial Capital:
8. Funding
Capabilities:
9. Time Efficiency
10. Strong Communication

1. Education:
valuable- My education in business administration with a major in marketing and minor in retail from the University of Florida is valuable
rare-I wouldn't say my education is rare, as there are many reputable four-year universities from which to obtain the same/similar degree
inimitable-Every other marketing major at the University of Florida has roughly the same educational experience as me, so this isn't very inimitable either
non-substitutable- My educational experience can be be substituted for any other college degree program at another accredited university.

2. Training:
valuable-I have training in working as a retail sales associate and fashion marketing intern for an online California boutique
rare-I don't thinking working in retail is a rare experience, but the tasks I've completed in my internship are more rare-contacting bloggers, planning lookbook photo shoots, selecting new products, writing blog posts, managing media, etc.
inimitable-Others who work in retail or who have had a retail/marketing internship can imitate this training somewhat, but training is a bit different everywhere.
non-substitutable-my training is substitutable, but the training I have is very valuable to my particular venture.

3.Skills:
valuable-I am a very creative person and have skills in creating lookbooks, designs, etc.
rare-creativity is not necessarily a rare skill in itself, but in being creative, my deigns can be rare.
inimitable- my designs can be difficult to imitate
non-substitutable- my designs can be difficult to substitute

4. Productivity
valuable-I am very productive with my time
rare-productivity can be a rare resource
inimitable-it is hard for others to imitate specific levels of productivity
non-substitutable-it is hard for others to substitute one method of productivity with other methods

5.Experience
valuable-I have personal experience with my phone shutting off after becoming overheated or too cold when exposed to extreme temperatures, so I can use this experience to relate to others and develop a solution to this problem
rare-my experience isn't rare, others also have had this experience, which is actually beneficial to me, because this means I have a market for my product.
inimitable-this experience is not necessarily inimitable
non-substitutable- this experience is not necessarily substitutable

6.Social Networking
valuable-I have had the opportunity to communicate my product idea with several people, especially people in this class who agree that there is a demand for my temperature regulating iphone/android phone cases.
rare-social networking in itself is not rare, but I am sure my unique group of individuals I have had the opportunity of speaking with and getting information from is differentiable to that of others.
inimitable-I would say that social networking is definitely able to be imitated
non-substitutable- I would say that the people in a social-networking group are also able to be substituted.  Other people of similar demographics/interested can be interviewed to provide similar information.

7. Diversity
valuable-the people that I have had the opportunity of gathering information from regarding my product idea are diverse in terms of age, gender, interests, jobs, etc.
rare-Being able to effectively interview of group of diverse individuals and gather meaningful information from the interviews can be rare.
inimitable- The beauty of living in a world of individuals is that you can find diverse people anywhere you go, so interviewing diverse people can be imitated.
non-substituable-  Interviewing certain diverse people can also be substituted for interviewing other diverse people.

8. Funding
valuable-I have funding that I would be able to use to start my venture, and of course I could always take out a loan.
rare-I wouldn't say that my funding for this venture is rare
inimitable- My funding for this venture could easily be imitated
non-substitutable- my funding for this venture could easily be substitutable

9. Time Efficiency
valuable-My ability to be time efficient is very valuable for my venture
rare-Not everyone is necessarily great at managing time, so I feel like this capability can be considered rare.
inimitable- time efficiency really cannot be imitated.
non-substitutable-time efficiency really cannot be substituted with something else either.
 
10. Strong Communication
valuable-my people skills and strong communication skills (both written and spoken) are valuable for my venture.  Being able to get opinions from others, communicate my ideas with others, etc. is very important.
rare- strong written and verbal communication is more rare these days.
inimitable- strong communication skills really cannot be imitated.
non-substitutable-strong communication skills really cannot be substituted by something else either.

My top resource is my creative mindset.  Being creative is very important to my venture so that I can craft a desirable product for my customers that is both visually appealing and practical.  My creativity is something that others would have a hard time imitating or substituting as well.

Week 10 Growing My Social Capital

1. Domain expert in the industry
I contacted a member of the Best Buy Geek Squad because I knew he would be knowledgeable about the product I am producing (temperature regulating Iphone and Android cases).  He is a technical expert on anything electronic related, so he could really help me exploit my opportunity.
2. Expert on my Market
I contacted the manager of an Apple store since his customers will be my customers.  Iphone and Android users are my target market.  He was able to tell me the general demographics of the majority of the customers.  I can apply this information to help me exploit my opportunity.
3. Important Supplier to My Industry
I contacted the manager of a Best Buy store since I think Best Buy would be a great retail chain to sell my product.  We discussed where my potential product would be located in the store, how we could feature it so more people would notice it, etc.

For everyone that I contacted, I found contact names via Google, and then searched on LinkedIn for their contact info.

I explained to everyone the idea for my product, and they all thought I had a solid idea.  They recommended that I focus on only a couple regions in the U.S. first where the largest market is.  They each thought southern Florida, Georgia, and California would be the most successful off the bat.  They advised that after I establish a following for my product, then I could expand to other regions in the U.S. and then eventually abroad.

This experience definitely differed from my networking experiences in the past because this is the first time I sought out people who could give me specific information that I can apply to a tangible product.  Before, I sought out people who seemed like they could give me helpful insight, but this time I actually researched the people before contacting them.  I will research more like I did here for any future networking events.

Week 10 Elevator Pitch No 3

For my third elevator pitch I took everyone's comments and suggestions into consideration.  I received excellent feedback on how I could improve and make my pitch stronger.  I filmed my pitch away from my window this time because it was distracting to someone before.  I also dressed a bit nicer than my previous t-shirt and shorts for a more professional look as suggested by a couple people.  I also got closer to the camera this time because someone mentioned I was a bit far away before.  In my previous pitch, I only mentioned that my cases are for Iphones, and someone was interested if I make the same cases for Android phones.  So, I added Androids into the mix.  Someone wondered how my product compares to Lifeproof cases so I touched on that topic briefly and added how my product is also waterproof.  I also related to someone who commented on my pitch saying they always throw their phone under their towel at the beach to keep it from getting overheated.  And finally, I went into more specifics on how the case actually blocks the heat from getting through to the phone; someone made a comment that they were confused how a "thermal insulated phone case" wouldn't cause the phone to get overheated in itself. 

I was just speaking freely here, but it probably seems like I am looking at a script!  Who knew you have to look at the camera lens and not at your reflection...

Week 9 Idea Napkin No. 2

1) You. 
I am very driven and results oriented.  I do not put my efforts into projects and ventures that I do not feel will offer benefits and rewards to someone in return.  I have retail work experience and am a great communicator.  I like to be of service to others, so I would like to be able to help my customers find exactly what they looking for when they come into a store.  My entrepreneurial business would allow me to be of service to more people, and help more people solve an unmet need.

2.) What are you offering to customers?
I'm offering customers Iphone and Android cases with improved technology that stabilize external phone temperatures.  In doing so, customers who live in or visit hot and cold climates for leisure or for work purposes will be able to complete their day-to-day activities via cell phone hassle free.

3.) Who are you offering it to?
I am offering these thermal, insulated phone cases to smart-phone users (Iphone or Android) who live in or travel to cold or hot climates.  I know that customers living in very hot southern climates like Florida and very cold winter climates like North Carolina would be interested in and benefit greatly from this product.  I know that the young college demographic would be very interested in this product, and am fairly certain that an older, working demographic who use phones regularly for business and travel would be interested as well.  I am also hoping to add to my product line and offer thermal, insulated tablet and Ipad cases as well for these college-age and business clientele.

4.) Why do they care?
My customers value being able to use their devices outdoors and other desired locations.  For example, someone at the beach on a hot, summer day who wishes to play music on their phone should have that capability.  And someone traveling on business up north should be able to have a phone conversation outdoors without the call dropping.

5.) What are your core competencies?
My core competencies are differentiation, strong performance level, and reliability.  Currently, there are no existing products on the market similar to my phone cases.  My product performs extremely well and does what it says it will deliver: providing unlimited outdoor use of a device in extreme temperatures.  

I believe all of these elements fit well together.  I know this because I'm customers a product that I know has a demand and that satisfies an unmet need.  With my drive and results-oriented action plan, I know I would be able to deliver a high-quality product to my customers.  Also, my core competencies will allow me to provide a product that is different, has strong performance, and is reliable.

Feedback Memo:
I only received two positive comments on my previous idea napkin and no criticisms.  What I learned from these comments though was that each of the students was interested in becoming a customer.  Obviously each of the students are in the young, college-age demographic, so I included this information in the "Who are you offering it to?" category.  I also learned that one of the students lives in North Carolina and is always outdoors in the wilderness.  She said she could greatly benefit from my product, so I included this information in the "Who are you offering it to" category as well.

Week 11 Reading Reflection

1. What stood out in the reading?
Reading about Corning's Breakthrough Innovations since 1879 was interesting.  I neither knew that Corning developed the glass envelope for Thomas Edison's lightbulbs nor that they  developed a process for mass-producing television picture tubes.

2. Confusing aspect of the reading
Earlier in the reading, the author stated that an innovation is only something that creates value for the customer, but later he talked about business model innovations which only seem to benefit company operations, not end users.  But, I suppose that having a more effective business model will allow the company to better satisfy customer needs in the long run.  And I suppose this is what the author could have meant.

3. What two questions would I ask the author?
How do you know when it is necessary to innovate and better to keep with current production, and how do you evaluate costs and decide what route will be most effective at increasing profits?  Does producing complementary assets yield more profit or creating new product all together?

4. Was the author wrong about anything?
The author stated that he disagrees with much of the writing on innovation today which supports radical innovation claiming it is the key to growth.  The author rebutted that the vast majority of profits are created through routine innovation.  Well, I think that radical innovation is what makes the biggest impact and can very effectively set one company apart from competitors, attract new customers, and support growth.  While routine innovation does pretty much guarantee steady increase in profits, a major way for a company to get ahead of others is by radically innovating when possible.

Week 15 Reading Reflection

1. What stood out in the reading?
I found it interesting that SKS's business strategy is based on entrepreneurial principles that are also used by Starbucks and McDonald's.  Like these two giant companies, SKS standardizes its products and front-line processes in order to achieve profitability.  


2. Confusing aspect of the reading
I guess one confusing aspect was how the company guarantees its customers a large market share.  Little detail was given on how this is done.


3. What two questions would I ask the author?
How did you decided that a high volume approach was the way to go for your business, and how do you manage to provide high quality goods at such low costs even with high volume?  How did you effectively communicate your business to the women so that they would accurately understand your offering and be sure to give their payments on time?


4. Was the author wrong about anything?
The article was about the personal business strategy of SKS Microfinance and what the company does to achieve profitability.  So no, I did not particularly disagree with anything stated.  I simply learned more and more about the company as I continued reading.

Week 14 Reading Reflection ch. 3 and 4

1. What stood out in the reading?
I hadn't heard of the term "intrapreneurship" before, so it was interesting to learn about the infusion of entrepreneurial and large bureaucratic structures.  Companies are seeking innovative talent now more than ever, and this concept easily lets them do so.  As a result, companies are re-engineering their organizational structures and changing the way employees think as a whole.  "Ecovision" was a new concept.  I learned that this particular leadership style encourages openness and flexibility within the organization with attention to social demands that are constantly evolving.


2. Confusing aspect of the reading
Figure 4.1 "Classifying decisions using a conceptual framework" was a bit confusing following the different quadrants and layers within the inner circle.

3. What two questions would I ask the author?
Why did you say, "Today’s entrepreneurs are faced with many ethical decisions, especially during the early stages of their new ventures?"  I would think that ethical issues would constantly resurface as the business grows and evolves.  You said yourself, "continual conflict over the ethical nature of decisions is quite prevalent."
Why do you think that legal requirements typically follow behind moral standards of society?  Are businesses more proactive in addressing these moral issues of society than is the law?


4. Was the author wrong about anything?
I don't particularly agree with rule 7 in table 3.1 "Rules for an Innovative Environment."  The rule states, "expect clever bootlegging of ideas-secretly working on new ideas on company time as well as on personal time."  I think a more effective way of getting workers to be innovative while still being productive on company time is set aside actual "innovation hours" where it is the employees' tasks to think of innovative ideas for the company.  I don't think employees should be encouraged to innovate above all else because then other important business operations can become unfinished or carelessly attended to.  Also, I think personal time should be personal time...not more work time.  Having employees constantly innovate on their time away from work can backfire on in-office work time due to fatigued employees and low morale.

Week 13 Reading Reflection ch. 14

1. What stood out in the reading?
Reading about the importance of an LOI was interesting.  I wasn't informed on the difference between a term sheet and an LOI before.  Reading about the development of Dubai was also interesting.  By diversifying the clientele of it's large development companies, Dubai's economy was able to continue to grow.

2. Confusing aspect of the reading
The checklist for analyzing a business was a bit long and hard to follow.  One must check the business history, the market and competition, the sales and distribution, manufacturing, physical facilities, ownership, financial information, and management.

3. What two questions would I ask the author?
What are the most important elements to look for when analyzing a business?  What do you think is the most effective venture valuation method?

4. Was the author wrong about anything?
There wasn't anything in this chapter that I questioned or disagreed with.  Apart from maybe not placing such a high importance on the order of the steps in analyzing businesses operations, the steps themselves seemed logical and well thought-out.

Week 12 Reading Reflection ch. 13

1. What stood out in the reading?
It was interesting to learn that entrepreneurial actions and strategic actions overlap in creating wealth for businesses.  I also found the entrepreneurial strategy matrix interesting in that it measures a business's level of risk and innovation.

2. Confusing aspect of the reading
Following the strategic management process map was a bit confusing.  Seeing how strategic inputs affect strategic actions which affect strategic outcomes and provide feedback was pretty elaborate.


3. What two questions would I ask the author?
Since a lack of planning often results in poorly executed new ventures, would you recommend a business continuing with current ventures and procedures until adequate time, knowledge, expertise, trust, and costs are sorted out among employees or leaping into new ventures with the help of outside sources that can provide these missing qualities?
Does there come a point where strategic planning wouldn't pay off as well as it could in other condition and circumstances?  What would you suggest business do in these cases in terms of starting new ventures?


4. Was the author wrong about anything?
The author stated that "the actual execution of a strategy is almost as important as the strategy itself," but I would have to say that the execution is more important than the planned strategy.  Without action, there is no use for a strategy.  Also, strategies are ever-changing due to various factors in the market place.  While having strategies are good guidelines, a company is most successful with a strong workforce who can execute efficiently and effectively, while realizing that deviation from the plan is sometimes necessary in order to receive the most beneficial outcome for both the business and its stakeholders.

Week 10 Reading Reflection ch. 11

1. What stood out in the reading?
I was familiar with almost all of the information in this chapter because I've already taken financial and managerial accounting classes.  However, I wasn't necessarily familiar with investing activities, and I learned some new information here.  It was interesting to learn how long-term investing activities affect cash flow.  I also learned quite a bit about pro forma statements that I didn't know before.

2. Confusing aspect of the reading
In "entrepreneurship in practice: watching your accounts receivables" the author made a statement that entrepreneurs sometimes have to "take on credit cards" that charge high interest rates so that they can keep their business running.  I am just a bit confused on what the author meant by this statement.  Are the business owners requiring their customers to use particular credit cards that have high interest rates?  Or are the business owners charging their customers extra to use credit? Both?  Also, understanding horizontal analysis and vertical analysis was a bit confusing.


3. What two questions would I ask the author?

How would you recommend start-ups to lower their amount of uncollected account receivables?  What exactly is meant by "taking on credit cards" that charge excessive interest rates?

4. Was the author wrong about anything?

I didn't disagree with or question anything the author introduced.  Because the chapter was discussing the basics of accounting, the information was all pretty straight-forward and fact-based.

Week 9 Reading Reflection ch. 10

1. What stood out in the reading?
It was interesting to learn about the three different marketing philosophies.  I also found it interesting that three major factors influence ones selection of a particular marketing philosophy.

2. Confusing aspect of the reading
The "changing priorities and purchases in the family life cycle" table was a bit confusing to follow.  There were a lot of "priorities" and "major purchase" changes for each stage in one's life cycle.

3. What two questions would I ask the author?
What instances have you personally seen that prove that the consumer-driven philosophy is the most successful?  Then, if little competition exits, is it necessary to follow a consumer-driven philosophy?

4. Was the author wrong about anything?
In the Consumer Behavior section, the author discusses five types of consumers: innovators, early adopters, early majority, late majority, and laggards.  I remember reading about these types of consumers in a previous class as well.  However, I don't necessarily believe that any one person falls directly into one category during each of his/her shopping experiences.  Someone may be an early adopter in one particular product category such as personal care items yet be laggard when it comes to clothing.  The opposite can just as easily be true.  A person may be so passionate about new trends in fashion that they are the first to purchase a new hot-ticket piece of clothing.  However, this same person may be a laggard when it comes to replenishing basic personal care items like toothpaste that they opt for home remedies like lemon juice and baking soda before finally deciding to go to the store and purchasing more.  Peoples' emotions and day-to-day changes in lifestyle can also affect their buying behavior.

Week 8 The Twenty Percent

I talked to a business owner of a local art gallery and home decor shop.  She did not wish to be recorded, but was willing to answer my questions about her customers.  My questions and her answers are below:

1. Who is your target customer?
"My shop mostly attracts an older crowd because the pieces I sell are more mature and are more suitable for home decor and furnishing.  I do see quite a few younger faces, but they rarely buy anything.  I call them my window shoppers."

2.  What are your customers unmet needs?
"I try to offer a wide selection of art from wall paintings, to picture frames, to unique trinkets that customers can't find everywhere.  I also offer to custom frame wall paintings in-store so customers don't have to go elsewhere to get that done."

3. What are your customer's demographics?
"Well, like I said, I attract an older crowd that is settled down and has a bit more money to spend than younger folks.  I find that a pretty even number of men and women shop in the store honestly, but probably a bit more women.  I would say the target age range is 40's to 60's.  However, I do see some young folks like I said, who are in their mid 20's or so who occasionally may buy a piece."

4. Do your customer's use social media?
"oh, I'm sure they do in this day and age, especially the younger ones.  Everyone's on their phones in here and lot's of people like to take pictures in the store for future reference if they are undecided and want to come back another day.  I'm not really on any platforms right now, but I'm looking into that.

Based on these customer demographics, I interviewed an older man and an older woman (who preferred to read the questions aloud as you will see), and I also interviewed a girl about my age.  Prior to conducting the interviews, I asked each of these people if they enjoyed shopping in home decor/ art galleries to make sure I was questioning the right target customer.  Note, two of them wished not to be shown in video so I recorded their feet for privacy.  Unfortunately, the camera stopped recording on my last interview, but I have supplied this Q&A below:

Question: Do you enjoy shopping in art galleries for art and home decor?
Answer: "I would like to go to art galleries, but there's not any art galleries where I live.  But I certainly do like shopping for home decor and there is a lot of that around here."

Question: What are your unmet needs when it comes to shopping for art and home decor?
Answer: "I don't really feel like I have any unmet needs because I am an interior designer and that is what I do for a living."

Question: Do you prefer shopping in store or online?
Answer: "I definitely prefer shopping in store for both art and home decor.  I have to see it in person for me to know if I like it or not."

Question: What social media outlets do you use?
Answer: "I do, but not as much as most people.  I am on Linkedin and Facebook."

Well, the owner was right that she offers something unique in that there are few art galleries in her area, as the woman I interviewed said it is hard to find art, but easy to find home decor.  I think the owner needs to make a social media presence to attract more of the young market that she doesn't saturate currently; the young interviewee commented that she would definitely be encouraged to shop in more art galleries if she were exposed to more content on social media sites like Instagram.  Everyone said they preferred shopping in store for art and home decor, however, because they like to look, touch, and feel the product they are after and enjoy the one-on-one associate interaction.  So, I don't think it is necessary that she move her shop online or become a multi-channel business, but I do think marketing on Facebook and Instagram would be a great idea to attract more customers and let them know what she offers in terms of product selection and uniqueness.

Week 8 Reading Reflection

1. What stood out in the reading?
Figure 8.1 "Who is Funding Entrepreneurial Start-Up Companies" was very interesting.  The least amount of funding comes from the owners themselves while the most amount of money comes from IPOs.  I thought a lot of entrepreneurs had to save up a large amount of money to start a businesses, but seed capital, venture capital, and government programs can significantly help.  I also found it interesting that venture capitalists add value to entrepreneurial firms beyond simply the money they supply, especially in high-innovation ventures.  I also didn't know there were various types of angel investors.

2. What were some confusing aspects?
I suppose the main differences between business angels and venture capitalists are a bit confusing to me.  I just wonder why they differ so much in the contracts that are used, how important the locations of investments and rate of return are.

3. What was the author wrong about?
All of this information was actually pretty new to me, as I've never been educated on the specifics of funding business ventures.  So everything I read I read with an open mind and didn't find any disagreements.
4. What two questions would you ask the author?
How do venture capitalists initially decide if a new venture is capable of "sustained intense effort?"
Has an entrepreneur's track record really mattered that much in having a successful new venture?

Week 8 Half-way Reflection

1. What are the behaviors that you have used to keep up with the requirements of this course?

I have taken advantage of the comments that students leave on my blog posts to learn from their critiques and opinions.  I suggest really evaluating these comments and applying others' suggestions.  If I didn't receive much feedback on a particular post, I may view other students' posts, view the comments they received, and see if their critiques can apply to my post.  There are a lot of people in this class with you, so learn from everyone and listen to what everyone has to say, even if critiques aren't necessarily directed at you specifically.  Also, I've learned to just have fun in the class and not get to worked up or nervous to interview people.  It's not a big deal at all, and you will learn a lot from each experience which will prepare you for the next!

2. Talk about a moment 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?

The "Free Money" exercise when we were asked to hand out a dollar to five individuals was definitely the hardest for me.  Because I neither had an idea/product to talk about nor a legitimate reason to approach someone and ask them for opinions, I felt unprepared.  I knew what I was going to say, "Hi, I just wanted to do something nice for a few people today, and I would like you to have this dollar."  However, I didn't know what would happen next. And this was a bit daunting.  In the previous exercises, I knew I would simply be asking questions and receiving answers, but this time around I didn't know if I would receive answers, or if I did, what they would be.  I like to know what to expect, so doing this exercise was a bit out of my comfort zone.  But, like all things, once I actually went up to everyone, it wasn't hard at all.  I've learned that by just pushing myself a little harder and by stepping out of my comfort zone a little more with each exercise, I build my tenacity bit by bit and become more confident each time.

3. Three tips about fostering the skills that support tenacity and developing the tenacious mindset.

Be confident in your ideas and your ability to convey your messages accurately and assertively.
Practice your questions and speeches so you are knowledgeable and prepared
Swallow your pride and just have fun with everything

Week 7 Reading Reflection

What interested me:
I found it interesting that psycho-graphic segmentation impacts both advertising choices and the creation of new products.  Consumer psycho-graphics also impacts brand reinforcement and positioning.  Being able to effectively evaluate a customer's attitudes, self-image and aspirations in order to produce products and advertisements that will drive sales is very intriguing,

What confused me:
The gravity of decision spectrum was a bit confusing.  What elements truly constituted the "shallow end" "middle" and "deep end" were not as clear as they could have been.

What did I disagree with?:
I didn't particularly disagree with anything in the article.  The author provided very detailed information that was factual rather than opinion-based.

What two questions would I ask the author?:
How much time and effort goes into researching consumer psycho-graphics and what is the process like?
What is the most significant role of a social scientist?

Week 7 Free Money

For this exercise, I decided to approach five people who I walked by in the airport (I was traveling this past Friday).  I felt like this would be the best place to find busy people on a mission to their destinations who probably didn't want to be bothered.  I honestly predicted that everyone would be in a hurry, wouldn't take me seriously, and therefore decline my offer.  Nonetheless, I was open to seeing what would happen, and I actually found that people were very friendly!

To every person I stopped, I introduced myself and said, "Today I just wanted to do something nice for someone, and I would like to offer you this dollar."  Three out of the five people I talked to (who were all around my age) gave me a big smile, took the dollar, and graciously thanked me for my offer!  The other two people I approached were both older, and each of them said something along the lines of, "thank you, sweetie but I want you to keep it."  Everyone was very kind and polite, and it made me happy to make others happy!  So three out of five dollars were delivered that day! :)

At the airport I discovered there was not enough data on my phone to conduct video recordings...I tried deleting a lot of my pictures to clear up some storage space, but I still recieved the error message.  I wish I could have recorded my conversations because everyone was very friendly! I certainly learned that having an open mind can have a positive impact on your daily encounters.

Week 7 Elevator Pitch No. 2

I only received one comment giving feedback on my previous elevator pitch, and didn't receive any specific advice on what to change (I appreciate your kind words, Nika!).  So, I tweaked my pitch a bit based on the others that I watched.  I noticed I was speaking a bit too fast in my first one, so I slowed my pace this time around.

 I also made sure to include who I thought could benefit from my product.  I decided to begin my pitch differently, and I talked about the error message that everyone who has experienced the issue of their Iphone overheating is familiar with.  I felt the familiarity would help capture the attention of my audience.  One thing I didn't include in my first pitch was how my product actually worked.  So, this time I gave more information about the thermal insulated technology and its temperature regulating properties.

Week 6 Customer Interviews No. 3

This exercise was my second round of interviews, and I will discuss each topic for both weeks 2 and 3 below:

Fine tune your opportunity. You began with an idea of what an opportunity might be. After your first round of interviews, what do you think, now? 

I definitely think there is an opportunity for a subletting resource for UF students.  Most of the apartments that are close to campus only offer 12 month leases, and many UF students end up paying three to four months of extra rent because they are unable to find sub-letters or do not wish to deal with the hassle of finding someone.

Fine tune the "who." Did you talk to the right customers last time? What did you do differently this time? How did you adjust your conceptualization of who your customers are?

Last time I found three our of five people who were interested in additional subleasing resources.  Two out of the five people I interviewed actually live in Gainesville as full time residents, so they were not the right customers to ask.  This time, I made sure to conduct the interviews with UF students who do not live in Gainesville full time and typically go home or another location during summer months.  

Tweaking your interview questions. You might need to ask different kinds of questions to get at a fuller, richer idea of what your opportunity is. What kind of changes did you make?  

During the first round of interviews, if I discovered that an interviewee did not have previous or current experience with subleasing, I just said "thank you" and ended the interview.  The second time around, if I discovered that my interviewees hadn't had experience with subleasing, I then asked if they knew anyone personally who had (such as a roommate or close friend) and to describe their experience.  This gave me additional insight and information from second-hand sources.

Tell us what you learned about interviewing customers. 

3 tips:

Be prepared with additional questions in case the on-paper questions do not give you any useful information

Try not to sway your questions in a direction that will only give you answers that you want to hear.  Let your interviewees be honest.

Be clear with your questions.  Some interviewees would misinterpret my questions and give me information that wasn't relevant to the opportunity in question.

Reflect on what you learned. What did you learn from the interviews? What surprised you the most? What do you expect to change as an outcome of these interviews?

Asking open-ended questions is actually quite difficult, and this surprised me.  I learned that some questions, when asked in my head, sounded unbiased and direct, but when actually asked out loud seemed less open-ended and more swayed.  I would alter my questions and clarify any ambiguities better during the interview process.

My interviews are below:

Week 6 Reading Reflection Porter's Article

1. Surprising Information
The headline, "eliminating rivals is a risky strategy" was interesting to me.  I've never considered what might happen to a business who successfully eliminated all of its competitors, apart from the business receiving more customers, increased sales, and larger profit margins.  I found it interesting that the business in question would actually be putting itself in great risk if it were to eliminate all competition in that new business would then be free to enter the market and existing customers may become dissatisfied with the particular business's selection due to lack of choices in terms of actual products and product prices.
2. Confusing Information
The section discussing the role of the government in being a sixth competitive force was a bit confusing.  The author did not cover much information on this topic and argued that the government neither helps nor inhibits businesses' profitability.  He stated that government policy such as patents, pro-union movements, and bankruptcy rules has an impact on business-to-business rivalry and affects each of the five competitive forces.  He stated that the government should not really be considered a sixth competitive force based on these factors,and we are left uncertain about how to accurately categorize the government's role in the industry.
3. Disagreements
This article was very informative and information was given based on factual data rather than opinion, so I did not find anything specific that I disagree with.
4. Two Questions to the Author
If industry structure is always changing, why doesn't industry profitability follow suit?
You claimed that "the expiration of a patent...may unleash new entrants."  Speaking solely on how this competitive opportunity will effect existing business, I can understand why you would word this statement with a negative connotation, but would you agree that this new outlet to entry is actually good for the US economy and unemployment rate?

Week 6 Idea Napkin No. 1

1) You. 
I am very driven and results oriented.  I do not put my efforts into projects and ventures that I do not feel will offer benefits and rewards to someone in return.  I have retail work experience and am a great communicator.  I like to be of service others and help my customers find exactly what they looking for when they come into the store.  My entrepreneurial business would allow me to be of service to more people, and help more people solve an unmet need.

2.) What are you offering to customers?
With the use of better technology, I am offering customers who live in or visit hot/cold climates for leisure or work a product that will make their day-to-day activities, duties, tasks, etc. run more smoothly.

3.) Who are you offering it to?
I am offering this thermal, insulated phone case to smart phone users (Iphone or Android) who live/visit/plan to travel to cold or hot climates.  I am hoping to add to my product line and offer thermal, insulated tablet and Ipad cases as well.

4.) Why do they care?
My customers value being able to use their devices outdoors and in any desired location.  For example, someone at the beach on a hot, summer day who wishes to play music on their phone should have that capability.  And someone traveling on business up north should be able to have a phone conversation outdoors without the call dropping.

5.) What are your core competencies?
My core competencies are differentiation, strong performance level, and reliability.  Currently, there are no existing products on the market similar to my phone cases.  My product performs extremely well and does what it says it will deliver: providing unlimited outdoor use of a device in extreme temperatures.  

Week 5 Customer Interviews No. 2

This experience was my first take on interviewing customers.

1.  I know it is often difficult for UF students who live off campus in apartments to sublease their rooms during summers when they won't be on campus.  So, often times students continue paying their monthly rent even when their room is unoccupied for a given amount of time.

2.  Students living off campus who have signed a 12 month lease on an apartment may have the unmet need of easy and successful summer subleasing.

3. In general, I tried to ask my interviewees (UF students) open-ended and non-leading questions, though my first couple of questions were yes/no solely for the purpose of discovering if whom I was interviewing was in my target audience. I asked my interviewees if they lived off campus and if they go home during summers.  Depending on their answers I would then ask, "describe your experience with subleasing."  Depending on their answers I would then ask, "What resources should be available to help with the sublease process?"

4. I interviewed a few people that I met at the First Friday Food Truck Rally, and one of my friend's roommates that I did not know personally.

5. After interviewing 5 people, I do still think there is an opportunity, because I spoke with people with this unmet need. A few people I interviewed actually said they stay on campus during the summers, so they weren't able to provide much information for me.  Next time I will make sure to ask the interviewees ahead of time more yes/no questions so I know whether or not to proceed with the interview.

6. I was a bit hesitant to go up to people randomly and ask if they would participate, but everyone was very welcoming and willing to answer a few questions for me!  The more people I asked, the easier it became.  I think the food truck rally's casual setting helped a lot, because the attendees were already expecting to converse with people and socialize.

My interviews are below!

Week 5 Reading Reflection ch. 9

1. Biggest Surprise or Most Interesting
I thought the section, "No Real Insight into the Market" was very interesting, especially because the information relates directly to a project in another class I am currently taking, International Business.  As a group of students, we are required to examine the market structures in different countries, and based on this information and the projections that we make, we must create new products that will be successful in the countries we decide to sell our products in.  In this section, the author states, "entrepreneurs must not only project the life cycle of the new product, they must also recognize that introducing the product at the right time is important to its success.  Timing is critical.  Action taken too soon or too late will often result in failure."  This information is very true, and pertinent to what I'm learning in this project for International Business.  As a group, my teammates and I have to determine what life cycle for our products will give us the most-desired release dates, so that our products will produce maximum sales.

2. Confusing Aspects
I suppose the different feasibility approaches were a bit confusing simply because of the amount of information given in each approach.  However, figure 9.3 helped to connect them all.

3. My Two Questions to the Author

A. How do you think start up companies could improve their sales and marketing efforts since this sector is still the most problematic in the growth stage of new businesses?
B. What would you recommend entrepreneurs to do to become less "ignorant of costs."  What are the best research and planning methods?

4. Was the Author Wrong about Anything?
In the "Lack of Venture Uniqueness" section, the author stated, "pricing becomes less of a problem when the customer sees the product as superior to its competitors."  While this can be true for the customers who value differentiation, it is not always the case for price-sensitive customers who do not value differentiation.  Some customers' goal is to find the best deal.  Entrepreneurs should consider different product offerings for different target markets, for both the budget-conscious customers and the performance-based customers.

Week 5 Elevator Pitch No. 1

Have you ever experienced your cell phone shutting off because of extreme outdoor temperatures?  I have a solution for you and the millions of others who face the same issue. Introducing my thermal insulated temperature regulating cell phone case by Temp Tec!

Week 4 Reading Reflection ch.5

1. Biggest Surprise in the Reading:
I thought the following statement in the reading was very interesting: "Most people assume that some people are born creative and others are not, or that only the gifted or highly intelligent person is capable of generating creative ideas and insights."  The reading proceeds to explain how this thought process is flawed and incorrect.  I have to admit, I too tend to think that creativity is a born-into character trait. I feel like a person either has a creative mind or he doesn't.  The same goes for someone with an analytical, numbers-oriented mind.  I feel like people are either born analytical, or born to grasp more anecdotal materials.  I believe anything can be learned to an extent, but strengths and weaknesses certain stem from born-into personalities and innate qualities.

2. Confusing Aspects:
The steps in the "creative process" are a bit confusing to me, only because I tend to think that creativity lies within, and using it doesn't naturally undergo a four-step procedure.  The reading mentions phase 1: background or knowledge accumulation; phase 2: the incubation process; phase 3: the idea experience; phase 4: evaluation and implementation.  I do agree that in "creating" a new product, information-gathering is very necessary to endure that your imagined product is both in demand and feasible to produce.  The incubation phase seems a bit strange to me, but I do agree that by "getting away from a problem and letting the subconscious mind work on it" helps in solving problems and coming up with solutions.  I can see how it would also help spark creativity.  How can you be creative when you fix your mind on one set thing and disallow yourself the opportunity to branch out of that bubble?  The idea experience seems to relay contrasting information.  One recommendation in finding that "eureka" moment  is to "fantasize about your project" while another is to "put the problem on the back burner."  The final step, implementation, doesn't seem like a creative process to me but rather an educational and planning process.

3. Two questions to the author:
What do you think is the main reason adults use only 2-10% of their creative potential?
How have your 6 problem solving exercises helped you personally to become more creative?

4. Disagreements:
The author stated, "a creative person tends to view things and people in terms of how they can satisfy his or her needs and help complete a project."  I think, however, that a person who thinks with this mentality is innovative, but not necessarily creative.  Innovation is the implementation of something new, so an innovative individual would think of products that could fit his needs and would implement them.  This person would think to himself, "does this market need this? Okay. Let's give it to them."  However,  creativity is the ability to imagine something original.  It is often not the goal of creative people to get a product to market, or make "this product" to fit "this need."  Rather, the goal is to explore endless possibilities and free the mind.

Week 4 Top 5 World Problems

Rank Order of Problems (Most Serious to Least Serious)

1. Overall health is a major concern in the world right now, especially in America.  More and more people are discovering issues with their health due to lack of proper diet, stress levels, etc.  Modern western medicine only seems to cover up symptoms and mask the underlying problems.  

2. Animal cruelty is a huge world problem.  Every day animals are enslaved, beaten, and killed for human consumption, clothing, enjoyment (such as state fairs and circuses), and lab studies.  Many people do not realize this harsh reality because it is kept quiet from the public.  Why would the media show it?  

3. There are several endangered species in the world, and we need to take action to stop this.  

4. Deforestation is a major concern.  40% of all Rain forests have been cleared to raise cattle for the meat industry.  

5. We need to reduce our water footprint (the amount of fresh water that we use daily) and make choices to conserve this vital resource.  The meat and dairy industry contributes immensely to this problem. 27% of the water footprint is related to the production of animal products while only 4% of this footprint is related to at-home water use.  According to the United States Geological Survey (USGS) it can require up to 18,000 gallons of water to produce just one hamburger.  

*Justifications:  Many people are struggling with their health which is hard for not only the individuals to go through but for their families to witness as well.  By taking care of ourselves and putting our health first, we can then focus on other problems that are present in the world.

Rank order of solutions (in order of their corresponding problems with most-possible to implement (1) and least-possible to implement (5))

1. Diet choices and mental/emotional clarity need to be prioritized to truly reverse illness and regain health.

4. No animal or living being should be treated like property and have to go through such pain and agony. Sorry.

5. Destruction of wildlife habitats needs to end.

2. If we could all cut back on the consumption of meat, we could do a great service not only to our bodies but also to our rain forests and the amazing animals that naturally inhabit them.

3. Instead of cutting back on shower time, how about we just swap the hamburger at lunch for a delicious fruit smoothie?

*Justifications: I feel like a good amount of people can make better choices in terms of their diet if they are willing to take that step.

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