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