Sunday, April 24, 2016
Week 15 Reading Reflection
One of the things that surprised me about this week's reading on the basics of running a business and how it does not change from New York to China to India was that one is able to obtain similar profits and results whether conducting business with wealthy and not wealthy people in a sense of the basics. Simple automatization undercounting procedures do indeed help out immensely in the Third World as well as global financial hubs. If I had two questions for the author I would ask in what ways conducting business in places such as India differ from places such as Europe or China. I would also ask in what ways could shying away from customer relations affect a company that conducts mainly business in India. I did not find anything confusing or anything that I specifically disagreed with in the reading.
Final Reflection
Looking back at the semester in this final reflection I feel a bit moved and certainly proud of how far I have come as a student, an entrepreneur and mainly as a person. My most formative experience is also on that I am certainly most proud of. It was not necessarily reaching out to potential customers or gathering feedback from experts and peers; but rather the class as a whole and how it changed my mindset whenever I approach things. I am now more dedicated and feel that with proper preparation, drive and work ethic many things that seem too grand are actually completely doable. One of my most joyous experiences was definitely giving money away, there was just something great and fun about that part. Comparing myself and my entrepreneurial mindset from today and the one I had back at the beginning of the semester I would say I have grown as an entrepreneur. While I can't say I know everything there is to know, and probably never will, I have begun a journey with a different mindset and that I believe is a great start. One recommendation I would definitely make to students taking this course in the future is to stay ahead of the curve. Do you think its alright to turn things in the day before they are due? Try having them done 4 days before. Think you can be done 4 days before? Try a week early. These things help foster a go getter mindset that will have you reaching to be the best you can be and that is a huge help with this course, in an entrepreneurial environment in general and life as a whole.
Tuesday, April 19, 2016
Venture Concept No. 2
The time has come to revisit one of my old posts about my venture concept. This time I will be adding at the end of my original post some of my thoughts about the feedback I received and my vision on how I plan to change my venture given the feedback and my considerations on it.
My idea first arose from observing; as in many cases, when one observes the world around, it becomes easier to identify things that aren’t being fully taken advantage of and therefore improve them. Another common occurrence is the identification of a problem and the subsequent creation of a solution. Well my venture concept is based on the latter, as I one day observed a pet owner frantically search for her missing dog. This event reminded me of my younger days, where I would chase my dog around my neighborhood every time it ran away and sometimes I was simply unable to find it. This motivated to find pet owners and simply ask questions; through such simple inquisitive means I was able to generalize that there is no current means for a pet owner to properly and reliable locate its pet. This generalization was able to bring to light an issue that many local pet owners suffer from, thus creating a target market for me. This newly found market consisted of young adults ages 18-30 that owned pets. In a geographical sense, this audience was mostly local due to my confinement and limitation to the city of Gainesville. The fact that pet owners value their pets so highly translates to immediate demand for any means of locating them if lost; yet while this opportunity seems to present itself locally, it is only logical to extrapolate this situation to any town or city with a big enough population of pet owners, thus allowing for the creation of growth for this venture. Thus began the process of creating a solution for this newly found opportunity. The creation of a solution isn’t always as easy as some might perceive it to be, rather it is a meticulous process in which many ideas are subjected to trial and error more times than I’d care to count. Nevertheless what really seems to drive a good venture is a reliable innovation that appeals to a certain market, in my case, local young pet owners. In due time, I came up with an idea which can be considered incrementally innovative as opposed to radically so. I thought that there are current ways to locate lost pets, through installation of chips and other devices that allow for localization of an animal. This process, however, has a cost drawback as not many young adults have the means to afford such an expensive process. This is where I decided to take advantage of a currently popular means of interaction, social networks. Through the modification of a basic network plan, I would in theory be able to create an interconnected social structure dedicated to pets, whether it is finding them or simply interacting with other pet owners. This way I am not creating a drastically new idea, but rather modifying an already successful one and repurposing it to fit the needs of pet owners, my target market. Through the creation of this application and possibly a website, I would attract the attention of many businesses who provide services as well as products to pets and pet owners alike. This source of revenue would be highly marketing based, with some side revenue collected from selling data such as user preferences and interests. With the creation of this new application, users will be able to easily access a network of similar individuals with common goals besides simply interaction. The original goal of this venture is to allow for pet owners to easily and accessibly engage in the finding of their lost pets. What makes this venture especially attractive is the simplicity of access and usage; the user interface will be as simple as some of today’s leading social networks. This venture will be organized as a tech company, driven largely by programmers and information technology employees as well as marketing personnel in order to spread the brand, thus ensuring appropriate staff is in charge of tackling any issues or problems that might arise. My most important advantage going into this venture is the untapped market I will be exploiting, as I am the first to enter this market, I will hold a large market share with virtually no direct competitors. My next target opportunity will be to spread the usage of my network to a national scale and firmly grasp bigger cities and major metropolitan areas. The feedback I have gotten has been overwhelmingly supportive. I cannot express into words how helpful the students in this class have been; whereas I initially thought many would simply type in vague comments that wouldn't be much help, the feedback proved to be vital in shaping the way that I conduct my venture. This being said, I plan to expand to larger markets once I prove that my venture can be sustainable and profitable in a local one.
My idea first arose from observing; as in many cases, when one observes the world around, it becomes easier to identify things that aren’t being fully taken advantage of and therefore improve them. Another common occurrence is the identification of a problem and the subsequent creation of a solution. Well my venture concept is based on the latter, as I one day observed a pet owner frantically search for her missing dog. This event reminded me of my younger days, where I would chase my dog around my neighborhood every time it ran away and sometimes I was simply unable to find it. This motivated to find pet owners and simply ask questions; through such simple inquisitive means I was able to generalize that there is no current means for a pet owner to properly and reliable locate its pet. This generalization was able to bring to light an issue that many local pet owners suffer from, thus creating a target market for me. This newly found market consisted of young adults ages 18-30 that owned pets. In a geographical sense, this audience was mostly local due to my confinement and limitation to the city of Gainesville. The fact that pet owners value their pets so highly translates to immediate demand for any means of locating them if lost; yet while this opportunity seems to present itself locally, it is only logical to extrapolate this situation to any town or city with a big enough population of pet owners, thus allowing for the creation of growth for this venture. Thus began the process of creating a solution for this newly found opportunity. The creation of a solution isn’t always as easy as some might perceive it to be, rather it is a meticulous process in which many ideas are subjected to trial and error more times than I’d care to count. Nevertheless what really seems to drive a good venture is a reliable innovation that appeals to a certain market, in my case, local young pet owners. In due time, I came up with an idea which can be considered incrementally innovative as opposed to radically so. I thought that there are current ways to locate lost pets, through installation of chips and other devices that allow for localization of an animal. This process, however, has a cost drawback as not many young adults have the means to afford such an expensive process. This is where I decided to take advantage of a currently popular means of interaction, social networks. Through the modification of a basic network plan, I would in theory be able to create an interconnected social structure dedicated to pets, whether it is finding them or simply interacting with other pet owners. This way I am not creating a drastically new idea, but rather modifying an already successful one and repurposing it to fit the needs of pet owners, my target market. Through the creation of this application and possibly a website, I would attract the attention of many businesses who provide services as well as products to pets and pet owners alike. This source of revenue would be highly marketing based, with some side revenue collected from selling data such as user preferences and interests. With the creation of this new application, users will be able to easily access a network of similar individuals with common goals besides simply interaction. The original goal of this venture is to allow for pet owners to easily and accessibly engage in the finding of their lost pets. What makes this venture especially attractive is the simplicity of access and usage; the user interface will be as simple as some of today’s leading social networks. This venture will be organized as a tech company, driven largely by programmers and information technology employees as well as marketing personnel in order to spread the brand, thus ensuring appropriate staff is in charge of tackling any issues or problems that might arise. My most important advantage going into this venture is the untapped market I will be exploiting, as I am the first to enter this market, I will hold a large market share with virtually no direct competitors. My next target opportunity will be to spread the usage of my network to a national scale and firmly grasp bigger cities and major metropolitan areas. The feedback I have gotten has been overwhelmingly supportive. I cannot express into words how helpful the students in this class have been; whereas I initially thought many would simply type in vague comments that wouldn't be much help, the feedback proved to be vital in shaping the way that I conduct my venture. This being said, I plan to expand to larger markets once I prove that my venture can be sustainable and profitable in a local one.
Sunday, April 17, 2016
Week 14 Reading Reflection
The biggest surprise to me in this chapter is that there is so much focus and content into the social entrepreneurship and ethical challenges of entrepreneurship. I previously was pretty certain that there were little ethical challenges and dilemmas when compared to jobs that can be just as stressing. I found out I was pretty wrong too, as a company often faces challenges on a daily basis, much more than i thought.
One thing I would ask the author is if there is any way that these 2 chapters tie together, as I want to be able to visualize social entrepreneurship when it is compared and contrasted with the corporate some of entrepreneurship. I also would ask if there is similar growth and advances in both areas? Or which one seems predominantly the right one.
I did not have any confusing material that I countered while reading the chapters and also I seem to agree with the authors on both of these chapters and what they entailed.
One thing I would ask the author is if there is any way that these 2 chapters tie together, as I want to be able to visualize social entrepreneurship when it is compared and contrasted with the corporate some of entrepreneurship. I also would ask if there is similar growth and advances in both areas? Or which one seems predominantly the right one.
I did not have any confusing material that I countered while reading the chapters and also I seem to agree with the authors on both of these chapters and what they entailed.
Friday, April 15, 2016
Google Gold
Search Engine Optimization is a term that many throw around and often times try to define yet there are really few who truly understand the meaning and the power and importance behind it. A few of the things I tried to do in my blog in order to increase hits in search engines is to use regular, every day words that people will oftentimes search for on the internet, this will increase the likelihood of one of their hits being my blog. Also, I tried to keep the language relatively simple as opposed to super complicated so that my blog could really be understood by a majority who may not be such an expert in a certain field. Lastly, I simply tried to keep things interesting, this blog wasn't so much a requirement for the class but rather a means through which I can tell of my accomplishments and failures and experiences in it.
My key words were things that could relate to the topic I was talking about, and I don't just mean entrepreneurship in general but rather pets, finding lost pets and mobile applications. This I believe will target a certain audience that will be more likely to be interested in my blog and future plans than your average person on the internet. While my key words at first started with pet related cases, it evolved as my venture evolved and once I had a more complete idea of what I wanted, my key words reflected that change as well.
To be honest, there must have once only one instance in which I can recall I used social media when referring to my blog, and that must have been a complaint about all the upcoming assignments I had to do, which was quite sarcastically worded on Twitter. It got a couple of likes though.
My most viral post was my Elevator Pitch No.1, I believe this was the case due to this being my introduction to my main idea and the concept that I would be working towards for the rest of the semester. Thus I feel it is important that people first understand my idea in order to fully grasp any other of my subsequent posts.
I did not make it to the first page of google, as it seems that there are quite other websites out there that talk about pets, pet finding services and application development services in general. I could not find my own blog as it must have been buried very deeply in there somewhere (I looked up to page 8, then gave up and grabbed a beer).
Wednesday, April 6, 2016
Very Short Interview Part 2
When I look back at my original interview with my choice entrepreneur, I think that I covered only the very basics and the essential foundation of what it really means to be an entrepreneur. Now that I have progressed in this class, I realize that there is a lot more depth to the matter and a lot more meaningful questions I could gave asked.
The following is a translated transcript of a Skype call:
Q: Thank you for taking the time to talk with me again, I am basically following up with my last interview now that I have learned and experienced a greater deal of the field of entrepreneurship. Looking back again to your beginning years as an entrepreneur, was there any time in which you thought you had utterly failed? What was that like and how did you deal with it?
A: Im glad you got back to me, it is always a pleasure to talk with future entrepreneurs. Yes, there were actually a few failures before my initial success; I often thought the work I was doing wasn't worth it as I constantly had to start over quite a few times. When it comes to how I dealt with it...I mean, it was rough, you know? Losing everything you work for not once but multiple times. Yet I kept trying because what else was I gonna do? Give up after all this? No way.
Q: How did you go about raising capital for your business? How did you get the gears moving?
A: I was lucky to have been blessed with an affluent family who helped me a lot when it came to funds. Nevertheless that was just start up costs, what really got us going were government contracts. You have to understand that in a country such as Ecuador, a lot of wealth circulates around government and any close ties to it, so naturally I aimed at where the money was.
Q: What have you learned about this entrepreneurial journey as a whole that you can say you are able to widely apply it to your everyday life? What stuck with you?
A: To be perfectly honest, it was failure. I learned from it like a mistress teachings you things, you know? Haha. I learned to fail and I learned not to fail in the same way twice, that way I can say I am always moving forward, and that is something I think you can apply to life in general.
Q: Thank You so much Nelson, you have been a huge help for me in this class and in counsel for my venture.
A: Anytime! Tell your dad I say hi, will you?
During this interview, I fell a lot more comfortable not only with myself and the entrepreneur but also with the subject at hand. I felt I was able to ask much more meaningful questions that probed deep into the essence of the entrepreneurial journey as opposed to my first interview where I feel I only skimmed the very surface. I could tell that the entrepreneur thought of me in a different way, maybe it was the fact that I seemed more knowledgeable on the subject.
The following is a translated transcript of a Skype call:
Q: Thank you for taking the time to talk with me again, I am basically following up with my last interview now that I have learned and experienced a greater deal of the field of entrepreneurship. Looking back again to your beginning years as an entrepreneur, was there any time in which you thought you had utterly failed? What was that like and how did you deal with it?
A: Im glad you got back to me, it is always a pleasure to talk with future entrepreneurs. Yes, there were actually a few failures before my initial success; I often thought the work I was doing wasn't worth it as I constantly had to start over quite a few times. When it comes to how I dealt with it...I mean, it was rough, you know? Losing everything you work for not once but multiple times. Yet I kept trying because what else was I gonna do? Give up after all this? No way.
Q: How did you go about raising capital for your business? How did you get the gears moving?
A: I was lucky to have been blessed with an affluent family who helped me a lot when it came to funds. Nevertheless that was just start up costs, what really got us going were government contracts. You have to understand that in a country such as Ecuador, a lot of wealth circulates around government and any close ties to it, so naturally I aimed at where the money was.
Q: What have you learned about this entrepreneurial journey as a whole that you can say you are able to widely apply it to your everyday life? What stuck with you?
A: To be perfectly honest, it was failure. I learned from it like a mistress teachings you things, you know? Haha. I learned to fail and I learned not to fail in the same way twice, that way I can say I am always moving forward, and that is something I think you can apply to life in general.
Q: Thank You so much Nelson, you have been a huge help for me in this class and in counsel for my venture.
A: Anytime! Tell your dad I say hi, will you?
During this interview, I fell a lot more comfortable not only with myself and the entrepreneur but also with the subject at hand. I felt I was able to ask much more meaningful questions that probed deep into the essence of the entrepreneurial journey as opposed to my first interview where I feel I only skimmed the very surface. I could tell that the entrepreneur thought of me in a different way, maybe it was the fact that I seemed more knowledgeable on the subject.
Tuesday, April 5, 2016
Celebrating Failure
One of the things that has always gotten to me is my lack of appropriate work ethic. I have been trying to recently change that and actually do my assignments in an early fashion so as to not be rushing at an incoming deadline in a last minute kind of way. However, I have seen little progress in that situation and I find it frustrating how I often can be so decided on doing work but most of the time simply lack the motivation to get started. I have failed at this change in midst a number of times this semester and to be honest, if I learned anything at all it is that I am not good at this change in lifestyle kind of thing, maybe its just not for me. I will keep trying nevertheless because I think that if I ever do achieve this change it will be beneficial for me in the end. The way I handled this repeated failures is by simply trying again, there are still assignments to do and even though I have started doing some things in advance, the harder stuff I usually leave for last, I still do not know why. This class changed my failure perception by helping me better analyze which risks I take and why, because it is senseless to take risks just for the sake of it, but rather if you truly believe something will come out of it and are willing to work for it then it is perfectly fine to take risks.
Week 13 Reading Reflection
What really surprised me the most this reading when I learned about it was all the different sues that a valuation of a company has. Whereas before I only thought of a valuation when it came to a business selling point of view, I know now that they can be used for raising capital, determining inheritance tax and and establishing stock option plans for employees.
If I had the opportunity of asking a couple of questions to the authors I would probably ask them what conditions would entail a company to use a certain valuation method over the other. I would also inquire as to what exactly makes the pricing formula the way it is, and why those are the only values taken into account.
The one thing I found confusing about this chapter was the LOI, and the way it differs from a terms sheet, as they both seem very similar to me. I did not find anything that I particularly disagree with.
If I had the opportunity of asking a couple of questions to the authors I would probably ask them what conditions would entail a company to use a certain valuation method over the other. I would also inquire as to what exactly makes the pricing formula the way it is, and why those are the only values taken into account.
The one thing I found confusing about this chapter was the LOI, and the way it differs from a terms sheet, as they both seem very similar to me. I did not find anything that I particularly disagree with.
My Exit Strategy
To be perfectly honest and straight to the point, my preferred exit strategy is always decided with one goal in mind, financial profit. I plan to exit my business at some point (as i do plan to enjoy my life and retirement), but that point will come when I feel I no longer have to offer anything to the company i created. In shorter terms, when my usefulness into improving and bettering the company comes to an end, I plan to sell it. And for as much money as I can.
The particular reason I have selected this exit strategy is because of the same reason I started this venture, financial gain. Now while some may say I lack passion and all i think about is money, which I understand given how I have phrased my thoughts, it is also important to understand that doing something I like does not necessarily have to be the same thing I do for financial gain. I simply spotted an opportunity which I could grow into a profitable company, simple.
I think that having financial profit as a goal in my head from the very beginning has been very influential in how I make decisions in the company and how I spot opportunities. Since profitability is a key point, spotting opportunities that are worth chasing has led me to careful evaluation of every step I take with a company. It also affects me in how much I play to grow this company and my decision to sell it.
The particular reason I have selected this exit strategy is because of the same reason I started this venture, financial gain. Now while some may say I lack passion and all i think about is money, which I understand given how I have phrased my thoughts, it is also important to understand that doing something I like does not necessarily have to be the same thing I do for financial gain. I simply spotted an opportunity which I could grow into a profitable company, simple.
I think that having financial profit as a goal in my head from the very beginning has been very influential in how I make decisions in the company and how I spot opportunities. Since profitability is a key point, spotting opportunities that are worth chasing has led me to careful evaluation of every step I take with a company. It also affects me in how much I play to grow this company and my decision to sell it.
Sunday, April 3, 2016
Week 12 Reading Reflection
The thing that surprised me and I just learned about after reading this chapter is that there was so much depth when it came to growth both as a person and as an entrepreneur. This means that while we may have an exact idea what what we seek for both our companies or ourselves, we may not fully sight our actual objective unless we grow.
If i had to ask the author 2 questions about what it is that makes a person and entrepreneur is what strategy they think is best under different systems and situations? And what if we have inserted a very flexible and volatile market?
I did not specially find anything confusing as I saw the message that the authors wanted to convey. Also I did not find that I disagree with the authors since I am so new to entrepreneurship.
If i had to ask the author 2 questions about what it is that makes a person and entrepreneur is what strategy they think is best under different systems and situations? And what if we have inserted a very flexible and volatile market?
I did not specially find anything confusing as I saw the message that the authors wanted to convey. Also I did not find that I disagree with the authors since I am so new to entrepreneurship.
What's Next
Existing Markets:
What I think whats next for my venture, I think that I should begin targeting new customers, find a way to do it and expand the brand.
I think that based on this information that I was given, I am now better able to understand what new demands are and what interests certain customers and what will end up attracting new people in the long run. Now I believe I just have to have find an effective and cost efficient way of approaching all these prospective customers.
The way I plan to do this is by looking to new markets and conducting a customer scan and based on responses I can formulate a way to reach and target the vast majorities. This way I will have a more steady customer base and this will also foster loyalty.
New Markets:
For new markets i planned to target people that are the complete opposite of what I'm currently targeting. This means I will ask pet owners and non pet owners alike. Thus giving me a wide range of people and the way they think.
What I learned from this new market is that many different people have different preferences and different tastes. There fore it is essential to understand a large portion of your market in order to make profitable adjustments. This means that surveys and data collection are essential if one is to understand their target market.
Whether it be by offering special offers, discounts and sales, it is or by opening up the app and encompassing more of the user's life. It is important to adapt to new trends and new interests that may arise in the public at any give time. And in these options you create, step in and make a lucrative situation out of what other wise might just be a new trend.
What I think whats next for my venture, I think that I should begin targeting new customers, find a way to do it and expand the brand.
I think that based on this information that I was given, I am now better able to understand what new demands are and what interests certain customers and what will end up attracting new people in the long run. Now I believe I just have to have find an effective and cost efficient way of approaching all these prospective customers.
The way I plan to do this is by looking to new markets and conducting a customer scan and based on responses I can formulate a way to reach and target the vast majorities. This way I will have a more steady customer base and this will also foster loyalty.
New Markets:
For new markets i planned to target people that are the complete opposite of what I'm currently targeting. This means I will ask pet owners and non pet owners alike. Thus giving me a wide range of people and the way they think.
What I learned from this new market is that many different people have different preferences and different tastes. There fore it is essential to understand a large portion of your market in order to make profitable adjustments. This means that surveys and data collection are essential if one is to understand their target market.
Whether it be by offering special offers, discounts and sales, it is or by opening up the app and encompassing more of the user's life. It is important to adapt to new trends and new interests that may arise in the public at any give time. And in these options you create, step in and make a lucrative situation out of what other wise might just be a new trend.
Tuesday, March 29, 2016
Venture Concept No. 1
This week I'll be writing about my venture concept and about the process
of its inception. This process ranges from the very beginning of this class and
culminates in the creation and materialization of my very own idea, which will
hopefully one day be put to use in a profitable manner. In order to fully
comprehend my venture concept, one must first go back to the origins of its
creation; for it is essential to understand a person’s motives if one is to
truly grasp what the venture means in a more profound way than just another way
to generate revenue. My idea first arose from observing; as in many cases, when
one observes the world around, it becomes easier to identify things that aren’t
being fully taken advantage of and therefore improve them. Another common
occurrence is the identification of a problem and the subsequent creation of a
solution. Well my venture concept is based on the latter, as I one day observed
a pet owner frantically search for her missing dog. This event reminded me of
my younger days, where I would chase my dog around my neighborhood every time
it ran away and sometimes I was simply unable to find it. This motivated to
find pet owners and simply ask questions; through such simple inquisitive means
I was able to generalize that there is no current means for a pet owner to
properly and reliable locate its pet. This generalization was able to bring to
light an issue that many local pet owners suffer from, thus creating a target
market for me. This newly found market consisted of young adults ages 18-30
that owned pets. In a geographical sense, this audience was mostly local due to
my confinement and limitation to the city of Gainesville. The fact that pet
owners value their pets so highly translates to immediate demand for any means
of locating them if lost; yet while this opportunity seems to present itself
locally, it is only logical to extrapolate this situation to any town or city
with a big enough population of pet owners, thus allowing for the creation of
growth for this venture. Thus began the process of creating a solution for this
newly found opportunity. The creation of a solution isn’t always as easy as
some might perceive it to be, rather it is a meticulous process in which many
ideas are subjected to trial and error more times than I’d care to count.
Nevertheless what really seems to drive a good venture is a reliable innovation
that appeals to a certain market, in my case, local young pet owners. In due
time, I came up with an idea which can be considered incrementally innovative
as opposed to radically so. I thought that there are current ways to locate
lost pets, through installation of chips and other devices that allow for
localization of an animal. This process, however, has a cost drawback as not
many young adults have the means to afford such an expensive process. This is
where I decided to take advantage of a currently popular means of interaction,
social networks. Through the modification of a basic network plan, I would in
theory be able to create an interconnected social structure dedicated to pets,
whether it is finding them or simply interacting with other pet owners. This
way I am not creating a drastically new idea, but rather modifying an already
successful one and repurposing it to fit the needs of pet owners, my target
market. Through the creation of this application and possibly a website, I
would attract the attention of many businesses who provide services as well as
products to pets and pet owners alike. This source of revenue would be highly
marketing based, with some side revenue collected from selling data such as
user preferences and interests. With the creation of this new application,
users will be able to easily access a network of similar individuals with
common goals besides simply interaction. The original goal of this venture is
to allow for pet owners to easily and accessibly engage in the finding of their
lost pets. What makes this venture especially attractive is the simplicity of
access and usage; the user interface will be as simple as some of today’s
leading social networks. This venture will be organized as a tech company,
driven largely by programmers and information technology employees as well as
marketing personnel in order to spread the brand, thus ensuring appropriate
staff is in charge of tackling any issues or problems that might arise. My most
important advantage going into this venture is the untapped market I will be
exploiting, as I am the first to enter this market, I will hold a large market
share with virtually no direct competitors. My next target opportunity will be
to spread the usage of my network to a national scale and firmly grasp bigger
cities and major metropolitan areas. Lastly, I know very little of what the
future has in store for me. But I do know where I’d like to end up, with this
venture started; I plan to simply continue living and observing. And who knows,
maybe I'll find another golden opportunity that will allow me to create another
solution for many people out there.
Friday, March 25, 2016
Week 11 Reading Reflection
The single biggest surprise while reading this week's article about not only creating but also maintaining an innovation strategy, is that many companies fail to align their business strategy with their innovation strategy. This then creates discord between the company's general course of action and the goals it sets. One thing that was not all to clear for me is how a company decides where to heavily invest in terms of areas of their business, whether it be R&D or manufacturing or marketing. I feel there area plethora of factors that can dictate what area a company should centralize and they tend to change quite often with new trends emerging. Therefore one question I would ask the author is when and how does a company know which trend to invest in and which opportunities to capitalize given the current state of the market they are in. Another question I would ask is how does a company know when to abandon a set goal and when to pick up a new one, does it depend on financial factors? Or maybe on market trends and opportunities? Or even a combination of both? I believe these questions are essential to ask if a firm is to be the leading entity in its field. Lastly, I do not specifically disagree with anything the author says, his argument and supportive data and reasoning seem all very sound and effective.
Amazon Whisperer
The main sources of revenue, or my main revenue drivers are the cost users of my social network will pay to download an app (which could potentially shift to a free download) and any advertising as well as information any third party company would want from our user base.
I think that a very smart next step would be to design my network so that, much like Facebook, it matches user needs and interests in searches and posts to any potential advertising offers that might satisfy said needs,
This next step does not only create an easier way for our user base to extract value out of using our app, it also inhibits loyalty not only from our users but also from companies who use our app as a medium of advertising. Helping put these two elements in contact with each other will not only save users time, it will also save any company looking to expand its brand a lot of time and money.
While Amazon does not necessarily sell social networking apps, I believe that I could foster a partnership with Amazon to more easily connect users with any specific pet products that they are currently looking for or happen to be trending. This would require a lot of data analysis as well as monitoring traffic and patterns in usage and connectivity. Through this use of a partnership, I believe my social network will enhance its influence over our user base and offer a wider arrange of not only services but also products as well.
I think that a very smart next step would be to design my network so that, much like Facebook, it matches user needs and interests in searches and posts to any potential advertising offers that might satisfy said needs,
This next step does not only create an easier way for our user base to extract value out of using our app, it also inhibits loyalty not only from our users but also from companies who use our app as a medium of advertising. Helping put these two elements in contact with each other will not only save users time, it will also save any company looking to expand its brand a lot of time and money.
While Amazon does not necessarily sell social networking apps, I believe that I could foster a partnership with Amazon to more easily connect users with any specific pet products that they are currently looking for or happen to be trending. This would require a lot of data analysis as well as monitoring traffic and patterns in usage and connectivity. Through this use of a partnership, I believe my social network will enhance its influence over our user base and offer a wider arrange of not only services but also products as well.
Wednesday, March 23, 2016
My Unfair Advantage
The following is a list of my venture's advantages:
- Social Interaction
This is a key aspect to the creation of a social network. Social Networks are very specific creations which only serve specific purposes. Given that I will be able to bend those specific purposes to my advantage puts me in a market with little competition.
- Grassroots Reach
With my venture starting out at a local level, I believe it to be essential that I mold it so that it can reach as many locals as possible. While other products or companies may aim towards a larger more general population, I will specifically get to know and target locals.
- Small Cost to Consumers
When compared to certain services and products already out there, the usage of a social network seems an infinitely smaller cost when you compare an App to a new kind of TV.
- Humanitarian Appeal
This kind of appeal relies on people's emotional side, by helping lost pets reconnect with their owners, people in the community will feel they have done a great deed.
- Interactive Elements
As with pretty much any app out there, interactive elements can make or break a venture. While many apps offer high interactive services, few of them are related to a social network. This is where I plan to differentiate myself from competitors.
- Inexpensive Maintenance
The low cost of maintenance for upping a social network will be one of the key money savers in our venture. Compared to manufacturing/marketing/selling costs other might face, by making our product online and interactive we can greatly save on maintenance.
- Low Fixed Costs
Due to the lack of physical facility to store or manufacture our product, fixed costs (which accounting has taught me can be a huge pain in the ass) can be avoided, therefore savings us thousands.
- Easy To Use
Where many apps fail is the level of easy in which a user can navigate and explore the many things the app has to offer, User interface is challenging because is isn't always easy to create a beautiful, easy to use, informative app. Nevertheless, I feel we can mold our social network to encompass the basics and grow it from there with plenty of user feedback.
- Local Appeal
The local pet community here in Gainesville has voiced their interest in a way to not only communicate and get to know other pet owners, but as a resource to help others or themselves find their respective pet.
- Growth Potential
The growth potential for a brand can always be big, when done right, revenue from sales, popularity, advertising and sponsoring can be a big part of our income.
After much thought and consideration, I have concluded that my top resources are the low cost that it will bring to consumers compared to the high benefit and also the ease with which users will be able to navigate and utilize our app. By designing and inexpensive, efficient and elegant app, we can bring together the pet community of Gainesville and eventually expand to new heights and reaches.
- Social Interaction
This is a key aspect to the creation of a social network. Social Networks are very specific creations which only serve specific purposes. Given that I will be able to bend those specific purposes to my advantage puts me in a market with little competition.
- Grassroots Reach
With my venture starting out at a local level, I believe it to be essential that I mold it so that it can reach as many locals as possible. While other products or companies may aim towards a larger more general population, I will specifically get to know and target locals.
- Small Cost to Consumers
When compared to certain services and products already out there, the usage of a social network seems an infinitely smaller cost when you compare an App to a new kind of TV.
- Humanitarian Appeal
This kind of appeal relies on people's emotional side, by helping lost pets reconnect with their owners, people in the community will feel they have done a great deed.
- Interactive Elements
As with pretty much any app out there, interactive elements can make or break a venture. While many apps offer high interactive services, few of them are related to a social network. This is where I plan to differentiate myself from competitors.
- Inexpensive Maintenance
The low cost of maintenance for upping a social network will be one of the key money savers in our venture. Compared to manufacturing/marketing/selling costs other might face, by making our product online and interactive we can greatly save on maintenance.
- Low Fixed Costs
Due to the lack of physical facility to store or manufacture our product, fixed costs (which accounting has taught me can be a huge pain in the ass) can be avoided, therefore savings us thousands.
- Easy To Use
Where many apps fail is the level of easy in which a user can navigate and explore the many things the app has to offer, User interface is challenging because is isn't always easy to create a beautiful, easy to use, informative app. Nevertheless, I feel we can mold our social network to encompass the basics and grow it from there with plenty of user feedback.
- Local Appeal
The local pet community here in Gainesville has voiced their interest in a way to not only communicate and get to know other pet owners, but as a resource to help others or themselves find their respective pet.
- Growth Potential
The growth potential for a brand can always be big, when done right, revenue from sales, popularity, advertising and sponsoring can be a big part of our income.
After much thought and consideration, I have concluded that my top resources are the low cost that it will bring to consumers compared to the high benefit and also the ease with which users will be able to navigate and utilize our app. By designing and inexpensive, efficient and elegant app, we can bring together the pet community of Gainesville and eventually expand to new heights and reaches.
Friday, March 18, 2016
Week 10 Reading Reflection
For this week's reading on financial information and things to take into account when preparing a financial statement, what surprised me the most and definitely what I did not see coming was the sheer amount of components and information that has to be considered in order to produce an accurate and informational income statement. Given that I am a finance major and have taken a lot of finance major classes, I have been recently exposed to a few of these concepts and therefore am pretty familiar with what some of them mean, therefore I did not really find anything that was specifically confusing. If I could ask the authors a couple of questions, they would be when making a pro forma statement, how can the company account for future intangibles and unpredictable events such as markets. Also, how does one determine which of all the ratios is the best fit in order to get a precise picture of the company's financials, or do they vary depending on what you look at? Is there a general approach to this? Lastly, I did not happen to disagree with anything that I found in this chapter, everything seems sound and it all makes sense.
Wednesday, March 16, 2016
Elevator Pitch No. 3
The last feedback i received was for my second elevator pitch and, in my opinion, some of the most valuable. It mainly consisted of peers telling me my idea was good and solid but I seemed nervous about it somehow. I decided to address this issue by practicing a lot. I practiced and practiced in from of mirrors and friends, and did a few takes on this pitch. Hopefully I don't seem as nervous as before, even though I still kind of was.
Sunday, March 13, 2016
My Secret Sauce
Time to sauce on all of you! This week I'll be talking about my secret sauce and what makes me different from the rest of the masses. Firstly, I will discuss the five main points of human capital that i bring to the table.
1) Multicultural experience: While some may think this not to be an important trait to have, I believe that it is essential and vital in a world where countries and societies and companies are becoming ever more interconnected and interactions are requiring a great degree of sensibility and experience.
2) Multilingual: I feel this goes hand in hand with multicultural experience, the fact that I have been fortunate to live in multiple countries growing up means that I was able to experience different languages and in turn, learn them fluently. I currently speak over 3 languages and I feel that will give me an edge over others who do not as I will be able to easily interact and possibly secure deals, contracts and even funding.
3) Multiple Perspective: I feel that one of the traits that can set me apart is my ability to consider an issue or problem from more than my own perspective. This can give rise to new ideas and solutions i previously may have not considered.
4) Professionalism: Another trait that I believe sets me apart from any competition is my dedication to professionalism. In a modern business world, I am able to hold professionalism to the highest regard and perform at a level worthy of being considered professional. This means being accountable, responsible and dependable.
5) Creativity: Lastly, a greatly important trait to have is creativity. And I'm not necessarily talking about it in a general sense, as many people can be creative. I am talking about it in a personal way. One that only belongs to me, as I am able to envision a project or product as the way it should be to maximize my chances of achieving the goal I have set forth for myself or my group.
I feel that being a go getter is a very good thing to have in a leader, entrepreneur and person as a whole, the drive to achieve your ideas and goals is a major key.
Persistence is key to achieving your goals in life. Because if you are easily discouraged or give up as soon as things hit a bump in the road, then you can't be as successful, therefore this is awesome.
Being innovative is a great characteristic of a person due to the fact that they are visionaries, they spot people's needs and create a solution that they can turn into a product or company.
I see myself as a very easy going person and funny and laid back, but apparently others see me quite differently. They seem to see me as a creative character that goes after what he wants. I think that we are both right in our certain ways, maybe I truly am somewhere in the middle and don't fully know myself yet. I wouldn't make any corrections to the list given that it just feels very right.
1) Multicultural experience: While some may think this not to be an important trait to have, I believe that it is essential and vital in a world where countries and societies and companies are becoming ever more interconnected and interactions are requiring a great degree of sensibility and experience.
2) Multilingual: I feel this goes hand in hand with multicultural experience, the fact that I have been fortunate to live in multiple countries growing up means that I was able to experience different languages and in turn, learn them fluently. I currently speak over 3 languages and I feel that will give me an edge over others who do not as I will be able to easily interact and possibly secure deals, contracts and even funding.
3) Multiple Perspective: I feel that one of the traits that can set me apart is my ability to consider an issue or problem from more than my own perspective. This can give rise to new ideas and solutions i previously may have not considered.
4) Professionalism: Another trait that I believe sets me apart from any competition is my dedication to professionalism. In a modern business world, I am able to hold professionalism to the highest regard and perform at a level worthy of being considered professional. This means being accountable, responsible and dependable.
5) Creativity: Lastly, a greatly important trait to have is creativity. And I'm not necessarily talking about it in a general sense, as many people can be creative. I am talking about it in a personal way. One that only belongs to me, as I am able to envision a project or product as the way it should be to maximize my chances of achieving the goal I have set forth for myself or my group.
According to my first interview, I am a very understanding person. I feel this could be a vital skill in understanding the general public and their needs. In turn, I could find and exploit a business opportunity given their unmet needs and necessities.
Creativity is a good trait i think others see in me because of the value of ideas and the ramifications and implications of such ideas.
I feel that being a go getter is a very good thing to have in a leader, entrepreneur and person as a whole, the drive to achieve your ideas and goals is a major key.
I see myself as a very easy going person and funny and laid back, but apparently others see me quite differently. They seem to see me as a creative character that goes after what he wants. I think that we are both right in our certain ways, maybe I truly am somewhere in the middle and don't fully know myself yet. I wouldn't make any corrections to the list given that it just feels very right.
Monday, March 7, 2016
Idea Napkin No.2
1) I am a second year student at the University of Florida. My talents include sports like soccer and an ease with numbers as I can quite comfortably deal with them. My skills and experiences are that of an internationally educated student, I have learned over 3 languages while living in 3 different countries and I believe that is a key to setting me apart from others. My aspirations are to continue traveling the world and working on multiple projects and meeting new people and creating new experiences while doing so. If this business were to take off, I see myself devoting a large portion of my time to expanding the reaches and implications of the basic concept of my idea.
2) The product I am offering is an application for mobile devices that would allow pet owners to create and utilize a social network for the purpose of interacting with other people in hopes of recovering or finding a lost pet. Users will be able to post notices of any lost or found pet in the local area, making it easier for a pet owner to access the platform and simply get in contact with whoever found his or her pet.
3) The market segment I am trying to reach are young adults ranging from 18 to 35 years of age. I believe this young population to be rather avid in dealing with current technology and social media. This will facilitate the spread and usage of the application. Out of that target range, I will specifically target pet owners or animal lovers, who will specifically take an interest in helping the local pet community avoid lost pet cases.
4) For a small, one time purchase/download fee, customers will have access to the full application and will be able to become part of an exclusive pet owner social network. Not only that, users will also save valuable time due to the facilitation that my application will offer in finding a lost pet.
5) What sets me apart from competition is the lack of focus from my rivals. While others may create groups in social media or establish a hotline, I believe my application solution will be more beneficial in terms of efficiency, simplicity of user interface and price.
I believe these elements are well blended together, they cover a variety of ranges in which an issue could arise and I could efficiently solve it. My background and major in finance will allow me to manage the company's finance with ease while i would have to possibly hire app developers in order to help me with the creation of the network as well as upgrades and maintenance.
While I did not do the first Idea Napkin exercise, I believe that some good feedback would run along the lines of efficiently spreading awareness of the app and the importance of a good, strong and efficient marketing campaign so that we can reach as much of our target audience as we can.
2) The product I am offering is an application for mobile devices that would allow pet owners to create and utilize a social network for the purpose of interacting with other people in hopes of recovering or finding a lost pet. Users will be able to post notices of any lost or found pet in the local area, making it easier for a pet owner to access the platform and simply get in contact with whoever found his or her pet.
3) The market segment I am trying to reach are young adults ranging from 18 to 35 years of age. I believe this young population to be rather avid in dealing with current technology and social media. This will facilitate the spread and usage of the application. Out of that target range, I will specifically target pet owners or animal lovers, who will specifically take an interest in helping the local pet community avoid lost pet cases.
4) For a small, one time purchase/download fee, customers will have access to the full application and will be able to become part of an exclusive pet owner social network. Not only that, users will also save valuable time due to the facilitation that my application will offer in finding a lost pet.
5) What sets me apart from competition is the lack of focus from my rivals. While others may create groups in social media or establish a hotline, I believe my application solution will be more beneficial in terms of efficiency, simplicity of user interface and price.
I believe these elements are well blended together, they cover a variety of ranges in which an issue could arise and I could efficiently solve it. My background and major in finance will allow me to manage the company's finance with ease while i would have to possibly hire app developers in order to help me with the creation of the network as well as upgrades and maintenance.
While I did not do the first Idea Napkin exercise, I believe that some good feedback would run along the lines of efficiently spreading awareness of the app and the importance of a good, strong and efficient marketing campaign so that we can reach as much of our target audience as we can.
Sunday, February 28, 2016
Week 8 Reading Reflection
During the eight week and the reading we had to do for it, I found some things that I previously had overlooked and not payed much attention to. One of the things that surprised me, for example, is the fact that start ups usually seek debt financing before equity financing. This might be due because they believe in themselves and their ability to foster a company and see it grow.
One part of the reading that was rather confusing to me was the Private placements section and the concept of direct public offering as opposed to IPO's. I found it hard to grasp the basic concept and the difference that each has in comparison to the other. If i had the opportunity to ask the author's a couple of questions on the reading, it would be about venture capital firms. I would want to know in modern day times what is the criteria that a venture capital firm has in order for them to consider your start up a good investment, also I would ask under what circumstances and to what degree of freedom would I be able to run my company without external interference in the event of equity based funding. Lastly, I happen to think that the micromanager section of angel investors is a bit biased, it just seems so negative to assume that every micro manager, hard working, self made individual is a pain in your company's future because they seek to manage and keep an eye over your operations.
One part of the reading that was rather confusing to me was the Private placements section and the concept of direct public offering as opposed to IPO's. I found it hard to grasp the basic concept and the difference that each has in comparison to the other. If i had the opportunity to ask the author's a couple of questions on the reading, it would be about venture capital firms. I would want to know in modern day times what is the criteria that a venture capital firm has in order for them to consider your start up a good investment, also I would ask under what circumstances and to what degree of freedom would I be able to run my company without external interference in the event of equity based funding. Lastly, I happen to think that the micromanager section of angel investors is a bit biased, it just seems so negative to assume that every micro manager, hard working, self made individual is a pain in your company's future because they seek to manage and keep an eye over your operations.
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