Final Reflection

1) The high moments of this course, for me, happened in the beginning. I felt way more enthusiastic about the class in the first part of summer C than I do now. After reading my submissions for this class, I felt as if my work was more thorough and better expressed. The low points for me have been the past couple of weeks. Between work, traveling, and keeping with this course I have come to the realization that I really am ready for my vacation. The moments of drudgery happened instantaneously after I would read a set of directions for an assignment and realize we had to interview people. It seemed to me that the assignments that required interviews always took longer than expected. I will say that the interviews did push me out of my comfort zone which is good. Also, the interviews helped me exercise my data collection skills.

2) I'd say my first elevator pitch was the more formative and joyous experience of this class. I recorded elevator pitch one after a long day of studying. Thanks to a good coach of mine, I got through it. Everything the assignment required was formative but also fun to do. Put a tie on, write about a business idea I have, and deliver the speech. The process of practicing the speech was another great part of the experience. At the time, it felt like a drag but looking back at it the experience shaped me for the better. 

3) I'd say yes, my mind has definitely shifted in more of an entrepreneurial direction after taking this class. It is easier to approach people about sales thanks to all the interview exercises. I wouldn't say I'm a full-fledged entrepreneur yet but I am well on my way, thanks to this class and the valuable entrepreneurial influences I have in my life.

4) My recommendation to students who are going to take this course is to get the work done and out of the way. Every Friday and Monday assignments would creep up on me, due to the fact I would put it off until then. If the student has the time, definitely try and complete the course as fast as you can so you can coast the rest of the semester with nothing to do for this class but peer reviews.

Venture Concept No. 2

Venture Concept No. 2: Bids to Benefit

1)   As you all know by now, the name of my business venture is `Bids to Benefit’. This idea was conceived by my realization of the completion of everyday tasks demanded by the student body. Most students that come to college are experiencing what it is like to live on their own for the first time in their lives. Yes, parts of it are glamorous but beside the fact that you don’t have parents breathing down your neck anymore, more responsibilities are acquired from this freedom trade-off. All of a sudden you have to do the dishes, clean your bathroom, laundry, cook, remind yourself to do homework, etc. We all know the list could go on for days. This demand of tasks to be completed within the time constraint caused by the involvement of upper-level academics is where my business venture profits off of opportunity. The needs of the student body/my clientele are probably more along the lines of being sacrificed than met. For this business concept, I like to put myself in their shoes. If I have been studying all week with no time for anything else and there is a football game on Saturday, I am sacrificing chores for football, no doubt. This is where `Bids to Benefit’ comes in. This app creates the opportunity for students to bid out any type of household chore to another student who has time and is willing to do it at the right price. This app provides the opportunity for the student to study all week, catch the football game on Saturdays, and come home to a clean apartment. Also, as I have said in my previous elevator pitches, this app isn’t just for chores. `Bids to Benefit’ provides opportunities for people to work with tutors and personal trainers as well.

   The part of `Bids to Benefit’ that holds a high level of innovation is the delivery of the services. `Bids to Benefit’ is the Uber of services with a twist of eBay. First and foremost, the targeted market for the app is the student body of UF. In order to use the app, you must provide your student ID. This tactic works as a barrier to entry and allows students to feel more comfortable using the app knowing that they are doing business with a fellow student versus a random person. After the identity validation process, you have now gained access to place or take a bid. For example, I place a bid on my kitchen to be cleaned. The bidder will view what we call a “bid profile”, which is a written description, pictures of the job you would like completed, and desired price. Once someone has decided the job is worth it, a bid is placed. Students can bid up or down against you or their competitor for this opportunity to earn extra cash or have your kitchen cleaned. Once the bid is finalized `Bids to Benefit’ will charge a 10% service fee on every transaction to generate revenue.

   This venture concept catches the student eye for many reasons but one reason, in particular, lack of commitment. Students are already committed to their studies, adding a job may be too much for some. If you are a UF student looking for extra cash, get on `Bids to Benefit’. Say you have surpassed your monthly budget but you still need money to take your crush out on a date. Remember, as a student, there is not much time to commit to a job. So, you get on the ‘Bids to Benefit’ app, pick up a kitchen cleaning job for $50 and you are all set. This business conception also bypasses the nagging financial advice parents insist on providing when your monthly spending exceeds the limit. This app is here not only to bypass parental financial advice(haha) but to bypass the commitment of a job and the consequences of living in a pigsty. It's honestly a win-win situation. From an administrative standpoint, I will need to monitor transactions and make sure everything is running smoothly. Once the kinks are worked out the app should operate by itself. 

2) The constructive criticism I received on my first venture concept was positive. In the comments below I was told that the market I am approaching is good and my predicted way to initially run the business was approved by my peers. Also, I was complimented on how well I explained the 3 points.

3) I did not change my venture concept. Based on feedback, my peers said there was nothing to change. I also read over my venture concept again and didn't see anything I would change. 

4) 

Reading Reflection No. 3

1) What is the general theme and argument of the book? The theme of the book is said all in the title, "Innovation and Entrepreneurship".This book was written by the world-renowned business expert Peter Drucker. Peter Drucker was an innovative man himself, being one of the first people ever to actually analyze entrepreneurship.

2) How did the book, in my opinion, connect and enhance what I am learning in ENT 3003? This book has helped me realize where Dr. Pryor stands in the discipline of Entrepreneurship. Yes, for the exercises in class, we do some application for theoretical scenarios but we are not completely applying our entrepreneurial skills. Peter Drucker focuses a lot on the theory/behavior of innovation and entrepreneurship, just like our professor, instead of the actual application. In a sense, Peter Drucker used to sell his theories. At one point in time, he had a business consulting firm that consulted many big-time firms with his theories gained by his fascination with entrepreneurship.

3) If I had to design an exercise for this class, based on the book I read, what would the exercise involve? I would set up the assignment to be completed at the end of the course. The objective of the assignment would be to research firms that are not in good standing. Once a firm is chosen, theoretically, apply all that we have learned from ENT 3003 for consultation purposes.

4) What was my biggest surprise when reading the book? What differed from my expectations? This book hit me with 2 surprises. One was how innovative Peter Drucker truly is. The book he wrote can be considered a brick in the foundation of studying entrepreneurship. The second surprise was how long ago "Innovation and Entrepreneurship" was written. The book was written in 1985 and the information in it can still be applied to modern day. That is amazing!

My Exit Strategy

1) My Predetermined Exit Strategy: As I said in a previous post, once I work out the kinks, the app will be able to run itself with very little administrative overview. I would like this app to be one of my many sources of income. Of course, most things have a price. If someone was to offer a hefty amount for the app, I would sell. Unless that happens, I wouldn't say that I see exiting this industry anytime soon.

2) Why did I select this business strategy? I selected this exit strategy because as I said above, I would like this business venture to be one of my many sources of income. I was once told that if your money doesn't work for you the chances of becoming a millionaire are slim. This piece of advice has shaped a goal to make my money work for me so I can focus on other business endeavors.

3) Influence of the Exit Strategy: I wouldn't say my exit strategy has influenced any decisions in my venture conception. All my decisions for my venture conception were made before my exit strategy was developed. Maybe this isn't a good thing though. Now that I am writing this makes me think I should have incorporated a potential exit strategy in my business plan. Either way, the main factor that will influence my exit strategy will be my desired price of the app. If I do not receive an offer of what I think the app is worth, I will continue to use it as a source of income.

Celebrating Failure

1) My Recent Failure: Once upon a time, I made the mistake of scheduling a 7:30 am class. The class was statistics at Santa Fe College. Even though I did not fail the class, it was practically impossible for me to make it to class on time. The failure that I'm expressing in this post is the failure of time management.

2) What I learned: Well first things first, I realized that 7:30 am classes are not for me. Second, I learned that if I am going to take an early morning class to go to sleep earlier. I used to have the tendency to stay up late. This tendency drained my enthusiasm to arrive at my exciting stats class on time. Last but not least, I learned that if I commit to a class it doesn't matter what time it is, I need to be there. Since the commitment is made, I need to make all things in my life revolve around completing the assignments and getting to class on time, not vice versa.

3) What I Think About Failure: I watch a lot of motivational videos that encourage the embracement of failure. So, even before this class, I have looked at failure as a learning process. Not only do we learn from failure, but I feel as if it brings value to our accomplishments. If we were just given handouts all the time, our appreciation for the obtainment of whatever we desire would be drastically less/faint, generally speaking. This is one of the many reasons why I love working out. There is no better feeling than pushing your body to its limit. Every time you work out and bring your muscles to `failure' which means you cannot lift one more ounce, you are essentially growing. You may not be stronger immediately, but come back to the gym next week and work the same muscle and strength will be gained. I use this as a correlation to everyday life. My workouts have taught me to `trust the process' no matter what it is.

What's Next?

Existing Market: One factor of the `Bids to Benefit' business concept that I can see in the near future is market expansion. Once demand increases, our plan is open this app to the general public. 

  The three interviewees I chose to contact again were Analia Arias Cwirko, Sina Abbaszadeh, and Jovante Hayes. They all concluded on similar opinions. Each interviewee asked me why the app was only geared towards the student body of UF. Yes, it is a big market that market explains a big part of Gainesville's constant economic stimulation but they all said the app had more potential. They claimed that if this app was opened to the general public that the business conception would be a lot more profitable. 

  I appreciate their enthusiasm but I feel like the best thing to do is to take a conservative approach for this. I want the this venture concept to incubate within the University. When the time comes, the general public will be able to use it. In my opinion, the app needs trial and error development before we tackle another market. 

New Market: A market that is the complete opposite of the UF student body is senior citizens. This market is the opposite of my initial market due to age and financial assets, generally speaking. 

  `Bids to Benefit' could create value in the senior citizen market by making a service search fun because of the auction atmosphere. Lots of the senior citizens I have been around love making deals. 'Bids to Benefits' gives them the opportunity to feel good about their purchase of a household service. If they don't feel good about the price or review of the bidder, they can decline the bid. 

  Since I am in St. Petersburg Fl right now, I interviewed my grandparents. They claimed that they liked my idea but they also have a good relationship with their cleaning lady, handyman, and personal trainer. They wouldn't want to disrupt that for a random person. At the end of the interview, they did say they would try it just because it's my business conception but I would have to teach them how to use the app. Also, they mentioned that if they liked the bidder that provided the service on the app, that they would like to build a relationship for familiarity. 

  Outside of the existing market, I learned that the app can be useful to others besides college students. The interviews with my grandparents also make me want to make a senior citizen friendly page. One that resembles facebook for the profile aspect, while giving projections of the best deals and times like the stock market. My first market choice is definitely the most attractive but eventually, I would like the business to work for both. 

 

Venture Concept No. 1: Bids to Benefit

Venture Concept No. 1: Bids to Benefit

   As you all know by now, the name of my business venture is `Bids to Benefit’. This idea was conceived by my realization of the completion of everyday tasks demanded by the student body. Most students that come to college are experiencing what it is like to live on their own for the first time in their lives. Yes, parts of it are glamorous but beside the fact that you don’t have parents breathing down your neck anymore, more responsibilities are acquired from this freedom trade-off. All of a sudden you have to do the dishes, clean your bathroom, laundry, cook, remind yourself to do homework, etc. We all know the list could go on for days. This demand of tasks to be completed within the time constraint caused by the involvement of upper-level academics is where my business venture profits off of opportunity. The needs of the student body/my clientele are probably more along the lines of being sacrificed than met. For this business concept, I like to put myself in their shoes. If I have been studying all week with no time for anything else and there is a football game on Saturday, I am sacrificing chores for football, no doubt. This is where `Bids to Benefit’ comes in. This app creates the opportunity for students to bid out any type of household chore to another student who has time and is willing to do it at the right price. This app provides the opportunity for the student to study all week, catch the football game on Saturdays, and come home to a clean apartment. Also, as I have said in my previous elevator pitches, this app isn’t just for chores. `Bids to Benefit’ provides opportunities for people to work with tutors and personal trainers as well.

   The part of `Bids to Benefit’ that holds a high level of innovation is the delivery of the services. `Bids to Benefit’ is the Uber of services with a twist of eBay. First and foremost, the targeted market for the app is the student body of UF. In order to use the app, you must provide your student ID. This tactic works as a barrier to entry and allows students to feel more comfortable using the app knowing that they are doing business with a fellow student versus a random person. After the identity validation process, you have now gained access to place or take a bid. For example, I place a bid on my kitchen to be cleaned. The bidder will view what we call a “bid profile”, which is a written description, pictures of the job you would like completed, and desired price. Once someone has decided the job is worth it, a bid is placed. Students can bid up or down against you or their competitor for this opportunity to earn extra cash or have your kitchen cleaned. Once the bid is finalized `Bids to Benefit’ will charge a 10% service fee on every transaction to generate revenue.

   This venture concept catches the student eye for many reasons but one reason, in particular, lack of commitment. Students are already committed to their studies, adding a job may be too much for some. If you are a UF student looking for extra cash, get on `Bids to Benefit’. Say you have surpassed your monthly budget but you still need money to take your crush out on a date. Remember, as a student, there is not much time to commit to a job. So, you get on the ‘Bids to Benefit’ app, pick up a kitchen cleaning job for $50 and you are all set. This business conception also bypasses the nagging financial advice parents insist on providing when your monthly spending exceeds the limit. This app is here not only to bypass parental financial advice(haha) but to bypass the commitment of a job and the consequences of living in a pigsty. It's honestly a win-win situation. From an administrative standpoint, I will need to monitor transactions and make sure everything is running smoothly. Once the kinks are worked out the app should operate by itself.