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!
Friday, July 27, 2018
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.
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.
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.
Friday, July 20, 2018
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.
My Venture's Unfair Advantage
My List of Resources:
1. My ability to return calls. I am one of those people that always check my notifications and reply ASAP. I feel like this trait will be great for capturing a sale of my venture's service.
2. The social web that I interact in. I know people from all over the world and many within Gainesville since I am an ACR. These social connections are great for networking.
3. Work ethic is another valuable resource. Anything business venture I am involved in is going to thrive off of smart but hard work.
4. My ability to lift people up. Even though it is tough at times, I have a knack for the encouragement of others.
5. I plan to create a culture within the company for users to be rewarded based on their persistent hard work.
6. I have a firm belief of paying your employees before yourself. This confidence will belittle the company's chances of going under.
7. Communication within my company. This relates to bullet points 1 and 5. My ability to return to calls to not only customers but employees as well is a plus in business. I would also like communication to be factored in the foundation of the company's culture.
8. I have access to potential investors due to my social capital.
9. I already have the capital to begin the company. The 2 main essentials are a cell phone and laptop.
10. Belief in this business venture from my classmates and others I have interviewed. So, in a way, I guess this could be labeled as social approbation.
VRIN Analysis:
1. Value: The value of this is found in the capturing of sales. Rarity: Yes, not all but most people are not the best at rapid responses. Inimitability: This trait isn't as hard to maintain as some make it out to be. All you have to do make an effort to pick up the phone and provide responses to the people that contacted you. If you are too busy for this, hire a good secretary. Non-substitutability: You cannot substitute the contact between you and curious customers because that initial contact could be a sale.
2. Value: Very valuable. The famous entrepreneur Tony Robbins once said, "You can judge the quality of your life based on the quality of your relationships." Rarity: Yes, good healthy relationships are undervalued and hard to find. Inimitability: This one cannot be imitated. A genuine relationship cannot be imitated whatsoever. Non-substitutability: Sure you could substitute a fake relationship for a genuine one but it will not prosper.
3. Value: Very valuable, this is the driving force of the business. Rarity: Hard is easy to come by. The question to ask yourself during the analyzation process is "Is it quality work?" Inimitability: Yes this can be imitated but the fruits of one's labor will eventually reveal the truth. Non-substitutability: There is no substitute for hard work.
4. Value: Very valuable. This is another key factor in the venture's cultural foundation. Rarity: I'd say this is a tad bit on the rare side. I have heard tons of stories of people working for places that were more of a drag than uplifting. Inimitability: Yes and no, there has to be a genuine essence in the encouragement you provide. Non-substitutability: There is no substitute for the encouragement of your employees.
5. Value: Very valuable. This gives employees/participants a sense of belonging. Rarity: Yes it is rare to find an effective culture in a business but I feel like this method is starting to be implemented more and more we progress into the future. Inimitability: This cannot be imitated because a company's culture is what gives them differentiation. Non-substitutability: Sure this could be substituted but lack of culture will cause the fall of a company.
6. Value: Very valuable. This is a variable cost that must be taken care of always. Not only for the integrity of the business but for the integrity of one's self. Rarity: 50/50, I have heard of people not getting paid on time but if the business is healthy, it's paying its employees on time. Inimitability: Integrity cannot be imitated. Non-substitutability: This cannot be substituted because, at the end of the day, your guys need to get paid.
7. Value: Very valuable. Communication within is the determinant of the smoothness of a firm's deliverance of service or product. Rarity: Effective communication is hard to come by but can be obtained. Inimitability: Yes, if practiced, efficient communication can be obtained. Non-substitutability: Nope, communication cannot be substituted.
8. Value: Very valuable, especially for expansion. Rarity: This resource is rare. Many can go to banks but to have people you know personally and who believe in you sitting in your contact list is more valuable. Inimitability: No, as said above, genuine relationships cannot be imitated. Non-substitutability: There are many substitutes to obtain financial support for your business but knowing the investor can make the cash acquisition process a lot smoother.
9. Value: Very Valuable. A cell phone and laptop are easy to come by but essential for running any business nowadays. Rarity: Not rare at all but important. Inimitability: Anybody can obtain these items. Non-substitutability: No reason to substitute these.
10. Value: This is also valuable but not required. Rarity: This can be rare at times. It is hard to find people who genuinely believe in your vision. Inimitability: 50/50 Non-substitutability: This can be substituted for envy but at the end of the day you control the outcome of your business not 'innocent bystanders'.
The Most Important Resource:
I would say the most important resource would be bullet point 5. This is the foundation a company is built on. Just like a house, if there is not a solid foundation, the structure will fall. I like to correlate this example to business. If a control is not viable, as I said before, this could be the fall of the firm.
1. My ability to return calls. I am one of those people that always check my notifications and reply ASAP. I feel like this trait will be great for capturing a sale of my venture's service.
2. The social web that I interact in. I know people from all over the world and many within Gainesville since I am an ACR. These social connections are great for networking.
3. Work ethic is another valuable resource. Anything business venture I am involved in is going to thrive off of smart but hard work.
4. My ability to lift people up. Even though it is tough at times, I have a knack for the encouragement of others.
5. I plan to create a culture within the company for users to be rewarded based on their persistent hard work.
6. I have a firm belief of paying your employees before yourself. This confidence will belittle the company's chances of going under.
7. Communication within my company. This relates to bullet points 1 and 5. My ability to return to calls to not only customers but employees as well is a plus in business. I would also like communication to be factored in the foundation of the company's culture.
8. I have access to potential investors due to my social capital.
9. I already have the capital to begin the company. The 2 main essentials are a cell phone and laptop.
10. Belief in this business venture from my classmates and others I have interviewed. So, in a way, I guess this could be labeled as social approbation.
VRIN Analysis:
1. Value: The value of this is found in the capturing of sales. Rarity: Yes, not all but most people are not the best at rapid responses. Inimitability: This trait isn't as hard to maintain as some make it out to be. All you have to do make an effort to pick up the phone and provide responses to the people that contacted you. If you are too busy for this, hire a good secretary. Non-substitutability: You cannot substitute the contact between you and curious customers because that initial contact could be a sale.
2. Value: Very valuable. The famous entrepreneur Tony Robbins once said, "You can judge the quality of your life based on the quality of your relationships." Rarity: Yes, good healthy relationships are undervalued and hard to find. Inimitability: This one cannot be imitated. A genuine relationship cannot be imitated whatsoever. Non-substitutability: Sure you could substitute a fake relationship for a genuine one but it will not prosper.
3. Value: Very valuable, this is the driving force of the business. Rarity: Hard is easy to come by. The question to ask yourself during the analyzation process is "Is it quality work?" Inimitability: Yes this can be imitated but the fruits of one's labor will eventually reveal the truth. Non-substitutability: There is no substitute for hard work.
4. Value: Very valuable. This is another key factor in the venture's cultural foundation. Rarity: I'd say this is a tad bit on the rare side. I have heard tons of stories of people working for places that were more of a drag than uplifting. Inimitability: Yes and no, there has to be a genuine essence in the encouragement you provide. Non-substitutability: There is no substitute for the encouragement of your employees.
5. Value: Very valuable. This gives employees/participants a sense of belonging. Rarity: Yes it is rare to find an effective culture in a business but I feel like this method is starting to be implemented more and more we progress into the future. Inimitability: This cannot be imitated because a company's culture is what gives them differentiation. Non-substitutability: Sure this could be substituted but lack of culture will cause the fall of a company.
6. Value: Very valuable. This is a variable cost that must be taken care of always. Not only for the integrity of the business but for the integrity of one's self. Rarity: 50/50, I have heard of people not getting paid on time but if the business is healthy, it's paying its employees on time. Inimitability: Integrity cannot be imitated. Non-substitutability: This cannot be substituted because, at the end of the day, your guys need to get paid.
7. Value: Very valuable. Communication within is the determinant of the smoothness of a firm's deliverance of service or product. Rarity: Effective communication is hard to come by but can be obtained. Inimitability: Yes, if practiced, efficient communication can be obtained. Non-substitutability: Nope, communication cannot be substituted.
8. Value: Very valuable, especially for expansion. Rarity: This resource is rare. Many can go to banks but to have people you know personally and who believe in you sitting in your contact list is more valuable. Inimitability: No, as said above, genuine relationships cannot be imitated. Non-substitutability: There are many substitutes to obtain financial support for your business but knowing the investor can make the cash acquisition process a lot smoother.
9. Value: Very Valuable. A cell phone and laptop are easy to come by but essential for running any business nowadays. Rarity: Not rare at all but important. Inimitability: Anybody can obtain these items. Non-substitutability: No reason to substitute these.
10. Value: This is also valuable but not required. Rarity: This can be rare at times. It is hard to find people who genuinely believe in your vision. Inimitability: 50/50 Non-substitutability: This can be substituted for envy but at the end of the day you control the outcome of your business not 'innocent bystanders'.
The Most Important Resource:
I would say the most important resource would be bullet point 5. This is the foundation a company is built on. Just like a house, if there is not a solid foundation, the structure will fall. I like to correlate this example to business. If a control is not viable, as I said before, this could be the fall of the firm.
Friday, July 13, 2018
Elevator Pitch No. 3
A reflection on the feedback I received from my last pitch: On my last video I was told that my pitch needed more eye contact and also the angle I filmed from wasn't the best. For the rest of the feedback received on Elevator Pitch No. 2, my confidence level in front of the camera increased from Elevator Pitch No. 1. I am thankful for the kind words and constructive criticism.
What did I change based on the feedback? I corrected my camera angle immediately, I hope its better than before. I thought the angle that I chose for this video makes it seem like I am actually standing face to face with the viewer, as we would be in an elevator. Also, I worked on the eye contact. I definitely tried to look into the camera as much as I could. P.S. sorry my wardrobe keeps declining as we progress through the videos. I am currently doing assignments in between working and traveling.
Growing My Social Capital
For this assignment, I decided to research what I really want to do versus the business concept I used for this class. When I complete my undergraduate degree in Food and Resource Economics with an emphasis in Food and Agribusiness Marketing and Managment, besides going to graduate school for International Business, I want to coordinate imports and exports of agricultural commodities, preferably coffee. So, for this assignment, I contacted a domain expert, industry supplier, and a market expert in the coffee industry.
Domain Supplier
1) Who are they and what is their background? The name of my first interviewee is Katrina of Coffee Blenders in Visa, CA. Katrina said she just fell into the coffee industry. She has a background in sales and stumbled upon Coffee Blenders because she was curious about doing some marketing for the firm. She has also liked coffee and saw the potential the company has, so she applied for a job within. Now that she works for Coffee Blenders she admits that she has now morphed into a coffee snob.
2) The slot Katrina fills: Katrina fills the domain expert slot by being a technical expert.
3) Search Description: I googled coffee industry domain expert and Coffee Blenders had their information posted on http://www.ncausa.org. I gave them a call and Katrina picked up with great enthusiasm.
4) The nature of the informational exchange: I must say, it was quite pleasant to speak with Katrina. She was hands down my best interviewee. Not only was she charismatic in providing information, she also informed me that huge coffee festivals are held around the country. There is one in Los Angeles on the 19-21 of August that I may attend!
5) How will including this person in my network exploit opportunity? Well if I attend this coffee festival I will have an immediate icebreaker due to the personable conversation we had. Also, this could lead to an internship or even a job.
Market Expert
1) Who are they and what is their background? For my market expert, I chose the Mecca of all coffee companies, Starbucks. Obviously, Kevin Johnson (CEO) wasn't available, but I did speak to a customer representative name Matilda. Matilda is not much of a market expert but directed me to the social impact section of the website so I could retrieve information for this assignment.
2) The slot Starbucks fills: Many would Starbucks is the market but the slot I used them for in this assignment is the market expert.
3) Search Description: I googled Starbucks and found the phone number for the Headquarters in Seatle, WA.
4) The nature of the informational exchange: The informational exchange was good. Even though Matilda was not very knowledgeable on the topic I was asking her about, she was still nice and helpful in pointing me in the right direction for research.
5) How will including this person in my network exploit opportunity? I wouldn't say she is a good connection to exploit opportunity but she informed me on a valuable portion of their website that I was not aware of before. The information that I can extract from that section will increase my human capital as a competitor in the coffee industry.
Industry Supplier
1) Who are they and what is their background? For my last interview, I interviewed a coffee supplier out of Delray Beach, FL that imports Italian coffee called Baristino Coffee. I interviewed the manager of the operation. He is an Austrian immigrant that would not provide his name or much of a background. He told me that asking about his name and background was too personal and he could not answer that haha. I still got a little information out of him though. The Austrian immigrant said he fell into the coffee industry 40 years ago. He was just a young guy looking for a job and he just so happened to land in coffee. He also mentioned that when conducting international trade with Italy, they use English to communicate.
2) The slot the Austrian immigrant fills: Industry Supplier.
3) Search Description: Again, I used google to aid me in my pursuit of information on the coffee industry. I googled industry supplier and Baristino Coffee was one of the first search results to pop up.
4) The nature of the informational exchange: In a way, this interviewee had a bit of a hostile attitude but still provided enough information during the interview to be useful enough for this assignment.
5) How will including this person in my network exploit opportunity? I'm not really sure, maybe if I go Delray beach and introduce myself this connection may be worth more. There's no doubt at all that he will remember our suspicious conversation.
**Reflection**: The major thing I have taken away from this experiential assignment is my potential attendance at the coffee fest in Los Angeles. I'm seriously considering going. This has shaped my networking strategy by letting me know that not everyone is going to want to participate in a college students questionnaire and if they are, be organized and assertive with a hint of finesse. This experience differed from other assignments in the past because I was interviewing business employees versus random people/students. Also, I entered into a industry I am actually interested in for research instead of working on my made up business idea for this class.
Domain Supplier
1) Who are they and what is their background? The name of my first interviewee is Katrina of Coffee Blenders in Visa, CA. Katrina said she just fell into the coffee industry. She has a background in sales and stumbled upon Coffee Blenders because she was curious about doing some marketing for the firm. She has also liked coffee and saw the potential the company has, so she applied for a job within. Now that she works for Coffee Blenders she admits that she has now morphed into a coffee snob.
2) The slot Katrina fills: Katrina fills the domain expert slot by being a technical expert.
3) Search Description: I googled coffee industry domain expert and Coffee Blenders had their information posted on http://www.ncausa.org. I gave them a call and Katrina picked up with great enthusiasm.
4) The nature of the informational exchange: I must say, it was quite pleasant to speak with Katrina. She was hands down my best interviewee. Not only was she charismatic in providing information, she also informed me that huge coffee festivals are held around the country. There is one in Los Angeles on the 19-21 of August that I may attend!
5) How will including this person in my network exploit opportunity? Well if I attend this coffee festival I will have an immediate icebreaker due to the personable conversation we had. Also, this could lead to an internship or even a job.
Market Expert
1) Who are they and what is their background? For my market expert, I chose the Mecca of all coffee companies, Starbucks. Obviously, Kevin Johnson (CEO) wasn't available, but I did speak to a customer representative name Matilda. Matilda is not much of a market expert but directed me to the social impact section of the website so I could retrieve information for this assignment.
2) The slot Starbucks fills: Many would Starbucks is the market but the slot I used them for in this assignment is the market expert.
3) Search Description: I googled Starbucks and found the phone number for the Headquarters in Seatle, WA.
4) The nature of the informational exchange: The informational exchange was good. Even though Matilda was not very knowledgeable on the topic I was asking her about, she was still nice and helpful in pointing me in the right direction for research.
5) How will including this person in my network exploit opportunity? I wouldn't say she is a good connection to exploit opportunity but she informed me on a valuable portion of their website that I was not aware of before. The information that I can extract from that section will increase my human capital as a competitor in the coffee industry.
Industry Supplier
1) Who are they and what is their background? For my last interview, I interviewed a coffee supplier out of Delray Beach, FL that imports Italian coffee called Baristino Coffee. I interviewed the manager of the operation. He is an Austrian immigrant that would not provide his name or much of a background. He told me that asking about his name and background was too personal and he could not answer that haha. I still got a little information out of him though. The Austrian immigrant said he fell into the coffee industry 40 years ago. He was just a young guy looking for a job and he just so happened to land in coffee. He also mentioned that when conducting international trade with Italy, they use English to communicate.
2) The slot the Austrian immigrant fills: Industry Supplier.
3) Search Description: Again, I used google to aid me in my pursuit of information on the coffee industry. I googled industry supplier and Baristino Coffee was one of the first search results to pop up.
4) The nature of the informational exchange: In a way, this interviewee had a bit of a hostile attitude but still provided enough information during the interview to be useful enough for this assignment.
5) How will including this person in my network exploit opportunity? I'm not really sure, maybe if I go Delray beach and introduce myself this connection may be worth more. There's no doubt at all that he will remember our suspicious conversation.
**Reflection**: The major thing I have taken away from this experiential assignment is my potential attendance at the coffee fest in Los Angeles. I'm seriously considering going. This has shaped my networking strategy by letting me know that not everyone is going to want to participate in a college students questionnaire and if they are, be organized and assertive with a hint of finesse. This experience differed from other assignments in the past because I was interviewing business employees versus random people/students. Also, I entered into a industry I am actually interested in for research instead of working on my made up business idea for this class.
Reading Reflection No. 2
For reading reflection 2, I chose the book Shoe Dog by Phil Knight (the creator of Nike). I have only completed the first hundred pages of the book and I must say, the more I read, the more I learn. Along with being a world-renowned entrepreneur, Phil Knight is also an amazing writer. Warren Buffett, Bill Gates, and Nobel Prize-winning economist Micheal Spence expressed this at the beginning of the book. The more I read, the more I understand why that prestigious group of individuals wrote such kind words about this memoir.
1) What was the general theme or argument of the book? Well so far, the general theme of this book, from my interpretation is vision. Phil Knight studied for his undergraduate degree in Business Administration at the University of Oregon and then received an MBA from Stanford University. Oh and I forgot to mention he studied Accounting at Portland State University. Even though this man was highly educated and could get a job practically anywhere he wanted within the business realm, he still felt as if there was something more than abiding by the system. He had a passion for track and wanted to provide the best shoes possible for runners. Before starting his first company Blue Ribbon, Mr. Knight traveled the world to obtain inspiration for his upcoming business endeavor, but all with the finishing goal to conduct a business deal with a Japanese shoe company. This venturesome sabbatical indeed expanded his vision.
2) How did the book, in my opinion, connect with and enhance what I am learning in ENT3003? This book has taught me that if I am going to take an entrepreneurial approach to my career, to draw inspiration from everywhere, and to make good connections. Good connections are key in business. These connections also need to be nourished with intimacy. Whether it's a text message, a phone call, letter in the mail, weekly/monthly dinner, or throwing an annual party for your valued partners, make it happen. Also, the level of intimacy needed to nourish a relationship depends on the caliber of relationship as well.
3) If I had to design an exercise for this class, based on this book, what would that exercise be? My designed exercise would be similar to the Idea Napkin assignments Dr. Pryor has assigned us but with a traveling twist. So first, we would create a business idea. The second step would be to pick a place you have always wanted to travel to, preferably outside of the United States. This step would be to gather inspiration for your business idea while immersing yourself in a foreign culture. The third step would be to incorporate what inspirations you have received from your trip and to apply them to your incubating business conception!
4) What was my biggest surprise or 'aha' moment when reading the book? In other words, what did I learn that differed from most of my expectations? My biggest surprise in the book so far is that Phil Knight completed all of his education. Most of the big shot entrepreneurs, such as Elon Musk, Mark Zuckerburg, and Steve Jobs all dropped out of college to put more focus on their businesses. This could also be due to the times that the businesses sprung in each entrepreneurs life. Phil Knight may have just had a later business start than the other big dogs. I still think it is a great achievement to obtain the credentials that he has plus starting, in my opinion, the best athletic company on the planet.
1) What was the general theme or argument of the book? Well so far, the general theme of this book, from my interpretation is vision. Phil Knight studied for his undergraduate degree in Business Administration at the University of Oregon and then received an MBA from Stanford University. Oh and I forgot to mention he studied Accounting at Portland State University. Even though this man was highly educated and could get a job practically anywhere he wanted within the business realm, he still felt as if there was something more than abiding by the system. He had a passion for track and wanted to provide the best shoes possible for runners. Before starting his first company Blue Ribbon, Mr. Knight traveled the world to obtain inspiration for his upcoming business endeavor, but all with the finishing goal to conduct a business deal with a Japanese shoe company. This venturesome sabbatical indeed expanded his vision.
2) How did the book, in my opinion, connect with and enhance what I am learning in ENT3003? This book has taught me that if I am going to take an entrepreneurial approach to my career, to draw inspiration from everywhere, and to make good connections. Good connections are key in business. These connections also need to be nourished with intimacy. Whether it's a text message, a phone call, letter in the mail, weekly/monthly dinner, or throwing an annual party for your valued partners, make it happen. Also, the level of intimacy needed to nourish a relationship depends on the caliber of relationship as well.
3) If I had to design an exercise for this class, based on this book, what would that exercise be? My designed exercise would be similar to the Idea Napkin assignments Dr. Pryor has assigned us but with a traveling twist. So first, we would create a business idea. The second step would be to pick a place you have always wanted to travel to, preferably outside of the United States. This step would be to gather inspiration for your business idea while immersing yourself in a foreign culture. The third step would be to incorporate what inspirations you have received from your trip and to apply them to your incubating business conception!
4) What was my biggest surprise or 'aha' moment when reading the book? In other words, what did I learn that differed from most of my expectations? My biggest surprise in the book so far is that Phil Knight completed all of his education. Most of the big shot entrepreneurs, such as Elon Musk, Mark Zuckerburg, and Steve Jobs all dropped out of college to put more focus on their businesses. This could also be due to the times that the businesses sprung in each entrepreneurs life. Phil Knight may have just had a later business start than the other big dogs. I still think it is a great achievement to obtain the credentials that he has plus starting, in my opinion, the best athletic company on the planet.
Friday, July 6, 2018
Create a Customer Avatar
What type of hobbies does my customer have? Well since my market segment is the general student population at UF, there is a plethora of hobbies to choose from for my prototypical customer. Just for theoretical purposes, I'll say the gym and studying is their hobby.
What type of car does my client base drive? Again, due to my market segment, there are endless possibilities of what my customers drive. Some could be rich kids from South Florida that drive an Audi or some customers may use the bus for their mode of transportation. I'll put the bar in the middle and say my prototypical customer drives a red 2015 Toyota Camry.
What TV shows do they watch? My customer avatar watches the Netflix series 'Supernatural' and also loves Star Wars.
Do they have children? No, my customer avatar does not have children. The prototypical customer of mine is a college student living on their own that has not started a family yet.
Are they adopted? No, my avatar is not adopted but that doesn't mean lots of college students are not.
What are their favorite books? Their favorite books are the Harry Potter collection. My customer avatar likes to read the books and then watch the movies to critique how precisely the directors followed the books.
Who are their favorite politicians? My customer avatar is a big fan of Bernie Sanders.
How old are they? They are 22.5 years old.
How old do they feel? My customer avatar feels older than 22.5 due to the strenuous study sessions put in at Library West.
What do I have in common with my customer avatar? I am a college student that drives a full-size sedan with the hobbies of going to the gym and studying. This is no coincidence in my opinion because I am in the same position as most students on campus. When I was creating my customer avatar I was thinking of my interviewees but also considering myself as well.
Elevator Pitch No. 2
A reflection I received on my last pitch: Again I say this in the most humble way, I received more compliments than constructive criticism on my first elevator pitch. I am very grateful for the encouraging comments and thought you all did great as well.
What did I change? I did notice something off myself though. I felt as if I delivered my words in a choppy manner my first go around. So, this time I tried to smooth my word delivery out. Also, I did not have a cameraman or someone to hold my script for me this video. So, I don't think filming will be as good but hopefully, the content is better.
Idea Napkin No. 2
The Feedback Memo: I say this in the most humble way, I received more compliments than constructive criticism for my 'Idea Napkin No. 1' post. Due to this, I did not change anything. I reread my first post and the comments, and could not find anything else I would like to incorporate. So, I just reposted my 'Idea Napkin No. 1' post. I thank you all for the kind words!
1. ME: My name is Cayman Martinez-Saare. I am an Ecuadorian/American student at the University of Florida in pursuit of health, wealth, love and happiness. The skills and experiences I have acquired throughout my lifetime range from replacing valve cover gaskets on a BMW 6 series to multivariate optimization calculus. The acquisition process of these skills all have one thing in common, hard work. One thing I have taken away from my broad spectrum of experiences is, this may be cliche but, you have to work smarter not harder. My aspiration for my business concept is for it to expand to the point where we can accept business from the general population of Gainesville and not just students.
2. What am I offering to customers? The main benefit a customer will gain from the service my business will provide is time. Time is the most scarce resource that we have and those who realize this will be prone to using the app.
3. Who am I offering it to? My targeted demographic is the student body of UF. Students who are in a time crunch due to strict deadlines and the forthcoming of big exams will be encouraged to place a bid to benefit a bunch. The one thing that all of our clientele will have in common, is the scarcity and appreciation of their time.
4. Why do they care? My client base will care because my service allows them to break out of their time constriction that is inevitable in the life of a young professional. Again, my client demographic is primarily the student body of UF. We all know as students that one of the main things higher education teaches us is time management. The service that my business concept provides will aid in the time management honing process.
5. What are your core competencies? Bids to benefits is set apart from everyone else by being one click away to have your apartment cleaned, a tutor provided, or a personal trainer to meet you at Ben Hill Griffin Stadium. Not only does our app connect the consumer to the service provider but the app gives the customer the opportunity to negotiate. Hence the name "Bids to Benefit".
In my opinion, these elements are in sync with one another. The atmosphere for this concept to spawn is perfect. As explained above, this app is targeted for young professionals that do not have the time or simply do not know how to take care of the everyday chores or tasks that are necessary to live an adequate lifestyle. The student population at UF is exactly that. The most desirable characteristic of this service is that it will open a time block in someone's schedule that may have not been there before, due to having to take care of the task or chore themselves.
1. ME: My name is Cayman Martinez-Saare. I am an Ecuadorian/American student at the University of Florida in pursuit of health, wealth, love and happiness. The skills and experiences I have acquired throughout my lifetime range from replacing valve cover gaskets on a BMW 6 series to multivariate optimization calculus. The acquisition process of these skills all have one thing in common, hard work. One thing I have taken away from my broad spectrum of experiences is, this may be cliche but, you have to work smarter not harder. My aspiration for my business concept is for it to expand to the point where we can accept business from the general population of Gainesville and not just students.
2. What am I offering to customers? The main benefit a customer will gain from the service my business will provide is time. Time is the most scarce resource that we have and those who realize this will be prone to using the app.
3. Who am I offering it to? My targeted demographic is the student body of UF. Students who are in a time crunch due to strict deadlines and the forthcoming of big exams will be encouraged to place a bid to benefit a bunch. The one thing that all of our clientele will have in common, is the scarcity and appreciation of their time.
4. Why do they care? My client base will care because my service allows them to break out of their time constriction that is inevitable in the life of a young professional. Again, my client demographic is primarily the student body of UF. We all know as students that one of the main things higher education teaches us is time management. The service that my business concept provides will aid in the time management honing process.
5. What are your core competencies? Bids to benefits is set apart from everyone else by being one click away to have your apartment cleaned, a tutor provided, or a personal trainer to meet you at Ben Hill Griffin Stadium. Not only does our app connect the consumer to the service provider but the app gives the customer the opportunity to negotiate. Hence the name "Bids to Benefit".
In my opinion, these elements are in sync with one another. The atmosphere for this concept to spawn is perfect. As explained above, this app is targeted for young professionals that do not have the time or simply do not know how to take care of the everyday chores or tasks that are necessary to live an adequate lifestyle. The student population at UF is exactly that. The most desirable characteristic of this service is that it will open a time block in someone's schedule that may have not been there before, due to having to take care of the task or chore themselves.
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