Half-way Reflection

Dear Prospective ENT 3003 Student,

So first off, after reflecting a little bit on this course, I would warn against taking this class just for an easy A--it's not that easy, you really have to work for it. For me, a junior focused on 4000 level classes, sometimes this class seems more like busy work than something that is useful. But with that, if you have an entrepreneurial idea that you want to make happen, I think this class is great!

For this class, I really tried to keep ahead of the due dates. For everything that could get done early, I tried to get it done about a week in advance. For all the assignments that required interviews, that wasn't quite as easy to do, and waiting until the last minute got stressful. I also took advantage of the extra credit--already done, so that if things get stressful towards finals I can skip a few assignments.

I definitely felt like giving up at the very beginning when I realized how many assignments we would be required to do. I don't really want to be an entrepreneur, I only needed an extra class to stay a full time student in my last semester before I begin grad work. Honestly, the only reason I didn't drop it was because I already bought the book (which ironically, you don't use very much). This past Sunday for the Free Money assignment, I also felt like giving up because I really didn't want to give away my money and it is still really nerve-racking talking to strangers. It was only two points, and I could make up for that with the extra credit I have done, but I decided I would leave my fail safe for later. I think I have always had a tenacious attitude towards making good grades, so that definitely keeps me going.
The experiences that get me through the hard times are probably when I that "Aha moment" comes. For the Free Money assignment, when I decided to use the Pay it Forward movement as an excuse, that made it easier to talk to strangers because I had a plan. And of course when I came up with my entrepreneurial idea, that was a huge stress reliever.

Three tips:

1. At the beginning of the semester, when you have very little work to do for other classes, complete as many assignments as you can, develop your idea, and discover entrepreneurs/business owners you can interview for the future.
2. Your mindset helps get developed when you actually complete these difficult or stressful assignments--so do them.
3. And ask for help if you need it! 

Because basically I don't know what I'm doing!

Free Money

Officially the worst exercise ever:

I decided I wanted to stay close to where I lived, so I started walking until I found a spot that people walked by occasionally. I knew I did not want to talk to adults, so I focused on people closer to my age. The ones I chose were either on the phone, had headphones in, or were just walking. I planned to start each conversation with just asking if I could give them a dollar, and then continue the conversation with the "Pay it Forward" movement--I figured that was a decent reason to give someone a dollar randomly. If it was me, I would take the dollar, so I thought everyone would take the dollar and I would be five dollars poorer.

After completing this exercise, I confirmed my suspicions that this was a terrible idea. It took so much courage, and encouragement (plus a little irritation) from my boyfriend who filmed these, to actually interrupt people.  I kept telling myself that the next person that turned the corner I would talk to and then it was either an older person or a group of girls, and I just couldn't do it. But I had to get to an event, so knew I had to actually try. I talked to the girl in the video first, and she seemed so leery when I first offered it and when I explained why and she took it still seemed a little confused. It felt so weird doing this...I really hope we don't have to again.

I actually only gave away $4! Lucky me, I saved a dollar! The guy that wouldn't take it, and basically ignored me was on the phone, but that's basically what I do to people in Turlington, so it figures that something like that would happen. The other two dollars I was able to give away went very similarly to the videos--they were all curious as to why I was doing it, but ultimately took my money. I guess my assumption was wrong because I figured everyone would be interested in a dollar, but maybe probably had more important things to discuss on his phone call.

Week 9 Reading Reflection

Marketing Challenges for Entrepreneurial Ventures

1. I was surprised that very few entrepreneurs actually do market research! I realize that some can be costly or complex, but you ould think that they would make some effort before they begin the risky process of developing a product for market. 
2. I'm not sure exactly what the author means by guerrilla marketing--nonconvential tactics and unorthodox practices, but like what?
3. Question 1: How do you evaluate survey responses when you typically only get answers from people win extreme or vocal opinions? Question 2: How do you handle negative response to social media sites that encourage customer participation?
4. The text says that marketing decisions can often be made entirely with secondary data, but I don't entirely agree. Unless that secondary data is looking for the exact same market segment and discovers the same things as what your product/service is trying to accomplish, it doesn't give a 100% accurate picture because many times its outdated.

Week 8 Reading Reflection

Sources of Capital for Entrepreneurial Ventures

1. As a very risk-averse person, I was surprised by the use of social lending/crowdfunding. On top of the riskiness of internet-based sights, knowing that I would be giving my money to ventures that couldn't get loans from banks is not something I would be okay with. Even $25000 is a lot to give to risky venture.
2. Reading about the myths, I really thought that venture capitalists would be satisfied with a reasonable return on investment. I was a little confused and read it over again twice before I concluded that my original assumption was actually wrong.
3. Question 1: I am very curious about angels: How do angels expect such a high rate of return? And how often do they typically get that? Or what is the average return of all angel investors? Question 2: What are some strategies that entrepreneurs can use when they are having a problem of control with the venture capitalists?
4. If I had to disagree with something I guess it would be in terms of direct public offerings: I was glad to learn about them, I have been through many accounting classes and hadn't heard of that kind of equity financing yet. But I think specific disclosures/info requirements should be required for all types of financing.

Elevator Pitch No. 2

Pitch Take 2:

I didn't get much constructive, or silly, feedback from my first pitch, just that it sounded good and well prepared. The thing I tried to change (let me know if I'm wrong) is that I tried to be a little more specific about what my idea is. If I was pitching this to a housing professional they would definitely understand. I was closer to a minute on the last pitch, but I'm not sure what I should cut out. Any ideas?

Week 7 Reading Reflection

Rediscovering Market Segmentation
Daniel Yankelovich & David Meer

1. I was surprised that a very low percentage--only 14%--of senior executives at large companies actually believe market segmentation increased value
2. Since taking marketing, whenever I watch these commercials that advertise a product or service, I always analyze them and ask myself if I would actually buy that product. Normally it's NO. The few commercials that do stick with me are for services, mostly new movies or TV shows, but very few products I see advertised would I actually buy. This is typically because I have already found a product that satisfies that need or I would ask people I know about what they use before I believe a commercial. So it confuses me as to how companies would segment me. Another example, all the wireless providers with their commercials with the balls rolling down the ramp: I would not change my service plan based off of what they claim, the last time I convinced my family to change our plan we did so to a company that many of our friends were happy with. 
3. Question 1: With how expensive market segmentation research can be, how often should it be done? Question 2: How can companies make market segmentation more valuable?
4. In the introductory paragraph the authors state that market segmentation has become narrowly focused on the needs of advertising and isn't' used to guide the creation of their product/service, but I think that companies also let market segmentation guide the creation of their product/service--it's just more evident and more clearly spotted in advertising.

Customer Interviews No. 3

Round 3:

1. Again, I interviewed resident assistants around UF. I asked similar questions, but clarified previous questions that were confusing and eliminated questions from which I was getting similar answers. Here are the questions I asked:
• How do you typically come up with program ideas?
• Have you had any great program ideas that you weren't able to do? Why?
• For your residents, what are the best types of programs an RA can host?
• Are there additional resources that would be helpful in planning programs?
• What is your reaction to this?
  
• What other decision factors would be helpful?
2. Interviews are below.
3.  I learned that interviews are still really hard, even after doing ten of them! What surprised me the most were that most of the RAs thought my idea was really good! After they finished reading the card, I could see in their face that they liked the idea, also most of them said as much. One of the males said that he thought this would take the creativity out of the process, but personally I think if you want to be creative, then you don't have to use this, but if you aren't a creative person it will help you plan great programs! I also learned more categories that people would want programs to be filtered by, so I will sort that into the program.

Week 6 Reading Reflection

The Five Competitive Forces That Shape Strategy
Michael Porter

1. I have heard of all these forces before, but not in a couple of semesters. What surprised me was that there is so many ways in which the five forces have an impact on competitive advantage. One, in particular that I hadn't thought of was that suppliers can threaten to integrate into the industry if the industry is making large profits; it seems like many of the threats to entry would stop that.
2. I was originally confused when Porter stated that "industry structure...sets industry profitability in the medium and long run." But when I continued to read, it made a lot more sense. For example, if there are many substitute products in the industry, then that structure defines how profitable your company can be--especially if the substitute products are much better or cheaper.
3. Two questions. One: Which of the five forces do you think has the most impact? Two: What's a good way to go about eliminating rivals, but keeping good relations with suppliers and customers?
4. I don't think I really disagree with this, but it is the pitfall that I have the hardest time accepting: "Using the framework to declare an industry attractive or unattractive rather than using it to guide strategic choices." I think you first have to decide if it's attractive or not when choosing whether to enter the industry.

Interviewing Customers No. 2

Here goes round 2:

1. I definitely still think I am on the right track. Based on their answers, I have more specific things to add to the program.
2. I did talk to the right customers last time--I interviewed RAs for whom I want to create this program. This time I was running out of time to complete the assignment, so I went to an SAB meeting of RAs from all around campus, most of whom I didn't know, and was able to find five people that would talk with me, two refused. But again, because I was an RA and all of my interviewees were RAs, they were pretty helpful.
3. I took advice from last weeks peer reviews and slightly adjusted some of the questions. They were:
• How do you typically come up with program ideas?
• Can you explain the decision factors that go into selecting the one you pick?
• Typically what types of programs do you host?
• Are there additional resources that would be helpful in planning programs?
• Have you had any great program ideas that you weren't able to do?
• For your residents, what are the best types of programs you can host?
4. My interviews are below.
5. I still think my opportunity is a very good idea. The only issue, that I've personally found with it, is that I don't think it would actually be something the department of housing would pay me for, but since I am an employee and could create it, I think they would use it. I did discover another topic that needs to be built into the system: time of the program.
6. I would say to try to identify exactly who your customers are and interview them; it's a waste of time to interview people who won't want your product. Also, I would say be sure to prep for the interviews and, if you can, do them without other distractions. Be comfortable asking the questions, maybe practice before. And lastly, pay attention to their answers so you can either ask followups or skip questions they basically already answered, plus it is polite since they are giving you some of their time.

 

Idea Napkin No. 1

Obviously my idea still needs some work, but writing it down helps evaluate it.

1. I am currently a resident assistant and I am pretty creative in coming up with program ideas and passionate about making sure my residents enjoy the socials I host. I have had plenty of experience planning programs, but have also experienced being envious of others programs upon completion because of how well they turned out. I would love to have access to their program plan, where they bought their supplies, and other tips for the programs. I am applying to be a graduate hall director, a supervisor to the RAs, so I would encourage my RAs to use this.
2. My product is another section to the mandatory activity assessments RAs complete, which allows RAs to categorize their program quickly by type, time requirement, cost, whether food is provided, links to outside resources or web pages with activity descriptions, and file upload options. Then RAs would be able to search this system to find a creative program that meets their and their residents needs.
3. I'm offering this to the department of housing and residence life education at UF, specifically resident assistants that are responsible for planning programs for their residents.
4. Making their job easier. This system would essentially provide an easy way to select a program that meets resident wants and any requirements of the RA along with easy access to support materials and reduce the preparation time.
5. I have first hand experience of having difficulties in coming up with program ideas. Also I plan

I believe these elements work together pretty well. I do need a partner to help me develop the computer side of things, but I can develop the customer face of the system. I do believe that because I have a use for this as well, that I will make it the best it can be. And knowing other RAs, any collaboration that makes our job easier is always appreciated.

Week 5 Reading Reflection

Assessment of Entrepreneurial Opportunities:

1. I was surprised that poor timing, premature entry specifically, contributed to 40% of venture failure! Maybe other factors are built into the poor timing reason that are combined to make this general category. For example you could consider something to have a premature entry if there are still product design flaws (which is another category the author listed as a top reason that ventures fail).
2. I am a little confused as to the objectiveness of determining customer availability for new-venture development. As I learned in operations management, market surveys tend to be overly optimistic, so I would think that a lot of risk comes from customer availability because even if customers say they will buy the product, it doesn't mean that will happen when the product comes to market.
3. Two questions I would ask the author would be: What type of ventures have been started that are lifestyle ventures, where the entrepreneur isn't interested in large profits, just enough to live off of? When is the right time to assume debt? When you need money, and can't get more from venture capitalists, what else are you supposed to do?
4. I disagree with some of the ideas in the "Facing your Fears" excerpt by Suzanne Mulvehill. Her ideas to me seem overly optimistic. I don't think that visualizing my success or just doing what I love will help me successfully transition from employee to entrepreneur. Also I think that if you have a strong developed business plan, that the inner journey would be easier.

Elevator Ptich No. 1

Here's the pitch:

First, I realized I talked a little fast at the end and accidentally skipped a pause before my conclusion/ask section.  Most of that was due to the fact that I thought the person videoing me had given me a signal that my minute was up and I still had a third of my pitch to cover...turns out he was scratching and itch. No. 2 will be better!

So basically my opportunity is to expand our resource sharing program that the RAs at UF currently use.  Sometimes coming up with a good idea that we can easily implement is a challenge. We do have a SharePoint, but it isn't often used and I doubt many RAs add updates to it.  We are currently required to submit an activity assessment after each program, so I would like to add another short section that would allow RAs to select characteristics of their program (like the ones mentioned in my pitch) that could then be sorted and allow programs to be searched based on that criteria. Also, it would have a document upload section so that if an RA prepared a document to go with the program, other RAs could get that when they searched for the program.

As for a name for this, I have no idea. I could definitely use a suggestion. For now I guess I'll go with "Program Planner 2.0" Yes, it needs work...I'll keep thinking.