Final Reflection - Assignment 30A

Notable ENT 3003 Experiences

• The most formative experience I had in the class was being able to reflect on my elevator pitches and the feedback I received and then make them better. I am now more comfortable in front of the camera because I have addressed the issues I had originally and worked on correcting them. I will always remember how I got myself to reach out to old connections. The fact that I worked on my networking skills as I contacted old tutors and contacts of mine will prove to be beneficial in the future. My most joyous experience was asking my friends and family what they thought about me. Hearing their feedback gave me a better understanding of how people truly view me and it was encouraging because it showed me that I have a lot of potential. I am most proud of my ability to move on from failure. Originally, I came up with a cheeseboard business, but I realized this wasn't sustainable and scalable; therefore, I did extensive research and put a lot of thought into coming up with a new business idea I could believe in.

My Entrepreneurial Mindset

• I now see myself as an entrepreneur because of the work I put forth to develop my business plan throughout the semester. I have moved closer to developing an entrepreneurial mindset as a result of coming up with a business idea and trying to turn it into a business.. I have learned that it is possible for me to develop ideas, such as my app, that I truly believe in. Constantly revising the original business plan by self-reflecting and asking other people their opinions on how they think I can improve my business concept is vital to make progress as an entrepreneur. I have learned very valuable lessons in ENT 3003 that have shaped me into an entrepreneur. 

Personal Recommendation

• The one recommendation I would make to the students that are going to journey down this path in the future is that they should expect failure, but not embrace it. Entrepreneurs are bound to fail at some point, but true entrepreneurs will bounce back better than before. Failure is tough and the only way to get better from it is to learn from it. In order to perform one's best in this course, a student should establish a weekly schedule early on in the semester. Following a strict schedule by setting specific days to get particular assignments done will prove to be beneficial at the end of the class. Students should come into ENT 3003 with the idea that developing their business plan is their main priority. If they dedicate the class to creating a unique, successful business, everything else will fall into place and they will grow as an entrepreneur.

Venture Concept No. 2 - Assignment 29A

1) Venture Concept Description

Opportunity

• The opportunity I have been presented with is unique because the potential group of customers is made up of a group of students at the University of Florida that desire to meet fellow classmates that are willing to help them with schoolwork.
• The forces in the environment that have created this opportunity is the fact that students often don't know other people taking the same classes as them; therefore, it is hard to reach out and ask for help from fellow classmates.
• Geographically, the target customers are located around the city of Gainesville, Florida since they attend the University of Florida. Demographically, the students are males and females between the ages of 18 and 22. Demographics vary other than those factors, and some online students may not actually live in Gainesville.
• Customers currently attend professors' office hours or they will pay for Study Edge which is a local tutoring service. These students swear by Study Edge, but they are looking for more. They are looking to be put in touch with fellow classmates as well.
• The opportunity is huge because the app could appeal to every student at the University of Florida that is looking to expand their academic network.
• The window of opportunity will be open until someone else develops such an app that will connect students who are taking the same classes. The opportunity to develop such an app is unique and has never done before.

Innovation

• The innovation I have come up with is a social media app that will connect users at the University of Florida to one another based on their class schedule for the particular semester. Students will download the app for free and then create an account by inputting their contact information and then their class schedule for the current semester. The app will automatically connect users that are enrolled in at least one of the same classes. The app will serve as a networking platform for students to help each other out with assignments and studying habits. 
• Even though the app will be free, I will generate revenue by placing sponsored ads on the app. Any business that wants to market its products/services to UF students will do so by paying me to post their ads on my app.

Venture Concept

• My innovation will solve the opportunity I identified in that students will download the free app in order to connect with fellow classmates at the University of Florida and these connections will produce relationships that will further people's academic efforts.
• Customers will download my app because it is free and easy to use. Students are accustomed to social media apps; therefore, it won't be a huge step for them to learn how to use the social media app I have developed. Also, students that use my app and find it beneficial will naturally tell other people about the app which will bring in more users. Users spreading information to their fellow classmates via word of mouth is another way customers will end up downloading the app which makes it even easier for me to get new students on board with the business idea.
• The current alternatives, Study Edge and office hours, are costly and burdensome. Study Edge charges a hefty monthly subscription fee and most students are on a budget; therefore, students would much rather save this money and spend it on other things throughout college. Attending professors' office hours is inconvenient because it takes a lot of time to commute to the buildings where the tutoring is held.
• I don't have to worry about packaging. The price points only matter to businesses trying to advertise on my app; the app is free to download for users. Distribution is easy because people simply have to download the app right onto their phones. Customer support will be vital because if customers have issues using the app they will be entitled to call a customer service number on the app. Good customer support will make users' experience with the app stand out and these students will keep coming back for more. Everything will be taken care of using computers and phones; therefore, the business location doesn't matter.
• The business concept is self-sustaining because it will require very little upkeep since the nature of the app is simple. Each year, as high school students come to UF, they will be introduced to the app via word of mouth and marketing efforts. We don't have to recruit new students to UF, all we have to do is market the benefits of the app to students. The company will be ran by me and all the marketing efforts will be ran by me as well. The one person I would take on my team is my sister who develops social media pages for a living. I could use her help in making my app appealing to people's eyes. I will also have teachers market the app to students in order to support the ongoing expansion of my app. Teachers would have no issue doing such a thing because they will get better reviews from students at the end of the semester if they inform students of an app that will ultimately help them do better in school.

The three minor elements

• My venture's most important resource will be my sister since she develops social media platforms for a living. Having her on my team will enable me to cater my app to a variety of students because of the simple, yet effective design she will help me come up with. The simplicity of using my app will keep users coming back and it'll help my app stand out over inconvenient alternatives.
• The next venture I would like to pursue is taking my app internationally and also expanding it to big high schools in the United States' biggest cities. There is a great opportunity to exposing my app to users at a younger age. Also, offering my app to users in other countries will only boost the publicity surrounding my app. It's also very easy to use and most countries are used to working with social media platforms already.
• In five years, I would like my app to be a household name in the Gainesville area and I would like to begin expanding the app to colleges and high schools throughout the United States. It would most likely take more time to expand internationally considering I would have to deal with international laws and regulations at that point. As an entrepreneur, I would like to be more aware of international business practices in ten years so that I am able to successfully launch my app internationally.

2) Feedback

• My fellow classmates agreed with my venture concept and believe I am going to be successful with the business idea. They provided me with an overwhelming amount of positive feedback, but they want to make sure that I know I am able to rely more heavily on users marketing the app for me by word of mouth. It is nice to know that my users will most likely market the app for me because I don't have to stress so much about marketing the app myself. Also, my fellow classmates recommended that I market the benefits of the app to teachers at the high school and college level. My peers in ENT 3003 believe professors at UF and other schools will market the app to their students since it will likely result in more positive reviews from students at the end of the class. If teachers look as if they have the students' best interest in mind, they will perceived by students more favorably.

3) Changes to Venture Concept

• Considering what my peers commented on my "What's Next?" and "Venture Concept No. 1" submissions, I decided to make a few adjustments to my venture concept. I decided to rely more on users marketing my app to other students via word of mouth. I will not have to spend as much money on marketing expense if I plan for this. Also, I have decided to inform teachers about the benefits of marketing the app to their students. As a result, teachers will most definitely tell their students to download and use the app because the app will naturally boost students' grades which will reflect well on the teachers.

4) Picture for Illustration: A Teacher Performance Evaluation Form

• Students will likely say better things about their teachers if the teachers go out of their way to market my app to students. Students will be grateful for such an app.

Your Exit Strategy - Assignment 28A

1) Exit Strategy

• I plan to sell the business once I grow the business domestically to its full potential. It would be ideal to be able to expand the app to users throughout the United States in both college and high school and then give up the reigns by selling the business for someone else to grow it internationally. Hopefully the company will be worth a significant amount of money by that time and I'll be able to sell the business for a large sum of money.

2) Why This Strategy?

• I believe that it is within my power to make my business a success in the United States, however, I would be navigating uncharted territory if I were to try to expand my app internationally. Therefore, it'd be ideal if I'm able to sell the rights to my app to someone who is familiar with international business once I am content with the app's dealings in the US. In this particular exit strategy, I think my app will be able to reach and benefit the most people possible.

3) Influence of Exit Strategy

• My exit strategy has definitely influenced my decision to start off my business on a smaller domestic scale instead of a larger international scale. Rather than cater to people worldwide, I decided to start off at the University of Florida because Gainesville is an area I know well. As the business begins to grow, the next step would be to launch the app throughout all of the high schools in Gainesville and then I would expand throughout FL and then throughout the United States. The opportunity I am seeking is the market in the United States for my app. My growth intentions are limited to the United States at the moment because of my current exit strategy. Things may change in the future regarding this strategy, but I am sticking with this for now.

Reading Reflection No. 3 - Assignment 27A

How to Fail at Almost Everything and Still Win Big, Scott Adams

1) General Theme

• The general theme of How to Fail at Almost Everything and Still Win Big by Scott Adams is that people can fail an unlimited number of times and then use these failures to succeed. Without failure, people would not be able to grow and learn from their mistakes. The books also focuses on showing people how they can stay level-headed and content while enduring so much failure in life. Scott Adams highlights in the book that patience is also a virtue because people often endure years of failure before they are actually able to become a success in their occupations.

2) Connection With ENT 3003

• The book taught me to stay patient and also learn from my failures just like ENT 3003 did. Patience is key in the business world, especially as an entrepreneur. It takes a long time to build a brand and patience helps entrepreneurs not lose their minds while rolling with the ups and downs that characterize entrepreneurship.

3) Class Exercise Idea

• After reading How to Fail at Almost Everything and Still Win Big by Scott Adams, I would have the entire class research entrepreneurs that have written books on the topic of failure and write a short summary of their experiences. Similar to how I learned to cope with failure by reading Adams' book, other students would benefit from doing the same. I think it should be mandatory that all students in ENT 3003 read a book that deals with overcoming failure.

4) Biggest Surprise/'Aha' Moment

• It surprised me that the author said entrepreneurs are better off after they experience failure. I thought to myself that failure often causes people to quit on their hopes and dreams, but then it occurred to me that true entrepreneurs will use their failures to learn and succeed with other business concepts. The 'aha' moment that I had was that entrepreneurs may fail with one business idea, but then they will be better prepared to succeed in their new endeavors.

Celebrating Failure - Assignment 26A

My Failure:

• About four weeks ago, I broke up with my girlfriend of almost two years. Considering she was the biggest part of my life for so long and I also thought she was going to be my wife, I clearly failed in making things work with her. We had a very strong relationship, but my impatience led to me making an impulsive decision to break up.

Learning From My Failure:

• I took it too far in that I should have worked harder to figure things out between us before making the big declaration that we were done. Patience is key in life. I need to work on having more patience so that I can have more successful relationships with friends, family, and loved ones in the future.

Thoughts About Failure:

• Failure is my biggest fear in my relationships, school, and career. Even though failure is inevitable, one cannot always overcome it in certain circumstances; therefore, one should learn to expect it and prepare for it accordingly. Some failures are harder to deal with than others, and terminating my relationship because of my impatient nature was the worst failure of them all for me. I handle failure by trying to move on as fast as possible, but ENT 3003 has taught me that I should reflect on my failures so that I can learn from them. I don't plan on living in the past because this will inhibit growth, but it is necessary to learn from my mistakes before I move on. I am more likely to open up to new people because I feel as if I have taken the necessary steps toward becoming the man I want to be. Also, I feel like the risk of entering into a new relationship is smaller now than it was before because I have taken the time I needed for introspection.

What's Next? - Assignment 25A

Existing market

What I think is next:

• I think the next move in terms of products and services for my venture is to open office buildings on the campuses we serve. For example, it would be ideal to eventually offer UF students the opportunity to meet the people they connected with on the app in person at one of our facilities in Gainesville (preferably on campus).

Customer interviews:

• UF undergraduate business student- He thinks I should be offering my app to high schoolers in the Gainesville area now and not later. I already planned on doing this in the future, but this student pointed out the market for such an app among local high schools. He thinks the idea to open up office buildings so that students can have a standardized place to meet up is worthless. He pointed out that students wouldn't mind meeting at locations they agree upon for themselves.
• UF graduate business student- He thinks I shouldn't limit myself to the United States and suggested that I launch the app internationally as soon as possible. He believes there is a huge market for this app in other countries as well and told me to scale my business faster than I had originally planned. He also thinks that my idea to eventually acquire a building so that students can have a set place to meet is smart. He pointed out that it isn't a necessity, but that it is a luxury that could provide convenience to customers on the UF campus.
• UF undergraduate telecommunications major- She thinks I should offer my app to professionals at large corporations with standardized work schedules. She said that having professionals input their work schedules (instead of class schedules for students) into the app so that they can reach out to co-workers who are working at the same time could be very beneficial. She thinks my idea to expand into a building in the future is vital. She doesn't think students will want figure out where to meet up with each other because this will be an inconvenience.

Reflection:

• Based on the feedback I received from the students at the University of Florida, it is now clear to me that I am eventually going to want to build an office building on campus where students can meet their classmates. In this case, students won't have to figure out a place to meet on their own. Students will have a set location to meet on campus once they meet fellow classmates. I received mixed feedback from the students, but the argument for a building outweighed the argument against one.
• After listening to what the students thought would be good opportunities to pursue, I've decided that expanding into high schools as soon as possible is the most viable option for my venture in terms of growing in my existing market. I would start off in the local area with the high schools in the Gainesville community. On top of launching my app at the University of Florida, I am going to launch it with local high schools at the same time. I will be able to scale my business faster and cater to more individuals than I had originally planned immediately after launching my app. Serving an international audience seems too complicated for the time being; therefore, I don't plan on pursuing that business endeavor until later down the road.

New market

Radically different market:

• Instead of targeting the ideal target audience of students at the University of Florida, I've come up with a radically different market to serve. The new market consists of professors at the University of Florida. I wouldn't change the business plan, but I would have teachers market the app for me in class. Teachers would love to tell their students about the app, considering the app simply connects students to help one another out with how to attack assignments and give studying advice to one another. It is a collaborative platform that helps students facilitate extra help to each other; therefore, professors on campus would have no problem telling the students who are enrolled in their classes to download the app. Marketing my app to students would create value for teachers because more questions would be directed to students and not them. It would take some of the burden of teaching thousands of students off the teachers' shoulders. Students would also perform better in classes which looks good for teachers' reputations.

New market interviews:

• Professor in the business school- He thinks the app would help professors in that it would encourage students to ask each other for help before going to the teacher with questions. In this case, a lot of the questions that can be answered by fellow students will never make it to professors which will help teachers out. He thinks I should add more information to users' homepages so that people can get to know them on a more personal level before contacting them. He suggested that students might feel uncomfortable reaching out to complete strangers.
• Professor in the law school- She thinks the app will alleviate stress for teachers because more questions will be directed to students and not them. She also pointed out that students will likely perform better on homework, quizzes, and exams which looks good on professors' resumes. She suggested that I treat the app almost like a standard social media page, while having students input their schedules as well. Students would be able to connect with fellow classmates, but they will also be able to view the homepages of other users and see who they are and what they are like before contacting them to meet up for help.

Reflection:

• I learned that the market for teachers to market this app to students is greater than originally expected. Both teachers I spoke to were very supportive of my business plan. They conveyed to me that there is a great market for this among teachers at the University of Florida since it will take some stress off their shoulders and students grades would naturally improve.
• I assumed the teachers would like the idea, but it surprised me that they conveyed a need for it as things stand today. Even though this market is attractive, I still think marketing to students is a better idea. Students have a direct need for it because it is their grades that will naturally improve. Teachers have a more indirect need since they will reap benefits indirectly; therefore, I feel as if teachers would possibly bail on the idea of marketing the app to students if they decided it wasn't worth their time to introduce the app in their classes.

Venture Concept No. 1 - Assignment 24A

Opportunity

• The opportunity I have been presented with is unique because the potential group of customers is made up of a group of students at the University of Florida that desire to meet fellow classmates that are willing to help them with schoolwork.
• The forces in the environment that have created this opportunity is the fact that students often don't know other people taking the same classes as them; therefore, it is hard to reach out and ask for help from fellow classmates.
• Geographically, the target customers are located around the city of Gainesville, Florida since they attend the University of Florida. Demographically, the students are males and females between the ages of 18 and 22. Demographics vary other than those factors, and some online students may not actually live in Gainesville.
• Customers currently attend professors' office hours or they will pay for Study Edge which is a local tutoring service. These students swear by Study Edge, but they are looking for more. They are looking to be put in touch with fellow classmates as well.
• The opportunity is huge because the app could appeal to every student at the University of Florida that is looking to expand their academic network.
• The window of opportunity will be open until someone else develops such an app that will connect students who are taking the same classes. The opportunity to develop such an app is unique and has never done before.

Innovation

• The innovation I have come up with is a social media app that will connect users at the University of Florida to one another based on their class schedule for the particular semester. Students will download the app for free and then create an account by inputting their contact information and then their class schedule for the current semester. The app will automatically connect users that are enrolled in at least one of the same classes. The app will serve as a networking platform for students to help each other out with assignments and studying habits. 
• Even though the app will be free, I will generate revenue by placing sponsored ads on the app. Any business that wants to market its products/services to UF students will do so by paying me to post their ads on my app.

Venture Concept

• My innovation will solve the opportunity I identified in that students will download the free app in order to connect with fellow classmates at the University of Florida and these connections will produce relationships that will further people's academic efforts.
• Customers will download my app because it is free and easy to use. Students are accustomed to social media apps; therefore, it won't be a huge step for them to learn how to use the social media app I have developed.
• The current alternatives, Study Edge and office hours, are costly and burdensome. Study Edge charges a hefty monthly subscription fee and most students are on a budget; therefore, students would much rather save this money and spend it on other things throughout college. Attending professors' office hours is inconvenient because it takes a lot of time to commute to the buildings where the tutoring is held.
• I don't have to worry about packaging. The price points only matter to businesses trying to advertise on my app; the app is free to download for users. Distribution is easy because people simply have to download the app right onto their phones. Customer support will be vital because if customers have issues using the app they will be entitled to call a customer service number on the app. Good customer support will make users' experience with the app stand out and these students will keep coming back for more. Everything will be taken care of using computers and phones; therefore, the business location doesn't matter.
• The business concept is self-sustaining because it will require very little upkeep since the nature of the app is simple. Each year, as high school students come to UF, they will be introduced to the app via word of mouth and marketing efforts. We don't have to recruit new students to UF, all we have to do is market the benefits of the app to students. The company will be ran by me and all the marketing efforts will be ran by me as well. The one person I would take on my team is my sister who develops social media pages for a living. I could use her help in making my app appealing to people's eyes.

The three minor elements

• My venture's most important resource will be my sister since she develops social media platforms for a living. Having her on my team will enable me to cater my app to a variety of students because of the simple, yet effective design she will help me come up with. The simplicity of using my app will keep users coming back and it'll help my app stand out over inconvenient alternatives.
• The next venture I would like to pursue is taking my app internationally and also expanding it to big high schools in the United States' biggest cities. There is a great opportunity to exposing my app to users at a younger age. Also, offering my app to users in other countries will only boost the publicity surrounding my app. It's also very easy to use and most countries are used to working with social media platforms already.
• In five years, I would like my app to be a household name in the Gainesville area and I would like to begin expanding the app to colleges and high schools throughout the United States. It would most likely take more time to expand internationally considering I would have to deal with international laws and regulations at that point. As an entrepreneur, I would like to be more aware of international business practices in ten years so that I am able to successfully launch my app internationally.

Your Venture's Unfair Advantage - Assignment 23A

1) Involved in Greek life at the University of Florida

• V- I know a lot of people on campus because of my involvement in greek life and many of these students are motivated to do well for themselves
• R- The greek life community is selective and I am blessed to be a part of a very big fraternity on campus
• I- This particular resource isn't unique because everyone else in my fraternity experiences it
• N- Other fraternities provide similar benefits, but my fraternity is the biggest at UF; therefore, the other fraternities can't exactly match it

2) Involved in various student-run academic clubs

• V- I know a lot of people in the business school at the University of Florida
• R- Not many students are involved in as many clubs as I am; therefore, being so involved is pretty rare
• I- It is hard to copy because a few of the clubs I am in are quite selective. You have to have a good resume to join.
• N- There are a few clubs that I am not in that offer great benefits, but I think the clubs I am involved with offer the greatest benefits the business school has to offer

3) Dating a girl that is very good with technology

• V- She can help me with the development of the app
• R- It is somewhat rare to have a girlfriend that is as good with technology as she is
• I- It is hard to find such a resource; therefore; it is hard to copy
• N- There are other people that could provide help, but my girlfriend will always be there to help when I need it

4) Very personable and willing to engage in conversation with strangers

• V- Yes, because marketing takes a friendly person to share the business idea
• R- I am extremely friendly and that level of friendliness is rare
• I- It is hard to copy my level of friendliness
• N- There is no other character trait that can provide quite the same benefits to me

5) Knowledgeable about social media platforms

• V- It is valuable to be knowledgeable of the industry my app caters to
• R- It isn't rare because most people my age are good with social media
• I- This resource is not hard to copy
• N- You can't imitate this skill; social media is unique

6) Care about school and the grades I get

• V- I am able to relate to the customers I am pitching my app to
• R- It is rare to reciprocate my level of dedication to school
• I- It is hard to copy the hard work I put in
• N- Caring for school is only one of the ways I can relate to my customers

7) Familiar with the competition

• V- It is valuable because knowing about competition will help me with my business
• R- Not many people have done both study edge and attended office hours because people normally choose to do one or the other 
• I- A tutoring subscription is expensive; therefore, not everyone thinks it's worth it
• N- No other resources provide the same benefit as knowing the competition

8) My sister runs a social media page for a company as a job

• V- My sister can provide me with direction on how to build my social media platform
• R- It is rare to have a close family member that works in the business
• I- It's hard to copy because people can't control what their family members decide to do with their careers
• N- Other professionals in the field can provide similar help, but I'm closer to my sister than I could be with a stranger

9) Saved up enough money to fund my business endeavors

• V- If I am in need of marketing (or something else that will cost money), I could utilize my financial resources
• R- Not many college students are financially stable
• I- It is hard to make money in this world because money doesn't grow on trees
• N- No other resources can pay for marketing expenses other than money

10) Independent as an individual in that I'm good at figuring stuff out on my own

• V- It is valuable to be independent because I can solve problems on my own without help
• R- A lot of people like to depend on resources of their; therefore, this resource is not common
• I- It is hard to copy my level of independence because it takes years to develop this skill
• N- No other character trait can match the benefits of being independent

Top Resource: My sister running the social media page for a business will enable her to serve as a valuable resource as I develop my own app. The resource of having her there to guide me along my endeavor to develop a social media app is priceless because she can serve as my mentor. We are very close and she would love to provide me with advice and steer me clear of any trouble I may encounter along the way.

Elevator Pitch No. 3 - Assignment 22A

The pitch.
https://www.youtube.com/watch?v=rUUxpPexSYw&feature=youtu.be
A reflection on the feedback you received from your last pitch.
The feedback I received on my last pitch was positive. My fellow classmates liked that I mentioned catering to high schools and also universities worldwide. What stood out to them the most, however, was the idea to link users' other social media platforms to their homepages on my app. Both things that I changed received positive feedback. Also, it surprised me that people were able to recognize how I was more comfortable as I delivered my elevator pitch the second time around. It was nice to hear that my hard work paid off.
What did you change, based on the feedback?
The third time around I was even more comfortable in front of the camera than the second. I was also able to memorize what I wanted to say which helped a lot. The pitch was more succinct and to the point since I was able to cut out some of the stuff that didn't matter a whole lot. The comments I received didn't include things to add or change; therefore, I simply focused on delivering my elevator pitch as confidently as possible.

Reading Reflection No. 2 - Assignment 21A

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1. The general theme of the book is how to use social media in the business world more effectively. The book teaches individuals and businesses how to leverage their social media endeavors. The argument in the book is that most business owners and grownups today need help running the social media pages of their businesses since they didn't grow up with social media on their portable devices. Today's generation is growing up with social media being such a large part of their lives; therefore, the book points out that future generations probably won't need such a book as the one written by Kawasaki.
2. The book enhanced what I'm learning in ENT 3003 in that it pointed out the need for all business to have an effective social media page. Marketing is a large part of a business's success. Business owners need to be able to market their products and services to prototypical customers and this book highlighted the need for social media in the business world.
3. Based on the book I read, the exercise I would design for this class is one in which students would have to create a social media page on a popular social media platform for their business idea. Students would have to make their social media pages stand out and they would also have to stick to a common theme as they post content.
4. The biggest 'aha' moment that I experienced as I was reading the book was when I read that every post on a business's social media page should include some type of visual. Social media pages for businesses should be filled with graphics, pictures, and videos. People respond better to posts that include both written information and visuals to go along with it.

Growing Your Social Capital - Assignment 20A

Domain Expert

• The domain expert is actually a business student at the University of Florida going into his third year of college. He has a hobby of web and app development which means he is very well connected in the social media industry and very knowledgeable.
• What makes him qualified as a domain expert is that he has developed his own social media app and he is in the process of launching it. The app is like a virtual scrapbook for users.
• He is a friend of mine from high school and we have stayed in touch ever since. He told me about how he was working on developing his own social app a while back and I reached out to him to see how it was going after reading the instructions to this assignment.
• He listened to my elevator pitch and provided me with feedback on it. He likes the idea, but he provided me with useful information about what I was getting myself into with app development. He expects me to stay in touch with him and reach out whenever I need help or have any questions. He wants to be a part of my journey.
• Having him in my corner will allow me to refer to a mentor that has been through the hardships of developing his own app. He will be a great resource as I attempt to develop my social media app. 

Market Expert

• The market expert I reached out to works at the tutoring service, Study Edge. Study Edge would be a direct competitor of mine as we cater to the academic needs of college students, but I have used their services in the past and gotten to know this tutor well.
• He fills the slot of "market expert" because he works for a tutoring service that targets UF college students with academic services.
• He was my tutor all of freshman year and I had his email from previous interactions. I emailed him and setup a time to meet in person. He was happy to help.
• He read over my idea napkin and provided feedback regarding my business plan. The only expectation he has is that I contact him whenever I have questions about my target audience or business idea since he has so much experience working with students on campus.
• Including him in my network will provide me with more knowledge about marketing my app to potential customers considering he has marketed to the same target audience for years.

Supplier to Industry

• I got in touch with a marketer that helps Study Edge obtain and retain valuable customers. This person was a marketing major at the University of Florida and now she works for a local marketing firm.
• She fills the slot of a supplier to the industry in that she provides marketing services to companies that cater to the academic needs of students on campus.
• I found out that she offers marketing services to Study Edge through my old tutor at the business. Once he told me about her services, I asked him for her email and contacted her that way. We were able to set up a meeting at her firm's building.
• This woman provided me with feedback on how I can most effectively pitch my business to students at the University of Florida. Like the others, she didn't ask for anything in exchange except that I contact her when I need someone to refer to for help as I try to get my business started.
• The woman will expand my network in that she will provide me with helpful marketing advice as I try to tell people on campus about the benefits of downloading my app.

Reflection

• The experience of reaching out to the connections I already have and then reaching out to new connections, as a result of my interactions with existing connections, will definitely shape how I participate in future networking events in that I will be more confident as I approach complete strangers and people I haven't spoken to in a while. Yes, this experience differed from my past experiences because I had to utilize current connections to make new ones.

Elevator Pitch No. 2 - Assignment 17A

The pitch.
https://www.youtube.com/watch?v=370IFvIwxj0&feature=youtu.be

A reflection on the feedback you received from your last pitch.
One of my fellow students in the class really enjoyed my pitch, but he had a few suggestions on how I could make it better and that's exactly what I did. The classmate told me that I could extend my target audience to high school students and universities across the globe. The student also suggested that I link my users' other social media pages to their profiles on my app in order to expand connections. I thought the idea of offering high schoolers this app was odd at first, but the idea slowly grew on me as I began to think of how helpful such an app would've been to me in high school with hundreds of kids in my graduating class that I never got to know. I knew that linking people's other social media pages was a great idea from the beginning and I was happy to receive that feedback as well.

What did you change, based on the feedback?
After I read these comments, I thought about the unlimited potential for this app and I got really excited. My app may start at the University of Florida, but when I get enough funds to expand, I'd love to reach out to various high schools and universities around the world. Also, I now see that I can include users' Facebook profile links on their homepages along with their phone numbers and email addresses. Considering apps like Instagram have been successful in doing such a thing, I decided to include that in my pitch as well.

Idea Napkin No. 2 - Assignment 19A

You.
I am a hard-working individual and my determination will help me overcome adversity when it hits. Any time I have ever faced potential failure, I have gone the extra mile to avoid impending doom. Ever since I was a child, my parents haven't had to motivate me to do my school work or bribe me to get it done. I've always been self-motivated and I am also my own biggest critic. My goal is to become an investment banker for a large corporation and I have taken the steps necessary to achieve this throughout college. I see this business playing a significant role in my life because I'll be motivated to help fellow gators find the most efficient way to study.

What are you offering to customers?
I am offering customers an app that can be downloaded straight from the app store on their mobile devices for free. The app will connect students to fellow classmates that are enrolled in the same classes as them. It will provide students with a platform to connect with other individuals looking to share their studying habits and personal knowledge with them.

Who are you offering it to?
I am offering the app to all students at the University of Florida, but the prototypical customer is a unique individual with specific character traits. My prototypical customer is an incoming freshman that is about 18 years old. This student is on a budget and cares about his grades in school more than anything else. The customer also knows that college is the place where he can further his career aspirations instead of just party.

Why do they care?
Students will actually download my app because it will provide them with the connections they need to succeed in school. Since every student seeks guidance from fellow classmates at some point in their college experience, the app will expand their reach as they search for the most helpful people.

What are your core competencies?
My core competencies include determination and diligence. The fact that I am self-motivated to further my academic and professional goals shows great determination on my end. Also, I don't rely on people to instill this drive in me. I hold myself to the highest standard and I don't sell myself short. While others tend to settle for comfortability, I strive for perfection in everything I do. I have a will to win/succeed like no other.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker/out-of-joint with the others.
Once again, I feel as if these five elements fit together perfectly because my prototypical customers are similar to me in that they care about their grades. The app I have come up with serves the needs of such individuals like myself and the prototypical customer since it will serve as an academic resource. My personal self-motivation will push me to successfully develop the app so that students at the University of Florida will be more connected with one another.



Feedback Memo
After speaking with friends and family members, it is clear that they believe I am self-motivated and hard-working. Originally, I talked about my communication and leadership skills as defining features, but everyone seemed to mention the fact that I've been determined my whole life to be successful without the help of others. Being self-motivated has helped me develop my communication and leadership skills, but this wouldn't have happened without a relentless drive to be great from a young age. I incorporated the feedback I received into this post by focusing more on my inner desire to be great which has ultimately led to the development of unique skills. Without my desire to be great as a child, I wouldn't be the same driven individual I am today.

Create a Customer Avatar - Assignment 18A

The prototypical customer for the app I want to develop is an incoming freshman at the University of Florida who isn't involved in any clubs, teams, or organizations on campus. This student also takes his/her classes online; therefore, the student doesn't get to meet people in the same classes. The reason the customer is a freshman is because freshmen don't know as many people on campus as older students do. A student that needs to make connections with other students for help in school is ideal. My prototypical customer enjoys to read and do things that further his/her academic standing. The customer enjoys working hard to make himself/herself a better candidate for professional opportunities as well. This person drives an old Honda Accord because he/she is on a budget and can't afford to make payments on a new car. The app would serve this student well because it is free. The person's favorite show would be Jeopardy because it furthers the student's intellectuality. The student is motivated to make his/her parents proud since he/she is an only child. The student's favorite books are educational just like the TV shows he/she watches. The favorite politicians of this person are those that invest funds in the educational system since the student believes this is what makes America great. He/She is 18 and the student feels young because he/she understands that there is a lot of maturing that needs to be done before his/her goals for the future can be achieved.

The thing that stands out to me when comparing myself to my prototypical customer is that school is important because it sets people up for success in their future careers. Many freshmen going into college are excited to meet new people and party, but the prototypical customer and myself have prioritized school over everything else. It is not a coincidence that I have similar priorities to my prototypical customer because I developed an app that I deem necessary. It was highly probable that the student I developed such an app for had similar aspirations.

What's Your Secret Sauce? - Assignment 16A

1) Describe five ways in which you think you have human capital that is truly unique.

• I have unique family experiences with health issues that have developed my interpersonal skills as I have comforted family members in times of need.
• I have played all different kinds of sports throughout my life and I have learned how to be a better leader as a result of this.
• I'm involved in the Master of Science in Finance Combined Degree Program at UF and the program has held me accountable at such a young age for professional growth.
• Over the past year, pursuing investment banking as a career has aided my development as a student of finance.
• I am self-motivated to the point where I have never relied on others to keep me on track with school. My motivation comes from my personal drive to succeed.

2) Interview the five people who know you the best.
https://www.youtube.com/watch?v=deIJa-AxBFY&feature=youtu.be
The first interview was with my roommate, Carter. My key takeaway was that he has seen me put forth the effort to get good grades; therefore, he believes I will thrive in my professional endeavors.
https://www.youtube.com/watch?v=6FEOpwyXhK0&feature=youtu.be
The second interview was with my older sister, Brooke. She helped me realize that my high level of competitiveness will help me as I compete with others in the corporate world.
https://www.youtube.com/watch?v=2v5rZbeuaNM&feature=youtu.be
The third interview was with my brother in law, Clark. Clark thinks that me being a part of the MSF Combined Degree Program at UF has helped me accelerate my studies and career aspirations. He thinks that the knowledge I have acquired in this program will separate me from the crowd.
https://www.youtube.com/watch?v=7pQw6maZeDo&feature=youtu.be
The fourth interview I had was with my cousin, Matt, over FaceTime because I didn't have the luxury of interviewing him in person. Matt watched me grow up playing baseball and football. Matt is a professional baseball player which means he is dedicated to his craft, and I was happy to hear that he thought of me as a driven human being from such a young age.
https://www.youtube.com/watch?v=0Dna3TzTtus&feature=youtu.be
The fifth and final interview I had was with my dad. He made it clear that he thinks I am a self-motivated individual. For example, he stated that he never had to get on me for being lazy in school.
3) Reflect on the differences.
I see myself as a self-motivated, driven individual, and my peers and family members seem to see the same thing. The overwhelming majority of people who are close to me are able to see the intense effort I put forth in everything I do, and I definitely think this characterizes me as the person I am today. According to the interviews, everyone pointed out very similar character traits of mine and these particular traits are most evident to me as well; therefore, I think my interviewees are accurate in their perceptions of me. Most of the things on my list were touched on by at least one of the interviewees, and I believe each of the five things listed have shaped me into who I am today.

Figuring Out Buyer Behavior No. 2 - Assignment 15A

Pick a segment: The segment I chose to interview is a group of college students enrolled in summer classes who have the need for such an app.

Interview 1: The first interview I had was with a graduate telecommunications major. The person in this interview displayed a need for my app, but they make do with what is available to them at this point in time. With the set of alternatives they currently have, price matters most because they are on the typical college budget. This person is more willing to shop online than in person which is great because she is familiar with the process of downloading apps and she understands how they function. This person cares about her grades a lot therefore the "purchase," or free download, of the app is well worth it. If my app didn't make her a better candidate to employers to become a broadcaster (her goal out of college) then she would view it as a waste of time or a bad idea to download it since it'd just be a waste of storage on her phone.

Interview 2: The second interview I had was with an undergraduate business student that is different from the person I interviewed last week. This business student determines the best candidates in the current alternative set by considering quality over everything else. Considering this desire for quality, the student has chosen to go with Study Edge's tutoring service over attending teacher's study hours. He is also more likely to buy things in person, but he hinted toward the fact that he has an iPhone and has downloaded many apps before which shows that he is familiar with the process. Similar to the first person I interviewed, the deciding factor when it comes to deciding the "rightness" of the purchase is whether or not it will further his career aspirations. If the product/service furthers his career aspirations as a businessman, he will make the purchase. Since my app will likely enable him to study more efficiently and get better grades, he is hoping that being connected with other driven students will ultimately increase his chances of landing a job after college.

Interview 3: The third person I interviewed is a political science major at the university. He is a social human being, but he doesn't know a bunch of people on campus yet. He was more than open to trying out my app so that he could connect with students on campus. Therefore, this student refers to "style" when making purchases. He likes the idea of simply being able to download my app and getting help that way since he is used to downloading apps on his mobile device. On top of this, he also considers price when making purchases, but my app is free so he was also pleased with that. The guy said that downloading the app for free in order to connect with students and potentially doing better in school would make him feel that his decision to download the app was right. If he had to pay a lot of money for the app and he didn't end up using it on a daily basis, he would ultimately view the purchase as a bad one.

Draw Conclusions: Based on what I now know about this segment and what I learned in the interviews, I would describe the people as logical and methodical. Overall, the students that would like to download such an app have a main focus of doing better in school. The alternative evaluation of my target customers seems to be well distributed in that they care about price, quality, and style. Their purchase decisions are all relatively similar in that they like to download apps on their phones because it is convenient. Finally, the target customers that I interviewed either care about the cost of the app or the career benefits of the app at the end of the day. It was great to learn of all this because it was clear that there is quite the desire for my app.

Halfway Reflection - Assignment 14A

1) As characterized by the image of a man pushing a sturdy boulder up a mountain, tenacity is the will to win. Tenaciousness is characterized by a determination to succeed in one's endeavors, and ENT3003 has helped me embody a spirit full of tenacity as I strive to make my business idea a reality. The behaviors I have developed to keep up with the requirements of this course include disciplined acts and careful consideration as I continue with my work. I haven't missed an assignment due to a strict work schedule and my work is thorough and detailed because of the care I have put forth in this class.

2) The one moment throughout this experience in which I considered giving up was when I realized that I wasn't capable of building the app on my own. I don't know anything about the technology side of making an app. However, after doing intensive research on this, I realized that I could hire an app developer to make life easier on me because I'll be busy enough as it is developing the business plan of the app. I feel like I have developed a tenacious attitude over the past two months as a result of sticking to my gut feeling that this business idea can actually be profitable and help students on campus.

3) Three tips I would offer next semester's student include constantly work on your business idea, communication skills, and elevator pitch. Revising your business idea or slightly modifying it after receiving critical feedback is vital to personal growth. Interviewing people is the best way to enhance one's communication skills, and this will prove to be beneficial as you will constantly be working with others and gauging their thoughts on your business plan. Lastly, refining the elevator pitch throughout the semester will help you communicate the value of your product/service to potential customers. If one pursues each of these, that student will develop a tenacious mindset because these skills will show a person that hard work pays off.

Reading Reflection No. 1 - Assignment 13A

The book I chose was Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance.

1a) What surprised you the most?

The thing that surprised me the most was that Musk had visions to make humans a multi-planetary species as a student. I am entering my third year in college and couldn't imagine doing such a thing. Musk has taken it upon himself to make this happen. He is currently working on ways to get humans to live on other planets. He plans to get humans living elsewhere within his lifetime. This goal of his has been brewing ever since his days in school and this is absolutely incredible to me.
1b) What about the entrepreneur did you most admire?

I admired Musk's persistence to innovate despite his critics telling him he is crazy. After the Silicon Valley collapse when professionals in the industry began to settle for subtle improvements, Elon's visions never wavered and he never lost faith in his ability to accomplish what he set out to do as a child. Even when his closest companions called him crazy for not changing his approach, he disregarded the criticisms and pursued his business endeavors even harder.
1c) What about the entrepreneur did you least admire?

After reading about the revolutionary business man, it occurred to me that he may have been too harsh on some of his workers throughout his tenure at companies like SpaceX and Tesla. Whenever someone would criticize his work or vision, Musk would have a tendency to fire those people. Some of these people stuck by Musk's side through thick and thin over the years. However, when they tried to advise him to pull back on something they didn't agree with, Musk would kick them off his team because he wanted to be surrounded with like-minded individuals. The tendency of Musk to be so harsh on people who simply wanted to steer him clear of trouble was not so admirable to me.
1d) Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Elon Musk has encountered adversity throughout his tenure at SpaceX and Tesla, but he managed to save his companies from failing due to his wits and relentless pursuit of success. Musk invested millions of dollars into his companies SpaceX and Tesla. He had so much invested including his reputation; therefore, he refused to let these companies fail. In 2008, Musk faced the financial crisis as he was already blowing through tons of money on his quest to send people to space and make cars fully electric. Many people told Musk he could only save one of his two companies at the time of the financial crisis. No one thought he could make it out alive with both companies, but Musk didn't listen to outsiders. Even though no one thought he could do it, Elon was able to successfully put together enough money (through strategic business decisions) to finance Tesla and then get a large government contract deal done for SpaceX. Musk avoided failure by being resilient in the face of adversity.

2) What competencies did you notice that the entrepreneur exhibited?

Musk has exhibited great leadership and unmatched resiliency/determination throughout his tenure at SpaceX and Tesla. These competencies have enabled Musk to accomplish things that no other business man has ever fathomed. His ability to lead and motivate people is why he was able to survive the financial crisis with both companies. He encouraged others on his team to stay on the track they set out for and to believe in themselves. As a result of his leadership, his followers believed their jobs at SpaceX and Tesla would be safe as long as Musk was in charge. People believed in him, and he proved them right.

3) Identify at least one part of the reading that was confusing to you.

I thought the read was relatively easy in that the author explained everything well except for one thing I didn't quite understand. The one part of the reading that I wish was explained more was why Musk would risk his reputation after his success at PayPal to save both of his companies. I understand that they were his babies, but wouldn't he rather save one than risk losing both? I never quite understood the thought-process here. Even though it turned out alright for Musk and he looked like a genius for saving both companies. I want to know more about why he would risk it all back in 2008. I would think such a smart business man would choose to focus his attention one one company during that time rather than split his attention between the two.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

Which company, SpaceX or Tesla, would you save today if you had to choose between the two? I would be interested to see if he cares more about his electric cars or sending people to other planets.

Why don't you delete your social media accounts to avoid regulatory conflicts? As of late, Elon has used Twitter a couple different times to tweet about confidential business information. His tweets have resulted is regulatory consequences and he doesn't seem to be able to control his problems on social media. I'd love to know why he hasn't deleted his Twitter yet.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think Elon's opinion of hard work is that it plays a vital role in becoming successful. I don't believe Musk thinks hard work is optional. Considering he has made his fortune and become one of the biggest names in business through hard work and dedication, he would be the first to tell you that hard work is a necessity. I also think hard work is a necessity. In order to achieve something, one must put forth a significant amount of effort on their own time. No one can be successful without a drive to be great.

Figuring Out Buyer Behavior No. 1 - Assignment 12A

Pick a segment: The segment I chose to interview is a group of college students enrolled in summer classes who have the need for such an app.

Interview 1: The first interview I had was with an undergraduate business student who cares about his grades so much that he is looking to get help from other students on top of tutoring services. This student's need becomes most salient right before an exam. He has no problem with the quizzes and homework in the classes he is enrolled in, but the exams cause him trouble. The tutoring service helps him, but he wants to speak with other students about their studying techniques and what has been working for them. Once he became aware of this need to talk to other students, he reached out to all his friends that he knew were taking summer classes. His search came up short because no one he knew was taking any of the classes that he was. In the end of the interview, he made it clear that such an app would be perfect for him.

Interview 2: The second interview I did was with an undergraduate telecommunications student who wants to do well in school, but cannot afford to pay for tutoring services because she is on a budget. Unlike the first interviewee, this girl doesn't struggle with exams, but she struggles through the homework in her class. She hasn't figured out how to properly use a site that her teacher requires students to do homework on. Her struggle doesn't just become bad when exams get near. Instead, she has been struggling with the weekly homework assignments because of the site. She would love to be able to reach out to fellow students and learn from them. The first thing she did to fulfill her need of finding other students in the same class was click on the "people" tab in Canvas. Reaching out to students via the Canvas messenger didn't work because she didn't know any of the students she reached out to and people very rarely check canvas message notifications. Overall, this student needs access to a free app that connects her with helpful students that will be active on the app.

Interview 3: The third and final interview I had was with a graduate business student who expressed a serious need for the app since he doesn't know too many people around campus. He was a transfer student; therefore, he doesn't know a bunch of people on campus. Considering he is not financially sound enough to pay for tutoring services and also doesn't know many UF students, he knows he is in need of such an app. Whether it's with homework, quizzes, or exams, this student is struggling to succeed in his classes this summer without help from peers. The first thing this student did to get help was attend the office hours of his professor, but the professor didn't provide him with any advice on how to study more efficiently or how to properly approach graded assignments. It was evident that this graduate student would benefit from becoming a user on such an app.

Draw conclusions: The segment of college students enrolled in summer classes that I interviewed have a need to succeed in classes, but they are failing to fulfill this need on their own. It is clear that they need my app to introduce them to other college students enrolled in the same classes that they are taking. These students have constantly been reminded of this need so far this summer. The student in the first interview is consistently reminded of this need as each exam approaches, whereas the next two students I interviewed are in a constant state of need considering there is always some kind of work assigned in their classes. Each of the students' information searches have failed them because it is hard to find individuals willing and able to help. My app will connect such capable students to one another.

Idea Napkin No. 1 - Assignment 11A

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Bradley Begnoche and I am a third year finance major at the University of Florida. I have been gifted with leadership and communication skills which help me lead other people in the right direction and relay information to group members in an efficient manner. I've interned for a local wealth management firm for the past six months and I have registered for graduate level coursework through the Master of Science in Finance Program. If I were to start this business, it would play a major role in my life. I am a hard working individual and I love the idea of creating a business idea and running with it; therefore, I'd dedicate a lot of time and effort toward developing my business plan.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering customers the opportunity to download my app for free and connect with other students at the University of Florida that are enrolled in the same classes. The product would serve as a social media app where UF students would be able to communicate with and contact one another by utilizing users' contact information provided on the social media platform. Students will be able to reach out to one another for help in the classes they are taking. As of now, it is difficult for students to get help from other students when they have no idea who else is enrolled in the class with them.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this app to all students at the University of Florida, but my target customer is a unique group of individuals. More specifically, I will be marketing this app to students who care about their grades in school, but can't necessarily afford tutoring services for additional help. Many college students are on a budget and many people who enroll at UF care about their grades so this will be a large target audience.

4) Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Customers will actually go out of their way to download my app because most individuals are enrolled in classes where they know very few (if any) people. There is less of a need for such an app for students enrolled in core classes that everyone has to take for their major. However, many of the electives or less popular classes at UF don't have so many friendly faces enrolled in the classes. Often, the people these students may know in their classes aren't willing to help or aren't able to help. People on this app will be a group of like-minded people looking to receive and provide help to others which will prove to be invaluable.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

My core competencies include leadership and communication. I am able to lead others which is important because people tend to gravitate toward me and follow my drive to success. Also, persuasive communication will enable me to inform people of my business idea and help them understand how it will benefit them. Communication will also be very important on the app; therefore, I will make the app as user-friendly as possible because I've spent years developing better communication techniques. I also have a drive that is unmatched and I'm the highest achieving person that I know. Nothing will keep me from seeing this business idea through to the end.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I believe that these elements fit together in perfect harmony because the leadership and communication skills I was born with will prove to be vital as I turn my idea into a business. I spent years networking with faculty members and professionals to get my internship and get accepted into the Master of Science in Finance Program. Throughout this entire process in college, I've refined my communication skills and learned how to work better with people. I am now able to connect with others better which has enhanced my leadership skills. It will take great leadership to start this business and great communication skills to build a social media platform centered around people communicating with one another.