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.

Elevator Pitch - Assignment 10A

https://www.youtube.com/watch?v=zVO1Hmk-iCE&feature=youtu.be

Testing the Hypothesis, Part 2 - Assignment 9A

Who: There are certain people who share a lot in common with the others in my opportunity, but they also fall outside the boundary in that they are not looking for help from other students. Even though the number of students included in this is more than I expected, there are still more than enough students that are in need of such an app. Many of the students that aren't looking for an app for additional help from classmates are satisfied with the resources available to them. The majority of these students attend professors' office hours or pay for a tutoring service; therefore, they are content with the help they are already receiving.

What: The need I identified to succeed in school by downloading an app that will connect users based on the classes they are enrolled in differs from people's need to appear as if they are trying to get better grades. Both types of students will download the app, but only the one good type of student will use it for its intended purpose. Most students that are actively searching for new ways to get help in school actually desire to perform better on homework, quizzes, and exams. However, some students who engage in such behavior simply want it to look as if they are trying to get better grades. These students want to be able to tell their parents that they try hard in school and still can't get good grades. Their end goal in doing such a thing is to get their parents off their backs.

Why: Students inside the boundary may have a different underlying cause of their need as pointed out in the "what," but the underlying cause of the outsiders' need (for the most part) is no different than the majority of the students inside the boundary. The outsiders that I previously referenced will not use such an app because they are satisfied with the resources already available to them. However, these outsiders still have the need to do well in school just like the insiders.

Inside the boundary                                      Outside the boundary

Who is in:                                                       Who is not:
Students looking for an app that                      Students not looking for additional help in school
connects them to fellow classmates               
What the need is:                                           What the need is not:
To do better or appear to do better in school    To get more help or do well in school
Why the need exists:                                      Alternative explanations:
Students wanting to be successful                    Students already receiving enough help or
or students having controlling parents              students that don't care if they do well

Summary: The five people I interviewed are all students at the University of Florida. Considering UF is a very academic school, all students that attend should want to succeed in their classes. However, some students simply don't care. For example, one student that I interviewed said he doesn't need good grades to become an actor which is his dream job. The other four students that I interviewed have the desire to succeed in school, but their need for additional help outside of the classroom have already been met. A couple of them said they use the Study Edge tutoring service here on campus, while others said they are content with attending lecture and teachers' office hours.

Solving The Problem - Assignment 8A

• The problem I have identified is the lack of accessibility to people that are enrolled in the same classes at the University of Florida. With the inability to contact other students for help, people are left to fend for themselves or rely solely on tutoring/faculty services. The fact that students are actively searching for new ways to prepare themselves for exams and properly complete their homework has created an opportunity. It is time to introduce an app that will connect classmates to one another via social media to exploit this opportunity.
• The product I hope to offer to students will be an app that will connect users to one another based on the classes each individual user is taking. Once students establish which classes they are currently enrolled in, they will be automatically connected to people who are enrolled in the specific classes they are taking for that semester. Students will have to update their profiles each semester with their new schedule and that is it. All they have to do is download the app and create a profile to get started. The app will automatically connect fellow classmates to one another, but it is the students' responsibility to actually reach out to their classmates. The app's users will post their contact information on their home pages.