Week 15 Reading Reflection

For this weeks reading, I found that the whole concept of turning the microfinance business into a multimillion dollar company surprising. I am a little confused as to how you can turn these small loans into such a large profit. Such as the two hundred dollar loan for the buffalo.  My questions to this reading are 1. How did he come up with idea to s tart with micro finance? 2.  How did he push himself to make his company grow? I don’t disagree with anything that the author said. I find it all very interesting how he had to deal with a bunch of tiny investments in order to make his company grow. Also.by doing this he helped women from small towns be able to provide for their families.

Final Reflection

Looking back at all the assignments I have done, I can honestly see a little bit of improvement. At first I was unsure of talking to strangers but as the class went on, I realized that it was okay and necessary in The best experience was talking to real entrepreneurs and professionals and asking them questions that helped me not only complete the assignment but gave my ideas on ways to really improve my venture. At the end of this class, I still don’t see myself as a true entrepreneur because I didn’t fully appreciate everything that this class had to offer. However, I think this class gave me a great foundation to eventually achieve the entrepreneurial mindset. To perform best in this class, I would first make sure that you come up with a venture that you are truly compassionate about. If you don’t, then you lose interest on doing everything in this class that revolves around this one idea.

Elevator Pitch No. 4

Elevator Pitch No. 4

Company Name:

Décor Swap

Opportunity:

College students moving from dorm to apartment to house. Problem? Each space needs different accessories. The dorm needs twin size bedding and everything mini. Apartment and house need furniture and more décor. But what do you do with your old stuff? Throw it away? Sell it and pay ridiculous shipping costs? How do you buy new stuff? How do you find new stuff and transfers it hours away?

Reflection on Feedback:

For the final pitch, I improved it by using the feedback on my 3^rd pitch. This feedback was to increase the length of the pitch by adding more information about the app.

Changes:

·         Explain my product more

·         Explain how it is different from other products

·         Lengthen the pitch by adding more info

Pitch:

Week 14 Reading Reflection

Week 14 Reading Reflection

In this week’s reading, I found that the environment needed for corporate entrepreneurship to succeed to be very specific on its requirements. Also, that it needs to be a “nurturing and information-sharing.” What I found to be the most confusing was the integrative model of corporate entrepreneurship. The questions I would have are shouldn’t there be a set of steps rather than a flow chart type diagram? Also, how are you supposed to read that and model your company after that? Other than that, I didn’t find any parts of the reading to be wrong.

Google Gold

Google Gold

I really didn’t have a strategy on getting SEO I wasn’t aware we needed to do that. Because of this I never tried using keywords. Also, my blog is just my full name so if you type that in, the blog will pop up because apparently there are only two people named Courtney Rymer. The actually blog doesn’t show up but, two different post come up: week 3 reading reflection and world’s biggest problems. So I guess I did make it on the first page of google.

 

Very Short Interview No. 2

Very Short Interview No. 2

What I learned in the first interview was that generally you always need to be pushing yourself if you want to be a good entrepreneur and to take this class seriously.  From where I stand now, I realize those questions only scratch the surface of being an entrepreneur.

Interview: (I had to ask the questions via email because Paige was out of town)

1.       How many times did you fail before you reached your goal?

 

It took me a couple of years to eventually get my company out there. I wouldn’t necessarily say that I failed any times but rather ran into some speed bumps.

 

2.       How did you understand the financial part of being an entrepreneur?

 

This part took a while, I knew the basic concepts of what I needed to know but to ensure that I never went into debt or had any financial problems I was lucky enough to have an accountant as a sister who helped me learn everything.

 

3.       What was the hardest thing that you had to overcome?

 

I think the hardest part was trusting that I could reach my goal and create a company that I wanted.

 

I felt way more comfortable contacting Paige this time and asking my own personal questions. This class has taught me that you have to get past getting uncomfortable because if you want your product to grow you have to ask people what they think. I think after the first interview of me telling her that the questions came from an assignment to this interview telling her I just had questions for myself that her responses where more laid back which shows that I grew a little because she thought she was helping me personally rather than for a grade.

Celebrating Failure

A time that I failed this semester was an exam in business law. I decided not to study for it at all since I was allowed my notes and books. What I learned from this is that is lie. Don’t fall into that trap. So after my first exam, I learned that you had to read the readings and watch the lectures. I did this for my second exam and the results where a lot better. What I think about failure is that it is good occasionally because it makes you want to try harder and do your best for the next time.  When I fail at something it makes me freak out for about an hour but after that I realize that I just have to be more prepared for next time. This class has helped me realize that failure is kind of a common thing and that it isn’t always bad.

Week 13 Reading Reflection

 

The reading this week, what stood out the most was that there are so many different ways to evaluate the value of a company to ensure you get either save the most money when creating one or get the most money if you are selling your venture. One part that was confusing me where the different ratios of how to calculate the value of the venture. The questions I would ask are 1. IS there a way to explain the ratios better? 2. How can you better avoid the process of misevaluating the business? For the reading there wasn’t anything I disagree with besides how he could better explain some things.

What's next?

Existing Market. 

Step 1:

The next thing for my product is providing movers or people you can pick up deliver on the same day.

Step 2:

3 Interviews

Step 3:

Based on what the customers said, the idea of the movers are a good idea. They said they liked that idea because they don’t have to worry about how they would get the décor from one place to another. They said that this is still troublesome even though it would all be on campus.

They also said that I should venture out to not only campuses but within apartment complexes and neighborhoods. With this, the new market would include an older crowd. This new market would not include students but rather recent grads.

New Market

Step 1:

A totally different market would be people not living within a community that is known for everyone either being the same age or going through the same stage in their lives.

Step 2:

A way to create value may be to connect these people who don’t live in an area with people who are like them with people who are like them. Say a recent grad lives in the middle of nowhere in Orlando the app could connect them with a more age appropriate neighborhood that would have people who have similar tastes as they do in décor. 

Step 3:

Interviews

 

Step 4:  

What I learned about the new product is that it might actually work. The feedback I got was mostly positive. The negative comments only came from a male but, that doesn’t surprise me because it is not usually men that focus on how they are going to decorate their space.

            My expectations were correct. The feedback I got from the younger people was that the idea was good because it allowed them to connect with people who had their same interest. While the older people liked the idea of people able to connect with people who were close to them even if they lived in the middle of nowhere

My Exit Strategy

My Exit Strategy

The exit strategy that I plan to make is to sell my business or idea in the next 5 years. I chose this plan because I don’t think my business has the potential to grow with technology constantly changing. However, I do believe that if sell this app or concept to a larger company such as eBay or Amazon they would be able to make it grow and create a larger profit. I think by having this strategy, it has caused me to not focus too much on how I would make the business grow but rather focus on the details of how I would make it more attractive for future buyers.  

Week 12 Reading Reflection

Week 12 Reading Reflection

In the weeks reading, what I found to be the most confusing was that companies don’t understand the point of a strategy as a whole. In the text it discusses how companies tend to focus more on the strategy rather than how they are going to execute it. This is also confusing to me because in the fatal visions it goes over how companies fail to realize things such as attractiveness in the industry and the strategic plan is used for growth. The questions I would have for this are: 1. Are these problems more seen in smaller starter companies? 2. Shouldn’t these problems be stopped by certain specialist? I don’t think there was anything in the text that I thought was wrong just needed to be clarified as to what type of companies go through this.

Week 11 Reading Reflection

 Week 11 Reading Reflection

For this week’s reading, I found that without a good strategy that allows you to keep innovating, many companies fall flat and fail. What I find confusing is that most companies don’t try to line up their different strategies such as business and innovation.  My two questions to the author would be: 1. how much do the companies need to align their strategies? 2. What does it take to have an innovation strategy that allows the company to continuously grow? For this week I didn’t find anything that the author said to be wrong.

Amazon Whisperer

Amazon Whisperer

·         Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

o    The revenue drivers for my product are the initial starting price for owning the app and the monthly payments of continuing to use the app.

·         Describe what kind of product offering you believe should be next. What's the next thing your customers want?

o    The next thing to improve the product would be hiring movers so that the customers don’t have to worrying about anything once they have sold or rented their item.

·         Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

o    This next thing will enhance the user’s experience. With this they will not have to worry about moving or shipping anything themselves.

·         Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

o    I don’t have a product I have a service but something similar to this would be like amazon prime.

·         What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

o    Customers tend to really enjoy this because they are guaranteed to receive whatever they ordered within two days.

·         Describe what design/usability changes you'd make to the product. 

o    The only thing I would change would be to make more products available for amazon prime.

·         Describe why you think this product would make a good addition to your current product/service offering.

o    By offering a two day delivery system, customers would be able to get rid of their stuff faster and receive stuff faster.  

My Unfair Advantage

My Unfair Advantage

1.       Knowledge of how college campuses work

·         VRIN: I am able to understand where people live and what they need exactly.

2.       Knowledge of how certain dorm/apartments are

·         VRIN: I can organize the app so that people living in certain areas can find things easier

3.       Knowledge of the need to have easy access to décor

·         VRIN: Everyone always need last decorations or furniture I know this because I am a college student

4.       Connections with students

·         VIRN: I am currently a college student so with different connections I can get the app to be known better

5.       Connections with other business owners

·         VRIN: with different connections to different types of businesses I can improve on my business

6.       Connections with people who can help create the app

·         VRIN: I can make sure that the app works correctly

7.       General Business background

·         VRIN: I understand how a business runs finically and socially

8.       Knowledge of how to keep the business going

·         VRIN: Entrepreneurship class allows me to look at different concepts that can be improved

9.       Future trading of décor

·         Eventually the app will create a community of students trading décor within campus

10.   Knowledge of the surrounding area of the campus

·         I understand where the students live and where other people live

 

Resource number two is the best because be having the knowledge of how the campus apartments and dorms work unlike outside vendors I can organize the app so that students can find exactly what they need and not have to worry if that certain décor works in their room or not.

Elevator Pitch No. 3

Elevator Pitch No. 3

Company Name:

Décor Swap

Opportunity:

College students moving from dorm to apartment to house. Problem? Each space needs different accessories. The dorm needs twin size bedding and everything mini. Apartment and house need furniture and more décor. But what do you do with your old stuff? Throw it away? Sell it and pay ridiculous shipping costs? How do you buy new stuff? How do you find new stuff and transfers it hours away?

Reflection on Feedback:

Most of my reflections were based on my actually product rather than the pitch itself. So to improve, I need to make my pitch more detailed. I need to explain my product more in depth.  The other comments included improving my expressions.

Changes:

·         Describe my product more

·         Explain how it is different from other products

·         Use more expression

Week 10 Reading Reflection

For the reading this week, I found it surprising that the overall chapter just talked about general financial accounting issues rather than ways to improve your financial standing as an entrepreneur.  What I found confusing was the section on “handling questionable costs.” My two questions to the author would be about if there would be an easier way to understand parts of the income statement? Overall I didn’t disagree with anything that the author wrote.

My Secret Sauce

What’s your secret sauce?

Part 1:

1.       I have major in business and I am pre-med which allows me to learn about two different fields.

2.       I have a schedule for every day allowing me to be organized.

3.       I have had internships for accounting firms.

4.       I have completed volunteering hours at hospitals, homeless shelters, and other various places.

5.       I have shadowed health professionals.

Part 2:

1. Gabriella talked about how my major sets me apart.

2.  Kasey talked about how my social skills set me apart.

3. Naufa talked about how my skills as a volunteer set me apart.

4. Rachel talked about how I am persistent.

5. Alana talked about how my work ethic sets me apart.

 

Part 3:

Mostly my friends just elaborated on what I had originally said. They kind of talked me up more then I did because they didn't really understand this  assignment and thought they only could say really nice things.  If I had to change anything on my list I guess I would elaborate more.

Week 9 Reading Reflection

Week 9 Reading Reflection

For the reading this week, I found that the marketing research inhibitors were surprising. What I found that was surprising was, the difficulty in picking the correct strategic decision.   What I found confusing was the different stages of the product life cycle correlated to a different pricing strategy. My two questions to the author would be about the marketing philosophies. Is there a way to incorporate more than one? Can you switch it throughout the years? Overall I didn’t disagree with anything that the author wrote except for a few of the consumer characteristics.

Idea Napkin No.2

Idea Napkin No. 2

1.       I am currently a college student pursuing a degree in general business. My experiences in business including working in merchandise at Walt Disney World and creating a nonprofit organization. If I were to start this business, I believe that it would help me enhance my skills for running a business that is not a non-profit.

2.       My product is an app that allows college students sell, buy, or rent apartment/dorm décor from students who live within a certain radius of the campus. The students themselves will be responsible with the delivery of their product. To ensure that they receive it is they have to check into the app. To make a revenue, the app will have a fee on posting your items.

3.       I am offering this to any college student who is not a commuter but rather lives either on or close to campus.

4.       This app cuts out the uncertainty if whether or not the décor will work in your space, the difficulty of transporting large décor from large distances and time that shipping takes.

5.       What sets this app apart from things such as eBay or craigslist is that it only works for students attending the university.

I believe that all elements fit together except for maybe the first. I am not sure that I am capable of creating such a service or ensuring that the app becomes successful. I also am not very good at describing or going in-depth of certain ideas. I am more of a big picture person. This causing me to overlook small details that may affect the success of the service.

The feedback I received was mostly just questions on how I would receive a revenue from the app. I have now stated that in part. The other comments were on how the app is a good idea because a lot of people have problems furnishing and decorating their living spaces.

Week 8 Reading Reflection

While reading this week’s reading I came across nothing that was confusing but I did find it surprising about all the myths about venture capital. The majority of this chapter talked about all the different ways to make sure that capital is raised and ways to ensure that they are no problems.  If I were to ask the author questions, they would be about the essential elements for a successful presentation. I think that there should just be more details or examples. Throughout the chapter, I didn’t find anything that I disagreed with. I agree with what the author says about capital. Mostly because I am not sure of the different ways to raise capital.   

Half-way Reflection

Half-way Reflection

1.       Tenaciousness is a skill:

 

For this class, there are a lot of assignments. To make sure no assignments are missed you have to set aside a little bit of time everyday dedicating to completing at least one assignment.

 

2.       Tenaciousness is also about attitude:

There have been a lot of times in the past two months that I have felt like not doing an assignment because it was uncomfortable to do. I pushed through by realizing that the task was not that hard and that by doing it, I would be a better entrepreneur from it.

3.       Three Tips:

 

·         Think of the assignments not as tedious but rather as training you for the future.

·         Think of the overall goal of completing this class as being a better entrepreneur.

·         Make sure you take every assignment seriously.

Free Money

Free Money

For this assignment I have decided to go to the library because I am guaranteed to find people who are willing to take the money from me without hesitation. I plan on approaching students who look like they are in a rush to get in the library. I will get the conversation started by asking them how they are (small talk). I think out the five attempts only three people will take the money.

 

I was wrong. No one wanted to take the money. They thought I was kidding and I couldn’t keep myself form laughing. I think giving away the money was harder than I expected.

Elevator Pitch No. 2

Company Name:

Décor Swap

Opportunity:

College students moving from dorm to apartment to house. Problem? Each space needs different accessories. The dorm needs twin size bedding and everything mini. Apartment and house need furniture and more décor. But what do you do with your old stuff? Throw it away? Sell it and pay ridiculous shipping costs? How do you buy new stuff? How do you find new stuff and transfers it hours away?

Reflection on Feedback:

All of my reflections were based on my actually product rather than the pitch itself. So to improve, I need to make my pitch more detailed. I need to explain my product more in depth.

Changes:

·         Describe my product more

·         Explain how it is different from other products

Pitch:

·         Hook: Do you want to have the most glamourous dorm for half the cost and work?

·         Problem: Moving into a dorm or apartment can be a struggle: i.e. Shipping, waiting, decorating with the right décor that’s fits not only your personality but the size and style of your dorm or apartment?

·         Solution: Décor swap allows you to buy/rent/ sell room décor within the university.

 

Interviewing customers No. 3

Interviewing Customers No. 3

The opportunity that I came up with is: an app that allows people to sell or rent their home/apartment/dorm décor. Understand that there are other websites and apps like this such as eBay and craigslist.  However, to make me opportunity better, the idea that I have is to make the app only work for current college students living within a certain radius of the campus. BY doing this you can ensure that you are getting stuff that is close to you and that works for the apartments or dorms that you may live in.

I still believe that the people who should have this unmet need are students that attend college that move from dorms to apartments or vice versa. I believe I need to make a wider selection of people including boys and girls living on and off campus. I think now I should ask questions about how other services have caused problems.

Questions for “customers”:

1.       Have you ever used eBay or amazon?

2.       What problems did you have?

3.       What was the longest you waited to get your package?

4.       How much do you normally pay for shipping?

Outcome:

I found that by changing my question I was able to get better feedback. By figuring out what problems people had with other sites, I am able to eliminate those problems with my site.

 

Week 6 Reading Reflection

I think the biggest surprise of this article is that overall, most businesses don’t understand that competition isn’t just between competitors but rather a broader range of factors. In the article five broad topics are listed but each one goes into greater detail. What I got confused about was a few specific forces such as structure of the company versus how the company is regulated. I am just confused because a lot if the stuff in the article sounds the same; however, porter compares it to one another. If I were to ask him a question it would be how he distinguishes between the different specific factors such as the structure. The only thing I disagree with would be that rivalry is destructive. I understand that too much can be damaging but I do believe that a little bit of rivalry is healthy. It pushes the companies to do better.

Idea Napkin No. 1

Idea Napkin No. 1

1.       I am currently a college student pursuing a degree in general business. My experiences in business including working in merchandise at Walt Disney World and creating a nonprofit organization. If I were to start this business, I believe that it would help me enhance my skills for running a business that is not a non-profit.

2.       My product is an app that allows college students sell, buy, or rent apartment/dorm décor from students who live within a certain radius of the campus.

3.       I am offering this to any college student who is not a commuter but rather lives either on or close to campus.

4.       This app cuts out the uncertainty if whether or not the décor will work in your space, the difficulty of transporting large décor from large distances and time that shipping takes.

5.       What sets this app apart from things such as eBay or craigslist is that it only works for students attending the university.

I believe that all elements fit together except for maybe the first. I am not sure that I am capable of creating such a service or ensuring that the app becomes successful. I also am not very good at describing or going in-depth of certain ideas. I am more of a big picture person. This causing me to overlook small details that may affect the success of the service.

Interviewing Customers No. 2

Interviewing Customers No. 2

The opportunity that I came up with is: an app that allows people to sell or rent their home/apartment/dorm décor. Understand that there are other websites and apps like this such as eBay and craigslist.  However, to make me opportunity better, the idea that I have is to make the app only work for current college students living within a certain radius of the campus. BY doing this you can ensure that you are getting stuff that is close to you and that works for the apartments or dorms that you may live in.

The people who I believe will have this unmet need are students that attend college that move from dorms to apartments or vice versa. I believe I need to make a wider selection of people including boys and girls living on and off campus.

Questions for “customers”:

1.       Do you live in a dorm or an apartment?

2.       Where do you plan to live next year?

3.       What problems did you have with selling or buying room décor?

4.       How do you think you can fix it?

5.       What do you think about an app that lets you rent, buy and sell décor within the University of Florida?
Tips:
1. Be prepared to feel awkward.
2. Have your questions ready.
3. Find people who look like they have time.
 

 

Outcome:

I ended up with the same outcome as before, no one really wants to elaborate on their answers. I guess you have to find people who show interest. Maybe interviewing people while they are moving would be the best option.