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.

Elevator Pitch No. 1

Elevator Pitch No. 1

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?

Solution:

My solution to this is an app that allows you to post what you want to buy or sell or rent within the college campus. This allows you to find things quickly in your surrounding area. Also, by only having it work within the campus, you can be sure that your décor and other accessories work for your dorm or apartment.

*Please ignore how awkward this video is.