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.