Week 8 Reading Reflection

Sources of Capital for Entrepreneurial Ventures

Much of this chapter was information I have previously learned in my finance classes so it was interesting to see things like debt, equity, and IPOs applied to entrepreneurship ventures. I think it is important to note the thinking and time needed to secure a bank loan. It is not an easy process. The most surprising thing I read was that "more than 25% of all small ventures were started with less than $500." There is nothing I disagree with in this chapter. Everything was explained well and related back to entrepreneurship accurately. I would ask the author which types of businesses are usually started using  each method of raising capital such as venture capital versus equity financing or private placement. I thought it was interesting that the author included how entrepreneurs should ask questions of venture capitalists and what the 7 best types of questions were.

Half-way Reflection

1) Tenaciousness is a skill. The most important thing in order to stay on top of this course is to always try and get ahead. You have to look ahead the week to make sure you have enough time to get everything done. I have tried to get at least 1-2 assignments done by Wednesday so that I don't have to worry about them over the weekend. For the bigger assignments, like posting videos, I have learned to not procrastinate because they end up taking more time than you think.

2) Tenaciousness is also about attitude.  There have definitely been times where I felt like giving up and even considered dropping the class. There are a few assignments I did not pass in because I didn't feel like taking the time to do them. When this happened I tried to look at the class from a different perspective. As opposed to just going through the motions of the assignments, I tried to relate them to my major and what I will be doing later in my life. When I did this, I realized just how much this class applies to the real world and it made me more motivated to complete assignments.

3) Three tips.  
       1. Do NOT procrastinate, especially when there are multiple assignments due in one day.
       2. On Monday, look ahead at what assignments are due the rest of the week.
       3. Don't post a blog and Declare if you have not met all the requirements for the assignment

Week 7 Reading Reflection

I thought this article was very interesting. Market segmentation is something that I have learned many times in different classes I have taken at UF so I know how important it is. I was most surprised by how much it has changed and evolved over time. I was interested to read about the 1964 market segmentation plan. I was also very surprised at the fact that although market segments may reach the target market, sales do not always increase because of it. Because of this, I would ask the author what makes market segmentation so important aside from the chance of it increases sales, because it is clear that this is not always the case. I do not disagree with the author and thought he did a thorough analysis of market segmentation.

Elevator Pitch No. 2

2) The feedback that was most important to me was to be more enthusiastic which is definitely something I struggle with, especially when I am recording a video of myself. I got a lot of positive feedback about my idea which gave me more confidence that it could actually work. The most surprising feedback was that someone didn't think the Midtown bars would agree to it because they rely on getting money from IDs that they know are fake, so the whole uploading your ID thing wouldn't be practical. I did not agree with this. Especially because most bars don't charge a cover if you are over 21 so this would automatically be making them a lot more money.

3. I changed this pitch from the last one by starting off with questions that I thought would relate to most college students. I also included something at the end about getting 2 free drink vouchers when you sign up to give people more of an incentive. Overall, I tried to appeal more to my target audience and consumers.

Week 6 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

What stood out to me the most is that the forces that shape competition are different based on different industries or markets.  

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

One part that was confusing was that "eliminating rivals is a risky strategy." This doesn't really make sense to me how one would go about eliminating a rival from the market. That seems unrealistic.

3) If you were able to ask two questions to the author, what would you ask? Why?

First, I would ask the author is if rivalry among competitors is something that drives people away from certain industries?

Second, I would ask the author statistics regarding how these factors actually effected to success of failure of new competitors that enter existing markets (aka entrepreneurs)?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There wasn't anything in the article that I disagreed with but I think the author could have used more real life examples to go along with the information he provided.

Idea Napkin No. 1

1) You. 

I am a junior at UF who is very sociable and enjoys spending time with friends and family. Since classes, tutors and playing lacrosse take up much of my time, when I do get free time I like to use it to the fullest. I am a very motivated individual that is devoted to the things that interest me. I enjoy making others happy. I believe the social aspect of college is one of the most important. College is where you shape who you are, who you will become, and establish a core group of friends who will stay in your life for a long period of time.

2) What are you offering to customers? 

The service I will offer to customers is an app called Future Pay that allows you to pay hours ahead of time to get into your favorite Midtown bars. This will speed up the long waiting process to get into the bars. It will be a more efficient system for both the bouncers and the bar goers.

3) Who are you offering it to? I am going to offer this product to UF students who like to go out in Midtown. Most, if not all, of those who go to bars in Midtown are college students. The bar owners and bouncers of the bars will also be offered the app because they will have to operate their business through Future Pay in order to manage how many people they allow into their bar.

4) Why do they care? 
 This service will be valuable to costumers because the last thing people want to do when they are going out is to wait in a long line and deal with obnoxious people trying to cut them. With Future Pay, lines will hopefully be eliminated completely to make for a much more efficient system than what is currently in place. Especially in Gainesville, the social scene is very important to the culture of the University of Florida so it is necessary to make it as appealing as possible.

5) What are your core competencies? 
What sets me apart from most people is my constant drive, determination, and motivation to complete my goals. I am able to work through adversity and failures have never caused me to give up. I am very independent and self motivating which would be vital to working on the completion of Future Pay.

I believe these elements fit well together with the concept of my business idea. In order to make a new app work, you must have confidence in yourself and be willing to accept failures. I have never been someone who gets discouraged when things don't work out at first. These are very important traits when working to become an entrepreneur because there is no doubt that you will faced with obstacles, difficult decisions, and failures before you are successful.

Reading Reflection Week 5

1) Something that stood out to me in the reading is the length of the process for obtaining a patent. It is a very long and expensive examination process. I have never thought about how this relates to entrepreneurship before.

2) One part of the reading that was confusing was that the fair use doctrine makes it difficult to establish infringement. This was not explained very well by the author and was hard to understand. 

3) First, I would ask the author how often there are legal issues with up and coming entrepreneurs. I think it would be important to know if it was very common, or not that common.

Second, I would ask the author what the other punishments are besides fines and feed when  there are patent or copyright issues. 

4) I did not disagree with the author on anything. He explained all legal challenges well and in a concise manor. I liked how he described the advantages and disadvantages of each type of business in legal terms.

Elevator Pitch #1: Future Pay

Opportunity: Especially on weekend nights, the lines to get into Midtown bars can get very long with people having to stop, pay cover, and show IDs. Lines often end up running down the sidewalks and create large crowds where people are often forced to walk on the street, which is very dangerous.


Solution: An app called Future Pay where you are able to pay ahead of time which will eliminate lines and overall crowded sidewalks in Midtown. There will be an ID scan button. This will benefit both college students and the bouncers. People will simply show the bouncer at the door their payment confirmation on their app. The bouncers will be able to view on the confirmation whether people are under/over 21 years old. However, they will still check IDs at the door.

https://www.youtube.com/watch?v=ECE767R7wzU