My Exit Strategy

1) I would like to sell my business idea to someone who is more educated with technology and creating apps so I can ensure the app and computer programming will be easy to use. By selling my idea, I would hope to make a large profit. I would like to be heavily involved in the decision making behind the app for the first 5 or so years and then sell the business and receive some type of compensation after selling it.  

2) I have selected this strategy because at first I want to be involved with the creation and success but I do not want to make it my whole life.  I would like to have a different, full time job and see this as a side project that I eventually wouldn't have much time for. At first, I want to see through it's success.

3) I think my exit strategy shows how an idea like this could easily take off and become an extremely popular app for the college age and young adult generations. It has greatly influenced my growth intentions of the app.

Week 12 Reading Reflection

Strategic Entrepreneurial Growth

This was a very informative chapter and I learned a lot while reading. I never really realized the need for planning when it comes to starting a business. The chapter outlined the use of unsystematic as well as systematic planning. Planning is all dependent on the level of experience. With that said, strategic planning is still a very important piece to being a successful entrepreneur. The author did a great job of explaining how to properly plan and why it is necessary. I was most surprised by all of the flaws that often occur during strategic planning. Some of these include misunderstanding industry attractiveness, compromising strategy for growth. I most liked figure 13.2 the integration of entrepreneurial and strategic actions. I thought this helped further explain the information Kuratko was hoping to tell readers. Overall, I thought this chapter had very useful information about the different stages of entrepreneurial growth.

Venture Concept No. 1

Opportunity.

There is an important opportunity I have identified for my app FuturePay in the University of Florida community, and possibly other college communities as the app gains success. The potential customers are college age students who enjoy night life and the social scene of college, specifically bar-goers. The market will geographically start in Florida, but has the potential to expand to other college campuses and cities in general with a big bar scene such as New York City, Miami, Boston, etc. The recent breakthroughs in technology in the past few years have allowed for a high possibility that this app will be successful in a college community. I do not believe that the window of opportunity will last very long. Although nobody has created something quite like this app, as technology continues to improve and cash becomes even more obscure, I do not believe paying cover will be nearly as popular across the country.

Innovation. 

FuturePay is an app available to iPhone users that allows you to upload credit/debit card information so that you can pay cover at a specific bar you wish to go to in Midtown. This would essentially diminish the extensive wait time to get into the bar. You will be able to upload a picture of your ID to the app, but will also have to show your ID at the door as verification that you are over 21. Once you have shown your ID in person to a bouncer at any bar, you will be placed into an online system so you will never have to show your ID again. As FuturePay gains popularity and success, you will be able to open and close your bar tab to avoid the annoyance of trying to get the bartenders attention to order a drink. This, again, will diffuse the necessity to get cash out at the ATM before going out. I will make money by selling this idea to the bars in Midtown. This will make everything easier for bar managers and bouncers because everything will be put into an online system where they can see everyone who is at the bar and what their drink orders are. The price will start at $100 a month on a minimum 1 year plan.

Venture Concept.

I do not think it will be hard to get students to use this app, however, I will probably experience difficulty trying to get the actual bars to use this service. I am sure that they have their own system at their establishments and may be unwilling to change if it is something that works for them. The bars may end up making even more money because it will force them to charge a cover, where some bars do not charge cover for those over 21. I will have to explain to them how secure FuturePay will be and how much more efficient it will make their bar. They will have the opportunity to track how many drink orders they receive and how many people attend their bar on a given night which may be important information to the finances of their business. If people are using cash to pay for drinks and ordering them by word of mouth, there is no way to tell what they are buying and how much. I don't think packaging and price points will play a major role in my business concept. It will be more about selling my idea in an effective manor so that bar owners view FuturePay as a necessity in our ever-changing technologically advanced world. As one or two business establishments begin to understand this idea, it will help others realize the necessity for it. There are not currently competitors besides the app BarEye which allows you to buy drinks for friends on the app. But nothing that is as specific and innovative as FuturePay. Some weaknesses may be the fact that IDs need to also be checked at the door for first time users.

Three minor elements.

• My secret sauce: the fact that nothing like this exists, along with the fact that cash is becoming more and more useless.
• What's next for the venture? I think that FuturePay will start as just a way to pay ahead of time for your cover charge. As the app grows, I would like to expand it into a way to order drinks and open/close your bar tab. I would also like to expand the use of the app to other universities and cities around the U.S
•  What's next for me? I hope to continue on with other business ideas in the social scene to help make life easier for college students in any minor way I can. With the success of this idea, I think I will realize that a simple concept and a simple problem/solution can go a very long way and make a very large impact on the community. 

Amazon Whisperer

• Revenue Drivers:

It will be difficult at first to make money because FuturePay will be a free app. Revenues will be made off of advertisements for the app which will be posted to Facebook, twitter, and instagram. The bars in midtown that use my service will have to pay a small fee which is the main revenue driver, as well as the consumers of the app. 

• What's the next thing your customers want?

The next thing my customers will want is to be able to pay for drinks through the app and open/close their bar tab. This will de-crowd the bar area and make it much easier to get drinks. 

•  Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

This will greatly enhance the user experience because not only to students get annoyed by the long bar lines in mid town they also get annoyed with how long it takes to get the attention of a bar tender. This process could be much more efficient if it was all done on the app.

BarEye is the most similar app to my service. It was created in 2013, this app allows you to buy drinks and "send" them to your friends. The concept is similar but it is less of a service than my app would be. However, you are able to purchase drinks at partnering bars through the app which is the next service I would provide next to the ability to pay cover. If I teamed up with BarEye this could make for a really successful idea. According to Techcrunch.com, " you can buy drinks for friends through Facebook or to anyone checked in to a BarEye bar. You can also buy yourself a drink to avoid opening a tab or waiting for service. Just select the bar and drink, pay with credit card and redeem with the bartender." Customer reviews for this app were generally very positive. People rated it high because they liked the idea. People only rated it low because of technical difficulties with connecting to the app. 

Week 11 reading reflection

You Need an Innovation Strategy

I was mostly surprised to hear that innovation efforts fail at first a majority of the time. The reason is because of a lack of alignment between innovation and business strategies. This is something I found to be very surprising and interesting. Before reading this article, I never would have though that businesses would mis-align their new innovation ideas with their typical business strategies. I learned many things in this article that are applicable to the start up of a business as an entrepreneur. There must be a specific innovation strategy in order to see success. Gary Pisano identifies the problem, a solution, and the proper steps to be taken. I like how Pisano discussed the success with Corning's innovation strategies and used a chart to show his success. I do not have any questions for the author and do not disagree with him. He provided a very indepth, clear, concise, and efficient analysis of where company's go wrong in innovation and how they can change their strategies to see more success.

My unfair advantage

FuturePay: app used to pay ahead of time to get into bars to avoid long lines

1. knowledge of how midtown works: I have a good understanding of how the bars in midtown operate.

Valuable: yes
Rare: no
Inimitable: no
Non-substitutable: yes

2. people skills: I am outgoing and good at talking to people

Valuable: yes
Rare: no
Inimitable: yes
Non-substitutable: no

3. lack of competition: similar apps do not currently exist

Valuable: yes
Rare: yes
Inimitable: yes
Non-substitutable: yes

4. college relevance: for use by college students

Valuable: yes
Rare: no
Inimitable: yes
Non-substitutable: yes

5. possibility to spread: if popular could spread to other college campuses

Valuable: yes
Rare: no
Inimitable: no
Non-substitutable: no

**6. convenience: It makes going out easier

Valuable: yes
Rare: yes
Inimitable: yes
Non-substitutable: yes

7.  large customer base: UF has a huge student body

Valuable: yes
Rare: slightly
Inimitable: no
Non-substitutable: yes

8. easy to access: most people have iPhones

Valuable: yes
Rare: slightly
Inimitable: no
Non-substitutable: yes

9. iPhone proficiency: I am easily able to navigate my phone and all the apps so I would be able to efficiently explain my app

Valuable: yes
Rare: no
Inimitable: no
Non-substitutable: yes

10. creativity: I believe this is an original idea and could create branches off of this service (such as ability to order drinks on the app)

Valuable: yes
Rare: yes
Inimitable: yes
Non-substitutable: no

My top resource is the convenience aspect. I do not believe that there are other services out there that make going out in Gainesville's midtown an easier and more efficient process.

Week 9 Reading Reflection

Marketing Challenges for Entrepreneurial Ventures

I really enjoyed reading this chapter and learned just how important the marketing process is when you are starting a business. Something from the reading that stood out to me the most was that there is a distinct difference between conventional marketing and entrepreneurial marketing. I never really recognized that there were different types of marketing based on the success and maturity of the company. The chart outlining traditional versus entrepreneurial marketing in this chapter was really helpful in better understanding this. Nothing in the reading was confusing to me, it was all very straightforward and the author did a good job of clearly and concisely explaining the importance of marketing and the different tactics that entrepreneurs should practice. I would ask the offer to provide real life examples of when these marketing tactics actually worked and were successful and how companies used these tactics in real life. This would help make the information of the chapter more credible and would also allow readers to better understand the matter. That is the only question I would ask. I did not think the author was wrong about anything in this chapter. I am someone who is usually interested in marketing so I found this reading to be very easy to read and understand.