30A – Final Reflection

What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

One of the best experiences that I received in this class was my experience with the elevator pitch exercises. This was my first attempt at an elevator pitch and it was definitely an experience that will bee of value to me. I learned the in's and out's of an elevator pitch and now I feel I can give a successful elevator pitch for the product idea that I chose for this class. I am extremely proud of myself for this experience because every time I filmed a new elevator pitch, I learned something new that I would incorporate into my next attempt.

At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

After finishing this class I know I developed as an entrepreneur based on the skills that I was taught throughout this semester. With that being said, I believe I developed an entrepreneur mindset that I will carry forward in my career. I know I developed this mindset because everyday I am always thinking of new ways to be innovative. In addition, I am always trying to figure out how to help other people and make ones everyday task easier.

What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

To be a successful student in this course, I believe it is important to keep up with the coursework. In addition, it is also extremely important to choose an entrepreneurial venture that you believe in because you will end up developing that idea for the whole entire semester. Lastly, always remember to try your hardest and do your best job on anything that bears your name. Diligence not only applies to principles of entrepreneurship, but to everything you do in your career. In order to maintain this mindset you need to bee organized so I suggest setting reminders on your phone for when your assignments are due and completing your assignments days before the deadline.

Venture Concept No. 2

Icebreakers

Opportunity

There are nearly eight billion people in the world today which leaves us with the lifetime opportunity of meeting new people. Despite there being so many people in this world to meet, we still tend to only talk to the people we already know when we go out to a bar or a social setting. This is mostly due to our natural instinct of doing what is comfortable and fearing the uncomfortable. With that being said, I am creating an app that has the ability to make socializing in a social setting a little bit easier. After being in Gainesville for nearly 2 years and spending almost every weekend going out to social events, I found the need for a solution to a problem. When I first walk into a bar, the first thing I do is look for people I know if I haven’t already come with anybody I know. Every time that I have gone out, I have been with a group of people. We usually see people in the bar that we already know, and we go and talk to them. This is not a problem, but I believe that it should be easier to meet new people and there has to be a way to promote social networking in a bar setting. I then realized that there is a need for a social networking app that is specific to each social setting. Personally, I think this need can apply to all age range’s, but my app is built specifically for college students that are 18 to 22 years old. The introduction of this app would make a bar setting more social and promote social networking. This app would also target people outside of college that are in a social city bar setting. This would be a great market for the app because most people go to new cities after college for work and they usually don't know many people when they walk into a new bar. 

There is already an extremely successful app known as tinder that has the similar function but the app, they use does not have the functionality to be specific to each bar. Tinder is known for being more of a stay at home hookup app instead of a social networking app like Facebook. With that being said, this is a he opportunity because a platform with the functionality oi just described does not exist.

Innovation

The name of my app is Icebreakers. The icebreakers app is a free social networking platform that helps people network with the other people in the same social setting as them. When you walk into a bar you open your Icebreakers app and check into that bar. After checking into that bar you will be able to see who is in that bar through the app. You will only be able to see the people that have the app and have checking into the bar. Next, a notification will be sent out to everyone using the app that you entered the bar. You can then filter out who you want to see in that bar and you now have the opportunity to view who is in the bar. After viewing who Is in the bar, you find someone that is in the same club as you at UF that you haven’t yet met. You then send this person a request to meet up. The other person can view your request and see if they are interested in meeting you. After they accept the meetup request, you will be given a meetup location in the bar and you will be placed in a direct message to communicate. In terms of security, this app does a background check before anyone joins the app. After completing the background check anybody can report suspicious behavior and those people will be removed from the app. Also, let’s say someone requests to meet you and you don’t want to meet them because they seem sketchy, then you simply just decline their request and the person cant request you again that night.

Venture Concept

My innovation will address this opportunity because it will give people a new alternative for networking that may be easier and more enjoyable for some people. If this app is used in full effect, then it will allow people to network and make new friends when out in a crowded social setting. Obviously, the hardest part about creating this app is getting people to use it. My competitors are tinder and Facebook but at the end of the day this app’s one of a kind, so it doesn’t really compare to Facebook or tinder due to its distinct functionality. This product would require a tech team to fix any problems that the users may have. It would also require a research and development team to further advance the software.

The three minor elements

I think my most important resource will be the ability for this app to be a fully integrated platform. This means that every step of the networking experience is done through the app all the way up until you meet the person face to face. Also, I think the experience that people receive when using this app is an exhilarating experience that will differentiate us from the competition. The next steps for this venture are to meet with a app developer ad work on creating the app that will perform everything I described above. Also, I need to develop a cost breakdown of the expenses that will go into getting this app up and running. After launching this app, my main focus will be on spreading the word and getting people to try out this platform. Five years from now, I could see this app being a global leader in social networking platforms. I want to see this app develop and improve based on user feedback. This will give the user the best experience possible and it will allow this app to spread a good word. I believe this app will change the world for the better. This app will allow people to go out in a social setting and comfortable and safely build their social network and advertise their personal brands

2&3) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.) Describe how you changed your venture concept, based on what you learned from the feedback.

In this assignment I included some of the feedback that I received from my first venture concept assignment. One of my classmates expressed his concern for me strictly targeting college students so I expanded my audience where I am also pursuing college graduates who just moved to a new city and don't know anyone at the bars. I found this advice extremely helpful because I was too focused on college students when my app is very applicable to many different crowds. 

4)

28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

Following my experience in in ENT I plan to continue developing my company Icebreakers. As I mentioned in previous posts, there are still many steps and updates that I plan to implement into the development of the Icebreakers app. Long term I want to develop this app into a self sustaining company where I don't need to put as much effort into it as I do now. 

2) Why have you selected this particular exit strategy?

I selected this strategy because I want to keep my company so I can continue to develop it. In addition, I believe this company will eventually be self sustaining which means it will require less of my attention. I will then be able to focus on my other business ventures and hopefully pass this business down to my kids or sell it in the long term. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

When creating my concept I always did so with the mindset that I will not be selling this company anytime soon. With that being said, this decision will not effect my concept at all.

27A – Reading Reflection No. 3

1) You read about an entrepreneur:

Ray Kroc built Mcdonalds at the age of 52. This is extremely inspiring because when you are older, it is alot tougher to take risks because you have more obligations. I admired the fact that he owned and started multiple business at the same time at the age of 52. Ray Kroc owned the Mcdonalds Realty which means that every person that started a McDonalds had to pay him rent. In addition he owned the Mcdonalds franchise and he invented the ice cream machines that are used in McDonalds today. I do not admire that he is selling food that is knowingly unhealthy and dangerous to humans. This food is cheap which makes it more appealing to humans. When Kroc went to sell multi mixers he quit his job working for the paper cup company that he previously worked for. They found out that he signed a contract with them and they demanded 60 percent of his business in a lawsuit and he had to accept. With that being said he lived off only 40 percent of his income which was tough but he was able to do. In addition, when building the second location, the entrepreneurs struggled to get the fries to taste right which directly effected their customer satisfaction

2) What competencies did you notice that the entrepreneur exhibited? 

Kroc was able to successfully create the best French fries known to man at the time and even compete with the top burger company's. He was able to expand McDonalds with most of the locations being franchises. He made most of his money after he first met with the McDonald's brothers to sign a contract where he handled the new locations that would be built. This allowed him to expand the McDonalds brand while also selling more of his multi mixers.

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

I was confused by how easy the McDonald brothers signed rights over to Kroc. They should have realized how valuable there company was and expanded it themselves.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

I would ask Kroc, what is the biggest piece of advice that he would give people who are looking to start a business but who are scared to do so. Kroc has alot of experience and. I am sure he could give good guidance. I would then ask him how he plans to continue the growth of Mcdonalds with the world tending tom shift to a healthier diet, and more information on the health of McDonalds being released.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I believe that Ray Kroc is a very hard working man. It has been made obvious through his extreme venture as an entrepreneur. He seems to believe that hard work is essential to being successful and I completely agree with that opinion.

26A – Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

A time that I failed this semester would be when I took my first exam in marketing. It was my first time using smoking notes and I did not fully understand how to study for the class. In preparation for this exam I only read the smokin notes one time and that was it. With that being said, I did not do well on the exam. 

2) Tell us what you learned from it.  

Following the exam asked my friends how they studied for the exam and they said to do the smoking notes, memorize all vocabulary, and complete all of the practice exam. I did one third of that which Is why my first exam didn't go well. With that being said, for exam 2 I did all of the three things I listed above and I aced the second exam. 

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Personally, I believe that failure is essential for human development. The best way to learn is to fail. Naturally, our bodies and our mental state tend to shy away from failure but if we face failure head on our body and mind will adapt. It is important to assess your failure and figure out why you went wrong then develop a new plan. Learning from failure is what develops us as humans. If we didn't learn from failure, we would be stuck and never develop. Following this class, I find myself always willing to take risks because ei know that if I fail, I will come out a better person.

25A – What’s Next?

Existing Market:

Step 1: The next steps for my venture is to develop and budget the app.

Step 2: Did not do interviews due to teachers instructions

Step 3: I think that to grow in my existing market, I need to focus on the experience that the app provides. The experience is what determines if the user will use the App again and it will also determine if they will spread a good word or a bbad word. In my opinion, most social networking apps spread through word of mouth if they provide a good experience.

New Market:

Step 1: I can target people over the age of 22.

Step 2: My app could create value for the individuals in this market because they could expand their network and meet new people. Also, not all people over the age of 22 are in relationships. With that being said, this app could help them in meeting someone new that they could build a relationship with.

Step 3: Did not do interviews due to teachers instructions

Step 4: The new market I identified above seems like it would be an extremely successful market. I say this because people over the age of 22 still have desire to build their social network so this app would provide them that opportunity. Personally, I think my target market should be people between the age of 18-22 but I think this is a market worth pursuing. I think the best way to tap into this market would be to create filter that allows you to choose the age range that would are looking to network in. After choosing this age range, the app will automatically filter out the people that don't fall into this age range.

24A – Venture Concept No. 1

Icebreakers

Opportunity

There are nearly eight billion people in the world today which leaves us with the lifetime opportunity of meeting new people. Despite there being so many people in this world to meet, we still tend to only talk to the people we already know when we go out to a bar or a social setting. This is mostly due to our natural instinct of doing what is comfortable and fearing the uncomfortable. With that being said, I am creating an app that has the ability to make socializing in a social setting a little bit easier. After being in Gainesville for nearly 2 years and spending almost every weekend going out to social events, I found the need for a solution to a problem. When I first walk into a bar, the first thing I do is look for people I know if I haven’t already come with anybody I know. Every time that I have gone out, I have been with a group of people. We usually see people in the bar that we already know, and we go and talk to them. This is not a problem, but I believe that it should be easier to meet new people and there has to be a way to promote social networking in a bar setting. I then realized that there is a need for a social networking app that is specific to each social setting. Personally, I think this need can apply to all age range’s, but my app is built specifically for college students that are 18 to 22 years old. The introduction of this app would make a bar setting more social and promote social networking. There is already an extremely successful app known as tinder that has the similar function but the app, they use does not have the functionality to be specific to each bar. Tinder is known for being more of a stay at home hookup app instead of a social networking app like Facebook. With that being said, this is a he opportunity because a platform with the functionality oi just described does not exist.

Innovation

The name of my app is Icebreakers. The icebreakers app is a free social networking platform that helps people network with the other people in the same social setting as them. When you walk into a bar you open your Icebreakers app and check into that bar. After checking into that bar you will be able to see who is in that bar through the app. You will only be able to see the people that have the app and have checking into the bar. Next, a notification will be sent out to everyone using the app that you entered the bar. You can then filter out who you want to see in that bar and you now have the opportunity to view who is in the bar. After viewing who Is in the bar, you find someone that is in the same club as you at UF that you haven’t yet met. You then send this person a request to meet up. The other person can view your request and see if they are interested in meeting you. After they accept the meetup request, you will be given a meetup location in the bar and you will be placed in a direct message to communicate. In terms of security, this app does a background check before anyone joins the app. After completing the background check anybody can report suspicious behavior and those people will be removed from the app. Also, let’s say someone requests to meet you and you don’t want to meet them because they seem sketchy, then you simply just decline their request and the person cant request you again that night.

Venture Concept

My innovation will address this opportunity because it will give people a new alternative for networking that may be easier and more enjoyable for some people. If this app is used in full effect, then it will allow people to network and make new friends when out in a crowded social setting. Obviously, the hardest part about creating this app is getting people to use it. My competitors are tinder and Facebook but at the end of the day this app’s one of a kind, so it doesn’t really compare to Facebook or tinder due to its distinct functionality. This product would require a tech team to fix any problems that the users may have. It would also require a research and development team to further advance the software.

The three minor elements

I think my most important resource will be the ability for this app to be a fully integrated platform. This means that every step of the networking experience is done through the app all the way up until you meet the person face to face. Also, I think the experience that people receive when using this app is an exhilarating experience that will differentiate us from the competition. The next steps for this venture are to meet with a app developer ad work on creating the app that will perform everything I described above. Also, I need to develop a cost breakdown of the expenses that will go into getting this app up and running. After launching this app, my main focus will be on spreading the word and getting people to try out this platform. Five years from now, I could see this app being a global leader in social networking platforms. I want to see this app develop and improve based on user feedback. This will give the user the best experience possible and it will allow this app to spread a good word. I believe this app will change the world for the better. This app will allow people to go out in a social setting and comfortable and safely build their social network and advertise their personal brands

23A – Your Venture’s Unfair Advantage

Resources: 
1. Convenience
V: This is a valuable resource because people can use the app anywhere at anytime.
R: This is not a rare aspect because most social networking platforms are apps.
I: This is not tough for others to copy.
N: This can bee substituted through a different platform but an app seems to be the most convenient.

2. Motivation
V: This is a valuable resource because the team that runs this app is one that is always striving to be better.
R: This is rare because motivated individuals are hard to find.
I: This is tough for others to copy.
N: Motivation has no substitute in my opinion.

3. Social Capital
V: This is a valuable resource because it helps others build a stronger social network.
R: This is rare because it takes a lot to build a strong social network.
I: This is tough for other people to copy.
N: Social capital is hard to substitute.

4. Safety
V: This app is backed buy security checks and deletes the risk of social networking.
R: This is rare because most social networking apps are dangerous.
I: This is tough for other people to copy.
N: Safety is pretty straight forward so it is hard to substitute.

5. Finance
V: With my major being in finance, I can apply my skills and knowledge to keep this company financially secure.
R: This is rare because not everyone is a finance major.
I: People can copy this but it would cost them time and effort.
N: This can be substituted for a different major but they all have different benefits to the business.

6. Fully Integrated
V: This is a valuable aspect of the app because every step of the process of meeting new people goes through one platform.
R: This is rare because not all apps are fully integrated.
I: This can be copied.
N: Integration can be substituted for separate platforms but it is better to have a service all on the same platform in my opinion.

7. Price
V: This app is affordable for all people.
R: This is rare because not all apps are free.
I: This can be copied with the right financial backup and setup.
N: Price is easy to substitute, but substitutions can have huge implications on the company.

8. Experience
V: This app leaves people with a special experience that they tend to not forget.
R: This is rare because creating a good experience is not easy.
I: This can not be copied.
N: Experience is hard to substitute.

9. Tech Team
V: There is a technology team working around the clock to fix any problems with the software.
R: This is not rare but it is extremely helpful.
I: This can be copied but may not be as effective.
N: A tech team can be substituted.

10. Research and Development
V: This team filters through customer feedback to help develop the app.
R: This is not rare but it is extremely helpful.
I: This can beg copied but may not be as effective because all teams are different.
N: A Research and Development team can bee substituted.

Reflection:

After completing my list of resources, I have come to a conclusion that my most valuable resource is my background in finance. This allows me to look at the company from a financial perspective and develop it in the most financially realistic way.

21A – Reading Reflection No. 2

1) What was the general theme or argument of the book?

The book that I read is 'How to fail at almost everything and still win big' by Scott Adams. This book is a memoir of Scott Adams that tells his life story and the important lessons that he took away from his life experience. In this book, Scott explains the importance of using systems instead of goals. Goals always feel like a win every time you complete a task while systems make you more vulnerable to failure because you always have more to do. This is great because you are working towards a large achievement but not everyday is a success so it is a lot more realistic. He then discussed the importance of choosing a job that you are most likely to take risks with. Lastly, Scott is a big believe in finding your energy. By this he means that it is important to do something that keeps you feeling energized because if you can learn to manage your energy then you can fail a bunch and still produce big wins.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book enhanced my learning in ENT 3003 by reminding me that failure is apart of entrepreneurship and even part of life. I need to accept failure and learn from it because that is how you grow into a better person. In addition this book reminded me of the importance of patience. Lastly this book helped enhance my learning in ENT by teaching me the importance of systems over goals. It is good to create systems because they keep your energy moving and allow for failure.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I were to design an exercise based off this book for student then it would bee an assignment where a student picks 5 of his goals. The student then changes his 5 goals to 5 systems. This would help students understand the importance of systems and teach them how this concept can benefit their lives.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations? 

One of the subjects in this book that really stood out to me was the idea of patience. Most people aren't extremely successful before the age of 30. HE used many well known names as examples of people that didn't become known until after their 30's. This made me realize that I need to be more patient. Many people expect that success is going to come as soon as they start working hard but in reality working hard only sets the foundation for being successful. It is important to set short term and long term goals and to be realistic. While setting goals one will face failure and it is important to learn to embrace that failure. If you learn from your mistakes and develop a strong work ethic, the possibility are endless. 

22A – Elevator Pitch No. 3

Reflection: During this process the feedback that I have received on my elevator pitch has been a huge help. Without people commenting on my post it would be hard to continue to develop my pitch. For my previous pitch I was told that everything went great and wasn't given too many points of error. In this final pitch I changed some of the wording and vocabulary that I use to help my speech flow more. I also tried to speak louder and clearer to help communicate my product more strongly.