Week 8 Reading Reflection

Weekly Reading

The number of resources for investing is numerous. I knew of a few but not all. It was great to read about Venture Capitalists and the criteria for obtaining resources from them was very informative. Angels investors are also very intriguing to read about. I was not aware of their existence until the information that was provided in the book.

It took a while for me to fully understand the process that it takes to acquire a lot of the different ways to gain capital. Also, I never knew that Capital Investors required such a large return, but it does make sense since the risk is great.

I would like to ask for more information and stats on the many different sources of capital. The information that was provided was very informative, but I would like to see more.

As I am not an authority on this subject, I cannot disagree with anything said in the book. I found it all very informative and inspiring. I look forward to reading more in the book.

Half-way Reflection

Reflection

I have set aside a certain amount of time to dedicate to this course. I make sure to look at what is due the following week and also to make sure to open the assignments to see what is exactly entailed in the assignment. The assignments are not too difficult one has to check in every day and keep up with the timeline.

To me the worst part is the interviews with complete strangers. Especially if the potential interviewees keep denying you the interview, at times I would want to skip the assignment. I would keep saying to myself that I only need one to get it started. And it seems to always happen. I would get that first one and then the rest would seem to follow one after the other. At the end I would always feel accomplished and significant.

One must always, “Keep The End in Mind” (Stephen Covey, Seven Habits of Highly Effective People) and know that to get a good grade one has to complete the majority of the assignments and also do any extra credit that comes available. Yellowdig is a great source of that extra credit. Also keep in mind that the assignments are actually fun once you get into them and it does give one a feeling of accomplishment.

The Twenty Percent

80/20

Entrepreneur:

Customers:

Reflection: 

I felt the entrepreneur that I interview was very aware of his customer base and needs. One of the items that he mentioned off camera was that a lot of his customers procrastinate in getting certified to dive. Other than that he was aware of where to advertise and where not too. Great interview as far as I am concerned.

Week 7 Reading Reflection

Rediscovering Market Segmentation

To me, Market segmentation seems to be a gamble. Though the research does provide some good conclusions, it still is a bit unproven that a company/corporation would be able to hit the correct audience.

Why would a company continue to invest such a large amount of money towards something that only works part of the time? I did a little research into today’s market segmentation and it is advancing into ways that actually do contrive results. Mainly through the intensive use of the digital world. It digs deeper into the wants and needs of consumers and is able to differentiate the groups better.

It seems in the end of the article that they conceded to the fact that it doesn’t work as well as intended. But at the first of the article they seemed to be all for it. My question would be; Why the misconception?

As I am not an authority in this area, I will not construe anything in the article to be inaccurate. It was a good article and I learned much form it.

Elevator Pitch No. 2

Elevator Pitch #2

I received nothing but positive feedback for my "Elevator Pitch #1", with that being said, I am posting the same pitch as the first time. My motto is to "Work smarter, Not harder". So there is no need to re-record the pitch.

The most important part of the first responses was the positive feedback. I really think this is a plausible opportunity, regrettably I will not be able to see it into fruition as I will be attending graduate school in another city and/or state.

If I am incorrect in my thinking, please let me know and by all means take the points away. I feel that there is no dishonesty here because I am letting the readers know in advance of my actions.

At this time, I only have access to a webcam. (can't afford a new phone) 

As I stated above I left the pitch the exact same as my prior pitch.

Customer Interviews No. 3

Customer Interview 3

This is what I wrote on the paper that I handed to the interviewees:

I have come up with an opportunity to start a union for the service industry. If unionized the employees would have representation in conflicting matters that involve one perspective employer. Such as being fired/dismissed from a position without probable cause. Also employees would be eligible for benefits such as fair wages and health/dental insurance.

The outcome was very positive. The majority of the interviewees were all for the opportunity that I presented to them. This will not really change anything. The response has been the same throughout all the interviews, which is the majority are for it.

Week 6 Reading Reflection

Reading Reflection

I never understood all the different factors that were involved in the business process. One must really do some research prior to starting a business. The five elements are of tremendous help to any entrant into a particular industry. The way they are dissected for each separate factor helps one to really look into what needs to be done or not done to become and stay competitive in any industry.

I was a little confused about how a supplier can monopolize a product and then use that to set higher prices as a bargaining power. I would have thought there would be laws against such a practice.

Why aren’t there laws against price fixing or being able to monopolize a certain industry or product category? Should it be lobbied to stop such inappropriate practice?

The article was well written. I enjoyed reading the entire thing and learned a lot of new information I was not aware of. I will definitely use the five factors in my new endeavor.

Idea Napkin No. 1

Idea Napkin

Week 6

I am an entrepreneur. I have started and successfully operated several businesses. I plan on working in the executive offices of a large and prosperous corporation. The business I have conceptually planned will be of great benefit to service employees of the Orlando, Central Florida, and eventually Florida area. Unfortunately, this will not have any impact on my life as I will be moving on to graduate school and will not be able to work it into a valid business.

My business will be a great benefit to service employees. It will give them some backing when it comes to disputes with an employer as well as making sure that the employees are treated fairly with fair compensation and benefits for the position they are in.

The service will be offered to all service employees in the Orlando area. If the service does well, it will be offered to service employees in the state of Florida.

They would care because the state of Florida is a “Right-to-work” state. Which means that one can be fired or released for any reason what so ever. The service would provide leverage for the employee to standup to the employer and demand a valid reason or force the employer to reinstate the employee. Employees want fair wages and benefits.

This is a service that is not available to the service industry in Florida. This would be the only service provider in the state.

I believe this business plan fits together well. The only flaw I could see coming up would be that the employees are reluctant to join for fear of retaliation from an employer. Hopefully, they will understand that this is what the service to intended to do away with “Fear” of an employer. The employers will also be against it as it will ultimately set them back financially as well as take some of the power away from them. All in all, the concept is good.

Week 5 Reading Reflection

Reading Reflection

Week 5

I was not aware of the rate of start-ups. (1500 per day) The statistics are staggering. It almost makes one feel that the chances of coming up with an original idea as well as an advantage that one might have over another is small in numbers. I do like ands appreciate the checklist that was produced in the book.
I have never thought of starting a business that produces products so the section on product availability was a little confusing to me. I had always thought that most products were always readily available.
Where does one find these feasibility reports or how does one come up with the correct questions to ask per business one is about to go into. To me, I would brain storm with others to come up with the proper questions that needed answered for a certain type of business to be successful and profitable in the first year and every year after.
Again I am no authority on this subject so it is all great information. I really have enjoyed reading and learning form this book thus far.

Elevator Pitch No. 1

Service Industry Union

Week 5

My opportunity is to provide service industry employees with representation for fair wages and benefits as well as representation for being fired/released without a valid reason

My solution is to form a Union for service employees.