Final Reflection Weeks 15

1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

This class had many assignments and they all produced different emotions and feeling. Not to lie a lot of them got on my nerves, but many also contained a helpful lesson I will probably utilize in my life. I think the biggest benefit was making you sit down and come up with an actual venture, in so much that it showed you that you are capable of realizing a problem and finding a solution to that problem.

2) 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?

I think having to go out and interview customers is an experience that made me step out of my comfort zone and is the type of lesson that will stick with me for my life. I think the most formative experience though is that of just having to identify problems and solve them. Whether it was identify the world's biggest problems and coming up with solutions or trying to create a venture concept from a problem in your own life, it is a valuable skill to know you are capable of doing just that.

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

Why I not be a full fledged entrepreneur just yet, I think this class has opened my eyes as to how entrepreneurs view the world. Entrepreneurs don't just view the world as is, they look for problems and opportunities, and when they find those problems or opportunities they try to capitalize off them.  

4) 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?

The biggest piece of advice i could give to someone who is going to take this class in the future is to not be afraid to step out of your comfort zone, in fact you'll have to multiple times so just get used to it. I also let them know that failure is just a part of life, so I'd get used to that too.

Week 15 Reading Reflection

The biggest surprise that I had about this week's reading was the whole concept of micro-financing. i was unaware that such large companies handled financing for such large impoverished areas of the world and actually turn a profit on such a wide and diverse market of small loans.

Nothing really confused me about this reading, but I was amazed how quickly the author was able to expand his business by utilizing mostly villagers with little to no experience as his loan officers, and how he was able to expand to so many villages with different and unique cultures and still find success.

Two questions:
- Is religious law a problem that you run into often working in this region of the world, or are they more isolated incidents?
- Is it easy to switch your business from a non-for-profit to a for-profit model or do people lose faith in what you are trying to do?

I did not disagree with anything from this week's reading.

 

Week 14 Reading Reflection

The thing that surprised me most about this week's reading was the concept of social entrepreneurs. I had never heard of any specific kind of entrepreneur, especially that of a social entrepreneur. I found it an interesting concept because most of the time you think of entrepreneurs as people out to make money and not people out to solve social problems.

The one thing that confused me about this chapter's reading was the concept of the ethics of caring. I didn't quite understand the exact differences between between the ethics of caring and normal ethical behavior.

Two questions:
- What are some of the key elements of the ethics of caring?
- What are some of the main industries that social entrepreneurs are involved in?

I did not disagree with anything from this week's reading.

Google Gold Week 14

The easiest strategy for search engine optimization is to narrow down the key words identified with the industry you are trying to establish, so that when they are searched it is your website that is found. I did this with my blog posts, I used key words to make my posts more easily accessible.

For my posts I made sure to include my first and last name in each post. I also made sure that each post also contained the course code, ENT 3003.

Using youtube to post my videos onto my blog made it easy for viewers to find other videos that I have posted. Other than that I don't really utilize any other forms of social media in my personal life so I did not use them for my blog.

My most viewed post was identifying local opportunities. I think this post was the most viewed because It contained many key words that would relate to big headlines of major news outlets.

I did not make it to the front page but I believe that if I tailored my key words better to certain assignments that I could make it to the front page.

Very Short Interview, Part 2 Week 14

Looking back on my initial interview I can find a wealth of helpful information that helped me make the most out of this class. It made me aware that there was going to be many times throughout this class where I was going to fail. It also made me aware that I needed to learn to look at the world in a different way, that I need to see where their was opportunity to exploit.

How important is it to realize and understand your customer base?
- "I think it is one of the most important parts to creating a successful business, especially when it comes to the hospitality industry where a restaurant or nightclub thrives when it is tailored to a certain group of people. It is also an industry where you must constantly must update your business to meet the needs and wants of your customers."

Are there times when you need to step outside of your comfort zone?
- "Stepping out of your comfort zone is what being an entrepreneur is all about. Most anyone can get a job in an office and have a simply routine of going to work at 9 and leaving to go home at 5, but being an entrepreneur is all about putting it all on the line. Your going to have to work outside of your comfort zone and work with people you may not enjoy working with, but if you want to achieve your dreams you going to have to deal with all of it."

What are your views on failure?
-"Failure is inevitable when you are an entrepreneur. The most important thing is that you learn from these failures and use them to be better prepared for the future."

I think I was much more comfortable talking about entrepreneurship this time around. I felt like I knew the characteristics that make up a successful entrepreneur and that the answers I received resonated much more with me this time around.  

Celebrating Failure Week 13

For this last semester I have been living abroad in Rome. I came over here with no knowledge of how to speak the language, which has proved to make living my life in Italy all that much harder. From ordering food at a restaurant, to trying to ask for directions, there has been many a time where I have made a fool of myself trying to communicate.

The biggest thing I've learned from my time abroad is you can't let seeming dumb stop you from going a trying things. It is a large world and there is so much to go see, sometimes you have to go out with your four foreign words you know and try to make the best. You may seem dumb sometimes and you may even get lost in a random city but it's all helps you learn and it is all part of the experience.

Failure isn't fun for anyone. No wants to feel like they are inadequate at doing something, but it is necessary to make ourselves better and learn new things. When I fail at something I get made at myself for not knowing the correct way to do it, once you learn what you did wrong it always makes feel stupid I didn't know that in the first place. I think this class was designed to take people out of their comfort zone and set people up for failure, which is a valuable skill because it makes people less afraid to just out and try new things.

Week 13 Reading Reflection

One of the biggest surprises about this week's reading for me was the various different methods you can use to determine the value of a company. I didn't realize there were so many ways to come up with a company's value and the fact that different methods are more efficient for certain types of businesses.

I didn't think anything was confusing about this week's reading.

Two questions..
Should you have your company valued on a regular basis or just when there is a need for it?
What valuation method is most commonly used?

I did not disagree with anything from the reading this week.

My Exit Strategy Week 13

1) If I do end up owning a restaurant in my life I would love to continue to run it until I have children who can choose to take it over, though it is rare that restaurants these days survive for that long, it would take a lot of updating to remain relevant.

2)I have selected this particular exit strategy because my parents have owned restaurants my entire life, it was my first job, and now my brother runs it for my parents. Since I have had so many good times within their restaurants I would like to be able to provide those sort of experiences for my children.

3) I suppose my exit strategy has influenced me in so much that I would like to own my restaurant solely without any partners, so that I would be able to pass it on to my kids.

Reading Reflection Week 12

There were many things I found interesting about this week's reading, but one that stood out in particular was the lack of necessity a strategic plan is for a small business. While described the benefits it has towards la gear corporations, I felt a strategic plan would benefit any type of business.

I also found it confusing that out of 220 companies studied only about 40 percent had an actual plan set for their business concept. It's hard to understand how a business can expect to succeed and grow with out a laid out plan for their future.

Two questions I'd ask:
Why do so many business start without a strategic plan?
At what point does a business start to think about making a strategic plan?

I did not disagree with anything from this week's reading.

Week 11 Amazon Whisperer

The product I would like to offer would be a portable projector for your cellphone or tablet. People use their cellphones for so much more than just talking or sending a text message these days that it would be useful to have a way of projecting the images.

By making a product that is easily portable and with decent graphics you have a product that can be utilized by a large number of people. From business people who need to give an impromptu presentation to friends trying to enjoy a video together it appeals to a large demographic.

The similar product I found was a simple device to magnify the image being shown on your phone.

Most reviews are the same, talking about how the product doesn't live up to the qualities it was stated to have. They said that it did not produce a clear enough image and that the projected area wasn't large enough. Some stated the ease of use was a plus.

If I were to improve this product I would make it technologically based. It would increase the price, but it would also make the product much more useful. By being able to project it better lighted areas and to be able to increase the surface space that a clear image can be projected over makes for a more quality product.  

Week 11 Reading Reflection

The biggest surprise from this week's reading for me was the importance of an innovation strategy towards a company. It was interesting to learn that while a company can be innovative without a innovation strategy, there will come a time when the company doesn't have the right tools to make trade off decisions.

One part of this week's reading I found confusing was how exactly you determine what area of the innovation landscape map your business is in, and how do you do it before it is too late.

Two Questions I Would Ask:
- What are some examples of trade-offs a company such as Apple have made?
- How are companies that fall into the architectural area of the innovation landscape map able to rebound and become successful again when they have to make so many changes to their company?

I didn't disagree with anything from this reading.

My Unfair Advantage

1.Business Education
- It is a skill that not all possess even though they go into some kind of business venture. To understand how to budget and create sound financials for your business doesn't come easily to all, so by having a background in finance is a big advantage.

2.Experience with running a restaurant
- I have grown up in a family that has owned and operated restaurants is a very hard resource to imitate. It also such a valuable skill to know what it takes to create a well run restaurant that has the possibility to create profit.

3.Experience with working in a restaurant
- Beyond just being on the operating side of owning a restaurant it is valuable to have worked nearly every position within a restaurant. I have been a waiter, a barback, and a bartender, I have also worked in the kitchen. This is a rare skill that is not always imitated by owners and prepares to to hire employees that have the characteristics that fulfill the needs of your restaurant.

4.Experience with ordering
- It is a rare and valuable resource to know what you need to order to not have waste and to know how to keep costs low in order to turn a profit.

5.Leadership
- It is not so rare to have the traits of a leader, but it is valuable to know how to delegate power and to know how to separate work from the personal friendships that form in small businesses. You have to be able to make decisions that may hurt your friendships with people, but that are ultimately best for your business.

6. Creativity
- May seem not so rare or that hard to imitate, but it is valuable to think out side of the box. Especially in the hospitality industry, you must always be able to adapt your business to the trends of the time.

7. Potential Start Up Money
- It is a rare thing to be able to create your business without much debt, it is hard to imitate. I am lucky that my family has been successful with their ventures and would be able to create a business.

8.A Sense of Realism
- Often times those who restaurants have to high of hopes. I know the reality is that seventy percent of restaurants will close their doors within the first year, and you must take this inconsideration and create a financially sound business model before ever investing.

9.World Experience
-I have traveled all around the world and have a sense of different cultures, which is something rare and hard to imitate. It is also valuable in an industry where people are always looking for new, creative things to try.

10.People Person
- Owning a restaurant is part of the hospitality industry which means that you better be good at dealing with people, those that are happy and those that are angry. It is necessary skill to have if you want to open a restaurant.

After listing out my 10 advantages, I feel that my experience with working and operating in a restaurant is my biggest advantage in opening my own. I don't think there is any substitute to have been raised in one specialized industry for your entire life and to have worked in every aspect that makes it up. People can pick up the other skills I possess but this is one skill that is engrained in me.

Growing My Social Capital Week 10

Domain expert in your industry.
- Anthony Sterino has owned and operated restaurants and other entertainment ventures for decades. Today he owns a corporation that operates various restaurants, nightclubs, amusement parks, and even a beach on the Jersey Shore.
- He fills the role of a domain expert of operating successful service and entertainment operations, and as another goal of mine is to open a restaurant he is an valuable contact to have.
- This person is a friend of my father, who also operates restaurants in New Jersey, and my father gave me his contact information.
- The exchange I had with him was simple, I explained to him about the idea I had for my restaurant and about the demographic of the area I would like to open it in and he offered my some advice as to how to make my restaurant more efficient and successful.
- This person gives me an option to exploit an advantage because he has been successful in a field that I wish to get into one day, and his network is much more extensive than mine so it would be an helpful to take advantage of his contacts.

Expert on your market.
- Alex Silverstein owns and operates a restaurant in the same area I wish to one day open mine.
- This person fills the slot of expert on my market as he operates a restaurant that applies to the same demographic as mine would appeal to. This is helpful because he can give me insight as to what types of ideas work with the certain demographic of the area.
- As he operates a restaurant where I live I have seem him around. When this assignment came up I made it a point to talk to him and ask him about how he appeals to the people in the area.
- We discussed how to appeal to people in the area. He gave me insight of what has been working for him over his time. I think it is a good relationship because he can help me start out and from my experience restaurants always thrive when others are around.
- I think this is a valuable contact because it is always good to know someone who has went down the same path you wish to go down and to have succeeded.

Important supplier to your industry.
- Stephen Elliot is a food supplier for Cysco and has been a supplier to restaurants for years.
- This person fills the role of supplier to your industry as he has been a supplier of food and restaurant products to various restaurants in the area where my parents own their restaurants.
- This person has been a business partner and a friend to my father for years so I received his contact information from my father and got in contact with him.
- In my exchange with this person I found out what kind of budgeting a normal restaurant needs to set aside for inventory to start out. What I can feel someone in this industry can get out of a relationship like mine, is the potential of future cliental.
- This network will lend itself to my advantage because even if I'm not within his territory he has a connection of sellers, and will be able to put in a good word for me, which result in me being able to make better deals for the supplies I need to start my business.

Reflection
- I think this networking experience made me feel able bit more mature and ready to step out and make my own connections, even if they were facilitated by people I know. I feel this event will lead me to more people I can make connections with in the future because you are always able to meet more people by those you already know. I think one of the only was this networking experience differed from mine in the past was that I had to go and reach out to the people I was trying to meet, instead of it being by association or coincidence.    

Week 10 Reading Reflection

One section I found interesting about this week's reading was the section on pro forma statements. You always hear about firm's making projections for the future, but I never truly what they were and how they worked.

One section I found confusing was the explanation of the internal rate of return used in capital budgeting. I suppose it just wasn't clear how the author explained how the irr helped create a capital budget.

Two questions
- How often should a company use a pro form statement?
- What are some of the most common mistakes entrepreneurs make when creating a budget?

I did not disagree with anything from this chapter.

Reading Reflection Week 9

One thing I found interesting about this week's reading was how the internet revolutionized marketing. I found it interesting that the internet can improve customer service and lower costs by allowing customers to serve themselves. I also found it interesting that it pretty much eliminates the waiting period that follows a traditional marketing campaign.

One part of this week's reading that I found confusing was the section on how marketing philosophies play into developing marketing concepts.

Two questions would be:
-What turns out to be more useful to a company, primary or secondary data?
-With the rise of the internet, how important will traditional marketing be in the future?

I didn't disagree with anything in this week's reading.

Idea Napkin No. 2 Week 9

1. You

I am a finance major, who is currently studying abroad in Rome. I love traveling and seeing new places, and for the most part use apps to find the best places to go see in an area and the best food to eat in that area. I even use an app to figure out the best mode of transportation in each new area. But some times when your out sight seeing you got to use the facilities, hence why I ask my self why there isn’t an app or at least a feature of an app (such as Google Maps) that lets you look up where a near by public restroom is.

2. What are you offering to customers?

The service I’m offering to customers is pretty simple; find out where the nearest public restroom in the area you are. Why spend money at restaurant to just use the facilities when a simple app integrated with Google Maps can point you in the direction of a free one, or at least one that is cheaper. Obviously the idea is mainly tailored to larger cities, that are heavy with tourists.

3. Who are you offering it to?

Primarily targeted to people who are traveling and unfamiliar with where they are, but in reality it can be used by anyone who just can’t hold it. Mainly to tourists in heavily visited areas. 

4. Why do they care?

Cause everyone has had at least one uncomfortable moment while they were out or traveling cause they didn’t use the facilities before they left the hotel or last restaurant.

5. What are your core competencies?

I have been traveling all over Italy and when your on a day trip or just far from the hotel, and you’ve got to go, I’ve found that most Italian business owners are not to receptive of a bunch of Americans trying to come in just to use the bathroom. And due to the lack of street labeling it is often hard to find a public restroom, this is simple solution to help you find one.

I think that my experience with traveling and my experience with using apps while traveling to help me find things put me in a good position to design this sort of app. It’s a simple problem with what I feel is a simple solution, that stands to provide a little bit more comfort for people traveling to new cities. Suppose that the only element I’m lacking is a background in app developing and programming.

There were a few things that I took away from the feedback left on my original post. The first thing was whether this idea could be utilized all over the world or just select cities. I feel my idea would work best for select cities that have heavy tourist attraction. Another thing I learned from the feedback was that my idea would work best as an extension of already existing apps, such as Maps or an app like TripAdvisor. The app extension could also be developed either by going out and collecting data or by users simple adding information when they come across, similar to the way Maps and TripAdvisor already function. Users would also be able to leave ratings and comments the same as either app.

Half Way Reflection Week 8

1. Tenacity is definitely something you'll need to possess to get through ENT 3003. You'll have to be on the ball and if you weren't one to keep a schedule before, it is something you'll have to start. You'll have to plan ahead to to deal with all the assignments, but if you stay on track and don't let things build up you'll do fine.

2. There were many times throughout the semester that you'll want to give up, this class will force you to do things that you aren't comfortable with and it will take you out of your comfort zone. I feel that by being forced out of my comfort zone I have grown to be more tenacious.

3. Three tips I'd give to an incoming student would be:
- Don't take yourself to seriously, get out of your comfort zone and try to take something from each assignment.
- Plan ahead so you don't get overwhelmed by the high frequency of assignments.
- Be aware of deadlines.

Week 8 Reading Reflection

One section of this week's reading that I found interesting was the various different sources by which people procure funding for entrepreneurial ventures. Depending on the amount that is needed there is a bevy of options to gain capital.

One section I found confusing was the section on private placements. Couldn't fully understand the role of the Securities and Exchange Commission.

Two questions I would ask:
-How does one get into the field of venture capitalism?
-How do truly know what source of capital is best to start your business?

I found the reading this week to be very interesting and there wasn't anything that I found that I disagreed with.

Week 7 Reading Reflection

One thing I found surprising about this week's reading was the fact that you need to look at different psychographic segmentations to in order to make distinctions between what you need to advertise for a product and what you need to do to introduce a new product or improve an existing one.

One thing that I didn't fully understand was why if market segmentation has had such disappointing results in the past, why are is it still so widely used to day.

If I was to ask the author two questions, I would ask why market segmentation is still so widely used today, and what segmentation is most crucial to the market today.

I didn't really have anything I disagreed with in this article.

Week 7 Reading Reflection

One thing I found surprising about this week's reading was the fact that you need to look at different psychographic segmentations to in order to make distinctions between what you need to advertise for a product and what you need to do to introduce a new product or improve an existing one.

One thing that I didn't fully understand was why if market segmentation has had such disappointing results in the past, why are is it still so widely used to day.

If I was to ask the author two questions, I would ask why market segmentation is still so widely used today, and what segmentation is most crucial to the market today.

I didn't really have anything I disagreed with in this article.

Week 6 Reading Reflection

I found this week's reading to be quite interesting. I have studied Porter's 5 Forces in other business classes sense I have been here at UF. I guess the part that I find most interesting is that you can actually break down a companies whole strategy guide to how they must react to these five points. Obviously a large corporation has many different choices to make regarding its strategy, but at its core it is how it must react to these points in order to be successful.

I suppose one part of the reading that I found a little confusing, was how he viewed government interference in industries that couldn't survive without its intervening. I would like to know how he feels government subsidies to dying industries affect our economy.

What I stated above would be my first question. But for my second question I would like to ask him how he knew the SWOT analysis wasn't covering all the areas needed when accessing a corporation, and how he came to the conclusion that his 5 forces got a better picture of a corporation.

I don't disagree with anything from this article, after all the man does work for Harvard.

Idea Napkin No. 1 Week 6

1. You

I am a finance major, who is currently studying abroad in Rome. I love traveling and seeing new places, and for the most part use apps to find the best places to go see in an area and the best food to eat in that area. I even use an app to figure out the best mode of transportation in each new area. But some times when your out sight seeing you got to use the facilities, hence why I ask my self why there isn’t an app or at least a feature of an app (such as Google Maps) that lets you look up where a near by public restroom is.

2. What are you offering to customers?

The service I’m offering to customers is pretty simple; find out where the nearest public restroom in the area you are. Why spend money at restaurant to just use the facilities when a simple app integrated with Google Maps can point you in the direction of a free one, or at least one that is cheaper.

3. Who are you offering it to?

Primarily targeted to people who are traveling and unfamiliar with where they are, but in reality it can be used by anyone who just can’t hold it.

4. Why do they care?

Cause everyone has had at least one uncomfortable moment while they were out or traveling cause they didn’t use the facilities before they left the hotel or last restaurant.

5. What are your core competencies?

I have been traveling all over Italy and when your on a day trip or just far from the hotel, and you’ve got to go, I’ve found that most Italian business owners are not to receptive of a bunch of Americans trying to come in just to use the bathroom. And due to the lack of street labeling it is often hard to find a public restroom, this is simple solution to help you find one.

I think that my experience with traveling and my experience with using apps while traveling to help me find things put me in a good position to design this sort of app. It’s a simple problem with what I feel is a simple solution, that stands to provide a little bit more comfort for people traveling to new cities. Suppose that the only element I’m lacking is a background in app developing and programming.

Week 5 Reading Reflection

One thing I found interesting about this weeks reading is the amount of firms that emerge each year and the amount of patent applications that are reviewed each year. I find it difficult to come up with one successful idea and people are submitting 375,000 each year.

I found the section on the evaluation process to be a little confusing, though I understand the importance of each approach.

Two questions I would ask would be: Is there a science to knowing when is the right to open a business or implement a new idea? and How much do external problems relate into internal problems?

I didn't disagree with anything, but I found the section on why new ventures fail to be a little vague.

Week 4 Reading Reflection

Week 4 Reading Reflection

I found this weeks reading to be very interesting, I feel as if being an entrepreneur has always had some sort of stigma attached to it, because it doesn't follow a clear career path to success. But it was reassuring to read that there is a need for entreprenual thinking in our economy. People with this mindset can channel it other creative pursuits and cause innovation to occur.

One part I found confusing was what truly made up a creative climate, and to what degree a creative climate truly influences ideas.

Two questions I would ask if I had the chance would be: How do you create a proper creative climate, and the extant that a creative climate influences the ideas? and Is there a set of standards that makes a creative climate or does it matter on the person themselves?

I felt this chapter was pretty straightforward and there wasn't really anything I disagreed with this week.

Top 5 World's Biggest Problems Week 4

Top 5 World's Biggest Problems Week 4

Biggest Problems

1. World hunger. While there is enough food produced to feed the population, the wealth and development disparities among nations have left many without the means to obtain food.

2. Economic crisis. Whether it be the terribly handled housing market or the terribly handled pension and healthcare funds, people have left the world’s economy in shambles.

3. Lack of drinking water. Many don’t like to think about it, but the world will face issues with the amount of fresh water available.

4. World population is growing faster then the number of resources available to sustain it.

5. Reliance on non-renewable energy sources. The world over has grown to depend on non-renewable energy sources, such as fossil fuels, to power most everything in our lives. But one day they will run out.

Best Solutions

1. Investing more time and money into creating and better utilizing sustainable, renewable energy sources, such as solar and wind.

2. Nations must invest more into the research and development of desalination plants, in order to start producing more drinkable water.

3. Nations have to devote more the production of green energy, and people must begin to treat the earth with more respect.

4. The federal government and states must recognize this problem and provide more funding to universities for scholarships, as to make schooling more affordable.

5. A reduction on the corn subsidy which takes a large amount of fertile away from other food production, as well as a reduction of meat production which takes up an even greater amount of fertile land.

Reasoning

I chose world hunger as my top world problem. I’ve chosen this as my top problem one because it is a terrible tragedy that people, even in our own country, go to bed hungry. Also I chose this as my top problem because I feel like it is one problem that can be pretty easily ratified. As for my solutions I chose my solution for ending our reliance on non renewable. I chose this as my top solution because I think its one solution that can be realistically carried out. We already have many renewable energy sources, but we just need to invest more money into implementing and developing them.