Elevator Pitch 4

Week 15 Reading Reflection

I enjoyed this chapter primarily based on the section that discusses the developing a succession strategy.  In our whats next blog where we talked about if we would sell off our business or keep it in the family, there were many things that seemed good on paper but there was a lot of how; this chapter helped clarify that confusion.

While I did not find the IPO process confusing, I did find it cumbersome.  It was a lot of material to read and comprehend and understand, perhaps it was the delivery of this section but I found it kind of overwhelming and I had to reread it several times.

My biggest question from this chapter was why must a person communicate after the sale?  Does not open pandoras box to issues that are out of their control?

Final Reflection

The best experience for me was My Unfair Advantage and the interview with an entrepreneur.  The interview with the entrepreneur gave me a first hand knowledge of the thought process of the entrepreneur, not only the first interview where I was just entering the class but also the one just a week ago where the entrepreneur could see that I had grown.  The unfair advantage helped me realize that I am stronger and better than I thought I was.  In times where I felt weak, the elevator pitches, the unfair advantage helped lift me up and reading other blogs, made me realize that it had a positive influence on ones self esteem.

I definitely think I have a lot more to learn and grow from as an entrepreneur but I most certainly think that a girl who had zero interest in running her own business when I started this class has evolved and I am constantly thinking...is there a need, could I fulfill that need?  I love that!

To do well in this class and to enjoy it, you need to watch the lectures, read the assignments in detail and plan ahead.  This particular course and the path of becoming an entrepreneur require time, patience and dedication.  If you do not have that, you will not enjoy the journey.  I also think acquiring a mentor along the way is incredibly helpful and gives you the opinions of outsiders who are experienced in the business world, this is outside of our student peer comments.

Life's a journey, enjoy the ride and learn from your mistakes.

Venture Concept No. 2

Opportunity

1.  Who has the need?
1. The need has not varied by much but it has been more customized to the clientele.  Working families appreciated grocery shopping, bachelors liked the aspect of dry cleaning pick-up or eent catering.  Students, while they likely could not afford the service, they liked the idea of the expansion (what's next) of powerpoint presentations or resume writing. 
2. Nature of the need?
1. The need is not a necessity but self satisfaction of having someone else handle mediocre tasks that you may not necessarily want to do or have time to do.
3. The forces or changes in the environment are creating this opportunity is convenience.  However, I have learned from the comments that this company is not recession proof and an expansion would be needed to keep it afloat.
4. The market has not expanded outside of the Central Florida area but geographically and demographically was conducted with in person surveys. However, I did further research after several peers told me other services like mine existed so I think there is a bigger demographic that I learned about.
5. Customers are currently satisfying this need by piece mealing their needs from different vendors instead of a one stop shop.  They are hiring a separate person to be a nanny and pick-up their kids, a groomer to come to their house, etc.
6. I think the opportunity is there but it may not be on a large scale and I would sway my marketing away from college towns because the students were the least interested.

Innovation

The services I am looking to provide is an on call concierge service.  Not all services will be included, such as oil changes or babysitting but a list of services would be available for lookup on the website or via the smartphone app.  The services will include, drop/off pick-up for airports, children school/after school activities, pet care (to and from the vet or groomers); it would include assistance in being the point of contact for catering events, could assist in making bank deposits, drop off/pick-up of car repair or detailing, dry cleaning drop/off pick-up.  Other services can be added upon reviewing of request and demand.  The cost for the service is a set $20 within a 10 mile radius of the pick-up location.  Thereafter, a charge of $1 per mile will be added for travel costs.

Venture Concept

1.  What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?
1. Trust and convenience were the number one reasons I read that people would want this product.  As long as the people had background checks done and a reputable standing of clients, people would like to utilize this service.  The biggest demand being a loyal rewards program.  The expansion idea of resume and presentation services was also well received and something I would seriously consider adding. 
2. Who are the competitors?  What are their possible weaknesses or vulnerabilities? 
1. This was a rude awakening for me, I thought this was an innovative idea and many of my peers told me about other services.  Some specialized with just certain demographics like seniors and others were versatile like mine. One Concierge and Gazelle Concierge are just to name a few.
3. What role does packaging, your price points, distribution, customer support, the customer experience or the business location play in defining your business concept?
1. The best feedback I received was a referral services and loyal rewards.  Ie: if someone uses two services a week, could they get a discounted rate.  If they refer a friend, could they get one service for free.  My pricing structure has not changed and it would remain at $20 per errand.
4. How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
1. I started out the company with just me in my previous post.  This time around I would include a couple of contract people to be on call, I realized if I had multiple clients and they needed me at the same time, I would quickly lose business if I could not fulfill the demands.  Eventually I would like to grow the business to other areas outside of Central Florida and use my family who lives in other states to trust to run the business.

Google Gold

1.  Some of the activities for each blog post to pursue SEO is labels, keyword searches, images, while I did not personally activate locations, I know that would have been beneficial as well.

2.  The keywords that were used were the ones provided by the professor such as Week 13 reading reflection, Google Gold for this project, etc.

3.  The only form of social media that I used was YouTube, I gained more traction to by YouTube account which was awesome.  I do not necessarily think I gained a whole lot of extra traction to by though, perhaps if I talked about more scandalous topics like celebrity bloggers or isolated to a group, like makeup and hair enthusiast but for this particular class, it looks like the most traction I got was from my fellow peers.

4.  My most viral post was Venture Concept No. 1.  I am thinking the post was so viewed because of the keyword search, specifically "venture".  I captured people from all over the US, not just Florida.

5.  I did not make it to the first page of google results.  I searched the first 10 pages and did not come up so I am uncertain if I am doing this correctly, how would I find what page?

Week 14 Reading Reflection

Not necessarily a surprise but establishing a firms value was somewhat overwhelming.  There is different valuation methods that require a great deal of accounting knowledge.  With a cheat sheet in front of me I'm sure I would understand the value more but when reading and then reflecting back on it, I kept mixing everything up.  I had no idea that there were so many method for venture valuation.

A question for the author would be why do most analyst agree that the real value of any venture is in its potential earning power?  And why does discounted earnings method determine the firms true value vs. other methods?

It is hard for me to say if the author was wrong about anything because this was a greatly detailed chapter with different methods of measurement and I do not know enough to determine if they are wrong.  I have more "why's" than anything.

Very Short Interview, Part 2

So that the two interviews compare next to each other, I am including the link to my first interview:

http://nicoleslifeatuf.blogspot.com/2016/01/very-short-interview-no-1.html

I found my first interview to be spot on but a little simplistic.  Perhaps because I am obtaining a business degree I have a better understanding of business models and what is required to make your business truly successful, especially with the exercises from this class.  I realized that before you start moving forward in pursuing a business you need to listen first, you need to survey people, you need to query the demand.

My interview with my entrepreneur a second time took place via phone.  The questions I asked are as follows:

What efforts did you put in to determining the demand for a daycare before opening?

Honestly, my decision to open a daycare was purely for selfish reasons.  I had no job and the I needed to earn income sooner than later.  I started in my home and once I gained enough money, I expanded to full functioning daycare in a commercial area.  My thought has always been, people will always have children, more than half will go back to work, there will always be a demand.  My location for my business was decided by some friends who worked in the theme parks.  They were constantly complaining about the lack of availability of a daycare close to their job and the hours of operation.

Do you query your customers on changes in the business before actually putting them in place?

Sometimes.  When we decided to do an "after hours" babysitting service once a month for the parents to have date nights, we asked that parents.  Other decisions, like us recently going gluten free was a decision I made on my own.

What's next for you?

We are expanding.  I am actually in Puerto Rico right now looking at land that my family owns.  We are thinking of opening a daycare here and having my brothers wife run the operation.  It is a small step and more of a 3 year plan than immediately.

I do think that the entrepreneur that I interviewed was surprised in my level of confidence in this interview.  On question three, she actually commented "great question", that made me feel and made me realize the personal growth I have had in my knowledge as a potential business owner which in turns gives you more confidence.  I feel like I personally have grown as a person, with little steps, my experience in public speaking has improved slightly and I've learned something critical in becoming a business owner.  Seek first to understand, ask questions...then execute!

Celebrating Failure

While many might say I did not fail, I honestly feel like I did when I compared my elevator pitches to other classmates.  I have severe speech anxiety and my final product was not much better than the first one.  There were points I failed to touch on, I spoke to fast and really, never "nailed" my sales pitch.

I learned with determination and learning by example that I could get better.  No, I did not nail it but if it was even a slight improvement then it was worth the multiple efforts.

Failure in general is brutal.  You learn where you need improvement and with this particular class, you learn by the example of others and by the suggestions of your professor and peers.  People do not tell you things to be hurtful, they tell you things to make you a better person both personally and professionally.  It is important to not allow failure to get the best of you, it can only make things worst.  Instead, consider it a learning mechanism and grow from it.

Week 13 Reading Reflection

I have always understood where strategic planning in a business was important but I did not think every business did it and in the same token, I never understood the lack of strategic implications so while I did not find the material surprising, it did make me think outside of scope that I had not covered before.

While it was incredibly simple, I actually did not understand bureaucratization versus decentralization.  What do they mean by it?

When they say they want entrepreneurs to remain flexible beyond startup, do they mean the key elements or are they isolating a great meaning?

Can a person be successful if they are not a combinations of managerial and visionary leadership?  Can you take two personalities and make it a complete package?

My Exit Strategy

My plan is to expand my business in the next 5 years outside of Orlando and more towards metro markets like Chicago and New York.  I would like to expand the business as a whole to not only my children but hire family members in various states so there is a level of trust within the business and I can assure my customers that I know the expansion worker personally.

The number one priority with my business is customer satisfaction, knowing I am expanding the business with people I know and appreciate and they are a reflection of me most definitely influences my decision to expand.

Lastly, if I can employ people in my own family and provide them with a solid foundation to work, good benefits and a great relationship with their boss; and most importantly a solid business model for my children to take over down the road, I would love to do that.

Week 12 Reading Reflection

The biggest surprise for me in reading chapter 12 was not so much a surprise but wishing it was something I read from the beginning, which was the Presentation of the Business Plan.  While the professor provided us with an example for our elevator pitch, I think I could have eased my nerves by following some of the steps.  One that particularly stood out was to focus on the "pain" for which your venture will be the solution.  I knew it was a solution but placing emphasis on the pain really hit home.

One area that I would have liked to get a better understanding of was the critical risks segment.  Yes there are what-ifs but how to you come to those what-ifs, how do you trouble shoot them?  Which in turn would also be questions that I have for the author?  I know every business is different but examples of various businesses would have been helpful.

I guess I do not necessarily agree with the updating the business plan, particularly the financial changes.  It states to update your plan at least a yearly basis but should there not be a stipulation or a contingency noted in the next that it would be evaluated immediately should there be a natural disaster or a terrorism threat?

Venture Concept No. 1

Opportunity

1.  Who has the need?
1. Who has the need is applicable to everyone.  In my beginning stages of querying different people, each person stated that they liked the idea of having an on call concierge to bail them out in a pinch.  However, not every person felt all services were needed that I started out with and a key demographic made it very clear that they would not be able to afford these services, that demographic is students.
2. Nature of the need?
1. The nature of the need is not imperative; it is more of a want than a need but in a busy world where many people are balancing a household, job and children; or a busy executive who travels, assistance in the smallest fashion is appreciated.  It is also easier and cheaper to hire on an as needed basis, much like a cab company, than hiring a personal assistant.
3. The forces or changes in the environment are creating this opportunity is convenience.  People hire personal trainers, nanny’s, chef’s, drivers for the convenience factor.  This service is just the same.
4. The market has not expanded outside of the Central Florida area but geographically and demographically was conducted with in person surveys.
5. Customers are currently satisfying this need by piece mealing their needs from different vendors instead of a one stop shop.  They are hiring a separate person to be a nanny and pick-up their kids, a groomer to come to their house, etc.
6. I do not think the opportunity is big in all areas, but in large cities where individuals live a busy personal and social life and they are trying to find balance, it can truly become something huge.

Innovation

The services I am looking to provide is an on call concierge service.  Not all services will be included, such as oil changes or babysitting but a list of services would be available for lookup on the website or via the smartphone app.  The services will include, drop/off pick-up for airports, children school/after school activities, pet care (to and from the vet or groomers); it would include assistance in being the point of contact for catering events, could assist in making bank deposits, drop off/pick-up of car repair or detailing, dry cleaning drop/off pick-up.  Other services can be added upon reviewing of request and demand.  The cost for the service is a set $20 within a 10 mile radius of the pick-up location.  Thereafter, a charge of $1 per mile will be added for travel costs.

Venture Concept

1.  What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?
1. I think people would be willing to switch to this new product for convenience, trust and essentially a one stop shop.  You would have the same helpers working with you each time so you will establish a good rapport and level of comfortability. It will not be hard to switch do to my current connections and letters of recommendations.  I work with high ranked people in the business world and celebrities.  With their endorsements, that is a huge selling point.
2. Who are the competitors?  What are their possible weaknesses or vulnerabilities? 
1. There is not much competition.  Sure, you have your individual businesses but there is nothing currently on the market for a one stop shop, especially with the technology convenience of an app.
3. What role does packaging, your price points, distribution, customer support, the customer experience or the business location play in defining your business concept?
1. The price point is imperative.  I surveyed different age brackets and demographics and this service was not for everyone, primarily on price alone.  However, I have to weigh the benefits of capturing a few additional college students at a lower pricing point but losing the prestige of the business or letting them go and keeping a high end list of clientele where by business will be in demand.  I want it appear to be elite.  Customer satisfaction is key and the convenience and accessibility of being able to work with a one on one representative.
4. How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
1. The company would start out with just me.  If it grew to where I could not maintain the workload, I would add on my husband part-time.  If the company continued to grow, I would hire others, perhaps students  or mothers with kids in school and require they give me a block of “on-call” time.

Amazon Whisperer

My current business is an on call concierge service for working families and business professionals alike.

My current driver for my business would be review sites such as Angie's list and yelp; and of course, word of mouth advertising. 

The next product I would like to offer would be more administrative ala carte work.  Almost like a staffing agency but contracted out on small tasks like a resume writer or project creator.  This would be a step up from the errand running.

I really do not look at this addition as a branch of my current business model but more like a sister company with name recognition that someone can rely on.  I do not want the lines to get blurred in services so it is incredibly important that they be kept separate.  More importantly, there needs to be a level of skill set in each company.  A person who is bringing your pet to the groomers may not seem as appealing to you as a person who can write a stellar resume or create a sales presentation.

There is nothing on Amazon that mirrors this project so this component is not applicable.

Week 11 Reading Reflection

The one thing I was surprised about in Chapter 11 reading was the watching your accounts receivable section.  Some of things I thought "wow, that's really upsetting the apple cart" but ultimately, you are running a business and you need to make sure you get paid above all else.

Honestly, I have handled payroll, accounts payable/receivable, etc. for many years, not much to this chapter was confusing to me but I would like to get a better understanding of contributed capital. 

My question for the author would be the preferred method for break even point computation?  Are there any risks in one approach to another?

Again, I go back to the watching your accounts receivable article.  While I agree with tracking and discounts for early payment; what are the risks of making some noise or demanding you get paid (with a start-up company)?  I would think you can lose customers depending on your approach.

My unfair advantage

My VRIN analysis, rated most valuable to least is as follows:

1.  My experience in concierge services in the hospitality industry

Not only do I have 7 plus years in the hospitality industry, supporting celebrities like Will and Jada Smith and Eminem; I kept in contact with people who are still in the industry.  I know what quality is, how to give a "and more" experience and have the personality to handle any client.

2.  My connections in the Central Florida community

I currently work for an elected official.  As a result, I know all the big leaders in the community that I truly believe could use this service and create a huge folio almost immediately.  Not to mention my access to these officials via LinkedIn and Facebook could really give me a hit the ground running with business.

3.  My attention to detail.

I pay attention to the littlest details and have a proven track records in employee reviews that show this.  If people know that you have proven skills and there is no chance of an error or issue on your end, they tend to want to fully vest in the concept, product or service.

4.  A clean record as far as credit rating, driving and background check.

In a world where crime is up, the streets are crowded and we went through a recession; I can confirm all three are clean and would happily show my records to my clients before they signed up for services with me so they are doing business with who they trust.

5.  My resources to partner companies such as dry cleaners, vet techs, etc.

When I worked in the hospitality industry, I established relationships with local dry cleaners, masseuse, dry cleaners, etc.  With these resources I can offer my clients discounted rates at a company they may have never knew about under a "group rate" discount.  In turn, I can make a drop for three of my clients dry cleaning at time, instead of multiple locations which would be cost effective for not only my client but for me.

6.  Proven record of multi tasking

In my recent occupation I was recruited to work for an elected official but my previous boss was not ready to turn over my job so for one whole year I did two FT positions for a whole year.  Then another assistant quit on the spot and for an additional 6 months I did 3 FT positions.  This speaks volumes for my ability to handle multiple clients, multiple tasks, all at one time.
7.  Reliable transportation

8.  Experience with children, including three of my own

Say the errand was to drop your kid off at soccer practice.  Our kids are our most treasured possession and they need someone who put not only the parents mind at ease but the children as well.  They need to engage them and make them feel comfortable.

9.  Book keeping experience

I have the financial knowledge to run a business on my own without outsourcing to an accounting firm.  Knowing the ins and outs of the business is crucial in being able to run your business successfully and being able to answer your clients questions without having to defer them to someone else.

10.  References from highly ranked people including elected officials and celebrities.

Why do Nike, Coca Cola, etc pay celebrities to endorse their products.  Because non celebrity people look up to certain celebrities or elected officials and confidence in a product and/or service when someone endorses it.  I have multiple connections that would gladly write a letter of support or statement to notate on my website.

While the video I am including is quick, this definitely shows my position in the community and exposure.  It is when I attended a press conference with my boss and was publicized all over the local news.  I am standing to the right of her.

Week 10 Readig Reflection

The most interesting thing that I read out of chapter 10 is the comparison of major survey research techniques.  I have actually participate in market research before in a previous class so a lot of the information I knew already, however, I did not see how they rated/ranked up.  For example, door to door respondent cooperation was rated excellent; whenever someone comes to my door, I shut them out immediately, perhaps I am more rude than most but it honestly surprised me.

I found everything cut in dry in this chapter but I kept changing the terms of the pricing strategy intermittently so while it was not necessarily confusing, it was something that I kept getting hooked up on.

Questions I'd like to ask the author are is there exceptions to the product life cycle depending on the business and/or products/services offered? 

The author touched on the pricing in the social media age but with new things evolving day by day, how does an entrepreneur stay current on the models? How often are the models updated or evaluated?

It was cited that four major reasons that entrepreneurs do not carry out market research are complexity, belief in support, cost, belief of irrelevant data but I would add other reasons.  I would say lack of knowledge or confidence in moving forward with market research.  Heck, that is the biggest problem I have in this class, while I'm sure many want to be an entrepreneur, some do not have the people skills to handle it themselves or as noted in the four, funds to have someone else handle.  Also, could they be bogged down in the day to day minute details that they let it fall by the waist?  Just a thought.

Elevator Pitch No. 3

Please excuse the still image of my video, I tried to change it but was having issues.

On that note, the feedback that I received was to increase the length of my video and to name who my client audience is, I improved both.

On my own personal reflection, I have severe speech anxiety and while I saw some pretty stellar pitches, I am happy with the progress I have made from pitch one.  On this particular video I felt like I could have slowed down how fast I was talking and despite numerous takes, this was the best ending - yet I felt it was abruptly cut short, I'm still ok with my personal growth in this assignment as a whole.

Growing My Social Capital

Quick explanation of my product so you understand the players.  I am looking to create a concierge service for working families.  Essentially a one stop shop to pick-up dry cleaning, pick-up kids from soccer practice, arrange catering, bring your pet to the vet, etc.

1) One person must be a domain expert in your industry. 

The fist person I met up with is a concierge managers at Loews Hotels.  I once worked for Loews and while I did not directly work for the Concierge desk, I often had interactions with them.  Her name is Dani and she has been working for Loews Hotels for 15 years.  She started as a part-time employee, grew to a full-time employee, then a start trainer and is now the Manager of the Concierge desk.

Dani is most definitely my market expert as she has the connections, insight and resources to assure a stellar experience for concierge services.  I decided to stop into the Portofino Bay Hotel when I was going to my part-time job at Universal to see if I recognized anyone at the desk.  Sure enough Dani was there and I offered to buy her a coffee to pick her brain.  Since this was not Dani's direct business she was very open to revealing her tips and experiences without feeling threatened. Dani actually loved the concept of what I was doing and she told me that if the idea ever came to fruition she would be interested in being part of the team.  

My particular experience with Dani was different because we had known each other from past jobs and she was more open about the industry and was comfortable in mentoring me through the process where I have found in other instances, people can feel threatened.  Moving forward, I think establishing a friendship or working relationship first works in a persons favor, versus the I do for you, you do for me method.  My reasoning being, the levels of communications have less limitations.

2) One person must be an expert on your market. 

The next person I spoke with was George at  a Central Florida Hotel Lodging Association Meeting.  My market is quite unique as I would like to expand my business model and work with the local hotels.  George and I mingled a little and in a group atmosphere, it was less of a one on one experience than I would have liked but I did learn of their current success efforts in bringing new clients to the Central Florida area and it appears that online videos showcasing Orlando have been quite popular.  He placed emphasis on the importance of social media and that most people are visual learners.  There was not necessarily an exchange of services but more of a partnership in that we all want to promote and grow Orlando and provide the best services out there. Including George would be huge because of his position, connections and innovative ideas.

3) One person must be an important supplier to your industry. 

The last person I met with was at an event called Harbor Nights.  This is where things were very different.  I was attending the event as a patron and started speaking to the different outside vendors at the event who were providing food, beverage, entertainment and cigars.  The premise of the event is to give exposure to the Portofino Bay Hotel in hopes they can book rooms and/or future events; the advantage for the various vendors is that their restaurants, wine and cigars were features at no or minimal cost to the hotel but in return, the gained exposure to their products.  This was hands down the best networking event for me because I was able to speak with a gentleman by the name of Michael who was the manager of the swing band performing and told me how their band has doubled bookings in the last 5 years since partnering with the hotel.  I also learned a lot from Premier Beverages who not only does this for this event but also provides discounted beverages for specialty brunches at the Hyatt Regency.  Now, I know this is not exactly the product that I am offering but my market is quite unique but it taught me a lot about establishing relationships with the hotels and how the transactions actually come about.

This was by far the most beneficial assignment up to this point.  Instead of interviewing people, I actually got more of a hands on experience - more so than I was even expecting.  Moving forward with my business model, I plan on attending other events to continue to network myself and my business and learn more about getting my foot in the door. 

Idea Napkin No. 2

I am a business person with 17 years experience, 7 of which were hospitality, 2 in finance and the remainder in government relations.  My attention to detail is impeccable, I thrive off multi-tasking and have been told I have excellent people skills.

What I am offering to my customers is an ala cart concierge service for singles and working families.  Instead of having multiple vendors handle various tasks such as bringing your pet to the vet, pick-up and delivery of dry cleaning or coordination of pick-up of your kids from soccer practice you can outsource all of those things to me to take care of it.

After multiple interviews, I find my client base to be working families and bachelors, however, the service can be for anyone, single moms/dads, students, elderly, etc.  I find that price restrictions are less of an issue with working families and bachelors though.

The same reason people hire help to clean their homes or mow their lawns, time and convenience is why they would hire me.  There are many times my friends are complaining they do not have enough hours in the day or they forgot to pick-up their dry cleaning so I figured, a mothers helper so to speak would be a helpful service.  Especially if it is the same person who you know and can rely on.

What do I have that no one else has?  Experience and connections.  Seriously, after working for hospitality and government, I have joined every social group and forum out there, not to mention I do a lot of volunteer work in the community.  I believe the more you know, the more successful you will be.

I believe that my experience, connections and skill set are what makes this a perfect business model.  I chose my business after evaluating my strengths, I evaluated my strengths by taking an MBTI.  My biggest challenge will be services that already exist, what sets me apart is that business will not be outsourced and it will be a one stop shop.

I did not get the 4 reviews like others may have but of the reviews that I did receive, I found a consensus noted that I should outline what services I will do and what ones I am not equipped to do.  I think I would list out my general services but also have something advertised where I say please contact me directly if there is a service you are inquiring about that you do not see listed that way I can step outside the box and add items that might be in demand.  Another person said incentives and reviews should be incorporated into my business plan and I love that idea!  I think if someone signs up for a monthly membership which guarantees them 2 errands a week, I can offer a free errand from a pre-select menu of services.  As far as the reviews go, I can offer $5 off your next service for every review left on Yelp and/or Facebook.

Week 9 Reading Reflections

I went from reading a chapter that was completely boring and challenging for me, Chapter 8 to Chapter 9 where we covered legal challenges.  This was the dirty chapter, the think outside the box chapter, the open your eyes and see what you are going to face chapter and it was a great read.

While I had a general idea of the amount of money it cost to produce a patent (from Shark Tank), the timing of the patent was surprising.  What was an absolute shocker was that 2 percent of all patents ever realize any profits.  It really makes you think as an entrepreneur.

I was somewhat confused between the parody and trademark.  Not so much what they meant because when I read the definition it was clear.  I just seemed to use them hand in hand.

While it is not so much a question, I would have liked a "blue box" example of trade secrets and it has happened in the real world.

I cannot say I disagreed with the advantages or disadvantaged of sole proprietorship as I have never been a sole business owner but when I think about my interview with the daycare owner and apply it to my readings, it did not gel with the outlined examples.  One in specific was relative freedom from governmental control.  She was constantly talking about the red tape that the county put her through, the taxes, certifications, etc. So I would think that would apply to that comment.  Perhaps the advantages and disadvantages vary based on the person and/or business?

Week 8 Reading Reflection

I knew we would be at the point of the book where we would hit finance and for me it would be like hitting a wall.  I never enjoyed my economics or accounting classes and Chapter 8 reminded me why.
While I have read many things about equity financing and the venture capital market, reading this chapter helped enlighten me on the different aspects; one of the most interesting parts was the 5 myths.

I really appreciated the venture capitalists figures on pages 244-247, this was an easier read for me and created a cheat table of sorts to help me follow along.

My question for the author would relate to venture capitalist.  What is better a structural or strategic fit?

Half-way Reflection

Taking Entrepreneurship is a class that I never thought I would enjoy.  It is most certainly challenging and requires a great deal of dedication and drive but in the end, I genuinely believe it will make you a better student, business person and who knows, maybe even a successful entrepreneur.  This is not a class that you can just skate through.  You need to plan ahead and a lot of it requires the availability and cooperation of others.

There are times when you want to throw in the towel, for me personally this involved the elevator pitches.  I have a horrible speech anxiety and after recording a video 20+ times to still have it come out mediocre, was depressing to say the least.  But when you hear your peer reviews, when they tell you that it was not as bad as you thought and that you steered your points across, that is when you pick up the pieces and continue moving forward.  The comradery among your peers is incredibly helpful and it is the only online class where I actually felt fully engaged with fellow students.

If I had to give three tips for future students taking ENT3003 it would be the following:

Read the syllabus and create a timeline; factor in plan B.  There are many interviews that I had planned that fell through.

Allow yourself at minimum 10 hours a week. Some weeks it is slightly less but not often.

Participate in Yellowdig.  Even if you do not necessarily need the extra credit, we are all in the same boat together and some of the articles are incredibly helpful in the success of the class and the business world in general.  Remember, knowledge is power and reading more will only prove to be more helpful.

The Twenty Percent

I chose the owner of a local prepatory academy as the entrepreneur to interview.

When they opened their business, they offered a promotion to local theme park, Universal Orlando. They offered them 10% off the weekly rate for all those who registered their children in the first month.  She has told me that 90% of their business comes from the parents who work for Universal or their sister company, Loews Hotels. She informed me that their marketing cost are limited because there has been a waiting list ever since their first year of business.  However, the parents appreciate and stay up to date with the business via their Facebook page; here she posts parents night out events (after hours day care babysitting), upcoming events and dates that they be closed (such as holidays).

The biggest issues being brought forward by the customers are the restricted hours.  After two years of operating under the same hours, they expanded to a 7 pm close time and created the parents night our once a month.

The three target customers all expressed the same interest in the daycare based on their peers high recommendations but also the same concerns.  Even though the daycare is open later, a theme park is an early morning, late night operation.  However, they noted that this was not isolated to just this particular daycare/prepatory academy but a universal problem with all daycare's.  One even mentioned that there are 24 hour daycare's that exist but you sacrifice quality for the convenience.

Elevator Pitch No. 2

In my last video I had let my viewers know that I have severe speech anxiety and that I knew it was not a great quality video but after over 20 tries, it was the best one that I was able to deliver.

There was not much criticism for my video which was quite kind of my peers as I know I was missing a lot of detail but their kind words definitely helped me push through this one a little better.  Again, there were details I wanted to mention that I forgot, such as the cost and the different forms of advertising I would to make my business success but after 15 takes this time, I went with the best.  The one thing that was a great suggestion was making the video visible in my blog and that I did.

This time I remembers to include my demographic and a general idea of what services would be included.

Free Money

Let me preface my post with I did not include videos.  I am not comfortable with recoding people without their knowledge without them  knowing.  I have to tread lightly with things I do in the public eye due to who my boss is and it was not a gamble I was willing to take.

That being said, this was my experience.

I chose to do this over the course of a week while on my lunch break.   I work in downtown Orlando and walk around at lunch to run errands or go grab a bite to eat so I found this ideal.

I chose to approach people who carried a welcoming demeanor; I feel like this assignment required me to tread lightly as to not offend anyone.

Person 1:

Walking into Starbucks I ran into a women trying to get through the door with her baby in a stroller and struggling.   I started a conversation with her by letting her know that I remember those days of bringing my baby and tow and having to navigate the world around you.  I ordered my coffee and when I got my change, I turned around and handed her two dollars (I know it was one but two is what you need for a small coffee).  I said "here, let me buy you a coffee today, you deserve."  She smiled kindly and said that was not necessary, I said "I know, I want to."  She took my money, thanked me and I left.

Person 2:

Walking to Subway, I was walking the opposite direction of a homeless woman.  This was the most minimal conversation.  As I approached the woman, I pulled a dollar out of my pocket and held it out to her.  She looked at the money and then me.  I said, "I figure you could get yourself a donut for breakfast."  She said thank you and we literally both kept on walking with a stop or any further conversation.

Person 3:

Walking to meet my friend for drinks at the end of the work day and I passed a bike messenger who was hopping off his bike and walking it up some stairs.  I gave a small head nod, I actually did not plan to approach this guy but the opportunity presented itself when he asked where I was going looking so fancy, lol.  I told him where I was going and he said maybe he would meet up with me later; I told him maybe but that our location might change.  Since the conversation was going smooth, I pulled out the dollar and said here.  He asked what it was for and I said, in case we don't run into each other later, let me buy you a beer.  He actually joked and said a dollar would not get him a beer in downtown Orlando and to save my money as a tip for the bartender when he bought me a beer.  In the end, he did not take the dollar.

Person 4:

Person 4 came on the same day as the bike messenger except it was late in the evening.  My friends and I were walking to our next bar in a pub crawl that we were doing and there was a group of guys walking the opposite direction.  One of the guys approached a friend of mind to see if she was interested and the whole group started to get engaged in conversation. A couple feet from us was a guy playing the drums with some buckets so I told one of the guys, I would give them a dollar if they did an irish jig in front of the guy.  The guy took the dollar and he did the dance.  This was the most fun.

Person 5:

I was walking out of Chinese food restaurant and an older elderly man was taking a casual stroll down the road. As I passed the man, he said, smile a little it wont kill ya.  I turned around to look at him and I replied with "I could say the same for you."  He responded with touche.  I asked how his day was going and he said good, he was heading to church.  In that moment, I reached into my purse and handed him a dollar.  He said he didn't understand and I said, its for the church.  He smiled and said I was a good girl but for me to keep my dollar and he would put $5 in for both of us.  I said ok and we departed ways.

3 of the 5 people accepted my money.  The men had the hardest  time with it with the exception of a drunk guy. I can honestly say that the people that I thought would accept the money, did and those that I found questionable, did not.  This assignment was incredibly uncomfortable and difficult for me and I did not enjoy it at all.  I do not mind giving money, it is striking up conversations with random people and the risk of insulting people by giving them money that made it unbearable for me.

Week 7 Reading Reflection

One of the things that I found most surprising in our chapter 7 is the franchising fees, some franchises charge up to $1,000,000 which I found too be incredibly high.  I honestly thought $500,000 would be the highest.

I did not understand the checklist for estimating start-up expenses. 

If I was to ask the author anything, it would be about taking cues from the third world.  It names Indian consumers in the article but no two countries are the same.  I would want him to include many countries, Africa to Japan to Canada to Australia.

I have to be honest, I did not agree with all the categories listed on emerging opportunities.  Perhaps this varies on the country or area of the United States you live in but seeig exotic salads and organic fibers/textiles seems a little odd to me.

Customer Interviews Number 3

My questions for these particular interviews have changed course.  I actually pitched my concept of a concierge service for working families as I previously did.  Previously I asked if they would be interested in the business, what services they would want, etc.  This time I asked how much they would pay, would they require a background check, how would they pay (cash, credit) and ho often they would use the service.

The people that I interviewed were a husband and wife with three kids, two separate single moms, a single bachelor, a newly engaged couple, a young college girl.

What I learned is that people would be willing to pay more than I thought, the average was $25; aside from the young college girl.  I was shocked to hear that 3 of the 5 people I interviewed did not care about background checks but they also said it was contingent on the errand, ie: money or kids would require references and a background check.  Cash and credit were both an option but they said credit would be convenient for unplanned services.  I also got a suggestion of setting up an account where they can charge ahead of a time a set amount and pull money from that account.  The consistent answer for how often was once a week, the college student being once a month.  I would definitely say this was the most productive interviews thus far.

Week 6 Reading Reflection

I really liked chapter 6 from our book.  It gave you insight and facts on why new ventures fail.   I find that to be incredibly helpful in this class because we learn how to start a new business  but to understand the downfalls too helps with not getting frustrated.

The thing I found confusing is the formulas (liquidity, solidity, etc.)

The questions I would like to ask the author relate less to about a product but more about a service; how do you gage some of those failures outside of money formulas?  Is there anything about liabilities if something happened to the person who provides the service?

Week 5 Reading Reflection

The most interesting and enlightening thing I read in Chapter 5 was the Developing Creativity process, while none of the information was "shocking" it definitely helped me as I do not consider myself a creative person.  If anything, I am very "pay attention to the facts" versus "step outside the box."  I thought it was also slightly weird that they said to "sweat it" out as a step in the process; I realize that after I work out, I feel like I have a clear head but never put the two together as it relates to ones creativity.

If I had to ask the author anything, I wanted to know where he obtained the details of major misconceptions; who decides what is a misconception?

The one thing and while it was backed up with data that I just did not agree with was that Terrorism Ignites innovation. I'm sure some ideas come on the heels of terrorist attacks but the numbers reported just seem puzzling to me.

Elevator Pitch No. 1

I have to be honest, I have such bad speech anxiety that I could not push through the elevator pitch easily, I certainly missed many points that I intended to cover but this was take 28 of my recordings so I decided that it was the best that I could due to meet the deadline.

On that note, the name of my company is At Your Service.  It is a concierge company for people with any lifestyle, from bachelors to single moms to working parents with a large broad.  People would be charged on an ala carte, as needed basis and could include anything from arranging catering for a birthday party, to picking up the dog from the vet to dropping the kids off at soccer practice.

The link to my video can be found below:

<iframe width="420" height="315" src="https://www.youtube.com/embed/2CSk1osy-KI" frameborder="0" allowfullscreen></iframe>

Idea Napkin No. 1

I am a detail oriented person who loves to multi-task.  I have 8 + years of hospitality service on my belt and well over 15 years in management.  I am good a networking and am very involved in my community.  Therefore I feel owning and operating a concierge service for families, small businesses and even local hotels would be a great opportunity to apply my skill set with the demand for day to day life of families/individuals in the Central Florida area.

People love to pay for convenience, case in point: tolls to get places quicker, meal delivery service so they do not have to run to the store, flower delivery, etc.  Instead of reaching out to multiple avenues to acquire their needs, I can be a one stop shop.  Does the single bachelor running a fortune 500 company need his dry cleaning picked up?  Done.  Does the working mom who does not have time to get dinner need a gluten free meal? Done.  Are both parents working late and have no one available to pick-up Tommy from soccer practice?  I'm here.  Convenience comes in different packages for different people and a one stop shop is just what Central Floridians need.

Between my experience, reputation in the community for being a reliable and superior leader and the my negotiation skills to give local businesses more service by giving my customers a discounted rate (I did this in my previous occupation in the hospitality industry); I stand out from the rest.  Not to mention there is no business like this that exists in the area as of present moment.  I can put my thumb print on the map so to speak.

Interviewing Customers No. 2

I am still going strong with my idea of a concierge service for working people; not necessarily a one on one but multiple clients on a as needed basis.  I felt I hit a good mark of customers, bachelors, working families, single moms, students.  If I was to change anything, I would likely remove students or young adults from my demographic on the basis that while all people seemed interested in the services being offered, not everyone could afford them.  I decided to really step out of my comfort zone this time and expand by demographic to small businesses.  This is something I should have done from the get go.

The small businesses liked the opportunity to have someone to assist in day to day business practices and were more comfortable with certain areas that personal families were; ie: two businesses said that bank drops would be incredibly helpful (providing the business was insured properly); other areas expanded into picking up catering for business meetings; picking up clients or transporting them to their location for meetings (providing there was a nice vehicle).

In summary, the demand is definitely there, however, businesses have more stipulations and a higher insurance policy would definitely be needed.

As this assignment relates to other students, I would say - step out of your comfort zone; I noticed in a lot of the other interviews that I reviewed, people just interviewed other students in school.  I feel I learned a lot more by starting with different races, ages, and then expanded into small businesses.  When you interview the people in a more casual atmosphere, they feel less pressure as a "sales pitch" and more like they are talking to a friend.  One of my first interviews was at Lake Eola with a group of mothers who were on a play date.  My third tip would be, step outside your demographic.  I went to East Orlando, Downtown Orlando and Wekiva Springs; all three locations produced different people, businesses, etc.

Week 4 Reading Reflection

I understood most of the reading with the exception of sustainable environment and energy; not necessarily what it is but in general why it is not more at the forefront.  The other items listed such as HR or community involvement seemed a given.

I'd like to go deeper into understanding B corporations, I understand the information provided but it was only a small section of the actual context from the chapter.

What companies does the author think excel and fail in triple bottom line measures.  Examples were provided but how it applies to standard business operations would be more interesting.

I am currently in Macroeconomics and am studying international alliances, ventures, etc. so I found the information quite accurate in opinion to the facts from my other class, no suggestions for this particular chapter.

Customer Interviews No. 1

The opportunity that I have often thought about and has been discussed among friends is a concierge service for families. 

I'm sure we would all like to have a personal assistant to help in day to day activities but the fact of the matter is, unless we all make a huge income to exceed 100k, that does not seem feasible.  There are often times when someone will say, there are not enough hours in the day, or they call their spouse and ask if they can pick-up dinner because the other spouse is running behind.  Instead of doing that, there should be general service where you call a company and say, "hey I have to work late tonight, can you please have someone grab groceries and drop them off at my house"; or "the dog is under the weather and we are going out of town, can you please take him to the vet."  This does not have to be isolated to just one person, it could be busy families with lots of kids, single moms who could use some help, the bachelor who works too much and cannot take care of personal matters or the college student who cannot break away from studying during exams to buy his mother a birthday present.

I guess to isolate what needs actually exist I would ask the following questions:

1.  When are you most busy in your day?
2.  Do you often run out of time to finish your to do list?
3.  If you could afford a personal assistant/family helper without having to hire them fulltime, would you?
4.  What errands do you find tedious?
5.  what matters would you not trust another person to handle?

I actually brought up casual conversations among different types of people; a single gentleman at the bar; a group of moms on a play date; working moms within my office; and a couple of people I am in a study group with.  The consensus was universal, if the price is right, every person could use an assistant.  The only issue that people were not comfortable with were medical and financial matters.

I learned what is important to one person is not at all important to another.  The college students couldn't care less about having grocery delivery or hosting; they focused on someone  assisting with writing a paper for them or being their designated driver.  This was not nerve racking at all, when you treat your customers as a peer or at least place them in a casual atmosphere, it is easier on both of you.

Top 5 World Problems

Top 5 World Problems:

1.  Terrorist attack

I feel terrorism is prevalent everywhere; look at the Paris attacks, the World Trade Centers, etc.  The threat of terrorism leaves people fearful, depressed and paranoid.

2.  Global Warming

This impacts our future and just as importantly, our childrens future.  The lands will change, there will be tsunamis, earthquakes, etc.  All of which can damage our properties and in extreme cases, kill people.

3.  Managing Immigration

This is an emerging problem that if not controlled, can get out of hand.  This goes back to my number one, the need for tighter immigration guidelines.  This also applies to issues with crime, violence, abuse of the system and issues with job creation/maintenance.  I have family in Germany right now and the rape and assault crime has escalated by 32% in less than 6 months. 

4.  Homelessness

Where there are resources, there is a way.  No one should have to live on the streets, even more sad is that a huge percentage of those who are homeless are veterans.  The same men and women who fought for me and my families freedom are now dealing with lack of housing, starvation, post traumatic stress disorder and drug abuse.

5.  Racial tension

This is great divide among different races.  While we do not need to agree on everything, the current elevation of tension is dividing friends, families, co-workers; it is increasing violence and we are reverting back to the era of Abe Lincoln with how people segregate each other and isolate one another.  It is making our means for communicating with each other ugly.



Top 5 World Problem Solutions:

1.  Veteran support

I isolated the solution in my original post but I genuinely feel if we re-evaluate who we give out assistance to and cap how long you can give assistance it will allow for more services and assistance to be provided to our veterans. 

2.  Homelessness

I feel this will eventually become a number one easy solution but people are still trying to get understand and breakthrough the stigma that is associated with homelessness but we are getting so much closer to handling the issue.  In Orange County we are relocating the homeless into small condos to keep them off the streets and are looking into rehabilitation centers and mini house for a long term solution.

3.  Heroin

The problem is not getting assistance for those who are sick from using the drug, it is not easy but it is doable.  What we need to do is educate our youth on why they should not try it to begin with.  I say youth because the heroin epidemic is rising at a faster rate of any other drug and it lies within college age students.  We need to look into a campaign like that of the tobacco free living and go hard on showing potential user the dangers and consequences.

4.  Racial Tension

This is possible.  We have made leaps and bounds from the slavery days but we are digressing.  I actually think a lot of the issue lies with the media sensationalizing things and unfortunately there are no filters to keep them from doing so.  We need to show a united front and that takes a lot of counseling.  Some people would be open to such methods, others are harder to crack.

5. Syria Starvation

This really is as easy as taking control of the country and helping the citizens who live there; however, without the government wanting to assist the poor people in Syria will continue to starve.  Sure, they allowed one organized group to provide one month of food assistance but it is not even a full meal.  Once the group is controlled, the people will no longer be victims and can live the way they once did.

Week 3 Reading Reflection

The thing that stood out most to me in week's 3 chapter reading was the dark side of entrepreneurship.  I often associated entrepreneurship with living the American dream, sure there are risks, sure there are failures; some of the items listed such as financial risk and career risk made obvious sense but the one that surprised me was family and social risk.  You expect your family to fully support and endorse you, but you do not think that you could be damaging those relationships in hopes of living a better life.

The thing I did not really understand was the classifying decisions using a conceptual framework section.  Specifically, how does one move from one quadrant to another?  Where are those lines, they seem blurred to me as it would be a matter of opinion, no?

The Enron disaster was highlighted in the book under the "in practice"; this was a case from several years ago.  Does the Author feel there are any relevant cases that are not quite yet exposed but make you go hmmmm?  For example, why is Disney and Amazon not working jointly on selling products in the past year?  Is there shady practices on either end?  This is less entrepreneurship, more big box companies but the question of ethics is still questionable.

The only thing that I would add, not necessarily think was wrong in the authors writing was the sources of stress.  He named loneliness, immersion in business, people problems, need to achieve.  I feel like there are other variables for consideration, financial, legalities, lack of knowledge.