Assignment 30A - Final Reflection

Assignment 30A

This semester with ENT3003 has been a rollercoaster of emotions filled with work that ranged from mindless to extremely challenging. As a student and entrepreneur, I feel as if I have grown with the entrepreneurial mindset and now see aspects such as opportunities and values in a way that better conform to successful business ideology and practices. I think one of my biggest takeaways from the course will be the value in understanding how starting a business differs from the perfect view of the Shark Tank-like experience that few get to be a part of. Whether it be the everyday decision making or background research of markets and customers that go into the operation before substantive sales are made, I now completely understand where individuals who start up their own business come from and even can empathize with their emotional output during the struggle to ascend. With each and every project that made me further examine my concept, I became away of how the difference between success and failure can be so slim in which extra preparation can lead to improving the odds of economic stimulus. For those who take this class in the future, I would advise them to take this class seriously and constantly remain in the mindset as if it was truly their business concept and they were invested personally and financially. This can lead to not only better class performance but will bring out true entrepreneurial practices that they can apply to potential future business and academic ventures.

Assignment 29A - Venture Concept #2

Assignment 29A

Opportunity:

The presence of online classes is becoming more prevalent with the spread of technology across the globe and is increasingly in multiple aspects of daily life. As students turn to online classes to better fit their life routines and the ins and outs of daily life, the chance to maximize their time efficiency is becoming an avenue for financial gain. Creating hours during the week to watch lectures that merely reinforce the lessons taught in the textbook and do not create thought-provoking experiences is becoming a path less and less taken by online students, and instead, they look for a replacement to augment and speed up their learning experience. The nature of the need comes from the changing of the educational demographic in conjunction with the aspect of technological influx, as the creation and adoption of increasing online classes allows for an increasing marketplace within alternatives to viewing daily lectures. Currently, customers are limited to supplemental products that take the wide view on curriculum, and advocate for cramming mass amounts of information in less than a week rather than promoting slow and steady growth. I believe the opportunity to fill a void within this marketplace is ever present and is prime positioning in the status quo, as the business will grow with increasing technological expansion, while also dictating marketplace demand by being the first in the space. The University of Florida is a logical place to start due to their adaption of technological devices and methods in the educational workspace quicker than most public universities in the United States, but as previously stated, exponential growth can take place as more schools being to adapt to basic technological trends in the classroom.

Innovation:

My business model is based on old techniques but adapted to a market that has previously been without this sort of strategy. Because it is a subscription-based service that provides a summarized review of each individual lecture, the student it required to pay a price per lecture that extends them to a minimum ceiling of one semesters length. Similar to the previous strategy of Study Edge and other educational services, students will pay on a per-monthly basis but they will be livened with incentives and discounts that reward someone for signing up for more than one class. Again, while an outsider might look at this approach and see the similarity to previous solutions, the speed to market with the product itself and subscription-based approach to educational augmentation has not been implemented in the past. In terms of broader monetary approach, due to the nature of class schedules and weekly differences, students may pay $10/week so that those who experience higher classes per week but similar time in the classroom in terms of hours are not penalized. By combining a revolutionary approach to educational help in terms of the payment structure offered and the speed for which the product is delivered into the customer’s hands, my venture checks all the buttons that lead to sustained success through proper innovation.

Venture Concept:

I believe the success of this opportunity relies on giving individuals access to the product, and a high return rate will follow. Because of outside competition that buyers may not understand the differences between, I believe giving a free trial will provide the basis for switching ideology when it comes to choosing which study guide to purchase. Again, the basis for competition is one filled at the moment with worthy adversaries, but the difference between my venture and those who stood before me is the focus on curriculum. While others take a macro-view of the curriculum, I break each component down per lecture and provide an attachment that steadies growth in the short term to build foundational knowledge in the long term. Another differentiation between myself and competition is the method of acquisition, as my fully online business with home-printing capabilities eliminated overhead costs and storefront issues. This also does not account for the differences housed in the payment structure of my business, as being a subscription-based service that is applicable for the entire semester of classes gives room to set a pricing structure that few are able to contest due to the fact that subscription-based educational services are few and far between. Finally, the business does not need much help in terms of employees to sustain the ongoing operation but would require additional help with advertising and customer service to focus in on customer acquisition. I personally stand by the idea that this venture will produce tangible results constantly with a steady influx of customers that can share its positive impact with people close to them.

Three Minor Elements:

-       Secret Sauce: The speed for which my product is within the customer’s hands is the secret sauce behind the success of my company. There are alternatives that give summaries of entire chapters, but giving literal play-by-play of a given lecture hours after it takes place is something that no one opposing me can say they are taking part in.

-       What’s Next for The Venture: For the sustained future success of the venture, I want to continue milking out the monetary potential that remains within the current space I would occupy. Specifically, I want to create exam practice tests that mimic the past questions asked by a given professor, and this extension to my business model will created added financial capital.

-       What’s Next for Me: As an entrepreneur, I hope that this venture jumpstarts a career full of ideas and successes. Within five to ten years, I would hope to have sold off this business and recouped enough capital to sustain my next four ideas whether or not they turn out to be successes in the long term.

   What Changed After Feedback:

After reading the feedback I was given, it became clear to me that my business model needed slight tweaking in terms of the pricing structure and changing it from a weekly to monthly service. My initial plan was to charge students on a per-lecture schedule, but instead the advice given to me helped me understand that it would be more convenient and easier for everyone involved to make flat purchase on a longer-term timeline. They did agree with the incentives that would decrease pricing at certain points, and that is why that clause remained the same while the broader aspect ended up changing.

 

Assignment 28A - Your Exit Strategy

Assignment 28A

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

I plan on selling the business within 5-10 years strategically to a company who wants to absorb my customer base and has an infrastructure that can support the transition. Whether to be a lump sum payment or royalty set up, a partner such as Study Edge would be someone that would potentially be interested in my product down the road, and after I show a propensity to grow as a business and offer them an avenue for revenue that they currently are without: a subscription-based service.

2.Why have you selected this particular exit strategy?

This particular exit strategy makes the most sense for a multitude of reasons, first being the immediate return for all my hard work with the business in terms of finances. However, my motivations to complete this strategy are not just dollars and cents, as the emotion and passion that I instill within this product does not automatically go away. Therefore, if I was to sell 5-10 years down the road, I would like to see it go to a company that will use it and show its full potential with a wider audience, which is why someone like Study Edge that has national connections is especially intriguing.

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

I think my exit strategy was probably one of the first things I came up with, and therefore lead me to have creative discussions that would result in a product that is similar in a way to a given educational structure, but different in ways that would result it being a financially feasible buyout. I think it hasn’t totally changed the way I would approach the day-to-day operations, however, as I would like to create growth over time that will intrigue outside buyers, but only I can say when I feel it was maxed out creatively with myself at the helm.

Assignment 27A - Reading Reflection No. 3

Assignment 27A

Innovation and Entrepreneurship by Peter Drucker

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

Drucker’s main argument revolves around innovation and entrepreneurship as something that must be honed-in upon and practiced, as a disciplined entrepreneur who understands the balance between taking financial risks and fiscal responsibility and can combine that skill with managerial traits that lead to group cohesion garner successful legacies.

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

While this class has shown the foundation of business practices and explained most in slight detail, my mind expanded with possibility when it comes to each of those practices with the detail that Drucker goes into throughout the book. As one of the major philosophical pillars of modern business practice, Drucker explains markets, business growth and opportunity in ways that involve collaboration and management techniques that connect to the general public and go far beyond the weekly teachings of ENT3003.

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

The exercise would most likely be a multi-step project, in which students would have to pick a specific industry, and after selecting that industry, would have to create a thought-out business plan and select which managerial skills would best be used in that situation to help sustain success. The reason I would design this project is that this is almost identical to Drucker’s psychology regarding the growth of successful businesses.

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

I was most surprised when Drucker broke down how changing the financial aspect of a product or service can be a way to change the outside perception without making many physical alterations. Whether it be the cost structure or business plan itself, enhancing the view of the outside public that previously rejected a product can be a way to change the fortune of the entire business. I was previously unaware of this tactic and would often believe that a full makeover of a product/business would have to take place to achieve the most success in the future.

Assignment 26A - Celebrating Failure

Assignment 26A

When completing potential interviews for an assignment in this class, I called up my Uncle, who is a Vice President of a Fortune 500 company, to get his feedback on the possibility on the success of my business idea. While going in I believed wholeheartedly in my plan and couldn’t imagine a way it wouldn’t succeed, I was met with opposition from him immediately. Instead of attacking the idea itself, he probed me and asked over a hundred questions about my immediate, short term and long-term vision of my “company” with such detail that I could not answer to. I felt ill-prepared and could not answer his questions in a realistic and professional manner that illustrated that I understood what my own company was. I decided, after a half hour of embarrassment that ended with him explaining to me that if I don’t understand my business than no one else will, that I needed to change my focus from overall excitement about a concept to strictly detail-oriented and become obsessed with improving the details that would sustain my business in the long term. In terms of failures overall, I handle them relatively well and try to turn the initial depression into motivation that will increase my drive to overcome that unwanted but needed adversity. With this class, in particular, I believe the assignments have pushed me to go beyond my normal comfort zone and become completely involved in the growth of both myself and my business concept. I’m thankful in many ways for something to push myself to such a degree that I have now adapted to approach tougher situations in a positive manner.

Assignment 25A - What's Next?

Assignment 25A

Existing Market. 

Step 1:

After launching the subscription-based lecture notes, the next step in my product/service line would have to be exam preparation materials that are class-based and whether it be practice exams or flashcards, they would be tailored to the professor’s previous exam techniques.

Step 2:

All three interviews I conducted were with business students who had two or more classes they are currently taking online, and in addition, they all admitted to using a supplemental material to help with class/exam preparation. The first student, a third-year Finance major who was a female, believed my core opportunity was a clever adaption to current available techniques, but disagreed with my future path because she thought it was too saturated in the status quo. Instead, she believed that I should expand my boundaries beyond basic business classes and offer the same core product to students of all majored. My second interviewee, a first-year General Business Major, was initially skeptical of even my core business product but eventually warmed up to the idea. He also believed my future could take the path I had planned, but he voiced concern with larger brands already holding down the exam preparation market. While he could not give me a specific alternative, he voiced his opinion against that technique. Finally, a second-year accounting major was not a proponent of my future plan while being the most vocally for my core opportunity, and instead, she instructed me to find certification exams (excel, access, etc.) and provide students/professionals with detailed notes to help prepare for those non-educational practices.

Step 3:

In terms of providing the most growth to my company within the boundaries that stand today, I believe fully unlocking both educational and close but not quite educational spin offs allow for the most monetary success. Given the feedback from my three interviewees, I believe that my initial plan would still be successful and specifically creating exam preparation guides that fit the teaching styles of professors and give out aspects such as note cards and practice questions would be a good fit for my vision. Additionally, this path then expands my future horizon within a similar viewpoint, as adding these additional elements does not retract from my core competency of giving lecture summaries the day that they air. In every facet of business success, because I am using similar processes to create a different addition for purchase, this remains a net-positive.

Using my interviews to aid this line of thinking, I believe the idea of Microsoft Office certification exams or another level of technical ability attracts a similar customer within a different marketplace. Because of the technological infrastructure I possess, adding this as a feature will not inhibit growth within the original concept, but will provide a monetary stream that was not seen with the original viewpoint. Certification exams, however, might not be able to be had because of patent concerns, and if so, I would be happy to create practice exams for the given exams. This would fit my business even better than the exams themselves, as summaries and executive questioning before the exam is eerily similar to my initial planning.

New Market:

Step 1:

Although my core concept was a B2C idea based on educational gain within the lecture halls and understanding of teaching material, I believe I can transfer the skills of summarizing speeches into the summation of books for people who either do not have the time or will to read an entire book.

Step 2:

Gaining information is one of the hallmarks of personal and intellectual growth. With this expansion of my product line, which will be similar to a pay-per-view model in terms of a singular book being condensed into a newspaper article view, I am adding an ease and sophistication to the art of reading. Unlike ever before, individuals will be able to harbor the same anecdotes and knowledge that would be gained from reading an entire novel in just a few minutes time.

Step 3:

For these last two interviews, I decided to interview my uncle, who happens to manage a local antique bookstore in Winter Park, and my previous boss who is one of the most avid readers I have ever met. First, when explaining the concept to my uncle, he immediately wanted to understand how my business was different than Sparknotes. While this was a fair question, I quickly explained that the surface-level summaries that sparknotes gives out fail in comparison to the comprehensive analysis that I hope to give with each book I review. His suggestion, after further understanding, was that I should offer a complete packet with each book, which includes character analysis, plot breakdowns, and author background. On the other hand, my former boss was much more understanding and receptive to the idea, claiming that he would use this service, especially if a friend or family member recommended a piece of literature. His suggestion would be, to attract more users, to create a reading guide that helps a reader understand what he/she is reading while they actually read the book, so in essence, provide help if needed.

Step 4:  

After reflecting, I realized that I knew relatively little about the ins-and-outs of the book market, whether it being my idea of summarizing and how readers would understand or the reading guides. Due to the fact that other sources in one way or another make up the majority of this standing market, I need to research and find ways to which I can differentiate myself while still using upstanding parts of my core and original ideas. Coming from two individuals who know the space that is foreign to me, it didn't take much interaction to realize I could be over my head with expanding in this radical and different of a direction.

Because of my relative lack of knowledge within the space that I could expand, I believe the best fit for myself relies in the market revolving around lecture summaries and exam preparation. My assumptions regarding my success potential with this potentially new business venture were found incorrect, in fact, I was almost 100% wrong about the pace and knowledge necessary to create a proper alternative that would become cohesive with my existing structure. Due to these realizations and a lack of knowledge needed to provide a complete plan that will withstand market constraints, I do not believe that this alternative product is within my best interest.

Assignment 24A - Venture Concept #1

Opportunity:

The presence of online classes is becoming more prevalent with the spread of technology across the globe and is increasingly in multiple aspects of daily life. As students turn to online classes to better fit their life routines and the ins and outs of daily life, the chance to maximize their time efficiency is becoming an avenue for financial gain. Creating hours during the week to watch lectures that merely reinforce the lessons taught in the textbook and do not create thought-provoking experiences is becoming a path less and less taken by online students, and instead, they look for a replacement to augment and speed up their learning experience. The nature of the need comes from the changing of the educational demographic in conjunction with the aspect of technological influx, as the creation and adoption of increasing online classes allows for an increasing marketplace within alternatives to viewing daily lectures. Currently, customers are limited to supplemental products that take the wide view on curriculum, and advocate for cramming mass amounts of information in less than a week rather than promoting slow and steady growth. I believe the opportunity to fill a void within this marketplace is ever present and is prime positioning in the status quo, as the business will grow with increasing technological expansion, while also dictating marketplace demand by being the first in the space. The University of Florida is a logical place to start due to their adaption of technological devices and methods in the educational workspace quicker than most public universities in the United States, but as previously stated, exponential growth can take place as more schools being to adapt to basic technological trends in the classroom.

Innovation:

My business model is based on old techniques but adapted to a market that has previously been without this sort of strategy. Because it is a subscription-based service that provides a summarized review of each individual lecture, the student it required to pay a price per lecture that extends them to a minimum ceiling of one semesters length. Similar to the previous strategy of Sports Illustrated and other magazines, students will pay $3.99/per lecture for one class, but they will be livened with incentives and discounts that reward someone for signing up for more than one class. Again, while an outsider might look at this approach and see the similarity to previous solutions, the speed to market with the product itself and subscription-based approach to educational augmentation has not been implemented in the past. In terms of broader monetary approach, due to the nature of class schedules and weekly differences, students may pay $10/week so that those who experience higher classes per week but similar time in the classroom in terms of hours are not penalized. By combining a revolutionary approach to educational help in terms of the payment structure offered and the speed for which the product is delivered into the customer’s hands, my venture checks all the buttons that lead to sustained success through proper innovation.

Venture Concept:

I believe the success of this opportunity relies on giving individuals access to the product, and a high return rate will follow. Because of outside competition that buyers may not understand the differences between, I believe giving a free trial will provide the basis for switching ideology when it comes to choosing which study guide to purchase. Again, the basis for competition is one filled at the moment with worthy adversaries, but the difference between my venture and those who stood before me is the focus on curriculum. While others take a macro-view of the curriculum, I break each component down per lecture and provide an attachment that steadies growth in the short term to build foundational knowledge in the long term. Another differentiation between myself and competition is the method of acquisition, as my fully online business with home-printing capabilities eliminated overhead costs and storefront issues. This also does not account for the differences housed in the payment structure of my business, as being a subscription-based service that is applicable for the entire semester of classes gives room to set a pricing structure that few are able to contest due to the fact that subscription-based educational services are few and far between. Finally, the business does not need much help in terms of employees to sustain the ongoing operation but would require additional help with advertising and customer service to focus in on customer acquisition. I personally stand by the idea that this venture will produce tangible results constantly with a steady influx of customers that can share its positive impact with people close to them.

Three Minor Elements:

-       Secret Sauce: The speed for which my product is within the customer’s hands is the secret sauce behind the success of my company. There are alternatives that give summaries of entire chapters, but giving literal play-by-play of a given lecture hours after it takes place is something that no one opposing me can say they are taking part in.

-       What’s Next for The Venture: For the sustained future success of the venture, I want to continue milking out the monetary potential that remains within the current space I would occupy. Specifically, I want to create exam practice tests that mimic the past questions asked by a given professor, and this extension to my business model will created added financial capital.

-       What’s Next for Me: As an entrepreneur, I hope that this venture jumpstarts a career full of ideas and successes. Within five to ten years, I would hope to have sold off this business and recouped enough capital to sustain my next four ideas whether or not they turn out to be successes in the long term.

Assignment 23A - Your Venture's Unfair Advantage

Assignment 23A

Resources:

·       Access to UF Online Class Lectures

1)       Valuable: Without access to the UF online lectures I would not be able to give out notes specified to that content.

2)       Rare: In the grand scheme of things, it is rare because only students who attend UF and maybe professors have that access.

3)       Inimitable: It is in no way inimitable with the UF-specific material; you either have it or you don’t.

4)       Non-sustainable: Competing products to my own try to replicate this access, but no this access is the most authentic and pure part of my business model.

·       Personal Capabilities (Writing)

1)       Valuable: Without my writing capabilities and strong work ethic I would not be able to pass off a popular product that is based on writing.

2)       Rare: This ability is not rare and is in fact found in almost every human being on the planet.

3)       Inimitable: While my style is in certain ways different than others, it most likely could be imitated.

4)       Non-sustainable: There are thousands and potentially millions of substitutes, and therefore its not the best resource.

·       Advertising/Social Media

1)       Valuable: Without advertising and social media platforms I would have to rely on word of mouth sales to make up 100% of my business.

2)       Rare: There are plenty of businesses who advertise via social media, so unless I found a way to differentiate myself, it is not rare.

3)       Inimitable: Advertising and social media are both easily inimitable due to the fact they do not any factors that can hold someone from making a similar product.

4)       Non-sustainable: Besides the fact that my business concept is different than the potential substitutes, there are plenty of alternatives that could take my place.

·       Human Capital

1)       Valuable: The skills and knowledge of my previous life experiences are paramount to the success of my business, as without those aspects I am mostly rendered useless.

2)       Rare: Every human being has a certain amount of human capital they have built up over time with there depths of experiences and outside communication.

3)       Inimitable: Gaining knowledge and skills is not possible purely overnight, and therefore being able to imitate human capital is virtually not possible unless its over a long period of time.

4)       Non-sustainable: Like social capital, there is effectively no substitute for human capital and that gained from previous experience cannot be bottled and sold in an easy manner.

·       PayPal

1)       Valuable: Without PayPal, I wouldn’t be able to accept business transactions online and would need a brick and mortar storefront and point of sales system to accept finances for my product.

2)       Rare: PayPal is the most popular financial transaction platform on the planet, and there is only one PayPal.

3)       Inimitable: PayPal would be a very difficult thing to imitate from ground zero, as you would need technicians with vast experience dealing with algorithms and coding that could create a similar platform.

4)       Non-sustainable: There are financial transaction platforms that emulate PayPal and they are becoming more mainstream and potentially are gaining more market share.

·       Social Capital

1)       Valuable: Without a standard of my previous social interactions and relationships, I wouldn’t be able to have a foundation of customers and access to financial capital and outside advice.

2)       Rare: Every human being is enabled with a certain amount of social capital just from their everyday interactions and built up lifetime of experiences.

3)       Inimitable: There is no way to imitate social capital and unless you have been through the exact same situations as a given person, there is no way you have the same social capital.

4)       Non-sustainable: Because of the depth of potential regarding the term social capital and the interactions that come with it, there is no pure substitute for social capital and it all depends on a given individual.

·       Subscription-based Service

1)       Valuable: To my business concept, this is one of the pinnacle ideas and resources that I cherish and believe will lead to a differentiated product and sustained success.

2)       Rare: Compared to traditional business transactions of real-time payments when the need exceeds one’s patience, subscription-based services are rare, but numerically they still make up a large number of businesses.

3)       Inimitable: This system has opponents due to the methodology that company believes will drive the most opportunity for financial success, but it would be almost impossible and worthless to imitate a non-proprietary system of business.

4)       Non-sustainable: Like previously stated, there are other substitutes to  a subscription-based business practices, and whether it be trading a good for a service or a point of sales business, there are many that could replace my business model.

·       Prior Business Experience

1)       Valuable: Without my previous business experience, I would be lost understanding certain aspects of running a successful business, whether it be understanding the books or customer service.

2)       Rare: I don’t believe previous experience in business is rare at all, in fact, I believe that most entrepreneurs use previous experience to guide their transition into starting their own business.

3)       Inimitable: Anyone with free time and an opportunity to gain meaningful experience can imitate in certain ways my business experience.

4)       Non-sustainable: While individuals may have had business experience with different businesses, there is no substitute for hard work and physical experiences that have taken place during prior work engagements.

·       Financial Capital

1)       Valuable: Financial Capital is one of the most valuable assets a company can have, as further resource accumulation and customer acquisition become exponentially easier with financial capital.

2)       Rare: While the majority may be clustered in few individuals/corporations, the rarity of financial capital is limited when you understand that everyone has some level of financial capital.

3)       Inimitable: Financial capital is not, in essence, inimitable at all, and only it can be exchanged in the manner than financial capital is.

4)       Non-sustainable: While there are different methods of financial capital, bartering goods and services has mostly gone by the wayside, so I would conject that it has few substitutes.

·       Production Resources (Technology)

1)       Valuable: This is one of the most valuable resources I have in my arsenal, due to the fact that the crux of my financial avenue related to this business is tied to the ability to house and deliver an online product.

2)       Rare: With an increasing distribution of technology across the globe, it is becoming less and less rare with each increasing year.

3)       Inimitable: With only a small amount of financial capital and the ability to purchase the technology, it could and would be quickly inimitable.

4)       Non-sustainable: There are multiple different brands of laptops and other aspects of technology I use for production, therefore, there are a multitude of substitutes that competitors could use.

My Top Resource (after evaluating them all):

After evaluating all the resources that I consider to be of utmost importance to the success and sustainability of my business, I’ve realized that my top resource is the access to the UF online courses. Not only is this the heart and soul of my project, but I imagined if I lost all of the resources I listed, and only that resource would completely and utterly wreck my entire idea. The access to the lectures feeds into the notetaking of each lecture and the distribution and backhand parts of the business rely on the information itself to drive the product. Each and every resource I listed has a special connection for what I plan on pursuing, but nothing becomes the way that I envision without the necessity of the online access to UF lectures.