Week 15 Reading Reflection

The biggest surprise for me in the reading was honestly the introduction. The article starts out so shocking talking about attacks and stolen cash. 

One part of the reading that was confusing for me was the part where the author explained that the company only lends to women. I would need to have a more detailed explanation to understand this fully. 

I would love to be able to sit down with the author and ask him what his best advice would be for someone in a high stress situation like the one he experienced in India. 

After reading, there is not anything specific that I think the author was wrong about. 

Final Reflection

1. Wow, it's crazy to see all that we have completed in this class. To be honest, I really struggled with the interviews. It is difficult for me to approach strangers in this way, so I can confidently say that was the hardest part of this class. I enjoyed making the elevator pitch. I enjoyed being able to re-record the video if I made a mistake, and it was great to see the improvements I made from the first video to the last. In addition, I enjoyed commenting on the blogs of other students. It was great to see the creativity and innovation of other people.

2. The experience I will remember years later is the assignment "My Secret Sauce." It was really great to learn what the most important people in my life thought about me in this way. I will for sure remember this and carry this with me throughout the rest of my life. I am most proud of accomplishing interviews because I knew interviews were going to be the most challenging part of this class for me.

3. I definitely think I have moved closer to developing an entrepreneurial mindset for sure.

4. I would suggest giving this class your best. It may seem overwhelming in the beginning because it might be something you have never done before, but just give it 110% right off the bat. Also, plan ahead. Create a schedule and make it a habit. You won't regret it.

Elevator Pitch No. 4

I received some awesome feedback which really helped me with my fourth pitch. The only suggestion I received from two people is to shorten my pitch to one minute. I took this into consideration when I was making changes to my pitch, and I realized the pitch kept increasing in length because I kept adding suggestions people were making each time.I did my best to leave the crucial information in the video and take some of the lines that weren't completely necessary out. I didn't receive any feedback that was wrong or silly. I hope you enjoy the changes!

Venture Concept No.2

Venture Concept No. 2

Opportunity
I saw an opportunity to provide students with healthy food options during late hours of the night. College students have food options late at night, but rarely do these businesses offer any healthy options. Many students want to maintain a healthy lifestyle for physical and emotional purposes. Furthermore, most college students have very busy schedules. As a result, they tend to be up during the night studying, socializing with friends, or watching multiple shows on Netflix. At some point during these activities, most students want food. The only places that are open during this time are unhealthy options. These students need a better option.This window of opportunity will be open indefinitely. Students need to maintain a healthy lifestyle to be their best. The people I am targeting as customers are college students located near the UF campus.

Innovation
Late Night Light is a food store that would carry healthy choices when you need them most. The store would carry affordable meals and snacks that fill you up without weighing you down. Smoothies, sandwiches, and fruit bowls are just a few of the items waiting to satisfy your appetite. Are prices would be competitive with others stores in the area that are similar to us. For example, our smoothies would be sold for $4.00 to compete with businesses like Tropical Smoothie, 3
Natives, and Daily Green. 

We will be located close to midtown to reach our target audience of college students who are up late at night. We would also have the option of delivery, so you can keep on studying or binge watching Netflix all through the night. Our food would be fresh, flavorful, and locally sourced. Our advertisement will mainly take place on social media platforms to reach out to potential customers.

Yes there are healthy options out there, BUT ask yourself three questions:

1. Is the business open late?
2. Is the business offering delivery?
3. Is the business conveniently located?

This is why Late Night Lite is a triple threat. We will offer fruit bowls like the ones featured in the picture below.

Venture Concept

I believe customers will switch to this business because nothing has ever been quite like it before. I do not think it will be difficult to get customers to switch because college students will want to try something new and beneficial to their health. My competitors are other businesses open at late hours too, but they do not offer food with the same kind of health benefits. The customer experience is very important to us. We want to make sure our food is flavorful, healthy convenient, and reasonably priced. In addition, we want to make sure our customers have a positive experience with our business. We will be customer focused by maintaining a positive, friendly atmosphere and offering loyalty rewards. Our amount of employees will be subjective to the market and demand for our products. 

The Three Minor Elements

Our unfair advantage is hands down our "triple threat." I don't think there is another business in the area that has all three of these factors like us. It sets us apart immensely. If all goes well, I would love to open our business in other college towns. It would be great to promote healthy choices to students everywhere. My vision as an entrepreneur is simple but very meaningful to me. I just hope to learn a lot from this experience. Knowledge is power, and I hope to be as knowledgable as I can be in this field. 

Feedback

I really got some awesome feedback! Generally, most people loved the concept of a food place that offered healthy options that was open pas 9:00pm. Also, I received some feedback about lowering my price even more. The person said that $5.00 burger from relish still sounds better than a $5.00 smoothie, but a $3.00 smoothie sounds more appealing than a $5.00 burger. I decided that it would be a good idea to lower the price to $4.00 to compete better against other businesses. 

Week 14 Reading Reflection

The biggest surprise for me in the reading was the section titled "Hot Dogs, Ex-Convicts, and Social Enterprise." The title really intrigued me from the beginning, and I really enjoyed reading about the story of the hot-dog stand in Chicago, Illinois. 

One part of the reading that was confusing for me was the Integrative Model of Corporate Entrepreneurship Strategy. The chart was overwhelming for me the first time I looked at it, but the more familiar I become with the terms in each box and how they connect I know I will have a better understanding of the concept as a whole. 

I would love to be able to sit down with the author and ask him if he has had any experience with global entrepreneurship. I would love to learn from someone with insight from experience in this specific branch of entrepreneurship. 

After reading, there is not anything specific that I think the author was wrong about.

Google Gold

1. I really enjoyed the video that included Dustin Moore talking about search engine optimization (SEO). He shared a broad definition of SEO which basically asked the question of how we as students were going to convince people of our ideas and create solutions to problems that people may have on our blogs. In addition, SEO involves the process of improving your website/blog so that it attracts more search engine visitors. I really learned a lot from Dustin, and I plan to use what I learned in future endeavors. I did my best to understand the importance of using keywords and writing a lot of content to pursue SEO, but I definitely could have done a better job.

2. I used the correct titles and labels throughout the semester, but I could have done a better job at using specific keywords during this course. As a result, I didn't change or refine my keywords throughout the semester.

3. I didn't use social media to enhance my SEO efforts with this blog. Since I used this blog strictly for academic reasons, I chose not to use social media to improve my blog's profile. Therefore, I do not have the information to determine if social media would have been receptive to my blog or not.

4. My most "viral" post was "Customer Interview No. 2." I believe this post obtained the most traffic because customer interviews can be tough, and it can be easier when you get inspiration from other people that have already completed the assignment. For example, I would look on different blogs to see how other students completed the interviews to learn from their strategies. In addition, these interviews can be more entertaining to watch compared to just reading posts.

5. Since I don't have strong keywords to search, this question is kind of hard to answer. When I search "Ent 3003 Rachel Carter Blog" I am number four on the first page.

Very Short Interview, Part 2

My initial interview:

My interview was with my former boss, Renee Ratliff. She owns her own boutique, which I worked at over the summer. She is a personable leader with a lot of business savvy. She also works as a guidance counselor at a local middle school in my hometown. I am very impressed with how well she balances everything.

Question: What does it mean to be an entrepreneur?

Answer: An entrepreneur to me is someone that takes an idea or a product that others need or want and turns it into not only benefitting others but also themselves. An entrepreneur is not afraid to experiment, works long hard hours, and is not afraid of failure.

Question: What do you think I should learn in an entrepreneurship course?

Answer: I would hope that you would learn how to be a successful entrepreneur! How to meet your goal with enough monetary compensation to not only support yourself but to expand and build on your goal. 

Question: What do you wish you had been taught in school before setting out on your own path as an entrepreneur?

Answer: I wish that I had been told about all of the hidden responsibilities of owning your own business! All of the little things that you don't think about! All of the state guidelines and permits and hurdles that you have to jump through. Accounting! How to set up a payroll system!

My impression of the first interview is that it is clear to see how far I have come since the beginning of class. I enjoyed getting to pick the questions for the second interview and then compare how different they were from the first one. I really enjoyed being able to conduct two interviews, so I could see the big picture of this course. 

My second interview:

Question: What have you been biggest challenges you have faced as an entrepreneur? 

Answer: The biggest challenge that I had was keeping up with the business (paperwork) part of the business. Filing of taxes, sales tax, and payroll! 

Question: Do you think it is important to have an exit plan when you start a business, or do you just let the business grow as it does and decide then? 

Answer: I did not have an exit plan but, looking back I think that it would have been very beneficial to have one in place. 

Question: What was your favorite part about being an entrepreneur?  

Answer: My favorite part was being able to promote different charities and programs through my contacts with the local Chamber and Schools. Owning a business opened several doors and gave me a voice. I also enjoyed the freedom of being able to leave the business with capable employees so that I could pursue other things. 

I am much more comfortable talking about entrepreneurship in this interview now compared to three months ago. I am much more comfortable interviewing people in general now compared to three months ago. I definitely think Mrs. Renee could see that I have progressed in my journey. I am excited about the experiences that I can take from this course into the real world. 

Week 13 Reading Reflection

The biggest surprise for me in the reading was the fact that Facebook raised $16 billion in the initial public offering. I enjoyed reading all of the other facts about Facebook in the reading "The Valuation of Facebook: Real or Fantasy??"

One part of the reading that was confusing for me was the concept of rollups. I am not familiar with the term, so it was hard for me to understand the reading "Could 'Rollups' Infiltrate Your Industry." I enjoyed learning rollups, and I am excited to research the topic more.

I would love to be able to sit down with the author and ask him specific questions about what he thinks are the major points to consider when establishing a firm's value.

After reading, there is not anything specific that I think the author was wrong about.

Celebrating Failure

1. I actually experienced a pretty big failure this past week in another class. I got a C on an exam in another class. I didn't study enough, and I only blame myself for not doing as well as I should have on that exam.

2. I learned that hard work is important, and success should be earned. I realized how important studying ahead of time is, and I will work hard to not procrastinate anymore.

3. Gosh failure is tough! My dad always says it's not about falling it's about picking yourself up. Failure is important because it shows you that you are capable of being successful again. I handle failure differently depending on the situation at hand. I am my own worst critic, so I am pretty hard on myself when I fail. But as I have gotten older I have learned how to handle failure better. This class has definitely changed my perspective on failure. I am more likely to take a risk now than I was four months ago for sure. I have realized that risks are important because the only thing worse than not succeeded is not trying at all.

My Exit Strategy

1. I plan to sell my business in the next five year for a large return. This business will be a learning experience for me, and I hope to pass it on to someone else in the future. The concept appealed to me because it involves goods that are in high demand to customers around me (college students). I want to use this venture concept to learn the ropes of management, pass the business on to a trustworthy candidate, and then continue on my career path.

2. I have selected this particular exit strategy because this business is not where I see myself for decades. I think it is a great place to start, but it is not personally the best place for me to end.

3. My exit strategy has influenced some but not all of the decisions I have made in my concept. For example, it has not influenced how I identified my opportunity. On the other hand, it did influence my growth intentions.

Week 12 Reading Reflection

The biggest surprise for me in the reading was the part about "The Entrepreneurial Culture versus the Administrative Culture." I have never really thought about the different cultures. I really enjoyed learning about the different characteristics and pressures when comparing the two. 

One part of the reading that was confusing for me was the part about strategy matrix. It was a chart that I have never been exposed to so it was kind of hard for me to grasp at first. I think after taking a closer look I will be able to get a better understanding of the chart. 

I would love to be able to sit down with the author and ask him specific questions about the life cycle of a venture he has had in the past. I think the best way to learn is to gain knowledge from other people and their experiences. 

After reading, there is not anything specific that I think the author was wrong about.