Wednesday, October 30, 2019
Your Exit Strategy
When my business is well and or has a good financial history, my exit strategy would most likely either sell my business to a larger company or merge with a company and have them buy my portion of the company. The reason why I selected this particular strategy is that I feel like I will be bored of my company in 5 years and selling it for a very large portion of money is very enticing. I do not believe my exiting strategy has affected the decisions I made in my business concept. If anything, I do not think this far ahead into the future and knowing me I would be bored after a few years.
Thursday, October 24, 2019
Reading Reflection No. 3
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance
The competency that I noticed Elon possessed was persistence. No matter how difficult things became he never gave up and kept on going until he achieved his goal. Like I mentioned previously before what would become PayPal, Elon had to work tirelessly day to day and week to week. Even to the point, he would sleep at where he worked. Although this is a slight stretch, it is somewhat similar to many entrepreneurial startups where most if not all entrepreneurs have to work tirelessly. One thing that confused me about Elon is the fact he is overly optimistic about his plans. Usually, most people learn their mistakes after the first time they make it but this isn't the case for Elon. And it confuses me why he does it like it probably has to do with publicity but it is weird.
If I was able to ask Elon 2 questions it be:
1. Did you create SpaceX in order to compete with other aerospace companies/agencies or is it because you had a dream when you were a kid?
2. You cut yourself off from your father because he wasn't a good person, will you ever regret this decision?
What I believe Elon's idea of hard work would probably be results. I probably can't relate for the most part because I am quite lazy and like to procrastinate.
Venture Concept No. 1
Opportunity
Although clear coats and car paints have gotten better throughout the years, bird poop and bug splatters can still damage them. Despite entire businesses being dedicated to cleaning cars, I still see an opportunity still available. This opportunity being an "on the go" car wipe, my product is targeted towards people who have cars, like to keep their cars clean even when they are busy, and don't have time to take them to the car wash. I believe the need isn't immediate but rather conditional like they don't always want to keep their car clean but if they see something like bird poop theyw ant to clean it off as soon as possible.
Innovation
Although my product isn't very innovative, it is rather convenient for whoever buys it. Everyone probably experienced seeing a stain on their car but because they were already preoccupied they didn't have time to clean it off. But that is where my product comes in, it is essential a package the size of an alcohol swab that is specially designed to wipe off messes like bird poop or bug splatters. You don't need another rag or soapy water and you can literally do it whenever and wherever. I've thought about it and the best way to sell it is as a subscription-based service, each month the customer pays $15 for a box of 50 wipes and each wipe cleans off about 5 messes before you have to throw it away.
Venture Concept
My product is meant to save people time and money. The reason why it saves them time is that they don't have to drive all the way to a car wash and get their whole car clean because of a small stain. Instead, they can invest in my car wipes and wipe away small messes even when they're in a rush. It saves them money too because the average base tier car wash costs about $5 but my product has 50 wipes a box for $15. There aren't really any competitors for my product unless car wash places are included. I believe price points are a big deal due to the fact it is an elastic market and the price can determine whether my product gets sold or not. I would organize the business as me being the owner and doing most of the work behind the scenes while I have several employees (5-7) helping me market the product to potential customers.
The Three Minor Elements
The most important part of my product is getting as many people to sign up for the subscription, this is due to the fact for every person who signs up I get $15. This can be done by going to car meets and demonstrating my product to people and convincing them to buy it. The next product I would try to develop is a spray that you can wipe on your car that acts as an additional coat of protection against bird poop or bug splatters. In 5 years, I want to be bought by a larger company and sell my share of my business so I can explore other business ventures.
Although clear coats and car paints have gotten better throughout the years, bird poop and bug splatters can still damage them. Despite entire businesses being dedicated to cleaning cars, I still see an opportunity still available. This opportunity being an "on the go" car wipe, my product is targeted towards people who have cars, like to keep their cars clean even when they are busy, and don't have time to take them to the car wash. I believe the need isn't immediate but rather conditional like they don't always want to keep their car clean but if they see something like bird poop theyw ant to clean it off as soon as possible.
Innovation
Although my product isn't very innovative, it is rather convenient for whoever buys it. Everyone probably experienced seeing a stain on their car but because they were already preoccupied they didn't have time to clean it off. But that is where my product comes in, it is essential a package the size of an alcohol swab that is specially designed to wipe off messes like bird poop or bug splatters. You don't need another rag or soapy water and you can literally do it whenever and wherever. I've thought about it and the best way to sell it is as a subscription-based service, each month the customer pays $15 for a box of 50 wipes and each wipe cleans off about 5 messes before you have to throw it away.
Venture Concept
My product is meant to save people time and money. The reason why it saves them time is that they don't have to drive all the way to a car wash and get their whole car clean because of a small stain. Instead, they can invest in my car wipes and wipe away small messes even when they're in a rush. It saves them money too because the average base tier car wash costs about $5 but my product has 50 wipes a box for $15. There aren't really any competitors for my product unless car wash places are included. I believe price points are a big deal due to the fact it is an elastic market and the price can determine whether my product gets sold or not. I would organize the business as me being the owner and doing most of the work behind the scenes while I have several employees (5-7) helping me market the product to potential customers.
The Three Minor Elements
The most important part of my product is getting as many people to sign up for the subscription, this is due to the fact for every person who signs up I get $15. This can be done by going to car meets and demonstrating my product to people and convincing them to buy it. The next product I would try to develop is a spray that you can wipe on your car that acts as an additional coat of protection against bird poop or bug splatters. In 5 years, I want to be bought by a larger company and sell my share of my business so I can explore other business ventures.
Your Venture’s Unfair Advantage
Resources
1. Helpful
2. Innovative
3. Time Efficient
4. Marketable
5. Reliable
6. Motivated
7. Passionate
8. Flexible
9. Open-Minded
10. Confident
VRIN Analysis
Each of my resources is useful to me when I plan on starting my business. Being helpful, innovative, and time-efficient is valuable is due to the fact it helps create a cohesive working environment and should streamline the work process. The rare resources I would say are marketability, reliability, and flexibility because these three traits will help me sell the product and not everyone is capable of having all three which makes it rarer. And the inimitable resource I would say is confidence, not everyone can be confident and I am confident if I start my business it will be successful.
Top Resource
I would say my number 1 resource would most likely be my flexibility. Although it was a tough choice, I would say flexibility is my most redeeming resource is due to the fact how applicable it is. For example, being flexible allows me to balance my life along with all the stresses associated with it without having a breakdown. The other resources I was thinking about being my top resource were reliability and marketability.
1. Helpful
2. Innovative
3. Time Efficient
4. Marketable
5. Reliable
6. Motivated
7. Passionate
8. Flexible
9. Open-Minded
10. Confident
VRIN Analysis
Each of my resources is useful to me when I plan on starting my business. Being helpful, innovative, and time-efficient is valuable is due to the fact it helps create a cohesive working environment and should streamline the work process. The rare resources I would say are marketability, reliability, and flexibility because these three traits will help me sell the product and not everyone is capable of having all three which makes it rarer. And the inimitable resource I would say is confidence, not everyone can be confident and I am confident if I start my business it will be successful.
Top Resource
I would say my number 1 resource would most likely be my flexibility. Although it was a tough choice, I would say flexibility is my most redeeming resource is due to the fact how applicable it is. For example, being flexible allows me to balance my life along with all the stresses associated with it without having a breakdown. The other resources I was thinking about being my top resource were reliability and marketability.
Saturday, October 19, 2019
Growing Your Social Capital
Micah J.
Owns a local car wash business in the town I am from, is probably the best and only car wash in town I would actually go to due to the degree of service provided. I would put Micah as the domain expert in my industry. In high school, I washed my car at Micah's place pretty often and coincidentally I met him unexpectedly. Micah didn't really do any favors for me but he did give me advice free of charge. Including Micah into my network would enhance my ability to exploit an opportunity is due to the fact, he can help open doorways for me to other connections.
Mackenzie G.
A friend from high school who is a car enthusiast and goes to car meets, she gets sponsored by other companies to promote their brand/image. Mackenzie is filling in as my expert on my market. I met Mackenzie in high school in one of my dual enrollment classes but never talked to her until I hung out with her because we had mutual friends. I talked to her about the idea of my product and she liked it and was willing to promote it if I ever decided to make it and she doesn't expect anything out of it. Mackenzie would enhance my ability to exploit an opportunity is due to the fact she can promote my product when she goes to car meets.
Zach V.
Met him through friends of friends and through a secondary connection is the manager of an Auto Zone. Zach would fill in as the important supplier to my industry. I was talking to one of my friends about the assignment I have to do for entrepreneurship and how I had a difficult time finding someone to fill in this spot so she suggested I message Zach. I messaged Zach through text message, told him about my idea, and he liked it. If I were to ever make my product a reality, Zach would help me set up my business and offer to sell my product for a small commission fee. Zach would help me exploit this opportunity because he can sell directly to the consumers.
Reflection- This exercise pretty much taught me you don't have to look for random people and hope they're in a position that is useful to you. If you talk to someone you know, they might actually know of someone who is in that position. This process didn't really differ from what I did before but it was very interesting that people I know can actually be useful.
Owns a local car wash business in the town I am from, is probably the best and only car wash in town I would actually go to due to the degree of service provided. I would put Micah as the domain expert in my industry. In high school, I washed my car at Micah's place pretty often and coincidentally I met him unexpectedly. Micah didn't really do any favors for me but he did give me advice free of charge. Including Micah into my network would enhance my ability to exploit an opportunity is due to the fact, he can help open doorways for me to other connections.
Mackenzie G.
A friend from high school who is a car enthusiast and goes to car meets, she gets sponsored by other companies to promote their brand/image. Mackenzie is filling in as my expert on my market. I met Mackenzie in high school in one of my dual enrollment classes but never talked to her until I hung out with her because we had mutual friends. I talked to her about the idea of my product and she liked it and was willing to promote it if I ever decided to make it and she doesn't expect anything out of it. Mackenzie would enhance my ability to exploit an opportunity is due to the fact she can promote my product when she goes to car meets.
Zach V.
Met him through friends of friends and through a secondary connection is the manager of an Auto Zone. Zach would fill in as the important supplier to my industry. I was talking to one of my friends about the assignment I have to do for entrepreneurship and how I had a difficult time finding someone to fill in this spot so she suggested I message Zach. I messaged Zach through text message, told him about my idea, and he liked it. If I were to ever make my product a reality, Zach would help me set up my business and offer to sell my product for a small commission fee. Zach would help me exploit this opportunity because he can sell directly to the consumers.
Reflection- This exercise pretty much taught me you don't have to look for random people and hope they're in a position that is useful to you. If you talk to someone you know, they might actually know of someone who is in that position. This process didn't really differ from what I did before but it was very interesting that people I know can actually be useful.
Elevator Pitch No. 2
https://youtu.be/78CxuYLfiEc
I didn't really receive negative feedback despite me thinking my pitch was quite sloppy. But for the people who commented on my blog post, many praised me for being able to put them into a situation. Although I wasn't criticized, I felt like I need to use the 90-second time frame and add a price in there. So on the second pitch, that is what I tried to do. But besides that, I didn't really change much.
I didn't really receive negative feedback despite me thinking my pitch was quite sloppy. But for the people who commented on my blog post, many praised me for being able to put them into a situation. Although I wasn't criticized, I felt like I need to use the 90-second time frame and add a price in there. So on the second pitch, that is what I tried to do. But besides that, I didn't really change much.
Wednesday, October 16, 2019
Reading Reflection No. 2
1. The book I chose to do this reading reflection on was The Art of Social Media: Power Tips for Power Users by Guy Kawasaki. The general theme from what I believed the book was trying to convey was how to use social media to build upon yourself like a business and reach as many people as you can.
2. I feel like one part of the book that connected to the class was that in the book it taught you ways and how to put yourself out there. Like how to get your ideas to the largest audience possible, how to promote an event or yourself, and notice trends before they become mainstream. In ENT3003, we learn the general concepts and ideas of entrepreneurship and I believe this book helps enhance entrepreneurship because it gives you advice on how to put yourself out there. For example, if you have a product, reading this book might help you promote your product to the consumers.
3. If I had to design an exercise based on what I read in the book, the exercise would be making your social media accounts as impressionable to your followers and potential customers as possible. The book talks about how your social media accounts are like a public résumés, it is visible to everyone who has a phone that can connect to the internet. Because of that, people get their first impression of who you are or what you represent just by taking a quick glance. So the exercise would revolve around making your social media accounts as impressionable to whoever looks at it.
4. The biggest surprising moment when I read the book was that it taught you to not advertise what you want but what the consumers want. For example, if you were advertising headphones but your audience wants to know more about phone cases it's useless trying to advertise to them about what you want. Like I know not everyone shares the same opinion as you but it is a very interesting way of thinking. Like you not might like what you're posting but whoever follows you will enjoy it more.
2. I feel like one part of the book that connected to the class was that in the book it taught you ways and how to put yourself out there. Like how to get your ideas to the largest audience possible, how to promote an event or yourself, and notice trends before they become mainstream. In ENT3003, we learn the general concepts and ideas of entrepreneurship and I believe this book helps enhance entrepreneurship because it gives you advice on how to put yourself out there. For example, if you have a product, reading this book might help you promote your product to the consumers.
3. If I had to design an exercise based on what I read in the book, the exercise would be making your social media accounts as impressionable to your followers and potential customers as possible. The book talks about how your social media accounts are like a public résumés, it is visible to everyone who has a phone that can connect to the internet. Because of that, people get their first impression of who you are or what you represent just by taking a quick glance. So the exercise would revolve around making your social media accounts as impressionable to whoever looks at it.
4. The biggest surprising moment when I read the book was that it taught you to not advertise what you want but what the consumers want. For example, if you were advertising headphones but your audience wants to know more about phone cases it's useless trying to advertise to them about what you want. Like I know not everyone shares the same opinion as you but it is a very interesting way of thinking. Like you not might like what you're posting but whoever follows you will enjoy it more.
Friday, October 11, 2019
Idea Napkin No. 2
1. My name is David Wu and I am currently a first year business management student at UF. I don't really know if I have any aspirations right now but a good skill of mine is being able to convince people to buy a product. If I were to start a business, it would have to be something I can do on the side like a passion. I wouldn't really risk a decently paying job if it came down to it unless I know I will succeed. Like I would have a regular 9-5 job but maybe on the weekends I would pursue my business venture.
2. What I am offering to my customers is a car wipe that is meant to wipe off bird poop and or bug splatters on the spot. For example, if you have a few splatters of lovebugs on your car, you don't have to go to the car wash or manually wash your car in the heat. Instead you just rip open the package, let it rest on the stain for 5-10 seconds, and then wipe.
3. The common denominator for my customers is that they like keeping the quality of their car high. But if I were to be specific, I am trying to target people between the ages of 16-28. I don't particularly care about their race, ethnicity, or gender. As long as they like their car being clean that is all that matters.
4. I believe my potential customers will care for my product is because of the fact they want to keep their car clean and if it is reasonable priced and they get a decent portion they will buy the product. Like if I were to give the quantity and price amount, I would sell a box of 50-75 wipes for about $10 to $15.
5. What I believe that sets me apart from everyone else is simplicity and originality. My product is simple enough where it can be cheaply manufactured and it isn't too complicated. And originality because I don't believe to my knowledge that this product exists on the market which is great.
Feedback Memo- The feedback I received from the first idea napkin was that why would people buy my product when they can just use a paper towel and soap. My answer to that is people don't always have access to it when they are busy and on the move. For example, someone I interviewed said their car gets dirty when they're not at home. So my product would fulfill their need because my product is a "on the go" wipe for a car.
2. What I am offering to my customers is a car wipe that is meant to wipe off bird poop and or bug splatters on the spot. For example, if you have a few splatters of lovebugs on your car, you don't have to go to the car wash or manually wash your car in the heat. Instead you just rip open the package, let it rest on the stain for 5-10 seconds, and then wipe.
3. The common denominator for my customers is that they like keeping the quality of their car high. But if I were to be specific, I am trying to target people between the ages of 16-28. I don't particularly care about their race, ethnicity, or gender. As long as they like their car being clean that is all that matters.
4. I believe my potential customers will care for my product is because of the fact they want to keep their car clean and if it is reasonable priced and they get a decent portion they will buy the product. Like if I were to give the quantity and price amount, I would sell a box of 50-75 wipes for about $10 to $15.
5. What I believe that sets me apart from everyone else is simplicity and originality. My product is simple enough where it can be cheaply manufactured and it isn't too complicated. And originality because I don't believe to my knowledge that this product exists on the market which is great.
Feedback Memo- The feedback I received from the first idea napkin was that why would people buy my product when they can just use a paper towel and soap. My answer to that is people don't always have access to it when they are busy and on the move. For example, someone I interviewed said their car gets dirty when they're not at home. So my product would fulfill their need because my product is a "on the go" wipe for a car.
Monday, October 7, 2019
Create a Customer Avatar
1. My ideal customer that I would sell my product to is someone who loves whatever they drive. For example, my ideal customer is the type of person to always have a clean car, their car is practically their baby, and if anything were to happen to their car they would have a heart attack.
2. I pretty much modeled my potential customer after myself, the reason behind this is because I know there are people who love their cars more than me so it would be easy to sell a product to them. For example, if I were to see bird poop on my car, I would be concerned but wouldn't clean it up immediately. However, there are people I know who MUST have it cleaned off and I can take advantage of this.
What I think my customer would look like
2. I pretty much modeled my potential customer after myself, the reason behind this is because I know there are people who love their cars more than me so it would be easy to sell a product to them. For example, if I were to see bird poop on my car, I would be concerned but wouldn't clean it up immediately. However, there are people I know who MUST have it cleaned off and I can take advantage of this.
What I think my customer would look like
What’s Your Secret Sauce?
I recently took a strengths test for a business class that I am currently taking and my top 5 categories are:
1. Activator, instead of waiting for something to happen I take the initiative.
1. https://soundcloud.com/david-wu-871215211/bernards-clip
2. https://soundcloud.com/david-wu-871215211/kaileys-clip
3. https://soundcloud.com/david-wu-871215211/genesiss-clip
4. https://soundcloud.com/david-wu-871215211/jacks-clip
5. https://soundcloud.com/david-wu-871215211/nicks-clip
Well to summarize my interviews since all of them are pretty much the same. Everyone I interviewed pretty much said something along the lines of how hardworking, dedicated, and how I am a great friend. Personally, I see myself as someone who is just average. Like not the best or worst at things but I'm able to get by with my mediocre skills. Other people see me as hard working and a great friend. What I think causes these differences is how I see myself compared to how other people see me. I wouldn't really make any changes because what my friends said were pretty much the results of my strength test.
1. Activator, instead of waiting for something to happen I take the initiative.
1. https://soundcloud.com/david-wu-871215211/bernards-clip
2. https://soundcloud.com/david-wu-871215211/kaileys-clip
3. https://soundcloud.com/david-wu-871215211/genesiss-clip
4. https://soundcloud.com/david-wu-871215211/jacks-clip
5. https://soundcloud.com/david-wu-871215211/nicks-clip
Well to summarize my interviews since all of them are pretty much the same. Everyone I interviewed pretty much said something along the lines of how hardworking, dedicated, and how I am a great friend. Personally, I see myself as someone who is just average. Like not the best or worst at things but I'm able to get by with my mediocre skills. Other people see me as hard working and a great friend. What I think causes these differences is how I see myself compared to how other people see me. I wouldn't really make any changes because what my friends said were pretty much the results of my strength test.
Wednesday, October 2, 2019
Figuring Out Buyer Behavior No. 2
Brielle- Friend from high school
When I asked Brielle about what she bases her purchases off
of, she said she goes based off reviews and then the prices the products are
being sold at. So essentially when she is doing shopping on websites like
Amazon or eBay, she looks for the highest reviews, then the prices associated
with them, and finally a middle ground where the reviews are still good, but
the price is more reasonable. Since Brielle does most of her shopping online
and in grocery stores, she used a debit card to pay for most of her purchases.
Because Brielle plans ahead on what she wants to buy, she rarely has to return
something she purchased.
Aidan- Friend from high school
When I asked Aidan, he said he pretty much bases his purchase
off the price it’s being sold at. So, to elaborate whenever Aidan is trying to
buy something, he looks for something that isn’t too much or too little. Aidan does
a bit of both online and physical purchases when he goes shopping. When he shops
online whether to buy clothes or random knickknacks he pays with a credit/debit
card. However, when he goes to a physical store, he pays with cash, so he doesn’t
overspend. Aidan only regrets his purchases when he has to return them, I personally
feel he’d be better off if he read the reviews before buying.
Max- Friend I met at preview
When I asked Max, he pretty much told me what I heard from Brielle
except the part about trying to find a middle ground. Max tries to the product
with the best/most reviews and the dollar amount is not usually included in his
decision. Max mostly uses a debit/credit card to do all his online and in-store
purchases. Max essentially told me you get what you paid for, so because he
usually pays the highest price for what he buys, they rarely break, and he
barely returns things.
Summary: From everyone I interviewed, I can conclude that as
long as the product does what it’s described to do, is reasonable in price, and
has several 4 to 5 star reviews from customers that is pretty much all that
matters. For example, because many people who bought it rated it as a great
product and its priced decently, people are more inclined to purchase it.
Halfway Reflection
Hello future entrepreneur students, you’re taking one of your first steps towards entrepreneurship if you are taking this class. I have learned many things about entrepreneurship from the start of the class to the time I am writing this post and I will probably continue learning more about entrepreneurship as the semester continues. Some of the things I have learned from this course is that a large portion of startups fail after the first/second generation and starting a business isn’t as complicated as it seems.
1. A behavior that has helped me with this course is working ahead rather than turning in things as they are due. For example, I try to work 2 weeks ahead and this has made my life less stressful and allowed me to study for tests from other courses.
2. I’ve never really felt like ever giving up for this class because most of the assignments are rather easy despite being time consuming. What helped me through is taking small breaks about every 45-60 mins so I can relax and take a mental break.
3. Three tips I would offer would be keeping track of assignment due dates, work ahead so you won’t be stressed when it’s time for finals/midterms, and take advantage of the class because you can learn things about yourself that you never realized before.
Snack I had while I was doing this assignment
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