Week 15 Reading Reflection

1) I was surprised to learn that women are more likely than men to reinvest profits into the household than men. 
I was also surprised to learn the author only gives loans to women, but is it bad for me to say, women are just more conscious of their finances(?)
2) Nothing in the reading was confusing to me, it was a very interesting and optimistic story.
3) How do you convince a skeptical person to take a loan from you?

How important is it to understand the culture before you approach potential customers. 

4) I do not think the author was wrong about anything. Overall, I was very inspired to read his story and see how entrepreneurship is more than just profits. 

Final Reflection

1) The Highs: "Growing My Social Capital" post. (Only because I actually got hit on, online) Score!!!
The Lows: All the times I had to make videos for my assignments. (Trust me, I love making videos, but they got kinda stressful sometimes.) 

2) The Most Formative Experience: "The Bug List." It made me realize that I really had to sit down and realize the things that needed a solution to them. 

3) Do you feel like you've developed an entrepreneurial mindset? Heck yea. Honestly, the more and more I think about my future, I can't imagine doing anything that didn't involve entrepreneurship. I want to make something out of myself, and for some reason, I just feel deeply motivated. 

4) What do you recommend to future students? How would you recommend them to do to foster this mindset? Honestly, just do you. Once you start this entrepreneurial blog journey, have fun with it. You're going to have to, lest you want to waste weeks of doing mundane work. Make your work fun, and it shall be rewarded back. Look at everything as an opportunity and strive to make something even better than imagined. That's what differentiates the ordinary from the extraordinary. 

 

Venture Concept No. 2

Feedback:

 “This is constantly something I find trouble with while at the library. I am hungry but don’t necessarily want to go too far and waste valuable time that I can use for studying.”

“Your idea is pretty neat. Sometimes when I get hungry while I’m at the library studying or working on an assignment, I sit through it because I don’t want to lose my spot…what makes this unique is that the food can be delivered to exactly where you are sitting. I’m not really sure how payment works, I don’t think anyone would want to pay for someone’s food with their own money to then deliver it to them.”

“Love your idea but there are other companies (2 dollar delivery and doorstop delivery) already in this industry. How do you plan on marketing it differently? Maybe guarantee a certain amount of time for delivery. “

“I love that you present the idea as community members helping each other. I think that it could go very far on many college campuses. You may want to try this idea in colleges known for being collective and progressive, such as New College of Florida.”

Opportunity:

I knew that being in a college campus, students everywhere would be studying and often hungry.

Innovation:

I wanted to create an app experience that brought together the Gator community.

Venture Concept:

By adding a community aspect to a food delivery app, users would be able to rely on friends and classmates for all their hungry needs.

How did you change your venture concept:

In addition to being able to “food challenge” your friends and strangers, I tweeked the app idea to incorporate a “tinder-my-food” option, where users had the choice of swiping up for a yes and swiping down for a no. This allows users to have “fun” with their preferences. Whoever they choose to be their deliverer would provide a fun study break for the hungry individual plus this all ties back into the whole “community” aspect of the app. I wanted to incorporate this fun feature because everyone seemed to be confused on who would be delivering the food, so by adding this option, the choice would be up to the user.

(Like mama said, the way to someone’s heart is through their stomach).

Elevator Pitch No. 4

1. The pitch
(Transcript)

"Hello, my name is Lauren;  I am a 4th year at the University of Florida, and I am an avid scavenger of food. I don't know about y'all, but I search far and wide and sometimes, I wish I had food at the most inconvenient times. Have you ever wished your friends or even a stranger could deliver you food late at night when you're studying and immobile at Club West or Marston? Well, let me introduce you to an interactive app that connects you to a community of food deliverers to you. This app called "Growl" will allow you to connect to your friends in an interactive app community where you all are able to accept each other's personal food requests and retrieve these food items in a "food-run-mission" under a limited amount of time, like 20 minutes, which the hungry person can set. Let's put this into a scenario.
You’re a college student, stuck alone at Marston. You hear your stomach growling. And all you can think about is burgers, nuggets, COFFEE! And then you suddenly remember “Growl,” the app that lets you find people to challenge on food quests. There’s even an additional feature where instead of challenging them, you can post an amount you’re willing to pay to have it delivered to you as a tip to them. It’s simple as 1. 2. 3. 1. You log onto the app on your smart phone, post on your status something along the following lines: "I am hungry for some McDonalds, and I need it in 20 minutes." If someone on your friendslist is available and accepts your food challenge, he/she will accept the chance to pick up your food item after you have purchased it from the store with the Growl app. With every successful food run, your friends can rack up points for prizes, and after every food delivery, you can rate if the deliverer was a 4/5 star deliverer, if the food was correctly ordered, etc. You can even change your settings and allow other community members that aren't your friends to deliver you food. You should never go hungry late at night. A new addition to the app will be the “tinder-my-food” edition, where you can select who your deliverer will be through a swipe up for a yes or a swipe down for a no motion. I think this’ll create an interesting study break, allow for other members to meet each other and ultimately allow the hungry student to be satiated. After your food run date, you can rate how your deliverer was and how accurate the order was. Mama always said the best way to someone’s heart was through their stomach. Join the Growl app community. Remember. Don't let your hunger roar, just "Growl."

2) Reflection

A lot of people had no clue who would be delivering the food, so I added the new feature of not only allowing friends to deliver you food but making it into a tinder-like dating app ignited through hunger. 

3) What did you change? 

I made the app idea more flexible in that users can buy the food right there on the spot, as opposed to making the deliverer go and pay for the food. I added a "tip" option to allow the deliverer to be tipped if the person who orders the food likes the experience enough. I added an option to allow users to swipe up or down and pick their own food deliverer, so it's kinda like a dating app through food.

Week 14 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
What surprised me the most is how corporate entrepreneurship, or intrapreneurship, is basically when entrepreneurship evolves into something much larger.  It baffled me how even though they are big corporations, they had to start somewhere.
2) Identify at least one part of the reading that was confusing to you.
What was confusing to me is the comparison of incremental innovation and radical innovation.
3) If you were able to ask two questions to the author, what would you ask? Why?
Why is it that incremental innovation and radical innovation seem separate when they can co-mingle?  It just seems like even though there are differences, there could be a thought process in your idea that may require both types of innovation.  Also, what makes a corporate entrepreneurship branded as such?  It seems confusing that there are no set parameters to what separates a corporate entrepreneurship from a standard entrepreneurship.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
Other than that, I do not have any disagreements.

Google Gold

1) A discussion of your general approach and strategy to search engine optimization (SEO). What were some of the activities you did for each blog post to pursue SEO? 

Honestly, I haven't been trying as hard as some of my peers in trying to find internet fame or success. 

(But if I were)

 ....I would utilize key words into my labels like, instead of just posting by weeks. I would post things on my facebook, and I would seek out SEO help from the tech business owner I know.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

I literally just posted weeks. I basically what I was told because (tbh) this was an assignment. Now looking over it, I really truly did I think I had fun with these assignments, but they were just "aight." If I had went above and beyond, the possibilities could have been endless. (Soooo.) I think what I plan to do is basically go back and fix posts and make them better. And make this post be literally about my entrepreneurship journey the whole way through. 

But my key words would have tried to incorporate a link to modern news with my post. But maybe in a humorous way cause that's gold.
                                                       ....google gold.

 

3) How did you use social media to enhance your SEO efforts? What were your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I think it would have had "likes," but not enough to create a worldwide change in my life. I think we--sad to say it--live in a very consumptive and narcissistic life, so in order for my blog to reach epic proportions, it would have to be near professional quality pics, blog posts, just everything in general. Social media is one of the best avenues, but my blog was ignored because no one really cares, and that is why everything has to look "a certain way." That and maybe create video-content, because people like interaction. (Why is Snapchat popular? Why are vines popular? Even the swiping motion from the Tinder app makes it fun--No, I haven't used Tinder, I've heard stories.)

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
I'm actually very surprised that the "Identifying Local Opportunities" post was the one with the most views. It makes sense though. The keywords are very common and google would pop them up almost instantly depending on what you're looking for. This was also near the beginning of the semester, people were probably more attentive, so the more interesting blog posts near the end, like around now are being dismissed.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to? 
You can't really find me unless you google "Lauren Nguyen entrepreneurship" LOL.

Very Short Interview Part 2

My first impression of the first short interview I had was that it was a big learning stepping stone for me. Here I was, asking someone established a piece of their mind, basically picking apart the components to success, in order to form my own pieces.

(Unfortunately, my entrepreneur did not want to be identified)
Me: So, revisiting the last time we met, what do you wish you could tell me, as one piece of advice?
Entrepreneur: To have heart. You can't do anything unless you believe in it yourself. If you're selling something you don't believe in, how far are you going to get?
Me: How do you instill that belief in your workers?
Entrepreneur: It's hard. Everyone has their own methods to being a boss. I just believe that if you embody the example you want to see, things should work out.
Me: Are there things you wish you could change?
Entrepreneur: Always. In business, you need to be able to change with the times.

This class has taught me that believing in yourself more than anything is the first step to success.

Week 13 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I was most surprised by the formulas involved in understanding the growth of your company, and I'm surprised that it is applicable to all businesses.
2) Identify at least one part of the reading that was confusing to you.
I was most confused by the discussion of stockholders and what goes into the decision of going public.
3) If you were able to ask two questions to the author, what would you ask? Why?
I would ask the author to describe some of the changes in management and production after companies change.
I would also ask how to know how to manage such a large change such as going public, and how to gauge its effectiveness for your business in particular.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I think the author did well on these concepts. I did not disagree with anything.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 
I know this sounds weird, even funny, but I FAIL at being single. As a budding senior, I can honestly say the longest I have been single is 6 months in college, with the last time being 1 month--let's give me some credit--1.5 months. Now that I'm single again, I have to understand and dedicate my time on focusing me and on my abilities.
2) Tell us what you learned from it.
Now I know what you're thinking:"That's cool and all, but what does that have to do with this class?"
Well, being an entrepreneur, much like being single, is a mindset. Yes, you can be single, but if you do not input the time and effort in deflecting the pursuers, you cannot accomplish your goals. With entrepreneurship, you have to constantly remind yourself of your end goal. (I recently heard that some people write down motivational quotes or little message "pick-me-ups" to re-motivate themselves.) 
Plus, much like entrepreneurship, being single allows you a period of inner-reflection. You understand your highs and lows, and sometimes that is the greatest lesson you can learn--BUT you have to learn it on your own. You cannot just seek it through someone else.
3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago?
I handle failure in a variety of different ways. I do not see how there could be one particular path to handling it because in life, we just fail so much. I think it is important for us to understand that failure is imminent, but it isn't lasting. we must understand that in order to succeed, we need to fail...like a lot. (Walmart filed for bankruptcy several times because it hit big.) I think this class has taught me that with every failure that I come across, I should learn to not be so sensitive and to be adaptive. "Sure, I failed," but ask yourself, "Okay, now what did I do wrong, so I don't f*** it up next time?" 
Life is a series of lessons, and failures are definitely one of them. 

 

My Exit Strategy

1)   I intend to sell a portion of my business to interested investors within the next 5 years for a return on investment. I intend to stay with the business for maybe 5 more years before I let it go and invest my time and focus on the next venture. I plan to develop the app into not only a food app anymore but a dating app. Essentially the idea is to have hungry study-ers (or whomever) post a message on the app asking for a food delivery, and then the user would swipe up (to accept) or down (to decline) from their choice of food deliverers. It’s like Tinder but with food. I believe it is a good alternative because students would have the chance to meet someone they might find attractive, pay tip (through the app to their deliverer, if they wanted) plus it would be a good study break. I would still want to have ownership over it, but I intend to sell portions of the business to interested buyers. I believe it would be an interesting thing for my future children to have as well, because each generation is different, and I would love to see how the venture would grow within a 10-20 year span.

2)   I have selected this particular strategy because I truly believe in this idea, and ultimately, at the end of the day, this idea is my baby, and I intend on making it worthwhile.

3)   I think it has shown the growth that my venture has developed throughout the planning process. It has definitely influenced my abilities to identify opportunities in a collegiate environment. It allows me to step back and ask the question, “Would ‘I’ even do this?”

What's Next

Existing Market. 
Step 1: Talk about what you think is what's next. You may rely on your analyses from "The Amazon Whisperer" exercise (when you discussed what product you thought might come next.)
New additions to the app would be alcohol deliveries (after age approval and ID verification)
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. Video or audio record these interviews.
What do you think of the product?
Person 1: "I think it's innovative"
Person 2: "I think it's cool."
Person 3: "I think you may need more clear focuses." 
What do you believe is next for a venture like mine? 
Person 1: "Maybe you could have it instagram based somehow--people like taking pics."
Person 2: "I think you may need to make it free. Is it free?"
Person 3: "I can't really think of any."
Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
What makes the most sense in the existing market is to launch the app and monitor its usage in a 12 month span for up to 2 years. Depending on whether the growth of usage increases, we can move from there. Research is one of the most crucial things about businesses. We have to also research the market we are targeting to make sure we are not wasting our time. 
 
New Market.
Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society. 
I plan to target adults.
Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!
Adults are consistently busy. They have to work a 9-to-5pm job (sometimes more hours), they have to grocery job, take the kids to school/dance class/soccer practice, etc. I believe that with this app, their lives-- food-wise-- will be easier.
Step 3: Interview three people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Video or audio record these interviews.
Person 1: "I think it's innovative"
Person 2: "I think it's cool."
Person 3: "I think you may need more clear focuses."
 Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.
I think what surprised me the most was the willingness of the older generation to try new things.

Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I suppose I was surprised at the many layers that are intertwined in a process. For instance, along with learning what strategic planning is, but also learning what tactical and operational planning are as well.
2) Identify at least one part of the reading that was confusing to you.
None of the concepts were confusing. 
3) If you were able to ask two questions to the author, what would you ask? Why?
I have no questions. 
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
For this particular section, I believe the author was right. 

Venture Concept No. 1

"Remember, don't let your stomach roar, just Growl." 

Growl is the interactive community that can provide the type of food support our college student needs, especially at a time when they cannot grab a quick bite. Imagine it. You’re in Marston, dying from studying for that test, when suddenly *rumbleeee* (your stomach roars). What do you do? You face two options. One, you could leave to grab food but possibly destroy any further progress you may have (study-wise), or two, you stay and you endure the hunger. If only there were a way for someone to help you out—well, there is. Growl is the interactive geo-locating app that lets you find willing deliverers who can grab the food you want so you can study comfortably. In addition to providing a good deed, the deliverer is rewarded in monetary value or points, which they can redeem for prizes or save up for points. The environment is changing now. More than ever, more restaurants are popping up in Gainesville, and more students are coming in as well. Our focus is the student population, and we need to target the demographic with this opportunity and to let them know that their needs are our first priority. Customers are currently seeking out convenient options via delivery services, but when night approaches, it is rare to find establishments that are still open. This window of opportunity is definitely open to the specific market of students that need it. It isn’t for everyone, but for anyone that does use it, we can guarantee that they’ll love it, and feedback is valued and recommended.

Growl is a student-friendly, student-targeted-but-not-exclusive-to-just-students interactive food delivering app community. It allows the user to set up an account to engage in ordering food at a convenient time and having another community member deliver said food. The app also allows individuals to set up friends list so that they can challenge their friends to “food runs,” where they can set up a timed challenge and request a friend to grab their meal in the allotted time. Once the friend accepts or declines the challenge and successfully completes the food request, he/she is rewarded by one of two options: via monetary payment or points that could be redeemed for prizes. In addition, friends can also update their location. For instance, let’s say: “Joe is…enjoying a spicy cream chicken dish at Bento.” Friends can see each other’s check-in, and restaurants can team up with the app to let the “punch-card” process be a little bit easier. So whether Joe eats at Bento or eats at Bento and accepts a food delivery for a friend, he can be checked off for two punches for the Bento punch card, making it easier to possibly attain free food in the future. Also, after every delivery, the person ordering the food can provide ratings for their deliverer based on the following points: how was the delivery, was the food in proper shape, was the order correct, etc. Revenue could possibly come in through advertisements from local businesses. For instance, while on the app, users can see specials and food deals posted by local businesses.  Plus, with the development of the app, its services will be refined so that friends can deliver alcohol to one another, for parties and such and keep each other accountable—but users with such accounts would have to go through a process to provide proof of being 21.

There are no certainties that students would switch to this product. There will be difficulty trying to make them switch, but if the reliability of the app is seen and customer feedback is acquired, the app is willing to make modifications to provide a user friendly and fun experience. The competitors are other delivery apps that provide services focused on just one location’s business. Their weaknesses are that they just focus on their own services and not the general area’s, which is where we will dominate. We want to provide a route for students/like-minded individuals to attain food but not be limited in their options. The app would need a team of programmers and developers to maintain the app’s network, it would need an account executive to seek out more businesses to include into the app’s database, it would need a marketing director to refine the brand image and attitude of the app to make it aesthetically appealing to its consumers.

OVERALL (in a nutshell):

Opportunity:

·      Growl is the interactive community that can provide the type of food support our college student needs, especially at a time when they cannot grab a quick bite.

·      Growl is the interactive geo-locating app that lets you find willing deliverers who can grab the food you want so you can study comfortably.

·      In addition to providing a good deed, the deliverer is rewarded in monetary value or points, which they can redeem for prizes or save up for points.

·      Our focus is the student population, and we need to target the demographic with this opportunity and to let them know that their needs are our first priority.

·      Customers are currently seeking out convenient options via delivery services, but when night approaches, it is rare to find establishments that are still open.

·      This window of opportunity is definitely open to the specific market of students that need it. It isn’t for everyone, but for anyone that does use it, we can guarantee that they’ll love it, and feedback is valued and recommended.

Innovation:

·      Growl is a student-friendly, student-targeted-but-not-exclusive-to-just-students interactive food delivering app community.

·      It allows the user to set up an account to engage in ordering food at a convenient time and having another community member deliver said food.

·      The app also allows individuals to set up friends list so that they can challenge their friends to “food runs,” where they can set up a timed challenge and request a friend to grab their meal in the allotted time.

·      Once the friend accepts or declines the challenge and successfully completes the food request, he/she is rewarded by one of two options: via monetary payment or points that could be redeemed for prizes. In addition, friends can also update their location.

·      Friends can see each other’s check-in, and restaurants can team up with the app to let the “punch-card” process be a little bit easier.

·      Also, after every delivery, the person ordering the food can provide ratings for their deliverer based on the following points: how was the delivery, was the food in proper shape, was the order correct, etc.

·      . Revenue could possibly come in through advertisements from local businesses. For instance, while on the app, users can see specials and food deals posted by local businesses. 

·      Plus, with the development of the app, its services will be refined so that friends can deliver alcohol to one another, for parties and such and keep each other accountable—but users with such accounts would have to go through a process to provide proof of being 21.

Venture Concept:

·      There are no certainties that students would switch to this product.

·      Their weaknesses are that they just focus on their own services and not the general area’s, which is where we will dominate.

·      We want to provide a route for students/like-minded individuals to attain food but not be limited in their options.

·      The app would need a team of programmers and developers to maintain the app’s network, it would need an account executive to seek out more businesses to include into the app’s database, it would need a marketing director to refine the brand image and attitude of the app to make it aesthetically appealing to its consumers.

 

The Amazon Whisper

Here's what you need to do: 

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.  

You can make money by advertising through the app. You can make money by simply using the app and being one of the deliverers. You can gain points and redeem them to monetary prizes. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want? 

The next thing is a step up. Delivering other people's groceries for them. I know I would want maybe "eggs, milk, toast," when I don't have the time. 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

It will definitely create a new outlook on the product for consumers. It will revive brand image and refresh brand attitude. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

The product is the app called "Eat," where you can deliver yourself some food.  

 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

They actually said it was the worst thing ever. They complained about an "incomplete menu" and how their online chat services are horrible. 

• Describe what design/usability changes you'd make to the product. 

I would enhance customer support and make sure every problem is fixed in a timely manner to show the consumers we care about them. 

• Describe why you think this product would make a good addition to your current product/service offering.

I think it would be good to incorporate the same business model and realize that whatever they did just wasn't working and somehow develop a model working around the failed model and how to basically avoid failing like that model. 

Week 11 Reading Reflection

1. I was surprised to read that innovation was a big problem in companies, even though it should not surprise me.  I always thought there was a great deal of innovation but lack of financing for new ideas.  I also did not realize it was difficult to maintain innovative ideas, but it makes sense. 

2. I was confused with the phrase “aping someone else’s system”.  I assumed the author was referring to copying someone else’s system, like copyrighting or plagiarism.  I would definitely ask the author to explain this better and to also give examples of companies that failed at innovation. 

3. I don’t believe companies run the same way, and so I do not believe the strategy in this article is right for every company. I believe that with anything in life, there needs to be an urge and drive for adaptation to our surroundings.

My Unfair Advantage

1.     Human Capital

2.     Social Capital

3.     Financial Capital

4.     Community Support

5.     IT Support

6.     Advertising Knowledge

7.     Marketing Support

8.     Location Appeal

9.     Market Appeal

10. Student Support

V.R.I.N. (Valuable.Rare.Inimitable.Non-Substitutable)

1. Human Capital: My own human capital is important because with my tenacity, focus and positivity, I can move this idea into a community that will help students in their hungry times of need. I believe this opportunity is a rare one that can be utilized for students especially in a college campus. It is inimitable and non-substitutable because it allows for the sharing of ideas and gives helpful food support for students on campus that cannot access food while studying for their arduous classes.

2. Social Capital: My social capital has allowed me to meet up with IT specialists, marketing directors and overall influential people that can help propel the business forward. My own social capital is rare because, as told by many of my peers, I am very genuine, and my intentions reside within helping the community, rather than profiting off from others—although having a great return on investment would be remarkable. My social capital is inimitable and non-substitutable because I will be able to provide a genuine trust to my clients and partners; I will assure them that they are in good hands and vice versa.

3. Financial Capital: I am blessed with not only working in a lucrative side job as a student, but I am also supported by my parents. I believe in taking risks in life, and I know that with any business venture, if the reward is great enough, the risk is worth it.

4. Community Support: I am blessed to be a part of the Greek community, which is why I believe that they would play a supportive role in making the app a success. This is a rare opportunity because the Greek community is a huge portion of the student body on campus. Plus, word spreads if something is interesting, and I believe this app will be interesting enough for consumers to try because it is the first of its kind, and it incorporates more than just one restaurant where an individual can order from.

5. IT Support: With the help of my connection, I will be able to possibly utilize SEO (or Search Engine Optimization), create a website, etc. for my app idea. This is rare in the sense that I will be able to hit all the marks (website, app, etc.), and this would be able to create that “food community” feeling/vibe I was reaching for.

6. Advertising Knowledge: As advertising majors, we are trained to understand that researching our consumers/target audience is key to product success. I think this is rare because this skill combined with my entrepreneurial spirit makes me, if anything, an interesting candidate for a business partner.

7. Marketing Support: With the help of my connections, I will be able to partake in a marketing plan with my marketer. I believe this is rare because I will be able to provide valuable insight from an advertising perspective.

8. Location Appeal: Being in a college atmosphere, we are surrounded by students from all different backgrounds, but we all have one thing in common: we get hungry. If you drive down Archer, there’s a plethora of different restaurants attempting to appeal to the “college town.” I believe that this app would represent a unique opportunity for businesses in the area to increase their revenue and possibly even save revenue.

9. Market Appeal: The market appeal is there because students get hungry all the time.

10. Student Support: As a community based app, this would allow students to feel closer to their peers and interact with them through this way. Plus, it would greatly help studious individuals, especially if they’re studying their hearts out but no car to help their stomachs.

REFLECTION:

I believe all the components fit together, but I definitely think the social capital, IT support, Marketing support and overall logistical key items are the crucial components of this whole thing. In order for the app to be a success, one needs a good team of people.

Growing my Social Capital

Domain Expert:

1. (The last name of this individual has been censored to protect his identity, for personal reasons.)

Michael—Founder of Thrasker Solutions, coder, manages a team of programmers with App development, Web development and SEO (or Search Engine Optimization) skills.

Michael will be able to help me develop this app idea into a reality.

I met Michael at the Entrepreneurship awards banquet called the Gator 100 at UF.  He approached me with an offer of being his marketing director and leading a team of people. Since he and I will possibly be doing business together, I plan to help him and also gain insight and professional skills as well.

Market Expert:

2. (The last name of this individual has been censored to protect his identity, for personal reasons.)

Arielle has a business background with a concentration in marketing. Her marketing expertise along with my advertising will produce a strong product.

Arielle has been in e-board positions in various marketing clubs. I had the chance to travel with Arielle to a conference once. I believe with her business insight, she can lead my idea into a grand vision.

Supplier:

3. (The store’s names and owners are censored to protect their identity)

Since the app involves food, it would make the most sense to go ask restaurant businesses if they would personally want to join in on the app community, offer discounts or prizes for most deliveries from the store and to have the store be available on a geo-locator map for people to see what’s open and available for food.

Reflect:

I believe that this experience goes to show that wherever you go, you should take the opportunity to meet people, because you never know if your paths will cross again.

I can personally say this experience differed a lot. After coming back from my New York internship, I immediately realized that I love meeting new people.

This experience allowed me to understand the value behind quality vs. quantity.

Week 10 Reading Reflection

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Most of the content in the book were familiar. I've been interesting in the field of entrepreneurship for a while. There was really no surprise for me in the reading.  

2) Identify at least one part of the reading that was confusing to you.

  The difference between the terms “note payable” and “loan payable” were the things that confused me. The textbook defines a "note payable" as a promissory note given in connection with an acquisition of funds, such as for a bank loan. So, does this mean a bank loan also be included in the loan payable?

3) If you were able to ask two questions to the author, what would you ask? Why?

            Question 1: What should an entrepreneur do if the cash flows are lower than expected? What actions are needed to improve it?

            Question 2:  What can be a solution for a small company to survive when the country’s currency begins to lose value?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing that I believe the author was wrong about in the textbook.