Week 15 Reading Reflection

I was very surprised by how many factors of life people incorporate religion into. I've always been a believer that politics and religion should not be something that people bring with them into the business world. However, everyone is entitled to their own beliefs and opinions.

I was honestly a bit confused at the whole concept of micro finance. I understand what it is. However, interpreting the article was rather difficult as it has never been something that I've necessarily been too involved with.

If I could ask the author two questions I would ask him if he prefers to do business oversees or would like to do business in the U.S. I would also ask the author if he found a specific connection between loans and customer loyalty.

There was nothing that I necessarily disagreed with with the author.

Final Reflection

As a student in ENT 3003, I have definitely grown to become more confident in myself and all of my skills. I feel like socially I have also developed quite well because this class has forced me to put myself out there. I never really thought I would be making videos standing in front of a camera talking confidently about one of my far-fetched ideas. I was always slightly annoyed at the idea of interviewing people and having to speak to them about a business that they probably didn't have much interest in. However, it made me develop the mindset that struggle and failure is inevitable on the journey to success. This course has given me the mindset necessary to tackle my fears and to become more confident in myself in order to pursue my dreams. I would give anyone in the future taking this class the advice to just go out there and get it done. Follow the lessons precisely and just go out into the real world without thinking twice. The things you will learn in this class are quite useful for your future endeavors.

You can do anything you set your mind to. Tom Brady went 199th in his draft and is now the most successful NFL player of all time. Follow your dreams!

Elevator Pitch No. 4

Venture Concept No. 2

Consumers love to eat out. It's just part of life these days. The convenience factor is there. We live in a society where often times people would rather go somewhere and have a sit down meal. On the other hand, they may choose a delivery option or a drive-thru option. The convenience factor of having food served is something that many consumers love. A great example is the current Chipotle craze. It's simple yet consumers do not want to take time out of there day to prepare their own meals. I thoroughly believe there will always be a decent market for restaurants, especially one of my caliber. However, it will be a competitive market at that. I trust that I've laid down the foundation to ensure success.

In my mind, I can break down restaurants into several categories. There are the restaurants where you have a sit down meal. There are the restaurants where you can order through the a drive-thru and then take it to go. There are also the restaurants that offer delivery service. It's common to see restaurants try to incorporate one or two of these elements to make consumers happy. However, how many incorporate all three? McDonald's doesn't deliver. Chipotle doesn't have a drive-thru. These are just a couple of examples. However, the pattern holds true. Consumers need more options. It's only right that a restaurant offers all three.

As stated in recent assignments, my target demographic is primarily college students. For this reason, I believe that the business would be most successful in college-towns, such as Gainesville or Tallahassee, where the primary demographic is students of the university. I personally believe that this opportunity is enormous, due to the sheer size of college campuses. This is especially so, if we can work directly with the universities to incorporate our restaurants to be on campus, and even better included in meal plans that the students buy. While the market is large, it will be very important to get the name of the company out there with creative advertisements and special sales in the early stages of business.


I also have an interesting idea to incorporate customizable pancakes to the menu. Meaning, if someone likes something specific of another company, I'd like to incorporate that into my pancakes for a slight up charge. If it can be dreamed it can be made. Even something as crazy as a McChicken pancake is possible. It's ideas like this that take a restaurant to the next level. If something like this could become possible, it could potentially negate competition as the demand for our customizable products would make various foods of competitive restaurants complementary goods, strengthening business relationships and opportunities. For example, though it is a wild one, if McChicken pancakes became highly demanded, McDonald's business would increase due to the need for McChickens.

From a business perspective, I've got a pretty decent understanding on how the financial aspect of this business will work out. We would have the benefit of many of our workers working on a tipped-basis. This meaning, we wouldn't have the burden of paying many of our workers more than minimum-wage for tipped workers, because they will be making much of their money in the form of tips from customers. On the receipts we will put suggested gratuity to encourage that our workers make a fair wage. Likewise, costs may stay down if we stay located in college towns as the radius of delivery wouldn't necessarily be that large. For this reason, our delivery boys can use bikes for many of the deliveries, keeping costs down. The only costs that would be high would be initial start-up investment. However, this is not a single person venture. I've decided that I would like to do this with three close friends, all of which have significant savings and are ready to take on the challenge of starting a business.

I think that customers will love the convenience factor of our restaurant. Whether or not they want to dine in, pick up via a drive-thru, or have food delivered, any of their needs can be met. The convenience factor with my restaurant is far greater than what others can offer. Also, living in a college town right now is very helpful, as the first restaurant can be something of a test subject to see what needs to be changed or improved. Also, I think that customer's can have something of a personal experience with the restaurant, due to it being specifically geared for college students. With college classes constantly graduating and entering, it will be a revolving door for the business. As stated before, the first restaurant will be the test subject and we can see where to go from there. I am aware not everything will be perfect. And that's okay. We will constantly improve.

Summary and Changes to Venture Concept:

I got a few great comments that ultimately led to me adding to my venture concept. I was told that I'm a step ahead due solely on the fact that my friends and I have established a great financial backing. While it is just one step of the process, it is an important one at that. I was also told that I shouldn't be discouraged if business starts out slow, as the market can be very competitive. I also had to address a question about tipped workers. Someone implied that it won't work out well for employees because not everyone is necessarily a great tipper. I've countered this idea by putting suggested gratuity on the receipts, in an attempt to kind of passive aggressively let customers know that tipping is the norm. My new venture concept is in essence the same as the original, aside from addressing some of the comments made on my original post (about start up and financial capital).

Week 14 Reading Reflection

I was surprised by this newfound social aspect of entrepreneurship. Business seems like an eat or be eaten kind of world. These two chapters make it appear as if there's actually some sort of sympathetic side of the business and entrepreneurial world.

I was confused by all of the environmental factors present in the business world. The book addresses minimizing waste and ethical dilemmas faced in the business world. I understand that these are present but I'm confused due to the fact that it appears that many larger corporations do not follow these guidelines that have been set.

I would ask the author specifically what his views on climate change are. Is it real? Is it an issue? Is it naturally occurring or are people to blame? I would also ask him to what extent he finds a legal team helpful in the business world.

There is nothing that I necessarily disagree with about the author's point of view.

Going for Google Gold

My blog is not all that popular in terms of google searching. It does not appear anywhere near the first page of results. I think my biggest issue was that I named the blog after myself. I have a relatively common name. If I were to maybe have named it something abstract and more original, my blog probably would've been easier to look for.  I do believe that the use of social media would have expanded my blog's potential to receive views. However, for the most part I used the blog primarily just for the class, not to actually expand my ideas to the general public. This is something that I would like to do in the future. However, I would like to do it with my own website, rather than a generic blog. My most viewed post was "Celebrating Failure." It had a whopping seven views. I think it was the most viewed because it was a topic that many could relate to, and really did not seem like a post of an educational course. My blog only shows up when I search the exact name of the blog and use the keyword blogspot. I can't imagine how many other Alex Knights there are in the world. I think that I definitely need to give my blog some sort of absurd creative name. I cracked the first page when using those very specific keywords. When searching just my name, I was nowhere near the front of the search and probably would've been digging for hours. I gave up looking after about page 25 of searching.

Very Short Interview Part 2

Original Interview:

Me: What is it exactly that you do, that you consider yourself an entrepreneur?
Sean Treiser: I am a DJ. I play several location, several nights a week. Many of the fraternity and sorority socials, I play. I also play various other locations. I consider myself an entrepreneur because I run my own company, called DJ Stryzer. I am self-employed.
Me: That's very interesting. I take it that it's going well. Where do you see you and your company in the next year?
Sean Treiser: As I am approaching graduation, I've learned a lot. I now know the importance of proper marketing and proper networking. I work smaller venues at the moment, but through word of mouth, I do hope that my name and my brand grow exponentially in the coming years.
Me: What made you want to be an entrepreneur, rather than working for an entertainment company?
Sean Treiser: As a finance major, I've worked various internships. In doing so, I've been surrounded by entrepreneurs. It was almost a confidence blow to seeing that these people were working under their own control as business owners. I wanted to do that and watch my name and my brand grow over time.

Sean Treiser is a DJ who is currently a senior here at UF. He is self-employed and work several nights a week at various locations here in Gainesville. He often works downtown at 101 Cantina. He is an entrepreneur because he runs his own entertainment company. Furthermore, he is an entrepreneur because he is not okay with the idea of a stagnant business. He wants to see his name and his brand grow over time. He understand that in the entertainment industry, with hard work and a little bit of luck, success can become exponential.

Newest Interview:

Me: I know it has only been a few short months since we last spoke, but has your brand changed? Have you continued to grow your brand and gotten your name out there even further?

Sean Treiser: I think hard work and luck are somewhat related. I DJ'd several of the pool parties at Social 28 this semester, and met the managers of several night clubs. I've began to start working at much larger venues. I also started something of a partnership, a venture with DJ Nodex. We have played several larger venues together.

Me: It looks like you're ahead of schedule. So where do you see yourself further down the long run?

Sean Treiser: This has always been something I do for fun. I never expected that this would be my career. I am a finance major and have always thought I would go into business doing something related to that. However, seeing as my business as growing, this could perhaps turn into something that I pursue full-time. Either way, I'm doing something that I love.


Me: How much failure have you experienced before finding success?

Sean Treiser: I started DJing about a year and a half ago. Most people laughed when I dropped a ton of money on equipment, but I knew it was something that I wanted to pursue. At first, I couldn't find work anywhere. A lot of DJs just end up playing with their gear in their room without much of a purpose. But I actively networked myself and it took me a good year and a half to say that I am proud of what I have accomplished.



Reflection and Discussion: I would definitely say I've grown a lot this semester. My comfort level talking about things like this has increased a lot. I think at the beginning of the semester I was worried talking to Sean about entrepreneurship as I figured he would look down on me. However, most entrepreneurs that didn't have everything handed to them on a silver platter seem to have a good head on their shoulders. Most of them have experienced quite a bit of failure before leading to their successes. It took me this whole semester to realize that they weren't always in their blessed shoes. They worked to be where they are.

Week 13 Reading Reflection

1. I was confused about the idea of trying to avoid start up cost. I understand that it's something that should be attempted to be minimized. However, the books wording addresses it almost as something that needs to be avoided, which is probably impossible.

2. I was surprised by several of the points they made in regards to management depth. I understand that it's necessary. However, it isn't always an ideal idea when still starting a business up.

3. I would ask the author what his specific views on income taxes are. I would also ask the author how he feels about taking out a loan as an initial start up.

4. There is nothing I disagree with.

Celebrating Failure

In the past semester, I have experienced failure. I have spent the last semester specifically trying to improve my athletic ability as well as my strength in the gym. I think when people think of failure, we think of it on a business scale. However, it can be in many sections of life. I've tried to improve my box jump, and ended up eating crap and falling in front of everyone. I still get up and try again. Likewise, I've gotten stuck at the bottom of a squat and had to drop the weight in the squat rack. Everyone stares but will I stop? No. I think more than anything that failure teaches us to succeed. It is rare that one succeeds without failing. Not even just once or twice. Failure is something that occurs many times before success happens. This should be applied to all part of life. Without failure it is impossible to be persistent and eventually persevere.

My Exit Strategy

1. I plan on starting this business up with three good friends. Our intentions are to run it for as long as possible. Obviously, if the offer is on the table and someone would like to buy it for a good price, that can be considered. However, my main plan is to keep the company in the hands of the original four.

2. I've selected this exit strategy as a means of keeping my vision alive. I could turn the company over to someone else, but would it be what we wanted in the beginning? Obviously, nothing is set in stone. However, I would like to see the company progress under the control of my friends and I.

3. This exit strategy makes me want to go all in. If the company will be my prized idea, I would like it to be done at the best of my ability. 

Week 12 Reading Reflection

1. A surprise to me was when I looked at the venn diagram of strategic action and entrepreneurship action. I expected there to be similarities. However, the importance of these similarities was highlighted very well. To me, the two are one in the same. I don't think you can be successful at one without being successful at the other.

2. I was confused about how toward the end of the chapter there was a section which highlighted why many entrepreneurs do not use strategic action. Then, it highlighted the benefits of using strategic action. This seems rather contradicting.

3. I would ask the author if he thinks that the two concepts can be used together properly in action. I would also ask the author which strategies work better for which types of businesses.

4. I do not disagree with him on anything.

What's Next?

In terms of growing my existing market, I think I need to branch out slightly. I really had this idea for the restaurant to thrive in the later hours. However, if there were a way for it to thrive during the day as well, I think that would be a no brainer. More success equals more profits and ultimately a better built organization that has the ability to expand elsewhere. I really think that a concept like this has the ability to grow.

A radically bigger market to target would be something like the generation ahead of ours. This being, the parents of the current market. Most of them have matured past the point of wanting quick meals that are often incorporated with being intoxicated. They prefer a higher-class type of life. While my restaurant idea is not low quality in any way, it is without a doubt a far cry from being a five star steak house, in terms of it not being an uptight atmosphere.

To me, this idea seems very unattractive, as a lot of my business idea revolves around being structured in a college town. Not necessarily, the demographic, but the ease of access to everything is vastly greater in a college town, including costs and structure of the organization. For this reason, I do not believe that there would be a benefit to changing the market.

Venture Concept No. 1

Consumers love to eat out. It's just part of life these days. The convenience factor is there. We live in a society where often times people would rather go somewhere and have a sit down meal. On the other hand, they may choose a delivery option or a drive-thru option. The convenience factor of having food served is something that many consumers love. A great example is the current Chipotle craze. It's simple yet consumers do not want to take time out of there day to prepare their own meals. I thoroughly believe there will always be a decent market for restaurants, especially one of my caliber.

In my mind, I can break down restaurants into several categories. There are the restaurants where you have a sit down meal. There are the restaurants where you can order through the a drive-thru and then take it to go. There are also the restaurants that offer delivery service. It's common to see restaurants try to incorporate one or two of these elements to make consumers happy. However, how many incorporate all three? McDonald's doesn't deliver. Chipotle doesn't have a drive-thru. These are just a couple of examples. However, the pattern holds true. Consumers need more options. It's only right that a restaurant offers all three.

As stated in recent assignments, my target is primarily college students. For this reason, I believe that the business would be most successful in college-towns, such as Gainesville or Tallahassee, where the primary demographic is students of the university. I personally believe that this opportunity is enormous, due to the sheer size of college campuses. This is especially so, if we can work directly with the universities to incorporate our restaurants to be on campus, and even better included in meal plans that the students buy.


I also have an interesting idea to incorporate customizable pancakes to the menu. Meaning, if someone likes something specific of another company, I'd like to incorporate that into my pancakes for a slight upcharge. If it can be dreamed it can be made. Even something as crazy as a McChicken pancake is possible. It's ideas like this that take a restaurant to the next level. If something like this could become possible, it could potentially negate competition as the demand for our customizable products would make various foods of competitive restaurants complementary goods, strengthening business relationships and opportunities. For example, though it is a wild one, if McChicken pancakes became highly demanded, McDonald's business would increase due to the need for McChickens.

From a business perspective, I've got a pretty decent understanding on how the financial aspect of this business will work out. We would have the benefit of many of our workers working on a tipped-basis. This meaning, we wouldn't have the burden of paying many of our workers more than minimum-wage for tipped workers, because they will be making much of their money in the form of tips from customers. On the receipts we will put suggested gratuity to encourage that our workers make a fair wage. Likewise, costs may stay down if we stay located in college towns as the radius of delivery wouldn't necessarily be that large. For this reason, our delivery boys can use bikes for many of the deliveries, keeping costs down. The only costs that would be high would be initial start-up investment. However, this is not a single person venture. I've decided that I would like to do this with three close friends, all of which have significant savings and are ready to take on the challenge of starting a business.

I think that customers will love the convenience factor of our restaurant. Whether or not they want to dine in, pick up via a drive-thru, or have food delivered, any of their needs can be met. The convenience factor with my restaurant is far greater than what others can offer. Also, living in a college town right now is very helpful, as the first restaurant can be something of a test subject to see what needs to be changed or improved. Also, I think that customer's can have something of a personal experience with the restaurant, due to it being specifically geared for college students. With college classes constantly graduating and entering, it will be a revolving door for the business. As stated before, the first restaurant will be the test subject and we can see where to go from there. I am aware not everything will be perfect. And that's okay. We will constantly improve.

Week 11 Reading Reflection

1. I think innovation comes as somewhat as a surprise to me. I think we as consumers don't think things change too much from year to year because we see things on a slight scale. For example if you look at Madden 2010 to Madden 2016, it's drastic. However, the same cannot be said for the difference between Madden 2015 and Madden 2016.

2. I was slightly confused about how general some things are made. For example, research and development is important. But how important is it really to companies who have stayed with the same exact product for a long period of time?

3. I would ask the author about his stance on social media for marketing purposes? Does he think it's worth the hype? I would also ask the author about his stance on artificial intelligence.

4. I have nothing that I disagree with.

Amazon Whisperer

With this assignment, I ran into a slight issue, being that my idea is a service rather than a product. I think many others in this course will run into a similar issue.

My revenue driver is my restaurant. The idea being that if people buy our food then we will turn a profit. We also have the added benefit that many of the jobs will be rather low-paying due to them being tipped jobs. I think the next thing we could do is make a sister restaurant, or make the franchise a chain. Or, we could make the food accessible to people at grocery stores, in either a heat it up yourself or possibly sell the ingredients in a do it yourself manner. While this is the second option, expanding to grocery stores could further the market and add a convenience factor. Something I looked up on amazon that is relatively similar are white castle frozen burgers. Several of the reviews are positive, talking about how they are very similar to the real thing. If we were able to encompass something similar, our restaurant could be taken to a whole new level. I'm not exactly sure what I would change but I do know slight changes to the recipe would probably be necessary.

My Unfair Advantage

Resources:

Delivery drivers - This is not necessarily unique, as several companies have it. But for a market who prefers late-night food this is a huge plus.
Location - We plan to come up big in the collegetown areas. Our location is key for our success.
Surrounding restaurants - We plan to set up business plans with surrounding restaurants to allow people to customize their food options. This is a very unique idea.
Wholesale ingredients - We will save money by pairing up with companies that can provide us quality, wholesale ingredients.
Research and Survey skills - We are not afraid to admit if we've made a mistake. As the business grows, some of our ideas probably will have too as well. We will always push to move forward.
Capital - This is not unique, as every company has it. However, everyone who wants to be involved in this idea has a substantial amount of money in their savings accounts.
Social skills - All four of us like to think that we're personable guys. This goes a long way in the business indusry.
Unique restaurant layout - We plan to have a sit down section, as well as a drive thru and a delivery service. Not many companies have all three things going.
Steady market - As long as we are located in collegetowns, college kids will come. As long as kids are in college they will get drunk and want good food. The market is steady.
Honesty - We have no interest in trying to be deceptive. We say it like it is.

I think that our unique layout will be the biggest game-changer for us. If you want to dine in you have that option. If you want to get quick drive-thru food that is as well. If you would like to get delivery, that is an option as well. This is very unique as many restaurants only offer one or two of those options.

Week 10 Reading Reflection

I was surprised just how much goes into budgeting a business. The financial world is far more complicated than it seems. While many may not think as I do, it's hard for me to comprehend a lot of this because my parents have basically been my source of stability my whole life. Thus, a lot of this is new to me.

I was pretty confused about the various methods of obtaining the break-even point. If breaking even isn't a good thing, should there be a best option. I just feel like it's a pick your poison situation.


I would ask the author what his stance on corporate taxes is. Should it be lowered like several candidates believe? Also, I would ask the author if he think economics is truly applicable to the world. I just say this, because I feel like in a perfect world, everything we learn in economics classes would fix the economy.

I do not disagree with the author on anything.

Growing My Social Capital

John Kaplan

John Kaplan is a friend of my mother's. He owns and operates a small restaurant called Kappy's in Maitland, FL. It's similar to my business idea as it is a very unique set up that is different than most. It has a pick up window as well as a seated area, something I also want to do. I without a doubt consider him the domain expert of the bunch. Because my mother is close friends with him, I was able to give him a ring and exchange ideas. His best advice to me was to keep my initial costs low, as the food industry is extremely competitive and there are no guarantees for success.

Meg Pietkiewitcz

Meg, or Mrs. P as I call her, is an expert on marketing and research. In fact, she was my high school marketing teacher. She conducts a business called Live Life Healthy, which inspires people to engage in a healthier lifestyle, showing alternatives too many food options. This is invaluable to my restaurant idea, as healthier options will be necessary for customers who are more health savvy. Her greatest advice to me was to get as involved as possible on social media. The world is changing, and we have to change with it. This is the single greatest way to reach a large group of people. I also gave her a phone call and shared my blog with her so she could browse my various ideas.

Jeffrey Pagliolonga

The final person I spoke with was Jeffrey Paglialonga. This was very convenient for me as he is one of my good friend's fathers. He works as a wholesale distributor at Costco and specializes in moving large quantities of items. While I plan to make my own food at restaurants, I'm sure we will need some ingredients shipped in bulk. I was lucky enough to personally get to sit down and talk to him, with my computer by my side. I also gave him my elevator pitch in person. His best advice was to stay confident and to understand that the road to success may have many ups and downs.


This was definitely a different experience as I've never done too much networking in my time. However, it did make me realize that networking is so important. Had my mom not known John, I would've had trouble finding someone for that area of this assignment. Likewise, had one of my friends not had a father who worked for Costco, I would've had trouble there as well.

Elevator Pitch No. 3

In my last elevator pitch, I was told to be a little more dynamic. I also think my voice sounded a bit worried and nervous in the first video. In this one, I tried to seem slightly more casual and almost make it seem like more of a discussion. I also hope my enthusiasm seemed a bit better, as videos before I seemed a bit monotone.

Week 9 Reading Reflection

I was surprised by how many aspects of marketing research there are. I was also surprised by the fact that you have to specific marketing philosophy.

I was a bit confused by the idea of people being subordinates. I understand that in every business there is somewhat of a hierarchical scale. However, the author uses the term "subordinate" in almost a demeaning manner. I just feel like if I was on top of a company I would want to treat those lower in a way that they feel connected to me.

I would specifically ask the author what marketing philosophy he thinks is best, especially with the rise of social media in recent years. I would also ask him specifically what his view on sponsored tweets and facebook post on people's timelines are. Specifically if he finds this to be a successful strategy.

There was nothing I disagreed with. I found this chapter to be very informative.

My Secret Sauce

1.      What makes me a unique person? My drive is unique in the sense that I like to establish both short term and long term goals. I keep my eyes on the prize and try to constantly get better at whatever I set my mind to. I also find myself to be very outgoing. I have no issues striking up conversations with random strangers and developing lasting relationships. I also recognize my flaws well. I know that I am not perfect. And that's okay. Greatness should not be measured on perfection, but rather the ability to deal with imperfections. I also consider myself very experienced in several ways. I have done a lot of daring things and I have dealt with tough times. I consider these both integral to my development as a human being. Lastly, I've always found my mind to be rather complex. My mind is always in need of stimulation. I live the type of life that requires me to always be doing something. This is valuable in the entrepreneurship world, as my time could truly be the difference between success and failure.

Interview #1: Claire

Claire stated that I was very outgoing. She also seemed set on the idea that I'm good at adapting. If something isn't working, I make the changes necessary to keep moving forward.

Interview #2: Anthony

A close family friend from back at home, Anthony perhaps knows me better than anyone. He likes to think that I have a lot of energy, and passionately use that energy where it needs to be used. He said I was outgoing and always keep a good vision for the future.

















Interview #3: Hilton

Hilton stated that I am personable and believes that I am well-rounded. Hilton's father is a very successful entrepreneur and his feedback is greatly appreciated.

Interview #4: Jay

Jay, as well, considered me to be very outgoing. He liked that I'm not afraid to backdown and am very social, both good qualities in the business world.

Interview #5: Carter

Carter praised my ability to set goals and stick to them. He thinks that I'm realistic and smart with my decisions.



3. The common thing I realized with all of my interviews is that my friends all thought I was very outgoing and didn't like the idea of settling for mediocrity. They all stated that I seem driven and energetic, with realistic goals. I definitely think they were correct and realistic, as these five were truly some of my closest friends.

Idea Napkin No. 2

      I'm Alex Knight. I like to think I'm good at thinking rationally and identifying the needs of other people. Most importantly, I like to get straight to the point without beating around the bush. I have worked several retail jobs, as well as been a customer at many different franchises. I've identified what is flawed, what can be improved, as well as new ideas that could be potential game changers. My business is a very interesting concept, and I'm willing to see it as something that I will spend all of my time and money on (as are three other people). I understand that one has to start from the ground and work his way up. I've decided to create a breakfast restaurant, that is specifically catered to college kids in college towns. It will be the ideal late night eats spot after a long night of being out. It'll offer far more food options, with customizable food options. If you can dream it, we can make it! Customers, specifically college students will care because I know from personal experiences, when you go out you always get hungry at the end of the night. Most intoxicated people want something that tastes great after a long night of going out. Several students have expressed their concern for the lack of food options after a late night in mid-town. This is where we come into play.
      We are different. We are not the average food restaurant. We understand that the the demographic of college kids behave and act much differently than most restaurants are prepared for. Our waiters will be able to deal with the drunkest of kids, and probably make their night even more entertaining. We will deliver late at night, have a drive-thru, and an eat-in option. Ideally, we would like to partner with other companies to allow all sorts of custom pancakes! I thoroughly feel like there is no company like this, and we will set ourselves apart. Many might think it's crazy that I am openly writing about the fact that I would like to cater to the needs of drunk college kids. However, people have the most fun when they're drunk, and it would be a disservice to not try to make their nights a little bit better. I see no flaw to this idea, as college kids will always party, and a market will always be available. Start up costs may be high. However, this is something we've planned for.

Feedback Memo:
   
      From my feedback, I've realized a few things. Students are always hungry. Students love to get drunk. Students are always hungry after a night of partying. Gainesville lacks late-night dining options. Most importantly, feedback indicated that my direct approach was desirable. I don't want to beat around the bush. I want to make it clear that my biggest market is drunk, college kids. And that's totally okay. I tried to incorporate this into my new idea napkin.

Week 8 Reading Reflection

1. I was slightly surprised at the level of debt that many businesses experience. The author references that many businesses start up in debt. This idea goes against a lot of peoples' ideals. However, if you feel strongly enough about your business venture, I'm sure the risk can be well worth it.
2. I was confused by the presence of investing in new businesses. I have always been under the idea that many businesses start and try to find potential investors to fund the new business ventures in exchange for x percentage of profits later. However, the book stated that many businesses are taking out loans to start businesses. The reason this confuses me is because in the past I had heard from many people that financing a business is a very bad idea. However, these are mostly the people who have come from privileged backgrounds and don't really understand the other side of the venture.
3. I would ask the author specifically what his view on loans and financing a business are. I would ask him what kind of loan is the best in his eyes, and at what interest rate is it considered just too much? I would also ask the author what his views on corporate and profit taxes are? I know it's a broad question but I'm sure it would make for an interesting discussion.
4. I don't really disagree with the author on anything. The chapter was pretty straight to the point and showed how one can fund their business.

Half-way Reflection

You definitely have to be aggressive with this course. You can't expect to sit in your room and everything to work out. You have to go out and talk to people. You have to talk to peers in the class and reflect a lot on what works and what does not work. This isn't your standard textbook class. There's a lot to do and it's not always the norm in a college environment. I've thought about giving up in this class sometimes. The thought of having to go to a public place and interview people who you have never met can be a bit intimidating sometimes, but you just have to power through and get it done. This class can be relatively time intensive. I think tenaciousness is very important, as it ultimately goes hand in hang with perseverance. I will give you three tips. One, be aggressive. Don't be afraid to go out and talk to people. Feedback is critical. Confidence is critical. This class will actually help you much more than you know. It's not something to just B.S. Two, you can't get embarrassed. Everyone is doing the same stuff. You're only hurting yourself if you choose to skip out of not work your hardest. Three, be confident. However, not over confident. Feedback is critical. You're not always right and the only way you can grow is by reflecting and making changes. You have to set goals, and do everything you can to strive for success, even if people don't always believe in you.

The Twenty Percent Rule

1. I interviewed Ian Norman. Ian Norman is a business owner in Orlando, Fl who runs and supervises a property management company, leasing apartments. . His target customers are commercial residential complexes mostly, as he focuses mainly on providing housing to college students. He likes to believe that his customers have no unmet needs, as he occasionally surveys people in the area to see what their ideal living conditions would be. He finds his target customers around the UCF area, as many people search for housing in this area. His customers for the most part are college students, or people who desire housing in the area.
2. I spoke to three target customers, all of which were either college sophomores or juniors, students who had a need for off-campus housing. They all were aware that they are the target customers, as the need for college housing is quite an inelastic demand. All of which have agreed that they have been targeted on social media, through flyers, and word of mouth. Customers needs tend to be met with off-campus housing. However, all three did state that they had a lack of amenities which they enjoyed, and that college housing tends to be overpriced for what you get.
3. This is an interesting case, as I do not believe 20% make up 80%. This is due to the fact that for the most part, paying rent is something that is universal. No customers necessarily pay less or more rent than others. However, some may bring in more business than others by choosing to live with friends, or by giving good reviews to friends.
 

My entrepreneur denied video, and my three customers didn't seem too fond of the idea. I did however record the audio.

Week 7 Reading Reflection

1. I'm slightly surprised by the author's simplistic approach. I'm not bashing, as I certainly don't disagree, or question the author's knowledge of the subject. However, he makes many of the fundamentals seem easier than possible. It's not always feasible to put x amount of dollars of your personal savings into a project, especially when it's far from a guaranteed thing.
2. I'm confused about the author's ideas of risk versus reward when it comes to creating a business. The author states the negative aspects of being a business owner, but really doesn't go into depth on what precautions must be taken if a business is to fail. It's just a thought, but I know many entrepreneurs fail many times on their road to success.
3. I would ask the author specifically what political party he associates with. It may not be too related to the book, but I'm concerned about his ideas of a business man such as Trump potentially being president.
4. There is nothing I disagree with. The author clearly knows what he's talking about. However, he kind of jumps over certain aspects, and does not always go into depth.

Elevator Pitch No. 2

      I got some good feedback from last time and I think I've improved. I have a bad habit of speaking in a relatively monotone voice. It's tough to be dynamic and fluid when this is a habit. I'm working to break that habit. There was no feedback that was silly to me, as I believe that all feedback is relatively helpful. Everyone is entitled to an opinion. I think the most important thing with this type of thing is to not come off as too aggressive. I tried to speak relatively casually while still getting my point across.

Customer Interviews No. 3

      My interviewing strategy was very direct and to the point. However, I tried to keep it relatively casual, in a way that seemed more conversational than anything. I think this is the best way to get a positive response. I asked relatively simple questions, asking if customers were satisfied with the food they get from various breakfast restaurants late at night, if they were moderate or heavy drinkers (though this was a bit personal, but fared relatively well with the college demographic), and why they thought breakfast food was such a great thing to eat late at night.
      I really think that I know understand the importance of feedback. We may think we have great ideas in our head, but people vary, and it is important to see what the majority of people want. A business will fail if I'm the only one who thinks that my ideas are good. I also realize the importance of conducting many interviews. Small sample sizes are helpful, but they do not allow for an accurate representation of the general population.


https://www.youtube.com/watch?v=7Emg8hH3xPc

https://www.youtube.com/watch?v=7Emg8hH6xPc

https://www.youtube.com/watch?v=7Rmg8hH7xLc

https://www.youtube.com/watch?v=3Rmg8LH7xL

https://www.youtube.com/watch?v=9Sfg8R7xL

Week 6 Reading Reflection

1. I was very surprised about the idea of patents. I think that we all have this misconception that if you come up with an original idea, it is solely yours. Then we think about the idea that CVS and Walgreens are basically the same thing, but they're both still legally allowed to coexist. I'm surprised at how easy it is to get around patents. To me, they're more of a way to state that you've done something meaningful, rather than make something truly yours.

2. I was slightly confused about the legal side of much of the chapter. Obviously, not being a lawyer, I have a tough time grasping some of the concepts and loopholes around business. A lot of us don't realize how much lawyers influence much of the business side of the world.

3. I would ask the author a few questions. Specifically, how important does he feel patents are in the real world. Does he think they're mainly just for merit, or does he think that patents truly keep the big businesses from destroying the smaller ones. I also want to know if he has any patents.

4. I would not disagree with anything that the author stated. This chapter was very interesting because it spoke about entrepreneurship from a legal side, rather than what we are traditionally used to in this textbook.

Idea Napkin No. 1

      I'm Alex Knight. I like to think I'm good at thinking rationally and identifying the needs of other people. I have worked several retail jobs, as well as been a customer at many different franchises. I've identified what is flawed, what can be improved, as well as new ideas that could be potential game changers. My business is a very interesting concept, and I'm willing to see it as something that I will spend all of my time and money on (as are three other people). I understand that one has to start from the ground and work his way up. I've decided to create a breakfast restaurant, that is specifically catered to college kids in college towns. It will be the ideal late night eats spot after a long night of being out. It'll offer far more food options, with customizable food options. If you can dream it, we can make it! Customers, specifically college students will care because I know from personal experiences, when you go out you always get hungry at the end of the night. Most intoxicated people want something that tastes great after a long night of going out. This is where we come into play.
      We are different. We are not the average food restaurant. We understand that the the demographic of college kids behave and act much differently than most restaurants are prepared for. Our waiters will be able to deal with the drunkest of kids, and probably make their night even more entertaining. We will deliver late at night, have a drive-thru, and an eat-in option. Ideally, we would like to partner with other companies to allow all sorts of custom pancakes! I thoroughly feel like there is no company like this, and we will set ourselves apart.

Week 5 Reading Reflection

1. The biggest surprise for me while reading this was the simplicity of a start-up to a company. While I've always had a basic understanding of how a company starts. However, the author outlines it in a very simplistic fashion, something I admire. I've always been an advocate of trying to break things down to their simplest components. He makes the idea of starting a company much less daunting.
2. I was a bit confused by the financial side of things. I understand that people often underestimate how much capital is needed to get a business going. However, it is a bit conflicting that he states how simplistic starting a company can be, then throws a bit of a curveball by stating the major issue of lack of capital.
3. I would specifically ask him what his idea of physical companies vs electronic. For example, does he think big box retailers should triumph over online retailers such as amazon. I would also ask a question going off of the first. What profit margins could one expect? Would the cost of running an online retailer be less than that of one that is physically in person? How do different aspects of the companies differ? I ask these questions specifically because he uses eBay as one of his examples in the textbook.
4. I would not change anything the author said, nor do I necessarily disagree with him. I very much enjoy his specific outlining of various topics of entrepreneurship.

Interviewing Customers No. 2

      I stick by original opportunity. I do like my idea, and in my interviews that I conducted I was sure to keep the same premise but with questions a bit more specific. Instead of asking if they would be interested in late night food, this time around I asked more specifically what menu items they would be interested in. My target audience stayed the same, however. This is still an idea geared toward college kids and people in their late-teens to mid-twenties. I think the biggest thing that people need to learn to do for this class is to approach everything open-minded, a lot of your ideas the first time around will not be the final idea, there are constant tweaks that you will make. Secondly, understand the difference between this class and others, it is not your basic mid-term, quiz and final exam class. It is very dynamic, and needs to be approached as such. Third, don't be afraid. Everyone is doing the same stuff. There's nothing anyone can make fun of you for.

Elevator Pitch No. 1

My problem was that the quality of food in traditional breakfast restaurants is not necessarily that great. Likewise, the quality of service as well as the atmosphere is not what I always hope that it is. This specifically applies to late-night eats. I think that this is a great opportunity for people who like to go out and want to end their night on a high note. The restaurant I want to make is called Johnny John's (after a co-founder named Johnny). If you can dream it, we can make it!

Week 4 Reading Reflection

1. I’m still very surprised about the idea of capital when creating a business. The author touches up on it very slightly. However, he never mentions ways around possibly being slightly short on start-up capital. Likewise, he does not bring to the light a decent savings plan and how to save for a stable future to start the business.

2. I’m slightly surprised at the authors idea of growth in a business. He uses examples, stating that with x amount of start-up capital that one can expect x amount of profit the first year, second year, etc. However, what if it does not go to plan? What if profits exceed expectations at one point and do not meet expectation in another? What precautions would be taken to expect stability?

3. I would ask the author a very specific list of his previous entrepreneurship experiences. I would ask him where he started, what he did when he started, and what he would have done differently in the past. I would also ask him who his idols are. Does he look up to Mark Cuban? Does he think that all rich people have worked their way to the top, or some just got very lucky?

4. I don’t really disagree with anything the author stated. Aside from being slightly confused and surprised at some points, he said what many could expect in greater detail.