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!