Week 15 Reading Reflection

Business Basics at the Base of the Pyramid

Image by: www.liaisonbusinessservices.com

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 surprised how SKS is making a profit by having women borrowers pay back there loan for as little as one dollar a month. I guess if you obtain enough clients, it can add up. The repayment rate also surprised me. I think it’s great that they can get almost a hundred percent repayment. SKS will need it, since they go to great lengths for customer needs. I also couldn’t believe that they are a 7.3 million dollar company. I thought it was very smart for SKS to start out as a nonprofit organization. If there are no investors, donations is a good start. Networking with firms that support microfinance to attract investors and more lines of credit was a good strategy.

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

I’m confused on how SKS Microfinance is a 7.3 million dollar company. Is it the connections that help with the profit? Or is it because of the two million clients paying back almost one hundred percent? With the cell phone bundles and transportation on underdeveloped road, the costs seem high.

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

How much does SKS pay their employees? Actually, I should ask what the average living standard is in India. I was curious to know how much it took to get someone out of poverty. SKS is helping the world be relinquished from poverty one step at a time.

If a client is poor and still can’t pay back their loan, what are the repercussions? I’m curious to know, because they wouldn’t be able to treat that customer like a normal credit loan. They would keep owing more, and still wouldn’t be able to get out of poverty.

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

The author was wrong about there being uninterested investors. The author originally said that there was no interested investors, when there was. He just needed to word his plan differently. He made an elevator pitch! If you first don’t succeed, try try again.

Image by: West Hartford

Final Reflection

New Beginnings

Déjà Vu:

I’ve had many formative experiences in this course. My most formative experience was growing my business idea. Looking over my blog at my elevator pitches, idea napkins, and venture concepts made me think about how I grew. My positive and negative feedback helped shape my ending concept and goal. Everyone’s perspectives helped me figure out what I was passionate about. These experiences will lead me to remember them for years to come. I will also keep a blog in order to gain valuable feedback, and insight from my audience on the World Wide Web. My most joyous experience was creating my idea napkins. Which is funny, because it seems like my audience enjoyed that experience the most as far as my Google Gold award goes. I loved doing that assignment, because sometimes I have a million ideas in my head. It’s nice to just throw my ideas out there like doodling a drawing. It helped me reflect, and figure out what I was missing, and how I can improve. My biggest accomplishment is my venture concepts, and my unfair advantage. My venture concepts made me work through every detail of my business plan. It was a lot of work, but exciting to see it all coming together. It also gave me epiphanies of new ideas while working through that assignment. My unfair advantage was a proud accomplishment, because it helped me write down my strengths and weaknesses. It made me realize what skills I had, and the ones I forgot I had.

 

The Mindset that started it all:  

"Entrepreneurs don't wait. They act. And they don't quit.

Entrepreneurs fail. A lot. But in this forge of failure, entrepreneurs sharpen their edge, ready to face the future.

Entrepreneurs thirst for negative feedback. Too much praise leads to complacency, while criticism provides clues to improve.

Entrepreneurs work harder. To pursue their own lives. To improve the world around them. To build a better future for themselves, their families, and communities.

I am an entrepreneur."

I am an entrepreneur!

I really have moved closer to an entrepreneur mindset. This course revealed my passions, and skills. In the beginning, I was afraid to post my thoughts out there, because of criticism. However, the mantra is right. Criticism gives me the clues to improve! My positive and negative feedback really did help me improve, and shape my decisions for my venture. I loved obtaining insight from everyone. In fact, I did thirst for negative feedback. This is because I wanted improvements. I’m always looking for ways to make things better. The negative feedback made me change point of views. In the end, I geared my product to improve people’s lives. In the end, I’m taking initiative on things, and be fearless. Fearless of rejection.

Recommendation for the Future:

            For future students who will be taking this course, I recommend the following:

v  Recite entrepreneur mantra once a week. It’s a great motivator.

v  "And while imagining a better future, let's also imagine a better self. Unless we give our power away, we are in charge of creating our future." Vlad Zachary (Sometimes you have to go outside your comfort zone to strengthen your soul.)

v  "If you could change your future and achieve all of your goals by simply thinking about it, of course it would be perfect." Joshua Pope (You have to put the work in to achieve your goal. There are no shortcuts.)

In order to perform your best in this course, you must just have fun. Don’t worry about what others may think. Just put your thoughts out there. Your thoughts could bring grand epiphanies. 

Image by: zedge.net

Elevator Pitch No. 4

Reflection and changes on feedback:

            I received some pretty honest and valuable feedback. Some of my audience liked the elevator music touch in the background of my video, and others found it distracting. I could see that it could be a bit distracting. My audience also told me that my product seems a bit complicated, and that I should use terms that everyone can understand. Overall, I was given compliments on an enjoyable video. There are many things that I changed to this one. I was more dynamic by moving around a lot. I eliminated the elevator music. I thought that touch was fun, but I may have gone overboard. I transformed the pitch into an “imagination” concept. This will help my audience have a quick understanding of some elements my smart device can do. Therefore, I tried to make it less complex. I wanted to add a heart beat in this one while I was jogging, but I was afraid it was going to be too much. Maybe I should have added it for a couple seconds. That would have been fun. 

Venture Concept No. 2

Venture Concept No. 2

Image by, m_hweldon

Opportunity:

            My potential customers range from young adults to elderly. The nature of the need is a revolutionary device that can be customized to fit individual needs to become more productive, happier, and healthy. Questions related to this opportunity are:

·         What are the forces or changes in the environment creating this opportunity?

o   As technology grows, it shapes how we do things. We create technology to enrich our lives, not control them. Currently, it feels like our tech has some sort of control over our lives. People are walking around like zombies. They are looking down at their phones, glued to their smart devices. Social interaction has decreased. Children are staying inside more often, playing video games, or busy creating an illusion of a social interaction on the web. Our language has changed through a text application. It is short, abbreviated, and auto-correct is relied upon. Is our smart devices becoming smarter than us? Part of my business strategy focuses on getting technology back on track. Using tech as a tool to enrich our lives again by making us more intelligent, stronger, and productive for a healthier happier life.

·         How is this market defined geographically and demographically?

o   My market for this smart device is for developed countries, and corresponding demographics.  

·         How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

o   Customers are currently satisfying this need to a certain extent. They are very loyal to their current smart devices. My smart device will put their satisfaction on an entirely new level. However, there is a new market of customers that are not being satisfied with this need. This new market is the deaf culture. With my new smart device, deaf individuals can utilize this device for communication using the hologram feature.

·         How big is this opportunity?

o   I believe this is a huge opportunity in the realm of revolution. However, it can be put in perspective as a small change in enriching lives.

·         How long will the “window of opportunity” be open?

o   The window of opportunity won’t be open long. Even though there are elements of this concept that seem too futuristic, the time is now. Companies have already attempted different versions incorporating this technology in a variety of devices, such as Google Glass, and Athos smart clothes.

Image by, IDG Connect

Innovation:

            My current project is the product, Ori. Ori is a smart watch that is putting a new perspective on how socially interact. Hopefully, it gets people looking up, walking around, and going outside. This watch is made to be customizable with applications available to download like your smart phone, except it contains elements that can be revolutionary. It’s going to use a combination of cloud storage and electromagnetic waves for data transmission. Similar to how self-driving cars interact. The most well-known element is its holograph ability. Holograms have not been built in a cellular format before. Technical research will be set in place. With Ori, you can receive calls and texts on the watch. There will be an ear piece that you can take out of the side of the watch for private phone conversations. There will also be an option to see the person you are talking to by setting up a holographic image for a more personal contact. This can be one that is already recorded or live. The recorded holograph can lip sync your conversation. The first prototype will only be able to record. If you don’t want to hold up your wrist, you can swipe the holographic image on a platform. You can pay for things with a touch of your wrist. You can link your bank account or credit cards to your watch. That way, you will never forget your wallet. It will have diagnostics of your health. Such as track your heart rate, or tell you if you’re dehydrated by body temperature levels using infrared waves. Similar to how the forehead thermometer works. This can change the way your health professionals will treat you.

Venture Concept:

            This innovation will help address customer needs by changing the way we interact with each other. As Steve Jobs once said, “Customers don’t always know what they want”. (2015, Harvard Business Review) Customers will buy this innovation, because it is different, and exciting!

·         What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

o   I don’t think it would be too hard for customers to switch. This is new technology. Customers are excited for new and different things. There are some that may refrain at first, because it is something that’s unfamiliar. However, one of my ideas is a joint venture with a familiar tech company for an easier transition. There is also a new market of customers (deaf culture) that have no switching costs, because this need is not being met.

·         Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

o   My competitors are technology companies like Apple and Alphabet Inc. Their possible weakness is tough to consider. I would be going up against loyally branded companies. I would probably have a smoother transition by partnering, and then branching out later on. Their vulnerability is adhering to people with disabilities. My product could be very valuable to the deaf community, and this could give me an edge.

·   What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

o   This would depend on my costs to create the product. However, I would like the price of my product to be within reason. The price would start off close to six hundred dollars. This is similar to a new cell phones price average. This device can be affordable with service plans similar to AT&T’s Next plan.

·         How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?

o   I would need a mechanical and software engineer, as well as a couple of scientist in the beginning. From there the business will grow with numerous roles available.

Three Elements:

·         My most important resource is my experience and leadership. Building a great team is going to be a huge factor in a successful business. This is what is going to make it hard for competitors to copy.

·         The next opportunity I would like to tackle is the development of AIs. As far as the current product goes, there will probably need future improvements with the hologram feature.

·         In the next decade, there will be more innovations directed towards “smart gear”. This first product helps start the plan of developing smart gear.

Image by, jrodthoughts

Summary of Feedback:

            I received some pretty valuable feedback for my venture. Mazal saw a whole new market for my product that I didn’t see. This made me really excited for this product. Holograms became even more important for my product as an element because it is vital to my new market, the deaf community. Now, Ori really can change how we socialize. I’m also aware that this product has a lot of design elements that need to take place. Mazal referred me to the Incubation Center for help with this. I thought this was wonderful, and a great point in the right direction! Another factor of my feedback was the curiosity of price. Since this product has new technological advances that are not fully developed yet, it is hard to determine the cost of my materials. However, if I had to decide on a price without this knowledge, I would chose a price that is similar to smart devices currently. This would make my product affordable, and competitive. The only negative feedback I received was regarding the concept of people being “glued to their smart devices”. In which, my hologram feature would not make this any different. I understand this point. However, I’m hoping that the rest of the features combined will change this. I hope my smart device will help people become more active. At least with holograms, people can see past them in order to multitask.

Changed Venture:

·         I added the market of customers that weren’t being satisfied by smart devices.

·         I added a price point in order to give my audience a better perspective on how my product will be affordable and competitive in the market.

·         I changed my image for a better feel of the new potential revolution for my product.

·         I found a new strength which could be a weakness for my competitor in my new venture.

I have found that more of my customers would have low or no switching costs for my product. 

Week 14 Reading Reflection

Image by: Trananh1980

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? 

One of the most surprising things I read was one of the founders of 3M, Francis Oakie, had an idea to replace razor blades with sand paper. I didn’t know that sand paper was once an idea for shaving. For all of the elements we use sand paper for, I didn’t expect this. I wondered if Oakie tested this theory on himself, because that would hurt. However, I believe that you can find a use for anything. One of my readers on my blog mentioned a use I didn’t realize for my product. I had a whole new market I didn’t consider.

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

I was a little confused on the concept of Technical Know-How Licensing. I wish the author explained this in further detail, and gave an example to see what this would look like. This seems similar to a patent.

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

1) Is it the Japanese culture or government that is taking a part of discouraging employees from diverging from their defined roles in a business? I’m asking this because the Japanese are very smart and innovative people. Don’t they realize that discouraging employees from thinking outside the box is hindering success? It seems like they need to change their management strategies to encourage innovation in order to help the growth of the country as a whole.

2) With regards to James Andrew hot dog stand social enterprise, would it have made a difference if he focused on homeless rather than ex-convicts for his venture? Or would it have been misleading as well, because of a charity concept? Why couldn’t he help society while making a profit? Why does this need to be defined? Andrews could donate some of his profits back into what his business is supporting. He is also helping the economy by creating more productive workers. His business is also helping convicts, and homeless have better lives by supporting them with work and money to become mentally and physically stable. Wouldn’t this fall under “social responsibility”? I just wouldn’t have advertised that convicts worked there. I would have focused more on the homeless.

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

I disagree with the author about the two “extremities” of social entrepreneurship. I don’t think that the concept of a social venture, and capitalist profit are at two opposite ends. Should they be? Why can’t a business help society and make a profit doing so? I think that James Andrew created a clever venture. He wanted to get people off the streets and become a productive individual of society. After all, they were just people needing a second chance at life.

Google Gold

SEO Strategy:

            In order to pursue search engine optimization I shared my blog links on all of my comments. Even people that were not assigned to me. I also tried to make my format, and discussions appealing in order to be shared more frequently as well as express interest. I used exciting technology terms in my venture. Anyone researching futuristic technologies would pull up my blog.

Keywords pursued:

            My main keywords was my blog name. Anyone who was curious in reading a blog from UF or for Entrepreneurship would find my blog. I also incorporated interesting topics, such as RFID’s and Holograms. Anyone searching for these technology terms, and UF would find my blog.

Social Media Enhancement:

            I used Yellowdig to express my interest of the technology I was using in my venture. This would bring other students on to my blog page expressing interest in my opinions. Other than that, I didn’t use social media frequently to increase my SEO. The reason is because I was skeptical starting this class. I didn’t want my ideas or opinions out on the web. I guess I was afraid of criticism, or possible negative perspective with future networks. I don’t post many things on social media in case of negative effects in general. Therefore, using social media as a tool to enhance my SEO for my blog was out of the question. However, if I could do this over, I would. I wouldn’t worry about this “negative effect shield”, and just post my opinions out there in order to receive valuable feedback. My view point on effects social media can make has been changed to a positive one.

Most Viral Post:

            My “Idea Napkin Number Two” was my most viral post. My “Entrepreneurship Story” was almost tied with this one. I believe that these received the most views, because I made them exciting and interesting. I expressed the most passion in these particular post. My idea napkin has a futuristic product with many features involved. I explained it in detail and was excited about it. This excitement must have spread. My Entrepreneurship Story was very detailed as well. I wrote it as if I could bring the reader there with me. The amount of detail involved to bring the reader in must have increased interest.

Google Gold Trophy:

            Surprisingly, I did make the first page of Google results with my keywords. If you type in RFID and Blog, I made the first page. As far as UF Blog goes, I made it to page eleven. I would say that that’s not too bad.  

 Picture by Scott Maxwell

Very Short Interview, Part 2

Revisiting a Friend

Picture by Hackfish "Seattle Skyline"

Impression of Initial Interview:

                A lot of my questions I asked John were vague, but a good insight for future expectations. He answered my questions with complete honesty, and I can relate them to what I know now. In the beginning, I didn’t know what to expect. I thought entrepreneurship was about taking a giant leap of faith. However, nearing the end, it became so much more. Truthfully, I didn’t realize how much I could learn from an entrepreneur class. I thought it was how to start a business from scratch. Maybe not literally, but a point in the right direction. John was right. He knew I would learn more than how to get started in the right direction. I also took on new skills, and surfaced the ones I forgot I had. The time I was given to reflect on assignments and as an individual will help me with future job interviews.   

Interview Questions:

1)      What are your growth expectations for your business?

“I’m at the level of growth I want. I don’t plan on adding any employees and expanding. I could. However, that defeats one of the main reasons why I went into business for myself. I want to just manage, and keep track of everything. I would be working more to grow, and manage my business. I would also not be able to work at home. Adding employees means adding office space. Right now, I take off whenever I want in the comfort of being at home. I’d say, I’m exactly where I want to be.”

2)      You have taken on a vast amount of loyal vendors from Optical Illusions. When you retire, what is your exit strategy?

“I will probably liquidate my business. That is the easiest for me. I had two sons who helped me when they were younger. Now, they are off doing their own thing. There is no point to hand it over to them, unless they wanted a career change.”

3)      For a “one person business”, how do you stay organized? Do you get overwhelmed? If so, how do you handle it?

“I’m a pack rat, and keep everything. I stay organized by keeping paperwork in binders and totes. Labels are important. Sometimes I get overwhelmed. Especially with deadlines. I handle this by keeping a calendar to keep my priorities in check. If I need to work overtime, I will. Even on the weekends. Time management is key. Being busy is a good thing. That means I’m making money.”

Reflection of Progression:

                I asked these interview questions, because I was really curious on how John handled his business. Especially on his own. It’s pretty impressive. My comfort level has changed drastically. I was really nervous in the beginning. Interviewing people feels like I’m interrogating them. Now, I feel like I’m just having a regular conversation. John definitely saw a difference in my progress. He was surprised at the questions I asked him, because they were more direct than last time. I’m glad to have John in my network. He is a reliable resource for entrepreneur advice. 

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? 

Ø  It surprised me to know that Facebook was valued the same as Amazon.com. I would have thought that Amazon was valued more than Facebook, because it is the biggest and most vast eCommerce site. Facebook is more of a social media and advertisement site. I wouldn’t have guessed that they would be equal.

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

Ø  There was nothing in the text that I was truly confused about. However, I didn’t realize how much information was used for valuing a business. The content doesn’t confuse me, because I have taken financial classes in the past. Otherwise, financial terms used in the text would have confused me.

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

Ø  While analyzing the total amount needed to buy a business, why is there a time given of three months? Is this the average time frame of settlement? I would ask this, because it wasn’t clear in the text.

Ø  Can you give me a real world example of an entrepreneur who had a vision for a venture that differed from the investors goals? The author talked about divergent goals. I wanted a detailed explanation.

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

Ø  There was nothing that I could disagree with the author. Except for Facebook’s valuation being equal to Amazon’s. I still couldn’t believe that. I also feel like Facebook is hard to estimate, being a social media website. Yes, millions of people are on the site daily. Except, millions of people are also shopping on Amazon daily. Therefore the real or fantasy question is the truth. 

Celebrating Failure

Baring Soul!

 

1)      A time I failed this past semester.

a.       In class, I failed at recording people. There were some assignments that I obtained recording. However, it wasn’t easy. It was really hard for me to get people to want to talk on a video recording device. I didn’t realize so many people were camera shy. Trying to find people that would let you record took up a lot of time as well, and I didn’t have patience for it. There was the money assignment that I failed at several times. You would think getting rid of money would be easy. It wasn’t. People looked at me extremely weird, because I approached them in the middle of their busy schedule. Most wouldn’t take the money.

b.      At work, I failed at multitasking efficiently. I work in a fast pace environment, and it can get overwhelming with everything that needs to get done. I feel like I don’t get anything done. I’m running around like a chicken with my head chopped off.

c.       At home, I failed at keeping my house clean and organized. It never used to be this tough to keep my house clean. With my increased busy schedule, I don’t seem to find time to keep up with it. It stays organized for only one day now.

2)      What I learned from it.  

Class

            I learned that you need to make time, and not find time. I also learned that changing strategies helps. If one way doesn’t work, try another. Get creative with strategies.

Work

            I learned that I need to take one step at a time. In order to organize my thoughts, I should probably grab a pen and pad. That way, I can organize a list. This will help me get things done more effectively, and make me feel like I get things done in general.

Home

            I learned that I am not a super human. I wish I was. Except, I’m not. I can only do so much. When my work load lifts, I will have time again to keep up with household organization.

           

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? 

a.       Failure is tough. Most of the time I handle failure by rationalizing it. Like, there is a reason for everything type of rationalization. I will say, “Well, it wasn’t meant to be this time”. Or, “I’ll do better next time”. I guess I try to give myself little pep talks. This class has given me the time to reflect. This has changed my perspective on failure. In the eyes of failure, I will ask myself, “What do you need to change?” I don’t reflect often, and I need to. Reflecting helps you realize underlying problems. Reflecting on failure is really important. This helps understanding why you failed, and lowers your chance of failing next time. Strange enough, I feel more likely to take a risk now than I was four months ago. I think it’s because I’m not afraid of failure as much as I was. I realized that reflecting on failure can give you many more windows. If we don’t see these windows, then we are insane. As Albert Einstein once said, “Insanity is doing the same thing over and over again, and expecting different results”.