Week 8 Readng Relfection

 The only thing I was surprised to read was that commercial banks tend not to lend to start-ups and overall even for established firms will more than likely do short term loans than intermediate terms and seldom long term loans.

The confusing part of this week's reading was the part about  the success of social lending has contributed to the weakening of the economy. I understand commercial lenders have tighten their purse strings due to regulations and such, but since social lending has now opened the door to more entrepreneurs, how has the economy weakened?

I was also confused by the Figure 8.2. I am not quite sure what this is reflecting? Meaning, I don't understand how the grading works or how to really read it.

What type of investor would Warren Buffet be considered? Reading over the descriptions it would seem he would be an Enthusiast, but just wondering. He is not a venture capitalist and is it that he really wants to own and include in his portfolio?

I wonder what the actual return has been for angel investors? Wondering if their instinct plays a big part in their decision of investing.

There was not anything I necessarily disagreed with the author, I was just fascinated about the intricacies of  raising capital.

Half-way Reflection

 


Made it half-way through this class and truthfully it has been quite a roller coaster. I am an online student who works full time and participates in organizations outside of work and home.

I have had to carve out time from work and volunteerism to ensure I can keep up with the requirements of the class. It is hard stepping back and actually going to a mall to complete exercises required for the course. If I am to be honest, right off the bat I was wishing I had taken the course in the Fall because I would have rather taken exams. Life happened and I had to delay taking this class and here we are.

I think what has gotten me through to this point is that I am finding a usefulness in these exercises that I thought were futile. As I began to embrace the facts that exams were not in my future in this class, I realized the real test (exam) was really what I was made of with regards to my ability to step out of my comfort zone and immerse myself into this project to discover what entrepreneurial values and abilities could I develop and hone for whatever I want to do when I grow up (hehe).

There are going to be many times you will want to just step back and drop the class because it is a lot a steps required and by George, you do have life outside of ENT3003! You wonder if Dr. Pryor realizes there are students with other classes and now you want me to actually go to people with a made up idea and interview them??? Yep, this will cross your mind, but breathe. He wants you to experience what entrepreneurs experience. A lot fail, because the pressure is way too much, but you don't have to "fail". You can choose to persevere and push through and be the accidental entrepreneur.

Review the syllabus and plan your week on how you can accomplish tasks. Some tasks will be hard to complete, but it takes planning. Interesting huh, so does creating your business.

The last thing I suggest is try to enjoy the class and the process. Dr. Pryor has had guests speakers that are quite diverse. It really seems he is really trying to find individuals that hopefully each of us can connect and find ourselves in them that will hopefully reflect a possibility of success as an entrepreneur.

Hold on' for the ride of your life! It is definitely one with a gamut of emotions that allow you to tap into some hidden areas of possibility within yourself. I can see there is a ripple effect from these exercises that will enhance my life moving forward.

Week 7 Reading Reflection

I think the biggest surprise for me was the significance of how firms focused more on market segmentation versus customer needs to gear their marketing efforts. It would seem these firms thought identifying with their current market base would assist them in growing market share.

I was more confused by the continuous mentioning of segmentation being bad and good. Is this really the information he was trying to relay or just the point of the reliance of segmentation is bad?

One question would be, market segmentation information should be re-evaluated how often and in conjunction with keeping the pulse on the customer (new and current)?

Is it necessary to gain assistance from outside firms to complete market segmentation or can the firm complete this themselves?

I tried to find any part of the reading that I disagreed with the author, but because of previous marketing classes and what we have continuously been advised in this class, I could not find anything I disagreed. You cannot just be reliant upon market segmentation and hoping to identify with those you are marketing and hope your product will sell. You have to stay abreast on what your customer needs are and what they currently do not like about what your product or a competitor product offers. As times changes, the product offering has to be relevant.

Free Money

I was apprehensive about this project and did a dry run (no recording) and took a friend to see what my results would be. I just wanted to give the dollars away as a random act of kindness and for someone to have a soda or coffee on me. I had four individuals take the dollar (one leary) and the fifth objecting to such because she was raised not to take money or anything from strangers. I would say this last individual was easily in her 60's.

So for my idea I bounced if I should ask a trivia question for a dollar or stand on a corner in a public place and just hand them out.

I chose to go to a place in which I thought the dollar would be most welcomed and that was at a Dollar Tree shopping center. I gave my dollars away with just one simple statement "just because you are you". Four individuals were appreciative and thanked me, one was a bit concerned and had a questionable look and said "no thank you", I still kept the dollar out and said,"no, please take it just because you are you and have a good one".

In all five attempts I was successful in giving the money away. I approached more with confidence in this run versus the dry run. I had a smile on my face and feel this conveyed warmness. It took me 47 seconds to complete this one versus my dry run.

Elevator Pitch No. 2

Here is my second attempt at a pitch and I completely rewrote it. I did not really receive any feedback that really had to do with the presentation of the pitch, but more so regarding my idea. I have tried to clarify a few things in this pitch.

Any feedback on this presentation is most welcomed. It can only help me improve, so no hard feelings.

Week 6 Reading Reflection

I found surprising the statement that threat of entry can hold down profitability, not the entry itself. I did not realize if the threat alone of barriers of entry are high, industry profitability can be lower than expected. I always thought entering the market could threaten profits of an industry because who cares if there is a threat if in fact, nothing comes from it.

Most of the article was easy to understand. I think the only part that I needed a better understanding is how a strategist is supposed to focus on the forces and not what Porter states are just factors with regards to industry structure.

One of my questions would be, if strategist focuses only on forces, is it his contention the factors do not matter because we would have overcome the obstacle in other efforts?

I wonder what those industries in which threat of entry is low, what is it they focus on in order to remain relevant for buyers and consumers?

I disagree with eliminating rivals is risky. Yes competition is healthy, but you don't want the market saturated with competition, therefore, if businesses review and find there is a way to gain advantage by mergers or consolidation, then they should move forward. There just needs to be a strong plan in place to ensure the consolidation is successful to the companies involved, but mostly the consumer.

Customer Interviews No. 3

The strategy this time in interviewing customers was to present my business idea and gain feedback (good and bad) regarding the idea. I had the potential customers read over the index card which I included below, to gain their ideas.

I found my idea was not really clearly written. I also had one customer advise I should focus on one area because it was too broad. Suggested I limit to financial piece and if necessary broaden horizon. All agreed there was a need to assist those working families in the low income to middle income range with education of owning a home and needing assistance to ensure affordability. Honestly, I felt this one was a bit tougher because this was now presenting my idea and attempting to gain feedback.

I will probably change my strategy of pursuing relationships with many financial institutions and limit it to a handful and create partnerships so that my customers get the best possible rates for financing. I am not completely sold that I should not also be a home builder, just not sure when that implementation should begin. I may start with apartment rentals and move forward.

Here is the index card and wording.

                                                                  

I feel I could have done just a bit better on presenting my idea after speaking with these kind people who took time out to review and provide as much feedback as they could. They were not all as forthcoming as I would have hoped, but I did get useful information from all and that was there is a need.

Your feed back is most welcomed!

Idea Napkin No. 1

I am an individual with an innate ability to adapt to an ever changing environment. I do not have any artistic talent, but I feel I have a talent in putting others at ease in an uncomfortable environment. I find ways to increase productivity, but yet in the process ensure individuals know they are an integral part of the team. I find ways of getting folks to buy in on some ideas even when they originally resisted. It takes time and patience to successfully pull such off, but I feel it is worth it.

The goal of this business is to ensure all working families aspiring to find a home in a safe environment with top amenities they did not believe affordable, are actually reached. I believe the impact of helping families successfully reach these goals will impact me more internally (personally) due to the joy these families will encounter once they are handed the key to their home.

We see in the news many hard working families are finding it hard to find housing that is affordable for their family and feels safe, welcoming, and personalized at the same time.

 My business TransItHome will assist families in transitioning from their current living conditions to purchasing or renting until readily able to owning that same home. Our main focus is the lower income to middle income family. These families have been forgotten and have always worked hard for their money and wonder why they are priced out of the market. They question what else is needed from them in order to get a home they can call their own and is reasonably priced.

We are more than a home builder using innovated building methods (SIP structural insulated panels). We provide assistance for all facets of home buying from start to finish. We are able to educate the consumer on credit worthiness. There is assistance in applying for mortgages because we have partnerships with over 100 financial institutions. Assistance is available from picking out the lot to customizing finishing touches such as stone counter tops, wall colors, lighting, etc. Encouraging our vendor relationships to extend deep discounts by cutting their profit margins on quality materials has allowed us to assist lower and middle income families to purchase homes they can afford as well as add their personal touches.

I feel the concept is a good one and each piece is a good fit. It may be hard to visualize this concept because the instinct is to think broker, but this business does more than that for these customers. We offer a service that first ensures our customer can create the home they can afford (all costs associated in owning/renting home). We educate via our green initiative to show our new home owners how to produce costs savings for themselves and the planet. I believe as we assist families in getting into their homes, they will in turn market for us. We start one community at a time all the while building a community of families watching over other families. This in turn assists in building a safe environment.

Week 5 Reading Reflection

The current week's reading on "Assessment of Entrepreneurial Opportunities" was a good read for anyone considering moving forward with their entrepreneurial idea.

I was surprised to read the definitions of the three phases the venture goes through. Who knew prestart-up is the beginning of an idea through the time the doors open for business. Start-up phase is the sales activity and ends when the business is firmly established. The poststart-up phase lasts until the venture is terminated or no longer controlled by the entrepreneur. I always considered the definition of start-up as the first year or two of the business venture.

Only one part of the reading was a bit confusing and that is the example given of "Importing Good Ideas" as an entrepreneurial venture. The book's example under this heading was an already established business in Germany who was exporting to other countries but not the US, so an individual familiar with the lighting gained an exclusive contract to distribute those lights in the United States. I guess I am confused how this is entrepreneurial if the idea existed?

A few questions I would ask:
1. What did the author find in researching as to why the failures occurred in ventures failing surrounding product design? Meaning, did the ventures not test the product with end customers?

2. Since my idea includes several service offerings (home construction, rental properties lower income, and financial review service as well as leg work to find homes). Is this doomed for failure because "too aggressive" with so many offerings? I ask because I see ventures fail due to unclear business definitions.

3. Are product based businesses a better entrepreneurial venture than service oriented businesses?

There really was not anything I disagreed with the author or thought he was wrong about. I actually enjoyed this particular chapter.

Interviewing Customers No. 2

This time around I found that I should really consider the service part of my venture as key criteria for my business that would set me apart and attract customers. I want to provide a service that benefits the families wanting to find a home that fits their budget (taking into account all costs associated with owning and renting).

I believe my customer is anyone looking to rent or buy a home, therefore, the individuals I interviewed for both exercises would fit my customer base.

My interview questions started with challenges of home buying, but I found this time a common theme surrounding services from a Realtor was key to successful home searches.

I still hold strong that I cannot go into this with a set of questions, even though I did have them typed up. I found allowing the customer to mention their pros and cons of the home buying/renting process was much more telling as a prospective entrepreneur. After all, the goal is to cater as much as possible to the largest need and I cannot dictate that, the customer must.

I do need to work on the "ummms". Way too many from me.

I appreciate any feedback to improve the next go round.

Few Tips for students next semester
1. Ask opened ended questions to ensure you are pursuing the right customer and venture
2. Empathizing and repeating what the customer said to let them know they are being heard I believe allowed a comfort level and the customer wanting to go into more detail.
3. Nerves are common, but don't let that stop you from diving into this experience. Keep in mind the customer has a level of nervousness to because they are being recorded, but after a while no is paying attention to the camera.
4. I suggest talking someone into going with you to record or using a tripod. I think the interaction and eye contact with the customer is key

Elevator Pitch No. 1

Wow, this journey has been such a roller coaster of emotions (mostly anxiety), but I am treading forward. This elevator pitch not one I really looked forward to completing, but I suppose it cannot always be fun and games.

My company name is TransitHome -this is a company that helps families transition from a current unwelcome state to a home that feels welcoming.

My opportunity is for those working families looking for their dream home (low and middle income).

Most people believe the dream of owning a home is out of reach. The process with banks can be cumbersome, but we will be a firm that can assist the family in navigating the home buying or rental process. We will ensure the inclusion of utilities and other responsibilities that come into owning a home are taken into account for the overall affordability of the home. We will have subdivisions with custom built homes that are green friendly, with amenities in which any homeowner would be proud to have guests.

This idea may change as we go along, but this is how I see it today.

My pitch is below and oh my is it a rough one! Hopefully, I am not the only one that was feeling trepidation going into this assignment.

As always, thank you for joining me on my journey and here is to wishing you the best on yours.