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 was that he always lent money to women. Thinking about this more, it makes sense, it just really shocked me that this was an integral part of his business plan.
2) Identify at least one part of the reading that was confusing to you.
I still don't really understand his parts about his profit margins. He as clear in explaining his exact business model.
3) If you were able to ask two questions to the author, what would you ask? Why?
one question I would ask the author is, do you think there is a way to further incorporate technology so that companies such as yours can keep track of a larger population at a rapid pace? Another question is, what do you think is the most important factor preventing those living in poverty from gaining access to these kinds of loans? In an ideal world, how could you fix that?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there wasn't anything I thought he was particularly wrong about, but I also don't really know a lot about his specific business.
Sunday, April 24, 2016
Final Reflection
1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.
Looking through my blog, I was surprised at how many posts I had written- I had gotten a lot done in terms of this class throughout the semester.
2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
Something that I'll remember from this class is having to go up to people I didn't know and not only talk to and engage them, but convince them to be recorded on video (many people feel uncomfortable being recorded by a stranger). Especially on the "Free Money" exercise, it was hard to do because I couldn't explain that it was for a class. I was proud of myself for accomplishing that exercise because it took me so far out of my comfort zone.
3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
While I still don't personally see myself as an entrepreneur, I feel it's much more of a possible career move I might make sometime in the future than when I started. I had always thought that an entrepreneur was a very specific type of person but now I realize how wide of a range of people choose to become entrepreneurs.
4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
Future students should definitely not underestimate this course just because it's all online and there are no exams. You have to constantly check what assignments are coming up, because there are A LOT of assignments. Additionally, everything is due at 9 instead of midnight, so everything has to be done earlier rather than later. The best mindset to have in this class is "just do it." Even if it seems uncomfortable or unnecessary, it will help you become a better entrepreneur.
Looking through my blog, I was surprised at how many posts I had written- I had gotten a lot done in terms of this class throughout the semester.
2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
Something that I'll remember from this class is having to go up to people I didn't know and not only talk to and engage them, but convince them to be recorded on video (many people feel uncomfortable being recorded by a stranger). Especially on the "Free Money" exercise, it was hard to do because I couldn't explain that it was for a class. I was proud of myself for accomplishing that exercise because it took me so far out of my comfort zone.
3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
While I still don't personally see myself as an entrepreneur, I feel it's much more of a possible career move I might make sometime in the future than when I started. I had always thought that an entrepreneur was a very specific type of person but now I realize how wide of a range of people choose to become entrepreneurs.
4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
Future students should definitely not underestimate this course just because it's all online and there are no exams. You have to constantly check what assignments are coming up, because there are A LOT of assignments. Additionally, everything is due at 9 instead of midnight, so everything has to be done earlier rather than later. The best mindset to have in this class is "just do it." Even if it seems uncomfortable or unnecessary, it will help you become a better entrepreneur.
Wednesday, April 20, 2016
Venture Concept No. 2
Venture Concept Write Up Guide: Amico
Opportunity
The people who have the need for my app are mainly college students or young professionals in new cities who are looking to make new friends. However, this app could be used by literally anyone who is looking to make new connections with others in their area. Some of the forces in the environment creating this opportunity are that people are busier than ever, and also more reliant on technology. It seems harder than ever to meet new people in-person in daily life. Amico allows them to meet new people, and due to profiles, they know can tell if they have things in common or not. Currently, customers are satisfying this need by going to bars or large event and trying to strike up conversations with those around them. Some also use apps like Tinder to try to find friends instead of merely hookups. Some also use the BumbleBFF app, but it has yet to gain widespread popularity. This window of opportunity will not last much longer, as more apps like this are created. Eventually, one of them will gain enough momentum to dominate the market.
Innovation
The app I am creating is called Amico, the Italian word for friend. It will allow users to find other people with similar interests in their area with the goal of creating new friendships. Users will create a simple profile that lists a few of their interests and a small paragraph about themselves with a picture. Users can view each other’s profiles, and if they mutually agree they’d like to meet, users can message back and forth. The app will make money through targeted advertisements. For instance, if both users list sports as an interest, a local sports bar ad could show. Not only does this ad provide a talking point for users, but it also allows advertisers to very specifically target their market. Advertisers will pay to advertise in the app, but the app would be free for users to download.
Venture Concept
This app will solve the problem of trying to meet people in a fast-paced and technologically reliant world because users will be able to use the app on the go. The app will be designed with an easy to use interface. Customers will download the app because it will be free, and will enjoy it enough to keep using it or pay to download an ad-free version. Advertisers will want to buy ad space because of how well if will allow them to target their markets. It won’t be hard to get customers to switch because the app will be quite different than anything that is popular or prominent in the market. Competitors include Tinder and BubmbleBFF. The weakness of Tinder is that it is mainly used for hookups instead of making new friends. BumbleBFF has a similar weakness in that it is a subset of Bumble, a dating app. The interface and design of the logo will be very important. It needs to be appealing and easy to use so that customers will want to take the time to download and use it. The business would initially start out small with about 10-20 people to maintain the app and place advertisements in it.
Minor Elements
My most important resource will be my connections to college campuses. Once something becomes popular and successful on one campus, it becomes easy to transfer the same model to other campuses and eventually larger cities. Something I would like to do that has been successful with other companies is hire campus representatives to promote the app. They would be paid to promote the app on social media and in different locations around the campus.
The next part of this venture will be expanding to large cities and focusing beyond the initial target groups of college students and young professionals.
Within five years, I’d like for the app to be a household name. Additionally, I’d like to figure out a way to make the app as safe as possible for users, so that users can feel comfortable with any of the people they meet on the app.
Summary of Feedback and Changes
Most of the feedback I got was positive, with several people saying they would use the app if it really did exist. One person mentioned that it may not be a great idea to have my sole source of revenue be advertisements, so I've decided to also include a version of the app where users would pay a small fee, such as $4 or $5, to download an ad-free version of the app. Many users also mentioned it would be very popular on college campuses, so I added a campus representative portion because I have seen that concept work very well with other companies, especially ones trying to break into the market.
Sunday, April 17, 2016
Google Gold
1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO?
Some of the things that enhanced my SEO was labeling each post with the suggested tags and titles. Also, the use of Youtube videos made it more appealing for viewers and helped get extra visits to my YouTube page. I also titled my blog ENT3003 since that was the name of the class.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
I made sure the title of my blog was ENT3003 because it was the name of the class and so that other students could easily find it if they Googled the class name. I didn't really change my keyword throughout the semester.
3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?
My YouTube channel definitely enhanced my SEO efforts. I don't have many people who pay attention to my YouTube page in the first place, but I still think it helped enhance my SEO efforts because it allowed me to promote myself on another social media platform.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
My most viral post was the "Free Money" post. I think this post received the most views because it included many videos, which people are always interested in. Additionally, the videos were short, so it didn't require that much of the viewer's time.
5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?
No, I didn't make it to the first page of results. After looking through 20 pages of Google results I gave up. I should have used a greater variety keywords and labeled more of my posts "ENT3003" so that my blog would show up more often.
This kitten and I are disappointed I didn't make the first Google results page.
Sunday, April 10, 2016
Week 13 Reading Reflection
The biggest surprise for me from this reading was how extensive the due diligence section was. I knew that before buying any part of a company, you should research the market, product, and how well on the whole the company is doing, however the list in the book was very detailed and went into very specific sections and questions.
One part of the reading that was confusing to me was the term sheet and LOI section. I only partially understood what most of the vocabulary meant. I would've understood better if there had been an example of either included in the chapter.
One question I would ask to the author is, how can an online company such as Facebook or other apps work to increase their stock prices?
Another question I would ask the author is, what are common traits of industries who are about to experience an increase in rollups?
I didn't think the author was wrong about anything in this chapter.
One part of the reading that was confusing to me was the term sheet and LOI section. I only partially understood what most of the vocabulary meant. I would've understood better if there had been an example of either included in the chapter.
One question I would ask to the author is, how can an online company such as Facebook or other apps work to increase their stock prices?
Another question I would ask the author is, what are common traits of industries who are about to experience an increase in rollups?
I didn't think the author was wrong about anything in this chapter.
Celebrating Failure
Many of the times in this class that I have failed to get assignments done revolved around interviewing strangers about various products. I have no problem meeting new people, but I still find it hard to go up to even one person, much less five people, to talk to them about a product or idea I have. I find it awkward for both me and the person I'm interviewing. I also feel bad about taking up some of the person's time. I think I only completed a few exercises involving interviewing potential customers throughout the semester.
I learned from this failure to, first, manage my time better. Sometimes I wouldn't interview people because I felt I was under too much of a time crunch. Additionally, I learned that I need to look ahead at assignments instead of waiting until the last minute. Finally, I learned that I just need to commit to interviewing people and see it as a necessary part of perfecting my idea, and that people are more likely to be helpful than not.
I really hate to fail. I think especially now, with technology like Facebook or Instagram, failure can be especially hard to deal with. Scrolling through your news feed, it seems like everyone is succeeding and you're the only one failing. Usually when I fail, I take some time after to work on improving some aspect of myself, whether that be reading more books, finding a new hobby, or trying some healthier recipes. I think this helps, since you know that even if you failed at one aspect in your life, you're succeeding in another. This class hasn't really changed my perspective on failure, though I may be slightly more inclined to take small risks.
I learned from this failure to, first, manage my time better. Sometimes I wouldn't interview people because I felt I was under too much of a time crunch. Additionally, I learned that I need to look ahead at assignments instead of waiting until the last minute. Finally, I learned that I just need to commit to interviewing people and see it as a necessary part of perfecting my idea, and that people are more likely to be helpful than not.
I really hate to fail. I think especially now, with technology like Facebook or Instagram, failure can be especially hard to deal with. Scrolling through your news feed, it seems like everyone is succeeding and you're the only one failing. Usually when I fail, I take some time after to work on improving some aspect of myself, whether that be reading more books, finding a new hobby, or trying some healthier recipes. I think this helps, since you know that even if you failed at one aspect in your life, you're succeeding in another. This class hasn't really changed my perspective on failure, though I may be slightly more inclined to take small risks.
Wednesday, April 6, 2016
My Exit Strategy
Ideally, if my venture does extremely well, I would like to take more of a majority shareholder role and join the board of directors instead of CEO about 5 years down the line. Eventually, likely about 10 years down the line, I will sell my share of stock and then have enough money to retire.
I chose this strategy because I would rather work on the more long-term visionary side of business, such as what happens during board of directors meetings, instead of being bogged down in the day-to-day running of the business. This exit strategy allows me to eventually do that, and also to retire with a good amount of money.
This decision has definitely influenced some of my other choices regarding the business. I am more focused on laying the groundwork for it now, and then once someone else becomes CEO, it will be easier for me to think about the business long-term and gently guide it towards that direction. I don't want to immediately sell my business after retiring from CEO because I feel many businesses have shown poorer performance after something like that happened.
I chose this strategy because I would rather work on the more long-term visionary side of business, such as what happens during board of directors meetings, instead of being bogged down in the day-to-day running of the business. This exit strategy allows me to eventually do that, and also to retire with a good amount of money.
This decision has definitely influenced some of my other choices regarding the business. I am more focused on laying the groundwork for it now, and then once someone else becomes CEO, it will be easier for me to think about the business long-term and gently guide it towards that direction. I don't want to immediately sell my business after retiring from CEO because I feel many businesses have shown poorer performance after something like that happened.
Sunday, April 3, 2016
Week 12 Reading Reflection
The biggest surprise in this reading was the "fatal visions in strategic planning section." I realized there was a large amount of those that applied to me.
One part of the reading that was confusing to me was the entrepreneurial strategy matrix model. It seemed like a confusing way to describe the specific situations.
One question I have for the author is, what is the best way to overcome one-person-band syndrome? Another question is, if I'm more of a managerial leader, how do i gain some of the positive traits of visionary or strategic leaders?
There wasn't really anything specific I disagreed with the author about in this chapter.
One part of the reading that was confusing to me was the entrepreneurial strategy matrix model. It seemed like a confusing way to describe the specific situations.
One question I have for the author is, what is the best way to overcome one-person-band syndrome? Another question is, if I'm more of a managerial leader, how do i gain some of the positive traits of visionary or strategic leaders?
There wasn't really anything specific I disagreed with the author about in this chapter.
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