Week 8 Reading Reflection

1) The biggest surprise for me in the reading was that the chapter discussed finances. I didn't realize I would be learning about these things, like accounts receivable and equity financing, in entrepreneurship. I am majoring in finance, so this is really cool for me.

2) I didn't really find any of this reading confusing, although some of the charts took some time to figure out.

3) Would it be impossible for an entrepreneur to do well if they did not understand finances (if they had someone do that stuff for them, could they still succeed?)
What makes for a good venture capitalist?

4) I personally don't agree with the "myths" about venture capitalists. I feel as if most people assume that they are not okay with reasonable returns, that they need more than basic information, and that they aren't so quick to invest. In my opinion, it makes sense for professional investors to be smart, cautious, and high achieving individuals. So, myths stating the opposite make no sense to me.

Half-Way Reflection

1) This course definitely forces you to be tenacious. I like to do my assignments early, and if I don't complete them early, I like to read the directions and think about my strategy well before I submit the assignment. I think planning and perseverance are pivotal parts of tenacity, and they are definitely parts that have helped me in this class.

2) I felt like giving up right before I did the first Customer Interview. Honestly what pulled me through was having a friend with me while I went out and asked random strangers weird questions. Not everybody has a friend who would do that, so I was lucky. I do advise, though, if you are scared to do an assignment, bring a friend along for moral support.

3) In terms of fostering skills that support tenacity, I suggest next semester's students try and complete their assignments early, or at least get a jump start on thinking about how they will complete them. I think they also should let their assignments build on each other, it's O.K. if the first couple of a series of pitches or interviews are bad, but just try to push through and make the next few better. Lastly I think students just need to go through this class with a open mind, and with the understanding that all they have to do is try their best.

Developing a tenacious mindset may take practice for some people. Other people have had one their whole lives that they developed through sports or hobbies or school work.  If a student already understands what it is to be tenacious, I suggest they tweak it in a way that best fits this class. If a student has never had to be tenacious then I suggest that they take the class one step at a time and learn from each assignment given to them. Regardless, my main suggestion is to persevere through both the easy and hard assignments.

Week 7 Reading Reflection

1) The biggest surprise for me in this reading was the part about Miller Lite. It was interesting to see that although their campaign did intrigue their intended target, it did not increase sales. I wouldn't have thought this to be the case. However, like the article says, there are other factors that influence buying decisions--like calories in the case of Miller Lite. Companies really need to understand their market in order to profit from advertising.

2) I find the segmentation chart (located near the beginning of the article) very confusing, but maybe that's just me.

3) How would a new company figure out the correct way to market if they haven't quite found a niche yet?
Do you have specific marketing segmentation strategies you prefer?

4) No, I do not think the author was wrong about anything. I found the article quite informative, as I am currently in a marketing class.

Free Money

For my Free Money exercise I just surprise asked people that I was with either in my sorority house or on the street. I asked people who are raising money for Dance Marathon (which is coming up soon). I knew a lot of people would say yes to me if I told them I was giving them a dollar for DM. I think my strategy worked extremely well in terms of getting them to take the money. I think fewer people would have taken the dollar if I said "just for funsies". Actually, all 5 people said yes after I compelled them a few times by saying that it was just a dollar to help get fundraising going. Of the two that I recorded, one was walking and one was busy studying. Neither of them had any idea. It was funny to see how they reacted after I told them that it was an assignment, they both said they wish they would have known so they could prepare (I told them the point was for them not to be prepared). Here are the videos:

So, this exercise definitely taught me that with a truly compelling reason, people will listen to you (whether you give them money or they give money to you) if you have a good product or a good reason, an exchange can happen.

Elevator Pitch No. 2

So, the feedback I received on my last pitch was very kind and they agreed with me that we need a new brunch place in Gainesville. The commenters also like the name I came up with. However, I think they were too kind as I think I did poorly in that pitch. This one is a little better and hopefully I will do better on my third pitch as well.

Week 6 Reading Reflection

1) I really enjoyed the part about exploiting industry change. This really stood out to me because it shows that a business cannot be afraid of or adverse to change, but rather they must embrace it to obtain a competitive edge. Sometimes, I forget that this is the case.

2) Some of the common pitfalls of analysis were confusing to me, just in the way they were worded.

3) I would ask the author how much time and trial and error it took for him to fully understand how to use these competitive forces to his advantage. I would also ask if it is beneficial for an incumbent to respond vigorously to newcomers.

4) No, I do not think the author was wrong about anything. This is new to me, however, so I do not really know enough to argue against his ideas.

Idea Napkin 1

1) So, I'm Amanda and I'm a finance major hoping to go to law school. However, it has always been my dream to open a bakery. Throughout high school I took culinary classes and learned a lot about different types of cooking. In class, we once spent a month learning how to cook eggs in different ways. This led me to change my (imaginary) bakery idea into an (imaginary) brunchery idea.

I believe that Gainesville could definitely use another spot for breakfast/lunch/brunch as these places are always packed with 45min-1hr wait times. If I were to actually start this business, my background in finance would definitely help the ownership aspect. Although, I would really enjoy cooking and engaging with the customers.

2) As I've already said, I want to start a new brunch place in Gainesville. I think it is necessary as the "unmet need" is people's hunger. Wait times at trendy brunch places like Peach Valley are horrendous on weekends and certain weekday hours. Opening a new, ~trendy~ brunch place will disperse where people eat and not only create options but also reduce wait times.

3) The demographic I am marketing to is mostly college students, particularly girls who want to brunch with their friends on a weekend afternoon. However, brunch places have many target markets. The elderly, who would be able to brunch at any time of day on any day, people coming from church, people going on dates, families visiting their college student, etc. Restaurants serving brunch are in particularly high demand these days.

4) These people would care because I can offer them variety and shorter wait times (assuming customers disperse between the 3 main brunch restaurants near campus)

5) What sets me apart from everyone else is that I'm not just trying to start this business to make money. I'm also not trying to start this business to own it with a laissez faire attitude. I would want to be involved in all aspects, finance, management, cooking!

I honestly believe that these elements fit together well. My college major and (practical) future goals may not align with this idea, but I certainly believe they will help in the process. My love for baking (and extensive egg cooking knowledge) means that this is an idea that I will not give up on and is also an idea I believe will profit heavily.

week 5 reading reflection

1) What stood out for me most in this reading was that there are many critical factors that go into new ventures. I kind of just thought you could really start any venture you were optimistic about and that you feel would work. It is interesting to see that you really have to think about the venture from every angle, even if it is legal!

2) The growth of sales section was a little confusing to me, I had trouble understanding the three classifications.

3) I would ask if it is possible for a business to succeed even if they contain multiple reasons for failure. I would also ask if a business could come back, with the same product, from failure if they fix what they were doing wrong.

4) No, there is nothing that I feel the author was wrong about. I think he really brought a lot of good ideas into this chapter.

Elevator Pitch 1

The opportunity I have chosen is an opportunity to create a new brunch spot in Gainesville, preferably closer to campus than many others. I chose this opportunity because the other brunch spots in Gainesville always seem to have extremely long lines and everyone I have interviewed says that a new place to brunch would be beneficial to the community. My brunch restaurant would be called Bacon and Biscuits (because alliteration is cool).