Assignment 30A – Final Reflection

1) Looking back at this semester, specifically, my time in this class has been an overall great experience. From becoming more aware of the problems that are facing people today to choosing an opportunity to help solve and make the world a better place. I believe that for this course our first assignment was a perfect way for students to get into an entrepreneurial mindset. Then to continue the identification of opportunities was an effective transition into us having to choose one of our own to pursue. The highs (or the fun moments) were talking to different people in the interviews to learn more about our customers. Including the interviews, when we grew our social capital by reaching out to people in high positions about more information in our market. A low of this semester were the times when we had three assignments due in a week. For me, this was a more difficult week because I procrastinate at times and so schoolwork would pile up. Even though I had a lot of schoolwork this semester, I had a great semester and accomplished all my tasks during the weeks. 

2) The experiences that stick out to be the most formative were forming an opportunity belief and the elevator pitches that we completed throughout the semester. The forming an opportunity belief was formative because I picked an interesting problem, and I knew that I would be sticking with my idea through the rest of the semester. I knew needed to be fixed in Gainesville, and so I decided to stay with it and build a business based on the product/service mix. The elevator pitch was another formative experience because it gave me a chance to practice my speaking skills about a known subject. Also, these skills can be later used in life as well. The experience that I will remember years later is “What’s your secret sauce” assignment where we got recordings from five people who know us best. I can always refer back to this assignment and bring it up amongst my friends for a good laugh as well. My most joyous experience was the second reading reflection because this book connected with me. Also, this book has a lot of life lessons that can be applied outside of this class. The experience that I am proud of accomplishing was testing the hypothesis part one because of how extensive the process was for the assignment. Also, we had to complete three assignments that week as well but completing them all helped me successfully develop my business.

3) Now at the end of the semester, comparing myself before and after this class I am closer to be an entrepreneur. I have learned a lot of crucial information and skills that have made me a better entrepreneur. From being aware of the problems around you to persevering from your past mistakes, these skills and knowledge learned can be applied to our future and even one day starting our own business. Yes, I do think I have moved closer to developing an entrepreneurial mindset because earlier in the semester I did not possess this kind of mindset until after completing the class. 

4) The one recommendation that I would make to students who take this class and go down this path is to stay on top of your assignments and do your work ahead of schedule too. This will help you have more free time for your other classes and free time as well. I recommend that other students should watch or attend class to do the best in this course. Additionally, I know personally that when it comes to doing assignments you will want to procrastinate on them. To help avoid that, you should just sit down and try to start working on an assignment for 15-20 minutes. This process will help you get past the writer’s block of starting an assignment and will help you better complete those assignments. To help foster that mindset, I recommend that you do your assignments on time, persevere through the tough times, and try your best. If you follow all those recommendations, your results will show that you succeeded in this course.

 

Assignment 29A – Venture Concept No. 2

Business Name: Saftey4Scooters

Opportunity: When you think about two-wheel street-legal transportation, two things may come to mind, motorcycles and scooters. The main difference between scooter riders and motorcyclists is that people who ride on a motorcycle have been educated on how to ride safely. Now, with more scooters on the roadways and more accidents occurring, the need has increased to educate scooter riders on proper rider and safety knowledge. The potential customers for this product/service mix currently own a scooter or they are looking to buy a scooter in the future. The forces and changes that are creating this opportunity are consumers wanting to be safer on the roadways. Also, sooner or later I believe that the U.S. government will enforce taking a rider and safety knowledge course to ride a scooter as there is with motorcycles. To get a jump on this regulatory change, start by offering courses now and include an incentive. This market is defined by the people in the middle class and more to college students as they are riding scooters more often. The only way customers can satisfy their needs now is by taking courses for a motorcycle or looking up tips on the internet. The customers are not loyal to this method of satisfying their current needs. This opportunity is big as there is no competition in this current market. Also, no courses are being offered for riding safely on scooters. This “window of opportunity” will only be open for a short amount of time before there are more injuries or more of a need for courses.

Innovation: My innovation is scooter rider & safety courses to current or new riders. Then upon completion those people who complete the course are eligible to receive a discount on a scooter at the dealership. This innovation is a product/service mix and solves the need for scooter riders because they lack vital rider and safety knowledge. The way this works is people sign up and pay the fee of $150 to take the 3-day rider & safety course. Those people who complete the course will earn a 15% discount off the price of a new scooter at the dealership, or a 25% discount for a used scooter. The process of getting a discount on a scooter will allow the dealership to make more money. The dealership will offer my courses along with living up to their end of the deal of offering a discount on scooters to those who complete the course. The dealership will endorse my courses, which allows my business to attract more customers because the dealership gives credibility to my courses. Since more people will recognize the dealership, the customers will trust my courses as a good source of information. For example, motorcycle courses are offered at a Harley Davidson dealership, which makes the courses credible. The product/service mix is unique and will incentivize scooter riders to go take the course so they can be safer on the roads with a new scooter too.

Venture Concept: The innovation that I have created will solve the need for scooter riders that lack the knowledge of how to ride safely on the roadways. The solution will solve the need because the 3-day course will educate scooter riders on the fundamentals of riding on the scooter that includes a riding test as well. Customers will use this new product/service because there are no other services out there that target specifically scooter riders, so it will be easy to get customers to try this product/service mix. Second, there are more and more accidents involving scooters happening so to be safe they will take the course. This course will allow concerned parents to know that their child is getting the proper knowledge of riding a scooter. There are no competitors in this market that I am aware of since there are no scooter courses offered in Florida. My packaging, price points, distribution, customer support, and my business location are very important to the customers. The location is in a very dense population of scooter riders that will attract more to take the course. The package of the course and the discount is important because it will motivate more people to learn the proper and safe way to ride. I will organize a “business” to support the ongoing production of your new service by expanding to other large colleges and offering the same mix in that town. My employees will be well educated on the subject to teach riders effectively too.

The Three Minor Elements: My most important resource will be my social capital. As an entrepreneur, it is about “who you know, not what you know.” The network of professionals in this market and investors will assist me as I get my opportunity up and running. I will receive vital knowledge and support during this endeavor, and it will guide me in accomplishing my goal of making the roadways safer. My next opportunity is to expand to more cities in the state of Florida. Finally, in five years I want to be the place in Florida where everyone goes to learn to ride a scooter safely or learn more about scooter defensive driving. In the next decade as an entrepreneur I want to be thinking about more opportunities in which I can explore. This venture helps me achieve my vision one step at a time. The venture can help me gain the experience and learn where I can become a better entrepreneur.

Feedback & Summary of Changes: After reviewing all the feedback received from my first venture concept, I decided to not change anything about my idea. I chose this path because the feedback that I received was positive about my idea. No one has heard of my idea before, so they were intrigued, and they liked my incentive that is linked with my product/service mix. I received only positive feedback in my previous posts, so I think that my post is good to go, and my business has a great chance to succeed in the market. Although I did not receive negative feedback, I chose to change my venture concept because of personal growth. The changes that I made were the wording of things, the grammar of my previous post, and clarifying my opportunity, innovation, and my venture concept so it is easier to understand. So, based on only positive feedback and my personal growth I did make several minor changes to my venture concept. These minor changes did not change the idea of my venture concept but clarified my concept that overall helps the understanding of my business’s path to success.

 

Assignment 28A – Your Exit Strategy

1) As my business expands throughout Florida in the future, eventually it will make its way to becoming a nationwide business in the next five years. The first part of my exit plan is I plan to stay with my business for a total of 20 years. My second part of my exit strategy will be to sell my business after more time passes so then I can earn a profit on my investment. Also, this allows the business to stay alive under new ownership and still help scooter riders receive a proper education.

2) I have selected this two-part exit strategy because I will get the best of both worlds from staying with the company longer to finally selling it. The first part of the exit strategy ensures my business’s future success across the country and I can help make roadways safer in other states too. The second part allows me to make more time for something else and even pursue another passion in my life. I can make my business more successful and still dedicate time afterward to something else I am interested in.

3) I think that my exit strategy has influenced the social capital that I have obtained through this process. This exit strategy maintaining great relationships with your customers and investors can help you in the next phase of your life. I wanted to stay with my company for some time to see it expand, and still can do other things in life. Additionally, I believe it is vital to know your end goals or exit strategy when identifying opportunities. Also, this strategy has influenced how I identify any opportunity because it is important to have a balance between your work and personal life. A work-life balance can help you be successful in more than one aspect of life too.

Assignment 27A – Reading Reflection No. 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1) The general theme of this book is about tips on how to treat your social media like a business. Also, the book discusses how you can use your social media to get your business good attention from potential customers. The book talks about a bottom-up approach to obtain good support from your market. The author has made this book as a guide to the reader and how to use social media effectively to help yourself succeed. Additionally, the main subject of this book is for social media marketing, either for yourself or for your business. Social media is a very important resource in this generation that helps customers or employers learn more about you or your business. So, knowing how to use it properly is vital to your future success.

2) This book connected with what I learned in ENT 3003 by supporting the idea that I learned in the class about it's more about who you know, not what you know. Your social capital is very important to your business and how you look to other people. Also, the book enhanced my learning in ENT3003 by enforcing the importance of social media in everyone’s daily lives. As a college student heavily involved in social media, I need to make sure I take care of my social media image as that’s how future employers will see me. Also, other businesses will be able to see my social media pages, so I must take care of it properly.

3) If I were to design an exercise for the class, the exercise would be based on making a social media page for the business that you have been committed to all semester. The exercise would be to create a social media business page for the product/service you are selling in your market. Then after you create it, the task would be to edit your profile and post weekly content that your customers would want to see. This content will attract customers to purchase your product/service and will allow you to network better with other businesses or investors. Make sure you mix in your unique perspective into your posts, so your audience can enjoy it more.

4) My biggest surprise when reading this book was the process of getting your media pages started up and how important it is in today’s age. First, it is better to have only 2 social media platforms that you like so then you can drive your audience from one to the other and promote your business more. Second, you must make sure to keep your page professional, since everyone is divulged into the media. I think that what differed the most is that I knew that sharing things should be what people want to see. The thing I learned is to make it a mix, and still give your opinion about things that matter that will make your social media page more entertaining for your followers. All the things I listed above will help make your business more successful.

Assignment 26A – Celebrating Failure

1) This past semester I have learned from several failures, but in this post, I will describe in detail one of my failures from this semester. This previous semester, I was extremely busy with classes to ROTC tasks that I had to complete. The failure that I experienced was I forgot to do an assignment for another class. I received an email that reminded me to complete the task at a specific time. However, caught up with other things in my life, I neglected to check my email and completely forgot about completing the task. I was granted another opportunity to turn it in later in the future. After I was given this chance, I took advantage of it and completed my task. I failed to check my email which helps me stay on top of my coursework.

2) The failure that I experienced this past semester made me focus more on my academics. Also, it helped me think more about the bigger picture in life. I learned that I need to make sure I check canvas and my email more frequently. Checking them both will ensure more success with academics and my personal life. I learned to be more proactive with the tasks that I have been assigned to complete. After this experience I will check my emails and canvas daily.

3) Even though failure is difficult to experience, I believe that everyone must go through at some point in their lives. The reason behind this belief is that failure offers great life lessons that other things cannot teach you. Failure helps you learn perseverance and know-how to go through other difficult events that you will experience in your life. Failure is hard when you must go through it in your life. In my life, I handle failure very seriously. I make sure that I learn what I did wrong and fix that so then I don’t make the same mistakes again. Also, I ensure my emotions are in check so then I don’t get overwhelmed either. This class has not changed my perspective on failure that much, but it has made me realize to take more risks to learn from new experiences. These experiences will shape you into a better leader and entrepreneur. I am more likely to take a risk now than just a few months. I am more likely to take a risk because I have learned more from this class that failure if you learn from it and embrace it, can help you become successful later in life.

Assignment 25A – What’s Next?

Existing Market:

1. The next step for my venture in terms of products and services is to continue developing my courses. This next step is to perfect our teaching to ensure safer riders on the road. We will conduct before and after experiments of implementing the courses to determine the percentage decrease in accidents. Also, we need to set goals for the company and to expand more in the state of Florida. Customers will want the classes to be fun and entertaining. This step will allow my business to attract more customers and then I can expand my business.

2. After conducting my interviews, they suggested that I ensure that I test the market so then I know that it is the right market to enter. Additionally, the interviewees mentioned that I must know the best way to contact or get in touch with the customers that I will be targeting. Finally, I received great information about my product/service mix and more insight into my market that will help me be more successful.

3. Based on my expectations the path for my business’s future starts with testing my current market. Then after testing it, fix any mistakes found in our product/service mix and then let the business open. The next step is to advertise and reach out to the customers to ensure they know our business exists. Marketing our business to help it grow is the most important part. We need to make sure to advertise to our customers over mediums they are on or know about like social media. Another next step could be making an app where it would educate riders what happens when you are wearing headphones or not wearing a helmet. For example, it would be first-hand encounters from people that have been in an accident or were close and decided to take the courses. This app will increase the number of people taking the classes so more people are being safe on the roadways.

New Market:

1. A new market that I could target, instead of individual people, is reputable dealerships to I can teach my courses. This will allow my business to grow and it will be associated with a respected business, so then people will decide to take the courses.

2. The new market would benefit from my venture concept because the new businesses that will be offering my courses will increase their number of sales and revenue from the new customers they get into contact with. Also, the dealerships can connect with different people that I wouldn’t be able to connect with like older people. Also, this will expand my market and save my company more money too.

3. The two interviews that I conducted in this market stated that to help reach out to other businesses is by marketing to them and sitting down and talking with the business. This talk will allow them to understand the scope of your product. To be successful in this market I wouldn’t need to make any significant adaptations to my product/service mix. I would change how my company would make money from the courses and/or from the discounted scooter. Also, how I need to connect with the dealership is another aspect I would need to change.  Both people stated that I would be successful in going to the dealership first.

4. I learned that this new market would allow me to get into contact with more customers so then they can receive safe riding knowledge effectively. The surprising part about this new market was the effectiveness that they would be able to reach customers and earn their trust. My expectation that customers would trust dealerships over individual businesses was correct. This new market appears to be as attractive as my original market. Branching out into different markets helps me see how I could potentially get customers attention. I know after identifying this different market, selling to dealerships would be a successful market to enter to sell my services. It is great to learn that more people and businesses would be interested in my product/service mix and can’t wait to make roadways safer for everyone.

Assignment 24A – Venture Concept No. 1

Business Name: Saftey4Scooters

1. Opportunity: When you think about two-wheel street-legal transportation, two things may come to mind, motorcycles and scooters. The main difference between scooter riders and motorcyclists is that people who ride on a motorcycle have been educated on how to ride safely. Now, with more scooters on the roadways and more accidents occurring, the need to educate scooter riders on proper rider and safety knowledge has increased. The potential customers for this product/service mix currently own a scooter or they are looking to buy a scooter in the future. The need for a rider and safety course for scooters is more important than people think it is. The forces and changes that are creating this opportunity are consumers wanting to be safer on the roadways. Also, sooner or later I believe that the U.S. government will enforce taking a rider and safety knowledge course to ride a scooter as there is with motorcycles. To get a jump on this regulatory change, start by offering courses now and include an incentive. This market is defined by geographically and demographically would be the people in the middle class and more to college students as they are riding scooters more often than others. The only way customers can satisfy their needs now is by taking courses for a motorcycle or looking up tips on the internet. The customers are not loyal to this method of satisfying their current needs. This opportunity is big as there is no competition in this current market and there are currently no courses offered for riding safely on scooters. This “window of opportunity” will only be open for a short amount of time before there are more injuries or more of a need for courses that businesses will start to offer them.

2. Innovation: My innovation is scooter rider & safety courses to current or new riders. Then upon completion those people who complete the course are eligible to receive a discount on a new or used scooter at the dealership. This innovation is a product/service mix and solves the need for scooter riders that lack vital rider and safety knowledge. The way this works is people sign up and pay the fee of $150 to take the 3-day rider & safety course. Those people who complete the course will gain the opportunity to purchase a new scooter at the dealership with a 15% discount, or a 25% discount for a used scooter. The process of getting a discount on a scooter will allow the dealership to make more money and endorses my courses which gives them credibility. Since more people will recognize the dealership, the customers will trust my courses as a good source of information. For example, motorcycle courses are offered at a Harley Davidson dealership, which makes the courses credible. The product/service mix is unique and will incentivize new or current scooter riders to go take the course so they can be safer on the roads with a new scooter too.

3. Venture Concept: The innovation that I have created will solve the need for scooter riders lacking knowledge of how to ride safely on the roadways. The solution will solve the need because the 3-day course will educate scooter riders on the fundamentals of riding on the scooter that includes a riding test as well. The reasons why customers will use this new service and product are no other services out there that target specifically scooter riders, so it will be easy to get customers to try this product/service mix. Second, there are more and more accidents involving scooters happening so to be safe they will take the course. This course will allow concerned parents to know that their child is getting the proper knowledge of riding on the scooter. There are no competitors in this market that I am aware of since there are no scooter courses offered in Florida. My packaging, price points, distribution, customer support, and my business location are very important to the customers. The location is a very dense population of scooter riders that will attract more to take the course. The package of the course and the discount is important because it will motivate more people to learn the proper and safe way to ride. I will organize a “business” to support the ongoing production of your new service by expanding to other large colleges and offering the same mix in that town. I ensure my employees are well educated on the subject matter to teach riders effectively.

4. The Three Minor Elements: My most important resource will be my social capital. The network of professionals in this market and investors will assist me as I get my opportunity up and running. I will receive vital knowledge and support during this endeavor, and it will guide me in accomplishing my goal of making the roadways safer. My next opportunity is to expand to more cities in the state of Florida. Finally, in five years I want to be the place in Florida where everyone goes to learn to ride a scooter safely or learn more about scooter defensive driving. In the next decade as an entrepreneur I want to be thinking about more opportunities in which I can explore. This venture helps me achieve my vision one step at a time. The venture can help me gain the experience and learn where I can become a better entrepreneur.