The Twenty Percent

1)    I talk to the owner of Donut Connection, Paul Nerger, talking to Paul he thinks his target customer are returning customers, senior citizens and high school students. The customer unmet needs are coffee and doughnuts. The main customer demographics are age ranging from 50-85, homeowners, retired, own vehicles. They use cell phones to communicate to get together every day and catch up and talk in Donut Connection.

2)    All three customers agreed that the target customers of Donut Connection are the returning senior citizens that have been going there for years now. The customers unmet needs are a place to hang out and eat and drink coffee and doughnuts. The customers demographic are age ranging from 50-87, retired, married or widowed, own vehicles, homeowners, and have grandchildren. Cell phones to catch up with each other.

3)    Yes because they are all around the same age and they grew up at the same time. He sits down with his customers and they have formed a bond. Paul likes to openly talk to his customers and the customers like to give him feedback and share their opinion about the employees and the business. The only difference I see is that the customers do not always agree on how Paul manages the employees. This may arise because maybe Paul does not handle the situation as well as he thinks he does. Another reason would be that the customers do not deal with the pressure of being a business owner and may underestimate all the things that have to get done.

Unfortunately, Paul did not let me voice record or video tape him. He felt uncomfortable and did not want the video to be out there. I was not able to video record or voice record the customers. They are older individuals and feel uncomfortable being recorded. I was only able to get my questions answered if I did not record them.

Week 8 Reading Reflection

The biggest surprise in the reading was the myths the author mentioned. The myth I found most surprising was the first myth, venture capital firms want to own control of your company and tell you how to run the business. I thought venture capital wanted to control the decisions entrepreneurs took. The part of the reading that confused me was the debt and equity financing. They talked about form of commercial banks, trade credit, accounts receivable financing, factoring and finance companies, and various forms of equity instruments. The whole thing was very confusing to me because it the concepts were new to me and I was unfamiliar with the concept. Two questions I would ask the author are, who or what should be the first source of capital? Informal risk capital or secure financing capital? My second question is how much money is it ideal to ask the bank to invest in an idea? I would ask these questions because it would be a good reference to have in mind. There was not anything I disagreed with the author.

Half-way Reflection

1)    The behaviors that I have used to keep up with the requirements of this course is the have an open mind and be willing to step out of my comfort zone. Determination and perseverance have pushed me to step out of my comfort zone and do the best that I can for what this course requires. I have developed an understanding for what I thought was negative feedback and what I used to take personally. I know see it as constructive criticism and ways to improve for future references. I also learned that people are not attacking me personally when they tell me what they saw wrong they are reviewing my work so I could improve and do a better job, it is nothing personal.

2)   I felt like giving up pretty early in the course with the second set of interviews. I remember thinking how hard and out of my comfort zone it was to find people to record and ask them personal questions. What help me pull through was the thought the more I do it the easier it gets and the more comfortable I get. I do believe I have developed a more positive way of thinking about situations that before I used to dread doing just because I am a shy person. I see them as a way of being more comfortable with the situation and with people in general. Also, the thought of the “more you do something, the better or easier it becomes” has helped me keep going. I have developed a tenacious attitude because so far I have not quit and I know I will keep going till the very end. What contributes to this is that I have learned to look at failures not as failures but as a way to grow and improve. I have also learned that failing is okay as long as you learn from the mistakes and come back stronger.

3)    Three tips that I would offer next semester’s students are that you have to do the exercises because it is the only way you are going to feel comfortable with the course. Second, it is not easy but you have to push through because at the end you are going to be glad you did it. Third, practice does not make perfect because nothing is perfect but practice does make better and best. The only way you are going to get comfortable and confident is through practice.

Week 7 Reading Reflection

The biggest surprise about the reading was the segmentation of psychographics. The segmentation of psychographics stated that it “capture some truth about real people’s lifestyles, attributes, self-image, and aspirations…” which was surprising that some of its drawbacks are that it is a weak indicator for predicting what people are going to buy. Usually, I would think that if you knew people’s lifestyles and aspirations that would be a good indicator for what products they would buy. One part of the reading that confused me was the different segmentations for different purposes chart. This part was confusing to me because I was unfamiliar with the topic at hand. One question I would as the author is, how does a company know which strategic decision would the company benefit the most? Another question would be, does a company that use relative data get the same or similar results as a company that goes out and gets the data from their own customers? I do not disagree with anything that the author said.

Free Money

For this blog, I decided to go to the Oaks Mall and give out the $1.00 bills. I decided that the food court would be a good place to start, so I started by the entrance right before you go into the food court. I approached people that were passing by and preferably alone. To start the conversation with people to take the $1.00 bill I approached them and said, “hope you have a great day, here’s one dollar.” Before giving out the one-dollar bills, I thought I was going to be able to give away, at least, three of the dollar bills. Doing the experiment, I was only able to give away two of the five-dollar bills. 

After completing this exercise, I was surprised that I was only able to give away two of the five-dollar bills. The people that took the one-dollar bill were surprised but overall happy that it was free money. This exercise was harder than I expected it to be. My predictions were incorrect because in my opinion people do not trust strangers and do not know why they are giving away free money that causes them to reject the offer. Other reasons could be because they feel like they make more money or are well off to just take money from a stranger. I did not think the people that I would offer the one-dollar bill would get offended by it but some did. I approached them with a welcoming gesture and my intention was not to offend them. Overall, I am glad it is over with mainly because even though it was an assignment I got a weird feeling getting rejected.

Elevator Pitch No. 2

For my last pitch I received positive feedback about my idea and people seem to really like it. One thing that stood out to me as important was the cost of my business concept. When I was doing my elevator pitch I did not talk about or mention how much my idea would cost. The cost is definitely something that is very important to consider and have in mind when coming up with a new invention. My idea about parking spaces having lights that show if the spot is available or not seems expensive and nearly impossible. In my own opinion, I think this idea could be made possible at a reasonable cost. Even though the comments were positive, people doubt that the idea could be made possible. This was surprising to me because in this day and age I believe people are always looking for new ways and technology to put the human race into a technological era. No feedback comment was outright wrong or silly. 

For this elevator pitch, I decided to be out on the streets and try to illustrate the problem and show the solution with my idea. Instead of being in my apartment telling people about the idea, I’m going to show them that it could really be something helpful and worth investing in. In the recent comments people were asking about the cost of the idea and invention, so I decided to research about it. It turns out that there are similar products already in place, making the idea more feasible. I have only seen the idea at parking garages only where the lights are placed on the ceiling. My idea is going to work inside and outside, but with the same concept. Since there is a product out there for what I wanted to do, my new business proposal would be for Gainesville to incorporate that system.

Week 6 Reading Reflection

The biggest surprise in reading the article was the five forces framework, for example, he explains why a fast-growing industry is not always a profitable one. This to me is surprising because I always thought of a fast growing industry as being profitable. Their good profit values are in my mind what made the industry a fast growing one. The part that confused me was showing how to put the five forces analysis into practice. This confused me because it is a lot of factors that I did not take into account before. Seeing how they all play a key role was interesting but at the same time confusing. If I were to ask the author two questions they would be, how did you come across the idea of the five forces framework? I would ask this to get a feel of his train of thought. The second question I would ask the author would be could an industry be successful without these particular five forces? This question arises because there is a lot of diversity and different ways of doing things. But analyzing these five forces framework in an industry could have led to very surprising results. There was not anything in particular that I thought the author was wrong. It is all a learning experience and I agreed with it all.

Customer Interviews No. 3

For this interview, I did not have an interviewing strategy. I wanted the complete truth from the people I was interviewing so I kept my questions very short and to the point. For some of the people I interviewed, I asked more questions than others. Some of the questions I decided to ask were: would you buy this product? Do you think this product is a good idea? What was your reaction or any thoughts on the product? I decided to ask people from my surroundings, they were complete strangers like the other interviews I have done in the past.

I was very surprised at the positive feedback I got from the people I was interviewing. I learned that you do not know what people are thinking or are going to say unless you put yourself out there. Not everything is going to be the way you want it but it is part of the experience. For now, I do not expect to change anything as an outcome of these interviews. I think my idea or business concept is strong and it is something I believe people are going to be interested in. 

Idea Napkin No. 1

1) Since childhood I’ve had a great love for animals, whether they were scaly or furry. As I get older my appreciation and love towards animals grows more and more. In the past, I have not only volunteered in county animal shelters and humane societies but I have also worked in animal hospitals. I’m always trying to make a positive impact in the lives of shelter animals, pets and pet-owners. Besides being a very dedicated student, I have gained a lot of experience in veterinary medicine due to my previous involvement making me very skilled in this field. My aspirations regarding my business ideas are for my clients to have a stress-free life with their pets, as well as helping lost pets reunite back with their families.

2) Thousands of pets end up in shelters every year, unsure of how they ended up there or where their loved ones have gone. In many cases pets have wandered off from home, nowhere to be found. This leaves owners with the doubt of ever seeing them again. The product I want to offer the public would be the perfect solution for escape artists, lost pets and worried families. My product will be a small GPS tracking system that can be implanted into animals, right under the skin causing no harm or side effects. In today’s market the only thing that comes close to this would be microchips, which is a miniature grain-like device that is placed under the skin. These devices work by giving the pet a unique 16 digit number within the chip, which can be scanned in shelters/veterinary clinics, once scanned a staff member can contact the microchip company and from there look up the owner's contact information. My product, which goes by the name of “SafeAgain” will have a distinctive difference, for example; instead of a number assigned to your pet, you will download the company app to your smart phone, after being downloaded a phone will be linked to the tracking device via satellite. If a pet goes missing the user can send a signal to the device with the phone and capture a live-feed of its current location. Along with the special chip comes a collar that will flash red lights indicating that the pet is lost. This feature will help indicate to strangers that the pet is in need and its owner is looking for them. As a pet-owner myself I can understand the concern of losing a pet or ending up in the wrong hands. SafeAgain will help keep families together and create even stronger bonds.

3) SafeAgain would be a product designed for customers that are willing to go that extra mile to keep their pets safe. It will be focused on marketing towards people in their early 30’s and up, such as household owners and families but not limited to just those individuals. College students and young professionals who have deep concerns or desires of their pet’s safety will also see the usefulness of this product. The main focus of this product is to help customers and their pets feel secure and at completely ease. My costumers will all share the same view when it comes to the care of their pets; that they become another member of the family and no one gets left behind.

4) While volunteering at shelters I would witness the heartbreak in people’s faces when we would tell them that their dog has not been seen or brought in. No one can understand how devastating it can be to lose a pet unless you’ve connected and cared for your own. With SafeAgain there wouldn’t be such as thing as being lost and not found, and that’s a huge relief for pet owners. Statistics show that one in three pets will become lost at a point in their lives. The chances of pets returning home after getting lost are very slim, therefore by implanting a SafeAgain chip in your pet it gives customers that reassurance that their loved ones will return home safe.

5) Even though microchips have been used in the past to reunite families, SafeAgain stands out with our unique satellite tracking system. Even though they are implanted exactly the same way, they work in vastly different ways. With SafeAgain pets will not have to be brought into a shelter or clinic in order for the owner to be contacted; the user will automatically be able to track their pet with the help of a smart phone and satellite signals, something that has never been seen with any microchip. The collar that comes along with this product also helps alert others that your pet is lost and is looking for their way home by displaying flashing red lights.

There are ways to make this product a possibility in the future and I believe that it’s an invention that we will see in a couple years down the road. While working in the animal industry I have had many clients ask if there’s a device such as SafeAgain. It is an investment I believe a lot of clients would be interested in. Just like every product in the market there are a lot of things that need to be fully evaluated and finalized. The featured collar is a concept that needs more work on due to the fact that collars cannot stay on forever and if it slides off there is no way of notifying strangers that the pet is away from home.

Week 5 Reading Reflection

The biggest surprise I found in reading chapter 9 was how the copyright protects the rights of the individual for his lifetime plus 70 years. Even after, the individual is no longer here on earth his work is still protected and if someone tries to steal his work someone with the power over the copyrights could place a lawsuit and ultimately win financial damages. One part of the reading that was confusing to me was the forms of partnerships and corporations that the text examined. If I were able to ask two questions to the author I would as him, when is it a good time as an entrepreneur to seek professional legal advice? My second questions would be, what is the best route to take sole proprietorship, partnership, or corporation? I would ask the author these questions to have them into considerations for the future. His expertise opinion would mean a lot especially for someone that is just starting out. Nothing in the chapter stood out to me as wrong because it was mainly dealing with legal issues and forms.