Week 8 Reading Reflection

The biggest thing that stood out to me and surprised me in this weeks reading was how complicated and important the process of raising capital for a business venture is. Its simply something I never really thought much about before with regards to entrepreneurship. I was slightly confused by the SCOR exemption rules, as I did not totally understand what they applied to and when, I felt like I could have used a more in depth explanation of the SCOR exemptions. If I could ask the author two questions, I'd ask what types of businesses tend to use different methods of raising capital, and how exactly businesses can get started with less than 500 dollars in capital. What do those 500 dollars go towards? Finally, there was nothing in particular I disagreed with in this weeks reading.

The Twenty Percent

For this assignment, I worked with the same entrepreneur I did in my previous interview, Jason Tobin of Tobin Properties. He told me that their target demographic, as a company that provides commercial leasing, tends to me small business owners of a variety of backgrounds, and occasionally larger stores and companies. The primary needs of this customer base include vigilant upkeep and security of the surrounding storefronts, and responsiveness when contacted with issues. These customers tend to come to the company seeking to lease real estate, after seeing either advertisements on site or in papers.

I spoke with 3 businesses at a local strip mall operated by Tobin Properties, including a cell phone repair shop, a hairdresser, and a pool supply store. All three said that their primary desire out of a commercial landlord is responsiveness, as they had previously encountered trouble from absentee landlords who did not deal with disputes in a timely fashion. Additionally, upkeep up parking lots and lighting fixtures was important to keep the storefronts looking attractive and open to potential customers.

From my interviews, it would seem Tobin Properties has a very good grasp on what their customers desire in the commercial leasing business. This is to be expected, as it is a family business that has been operated for generations in the same area, so this kind of expertise is to be expected. Unfortunately, Jason Tobin was unavailable for video interview due to time constraints and other obligations, and none of the stores that were willing to speak with me were willing to do a video interview due to privacy concerns.

Half-Way Reflection

To a future student on this class, I would recommend keeping a calendar of every assignment that is due, that would keep them from scrambling last minute to do an assignment. I've felt like giving up before when faced when a difficult assignment that would require me to get out of my comfort zone and talk to strangers on the street. Staying determined and keeping an open mind to new experiences is what pulled me through this situation, and helped me develop a tenacious attitude over the past few months.

If I was to give 3 tips, I would say:
1) Keep a schedule and a specific time each week to do assignments, readings, etc.
2) Keep an open mind and be willing to do new things.
3) Analyze what your doing and how it will help you develop important entrepreneur skills for your future.

Week 7 Reading Reflection

In this weeks reading, the biggest surprise for me was the large variation in company types, from unified entity to LLP or sole proprietorship, especially the viability of a sole proprietorship. I guess I never considered how much variability existed in this space. I was slightly confused by the lack of decent examples of the different types of companies, though. I wish there had been a section relating famous real world companies to the various types of companies. If I could ask any two questions to the author I'd ask how they think segmentation will continue to change in the next decade, and what kind of company is the most popular in the US. There was nothing in particular that I could disagree with in this weeks reading.

Elevator Pitch No. 2

https://www.youtube.com/watch?v=DLl9W6ZMa4I&feature=youtu.be

I really enjoyed getting feedback last time. I got good advice like to be more dynamic and don't look so worried, and to not have the camera so close to me. All good advice I have tried to incorporate this time around. I have done that by being more dynamic, having a wider camera angle, and trying to have a bit of fun with it and not have it feel to rehearsed.

Week 6 Reading Reflection

This weeks reading was Michael Porter: The Five Forces that Shape Competitive Strategy. The biggest surprise to me in this reading was how well boiled down market forces were described in the reading, making something that I would have thought to be immensely complicated much easier to understand. I was initially confused by the assertion that being fast-growing as an industry does not always equal big profits. It was initially counter-intuitive to me, but made sense after reading the explanation. If I could ask the author any two questions, I would ask what types of industries are most often vulnerable to being fast-growing but not profitable, and how best to navigate government forces with regards to affecting the industry. There was nothing I particularly disagreed with while reading through the assigned reading.

Idea Napkin No. 1

 My name is Jordan Lopez, I am a 3rd year Business Admin. major and am planning on going to Dental School after I graduate. I am good at public speaking. If I were to start my business idea, I would like to oversee it as I continue with my education. My product is an app that allows college students to get advising info without having to go to the adviser. This includes functions like planning out future semesters, checking degree audits, and viewing class catalogs. This allows students to avoid going and waiting in lengthy lines to get simple questions answered. The demographic for this product is college students, plain and simple. From freshman to senior, this app is useful to all of them. College students are busy, and advisers can have limited hours and long lines to see them. With that in mind, being able to pay 99 cents to download an app to have their questions answered and more would be a very attractive deal. What sets me apart from others with regard to bringing this idea to life is my skill at thinking through prospective demographics, public speaking skill, and knowledge of the app market. I believe I have a detailed and thorough understanding of the app market that few others have through my extensive research on the subject.

I think my elements all fit together very well, my demographic is very on-point and I believe my idea to be sound. The only real weakness I feel in my business plan is that developing and running an app is not totally congruous with my plan to go to Dental School.

Week 5 Reading Reflection

While going through this weeks reading, I was initially surprised by not having market insight being a big pitfall among entrepreneurs. I would have thought that anyone with the passion to enter a new market would have become fairly versed in said market, but I guess not. I was somewhat confused on the distinction between unique and non-unique ventures, or more specifically the general affect uniqueness or lack there-of has on success. If I could ask the writer any two questions, I'd ask them how uniqueness tends to affect overall success or adoption of an enterprises product, and if required startup changes between unique and non-unique ventures significantly. There was not anything I particularly disagreed with while reading, everything was well thought out and explained in my opinion.

Interviewing Customers No. 2

https://www.youtube.com/watch?v=n1krOhMdJtU

Last time I learned that the biggest problems people have with advising tends not to be lack of knowledge, but wait times. This is a problem pretty exclusive to college students, so I interviewed college students. I asked questions more specific to potential problems in the advising system. I learned that the primary problem people have with advising is wait times and odd hours. To future students taking this class, I would recommend taking the time to really think through your questions, not being afraid to approach random people, and making sure to keep track of deadlines!

Elevator Pitch No. 1

THE PROBLEM: Going to see an adviser can be a pain, especially if you just want to ask a question on your degree audit, or on a potential schedule for your next semester.

THE SOLUTION: AdviseMe! AdviseMe is an app that allows you to check your degree audit, required classes, and even plan out a schedule for upcoming semester and see how many credit hours they'd be and what parts of your degree they fulfill. The company name is also AdviseMe