My 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.

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?

My most formative experience in this course was the series of elevator pitches that we had to do. It was something different than anything I had done before and I think will be a beneficial skill for me to have in the future.

My most memorable experience was the "Free Money" assignment. This was a humorous and interesting task, even though I wish I didn't have to lose $5 in the process.

My most joyous experience was the creation of my "Bug List." This was a very freeing task that allowed me to vent about the various little things in life that irritate me.

I am most proud of myself for attending the Women's Symposium, even though this was technically just extra credit and not an actual assignment. Often times I intend to do things but lack the follow through, so I was pleased with myself for getting up early that morning and attending the event like I had planned and wanted to. It was an insightful, unique, and enjoyable experience. 

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?

I do not really consider myself an entrepreneur yet, as my product was never realized or actually put on the market. However, I definitely believe that I have begun to develop an entrepreneurial mindset that I will take with me as I move forward in life and hopefully have the opportunity to expand upon.

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?

For future students in this course, I would recommend that they really do their best to complete all of the assignments and get the most out of them as possible. They should stay current and aware of upcoming assignments so that they aren't surprised by some of the more involved tasks that can't just be done quickly in one evening. I would also recommend that they watch the lectures, as they greatly enhance the assignments and are actually quite enjoyable/funny/interesting to watch. Doing these suggestions will help to create and foster an entrepreneurial mindset throughout the course of the semester.

 

My Week 15 Reading Response

I really enjoyed this week's reading, "Business Basics at the Base of the Pyramid," and I was intrigued by the business concept of microfinance. I had heard of microfinance before, but I had not realized how "micro" it truly was. It was most surprising to learn that they will give out loans as small as $20 and will work with people indivudually to meet their specific needs.

I was most confused when DDS denied a poor woman a loan, even though she was clearly in need, simply because they had reached a quota. While this was sad, some good came out of it as it is what inspired Vikram Akula to start his own microfinance venture.

If I were able to ask the author two questions, I would ask him "What have been some of the biggest hurtles you have encountered in your business?" and I would also ask "What has been your greatest reward thus far?"

There was nothing I disagreed with or felt the author was wrong about.

Elevator Pitch No. 4: 2 BUS-y 4 U

I received a lot of positive feedback from my last pitch. Commenters told me that they saw value in my idea and that I presented clearly with good time management. Therefore I did not change too much about my pitch.

My Venture Concept No. 2: 2 Bus-y 4 U

Opportunity.

 An opportunity may be defined as a group of customers with unmet or under-met needs.

For me, this group is anyone who depends on the public bus system for transportation. This can 

range from students to elderly people and anyone in between. I am personally included in this opportunity group, and this is how I came about realizing that there was a need. I have often found myself depending on a bus to get to class but when it arrived, it was already full and there was no room left for me to get on. Despite the fact that I checked my bus app and knew when the bus would be arriving, I was still left waiting for the next one, hoping that it would have space for me and would get me to class in time. If I had been able to see on my app not only when the bus would be arriving but also if it had available space, I would have had time to plan accordingly and arrange for an alternate means of transportation if necessary.

·         This opportunity is created by a dependence on public transportation and an increasingly fast-paced society that always has somewhere to be.

·         This market, while inspired by a college town environment, can extend internationally and to any person with a smartphone.

·         Currently, people are using existing bus apps that indicate when a bus is coming but not its vacancy or lack thereof. There are not many bus apps available, so I feel that any loyalty is just by default, not because they specifically want to use one app over another.     

-    This opportunity is large in the sense that it has a wide market reach. 

-    I believe that the “window of opportunity” will exist as long as people continue to own smartphones and take public transportation, assuming no one jumps on this opportunity before myself.

Innovation.

An innovation may be defined as a new or creative service, product, or process that may be applied in the marketplace to address customer needs.

Upon realizing my opportunity and what the current bus apps lack, I developed a new bus app concept which will provide incremental innovation above the existing apps. My bus app, 2 BUS-y 4 U, tells its users not only when the next bus they desire will be arriving, but also if that bus has availability/space for them to board. This will not be difficult information to obtain as bus drivers are already required to log in each person that boards their bus.While the current app is free, this app would cost a one-time purchase fee of $3.99. Concerning profits, this app will work in the same way as other apps that charge a purchase fee.  A user will simply have to log into the app store on their smart phone, purchase and download 2 BUS-y 4 U, and they will then have access to the routes of all buses in their area, their current locations, and their current capacity levels. Additionally, while other bus apps are city-specific, such as RTS, 2 BUS-y 4 U is a universal app that, if location services are on, will adjust to whatever city within the U.S. that the user is in to inform them of the area’s bus routes. As far as I am aware of, this is not offered with any other bus service app.

Venture Concept.

A venture concept may be defined as the application of a specific innovation to address a specific opportunity.

As previously stated, I identified my opportunity when I have attempted to take buses that turned out to be full when they actually arrived at my stop. If I had known that the bus was full, I would have planned to take a different bus, walk down to another bus stop, or arrange for an alternate form of transportation to ensure that I still get where I needed to be on time. By indicating not only where the bus is located but also what its current capacity level is at, 2 BUS-y 4 U addresses the opportunity and unmet need. Customers will want to purchase this app because in today’s world, people are willing to pay for added convenience and reliability, particularly when it concerns a service that they use frequently and are heavily dependent on to accomplish their day’s tasks.

• Customers will want to switch to this app from an app they are potentially using currently because it provides all the necessary information that a frequent bus user would want to know, as opposed to other apps which are provide limited information. I do not believe it would be difficult to get users to switch/begin using this app, as it will greatly increase their ease of bus use, is inexpensive to purchase, and has no monthly or recurring fees.

• The competitors are anyone who currently manufactures a bus service app. Their weakness is that they do not offer the same features that my app does and are therefore a lesser, incomplete service.

• As it is an app that is simply downloaded onto a user’s existing smartphone, my product does not require any packaging, distribution, physical retail location, etc. Rather, my business concept is simply centered around the user’s ownership of a smartphone as well as their use of public transportation.

• To support the longevity of my app, I would start small, assess the success of the app, and then determine levels of expansion from there. I believe that it is best to start out on a smaller scale and then grow as demand warrants. By doing the reverse, one could potentially waste a lot of money, time, and resources.

The three minor elements.

In my venture, I believe that my “secret sauce” will be customer loyalty. As a user will have already paid for my app, which has all the features necessary to a bus user and can be used in any location they go, there would be no need to switch to a new app with the same features. By charging a fee, it will cause the user to want to keep using the app and “get their money’s worth,” rather than incurring the switching costs necessary to try out an alternate app.

Once my venture has an established user-base and has created a name for itself, I could then use that to create other types of apps that also focus on increasing ease of travel/transportation, such as a similar app for planes, trains, taxis, etc.

With this venture concept, in five years I would see myself having expanded internationally so that the app is not only available in the U.S. I plan to move to Italy in the near future and if I could take this venture abroad with me, that would be a wonderful way to get my start in a new place – with something successful and familiar.

 

Summary of Feedback. 

 

 

For my feedback on my Venture Concept No. 1, I received primarily positive responses. Everyone seemed to like my idea overall and several mentioned that they would use the product themselves. A few people also mentioned that they particularly liked my idea that in charging a fee for the app, I would increase customer loyalty as people would want to continue using the app they had already paid for. However, a few commenters recommended that the app would be best left as a free app. Due to the split vote, I just left it how I initially had it. Another comment was the issue of obtaining the information of how many people are on the bus, but I had previously stated that bus drivers are already required to log people in as they board, so this information should not be an issue to acquire. Overall, I left my concept essentially the same as there did not seem to be too much need for change at the moment.

My Week 14 Reading Reflection

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? 

In this week's reading, I was most surprised to read that "caring" was not an important aspect for companies until the number of female entrepreneurs increased. I would have thought that regardless of being male or female, caring is an important element of any business that deals with people.

2) Identify at least one part of the reading that was confusing to you.

I was a bit confused by the "Skunk Works" section. I am still not too clear on what exactly this concept is.

3) If you were able to ask two questions to the author, what would you ask? Why?

If I could ask the author two questions, I would first ask, "How do you think different mindsets affect different organizations?" I would also ask, "DO you feel that one form of social entrepreneurship is significantly better than the rest?" I would be interested to hear his responses.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

There was nothing in this reading that I felt the author was wrong about or that I disagreed with.

Google Gold

1) A discussion of your general approach and strategy to search engine optimization (SEO). What were some of the activities you did for each blog post to pursue SEO? 

In regards to SEO, I did not strategize too much. Rather, I focused more on consistent, quality blog posts that answered the questions asked, provided accurate descriptions, and were visually interesting. 

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

In addition to the required labels, I always included the label "ENT3003" as well. This set my blog apart from anyone's blog who is not in this course.

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?

I did not share the link to my class blog on my personal FB page or on any other social media site.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

My post that obtained the most traffic was my "Bug List" with 30 views. I am not quite sure why this one was viewed so much more than my other posts (more than double my average views), as no one even commented on it. Perhaps people were simply interested to see what my pet peeves were and if they were similar to any of theirs.

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?

Unfortunately, I did not make it to the first page of Google results, nor did I see my blog on any of the following search pages.

Very Short Interview No. 2 with Teresa Aleppo

For the first very short interview that I conducted, I interviewed Teresa Aleppo, a close friend of my father's who has been an entrepreneur for many years and now owns her own catering business. Looking back on this, I can see how I have grown throughout the course in my knowledge of entrepreneurship. I remember being surprised by some of the things she said at the time, but if I heard those same things now I would consider them to be common knowledge. 

Here is my second interview with Teresa, using questions that I came up with on my own.

• Me: As an entrepreneur, what was the biggest challenge you faced in the beginning?

• Teresa: Starting out, my biggest challenge was identifying and developing a clientele base.

• Me: What aspect of your job do you find most satisfying?

• Teresa: Being able to fulfill people's visions of their special day and having a satisfied client.

• Me: If you could do it all over again, what would you do differently?

• Teresa: If I could start over, I would advertise differently. I would utilize  the internet and social media more, as for quite some time my business was strictly word of mouth.

I was quite comfortable speaking with Teresa during both interviews, although this partly came from having known her for so long. She did, however, feel that I had progressed in the course and asked knowledgeable questions that reflected that.

Celebrating Failure

My Failure

Ever since my freshman year here at UF,  have been working towards a minor in Italian. It was very important and special for me to learn the language, as my mom, and all her side of the family, is from Italy and speaks Italian very frequently.

I got through Intermediate 2, which is the last class of language instruction, and the next step was electives. I took one cinema course and then this semester, I was signed up for a play course. On the first day of class, we were told that we would be expected to all perform in three plays over the course of the semester, entirely in Italian, as well as possibly up to 8 hours of rehearsal time outside of class per week, in addition to a daily diary, exams, papers, etc.

I left class that day feeling quite overwhelmed. I am very poor at memorization, and even if I know something extremely well I often freeze up when the time actually comes to speak. Due to this, paired with the general anxiety I get when speaking Italian, I knew that this class would be extremely stressful for me, especially considering it was not just one play but three. I would spend my entire semester trying to memorize lines in Italian, not to mention all the additional work/outside class rehearsals that I knew would not mesh well with my already full schedule.

Ultimately I decided to drop the course, and as I am running out of time/credits, that means I will not be able to complete my minor. While I still gained all the instructional knowledge possible for Italian and know that ultimately this was the best decision for me, I can't help but feel like a failure as this is something I had been working towards for so long.

Me at the 2015 World Expo in Milan last summer

What I Learned

From this experience, I have learned that sometimes the best decision is the hardest one to make. I know that this semester would have been very stressful and resulted in frequent tears and frustration if I had stayed in the class, not to mention the lack of time I would have had for my other studies. It is important to look at the big picture when making a decision, not just at the choice in question but also if/how it's going to have a domino effect in other areas of your life.

Reflection

In general, failure is hard to handle and even harder to admit. I like to think that I deal with failure relatively well, although I'm sure this is not always the case. I try to see the best in situations and look at the bigger picture of how this failure now could actually benefit me in the future. Often times I have gone through an ordeal, been so frustrated with the outcome in the moment, and then looked back later and been so grateful because I can see all the wonderful things that would not have occurred if not for that one misstep. If ever I am feeling frustrated or discouraged, I try to ask myself how this one thing fits into the grand scheme of my life. More often than not, the answer is that this occurrence is trivial and I realize that it is nothing but a blip that will pass and be forgotten. It is so important to never lose sight of yourself, your goals, and where you're headed in the future because sometimes when you need to pick yourself up, your best motivation to do so is yourself.

Prior to this course, I was already very social, loved talking to strangers, and a bit of a go-getter. So that while I have really enjoyed this course and learned a lot, I would not say that it removed a fear of failure, as I did not really have a strong one to begin with. My philosophy is always to just try/do/ask/go for it, worst that can happen is someone says "no" or that you have to start over. In the past I have missed too many opportunities that I regretted not taking, so that has really shifted my paradigm. I have never once put myself out there for potential failure and regretted it, even if it did result in failure, because I know the greatest regrets come from not trying at all.

My Week 13 Reading Reflection

What surprised me most in this week's reading was the section on emotional bias. This occurs when someone starts, nurtures, and fully develops a business and is then inclined to believe it is worth more than someone who isn't quite so invested. I was surprised but I can certainly see where this would occur, and the entrepreneur must make a conscientious effort to be as objective as possible and view their venture through the eyes of an outsider.

I was confused by some elements of the valuation process. It is quite lengthy and complex, but I am sure that it is quite helpful for entrepreneurs and an important, necessary step.

if I could ask the author two questions, I would first ask him, "Have you ever had to perform an evaluation of a venture in order to sell it?" I would also ask, "What do you believe is the most important takeaway from this chapter?" I would be interested to hear his responses.

There was nothing in Chapter 14 that I disagreed with the author about or felt was incorrect.

My Exit Strategy

For my exit strategy, I would most likely see myself selling my venture within the next five years, making a profit, and moving on with something else. 

I obviously have an interest in my venture, but at the same time this is not what I see myself doing for the rest of my life as my real passion lies in the travel and hospitality industry. While my venture is related to this in a way, it is still not quite where I see myself. Ideally, I see myself working for an international hotel company and traveling frequently rather than being the owner of a bus app company. It has always been my desire to have a career that takes me all over the world - I would rather make less money but have the opportunity for unforgettable experiences.

I am not quite sure whether or not my exit strategy has influenced my other decisions while working on my venture. I had never really thought about my exit prior to this assignment, but perhaps I subconsciously knew that I did not intend to stay with this idea forever and acted accordingly without giving it much thought. I tried to do my best on all of the assignments and complete them to the best of my ability, but I may not have had as great of a close and personal tie to them as someone who is actually using this opportunity to try to build their future upon.

My Week 12 Reading Reflection

In this week's reading, I was most surprised to read about the "One-Person-Band Syndrome." I had never thought about the fact that after developing a concept on their own for so long, it may be difficult for someone to be able to let go and delegate when the time comes. I believe that along with many other things, this may be an acquired skill that will come with time and practice. It could be hard to trust others with a business that you have single handed built from the bottom up, and would certainly take some getting used to.

I was confused by the reasons for lack of strategic planning for new ventures. A new venture is always uncertain territory and will demand a lot of time and money for it to be successful. Because of this, I would imagine that before beginning one would perform as much planning as possible to increase chances of success.

If I could ask the author two questions, I would first ask, "What do you believe to be the most important key element for an entrepreneurial firm?" I would also ask, "Have you ever had to overcome the One-Person-Band Syndrome and if so, how?" I would be interested to hear his responses.

There was nothing in this reading that caused me to disagree with or doubt the author.