30A - Final Reflection

30A - Final Reflection

• would have to say that the most formative experience for me was when we had to think of a problem to solve. As a consumer we are so used to others creating products to solve problems, but this class is all about learning to be a problem solver and entrepreneur. I believe that this assignment kick started this mindset for me. 
• I will remember my company the most. Knowing that it is something useful for me and many other people on the roadways will have me continuously thinking of it in the future. 
• My most joyous experiences come from the interviews. They allowed me to connect with people that I would otherwise not met, so I found it to be fun and exciting to grow my network.
• I am most proud of myself for completing the elevator pitches. The might have seemed a little awkward or intimidating at first but now I feel confident and ready to pitch myself or my ideas to anyone. 
• I do see myself as an entrepreneur in the future. Once you develop this mindset I think it is a hard thing to get rid of and now my brain is thinking abut over coming problems all the time. 
• I would tell them to go into this course with and open mind and be willing to learn. There is sou much valuable information that is taught in this class that can help you both now and far beyond your time at UF. 

29A - Venture Concept No. 2

29A - Venture Concept No. 2

• Opportunity:
• Distracted driving is dangerous and potentially deadly for both drivers and passengers on the roadways. Distracted driving can be defined as: driving a vehicle while engaging in an activity that has the potential to distract the driver from the task of driving.
• 391,000 injuries were a result of distracted driving in 2015. Of those injuries 3,477 were death. These numbers are all too high for something that can be 100% preventable.
• The need is for people to drive and get from one point to another. Where it goes wrong is when drivers become addicted to using their phones or become bored when driving and thats what causes them to pull of their cell phones and use them behind the wheel.
• The forces that allow this to occur are a lack of awareness of the potential dangers and consequences associated with distracted driving. Although it is illegal to use you phone while driving in the state of Florida it is only a secondary offense, which means that you can not be pulled over by law enforcement for solely using your phone behind the wheel. As a result, a huge window of opportunity is open for my product to come in and take over them market.
• There is currently no satisfactory resolution to this need. A vast majority of the people that I interviewed admit to using there phone while driving. However, if there was a technology that allowed for them to stop using their phone behind the wheel without even having to think about it they would. Assuming the interviews that I conducted all display an accurate depiction of the mindset of my target market population, no one is satisfied with the current solutions available, which is good for my company.
• Potential customers: Drivers between the ages of 15 and 70 who have smart phones and desire to be safer behind the wheel of their vehicle. Additionally, parents with teenage children who drive fall into my target market population.
• Innovation:
• For individuals with a desire to be safer while driving, I will make my app available through both the Apple app store and the Android app store. It will be easily accessible for them and the download process should require very minimal involvement. The price will ranger from $0.99 and $4.99 depending on the research
• For businesses with a larger budget, I would like to try and license my product out to them. This will lead to the technology being placed on every phone as soon as it is activated by the customer, which will insure that my technology is in their hands and saving more lives.
• Initial profits with so many drivers across the United States I think the initial profits have a good chance of being high early on in the process. This will most likely be due to the innovation of the product and the lack of competitors in the market.
• Venture Concept: 
• Individuals will buy my product if they are concerned for their safety or the safety of others. I would say that most people are to some extent. They will be able to purchase the app right on their phone so it should be pretty easy to do.
• Businesses will buy my product to because of the desire to market the latest and greatest technology to their customers. Additionally, the fact that this product can keep their customers safer than the competitors product should be a marketing strategy that will work in my favor.
• I think the term “Switch” is a useful in my situation due to the fact that there is not really a commonly used alternative that is currently available.
• Besides the customers putting their phone on a do not disturb setting while driving there is not really another major competitor to my product. I do not regard the do not disturb setting as a major competitor or threat because it is quite inconvenient and requires a lot on the customer each time they get in the car.
• Price points: Price point is somewhat important to this product. For an app the price of $1 or $5 is a very minute change and still is very cheap in the grand scheme of things. I believe that customers would be willing to pay at either price point.
• Customer Service: For almost any company quality customer service is essential. Providing the customer with a quality experience is what will keep them coming back time and time again.
• Location: Since this product is a software product it does not have a physical but rather a virtual location, which would be the app store.
• Packaging:  The visual experience and user friendliness are the two things that are the most important for my "packaging."
• Employees:  I’m estimating that my company will start with around 5-10 employees, with the goal being growing the number of employees to 50 as the company grows.

• Software creators
• Marketing specialists
• Customer service representatives
• Salesmen
• CEO

• Unfair advantage: My unfair advantage is my companies lack of competitors because our product will be the first of its kind to hit the market. This will be essential for us to kickstart the safety trend but also to build brand recognition that should help to keep us at the top.
• What’s next: The next step in the process would be to meet with the software creators and let them begin the initial stages of development for the product.
• For Me: I would love to begin of the networking, marketing, and hyping up of the product. Creating buzz around the product and meeting the right people will help to get this business started. Getting information out to the public about how my product can make driving safer will be crucial.
• Feedback: Overall the feedback that I received in the comments was very positive. They seemed to like my marketing strategies and the end goal that I had for my company. The few changes that I made consisted of adding employees and slightly tweaking what will be next for me.

28A - Your Exit Strategy

28A - Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

• The exit strategy for my company is to eventually self the technology to Apple or Android. I would like to have a royalty agreement that would allow for me to receive $0.05 on every phone sold, since my technology will be integrated into the phone at that time. This would allow me to be totally hands off and not have any stressed while still making an income. 

2) Why have you selected this particular exit strategy?

• This strategy will allow me to invest my time and money into a new product or service, which is what I thoroughly enjoy doing.  

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

• Yes I think it has influenced my growth strategies because it has given me an end goal that I would like to work towards. I have been acquiring the necessary resources to get me there. 

27A - Reading Reflection No. 3

27A - Reading Reflection No. 3

Grinding It Out: The Making of McDonald's, Ray Kroc

1) You read about an entrepreneur:

• I was surprised to find out that Ray did not invent McDonald's, rather he was just the McDonald brothers first business partner and he helped to propel the restaurant to what we know it as today.
• Ray Kroc has many admirable qualities but the one that stuck out to me the most was his ambition. He started off as a paper cup salesmen and progressed through many different jobs just his ambition and desire to be successful are what ultimately made him successful.
• While Ray did have amazing ambition in life this was sometimes a negative. A few of his business ventures led him down paths that might nigh have always been the most ethical, however, he did realize this and made the necessary changes to eventually get back on the right path. 
• When Ray switched over from selling paper cups for one company to selling milkshake mixers for another company the paper cup company became upset. They took him to court and tried to say that since he was still under contract with them that he could not self milkshake mixers. This argument was held true and Ray was required to pay 60% of his earnings from selling milkshake mixers back to the paper cup company. This was tough because he was only living off of 40% of his income but he never gave up during this time period and his life turned out pretty darn good despite this setback. 

2) What competencies did you notice that the entrepreneur exhibited? 

• Ray's ability to sell is what ultimately made him successful. This is something that he learned early on in his life and mastered over time. Being a good sales men really does help as an entrepreneur assuming you have a good product to back it up and Ray did with the excellent food and fast service at McDonald's.  

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

• The fact that Ray Kroc did not invent McDonald's or anything surround the original location was a bit confusing to me. Eventually his skill set is what helped the franchise succeed but I just found this a little odd and confusing cause it was not prototypical entrepreneurship.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

• What helped you to preserver through all of this difficult times? Because you sure did seem to face a lot of them. 
• What about the two McDonald brother did you see that could make their restaurant and business model very successful?
• I think that both of these questions would allow me to get good insight into the mind of Ray Kroc.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

• I think that Ray Kroc's opinion of hard work is that it is necessary in order to be successful and that you should not shy away from it. His whole life he worked incredibly hard and I believe that he would strongly encourage others to do the same. I share the same opinion myself.

26A - Celebrating Failure

26A - Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

• This semester has brought many different changes to my life, some that are good and some that are bad. Additionally, with this being my first semester at the University of Florida numerous stresses from course related work have been brought my way. The classes I am currently enrolled in have taught me a lot about myself and my ability to overcome adversity. More specifically my business statistics class, which I found to be surprising because math us usually my best subject. The first exam rolled around and I felt adequately prepared for it but when the test results were released I realized that I must not have been. This meant that I needed to step it up on my next two tests to get the grade in the class that I desired so I studied even longer hours and watched each lecture at least two times. This strategy seemed to pay off because on the second exam I earned an A. There is still one more exam left and I feel like I am going to crush it. I have learned the teachers system and what I need to study so I believe that I will succeed and get the grade I desire due to all the effort I am willing to put in. 

2) Tell us what you learned from it.  

• When you think you have studied enough study even more
• Do not be afraid to ask questions during office hours and use the resources provided to you
• Overcome adversity by working your way through it
• The easiest solution may not always be the best solution and do not be afraid to put in the work

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

• As I have gotten older my perspective of failure has totally changed. I used to think that I had to be perfect all the time and never make mistakes. This class has helped me to change that perspective into one of viewing failure as an opportunity for growth. You must asses your failures and build upon them as an entrepreneur in order to be successful and I am learning that the exact same thing applies if you want to be successful in life.

25A - What's Next?

25A - What's Next?

What I Think Is Next:

I think that the next step for my company is to develop a strategy to help deliver this product to those who think they may be invincible behind the wheel of their vehicle. This is important to me because overall safety for all drivers on the roadways is what my company is after, and this will be unable to happen if some think that they do not need help. This may potentially be done through educational advertisements, infomercials, as well as naturally once the brand becomes more popular.

Existing Market Interviews:

1. Interview one was conducted with a current college student who commutes nearly 30 minutes each day to campus. He has a strong desire to feel safer behind the wheel and would like to see other drivers on the road with the same safety technology. He thinks we should do our best to reach all drivers because he said that he would feel safer knowing that other drivers are doing there part too.

2. Interview two was conducted with a dad of a high school aged student who just started driving. He fears for his sons safety every time he is out there driving on his own. He thinks that a tracker inside of the app would be beneficial for parents that way they could see if their child arrived at the desired destination unharmed.

3. Interview three was conducted with a senior citizen who drive occasionally and does have a smart phone. She felt like any technology advancements in this field would be helpful and that she is all for it.

Reflection:

Upon conducting the three interviews within my existing market I was able to gather some great information. I think that the idea of a tracker along with the goal of reaching the masses are two things that I should deeply look into. Additionally, it is nice to hear and be reassured by all three people that they believe in the product and think that it could truly benefit people.

New Market: 

The new market that I did not originally think of was people not with smart phones. Also with many cars having the capability of downloading apps it could be an option to make this software compatible with vehicles as well. This may be a far fetched idea, but it is something that I am willing to explore and dig deeper into.

New Market Interviews:

1. Interview one was conducted with an older male who was approximately 85 years old and did not own a smart phone. He did however own a flip phone and this is something that he wished he disable while he was driving because he phone does not have a do not disturb setting. He fears turning off his phone incase in an emergency accident situation he may need to use it, so he though maybe my technology would be great for him.

2. Interview number two was conducted with a male in his middle 40s and recently bought a Ford Raptor. While he does have a smart phone he has been intrigued by the syncing capabilities of the apps on his phone to the touch screen of his new truck. He thought that it would be awesome if we could make a software that could temporarily disable these features while the car was moving, but enabling them while the truck is a a total stop.

Reflection:

I was surprised by these two interviews. Overall I thought that I had covered all of my based in the original market that I intended to sell two. It was eyeopening to see that if you expand you mind and think outside of the box you will be able to see all of the potential customers that you are missing out on or looking past. This is a good lesson for me to learn for the future because with innovations and product improvements you should always reconsider to who you may now be able to sell too.

24A - Venture Concept No. 1

Venture Concept No. 1

• Opportunity:
• Distracted driving is dangerous and potentially deadly for both drivers and passengers on the roadways. Distracted driving can be defined as: driving a vehicle while engaging in an activity that has the potential to distract the driver from the task of driving.
• 391,000 injuries were a result of distracted driving in 2015. Of those injuries 3,477 were death. These numbers are all too high for something that can be 100% preventable.
• The need is for people to drive and get from one point to another. Where it goes wrong is when drivers become addicted to using their phones or become bored when driving and thats what causes them to pull of their cell phones and use them behind the wheel.
• The forces that allow this to occur are a lack of awareness of the potential dangers and consequences associated with distracted driving. Although it is illegal to use you phone while driving in the state of Florida it is only a secondary offense, which means that you can not be pulled over by law enforcement for solely using your phone behind the wheel. As a result, a huge window of opportunity is open for my product to come in and take over them market.
• There is currently no satisfactory resolution to this need. A vast majority of the people that I interviewed admit to using there phone while driving. However, if there was a technology that allowed for them to stop using their phone behind the wheel without even having to think about it they would. Assuming the interviews that I conducted all display an accurate depiction of the mindset of my target market population, no one is satisfied with the current solutions available, which is good for my company.
• Potential customers: Drivers between the ages of 15 and 70 who have smart phones and desire to be safer behind the wheel of their vehicle. Additionally, parents with teenage children who drive fall into my target market population.
• Innovation:
• For individuals with a desire to be safer while driving, I will make my app available through both the Apple app store and the Android app store. It will be easily accessible for them and the download process should require very minimal involvement. The price will ranger from $0.99 and $4.99 depending on the research
• For businesses with a larger budget, I would like to try and license my product out to them. This will lead to the technology being placed on every phone as soon as it is activated by the customer, which will insure that my technology is in their hands and saving more lives.
• Initial profits with so many drivers across the United States I think the initial profits have a good chance of being high early on in the process. This will most likely be due to the innovation of the product and the lack of competitors in the market.
• Venture Concept: 
• Individuals will buy my product if they are concerned for their safety or the safety of others. I would say that most people are to some extent. They will be able to purchase the app right on their phone so it should be pretty easy to do.
• Businesses will buy my product to because of the desire to market the latest and greatest technology to their customers. Additionally, the fact that this product can keep their customers safer than the competitors product should be a marketing strategy that will work in my favor.
• I think the term “Switch” is a useful in my situation due to the fact that there is not really a commonly used alternative that is currently available.
• Besides the customers putting their phone on a do not disturb setting while driving there is not really another major competitor to my product. I do not regard the do not disturb setting as a major competitor or threat because it is quite inconvenient and requires a lot on the customer each time they get in the car.
• Price points: Price point is somewhat important to this product. For an app the price of $1 or $5 is a very minute change and still is very cheap in the grand scheme of things. I believe that customers would be willing to pay at either price point.
• Customer Service: For almost any company quality customer service is essential. Providing the customer with a quality experience is what will keep them coming back time and time again.
• Location: Since this product is a software product it does not have a physical but rather a virtual location, which would be the app store.
• Packaging:  The visual experience and user friendliness are the two things that are the most important for my "packaging."
• Employees:  I’m estimating that my company will start with around 5-10 employees.

• Software creators
• Marketing specialists
• Customer service representatives
• Salesmen
• CEO

• Unfair advantage: My unfair advantage is my companies lack of competitors because our product will be the first of its kind to hit the market. This will be essential for us to kickstart the safety trend but also to build brand recognition that should help to keep us at the top.
• What’s next: The next step in the process would be to meet with the software creators and let them begin the initial stages of development for the product.
• For Me: I would love to begin of the networking, marketing, and hyping up of the product. Creating buzz around the product and meeting the right people will help to get this business started.

23A - Your Venture's Unfair Advantage

23A - Your Venture's Unfair Advantage

1. Financial Capital: Money that has been generated from previous entrepreneurship experiences will be able to be spent on my current product
• Valuable: This is very valuable because I will need money to invest into the creation of the product.
• Rare: It is not too rare to have money saved up, however, it is nice that I have enough money built up that I will not have to take out a loan.
• Inimitable: Yes because anybody can have financial capital if they desire.
• Non-substitutable: Eventually the sales of my product will help to replenish the money spent initially.
2. Uniqueness of the Venture/Lack of Competitors: There currently is no product such as the one that I am creating so there is a big lack of competitors.
• Valuable: This is extremely valuable as there is no competition to take away customers.
• Rare: Often times it is rare to not have any competitors, but if you are the first to create a product there will be minimal to no competitors at the beginning.
• Inimitable: Yes it is inimitable unless I can secure a patient.
• Non-substitutable: At the moment no.
3. Social Capital: The relationship that I have with software creators will be able to help me create the product efficiently and effectively.
• Valuable: Yes this relationship and their experience in the field is valuable.
• Rare: Their skill is not all too rare, but the close relationship that I have with them is quite rare.
• Inimitable: This most likely cannot be imitated.
• Non-substitutable: This cannot be substituted.
4. Human Capital: My ability to lead and manage other people.
• Valuable: I think this is valuable because being able to get the most out of somebody can help a company immensely.
• Rare: This is not rare as there are plenty of people who have this skill.
• Inimitable: This could be imitated. The desire to do it for this company is something that may be hard to imitate.
• Non-substitutable: Nothing substitutes the power of a driven leader.
5. Human Capital: Those closest to me have a lot of experience as problem solvers and businessmen so being able to call upon them for advice will be good for me.
• Valuable: By having valuable people in your close circle this is very valuable.
• Rare: Yes and no it depends on your personal network that has been developed.
• Inimitable: This relationships are not able to be imitated.
• Non-substitutable: This could be substituted by another people who have experience in the business world.
6. Support of Current Organizations: Relationships that I have developed with people at Verizon and T-Mobile
• Valuable: This is valuable because I can get the support of of people who can help me to reach my companies end goal quicker.
• Rare: Yes this is quite rare.
• Inimitable: Potentially but the likelihood of this is quite minimal.
• Non-substitutable: I do not see how this could be substituted.
7. Publicity: The attention give to distracted driving nowadays will help to work in my favor.
• Valuable: Media attention is very valuable because it can help your product to meet the masses quickly.
• Rare: In todays day and age media attention is not nearly as rare as it used to be.
• Inimitable: Yes because the media reports of many different things each day.
• Non-substitutable: There is no substitute for media attention.
8. Social Capital: A strong social media following with followers who are invested in you and the products that you are selling is extremely good to have.
• Valuable: Yes having an audience that will most likely support you through purchasing a product that you indorse is valuable.
• Rare: No this is not too rare as many companies have a large social media following.
• Inimitable: This is not all to hard to imitate as there is basically an unwritten formula to help grow your social media following that many have seemed to figure out.
• Non-substitutable: This is non-substitutable.
9. Social Capital: Relationships that have been developed through previously conducted interviews.
• Valuable: Yes because it has helped me to expand my network.
• Rare: This is not rare but the people that I have met can prove to be rare.
• Inimitable: This could be imitated by who has access to expanding their network.
• Non-substitutable: These people are not substitutable.
10. Human Capital: The business educational background that I am developing.
• Valuable: Yes the knowledge learned at school is very valuable.
• Rare: Yes and no. A lot of people can get a college degree but there are very few who utilize it to the total extent.
• Inimitable: A lot of people can get a degree such as the one that I am working towards.
• Non-substitutable: Yes most schools have business programs.

Upon the competition of the VRIN analysis of my resources I have been to see all the positive things that I have going for my company. While it is hard to choose just one resource out of the ten, I would have to say that I think the best one has to be the uniqueness of my venture. The lack of competitors in the market is something that I think will strongly help my company to get started quicker and achieve success sooner. This is ultimately what I believe to be my company's unfair advantage.