The Twenty Percent

1) Find a business owner and talk to them about their customers. Who do they think their target customers are? What are their customers' unmet needs? Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume? Etc.

For this assignment, I interviewed Nam Diep of Lollicup. Lollicup is a boba tea cafe business located on 34th street near the Kangaroo. They have various flavors of tea and is a prominent study location. Nam said that his target customers are those who like to drink boba tea, find a place to hangout and socialize, and study. For awhile, Lollicup was the one of the few businesses dedicated to selling boba tea in Gainesville. He relies on two major forms to find his target market. He advertises in coupon books and sponsors many local events. However, one major way he finds most of new customers from, which he doesn't have direct control of is word-of-mouth. He finds that mostly college students, Asian American, and travel in groups for his main demographics. He also finds that his demographics frequent Facebook and Instagram.

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.

3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.

I felt that Nam's analysis of his 20% is spot on. Knowing that he has been a business owner for over a decade, sticking to his tried and true formula, he has narrowed down where his sweet spot is. Nam is a true entrepreneur, he truly engages his customers and make a relationship with them. He is an ardent supporter of local events be believes in giving back to the community. I wish him much success in the future when we have small business owners like him being the backbone to successful communities. 

Week 8 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? 

I was most surprised when reading about Chief Marketing Officers. The textbook presented them in such a way that they operate with disregard to the company's  strategic goals and values.

2) Identify at least one part of the reading that was confusing to you.
Psychographic types and demographics. I did not previously know that psychographic types were considered in segmentation and thought it was chiefly about demographics.

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

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

I disagree with what I mentioned in point 1. CMO's can't possible operate with such lack of regard of their company's policies and goals. I believe there are numerous businesses who have CMO's who are well aware of the company's values and adjust their actions correctly. 

Half way Reflection

Webster defines "tenacious" as "not easily stopped or pulled apart" or "very determined to do something." One of entrepreneurs' most important competencies are their tenaciousness. They persevere, despite all odds, despite waves of negative feedback, and despite failure and rejection.

1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

After being halfway through the class, I can definitely see why tanaciousness is one of the most important competencies for an entrepreneur to have. Persevering through the challenges that these assignments task us to do, in order to be successful. I've felt the negative feedback that I've received from peers in order to better myself so that the negative feedback would dwindle. 

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

I remember the first interviewing 5 customers assignment. I was so terrified of approaching strangers and to engage in something they may find so strange. The first two people I asked, immediately brushed me off. I felt dejected, like I should just take the 0 on this assignment. However, I had to face my fears in order to succeed in this class. That is when my tenaciousness grew within me. Before I knew it, I had my first interview, then my second, third, and I was finally finished. I grew more confident and saw the fruits of facing your fears. 

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?

1. You will step out of your comfort zone, expect it.

2. People are nicer than you think.

3. You will never know when you will find opportunity. 

Week 7 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? 

I was most surprised when reading about Chief Marketing Officers. The textbook presented them in such a way that they operate with disregard to the company's  strategic goals and values.

2) Identify at least one part of the reading that was confusing to you.
Psychographic types and demographics. I did not previously know that psychographic types were considered in segmentation and thought it was chiefly about demographics.

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

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

I disagree with what I mentioned in point 1. CMO's can't possible operate with such lack of regard of their company's policies and goals. I believe there are numerous businesses who have CMO's who are well aware of the company's values and adjust their actions correctly. 

Free Money

Strategy

• Where will you go? Reitz Union
• What kind of people will you approach? People who are by themselves and look like they aren't doing anything important.
• What will you say to get the conversation started? "Hey I just won the lottery and I'm giving away money."
• What is your plan for the conversation? I'll approach people and shove money into their hands.
• Out of five attempts, how many dollar bills do you think you will be able to give away. 
• 5 out of 5

Reflection

I think what made my approach so successful was the "genuine reason". Saying winning the lottery is a quick reason for people to accept your generous donation. At first I didn't understand the point of the assignment. However, thinking about it more. I realized that this assignment was testing your ability to be an entrepreneur and have people "buy" into what you are selling to them. Overall I thought the assignment was fun and I hope Pryor reimburses me $5.

Elevator Pitch Pt. 2,

1. Opportunity 


Gainesville is a destination where they aim for the work, live, play lifestyle. However, Gainesville is lacking in the play department.

2. Solution

A business concept I have for the city of Gainesville, FL is an all in one entertainment park called Lit-Ville. Mini golf, go karts, trampoline arena, ferris wheel, human slingshots, indoor laser tag, it's going to be super lit. Similar to the Fun Spot in Orlando, FL,  locals and tourists will be able to visit to get away from the day-to-day Gainesville routine of movie nights, shopping, and drinking. Now, residents in Gainesville can no longer say, “there’s nothing to do in Gainesville” because this gives an avenue for students, kids and adults to come relieve stress and release their inner wild side.

3. Reflection and improvement

This is my first time doing the elevator pitch as I did not do that last assignment.

Customer Interviews No. 3

"A business concept I have for the city of Gainesville, FL is an all in one entertainment park called Lit-Ville. Mini golf, go karts, trampoline arena, ferris wheel, human slingshots, indoor laser tag, it's going to be super lit. Similar to the Fun Spot in Orlando, FL,  locals and tourists will be able to visit to get away from the day-to-day Gainesville routine of movie nights, shopping, and drinking. Now, residents in Gainesville can no longer say, “there’s nothing to do in Gainesville” because this gives an avenue for students, kids and adults to come relieve stress and release their inner wild side."


1) Describe your interviewing strategy. What questions do you intend on asking? Who are you going to ask? And so on.

    1. What is your reaction?
    2. If this were to exist in Gainesville, would you go?
    3. What would be the largest factor in why you may not go?
    4. How much would you pay for such an attraction?

2) Conduct the interviews. As always, 5 interviews, video recorded.

3) Reflect on what you learned. What did you learn from the interviews? What surprised you the most? What do you expect to change as an outcome of these interviews?

These interviews give something very valuable as an entrepreneur, a business person, and a human being, they gave me perspective. Sometimes it's very easy to miss the little, or even the big things when you tackle things by yourself. However with the aid of others, you can get closer to success. This shows how important collaboration and team work is. 

Idea Napkin No. 1

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a third year finance major who has a love for couponing and people. Throughout life, I have been blessed to been able to be exposed to entrepreneurs at a young age. With my parents opening more than a dozen nail shops in their travels, I found a way to learn more about the business world. Interacting with people and aiming to make them happy or offer something that no one else can is something I aim to do. My business, and entertainment facility will give students and local Gainesville residents a business that they didn't even know they needed.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

An all in one entertainment park. Mini golf, go karts, trampoline arena, Ferris wheel, human slingshots, indoor laser tag, it's going to be lit. Students can definitely understand that the city of Gainesville can be quite boring, with nothing seemingly to do for those who can't partake in social drinking. This gives an avenue for students, kids parties and adults to come relieve some stress.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am aiming at an audience that includes children and adults ranging from 5 to 30. This will be a destination for group parties an a place for stressed students to relieve their worries with fun, physical activity, first of its kind in Gainesville. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Customers need this service because it adds to the entertainment mixture that exists in Gainesville. Those in the college environment can only drink, karaoke, go to the movies, shop , and drink before it becomes boring. 

5) What are your core competencies?

What sets me apart? I am adding what Gainesville needs in a work, love, play environment. Play is an essential mix to the triangle and will help Gainesville retain graduates in order for the city to become more urbanized.

This idea is a proven concept that exists in major cities, such as Orlando. Gainesville is moving towards a higher level of urbanization, and in conjunction with the new Celebration Pointe, Gainesville will become a new tourist destination for those all around the country. I think the capital to start and maintain such a venture will prove to be extremely challenging, especially if visitors are injured on site. However it's a golden opportunity where if I don't act on it, I'm sure another entrepreneur will pounce on the idea.

Customer Interview No.2

1. I did not complete last week's interviewing customers assignment so this time around, this is an all new experience to me!

2. I felt like I interviewed with right people. As residents of Gainesville, we all have a role in its local economy and we have a voice in terms of what we want to see in this community. 

3. Not many tweaks needed to be made since there wasn't a foundation of questions from before. 

4. Interviews

5. I learned quite a bit from this exercise. Locals in Gainesville all have different needs and interests, driving for different preferences in stores. I learned that what I want to see in Gainesville differed from other people's opinions. People also had differing opinions from me about buildings that I want to be renovated and replaced. 

6. When interviewing customers/strangers, it's not about what you say, but more so how you say it. If you exude calm, confidence and comfort, your customers will also replicate your attitude. Also, be adaptable! Conversations will not always go how you think they will go in your mind. Best interviews are more so of a conversation, rather than a list of questions. Build a story and weave your questions all together. You may be nervous at first but put your best foot forward! Fake it until you make it. You'll eventually be comfortable enough with the stranger to continue through with the exercise.