Week 11 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?

The most surprising thing to me was looking at the innovation timeline. It puts into perspective how far we have come in technology improvement. Going from Edison's fragile glass light bulbs to now we have Gorilla break-resistant glass, it makes me wonder what magnificent products we will have in the near future.

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

The innovation landscape map could have used more of a focus and expanded more than just a 2x2 box.

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

What industry in your opinion, needs innovation the least?
Is innovation the solution to any business falling behind in the market or is there a point of no return?

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

I didn't disagree with any statements

The Amazon Whisperer

For this assignment, I decided to completely deviate away from my idea of Lit-Ville, essentially a theme park similar to Fun Spot in the city of Gainesville. I thought it would be too difficult to try to incorporate a new "product" within my business type.

1. Current revenue drivers: Admission tickets, season pass sales, concession sales

2. New product: My new product(s) are rechargeable battery packs that you can purchase for your Xbox One, PS4 and Wii U controllers. What makes this product different is that it will utilize Qi wireless charging technology.

3. This product will completely revolutionize the gaming rechargeable battery industry. Consumers individually go through dozens of AA batteries trying to supply their power hungry gaming controllers. To mitigate that usage, companies have offered rechargeable battery packs, however, most require taking the batteries out and charging them separately or plugging the controller in order to charge the batteries. My product will truly make the experience, wireless, consumers will simply place their controller on the wireless Qi charging pad to bring juice back into the batteries.

4.  Currently few electronic devices use this technology namely Andriod products such as this one

http://amzn.com/B01ALCG1M2

5. Reviews: Currently the listed device has 3.7/5 stars on Amazon. Customers appreciated the level of quality of the product, including its packaging as well. Customers also liked how the product did not get hot after constant use, which is definitely an issue for other rechargeable battery apparatuses. It also supports quick charge, which helps out those on the run. Others have mentioned that this does not work with phones that have thick cases and was missing accessories.

6. Changes: I would ensure that my product would have room to comfortably fit two controllers at once. I would also check to ensure that the current is strong enough to charge the controllers in normal circumstances.

7. Its quite a far off product than my business concept of Lit-Ville but if that business venture doesn't work, I can focus my efforts on Qi charging!

Week 10 Reading Reflection

1. I was surprised to see how in depth budgeting entails
2. As a finance major, this assignment was not confusing.
3. Questions: how many businesses normally employ the services of financial advisors
4. I do not disagree

Growing My Social Capital

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) One person must be a domain expert in your industry

1. McLane Edwards, he is a political science major but he has many interests and experiences with entertainment industry and parks

2. Domain expert

3. We met while on a conference in DC

4. We were speaking about our interests and I brought up my business idea. He said we would love to provide his input in exchange for season passes

5. McLane knows what works and what doesn't work in an entertainment park. He will help ensure that I do not waste capital on failed projects.

2) One person must be an expert on your market. 

1. Avi Snyder, he wants to be a lawyer and a preview staffer but he has experiences in marketing

2. Market expert

3. We met in line at a Starbucks 

4. We ordered the same drink and laughed about it. Then we got talking and spoke about LitVille

5. Avi knows the target market well of LitVille, the FunSpot of Gainesville, since he is the target market. 

3) One person must be an important supplier to your industry. 

1. Avery Smith, started getting into the entertainment supply industry, balloon provider for 5-6 years. Now expanded more clown materials like make up and stilts, after that he got into Ferris wheels, toys, rubber duckies, wheels for gears

2. Supplier

3. I came to one of his fairs, doing a clowning job on the side and Avery was an established contact ever since 

4. I complained about the quality of his fake flower but then he told me I was using it wrong. We had a brief tussle but we got over it to talk about business ventures.

5. His expertise. No one has the variety that Avery has

Finally: Reflect. This experience showed me how you can never really take a break from working to be successful. You will never know where you will meet the people that matter to you the most in life! I had a tough time thinking of all the places where I could have met each respective expert. If I had networked more, I may have had an easier time finding who I need!

Elevator Pitch No. 3

1. The Pitch

2. Reflection

Most of the comments I received on my last elevator pitch were very positive.
Except for one comment, which said the following,

Hey Kevin, I really like your idea but I think that because this was your first time doing this elevator pitch you could work on the confidence and delivery a little bit.

At first I was taken aback. Why did he say that? Was he in a bad mood? Was he one of the few that deviated from the normal ENT comments that consist of "wow, great idea, I totally agree, you are awesome"? Was he pulling my leg?

I watched the video again and I just wrote off his comment. It made me laugh, and also think a bit.

3. What did I change?

Nada, I'll block out my haters.

Week 9 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? 

What stood out to me was the section talking about market research. In large, there is no one way to correctly carry out effective market research because every business and demographic is different. I liked how the author clarified the topic. 

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

This chapter is written pretty clearly and straightforward. Nothing was too confusing since I was familiar with most of the concepts. 

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

I would ask the author about the various methods of market research. What did he find to be the most effective forms of market research and how he's able to discern which works better than the other. 

My Secret Sauce (Sounds Dirty)

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

• My desire to connect with people socially
• Solve issues creatively and pragmatically
• Able to perform under pressure
• Caring for others well-being
• Cleaning after myself and others

2) Interview the five people who know you the best. Ask them what they think makes you different -- remember, focus on your knowledge, skills, abilities, emotions -- in other words, your human capital. Try to stay away from discussing your other types of capital (such as who you know). Record each interview. In your blog post, please post each interview, as well as a two-three sentence summary of each interview, explaining what your key takeaways are.

So here I interview my mom, who was all the way back home in South Florida but I thought she was definitely one of the people that knew me the best. It was so funny interacting with her when I told her I had to record the interview and post it on my blog but over all she said that I was smart, good with numbers, I care about other people, great people skills, and I'm able to take risks. I'm glad my mom is still my #1 fan. 

Here is an interview with my roommate David. He said that I was reliable, always willing to lend a hand and some thoughts whenever he has questions about classes or life. Glad to have him as my roommate. 

Here's my bud Jaewon. He kept it short but essentially he said that I am skilled in connecting with others and putting people at ease. 

Yen here was funny. She messed up the first part so if you are short on time, skip to 0:45. She also said that I am able to connect well with others and put people at ease I but she said I'm able to think in high pressure situations, I'm articulate, I'm a great leader and have a great sense of humor. Thanks for inflating my ego.

3) Reflect on the differences. How do you see yourself, and how do others see you? Are there differences in how you assess yourself compared to others? What do you think causes these differences? Do you think your interviewees are correct about you? Finally, going back to your list from part 1, would you make any corrections to the list? How?

I think there are a lot of similarities from what my interviewees said and what I think about myself, especially about my people skills and how I want to connect with people. Some thing I hadn't really considered was my sense of humor and how I take risks. Now thinking about it, I do YOLO it up sometimes. No one commented how I clean, so I guess I'm not that clean.

Idea Napkin No. 2

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.

6) Feedback memo

• Do not clash with other Gainesville businesses that offer the same attractions, i.e. Skatestation
• Obtaining capital will be challenging
• How Lit-Ville can give back to the local community