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.