Week 14 Reading Reflection

What surprised me the most in the reading was how much environmental awareness goes into social enterprise planning.  I did not know that people were so eco-friendly.  It is nice to see people trying to sustain the planet.
The most confusing thing about this reading was the graph that was titled "Classifying decisions using a conceptual framework".  I understood what the graph was portraying, but it was a bit hard to read.
I would ask the author what are the best rewards/reinforcements to use.  This is important to know because rewards and reinforcements can influence employees to work efficiently and effectively.  I would also ask the author what he thinks about what 3M is doing.  I would like his opinion, because I know many people have mixed opinions about the matter.
I did not disagree with anything the author had to say in the reading.

Google Gold

I never really had a strategy for search engine optimization.  My goal for each post was to answer all of the questions fully.  I chose keywords that related to the topic I was writing about.  I used keywords such as "entrepreneurship" and "business venture".  I tried sticking with these keywords throughout the semester.  I did not share any of my blog posts on social media.  I did not want to bring too much attention to myself.  I also feel like many of my posts would have been ignored on social media.  My most viral post that received the most traffic was Customer Interviews No. 1.  This was my first time interviewing strangers.  I think people were curious to see how my interviews would turn out.  I never made it to the first made of google results.  However, I did make it to the second page a few times.

Very Short Interview, Part 2

I have changed a lot since the beginning of the semester.  I have also changed a lot since my first interview with an entrepreneur.  I know a lot more about what it means to be an entrepreneur.  I have also learned what an entrepreneurship course will teach you.

I have interviewed Veronica again.  Unfortunately, she is traveling right now, so I had to conduct the interview over the phone.  These are some of the questions I asked:

Me:  What is a good way to expand your business?

Veronica:  A good way to expand your business would be to reach out to more potential customers.

Me:  How do I reach out to these potential customers?

Veronica:  Business cards, flyers, word of mouth, etc.

Me:  Have you thought about your exit strategy yet?

Veronica:  I have.  I plan on staying with the business until I retire.

I have come a long way thanks to this class.  I know what it means to be an entrepreneur, and I am comfortable talking about the topic.  This interview was a lot easier for me than the first one.  Veronica even told me that I have come a long way in response to my questions.

Week 13 Reading Reflection

The thing that surprised me the most in the chapter was the extra earning figure.  I had never heard about this before.  One can use it to estimate the value of items that we cannot physically grasp.

The pricing formula confused me.  There were so many steps to it.  It was hard to keep track of them all.

I would ask the author to better explain the pricing formula, so that I can have a better understanding of it.  I would also ask him what method he uses to analyze a business.  I would ask him this because I would like to use that same method.

I did not disagree with anything the author had to say.  Everything was explained thoroughly. 

Celebrating Failure

I have failed in this semester when I have forgotten to complete the assignments that were due.  This has happened to me a couple of times this semester.  These failures have helped me in the future.  I am now much better at remembering due dates.  I am a lot more organized now.
Failing is not easy.  However, it is a part of life.  We need it.  As humans, we learn from our mistakes.  I usually handle failure well because I know that I am getting stronger from it.  This class has taught me how to take risks.  I am definitely more likely to take risks now than I was four months ago.

My Exit Strategy

1.  My exit strategy would be to sell the business when I am offered an amount of money that I deem fit for it.
2.  I have chosen this particular exit strategy because I do not wish to stay with this venture for the rest of my life.  I rather create new ventures.
3.  I do not think my exit strategy influenced my other decisions for this concept.  I haven't thought about my exit strategy until today.  I still want to grow my business as much as possible and see it be successful.

What's Next

Existing Market:
What is next for my business?  That is a very good question.  In the future, I would like to continue providing the same service that I am currently providing.  However, I would like to expand it to reach a larger amount of customers.

Setting a path for the future is not easy.  It takes many hours of planning.  I would like to expand my venture and grow in my existing market.  To do this, I will have to reach out to more kinds of customers.  I can do this by marketing my business differently.  I will advertise a lot more so more people will be able to hear about the idea.  I will also make available to everyone.

New Market:
As of right now, my business venture is for college students only.  However, I can create a radically new market by making it for everyone.  This new idea will create value for others because they can use my idea to travel long distances by car for a reasonable price.

I have learned a lot about this new market by interviewing people about it.  It sounds like it could be a better idea than my original idea.  It surprised me that so many people were willing to try it out.  I got a lot of positive feedback on the idea.  I did not expect these kinds of reactions.  If I go through with this venture, I would like to try to pursue this new market rather than my original market.