Week 8 Reading Reflection

The thing that surprised me the most in this chapter was that a company can finance an investment while it is in debt.
The section that confused me was when the author talked about accredited purchasers.  It was hard for me to understand what they were.
I would ask the author if he could better explain accredited purchasers because I would like to understand them better.  I would also ask him how to know what the best method of determining the right avenue of financing to take.  This could help someone in their career.
I agreed with everything the author had to say.  He made a lot of interesting points.

The Twenty Percent

For this assignment, I talked to the owner of a local ice cream parlor.  Unfortunately, he and the customers I interviewed did not feel comfortable having their interviews recorded.
This entrepreneur believed that people have a sweet tooth are their target customers.  Their unmet need is the delicious taste of ice cream.  He said that they do not find their customers, the customers find them.  He also said that he targets all demographics.  The three customers said relatively the same thing as the owner.  This means that this entrepreneur genuinely understands his customers.

Half-way Reflection

I have learned a lot from this class so far.  To keep up with this class, I have made sure to check Canvas everyday, so I do not miss any assignments.  Sometimes I have felt like giving up when assignments started piling up.  However, I stuck with it because I knew this course would be beneficial to me.  I feel like I have developed a tenacious attitude during the past two months.  The experiences that have most contributed to this were the customer interviews.
Three tips I would offer next semesters students are:
1.  Be organized
2.  Stay focused
3. Don't give up

Week 7 Reading Reflection

What surprised me the most in the reading was how one's beliefs are ingrained into even the smallest decision making choices.  I did not know our beliefs could affect us buying bread in the grocery store.
The concept of market segmentation was a bit confusing to me.  The author gave an example of ice cream, but it did not help me understand it that much.
I would ask the author to give me more examples of market segmentation because I would like to understand the concept better.  I would also ask him if it was possible to combine market philosophies.  I think it should be possible because some people would like to use two different philosophies in their lives.
I agreed with everything the author had to say.  Although some things in the chapter confused me, everything that was comprehensible aligned with my beliefs.

Free Money

For this assignment, I will go out in public and approach 5 random strangers that appear to be busy.  I will start the conversation by simply asking them if they would like a dollar.  If they tell me that they are busy, I will not bother them anymore.

Out of the five strangers, 2 took the dollar.  In the first clip, the man did not take the dollar because he was talking on the phone.  The man in the second clip did not ask any questions and simply took the dollar.  Giving away a dollar was harder than I thought it would be.  I think that many people think that $1 is not that much money, or that they just do not want any handouts.

Elevator Pitch No. 2

The feedback I got on my last elevator pitch was very helpful and encouraging.  I got a lot of positive comments on my pitch, so I did not want to change it too much.  However, someone did tell me that I should have made more eye contact with the camera, so that is what I was focusing on in this video.

Week 6 Reading Reflection

The profitability chart really surprised me in this chapter.  There are many industries that are more profitable than I thought they were.  For example, security brokers are considered a more profitable industry than the soft drink company.
It confused me when the author talked about the five forces.  I do not think that they were explained very well.
I would ask the author if he could go into more depth about the five forces because I would like to know more about them.  I would also ask the author why security brokers and dealers are so profitable.  I would like to know this because it could be a career that I would like to pursue.
I did not disagree with anything the author had to say.  The author has a lot of knowledge about this subject, and I believed what he was saying.

Customer Interviews No. 3

My interviewing strategy was to write my business idea on an index card and hand it to five random strangers.  I will then ask them for their opinions on the business and if they think it is a good idea.  I learned a lot from this last round of interviews.  I learned more about how to interact with strangers.  I was surprised that these strangers had so much confidence in my business idea.  I was expecting some of them to say that it was not a good idea.  However, they all encouraged me to pursue this opportunity.  My confidence is a lot higher as a result of these interviews.

Idea Napkin No. 1

I am an entrepreneur.  My skills include talking to customers and coming up with new ideas.  I think that my business can play a huge role in my life.  If it is a success, I could potentially make a whole career out of it.

I am offering my customers a mode of transportation when they need to get a ride home from their college town.

I am offering this to college students around the ages of 18-24.  I will market the idea mainly to those who do not own a car.  However, I will also market the idea to those with a car, because they will be the people giving the rides.

People will pay for this idea because all college students go home for the holidays.  Many of them do not have cars.  This means that they either have to take a bus or try to find a ride with a friend.  This can be very troublesome for some people.  With this system, they will always have a reliable ride for the holidays, and it will be cheaper than a bus ticket.

This idea is very unique.  I do not believe that there is anything like this on the market right now.  I am set apart from my competitors because I will provide cheaper prices.

I believe that all of these elements fit together.  My skills as an entrepreneur can translate to this business idea that I have.  This idea can make students' lives a lot easier.

Week 5 Reading Reflection

What surprised me the most in the reading was how difficult it is to get a patent.  The average time it takes to get a patent is about three years.  I thought that it was a simple process that could be completed within one year.

A part of the reading that was confusing to me was when the author explained the difference between trademarks, copyrights, and patents.  Although they are similar, they are also unique in their own ways.

I would like to ask the author how to know when a partnership should be considered.  I would like to know this because sometimes partnerships can be disadvantageous.  I would also ask the author why there is no cost or risk involved in protecting material that is generated by copyright.  I would ask him this because it seems logical to me that there would be some kind of cost or risk.

I did not disagree with anything the author had to say.  All of the information was clear and comprehensive.  The author really helped me better understand the legal process in our country.

Interviewing Customers No. 2

After my first round of interviews, I decided to stick with the same opportunity.  The opportunity is to help college students find a reliable mode of transportation when they are commuting home.  I tried to talk to people that did not have cars this time.  If an interviewee did own a car, I had to tweak my questions for them.  I would ask the car owners if they would be willing to drive others home in their vehicle.
I learned a lot more about the opportunity this time around.  I am still confident that it can be successful, if it is implemented correctly.  I also now consider myself an expert at interviewing strangers.  These exercises have boosted my confidence tremendously.  I would like to give these three tips to future students doing interviews:
1. Do not be nervous.  Most people are friendly and are more than happy to answers your questions.
2. Step out of your comfort zone by asking questions that you may not usually ask.
3. Have fun with it!  I believe that it is alright to laugh and joke around a bit during the interview.

Elevator Pitch No. 1

The holidays can be a stressful time of the year!  Finding a way home from college can be very frustrating, especially if you do not have a car.  My solution would be to create an app that functions like Uber.  This new app would be called College Mover.  You would be able to get a ride with another student that is going home for a reasonable price.