Venture Concept No. 1

The opportunity I have chosen is the transportation of college students.  There is a very big need for transportation for college students.  This need increases when it is time for them to go home for the holidays.  They are my potential customers.  The reason that this opportunity exists is because many students do not bring their car up to college.  As of now, college students are satisfying their need of transportation by taking buses.  However, they are not that loyal to that system.  This is a big opportunity, and I believe that the window of opportunity will be open for quite a long time.

My idea is a phone application called Ride.  This app would be somewhat similar to Uber.  When college students need to go home for the holidays, they would be able to request a ride from another student that is also going to the same city.  The students that are willing to offer the rides will be compensated.  It is different than Uber because Uber is only used for short trips.  My app would be used for trips that are at least an hour long.  Some trips could even be 10 hours long.

Customers will switch to this new product because it will be easier and cheaper than other options.  My competitors would be the buses.  However, their weakness is that bus trips can take a long time.  The only employees my venture would consist of are the people giving rides.

My most important resource would be the number of college students that want to make money by giving rides.  The thing that is next for my venture would be providing more and more rides for people around the country.  In the next decade, I want to be a successful entrepreneur that has created all kinds of innovations that can help people.

My Unfair Advantage

1.  I have connections.  It is very valuable and almost necessary to have connections.  It is not that rare, because many people have them.  It is also very imitable.  There are not really other resources that provide the same benefits as connections.
2.  My education is another resource.  It is very valuable.  It not rare, because most people go to school.  It is very imitable.  However, there are not other resources that would provide me the same benefits.
3.  The amount of money I have is another one of my resources.  Money is very valuable, rare, non-imitable, and non-substitutable.
4.  My patience is another resource.  Patience is very valuable.  Sometimes it can be rare and non-imitable.  It could be substituted by other personality traits.
5.  My computer skills are a resource.  They are valuable because of the increasing innovations in technology.  These skills are not that rare because today's generation is always using the computer.  It is imitable, but cannot be substituted.
6.  My public speaking skills are another resource.  These are valuable if one must make speeches.  I think that they are extremely valuable and non-imitable.  They can probably be substituted if one does not have to make many speeches.
7.  My confidence is another resource.  This is not as valuable as my other resources.  It is also not rare.  It is imitable and substitutable.
8.  I am also very responsible.  This is extremely valuable.  However, I would not say that it is rare.  It is imitable and substitutable.
9.  I would say that my perseverance is valuable, rare, imitable, and non-substitutable.
10.  Finally, my honesty is a valuable resource.  It may be rare.  It is also imitable and substitutable.

My most important resource is my education.  Even though it is not that rare, I still think that it is extremely valuable.  I will be able to learn so much through school.

Week 10 Reading Reflection

The biggest surprise to me in this reading was the John Wheatman expense and operating budgeting example.  It surprised me that repairs are labeled as relatively stable and a fixed expense.

It confused me when the author said that the cash flow statement is also know as "the statement of cashflows".  They basically sound like the same exact thing.

I would ask the author what is the best way to discontinue a relationship with an unprofitable customer.  I would ask him this because in business, there are many time when you must cut loose ends.  I would also ask the author for some more tactics to use for good cash flows in a declining economy.  I would ask him this because it would be helpful to know when the economy starts to decline.

I did not disagree with anything the author had to say in this reading.

Growing My Social Capital

I contacted a domain expert in my industry by email.  The favor that they did for me was giving me a lot of helpful advice for the future.  Including this person in my network will enhance my ability to exploit an opportunity because they have a lot of experience in this field.

I also contacted an expert in my market.  This person filled this spot because they know a lot about conducting customer research in my area.  I also contacted this person through email.  They helped shed a lot of light on the mechanics of the industry.

Finally, I talked to an important supplier in my industry.  Once again, I contacted this person through email.  They filled this spot because he sells products and services to other organizations is my industry.  The favor he did for me was tell me about his job, so I could have a better understanding of the industry.

As I reflect on this assignment, I believe that this was one of the more difficult assignments we have had this semester.  However, I think that this assignment was very beneficial.  This experience will shape how I participate in future networking events.  This experience also differed from networking experiences I've had in the past because I have never taken it as seriously as this.

Elevator Pitch No. 3

I think my elevator pitches have gotten better each time.  Therefore, I think this was my best one yet.  I received a lot of comments saying how similar my idea was to Uber and Lyft.  In this video, I tried to explain why my idea is different.  I also received a comment saying that I should try to dress more professional.  In this video, I am wearing a polo, whereas in the last one, I was wearing a t-shirt.

My Secret Sauce

Five things that make me unique:
1. My patience
2. My understanding
3. My willingness to learn
4. My ability to pick things up quickly
5. My organization skills

I interviewed five people that know me the best.  They had a lot of nice things to say about me.  They said I was very considerate for everybody else.  They also said I was very organized and perceptive.

There were a lot of similarities between what my friends said about me and what I said about my self.  I think this is because I know myself very well.  I think my interviewees were correct about me.  I would not make any corrections to the list I made.  However, I would add some things that I forgot.

Week 9 Reading Reflection

The biggest surprise to me in the reading was that companies can be so afraid to use certain techniques or tactics to help their overall business.  I understand that sometimes it is hard to venture out and try new things.  However, sometimes we have to take risks to make progress.

The affiliate and advertising models were a bit confusing to me.  They seem very similar.  I feel some companies can fit both models.

I would ask the author how companies like Facebook and Twitter make so much money.  I know that Facebook generates revenue from ads on the website.  However, I know this is only a small portion of the money that they make.  I would also ask him what is the best method of sales forecasting.  I would like to know what the most efficient method is, so I can use it in the future.

Once again, I did not disagree with anything the author had to say.  I have not disagreed with anything the author had to say since Week 1.

Idea Napkin No. 2

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.  This is different than Uber, because people do not use Uber for long distance trips because it would be too expensive.  My app would be exclusively for long distances.

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.

All of my comments were about how similar my idea sounded to companies such as Uber and Lyft.  I tried to differentiate my idea from these companies when I described my core competencies.  I explained how my app would only be used for long distance trips.