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.