The Twenty Percent

After talking to the entrepreneur and customers of Gameroom, I think that management has a pretty good understanding of customers' needs. As the manager said in his portion of the above video, sales have increased by 10% in the past 5 years, and he projects that sales will continue to increase. I think very few differences exist between the customer's and entrepreneur's views of the issues customers face. If any differences do exist, it may be because the entrepreneur has not had the same issues experienced first hand, and therefore has not realized that there is a situation that has to be resolved.

Week 8 Reading Reflection

In this week's reading, I was surprised that many entrepreneurs need to use debt and equity financing to fund their ventures. I would imagine that entrepreneurs would prefer to stick to one method of borrowing, although apparently this is not the case. I am surprised/confused at the venture capitalist myth that they do not want control of the business. Without having some level of control of how the company is being run, how can they be completely confident in their investment into the company? I would ask the author whether they think debt or equity financing is better in general for a small start-up company, and if they had any personal experience with either of these methods. Other than the venture capitalist myths, I agreed with the rest of the reading.

Half-Way Reflection

1. Tenaciousness is definitely something you learn as you go through this course. By going out and talking to people, you can become better at expressing your thoughts and ideas, as well as learning how to better interact with people and see how they're thinking and feeling. Some of the behaviors I've developed while being in this class are looking ahead for assignments to see how much work they require, blogging in general, and uploading videos to YouTube.

2. There has been more than one or two moments during this class where I thought I wouldn't be able to complete an assignment. What pulled me through is knowing that once I actually started to do the assignment, it wouldn't end up being so bad. While I don't think I've developed a tenacious attitude, I have made steps towards becoming more outgoing. The experiences that have contributed the most to this have been those assignments where we had to go out and talk to/record people.

3. Three tips I would offer students in this class is to not be afraid to talk to people (I was, and it ended up being fine), give thoughtful feedback to other students because it can make you think more about your own ideas, and to really listen to the feedback you receive from other customers/classmates because they could potentially be your future customers!

Free Money

My strategy: After reading the assignment, I predicted that this would be an extremely uncomfortable situation (which it was). I tried to think of a creative way to give someone money without offending them, and after not being able to come up with anything I came up with the idea of them "doing me a favor". So, I told people that I was trying to improve my karma and that it would make me happy if they were to take the dollar. I tried to approach girls who looked around my age and were either walking somewhere or on the phone. I planned to ask them if they had dropped a dollar, and if they said no to then say "Well it's not mine, do you want it? It'll be my good deed for the day", or something along those lines. I predicted that no one would take the dollar. Two of my encounters are below: 

As you can see, I was unsuccessful in being able to give away the dollar. The rest of my attempts went in a similar fashion. Overall, I think that if I had approached a different way, I may have had more success. On the other hand, I don't think that going up to people on the phone is a good strategy at all. They are already doing one thing, and even "free money" won't change the fact that they are being interrupted during an activity. Reflecting on this exercise, I think that the best way to get a customer's attention is to entice them when they are looking to be enticed. Maybe walking up to people in a mall or other place where people are expecting social interaction would fare better results.

Week 7 Reading Reflection

One of the things that surprised me in this week's reading was that Daniel Yankelovich asserted that non-demographic traits are MORE likely to influence a buyer's decision-making process, as opposed to their demographic traits. I somewhat disagree, and would amend that there are other factors besides demographics to consider, but that they are still the main component of buying patterns. Let's take buying a motorcycle as an example. Sure, the buyer would need to like the bike and maybe prefer it over other modes of transportation (non-demographic traits), but they would not even consider it if they were not old enough to ride one or have enough money to purchase it (demographic traits). I'd probably ask the author if he still felt this way about product patterns. He made that assertion in 1964, and as things have gotten more expensive I would be interested to see if he believes the focus has shifted to demographic traits. Besides that one section, I followed along with the rest of the reading.

Elevator Pitch No. 2

I really tried to incorporate the feedback from my previous elevator pitch into this one. I tried to be a little more dynamic with my pitch, as well as practice more before actually recording. I agreed with the majority of the feedback I've received so far, and received positive commentary from actual off-campus students saying that they would be interested in this idea. Thinking about the customer interviews helped me to think about the practicality and possible setbacks of my idea as well. I think this elevator pitch has improved from the previous one, and I'm looking forward to developing my concept throughout the class.

Week 6 Reading Reflection

In the reading, I was surprised that when the five forces that shape industry competition are strong, there is actually little profit to be made in that area of industry. Upon further thought, this makes more sense, but it was initially confusing. For example, in the airline industry where there are so many other options, strong threats of new entry into the market, and where suppliers have a high bargaining power, airline companies can see a low return. In industries where these forces are less strong, like software or cell phones, companies stand to make a higher profit. I agree with most of what the author presents here, but would ask him whether the threat of substitutes is really something that can be stopped- especially in America, where capitalism and small business have been cornerstones of our economy. More products enter the market each and every day, which could both help and hurt other businesses.

Customer Interviews No. 3

My strategy: Like Dr. Pryor's email suggested, I wrote down a short description of the service I am offering (If this is your first visit to my blog, my idea is Mid-Assist (MA), a set of school-sponsored vehicles that will take students from the mid-town to their off-campus dorm/apartment). I plan on asking UF students, primarily those that live off campus, their thoughts and opinions on MA. The questions I ask will be why they feel the way they do, and if they have any suggestions for improvement.

Note: I'm having some technology issues right now, so unfortunately I was unable to record the customer interviews I conducted. However, I have typed out my questions and their responses below.

Customer 1: Benson
What are your initial thoughts?
I think it's a really good idea because it's almost an exact opposite of what SNAP is, which is mostly on campus, so it doesn't necessarily help those that live off campus, so this is a good alternative.
Why do you feel this way?
I am an off-campus student so this would be more helpful for me than SNAP.
Do you have any suggestions for improvement?
There would have to be a way to make sure that people who are reserving a seat in the car are actually UF students. The app should be connected to Gatorlink, so that only UF students can go on. This is also a good idea because the University would be provided with a record of who take the car, which would be good if that information was needed. It could be an electronic alibi for students in case a situation came up where they needed one.

Customer 2: Bailey
What are your initial thoughts?
It's a good idea because besides buses, there's not really a way for people to get home safely. I mean, there's Uber and stuff but that can be expensive. There's definitely a need for it.
Why do you feel this way?
I'm not a frequent mid-town goer, but I remember freshman year when I used to go out and it was really difficult trying to figure out what buses to take or how to get back to my apartment, especially under the influence. It can be really confusing and it can be really dangerous if you don't have a good group of friends surrounding you. I think it would be helpful.
Do you have any suggestions for improvement?
I would suggest checking with places in mid-town to see if they're also busy on Sundays, Mondays and Tuesdays. I also think that since it's through an app, users should have to make an account that comes with a form with their name, address, and an emergency contact. The car should also be able to tell people if something happens with the car so they know that their ride isn't coming any more.

Customer 3: Alec
What are your initial thoughts?
This is a good idea.
Why do you feel this way?
There's been a lot of robberies around campus lately, which could be from people that walk home from mid if it's too late. This would help those people.
Do you have any suggestions for improvement?
Students at UF who are responsible drivers could be allowed to drive the cars and be able to get paid.

Customer 4: Emily
What are your initial thoughts?
I feel that it's a good system. Kids that live off campus should be escorted to their apartments as well as on campus, which SNAP does not do.
Why do you feel this way?
I am an off-campus student and have had to walk home before from the mid-town area.
Do you have any suggestions for improvement?
There should be a phone number in addition to the app to be able to reserve a seat in the car. Also, if any drunk students happen to make a mess in the car (throw up, etc.) they would be liable to pay a fine.

Customer 5: Amanda
What are your initial thoughts?
I think this is a great idea. I go to mid a lot and it's always a hassle trying to get back to my apartment afterwards.
Why do you feel this way?
I live off-campus, so I can't use SNAP to go home after a night out. Having a way to get home that I know is safe and reliable would make the "going out" experience a lot easier to plan.
Do you have any suggestions for improvement?
I have friends that visit UF, so it would be nice if the cars could also take non-UF students home. Also, it would be nice if the cars could be booked for a certain time. When I lived on campus and had to use SNAP, it always took such a long time and it was annoying to have to wait.

After my third round of interviews (pats self on back) I think I have learned that while my idea is feasible and would solve a need in the market, it has some kinks to work out. I originally had thought of MA as somewhat of a nighttime route, with planned stops at mid and then circulation around certain areas. After talking to customers, I think that MA would work best as a premium service, where UF students will be charged a fee for a certain number of rides, and they will be taken directly to their dorm/apartment (non-UF students would need to pay for each individual ride, and would need to be accompanied by a current UF student). The rides would be booked through an app that will be connected to students' Gatorlink accounts. The car would offer students complimentary water, and have some snacks available for purchase.

Idea Napkin No. 1

1. Me: As it relates to my future service, I am a student at the University of Florida who drives a car and someone who becomes extremely irritated when I can't find parking relatively quickly. Transportation issues led me to think of my business idea of Mid-Assist (MA). I have worked in customer service for the past 5 years, and know from those experiences that the customer may not always be right, but they are still the customer. If this business idea were to become a reality, I imagine that it wouldn't play a huge role in my life, but may be a big role in the lives of my fellow Gators. This would be meaningful because it would be really cool to leave behind something that could benefit future Gators.

2. I'm offering a set of school-sponsored vehicles that would be driving students from the mid-town area to their off-campus, respective dorm/apartment on Wednesday-Saturday nights from 10 pm to 3 am. This solves customers' unmet needs because there currently is no school-sponsored vehicles in operation to assist student living off campus. This is a relatively big problem, considering the majority of UF students live off campus. This also could prevent drunk driving and attacks late at night.

3.I'm offering this service to all UF students. The service is free for all  UF students with their Gator 1 cards. The service would not be available to those who do not attend the University of Florida. Attending the university, living off campus and needing a ride home would be something that all of my customers would have in common.

4. Customers would use my service because everyone wants to get home safely after going out for the night. MA (Mid-Assist) provides students with an alternative to walking home in the dark, walking to campus to wait for a SNAP van, or looking for an Uber or taxi.

5. I think what would set my business apart from other driving options, like SNAP, is the fact that is catered to the mid-town area. SNAP vehicles take such a ling time because they are ferrying students all over campus. By only picking people up from one location, the drives should be faster, thus making the cars available to more students.

After writing down these bullet points, I am more confident that my idea is a good one. I think the parts mesh together nicely, and that if this business were to become a reality it would be able to benefit a lot of students. I believe most aspects of the business are connected to the others', and that it makes sense as a whole. The one thing I would have to be sure of is that students know that this service is primarily for off-campus students.

Week 5 Reading Reflection

The biggest surprise in this week's reading was how many of the common pitfalls encountered in selecting new ventures seem to be common sense. For example, the book says that two main issues people run into are ignorance of legal issues and lack of venture uniqueness. When starting a business, one would think that making sure their product is unique and, of course, legal, would be of top priority. However, there are so many facets of starting a venture that I suppose some things can fall to the wayside. I was confused when the book talked about growth patterns in the start-up phase of a new venture, since I don't understand how entrepreneurs can predict how many of their product will sell at a certain time. I would ask the author which approach they would recommend for starting a venture: the feasibility criteria approach or the technical feasibility approach. I would also ask why they would choose that specific approach, and I would ask to gain further insight into those two topics. I agreed with what the author said for this week's reading.

Interviewing Customers No. 2

1. This round of interviews went a lot better than the last ones (in my humble opinion)! When I first interviewed potential customers, I asked them whether their parking needs were being met. I have fine tuned this opportunity to transportation in general, specifically when coming home from a late night out. My elevator pitch highlights the idea of Mid-Assist, or "MA", which is a school-sponsored set of vehicles that will take students home from midtown to their dorm/apartment.

2. The "who" of the interviews was pretty general. My questions required students who have been to midtown, which all of the interviewees had been, some of which frequenting the area at least once a week. The people chosen to be interviewed this round worked out better, since every person interviewed could use the potential service.

3. My interview questions asked were very different from the first set of customer interviews. I completely changed my opportunity based on my elevator pitch, allowing me to ask more specific questions. In my first interviews, I talked about how UF does not offer enough parking options for their students/faculty. While this may be true, offering a set of vehicles to take students to where they need to go is a much more plausible feat.

4. Interviews: Video posted above!

5. I think this opportunity will be a lot more plausible to implement, and could potentially help a greater percentage of students than my first opportunity.

6. Interviews are still a challenge! I think it will always be a little uncomfortable asking to interview/record people. However, practice makes perfect, and I hope to improve as time goes on. Three tips I would offer to future students would be to find a group of people to interview rather than one person so they can feed off of each others' responses, try to find someone to film it for you so that it's not just you holding a camera in someone's face, and to try not to be discouraged when someone doesn't agree with your idea.

Elevator Pitch No. 1

The opportunity I am choosing to pursue is transportation. Specifically, the lack of transportation for students in midtown trying to get safely home. My idea is "Mid-Assist", a set of school-sponsored cars that would transport students from the midtown area to their on/off campus dorm or apartment. I think this fulfills an unmet need because the current school-sponsored vehicles, SNAP, only operate on the UF campus. This doesn't benefit the large majority of UF students who live off campus or students at midtown who would be forced to walk home at unsafe times of the night. By adding this type of service to what UF already has, the school would be able to help more students get home safely.