Sunday, March 27, 2016
Week 11 Reading Reflection
I agreed with the majority of this week's reading. I especially agreed when Gary Pisano, the author, stated that "innovation remains a frustrating pursuit...despite massive investments of manager time and money". This makes absolute sense, because (in my humble opinion) no amount of money is going to make someone or a certain idea become innovative. An idea needs to be thought of and cultivated - paying a lot of money to a manager to sit and think of ideas doesn't guarantee success. I don't think that I agree entirely with Pisano's views. While I think that certain business may foster innovation, I don't think that selecting a certain business strategy guarantees innovation. I would probably ask Pisano which business strategy he believes is the most effective for fostering innovation and if he has had any personal experience in operating a business.
Amazon Whisperer
Since the entrepreneurial venture I created is actually a service, I couldn't really pick a "next product" for this assignment. That being said, in keeping with the spirit of the thing the item I chose was a seat cover with a Gator symbol on it (I figured maybe all of the MA cars will have at least one of these to either show school spirit or identify itself from SNAP vans). I've attached a picture of the product below:
Looking at the picture, the seat cover looks like it fits nicely on the car seat, the gator symbol appears prominent and centered, and the material looks like it would be of a high quality. The customer reviews on this product are pretty mixed. In general, customers thought the gator logo was of a high quality, but the rest of the product had something to be desired. Many customers found the item difficult to install, ripping it in the process of installation. Others found the quality of the cover to be lacking, saying it was uncomfortable to sit on.
To fix the issues this product has, I would make the cover have 2 separate pieces instead of one huge piece; I think this will simplify the installation process. I would also make the cover in different skews with different material to better fit different cars. The Amazon Whisperer article discussed that the more variations of a product there are, the more shelf space that product can command. Therefore, offering different material options provides for higher customer satisfaction and (hopefully) a larger portion of the market.
As far as adding this to my service, I don't think I would be selling this to my customers. Rather, it could be something that comes included with MA cars as an identifying piece.
Wednesday, March 23, 2016
My Unfair Advantage
1. As with all imaginary yet very possible ventures, the first resource I'd come up with is myself. I feel that I am a hard-working, dedicated individual who would be committed to making sure this venture would be a success, should it become a reality. And best of all, I'm not imitatable, rare, and non-substitutable :)
2. Human capital - aka the students who would be driving the MA cars. No one knows Gainesville student living situations and locations better than actual UF students, so any possible shortcuts or ways of making trips faster and more efficient would be known by our drivers. This is not necessarily a resource that other companies may possess.
3. Social capital - social media. By being an active user on various platforms of social media such as Twitter, Facebook and Instagram, I have background experience in using social media to push out my service and put it in the public view. Social media can make or break a company, and I feel that already having prior experience with the technology could be very helpful in starting my business.
4. Human capital - the very large student body of UF! By making MA cars available exclusively to UF students through their Gatorlink accounts, it would be easier than ever for a UF student to be able to arrive home safely. Targeting a relatively wide audience in a college town would allow the word-of-mouth method of marketing to work well.
5. Me again - I'm currently a finance major at UF, and before coming here I completed my AA in Accounting at FAU. This gives me a good background in the financial aspects of running a business, which would be very useful not only in the beginning stages of the venture, but throughout its existence.
6. Social capital - my family. My parents have each owned and operated their fair share of entrepreneurial ventures, so being able to have their support would be an advantage for me. They have valuable insight to offer that could help MA flourish in the market.
7. Capabilities - Owning a car. Because I already own my own form of transportation, I would be able to do some field tests to see how far away certain locations are, as well as the best routes for drivers to take when transporting students.
8. Financial capital - money. I do have some money saved from a previous job, which would allow me to kickstart MA. My parents also help to financially support me, so I'm confident that they would support me in my business venture,
9. Social capital - UF itself! The University of Florida has a long, upstanding history including generations of Gators supporting the school. By either having people donate to MA or just spreading the word about it, MA can be on its way to helping more students get home safely.
10. Capabilities - attitude. I am very friendly and persuasive, which are good traits to have when proposing a business idea. Because of the way I've designed MA, before it can really take off it would need to be approved by the school. I would feel confident in organizing a presentation and making my case to those in charge.
I believe my top resource would be me and my personality. My can-do attitude, support system, and personality would all be assets in making MA a reality. I think I would be more important to my venture than the other things because every good idea needs someone to come up with it and guide it into fruition.
2. Human capital - aka the students who would be driving the MA cars. No one knows Gainesville student living situations and locations better than actual UF students, so any possible shortcuts or ways of making trips faster and more efficient would be known by our drivers. This is not necessarily a resource that other companies may possess.
3. Social capital - social media. By being an active user on various platforms of social media such as Twitter, Facebook and Instagram, I have background experience in using social media to push out my service and put it in the public view. Social media can make or break a company, and I feel that already having prior experience with the technology could be very helpful in starting my business.
4. Human capital - the very large student body of UF! By making MA cars available exclusively to UF students through their Gatorlink accounts, it would be easier than ever for a UF student to be able to arrive home safely. Targeting a relatively wide audience in a college town would allow the word-of-mouth method of marketing to work well.
5. Me again - I'm currently a finance major at UF, and before coming here I completed my AA in Accounting at FAU. This gives me a good background in the financial aspects of running a business, which would be very useful not only in the beginning stages of the venture, but throughout its existence.
6. Social capital - my family. My parents have each owned and operated their fair share of entrepreneurial ventures, so being able to have their support would be an advantage for me. They have valuable insight to offer that could help MA flourish in the market.
7. Capabilities - Owning a car. Because I already own my own form of transportation, I would be able to do some field tests to see how far away certain locations are, as well as the best routes for drivers to take when transporting students.
8. Financial capital - money. I do have some money saved from a previous job, which would allow me to kickstart MA. My parents also help to financially support me, so I'm confident that they would support me in my business venture,
9. Social capital - UF itself! The University of Florida has a long, upstanding history including generations of Gators supporting the school. By either having people donate to MA or just spreading the word about it, MA can be on its way to helping more students get home safely.
10. Capabilities - attitude. I am very friendly and persuasive, which are good traits to have when proposing a business idea. Because of the way I've designed MA, before it can really take off it would need to be approved by the school. I would feel confident in organizing a presentation and making my case to those in charge.
I believe my top resource would be me and my personality. My can-do attitude, support system, and personality would all be assets in making MA a reality. I think I would be more important to my venture than the other things because every good idea needs someone to come up with it and guide it into fruition.
Sunday, March 20, 2016
Week 10 Reading Reflection
I enjoyed this week's reading more than the others, as I am already familiar with many of the concepts discussed in this chapter (I spent the first two years of my college career studying accounting). Therefore, there were no huge surprises for me in the reading this week. I would ask the author whether they think it makes more sense to choose a venture with good funding resources, or a venture with a higher possibility of success, but with substantially less funding. I found it interesting how many different aspects there are to consider when it comes to funding a business. Much of the text involved facts and figures that I was previously familiar with, so I agree with what the author says.
Wednesday, March 16, 2016
Elevator Pitch No. 3
I really enjoyed receiving all the feedback I got from my last elevator pitch. There were a lot of insightful comments, leading me to believe that people watched my idea and truly thought it could become a reality. The main aspect I've changed based on the feedback I received is the pricing model. I originally said that the first 3 rides would be free for students, and all additional ride fees would be determined by distance. Then, someone brought to my attention that Uber rides are a lot cheaper than I had thought, putting MA in direct competition with a pretty large competitor. To avoid this, I've decided that students will be offered a semester fee while paying their tuition (somewhere in between $5-$15 depending on location), and after that fee is paid they can have unlimited rides for that semester. Because of this, MA will remain a UF student-exclusive service and is hopefully more cost-friendly to UF students.
Sunday, March 13, 2016
Week 9 Reading Reflection
The biggest surprise for me in the reading was how many of the concepts related to the assignments we were doing in class. For example, when we went out and interviewed potential customers, it was like we were gathering primary data for our concept. Two questioning methods for primary data are surveys and experimentation, which I think we used in developing our business ideas. I would want to ask the author whether they think Internet marketing or in-person marketing (ads, flyers, surveys, etc.) is the most effective, and whether they think one is more effective than the other depending on the type of business being advertised. I wasn't confused by this chapter, and I agreed with the majority of what the author said.
Wednesday, March 9, 2016
Idea Napkin No. 2
1. Me: Like my first idea napkin discussed, I'm still a student who gets easily aggravated about transportation issues I face while attending the University of Florida. These aggravations, along with seeing the huge number of people at midtown while driving back to my dorm, led to my idea of Mid-Assist. As far as skills and experiences go, I have worked in customer service for the past 5 years, so I am familiar with helping customers and handling customer complaints/problems. If this idea were to become a reality, I imagine that I would be happy that I could leave a small legacy behind that would be able to help future Gators.
2. The service I'm offering is a set of school-sponsored vehicles that would take off-campus students from midtown to their respective dorm/apartment, which would operate Wednesday to Saturday from 10 pm to 3 am. The first 3 rides would already be paid for within each student's tuition, but the cost of rides after that will be based on the distance traveled. MA cars will be able to be booked for a specific time in advance, offering the customer a more convenient and worry-free travel experience. I think there's always a need for safe transportation, especially in a college town at night. By offering people an alternative method of getting home safely, MA cars could prevent attacks and drunk driving, making Gainesville a safer place for all.
3. All of my customers will attend UF, as MA cars will only be able to be booked through a student's Gatorlink account. They will also all be coming from the same area, live off campus, and (with some exceptions) be within a few years of age. I would expect that women would be more likely to use this service over men, but can definitely benefit everyone.
4. My customers would pay money to use my service because MA offers students a safe and affordable way of getting home from midtown late at night. By being school-sponsored, students can be assured that they will arrive safely to their destination, as well as not need to worry about less desirable drivers they may encounter. Since the driver will be paid hourly, they may also save money by not needing to tip their driver.
5. I think that MA is unique because it caters to those directly in the midtown area. By only taking students from one location, the MA cars should be able to make their drives shorter and more efficient, allowing other students to then book the car. This is different than SNAP vans, which pick up from multiple locations and caters only on-campus students. SNAP vans also cannot be requested for a certain time. By adding a specific time to be picked up, students will not have to wait in the dark for a ride home.
I think these elements mesh together quite nicely. I was able to make some changes from my original idea based on the feedback I received, and I'm now happier with my concept. I think there are enough unique aspects to interest customers, and that my business idea makes sense for the area that I plan to pursue it in.
Feedback Memo
One of the main comments I received was the question of where the revenue would come from. In my original idea, the rides would be paid for by the school. However, after thinking more about it, I decided that the first 3 rides will be free, and any subsequent rides will be charged based on the distance traveled. The initial 3 rides cost would be added to the tuition (another point addressed in feedback), but would only cost roughly $15 (more research into what percentage of our tuition is going towards SNAP would be helpful). Feedback also helped me to decide that the MA cars would have to be able to be requested for a specific time, otherwise it may be considered too similar to the Later Gator buses (a tough competitor in the sense that the bus is free). One comment asked how many cars there would be. I believe it would be best to start with 2 cars, maybe test out their popularity in a summer semester, and if successful be able to add more cars to the operation for the busier fall and spring semesters. Finally, I received feedback that suggested partnering up with SNAP as they already have a large user base. This is an interesting idea, but may go against MA's idea, since we would want to portray that taking a MA car is better than taking a SNAP van.
2. The service I'm offering is a set of school-sponsored vehicles that would take off-campus students from midtown to their respective dorm/apartment, which would operate Wednesday to Saturday from 10 pm to 3 am. The first 3 rides would already be paid for within each student's tuition, but the cost of rides after that will be based on the distance traveled. MA cars will be able to be booked for a specific time in advance, offering the customer a more convenient and worry-free travel experience. I think there's always a need for safe transportation, especially in a college town at night. By offering people an alternative method of getting home safely, MA cars could prevent attacks and drunk driving, making Gainesville a safer place for all.
3. All of my customers will attend UF, as MA cars will only be able to be booked through a student's Gatorlink account. They will also all be coming from the same area, live off campus, and (with some exceptions) be within a few years of age. I would expect that women would be more likely to use this service over men, but can definitely benefit everyone.
4. My customers would pay money to use my service because MA offers students a safe and affordable way of getting home from midtown late at night. By being school-sponsored, students can be assured that they will arrive safely to their destination, as well as not need to worry about less desirable drivers they may encounter. Since the driver will be paid hourly, they may also save money by not needing to tip their driver.
5. I think that MA is unique because it caters to those directly in the midtown area. By only taking students from one location, the MA cars should be able to make their drives shorter and more efficient, allowing other students to then book the car. This is different than SNAP vans, which pick up from multiple locations and caters only on-campus students. SNAP vans also cannot be requested for a certain time. By adding a specific time to be picked up, students will not have to wait in the dark for a ride home.
I think these elements mesh together quite nicely. I was able to make some changes from my original idea based on the feedback I received, and I'm now happier with my concept. I think there are enough unique aspects to interest customers, and that my business idea makes sense for the area that I plan to pursue it in.
Feedback Memo
One of the main comments I received was the question of where the revenue would come from. In my original idea, the rides would be paid for by the school. However, after thinking more about it, I decided that the first 3 rides will be free, and any subsequent rides will be charged based on the distance traveled. The initial 3 rides cost would be added to the tuition (another point addressed in feedback), but would only cost roughly $15 (more research into what percentage of our tuition is going towards SNAP would be helpful). Feedback also helped me to decide that the MA cars would have to be able to be requested for a specific time, otherwise it may be considered too similar to the Later Gator buses (a tough competitor in the sense that the bus is free). One comment asked how many cars there would be. I believe it would be best to start with 2 cars, maybe test out their popularity in a summer semester, and if successful be able to add more cars to the operation for the busier fall and spring semesters. Finally, I received feedback that suggested partnering up with SNAP as they already have a large user base. This is an interesting idea, but may go against MA's idea, since we would want to portray that taking a MA car is better than taking a SNAP van.
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