Chapter 8 - Sources of Capital for Entrepreneurial Ventures
1. I don't know if this really counts for a surprise, but I was surprised to see that the things I learned in financial accounting actually made this chapter easier to understand. I actually knew about debt vs. equity on some level. I did think the section on how many banks are in the US was a little shocking - I thought it would be lower.
2. I was a little confused that manufactures would long-term finance equipment - what do they get out of this? Is it structured just like a bank loan? I also didn't fully understand venture capitalist stuff.
3. 1. What are some examples of businesses going public that went badly? 2. Do you think "angel" financing or typical venture capitalism is better?
4. I didn't disagree about anything.
Monday, February 22, 2016
Half-way Reflection
I actually decided to take this class on the recommendation of several friends who had taken it before me. I think peer evaluations and recommendations are some of the most powerful decision makers we have. So, to anyone considering taking this class, here are my thoughts on ENT3003:
1. Some of the behaviors I've developed and used are having to almost obsessively check for assignments that are due. Even though this class is easy content-wise, there are assignments due all the time, and it's too easy to just forget about them (which I've already done once!) I definitely have to stay on top of things for this class. I've also had to do some things I really didn't want to - mainly recording strangers off the streets. I don't consider myself a shy person, but that can still be daunting. After doing it several times though, I feel more confident in my abilities to randomly talk to strangers.
2. I know I've waited until the last minute to do customer interviews before, and felt like giving up and just not doing it. In the end I always would do the assignment, both because that's just how I am with school and because I wanted to be able to get it done. I just kind of reminded myself it wasn't a big deal and I would be happier when it was done. Working against a really close deadline kind of stressed me out but it was fine in the end.
3. Three tips:
1. Set reminders for your ENT3003 assignments, but also include what the assignment asks of you so you know how much time you will need to get it done.
2. Be confident in talking to strangers.
3. Start watching the lectures early and don't skip, it becomes too easy to forget about them in your hectic routine.
Overall, I highly recommend this class to any business major, even if you aren't interested in becoming an entrepreneur. It's not too hard, you learn some valuable tips, and if you do your work you know you can get a good grade.
You got this!
1. Some of the behaviors I've developed and used are having to almost obsessively check for assignments that are due. Even though this class is easy content-wise, there are assignments due all the time, and it's too easy to just forget about them (which I've already done once!) I definitely have to stay on top of things for this class. I've also had to do some things I really didn't want to - mainly recording strangers off the streets. I don't consider myself a shy person, but that can still be daunting. After doing it several times though, I feel more confident in my abilities to randomly talk to strangers.
2. I know I've waited until the last minute to do customer interviews before, and felt like giving up and just not doing it. In the end I always would do the assignment, both because that's just how I am with school and because I wanted to be able to get it done. I just kind of reminded myself it wasn't a big deal and I would be happier when it was done. Working against a really close deadline kind of stressed me out but it was fine in the end.
3. Three tips:
1. Set reminders for your ENT3003 assignments, but also include what the assignment asks of you so you know how much time you will need to get it done.
2. Be confident in talking to strangers.
3. Start watching the lectures early and don't skip, it becomes too easy to forget about them in your hectic routine.
Overall, I highly recommend this class to any business major, even if you aren't interested in becoming an entrepreneur. It's not too hard, you learn some valuable tips, and if you do your work you know you can get a good grade.
You got this!
Sunday, February 21, 2016
Free Money
1. I decided to just walk around campus, since I'm familiar with the area and there are always people.
2. I approached anyone who was walking with headphones or who looked otherwise occupied.
3. To get the conversation started, I'm just going to say - "would you like a dollar?"
4. My plan for the conversation is just to get people to accept the dollar.
5. I think I will be able to give away all five dollars.
2. I approached anyone who was walking with headphones or who looked otherwise occupied.
3. To get the conversation started, I'm just going to say - "would you like a dollar?"
4. My plan for the conversation is just to get people to accept the dollar.
5. I think I will be able to give away all five dollars.
Going into this, I wasn't sure what to expect. I figured everyone would just take the dollar. The first person I asked was confused, but said yes. Then, the next person said she didn't want it. I have no idea why. Everyone who said yes seemed confused. I had one long conversation with a woman biking with her child - she assumed it was a "pay it forward" thing. I didn't really get the point of this assignment, and I honestly didn't really like it because it's not like I have five dollars just sitting around to give away. But I think it was easier than interviewing people because more people want free money than to give feedback on some business idea.
Week 7 Reading Reflection
1. Initially, I was kind of surprised that companies had evolved past basic demographics for marketing. I don't know why it surprised me, it makes a lot of sense to use more useful information than stereotypical demographical data, but I think it's just because I've never really thought about it before.
2. At times, the article used words or theories that I wasn't really familiar with. The chart was also a little confusing too. But overall I was able to understand the article's points.
3. 1. Why do you think non-demographic segmentation has stopped working? 2. Why do companies continue to use methods that don't work?
4. I don't know enough about this topic to really disagree with the author on anything, he seemed knowledgable.
2. At times, the article used words or theories that I wasn't really familiar with. The chart was also a little confusing too. But overall I was able to understand the article's points.
3. 1. Why do you think non-demographic segmentation has stopped working? 2. Why do companies continue to use methods that don't work?
4. I don't know enough about this topic to really disagree with the author on anything, he seemed knowledgable.
Sunday, February 14, 2016
Customer Interviews No. 3
1. For my interview strategy, I just had strangers read my note-card, while I answered any questions they had and then ask for feedback. I mainly wanted to know if this was applicable to them or not, and if it was, would they purchase a decal.
2. Customer interviews:
3. During these interviews, I honestly just felt relieved to be done interviewing customers. It's not something I really enjoy. I found that the biggest factor was the price of the decals - one customer said it was reasonable while another considered it steep. Another customer didn't even have a car so it wasn't relevant to her. I'm not certain on what price I should stick with - I also thought the idea to issue decals based on credits or standing interesting.
2. Customer interviews:
3. During these interviews, I honestly just felt relieved to be done interviewing customers. It's not something I really enjoy. I found that the biggest factor was the price of the decals - one customer said it was reasonable while another considered it steep. Another customer didn't even have a car so it wasn't relevant to her. I'm not certain on what price I should stick with - I also thought the idea to issue decals based on credits or standing interesting.
Week 6 Reading Reflection
1. The biggest surprise to me was really just the whole article - I really knew nothing about the five competitive forces before reading this. I think it's interesting what he believes them to be - competition is based on bargaining power of customers, threat to the product, bargaining power of suppliers and threat of new products. I was surprised but when you think about it, it actually makes sense.
2. I was a little confused by how putting a ceiling on the price limits market competition and profitability.
3. 1. How to identify your companies strengths and weaknesses in the context of the five forces? 2. Taking the offensive in strategies vs. the defensive.
4. I didn't disagree about anything.
2. I was a little confused by how putting a ceiling on the price limits market competition and profitability.
3. 1. How to identify your companies strengths and weaknesses in the context of the five forces? 2. Taking the offensive in strategies vs. the defensive.
4. I didn't disagree about anything.
Thursday, February 11, 2016
Idea Napkin No. 1
1. My name is Taylor Noe, I'm a business student interested in international business management and law. I have a lot of customer service experience and exposure to office settings. I consider myself professional, competent, and credible. If I were to start this business, I think it would have to become a huge part of my life -- running a business is more than just a full-time job I think it becomes your lifestyle. Although I do not have dreams of starting my own business, I would like to one day be part of the upper management chain for a globally recognized business.
2. I am offering to customers the opportunity they should have had since Day 1 -- guaranteed parking close to campus so they can attend classes, jobs, and after school functions without constantly stressing about getting a 30$ parking ticket. These parking garages will be within half a mile of campus and will only be sold to enough cars so that a space is available for everybody who purchases a decal. With this, you no longer have to worry about parking tickets on campus.
3. I am offering this to anyone who regularly drives to campus, whether it be faculty, students, or employees. Of course anyone is able to purchase a decal, but I think mainly off-campus students would be the target demographic.
4. Transportation is not an option. People have to park. People have to get to campus. Customers will want my product because it makes their lives easier, and there is absolutely a demand for parking near the UF campus. I will charge around the same amount per semester as UF, except my parking lots will actually be available for people who buy decals.
5. I believe one of my greatest competencies is that I am a quick-thinker and problem solver. After years of customer service, I'm also able to remain calm in a stressful situation. In my product I offer close to campus parking with a guarantee you'll be able to park, which is more than UF can say right now.
2. I am offering to customers the opportunity they should have had since Day 1 -- guaranteed parking close to campus so they can attend classes, jobs, and after school functions without constantly stressing about getting a 30$ parking ticket. These parking garages will be within half a mile of campus and will only be sold to enough cars so that a space is available for everybody who purchases a decal. With this, you no longer have to worry about parking tickets on campus.
3. I am offering this to anyone who regularly drives to campus, whether it be faculty, students, or employees. Of course anyone is able to purchase a decal, but I think mainly off-campus students would be the target demographic.
4. Transportation is not an option. People have to park. People have to get to campus. Customers will want my product because it makes their lives easier, and there is absolutely a demand for parking near the UF campus. I will charge around the same amount per semester as UF, except my parking lots will actually be available for people who buy decals.
5. I believe one of my greatest competencies is that I am a quick-thinker and problem solver. After years of customer service, I'm also able to remain calm in a stressful situation. In my product I offer close to campus parking with a guarantee you'll be able to park, which is more than UF can say right now.
Sunday, February 7, 2016
Week 5 Reading Reflection
1. That there are 1,500 new business every day in this country - that seems crazy high. It also makes me believe that a lot of these must be duplicate businesses. I wonder how long they last for on average, and who the primary demographic is that are constantly starting new businesses.
2. How did the author categorize each business into one of the three ventures for growth of sales? I was a little bit confused on how those differed from one another.
3. 1. What is the #1 reason business owners report going out of business? 2. How can you plan and avoid that reason?
4. I didn't disagree with anything the author said in this chapter.
2. How did the author categorize each business into one of the three ventures for growth of sales? I was a little bit confused on how those differed from one another.
3. 1. What is the #1 reason business owners report going out of business? 2. How can you plan and avoid that reason?
4. I didn't disagree with anything the author said in this chapter.
Interviewing Customers #2
1. I still like my original plan of building parking lots, but I need more concrete ideas to tell people.
2. I talked to the same people - college students - but tried to find people who park on campus or have a car at school with them.
3. I made my interview questions more specific this time.
4.
5. I learned that people want guaranteed parking but don't want to pay that much for it.
6. Interviewing customers can be daunting, especially if you don't have your questions memorized and you feel like you have to instantly ask another question after they answer the first one. Also, if they said no the question of owning a car, it was hard to ask the other questions because they weren't applicable.
2. I talked to the same people - college students - but tried to find people who park on campus or have a car at school with them.
3. I made my interview questions more specific this time.
4.
5. I learned that people want guaranteed parking but don't want to pay that much for it.
6. Interviewing customers can be daunting, especially if you don't have your questions memorized and you feel like you have to instantly ask another question after they answer the first one. Also, if they said no the question of owning a car, it was hard to ask the other questions because they weren't applicable.
Wednesday, February 3, 2016
Elevator Pitch #1
Tired of driving around for 30 minutes desperately hoping for a parking spot to miraculously appear? Sick of spending 140$ on a decal that promises you nothing? Gainesville Parking wants to help you do something that the University has clearly failed on - parking your car by building more parking lots around the outskirts of campus.
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