Venture Concept No. 1

Opportunity
1. The need of this business comes from the people who have to drive to the University of Florida campus. This need exists because there are not enough parking spots for all the people who come to campus. The market is primarily geographical and relatively limited, although if you wanted to scope out other colleges I'm sure you could find schools with similar parking problems. Right now, customers are satisfying this need either by getting a coveted spot on campus, parking off-campus somewhere far away, or using other means of transpiration to get to school (walk/bus/bike). I don't think people really have brand loyalty when it comes to parking - they just don't want to get a ticket. This is a big opportunity. I think the window of opportunity will be there as long as the University continues to grow without addressing the current parking needs. The main force behind this is actually the University itself -- they are the ones in charge of parking and how many people get decals.

Innovation
This is not a radically innovative idea. People have been building parking lots for decades. The parking lots that I would design would probably be parking garages with some kind of tollbooth or parking attendant to monitor and regulate the garage. My main source of money would be allowing people to park. I would sell semester-long parking passes for 150$ which is less than UF currently charges. I would have to make sure I have enough spots to at least breakeven on my expenses, which would be just rent/property stuff and some employees.

Venture Concept
Customers will use this because they aren't able to use anything else. I don't think it would be hard to get people to use the parking lot. Build it, advertise it, and they will come. My competitors are other off-campus parking but most are really far from the UF campus. I would probably have under ten employees, I don't think it would require that many people.

My most important resource would be a parking lot.

Week 11 Reading Reflection

1. I was surprised by how innovative all these companies are with their business models when you typically hear from people how important is to follow what works. These companies are showing that business is constantly changing and relying on the past won't help you.

2. While I wouldn't say this was confusing intellectually, I don't understand why so few entrepreneurs plan things out more. I get that it's important to have a big-picture, but you can't achieve that big picture if you don't have the small details to get you there.

3. Do you think there are ethical problems with crowd-sourcing business ideas? What is the difference between crowd-sourcing and wooing investors?

4. I didn't disagree about anything really.

Amazon Whisperer

1. My main revenue drivers would be people paying a semester-long pass for parking privileges.
2. I'm not sure what the next product offering would be - people just want to park their car in peace. Maybe I would include a valet service or something like that.
3. This would enhance my current service because it's kind of a step-up - it's a more luxurious option for people who are in a rush or just lazy. I think most people would probably forgo it though.
4. I don't know how I'm supposed to find a product on Amazon when this is a service-based company. So I just picked a random product on Amazon - stickers - which I could probably use to denote a car that has a pass. Maybe I would give people a couple different options to choose from. This is the product: Xpassion car stickers decals pack 100 pieces bumper stickers random patterns.

5. The product has 4.5 stars out of 220 reviews. The reviews mention they are fun stickers and a good quality product. Some people said you'd have to check the designs before giving them to children. Someone else said they won't last in the weather.
6. Well I would have to make sure the stickers were really durable and find designs that people would like.
7. This would be a good product to add because you have to be able to tell if someone parking in your garage actually has access or not, stickers would help with that like what UF does.

My Unfair Advantage

Resources in my venture: 

1. Knowledge of the Gainesville area, specifically around campus.
• Valuable - yes 
• Rare - not in this particular area but rare outside of Florida for sure
• Inimitable - if you spend enough time in the area anyone can learn it but you wouldn't necessarily know where the college kids go
• Non-substitutable - you could always talk to locals but first hand knowledge is the most useful 
2. Accounting knowledge. 
• Valuable - yes
• Rare - no 
• Inimitable - yes 
• Non-substitutable - a computer program could do the same thing 
3. Business knowledge. 
• Valuable - yes 
• Rare - no
• Inimitable - yes 
• Non-substitutable - not unless your company is going to be run by computer robots
4. Potential start-up money from family.
• Valuable - yes
• Rare - not sure actually
• Inimitable - yes
• Non-substitutable - other cash would work just fine 
5. A pressing need for my product.
• Valuable - yes
• Rare - yes 
• Inimitable - no, you can't manufacture a need that doesn't exist
• Non-subtitutable - yes 
6. A client base I can easily relate to.
• Valuable - yes 
• Rare - no
• Inimitable - no 
• Non-substitutable - yes 
7. Marketing skills towards the right people (millennials). 
• Valuable - yes 
• Rare - not in today's day and age 
• Inimitable - no 
• Non-substitutable - yes 
8. Access to UF Faculty, Staff, and Business Advisers. 
• Valuable - depends on how I use it but it could be 
• Rare - not in Gainesville
• Inimitable - no
• Non-substitutable - any professional with experience could offer similar advice so no 
9. Self-disciplined. 
• Valuable - yes
• Rare - perhaps on who you're asking
• Inimitable - no
• Non-substitutable - yes, you have to be dedicated to get a business working 
10. A car.
• Valuable - yes
• Rare - nope
• Inimitable - other public transportation 
• Non-substitutable - yes. I need to get around somehow and buses take too long/don't have a bike/can't walk everywhere

After looking at all my current resources, I think my most valuable resource is the undeniable need for the product (parking close to campus). It was the only one that was valuable, rare, not able to be copied by others, and something you can't do without. 

Week 10 Reading Reflection

1. For once, this was material I had actually already had a decent amount of knowledge on beforehand, mostly from my accounting classes. I guess my only real surprise was that it's apparently really important to get paid up-front. I would have thought it didn't particularly matter as long as you got paid.

2. Like I mentioned before, nothing in this chapter really confused me because I have learned a lot of this already.

3. Do you think it's better to build yourself an accounting background before starting or business or hiring out of the business an accounting professional to do the work for you? Also, I would ask about cash flow and loans.

4. There wasn't much opinion-based narratives in this chapter, hard to disagree with facts.

My Secret Sauce

Part One:
1. I think I'm good at keeping a cool-head in stressful situations.
2. I'm assertive - I don't let people walk over me and I'm not afraid to speak my mind.
3. I think I speak eloquently, which usually means people think I'm smarter than I am because of my vast vocabulary (good for initial first impressions).
4. When I get an idea, I want to execute it immediately. I have no patience, so I'm always eager to get something done as soon as possible.
5. I'm capable of looking at things analytically.

Part Two:
I wasn't able to record all of them because a lot of the people who know me best don't live near Gainesville. I called them and transcribed what they said instead.

Mother:

1. "Articulate and well-spoken because you read a lot."
2. "Very good sensibility - common sense, one of your strongest traits." 
3. "Objective not emotional." 
4. "See things from different people's perspectives."
5. "Quick-reader so you can read things and understand it quickly."
6. "Have to be able to understand every perspective in business, which you do. If you can't do that you won't be successful in business."

My mom included a lot of the same things I did - in fact, the first thing she mentioned was my vocabulary. Plus, since she's my mother, she probably could have talked for 20 minutes about all my great traits, I have to take some of this with a grain of salt although I tend to agree with most of it. 

Father:

1. "Very punctual - always on time, never late."
2. "Team player, gets along with everybody."
3. "Show leadership skills in a work environment - good leader/trainer."
4. "Good at research." 
5. "Great customer service - diplomatic, don't let rude people get to you."

I don't know if I would really say I get along with everybody but it's nice my dad thinks so. Everything else I more or less agree with.

Michael (Brother):

1. "Hard worker."
2. "Doesn't give up until job is done."

I think my brother just didn't want to be interviewed because I don't know hard of a worker I would qualify myself as - I like to sleep and lounge around a decent amount. I also used to be pretty fickle so there's that.

Veronica (Friend):

1. "Always has an opinion on things, very decisive." 
2. "Really organized." 

She was busy so I didn't have a lot of time to talk but I agree with what she wrote. 

Brendan (Friend):

I agree with most of what he said, I like to get involved, especially at school.

Part Three:
For the most part I agree with what the people closest to me had to say about my personality traits. I think one of the main differences is that my parents think the world of me because I'm their kid so they were probably a little more complimentary than in reality. I wouldn't make any corrects to the list, maybe just to add that I'm very organized because I feel that's a good strength of mine.

Week 9 Reading Reflection

1. One of the things that surprised me was the area on entrepreneurship and marketing. I know the book listed some reasons why people don't do marketing research before going forth in their business, but to me it's more important that you know you have a viable business. It may be costly up-front but it could save you tons of time and money down the road.

2. Going off the first part, I was confused that many entrepreneurs do not do marketing research. But, I also don't know a lot about marketing research in general, or how people go about conducting it, so that was confusing as well.

3. Does he think the cost of pre-business research is more beneficial or harmful to most new companies? Also, how much research is considered enough, quantitatively and qualitatively.

4. Like I've said before, it's hard to disagree with someone when they're so knowledgeable about a topic and you aren't. From what I read, everything seemed pretty accurate to me.

Idea Napkin No. 2

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. As someone mentioned in the feedback, this venture could prove potentially very costly, so money management is an important asset to have.

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. In this hypothetical world, I would look into buying the empty lot behind midtown where there is currently plans on building an apartment building. Or across the street near the post office where there is an empty grass lot. Gainesville doesn't have very many empty lots anymore, which makes this hypothetical business perhaps a difficult and expensive one. 

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. Someone in the feedback mentioned last time they were an online student, which I didn't even take into account the first time. Unless they live in Gainesville, online students probably wouldn't have much of a need for this business venture.

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.

I think the biggest weak spot in this business is actually the most vital part of it - acquiring the land needed to build parking. Like someone mentioned in the feedback, if I actually wanted to move forward with this, I would probably have to tear a lot down and re-build it. Or, I could acquire a current lot. There is a parking garage in midtown near the pasta place - I could potentially buy that and re-purpose it for UF students. Other than that I think there is definitely a demand, it's just a matter of getting the product. 

Feedback Memo: 

1. Not all students at UF would need this service - like online and international students. 
2. I should consider tearing a current building down - but that may be costly. 
3. There is new technology to help make running a parking garage cheaper, like decals that open garage doors. 
4. The demand for parking is there. 
5. Biggest question is location. 

I incorporated this feedback into my napkin idea just by using the things people said to try and expand upon parts of the business.