1) The exit strategy I plan to take is to sell the business to a private investor. This will allow me to gain a lot of capital in order to be able to start another business or invest it. I think once the business is worth a lot of money it would be in my best interest to sell it rather than continue.
2) I selected this exit strategy because I am not at a good time period in my life to continue a business adventure like this. I need to gain the necessary experience in the job field before I am able to continue as an entrepreneur.
3) I think my exit strategy has had very little influence on any of my other strategies. Even though I plan on trying to sell the business I do not treat it any differently. I still act like it is my precious baby and not to mess anything up. On the other hand, it has give a lot less motivation to work on different growth strategies.
Friday, April 17, 2020
26a Celebrating Failure
1) A time this past semester I have failed was trying to get back into working out. Throughout high school I was able to dedicate an hour a day to workout and maintain my health. My first semester of college was extremely hectic and I couldn't fit the time into my day to workout. This felt like a major failure to me as I was helplessly trying to get back into that rhythm. I tried over and over again to get back into it but every time it would last a couple days until I got way too busy and forgot again.
2) Something that I learned from this was to never give up. This has taught me to be determined when I am doing something important such as preserving my health. I learned that one of my best motivators was being able to get a friend to go with me and help me stay motivated. I learned that using my friends as motivators are more helpful than myself.
3) To me, failure is not a problem. Failure is a problem if you do not learn from it. When I fail at something I always try to learn a valuable lesson and be better the next day. This has helped me in this class because I failed a lot while trying to work on my idea. Instead of giving up I would try again and make it even better.
2) Something that I learned from this was to never give up. This has taught me to be determined when I am doing something important such as preserving my health. I learned that one of my best motivators was being able to get a friend to go with me and help me stay motivated. I learned that using my friends as motivators are more helpful than myself.
3) To me, failure is not a problem. Failure is a problem if you do not learn from it. When I fail at something I always try to learn a valuable lesson and be better the next day. This has helped me in this class because I failed a lot while trying to work on my idea. Instead of giving up I would try again and make it even better.
Friday, April 10, 2020
25A whats next
Step 1: Talk about what you think is what's next in terms of products and services for your venture.
-Next for my products and services I think is about upgrading the scooters. By upgrading the scooters I am able to get out a higher quality product to my customer. This will allow me to be able to reach new markets and have more customers available.
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.
-I am unable to do this step because of coronavirus.
Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
-To grow my existing market I think the best thing to do is increase advertising/marketing. To do this the best method is to advertise towards the younger market such as freshman and sophomores. This will allow me to be able to reach more people and at a greater time. The freshman and sophmores are more likely to travel and are therefore my biggest potential customers.
New Market.
Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.
- Another market I can target is the surrounding community next to the UF campus.
Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!
- I can create value for these people by allowing them to have a cheap transportation way. This will allow them to get to any job or restaurant they need
Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Step 4: Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.
-I cant do this step because of coronavirus.
-Next for my products and services I think is about upgrading the scooters. By upgrading the scooters I am able to get out a higher quality product to my customer. This will allow me to be able to reach new markets and have more customers available.
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.
-I am unable to do this step because of coronavirus.
Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
-To grow my existing market I think the best thing to do is increase advertising/marketing. To do this the best method is to advertise towards the younger market such as freshman and sophomores. This will allow me to be able to reach more people and at a greater time. The freshman and sophmores are more likely to travel and are therefore my biggest potential customers.
New Market.
Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.
- Another market I can target is the surrounding community next to the UF campus.
Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!
- I can create value for these people by allowing them to have a cheap transportation way. This will allow them to get to any job or restaurant they need
Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Step 4: Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.
-I cant do this step because of coronavirus.
23 A venture unfair advantage
23A Venture unfair advantage
1. One example of human capital is my Brother Ethan. He is available to help me by producing any products that may be neccessry. This resource is very valuable because I am the only one who has access to the unique capacity of my brother. There is no one else that is able to use his strong academic and social abilities to their advantage.
2. An example of social capital is my fraternity. I am able to spread a lot of messages to a big amount of people through that. This resource is rare because not a lot of business owners have access to this kind of resource. My fraternity has over 150 brothers who are all able to spread messages through word of mouth.
3. An example of financial capital is the $23.92 I have in my bank account I can use towards this venture. This resource is not valuable or rare at all. Money is something that is very easily accessed to most entrepreneur. The part of the resource that is rare is my ability to spend the money in the best way possible. I have lived off of $100 a month for a year now and can continue having great money saving tacticts
4. An example of a capability is to be able to reach a large population of UF campus through my involvement. This resource is pretty rare because of the amount of reach I am able to get through my school involvement. Not many people are involved with as many clubs as I am so I can use this to my advantage of getting more market share.
5. Another example of human capital is my friend Sam. He said he is willing to be my second hand man and help me out with anything that I need. This resource is not rare.
6. An example of social capital is my involvement in the Jewish student union, this will allow me to get more people to ride the scooters
7. An example of financial capital is the gator hatchery. They will be able to provide financial loans for me to be able to purchase necessary things. This resource is not rare.
8. An example of human capital is having access to a fraternity full of available to work people.
9. An example of capability is being able to provide scooters to over 50,000 students.
10. An example of social capital is my mom being able to post on facebook and market towards potential customers.
If I had to choose, my top resource would be my brother ethan. This is because of his unique amount of skills he brings to the table. He has done 4 internships already by his senior year of college and has a lot of experience in business. This resource can help me a lot if I am able to use it correctly.
1. One example of human capital is my Brother Ethan. He is available to help me by producing any products that may be neccessry. This resource is very valuable because I am the only one who has access to the unique capacity of my brother. There is no one else that is able to use his strong academic and social abilities to their advantage.
2. An example of social capital is my fraternity. I am able to spread a lot of messages to a big amount of people through that. This resource is rare because not a lot of business owners have access to this kind of resource. My fraternity has over 150 brothers who are all able to spread messages through word of mouth.
3. An example of financial capital is the $23.92 I have in my bank account I can use towards this venture. This resource is not valuable or rare at all. Money is something that is very easily accessed to most entrepreneur. The part of the resource that is rare is my ability to spend the money in the best way possible. I have lived off of $100 a month for a year now and can continue having great money saving tacticts
4. An example of a capability is to be able to reach a large population of UF campus through my involvement. This resource is pretty rare because of the amount of reach I am able to get through my school involvement. Not many people are involved with as many clubs as I am so I can use this to my advantage of getting more market share.
5. Another example of human capital is my friend Sam. He said he is willing to be my second hand man and help me out with anything that I need. This resource is not rare.
6. An example of social capital is my involvement in the Jewish student union, this will allow me to get more people to ride the scooters
7. An example of financial capital is the gator hatchery. They will be able to provide financial loans for me to be able to purchase necessary things. This resource is not rare.
8. An example of human capital is having access to a fraternity full of available to work people.
9. An example of capability is being able to provide scooters to over 50,000 students.
10. An example of social capital is my mom being able to post on facebook and market towards potential customers.
If I had to choose, my top resource would be my brother ethan. This is because of his unique amount of skills he brings to the table. He has done 4 internships already by his senior year of college and has a lot of experience in business. This resource can help me a lot if I am able to use it correctly.
Friday, March 27, 2020
19A idea napkin 2
1) You. I am a rising Junior at the University of Florida pursuing a degree in marketing. I am a very driven and self motivated type of person. Everything that I denote my time to doing, I do with full effort and energy. My biggest skill set are my interpersonal skills. I am very well trained in de-escalating a situation as well as making sure every party is happy. I have developed superior communication skills and leadership skills through my on-campus involvement in student government.
2) What are you offering to customers? I am offering a simple solution to a problem many students at school face. This allows Customers are then able to take these scooters anywhere they want and park at a nearby dock. This allows for customers not to have to worry about finding a ride or parking. The rides are also a lot cheaper than ride sharing services such as uber and lyft and can save customers a lot of money.
3) Who are you offering it to? My biggest demographic is students at the University of Florida. They are the ones who will be taking out the scooters the most. Many students have very busy lives and constantly need some sort of transportation to accommodate for things being pretty far apart. They are able to rent a scooter instead of the alternatives. This is because the scooters would allow students to get a ride to campus without worrying about high costs or parking. Students have to go to class almost every day and require some sort of way to get from their primary residence to campus. These scooters would allow them to get to where they want to go easily.
4) Why do they care? There is currently a big parking problem on campus. There is a lot more registered cars than parking spots which causes a lot of students to have to walk far or get parking tickets. Scooters are already implemented in Orlando near UCF campus and has been working to fix their parking issues. I think by applying it in Gainesville, the same will happen.
5) What are your core competencies? The biggest difference between my company and the big scooter companies (bird, lime) is they are based on a dock-less model where the scooters do not need docks but rather are picked up and charged. My company has dock-based model which requires the scooters to be placed on a dock after their ride which charges the scooters and allows for a safe place to keep them while they are not being ridden. I think all of these key elements work together to create the best solution. There is a eminent transportation problem here in Gainesville, and this service will fix it. I feel as if customers are really interested in this idea and are willing to use them if they are available. Customers are also a lower socio-economic status usually as being college students, and these scooters are very low cost. This allows for a great opportunity in the market.
The two key points that I have added to my idea napkin is the information I received more about the minds of the target audience. I learned how they think and what influences their purchase decisions. I can use these core competencies to leverage my business to increase my consumer demand. Although some do not think the same, I can group segments into categories based on their categories.
2) What are you offering to customers? I am offering a simple solution to a problem many students at school face. This allows Customers are then able to take these scooters anywhere they want and park at a nearby dock. This allows for customers not to have to worry about finding a ride or parking. The rides are also a lot cheaper than ride sharing services such as uber and lyft and can save customers a lot of money.
3) Who are you offering it to? My biggest demographic is students at the University of Florida. They are the ones who will be taking out the scooters the most. Many students have very busy lives and constantly need some sort of transportation to accommodate for things being pretty far apart. They are able to rent a scooter instead of the alternatives. This is because the scooters would allow students to get a ride to campus without worrying about high costs or parking. Students have to go to class almost every day and require some sort of way to get from their primary residence to campus. These scooters would allow them to get to where they want to go easily.
4) Why do they care? There is currently a big parking problem on campus. There is a lot more registered cars than parking spots which causes a lot of students to have to walk far or get parking tickets. Scooters are already implemented in Orlando near UCF campus and has been working to fix their parking issues. I think by applying it in Gainesville, the same will happen.
5) What are your core competencies? The biggest difference between my company and the big scooter companies (bird, lime) is they are based on a dock-less model where the scooters do not need docks but rather are picked up and charged. My company has dock-based model which requires the scooters to be placed on a dock after their ride which charges the scooters and allows for a safe place to keep them while they are not being ridden. I think all of these key elements work together to create the best solution. There is a eminent transportation problem here in Gainesville, and this service will fix it. I feel as if customers are really interested in this idea and are willing to use them if they are available. Customers are also a lower socio-economic status usually as being college students, and these scooters are very low cost. This allows for a great opportunity in the market.
The two key points that I have added to my idea napkin is the information I received more about the minds of the target audience. I learned how they think and what influences their purchase decisions. I can use these core competencies to leverage my business to increase my consumer demand. Although some do not think the same, I can group segments into categories based on their categories.
Friday, March 20, 2020
18 A Create a Customer Avatar
My prototypical customer is a college student without any current means of transportation. College students are way more likely to have no means of transportation given they are out of state students. My customer's hobbies are socializing, drinking, eating, and studying. They typically would not have a car and rely on other means of transportation. Because my customer is a college student, they would not have any children. They do however have a rescued shelter cat that they hide in their dorm. They are 19 years old but don't feel like an adult yet. My customer's favorite movie is despicable me.
Thursday, March 19, 2020
17A Elevator Pitch No.2
Here is a link to the second Elevator Pitch: https://www.youtube.com/watch?v=4buSA2oyXWQ
I think the most useful feedback from last time was the way that I spoke. I did not speak in a professional manner, rather I was pretty nervous to record myself. Listening to the feedback, it seems like more people noticed that than I would expect.
This time I am preparing a lot more for this presentation. This will help me become less nervous for it and be able to speak more concise and clearly.
I think the most useful feedback from last time was the way that I spoke. I did not speak in a professional manner, rather I was pretty nervous to record myself. Listening to the feedback, it seems like more people noticed that than I would expect.
This time I am preparing a lot more for this presentation. This will help me become less nervous for it and be able to speak more concise and clearly.
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