The Twenty Percent (Week 8)

1. I chose to go to CYM Coffee Co. The main target audience for this business are young professional-aged men and women. Their secondary customer base is young adults. Customers usually stop in for a morning coffee on their way to school or work, and also follow the company on social media (Facebook, Instagram) for news updates. One of the biggest problems customers have is the limited space parking, and they often have to park at nearby businesses. Similarly, the shop fills up quickly and it is often difficult for customers to find a place to sit. This problem is about an 8 on a scale from 1 to 10.

2. Below are the videos of my interviews with target customers...

3. I think the entrepreneur does understand that parking and space are CYM Coffee Co.'s biggest issues. The entrepreneur didn't specifically address the issue of slow service, but I think this is an extension of the space issue because there isn't sufficient room for employees to work.

Elevator Pitch No. 2 (Week 7)

1) My project is Giving with Purpose: an online database/ networking forum that allows people to connect and find volunteer opportunities all over the world. Here's the video of my second attempt at an elevator pitch!

2) For the most part I had some pretty positive feedback on my first elevator pitch, which was a pleasant surprise! Really the only negative comment I got was that it was sometimes difficult to hear, because I filmed it outside.

3) After reading the feedback from my first pitch, I decided to film my second pitch indoors. Hopefully this improved the sound quality! 

Free Money (Week 7)

Strategy: Catch people as they are walking in Turlington Plaza, say "good morning" and hand them a $1 bill. I think I will be able to give away all 5 bills.

Giving away free money was harder than I imagined; some people actually refused to take the money.  My prediction was wrong; I was unable to give away all 5 bills.

Week 8 Reading Reflection

1) I was surprised to read that there are so many criteria used to evaluate new venture proposals.

2) I am confused about why it is necessary to have alternative ways of raising equity capital.

3) Why is it necessary to have alternative ways of raising equity capital? Do you think there are more advantages or disadvantages to public stock offerings as a source of equity capital?

4) I thought this chapter was really interesting, and I agreed with the author's perspective.

Halfway Reflection (Week 8)

1) Tenaciousness is a skill. In order to keep up with the demands of this class, I have learned that organization is key. There are so many assignments, so it is necessary to plan ahead. 

2) Tenaciousness is also about attitude. I wanted to give up when I read the Free Money instructions; the assignment made me so uncomfortable! However, I decided not to let my frustration get the best of me, and I forced myself to just go for it. I definitely think that being put in so many situations that were outside my comfort zone has given me a lot of tenacity.

3) Three tips. Go for it. Stick with it. And know that taking a friend with you can turn even the most awkward situation into a hilarious experience.

Week 7 Reading Reflection

1) I was surprised that both demographic and non-demographic segmentation are used; I previously made the assumption that companies would use one or the other. 

2) I was confused by the section on psychographic types.

3) Do you think demographic or non-demographic segmentation is more effective? Why do companies still use non-demographic segmentation if it has become so unenlightening?

4) I disagree with the author's point that demographic research no longer provides enough information to form marketing strategy.

Interviewing Customers No. 3 (Week 6)

In this third and final round of interviews, I tried to focus my questions even more so that I could get the most relevant information from people. I was surprised to discover that one of my interviewees was able to offer the unique perspective of a non-profit organization representative seeking volunteers (rather than regular citizens seeking volunteer opportunities). As a result, I think my idea will be able to serve its customers more effectively.

Below are the videos of the interviews...

Week 6 Reading Reflection

1) I was surprised to read the author's acknowledgement of how a fast-growing industry does not necessarily guarantee success. I was pleasantly surprised to realize that not all entrepreneurs jump onto trends.

2) One thing that confused me about the reading was how it is possible to predict the profitability of any industry. Even if you study business trends, etc., you can't predict every factor and major event that could potentially affect an industry's direction.

3) Two questions I have for the author are: Which industries do you predict will be most profitable in this century? How important is it to determine the profitability of an industry when choosing a career path?

4) I actually thought this article was very well written, and I agreed with the author's perspective!

Idea Napkin No. 1 (Week 6)

1) I am a second-year PR major in the Innovation Academy at UF. Through internships and educational opportunities, I have gained experience with volunteer management and community engagement. It would be exciting to apply these skills towards creating an online database/ networking forum that allows people to connect and unite in support of the causes/projects/organizations they are most passionate about. My life would definitely head in a direction I had not previously considered if I were to bring my idea to life.

2) I am offering to customers the opportunity to connect and find volunteer opportunities and ways to get involved and make a difference in the world. The online database/ networking forum I plan to create will allow people connect individually within their local community, as well as with representatives from national and international organizations.

3) This resource will be available to anyone with internet access and a desire to make a difference in the world. I believe everyone has some ability to contribute in a positive way, so anyone, from any demographic, will be able to use it.

4) I think people often want to get involved, but they don't always know where to start or don't feel like they can make much of an impact on their own. This service will encourage people to unite in support of the causes and projects they are passionate about. It will also make it easier for them to find ways to get involved by allowing them to determine the best way to apply their specific skill set to a particular cause/project/organization in order to have maximum impact and do the most good.

5) I am extremely organized, proactive, and self-motivated. I also have an innate desire to do good, and I am passionate about supporting the causes that I feel are most important.

Interviewing Customers No. 2 (Week 5)

There are a lot of people who want to help make a difference, not just in this community but all over the world. However, willing as those people may be, they often miss out on opportunities to affect change because they don't know where to start and/or feel like they can’t make much of an impact on their own. 

So, I would like to create an online database/ networking forum that allows people to connect with others who are interested and/or involved in similar causes and projects. This resource would allow people to connect with other individuals within their local community, as well as with representatives from national and international organizations, and would offer all kinds of opportunities for people to give of their time, talent and treasure.

Below are the videos of the interviews I conducted…

After the first round of interviews, I learned that there is a great need for this sort of resource, especially in today’s world when people are intimidated by problems that seem too widespread and daunting to take on alone. For the second round of interviews, I continued to interview people of random ages, because really, no one is too old or too young to make a difference in the world. I did tweak my interview questions a bit by tailoring them to each person as the interview progressed and they shared more about their interests and experiences. 

Three tips I would offer future student interviewers are…

1. Think of it as having a focused conversation with someone. People will be more comfortable being interviewed if they feel like they are just talking with someone, rather than being interrogated. 
2. Your questions should progress naturally. When you’re planning them out, make sure they flow in a way that makes sense, instead of jumping back and forth between topics. This will make the interview easier for viewers to follow, as well, because the relevant information will all be grouped together. 
3. Put some thought and effort into your topic. If you’re not really interested in it, people will be able to tell, and they will be much less willing to be interviewed by someone they can tell doesn’t really care anyways. Plus, discussing a topic of interest to you will make the entire project more enjoyable. 

Week 5 Reading Reflection

I was surprised to read that many startups fail because the owners lack objectivity. It seems like common sense that if you're going to start a new business, you should first determine whether there is a need or want for that sort of business.

One thing that confused me was that it sounds like a lot of people start new business ventures without being fully prepared to handle the results and consequences once their venture takes off. I don't understand why so many people would risk so much without being prepared to do so.

Three questions I would ask the author are: What is the most important legal issue for entrepreneurs to be aware of? What was the biggest problem you faced in the first year of your venture? What is the best way to prepare for starting a new business venture?

I disagree with the author's point that one reason entrepreneurs start businesses is due to a need for approval. I think starting a business is incredibly risky, and there is a high chance of failure, so that would not be a guaranteed way of gaining approval.

Elevator Pitch No. 1 (Week 5)

Giving with Purpose: an online database/ networking forum that allows people to connect and find volunteer opportunities all over the world.