Venture Concept No. 1 (Week 12)

Opportunity

There is so much need in this world. Issues such as hunger, suffering, illness, maltreatment, homelessness, injustice and so many more more are prevalent across a variety of demographics both within our local communities and in faraway countries. However, it can be easy for the average person to become overwhelmed when faced with the amount of true need in the world; even if they really want to make a difference, they are often unsure of how and where to start, or are doubtful of their ability to make a significant impact on their own. Those who do get involved tend to identify one or two causes that hit close to home for them, and offer their support by volunteering their time, money or other resources. Due to the flaws of human nature and the unequal distribution of resources and opportunities in the world, there has always been and will always be a need for people to step up and help those less fortunate. This presents a huge opportunity for every single person to strive to make our world a better place.

Innovation

            Giving with Purpose will essentially be an online database/ networking forum that allows users to connect with local individuals, as well as national and international organizations, who are interested and/or involved in the same causes that they are passionate about supporting. This resource will provide people with opportunities to get involved by giving of their time, talent and treasure to whatever extent they feel comfortable. Through this database, people would be able to browse and actively search for ways to get involved by location, causes/organizations, time frames, etc. People would also be able to match with organizations and/or causes who could put their personal and specific skill set to good use. It would also act as a forum which would also allow organizations to post information about involvement opportunities and actively seek volunteers, and make it possible for individuals to connect, coordinate and plan. This venture is not about making money; it’s about making a difference. Therefore, it would be run as a not-for-profit resource by myself and a team of volunteers with the singular goal of empowering people to improve the quality of life for those less fortunate and make the world a better place to live.

Venture Concept

I believe people will utilize this resource because it is a unique resource that enhances and builds on the capabilities of existing organizations and individuals. Because nothing as efficient or comprehensive as this resource exists, it should not be difficult to attract users. This resource is unique, so there are no definitive competitors, but it is possible that time and awareness may prevent people from utilizing this resource, just as time and awareness prevent so many from helping make a difference in the world. However, time and awareness are no match for the passion and determination that so many people have for making this world a better place. Anyone who is actively looking for ways to get involved would surely be quick to try Giving with Purpose, and as a result word would quickly spread about this resource and the opportunities it provides. Thanks to the widespread reach of the World Wide Web, this resource can be managed and utilized from anywhere with a network connection. Price points and distribution will play a miniscule role in this venture. The most packaging that will be done is really the presentation of the material on the Web site. Customer support and experience will be a key factor in the development and maintenance of the Web site because it will be crucial to understand how the resource is being used and to make sure it is effectively and efficiently serving its purpose of improving lives. In many ways, this venture is self-sustaining, because it simply connects existing organizations with each other and provides individuals with a way to network and coordinate.

Resources

The multi-functional nature of this venture is its own most important resource, because it is what sets it apart from anything else like it. While this venture may share similarities with other resources, no existing resource acts as a one-stop shop that offers such comprehensive services.

Next Steps: The Venture

            The wonderful thing about this venture is that there will always be a need for it, and therefore, it will never be done growing and expanding. There will always be a need for those who are able to help those less fortunate than themselves to do so. New problems will arise and old issues will resurface. As these opportunities to provide aid come about, Giving with Purpose will be able to adapt along the way to ensure that it is still serving those who are most in need. It could easily be expanded to offer more comprehensive and in-depth tools and resources to users, whether they want to be more proactive about seeking volunteers or provide more information about involvement opportunities.

Next Steps: My Goals

I truly hope that this resource could be utilized around the world in order to make this world a better place to live. Within the next five years, I would like for this venture to be fully implemented and to have users on every continent on the globe. I would also like to have established a trusted and reliable core team of volunteers who believe in the project as much as I do and will help me maintain this resource. My primary goal as an entrepreneur- and as a human- will always be to use my skills and strengths to improve the lives of the people around me and make this world a better place to live. This venture has given me the opportunity to empower others to strive towards the same goal in their own way. The greatest reward I could have as an entrepreneur would be to create and sustain a venture that allows me to make this desire to do good a part of my everyday life, and I believe this venture could be a great way to achieve this.

Amazon Whisperer (Week 11)

 

Image credit: http://www.chop.edu/giving/promotions-that-give#.VvFnSWNlnR0

• My "product" is more of a non-profit service (it's an online resource that connects volunteers and organizations in support of the causes they are passionate about). So, I don't really have any typical revenue drivers, unless you count fundraising opportunities that could be organized through the Web site...
• I think next customers might want this resource to expand so it includes a forum for organizations such as The Little Market to sell their products directly through this Web site.
• This kind of resource expansion could improve "customer"experiences while still making a difference, because the profits from the product sales would go back to the artisans around the world who make their livelihood this way.
• Amazon has a "giving back" program called AmazonSmile, which donates a portion of the proceeds from all sales made through the site to various charity organizations.
• One of the biggest criticisms of AmazonSmile is that the customer isn't actually the one giving to the charities, Amazon is. So when customers make a purchase, only a very small percentage of that purchase is going to a charity. The customer isn't actually giving a percentage of their payment to charity instead of Amazon; rather, Amazon is donating a minuscule percentage of their profits. It takes the personal connection out of it.
• I would change the way that the AmazonSmile page is laid out so that it stays consistent with my Web site.
• An addition like AmazonSmile could help the resource I plan to create give back even more.

My Unfair Advantage (Week 11)

• Creativity
• While most people are able to channel creativity in some way or another at some point, I believe that true creativity must be born, not bred. Therefore, I feel blessed to have been given this trait; the desire to live creatively will be a huge influence on my future career and entrepreneurial pursuits.
• Organization
• This venture will require a constant attention to detail, I have a natural instinct for organization which I think will be extremely beneficial when trying to connect various volunteers around the world. 
• Passion
• Not everyone has a passion for service, so since I do I feel a responsibility to be a force for good in this crazy, messed-up world. This translates perfectly to my entrepreneurial venture, which will hopefully empower others to make the world a better place.
• Will
• When I believe in something, I see it through. My belief in the importance of volunteer work will be a major motivating factor that will ensure my success in sustaining this venture.
• Experience
• I have a lot of experience with both doing volunteer work and organizing volunteer events. Experience is not something that can be faked or duplicated. Only by getting in on the ground floor can people truly understand what a particular need is and how it can be fulfilled.
• Global relevance 
• I think one of the reasons my venture will be successful is that it will be relevant literally everywhere in the world. No matter where you live, there is someone who needs help or someone who is capable of offering help. 
• Global impact
• This is similar to global relevance in that my venture will enable people to give and receive aid literally everywhere in the world. Wherever you are and whatever your need is, this resource will find a way to provide you with what you need.  
• Builds on existing entities
• I think the fact that I'm not re-inventing the wheel will help me be successful in this venture. At its most basic, this is a resource that connects people with other people and organizations with other organizations in order to fulfill a need.
• Personal connection
• Based on the popularity of social media such as Snapchat, Instagram, etc., I think it is safe to say that people want to feel a personal connection to whatever they're involved in. The fact that this resource fulfills that desire and gives it purpose will help ensure its success.
• Multi-functional
• There are already other Web sites out there that feature opportunities for people to get involved. However, as far as I know, there is no other resource as comprehensive as this will be. This will essentially be a one-stop shop.
• I think the multi-functional nature of this venture is the most important resource, because it is what sets it apart from anything else like it. While other resources might exist that offer opportunities that are similar to some extent, nothing currently exists that will offer the comprehensive services that this one will. As a one-stop shop, volunteers can find opportunities, organizations can find volunteers, donors can determine who to give their money to, people can fine-tune their searches to find the cause that they are most passionate about supporting and match their skills to specific volunteer opportunities, etc.

Reading Reflection (Week 15)

1) I was surprised that the author included using the latest technology a a way to cut costs. I would think paying for the newest technology would be very expensive. 

2) I was confused by the author's statement that customers are central to his success. I don't know how you can serve your customers to the best of your ability if you are consumed by making a profit.

3) I am interested in the author's personal experience with the subject matter he has written about. So, two questions I would ask are: How do you maintain a balance between your commitment to customer service and maximizing profit? How have your company's intentions and ethical guideline changed and/or stayed the same since you founded it a decade ago?

4) I disagree with the author's approach to entrepreneurship by focusing on maximizing profit. I don't think starting an entrepreneurial pursuit should be all about making money; to me, that is not an innovative purpose.

Reading Reflection (Week 11)

1) I was surprised that only senior leaders can set innovations strategies, because it seems to me like the employees they are leading will be the ones implementing the strategies on a practical daily basis.  

2) I was confused about the difference between routine and disruptive innovation. 

3) I would to get a professional's perspective, so I would ask the author the following questions: How have you personally implemented innovation strategy in your life? Is there anything you recommend all entrepreneurs consider when developing an innovation strategy?

4) I disagree with the author's view that lack of strategy is the reason so many innovative ventures fail. I believe it is because the business world that society has creative is not necessarily conducive to supporting such innovative ventures. 

Reading Reflection (Week 14)

1) I was surprised by the amount of study and research that has been done on social enterprise and the ethical responsibility a company has to society.

2) I found myself confused on the section about middle managers in corporate entrepreneurship; I don't really understand why they are necessary or what their role is.

3) Two questions I would like to ask the author, in order to get the perspective of an experienced professional, are: What decisions have you been faced with that involved a trade-off between ethics and economics? What has been your personal experience with the challenge of social enterprise?

4) I disagree with the section on creating a climate for in-house entrepreneurship. I don't think entrepreneurship is something that can be forced, and I think it would be difficult for a company that wasn't begun with an entrepreneurial approach to adapt to a new mindset like that.

Reading Reflection (Week 13)

1) I was surprised that there were so many different ways to valuate a company financially; I thought the process would be more rigid.

2) I am terrible at all things math and finance related so I was confused by most of this chapter. One thing in particular that I had a hard time understanding was the section on valuating a company based on stocks and shares.

3) Two questions I would like to ask the author, in order to get the perspective of an experienced professional, are: Which method of valuating a business do you think is best? How can business owners add value to their business? 

4) In my opinion there is a difference between entrepreneurship and business, so I disagree with the amount of emphasis the author places on evaluating a business. I think there is too much importance placed on monetary value on and not enough placed on turning a passion or lifestyle into a career.

Reading Reflection (Week 12)

1) I was surprised that the life cycle of a typical venture could be so basically simplified down to five stages. I assumed the stages of the life cycle would be different for each venture, depending on what it is and how it comes about.

2) I found myself confused as to why some people choose not to use strategic planning. I would think anyone starting a new venture would want to do anything possible to ensure it's success.

3) Two questions I would like to ask the author, in order to get the perspective of an experienced professional, are: Have you personally used strategic planning? How have you personally maintained a balance between entrepreneurial and managerial approaches?

4) I somewhat disagree with the section on tolerance of failure. I think the word failure is thrown around a lot more frequently than is necessary. While it is important to understand that not everything will go the way you planned, it is important to differentiate between setbacks and failure. It's only failure if you give up and don't try to learn from the experience.

Elevator Pitch No. 3 (Week 10)

1) Below is the video of my third attempt at an elevator pitch.

2) The most common feedback I got was that there was an issue with the audio quality of my last video. However, people seemed to like the idea based on what they were able to understand.

3) I'm not sure what went wrong with the last video, but I tried to fix the problem in this video by speaking louder and more clearly and filming in a quieter setting.

My Secret Sauce (Week 9)

1) Describe five ways in which you think you have human capital that is truly unique. 

•  Sincerity
•  Passion
•  Creativity
•  Understanding
•  Will

2) Interview the five people who know you the best. Below are my interviews with the five friends who know me best. I had each of my friends say a quality that I have that will help me be successful as an entrepreneur.

I think creativity is one of the most important aspects of entrepreneurship, so I am flattered that my friends recognized this trait in me. I do tend to do things a little differently than everyone else, which could work to my advantage in the business world.

Communication wasn't something I included in my list, but I think it goes along with "sincerity" and "understanding." The ability to communicate effectively with others is one of my biggest strengths.

I didn't include "good listener" on my list either, but I like that my friend suggested it. I think my ability to listen well comes from my desire to understand people so that I know how best to help them.

Responsibility is another quality I did not include on my list, but it is definitely a prominent quality that I have. 

3) Reflect on the differences. I think I have a pretty good sense of who I am, what I am capable of, and how other people view me. The feedback I got in my interviews all seemed consistent with my original list. So, I wouldn't change anything about my original list because I think it is an accurate representation of myself and my approach to entrepreneurship.

Week 10 Reading Reflection

1) I was surprised to learn that entrepreneurs need to make so many different kinds of budgets; I didn't realize you would need more than one budget. 

2) I was confused by all the different budgets that entrepreneurs need to prepare. It seems kind of inefficient. 

3) Two questions I would ask the author in order to get clarification are: Which analysis do you think is the best/ most effective and accurate? What kind of budgeting strategies would you recommend?

4) I disagree with the author's opening statement that today's entrepreneurial environment is characterized by regulated government constraints. I think the whole point of entrepreneurship is to break free of bureaucratic constraints and turn an out-of-the-box idea into a career.

Week 9 Reading Reflection

1) I was surprised to learn the emphasis that is placed on the philosophy behind developing a marketing concept. I thought it was interesting how each company's philosophy can be so different.

2) One thing that confused me about the marketing research process was the idea that one should gather secondary data before gathering primary data. This seems backwards...

3) Two questions I would ask the author are: Do you think it is necessary and/or important for entrepreneurs to conduct marketing research? Which of the 5 steps of the marketing research process do you believe are the most important?

4) I disagree with the author's concern that using the Internet as a marketing tool isn't necessarily effective due to it's limited target audience. I would think that the Internet would expand a target audience because it is used worldwide.

Idea Napkin No. 2 (Week 9)

Idea Napkin -- I think my core competencies are an ideal fit for the project that I hope to bring to life. I have a passion for people and a passion for good, and this project seems like a perfect marriage of the two.

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. It could also act as a forum for planning and coordinating events, which could be helpful to people organizing events outside of their local area.

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. That being said, the Web site managers would be strategic in who they reach out to; instead of reaching out to everyone in the world, they might target people who have shown an interest in volunteering.

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. 

Feedback Memo -- Based on the feedback I received, I altered my original Idea Napkin by expanding the resource's functions and capabilities. I also incorporated this feedback by focusing marketing and outreach strategies. Below is some of the main feedback I got from comments on my last Idea Napkin post:

1) Expanding the service to fundraising (in addition to volunteering)

2) Including smaller clubs (in addition to charity organizations, etc.)

3) Actively reaching out through the Web site (not just waiting for people to find it)

4) Expanding the resource so people can coordinate/make plans (not just get in touch)

5) Overall, I clearly conveyed my idea and my passion for what I hope to accomplish :)