Week 13 Reading Reflection

  During my reading the part the surprised me was the many questions and the thought process people made in their business and other businesses. I was also shocked that Facebook and Amazon weren't very much different in relevance to value. I understand that there are many Facebook users but I feel like theres a way more variety of amazon users in regards to age group. The only part that I was a little confused on was the chart regarding venture and evaluation. To conclude, I don't have no questions to ask the author nor do I disagree with anything she said.

Celebrating Failure

During this past semester, I failed a very easy exam for a very easy class- Mans Food. Due to my hectic schedule, I wasn't prepared for an exam I had two days to study for. Nor did I know I had such a limited time to take the exam. Let's just saw I was very stressed while taking it, and I did don't pass it. Seeing this, I started venting on wether or not I should drop the class or stick with it. Being over dramatic, I realized I could still pass the class with an A if I get A's on the other exams. Realizing I would have failed this class wasn't the easiest thing I've had to deal with during my time here at UF, especially because it's such an easy class. Seeing that I didn't take my first exam seriously, I started to write in my calendar when I should start studying for my exam etc. Just because the class is considered an easy course, doesn't mean I shouldn't take it seriously . This goes for all classes at UF.

Failure is something most of us don't like dealing with . We try our best to avoid it but sometimes even when we try our best, we still end up failing. It happens. You're going to fail and you're going to continue to fail throughout your life. However, with these failures, you get to improve and learn from your failure and be better in the future. I tend to be stressed out a lot so I don't well with failure that well. Most of tell ourselves when something doesn't go our way that we aren't good enough. We didn't do our best etc. I used to think like that till I was at a forum regarding stress i Vet student. Now, I tend to not really stress too much about my failures but rather look at the situation. See what I did wrong or lacked in , and do better the next time.

My Exit Strategy

I honestly have not thought about the exit strategy I would make for the future. With the product that I have designed, my business can go several ways: make a lot of money when I first put it out in the market, and slowly die down. If I were to predict this, I would instantly sell my company for a large return. However, my business could continue to skyrocket, and even become a name brand where I will continue to design products for those that have automobiles or bikes. If this were to happen, I would protect the venture as a family business. Typing this all down, I realize the second theory could possibly happen if I were to be careful with how I carry out my business plans. With that being said, this exit strategy has definitely influenced my growth intentions and how I now see my company becoming a name brand rather than just selling two or three models to people. It has also made me think on how I should acquire the resources I would need in other to have a successful business .

Week 12 Reading Reflection

The biggest surprise was concluding that strategic planing is a major key to success for young entrepreneurs . Especially those that are starting new and out of nowhere. It isn't as easy as I originally thought it be. Throughout my reading the one part that was a bit confusing to me was reading how one transitons from entrepreneurial to a managerial position. I also would want to know how does one transitions like that and what is their process ? The second question I would ask the author would be in what ways can you incorporate strategic planning in your daily life. To conclude my reflection, there wasn't anything i disagreed with the author.

What's Next

Existing market:
After the interview, I again was again thinking back to all the feedback that I was given and how I could incorporate them into my product. Being informed on the issue of getting your lower part of your body wet was what struck me the most.They asked me what would be the difference if they just wore a rain jacket. Hearing this, I knew my product was not yet ready to be introduced to the world but be brought back in to look at how I can make a better product by changing a few things. Another thing was the way my product would look, and how some fashionistas may not like the way it looks, and thus won't buy it. With this feedback, I hope to create the original look and go from there. Slowly start introducing different models of the product. 
   Although my product would be run on solar energy. It would be interesting to create bike that already has a cover on it, that would be powered by the pedaling of the rider. With that energy and model, I could later start adding more gadgets onto the cover. However, It won't be able to be compressed to a carry on. The last thing I want to discuss is having some sort of umbrella that athlete are able to use but without having to use their hands to hold it nor have it distract them and put stress on them.

New Market:
My new market would be targeting athletes. In addition to the bike umbrella/cover, this product would be beneficial to athletes and those that workout outside. This product will also protect them from the rain while they continue their normal day to day practice outside . The main thing I learned about this product is that there is a need for something like this in the world. There are many athletes out there that are forced to play in the rain unless there's lightening. Most tend to not like getting soaked and wake up the next day with a cough. This need for it , was the most surprising. However, this product also has many faults in it and in someways no necessary for some. In comparison to my original market, this isn't as attractive. However , I would love to add this to the line if items I would sell in my business.

Venture Concept No. 1

Holding my bike with one hand and an umbrella on the other while walking around University of Florida, I realized I wasn’t the only one who was forced to get off their bike due to the rain. Seeing how this was a regular occurrence, I asked myself “why?”. Why should I get off my bike rather than continue on biking through the rain? Well I and the majority of UF don’t want to get our personal items wet. Why not just juggle an umbrella on one hand while biking? That takes focus and too much effort. With all these questions roaming around my head, I thought of a product that would meet many bikers needs. Why hold an umbrella while biking when you can have one already installed onto your bike? No longer would bikers have to get off their bike or be forced to wear garbage bags on them. This is a big opportunity because this need is yet to be met and with the constant rainy weather in Gainesville, many students who both ride a bike as well as a motorcycle/moped will now be protected under a bike cover, umbrella.

   The name of the product I have designed is called “Coverella”. It’s not a normal umbrella attached to a bike, but rather a clear plastic material that is collapsible. You first attach it to the bottom of your seats bar and it will extend a few inches out towards the wheel and then be able to be pulled up and around you towards your handle bars under bar that is attached to your frame. This will allow you to be safely protected from the rain and wind while you’re biking. Not only is it a simple cover, but there will also be two things installed onto it to allow you to have clear visibility while biking. You will have collapsible rain wipers on all sides of your bike that are to be put into outlets that will power it to function. The second installation will be a small heating mechanism that will be attached to all sides of the cover that will heat the cover and evaporate the fog from the cover. The cover will also include to windows that you’ll be able to unzip if you need to. Once this product is officially developed and looked at it, I will start contacting stores who want to buy my product and have them in turn sell it to their loyal customers. I will also develop a website where customers will also have the option to buy it online rather than bike shops and other stores. It will go for sell on line for about 100-200$ depending on how much it cost to develop one and other related costs to keep the business running successfully.

     

Week 11 Reading Reflection

The biggest surprise from my reading was coming to the conclusion that the customer is in control and makes all the decisions rather than the entrepreneur him/her self. What was both confusing yet shocking was reading that mobile marketing is going to be a major key to successful marketing for companies. Two questions I would ask the author is why are entrepreneurs scared by the idea of sampling, surveying, and statistical analysis . Second question would be why is mobile marketing going to be our future. There was one thing is disagreed on . I don't believe mobile marketing is our future because no everyone has a phone nor is it the only electronic we use.