1. I would say what stood out to me the most in the reading was actually the main idea of the whole chapter. I never really knew how important financing is for a business venture. You always think how much profit you can make from owning a business, but not how much you have to put into in the beginning and all the hidden expenses that come up along the way.
2. Nothing in this chapter really confused me. As I read through the chapter I understood all the concepts and charts that Kuratko laid out.
3. I would ask Mr. Kuratko which method of financing he has used, or which he felt was the most useful. I know it varies from person to person or depending on situation but for people starting out there has to be one that sticks out over the others.
4. There was nothing in this chapter that I disagreed with! Kuratko laid out the financing to open a business well, and I especially enjoyed his idea of the great end result, taking your business public. Every entrepreneurs dream.
Sunday, February 28, 2016
Friday, February 26, 2016
Half-way Reflection
1. ENT3003 is definitely a fast paced course, and if you don't keep up or get ahead you fall behind quickly. The idea that "tenaciousness is a skill" is valid for this course, because there will be times you want to just give up and not do assignments. It's a different style course because you're literally graded on the assignments you do, so its your choice to get a good grade (which is a good thing for people who aren't great test takers). I'd say just be organized and stay on top of the material, and of course have fun with it!
2. Over the past two months of ENT3003 I have definitely developed a tenacious attitude. The experiences that most contributed to this were going out and doing the exercises where you have to interact with people. My favorite was the interview with an entrepreneur, because just from the 15 minutes I go to speak to them I learned so much. But I also didn't really know the gentleman I interviewed well, so it was a little awkward for me to contact him and ask him for a sit down. Luckily he agreed and I'm glad I went through with it.
3. The three skills I feel you should develop for this course is organization, tenacity, and patience. To make sure you give yourself enough time to complete the assignments, organization is important. Tenacity to push through and do the assignments you don't want to do. Finally, patience, to get you through those exercises that you might not enjoy but that benefit you in the long run.
2. Over the past two months of ENT3003 I have definitely developed a tenacious attitude. The experiences that most contributed to this were going out and doing the exercises where you have to interact with people. My favorite was the interview with an entrepreneur, because just from the 15 minutes I go to speak to them I learned so much. But I also didn't really know the gentleman I interviewed well, so it was a little awkward for me to contact him and ask him for a sit down. Luckily he agreed and I'm glad I went through with it.
3. The three skills I feel you should develop for this course is organization, tenacity, and patience. To make sure you give yourself enough time to complete the assignments, organization is important. Tenacity to push through and do the assignments you don't want to do. Finally, patience, to get you through those exercises that you might not enjoy but that benefit you in the long run.
Tuesday, February 16, 2016
Elevator Pitch #2
This is my elevator pitch #2. In the pitch I reflect on the feed back from my last pitch and what I would change based on the feedback.
Monday, February 15, 2016
The Twenty Percent
I decided to talk to the same gentleman who I did my entrepreneur interview with. Mr. Wilburn is the owner of Team Dynamo, a residential real estate team.
1. His target customers are anybody looking to buy or sell a home in the Alachua county area. His demographics are usually couples, age 25 or over and who are ready to buy a home. Since Mr. Wilburn has been in business for close to 15 years, 95% of his clients are referrals from past clients. The customers “problem” is really just not knowing the route to becoming a home owner, or they just want help with the process of buying or selling their home.
2. 3 people that I talked to that are either looking to become home owners, or have bought and sold homes in the past, say they use realtors simply for convenience and helping with the process.
3. While this business is slightly different, since it is a service business, I’d say that Mr. Wilburn does correctly know his customers problems and how to help them. Anyone who has 95% of his clients come from referrals must be doing something right, and he clearly goes above and beyond to help clients with their needs.
1. His target customers are anybody looking to buy or sell a home in the Alachua county area. His demographics are usually couples, age 25 or over and who are ready to buy a home. Since Mr. Wilburn has been in business for close to 15 years, 95% of his clients are referrals from past clients. The customers “problem” is really just not knowing the route to becoming a home owner, or they just want help with the process of buying or selling their home.
2. 3 people that I talked to that are either looking to become home owners, or have bought and sold homes in the past, say they use realtors simply for convenience and helping with the process.
3. While this business is slightly different, since it is a service business, I’d say that Mr. Wilburn does correctly know his customers problems and how to help them. Anyone who has 95% of his clients come from referrals must be doing something right, and he clearly goes above and beyond to help clients with their needs.
Week 7 Reading Reflection
For this weeks reading reflection I read rediscovering market segmentation by Daniel Yankelovich.
1. The biggest surprise in this reading was the idea itself. The idea of non demographic segmentation is fascinating to me. When I think of segmentation or products, I picture the group it will sell to based on age, race, gender, etc. Daniel believed that instead we should use buying patterns, which in a way definitely makes sense.
2. Something that was slightly confusing was the “gravity of decision spectrum.” I just wish they touched on this topic a little more, but I still get the gist of it and that it is the importance consumers place on a product.
3. Two questions I would ask the author is how he came up with this idea of segmentation, and if he had personal success using his new theory of segmentation.
4. There is nothing I think that the author was wrong about or that I can disagree with. I would have to see both of these segmentations in action to figure out which one I think is better to use for different aspects of business.
1. The biggest surprise in this reading was the idea itself. The idea of non demographic segmentation is fascinating to me. When I think of segmentation or products, I picture the group it will sell to based on age, race, gender, etc. Daniel believed that instead we should use buying patterns, which in a way definitely makes sense.
2. Something that was slightly confusing was the “gravity of decision spectrum.” I just wish they touched on this topic a little more, but I still get the gist of it and that it is the importance consumers place on a product.
3. Two questions I would ask the author is how he came up with this idea of segmentation, and if he had personal success using his new theory of segmentation.
4. There is nothing I think that the author was wrong about or that I can disagree with. I would have to see both of these segmentations in action to figure out which one I think is better to use for different aspects of business.
Free Money
This exercise was tough for me and I will just start by saying I did not get any video recordings. I went to my local mall for this exercise, and each encounter was extremely awkward. Giving away the dollar wasn’t easy, because about half of the people just denied my offer or looked at me weird. I didn’t come up with a genuine reason to give away a dollar, so I just would say “its national free money day” or “it’s for class.” There was no specific person I approached, just anyone who looked over the age of 18 (I didn’t want to be giving money to little kids as this could be taken the wrong way by people). One person I interrupted while they were on the phone and they actually got upset and stormed off. Needless to say, this exercise had to be my least favorite.
Saturday, February 13, 2016
Customer Interviews #3
1. The Questions I intend to ask are similar to those before. I just want to make sure that this product pertains to a certain Niche. So instead of seeing if this product is useful, I want to know if they think people will use it over other products. I'll ask the if they think that MentalEdge would be popular among students. Whether or not they themselves would use the product. Finally I'll ask if they have used other products for focus and what they thought about them.
2.
3. From the interviews, I learned that many people would potentially buy this product. The $35 price range for one months supply may be a little high though, as most said they wouldn't want to pay that much. What made me happy is that most thought that this product could stand out as a Niche product, and not just be another supplement to add to the industry.
Friday, February 12, 2016
Week 6 reading reflection
1. Something that was a
big surprise to me was the section about substitute products. You never really
think about how much substitute products can limit the cost you can charge for
certain goods. When I think of this, I think of generic brands that limit the
cost that name brands can charge. When you compare two cereals and they both
have the same exact ingredients but one is twice as much, it can cause
increased competition.
2. Something that was slightly confusing to me was the chart that showed the forces governing competition in an industry. I just didn’t like how it was laid out, and the three circles surrounding the industry, are those supposed to be like barriers to breaking through?
3. The first question would be about the 3 circles in his chart I explained above. I would also ask about the experience curve as an entry barrier for further elaboration.
4. Honestly there was nothing I could argue with in this article. Michael Porter is an extremely smart Harvard professor and I can agree, or atleast see the logic that he presents in this article
2. Something that was slightly confusing to me was the chart that showed the forces governing competition in an industry. I just didn’t like how it was laid out, and the three circles surrounding the industry, are those supposed to be like barriers to breaking through?
3. The first question would be about the 3 circles in his chart I explained above. I would also ask about the experience curve as an entry barrier for further elaboration.
4. Honestly there was nothing I could argue with in this article. Michael Porter is an extremely smart Harvard professor and I can agree, or atleast see the logic that he presents in this article
Wednesday, February 10, 2016
Idea Napkin #1
1. I am Keifer McClain and
I am an entrepreneur and I want to help people! I have a background in
business, and have done work in real estate and finance. I aspire to create a
business to help college age students with focus. If I start this business I
see it helping me and other students to increase focus and get better grades.
2. I am offering customers a study aid supplement to help them with focus. I know from experience that many of my friends take prescribed medicine for ADHD but really just use it for studying. I want to create a natural supplement that will increase focus and energy and help students get better grades.
3. My customer demographic is students in general, from high school all the way to grad school. I want to make a natural supplement that will be appropriate for kids and adults.
4. Customers will pay money for this supplement because focusing in today’s society is hard! This supplement will help them be able to sit down and focus on assignments and not spend their time on their cell phones or daydreaming. I want to give people mental clarity to get tasks done and not be groggy or unfocused.
5. I believe what sets this product apart from competition is its quality, and its niche. There are other supplements on the market for energy or focus, but none pertaining to students.
I definitely believe that these five elements fit together and could become a successful product. With the right marketing and quality ingredients I don’t see with this product couldn’t be a best seller, or even a trailblazer for study aid supplements. The only thing that would worry me is the idea of adding to a competitive market, but since there are very limited products sold as study aids, I think
2. I am offering customers a study aid supplement to help them with focus. I know from experience that many of my friends take prescribed medicine for ADHD but really just use it for studying. I want to create a natural supplement that will increase focus and energy and help students get better grades.
3. My customer demographic is students in general, from high school all the way to grad school. I want to make a natural supplement that will be appropriate for kids and adults.
4. Customers will pay money for this supplement because focusing in today’s society is hard! This supplement will help them be able to sit down and focus on assignments and not spend their time on their cell phones or daydreaming. I want to give people mental clarity to get tasks done and not be groggy or unfocused.
5. I believe what sets this product apart from competition is its quality, and its niche. There are other supplements on the market for energy or focus, but none pertaining to students.
I definitely believe that these five elements fit together and could become a successful product. With the right marketing and quality ingredients I don’t see with this product couldn’t be a best seller, or even a trailblazer for study aid supplements. The only thing that would worry me is the idea of adding to a competitive market, but since there are very limited products sold as study aids, I think
Monday, February 1, 2016
Elevator Pitch No.1
1. The opportunity I saw was focusing in today’s society for college students. There is a high over diagnosis of ADD and ADHD where college students get prescribed adderall to help them study.
2. The solution I came up with was MentalEdge, a study aid supplement that pertains to college students, with ingredients that increase focus and sharpen attention.
2. The solution I came up with was MentalEdge, a study aid supplement that pertains to college students, with ingredients that increase focus and sharpen attention.
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