Week 8 Reading Reflection

Week 8 Reading Reflection

Sources of Capital for Entrepreneurial Ventures

 

Surprise: I found Kuratko’s statements about venture capital myths very interesting. I was surprised to hear that venture capitalists are slow to invest. Many people think that venture capitalists are quick to jump on companies and invest, but they actually make long and deliberative decisions when it comes to investments. Kuratko also mentioned that the only way to gain a venture capital investor’s attention is to make a detailed and well-organized business plan. Everything needs to be incredibly planned before any actions will be taken on the capitalist’s side.

 

Confusing: I wish that Kuratko had expanded further upon IPO. He defines it as a method of representing the registered public offering of a company’s securities for the first time. What number is considered a good or bad IPO? What is a goal IPO that a company should have by a certain number of years? I wish that Kuratko went into further detail about the background information. I may have to look it up on my own to figure out what the premise of IPO is.

 

Questions: If I could ask Kuratko a question, I would ask him, “In what ways have you personally sought debt financing?” It would be very interesting to see how an expert in the field of entrepreneurship has personally worked to find startup money. I would also be interested to find out his opinions on the debt that he did take out – what ones he thought were the best, which had the best returns, which were easiest to pay off, and which incurred the least amount of debt. I would be interested in seeing an in depth analysis of his opinions on each option.

 

Incorrect?: I found it to be interesting when Kuratko mentioned that venture capital firms do not want to control your company and tell you how to run your business. While this may be true, I also think there is are some venture capitalists who do have that goal in mind. I think it honestly comes down to picking the right venture capital firm so that no one tries to take away your rights in your own business.

Half-Way Reflection

1.       Tenaciousness is a skill. ENT3003 is a fun and entertaining class, but it does require a lot of hands on work. While lectures teach you important things that are highly applicable to real life situations, assignments can sometimes be challenging. This class has forced me to keep a running record of assignments and check my online learning portal daily to make sure that I am completing them on time. One behavior that I am trying to teach myself but am struggling to abide by is completing assignments early. In this class, there are many assignments that require planning ahead and it simply doesn’t work to try to complete them the day they are due. It is my goal for the second half of the semester to complete assignments at least three days before they are due.

2.       Tenaciousness is also about attitude. During the fifth week, I had been working on my second customer interview assignment, and I simply forgot to turn it in before the deadline. It was completely frustrating that I had been working on the project but did not get to finish. Dr. Pryor’s advice to keep moving, keep working hard, and complete some extra credit assignments pushed me to move on to the next assignment and keep pushing forward. This class has helped me to become more tenacious and accept that there may be failures along the road, but they should not define us.

3.       Three tips.

1.       Work ahead on the assignments. You’ll be less stressed and have more fun completing them!

2.       Attend live lecture if it fits your schedule! It is more fun and engaging than watching online.

3.       Don’t be afraid of failure. Picking yourself back up when something doesn’t work is key!

Megan

Week 7 Reading Reflection

Week 7 Reading Reflection

As a marketing major, I found the premise of the entire article to be very interesting. Rather than going after typical targeted segments like age, income, or residence, Daniel Yankelovich transitioned to find a way to segment groups based on more non-demographic criteria. I think that it is incredibly important for a marketer to find a very specific group of people to sell a product to if they want to survive in a market for the long haul.

I found the “gravity of decision spectrum” to be interesting, but also a bit confusing. I would love if the author went into more detail about how an individual is placed on a spectrum and how the spectrum can be applied to the field of marketing. Does every individual fit the mold and have a place on the spectrum? Or do some not fit in to the spectrum?

If I could ask the author a question, I would want to know, was there a specific reason that Yankelovich decided to go after different segments? What made him think that there might be something more to preferences than simply one’s family income or age group? It seems like such an obvious statement when put simply, but what made him decide that his idea might work? I would also want to ask the author why no one else had decided to try Yankelovich’s idea before.

I think that everything the author writes about is pretty spot on with concerns to segmented marketing. He understands and pushes that both demographic and non-demographic criteria can build important segments. They both are equally important when determining who a product should be directed towards.

Megan

Elevator Pitch No. 2

1. Elevator Pitch Number 2: Here is my second attempt at an elevator pitch.

2. I got a lot of really positive feedback from my last elevator pitch. My peers thought that my idea could be successful here on the UF campus. The only advice that they offered me was to be more specific about Chomp n' Run's location and methods of advertising for it. It stood out to me that I needed to make sure that my drug store would be located in a accessible and convenient spot and that students would know about it.

3. I included plans for both of these points in my second pitch. Chomp n' Run will be located behind the HUB and Marston for a location that almost all students frequent, and advertisements will be placed in buses, where students coming from off campus will see it, and in the libraries where all students will learn about it. The store's central location will also make students very aware of its presence, particularly during the construction period.

Megan

Customer Interviews No. 3

For this round of interviews, I decided to talk to people who all live on campus. Because they are my target audience for this project, I really wanted to see their opinions on my idea. I wrote out my business proposal on an index card.

It stated:
"Chomp n' Run" - Have you ever dropped your toothbrush on the floor of your dorm bathroom and needed a new one ASAP? Things like this happen to everyone. Students at UF do not have access to a drug store on campus. Over 8100 students who live on campus could benefit by this drug store. They would not have to take a bus or lose their parking spot to go to an off campus store. Students living off campus could also benefit by being able to pick up items they need during breaks between classes. For these reasons, I believe that UF should open "Chomp n' Run" behind the Hub and

Week 6 Reading Reflection

Week 6 Reading Reflection

I was very surprised when Porter stated that a fast growing market is not always a profitable one. For me, it seems obvious that firms who are growing quickly are building profits and making money. However, according to the author, it seems that not all fast growing markets are going to be profitable.

I disagree with the author on this point. I personally feel that if a firm is continually growing, it is going to have business and make money. I guess the only way a firm could be growing and not making a profit would be if the company was spending more money than it was making. Firms that are growing and expanding generally have to be making some kind of profit, even if it isn’t a huge profit. If I could ask Porter a question, I would ask him, “What inspired you to write this article in your first years as an associate professor?” I would want to know if he had a drive and passion for it or he was trying to impress someone with his knowledge. I would also ask him how he decided to get into such an interesting field of study and eventually teach others. I found it confusing when Porter spoke on the five forces that reveal what profitability really is. I wish that Porter had gone into more detail on how to implement to five forces into real life business. It would very interesting to get the opportunity to read a follow up article.

Megan

Idea Napkin No. 1

1.       You - My name is Megan Vande Pol. I am a second year marketing student who loves being a gator. I have lived on campus for three and a half semesters to date without a car. If I could accomplish the goal of creating an on campus drug store, I would definitely plan on staying in Gainesville a lot longer than initially planned.

2.       What are you offering to customers? – My idea offers customers (UF students) access to a drug store on campus. Students who live on campus will be able to buy things they need without having to take the bus or lose their parking spot. Students who live off campus will be able to use their time effectively and grab the items they need between classes. This drug store, Chomp n’ Run, will offer the products students need at reasonable prices.

3.       Who are you offering it to? – This shopping opportunity will be available to mostly on campus students, followed by off campus students. On occasion, it may be useful for parents or families who are visiting or touring.

4.       Why do they care? – There is a need in the targeted market of on campus students. Students would be drawn in by the convenience and ease of use. Instead of traveling far to get items they need, students can have easy access.

5.       What are your core competencies? – The biggest and most obvious perk to Chomp n’ Run is it’s level of convenience. Due to the restrictions of UF campus, it will be the closest drug store possible. Competitors will always have a lower level of convenience. It will have a larger and wider inventory than places such as POD Market or the Reitz Bookstore. By simply offering products that these places do not, competition will be lessened.

I believe that these five items really work together and clarify my goal. Simply stated, I want an on campus drug store that will fit the needs of college students at reasonable prices. Each of these steps put together the pieces of my project.

Megan 

Week 5 Reading Reflection

Week 5 Reading Reflection

Chapter 9: Developing the Entrepreneurial Plan

I was incredibly surprised by how many entrepreneurial ventures happening here in the United States. In one year, the US Patent Office reviews over 375,000 patent applications. Every single day, there are about 1,500 start-up business that join the market. What is even crazier to me is that these are simply everyday people who have great ideas and are willing to work very hard to make their dreams come true.

I was confused in this reading when Kuratko was talking about the velocity of capital. He said that a company “should not budget for fast velocity of capital in the initial years if the risk of negative cash flows is high.” I believe he is saying that the company should not expect to make a lot of income in the first few years if it’s a risky business, but I wish that he had clarified more on this specific point.

If I could ask Kuratko a question, I would ask him about objectivity. To what extent should an entrepreneur be in love with and pour their heart into their idea? When does one cross the line of being too invested in an idea that is not going to work? Another question I would ask would be about critical factors. How many critical factors, on average, does one need to have to be successful? Can one get away with not having one? Or two? What is the average number of factors that someone can be missing and still survive within their market?

In this chapter, I believe that Kuratko’s ideas were spot on. I didn’t find anything that stuck out to me as incorrect or even challengeable. He made a lot of really good points on things that entrepreneurs should be aware of if they are thinking about starting a business and joining a market. 

Elevator Pitch No. 1

1. Opportunity - Living on campus, I have seen a need for a conveniently located drug store! It is such a hassle for on campus students to take a bus to CVS or Walgreens simply to get one item. Students need an affordable place they can walk to when they need everyday items.
2. Solution - Chomp N' Run. UF's first on campus drug store. It offers a wide variety of products at a convenient location at affordable prices.

Check it out in this video:

Megan