Goodbye ENT3003... Hello Future - A Final Reflection

Here it is, everyone-- the last post for ENT3003.

48 posts ago, I started this blog for my Principles of Entrepreneurship course at the University of Florida. I had no idea what to expect from the course or what would be expected of me.

And well, it's been one heck of a rollercoaster!

Some assignments were fun -- the VRIN activity, going for Google Gold-- and others were... more on the unexciting side (I'm looking at you, weekly Kuratko reading reflections...).

Some posts I was so excited to share with everyone! Others, like Celebrating Failure, were sometimes tough to write and share.

And yet, some exercises I still have yet to fully understand what exactly was happening.

The assignment and experience I'll probably remember throughout the rest of my life?

My entrepreneurial story.

Honestly, until that moment, I had never actually sat down and really considered my previous entrepreneurial experience and interactions. It had been there my whole entire life, right in front of me, yet I had never noticed and fully appreciated it until that moment.

I remember trying to think: "what entrepreneur do I know? I don't know any entrepreneurs!" And yet, there it was! So much family history that I had never really gave much thought to until that post.

Honestly, the most joyful experience? It had to be what I was also the most proud of-- making it to the front page of Google.

I never thought I'd actually get there! It feels so good to have that as one of my accomplishments-- how many people do you know have been at the top of Google's search results?!

Do I see myself as an entrepreneur now, after this course?

I feel that I am more of an entrepreneur than I was before. Everyone has the potential to be an entrepreneur, but I feel that I have definitely grown in my tenacity. I also feel that I have developed my skills of talking with strangers over this past semester.

So, what I would recommend to upcoming ENT3003 students?

Treat your blog like your baby!
Foster it. Take care of it. Realize that it's a reflection of you.

It's your internet resume-- make it worth it.

Revise, Revise... and Revise Again - Elevator Pitch No. 4

So! Here's my last spin on MagneFit, the alternative fitted sheet-- elevator pitch style!

Here's the feedback from last time:

Pros:
Humorous
Vibrant
Charismatic
Enthusiastic

Cons:
Have someone else record me so it's easier to see/understand
Bring up the product earlier in the pitch
Shaky camera

I really appreciated how people saw my pitch as enthusiastic and energetic. I want to make sure I come off as personable to others, and not overwhelming.

I tried my best to fix the 'con' issues by steadying my camera better and not moving so much! I also tried to bring up MagneFit a bit earlier in the pitch-- just enough so I still have suspense with my audience but not too long that the speech becomes boring.

Here it is! My last elevator pitch:

Aaand that's a wrap!

Hello Again, Old Friend - A Very Short Interview, Part 2

Hello everyone!

Way in the beginning of this course, I interviewed an entrepreneur, Rabbi Berl Goldman of Chabad Lubavitch of Gainesville.

I asked him three questions, and he gave me some great answers! Looking back now, these questions were broad, but I think that he answered them spectacularly. I had a very good impression after that interview.

So, here's my new interview with him. This time, the questions were a little more specific in order to get great details!

I wasn't able to record the interview, so here is a transcription:

1) How do you measure success in your business?

An interesting good question for a leader, especially a Jewish leader, and a chabad leader at that! I suppose we measure success through the depth and involvement of the community we reach.

This, along with a successful interaction with the people, is the goal. We want interactions that are meaningful and educational-- impactful experiences, on both a physical and spiritual level. That is the goal-- whether a person comes one time or a hundred times.

2) Do you see your oldest son helping out in the future and taking over the "family business" eventually, so to speak?

You're asking all the right questions today! I've been joking with my eldest son, Mendel, since he was born about one day "passing down the keys" to him.

Not only do I see it happening in the future, but it is my prayer and greatest joy that he would want to do the same work as me. He might end up being more passionate than even his parents!

In all serious however, I would be more than happy if he would one day accept the keys to this establishment.

3) What kind expansions do you have planned for the future?

You know there's a famous saying: "be careful what you pray for!"

We would love to just jump into it and add many amenities and additions to our building, but of course we have to be realistic. We want to do it well, and that means we have to plan everything out very carefully. We have a few "greens" in mind, but the most realistic plans we have now are a kosher meal plan and plans for a kosher housing complex.

I think that the interview I had this time was more meaningful, perhaps because of the questions I asked. I had a clearer idea of what I wanted to ask Rabbi Goldman, and I felt much more comfortable discussing entrepreneurial questions with him this time around. I do think that Rabbi Goldman felt that I had progressed in my entrepreneurial journey, especially in the positive way he reacted to each of my questions.

Overall, it was a very successful interview! Both this one and the first one had their benefits and will help me along my entrepreneurial journey. Each interview brought so many things to light that I had never even thought about before!

Again, you can reach Rabbi Berl Goldman at:

Rabbi@JewishGator.com
352-256-3323
Lubavitch-Chabad Jewish Student & Community Center

MagneFit - The Venture Concept 2.0

Hello again, everyone!

Today's assignment is to revise my previous venture concept in order to refine and streamline my ideas.

First-- a summary of my feedback, both good and bad.

Pros:
interesting idea
many people seem willing to try it
"casual but informative manner"

Cons:
Needs a more in depth description of how MagneFit works
How would you wash them?

To be fair, I was most criticized on my explanation of how the magnetic strips of MagneFit would work, even though I stated that I would not go into too much detail due to fear of idea piracy. I assume this is due to the fact the persons who commented as such felt that I did not have an idea of how the magnets would work, when I in fact do. As a result, in my new venture concept, I have slightly changed my description to make it clearer as to how I imagine it would work.

If you would like to know more about how the concept would work in more detail, feel free to contact me and I would be happy to share with you. Please realize that if MagneFit, the alternative fitted sheet, would ever be a stable enough idea to become a reality, I would want full patent rights to the design, and as such I feel uncomfortable publicly showing my design at the moment.

Anyway, with that being said, here's the revised venture concept:

Opportunity.

The fitted sheet business is one that few people have taken the initiative to improve. Basic issues arise: which side is the short side, how to fold a fitted sheet, how to keep the sheet from falling off the bed, et cetera.

So, who exactly has these problems?

Anyone who makes beds on a regular basis:

• parents
• hospitals
• hotels
• Anyone who wants to be more independent but struggle with putting on sheets due to the amount of physical effort required:
• the elderly
• people with physical disabilities
• young children

A sheet that actually functions as a sheet should would alleviate most of these issues-- clearly marked short and long sides, easy to fold, and stays secure and near-wrinkle free.

There are no specific forces or changes in the environment that are creating this opportunity; bed sheets and beds have been around for a few hundred years. It is simply a result of improvement on an old product to simplify its process and allow more people to a) get more done sooner, b) be more independent, or (c) both.

Geographically speaking, MagneFit sheets are currently being designed for American beds and countries which use American bed sheet sizing. As an entrepreneur who is interested in a global market eventually, MagneFit will hopefully one day expand to suit the needs of customers abroad.

Demographically, MagneFit would be great for all ages, from children to the elderly. The target demographic would most likely be men and women in their mid twenties and older, as they are usually more established, usually are used to being independent and taking care of themselves, and are more likely to have families.

Currently, there are few products that satisfy all of these needs, other than using flat sheets and the "hospital corners" technique. For example, straps exist to make the fitted sheets tight, but involve going underneath the mattress which is an involved process; meanwhile, while QuickZip is another alternative fitted sheet I recently discovered, it is pricey and targeted mainly toward babies.

Unfortunately, many people will keep using the same sheets because it is more convenient (although unsanitary). Most people are only "loyal" to traditional fitted sheet companies because they have no other choice in the matter.

The opportunity is a large one, because many people despise the traditional fitted sheet design and would be eager to see another product out on the market-- and for the same price as a traditional fitted sheet. As far as can tell, this "window of opportunity" will be open indefinitely, unless someone else creates a new product such as MagneFit.

Innovation. 

What is MagneFit?

Magnefit is an alternative to traditional fitted sheets. It looks more similar to a traditional flat sheet than a fitted sheet. There are no ruffled, elastic corners like in traditional fitted sheets; it is flat, allowing MagneFit to easily fold and be put away. The edges have a magnetic strip securely sewn within small pockets, which connect to a magnetic strip that is easily applied to the sides of the bed in question.

Like this, but on a larger scale

MagneFit attaches to the bed exactly, with magnetic strip meeting magnetic strip, allowing the sheet to be pulled taut. Its edges are clearly labeled, making it easy to see which side goes where.

The magnetic strips would not harm washing machines. Washing on cooler cycles would maximize magnetic strip life.

I would be selling the magnetized sheets and the corresponding magnet strip for the bed, in both bundles and separately. The bundle would probably cost around $40, but each sheet would probably cost around $20-$30. The magnetic strip for the bed would be easy to attach as it would have a few latches to allow it to be fitted for various sized beds.

Venture Concept. 

So, how will MagneFit solve any of the needs listed in "opportunity"?

MagneFit will be easy to fold.
It will also be nice and taut the moment it is aligned on the bed, due to the magnetic strips keeping it in place.
MagneFit will also clearly label its edges, meaning less running around the bed to correct wrong corners-- a big plus for people with limited movement ranges, such as the elderly.
MagneFit will also be quicker to put on beds than traditional sheets, making it a plus for businesses like hotels and hospitals who use sheets often.

Since so many people have issues with fitted sheets, I do not think it will be hard to convince people to switch over to the MagneFit system. It may be a little difficult to explain that the base price is high because it comes with the matching magnetic strip for the bed, but I do not think it will be too much of an issue. Some people would switch over regardless because it would mean being able to save time, being more efficient, and living more independently.

The competitors would, of course, be traditional fitted sheet companies or companies such as QuickZip. However, the weakness of traditional fitted sheet companies is that they have made little to no improvement to the traditional fitted sheet since its conception, and QuickZip's weaknesses include limited market base and price.

MagneFit sheets would run approximately $20-$30 a piece for a queen sized sheet. This is a reasonable price, and it would be made of a good thread count. Customer support would be a large benefit to MagneFit, and I would plan to run campaigns such as "love it or your money back" to draw people in. MagneFit would be dedicated to having fantastic customer service, which also encourages customer loyalty.

A business for MagneFit would probably be at first a little workshop with 9 people:

1 CEO (me, and I would also sew/do PR/ file office papers/ et cetera)
1 office secretary
3 Seamstresses or tailors
1 repairs person (specializing in sewing machine repairs)
1 Public Relations person (in charge of promotions, advertising)
1 goods and supplies manager
1 selling and returns manager (would ship products, deal with any returns, et cetera)

Aaand that's all, folks! See you around! :)

Week 15 Reading Reflection

Welcome to Week 15's Reading Reflection! Today we're taking a look at Vikram Akula's Business Basics at the Base of the Pyramid.

The biggest surprise for me in the reading was the whole article! It was fascinating to learn about microfinance, something I never knew even existed.

Everything in the article was laid out in plain English and very concise. It was easy to understand, and I was left feeling satisfied with what the article said. Nothing was particularly confusing in the text.

If I could ask Akula two questions, they would be:
1) What was it like pitching your idea to possible customers, who often met you with skepticism? Did you feel discouraged, or did you feel that their skepticism was not unfounded? How did you assuage these fears?
2) Out of pure curiosity, what does SKS stand for?

I did not find myself disagreeing with Akula while reading the article-- then again, how much do I know about microfinances and working with companies "at the base of the pyramid"? Akula used reasonable, easily understandable arguments in his article, and I had no issue with it.

And there we go!

My last reading reflection for ENT3003! See ya!

Week 14 Reading Reflection

Hello again, everyone!

Today I have my last reading reflection from Donald Kuratko's Entrepreneurship: Theory, Process, Practice. This reflection is on chapters 3 and 4(The Entrepreneurial Mind-Set in Organizations –Corporate Entrepreneurship / Social Entrepreneurship and the Ethical Challenges of
Entrepreneurship).

After reading this week's chapters, I think nothing was particularly surprising. I did, however, find the discussion on ethics to be very fascinating.

Nothing was particularly confusing in these chapters, either. Both were well-written in concise, logical manners.

If I had the chance, I would ask Kuratko the following:

1) Do you think that the idea of "green capitalism" is as strong, or even stronger, now than when you first published this textbook in 2007? Or do you feel that the trend has oversaturated the market? I am curious because I often see products made of recycled goods or are easily degradable; however, I do not know that many people who seek those goods out specifically, even though they were "all the rage" a few years back. I myself have a few of these products (for example, my planner is made of recycled paper and ink), but I bought it mainly for its design, layout, and price rather than the fact that it is biodegradable.
2) What do you feel are the biggest corporate venture obstacles? Why? Would they differ from company to company, or are some universal?

I honestly feel that Kuratko is biased in chapter 4. He describes certain things as "unethical" without stating what they are, and attributes them to "greed" or "a lack of foundation in ethics" without fully explaining his reasoning. In addition, he is missing examples; his description of "ethical" activities is very, very vague. For example, he is missing a discussion on the important issue of outsourcing in his chapter about ethics. He alludes to it, and other activities, but nothing is firmly stated and I think that there should be something said about it-- both its pros and cons.

That's all, folks. See you around!

Fool's Gold - Going for Google Gold

Wow. 41 posts later, here we are.

Showing up on Google is one of the biggest achievements to any business owner, especially those of smaller entrepreneurial ventures.

Today I will discuss my general approach and strategy to ensure the best search engine optimization (SEO) possible.

Honestly, I tried my best to give this blog attention and help it thrive.

I made posts every week to keep my blog active, posted different forms of media to draw different crowds (YouTube, SoundCloud), and made sure my blog was accessible on RSS platforms.

Correct grammar and punctuation also really helps blogs show up on Google, so I made sure to always proofread my posts and add a lot of detail.

Some more "obscure" ways I encouraged SEO was through:
-Making my site easily visible on mobile devices
-Enabling HTTPS to my URL
-Not making my site HTML heavy, which slows loading speed
-Adding "alt text" to each photo I posted in my blog to receive visitors from image searches.
-Associating memazal.blogspot.com with www.memazal.blogspot.com to help resolve the URL (as in, letting Google and browsers know that they are the same site)

I also included keywords throughout my semester. Some were changed and refined, and some were a bit different than what you might expect.

Keywords and word strings include:
magnefit the alternative fitted sheet
Alternative to fitted sheets, fitted sheet alternative, etc (variations on each)
MagneFit
how to fold a fitted sheet
Donald Kuratko's book, Entrepreneurship: Theory, Process, Practice

As far as using social media to enhance SEO efforts, I can't say that I did. I did not post my blog to my FaceBook, Pinterest, or Twitter, because I did not think it would fit there. I may still post it to my Linkedin as an example of my "internet resume."

Interviewing Customers No. 1 and But We Did Ignite it, and We're Trying to Fight it were the posts that had the most traffic. They each had 18 pageviews. I'm not sure why these were the most "viral," but I have a few ideas!
-Both included media (videos, pictures)
-Both were very fleshed out and detailed
-Both were on interesting topics!

So, did I reach Google Gold?!

A quick search for "magnefit the alternative fitted sheet" shows...

I DID IT!

(I used Google Chrome's incognito mode to make the results unbiased)

Of course, the string of words is specific, but, hey, I made it! And, it's the first result beneath paid advertising. It links to my Idea Napkin No. 2, which is the post that I probably used the most keywords. Yay!

Anyway, that's all, folks! See you soon!