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!

Week 13 Reading Reflection

Hello everyone!

Welcome to week 13's reading reflection on Chapter 14 (Valuation of Entrepreneurial Ventures) of Donald Kuratko's entrepreneurship textbook!

I didn't know that there was so much work involved in business valuation! I also discovered its importance in this chapter. I really had no idea how the process for valuation even started. For some reason, I feel like most of the information isn't common knowledge-- even though it should be.

While this chapter wasn't particularly confusing, some examples for filling out things like Due Diligence evaluations would have been highly appreciated.

Two questions I would ask Kuratko would be:
1) Which methods of venture valuation do you find to be the simplest? Hardest? Why? Are some better for other types of businesses than others?
2) Are stocks worth it? Where can one get more information on investing in stocks?

As stated in previous posts, I do not have the same level of education in the field of economics and entrepreneurship as Kuratko and thus it is difficult and would be rather unfair for me to say that he was "wrong" in some aspect. However, I can say that I sometimes greatly disagree with Kuratko's structuring of his textbook and what terms he chooses to expound upon (and why he doesn't expound on other terms that he brings up).

A Bitter Pill to Swallow - Celebrating Failure

Alright.
I'll admit it.

Ms 4.0, Goody-two-shoes here has a secret.

I've failed this semester.

Okay okay okay-- slow down a second there!
I didn't mean I failed the entire semester! Heavens no!

I just...

Failed myself. 

So. When where why how?

I was upset with the grade I got on my first stats exam...
And then I was upset with my grade on the second exam, too.

Okay, they weren't the worst grades in the world. I passed and even got higher than the class average! If I work my butt off these next two weeks I can still get an A if I get a 90 on the final exam.

But at first, I felt like I had failed myself.

After seeing my first exam score, I was shredded inside! The course-- to me-- was (IS!) so difficult. I was determined to do better on the next exam. I started watching more of the lectures and asking my lab TA more questions. I studied and studied and...

I got the same score twice in a row.

I was disheartened. I contemplated dropping the class in order to save my 4.0. I contemplated pulling through and dealing with a 3.99 for the rest of my life.

But then I saw what I had gotten wrong on the exams. The first time, I had spent too much time focusing on the math portion of the exam I stumbled on the conceptual portion. The second time, I had done the opposite! I had made silly mistakes in the math that I should have noticed immediately.

So, what have I learned from this experience? Some highlights:
- Even if people say "it's an easy class, don't watch the lectures" -- you know yourself best, and if watching the lectures helps you, do it.
- Don't give up. I can still work hard to get an A for the class! I just have to believe in myself (and double check answers you think you did right!)
- Getting a 3.99 GPA is not the worst thing in the world. There is no point in dropping a class that you're not really going to fail. That's time-- and money.

Yes, failure is hard. And embarrassing.

I handle failure better sometimes than at other times. Sometimes I will be completely stressed out, emotional. Other times I feel "resigned" to my fate. And yet other times-- it makes me want to work harder and boosts my confidence.

I like the latter the best. I want to do well. I want to believe in myself. I want to succeed.

Sometimes though, you have to go to your lowest point in order to reach your highest potential.

I'm not sure how much this course has changed my perspective on failure. I do think, however, that I'd probably be more willing to take a bigger risk now than four months ago. If I don't try, I will never know the heights I can reach.

Let's Study!

All Good Things Must Come to an End - My Exit Strategy

It's true-- all good things must come to an end.

There comes a point in every entrepreneur's life where they have to let their baby stand on its own and let it leave the nest.

So, what's the exit strategy I plan to make with MagneFit, the world's alternative to fitted sheets?

I would...

Sell my business in the next five years to make a large return.

Why sell? Why not pass it down to my family? Aren't I sentimental?!

The truth is, I have always known that starting a business like this isn't for me. I like trying new things, discovering new ideas, going where I haven't gone before. I don't mean to say that my business would be holding me back, but I would miss being 'free.' Eventually, it's time to get out of Dodge.

Don't get me wrong.
I'd still come back to visit my baby venture, maybe hold a few stocks for it. But at the end of the day, I'm no businesswoman. I want to be a mother and devote my life to Jewish outreach. MagneFit, while it would be a fantastic venture to pursue, is simply not my purpose in life.

I don't think that my exit strategy has influenced other decisions I've made in my concept. If you plan on selling the business from the start, you'd mainly be looking to see how to make the most amount of money in the least amount of time. However, because I was not sure of my end exit strategy for MagneFit, I gave it more time and thought than I would have given to a concept I would eventually sell. Consumers like honesty, and many can feel when a business was simply made as a route for profit. MagneFit was, and still is, a way to improve the quality of people's lives less than a way to make money.

Even if I actually created MagneFit, I'm not sure how much money I would have made in the end! However, that was the least of my concerns. I was more concerned on solving the issues of traditional fitted sheets and helping people with an alternative to traditional fitted sheets.

MagneFit was less of a profit-making machine and more of a pet project of mine, to help others in a way that hadn't been thought of before. And, selling it to someone worthy enough who would give MagneFit the time and dedication it deserves, would allow it to flourish and reach more people.

And that, folks, is why I would sell my business as my exit strategy.

It's time for new horizons.

Week 12 Reading Reflection

Welcome to week 12's reading reflection!

Today we're taking a look at Donald Kuratko's book, Enrepreneurship: Theory, Process, Practice, Chapter 13 (Strategic Entrepreneurial Growth).

The most fascinating and surprising part of the reading for this week was the venture development chart. I found it to be fascinating because it was so concise and simple-- where was this chart earlier in Kuratko's textbook?

Something that I found confusing in Kuratko's textbook was the "growth wall" that he describes on page 436. I think more explanation would be helpful to readers here; again, examples would be great here!

1) What is your advice on delegating? I completely agree that an entrepreneur cannot run a business by him or herself and must "break away from the natural tendency to do everything," but I was wondering how you would choose people to make decisions-- seniority, expertise?
2)Why do you think that competitive conditions favor risk taking? I am asking this out of pure curiosity. Shouldn't high risk behavior be minimized for the sake of your business' health?

Again, I don't necessarily "disagree" with Kuratko because I am not an economics major and I have little basis or experience for entrepreneurship; however, I do not think that Kuratko's book is necessarily the best for a newcomer to entrepreneurship.

MagneFit - The Venture Concept No. 1

Hello and welcome to my venture concept!

Let's refine my venture idea. Hold on tight for a looong post!

Opportunity.

The fitted sheet business is one that no one has really taken the time 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

What do they need, exactly? A sheet that clearly marks which side goes where, is easy to fold, and stays securely in position.

There are no specific forces or changes in the environment that are creating this opportunity, since beds and sheets have been around for quite a while. 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 or b) be more independent.

Geographically speaking, MagneFit sheets are currently being designed for American beds and countries which use American bed sheet sizing. It is the hope to one day expand to other countries and create MagneFit in more sizes.

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, customers have no other product to satisfy this need, other than using flat sheets and "hospital corners." 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. As far as can tell, this "window of opportunity" will be open indefinitely, unless someone else creates a new product such as MagneFit.

Innovation. 

Forgive me if I am short in this area, but I do not want to go into too much detail about how my fitted sheet alternative, MagneFit, is constructed and works. For various reasons, such as patent and copyright reasons, I will be as brief as possible to protect my idea from others, should someone try and steal my intellectual property.

So, with that in mind, 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 are magnetized, which connect to magnets preplaced on the sides of the bed in question.

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

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.

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.
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.

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 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. People would switch over regardless because it would mean being able to save time, be more efficient, or live more independently.

The competitors would, of course, be traditional fitted sheet companies. However, their weakness is that they have made little to no improvement to the traditional fitted sheet since its conception.

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.

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)

This, of course, would be the bare minimum.

--

Probably the most important resource for MagneFit would be that of networking. It could be a great idea, but unless it has publicity no one will know about it! I think that, because of my networking skills, I will be able to send my product almost anywhere, and it would be difficult for people to copy my success because of my trustworthy and honest networking relationships.

The next step, as stated above in the post, would probably be to expand MagneFit to other countries, producing the sheet in different dimensions to fit various beds across the globe. This would bring in a global customer base.

So, what's it for me? Assuming I launch this venture, in five years I would hope to be working in my workshop with around 30 employees, producing and selling my product to happy customers. As an entrepreneur, I would be most happy to see people enjoying my product and my company, as I would strive for the utmost excellence, in both quality and customer service.

Thanks for reading, everyone!

My Unfair Advantage?

Hello!

Today I'm bringing to you my venture's unfair advantage. That is, what am I bringing to the table? What makes my venture special?

Here's a list of 10 resources I possess for my venture, including human capital, social capital, tools, and capabilities, along with a VRIN (how valuable, how rare, how inimitable, and how non-substitutable something is), analysis for each one.

In no particular order...

1) Sewing Machine (and sewing skills!)
V: For something like MagneFit, knowing how to sew is invaluable. I have my sewing machine already, and because I know how to use it, I don't have to hire someone else to draft up prototypes, et cetera.
R: Not as rare as it was a few years ago-- crafts like sewing have been gaining speed recently. However, there are still a decent amount of people out there who can barely sew a button.
I: Not really something you can 'copy' unless you go out a buy a sewing machine and learn the skills-- something not everyone has the time (or money!) to do.
N: Sewing is sewing. Unless you're using Stitch Witchery, you're out of luck.

2) Enthusiasm
V: People like enthusiasm. It means you're excited about your product-- and it's contagious.
R: Not particularly rare. However, it can be hard to keep enthusiasm going steadily. Luckily, I've been a camp counselor for longer than I can remember! Who's got spirit like no one's got?! I do, I do!!!
I: Not hard to copy, but hard to sustain my level of enthusiasm.
N: I'd say it's not substitutable. No one wants a lackluster presentation or pitch.

3) Determination
V: It's valuable! People want to see you not get discouraged. They like to see you pull through the rough patches.
R: Everyone has some level of determination in them. Not particularly rare.
I: Anyone can be determined to do something.
N: Nothing like determination! Well. Perhaps stubbornness....

4) Public speaking skills
V: You need to be able to market your product, right? How will people know about your product if you don't tell them about it?
R: It's not particularly rare-- but it takes effort to develop.
I: It's also not particularly hard to copy; however, each person has their own personality and style of speech.
N: Unless you prerecord every speech and make no public appearances yourself, public speaking is something you just have to do.

5) Wide, global network of friends and family
V: I've lived in five countries-- I know many people from all sorts of backgrounds. Their experiences, attitudes, and help are all things that are invaluable to me.
R: I'd say it's rare. How many people do you know that went to boarding school in Switzerland?
I: A connections network as wide as mine is hard to find.
N: Networking is a must. Non-negotiable!

6) Friendliness
V: People like smiles. People are more likely to buy things from you if they like you.
R: Not so rare.
I: Comes easier to some people than others.
N: Nothing like killing them with kindness!

7) Funny. Ish?

"What do you call a fake noodle?

An Impasta!"

Okay okay. No one ever said I was good at telling jokes.

I'm situational funny.

V: People like to laugh. It makes them like you better. You want laughter. No one wants to talk to Mr Somber. It'll help you in the long run.
R: Not so rare.
I: Comes easier to some people than others.
N: Nothing like killing them with laughter!

8) Dynamicity
V: Ever walk into a room and just met someone so amazingly dynamic they stunned you? Okay, I'm not that dynamic (yet), but it leaves a good first impression on someone. That's valuable. You want that.
R: Rare-ish. Mainly people who have been at this for a long time, but it comes naturally to some people.
I: It takes a lot of practice. Helps if you have a buddy.
N: Be dynamic. It's non-substitutable. (Well if that didn't sound like a commercial....)

9) Exciting.
V: People like exciting. Boring = bad. Besides, kids like exciting, and parents want their children to be happy (see where I'm going with this?)
R: Could be rare, could be not rare-- depends on a person's outlook on life. Are they easily excitable? Or are they a bit pickier?
I: Comes easier to some people than others.
N: Nothing like being exciting! Just make sure not to leave out the 'c'. We're not 'exiting' just yet.

10) Baking and cooking skills
Okay, I get it. Baking skills? Mazal, why is this even on the list?! Good thing you asked! Sometimes you might just need to "wow" a potential investor or customer. What better way than through a fantastic dinner to show them how capable you are? In addition, for promotional events, people are always willing to come if they hear that treats are available... especially homemade chocolate chip cookies.

I rest my case.

V: It's valuable because it can improve people relations, especially with my higher ups. Pillow shaped cookies, anyone?
R: Many people today can't cook or bake. It's not particularly rare, but it's becoming less common of a skill because so many people rely on restaurants and fast food joints to do it for them.
I: Both skills aren't particularly hard. You just have to start practicing, and you learn all the little tricks on the way.
N: Unless you have really good people skills, I don't think there's something that could provide the same benefits. (Who said it that "the way to a man's heart is through a deli platter"?)

So, what is my top resource?

*Drum roll*

ENTHUSIASM!

Yes. Enthusiasm, because it rolls multiple qualities into one.

It's dynamic.
It's exciting.
It's friendly.

Not to mention, it works great in conjunction with just about everything else on the list (I'm looking specifically at you, public speaking skills!)

Alright, folks! Hope you enjoyed this lovely installment of Me, Mazal!

Reading Reflection Week 11

Hello again, friends!

Today's reading reflection is brought to you by Gary Pisano and his article entitled, You Need an Innovation Strategy!

What surprised me the most from this week's reading was how many companies had a lack of innovation execution strategy, which is of course what Pisano is highlighting in his article. It is very surprising because one would expect highly organized companies to fully develop innovation strategies and following through with them, as opposed to marking up bad plans to a "failure" of execution.

I did not find any part of the reading to be confusing. Pisano was concise in his words and expressed his ideas clearly.

I have two questions for Pisano:
1) Are big companies afraid of crowdsourcing? Why does crowdsourcing tend to be more popular with individuals or new companies than larger businesses?

2) Would it be possible to develop a new business position specifically for people whose job it is to organize and implement innovation strategies? Or do you think that innovation strategy should still be in the hands of the senior leaders of the organization?

Overall, I agree with what Pisano is saying in his article. He demonstrates a great knowledge of innovation, innovation strategy, and the implementation thereof. I do not disagree with him, mainly because his reasoning seems sound and well researched. I would enjoy reading more by Pisano in the near future.

See you again soon, everyone!

The Sixth Sense - Amazon Whisperer

Hello! Welcome to the Amazon Whisper exercise.

So-- what are the revenue drivers of my business concept (MagneFit, the alternative fitted sheet)?
-Product innovations!
-Customer acquisition!
-Customer retention!

Possibly after my initial release of MagneFit, people will desire something more. While I am a firm believer in sticking with one thing you can do well rather than ten you can't, for the exercise I need to develop an addition to MagneFit to have more to market. So, I think that I would offer something that isn't too crazy-- more patterns and sizes of sheets.

This will make it appeal to a wider range of people (children, teens, et cetera) and the sizes will make it usable in other countries (because not all beds are constructed with the same dimensions in different countries). I think this would foster more customer loyalty and widen my consumer base.

As my idea is a unique one, it would be difficult to find a similar business to mine with a similar addition. Therefore, I will be generic, describing traditional fitted sheets:

A traditional fitted sheet. This has the usual (American) sizes for sheets and has only five colors to choose from.

What do the people say about it?

4.3 stars out of 5.

PROS:
Affordable
Good color
Crisp and firm

CONS:
Rough (200 thread count)
Thin
Itchy

I would probably work on using a different, more gentle, kind of cotton to make the product less itchy and rough. I would also add more colors to widen the consumer range. In addition, I would also convert these traditional fitted sheets to MagneFit style sheets.

Honestly, I don't think that this product would add anything to the product I am currently designing-- it is everything MagneFit plans to not be like! The traditional fitted sheet is old and outdated. It is time for a product overhaul.

That's it, folks-- see you later!

Reading Reflection Week 10

Hello!

Once again, we have a reading reflection-- this time it's Donald Kuratko's  Chapter 11 (Financial Preparation for Entrepreneurial Ventures) in his book Entrepreneurship: Theory, Process, Practice.

The biggest surprise from the reading was all the paperwork there has to be done for a business. While I expected a lot of paperwork, I did not expect it to be so overwhelming.

To be honest, most of this chapter was confusing because of the economics lingo. As much as I appreciate the examples, I feel like there needs to be more explanation. To me, it just looks like there are numbers being thrown around-- how would we actually formulate these lists to fit our own businesses?

I would ask Kuratko two more questions for this chapter:
1) Where do we find a good financial advisor if we are not good at key financial statements? There are many people, me included, who find this sort of planning to be overwhelming. Any advice?

2) What do we need a pro forma for? When do we use this annual projection?

Again, it is hard for me to disagree with the author because I am not an economics major and I have little basis for preparing financial budgets, statements, and break-even analysis.

That's that! See you next week!

It's About Who You Know - Growing Your Social Capital

Hello!

I'm on a mission.

The assignment?

Network with three strangers: a domain expert, a market expert, and supplier.
The questions?

1) Who they are and what their background is.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
3) A description of how you found the person and contacted the person.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?
5) How will including this person in your network enhance your ability to exploit an opportunity?

Be prepared for a long post.

Go!

1) Daniel Zimmerman, owner of Market Linen
2) Domain expert. He works in the linen business, producing and selling them on Etsy!
3) I found Zimmerman's business page online through Google, and contacted him through his Contact Me page.
4) Zimmerman gave me wonderful advice about the linens domain! I suppose my 'favor' in return will to be an honest seller if I pursue a business venture in the same domain as him.
5) Having Zimmerman in my network will enhance my ability because he can probably give me more advice in the future about the market.

Our exchange:

Hi,

I am a student at the University of Florida currently enrolled in an entrepreneurship course. Part of the requirements for this course is that I make contact with a professional entrepreneur who can give me feedback for a specific business concept that I have (which happens to fall under the linens industry!).

Specifically, my business idea has to do with an alternative to fitted sheets. I was wondering if you could give me some advice regarding the making and selling of linens.

How do you find your target base? Do you connect with hotels or other such businesses that use linens regularly, or do you generally aim towards the general population as opposed to businesses?

Also, where is it possible to purchase wide lengths of fabric for sheets?

Again, it is just a rough concept, but a line or two of advice would be greatly appreciated.

Thank you in advance,

Mazal Fernandez

His response:

Hi Mazal, 

Sounds like an interesting class - I took something similar when I was in school. 

The making and selling of anything related to textiles can yield a high profit margin but only if you able to successfully entertain the correct population and if you are able to find a really good and reasonably priced source for your linen. 

I work as an interior designer and use informal methods to target a high end consumer. I sell linen as a luxury item to wealthy individuals who will pay a premium for handcrafted goods. My business model is closer to a luxury brand selling less items but at a high profit margin. 

I haven't tried businesses such as hotels etc as that would require large scale production and a significant up front cost. This would be a different business model (the Walmart model - selling many items at low profit margin) 

I find that the current marketing climate created by the explosion of social media works very well for my brand in attracting new clients. Most new clients come from publications in magazines and by being featured by sites like Etsy. Basically - in my world - if you are able to create really good photography and release it on Instagram and Pinterest it will be discovered eventually by editors who will publish the work this attracting my high end client. It's all about creating a story with the linen in photos. 

As far as sourcing of linen - this is what we would call a competitive advantage and I would never share my sources as that would invite competition. My advice is Google wide width linen and order samples from many sources to test quality, prices, and shipping rates. 

Hope this helps and good luck at school! 

Daniel Zimmerman

1) Julie from In-Weave, a fabric supplier
2) Supplier. Julie works for a business which wholesales fabrics of all lengths and widths.
3) I Googled extra-wide fabric on Google, found Julie's website, and contacted them through their online page.
4) Julie helped me make an informed decision about what fabrics would be best for making bedsheets.
5) Julie and her company would be valuable resources to buy from, because their websites sell the proper width of fabric I would need for my MagneFit venture.

Our exchange:

Hi,

I am looking to make my own bed sheets. What would you suggest to be the best fabric to work with? I think Percale would best suit my needs, but I was wondering if flannel or broadcloth would be good (comfortable) options as well.

Any advice would be greatly appreciated!

Thank you in advance,

Mazal Fernandez

Julie's response:

Hi,

 

Percale would be the best. Definitely not broadcloth. Flannel would also be fine-but hard to find the extra wide flannel.

 

Thank you,

Julie

 

In -Weave

1) Anonymous employee from Maddak, a producer and seller of aids for daily living
2) This person fills the spot of market expert, because they focus their products toward people who benefit from household aids in order to live independently-- and Magnefit, my alternative to fitted sheets, would be such a household aid for persons with disabilities or the elderly.
3) Again, I Google searched a phrase (this time "products for people with disabilities" and stumbled upon their website; I emailed their customer service inbox.
4) The employee gave me good advice on working with people with disabilities and how to tactfully market towards the elderly or people with disabilities.
5) I plan to write back to the employee to get a name and properly network with them for more advice in the future.

Our contact:

Hi,

My name is Mazal Fernandez and I am a student at the University of Florida. I'm currently enrolled in an entrepreneurship course, and part of the requirements for the course is to develop a hypothetical business/product.

The product I've been designing for the class has to do with simplifying the bed-making process, and part of my target market would be persons with disabilities.

I need some advice about marketing toward persons with disabilities ( for example, being tactful with customers). Any suggestions in this regard would be very helpful.

Thank you for your time!

The Maddak representative:

"Hello Ms. Fernandez,

Thank you for contacting Bel-Art Products.

Marketing toward persons with disabilities can be challenging at first. It is important to use tact in your marketing, being sure to use non-offensive language in your advertisements or website. Euphemistic phrases are almost always frowned upon when it comes to marketing to this target market. 

It is also important to not make assumptions about your customer or his or her disability. If you are not sure about something, it is always better to ask for clarification than possibly embarrass yourself or your customer.

I hope I have been able to help you. Should you decide to pursue this venture, we would be more than happy to assist you with your product, its development, and its marketing. More information can be found on our website at www.Maddak.com, under the Inventor's Corner label, or at our Customer Service hotline at  1-800-423-5278.

Thank you for your continued interest in Bel-Art Products.

Reflection:
How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

This experience definitely opened my eyes to new possibilities! It never crossed my mind to search out people and businesses and email them over the internet for advice, but amazingly it worked. This experience greatly differed from anything I've done in the past, because I usually meet people in person or through a friend; these were complete strangers on the internet! It was a fascinating experience, and I think it is a very good way to make possible networking connections in the future. My only question would be how to keep up with these relationships or make them mutual for both parties.

Third Time's the... Charm? -- Elevator Pitch No. 3

Hello all!

Welcome to my third elevator pitch!

Will it be that the third time is the charm? Stay tuned to find out!

First, let's take a look at the feedback from last time...

"I really love your enthusiasm!"

"I was actually smiling throughout your pitch."

"Your delivery was excellent except for when you would look down at what I'm assuming was a script or notes." 

Hmmm. So, I obviously have the enthusiasm and dynamic part of the pitch down! So, let's try it off-script now....

So, based on my feedback, I tried not to use a script this time! Free-style, baby! And, I tried to keep my enthusiasm still kicking.

Enjoy, everyone xoxo

A Little of This, a Little of That -- What's Your Secret Sauce?

Human capital. What makes me... well, me?

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different?

a) I have lived in five different countries! I have a lot of experience with foreigners and I have worked with a multitude of different people. In addition, I have world networks due to my life experience.

b) I have a variety of interests and hobbies! I knit, I sew, I bake, I cook. I can shoot a gun and can make a darned good bread from scratch. I love traveling, exploring, and meeting new people. To put it short, I'm fun!

c) I'm energetic. Kids love me for my energy. I'm enthusiastic and usually pretty extroverted.

d) Empathy. I find it very easy to 'put myself into someone else's shoes.'

e) I'm unique myself! I have a very unorthodox upbringing (abroad, at boarding school, five different countries, etc), while living a very orthodox lifestyle (I'm an Orthodox Jew).

2) Interview the five people who know you the best. 

Not sure why my phone recorder didn't catch my comments, but the important part still stands!
In this video, I am told that I am personable, smart, bright, (short...), and just a very warm person in general.
In this video, I get told that I am very unique, a great cook, outgoing, sweet, kind and caring of others.
Sometimes children are the most honest! I apparently make great sushi and I am kind and humorous.
I'm told that I am loving and caring for everyone around me, as well as being kind, cute, and amazing. I also have a great sense of fashion, apparently!

Again, kids are the most honest. I am skilled and that I am a pretty great babysitter. I make good sushi and I'm kind and funny.

3) Reflect on the differences. How do you see yourself, and how do others see you?

So--  I think that I see myself in a very positive light, and others do, too! I think that my self-confidence and good sense of self-esteem tend to rub off on other people, and I just try to treat others how I would want to be treated. I think that there were many similarities between what I think I am like and what others think I am like. I didn't realize how many people liked my cooking (maybe I should open a sushi shop?)! I think I would add to my skills that I am fashionable, because I received that feedback from one of my interviews; I'm very happy to hear that feedback, because I love to make clothes and I want to go into historical fashion design.

Reading Reflection Week 9

Hello everyone!

Welcome to Week 9's reading reflection on chapter 10 (Marketing Challenges for Entrepreneurial Ventures) of Donald F Kuratko's Entrepreneurship: Theory, Process, Practice.

The biggest surprise from this week's reading was the whole section on marketing conceptualization, most specifically about marketing philosophy. It it surprising to me because I would never have even thought about marketing concepts in such a highly detailed way! It's very interesting to see how devoted some people are to entrepreneurship and economics.

One part of the reading that was confusing was the product pricing life cycle. Again, Kuratko would greatly benefit from adding examples to the text to make the concepts clearer.

I would probably also ask Kuratko why he thinks sales forecasting is very valuable, while being limited in value; I'm not exactly sure what point he is trying to make here.

Another question I would ask Kuratko would be what he thinks would be the best way to gather primary and secondary data. This is because he explains what they are and their pros and cons, but which methods of collecting data have been the most effective in his personal experience?

I don't think I disagreed with Kuratko this week, mainly again because I do not know all that much about marketing. However, I would probably have included somewhere that telephone surveys seem to be the most effectively statistically.

Have a good week! xoxo

Let's Revise - Idea Napkin No. 2

Hello, everyone!

Today I am supposed to revise my Idea Napkin with feedback from my previous post... however, I'm not sure I have much to revise-- all of my feedback was positive!

1) You. Who you are. What your talents are. What your skills and experiences are. What are your aspirations? How do you see this business playing a role in your life?

Who am I? I am 19 years old-- almost 20-- and a history major with a minor in innovation. I love sewing, knitting, baking, cooking, and, occasionally, playing video games. I am charismatic, enthusiastic, energetic, and empathetic. I love talking to people and I have quite a networking collection at my age! I graduated as Salutatorian of my high school and I've lived in 5 different countries.

Did I mention that I am an orthodox Jew? I attended a Jewish girl's seminary last year from October to December! I really want to work with my history degree after I graduate from UF next year, but my career dream would be to be an emissary of the Lubavitcher Rebbe-- that is, do Jewish outreach.

So, how would my business-- MagneFit-- fit into my life? As someone with experience with textiles and crafts, I can see myself making prototypes and eventually finished products myself with my good ol' Singer sewing machine. I can also see myself using my connections to network and find potential customers. I do not think that it would be my only job, but a side-job, because I would like to get married and have children in the next few years, as well as do historical research at some point, as stated above. It would probably never be a large company, unless I gained a business partner who wanted to expand the company, but I would be alright with that (as long as it wouldn't be a financial drain on resources).

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering a product called MagneFit, an alternative fitted sheet. This alternative to fitted sheets will streamline the process of bedmaking, saving time both when making beds and doing laundry. With no awkward corners, MagneFit will provide an easy way to fold fitted sheets-- without being the traditional fitted sheets. It will also seamlessly smooth itself out once the magnets of the sheet are in their proper places, meaning no wrinkles.MagneFit will also clearly label sides so that no one can get confused as to which side goes where, as is the case with traditional fitted sheets.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers.

My target hasn't changed much from my last post. Anyone with a bed would benefit from MagneFit, the Alternative Fitted Sheet.

My largest customer base would probably come from:
1) Those who make beds often (Parents, hotel maids, nurses, et cetera)
2) Those with disabilities who have trouble making beds and want to be more independent
3) Senior persons, especially those who have limited ranges of movement
4) Those persons who get frustrated with folding fitted sheets or putting them on beds
5) People who want their sheets wrinkle-free!

4) Why do they care? Explain why customers will actually pay you money to use your product or service.

My customers would care because they deserve a better, more efficient, more effective way to make beds that will save them time that they could use for other things. It will lower frustration, especially for when  they are folding sheets, which seems to be a big issue for many people. It will also allow for people to be less dependent on others, such as children or the elderly, and may encourage people to change their bedsheets more consistently (therefore helping their hygiene and health). It will also make jobs such as maids making beds much more efficient.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

As stated previously, everyone complains about fitted sheets but does nothing about it-- from folding to fitting them onto beds. Not many people have worked to "reinvent" the fitted sheet, and as far as I know, no one has attempted to solve it with magnets as I have. As a commenter once said, "it will definitely take an outsider and a small company to change something as fundamental as the bed sheet." Big sheet companies, often comfortable in stability, have had no need for renovating the fitted sheet because there is no competition; an alternative fitted sheet, however, might change the playing field a little.


So, do these elements add up?
As I stated in my last post,  I do believe these elements add up. I am enthusiastic and opportunistic, and I have the skills (sewing, optimism, networking etc) that could make this business venture a viable idea. The only weaker element would be, of course, that I never planned on becoming a business owner, and I am not sure if that is what  I want to spend my life doing. I want to utilize my history degree, for example, moreso than my innovation minor.


Feedback Memo
What I learned from the feedback I received:
1) My idea is interesting
2) Some people are terrible folders and would be interested in my product
3) "insiders" are too scared to change a traditional bed staple-- the fitted sheet-- and it will take an outsider to do it.

I was only able to glean three main points from the feedback because it was so overwhelmingly positive! I incorporated this feedback into my new Idea Napkin by including more information on how my idea would be innovative (to make it more interesting) and by including people who struggle with folding into my possible customer base. I also included some information on the lack of fitted sheet alternatives.

Week 8 Reading Reflection

Week 8 reading reflection already?! Wow, does time fly!

Today's reflection is on Donald Kuratko's Entrepreneurship: Theory, Process, Practice: Chapter 8 (Sources of Capital for Entrepreneurial Ventures).

So, chapter 8 was pretty fascinating to read. I think what was most surprising to me in this chapter was the chart on page 213 describing common debt sources. I did not realize that there are so many places to find money to finance ventures! Of course, most places only lend to established or rising firms or business, but it is still an intriguing chart to examine, especially if someone is making a long-term plan out of their business idea, or seeking to grow their firm.

Definitely a part of the reading that was confusing for me was the whole section on equity financing. This is because there is a lot of discussion on how xyz amount of money was financed by so-and-so and this caused a slump/rise in the market, etc. To a non-economics major, much of this sounds like gibberish! I understand that Kuratko wants to give examples, but I do think that all of the economics lingo and examples of money (e.g. "$21 billion into 2873 deals in 2004") gets in the way of an easier understanding of the concepts he is trying to explain here.

I would ask Kuratko two questions about this chapter.
1) Where can we learn more about being equity or stock shareholders? It be pertinent to give readers with less experience in economics outlets to learn more about these concepts in ways that are easier to understand and maybe even participate in.
2) What is a business "devil"? Kuratko explains what a business angel is, and mentions a business "devil"-- but does not go into detail. I'd like to understand this concept better.

Overall, I think Kuratko did a good job in this chapter. I don't know much about economics past intro to macroeconomics, but I think he is knowledgeable on the topic and was able to give a good overview on sources of capital for entrepreneurs.

That's all, folks! Have a good spring break.

There and Back Again - Half-Way Reflection

Wow, time sure has flown by!

Two months and 25 (26 with this post!) posts later, here I am! The finish line is in sight.

So, let's reflect a little as if I was talking to a future ENT3003 student!

1) Be tenacious. I'm not kidding! There are certain skills you have to gain or develop in order to keep up with the class.Top three?

-Assertiveness! You can't be afraid to get what you want.

-Public speaking. You gotta practice your pitches before you talk to strangers!

-Enthusiasm. People don't want to talk to lack-luster faces. You have to get into the entrepreneur mindset.

2) Never give up. Never surrender. I'll be honest. There have been countless times when I felt like giving up. It's awkward asking strangers weird things, and even worse when you can't get out your words in the right way. You just have to pull through! Take a break, refocus yourself, and remember: what do you have to lose? The worst that could happen is that someone walks away, but most people aren't like that. Just believe in your abilities and develop that tenacity of a true Entrepreneur! I know I sure have.

3) Three ways to help you. So, how can you develop and foster a tenacious mindset?

-Believe that you can do it.

-Relax. Breathe in 4 seconds, hold 8 seconds, exhale 7 seconds.

-Remember that your blog reflects you. This is your mark on the internet. Don't you want to make a good impression?

Ya think it's easy being this close to a gator?! #Tenacity 

Enjoy, everyone! xoxo

Let's Go, Customers, Let's Go! - The Twenty Percent

Hello everyone!

Today I have for you an interesting assignment which involves something called the Pareto Principle, the idea that "20 percent of your customers will generate 80 percent of your sales."

So, how do you find your 20%?

I asked Rabbi Berl Goldman of Chabad Lubavitch Jewish Center at the University of Florida, an entrepreneur I interviewed very early on in my blog, a few questions to see how he finds his main "customer" base.

Here's a transcript of the interview:

Me: Who are your target customers? Demographics?
Rabbi: The larger Jewish population at UF. This includes around 4,000 undergraduate students and 2,000 graduate students.
Me: Where do you find these customers?
Rabbi: We mainly find these students through tabling, events with free food, programs, Facebook, and fraternities. We also find students when they come on college tours through UF, or on Preview [note for non-UF students: UF's orientation for Freshmen is called Preview]
Me: What are your customer's problems?
Rabbi: Often, life issues. Anything from psychological to emotional issues. We deal with anything from extremes, like suicide prevention, to more lighter issues, such as parent-child relationships.
Me: Wow okay, so that must mean that these problems are pretty important in your customer's lives. If you had to rate how big these issues were to your customers, what would your answer be?
Rabbi: I would rate them very high. Of course, it also depends on the moment. An issue might be a big or little deal to them, depending on when it happens.

So, now that I did the interview with the entrepreneur, the next step is--you guessed it!-- to ask the customers themselves these same (or at least, very similar) questions.

1) Who do you think is the target demographic of this Chabad? Do you fit that demographic?
2) Where did you find Chabad? Or, did they meet you?
3) Do you have any problems that you come to Chabad to solve?
4) How big, on a scale of 1-10, are these problems in your life now?

Here are the interviews. I found that people are a lot more willing to be recorded if it's just voice, so I decided to give it a try for this assignment by doing all three customer interviews through SoundCloud.


(I don't know why it didn't pick up my voice in the last interview, but you can see my questions above).

So, all in all-- do the responses between the Entrepreneur and the customers match up?
I would say that they do! I definitely think that for the most part, people understand what they can go to Chabad for. Everyone agreed that it was for college-aged students, which is pretty cool, too. I think the clarity of Chabad's goals makes it easy for people to want to come and be a part of the events they host.

Alright, see you around, everyone!

Week 7 Reading Reflection

Hello again everyone!

Today's reading reflection is from Yankelovich & Meer's Rediscovering Market Segmentation! Enjoy!

The most surprising aspect of this week's reading was about the psychographics of the marketplace. Before reading Y&M, I didn't even know what psychographics were! It's amazing how much detail and research was-- and still is-- put into every step of the marketing procedure-- and the intense research that occurs when a marketing campaign fails to do its job.

Y&M did a fantastic job at keeping the language of the article clear and concise. Other than having to look up a word or two, it was not a confusing read. I agreed with both authors throughout the work, and I think that they did a great job explaining market segmentation in 10 pages!

If I had to ask the authors Yankelovich and Meer two questions, they would be the following:
1) Why do you think that so many marketers used to, and still, focus so much on using psychographics to determine what to market to their customers? I feel like sometimes marketers fail to see what their customers really want to see when they focus too much on the general lifestyles and attitudes. Sometimes customers just want something new! Are psychographics simply something that is/was easy to fall back on?

2) When in doubt, is traditional segmentation something that is good to look at for general ideas of trends? I wonder this because I do not think it is possible to completely forgo traditional psychographics and segmentation-- it might still have uses, and I would like to hear what the authors think about this idea.

And that's it, folks! See you later!

Pass it On - Free Money?

Hello everyone!

Today I have an interesting assignment. I must give away 'free money'-- that is, $5 to five people, and see their reactions. Before I go out, I first must strategize!

Where will I go?
I will go around campus and my apartment complex.

What kind of people will I approach?
I will approach anyone! I mainly think I will talk to young adults, but I might be able to talk with children too (ONLY if their parents are around!).

What will I say to get the conversation started?
To get the conversation started, I plan to be polite and say hello.

What is my plan for the conversation?
"Hey, here's a dollar I'd like you to donate."

 Stranger: "Why?"

"One good deed leads to another good deed." :)

Out of five attempts, how many dollar bills do I think I will be able to give away?
I think I will be able to give away four of the five dollars.

This post will be updated upon my return!

UPDATE:

Alright, here's a video of me 'giving away' money to three guys! I told them to donate the money to a charity box that I brought with me.

Overall, the experiment was really weird. I was able to give three dollars away (the ones in the video). Most people I approached on the street seemed kind of nervous, like they didn't want to take a dollar from me and 'owe' me (for whatever reason), even though I wanted them to donate it. Some people like the boys in the video showed how obviously they felt weird when I asked them to donate the dollar.

I only was able to talk to college aged students on my adventure. It was a lot easier to interrupt people when they were sitting down and busy eating rather than on the phone or walking. It was a little harder than I imagined, mainly because it's just so bizarre! My predictions were almost correct, 3/5 rather than 4/5. I guess I imagined more people would be welcome to give a free dollar away to charity, but I guess not.

Anyway, there you have it! I didn't particularly like this assignment, but it was interesting to do and see what would happen.

Over and out!

Up, Up, and Away! - Elevator Pitch No. 2

Dear readers,

Wow, is it time for a new elevator pitch already?

Before I lead into my new pitch, I'd like to look back at my last pitch to show what aspects I wanted to change based on my feedback (and personal opinion).

1) "Talking to the camera." I didn't realize how much I was looking at the camera, but I have to remember that in a real pitch I'll be looking at a real investor. I tried to make it seem more 'realistic' this time, as if I was looking at a possible investor and maybe a person or two next to him/her.

2) Length. Short and sweet this time!

All of the feedback was pretty much understandable, and I feel like I was able to improve in both aspects in my newest pitch. So, my new pitch, as you will see in a moment, is shorter than my last one and less focused on the camera. I wanted to keep my optimism and professional look, so I kept those aspects.

Interviewing Customers 3

I'm baaack-- with more interviews (yay!).

So, this time around, my questions were as follows:

1) What is the worst part about making a bed?
2) Would you try an alternative to traditional fitted sheets, if one was available?
3) About how much did your current sheet set cost?

I really wanted to get a feel for if people would be interested in an alternative to fitted sheets; I also wanted to know what people usually spent on a sheet set. Would they be willing to spend a few more dollars for saving time? Again, I also wanted to find out what people felt was the 'worst' part of bed making; as with the past interviews, the answers were generally the same: ill-fitting sheets, wrinkles, et cetera.

Yes, I am missing a video, for which I deeply apologize. I hope the cuteness of the toddler in the last video will assuage you :)

Overall, I feel like I learned a good deal from my interviews. It was nice to gain the courage to talk to complete strangers! I feel like my view of my business venture, MagneFit, will really develop based on the answers I received, especially in terms of how to advertise for "what the people want." I think what surprised me the most, however, was how surprised people were when I asked them their opinion! I think it has become less common for businesses and companies to ask strangers on the street for their opinion, so many people don't know how to react when someone comes up to them.

Anywho, have a great night, everyone!

Week 6 Reading Reflection

Hello, folks!

Today I have a spin on the weekly reading review. This week, I was asked to review Michael Porter's The Five Forces that Shape Competitive Strategy!

The biggest surprise of this week's reading was seeing the 1992-2006 list of US industries listed in order of profitability. It lists the soft drink industry as second-- before prepackaged software and even pharmaceuticals! I think it is fascinating to see charts like this, because you can see trends over time from past studies to see which industries are gaining (or losing) steam.

I did not find any part of the reading that was confusing to me. Michael Porter is very concise in his words and gives many examples. However, if I could ask him two questions, I would ask him:
1) Do you think any of these forces are 'stronger' than the others, or do you think that they all weigh the same from a business perspective? I ask this because a company might easily adapt to new substitutes, but it might have an issue with new competitors, or vice versa. Are they all equally important?
2) Is it inevitable that a large, famous company will eventually be 'pushed out' by these forces? I am curious as to what Porter thinks, as new companies bring fresh ideas and solutions, but people may be not as tempted to begin a business venture knowing that they too will one day be 'pushed out.'

I really agreed with what Porter said in his article. It makes a lot of sense and really helps to give a clearer picture on how companies interact with each other, suppliers, customers, and, of course, time.

That's all! Good night!

Now Pull it All Together, and... - Idea Napkin No. 1

Dear readers,

Today I have for you something called an 'idea napkin.' It pulls together five of the most important aspects of a business venture!

1) You. Talents? Skills? Experience? Aspirations? How would your business play a role in your life?

Who am I? I am 19 years old and a history major. I love sewing, knitting, baking, cooking, and, occasionally, playing video games. I am charismatic, enthusiastic, energetic, and empathetic. I graduated as Salutatorian of my high school and I've lived in 5 different countries. 

Did I mention that I am an orthodox Jew? I attended a Jewish girl's seminary for three months last year! I would really like to do some historical research after I graduate,  but my biggest dream would be to be an emissary of the Lubavitcher Rebbe-- that is, do Jewish outreach.

So, how would my business-- MagneFit-- fit into my life? As someone with experience with textiles and crafts, I can see myself making prototypes and eventually finished products myself with my good ol' Singer sewing machine. I can also see myself using my connections to network and find potential customers. I do not think that it would be my only job, but a side-job, because I would like to get married and have children in the next few years, as well as do historical research at some point, as stated above.

2) What are you offering to customers?

I am offering an alternative to standard fitted sheets. MagneFit will solve common issues users of traditional fitted sheets have:

1) Confusion when putting them on (which way is the long side? Short side? What size is this for?)

2) Fitted sheets sliding off when asleep

3) Having to tug at the sides until everything is smooth and flat

4) Confusion when trying to fold fitted sheets for storage

In fact, Magnefit will solve these issues by:

1) Clearly labeling sides and sizes

2 + 3) sheets will become smooth the moment you put it on and it will stay like that when customers are asleep

4) sheets will be easy to fold and will fold like flat sheets, because they are flat.

3) Who are you offering it to? 

Magnefit would be an option for everyone who owns a bed; however, most specifically, it would target people such as:

1) Those who make beds often (Parents, hotel maids, nurses, et cetera)

2) Those with disabilities who have trouble putting on fitted sheets

3) Senior persons, especially those who have limited ranges of movement

Magnefit would also be an option for anyone who does not know how to fold traditional fitted sheets, always has trouble with the corners matching up, or who just want wrinkleless sheets all of the time.

4) Why do they care?

I believe that people would purchase Magnefit for a few reasons.

1) Time saver (Especially for hospitals and hotels)

2) Allows people to make their own beds in an easy and efficient manner (not having to run around the bed five times making sure the corners are all lined up)

3) Stops people from getting frustrated from typical fitted sheets issues (such as folding or avoiding wrinkles in the sheet)

5) What are your core competencies? What sets you apart from everyone else? What do you have that nobody else has?

Fitted sheets is one of those issues that people always complain about, but no one solves. Magnefit plans to solve the fitted sheet issue in a way that no one has thought about before, through the use of magnets. It is simply an innovative way to solve an issue that no one has had yet.

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So,how do these elements add up? Overall, it looks like a pretty good venture. Probably the most out-of-joint aspect would be my personal life-- I currently do not have the desire to focus my life completely on my venture. I also think it is hard to say what exactly separates my business ideas from others, because a quick internet search for fitted sheet alternatives does not come up with much.

Who knows-- I may yet decide to pursue this business venture further in the near future, most likely as something I work on outside of my main job until it is actually viable.

That's all folks-- see you soon!