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.
Sunday, February 28, 2016
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!
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!
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!
Sunday, February 21, 2016
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!
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!
Saturday, February 20, 2016
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:
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!
Tuesday, February 16, 2016
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.
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.
Sunday, February 14, 2016
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!
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!
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!
Wednesday, February 10, 2016
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!
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.
-------------
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!
Sunday, February 7, 2016
Interviewing Customers No. 2
Hello again everyone!
Here I have more interviews with potential customers!
After my first round of interviews, I still think that my possible business venture is still a viable idea, so I continued my interviews along the same theme.
As for talking to the right customers, I think my product could hit home with a lot of different demographics-- my most likely demographic, however, is probably mid-twenties and older (leaning toward women, but still male-friendly). However, I did not let this limit my interviewing of someone who wasn't in that range, because I still want to get a feel for who else could use my product.
This time, my questions were as follows:
1) How long does it take for you to make a bed?
2) Do you spend time making sure the sheets are 'just right' or do you put them on and leave as-is?
3) Do you (know how to) fold fitted sheets?
I felt that these questions were more in line with what problems my product wants to fix/ease.
Here are my interviews!:
I think that I have definitely gotten better at approaching people and doing my pre-survey mini-speech ("Hi, I'm Mazal and I was hoping you could answer a few questions about a possible business venture...."). I have also gotten a better possible idea of how I would realize this possible venture.
I have learned a lot about interviewing people through this activity! Again, it is more nerve-wracking than it actually is. Also, people are generally positive and want to help you! It might be goofy, but people like feeling 'special'-- as in, you're giving them the time of day, a moment that someone gets to listen to their opinions and how they feel about something!
Tip #1) Daytime is your friend. People are friendly, but tend to be on edge at night! In addition, it's a lot easier to ask strangers for their opinions in a bright, open area where they won't feel nervous or scared.
Tip #2) Don't take too much of their time. Get your pre-survey intro down to a few seconds and limit the number of questions you ask someone ("Hi, my name is Joe and I work in a button factory... may I ask you three questions and video record your answers?"). Also, don't forget to be polite! Say please, thank you, and you're welcome!
Tip #3) To quote Nike, "just do it!" But really, you have to get out there and just get it done! It's not really so bad as you might think ;)
Aaand, that's a wrap, folks!
Here I have more interviews with potential customers!
After my first round of interviews, I still think that my possible business venture is still a viable idea, so I continued my interviews along the same theme.
As for talking to the right customers, I think my product could hit home with a lot of different demographics-- my most likely demographic, however, is probably mid-twenties and older (leaning toward women, but still male-friendly). However, I did not let this limit my interviewing of someone who wasn't in that range, because I still want to get a feel for who else could use my product.
This time, my questions were as follows:
1) How long does it take for you to make a bed?
2) Do you spend time making sure the sheets are 'just right' or do you put them on and leave as-is?
3) Do you (know how to) fold fitted sheets?
I felt that these questions were more in line with what problems my product wants to fix/ease.
Here are my interviews!:
I think that I have definitely gotten better at approaching people and doing my pre-survey mini-speech ("Hi, I'm Mazal and I was hoping you could answer a few questions about a possible business venture...."). I have also gotten a better possible idea of how I would realize this possible venture.
I have learned a lot about interviewing people through this activity! Again, it is more nerve-wracking than it actually is. Also, people are generally positive and want to help you! It might be goofy, but people like feeling 'special'-- as in, you're giving them the time of day, a moment that someone gets to listen to their opinions and how they feel about something!
Tip #1) Daytime is your friend. People are friendly, but tend to be on edge at night! In addition, it's a lot easier to ask strangers for their opinions in a bright, open area where they won't feel nervous or scared.
Tip #2) Don't take too much of their time. Get your pre-survey intro down to a few seconds and limit the number of questions you ask someone ("Hi, my name is Joe and I work in a button factory... may I ask you three questions and video record your answers?"). Also, don't forget to be polite! Say please, thank you, and you're welcome!
Tip #3) To quote Nike, "just do it!" But really, you have to get out there and just get it done! It's not really so bad as you might think ;)
Aaand, that's a wrap, folks!
Week 5 Reading Reflection - Chapter 9
Hello! Today I have another reading reflection of Donald Kuratko's book, Entrepreneurship: Theory, Process, Practice. This time, I read chapter 9!
Possibly the most fascinating but surprising part of this week's reading was that about the feasibility profile approaches of a business venture. I did not realize that there were so many ways to look at how your business could possibly fail, which is scary and disheartening, but I suppose logical. The approaches do definitely make entrepreneurs stop and actually think through their venture before losing too much time-- or money.
I think that Kuratko should have expanded more on the small section on marketability. Again, as I have said in past reflections. Kuratko needs to give more examples instead of only explaining vague, abstract concepts! The chapter could have greatly benefited from an exploration into his three major areas of marketability analysis.
If I had the chance, I would probably ask Kuratko which evaluation process he finds most helpful, or if he uses a combination of the four he lists. Do certain businesses benefit better from certain evaluation processes than others? If so, is it necessarily a bad thing?
Another question I would ask would be what he feels is the most detrimental out of his list of reasons why many initial ventures fail at first. Did he experience any of these first-hand?
I did not disagree with Kuratko in this chapter; I think he adequately fleshed out the chapter with many ideas and details.
Possibly the most fascinating but surprising part of this week's reading was that about the feasibility profile approaches of a business venture. I did not realize that there were so many ways to look at how your business could possibly fail, which is scary and disheartening, but I suppose logical. The approaches do definitely make entrepreneurs stop and actually think through their venture before losing too much time-- or money.
I think that Kuratko should have expanded more on the small section on marketability. Again, as I have said in past reflections. Kuratko needs to give more examples instead of only explaining vague, abstract concepts! The chapter could have greatly benefited from an exploration into his three major areas of marketability analysis.
If I had the chance, I would probably ask Kuratko which evaluation process he finds most helpful, or if he uses a combination of the four he lists. Do certain businesses benefit better from certain evaluation processes than others? If so, is it necessarily a bad thing?
Another question I would ask would be what he feels is the most detrimental out of his list of reasons why many initial ventures fail at first. Did he experience any of these first-hand?
I did not disagree with Kuratko in this chapter; I think he adequately fleshed out the chapter with many ideas and details.
Wednesday, February 3, 2016
Which Floor, Please? - Elevator Pitch No. 1
Hello everyone!
Today we have a special post-- elevator pitch!
My elevator pitch today is about reinventing the traditional fitted sheet (which people struggle putting on, folding, et ceteraa) with a magnetic-strip based flat sheet, called MagneFit.
Today we have a special post-- elevator pitch!
My elevator pitch today is about reinventing the traditional fitted sheet (which people struggle putting on, folding, et ceteraa) with a magnetic-strip based flat sheet, called MagneFit.
Enjoy! xoxo
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