Final Reflection

What sticks out to you as the most formative experience?

It was definitely when talking about ways of finding funding for business ventures.

The experience that you'll remember years later?

Learning that things don’t have to be perfect at first.

What was your most joyous experience?

Going to the live lectures and enjoying how fun they were.

What experience are you most proud of yourself for accomplishing?

For doing all of the assignments and learning lots.

Do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

Yes to both. Now I feel more prepared for the future as an entrepreneur, and I feel that hopefully, the things that I’ve learned will be very useful in my career.

What is the one recommendation you would make to the students who are going to journey down this path in the future?

To not give up and keep pushing forward!

What would you recommend they do to perform best in this course?

To do the assignments on time and analyze them thoroughly as to learn the most.

What would you recommend they do to foster that mindset?

To actually take the time to reflect on the content and the different assignments.

Venture Concept No. 2

Opportunity:

The opportunity that I identified is the need for a method that lets people get parking spots based on how long they have been working, instead of just a matter of luck.

Who has the need?

People who go to places with limited parking, like event venues, colleges and universities, malls during sales events, etc.

The nature of the need

This need occurs as people have the necessity to be on time to different places, but sometimes this gets complicated as multiple factors may make them be late.

What are the forces or changes in the environment creating this opportunity?

As technology evolves, digital solutions to the physical problem of limited parking start to arise. Therefore, technology is the force creating this opportunity.

How is this market defined geographically and demographically?

Geographically, opportunities may be present in very diverse locations across the United States, or even internationally. Demographically, this would probably work better with people over 18, with access to the internet and smartphones, employed or going to college, and who attend crowded places with limited parking.

How are customers currently satisfying this need?  And how loyal are they to whatever they use now?

Currently, there are some places that offer VIP parking spots, or valet parking, which tend to be very pricey. They are not very loyal to the options they have right now, as they tend to be very pricey.

How big is this opportunity?

It may be very big, as there are so many places where parking is limited, and where some organization for it might make a huge difference.

How long will the “window of opportunity” be open?

It will be open for a long time, but especially until any other company decides to take it.

Innovation

My solution for the previously mentioned issue is an app that people download to their smartphones. With this, they can reserve, get in waitlists, and get assigned to available parking spots in real-time, so that the distribution of these limited spots is equitable. The way this works is that in those places where parking, I would offer my services and install sensors in each of the parking spots that would detect when it is being utilized and when it frees up. When this happens, it assigns that spot to whoever has been waiting for longer, or whoever reserved it previously. And the way I make money is by charging an installation fee, and an annual maintenance fee to the owners of these places, to organize and modernize their parking situation. My installation fee would be the price of the equipment plus a 30% profit, and the maintenance fee would be depending on the size, but around $10,000 annually for 5 to 10 thousand spots.

Venture Concept

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?

They will do it because it is going to be a service for their own customers, and it is going to make their lives easier and make them want to go to their businesses without worrying about parking.

Who are the competitors?  What are their possible weaknesses or vulnerabilities?

Competitors are valet parking services or VIP parking spots. Their weakness is that very few people want to pay for them.

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

Since there is no packaging involved, the only thing that matters would be my pricing.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?

I would need a certain number of technicians and programmers to run the company. I can probably start with less than 10 full-time employees.

Three Minor Elements

Most Important Resource: My yet unexploited idea, because that makes it profitable.

What’s next: After I begin, I can expand to other transportation services, like internal buses, for very big places.

What’s next for me: I want to be in a position where my company is constantly growing, and I have the economic means to support my family

Feedback

Fortunately, the feedback was very good, so I kept most of the Venture Concept the same as my peers absolutely liked it. I also learned that they like my idea of subleasing parking spots as an alternative market to make even more profit, so I made sure that it was clearly explained during my Venture Concept.

Celebrating failure

1.     This semester I have been trying to learn how to cook different things. My objective was to save some money in food and diversify considerably the things that I eat day by day. However, what happens most of the time is that, since I am learning, my dishes are usually not that great the first time, and sometimes I end up having to order food outside because I want to eat something perfectly done.

2.     I learned that, although the first time I cook something it is not that great, usually it improves over time, which can apply to anything in life. Practice makes perfect.

3.     The way I take failure now is as a learning. I understand that if things were always easy, then no one would really succeed. It is after trying multiple times that success can happen. Thus, I am now much more likely to try and to learn than I was in the beginning of the semester.

Exit strategy

1.     Although I know I would be very proud of my venture, I understand that its growth capacity is in the end limited. This is why I think that after I think that I have profited enough from it, I would hire someone else as a CEO, and give him/her a portion of the stock of the company.

2.     I think is the best option because it would allow me to focus on new ideas in the future, while at the same time, I can give someone I trust the control of the company that I have worked so hard to establish.

3.     The major thing where I think my exit strategy has affected is in the fact that I do not see myself as CEO of the company for a very large period of time. Therefore, I would try to make it grow as much and as fast as possible (to be able to profit), and at some point, sell a portion of it to someone else to manage it.

Reading Reflection No. 3

Book: How to Fail at Almost Everything and Still Win Big, Scott Adams

What was the general theme of the book?

During this book, Scott Adams talks about his story on how he stayed motivated and moving forward, even after failing and failing so many times along the way. One of the things he recommends is that people should try to get jobs where they are able to take risks and get out of their comfort zone, so that they can always improve. Likewise, finding things you love can be the right area to focus your attention, and if you are able to be flexible and adapt to different circumstances, then you are more likely to succeed.

How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book absolutely connected because Dr. Pryor always tells us about taking risks, and that if you follow your passions and learn from failure, things will end up going your way.

If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

It would be to think of different moments where you, or someone you personally know has failed, and to talk about the outcome of it. Did they keep trying? Did they succeed? Etc.

What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

It was the fact that it doesn’t matter the number of times you fail, even if it is a lot, in your likelihood to succeed. Actually, the more you fail, the more likely you are to succeed in the end.

What’s Next?

Existing Market

Step 1: My venture will be providing parking control services through the mobile application.

Step 2: I could not make the interviews due to the current situation, but I assume they would tell me about other parking services

Step 3: What makes the most sense in terms of making my business grow is definitely to start out with a good foot by implementing my ideas effectively. After that, I should be constantly keeping track of other ideas or options that I might implement in order to keep my product current and stay as a good option in the market.

It is clear that if I am able to do this, then I am boosting my chances of being successful, and being profitable with an idea that has not been tested before, therefore having a lot of risks involved within it.

New Market

Step 1: Another market would be to rent parking spaces of my own, or even sub-lease parking spaces owned by other people and get a commission for it.

Step 2: It would have value, especially if I sub-lease parking spaces owned by other people because I would give residents of places where parking is limited, like downtowns, a source of extra income, while I get income as well.

Step 3: I think they would tell me that they like my idea, and that perhaps I can even expand it to other parking services, like GPS trackers with all the parking spaces in a downtown.

Step 4: This market actually appears to be very interesting, and it could also be very profitable if exploited correctly. I think it surprised me that it might even have more growth potential than my current market.

Venture Concept No. 1

Opportunity:

The opportunity that I identified is the need for a method that lets people get parking spots based on how long they have been working, instead of just a matter of luck.

Who has the need?

People who go to places with limited parking, like event venues, colleges and universities, malls during sales events, etc.

The nature of the need

This need occurs as people have the necessity to be on time to different places, but sometimes this gets complicated as multiple factors may make them be late.

What are the forces or changes in the environment creating this opportunity?

As technology evolves, digital solutions to the physical problem of limited parking start to arise. Therefore, technology is the force creating this opportunity.

How is this market defined geographically and demographically?

Geographically, opportunities may be present in very diverse locations across the United States, or even internationally. Demographically, this would probably work better with people over 18, with access to the internet and smartphones, employed or going to college, and who attend crowded places with limited parking.

How are customers currently satisfying this need?  And how loyal are they to whatever they use now?

Currently, there are some places that offer VIP parking spots, or valet parking, which tend to be very pricey. They are not very loyal to the options they have right now, as they tend to be very pricey.

How big is this opportunity?

It may be very big, as there are so many places where parking is limited, and where some organization for it might make a huge difference.

How long will the “window of opportunity” be open?

It will be open for a long time, but especially until any other company decides to take it.

Innovation

My solution for the previously mentioned issue is an app that people download to their smartphones. With this, they can reserve, get in waitlists, and get assigned to available parking spots in real-time, so that the distribution of these limited spots is equitable. The way this works is that in those places where parking, I would offer my services and install sensors in each of the parking spots that would detect when it is being utilized and when it frees up. When this happens, it assigns that spot to whoever has been waiting for longer, or whoever reserved it previously. And the way I make money is by charging an installation fee, and an annual maintenance fee to the owners of these places, to organize and modernize their parking situation. My installation fee would be the price of the equipment plus a 30% profit, and the maintenance fee would be depending on the size, but around $10,000 annually for 5 to 10 thousand spots.

Venture Concept

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?

They will do it because it is going to be a service for their own customers, and it is going to make their lives easier and make them want to go to their businesses without worrying about parking.

Who are the competitors?  What are their possible weaknesses or vulnerabilities?

Competitors are valet parking services or VIP parking spots. Their weakness is that very few people want to pay for them.

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

Since there is no packaging involved, the only thing that matters would be my pricing.

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?

I would need a certain number of technicians and programmers to run the company. I can probably start with less than 10 full-time employees.

Three Minor Elements

Most Important Resource: My yet unexploited idea, because that makes it profitable.

What’s next: After I begin, I can expand to other transportation services, like internal buses, for very big places.

What’s next for me: I want to be in a position where my company is constantly growing, and I have the economic means to support my family.

Your Venture’s Unfair Advantage

Generate a list of all of the resources in your venture and VRIO analysis:

1.     Clearly defined idea:

·      Valuable: Because it helps be more effective

·      Rare: It has not been developed yet

·      Inimitable: Moderately, because others can imitate it

·      Non-substitutable: There are some other good ideas

2.     Contacts that know about coding

·      Valuable: Very valuable because is fundamental

·      Rare: Not very rare

·      Inimitable: Requires networking to achieve

·      Non-substitutable: It is not substitutable

3.     Good credit

·      Valuable: Important in order to get loans and funding

·      Rare: Moderately rare; not everyone has it

·      Inimitable: It can be achieved with some measures

·      Non-substitutable: Hard to substitute with other resources

4.     Contacts that know about marketing

·      Valuable: Very, because they can help my business grow

·      Rare: Not very rare

·      Inimitable: It requires networking to achieve

·      Non-substitutable: The other option would be to know about marketing oneself

5.     Research in the field

·      Valuable: It is absolutely necessary

·      Rare: Moderately rare

·      Inimitable: Other people can do it

·      Non-substitutable: There is no substitution

6.     Contacts with knowledge in the VIP parking field

·      Valuable: Not very valuable

·      Rare: Perhaps it may be rare

·      Inimitable: Easy to imitate

·      Non-substitutable: Research in the field can be a substitute

7.     Patience

·      Valuable: In my opinion it is

·      Rare: Moderately rare

·      Inimitable: Not easy to imitate; depends on the person

·      Non-substitutable: There is no substitute for patience

8.     Savings

·      Valuable: Very valuable

·      Rare: Not very rare

·      Inimitable: Other people can get it or have it already

·      Non-substitutable: It can be substituted with loans, or investors

9.     Idea that has not been exploited yet

·      Valuable: Extremely valuable because it makes it profitable

·      Rare: Considerably rare

·      Inimitable: Other people can certainly imitate it

·      Non-substitutable: There is no direct substitution

10.  Energy and motivation

·      Valuable: Very valuable to have

·      Rare: Depends a lot on the person

·      Inimitable: There is other people that have it

·      Non-substitutable: You cannot substitute them

Top Resource:

Idea that has not been exploited yet: because it means that I can have the advantage of coming first, and perhaps it may turn my idea into one that is profitable.

Reading Reflection No. 2

1) What was the general theme or argument of the book?

During this book, the author, Daniel Kahneman, talks about what he calls the fast way of thinking and the slow way of thinking. Basically, the slow way is the most rational, and the one that actually requires thinking things out thoroughly and using your whole capacity. On the other hand, thinking fast is what I think most people do, and it requires far less process of thought. I would say that people that think fast and don’t take their time do it just because it is easier but is not always the best.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I connected the lessons of this book with the ones from Dr. Pryor because he always talks to us about the things that we have to keep in mind when developing a business idea, and he encourages us to think things out, analyzing, gathering information, and weighing pros and cons. Therefore, he is encouraging us to take the slow but most efficient way, so that we can be more successful in our business careers.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If this was the case, I would develop an exercise that would include two things: creating a business plan in 30 minutes and then creating one with a whole day to make it. Then, I would analyze how different they were, and see if after having more time, I still think that the business plan I made in 30 minutes is feasible and profitable. Thus, I would be able to contrast both ways of thinking, the fast and the slow.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

When I started reading the book, I didn’t think I was going to be able to actually relate the content so much with the way I think. But as the book went on, I started to understand (and especially with the thorough explanations from the author), that most people fall in one of the two categories of thinking that Mr. Kahneman talks about. Furthermore, I was able to relate his concepts with the business world, because if one doesn’t take the time to think things out properly, you are just blindly risking everything.

Elevator Pitch No. 3

1) The pitch.

https://www.youtube.com/watch?v=17gxxUrY-mM&feature=emb_title

2) A reflection on the feedback you received from your last pitch.

From the previous elevator pitch, I received only good feedback, which is something that makes me really happy as it demonstrates that people liked it. Therefore, for this elevator pitch, I did once again but with even more energy and more enthusiasm, as I feel this is a very important field to improve.

3) What did you change, based on the feedback?

As the feedback was good, I tried to do it with more enthusiasm and energy. This time, I think the overall quality is better and looks more authentic, and that I truly believe in my business idea. I look forward to keeping improving.

Growing Your Social Capital

Domain expert in my industry

1)    He is a computer scientist with a background in programing and app development.

2)    Domain expert, because he knows about the mobile app industry.

3)    Thanks to a friend who is his nephew.

4)    He did me the favor of analyzing my plan from the programming perspective, and since it is for educational purposes, he did not ask for anything in exchange.

5)    Having this person in my network helps me understand a lot more on the technological challenges of my business idea, and also helps me strategize to be successful.

Expert on your market

1)    He runs the valet parking of a luxurious hotel in Orlando

2)    Market expert, because he knows about the way people behave and utilize the services of parking in situations when there is limited availability.

3)    A very good friend of mine.

4)    He gave me some insight both in the parking market for crowded places, and also on the way businesses behave in this area, and the services they like to have. He did not ask for anything in exchange.

5)    Having this person in my network helps me understand more on how parking businesses work, which is very useful.

Supplier to the industry

1)    He has coded multiple apps already (especially databases for tracking labor) and has sold some of them to businesses for their use.

2)    Expert supplier, because he knows what it means to sell app-related products to companies.

3)    He is a personal friend who recently graduated from UCF.

4)    He talked to me about his experiences selling apps and gave me some tips on how to show potential clients how useful the app can be. He asked for lunch in exchange.

5)    He definitely boosts my network by being someone with so much expertise that I can use in my endeavors

This experience definitely showed me how important it is to network, and how some of your contacts can give you even more contacts that you can use in your favor. This experience was also very different from the previous ones we had been doing as it included much more networking with experts in our field.

Idea Napkin No. 2

Since I did not receive comments/feedback in my last post, basically my ideas are staying the same with:

You:

I am a motivated and hard-working individual, who likes to have challenges and take risks as a part of my life. If I were to start my business, I would aspire to get it growing as early as I can, and it would become a fundamental part of my everyday life. I would be happy to work for that challenge.

What are you offering to customers?

I will be offering a system of cameras that track open parking spaces, and a mobile application that tells the public where they are, and whose turn is it to get that spot.

Who are you offering it to?

I would be focusing on people older than 16, who drive and have a car, live in cities or commute to places with limited parking, and have smartphones and the willingness to use mobile applications. About their psychographics, they should be at least a little bit impatient, it can help if they are usually late to places, or they just do not have a lot of time to waste on finding parking.

Why do they care?

People and businesses would like to pay money to me because alleviating parking struggles would boost their quality of service, and ultimately, customer satisfaction. A place with more customer satisfaction is a place where most people want to go, and therefore, there is more potential revenue for those businesses.

What are your core competencies?

My main competency is the fact that my idea has not been developed by any other company so far. Therefore, I would be the very first person to venture in this type of business, so that at least for the first couple of years, I would have a freeway to develop my company and get as many clients as a possibly can.

I believe these elements fit together, and if applied properly, they could potentially become a part of a successful business plan. I also think that although my product would need to be polished before it was finished, my personal characteristics and what I am offering to customers could be successful.

There was no feedback which is why I cannot take away points on that on this occasion.

Create a Customer Avatar

My prototypical customer has definitely some money. They are always late for events, but anyway keep doing it. They drive mid-class sedans or perhaps a small SUV. They probably would watch some comedy shows like The Office or something along those lines. They have one or two kids, with some being adopted. They are not much into politics and tend to vote for whoever their friends/family are voting. They are older than 18, and usually younger than 50, but they all feel more mature than they actually are.

What do you have in common?

The fact they we are late to multiple events, we drive the same type of car, and they have the same amount of kids that I expect to have.

Do you think is a coincidence? Why?

I really tried to be objective with my customer prototype, and not let it be influenced by my own preferences or characteristics. But in the end, one tends to feel a little bit identified with our prototypical customers.