Idea Napkin No. 2

Week 9

1. Who I am.

I am a University of Florida student and an aspiring entrepreneur. I am working towards my Advertising degree and hope to apply what I have learned to better market my hi-tech cooler

2. What I am offering to my customers.

My product is a cooler with a sleek design that offers function as well as options for the customers. My cooler design will be durable and be able to stand up to years of use as well as high-tech options for a luxury cooler for the on the go. My cooler will include water proof blu-tooth speakers, usb charging and built in cup holders.

3. Who I am offering to.

I am looking at college kids and younger adults who are looking for a high-end cooler that will last years.

4. Why do they care?

They should care because cooler designs have not been changed in over 50 years. This cooler will attract many with its sleek design and high tech equipment. Not only will it look and sound great, it will also function like any high end cooler would.

5. What are my core competencies?

What sets me apart from my competitors is that am getting an top tier education. My design will also revolutionize the cooler industry

I believe that my education as well as my revolutionary product go very well together. My knowledge in media and advertising will help get major attention and help my product sell. I also think looking at young adults will be best people to sell to because they will know that they will get what they are paying for. Overall, I think my product will do very well.

Week 8 Reading Reflection

Week 8

1. Biggest surprise?

One of the most surprising parts of the reading was that you are able to finance a investment while you or your company are in debt. I would think that being in debt would make it very difficult to finance an investment.

2. Confusing part?

The only confusing part for me was when it dove deeper into how to get money from commercial banks for getting financial compensation for you assets. I found it hard to understand how assets can be used to get out of financial debt.

3. Two questions for author

My fist question would be do tax brackets influence how much financial compensation you can receive?

Also I would ask what is the best way to approach social lending?

4. Agree or disagree with author

I completely agree with the author, there was nothing I disagree with. This was a very interesting reading and I learned a lot.

Half-way Reflection

Week 8

Hello future students of University of Florida’s ENT 3003 class. You made the right choice by registering for this class and if you stick with it I guarantee you will learn a lot and have some fun along the way. There is a lot of work, but if you go to lectures and check on e-learning regularly you will do great! This class will also get you out of your comfort zone and will help you build skills for the professional world.

On the subject of being prepared for class, one thing I would work towards is increasing your overall tenacity. Tenacity, or sticking with something till the very end, is something that goes well with this class as well as being handy the rest of your life. I was able to develop my tenacity enveloping myself in the entrepreneur mindset and thinking about my future goals. There have been plenty of times where I felt like giving up, but I was able to pull through by focusing on what skills this assignment is teaching me and how it can be used to help me reach my goals. After these couple months I feel as though my tenacity has vastly increased and getting out and talking to people was the driving force of this transition.

Three tips I would offer to you all taking ENT 3003 next semester is

1. Get the assignments done early, doing the assignment at the last minute hurts creativity and will tend to not be your best work.

2. Find out what your end goal is let that help guide you to being a more tenacious mindset

3. I find that talking with a friend or a member of family and discussing your plan of action helps me brainstorm and leads to more creativity, plus they can help you focus on tasks.

Week 7 Reading Reflection

week 7

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

The biggest surprise was the different types of marketing philosophy. The section also describes how competitive pressure, the entrepreneur’s background, and shot-term focus can influence the choice of a marketing philosophy. You can be successful with either the production, sales, or consumer philosophy approach, but each entrepreneur will have a different approach.

2) Identify at least one part of the reading that was confusing to you.

Market segmentation was a little confusing to me because I would have difficulty segmenting my own venture. The book gives an example of ice cream, but I would have trouble finding a niche for customers.

3) If you were able to ask two questions to the author, what would you ask? Why?

My first question would be is it possible to combine marketing philosophies? I want to know because I want to be consumer driven, but I would also like to incorporate production focused philosophy.

My second question would be what is the best way to find you niche market for your product? I would ask this so that my advertising is not wasted on people who do not want my product.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I agreed with everything the author said and I enjoyed reading this section in the textbook. I enjoyed the marketing philosophy section the most.

Elevator Pitch No. 2

Week 7

My last pitch was a lot more stiff and this one I tried to be more active. I know that I am not fully there yet, but soon I will have my sales pitch perfect. Once I become more familiar with my pitch I will be more flexible and be able to have a more fluid delivery. My public speaking is not the best and I hope to make my elevator pitch even stronger.

Customer Interviews No. 3

Week 6
link to questions and reflection: http://willrandent.blogspot.com/2016/02/customer-interviews-no-3.html

Customer Interviews No. 3 reflection

Week 6
 My questions for the third interview were:
1. Do you own a cooler and if so, are you satisfied?
2. What is your favorite thing about your current coolers?
3. What would you like to see changed?
4. Where do you usually take your cooler?
5. What is the most you would pay for a quality cooler?

I plan on asking around fraternity row because I expect that most people in that area use coolers and would be interested in a quality cooler.

From these interviews I learned a lot about what customers think about old coolers and some ideas to include in my design. I received a good idea to possibly include drink holders into the cooler. I didn't expect much to change from these interviews, and I learned that my idea of a cooler would be very popular in this market.

Week 6 Reading Reflection

Week 6

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

This was a very interesting section in the book because I was not aware of all the proper questions I should be asking myself I wanted to acquire an established venture. Diving deep into the question of why they are selling the business in the first place is very important. You don’t want to purchase a sinking ship and have no way to dig it out of financial troubles.

2) Identify at least one part of the reading that was confusing to you.

The financial picture of the possible business was a little confusing. I understand that positive profit trends are very important, I would just have difficulty calculating that for myself.

3) If you were able to ask two questions to the author, what would you ask? Why?

The first question would be are there any benefits of buying a failing company. I ask this because I have a neighbor who bought a failing business and is still working to build it up

My next question would be what would be the legal action if you unknowingly bought a failing company. I ask this because I am curious how often get away with selling off these failing businesses.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I agree with the author and I thought that this week’s readings was very informational. I really enjoyed the reading and it was interesting about the questions to ask before buying a previous venture.

Idea Napkin No. 1

Week 6

1. My name is William and I am currently pursuing a major in Advertising. My skills are my abilities to read people well and my knowledge of brewing. I brew my own beer so I am well versed in the terminology and can communicate well with other beer manufactures. My aspirations are to include my love of advertising along with my passion for brewing. I hope to incorporate my cooler idea along with what breweries think that they need.

2. I am offering a cooler with a structurally sound and sleek design. The new cooler will build up this new design while also incorporating technology such as wireless speakers and usb charging ports. The Coleman company design of today’s cooler as not been changed in decades and we want to make tomorrow’s cooler even better

3. I am selling to a very large market, mostly college students who want more out of a standard cooler. My customers are not just looking a normal outdoor cooler, they want something that offers more.

4. My customers are willing to put a little more into a cooler that they know will last a long time and will give plenty of enjoyment.

5. What sets me apart is my idea to improve upon a product that has not truly changed shape in decades. I have connections to breweries and combining their knowledge with mine I can create a mass appealing product that will change the cooler business.

I believe that my five points fit well together, but my hardest challenge will be getting people out of the mindset of going back to previous coolers. While I belive that many people will be interested having a cooler with so many capabilities, many people will be drawn back to the older coolers and question if it is worth the cost. Everyone wants a reliable cooler, but the add-ons could be seen as not necessary. I think that will be my biggest problem.

Week 5 Reading Reflection

Week 5 

1. It is shocking to see how much work goes into franchising a business and spreading your company. It is a lot of looking at the company’s profit and weather you see an opportunity that more people around the world like your business and would be profitable for you. There is also a lot of legal business that I was not aware was so intense that needs to be taken care of in order for people to franchise a business under the prominent name.

2. One part that confused me was the section on assets. I was confused on everything that could be considered an asset. The book mentions that previous contracts could be used as assets and they are under looked. I feel as though I would miss a lot of potential assets.

3. If I could ask two questions to the author they would be:

Is it safer to franchise a service or product based company?

Would you want to join a franchise that is on the rise, or is already well-known?

4. I think the author did a very good job in going over this chapter of Pathways to Entrepreneurial Ventures and I have no complaints.

Top 5 World Problems

week 4

Top five problems starting with what I think is the worst.

1. Overpopulation

2. Global Warming

3. Depleting of natural resources

4. War/ Conflict around the world

5. Deforestation

It was tough to pick my top five for the worst problems that we are facing. I chose overpopulation as number one because it is the main cause for most of what follows beneath it. Overpopulation drives us to consume more which depletes resources and when we are done consuming a lot of our pollution leads to global warming. The reason why I had war lower in my list is because violence and conflicts may reach a smaller number compared to everyone who is influenced by global warming. The image tagged to this post shows the bank of a river where pollution has taken up most of the scenery. While pollution is not aesthetically pleasing, it is also devastating to life where it resides, killing plants and animals.

Top five problems starting with what I believe is the most feasible

1. Deforestation

2. Depleting of natural resources

3. Global warming

4. War/ Conflict around the world

5. Overpopulation

Choosing which problems that were the most feasible was also challenging. I chose deforestation as my most feasible because while deforestation is still a big problem, we are already working on replacing trees that we cut down. If we are able to switch to more natural resources that are renewable, we will be better suited for the future. I chose this as number two because we are moving towards more renewable resources, but the technology is not entirely there yet to make the big change. The next three choices were very hard to put into order, but I think that overpopulation will be the hardest to get people to understand and any implementation to try to fix it will be extremely difficult. The reason why I have global warming above war is because over the thousands of years that we have had civilizations, there has been conflicts. I also believe that trying to end every conflict within a small period of time will be extremely difficult to implement with politics.

Identifying Local Opportunities

week 3

Woman bites off fingers of 89-year-old man

http://www.gainesville.com/article/20160123/ARTICLES/160129852?tc=cr

At about 7:30 am in a group home on January 23rd, Linda Swift bit off the finger of an 89-year-old male. The man was missing half of his middle and ring finger. Along with biting off part of the man's fingers she also tore off a portion of flesh from his hand with her teeth.

The problem was the man who was attacked and lost part of his fingers.

ASO: Gainesville man robs man at gunpoint

http://www.gainesville.com/article/20160121/ARTICLES/160129915/1150/news01?Title=ASO-Gainesville-man-robs-man-at-gunpoint

 

Luciano Mejia was arrested in Gainesville January 21st and charged with robbery with a firearm and aggravated battery with a deadly weapon. Mejia and another man were meeting a local drug  dealer and hit the dealer with his hidden handgun. They robbed the man of his money, cards and other valuables.

The man who had the problem was the dealer because he was robbed and attacked.

Blaze destroys Monteocha family's home

http://www.gainesville.com/article/20160122/ARTICLES/160129872/1002/news01?Title=Blaze-destroys-Monteocha-family-s-home

Friday morning a Monteocha family returned home to find their home a blaze. While their family lost a lot of memorable items, luckily nobody was injured and there is a very low likelihood of foul play. If the firefighters were able to save the majority of the structure of their home.

The problem was that the family lost a lot of valuables due to the fire.

3 inmates who escaped from California jail considered armed

http://www.tampabay.com/news/nation/3-inmates-who-escaped-from-california-jail-considered-armed/2262605

Los Angeles police are looking for 3 inmates who may be armed. They are not certain of how they all escaped, but they assume it was a sophisticated venture. Inmates were discovered missing January 23 at the evening count. They are presumed to be still in Orange county.

The problem is that there is inmates loose and we do not know their locations.

Warrant issued for third suspect in Lakeland triple murder

http://hosted.ap.org/dynamic/stories/F/FL_LAKELAND_SHOOTING_FLOL-?SITE=FLPET&SECTION=HOME&TEMPLATE=DEFAULT

In Lakeland, Florida Polk County Police have positively identified a third subject in a triple homicide. Jamaal Smith is being sought for the deaths on January 6th deaths. Local sheriff says the deaths were a result of the drug trade.

The problem is that they do not have the man in custody and he is still walking around on the streets.

Very Short Interview No. 1

week 3

Adam Burke owner of Atlanta Spa and Leisure. He started the business himself in 1993 and is now very well known in the hot tub business.

1. What does being an entrepreneur mean to you?

Being an entrepreneur is seeing a problem and having the ability and know-how of how to address this problem.

2. What is something helpful you wish you knew before starting your own business?

I was unaware of the long hours and sleepless nights of getting the business of the ground. I was also unaware of how long it would take to build a competent employee base of people I can trust.

3. If you were taking an entrepreneurship class what would you hope to gain?

I suppose I would hope to learn how evaluate the market and how to get acquainted with the legal world of starting a business.

I was a former employee for Adam Burke during my senior year of high school. I was able to see his business firsthand and observe how successful his company has become. During my time working with him I got to know him fairly well and it was interesting interviewing him like this. It was interesting to see what he thought about being an entrepreneur and I am excited for our later longer interview.

World's Biggest Problems

week 3

1.  Global warming

Humans are the cause of the world’s problems including global warming. Our rapid burning of fossils fuels have led to a deathly spiral where we are increasing the world’s temperature. This increase in temperature can lead to floods and even another ice age if pushed far enough.

A solution could be to switch from fossil fuels to renewable energy such as solar and hydroelectric.

2.  Overpopulation

Overpopulation is a large problem because there are only so many resources and large amounts of people easily deplete them. Unfortunately, large populations can also lead to many people going hungry.

A sad solution would to be to limit the number of children people can have.

3. Deforestation

Deforestation is a problem because we are getting rid of trees which are responsible for giving off oxygen and taking away harmful carbon dioxide. The increase in CO₂ also is detreating our ozone increasing the world’s temperature.  

A solution would be to plant new trees after chopping previous ones down.

4. Extinction of animals

Our deforestation and hunting of animals has caused some to be put on the endangered list. Biodiversity is very important in keeping the food cycle in check. It is also very hard to bring back species that are at very low numbers.

A solution would be to prevent deforestation and to get rid of poachers.

5. Pollution

Overall pollution of waste is difficult on the world in many different ways. One way is that layers of filth can collect on the surface of the oceans and prevent sun light from reaching coral reefs, killing them and destroying an entire environment.

A solution is to limit waste and control where the waste goes.

6. War/ Conflict around the world

There is war and conflict all around the world. And while battle are being fought, there are innocent civilians who unfortunately get caught in the middle.

It is very hard to pick a simple solution to such complex problems, but possibly having more discussions could help ease tension.

7. Depleting of natural resources

With overpopulation comes a depletion of natural resources including things from fossil fuels to food. We are using fossil fuels at a very fast rate and we will soon need to find another form of fuel.

A solution would be to switch to a renewable form of energy.

8. Rise of poverty

There is a large portion all over the world, but especially in third world countries where finding food and shelter is very difficult. Overpopulation making it harder for more people to stay afloat with limited jobs and tough environments.

A solution to this would to help put up more places for those in poverty to find help.

9. Racism

Racism has been around for a long time and within the past few decades has been on the decline. However, there are still people out there with radical ideas and unfortunately take action and cause people harm like shooting that recently happened in Charleston.

I believe that a good education is always helpful.

10. Disease

With the ease of transportation in today’s world, disease is more easily spread. Also with preventative measures like shot and other medications, diseases, through natural selection, are able to make themselves stronger and more potent.

A solution would be to keep making more preventative measures and keep track of diseases.

Bug List

week 2

1. I am annoyed how easily ruined the magnet on credit cards are after minimal use.

                This exists because it cheaper for companies to make and you have to buy more cards.

2. It bugs me when red lights don't always have vehicle detectors and the lights takes much longer than it should.

                This is probably worked out to make traffic run smoothly, but sometimes the wait seems excessive.

3. Cox internet bugs me with their terrible internet speeds.

                This is probably due the number of people in our house.

4. Cox response time to complaints is very slow.

                This is probably due to the large number of customers.

5. It bugs me how after a few months my Galaxy phone is already dramatically increased its delay in responses to actions like opening messenger.

                This is probably because phones don't have long life spans.

6. It bugs me that you pay for a Hulu membership and still have to watch commercials

                This is probably because rights to those shows and movies are expensive.

7. It bugs me how fast my battery on my phone dies after minimal usage.

                This is because battery life is bad and difficult to change.

8. It bugs me restaurants on campus do not accept gift cards.

                maybe the university only wants to accept only real cash.

9. It bugs me how expensive textbooks are especially for struggling college students.

                Companies do this to cover costs of research for the book.

10. It bugs me how few buses there are on campus during the weekends and summer.

                The university probably thinks with the decline of people on campus they can cut on number of employees.

11. I bugs me how often I have to get new razors for shaving.

                It is hard to keep razors sharp.

12.  It annoys me when the gym hours are severely reduced during holidays when I am at the university with nothing to do.

                They do this because of the few people on campus.

13. It bugs me how close classes are together and it can tough to get to classes when they are on opposite ends of campus.

                They probably do this to maximize the number of classes per day.

14. It bugs me how little cover there is from rain.

                This is probably an unnecessary and would be a large cost for the university.

15. It bugs me how the administration building become so crowded at the beginning of semesters.

                This is because of people fixing their schedules.

16. It bugs me how expensive airline tickets have become.

                raising gas prices are the culprit in rising ticket prices.

17. McDonalds no longer has a value meal.

                They may have made compromises with replacing value meal with breakfast menu.

18. Terrible mufflers on cars annoy me with too much noise pollution.

                They just need to upgrade to a better muffler.

19. Shoplifting detectors that still go off even if I have purchased my goods.

                It is probably faulty signal from the device.

20. Facebook's intrusion onto my personal information.

                I post things that they contractually are allowed to use.

It was very difficult coming up with things that annoy me. I am a very content person and also found it hard with things I do not like. It is also difficult building upon things that others may find annoying.

My Entrepreneurship Story

"Week 2"

My experience with entrepreneurship is that my father and role model started a business from the ground up. After graduating University of North Florida with a degree in history, he soon because a pilot for Delta Airlines. Years later, after being away from home most days of his career, he decided to quit and start a risky venture. He decided that he was going to start his own reconstruction business. Two years into getting his business up and running, the 2007 economic crash pushed him and his abilities to their limits. Luckily, he was able to persevere and overcome this troublesome time. Now his business is doing great and he is able to work from home, which is what he strived for from the beginning.

I enrolled in this course because I hope to learn what being an entrepreneur is all about. Being an entrepreneur is a way of life and being able to see the world as they do intrigues me. While I would like to open up my own brewery someday, I think that this class will guide me to great values and how to better use my resources.

Introduction

My week 2 post

I am on the left with my fraternity brother on the right

Hello, my name is William and want to take a moment to introduce myself. I was born in Jacksonville, but moved to Atlanta at the age of three. I am a dual citizen, with my mother being brought up in Calgary, Canada, and my father being raised in San Diego, California. I returned back to Florida for the warmer weather and the experience of learning at the prestigious University of Florida. I am majoring in geography and advertising. I hope to use my education and degrees to work in public relations for international breweries. I have not done much travel out of north America, but with my geography degree to explore more of the world. My interest for brewing started when my grandfather first taught me and has since grown into a passion. 

Entrepreneur's Mantra

Week 2

January 13 test post

My name is Will and this is my first test post on my entrepreneurship blog.