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.