Final Reflection

I've had several formative experiences this semester thanks to this class. Looking through my blog and seeing all the work I've devoted to my venture concept and even discovering my next plan, my more longterm goal of starting my own beauty line. Thanks to these assignments, I finally forced myself to sit down and truly think and plan. Plus, with all of the excellent peer reviews, I was able to really question what needs improving in my current plan. I am proud of the accomplishments I have made in this course. At this point in the course, I do find myself to be an entrepreneur and I no longer struggle with spelling it! Another accomplishment haha. This class has made me look at the world of business different and see how to use my creative mind and talents and apply them in an entrepreneurial way. My recommendation to the future students is to not neglect the video lectures. Students have told me that the lectures are not that essential for the course, but in my opinion, its an excellent way to gain knowledge from others experiences. So don't neglect them and learn from others!

Week 15 Reading Reflection

• Something that surprised me with this weeks reading is how truly essential a loyal customer base is! I sort of already expected it but I'm still amazed at how much it matters. In the end, it could really be what makes or breaks a company.

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• If a company finds themselves in a situation where they have their customers doubting the brand, what could they do to regain it? If a company's website gets hacked and customers bank information gets stolen, what are the proper steps the company should take in this situation?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Venture Concept No. 2

The forces in the current environment creating this opportunity is the current rise of social media and the consistent desire to buy. This marked is open to all geographically and demographically. Customers are currently satisfying their needs through Instagram and other social media sites such as that but this app is not meant to compete with those but rather work with them and provide an improvement.

This opportunity is huge due to the fact that it combines everyone: the companies, the bloggers, and the customers/followers. This window of opportunity, I predict, will remain open as long there is a desire to shop and check social media.

I believe customers will switch to this new product because I am offering the customer/follower a method to shop in a more comfortable and straightforward manner. I am offering the blogger a way to elaborate better on the products discussed and offer a website for the followers to click on and direct them straight to the product desired. Lastly, I am offering the companies that desire promoting, a cheaper alternative that, in many ways, reaches out to more consumers than a paid spread on a magazine or commercial. It will not be difficult for customers to switch to this because there has never been anything like this before. 

There is no company or application as simple yet intricate as this! Some companies offer bloggers a place to show their professional photos, some are applications simply for professionals, but with all those you practically start from zero! There is not cost for packaging or concern for location since it will be an online application. For employees, I do not think more than 15 people would be needed. Perhaps some programmers and some individuals familiar in business with good social skills.

Feedback:

Unfortunately, there is not much I can write for this because, despite this being "Venture Concept No. 2", it is actually my very first Venture Concept. I, unfortunately, missed the due date of the first one. I see on this assignment that I could also discuss my feedback for the "What's Next" exercise, however, I missed that due date as well. Therefore, I do not have any feedback to discuss.

Week 14 Reading Reflection

• Something that surprised me was when one of the founders of 3M considered an idea of using sand paper in place of razors. It's strange because I remember a few years ago watching a commercial about this concept on TV. I later saw the products at stores like Bed, Bath, and Beyond and I would always think to myself whether or not it would take off. From the lack of talk I hear about it, I suppose it didn't work.

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• Which method has been found to be most beneficial at the workplace, holistic or ethical? Do you believe it's best for entrepreneurs to pursue correcting inefficiencies in the market or improving existing companies?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Google Gold

1) I feel like I could have worked harder on search engine optimization. When it came to each blog post, all I truly did was try to promote it better by going on other students websites and attaching a link to my blog on their comments section.

2) My main keywords were my name, my blog title, and my beauty blog name. With all these key words, people interested in my ENT class blog, or my beauty blog, could be directed to this page.

3) I did not use social media to enhance my SEO efforts too much for this blog. All I used was my YouTube page that I created for the class and Yellowdig. However, I've had a very positive social media response when it comes to my beauty blog (instagram.com/evicitta). I have been enhancing my SEO for that blog through YouTube, Instagram, Facebook, Tumblr, and Pinterest. Social media has certainly helped improve my blog's profile.

4) My most "viral" post was "Napkin Idea No. 1". If I remember correctly, this was the post that required everyone everyone to comment on 4 posts instead of the usual 2 or 3. Because of this, I received 4 comments, instead of my usual 3.

5) When I google "Evelyn Fernandez ENT", other links of mine show up first but then my blogspot link shows up as #4. However, when I google "evicitta", my beauty blog is my first suggestion, then followed by all my other blogs.

instagram.com/evicitta

Week 13 Reading Reflection

• Something that surprised me while reading this week was the concept of "rollup." That was a very new term for me. I learned that it's how new companies avoid the "growth pains" of starting a new business. 

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• What is an ideal way of handling the control factor when one is in the process of purchasing a business? My second question is how much should the evaluations between a large company differ from those of a small company?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Celebrating Failure

1) Something that I have repeatedly failed at this semester, as much as I hate admitting it, is attendance. At the beginning of the semester I was doing so well! I was extremely productive. Working out and waking up early enough to make breakfast before class! Not, I'm amazed if I even wake up before 1 P.M.

2) I learned that I am having my days pass me by. Also, that I'm paying for an education that I am highly neglecting. I'm paying for classes, but I'm not going to classes. Im paying to learn, but in the end I am having to teach myself.

3) Failure is certainly something that makes me self-conscious and embarrassed. I've changed the way I now perceive failure, thanks to this class and certain people that I've met this year. Before, I would convince myself that I did not care about the outcomes but it was also because I was not trying at the time. Now, I'm trying harder, and finding myself accepting failure a little harder than I used to. However, in this case it's a good thing. The fact that failure impacts me now means that I recognize that it's something I must learn from and no longer just something that I brush off and ignore. This class has certainly changed my perspective on failure and has motivated me to take more risks and learn from the failures.

My Exit Strategy

1. My exit strategy, for me, greatly depends on the venture. Up to now, I've only discussed my idea of an application that helps promote brands and bloggers. However, I do have another venture goal of eventually starting my own makeup line. When it comes to the application, my exit strategy would be to sell the business for a large return within the next 5 years. The makeup line, on the other hand, I would turn into a family business and pass it down to my children.

2. I selected these particular exit strategies based on my passions. The application is a nice idea, something useful, but I could not see myself working on it for very long. I would rather sell it and invest the money on the beauty line. Which leads me into my other exit strategy. I would turn the makeup line into a family business because it's my true passion and I want to continue having control over it. Also, its something that would continue to change over the years so I know I would not lose interest.

3. My exit strategies definitely influence my grown intentions. With the makeup line, I'm thinking of consistent and longterm success. Therefore, I would make decisions with much more care and work on making several strong connections. I would treat it with far more respect and time. While with the application, I just want it to be great for now. Obviously try to make it as great as it can be, but I do not intend to spend as much time and dedication on it since it's end goal is to be sold.

The pictures attached are from my beauty blog to show my passion for makeup and my future line:

https://www.instagram.com/evicitta/

Week 12 Reading Reflection

• I was not all that surprised by this weeks reading. In my opinion, it all seemed like common sense. Only surprise I found were the examples the author provided when explaining what could go wrong when strategic planning is neglected.

• Again, I found this section to be very much like common sense so I did not find any part of this reading confusing. I found it to be a very straight forward read.

• When does an entrepreneurs company begin to see significant profit? Also, if a company is failing, from your experience, what should be the go to strategic planning approach to attempt to rescue it from failure?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Week 11 Reading Reflection

• Something that surprised me while reeding this journal was the fact that up to now, I always thought there was just one office or department in a company that was in charge with innovation strategies. Instead, innovation strategies are something that should be practiced at every point of the business process.
• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• What's the best way to approach a failed innovation strategy? What are some of the most successful innovation strategies that you have seen very rarely fail? I believe that responses to these questions would help companies have a clearer idea of how to tackle certain strategy losses.

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Amazon Whisperer

Revenue Drivers:

• Companies paying for advertising
• Customers purchasing application

Next Product:

• Offer coupon codes to customers to use on retail stores
• Hashtags

How the "next" thing will enhance the current experience:

• The coupon codes will encourage customers to buy more because they're saving a few bucks. Also, the retail store will be notified when we send them customers and pay us a percentage of the purchases.
• The hashtags will help the bloggers promote better and allow the customers to find exactly what they're looking for.

Amazon:

• A product such as this does not exist on Amazon.

Customer Reviews:

• I could not find any products online with reviews but based off of twitter and instagram hashtag reviews, hashtags seem to be a very popular and useful thing.

Design/Usability Changes:

• Something Instagram and other hashtag apps do not offer is the combination of hashtags for one search. I would provide the option to search several hashtags at once.

Why this product would make a good addition:

• The addition of these products will produce more customers, therefore both us and the other companies that pay us will earn more customers and revenue.

My Unfair Advantage

1. Social
Valuable - I'm able to expand my social network through comfortable communications.
Rare - With todays addiction to technology, people have become uncomfortable in real life social interactions.
Inimitable - Many people say they are social but very often they are not.
Non-substitutable - Being easy to talk to is something that is a very important must when promoting your business.

2. Bilingual
Valuable - I am able to communicate with more people around the world. There are 21 spanish speaking countries in the world.
Rare - Unique to find someone that speaks another language because of how difficult and time consuming it is.
Inimitable - Some people do speak more than 1 language, but it is rare to be perfectly fluent in both.
Non-substitutable - Translating sites could offer this resource but they are not as accurate or personal.

3. Customer Service Experience
Valuable - Can allow me to communicate better with customers and know what their needs are.
Rare - Not everyone has customer service experience.
Inimitable - Many people have customer service experience but not everyone learns from it,
Non-substitutable - No real substitute fro knowing how to properly handle customers.

4. Beauty Industry Experience
Valuable - Allows me to understand how the inside world of the beauty industry functions.
Rare - Not everyone has experience working with the actual companies they blog about.
Inimitable - Some people have experience but not everyone tries to learn from it to later apply it.
Non-substitutable - Can't be substituted.

5. Blogging Experience
Valuable - Learned firsthand how to promote oneself.
Rare - Not everyone that tried to blog succeeds.
Inimitable - Others blog but not many think of it as an entrepreneurship opportunity.
Non-substitutable - Can be substituted but only by hiring someone that understands promoting and that costs money.

6. Unique Makeup Style
Valuable - Allows the style of the brand to be easily recognizable.
Rare - Will create a cult fanbase that identifies with one style.
Inimitable - If anyone tries to imitate it, it'll be obvious.
Non-substitutable - It's too unique to substitute.

7. Inexpensive
Valuable - People are more interested when they don't have to spend too much money.
Rare - Promoting a company or brand is rarely this cheap.
Inimitable - Some bloggers offer free promoting, but they wont reach out to as many people as this app would.
Non-substitutable - Reaching out to individual bloggers would be a substitution.

8. Colleagues interested in investing
Valuable - Can help with the starting of the company such as programming and designs.
Rare - Not everyone has help when they're starting up.
Inimitable - It's possible to seek out assistance but it'll cost money.
Non-substitutable - Can be substituted with your own money and time.

9. Time saving
Valuable - Customers will appreciate saving time looking for promoters.
Rare - Easiest way to promote, just go on one site, tell us what you want, and we'll do it.
Inimitable - Some bloggers offer promoting but brands have to find them and see if they properly represent the brand which takes time.
Non-substitutable - Reaching out to individual bloggers would be a substitution but thats more time consuming.

10. Offers something for everyone
Valuable - Offers something for the companies, the bloggers, and the bloggers followers.
Rare - Very few apps take everyone into consideration.
Inimitable - There are no other apps that are work with everyone.
Non-substitutable - Substitution would be Instagram, Twitter, etc. but its harder to get all the details or payed.


Top Resource:

My top resource would be my blogging experience. Being a beauty blogger, I'm like the middle person. I work with the company and the customers. With this experience, I have been able to learn from the companies that reach out to me, how to properly promote the products and how to reach out to the bloggers. Also, from interactions with the customers, I'm able to learn what their needs are as well as they opinions. With all this, I am able to apply it to my venture.

Week 10 Reading Reflection

• I was not really that surprised by this reading. I found that I had knowledge on everything that was discussed. The only thing mentioned that was new to me was the part on pro forma statements.

• I did not understand the linear regression section but, aside from that, I did not find anything else confusing about this reading. The author was very straight forward and clear.

• Why does simple linear regression help the operating budget? I did not fully understand this. Why would it be better to approach accounts receivable payments from those who are not paying? 

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Week 9 Reading Reflection

• The biggest surprise for me with this reading was that depending on how mature your company is, the marketing strategies could differ. I was also surprised to learn that quite few entrepreneurs do market research despite how risky their choices could be.

• I did not find anything confusing about this reading. The author was very straight forward and the author clearly explained the importance of marketing and the different way entrepreneurs can go about it.

• Could you please provide some real life examples of where these marketing tactics were used and whether or not they were successful? What is the correct way to handle a possible website hack that later follows negative feedback on social media? Answers to these questions would make the readings more credible and produce a better, more understandable picture for the reader. 

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Idea Napkin No. 2

1) You. My name is Evelyn Fernandez and I am currently a student at the University of Florida pursuing a major in Mechanical Engineering and a minor in Entrepreneurship. But aside from school, I have an incredible passion for beauty and fashion! Seven months ago I created a beauty and fashion blog that continues to grow in followings every day (instagram.com/evicitta). With the use of this blog, I have seen the world of promotions and the world of consumers. Every day I take a photo using some product from some brand and followers bombard me with questions of "where is it from?", "where can I get it?", "how do you like it?", etc. With the time spent in this "business", I have witness the good and the bad, and because of this, I have found a better way to go about it, and that way is Gravity Shop. With the use of this app, I expect my blogging process to become much less time consuming, repetitive, and thus more enjoyable. 

2) What are you offering to customers? I am offering the customer/follower a method to shop in a more comfortable and straightforward manner. I am offering the blogger a way to elaborate better on the products discussed and offer a website for the followers to click on and direct them straight to the product desired. Lastly, I am offering the companies that desire promoting, a cheaper alternative that, in many ways, reaches out to more consumers than a payed spread on a magazine or commercial. This app will easily connect to a bloggers primary website, save every post the blogger makes on such website, and then when the blogger is ready, they can open the app, attach websites to the products used, and even include promo codes for the followers to use! A link to the site will then be attached to their primary blog so that all followers interested can easily access and shop!

This app will also help companies with the search for inspirational bloggers! Gravity Shop will track the bloggers follower count and from that, select bloggers that meet the companies "look" and offer to send them products to promote. This cuts time and money spent by the company in order to promote their brand! All that is asked is for the company to pay a set monthly amount, which is based on how many promotions they desire to have in that given month. A cut of that monthly fee is then given to the bloggers promoting while the rest of the cut is for Gravity Shop. Blogger salaries will be based on the amount of followers and the amount of posts. For example, a blogger with 5K+ followers will be payed 25 cents per post and a blogger with 10K+ followers will be payed 50 cents per post, and it continues. 

3) Who are you offering it to? This application is offered to bloggers/promoters, followers/customers, and companies/brands. This application is for anyone who seeks an easier way to promote, sell, buy, or blog. This app is for anyone with a passion for beauty, fashion, or just simply shopping!

4) Why do they care? Companies/Brands care because it is an easier way to promote their products with a more honest and personal feel. First off, with the increase of social media, there is a better chance of a customer coming from a social media site than from a commercial on TV(who even watches commercial anymore?). Plus, with a blogger helping to promote, the customer has somebody to go to and ask question and get personal feedback! Bloggers care because they have a way to try more products and share with followers! Last but not least, customers/followers can get more reviews on products they are interested in and have an easier way to shop for exactly what they want!

5) What are your core competencies? There is no company or application as simple yet intricate as this! Some companies offer bloggers a place to show their professional photos, some are applications simply for professionals, but with all those you practically start from zero! With Gravity Shop, your work from your primary blog is saved and ready to edit and get payed! Everything is just overall made easier for everyone!

In my opinion, these five elements all seem quite put together and organized. But feedback and criticism leads to a better final product! So I would love to get some feedback from as many people as possible! The only weak point at the moment is how to get access to save posts from all those primary blog websites. Aside from that, I feel this company would be wonderful! 

"Feedback Memo"

This part is a little difficult for me because only one out of my four feedback comments involved a possible concern, the rest were all excellent feedback. Five points that I took away from my feedback were that 1) it is a very well constructed concept, 2) it is certainly unique, 3) if implemented well, it would be a great app, 4) it have very obvious and beneficial uses, 5) and that it strikes individuals interest. The only criticism I received was "how would you make money from this app?" With this feedback, I went back into the section of "What are you offering the customers?" and slightly changed what we do with the money we get from the company thats looking to promote. Before my original plan was to use the money to pay the bloggers but after this critique I changed it so that a cut of the money is used to pay the bloggers while the rest is for the app. 

The Twenty Percent

1) I interview a yoga instructor that several years opened his first Bikram yoga studio in Miami. Thanks to the incredible success the studio had, he recently was even able to expand in size. Practically doubled the size of the studio! Their target customers are individuals looking for an intense workout without too much stress on their joints. The demographic ranges from all races and ages. Children as young as 5 as well as senior as old as 80 occasionally participate in the intense 90 minutes classes. Customers are middle class to rich. They find their customers through special promotions on Groupon/Living Social and through word of mouth.

2) The customers I found all felt as though their needs were met. The only suggestion they had were to lower prices slightly. But in the end, prices did not bother them enough because they had continued to go for several years. I interviewed a college student who said she felt comfortable with the prices especially since they were thoughtful enough to make a student discount to all student within an age range and ID. The other two I interview were middle age women: one a high school teacher and another a lawyer. So as indicated, one middle class and one rich.

3) It appears that the entrepreneur adequately understands his customers problems. A large amount of his customers are customers that have been returning to him for several years now, myself included(5 years). He forms a great connection with his customers that even if other studios were to open in the area, those customers will still stand by him.


* I unfortunately could not record anyone because the entrepreneur did not want any customers to feel uncomfortable considering 99% of the people are shirtless or with a sports bra and short shorts. Sessions are in 105 degrees heated room.

Week 8 Reading Reflection

• The biggest surprise for me with this reading was the incredibly large amount of ways a startup company can attain money. So many more options than just a bank loan.

• I found the part of the angels quite confusing. I don't quite understand how one could get an Angel or work to become one.

• What is the best way to go out and speak/find an Angel investor? What is the best and most ideal way to get money for a startup company?

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Half-way Reflection

1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

A behavior I developed is to always remind myself that by not doing the assignment, I am only cheating myself. Im skimping on a potential learning assignment that could help me in the future. Not to mention, I'll regret it in a few months when I see my grades and think on how silly it was for me to miss the assignments.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

Recently this semester I found myself very close to giving up and just switching my major or even taking taking some time off school. Thinking of my parents pulled me through. The thought of letting them down reminded me why I am in school. I'm here to move forward and make a better life for my family so how could I not complete what I came here to do? I feel like every day that passes I become more tenacious. For one, because I've spent too much time on this to give up, and two, because every day I'm a little closer to seeing the finish line. 

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

• Try to learn from every opportunity.
• Don't be lazy because you'll just end up having more work to do with less time.
• Remember your grades are in your hands. It's all dependent on you whether you want to fail or not.

Week 7 Reading Reflection

• While reading about Daniel Yankelovich's "Rediscovering Market Segmentations", I felt as though I was in a marketing class rather than an entrepreneurship class. I found it very interesting how the author discussed that buying patters and purchase history are more adequate guides for segmenting the market than demographics.

• I did not find any part of this reading confusing. I found it to be a very straight forward read.

• If a company has poor purchase history or product loyalty with customers, how could they get those customers to return? Would it be through better advertising or some other method? I ask this because the author stated that the advertising is not the most efficient way to get customer to purchase products, that instead it is product loyalty and purchase history.

• I did not find myself disagreeing with the author at any point. It was an overall very interesting reading.

Week 6 Reading Reflection

• While reading about Michael Porter's five competitive forces, I was surprised to learn about the differences in industry profitability. Especially that sometimes fast growing industries are not always profitable.

• I did not find any part of this reading confusing. This was definitely a very straight forward reading.

• How could a company that is not profitable still grow at a reasonably rapid speed? Which of the steps in conducting an industry analysis is most important? These questions would help me with how to go about planning my future business.

• I found myself disagreeing when it came to the fast pace and profitable industries. In my opinion, if a company is growing at a rapid rate, they have to be making some decent profit.