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.