Half-way Reflection

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

This class has kept me occupied every week of this semester.  The Calendar in Canvas is an extremely helpful tool to keep me up to date on assignment due dates.  I have learned in this class to keep an open eye for people's problems, as they can be potential customers of your product that you create one day.

2) 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?

I don't like the term "giving up," and that's part of the reason I have a tenacious attitude.  In order to continue going forward you can't think of setbacks or problems as obstacles holding you back but as lessons to learn from going forward.  I contemplated not doing some of the assignments and going to yellowdig instead, but I felt that if I didn't attempt the assignment I would be missing out on vital lessons this class has to offer.  

3) 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' ?

Stay optimistic, focus on the silver lining, and embrace constructive criticism.  Staying optimistic not only forces you to focus on the positives but also helps others around you keep a positive attitude.  Focusing on the silver lining is extremely important in all situations that you might see as negative, when you are able to see past the negatives, nothing will be able to stop you.  Constructive criticism is extremely helpful advice to open your mind to things you may have not considered.  Realizing that this criticism is meant to benefit you or your idea, you can thank those that give honest feedback.

Week 8 Reading Reflection

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 chapter taught me quite a few things about the different type of investors.  I was surprised that there were so many different sub-categories of investors.  I had heard the term angel investor before but didn't realize there were five different groups of them. This chapter made it seem like there should be no reason a start-up should be having financing issues.

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

This chapter had a lot of law related terminology that was pretty confusing.  When it talked about DPOs and the Rule 504 exemptions, I didn't quite understand the differences in the type of disclosures that were required/

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

I would ask the author if a "sophisticated" investor can also be classified as an angel investor or is there a difference.  I would ask this because the chapter made it seem like there was a difference but the definitions were nearly the same.  I would also ask the author how does a start-up get in contact with angel investors.  It said that they are more available now more than ever but doesn't say how they are normally contacted about financing.

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

I didn't disagree with anything the author said. I thought it was interesting that venture capitalists expect a 60%+ return on investment.  I suppose it is to be expected because they are taking a big risk but that seems like an unreasonably high return.  (The author does mention that because of the risk they expect unreasonably high returns though.)

Week 7 Reading Reflection

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? 

I really enjoyed reading this article.  I was surprised by the idea that a woman would prefer to break the egg herself to fill the domestic role of a traditional housewife than to use a product with powdered egg already included, although both taste the same.  I think it's harder to deduce what the consumer's reasoning is for that type of product than the author said.  I could say now that the woman feels that the product is more wholesome if an actual egg is used versus the egg powder.

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

I thought this article did a good job at representing the different types of market segmentation.  I was not familiar with the different types of psychographic segments and was a little confused at how the marketing firms initially decide how they are going to break up the segments.  Though, later in the article, the author makes a great chart that explains how the opportunity cost of a purchase breaks each segment apart.

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

Because I recently took the Myers Briggs type indicator, I am interested in learning about the different segments that it breaks people into.  I would ask the author if they thought it could be a viable method for use in advertising to learn what type the consumer is that is buying the product.  I would also ask the author if they had a preference towards a certain method of segmentation over another.

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

I somewhat disagreed with some of the deductions made about consumers.  An example is in the first question.  I really liked how the author stressed the importance of advertising to a new segment versus advertising to the typical purchaser of the product.  An example of this was given about Miller Lite advertising to their consumer base but not increasing any sales versus advertising to health conscience consumers that did increase sales.

Free Money

For this assignment, I decided to go to the Publix across the street from my apartment complex.  I tried to look for people that were in a rush or were busy on their phone.  I will try to make the transaction as fast and painless as possible by holding out the dollar and asking them if they would be interested in a free dollar.  As I am really not a fan of handing out free money, I hoped that I wouldn't be able to give out very many, if any of the dollars.

I contemplated not doing this assignment for a very long time.  I have really enjoyed this class and have learned a lot up until this assignment.  I really didn't like this assignment and would highly advise against having future students waste their money on doing this.  I hope people find these videos slightly entertaining because I think that is the most anyone will get out of this assignment.  For that reason I am including all five of my attempts at handing out the dollar below.

Out of the five attempts, I ended up only losing one dollar.  I tried to make it sound like a sales pitch with a catch so that they wouldn't take the dollar.  I think I could have easily handed out the dollars if I changed my pitch and asked people that looked like they needed the dollar.  I was not surprised by the results because my prediction was correct.

Elevator Pitch No. 2

I wasn't given a lot of advice on how to improve the last pitch but I did review other pitches and took some ideas from them that I liked.  I tried to be more professional and less emotional in my pitch this time. Someone suggested that I use a bag as a prop but I decided against it.

Customer Interviews No. 3

1) Describe your interviewing strategy.

I definitely found this to be the most challenging of the customer interviews because of the interview format.  I wrote down information about a potential product and wanted to get their reaction to the product.  I also asked them how much they thought a product like this would be worth to gauge its profitability. I continued asking apartment renters as they would be the primary user of the product.

2) Conduct the interviews. 

3) Reflect on what you learned.

This interviewing process was a lot different than the others.  Without opening up and talking myself it seemed like the potential customers didn't want to either.  I also spoke with more people that lived closer to a dumpster and for that reason were less interested in the concept.  It could have been my presentation of the product that made the product seem better than just an idea on paper.  Either way, these interviews have taught me about keeping a constant eye out for the problems people have.  You may be able to market a profitable product if you find a good enough solution.

Week 6 Reading Reflection

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?

 I really enjoyed reading this article as it had many specific examples in many different industries as to what attributed to a business's profitability.  Everything in the article makes a lot of sense but weren't necessarily things I have thought about before.  The example of how Microsoft decreased the profitability of the personal computer manufacturing industry by increasing the software price was very interesting.

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

At the beginning of the article it mentions toiletries as an example of an industry with rather benign forces acting on it.  I assume it is due to the advertising involved, but I would think that it would be an industry with relatively high competition with the available substitutes.

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

I would ask the author about the toiletries question that I found confusing above.  I would also ask the author to create an industry analysis for electricity suppliers as I would be interested to see the competitive forces at play.

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

I didn't disagree with the author, they seemed very well informed in many different industries.

Idea Napkin No. 1

1)  About Myself- My name is Robert Rogers and according to the Myers&Briggs type indicator, I am an ENTJ.  Being an ENTJ means that I am extroverted and energetic, I enjoy completing work as much as I enjoy the work being completed.  One of my strongest strengths is my efficiency, I strive to create productive systems with as little wasted resources as possible.  Another strength is my ability to quickly analyze large amount of information and create an efficient solution to any issue.  I am skilled at multi-tasking, negotiating, prioritizing, and delegating.

I enjoy learning and trying new things.  When I was younger I wanted to be a pilot so I learned how to fly a plane.  I decided against being a pilot and considered being a pharmacist, so I applied to work in a pharmacy and shortly after passed the national certification exam.  After determining that I needed more of a challenge, I took coursework in chemical engineering and got accepted to UF's Chemical Engineering Program.  After speaking to many chemical engineers I discovered that I may be happier in a field that is more people-oriented.

My junior year I decided to switch to a degree in business administration hoping to open up many new avenues for personal growth.  Regarding this business concept, I don't see it playing a major role in my life.  It is a potentially marketable product but there isn't much that can be done to enhance the final product.

2) What are you offering to customers? I am offering an easier way to transport trash in apartment complexes and condos.

3) Who are you offering it to? The type of customer that would buy my product would live in a location where they have to drive a short distance in their vehicle to transport trash to a central location.  These would most likely be apartment renters and condo owners.  These people dislike putting trash in their car as they don't like to make the car smell.  They also don't like putting trash on top of their car for fears of it falling off.

4) Why do they care? These customers care about their car and don't like the smell of trash in their car.  They also don't like driving over speed bumps while the trash bag is on their car with fear that it might fall off.

5) What are your core competencies? A product like this doesn't exist as far as I know.  This means their is potential for patenting and selling the concept itself or making the product and selling it.  There currently isn't any competition but unfortunately the product could be easily be imitated and reproduced. 

I believe that this concept holds well for an "As-Seen-On-TV" product.  There aren't many enhancements that could be made to the product.  During a customer interview, one customer mentioned the possibility of different sizes, which is a potential option.  The company could continue to grow if it produced different products but after competition arises, it will be hard to differentiate the product.

Week 5 Reading Reflection

So I just realized that I have the ninth edition of the textbook and the reading reflections have been from the eighth edition.  For this reason I had been a little out of sync with the chapter reflections but the error has been rectified.

Assessment of Entrepreneurial Opportunities (Ch. 6 in 9th edition)

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? 

While reading this chapter I thought a lot about the idea of residential solar as I had used the idea for my initial customer interviews.  While reading this chapter it listed a lot of the reasons that start-ups fail and a major reason is a lack of initial cash flow and marketing problems.  While looking at a lot of balance sheets for solar companies, they aren't expecting to break even for a few years which could cause trouble if any obstacles arise before then.

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

I found it a little confusing to follow the figures used in the chapter, the explanation of the failure process of a newly started firm described how to calculate ratios but didn't give any indicators at what would be a good ratio to aim for.

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

I would ask the author if they could better explain the key performance indicators at the early stage of a company.  I would also ask the author give specific numbers as to what those numbers should look like during the different stages of the company.  The author told us how to calculate them but gave no explanation to their meaning.

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

I didn't disagree with the author as they were mostly putting for statistics about failing companies in this chapter. I did enjoy reading about the different aspects of what causes start-up failures, management, marketing, and financing.  

Interviewing Customers No. 2

1) Fine tune your opportunity. You began with an idea of what an opportunity might be. After your first round of interviews, what do you think, now? 

After researching the price of solar panels and the lack of subsidies for solar in Florida, I decided to ask potential customers about another idea. This idea is explained in the elevator pitch blog. 

2) Fine tune the "who." Did you talk to the right customers last time? What did you do differently this time? How did you adjust your conceptualization of who your customers are?

I did speak with the right customers last time as they were homeowners with nothing obstructing their roof from the sun.  I could have spoken to customers in a different neighborhood with higher incomes to get different results.  For the Trashport Pro, I decided to interview people who lived in apartments as this would be the most likely customer.

3) Tweaking your interview questions. You might need to ask different kinds of questions to get at a fuller, richer idea of what your opportunity is. What kind of changes did you make?

Due to changing the idea to the Trashport Pro, I asked questions about their "garbage day" habits.  I saw other student's customer interviews that asked what a person might pay for the product and I thought that was a great idea so I added that to my list of questions.  I asked how they transported the trash to the dumpster, then explained my idea and asked if they were interested and how much they think the product would be worth.

4) Go talk to customers! This is the same deal as last time: 5 people, you can't know them, you must video record them.

5) Tell us what you learned about the opportunity. You now have 10 interviews under your belt. What do you think about your opportunity now that's different from where you started?  

I was really surprised with the reactions I received about the Trashport Pro concept.  Unfortunately, I didn't record the entire videos because once I got my answers I shut off the camera.  But after the recording people started to really get into the idea and asked me more questions about it. Some even putting forth their own ideas on how the product could work.

6) Tell us what you learned about interviewing customers. You're practically an expert on interviewing customers. Please write three tips that you'd like to offer students in this class next semester about interviewing customers.

I have had a lot of fun interviewing potential customers and have learned quite a bit about how to get started with the interview.  First off, if you are knocking on people's doors, they are automatically thinking you are selling something or preaching the good word, which they want none of.  

Do not start by asking if the person has a minute, time is money, and a random person doesn't want to give you anything for free.  A good tactic is to introduce yourself by saying your name and mentioning that you are a student doing an assignment.  This will make the person feel at ease as you are not a potential threat to their finances or beliefs. Another tip would be to relax and have fun, this will lower the customer's stress level so they will be more likely to open up and give you more input about your idea.  

Elevator Pitch No. 1

Introducing the new "Trashport Pro", created by R&R Labs.

1) Opportunity- I see a lot of people putting their trash bags on top of their car and driving to the dumpster in my apartment complex.  It sometimes falls off and makes a large mess, or people put the trash inside their car and the bag leaks in their car leaving an unforgiving odor.

2) Solution-  This would be a rubber collapsible carrier for cars that could hang on the door and carry the trash while transporting it to the dumpster.