Final Reflection

As our time comes to an end in this semester of Principles of Entrepreneurship, like anything you do in life, it is so important to reflect on your time. I used to not be a good self-reflector. During my time here at UF I have made it a goal of mine to do everything with the intention of learning, growing, and adapting. So reading back on all of my posts from this semester was a great way to do this, and even gave me a bit of nostalgia (even though its only been a few months). Anyway, there was one particular experience that really stood out to me from this course, and that was the Secret Sauce assignment. This one was particularly enjoyable, not because I got a lot of my friends and family to speak nice about me, but it really gave me a confidence boost. One of the things I struggle with the most is my confidence, and this assignment really forced me to look at the experiences, talents, and characteristics that I bring to the table in any situation. It really increased my idea that I am able to do anything I put my mind to and rather than inflating my ego, I think it humbled me even more.
At the beginning of the semester we wrote about having an entrepreneurial mindset. When I was first posed with this question, it was difficult for me to come up with an answer, but after working through this course and its various assignments, I think I have a grasp on what it means to be an entrepreneur. I don't have to be the next Elon Musk or Steve Jobs, but it is all about the way I think. There are opportunities surrounding us in our everyday lives, and people who have needs and wants that can be exploited. This course has helped me to open my eyes wider to the world we live in, and got me out of the little bubble that I live in. For incoming students to this course, my biggest recommendation would be to try. Give this class a good effort and you will be surprised as to what you can get out of it. Stay on top of your assignments, get out and talk to people, and give this class your best shot. The grade will be there at the end of the semester, so if you really want to gain something from your time at UF other than a degree, you owe it to yourself to give it your all, it won't kill you.
 

Venture Concept #2

Opportunity:

Throughout this course, and more so towards the beginning, we worked a number of assignments that assisted in the opportunity identifying process in order to begin with a venture idea. After analyzing my own needs by identifying the things in my life that bug me the most, or that I wish there was a solution to, I was able to identify an opportunity based on these realities. Simply put, through these activities, I identified that there was an opportunity with students who are currently seniors in high school and getting ready to go to college, as well as first and second year college students who are taking out student loans. It was easy to identify this need because it is something that is close and personal to my heart, considering I am a current college student who has to take out student loans to pay for my higher education. I identified that this particular group of people have this need because I am familiar with the process of obtaining student loans and paying for school. The process is very confusing with terminology that nobody has taught us, and when asked to explain, we get a vague answer that doesn’t really make things any clearer. This customer market also is not aware of the alternatives. When entering college, we are presented with the idea of FASFA and accepting the federal government’s loans they have for us as really the only option as to how to pay for school. The nature of this need can be described in part by the forces in the environment that are really creating this opportunity. The force of the rise in tuition and expenses of college is what is making this need more evident in more and more student’s lives. Statistics show that the average cost of attending college is increasing each year, with no signs of slowing down, which creates the opportunity now more than ever for this customer market. This market has a very large demographic and geographic market, given there are colleges and universities all across the country and the world in which students are taking out loans in order to attend. The customers in this market are currently satisfying this need by seeking advice from the universities financial aid departments, as well as any information they are able to find online regarding their questions and concerns. I believe this opportunity is very large given the amount of people that could benefit from a service that is focused on this need that is affecting the lives of millions of people not just in college, but beyond their college years. As long as the cost of attending a university like the University of Florida continues to be as high as it is, the window for this opportunity will remain open.

Innovation:

As you can see, there is a clear opportunity in the area of student loans for students who are just about to enter college, or who are already in college, looking to salvage any hope that they have for a debt free future. So where do I come in with this opportunity? Well the innovation or business idea that I have developed, and proposing is a simply an advising service, that meets with the students and their families, informing them of the exact information, details, processes, and alternatives that come with taking out federal student loans in order to pay for school. From personal experience, I know that there is a lot more information available for this opportunity than what is presented to the students, as well as alternatives that can save these students thousands of dollars in debt after college. How it works is my service will gather all information that is unique to our customers’ situation. I have learned that not all student is in the same financial situation and they are different variables that can be taken advantage of if done so properly. This is why we will look at each person’s situations separately, assess the potential alternatives and processes, and advise each student on what the best plan of action is for their remaining years in college. What this will do is give each student a holistic view of their financial situation and how they can utilize them to their full potential in college, while not being stuck with thousands upon thousands of dollars in student loan debt. The tricky part with this service is how I am going to make money. Since it is a service attempting to help students save money, it will be difficult to make money. A positive is that there is low cost in order to fund this business. Because of this, I will be able to charge my customers a low price of $10/hour of meeting time, along with a flat rate of $25 for the research, analysis, and preparation of a financial plan/guide for each student.

Venture Concept:

Simply put, I believe this service will address the opportunity identified, because it provides a personalized assessment that is not easily available, if available at all, in the alternatives or current methods for satisfying this need. Because of this personalization, I truly believe student will be willing to pay the low price in order to save themselves potentially thousands of dollars in future debt. It is clear that the main competitor to this service is the already established financial aid departments within the colleges. These are typically free departments that are willing and able to provide similar advice, but I believe they do not provide ample information and it is too vague and not personal enough. My most important resource for this venture is my personal experience within this subject and the information that I already have available. I will be able to connect with my customers and provide them with information that will actually be useful to them and their financial situations. In order to kick start this service, I will first do a little trial run on people I already know have this need. From there I will be able to assess and revaluate and hopefully turn this into a full-scale business, helping students across campus and across the country.

Feedback:
The feedback I received from my first venture concept was generally positive. It is clear that there are a few things that I need to be aware of and adapt my business idea to these things. I also asked some people outside of this class to provide feedback on my venture, and the results were similar. I believe I am on the right track with this business idea, but there is still a lot of customer market research that needs to go into it as well as a lot of other information gathering if I want to make this thing legitimate.

My Exit Strategy

It is interesting to be thinking about an exit strategy for a company that is really in the beginning stages on even being started, but it is clear that knowing a potential exit strategy largely effects the way that you make decisions for your business. For my company, I think it is something that I can have control of for a very long time. As far as I know, student loans are going to be an issue for a very very long time. I also believe that my business idea has the potential to grow larger and can even branch in to other financial advising services as it relates to college students or young professionals. I believe this is an industry that will show no signs of coming to an end, and may even get larger. So for my exit strategy, I plan on being in this business for the long haul, with the intentions to grow and expand my services, impacting more than just University of Florida students. It will take a lot of time, hard work, and effort, but I see this as something that not only can I do for a long time, but something I would want to do for a long time. I also think this is the best exit strategy for me because it is a business that does not require a lot of start up funds, and will not have a high operating cost as it grows. Of course, if the company is expanding that means revenue is as well, which gives me more room for other costs, like hiring employees and spending money on other industry essentials. I think this exit strategy has influenced my concept development up to this point, because from the very beginning I felt this is something that can have a long burning flame, rather than a venture that is short and sweet. I also believe it may take a while to see very high returns, but like I mentioned, the investments aren't breaking the bank, so it may be worth it to ride it out and see where it can go.

Reading Reflection #3

For this Reading Reflection assignment,  I chose to read the biography of Steve Jobs. Given my age, and the era that I grew up in, Steve Jobs is someone that everyone knows, and certainly knows the success that he has had and the quite literal effect his company has had on most, if not all of our lives. So I was really interested to take a dive into the biography about Steve Jobs that was written by Walter Isaacson.
1. There was something that really surprised me about Steve Jobs while reading this book, and that was the fact that he had worked for so long in the technology industry so to speak. When I think of the emergence of technology in our world, and specifically Apple, I think of it being something that has come about in the last 20 years. In fact, Steve Jobs was working in this industry in the 70's and 80's which really surprised me. I admired this while reading this about Steve Jobs. I respect someone that has spent so much due diligence on something and turned it in to what he envisioned it. This work ethic is something that is proven to take you far in life so I definitely admired that about Steve Jobs. As far as something that I didn't admire about Steve Jobs, that is hard to point something out. I did not see much in this biography that made me not admire that particular trait or quality. I think everyone has their flaws and makes their mistakes, so I do not think it is fair to have an opinion on those. One of the things that we just recently wrote about what the importance of failure in an entrepreneurs journey. Steve Jobs was not excluded from this adversity and failure. He faced adversity all throughout his life and his work ethic brought him out of it and made him a better entrepreneur for it.
2. I have mentioned it a few times already, but Steve Jobs had a work ethic that I believe really sets him apart from others. This is a competency that doesn't take any prior knowledge in order to develop and demonstrate, rather it takes simple heart and determination, and it is clear that Steve Jobs had that. Steve was also an extremely intelligent man, which certainly helped. His industry knowledge and education proved to be a big factor when it came to his success with Apple.
3. Other than the technology industry as a whole being confusing to me, there wasn't much about this book that was confusing to me. Walter Isaacson did a great job and provided the readers with a ton of information about the life and the work of Steve Jobs.
4. If I were able to have the opportunity to ask Steve Jobs two questions, I would simply ask him what advice he had for someone like me trying to find their passion in life and turn that into a career, and I would also ask him what he believes is his most important quality in being a successful entrepreneur. I think these two questions could spark meaningful conversation that can be applied in various different aspects of my life, and I would certainly be enthralled to hear what he had to say.
5. I have covered this, but it is clear that Steve Jobs would speak volumes about hard work. This is the one thing you can control in a world of unknowns. I think I would have very similar outlooks on hard work as Steve Jobs, as I am sure many other people do as well.

Celebrating Failure

It is a cliche thing to say, but I have learned quickly during my time here at UF that you can't be afraid to fail because failure is an inevitable part of life. I think if I think real deeply I can think of many times where I have recently failed, but for this assignment I will focus on one particular aspect of my time here at the University of Florida and the failure that has come along with that. One of my main goals heading into this fall semester was to land an internship for this upcoming summer. With this main goal of mine, I made a concentrated effort to make this a reality by attending a number of networking events, including perhaps the largest of them, the Career Showcase that was held in September. Being a transfer student, this was my first Career Showcase experience, so I went into it with nerves and excitement for what was ahead of me. Long story short, nothing really came of my time at Career Showcase and the companies and recruiters that I talked to. While I am not counting it as a complete failure yet, this was a big disappointment for me, especially after hearing about students who had a lot of success. From this failure, I learned the importance of being prepared. In an event like Career Showcase, when you think you are prepared, prepare more. I also learned that there is always more that can be done. I could have talked to more recruiters, I could have followed up with them quicker or in a better way, I can be more persistent, I can seek out other companies I am interested in. There is always something that can be done if you really want to accomplish a goal. Failure is funny because it is something I believe is necessary and inevitable when on your way to achieving your dreams, yet it is such a difficult thing to handle. Personally, my confidence was shook, and I was doubting myself, but it is so important to recognize that each experience you have is valuable in growing and learning, to make sure that the same failure doesn't continue to occur. 

What's Next?

Existing Market: 
Through the activities and assignments throughout this semester, we have identified a market for the product or service that we have developed. It is easy to identify what is in the immediate future for my business service idea, and that is to hit the ground running and advise customers on the details, processes, and alternatives in their student loan situations that personalized to themselves. Beyond that, I want to think about what is next after hopeful successful implementation of this venture idea. How can I make this service even better, target even more customers, and get the most out of this business for myself as well as the people that I aim to help and assist. What comes to mind first and foremost is to be equipped with the most up-to-date, the most useful information possible to deliver to my customers. I need to make the world of student loans my life and know the insides and outs of the processes so I am confident in my ability to help my customers. As far as what else is next for this venture idea, I asked a few potential customers what they think I should do in order to improve and advance this service. First, I asked the three people I interviewed their thoughts on the ideas for what I had next for my business idea. The overwhelming response from all three interviewees was that they think I need to implement something that involves technology and the convenience that comes with effective technology use. After all, I am targeting college students, and people my age often look for what is most convenient. These customers want something that will be easy for them to digest in short, easy to understand methods. After hearing this feedback, it helps me develop more of a plan for my business idea. I think it is clear that before I worry about implementing any sort of technology into my business, I need to establish a customer base and establish success with them. I think there is a value to face-to-face interaction and conversation when it comes to this need, so while my customer base is just being developed and is still small, this is the way to get the business started. After exponential growth and success, that is when technology can be implemented, in a way that will allow my customers to receive my service without needing to meet up with me and have that face-to-face interaction. This will enable my service to reach a much larger customer base at a much more frequent pace.
New Market:
Throughout this course, we have been tasked with focusing on one particular customer market and being as specific as possible in that identification. For my service, my customer market is first or second year college students at the University of Florida who are needing to or who are already taking out student loans in order to pay for school. A market that would be radically different from that is people in high school, or just recently out of high school who aren't even going to college or not planning on going to college at all. I believe my venture idea may be able to reach these people because the reason for not attending college for many of them may be because they did not want to get in the thousands of dollars of debt that it would require in order to go to college. So perhaps, with my service I can show them that is fiscally possible, and the benefits outweigh the negatives for attending a college or university. I spoke with two people who I know that do not go to college and are my age, so not too far removed from high school. The consensus was that one of the main reasons they did not go to college was because of the financial impact, and they had the opportunity to make money with a job rather than owe money by going to college. They both agreed that by receiving more information prior to making their decision, it may have affected what they decided to do. This process of identifying a new market really surprised me. I never thought of the possibility that my service idea could positively affect people that are not even in college or thinking about college. I think there may be a real opportunity with this market as well, which just expanded the potential of my business idea that much more.

Venture Concept No. 1

Opportunity:

Throughout this course, and more so towards the beginning, we worked a number of assignments that assisted in the opportunity identifying process in order to begin with a venture idea. After analyzing my own needs by identifying the things in my life that bug me the most, or that I wish there was a solution to, I was able to identify an opportunity based on these realities. Simply put, through these activities, I identified that there was an opportunity with students who are currently seniors in high school and getting ready to go to college, as well as first and second year college students who are taking out student loans. It was easy to identify this need because it is something that is close and personal to my heart, considering I am a current college student who has to take out student loans to pay for my higher education. I identified that this particular group of people have this need because I am familiar with the process of obtaining student loans and paying for school. The process is very confusing with terminology that nobody has taught us, and when asked to explain, we get a vague answer that doesn’t really make things any clearer. This customer market also is not aware of the alternatives. When entering college, we are presented with the idea of FASFA and accepting the federal government’s loans they have for us as really the only option as to how to pay for school. The nature of this need can be described in part by the forces in the environment that are really creating this opportunity. The force of the rise in tuition and expenses of college is what is making this need more evident in more and more student’s lives. Statistics show that the average cost of attending college is increasing each year, with no signs of slowing down, which creates the opportunity now more than ever for this customer market. This market has a very large demographic and geographic market, given there are colleges and universities all across the country and the world in which students are taking out loans in order to attend. The customers in this market are currently satisfying this need by seeking advice from the universities financial aid departments, as well as any information they are able to find online regarding their questions and concerns. I believe this opportunity is very large given the amount of people that could benefit from a service that is focused on this need that is affecting the lives of millions of people not just in college, but beyond their college years. As long as the cost of attending a university like the University of Florida continues to be as high as it is, the window for this opportunity will remain open.

Innovation:

As you can see, there is a clear opportunity in the area of student loans for students who are just about to enter college, or who are already in college, looking to salvage any hope that they have for a debt free future. So where do I come in with this opportunity? Well the innovation or business idea that I have developed, and proposing is a simply an advising service, that meets with the students and their families, informing them of the exact information, details, processes, and alternatives that come with taking out federal student loans in order to pay for school. From personal experience, I know that there is a lot more information available for this opportunity than what is presented to the students, as well as alternatives that can save these students thousands of dollars in debt after college. How it works is my service will gather all information that is unique to our customers’ situation. I have learned that not all student is in the same financial situation and they are different variables that can be taken advantage of if done so properly. This is why we will look at each person’s situations separately, assess the potential alternatives and processes, and advise each student on what the best plan of action is for their remaining years in college. What this will do is give each student a holistic view of their financial situation and how they can utilize them to their full potential in college, while not being stuck with thousands upon thousands of dollars in student loan debt. The tricky part with this service is how I am going to make money. Since it is a service attempting to help students save money, it will be difficult to make money. A positive is that there is low cost in order to fund this business. Because of this, I will be able to charge my customers a low price of $10/hour of meeting time, along with a flat rate of $25 for the research, analysis, and preparation of a financial plan/guide for each student.

Venture Concept:

Simply put, I believe this service will address the opportunity identified, because it provides a personalized assessment that is not easily available, if available at all, in the alternatives or current methods for satisfying this need. Because of this personalization, I truly believe student will be willing to pay the low price in order to save themselves potentially thousands of dollars in future debt. It is clear that the main competitor to this service is the already established financial aid departments within the colleges. These are typically free departments that are willing and able to provide similar advice, but I believe they do not provide ample information and it is too vague and not personal enough. My most important resource for this venture is my personal experience within this subject and the information that I already have available. I will be able to connect with my customers and provide them with information that will actually be useful to them and their financial situations. In order to kick start this service, I will first do a little trial run on people I already know have this need. From there I will be able to assess and revaluate and hopefully turn this into a full-scale business, helping students across campus and across the country.