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.

My Venture's Unfair Advantage

My Resources:
1. Location - My location is valuable because I am on a college campus, making my customer base vast and my ability to reach them very easily. I can not say it is particularly rare because there are thousands of college campuses within the United States, but for my sake it is rare to have so many thousands of students located on one campus. This resource is imitable because anybody can be on or close to a college campus, but I do not believe there is a substitute for being at such a great location with access to this many students who are taking out student loans.
2. Personal Connection to the Service - This is valuable because I am living in the situation that I hope to help other students out with. I know first hand what it is like to be in a student loan situation in the most current climate of higher education. This is somewhat rare because I believe most students who are in this situation are looking for help not looking to be the help. This resource is not necessarily imitable because nobody is going to intentionally put themselves in a student loan situation if they don't actually need the money for college.There is also no substitute to this resource because it comes from my own experience that I have had and my knowledge and feelings that I have gained.
3. My Connections on Campus - Through previous activities I have established a network of potential customers, "leads" you could call them. This is valuable because it almost gives me a starting point with my service. It is rare in the sense that nobody else has talked to the students I have and asked them the questions about their needs and their wants when it comes to student loans. I'd say this resource is not easily imitable because I have already laid that ground work. While others can talk to other students, I just don't think anybody else is out there doing that. I think there are other resources that can provide similar benefits, but none as much as knowing potential customers by name, not just a generic group of people.
4. My Determination - This resource is valuable because it is what drives me to help other students out that are in similar situations to myself. I think this is rare because it is a culmination of who I am as a person along with the experiences that I personally have had that lead me to this point. Sure, this resource is imitable because anybody can have determination, but it is all about how it is used. I do not believe any other resource provides the same benefits as my own personal determination does.
5. Low Financial Barriers - This is certainly a valuable resource because I do not have to worry about funds in order to get this service on the ground. I am relying on readily available information and my own analysis in order to provide this service. This resource is rare because many products and services have high financial barriers that may prevent them from reaching a customer market. This resource is imitable however, because anybody looking to provide the same service has access to the same information I have access to. This resource does provide benefits that not many resources do, because the financial aspect of a company is so crucial.
6. Knowledge on the Topic - This resource is very valuable because I do not have to do a lot of startup research, because I have a lot of knowledge that can be useful to others at the moment. This is not necessarily rare because anyone who starts a company or a service has knowledge about what they are going into. This resource is imitable to a degree, but there is something to be said from the knowledge on the subject that I have gained from my own personal experiences. This resource provides a benefit that I do not believe is not available in other resources.
7. The Current State of College Tuition and Expenses - This resource is valuable because it means my service will be needed for a long time, not just for a short period of time. The cost of college keeps rising, so students will always need to take out student loans. This is not necessarily rare, because there are a lot of services and products that do not have to worry about the longevity of their market. It isn't imitable however, because you can not create a need. The benefit to this resource is great, and not culminated from any other resources.
8. My Work Ethic - My work ethic is a valuable resource because I will work tirelessly to deliver the best to my customers, meaning I will stay on top of the information and alternatives to provide the best advice and plans. This is rare because I believe not everyone has what it takes to work as hard as business requires. My work ethic is not imitable. It is unique to me and provides benefits as large as I am willing to work.
9. My Age - Oddly enough, I think my age is a valuable resource because I am able to connect with the market of customers that I am targeting. It is rare because not many services are run by 20 year old college students, especially in the financial planning/student loan industry. You can't imitate age and the evident advantage that comes with being able to connect in this way yo your customer market.
10. Room for Error - I think it is a valuable resource that with my service, I can't really make a student loan situation worse. I won't have to worry about the growing pains of a company in this way because the students will already be coming to me with the worst possible situation. This is rare because I believe there is not a lot of room for error in other companies and services. You cannot imitate this resource, being it just comes with the nature of the idea and the customer market. This benefit could prove to be one of the most important ones, that you can't get from other resources.

My Top Resource: 
Of these 10 resources and by doing a VRIN analysis of them all, my top resource is my personal connection to the subject matter. This resource is the most important to my venture because it means that I get exactly what my customers are going through, their needs, their wants, and what they are looking for in a service like mine. It encompasses many of the most crucial aspects of any venture, and I have an advantage in this way.

Reading Reflection No. 2

The book that I decided to read for this reflection assignment was "How to Fail at Almost Everything and Still Win Big" by Scott Adams. This book was a very interesting read and I highly recommend it.
1. The general theme or argument of this book was the idea that by creating and implementing "systems" into your everyday life and practically all that you do, you will eventually get to a point with these systems that will prove to be successful. This idea of systems was being compared to the idea of goal setting, and how setting all of these goals for yourself may not be the way to "win big." It was very interesting to read this perspective on these topics as it is almost opposite of what I hear in the environment I am in right now. Being in college and specifically the business school here at UF, goal setting seems to be the key to success. Of course, you have to implement these goals and the actions to achieve them, but without setting goals you have no direction for your life, so they say.
2. In my opinion, this book is very relevant to the material we are learning in this course. Specifically with the idea of developing systems, I believe it may be beneficial for myself as an entrepreneur to think systematically when it comes to the world around me. I say that not meaning to have a closed mind and think only one way, but to go through a process in your mind when it comes to identifying opportunities to potentially solve. I believe it is great for an entrepreneurial mindset to include goal setting, but I also believe there is a point to what Scott Adams talks about with creating systems.
3. If I had to create an exercise for this class that relates to this book, I would have the students create a post that forces them to develop a system for their lives. It doesn't necessarily have to be anything related to a business idea or anything professionally, but to create a system that they can implement in their everyday lives. I would then have them reflect on the outcomes of these systems weeks or even months after its inception to draw conclusions on what they believe to be the best course of action in their particular situations.
4. This book was very surprising and almost enlightening to me. I very much enjoyed reading about Scott Adams' perspective and his way of approaching the sought after "success." The "aha" moment came for me when I realized it may be a combination of both that will lead you to success. Goal setting and systems development can be used in collaboration with each other, and it is really about identifying the situation and adaptability that will lead you to the best you can be.

Elevator Pitch No. 3

https://www.youtube.com/watch?v=5ofW9S9TBI4&t=8s

Third time is a charm! After the second elevator pitch I was a little surprised by the feedback I received in a positive way. I have received some very positive feedback about my elevator pitches and I have also received some very valuable constructive criticism. One thing that really felt different to me this time around, was how well I felt I knew the content. At this point it feels almost memorized and it makes me feel much more comfortable in front of the camera. This elevator pitch I tried to be a little more convincing with my tone and my body language. By doing so I believe it gives a better impression to my viewers.

Growing My Social Capital

1. The first person that I made contact with was Mark McMurray who works for Wells Fargo. Mark is fulfilling the domain expert slot for me as he is a wealth management adviser for Wells Fargo, and has done so for the past 20 years. I found this person through mutual connections. My family has an old friend that is coworkers with Mark, so he was able to put me in touch with him for the sake of this assignment. I received Mark's email address and sent him an email explaining who I am and if we could chat over the phone. During our conversation he provided very valuable information and insight into the advising profession and what that may look like for someone like me trying to get a business idea solidified. By including Mark in my network, I will be able to create a better connection with him, and he could point customers in my direction for the very specific need of student loan advising.
2. The next person I reached out to for this assignment was Janet White who works for Discover Bank in Jacksonville, Florida. I was able to make contact with Janet by simply reaching out to Discover bank because I knew that they provided student loans, through research of my own. By explaining who I am and what I was looking to do, Janet was more than willing to speak with me. Her and her team are looking to target the same customer market as I am with a very similar service so she fulfilled my market expert contact. The favor Janet did for me was that she provided me with a glimpse into the market research that they have done up to this date and gave me advice on how to kick start a business. By including Janet in my network I will be able to check in and see how her project is going and compare it to my service as well.
3. The final person I contacted fulfilled the supplier role of this assignment. This person was harder to get in contact with because there aren't many suppliers of this type of service for students who are taking out student loans. There is a company that assists students in receiving more scholarship money as well as appeals to the government to be awarded more in federal grants. I reached out to this company and was able to speak with Michael Little who was on the appeals team. He was able to provide great information as to what it takes in order to make money in a service like this, as well as which market to target. Adding Michael to my network will be beneficial to me if I ever am looking to switch up the direction of my business.

This assignment was a very interesting networking experience. It required that I step outside my comfort zone and seek out people that fit a specific billing. This will change the way I network in the future as I will be more comfortable with seeking others out and making conversation.

Idea Napkin #2

Me: Throughout this entrepreneurial journey I have done a lot of reflection. In the beginning I thought this business concept generation was going to be just that. Little did I know I would be digging beyond the surface, and little did I know understanding who I am may be just as, if not more important than the business idea itself. So who am I? I am a 20 year old college student just trying to find my way in this life. I care about the people that are closest to me in my life, and I am constantly trying to build new relationships and friendships with those I interact with. I love sports (maybe to an unhealthy degree), but that is how I grew up. I believe that is what fosters my competitive nature, and that comes out in me in everything I do. I don't want to finish second. I am also a hard worker. Everything I do and put my mind to I will give it 110%. I know that is cliche to say, but I truly believe that about myself, and I am hard on myself if I give anything less. Another one of my best skills is my ability to stay organized and structured even in the face of adversity and change. I think in any situation, especially professionally, it is crucial to be able to have a flexibility that is complemented by your organization and routine. I have experience in customer service, operations, fundraising/sales, and grunt physical labor. Although I sometimes feel I am too young to have experiences that are worthwhile up to this point in my life, I have to remind myself that each event and experience in my life is a learning and experience, and I believe I have learned a lot in my short 20 years. Specifically to this business concept, I have aspirations of it helping people. One thing I know I want to do in my career is work with people. This is one way to do so, and it would mean the world to me to impact students and families who are in my exact position right now. This is just the very beginning stages of this business idea, but I aspire to make it something that truly makes an impact.
What am I offering to customers?: I have identified an unmet need for those who are current or incoming college students who are unable to afford tuition and living expenses, hence forced to take out student loans. The service I am offering is an advising service that informs these students and their families the exact details, effects, and alternatives to student loans. I want to personalize this service so that each customer is getting the holistic view of their situation, not some cookie cutter answer from a financial aid office that leaves them still confused and worried.
Who am I offering this to?: To be very specific, to start, I will offer this service to incoming college freshman, as well as current first or second year college students who are taking out federal student loans at the University of Florida. The thing all of my customers have in common is the fact that they simply believe there is no other alternative then to accept the student loans the federal government has to offer, and rake in thousands on top of thousands of extra dollars in interest rates and payment plans.
Why do they care?: Simply put, they care because this is their livelihood at stake. Anybody who has to pay upwards of $80,000 with an entry level job right out of college is going to be significantly affected by this. This is their future at stake. Their potential families at stake. I believe many people will try and do what they can to minimize this debt.
What are my core competencies?: One thing that first comes to mind is my experience with this exact situation. Being a current junior who spent my first two years in my hometown attending a community college while working 40 hours a week to pay for my school, I understand the effects the expenses of college has. I also understand the alternative solutions and the important aspects of these loans as I know am having to take out loans for the University of Florida. Another thing that sets me apart from others is the personal connection I have to many other students in my position. Being a student myself, I am able to connect with the concerns and the problems when it comes to money and the brains of 18-22 year old's.

After analyzing all of these different elements of my business idea, combined with my own competencies and skills, I believe they are all starting to mesh together. In the beginning I believe there were many more holes and weaknesses to my idea than there are now. While there are still some things I need to identify, such as how I am going to make money with this idea, I believe some of the crucial components are starting to work together and form a more complete idea.

Feedback Memo: From my first idea napkin, one of the key takeaways from the feedback I received was that I needed to be more specific. I believe I really have narrowed down my customer market and it is a good starting point for this business. Another feedback point that was made was the concern of how this is going to make money. I addressed that it still needs to be worked on and developed and that may be my biggest obstacle in the way of really having a solid idea. 

Elevator Pitch #2

https://www.youtube.com/watch?v=5ofW9S9TBI4

Here is the link to my business idea elevator pitch. This whole semester we have been working with the idea of opportunity development and identifying customer needs. As I personally have been working with this particular business idea, the elevator pitch is a key component to getting it off the ground. After the first elevator pitch I posted, I received some great feedback. One thing that I could improve on and wanted to make sure I did so in this video was the tone of my voice. In the first elevator pitch I was fluctuating my voice and it sometimes sounded unnatural. I also received feedback regarding the content of the elevator pitch. So this time around I made sure to refine the content that I was presenting and really studied up on what I wanted to say to where it wasn't memorized, rather I simply know the topic I am talking about.