The Twenty Percent

1) I talked to a business owner who owns some Five Guys restaurants in the Tampa area. He declined to be video interviewed. He described his customers jokingly as anyone who consumes meat. He believes that his restaurant targets a very wide variety of people, unlike many businesses. He said that the fast food business is slightly different than other businesses in that they have the ability to target a much larger base of people. The customer’s problem is hunger and desire to feel satisfied. He believes that his product has the ability to fix their hunger issue as well as leave his customer more satisfied than its competitors. He also emphasized the ability to create a quality burger in a short period of time. When people walk into a Five Guys they expect to be served quickly. The customers problem is most likely at a 5 when rated on a scale of 1-10. Food is a necessity but there are many options on where to eat. The product is priced relatively high which makes it a luxury fast food item. Sometimes people may be willing to spend more money to buy this higher priced fast-food item than other times. 

2) Customers agreed with the views of the business owner that I spoke to. Most people that I talked to said they enjoy the food that Five Guys produces. They agreed that Five Guys should create a quality burger in a short period of time. Some people expanded on the cleanliness and overall experience. The entrepreneur did not mention much about the sit down experience of Five Guys.

3) 3) I believe that the entrepreneur adequately understands the customer. He understands that people will not make the decision to eat his product every single day of the week but he does believe that it can be a very popular and regular meal option for his customers. He wanted to satisfy the needs and hunger of his customers and I believe his business does a very good job of doing that. One thing that I think the entrepreneur should focus on is how he can better improve the sit down experience of the customer. The peanuts are a good idea but I believe the restaurant can add an element of serving its customers. I have always had to go pick up the food when it is ready. I believe it could enhance the experience if the food was delivered to me once it was finished. 

Week 8 Reading Reflection

1) I was not surprised during this chapter reading. I found all of this information extremely interesting and useful. I was able to learn some valuable information that I did not previously know from this chapter reading.

2) Nothing in this chapter was very confusing to me. I already understood the basics of what this chapter was all about.

3) I would ask where the author came up with the numbers under the Informal Risk: Capital Angel Financing paragraph. I am not sure this statistic applies very well because everyone of those people chooses what they want to do with their money based on their personal lives. Not everyone may be willing to make these certain types of investments. I did not have any other questions for the author.

4) I just think that the claim I made in number three applies to this question as well. These statistics show that there are a lot of opportunities to be made with these angel investors but it does not necessarily mean that every person with that sort of capital is interested in investing in these unproven companies.

Half-Way Reflection

1) I have used the skills of time management to keep up with this class. There is a lot of work to be done and you must set aside time to do this work. It takes a tenacious attitude to continue to do the assignments to your best capacity.

2) I don't like to give up on anything. If I commit to something that I fully dive into and do my best at whatever activity that is. If I become passionate about something then that something will receive everything I can give for it. A time that I considered giving up was after I tore my hamstring in the middle of my junior year. I then attempted to come back and play too soon which lead to me reaggravate the injury. I thought about giving up at this point. I then thought about the commitment I made to my team and I knew that I would have to rehab so I could play to my best ability my Senior year.

3) Three tips I would give to new students
     1. Time manage all of your classes and set aside time to do your assignments for this specific class.
     2. Do not wait to the last minute to do assignments. I usually try to get all of my assignments done the day before it is due or even earlier.
     3. Do not be shy when attempting to do some of these projects. I have gained confidence through some of the assignments that I have had to do that had us interact with random strangers.

Free Money

I decided to stand near a vending machine and ask people if they wanted a dollar. I thought this would be an effective strategy because the people at the vending machine want to purchase these items already and having the money to buy the items makes it convenient for them.
I found it difficult to give away these dollars for a few reasons. The first one that I forgot to take into account was that many people were paying with their credit cards. Giving them cash actually became an inconvenience because they had already decided to use a credit card. It was also difficult because the items cost more than just one dollar. Giving someone a dollar meant they still had to spend money to buy an item.

Week 7 Reading Reflection

1) I was surprised at the marketing strategy that producers use to attempt to convince consumers that their product is right for them. They do this by placing a person who they resembled or wished they resembled in the advertisement.

2) I was not exactly confused at any point during this reading. I thought that the authors offered very valid and useful information and examples.

3) I would ask why the authors decided to use the examples that they did? I would also ask if any of their opinions have changed or if they would add anything to the article ten years later?

4) Much of this information was new to me therefore I do not think that the author was wrong about anything.

Elevator Pitch No2

Thank you to everyone that offered feedback from my first elevator pitch. The feedback that I received was positive and encouraging. This increased my confidence and allowed me to perform well on this elevator pitch as well. 

Since all my responses were positive I did not have any feedback that recommended that I change anything. 

Interviewing Customers No3

1) I am switching up the people that I am interviewing. Previously I was interviewing adults and children of the Tampa area. I will now be interviewing college students in Gainesville to see their perspective. I expect for my results to be slightly different than my previous interviews.

MOSI does not attract college students as much as it does children. I do not believe MOSI would market themselves to college students as they understand that a majority of their business will come from younger children. I expected less people to say that they would visit the museum if it changed locations because some college students do not have as much of an interest in what MOSI offers. If I were to interview students who are majoring in something science related I believe I would have different answers if I were to just interview business majors.

Week 6 Reading Reflection

1.  I didn't find the anything in the article that was specifically surprising but rather I found it interesting. I found the author's views on strategy a a whole very interesting and noteworthy.

2. I was confused on the shifting threat of new entry. I was not able to fully understand how one should make decisions to counteract this threat.

3. I would ask why the author didn't expand on the shifting threat of new entry. I would also ask why he didn't offer more example of the ideas that he was describing.

4. I don't think the author was wrong about anything. I'm sure some people have different strategies or approaches to specific instances but I do not believe that the author was incorrect in his statements.

Idea Napkin No.1

1. I like to think that I am someone who thinks entrepreneurially. I am someone who enjoys watching things grow from small to large. I am a very honest and hard-working person who has good intentions in everything that I do. One of my favorite things to do in my free time is to watch shark tank. I believe I am good at communicating and implementing concepts. I think I am a good leader and motivator. One day I do hope to start my own company. I see this business as being an extension of me as a person. I would pour my heart and soul into the business because it is a part of who I am. I would enjoy the process even through the ups and the downs because thats what I enjoy doing. 
2. I am offering a product that makes one’s life more convenient. My idea is to create an affordable motion sensitive sink that can be a staple in the average American’s home. This sink makes your experience efficient and even cleaner in the fact that it can prevent sickness. The less dirty objects you touch the less chance you have of becoming sick. 
3. I am offering it to the general public. I want to offer this product to the everyday Americans home at an affordable price. Once I am large enough there is no reason not to become a major player in the restaurant and hotel industry as well. 
4. I believe customers would care because people are always trying to be more efficient. Anything that saves time as well as preserves their health is something that they will want to invest their money into. 
5. I have experts that can install the sink at an extremely low price. I also have manufacturers that allow me to create the product at a price that is very low. With the low prices I can have a decent margins on return with my price. This lower price will allow me to make a profit by selling to more Americans across the nation. Once my business is established in America we can progress to other developed countries.

This is a business that has potential to grow and be a staple. There will always be a demand for sinks as people need the water supply. With this demand we offer the most convenient product available. Not only is it convenient but it can also give your bathroom the aesthetic look that you have been searching for. I believe that these elements fit very well together. The aspect of my business concept that is weaker is that I do not yet know how I would market the product. Their are many different ways to market and I would have to do more research to figure out how I would want to attack my marketing campaign.

Week 5 Reading Reflection

1. The biggest surprise for me was the cost and time it takes to receive a patent. I was not expecting a patent to cost such a large amount of money while at the same time taking a very long time to process. I had often heard the term patent pending but I did not realize the extent for which it takes for a patent to pass. 
2. I am still confused on what exactly an S corporation is and how the corporation is different from other corporations
3. I would ask approximately how new are L3C corporations? I would also ask what allows for a company to get an Adjustment for Debts instead of filing for bankruptcy?
4. Most of this information is information that I am seeing for the first time. Because of this I do not have enough prior knowledge to counter that the author was wrong about a certain statement. 

Elevator Pitch No1

I want to bring a motion sensitive sink to the common American home. It is an easy device that allows for one to have a cleaner and more convenient experience. No one wants to touch the dirty lever more times than they have to and with EasySink this problem can be eradicated. The sinks also come with a sleek, aesthetic look to give your bathroom the elegant look that you want.