Week 15 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? 

The article opened up with a very surprising story about theft and I wouldn't have expected that entrepreneurs would have to deal with such intimidating people.

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

I was confused about the part where it mentioned how SKS's strategy was used to bypass the poverty eradication programs. I wish the author would have went more in depth with what it means and how it is important. 

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

Like mentioned above, I would ask him specifically how SKS's strategies was used to bypass the poverty eradication programs because I was a little confused about that in the reading. In a business sense, I would also ask how they got involved in working in a place like India because intuitively I don't see it as the best market to help a business. 

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

Unlike some other reading reflections, I didn't think the author was wrong about anything. I really support the help that he is doing for struggling communities. 

Final Reflection

1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.

Ironically, a lot of the moments I thought I would dread ended up being pretty enjoyable. The ones that stick out in my mind are the Customer Interviews and the Free Money assignment.

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

Definitely the most formative and memorable experience was the Short Interview with an Entrepreneur, he gave me really insightful answers that are quite invaluable. The most joyous experience I had was interviewing the 5 people that knew me best. It was really fun hearing what they each had to say. I am most proud of of the Free Money assignment because I really had to get out of my comfort zone. 

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I have always seen myself somewhat as an entrepreneur but this class has definitely emphasized that feeling. With that said, I do believe I have moved closer to that mindset with all of the assignments we have completed. 

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

Definitely I would recommend that you work ahead so that you aren't swamped with work an hour before it is due. I would also recommend not thinking about the outcome of the assignments and just going in with an open mind so that you don't psyche yourself out. Lastly, I would tell them to look for the application of these assignments so they can foster the entrepreneurial mindset.

Elevator Pitch No. 4

I didn't drastically change anything in this pitch but I tried to work on my pauses and polish it up a little more based on my feedback. Someone said I should say something that will make it hard to forget about my pitch which I thought was a little vague. I had no choice but to wear the same shirt at this point.

Venture Concept No. 2

Venture Concept

Opportunity         

As someone who has always been into fashion, I have noticed a serious lack of options when it comes to male clothing. Most popular male clothing brands fit in two categories; the one that over-brands themselves and puts their name and logo anywhere they can, as big as possible, or there is the brand that is so simple that where you can’t distinguish it from any other brand. To illustrate my point more, examples of the former type of company I mentioned would be like Hollister, American Eagle, and The Hundreds. Examples of the latter would be H&M, Gap, and Old Navy. The one brand I have noticed incorporate both of these methods is Ralph Lauren. You could buy a plain color polo with nothing on it but a small logo or you could buy one where the logo covers a fourth of the shirt and “Polo” is written in bold letters across your chest.  With that said, it is not very easy to find unique and tasteful clothing when you are a guy. This is market that can be greatly explored since there are men everywhere that feel this way. Currently people need to go out of their way to find clothes that are distinct. One of the few ways to do so is to find stores that don’t follow the business model these commercial brands are using, although that is not as easy as it sounds. I would say there are two brands that stand out in my mind that don’t fit the generalization stated above, Urban Outfitters and Cotton On. While these to companies may be successful, it doesn’t compare to widespread availability of the other brands I mentioned. You can almost guarantee that there will be a Hollister or a Gap in any mall you go to but you can’t say the same thing about Urban or Cotton On. Because there are such few alternatives, this remains a big opportunity for anyone with fashion sense and it will last until there is equal representation for this niche of clothing. I know this is a market in need because ever since I discovered the limited alternatives, I have never once gone back to those tacky or simplified brands as well as many of my friends.

Innovation

While I am a huge fan of Urban and Cotton On, I believe we can go a step further. What I am proposing is a brand that lets the user design the clothes. I would start with just shirts but would hope to transition this idea to all articles of clothing. The way it work is like this: you walk in to a store and see a template of all the customizations you can make. First would be the type of shirt:

·      T-shirt

·      Collar shirt

·      Henley

·      Button-up

You would then be able to design practically every aspect of that type of shirt:

·      Material

·      Pocket(s)

·      Buttons

·      Trims

·      Collar (color)

I plan on having a sort of mini factory where there are people on display making these customized shirts and when they are ready you could have it shipped to you or come and pick it up yourself. Although the price is not finalized, I think the plain shirt would be $20 and there would be a price from $5-$10 for each subsequent you added on depending on what it is.

Venture Concept

The innovation mentioned above will provide something completely different to the clothing industry. I believe many people will get hooked to this idea once they walk into the store and see how much control they have over their clothes. No clothing brand is doing anything near this idea so I don’t think it will be too hard to get customers.  I suppose my strongest competitors would be Urban Outfitters and Cotton On since we are tending to towards the same people but they lack something fundamentally different, and that is the customization of clothes. If my store is placed in a high fashion mall or a shopping center, I have no doubt it will do well.  I would need to create a store and website where the customization can be done and I would need employees to make and sell the clothing. Each store would probably need around 15 employees if I went through with the mini-factory idea. I plan on being on the designing end, choosing what can be customized and what the options are.

The Three Minor elements

1.     My most important resource is the sheer amount of control the user has in designing his clothes.

2.     I plan on carrying this idea over to more articles of clothing and eventually for women as well.

3.     In 5 years I want to have my own clothing line and pursue an individual career in design. My first venture will give me experience in clothing industry and knowledge on the best ways to go about making clothes.

Unfortunately, I didn’t do my first Venture Concept or What’s Next so I didn’t change anything and don’t have any feedback.

Week 13 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? The biggest surprise I got from reading chapter 14 was the story of Brad Daniel and how he expanded his florist business into five stores in South Florida. What made my mouth drop was the fact that sold it for $130 MILLION. That is just so much money and the kick was that the rollup ended up filing for bankruptcy and selling Daniel his business back. 

2) Identify at least one part of the reading that was confusing to you. I was confused by the Due Diligence question of funding request and if its appropriate for sucess. I think its a very open ended question and I would need clarification on how to go about this questions' analysis.

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

• price/earnings ratio drawbacks: to what extent can they bring more risk than reward? What would be a better alternative?

• In terms of the due diligence outline, how much does each one vary in questions? It is a standardized outline or do they vary across different people's businesses and ventures?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I don't agree when the author says that every entrepreneur should be able to calculate the value of his or her business because there will always be emotional and personal biases that come into play. Furthermore, there are other biases when it comes to determining the value of a competitor's operation. 

Celebrating Failure

At the beginning of the semester, a band I really liked announced that they would be playing in Gainesville. Being a huge, I bought the tickets immediately and called my friend from my hometown(who is also a fan) to come visit and see them with me. Little did I know I had a test the day of and the day after. Because we had prepared so early, my friend had taken off of work and bought his ticket so I was reluctant to tell him not to come. I ended up getting a D on one test and failing the other. I learned that before making plans I need to make sure I have an open schedule around that time and also that I must prioritize school over everything, my friends best interest. Failure is something that heals with time and no matter how bad it may seem in the moment, it does get better. There is almost always a way to make up for what you've done wrong you just need to be willing. This class has really made me get out of my comfort zone so I am definitely more likely to take a risk now than 4 months ago. A lot of these assignments have made me realize how I used to psych myself out, thinking something isn't going to go well before it has even happened, but I've realized that it's all in my head for the most part.

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? I would like to stay with my business for as long as I can and if my children want to carry on the company then they are more than welcome.

2) Why have you selected this particular exit strategy? I chose this strategy because clothing design is truly a passion of mine and I would like it to be my occupation for as long as possible. I also don't want to force my decisions on my kids so I would let them decide if they want to continue the business

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources? I suppose it has influenced my growth intentions because if I wasn't doing something I was really passionate about I wouldn't have the substantial goals that I want to accomplish.

Week 12 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? The author referenced a list that ranked the top five mistakes entrepreneurs make and the first one was misunderstanding industry attractiveness. I was surprised to find out that it is against your best interest to work for the top business in a respective field.

2) Identify at least one part of the reading that was confusing to you.  They mention "firms" multiple times throughout the chapter but I didn't understand what it meant in the context he was using it in.

3) If you were able to ask two questions to the author, what would you ask? Why? I would ask the author which entrepreneurs he believes are the ones to follow in the f fashion industry because I would like to hear an opinion from such a knowledgable person. I would also want to know what companies have used these strategies so I can have some more examples of them working.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I think the author would make the strategies seem very black and white as if there was only one right way to do things but in reality I think different things will work better for certain people.