30A – Final Reflection

This course this summer was an overall very beneficial and fun course of my academic career. It had its ups and downs with the learning along the way. This class allowed me to interact with some of my fellow classmates even though I've never seen them face to face, which is a rare thing for online classes. I definitely didn't start out liking the class as it had a very different format than all the other classes at UF. However, I have since learned to like it. My favorite assignments were probably the elevator pitches since I had taken public speaking in the spring and felt like I was ready for all of them.

The most formative and learning experience was in the first week when I left all of the assignments for the last 3 hours on Friday. I was only able to complete one of them and have since managed to never miss one again. My most joyous and proudest experience I would have to say would be the interviews. Once I had learned we had to complete interviews I started to dread the assignment. However once I completed the first one, the rest interviews in the assignments sort of fell into place.

After completing the course I would definitely say I have started to develop an entrepreneurial mindset. However I still don't see myself as a full entrepreneur yet but i think that with time, practice and most important of all, effort I can definitely achieve that mindset. So I would say I have moved much closer since I had originally started with no entrepreneurial bone in my body.

First of all I would tell them that you take out of this class what you put into it. So doing your assignments with genuine effort will help in the long run. I would also recommend two things; 1) to have a planner with all the assignments planned out so there is very little chance of a screw-up, and 2) to view the assignment before you start to complete it so you can set appropriate time to complete said assignment as well as getting into that right mindset. And that mindset will not just come to you overnight but it will be a thing you have to foster, nurture and exercise.

29A – Venture Concept No. 2

IHOMECARE

Opportunity

 

            The opportunity I have found is that of an unmet need or in some cases under-met needs in customers. The average realtor or property manager has to deal with multiple tenants and clients with their properties at a time. And, more often than not, these properties do not carry an in-house repair service or have a standing contract with one. Therefore the property managers and realtors are left with: 1) getting in touch with the tenant to know and understand what is broken as well us arrange a visit to see the damage, 2) Find a well rated and regarded repair service company that deals with this specific type of service, 3) Arrange an appointment time that works for both the service company and the tenant, 4) agree on a quote for the service and finally 5) Pay the company for the service. All these steps take a lot more time and resources  than they could. With my opportunity this need of time wasting will be met through and application which will streamline the whole process only requiring the realtor or property manager to accept the process and supervise. It will save my customers a lot of time leaving them time to pursue other opportunities.

 

            The main forces creating this opportunity are technology and a population movement towards renting or owning property. This market would largely be defined demographically but with some geographic dividers since not every country and culture shares the same entrepreneurship values as the U.S. or its growing real estate market or its high value. Real estate agents and property managers are currently satisfying this need by doing it all themselves and wasting a lot of time and resources. I believe this opportunity is moderate to big in size because there may be various things that can happen with the customers once they are introduced to the product. They may not like the app, they may not enjoy the process, they could have one bad service repair experience. Also, I am not sure on whether this opportunity will work outside of the U.S. culture and business wise. The window of opportunity is certainly closing down with many entrepreneurs popping up companies left and right trying to meet the customers unmet needs.

Innovation

 

            My opportunity and service are devoted to streamline property repair problems for tenants whilst saving real estate agents and property managers a lot of time. The tenant will encounter a problem on the property, whether it be an appliance or non-electrical, and will request a service in app with a description and picture. Then, the service will need to be approved by a real estate agents or property managers in charge of the property before it gets put out to market. Once the request gets put out to market multiple service repair companies for that service who have been vetted and put through the ringer by my specialists, they will be able to pick up that service request Uber style, in a sort of free market where lowest quote will probably win the service. Then the tenant and service repair company agree on an appointment time while the real estate agents and property managers are able to oversee the conversations. After, the service repair company will review the service and set a quote for the service performed which the real estate agents and property managers have to agree on before service starts.

           

            Most importantly, my defining company and product differentiation is that I will gain my money and quote from the repair service company’s end. I have devised a pricing system in which if the service quote will be under $200, I will take a flat rate of $15, however if the quote is over $200, I will take a 15% fee of the whole quote. This is why I believe my product and service will be so successful, is because this product and service will cost $0 to my potential clients and market, the real estate agents and property managers. However once the company begins to gains market share I will lower the rate in order to increase volume and customers.

Venture Concept

 

            My innovation will be able to successfully solve and address the opportunity I have identified because of its benefits to the customers. My innovation will better meet the demands of real estate agents and property managers who do not wish to take on unnecessary stress, work and time on their hands. By allowing the tenant and service repair companies to perform more of the process steps both the real estate agents and property managers are left with the only tasks of approving the services and quotes while retaining the option to supervise the whole process as well as veto it.

 

My customers will become fully functioned users of my service and platform and product because it will come at a cost of $0 to them. By adding no cost to their process while removing stress, time and work there is no un-objectifiable reason why the real estate agents and property managers wouldn’t be opposed to at least trying out the service. And I will also employ a state of the arc customer support service for starting out customers so whenever and if a problem arises in the process, (a wrench in the works so to speak) I will have attentive customer support employees ready to solve the problems so as we don’t lose the customer.

 

I believe it will not be hard to attract new customer for two reasons, 1) my $0-dollar costs for the clients, and 2) my saving time benefits for any users combined with the support service my customers would have access to if they run into any problems. However, when talking about switching customers I believe it will take a lot more time and effort to get the switch. Since I will be offering a service, trust is key in intangible services so I will need to get these potential clients to either stop trusting their process now or get them to trust them mine more. Therefore new coming customers could be offer an ideal customer service to help with the transition.

 

Pending my research there aren’t direct competitors. This means that there are multiple full suite property managers that offer large range services but is also incurs a heavy cost for the real estate agents and property managers to select these services.

 

To achieve full market penetration and customer loyalty I plan on partnering up with a realtor estate company owner so in turn they will force their agents to use and recommend the product and service whenever possible.

Three minor elements

 

            I believe my most important resource will be my application technology as well as my market penetration strategy combined with product pricing strategies. The next process for my venture will be to start making business plans and contacting possible partners in this venture. And finally for me will be to graduate school as soon as possible  so I can begin to start full time on this project and hopefully launch it within 5-10 years.

2) Most of my student peer feedback was the simplicity and description of my service was key to getting behind it. Both students feedback agreed with me in that there was a big and serviceable opportunity in the un-met needs I identified. One of the comments was that the 15% number was a very good number to select as it can be very easily identifiable and could improve my brand awareness. Outside feedback, which I showed a couple of real estate agents also agreed that there was a big opportunity. They also added that I should add very good customer service for the app since it will be a very big change for most agents and they will need some assurances. They also maybe added that the 15% could to too high for agents a property managers who have many properties and that high number could eat up profits.

3) Given my feedback I added 2 things: 1) I made the possibility of my fee becoming dynamic. both on the specific customer and how advanced my market share and number would be at the specific time. and 2) I added an ideal customer service for incoming customers to ease with the possible transition. 

4) 

27A – Reading Reflection No. 3

How to Fail at Almost Everything and Still Win Big, Scott Adams

1) Main theme:

The overall theme of the book is self-improvement through change. Scott Adams preaches that you should take care of yourself first. The book says that one must put one's need in front of anything else before trying to deal with external problems. The novel also tells the types of changes and improvement one must make in order to be successful. Changes like switching from a goal methodology to a systems based approach, trying new things whenever time and responsibility allows and fail whenever possible to learn from the failures.

2) Connection to ENT3003:

This novel has a very strong connection to ENT3003. Like many new business Scott Adams says that we as humans tend to fail a lot and we should. There is very little chance that your first business will succeed since your are prone to multiple threats, but these fails will help you learn and evolve until you hit the right idea, at the right time, with the right plan. Failing is key to any opportunity one decides to pursue because it it from what we learn most as humans. This novel also connects to the course by preaching a switch from goals approach to a systems methodology as the later one allows for adaptability and has less chances of demotivation.

3) Exercise:

A good exercise for this course pertaining to the novel would put failing as the goal. Students should pick from a set list of absurd tasks, such as receiving free food, or applying to crazy jobs or opportunities. Then the students should record their attempts from the initial to final. Then the students should reflect on the changes and improvements in their attempts and how they relate to failures. Then they should talk about their journey with accepting failure and rejection.

4) Moment of surprise:

The only surprise or "aha" moment I had was the way that he was introduced to a systems method as a better alternative to goals. He was on a plane and struck up a conversation with the man next to him. Then the man told him how he used systems instead of goals and how that allowed him to go from regular employee to an executive. I surprised me that he didn't come up with it himself or through a sort of philosophical "think tank" but rather a moment of randomness and coincidence with a stranger in a plane.

28A – Your Exit Strategy

1) My exit strategy for my entrepreneurship businesses will definitely not have me at the helm of the company. If the business turns out to be a cash cow of the sorts will pass ownership to a person of my choosing that I know will be able to keep the company steady and hopefully grow it, so I can earn a steady income and maybe selling at some point. However, if the company may face multiple threats beyond my set of skills I will opt to sell the company and move onto the next.

2) I have chosen these two types of exit strategies because I do not wish to direct and operate a company. I have found that I can get bored very easily which can only be a bad thing for the future of any company, by letting it rot or trying to change to much. Therefore I do not see myself running the operations of the company but receiving steady profits and maybe sell.

3) I can definitely say that my exit strategy has influenced my opportunity and product. It has allowed me to create a very simple and streamlined opportunity that is not very affected by unknown threats or bigger more powerful companies. My exit strategy has created my opportunity very simple to manage compared to most service products. 

26A – Celebrating Failure

1) During this summer I have failed at small tasks here or there. But the only main failure I can recall is failing at an internship interview for next summer for a consulting company. I went through the first round of interviews with behavioral and sort of meet and greet but didn't get past the case study interview. I had previously studied the basics and main types of cases and frameworks and I felt confident with my knowledge and experience. Unfortunately it wasn't enough as I sounded unprepared and under-skilled in some aspects of the interview.

2) From it I learned a good lesson, there is no limit or minimum for the amount of preparation one can do for an interview. No matter how much you think you know or studied or prepared there can always be more to do. You could get a curveball in any interview that could possible derail the rest of your interview. Also to study does not you mean you know. One should go though multiple mock interviews to feel comfortable with your knowledge, confidence and skills.

3) I used to think failure was nothing but bad and looked down upon. This was until I watched this youtube series of a guy who does something everyday with the intent of fail with the sole purpose to feel comfortable failing. So he starts asking random people for cars, free houses, and other ridiculous things like asking for a medium stake at a Ben and Jerry's. But the whole purpose of this series was that he was trying, and if you are trying it means that can succeed. So since last year I figured the only way to succeed is to try and failure is just evidence of that. This class has become more of that, not every person i asked to get interviewed said yes, not every email was answered but that was okey, because maybe the next one will. This class definitely added to my new perspective on failure and my attitude towards it. 

25A – What’s Next?

Existing Markets

    I think next in line would be to add features to the process to make the system more user-friendly and to build customer loyalty. So, I interviewed two existing real estate agents and one new property manager who all said features such as favorite service repair company, or loyalty points for every service done through the app which would be the able to be used against a fee or for lower rates could be implemented.

    I believe all of the before mentioned features will be able to potentially increase users as well as user loyalty. However I believe the best way to implement these features will be trough experiments.  This will work as we grab a certain amount of users and try the features out while we also grab a comparable and similar amount of users as a control. Then we could measure the rates of usage and happiness levels and make a decision. 

    I would, however choose to have a set number of active users in the database before rolling out any new experiments and features. And before we decide on the features I also believe I should open up the floor for idea generating to my suppliers, employees and clients.

New Markets

    My target market is currently medium to hight class neighborhoods with real estate investments and properties. So for a radically new market I have chosen a less affluent neighborhoods. So I interviewed a couple of my friends father who currently live in this neighborhoods and told my new business concept. 

    

    They told me it was a very good business concept, but it wouldn't really work in these types of markets because the residents of these neighborhoods are usually better off making the repairs themselves to save money. However, they both told me that since people in these areas are not very educated in these specific repairs, the repairs that they perform in-house rarely last and hold up with time and more often than not just creates a bigger problem with the  appliances or pipes systems.

    So the we came up with the elaborate idea of as the repair is happening the person receiving the repair could be learning as well so that they could fix the problems the next time. And as for payment plan, they could be able to help their communities whenever a problem like this arrives as part of the original company's name and brand. 

    Although it is a very far fetched idea and could possibly take a lot fo work and effort to put through I believe it will be very good for the company and brand as well as the communities this will take place and the service vendors. It will create a win-win-win situation and these are always too good to pass up on.

    Unfortunately this new market is still not as attractive as the original one but  I have learned a lot and could possibly come up with new ideas for this new one. I was definitely surprised by the range of aspects that my interviewees included in their adaptations trying to help everybody benefit from this new possible idea. And this new experience definitely confirms my expectation that people in these poorer neighborhoods are very hard working and want everybody to succeed in everything they choose to.

23A – Your Venture’s Unfair Advantage

1.  Industry Social Capital
• V: Knowing multiple real estate agents will prove valuable when trying to obtain customers and users.
• R: My unique network is very rare since only I possess the type of relationships with the specific realtors.
• I: However, realtors are very open to new relationships by trade so I believe that anybody with the drive and know-how would be able to build similar networks.
• N: It is very hard to substitute human capital and social networks.
2. Relentless hard work
• V: Hard work is one if not the most valuable traits to have in a start up. Even more evaluable if it is the leader who posses said trait.
• R: If every workers possessed the same level of hard work and relentlessness there would be no cues, there would be no traffic and we would live in a utopia, therefore it is rare.
• I: Hard work cannot be copied it can only be gained or developed.
• N: And there is no substitute for it since it can only be achieved through discipline or hunger.
3. Start-up Experience
• V: Having experience working in a start-up is very valuable since I will know firsthand the ins and outs of start-ups. What to and as well as what not to do in addition to various shortcuts and tricks.
• R: Working for a start up is very rare since they are very small and usually only hire people previously known.
• I: It is not imitable because start ups are very unique and any other type of business differs greatly.
• N: No substitute is available because it is a unique experience given the circumstances that a start up has to power through.
4. Due-diligence 
• V: Due-diligence is a very valuable trait to have when launching a product and a company to market. This is because since there are many factors to consider when doing this.
• R: Like hard work due diligence is a trait rare is workers.
• I: It cannot be copied since it is a trait that can only be developed through time and experience or born with.
• N: There is no substitute since it is a trait that a worker only posses or doesn't and it can only be developed over time. 
5. Clear understanding of system.
• V: To have a distinct clear understanding of ones system and product has value when talking with investors and customers alike.
• R: Not every worker or leader knows exactly how their product or systems operate so it is somewhat rare.
• I: It is imitable since any worker can learn their products or systems it is only a matter of will.
• N: There is no comparable substitute since knowledge cannot be substituted. 
6. Financial background
• V: My finance background is valuable because it will come of use when officially building a business plan to show to venture capitalists. 
• R: It is rare to have this level of financial background and knowledge among usual workers.
• I: However it is very imitable if one decides to educate one-self and takes multiple finance courses to learn the right statements and formulas.
• N: The there is no substitute since it is knowledge and knowledge can only be learned.
7. Access to many financial opportunities
• V: Being a part of UF and all of the business opportunity is offers such as the "Big Idea business" as well as talks with VC is veery valuable.
• R: The only way to be apart of the business opportunities UF offers is to be a UF student, therefore it is somewhat rare.
• I: I can be imitable if a university decides to build competitions for business students as well as leveraging their networks with alumni.
• N: There can be substitutes for money but there cannot be substitutes for meeting and talks with VC's.
8. Access to up and coming and energetic coders. 
• V: Having access to young coders eager to work and make their mark is very valuable because they can offer more that just their technological services.
• R: It is slightly rare because any college campus has them.
• I: It is slightly imitable because any college campus has them.
• N: There is no substitute for access to young coders with an energetic attitude.
9. Experience working real estate
• V: a working experience in real estate is valuable because I now know the process and and insides and outs of the business.  Which can prove fruitful when launching product to market and market penetration. 
• R: My experience is slightly rare although any real estate agent also probably has the same or more.
• I: It is not imitable and can only be gained by actually working in the field and industry.
• N: There is no substitute for it since can only be gained by actually working in the field and industry.
10. Long distance capabilities
• V: Apart from convincing service repair companies to join the app, we do not personally sell so we would be able to social distance making it more attractive to future employees.
• R: It is rare for companies to be able to social distance, as we have seen by the early decay of the market and unemployment rates.
• I: It is imitable if and only if the product and business model allows for it. 
• N: There is no comparable substitute since any other work arrangement will defeat the benefits of long distance working.

My top resource is defiantly my Industry Social Capital because it is can put me over the edge over possible competitors since it is very hard to imitate or find a substitute. This networks will be able to provide shortcuts and plans to stay ahead of the competition when the a problem arises.