My entrepreneurship Blog

Saturday, April 25, 2020

Final Reflection

Throughout this semester I have really learned about myself as an entrepreneur as well as a student and young adult in general. Before this class, I didn't put much thought into my life after graduation or what I was really in school to do. With this class, I realized I want to wake up everyday and like my job and have control over my future and finances. I really liked looking inward toward the resources and human capital I had around me, I never realized I have so many people rooting for me and in my corner. I know now if I have a serious venture I want to explore, I have people backing me and offering financial support as well as partnership. That was a huge high point for me. Another high point was looking toward my own personal strengths and what I bring to the table, which I had never really considered before. The words my friends and family said about me were so kind and heartwarming. Some moments where I hit a low were when reviewing the logistics of my venture. I didn't know the first thing about starting an app or the software involved and it was disheartening to see just how far I have to go to make my idea a reality.

The experience I'm most proud of accomplishing was the conversations I had with the people in my inner circle and pushing out of my comfort zone to further those bonds. I reached out to them for my Growing your Social Capital post, and it really changed the way I view business, entrepreneurship and my future. I am so blessed to have so many people rooting for me and offering their advice, and in some cases, even their finances. I know that I have the opportunity to achieve what I want out of life and have amazing people supporting me along the way.

I do think I have developed an entrepreneurial mindset from this class and look at business much differently. I look at life and my career as something to run toward and be excited for, rather than delay out of fear. I'm not afraid to go after what I want and ask for help along the way. I am determined to be my own boss one day and create a life for myself that I am happy and proud of.

To the students taking this class in the future, I would say to pay attention to the intent behind all these assignments. Don't look at this as just another class to "get through" really internalize what is being said and asked of you. Really pay attention to the concepts and ideas mentioned in this class and draw your own conclusions. Look to the people around you and see what kind of life and name they've made for themselves and if thats something you want to emulate. If it is, look toward them as guides and mentors and don't be afraid to ask for a little help and guidance.

Friday, April 24, 2020

Venture Concept #2

My venture concept begins with something as simple as free time. We all have limited free time to spend with our friends and family, and we want to spend that free time in the best way possible. With such busy and hectic lives, there's nothing worse than spending your week looking forward to an event, revolving your night around it, waiting in line and paying a cover fee then showing up to a dead and empty club or event. You can either try your luck at another venue or event, spend the rest of the night there in hopes the scene improves or try your luck at another place. With only one Saturday night available a week, I think the current system is not enough for the average working individual who wants to let loose once in a while.

That’s why my idea revolves around a social media styled app that allows users to see real time pictures and videos of the event, bar, restaurant, concert, club that they want to attend and even chat with users there. Each event or venue will have their own page which will describe the cover charge of the night, drink and food specials, wait times, operating hour, deals and tips, etc. This will eradicate the ever growing problem of people so excited to spend their Saturday night somewhere fun with their friends, only to wait in line for an hour and pay $20 to walk into an empty room.

My demographic centers around college students and young adults in urban or populated areas. You must be 18+ to join the app as a member and create your profile. I believe people my age don't have anything like this currently, and I would be filling a need for them to better plan and execute their freetime. There are a few similar apps to mine in terms of providing information on deals and drink specials specifically for college town bars, but what makes mine really special is the social media aspect of it and the real time updates and live videos from the event or venue itself. Users can even chat with other individuals at the event and meet new friends and connections. I think this opportunity is big and can provide some real good for people. Although this window is currently closed due to the COVID-19 pandemic and all social gatherings and social settings have been put on pause, once this ends there will be a huge influx of people dying to go out and let loose. That is where I can come in and market this app. Even for extended periods after their virus people will always want to celebrate life and make memories with their friends.

I believe people love to connect and relate to one another and celebrate life and new exciting experiences together… and I think that will never change. Although we have come onto some hard and interesting times, humans are extremely resilient and I believe we try our hardest to do what's best for ourselves and others, while trying to have a great time along the way.

My feedback for this project has been overwhelming. I love all the positive and negative feedback I’ve received from students in this class as well as in my personal life and those I have decided to share my idea with. The main concern I have received has been regarding the price point of the app. My app is free the first month then shifts to $2.99 once a month following that. I believe this is extremely fair considering many similar apps require at least a $5 payment a month and don't provide as much, however, I can understand the want of individuals not to pay for something intangible and only on a screen. I have made the argument that this app helps many individuals save money in the long run in terms of making drink specials, cover fees and wait times, event fees and promotions available for people, not including the money saved in Uber or Lyft and other ride sharing apps, yet people still do not want to pay.

Another criticism I have received is that many people do not think there is a need for this app. Mainly students and peers have told me that “going out” is simply just not a huge deal in people's lives as they would rather not pay for an app that helps them manage such a small part of their life. I have also heard that the market for this is extremely small and really only appeals to college students. I do completely understand these concerns and agree with them myself to a certain extent. However, I believe the social media aspect of the app will really appeal to people and they will enjoy using the app to keep up with their friends and current events.

I personally decided not to listen to much of the negative comments that were provided about my work by my peer, however I was able to take it into consideration and make proper changes to my idea and app. I think by adding the first month of my app free, people will understand how great it is as an addition to their lives and think the price of one average iced coffee is enough to consider keeping the app full time.

Another change I have made to my app is including the social media aspect. I think those who enjoy nightlife can connect easily to others using my app and will find exciting and unique things to post about events. Many people don't want to pay for a “party app” but an app th at connects people and provides coupons and deal specials makes the price worthwhile and a fun way to stay connected either spending the night at home or out on the town.

Friday, April 17, 2020

Reading Reflection #3

For my final reading reflection, I have decided to dive into "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki. This novel takes a deep and thorough look into the power of social media marketing, how it works, what it entails and how to truly thrive while using it. He is extremely credible and knows the ins and outs of various social media platforms that an individual can use to grow their business, personal brand or even their social life.

I believe this book enhances the learning and information I have experienced in this class because social media is a huge and popular aspect of our lives, and that can be used to our advantage and a tool to further ourselves and our business. This class is all about starting your own venture, being your own boss and taking control of your life. Now with social media, getting information out to the public is easier than ever. If you learn how to manipulate social media and use it to benefit you, your business can reach new heights. You can market around the world, gain a mass amount of followers that will be exposed to your venture and cause exponential growth.

If I were to design an exercise for this class based off this reading, I would suggest having students create an new account on any platform they like based off their venture and try to obtain 50 engaged and active follows in one week. Of course, the goal of this assignment would not be to only get the followers, but just try. Find the best ways to get your message out there in a way people want to participate in and reflect on the process. Did you use hashtags? Follow pages with content similar to yours? Follow a ton of people in hopes they follow you back? Create unique and original posts? What did you do to try and get your venture across to people for one week and how were the results?

My aha moment while reading this book was discovering the power of the social media apps I use everyday for fun and entertainment. I have an extremely powerful tool right at my fingertips and for the most part, I've been using it as a distraction and a way to kill time. I can have fun while using these apps and I can also use them to advance my business and my life. I personally looked at social media as a negative that distracted me from school work, but now I am enlightened to its potential power as a positive tool in my life.

Your Exit Strategy

My ideal exit strategy would be to continue with my venture until its reaches a point where I can sell it for a large sum of money. I wold prefer for it to be within 10 to 15 years of starting the company, however if it takes longer for me to continue working to receive a higher pay day I would absolutely do that. The amount of money it would take for me to sell it would have to be enough to financially support myself and my family for the rest of my life.

I would rather not pass off the business to my children because I would feel that it is in their best interest to discover their own path and life journey, rather than just inheriting mine. I would like to work long and hard for these amount of years and spend the rest of my time enjoying life with my family and traveling. I think work should mold to your life, rather than molding your life around your job. With my situation, I would be able to put in my time and hard work then reap the rewards of it with the people I love most. When you keep a job until you die or keep it in the family forever, you ever get a break and the lines between business and personal become too crossed for my taste.

My exit strategy has not really affected my choice in venture or how I have decided to go about it. I am really passionate about my business idea, however I could absolutely see myself stepping down and allowing someone else to take the reigns. I would only feel comfortable doing so if I knew the venture was in going in good hands and in a direction I felt comfortable with and proud of.

Celebrating Failure

This past semester I have had my fair share of failures. One particular failure comes to mind that was strikingly upsetting. All semester I had tried to work out more and treat my body well. I had been going to the gym for weeks and had decided my goal was to be able to bench press 100 pounds. I always struggled with fitness and have had this goal in mind for a few years now. I promised myself I would be able to do it by April 1st. After weeks of working out and training, a few days before April 1st I realized I was nowhere near my goal. I felt so disappointed in myself, and wondered how I could have put in so much work... yet barely break 80 pounds. Yet, on April 1st I still tried, and my spotter had to lift 100 pounds off my chest in my friends garage/make shift gym. I was humiliated. I had been talking about that goal for weeks and my friends were really rooting for me, considering they were all of similar build and had completed my feat in high school. However, as deflated and sad I felt, I knew I could still complete my goal. I may not be able to lift 100 pounds, but I can lift 80... and two months ago I could barely lift 50. I learned that I can't just focus on how far I have to go, but rather how far I came. Even though I haven't reached my goal, I have plenty of time and dedication to put into achieving it. I handle failure by turning it into a teaching and learning lesson... after a pint of ice cream or two, you know just to take the edge off. This class helped me learn that my failures are blessings, and I can use that failure as a lesson and motivation to get up and try harder next time. That without failure, I wouldn't know what doesn't work and I can use that in order to take me one step closer to my goals.

Friday, April 10, 2020

Venture Concept No. 1

The opportunity I have in front of me is incredible. Despite the current pandemic, I have put a lot of thought into how society treats generation and our interests, and we are typically written off as lazy pleasure seekers with no sense of discipline. I know that's not true, and I know that my generation works hard and as they get older, their free time becomes smaller and smaller, therefore, it's essential to spend it right and not waste it. A busy school schedule, extra activities, full time jobs, family responsibilities and more can take a pretty big toll on people my age and I think due to that, what free time they have available should be spent right. That’s why my idea revolves around a social media styled app that allows users to see real time pictures and videos of the event, bar, restaurant, concert, club that they want to attend and even chat with users there. Each event or venue will have their own page which will describe the cover charge of the night, drink and food specials, wait times, operating hour, deals and tips, etc. This will eradicate the ever growing problem of people so excited to spend their Saturday night somewhere fun with their friends, only to wait in line for an hour and pay $20 to walk into an empty room.

The innovative aspect of my idea, and the part I like the most, is the idea of having two streams of revenue from my app. There will be a payment of $2.99 a month for users after their first free month of usage as well as businesses paying to advertise their venue or event through the app. Also, businesses can pay to be endorsed by the app and shown more frequently to users with similar interests. However, these businesses must earn our endorsement, I will not send individuals to an event I felt was poorly run or just plain bad, for the sake of money. The app would lose credibility and its essential purpose. I felt that having both these streams of revenue can help me make the app the best it could be, hire great technical support, find brand ambassadors, create merchandise to sell and more! As much as I would love a huge payday, I would throw much of my profit back into the app and make it the best it could be.

I think it will be fairly easy to get individuals to switch from other event based applications to mine because it includes many more features and angles that these other apps just don't provide. Also, from the research, the two existing apps that are similar to mine cost $5 and $10 a month, so my price point will give me an advantage. My competitors don't have a very realistic price and they dont give users enough bang for their buck. My strengths are price, variety and features. I think this concept is unique and I could do it extremely well. My app is entirely about experience and connecting with others. By having an almost intangible product I have reduced my costs and can focus so much more on the experience my customers have had using the app as well as the experiences they have had socially from using it. I would focus on using employees for customer support and brand ambassadors. The main people who would be posting and providing content for the app would be the users and businesses themselves that are a part of it.

I think my most important resource would definitely be my experience running and creating my own class that I taught to others. Not only did I get great experience, I learned how to create something from scratch and lead others as well. Doing that at such a young age showed me I wanted to be my own boss and leader. What's next? I would like to look into my idea more and do more research into my market. Provide some sort of poll or survey to a large audience of my target market, around 100-300 people, and see if I can foreseeably get this concept done before this pandemic is over. In five years if this could be my full time career I would be over the moon. I would still like to be the CEO, but I could see myself employing a team, specifically focusing on the technological aspect of the app, and taking more of a backseat. There will also be busy young people looking to spend their free time the right way, and I’d be honored to help.

Your Ventures Unfair Advantage

Myself including my ambition, personality and strengths.

It's valuable because without my personality my venture would never have been born, it’s pretty rare, can’t be easily imitated and there aren't many resources that can do the same thing.

Social media platform presence

It's valuable, it is not rare at all since social media is so widespread, it can be easily imitated and not many resources out there can do the same thing social media can do.

Experience creating and directing my own job

It's extremely valuable because I learned leadership and organizational skills, it's rare because not many people have that much creative control in business, it's not easily imitated and not many resources or opportunities can do the same thing I was so fortunate to be able to do.

Personal relationships and connections

It's very valuable because I have so many people in my corner, it's not too rare, it can be easily imitated by people who have others in their life to help them like I have, and it's easily imitable with plenty of similar resources.

Communication and writing skills

It's so valuable to be an eloquent speaker and writer, it's not too rare, it can be imitated by many others however there are not many resources out there that can do the same thing.

Investors and potential business partners

It's so valuable to have investors and potential partners, it's not too rare, it can't be imitated and there aren't many resources out there to replace it.

Professionalism

This is so extremely valuable because not many people will take you seriously without it, it's not rare, it can be imitated and not many things out there are really able to replace it.

My various mentors

They are so valuable because they help and guide me, it's not really rare, however not many things can replace or imitate the specific people I have rooting for me and helping me,

My community and cultures support

They are so valuable, it's not too rare, however it can be imitated or replaced pretty easily.

Self discipline

This is the key in my opinion. It's valuable because without it you will never reach your goals, it's pretty rare and it absolutely can not be imitated or replaced by anything other than self discipline.

I personally think my experience creating and directing my last job is the most valuable and unfair advantage I have. At 19 I was able to do something most people don't get the chance to do their entire lives. I created and taught my own class, and through that I taught myself leadership, self reliance, creativity, discipline and confidence. It was the best experience I could've ever asked for and I will carry what I learned with me for the rest of my life.