This was an interesting journal entry. It's clear that the author faces a social challenge succeeded in his business in the arena that he's in, catering to very poor people. Personally I agree with his approach and journal entry.
I do find it confusing that he faces so much societal pressure. To help with that confusion I would ask the author: 1) where does he think that societal pressure stems from; and 2) how is he able to cope with those societal pressures?
I don't think the author was particularly wrong about any aspects of the journal entry.
Tuesday, April 19, 2016
Final Reflection
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?
The most formative experience for me was my acceptance of failure as a growing tool. I'll remember the moment that clicked for me for years to come.
My most joyous experience was my first video interview. It was intimidating at first but seeing the video when I prepped it for posting was exciting! I think I have the video creator bug now!
I'm most proud of the progress I made in my elevator pitches. They started out pretty rough, and I've never considered myself a salesman, but now I think I might be able to actually sell something when motivated.
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?
Yes, I do see myself as an entrepreneur, and this class certainly helped me with that. I feel I was headed down that path already, and I absolutely feel like I'm moved closer to having an entrepreneurial mindset. Now if I could only spell entrepreneur without having to use spell check!
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?
I would recommend that students have no fear in their efforts during this class. We're protected by the class and college bubble in out interactions with the public during this class, and that's something to be leveraged as a growth opportunity - get out there and don't be scared! To perform best, be bold and confident in your ideas, and have that come across in your videos. That confidence will help foster the entrepreneurial mindset that you'll find yourself getting familiar with throughout the course. Good luck!
The most formative experience for me was my acceptance of failure as a growing tool. I'll remember the moment that clicked for me for years to come.
My most joyous experience was my first video interview. It was intimidating at first but seeing the video when I prepped it for posting was exciting! I think I have the video creator bug now!
I'm most proud of the progress I made in my elevator pitches. They started out pretty rough, and I've never considered myself a salesman, but now I think I might be able to actually sell something when motivated.
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?
Yes, I do see myself as an entrepreneur, and this class certainly helped me with that. I feel I was headed down that path already, and I absolutely feel like I'm moved closer to having an entrepreneurial mindset. Now if I could only spell entrepreneur without having to use spell check!
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?
I would recommend that students have no fear in their efforts during this class. We're protected by the class and college bubble in out interactions with the public during this class, and that's something to be leveraged as a growth opportunity - get out there and don't be scared! To perform best, be bold and confident in your ideas, and have that come across in your videos. That confidence will help foster the entrepreneurial mindset that you'll find yourself getting familiar with throughout the course. Good luck!
Venture Concept No. 2
The opportunity for my venture concept is a swimming pool pump automation device that will turn on and off a pool’s water pump dynamically. It will do this based on a number of factors.
The first factor is the current level of chlorination in the pool. The second is the amount of debris in the pool.
Today, pumps are commonly set on a very basic timer and typically turn on at a given point in the day. They then turn off at another given point in the day. This goes on and on, with no regard to the direct and immediate chlorination levels in the pool.
The pumps turn on and off like this to circulate water and chlorine throughout the pool. They also do this to create suction for debris removal. Debris is removed via the skimmer or skimmers at the top of the pool. Debris is also removed by any robotic or automatic pool vacuums that may be in the pool. At times there are more than one device. Sometimes there is a skimmer and a vacuum, both running at the same time.
When the pool pump turns off, there is no chlorine circulation aside from the mostly stationary chlorination float with a tablet or two in it. Also, when the pump is off there is no debris collection.
The opportunity is to optimize the times and duration that pool pumps run. This will provide opportunities for cleaner, more safely chlorinated pools and will also potentially save pool owners in electric bills because the pool pump will only run when debris is detected or chlorination levels are low.
People all over the world own pools. Most commonly pools are found in warmer climates but indoor heated pools exist even in places like Alaska and Siberia where it is mostly freezing throughout the year. My target market will be the southern United States in states like Florida, Texas and (southern) California. Those states have high numbers of houses with swimming pools.
I see the opportunity as a $3M opportunity. That is based on assumptions I’m making on the number of homes that are in my target areas with swimming pools.
This window of opportunity is open for likely three years. By that time a competitor will surely create a similar device and eat into my opportunity’s potential for revenue generation.
From an innovation perspective, my product is a very innovative one by its nature. It will leverage Internet of Things concepts and will be proactive in its ability to drive owners to living a more green lifestyle with a smaller carbon footprint. Going green in energy is an innovative concept and there is much attention being placed on that concept today.
My venture concept will draw customers to add my device to their pool systems because of the return on investment it provides to owners. They will be able to recoup the costs of the device and its maintenance within a short timespan through savings on energy usage and pool service companies that provide weekly maintenance for them. If they do not use a pool maintenance service, they will still be able to save on the amount of chlorine they buy and place in the pool because they’ll have a more efficient and timely understanding of how much chlorine is actually needed.
There are no significant competitors today that I can see.
Packaging is important as this device will sit in pools and be on display. Distribution will influence pricing, and pricing must remain effective and low. The business I organize around this venture will remain small and simple, with a partner as a manufacturer of the physical product, and electrical and mechanical engineer, a marketer and myself to handle business functions.
My most important resource will be myself in this venture. I have the skillset and connections to make this venture come to life.
This venture will lead to me being able to sell the company and product line for $2.4M, enabling me to invest that money and live off of the modest 5% interest I anticipate as a return annually. I would be free for other ventures as well, all while knowing my previous venture was covering my bills through investments. This is what would be next for me as well.
I didn't complete the first venture concept in time, so this one was new for me. I did incorporate feedback I've gotten on other assignments into this one, such as what to do with the investment money and to include potential debris collection, which came indirectly from a comment saying to look for other things the product can do, that helped me in a small way to think through a bigger picture.
The first factor is the current level of chlorination in the pool. The second is the amount of debris in the pool.
Today, pumps are commonly set on a very basic timer and typically turn on at a given point in the day. They then turn off at another given point in the day. This goes on and on, with no regard to the direct and immediate chlorination levels in the pool.
The pumps turn on and off like this to circulate water and chlorine throughout the pool. They also do this to create suction for debris removal. Debris is removed via the skimmer or skimmers at the top of the pool. Debris is also removed by any robotic or automatic pool vacuums that may be in the pool. At times there are more than one device. Sometimes there is a skimmer and a vacuum, both running at the same time.
When the pool pump turns off, there is no chlorine circulation aside from the mostly stationary chlorination float with a tablet or two in it. Also, when the pump is off there is no debris collection.
The opportunity is to optimize the times and duration that pool pumps run. This will provide opportunities for cleaner, more safely chlorinated pools and will also potentially save pool owners in electric bills because the pool pump will only run when debris is detected or chlorination levels are low.
People all over the world own pools. Most commonly pools are found in warmer climates but indoor heated pools exist even in places like Alaska and Siberia where it is mostly freezing throughout the year. My target market will be the southern United States in states like Florida, Texas and (southern) California. Those states have high numbers of houses with swimming pools.
I see the opportunity as a $3M opportunity. That is based on assumptions I’m making on the number of homes that are in my target areas with swimming pools.
This window of opportunity is open for likely three years. By that time a competitor will surely create a similar device and eat into my opportunity’s potential for revenue generation.
From an innovation perspective, my product is a very innovative one by its nature. It will leverage Internet of Things concepts and will be proactive in its ability to drive owners to living a more green lifestyle with a smaller carbon footprint. Going green in energy is an innovative concept and there is much attention being placed on that concept today.
My venture concept will draw customers to add my device to their pool systems because of the return on investment it provides to owners. They will be able to recoup the costs of the device and its maintenance within a short timespan through savings on energy usage and pool service companies that provide weekly maintenance for them. If they do not use a pool maintenance service, they will still be able to save on the amount of chlorine they buy and place in the pool because they’ll have a more efficient and timely understanding of how much chlorine is actually needed.
There are no significant competitors today that I can see.
Packaging is important as this device will sit in pools and be on display. Distribution will influence pricing, and pricing must remain effective and low. The business I organize around this venture will remain small and simple, with a partner as a manufacturer of the physical product, and electrical and mechanical engineer, a marketer and myself to handle business functions.
My most important resource will be myself in this venture. I have the skillset and connections to make this venture come to life.
This venture will lead to me being able to sell the company and product line for $2.4M, enabling me to invest that money and live off of the modest 5% interest I anticipate as a return annually. I would be free for other ventures as well, all while knowing my previous venture was covering my bills through investments. This is what would be next for me as well.
I didn't complete the first venture concept in time, so this one was new for me. I did incorporate feedback I've gotten on other assignments into this one, such as what to do with the investment money and to include potential debris collection, which came indirectly from a comment saying to look for other things the product can do, that helped me in a small way to think through a bigger picture.
Sunday, April 17, 2016
Week 14 Reading Reflection
The biggest surprise for me in the reading was also the most confusing. This was the concept of intracapital. I hadn't heard the term before. I would ask the author, isn't this just internal research and development budget? Also I would ask whether intracapital is a newer concept or if it's been around in business for decades.
I do not feel the author was particularly wrong about anything in the chapters.
I do not feel the author was particularly wrong about anything in the chapters.
Google Gold
1) A discussion of your general approach and strategy to search engine optimization (SEO). What were some of the activities you did for each blog post to pursue SEO?
Each week I added a label to my posts, which helps to tag the posts so that they can be found in Google. I also used accurate post titles and made sure that my word choice in the posts including terms that I believe will be commonly searched against by Googlers.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
I used these keywords often, and used them consistently throughout the semester as my prime keywords: entrepreneurship; career; journey; failure; college.
3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?
I didn’t actually incorporate social media into my posts or SEO efforts. In hindsight that would have been a good way to increase exposure. Had I used social media I would’ve added my posts to LinkedIn and Facebook and I would’ve been sure that I tagged my posts with the keywords I mentioned above.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
My Week 13 reading reflection was my most trafficked post. I did include some popular terms in my post that may have resulted in higher traffic.
5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?
I see myself on the third page in Google. First is the one that matters though.
Each week I added a label to my posts, which helps to tag the posts so that they can be found in Google. I also used accurate post titles and made sure that my word choice in the posts including terms that I believe will be commonly searched against by Googlers.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
I used these keywords often, and used them consistently throughout the semester as my prime keywords: entrepreneurship; career; journey; failure; college.
3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?
I didn’t actually incorporate social media into my posts or SEO efforts. In hindsight that would have been a good way to increase exposure. Had I used social media I would’ve added my posts to LinkedIn and Facebook and I would’ve been sure that I tagged my posts with the keywords I mentioned above.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
My Week 13 reading reflection was my most trafficked post. I did include some popular terms in my post that may have resulted in higher traffic.
5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?
I see myself on the third page in Google. First is the one that matters though.
Sunday, April 10, 2016
Week 13 Reading Reflection
I found this chapter to be the most confusing chapter in the book so far. Maybe it's because we're so close to the end of the class, and there are so few pages left in the book! That's exciting, but still I had difficulty grasping the concepts in this chapter.
A particularly confusing topic was the discounted earnings method section. I would like to ask the author 1) what techniques are used to estimate expected flow, since there can be so many inaccurate ways to do that, and 2) what techniques are used to determine the potential lief expectancy of a business? These seem like metrics that are more like guesswork vs real numbers, and if you're basing legitimate business decisions off of guesses, how much trouble can you be getting your company into?
I don't feel the author was particularly wrong about anything in this chapter.
A particularly confusing topic was the discounted earnings method section. I would like to ask the author 1) what techniques are used to estimate expected flow, since there can be so many inaccurate ways to do that, and 2) what techniques are used to determine the potential lief expectancy of a business? These seem like metrics that are more like guesswork vs real numbers, and if you're basing legitimate business decisions off of guesses, how much trouble can you be getting your company into?
I don't feel the author was particularly wrong about anything in this chapter.
Saturday, April 9, 2016
Celebrating Failure
During this semester I failed to keep track with all of the assignments. There were days I looked at the syllabus and frustratingly realized I completely missed an assignment. I did this at least three times this semester, and it was a big fail on my part each time.
Failure is unavoidable in life. At some point, you will fail. I understand that and after many, many failures I've come to appreciate the learning opportunities that failures bring. What I learned from the failures in this class is that I need to invent a Canvas add-on that puts syllabus calendars on iPhones with daily reminders for assignments!
Failure is unavoidable in life. At some point, you will fail. I understand that and after many, many failures I've come to appreciate the learning opportunities that failures bring. What I learned from the failures in this class is that I need to invent a Canvas add-on that puts syllabus calendars on iPhones with daily reminders for assignments!
Wednesday, April 6, 2016
My Exit Strategy
My exit strategy includes selling my company to a large pool pump timer company. Pool pump timers have a dense saturation in the home pool market, and my product is a natural extension for pool pump timer companies.
I intend to sell within 5 years. Once it's sold, I plan to take the minimum sale amount of $2.4m and if my math was accurate when I planned this and I'm getting a decent 5% rate of return off of investing that 2.4m, I'll make somewhere between 100k and 200k per year on the interest alone and can live off of that, and pursue personal or business ventures at my leisure.
I selected this strategy because I've been working for 20 years already and, well, I'm over it.
I think this exit strategy has influenced the speed at which I plan to deliver on my product's availability. The sooner I can get the out, the faster I can sell it.
I intend to sell within 5 years. Once it's sold, I plan to take the minimum sale amount of $2.4m and if my math was accurate when I planned this and I'm getting a decent 5% rate of return off of investing that 2.4m, I'll make somewhere between 100k and 200k per year on the interest alone and can live off of that, and pursue personal or business ventures at my leisure.
I selected this strategy because I've been working for 20 years already and, well, I'm over it.
I think this exit strategy has influenced the speed at which I plan to deliver on my product's availability. The sooner I can get the out, the faster I can sell it.
Sunday, March 27, 2016
Week 11 Reading Reflection
The journal entry we read this week was particularly interesting to me because innovation is a key factor in essentially everything I do at work and in the business goals I have personally. At work we have innovation instilled into our day to day, and have dedicated innovation areas in our workspace, with futuristic and functioning prototypes of retail stores of the future and innovative workspaces. The journal reiterated to me how there must be a focused effort around innovation. Innovation is not optional, and I think that message has propagated well into the industry. The message of doing innovation properly with a clear strategy is still an uphill battle.
I did not find a confusing aspect of the journal entry, but I would like to ask the author 1) what industries has he seen more failure or waste in innovation without strategy, and 2) where has he seen an innovation strategy that he felt was the most complete, planned and most tenured?
I do not feel the author was actually wrong about any topics.
I did not find a confusing aspect of the journal entry, but I would like to ask the author 1) what industries has he seen more failure or waste in innovation without strategy, and 2) where has he seen an innovation strategy that he felt was the most complete, planned and most tenured?
I do not feel the author was actually wrong about any topics.
Amazon Whisperer
- Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. Currently, my revenue drivers are the money that I will make from individual product sales. I anticipate a healthy margin given the low costs of manufacturing and distribution, and the considerable markup I anticipate.
- Describe what kind of product offering you believe should be next. What's the next thing your customers want? Beyond my current product, I believe the next product offering for me will be add-on products to my core offering. I believe I can provide an extended battery, range extenders and a data reporting and visualization suite.
- Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.? I believe my add-on products will improve user experience, allowing users of my product to enhance the "out-of-the-box" experience with premium add-ons.
- Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.I do see a bluetooth range extender, that likely meets the requirements of one of my product add-on ideas. This could be a partnering opportunity, or a competitor. Hey, McDonald's and Burger King exist on the same blocks in many, many places, and both do pretty well.
- What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?Overall the reviews for the product are very, very good. Reviewers appear to appreciate the range extension that the device offers. The few contrarians argue that the quality of audio when it's being used for audio applications is poor, which makes sense.
- Describe what design/usability changes you'd make to the product. I would enhance the product to make it outdoor-ready, and to be able to be powered by the 220V current that is typically applied to pool pumps and already somewhat available outside a home in the pool pump housing area.
- Describe why you think this product would make a good addition to your current product/service offering.This product will allow data capture and device management in large lots where the pool may be an abnormal distance (>100ft) from the pool pump area.
Sunday, March 20, 2016
Growing My Social Capital
1-1: Who they are and what their background is
I interviewed Alex Rotham, co-founder of Continental Pools in Miramar, Florida. Alex has been in the pool service industry for 6 years, and his team has taken care of my pool for 3 of those years.
1-2: Which “slot” are you filling
Alex filled the domain expert in my industry slot.
1-3: A description of how you found the person and contacted the person
I’ve spoken to Alex a few times over the years regarding various matters regarding my pool. I called his cell phone and asked for some time to speak about this topic, and he was ready right then and we spoke at that moment over the phone.
1-4: The nature of the exchange
I spoke with Alex about my pool pump automation idea, and asked him how feasible he thought the solution was. At first he seemed dismissive, but by the end of the chat he seemed to be more receptive.
1-5: How will including this person in your network enhance your ability to exploit an opportunity?
Alex is in the pool industry, and could actually be a service provider or a reseller for me in the future. He also has good contacts and that has already helped me with this assignment.
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2-1: Who they are and what their background is
I had a quick conversation with Juan Reyes, who sells chlorine tablet distribution devices. He’s been in the pool service industry for 9 years.
2-2: Which “slot” are you filling
Juan is filling the market expert slot.
2-3: A description of how you found the person and contacted the person
My first contact Alex got me in touch with Juan.
2-4: The nature of the exchange
I spoke to Juan about how I might go about selling my device in Florida. He warned me of potential patent issues but ultimately gave me really good advice.
2-5: How will including this person in your network enhance your ability to exploit an opportunity?
Juan knows how to get a pool product on shelves and into pools. This was a critical earning experience for me.
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3-1: Who they are and what their background is
Angela Rincon is a supplier of chlorine tablets in South Florida. She’s been supplying pool tablets for 2 years.
3-2: Which “slot” are you filling
Angela is filling the supplier slot.
3-3: A description of how you found the person and contacted the person
I got her contact info from Alex and called her.
3-4: The nature of the exchange
Angela was short with me but did let me know that I "have a tough time ahead of me".
3-5: How will including this person in your network enhance your ability to exploit an opportunity?
Knowing her perspective is helpful to anticipate challenges.
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Reflection:
This was a hard core exercise where I had to face the music in my target industry. I was exposed to extremely relevant feedback from folks in the know. I do feel empowered from the experience, feeling I really do have an unmet need that hasn't been fully defined yet. In the future I'll have more confidence when speaking about my product to folks who can legitimately challenge its feasibility.
I interviewed Alex Rotham, co-founder of Continental Pools in Miramar, Florida. Alex has been in the pool service industry for 6 years, and his team has taken care of my pool for 3 of those years.
1-2: Which “slot” are you filling
Alex filled the domain expert in my industry slot.
1-3: A description of how you found the person and contacted the person
I’ve spoken to Alex a few times over the years regarding various matters regarding my pool. I called his cell phone and asked for some time to speak about this topic, and he was ready right then and we spoke at that moment over the phone.
1-4: The nature of the exchange
I spoke with Alex about my pool pump automation idea, and asked him how feasible he thought the solution was. At first he seemed dismissive, but by the end of the chat he seemed to be more receptive.
1-5: How will including this person in your network enhance your ability to exploit an opportunity?
Alex is in the pool industry, and could actually be a service provider or a reseller for me in the future. He also has good contacts and that has already helped me with this assignment.
----------------------
2-1: Who they are and what their background is
I had a quick conversation with Juan Reyes, who sells chlorine tablet distribution devices. He’s been in the pool service industry for 9 years.
2-2: Which “slot” are you filling
Juan is filling the market expert slot.
2-3: A description of how you found the person and contacted the person
My first contact Alex got me in touch with Juan.
2-4: The nature of the exchange
I spoke to Juan about how I might go about selling my device in Florida. He warned me of potential patent issues but ultimately gave me really good advice.
2-5: How will including this person in your network enhance your ability to exploit an opportunity?
Juan knows how to get a pool product on shelves and into pools. This was a critical earning experience for me.
----------------------
3-1: Who they are and what their background is
Angela Rincon is a supplier of chlorine tablets in South Florida. She’s been supplying pool tablets for 2 years.
3-2: Which “slot” are you filling
Angela is filling the supplier slot.
3-3: A description of how you found the person and contacted the person
I got her contact info from Alex and called her.
3-4: The nature of the exchange
Angela was short with me but did let me know that I "have a tough time ahead of me".
3-5: How will including this person in your network enhance your ability to exploit an opportunity?
Knowing her perspective is helpful to anticipate challenges.
----------------------
Reflection:
This was a hard core exercise where I had to face the music in my target industry. I was exposed to extremely relevant feedback from folks in the know. I do feel empowered from the experience, feeling I really do have an unmet need that hasn't been fully defined yet. In the future I'll have more confidence when speaking about my product to folks who can legitimately challenge its feasibility.
Week 10 Reading Reflection
This chapter was something of a refresher for the accounting courses I took last year. Just as it was then, debits and credits stood out to me.
This chapter confuses me slightly when it comes to debits and credits in accounting. I get the concept, but it feels counter-intuitive. With that in mind, I would ask the author 1) what is an easy way to remember a rule of thumb for the basic debits and credits system, and 2) what does the author feel is the reason the system feels counter-intuitive to myself and some of the peers I've spoken to about it?
I do not feel the author was actually wrong about anything in the chapter.
This chapter confuses me slightly when it comes to debits and credits in accounting. I get the concept, but it feels counter-intuitive. With that in mind, I would ask the author 1) what is an easy way to remember a rule of thumb for the basic debits and credits system, and 2) what does the author feel is the reason the system feels counter-intuitive to myself and some of the peers I've spoken to about it?
I do not feel the author was actually wrong about anything in the chapter.
Wednesday, March 16, 2016
Elevator Pitch No. 3
My third elevator pitch was an interesting one. I was traveling for work again and my best opportunity was at LGA, so I went for it. I took advice from my previous pitch and shortened the pitch, not including all the technical details I included before that made it run so long. That advice stood out as important. It wasn't all that surprising but I took it to heart. I do still need to include the technical details, because that's where all the glory is, so I made reference to a fictitious website.
Sunday, March 13, 2016
Week 9 Reading Reflection
The biggest surprise for me in the reading was the irrelevancy topic. Certain there is a high degree of irrelevancy in information gained through marketing efforts, but I believe the level of irrelevancy is higher than the author connotes.
I found this irrelevancy topic the most confusing for me as well. The rest of the chapter made sense, but I was under the impression that a marketer could expect to receive only 1% of a return on most marketing efforts. I would ask the author 1) what they think the average irrelevancy percentage is in marketing efforts, and 2) what industries face more irrelevancy in marketing efforts than other industries.
I do not feel the author was actually wrong about any aspects of the reading.
I found this irrelevancy topic the most confusing for me as well. The rest of the chapter made sense, but I was under the impression that a marketer could expect to receive only 1% of a return on most marketing efforts. I would ask the author 1) what they think the average irrelevancy percentage is in marketing efforts, and 2) what industries face more irrelevancy in marketing efforts than other industries.
I do not feel the author was actually wrong about any aspects of the reading.
Wednesday, March 2, 2016
Idea Napkin No. 2
I am a low risk taker who is great at problem solving and providing solutions to complex challenges. I'm persistent and thorough, but need to be able to focus to do my best work. This product allows me to solve for the intense technical challenges it presents and I could dedicate time in my life up front to make it happen. As it succeeds I can balance my life by delegating ongoing activity to employees.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule. Pool pumps circulate water in the pool, effectively mixing the chemicals that are placed in the pool to fight bacteria growth. Currently, these pumps run on a hard schedule, like on at 10am and off at 5pm. However, the pump doesn't always have to run on this schedule, as it truly only needs to run when the chemicals in the pool need circulation and distribution.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home. If pool pump owners could only have their pump run when it's needed, I believe pool owners will be happier.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
Feedback memo:
The feedback I received was great, and mentioned these five things: 1)I needed to be more clear on what my product does; 2) I need to better articulate why people care; 3) I need to explain more about pool pumps in general; 4) I need to clarify details on electricity usage in pool pumps; and 5) I need to talk more about how my product actually works. I feel I accommodated all of those needs in the additions I made in the second and fourth paragraphs, demonstrating how the device is beneficial and how pool pumps work today.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule. Pool pumps circulate water in the pool, effectively mixing the chemicals that are placed in the pool to fight bacteria growth. Currently, these pumps run on a hard schedule, like on at 10am and off at 5pm. However, the pump doesn't always have to run on this schedule, as it truly only needs to run when the chemicals in the pool need circulation and distribution.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home. If pool pump owners could only have their pump run when it's needed, I believe pool owners will be happier.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
Feedback memo:
The feedback I received was great, and mentioned these five things: 1)I needed to be more clear on what my product does; 2) I need to better articulate why people care; 3) I need to explain more about pool pumps in general; 4) I need to clarify details on electricity usage in pool pumps; and 5) I need to talk more about how my product actually works. I feel I accommodated all of those needs in the additions I made in the second and fourth paragraphs, demonstrating how the device is beneficial and how pool pumps work today.
Sunday, February 28, 2016
Week 8 Reading Reflection
The biggest surprise for me in the reading was reading that venture capitalists expect such high rates of returns. To me that seems like an immature expectation from an investment perspective, where time-tested investment practices for venture capitalists would show a reasonable return to be prudent.
I was confused by that same venture capitalist expectation on returns. I would ask the author why venture capitalists in general demand such high returns when it's far more likely that success will be achieved through even normal returns. I would also ask the author for an average rate expected from venture capitalists.
I didn't feel the author was wrong on any aspects in this chapter.
I was confused by that same venture capitalist expectation on returns. I would ask the author why venture capitalists in general demand such high returns when it's far more likely that success will be achieved through even normal returns. I would also ask the author for an average rate expected from venture capitalists.
I didn't feel the author was wrong on any aspects in this chapter.
Half-way Reflection
This course has been challenging from a time management perspective. I missed a couple assignments just because I wasn't on top of the due dates. I knew the assignments were looming but I still missed them. I actually did all of the video interviews for one and somehow forgot to "Declare" after "Sharing". I learned a lot from that experience and have developed a better sense of time management, which has since helped in this course.
I did feel like giving up when I went through the process of doing the interviews and somehow forgot to "Declare". However, I accepted the knock on the chin and and understood that it was still a great learning experience, both in the interview process and in the process of crossing all the t's and dotting all the i's.
Three tips I would offer to future students for tenacity would be: 1) stay on top of the assignments; 2) get ahead of the assignments as much as you can; and 3) don't be shy, as you'll find that the more you're in front of strangers asking them questions that matter to you, the less shy you'll become.
I did feel like giving up when I went through the process of doing the interviews and somehow forgot to "Declare". However, I accepted the knock on the chin and and understood that it was still a great learning experience, both in the interview process and in the process of crossing all the t's and dotting all the i's.
Three tips I would offer to future students for tenacity would be: 1) stay on top of the assignments; 2) get ahead of the assignments as much as you can; and 3) don't be shy, as you'll find that the more you're in front of strangers asking them questions that matter to you, the less shy you'll become.
The Twenty Percent
The first business owner I spoke to was a veterinarian. Her target customers are "friendly, long-term clients with one or two family animals". From a needs perspective, she said there is a current trend she's seeing where travel for animals internationally often requires too much time for travelers and they end up boarding instead, even though they intended to travel with their pets. She finds customers through light advertising on her website and through word of mouth. Her target demographic is domestic pet owners in the middle class to upper class who can afford top tier veterinary services. Her customers typically find veterinary services through word of mouth.
The second business owner I spoke to was an interesting Digital Marketing agency owner. His target customers are "Fortune 1000 customers embarking on transformation changes in their Digital presence". He set an unmet need for potential customers is the gap between the people who can handle the technology and the people who understand the business. He finds customers through "Requests For Proposals" (RFPs) and through the clients he already has. Customer demographics for him are Fortune 1000 companies. His target customers read the Forrester and Gartner reports as well as popular Digital websites to find agencies to work with.
The third business owner I spoke with assembles bicycles for companies like Walmart. His target customers are large resellers of bicycles. The need he sees is "ready-to-go bicycles in bulk". He finds his customers through the reseller network he has. The demographics vary greatly for him, from lower income to high income customers buying specialty bikes. His customers read the reseller materials to find the bikes that he assembles for them.
The second business owner I spoke to was an interesting Digital Marketing agency owner. His target customers are "Fortune 1000 customers embarking on transformation changes in their Digital presence". He set an unmet need for potential customers is the gap between the people who can handle the technology and the people who understand the business. He finds customers through "Requests For Proposals" (RFPs) and through the clients he already has. Customer demographics for him are Fortune 1000 companies. His target customers read the Forrester and Gartner reports as well as popular Digital websites to find agencies to work with.
The third business owner I spoke with assembles bicycles for companies like Walmart. His target customers are large resellers of bicycles. The need he sees is "ready-to-go bicycles in bulk". He finds his customers through the reseller network he has. The demographics vary greatly for him, from lower income to high income customers buying specialty bikes. His customers read the reseller materials to find the bikes that he assembles for them.
Sunday, February 21, 2016
Week 7 Reading Reflection
The biggest surprise for me in the reading was the nugget about the Miller Lite ads. I remember the mud-wrestling ads, but I'm surprised to learn that those ads did not actually increase sales. When I think about it though it does make sense as they were appealing to an existing strong customer segment of theirs.
I was confused by the need to get so granular with segments. Don't large customer segments hold tremendous value, for large campaign efforts? I would ask the author to clarify that notion, and I would also ask the author to provide specific examples where a more granular segmentation effort has been successful.
I don't think the author was actually wrong on any topics.
I was confused by the need to get so granular with segments. Don't large customer segments hold tremendous value, for large campaign efforts? I would ask the author to clarify that notion, and I would also ask the author to provide specific examples where a more granular segmentation effort has been successful.
I don't think the author was actually wrong on any topics.
Sunday, February 14, 2016
Week 6 Reading Reflection
The biggest surprise for me in the reading was that rivalry can be destructive to a business in many scenarios. If someone would've asked me prior to the reading I would've said that rivalry almost always resulted in progress and innovation.
I was somewhat confused by the author's highlighted statement, "Faced with pressures to gain market share or enamored with innovation for its own sake, managers can spark new kinds of competition that no incumbent can win". That is a mouthful but somewhat unclear. The subsequent reading did not clarify that section for me much either.
I would ask the author what the section mentioned above is intended to convey. Is the message intended to be that innovation into new areas can overcome existing businesses already thriving in those new areas? Is the message intended to be that incumbents in a current area will not thrive into new areas without innovation?
I do not disagree with any of the author's messaging.
I was somewhat confused by the author's highlighted statement, "Faced with pressures to gain market share or enamored with innovation for its own sake, managers can spark new kinds of competition that no incumbent can win". That is a mouthful but somewhat unclear. The subsequent reading did not clarify that section for me much either.
I would ask the author what the section mentioned above is intended to convey. Is the message intended to be that innovation into new areas can overcome existing businesses already thriving in those new areas? Is the message intended to be that incumbents in a current area will not thrive into new areas without innovation?
I do not disagree with any of the author's messaging.
Saturday, February 6, 2016
Idea Napkin No. 1
I am a low risk taker who is great at problem solving and providing solutions to complex challenges. I'm persistent and thorough, but need to be able to focus to do my best work. This product allows me to solve for the intense technical challenges it presents and I could dedicate time in my life up front to make it happen. As it succeeds I can balance my life by delegating ongoing activity to employees.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
The product allows customers to manage the electrical efficiency of their pool pumps, which historically just turn on and off on a relatively inefficient schedule.
I'm offering the product to swimming pool owners.
Swimming pool owners care because pool pump electricity costs are significant, one of of the more expensive electrical devices in the home.
I have a long history in technology and also in pool ownership. I'm keen on emerging technologies and how the data that IoT devices drive can be used to make significant changes in the physical world.
I do believe these all fit together well, though I'm pretty weak on the part where my life improves with this venture. I have to work on that.
Week 5 Reading Reflection
The biggest surprise for me in the reading was that you don’t
actually have to have a working product in order to get a patent. Just the
concept alone, with the right detail, can be enough to secure a patent.
I was a little confused by what actually constitutes
intellectual property. How do you know for sure that your idea is complete
enough to be considered intellectual property?
I would ask the author to better clarify intellectual
property as a defined term, because I’m confused about that even after reading
the material. I would also ask about average costs for patent research, because
I don’t have a feel for what it would take financially to get a patent.
I don’t feel the author was wrong about any topics.
Wednesday, February 3, 2016
Elevator Pitch No. 1
My elevator pitch is for Drift, a pool pump automation device that optimizes energy efficiency for swimming pool pumps.
Sunday, January 31, 2016
Week 4 Reading Reflection
The biggest surprise for me in the reading was learning that creativity isn't a birthright. I always felt you were either born with or without it. That part of the reading was also a bit confusing for me, because I do believe that folks are born either more apt to leverage their right (creative) side of the brain versus their left (logical) side of the brain. I would ask the author if they felt that although everyone is born with the ability to be creative, are people born with more of that ability than others? I would ask how much of this creativity discussion is truly nature vs nurture.
I don't feel the author was wrong about anything, but there are a few topics specifically around creativity that I'd like to chat with the author about.
I don't feel the author was wrong about anything, but there are a few topics specifically around creativity that I'd like to chat with the author about.
Customer Interviews No. 1
The opportunity I discussed with folks is something I've been contemplating for a few years now, the automation of swimming pool service. I live in South Florida where there is no shortage of swimming pools, so I went to a public venue to talk to folks, and talked to a neighbor as well. The questions I asked were:
1. Do you have a pool at your house?
2. Do you do your own pool maintenance?
3. Would it interest you to have a device that could automatically adjust your pool pump, turning it on and off based on the actual chlorination levels in your pool?
4. Have you heard of anything like this out in the market already?
After talking to folks I confirmed that there is a real opportunity here, though there is a slimmer market for it than I previously believed.
I did learn through the interview process that you have to really be prepared for the different directions that the interview can go based on the responses to your questions. I don't think a whole tree of possible responses is necessary, you just have to be prepared and really know your topic when interviewing potential customers.
First Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Second Interview:
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Original directly uploaded version that seems to only work in Safari
Third Interview:
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Original directly uploaded version that seems to only work in Safari
Fourth Interview:
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Original directly uploaded version that seems to only work in Safari
Fifth Interview:
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Original directly uploaded version that seems to only work in Safari
1. Do you have a pool at your house?
2. Do you do your own pool maintenance?
3. Would it interest you to have a device that could automatically adjust your pool pump, turning it on and off based on the actual chlorination levels in your pool?
4. Have you heard of anything like this out in the market already?
After talking to folks I confirmed that there is a real opportunity here, though there is a slimmer market for it than I previously believed.
I did learn through the interview process that you have to really be prepared for the different directions that the interview can go based on the responses to your questions. I don't think a whole tree of possible responses is necessary, you just have to be prepared and really know your topic when interviewing potential customers.
First Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Second Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Third Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Fourth Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Fifth Interview:
Added YouTube version
Original directly uploaded version that seems to only work in Safari
Wednesday, January 27, 2016
Top 5 World Problems
Top 5 Problems:
1. Terrorism is a horrible problem facing the world today. Terrorist attacks seem to be getting more frequent and more widespread. Solving for this horrible threat will take a combined effort of immediate and long term action. Immediate action, as stated by President Obama during his recent State of the Union speech, includes rooting out the current problem, and long term action includes changing the global perception of terrorism. It will take a global effort.
2. Global warming is apparent today based on polar ice changes and significant changes in weather patterns. We as humans have made a mess of our planet's atmospheric stability. Governmental changes across the world are necessary to reverse the current state. It will take a global effort.
3. Hunger is a significant challenge in many parts of the world, be they considered first or third world. Adults and children alike suffer through poverty and famine, while not far away a wealth of food is available. More efficient aid methods and global support will help to solve the problem. It will take a global effort.
4. Cancer affects people around the world. It is safe to say that most people have been touched by cancer in some way, with someone close to them or separated by a few degrees that has faced cancer. Technology today is expanding at an exponential rate in modern nations, and the collective efforts can be combined to evolve cancer treatments. It will take a global effort.
5. Depleting natural resources such as water are a significant global problem. It has been said that the next major war will be over water, not oil. Water preservation techniques and desalination methods can potentially solve this problem. It will take a global effort.
Top 5 Solutions:
1. Global warming
2. Depleting natural resources
3. Terrorism
4. Hunger
5. Cancer
These are all extremely important and extremely difficult problems to solve. I selected terrorism as the most important threat because it is a threat that is quickly escalating and becoming more pervasive. Focus must be placed on this threat immediately throughout the world. I selected global warming as the most solvable, which says a lot about the relative complexity of these problems, if global warming is the most practical to solve! The science exists and there is already global traction in support of resolving global warming issues. That world consensus on the matter helps make global warming the most practical of these very complicated challenges.
1. Terrorism is a horrible problem facing the world today. Terrorist attacks seem to be getting more frequent and more widespread. Solving for this horrible threat will take a combined effort of immediate and long term action. Immediate action, as stated by President Obama during his recent State of the Union speech, includes rooting out the current problem, and long term action includes changing the global perception of terrorism. It will take a global effort.
2. Global warming is apparent today based on polar ice changes and significant changes in weather patterns. We as humans have made a mess of our planet's atmospheric stability. Governmental changes across the world are necessary to reverse the current state. It will take a global effort.
3. Hunger is a significant challenge in many parts of the world, be they considered first or third world. Adults and children alike suffer through poverty and famine, while not far away a wealth of food is available. More efficient aid methods and global support will help to solve the problem. It will take a global effort.
4. Cancer affects people around the world. It is safe to say that most people have been touched by cancer in some way, with someone close to them or separated by a few degrees that has faced cancer. Technology today is expanding at an exponential rate in modern nations, and the collective efforts can be combined to evolve cancer treatments. It will take a global effort.
5. Depleting natural resources such as water are a significant global problem. It has been said that the next major war will be over water, not oil. Water preservation techniques and desalination methods can potentially solve this problem. It will take a global effort.
Top 5 Solutions:
1. Global warming
2. Depleting natural resources
3. Terrorism
4. Hunger
5. Cancer
These are all extremely important and extremely difficult problems to solve. I selected terrorism as the most important threat because it is a threat that is quickly escalating and becoming more pervasive. Focus must be placed on this threat immediately throughout the world. I selected global warming as the most solvable, which says a lot about the relative complexity of these problems, if global warming is the most practical to solve! The science exists and there is already global traction in support of resolving global warming issues. That world consensus on the matter helps make global warming the most practical of these very complicated challenges.
Sunday, January 24, 2016
Week 3 Reading Reflection
The biggest surprise for me in the reading was the sense of distrust that most entrepreneurs face. I can see now though how having such a keen focus on what others are missing could lead someone to eventually fall into a pattern of distrust.
I was slightly confused by the belief that entrepreneurs face bouts of unrealistic optimism. This contradicts the ability of entrepreneurs to calculate risk.
The first question I would ask would be why do you feel entrepreneurs have unrealistic optimism? That topic confused me. The second question I would ask would be which of the listed characteristics of entrepreneurs is most often a failure point for entrepreneurs? I'd like to know more about the more common deficiencies in entrepreneurs.
I didn't feel the author was wrong about the topics in this chapter.
I was slightly confused by the belief that entrepreneurs face bouts of unrealistic optimism. This contradicts the ability of entrepreneurs to calculate risk.
The first question I would ask would be why do you feel entrepreneurs have unrealistic optimism? That topic confused me. The second question I would ask would be which of the listed characteristics of entrepreneurs is most often a failure point for entrepreneurs? I'd like to know more about the more common deficiencies in entrepreneurs.
I didn't feel the author was wrong about the topics in this chapter.
Identifying Local Opportunities
Ponzi schemer sentenced for multimillion-dollar fraud
http://www.sun-sentinel.com/local/palm-beach/fl-zada-ponzi-sentenced-20160122-story.html
This article is about the 12 year ponzi scheme run by Joseph Zada in Palm Beach. He swindled almost 40 million dollars from people over a 12 year span, claiming that he would invest their money and that he was part of the Saudi Arabian royal family. He's headed to jail now, for a long time.
This is a problem that seems to pop up more frequently than one would expect. I can't really relate because I don't have the kind of money that folks invest with these ponzi schemers, but I wonder what compels these seemingly affluent individuals to make such risky investments. Sound financial advice and risk management strategies seem to be needed for this demographic.
Teen fleeing in stolen car crashes into vehicle; driver has heart attack, cops say
http://www.sun-sentinel.com/local/palm-beach/fl-riviera-beach-fleeing-driver-heart-attack-20160121-story.html
A 17-year-old female teenager stole and car and fled from police. While fleeing she wreaked havoc, including crashing into a 42-year-old man's vehicle with him in it. The man had a heart attack and was hospitalized.
One of the many problems here is the chase aspect. Police need to chase criminals to capture them but risk harming civilians in the process. This is a problem for law enforcement and communities.
Hunters remove 39 pythons from Everglades
http://www.sun-sentinel.com/news/florida/fl-python-hunt-tally-20160122-story.html
The Florida Fish and Wildlife Conservation Commission held a challenge to remove Burmese pythons from the Everglades. This is in response to the overabundance of these snakes in the Everglades. The problem that the ecosystem in the Everglades faces is that these snakes disrupt the natural order of the environment.
Dirt biker injured in crash he caused will be cited, police say
http://www.sun-sentinel.com/local/palm-beach/boynton-beach/fl-boynton-dirt-biker-injured-20160121-story.html
A dirt biker was driving recklessly and caused an accident, and will be given a citation. The problem here is that the law is not always being respected when it comes to not allowing dirt bikes on streets, and this is a problem for both the riders and regular street traffic and pedestrians.
West Palm Beach man assumed identity of slain father to collect benefits, investigators say
http://www.sun-sentinel.com/local/palm-beach/fl-lantana-murdered-dad-benefits-20160120-story.html
A man collected over $120,000 in his deceased father's name. His father was buried in a backyard and his death was never registered. He died of strangulation. One of the problems here is that the son was able to open accounts and manipulate social security payments for his father without much scrutiny. This affects the banks and the payers.
http://www.sun-sentinel.com/local/palm-beach/fl-zada-ponzi-sentenced-20160122-story.html
This article is about the 12 year ponzi scheme run by Joseph Zada in Palm Beach. He swindled almost 40 million dollars from people over a 12 year span, claiming that he would invest their money and that he was part of the Saudi Arabian royal family. He's headed to jail now, for a long time.
This is a problem that seems to pop up more frequently than one would expect. I can't really relate because I don't have the kind of money that folks invest with these ponzi schemers, but I wonder what compels these seemingly affluent individuals to make such risky investments. Sound financial advice and risk management strategies seem to be needed for this demographic.
Teen fleeing in stolen car crashes into vehicle; driver has heart attack, cops say
http://www.sun-sentinel.com/local/palm-beach/fl-riviera-beach-fleeing-driver-heart-attack-20160121-story.html
A 17-year-old female teenager stole and car and fled from police. While fleeing she wreaked havoc, including crashing into a 42-year-old man's vehicle with him in it. The man had a heart attack and was hospitalized.
One of the many problems here is the chase aspect. Police need to chase criminals to capture them but risk harming civilians in the process. This is a problem for law enforcement and communities.
Hunters remove 39 pythons from Everglades
http://www.sun-sentinel.com/news/florida/fl-python-hunt-tally-20160122-story.html
The Florida Fish and Wildlife Conservation Commission held a challenge to remove Burmese pythons from the Everglades. This is in response to the overabundance of these snakes in the Everglades. The problem that the ecosystem in the Everglades faces is that these snakes disrupt the natural order of the environment.
Dirt biker injured in crash he caused will be cited, police say
http://www.sun-sentinel.com/local/palm-beach/boynton-beach/fl-boynton-dirt-biker-injured-20160121-story.html
A dirt biker was driving recklessly and caused an accident, and will be given a citation. The problem here is that the law is not always being respected when it comes to not allowing dirt bikes on streets, and this is a problem for both the riders and regular street traffic and pedestrians.
West Palm Beach man assumed identity of slain father to collect benefits, investigators say
http://www.sun-sentinel.com/local/palm-beach/fl-lantana-murdered-dad-benefits-20160120-story.html
A man collected over $120,000 in his deceased father's name. His father was buried in a backyard and his death was never registered. He died of strangulation. One of the problems here is that the son was able to open accounts and manipulate social security payments for his father without much scrutiny. This affects the banks and the payers.
Friday, January 22, 2016
Very Short Interview No. 1
I interviewed Dr. Lorraine Williams, veterinarian. She has been an entrepreneur for 10 years. She has her own company and contracts her veterinary services to the likes of the USDA, Petco and the Humane Society. Here are the questions and answers from our interview.
Q: I'm taking an entrepreneurship class at the University of Florida. What do you think I should focus on most in the class?
A: Be sure to ask questions about bookkeeping. Starting out as an entrepreneur means you're going to be juggling a lot of responsibilities at the same time. I find that bookkeeping can be a problem and you might want to look into making an accountant the first assistant you bring on.
Q: Are you happy you chose to be an entrepreneur?
A: There are some tough days but then I think about my peers who are in regular vet jobs and I think I'm better suited as an entrepreneur. I still have bosses at the places I contract but it's more of a partnership and I can set my own schedule. That makes me happy.
Q: How did you learn the ropes of entrepreneurship?
A: It wasn't part of my curriculum in zoology or vet school. I didn't take any classes. I just sort of did it and learned while doing it. I did have some friends in the veterinary community that I would ask random questions to every now and then, but mostly I figured things out on my own, and still do.
In summary, I was a surprised at the minimal amount of formal business training the doctor had needed to become so successful as an entrepreneur. Clearly she is extremely intelligent and very well educated, and I think that has a lot to do with her ability to learn on the fly and be successful.
Q: I'm taking an entrepreneurship class at the University of Florida. What do you think I should focus on most in the class?
A: Be sure to ask questions about bookkeeping. Starting out as an entrepreneur means you're going to be juggling a lot of responsibilities at the same time. I find that bookkeeping can be a problem and you might want to look into making an accountant the first assistant you bring on.
Q: Are you happy you chose to be an entrepreneur?
A: There are some tough days but then I think about my peers who are in regular vet jobs and I think I'm better suited as an entrepreneur. I still have bosses at the places I contract but it's more of a partnership and I can set my own schedule. That makes me happy.
Q: How did you learn the ropes of entrepreneurship?
A: It wasn't part of my curriculum in zoology or vet school. I didn't take any classes. I just sort of did it and learned while doing it. I did have some friends in the veterinary community that I would ask random questions to every now and then, but mostly I figured things out on my own, and still do.
In summary, I was a surprised at the minimal amount of formal business training the doctor had needed to become so successful as an entrepreneur. Clearly she is extremely intelligent and very well educated, and I think that has a lot to do with her ability to learn on the fly and be successful.
Wednesday, January 20, 2016
World's Biggest Problems
1. Terrorism is a horrible problem facing the world today. Terrorist attacks seem to be getting more frequent and more widespread. Solving for this horrible threat will take a combined effort of immediate and long term action. Immediate action, as stated by President Obama during his recent State of the Union speech, includes rooting out the current problem, and long term action includes changing the global perception of terrorism. It will take a global effort.
2. Global warming is apparent today based on polar ice changes and significant changes in weather patterns. We as humans have made a mess of our planet's atmospheric stability. Governmental changes across the world are necessary to reverse the current state. It will take a global effort.
3. Hunger is a significant challenge in many parts of the world, be they considered first or third world. Adults and children alike suffer through poverty and famine, while not far away a wealth of food is available. More efficient aid methods and global support will help to solve the problem. It will take a global effort.
4. Cancer affects people around the world. It is safe to say that most people have been touched by cancer in some way, with someone close to them or separated by a few degrees that has faced cancer. Technology today is expanding at an exponential rate in modern nations, and the collective efforts can be combined to evolve cancer treatments. It will take a global effort.
5. Ocean cleanliness is a significant concern. The amount of pollution in the ocean is dramatic and affects the entire Earth's delicate ecosystem and contaminates the food supply that the ocean provides to all levels of the food chain. Progressive techniques are being tested that promise to help clean our oceans at the surface and sea floor. The oceans take up 75% of the Earth. It will take a global effort.
6. Poverty faces a significant percentage of people on Earth. It's a driving force behind other issues such as hunger and sickness. Poverty is a global problem that can potentially be solved over time through education efforts and economic distribution. It will take a global effort.
7. Depleting natural resources such as water are a significant global problem. It has been said that the next major war will be over water, not oil. Water preservation techniques and desalination methods can potentially solve this problem. It will take a global effort.
8. Air pollution is reaching epidemic levels in areas such as Beijing. The side effects of air pollution have detrimental health impacts and accelerate global warming. Beijing produces goods for the world's demand. It will take a global effort.
9. Mass displacement as seen in Syria is a global issue. The causes of the displacement are solvable and help for those displaced can be improved on a global scale. It will take a global effort.
10. The threat of nuclear war is a global problem. Nations with nuclear weapons pose a catastrophic threat to our planet and live as a whole. This problem can be resolved through the dismantling and disposal of all nuclear weapons, and global enforcement of regulations prohibiting nuclear weapon production. It will take a global effort.
2. Global warming is apparent today based on polar ice changes and significant changes in weather patterns. We as humans have made a mess of our planet's atmospheric stability. Governmental changes across the world are necessary to reverse the current state. It will take a global effort.
3. Hunger is a significant challenge in many parts of the world, be they considered first or third world. Adults and children alike suffer through poverty and famine, while not far away a wealth of food is available. More efficient aid methods and global support will help to solve the problem. It will take a global effort.
4. Cancer affects people around the world. It is safe to say that most people have been touched by cancer in some way, with someone close to them or separated by a few degrees that has faced cancer. Technology today is expanding at an exponential rate in modern nations, and the collective efforts can be combined to evolve cancer treatments. It will take a global effort.
5. Ocean cleanliness is a significant concern. The amount of pollution in the ocean is dramatic and affects the entire Earth's delicate ecosystem and contaminates the food supply that the ocean provides to all levels of the food chain. Progressive techniques are being tested that promise to help clean our oceans at the surface and sea floor. The oceans take up 75% of the Earth. It will take a global effort.
6. Poverty faces a significant percentage of people on Earth. It's a driving force behind other issues such as hunger and sickness. Poverty is a global problem that can potentially be solved over time through education efforts and economic distribution. It will take a global effort.
7. Depleting natural resources such as water are a significant global problem. It has been said that the next major war will be over water, not oil. Water preservation techniques and desalination methods can potentially solve this problem. It will take a global effort.
8. Air pollution is reaching epidemic levels in areas such as Beijing. The side effects of air pollution have detrimental health impacts and accelerate global warming. Beijing produces goods for the world's demand. It will take a global effort.
9. Mass displacement as seen in Syria is a global issue. The causes of the displacement are solvable and help for those displaced can be improved on a global scale. It will take a global effort.
10. The threat of nuclear war is a global problem. Nations with nuclear weapons pose a catastrophic threat to our planet and live as a whole. This problem can be resolved through the dismantling and disposal of all nuclear weapons, and global enforcement of regulations prohibiting nuclear weapon production. It will take a global effort.
Sunday, January 17, 2016
Week 2 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?
I was surprised to read that the highest ever percentage of American people that started a business per month, which happened in 2010, was only 0.34%. I would have imagined that number to have had a peak of much closer to 1%.
2) Identify at least one part of the reading that was confusing to you.
I didn't get a good sense of the definition of a "large organization". It is placed in quotes in the textbook so potentially there is no formal definition being used in the material.
3) If you were able to ask two questions to the author, what would you ask? Why?
I would ask the author the following questions. 1) What percentage of gazelles are considered large organizations prior to their status as a gazelle? I would ask this because I'd like to know how often small business grow into large organizations prior to becoming a gazelle. I imagine the percentage is low. 2) Aside from high tech, what industries have been more conducive to gazelle creation over the past five years? I'd like to know this to target potential industries that may not make the list, that are also primed for some type of transformation.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I do not disagree with any of the viewpoints presented in the chapter.
I do not disagree with any of the viewpoints presented in the chapter.
Bug List
- I have to manually test my pool water to determine if I need to adjust its chlorination levels.
Why: This exists because I don't have an automated way of knowing the chlorination levels. - I have to sit in traffic when driving to work in the morning, making what could be a 20 minute drive take 45 minutes.
Why: This exists because of the congestion on I-95 and Hallandale Beach Boulevard. - The open floorplan at work makes concentration difficult.
Why: This exists because of the noise level in the open area. - I can't find healthy food that I really enjoy for the taste.
Why: This exists because the healthy options I've been exposed to lack the unhealthy flavorings I'm accustomed to. - The American Airlines seat upgrades I've accumulated will be essentially useless once I stop traveling as much as I do now.
Why: This exists because AA's rewards program is saturated with frequent flyers. - The TSA PreCheck at SFO in the International Terminal where JetBlue operates sometimes shuts down at 11pm when I need it most to make the red-eye.
Why: This exists because the volume of PreCheck passengers at this hour is minimal. - When flying Southwest Airlines with my little kids I am pretty much forced to pay the extra cost to board early so that we can sit together, since there are no assigned seats.
Why: This exists because Southwest feels it positively differentiates itself with its target demographics by allowing flexibility in seating. - The coach seats on American Airlines long-haul flights are so much less comfortable than almost any other airline, especially JetBlue.
Why: This occurs because the seats on AA planes have not been adjusted across their fleet like seats have been adjusted in other airlines' planes. - When airlines take off from and land at FLL the walls at my house shake.
Why: This occurs because my house was built in the 1950's, is close to the airport and has termite damage. - My Internet at home gets really slow when it's raining outside.
Why: This exists because there are probably exposed contacts or a leaky junction box owned by Comcast somewhere in my neighborhood close to my house. - There aren't any really good restaurants within 2 miles of my house.
Why: There are restaurants nearby but none that we prefer. We like that our neighborhood is more laid back than living in downtown but do miss some of the perks of living in a more urban part of the city. - When I go to a doctor on ZocDoc's list of doctors I still have to fill out all the paperwork even though I filled it out electronically on ZocDoc.
Why: This occurs because ZocDoc is still a relatively new service. - The car line at my kids' school is extremely slow at pickup time.
Why: This is because keeping the kids safe is a priority. - Home automation is not even close to being platform agnostic. For example, Nest products don't natively work with Apple HomeKit and Siri.
Why: This is because the competition in the home automation is fierce and different companies are vying for the top spot. - Commercials on television are too frequent and interrupt the flow of viewing my favorite shows.
Why: This is because the commercials are needed to pay for television network costs. - It's difficult to motivate my son to try things he's not immediately interested in.
Why: This is a tough one to explain. - It's difficult to find a portfolio lender for real estate.
Why: Portfolio lenders are usually smaller banks and do not advertise their portfolio lending opportunities. - It bugs me when a selling realtor ruins a potential home for me with their bad attitude, making me think of the realtor whenever I think of the potential home.
Why: This happens because the first impression of a potential home for a buyer can be heavily influenced by the people involved in visit. - My son's car seat starts to loudly rattle randomly and the only way to stop it is to adjust the tilt on it.
Why: This is due to poor craftsmanship by the manufacturer of the car seat. - It takes far too long for me to get clear answers about mortgage options from the loan officers at my otherwise favorite bank.
Why: This is because my bank has a few very popular loan options and the loan officers are inundated with paperwork.
Saturday, January 9, 2016
My Entrepreneurship Story
I have some experience as an entrepreneur through my current rental property. I currently have a property that has been rented for just over two years. It started out simple enough, with me buying a home to live in, moving out but keeping the house and converting the mortgage to an investment mortgage. I hired a low cost but effective rental property management company to handle the primary interactions with current and potential tenants, and am enjoying being a real estate investor. I'm now looking to acquire a second investment property, and ultimately plan to have enough properties in my portfolio so that I can have enough passive income to sustain myself comfortable once I retire. Each property will take about 15 years to pay off without any accelerated payments, so I should be able to retire 15 years after I get the last income property that gets me to my desired passive income amount.
I enrolled in ENT 3003 given that this class is on my current set of requirements for the business track that I'm on, which was a pleasant surprise as I'm eager to be exposed to as much in the way of entrepreneurship as possible.
I enrolled in ENT 3003 given that this class is on my current set of requirements for the business track that I'm on, which was a pleasant surprise as I'm eager to be exposed to as much in the way of entrepreneurship as possible.
Introduction
I'm a father of two lovely little ones and live in Fort Lauderdale, Florida, originally from Atlanta, Georgia. I am attending UF in an effort to ultimately obtain an MBA to better position myself along my career path.
I travel quite a bit, mostly for work. For over a year I traveled almost weekly to the bay area from Fort Lauderdale, making for a constant whirlwind of transcontinental jet lag. I've been to many, many cities in the continental U.S., plus Puerto Rico, and I've also been to Japan, China, India and the United Kingdom.
I travel quite a bit, mostly for work. For over a year I traveled almost weekly to the bay area from Fort Lauderdale, making for a constant whirlwind of transcontinental jet lag. I've been to many, many cities in the continental U.S., plus Puerto Rico, and I've also been to Japan, China, India and the United Kingdom.
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