Final Reflection

The most formative experience for me was the two short interviews I had with an entrepreneur, my cousin Rob. He is so knowledgeable and successful in his entrepreneurial ventures and he had nothing but great advice to offer me. I believe this advice is definitely the most memorable experience for me. I will keep it with me as I move my career into the business world. Rob really offered me some invaluable advice. I honestly enjoyed the interviews for my venture. Being able to get outside opinions really shaped the direction of my product development. I believe strongly that potential customers can offer extremely valuable feedback. I believe my most proud achievement in this course is how much I have developed, researched, and worked on my entrepreneurial venture, Sports 4 U. I really enjoyed working on it and I feel I have made astounding progress on both the main idea and specifics.

I believe the many different and unique experiences has shaped me into a developing entrepreneur. I particularly enjoyed the Harvard Business Review articles as they opened my mind to new ideas, markets, and philosophies. I would surely include articles like that for future classes. Overall I really enjoyed developing my entrepreneurship through all the experiences we had, both studying the book, and getting out into the field. I have surely moved to developing an entrepreneurial mindset.

First, my one recommendation for future students is this, manage your time. This class is all about time management, but so is entrepreneurship. It is all about doing the right things at the right time and managing yourself. Get the assignments done on a timely basis and the class flows great! To perform best in this course is simple. You get out of this class what you put in. The more effort the better. The more time you spending developing your posts and truly reflecting on readings or experiences, the better entrepreneur you will be at the end of the semester.

Week 15 Reading Reflection

1. The biggest surprise for me in the reading was the section on 'Rethinking Microfinance.' The fact that stood out to me is that 3 billion people live on $2 a day or less. The micro-finance industry only reaches 140 million people. Essentially their is only a 19% market penetration - "a sure sign of under performance in the industry." If micro-finance firms can figure out a way, by getting access to commercial funds, creating scalable operating systems, etc. they can make a huge profit.

2. One part of the reading that was confusing to me was the section on scale titled 'The Scale Is the Thing.' It was really interesting to finally understand that a key to a lot of business' success is scale and standardization.

3. I would ask the traits needed to enter the micro-finance market successfully. Second I would want to inquire on the best methods to scale up my customer loyalty, as it touched on a bit in the article.

4. I believe the author was correct in what he was saying. He brought some interesting viewpoints and made some good comparisons between different industries. My favorite part was the fact that he opened my eyes to the micro-finance industry, something I did not know much about!

Elevator Pitch No. 4

1)

2) From my previous pitch I received a lot of positive feedback. The most important and I really think only feedback I got was to clarify my introduction a bit more. The body of my pitch was good, as peers suggested, and gave a lot of information. People said I seemed 'knowledgeable' about my app idea, Sports 4 U. I just needed to add more info at the beginning to clarify. 

3) I adjusted my introduction to be more informative and provide the viewer with a clearer view of my entrepreneurial venture for the University of Florida. It was great to receive feedback that was constructive and somewhat critical. Criticism helps you improve!

Venture Concept No. 2

1) Venture Concept Description

Opportunity

My venture opportunity is a phone based application called Sports 4 U, abbreviated S4U. The app is meant to organize intramural sports games for college students, I would start it here at the University of Florida, to get together and have fun whenever they are available. The need lies in athletic or sport-loving college students who want to be active, have fun, and meet new people. The nature of this need is more casual. It is not a necessity in anyway but rather a commodity or an extra benefit of being a university student. With the increase in technology in today's age, almost every college student has a smartphone. Using this app they can connect better with other students and play more sports beyond what the UF intramural program offers. This app has a strong demographic because of both the widespread use of smartphones, and the push towards people leading healthier and more active lives. This market is geographically located in Gainesville and includes college aged students, both graduate and undergrad, so ages 18-22 roughly. Customers are currently satisfying this need by using the vast amount of intramural sports offered by the University of Florida. I would assume they are loyal to intramural sports but this app can only add to their experience, they do not have to stop doing intramurals through UF to use S4U. S4U works on a day-to-day basis so students can work their intramurals around playing pick-up games through the app. This is a pretty big opportunity. I have had plenty of students mention that this idea would be popular and fun. This window of opportunity should be open for a while I believe. Although there is a good demographic, it is somewhat niche.

Innovation

So my 'innovation' is a smart-phone app. It is an app made to organize intramural sports games using the sports facilities made available for use by students. You will link your profile on the app with your UF ID and can connect with students from there. Field availability will be listed and you can organize and join events on a daily basis. The revenue made from this application will come from advertising on the phone app. I will go to local Gainesville companies once the app gets big enough or use ads through the internet to make revenue.

Venture Concept

This app will solve the unmet need for sports at a moment's notice. Many intramural sports are offered only in one semester of the year, like outdoor soccer. With this app, however, you can play whatever sports you want almost any day. Students already use many fields for pick-up games but this app will help organize them and help make the process so much easier. The only competitor I can think of would be UF rec sports. However I would encourage users to get involved with both UF intramurals and the application. This app offers sports whenever while UF rec sports have them on a schedule. This app could eventually be adopted as part of the UF intramural program and then be sold to different universities! I believe I would have to enlist some employees for the technical creation and maintenance of the application, but I would hope I can learn how to manage most of the app myself, eventually.

The Three Minor Elements

I believe the idea in its self is my most important resource. It is a relatively unique idea and I should not be troubled with too much competition. Plus, it will be free for users.

The next step for my venture is to market it to additional universities in the state of Florida and beyond. I believe once this app catches on it will be super popular. First I want UF to adopt it, then I can look forward.

I hope this venture will be well established and spread across most of the country in 5 years. Maybe at that point I look internationally to Europe and beyond. This venture will be a good test for me as an entrepreneur, and depending on how it goes. I might continue as an entrepreneur into more ventures.

2) The feedback I received was very helpful. The biggest suggestion for my concept was to make sure it did not overlap what the UF Rec Sports program covers. So if I do construct this concept, I will make sure to have it not overlap UF Rec Sports events. This app will rather be an addition to the UF Rec Sports program, allowing students to play whatever sports they wanted more spontaneously.  I will address the suggestions provided for me in the feedback.

3) Now I know to change my venture concept to be partnered with UF Rec Sports to make sure of no overlap. Additionally I can coordinate what fields will be available. This app can also be expanded to other universities if successful.

4) 

Week 14 Reading Reflection

Kuratko Ch. 3 & 4 (The Entrepreneurial Mind-Set in Organizations – Corporate Entrepreneurship / Social Entrepreneurship and the Ethical Challenges of Entrepreneurship)

1) The biggest surprise for me reading both of these chapters was a section early on in Chapter 3 entitled, "Defining the Concept of Corporate Entrepreneurship and Innovation." It was a very informative section. I was surprised at the concept if corporate venturing when larger companies take on risky ventures that can pay off or possibly even fail! 

2) One section I found a bit confusing was the importance or need for corporate entrepreneurship and innovation. I did not know that large corporations put such large emphasis on new ventures and changing old processes. I thought they were a lot more focused on internal and trusted ways to do things. 

3) I would ask first which is the biggest obstacle for corporate entrepreneurship and innovation? Secondly I would want to ask more into the objectives and programs for venture development. As they are two different but equally important concepts with guidelines for each.

4) I believe the author was correct in everything he said. He offered great examples of corporate entrepreneurship and used diagrams and sub-sections effectively. Overall very informative two chapters, although quite different in content. 

Google Gold

1) In my blog posts I used a combination of social media and keywords to improve my SEO. I used YouTube as my primary social media source as all my course videos were uploaded there. Additionally I used words like entrepreneur, sales, and many other business terms to help enhance my SEO.

2) My keywords throughout the semester have been business related terms specific to entrepreneurship. No I did not change them too much during the duration of the semester.

3) I used YouTube to enhance my SEO. I was very suprised that YouTube was such an integral portion of my blog. It surely attracted some viewership! I feel like social media generally was receptive and assisted my blog's popularity.

4) My most viral most was "My Entrepreneurship Story" in January. I believe it was the most popular because it contained many keywords and was around the time I started my blog, so it was newer and people were just discovering it.

5) My blog did make it to the front page of Google using my keywords! It is so cool to see it there!

Very Short Interview No. 2

The initial interview I had with cousin Rob was interesting and he offered some great useful and helpful advice for an entrepreneur. After progressing more through this class I believe I understand where the advice he gave me can help my venture. Overall my impression was that it offered vital information for me to help begin my journey as an entrepreneur. Having info from his perspective, owning an entrepreneurial venture, was awesome.

For our second interview, I learned even more. We went a tad off track talking about my venture. Although, he gave me great answers to my questions along with suggestions for my app Sports 4 U. So one of the questions was built around Rob's 4 'golden' rules with entrepreneurial ventures. Rob constantly receives calls from students at the undergraduate and graduate level at the University of Southern California offering ideas for ventures that need funding. These are the 4 things he looks for in a new business/venture. Firstly, sales. By sales, he told me he means basically how the product or service is marketed or communicated to potential customers. The most important part of this section is to have people understand the product/service quickly so they know what they are getting. Second is the value created. This is a concept that we have been working on all semester in class. Your idea, Rob says, has to create some sort of value. The more value created for potential customers the better. You have to fill some sort of need or necessity, he said. Third, how the venture is operated. You have to have a good idea of how you are going to distribute your product and/or service. Additionally once your venture is put into place, you need to be prepared for success. In this, Rob explained, you have to be able to operate your venture if it starts working out. You have to be able to handle both the day-to-day and long term duties as owner. Finally, and most importantly, is there a profit to be made and how much. Rob told me that he believes having concrete numbers to present is the best way to communicate an entrepreneurial venture. When he talks to students, he looks for them to have numbers in the first or second time he talks to them. If they do not, he begins to doubt the legitimacy of their venture and starts to ask questions.

The other portion of our interview was about what traits or abilities an entrepreneur truly needs to succeed. Rob gave me the following 3 abilities/traits. First, iteration. You have to be comfortable around people you do not know. Also, you have to be open to change your idea. When your bring your plan to an investor or whatnot, you need to be open to suggestions and understand that the first draft of your idea will most likely not be perfect. One final point for iteration was to always look to open new doors. Look for new opportunities for your ventures and always look to expand. Second, he stressed the importance of networking. I am very familiar with this from our assignment where we talked to experts in our market. Rob said you should research specific people in your field of business you want to get to know and put in the effort to get to know them. You have to be open to build relationships and grow with people. You need support to grow your venture successfully. Third, and not least, he stressed continuous learning. He thought he learned the most as an entrepreneur, not from a theoretical text book, but from being in the field, interacting with people. and making sales. Also, a very interesting point he had was to look at business history books. They offer great learning experiences and can offer valuable advice for future ventures.

After talking to Rob this second time, and presenting my clear plan for my entrepreneurial venture, he thought I had progressed more as an entrepreneur. We spent some time going back and forth with ideas for my app. We talked more as two fellow entrepreneurs as opposed to a teacher and pupil. I had terminology I had learned from our last interview and my journey in this class to use and convey my ideas. It was really great being able to talk about my venture and receive such valuable advice. I feel very comfortable now as an entrepreneur at this point in the class.

Celebrating Failure

1) One time I failed previously in this semester was during a project for my financial accounting class. I turned in my portion of the project and one of the problems I had done was incorrect. Thankfully this was not the final product that I had to turn into my professor. My group members, one in particular, helped me correct my mistakes. It was a great experience because the correction showed me how the problem was supposed to work. With this information I did better on the next exam I took.

2) I learned two important lessons from this failure. First, I learned that failing first is sometimes a really good thing. Since I approached the problem incorrectly, I spent a lot of time learning to do it correctly. Spending so much time on the problem really ingrained the information into my head and allowed to me to understand it extremely clearly. Secondly, I discovered that outside help can often be extremely helpful. My group member truly assisted me in learning the material. Although outside help is not always available, it is great to take advantage of it when it is there.

3) Failure is often a big struggle in my life. I had to retake one class at UF and that was a tough experience. I try to handle my emotions as well as I can when failure strikes. I do believe that it offers important learning experiences. From this class I have learned that failure is not just a learning experience, but often a step in the process of life. Failure is something that we need to embrace and take advantage of when it does happen.

Week 13 Reading Reflection

1) The biggest surprise for me this week was the section on performing due diligence. I did not believe it was such an extensive and important process to be a successful entrepreneur. The section in the chapter spanned 4 whole pages with sections from industry analysis to situation analysis.

2) One part of the reading that was a tad confusing was the section on the checklist for analyzing a business. The section 'sales literature on products' was the real part that was confusing until I read it a few times.

3) I would ask the author first, how important is the price/earnings ratio for different industries of entrepreneurial products. Second I would want to inquire more into the pre and post money valuation of a venture. The section is still a bit unclear to me.

4) I believe the author was correct in everything he said. He used his past experience and sources to back his information. I do not believe he was really incorrect at all.

Week 12 Reading Reflection

1) The biggest surprise for me i the reading was the amount of aspects that make up the lack of strategic planning. Many entrepreneurial ventures fail to take the proper time and planning to create a successful product.

2) One part of the reading that was a bit confusing to me was the section on 'Fatal Visions in Strategic Planning.' Particularly the third point about pursuing an unattainable competitive position. Essentially, many entrepreneurs do not plan for when their venture is successful. Therefore, they fail to take full advantage of their competitive advantage while it lasts, and do not make the best of their spot in the market. It took me a while to understand this concept.

3) First I would ask the author which Fatal Vision for strategic planning he thought was the most important to avoid for a successful venture. Secondly I would want him to elaborate on the four Venture Development Stages so I can have a clear picture of how to develop my product.

4) I believe the author was accurate and thorough with everything he discussed so I do not believe he was wrong in any sense. I also agree with most everything he said as he had examples and diagrams to back his theories.

What's Next

Existing Market

Step 1: For my phone app, Sports 4 U. I believe there is a lot for what's next. As I described in my Amazon Whisperer assignment, adding rent-able pennies could enhance the sports experience as players could make sure they can distinguish between their teammates and their opponents. I also think I can make some changes within the app to make the user interface better and add more features.

Step 2: 

Interview 1:

Interview 2:

Interview 3:

Step 3: So, for growth within my existing market. I can make the application add-ons that my customers (UF students), suggested. First by using a notification system that allows you to see if games are going on close to you. This will increase participation in the app and help increase both its popularity and add revenue. The second suggestion was to make a kind of username feature where you could add friends and 'follow' them to see what sports they are playing. This is a great idea for networking within the app. The third interview brought to light a chat feature. This can be extremely useful for people communicating with their friends in the app and other players to help organize the games better.
           Overall I received some great feedback and I believe the what's next is really getting into my app design to make it have a bunch of useful features. Additionally I want it to be user friendly so people suggest it to their friends to use.

New Market

Step 1: So for this step, I want to target three radically different markets. Firstly, I'll look at moving the app to high school aged and even middle school aged kids. Additionally I could expand a separate feature to allow pick-up games to be played by people in the area. Third, as I have previously stated, I want to move the app to other colleges across the country. I received these three market ideas from the three customers I interviewed.

Step 2: People of all ages enjoy sports. This will help expand my demographic to both older and younger audiences. I think it will be successful because of how people enjoy sports. The difficult part for this expansion would be figuring out what fields would be available for use.

Step 3:

Interview 1:

Interview 2:

Interview 3:

Step 4: I learned that these three new markets could be extremely viable and effective in expanding the reach of my venture. I believe that out of the three markets discussed, reaching out to other Universities should be the easiest. I have already mentioned that in the future I want to begin to expand the coverage of my phone app by offering it for other Universities to use. The other two markets are great ideas as well, however, there will be an issue with finding fields for use with the other two options. Still great ideas though!
            From interviewing I feel great because now I have three new markets to consider and hopefully enter into. If I am successful implementing this app at UF, I will definitely then focus on expanding the demographic that has access to Sports 4 U.

Venture Concept No. 1

Venture Concept Description

Opportunity

My venture opportunity is a phone based application called Sports 4 U, abbreviated S4U. The app is meant to organize intramural sports games for college students, I would start it here at the University of Florida, to get together and have fun whenever they are available. The need lies in athletic or sport-loving college students who want to be active, have fun, and meet new people. The nature of this need is more casual. It is not a necessity in anyway but rather a commodity or an extra benefit of being a university student. With the increase in technology in today's age, almost every college student has a smartphone. Using this app they can connect better with other students and play more sports beyond what the UF intramural program offers. This app has a strong demographic because of both the widespread use of smartphones, and the push towards people leading healthier and more active lives. This market is geographically located in Gainesville and includes college aged students, both graduate and undergrad, so ages 18-22 roughly. Customers are currently satisfying this need by using the vast amount of intramural sports offered by the University of Florida. I would assume they are loyal to intramural sports but this app can only add to their experience, they do not have to stop doing intramurals through UF to use S4U. S4U works on a day-to-day basis so students can work their intramurals around playing pick-up games through the app. This is a pretty big opportunity. I have had plenty of students mention that this idea would be popular and fun. This window of opportunity should be open for a while I believe. Although there is a good demographic, it is somewhat niche.

Innovation

So my 'innovation' is a smart-phone app. It is an app made to organize intramural sports games using the sports facilities made available for use by students. You will link your profile on the app with your UF ID and can connect with students from there. Field availability will be listed and you can organize and join events on a daily basis. The revenue made from this application will come from advertising on the phone app. I will go to local Gainesville companies once the app gets big enough or use ads through the internet to make revenue.

Venture Concept

This app will solve the unmet need for sports at a moment's notice. Many intramural sports are offered only in one semester of the year, like outdoor soccer. With this app, however, you can play whatever sports you want almost any day. Students already use many fields for pick-up games but this app will help organize them and help make the process so much easier. The only competitor I can think of would be UF rec sports. However I would encourage users to get involved with both UF intramurals and the application. This app offers sports whenever while UF rec sports have them on a schedule. This app could eventually be adopted as part of the UF intramural program and then be sold to different universities! I believe I would have to enlist some employees for the technical creation and maintenance of the application, but I would hope I can learn how to manage most of the app myself, eventually.

The Three Minor Elements

I believe the idea in its self is my most important resource. It is a relatively unique idea and I should not be troubled with too much competition. Plus, it will be free for users.

The next step for my venture is to market it to additional universities in the state of Florida and beyond. I believe once this app catches on it will be super popular. First I want UF to adopt it, then I can look forward.

I hope this venture will be well established and spread across most of the country in 5 years. Maybe at that point I look internationally to Europe and beyond. This venture will be a good test for me as an entrepreneur, and depending on how it goes. I might continue as an entrepreneur into more ventures.

Week 11 Reading Reflection

1) The biggest surprise for me in the reading was the section titled 'how will innovation create value for potential customers?' The opening sentence of the section was very suprising and interesting to me. It essentially stated that even if something is innovative, if it does not induce potential customers to pay more, save them money, or provide some larger societal benefit like improved health or cleaner water, it is not creating value. This brought to my attention that not all innovation creates strong value, a very interesting idea!

2) At first the innovation landscape was a tad confusing to me. After reading the four different squares on the 'map', the idea became more clear to me. A business can either focus on technological innovation or business model innovation. This map identifies where they put their most focus out of the two. Also, the matrix can show how innovation fits with a company's existing business model and technical capabilities.

3) The first question I would ask the author is in regards to the Innovation Landscape Map. I would ask, in today's world, although it may be somewhat subjective, should a business focus primarily on business model innovation or technological innovation? Secondly, I would want to ask when crowd-sourcing becomes an issue. Because although it is a great solution to problems, I'm sure it has its downsides.

4) I believe the author did his research on innovation strategies. He also consulted other experts n the area, like the research by his Harvard Business School colleague Karim Lakhani and Lakhani's collaborate Kevin Boudreau, from the London Business School. His information was backed and throuough and offered a plethora of steps and approaches for an effective innovation strategy.

The Amazon Whisperer

Here's what you need to do: 

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

The largest revenue driver for my business concept is ad revenue. Advertisers will pay me to place their ads on my intramural sports application. These advertisers will target college students.

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

I believe my next product offering could be rent able pennies. So you could distinguish between teams. It could be something like a really low flat rate per game to use them. They could want this item because it would be easier to differentiate between teams. 

• 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.?

This next thing will enhance my service I am offering. It improves user experience  to make the intramural experience more enjoyable. Additionally, it increases customer loyalty because they will have a much better time playing and want to play again and tell their friends.

• 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 found some adult training mesh pennies on amazon. They come in a variety of colors and can purchased individually, in 6, or 12 packs. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

The customer reviews place the product at a 4 star average. The majority of the product reviews are positive overall. For the lower reviews, people said the pennies were too small and not adult size and that the colors on amazon are not representative of the color pennies you will receive. For the better reviews, users claimed the jerseys were large enough for all their players, and they were comfortable. The color was described as nice and bright, and they believed the quality of the bibs were top notch. 

• Describe what design/usability changes you'd make to the product. 

I would maybe make the pennies range in size because apparently there were some sizing issues. Other than that the pennies seem useable and good quality.

• Describe why you think this product would make a good addition to your current product/service offering.

This will essentially enhance the service I am offering to customers. It will make a solid addition to the intramural sports program. I believe this will make teams easier to organize and make the whole process more smooth. 

My Unfair Advantage

List of Resources

1) Proficiency with a smartphone
V: This resource is very valuable considering my idea is a phone app.
R: Not rare in the least
I: Not too hard to copy
N: This is a very non-substitute-able resource, my idea is smartphone-based.

2) Great People Skills
V: Very valuable as I can talk to people to advertise the app and gauge their interest
R: A relatively common resource, however some people are better at this than others.
I: Again relatively common, but sometimes hard to imitate.
N: I could substitute this resource by web-based advertising like emails or flyers

3) Good network
V: This is extremely valuable because the network of people I am in communication with from rec sports can help me immensely.
R: Not common in the least
I: Hard to imitate, a good network takes time to build
N: This is a very essential resource, no real strong substitute.

4) Financial Capital
V: Very valuable to start up the application by paying someone else to do the technical work
R: Not rare
I: Very inimitable as my idea is not that expensive
N: Non-substitute-able, unless I find a friend with the capability to do it for free.

5) Hard Work Ethic
V: Extremely valuable to produce the product efficiently and effectively
R: Can be rare
I: Hard to imitate but many people have good work ethics
N: This is a very non-substitute-able resource

6) Knowledge of Recreational Sports
V: Perhaps the most valuable resource, helps me understand my demographic and how to design my app
R: Can be relatively rare however many people at UF participate in intramural sports
I: This is not too hard to imitate
N: Very non-substitute-able, this is a vital resource

7) Student at UF
V: Very valuable to understand my demographic as well
R: Not really rare in Gainesville
I: Unless you're a student you cannot really imitate this
N: Non-substitute-able to an extent, as only UF students will most likely be using the app

8) General Business Knowledge (learned from class)
V: Quite valuable to understand how to function a business, generally
R: Not quite too rare
I: Relatively easy to imitate and learn
N: Not really substitute-able, a vital resource for a new entrepreneurial venture

9) Research Skills (learned from school)
V: Valuable to search for similar ideas and do research into my demographic
R: Relatively rare
I: Hard to imitate, takes time to learn
N: Somewhat substitute-able

10) Good knowledge of Microsoft Word, Powerpoint, and Excel
V: Very valuable to running a business. I can make presentations and flyers. I can also use Excel to keep track of number of users of the app and finances.
R: Not rare
I: Easy to imitate
N: Other applications like Photoshop could substitute, along with something like quick books to substitute for Excel

My top resource is for sure number 3, my good network. I need to thoroughly understand the demands of my demographic and I can learn this from the people I communicate within intramural sports. I can also determine the viability of the idea from hearing about their past experiences with rec sports on campus.

Week 10 Reading Reflection

1) The biggest surprise for me in the reading was that there is a large preparation, perhaps the largest out of any other category, for finance. This does make sense however since the business world revolves around the management of money.
2) One part of the reading that stood out as confusing to me was the beginning part of the chapter. The introduction to how financial decisions applied to entrepreneurial ventures, as opposed to normal business endeavors, was interesting. It was crazy to me that finance is very different when delving into entrepreneurship.
3) I would ask first, what portion of financial prep is the most important for an entrepreneurial venture? Secondly I would ask how much emphasis should be put on finance as opposed to the idea itself. If the idea is innovative enough, can I focus on developing that instead of more effort put on monetary issues.
4) I do not believe the author was wrong about about anything. I agreed with the effort the author put on finance when it comes to entrepreneurship. Even if an idea is extremely innovative and effect, financial issues must still be considered.

Growing My Social Capital

1) Domain Expert
a) I chose to interview my friend Daniel who works as a referee for both intramural flag football and soccer.
b) Daniel fills the domain expert slot. Daniel fills the slot because he is familiar with recreational college sports. He understands the industry I am trying to enter and the demographic I am trying to target. Many people that play intramural sports will be very interested in pick-up sports.
c) Daniel is in my business speaking class and he actually refereed one of my intramural flag football games. I told him about the assignment and he agreed to help me out after class one time.
d) We are friends. He said he would be glad to help with my assignment. He did not expect anything in return. We also cooperate together in our business class.
e) Daniel can get me connections to talk to people higher up in the intramural program, like the director for all intramural sports. This would allow me to test if my idea would be successful with the athletic demographic I am targeting.

2) Market Expert
a) For this area I contacted another friend, Jose, who works for the Southwest Recreation Center as an athletic adviser of sorts. He helps out in the weight room and around the facilities. He knows many athletically-focused people that attend UF. Essentially he is very familiar with my target customers.
b) Jose is my market expert because he has a great understanding of my target market. He also has done 'research' with the customers interacting with them daily and finding out some of their interests and needs when it comes to athletics.
c) Jose is in my professional fraternity and I've known him and been friends with him for over a year.
d) I just talked to him about my assignment and made him aware of it. We are already friends so I did not have to do too much networking!
e) Being in contact with Jose gives me an insider look, similar to Daniel, into the market I'm trying to focus on.

3) Important Supplier
a) So I emailed a supervisor for the website IMLeagues which serves as the platform for intramural sports for colleges across the country. I asked them if they were familiar with something similar to what I wanted to offer in my app, and their opinion on the viability of the venture.
b) They fill the supplier role because they are the provider for over 1000+ intramural partners across the US, they are familiar with how to organize and provide intramural sports to people everywhere.
c) I found the person through IMLeagues and have contacted them through email.
d) I just asked if they could take some time to give me their opinion. I told them I went to UF and was active in many intramural sports. I admire the program they have, it is very useful to organize sports and I could use a similar platform for my app.
e) Including this supervisor in my network will give me an idea of how to format and go after my market. It will give me the 'supplies' to start-up my idea

Reflect:
This was a great networking opportunity to expand my knowledge into my target market. This experience will give me both great information on the customers and how to enter the market. My networking with the supplier will give me a good idea how to format my app to be effective in supplying it to my customers. This was pretty similar to my past networking experiences.

Elevator Pitch No. 3

1)

2) From my last pitch I received a lot of positive feedback. All three people who commented on my post thought my idea was viable and fun. The most important and I really think only feedback I got was to clarify my introduction a bit more. The body of my pitch was good, as peers suggested, and gave a lot of information. People said I seemed 'knowledgeable' about my app idea, Sports 4 U.

3) I adjusted my introduction to be more informative and give the viewer a more clear idea of what my entrepreneurial idea entails. I was happy to receive the positive feedback and hope to continue to develop this idea!

Week 9 Reading Reflection

1) The biggest surprise for me reading chapter 10 was that there were such a great amount of marketing challenges for the entrepreneur. Essentially, there are steps to almost every type of marketing. The author had listed over 7 steps to develop a social media marketing plan. Marketing is more complex than it may seem.

2) One part of the reading that was a bit confusing to me was the section on market research. In particular I did not fully understand the idea of guerrilla marketing until I read more into the section.

3) I would ask the author first, what section of marketing he thought was the most effective? (e.g. mobile, social media, etc.) This would allow me to develop a strong marketing campaign. Secondly I would ask, more into the mobile marketing as there are 4 steps and it is somewhat complex.

4) I believe everything the author said was accurate and was backed with research. All the sections he discussed were in depth and provided great and useful information.

Idea Napkin No. 2

1) Hello! I am Austin Ham a second year Finance major at the University of Florida. I believe I have strong interpersonal and leadership skills. As for technical ability, I am well versed much of the Microsoft program realm. I have been President of both my student body and the National Honors Society at my high school. I am also in a professional fraternity on campus. My aspirations are to be in the marketing or sales department of a company to enable myself to both conduct business and interact with others. My aspirations for my app, or entrepreneurial opportunity, are to get it implemented to benefit athletic UF students and to help them meet new people and have a great time. From the feedback I received, I would want to move my app eventually to other college campuses to expand my business. 

2) I am offering an application to UF students to play pick up sports games across campus. The app would work on a day-to-day basis and serve to provide sports year-round since some intramural sports are only available during certain times of the year.

3) I am offering it to athletic UF students or anyone interested in playing pick-up sports on campus.

4) This solution will provide them with the ability to both have fun and meet new people. There are thousands of people who do not play a sport for UF but played sports in high school. This huge demographic will be very interested in this app, I believe.

5) This app is a relatively new idea and I have not heard of it in the past. It is essentially a social app for people to get together and play the sports they love. It promotes a healthy social and active lifestyle to help students meet each other and stay in shape.

I believe that the elements of my business idea fit well together. Essentially I have a large demographic, that can be found at the University of Florida, and in colleges across the country, and I have an idea to bring students together to have fun and be active. In addition the app will be free for students, giving them an even greater incentive to download and use the app. The revenue will be made through ads put on the application. 

"Feedback Memo"

The great majority of the feedback I received was positive. Everyone commenting thought it was a good idea to bring together people. Some good points were as follows. One, people thought it would be great to meet new people. Second, this app would allow people to be active and healthy. And third, they thought there was a great demographic for the app. Finally, one peer suggested to expand this to multiple universities, which is something I added to my second idea napkin. Most of my napkin was the same but I added that I would expand this idea to other areas since there is such an evident demographic.

The Twenty Percent

1) For my business owner, I chose Gary Prescott, co-owner of Channel Management Inc (my father is the other co-owner). Channel Management, works as an organization to represent manufacturer's and move product from the vendors (manufacturers) to accounts (retailers and wholesailers). I asked him some questions about the basics of his company and any problems they have to address with either the manufacturer or the retailer. Since the manufacturer chooses to hire a company, like his, they were the customer in this situation.

2) For my customer, I interviewed Jennifer Makhoul, a Panasonic Account Manager. The Panasonic Corporation is one of the manufacturing companies my parents and Mr. Prescott represent. She went into a bit of what Channel Management does for the manufacturer. Also she talked about a few problems they had, one of those is mentioned in the interview, as shipping issues.

For my second interview, I talked to Scott Wit, the Vice President of Business Development at Lifetime Brands Inc. another manufacturer. He gave me the main responsibilities of a manufacturer's representative group. He also told me what he looks for in representatives, working in business development.

3) Overall, Channel Management Inc seeks to address the manufacturer's issue. The manufacturer is in charge of providing their revenue, as they receive commission from the sales the manufacturer make with retailers. Channel Management is sensitive with any issues regarding logistics as they can have a big impact on sales. Finally. the manufacturer and the manufacturer's representative have to be in tune in order to make accurate sales to retail stores and wholesalers.

Week 8 Reading Reflection

1) The biggest suprise for me in reading chapter 8 was the great amount of venture capitalist myths. Many people have a skewed view of venture capitalists. The most suprising myth, for me, was that venture capitalists only invest with the idea that they will get "very high, exorbitant, unreasonable returns." They can obtain normal returns on the hundreds of established public companies.

2) One portion of the reading that was a bit confusing was the section on "Criteria for Evaluating New-Venture Proposals". It was a long list with many different parts. This list was developed by researcher Dean A. Shepherd. It was developed for venture capitalists to use when they look to invest into new ventures.

3) One thing I would ask the author would be to clarify Angel Investors. The section was a bit new and confusing. Second I would ask what impact Angel Investors have on the entrepreneurial market. i would ask this to understand their role in the market.

4) I believe that the author was correct with everything he said and backed his information with studies and research done by other people in the field of entrepreneurial ventures.

Half-way Reflection

1) Tenaciousness is a skill.
One behavior I have used, in particular, while keeping up with this course is continual work. As with anything, this class is a process, and you have to do the required steps in order to succeed. You have to meet deadlines. Also, the assignments work well in a specific order, as certain work builds off previous work. I would just say dedication and passion for this course are necessary.

2) Tenaciousness is also about attitude.
Sometimes, the amount of assignments can be overwhelming. I had reflections to write, videos to record, and comments to make. I thought about the betterment of myself through this course. I worked through the assignments and expanded my entrepreneurial knowledge because I knew it would benefit me in the future.

3) Three tips.
1. Be motivated - some assignments are not the most interesting, but working through them will better you as an individual. Entrepreneurial knowledge is extremely necessary for the future.
2. Give effort - the more effort you put into your work, the more memorable and meaningful it will be. These assignments will offer great opportunities to learn more about yourself and the business world.
3. Be timely - these assignments can really add up. Do them at a comfortable pace and manage your time. With even a little bit of effort into time management, this course is extremely manageable.

Week 7 Reading Reflection

1) The biggest surprise for me in the reading was the section regarding 'The Gravity of Decision Spectrum'. It was a surprise to read that the most common marketing error is applying certain segmentations that were designed for one issue but accidentally shed light on a different issue.
2) One part of the reading that was a bit confusing was the section regarding 'What is at Stake?' In the section it discussed the shallow, middle and deep end of purchase decisions. It took me a bit to understand but after thoroughly reading I realized these sections relate to how serious the purchase of a product might be. With the shallow end being something like gum and the deep end being like a house or car.
3) I would ask the author which part of the purchase decisions are most common. The second question would be in what area of consumer products is segmentation the most important.
4) I do not believe the author was wrong in anything he said. He discussed in depth the impact, implementation, and consequences of market segmentation. He also went in depth on purchase decisions.

Overall it was a great read and went into a great detail on how companies approach different markets and the different types of consumers within them.

Free Money

Strategy:
For this assignment, 'Free Money', I will be going to one of my classes before lecture starts to give away my dollars. I will approach students in my lecture. I will say, "Hello! My name is Austin Ham. I want to pay it forward! Would you like a dollar?" Hopefully their response will be positive and they will take the dollar. Maybe in the future they will pay if forward and pass it on to someone else! I believe I will be successful in four out of my five attempts. I believe this because my cause it to pass on kindness to someone else, so they will hopefully appreciate the offer.

Encounters:

1)

2)

Both of the encounters I recorded were successful. I received positive responses and was able to give the dollar away. Out of the other three I recorded, they were all successful. I felt this was an enjoyable exercise and because my reason was friendly and kind, all participants accept the 'gift' I gave them. Giving away the money was relatively easy with a good reason! My predictions were pretty spot on, as at least 4 out of the 5 attempts were successful. I assumed everyone would understand what 'pay it forward' meant. For one person I explained the idea. Basically, it is doing an act of kindness for one person in the hope they go on to do the same for another person.

Elevator Pitch No 2

1)

2) Both of my comments on my first pitch were positive and agreed the application could fill an unmet need. The one point they had was if other people were using the field at that time, I would want to use this app through the University of Florida, so the field could be reserved if enough people wanted to play on them. This would solve both conflicts with other people and club/NCAA sports.

3) I made sure to mention in my pitch that the application would be through the University of Florida and it would prevent any conflicts with other people using the field. Also it was pointed out that people would probably not pay for the app. I mentioned that revenue would be made by advertising within the app, but the app itself, would be free.

Interviewing Customers No. 3

1) I will ask students if they have participated in intramural sports in the past. Secondly, I will ask them if they are interested in my intramural sports app, Sports 4 U, to get together and have fun.

2)

3) I've learned that this idea is very popular among my 'customers'. People liked the idea to hang out with friends and new people to get together and play sports they both enjoy.

Week 6 Reading Reflection

1) The biggest surprise for me. reading this journal, is that all the forces that shape industry competition are constantly changing. There are five outlined forces but they change alter and cause some forces to matter more than others,

2) The one piece of it that was confusing was the portion on barriers to entry. The fifth point titled 'Incumbency advantages independent of size'. After reading the portion a few times I understood the section. The interesting part was that there are some inherent advantages organizations have that do not depend on their size. Certain preferences and technology advantages put them ahead and give them better quality.

3) I would ask what force that shapes industry competition has the most impact. I want to ask the author that to be able to monitor the competition the most effectively by focusing on one of the forces more than the others. The second question I would ask would be if these factors are weighted differently in different industries. For example if suppliers are more important for the airliner industry but buyers are more potent in the soft drink industry. I would ask this question because I would want to know more information on multiple industries.

4) I believe the author was correct in what he said and offered many competitive strategies and forces that shape industry and competition in the world of business and entrepreneurship.

Idea Napkin No 1

1) Hello! I am Austin Ham a second year Finance major at the University of Florida. I believe I have strong interpersonal and leadership skills. As for technical ability, I am well versed much of the Microsoft program realm. I have been President of both my student body and the National Honors Society at my high school. I am also in a professional fraternity on campus. My aspirations are to be an independent financial consultant with my own firm and the ability to advise who I wish. My aspirations for my app, or entrepreneurial opportunity, are to get it implemented to benefit athletic UF students and to help them meet new people and have a great time,

2) I am offering an application to UF students to play pick up sports games across campus. The app would work on a day-to-day basis and serve to provide sports year-round since some intramural sports are only available during certain times of the year.

3) I am offering it to athletic UF students or anyone interested in playing pick-up sports on campus.

4) This solution will provide them with the ability to both have fun and meet new people. There are thousands of people who do not play a sport for UF but played sports in high school. This huge demographic will be very interested in this app, I believe.

5) This app is a relatively new idea and I have not heard of it in the past. It is essentially a social app for people to get together and play the sports they love. It promotes a healthy social and active lifestyle to help students meet each other and stay in shape.

I believe the aspects of my business idea fit together. The idea makes sense and there is a large demographic interested in it. The app would be essentially free but adds on the app would make revenue. The more popular the app the more successful of an entrepreneur I could be.

Interviewing Customers No. 2

1) My opportunity is to provide UF students with the opportunity to organize and play 'pick-up' sports around the UF campus by using fields that are not in use by other UF athletic teams. It is an app called Sports 4 U or S4U for short.

2) This time around I will be attempting to interview people who have participated in either high school sports or intramural sports here at UF. The interest group will be narrowed to receive better interview results. Essentially aiming for people who enjoy organized athletics.

3) I will be asking questions regarding the interest of the interviewees. I will get into more detail about the app. I will ask questions like "would you want an interface that is day-to-day and organized by sport?" I would ask if they thought something of that sort would be helpful. Essentially my questions would delve more into the detail of the application to see what people prefer.

4)

5) I learned that many students who were involved in high school sports or intramurals in the past are very interested in this opportunity. Everyone thought it was a beneficial idea especially because college students have very crazy schedules. Day-to-day events would work well

6) I've learned that interviewing people is a fun exercise and it works best if you give them enough information to answer you accurately. The more informed they are the more meaningful information they can provide. A second pointer would be to be concise and meaningful. A third would be to interview the right audience, find customers that will enjoy your opportunity.

Week 5 Reading Reflection

I enjoyed the reading of Chapter 9, "Legal Challenges for Entrepreneurial Ventures" this week. My biggest suprise in the reading was the length you had to go to obtain a patent. It is a long and complicated venture, but truly worth it in the end.

The part of the reading that was kind of confusing to me was understanding copyrights. There is a bit of gray area that was unclear to me. Although I enjoyed how reading how copyrighting something can protect your 'intellectual property', a very accurate term.

I would ask the author to go into more detail on the section regarding "Trade Secrets." This again seemed like a large gray area and I was interested in finding out what kind of loopholes and activities go on between businesses. I would also ask him to explain the legality of these actions.

I thought the author was correct in most everything he said. I strongly agreed with his ideas as he had sources to back what he was saying.

Elevator Pitch No. 1

My product is an application called Sports 4 U or (S4U) and it is essentially a phone app that organizes and displays pick-up sports games across the UF campus' open athletic fields. It is an app to be presented to the University for use by students.

Top 5 World Problems

Top 5 Problems
1) Rapid Climate Change
2) World Poverty
3) The Increasing Global Population
4) Global Water Crisis
5) Species Exintction

I believe rapid climate change is the most imminent threat to our species as such widespread weather changes could cause effects worldwide. This problem poses as much of a threat to a billionaire and a homeless person. Weather does not discriminate. World poverty is second. This is because it is such a huge problem and affects millions of people. This also causes great instability in many countries. This issue, I believe, is not as imminent as the first two. Although, in a few decades, this could prove to be the world's largest problem by a long-shot. This problem is similar to world poverty in that it is causing many people to live terrible lives and even die from lack of water. Again, this problem is not as imminent as the first two, I believe. Species extinction is something we face even today. It is extremely widespread and difficult to control. Although I picked this as the fifth problem because it has the most implementable solution

Ranked Solutions
1) Construct more preservation and national parks in which endangered species are protected. Also crack down on poaching with anti-poaching services employed by the government. Also enact laws to help prevent and eventually stop environmental destruction for industrial use.
2) Make agriculture more sustainable and improve our systems to convert reclaimed water into drinking water. Also expand our research into converting salt water into fresh drinking water.
3) Provide international help to provide food and services to improve the areas. Also have companies to provide more job opportunities.
4) A reduction in emissions of greenhouse gases can help preserve our ozone layer as much as possible to help stop the melting of the polar ice caps. Unfortunately, a big problem with pollution is methane from cows and may be something that cannot be stopped due to the world's reliance on the animals.
5) Although there is no permanent solution once the population gets high enough but to develop more land to be 'livable' and organize cities more efficiently.

I believe the solution to solving species extinction is the most implementable for many reasons. Firstly, it can be handled generally on a species-by-species level. Laws can be made for specific animals and specific areas of land to be protected. In hand there can be people employed to protect these said areas of land. Making agriculture sustainable globally will take a long while. However there have been many recent advances in converting saltwater to fresh drinking water in an efficient matter. Solving world poverty is no small issue although with help from western countries and true commitment the problem is starting to slow down slightly. Trying to reduce greenhouse gas emissions is a huge problem. So many countries use machines and have industries that emit these gases. Reorganizing cities and making land that seems uninhabitable, habitable is a huge issue. This is an issue that I do not believe can be implemented easily and it will take a very, very long time.

Week 3 Reading Reflection

One big part of the reading that stood out to me and even surprised me was the section on the Entrepreneurial Mind-Set. It was surprising to me that a mind-set could be broken down and into so many categories. It was also talked about a lot in depth. The categories were Determination and Perseverance, Drive to Achieve, Opporunity Orientation, Persistent Problem-Solving, Seeking Feedback, to name a few. There was a description for every aspect an entrepreneur should have. From what I grasped from the reading, an entrepreneur needs to be well-rounded, motivated, creative, and have a true passion for whatever they are pursuing. There is such a strong emphasis on working hard for your goal as an entrepreneur because to become successful you have to do it on your own.

I found the Dark Side of Entrepreneurship a little confusing at first. After I read into the section I discovered that risk can be a huge 'road-block' for any entrepreneur. It is often hard for an individual to take that first risk, as the consequences can be substantial. After I thoroughly understood the section, I realized it was an important point to mention. There are potential consequences for almost every entrepreneurial venture people take.

My first question would be what characteristics are the most important within the Entrepreneurial Mind-Set to focus on, as there are many. I would want to know this info to be a strong entrepreneur. Secondly, I would ask for clarification on the 'Metacognitive Perspective'. It was an interesting section and I understood the great majority of it but the metacognitive model was a tad confusing for me. I would want to know how to process my brain to gain an edge on my competitors as an entrepreneur.

I agreed strongly with the whole Entrepreneurial Mind-Set. The author made solid points and listed many strong characteristics an entrepreneur needs.

Identifying Local Opportunities

1)
Uber drivers plan another work stoppage at midnight Saturday to protest Uber's low rates
http://www.tampabay.com/news/transportation/uber-drivers-plan-another-work-stoppage-at-midnight-saturday-to-protest/2262480

In Tampa, Uber drivers are protesting lower fare rates by staging a work stoppage that started on Friday night at midnight. Earlier in the month Uber slashed local fares by 32 percent to attract more people. Although these higher rates have made it hard for them to drive for Uber without losing money.

The problem is that Uber drivers cannot make enough money with the rates Uber gives their drivers.
They are protesting this issue.

The Uber drivers that are 'employees' of Uber are having this problem.

2)
Tampa Bay should get ready for a chilly Gasparilla Children's Parade on Saturday
http://www.tampabay.com/news/humaninterest/tampa-bay-should-get-ready-for-a-chilly-gasparilla-childrens-parade-on/2262479

In Tampa, the parade on Sunday was experiencing chilly temperatures. The article discussed the fact that children will be outside in the relatively cold weather for the area. This article was more of an advisory for people who attended the parade.

The problem is that weather might make the parade turnout less tan expected. Cold weather is not a regular thing for central Florida.

The people that are affected are the populous of Tampa that attend the parade.

3)
One Allegiant Air plane had four emergency landings within six weeks
http://www.tampabay.com/news/business/airlines/allegiant-air-appoints-new-coo/2262384

The article discuses Allegiant Air's recent troubles with multiple planes and how emergencies landings were forced because of some technical issues. Allegiant Air Flight 815 had just departed North Carolina bound for St. Pete-Clearwater International Airport when a gray haze began to fill the cockpit and passenger cabin. The plane was landed safely in Raleigh-Durham, NC.

The primary problem is with the plane MD-88, tail number 403NV. There were 4 reports with smoke or fumes in the aircraft on flights all bound for Florida.

The people affected are the passengers of the airlines. They were delayed in their travels. Thankfully none of the problems were that serious and all the flights were landed safely.

4)
Lightning's Stamkos mum on reported contract offer
http://www.tampabay.com/sports/hockey/lightning/lightnings-stamkos-mum-on-reported-contract-offer/2262616

This article is in regards to the Tampa Bay Lightning hockey team captain Steven Stamkos' contract offer. Today, Stamkos neither confirmed nor denied an eight year, $68 million contract extension in recent weeks. Stamkos is likely to confirm the signing as it is $1 million more than what Stamkos is making this season.

There is a possibility that Stamkos could refuse the offer and either become a free-agent or play for another team. Stamkos is a huge part of the Lightning team and brings a lot to the organization. It would be a huge blow to the club as a whole. Stamkos is both a phenomenal player, leader, and a figurehead for the team.

The Tampa Bay Lightning Club is affected by this issue. Losing Stamkos would be a huge blow.

5)
Control at the crux of Drouin's bold moves
http://www.tampabay.com/sports/hockey/lightning/control-at-the-crux-of-drouins-bold-moves/2262581

This article is again regarding the Tampa Bay Lightning but discussing the recent actions of other one of their younger players, Jonathan Drouin. He did not show up for a game and got suspended indefinitely by the team. Drouin's agent said he did not show up for the game because he did not want to risk injury ahead of an imminent trade. At this point Drouin will almost surely leave the Lightning.

The problem is that Jonathan Drouin did not show up for one of his assigned games and has been suspending by the Lightning while waiting for what seems like an imminent trade.

The Tampa Bay Lightning Hockey Club is affected by this problem along with Drouin, as this could possibly hurt his trading hopes.

Very Short Interview No. 1

The entrepreneur I chose to interview is my cousin Rob. As for his background, he obtained his Bachelor's Degree at the University of Minnesota and was then deployed to Iraq in the mid 2000's After returning he attended the University of Southern California and obtained his MBA. In his first year of work he worked as a family employee. He then discovered his partner who he wanted to work with. They established their own corporations and split revenues. My cousin's corporation, Veterans Business Concepts (VBC), was made to generate business opportunities for small veteran-owned businesses. His function is to consult directly to veteran-owned, small businesses, for contract management and management consulting. He also works with the medical Veterans Assocation. The reason he wanted his own corporation is so he could control his business functions and have an impact. His partner does consulting as well but operates on a more short-term basis, constantly taking on different endeavors. Although, they still split their profit. Rob provides a more stable aspect to their partnership while his partner is constantly focused on innovation. As Rob said, "he (his partner) is much more risk-tolerant than I am."

What does it mean to be an entrepreneur?

In the short, it is the ability to run a business where the decisions that you make day-to-day directly affect the company. My decisions affect profitability, strategy, what customers I target, etc. All business functions, are under my control.

What do you think I should learn in an entrepreneurship course?

So, a few things. Cash is king, everything with a small business and a start-up is all about cash. You need to know how to raise money and manage cash flow. Using cash accounting is useful where you are essentially recording what cash goes into your bank and how much comes out. Second, start small and fail fast. Do your research before bringing an idea to the marketplace. Do not use money from an existing line before you know you are going to be successful. Do not be afraid of having your idea stolen in the marketplace, take some risks, you already have a head-start, chances are it will succeed. Also, learn more from people that might buy your product or service. Take your ideas to customers as soon as possible, do not sit at a desk all day.

What do you wish you had been taught in school before setting out on your own path as an entrepreneur?

Small business (cash) accounting! Big business schools are not going to teach about this. Accounting from the perspective of a large business, is often too general. Cash accounting just says, if cash comes in I record it and if cash comes out I record it. This is the system that most small businesses use and there are some subtleties to this way of accounting. Business school trained me to be a bureaucrat in a Fortune 500 company. In general, I wish I would have learned more about small business management.

Rob offered some great entrepreneurial advice for the future. He went into many of the technical aspects of managing a small business while also offering ideas for how to become an entrepreneur in general. Customers are the primary reason small businesses exist and there has to be a strong connection in order for any entrepreneurial venture to eventually succeed. This was the big piece of information I pulled from his answers. Also, there generally are an amount of risks involved in any small-business and you have to take some. Finally, I would conclude that the 'start small, fail fast' motto is vital for any entrepreneur to be eventually successful.

World's Biggest Problems

1) Rapid Climate Change
Describe: There is significant evidence that the world's climate is changing rapidly with more extreme colds in the winter and extreme heat in the summer. This is causing astronomical changes for the sea level and can threaten our species eventually.
Solution: A reduction in emissions of greenhouse gases can help preserve our ozone layer as much as possible to help stop the melting of the polar ice caps. Unfortunately, a big problem with pollution is methane from cows and may be something that cannot be stopped due to the world's reliance on the animals.
2) Global Water Crisis
Describe: Over the last 50 years the human population has almost tripled. Industrial pollution, unsustainable agriculture and poor civic planning have decreased the overall water supply.
Solution: Make agriculture more sustainable and improve our systems to convert reclaimed water into drinking water. Also expand our research into converting salt water into fresh drinking water.
3) Species Extinction
Describe: Many species of animals are going extinct due to poaching, environmental destruction, and climate change.
Solution: Construct more preservation and national parks in which endangered species are protected. Also crack down on poaching with anti-poaching services employed by the government. Also enact laws to help prevent and eventually stop environmental destruction for industrial use.
4) Economic Collapse:
Describe: The global economy is extremely unstable and with conflict in the Middle East it is prone to collapse.
Solution: Stabilize the economies in the world that need help to help the global economy sustain itself and grow.
5) The Increasing Global Population
Describe: Eventually the population is going to get so high where living area might become scarce and conflict may arise.
Solution: Although there is no permanent solution once the population gets high enough but to develop more land to be 'livable' and organize cities more efficiently.
6) International Terrorism
Describe: Many nations throughout the world have faced this terrible phenomenon. ISIS among other organizations have claimed attacks that have taken thousands of innocent lives.
Solution: Enlist more anti-terrorism forces and attack the organizations at their homes to break them apart and stop the terror.
7) World Poverty
Describe: Much of the world is poor and has a lack of both sustainable living and a consistent food supply. This issue is widespread and worse in some countries more than others.
Solution: Provide international help to provide food and services to improve the areas. Also have companies to provide more job opportunities.
8) Proliferation of Nuclear Weapons
Describe: Many world powers believe that the vast amount of nuclear weapons may cause great harm to the world at some point.
Solution: This has already begun as nations such as the USA and Russia have agreed to start the disarmament of the vast amount of weapons they have.
9) Severe Income Disparity
Describe: There is a vast polarization of incomes in emerging and devloping countries. Established countries have this issue as well.
Solution: I cannot think of a pertinent solution. My best guess would be to try to employ more people and decrease the wage gap.
10) Great Incidence of Extreme Weather Events
Describe: Due to the world's vast changing climates there has been a greater incidence of tornadoes, mud slides, wildfires, etc.
Solution: Stop pollution on a global scale and turn to more renewable energy that does not give off bad pollution.