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.
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.
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.
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.
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:
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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.
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.
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.
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.
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.
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.
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.
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.
