27A Reading Reflection No. 3

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

1) What was the general theme or argument of the book?

• The general theme of the book is that failure is okay and should serve as a learning experience. Adams is basically talking about embracing failure and learning as much as you can from it. Adams also shares his own failures and what he learned from them. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

• The book connects with and enhances what we have learned in ENT 3003 because Pryor has mentioned that successful people have often failed in the past, but they learned from those failures and kept pushing forward. Failure is a part of being an entrepreneur and should be welcomed as a learning experience. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

• If I had to design an exercise for this class it would be one that focuses on learning how to embrace failure and using it to succeed. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

• The biggest surprise to me was that Adams talks about how people shouldn't set goals but instead use systems. 

26A Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

• This past semester, I have failed several times. I failed the first exam in one of my classes and failed to manage my time wisely and keep a decent schedule.

2) Tell us what you learned from it.

•   I learned how to properly prepare for the exams in that particular class and I am continually trying to improve my time-management skills.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

• Failure is definitely hard and is often embarrassing but everyone should try their hardest to avoid sulking after a defeat. Always try avoid any form of self-sabotage. I handle failure by immediately analyzing my mistakes and figuring out what I need to change to have a better outcome the next time. I usually try to avoid sulking instead of figuring out how I need to improve. I tend to believe that there isn't enough time in the day to be upset and feel sorry for myself. In my honest opinion, that's just pathetic and extremely counterproductive. This class didn't change my perspective on failure, but I do believe that it encouraged me to take more risks.

28A Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

• I intend to stay with the business and then retire.

2) Why have you selected this particular exit strategy?

• The reason behind starting the business in the first place is to help others form healthier habits, so I would like to stay with the business and help others do that for as long as I can.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

• I don't think this exit strategy has influenced any of the decisions I have made in my concept. 

25A What's Next?

Existing Market

Step 1: The next step would be to not only provide recipes and the respective ingredients but fully prepped meal kits as well.

Step 2:

• Interview 1: This individual believes that because I already have intentions of extending services to people who are lazy/busy, it would be best to add this as soon as possible.
• Interview 2: This person said something similar to Interviewee 1.
• Interview 3: This interviewee stated that this might have to be the initial option.

Step 3: Through the Interviews I conducted, I learned that it might be best to start with fully prepped meal plans.

New Market

Step 1: Since my current market is here at UF, I believe that targeting another college campus, such as GSU (Georgia State University), would be appropriate especially because I know a lot of people on that campus.

Step 2: I believe my venture concept would create value for people in this market because it also consists of college students who have the exact same needs as the students here at UF (or anywhere else really).

Step 3:

• Interview 1: This interviewee (a close friend/GSU student) stated I would need to learn how to operate within a large city like Atlanta. 
• Interview 2: This interviewee (another close friend/GSU student) stated that they believe a product/service such as this one would be beneficial to plenty of students within the city because "there is a plethora of places students can go eat, constantly spend money, and gain no nutritional value."

Step 4: I learned that in order to succeed in this new market I would need to do proper research on hw to effectively and efficiently operate within a much larger environment. Although it would be difficult to adapt to this environment, the new market still appears to be as attractive as I initially thought. 

24A Venture Concept No. 1

Opportunity:

• There are many college student, specifically at UF, who struggle with maintaining a healthy diet as well as a healthy lifestyle in general. Reasons for this unmet need could be that the individual is too busy to grocery shop and prepare nutritious meals, they simply lack the proper knowledge they need in order to lead a healthy lifestyle, or they are lazy. This particular market, or the market I would be targeting, could demographically defined as college students between the ages of 19-22 who are living on a college campus, specifically here at UF. Customers are currently satisfying their need by either buying simple microwaveable meals and other easily prepared foods, opting for other meal kit delivery plans, eating fast food, or doing a combination of this but still not eating enough/properly. I would say that this opportunity is big and the window has the potential to stay open for several years. 

Innovation:

• The product/service that I am offering is an app that provides customers healthy foods and dietary information. The app will consist of multiple menus that will provide 2-3 recipes of the customers choice, a delivery of pre-prepped grocery-fresh ingredients in the proper portions that pertain to the selected recipe(s) with related nutrition information, and an in-app health forum where individuals can go to gather healthy dietary information and advice on how to lead a healthy lifestyle. Each menu will have the option of selecting 2 or 3 recipes for $25 or $35, respectively, that are provided weekly. Each menu has a large serving size (serves 2) and should last most of the week.

Venture Concept:

• I believe that customers would switch over to a product/service like this because it would honestly be a better alternative to constantly spending money on fast food throughout the week (or whatever other crap college students blow their money on (-: ). This product/service has the potential to help individuals form healthy dietary habits and even help them obtain valuable health tips and facts. There are many competitors in this market, however, I have not heard of a a company in this market that specifically targets college students. 

Three Minor Elements

1) Social capital 

2) Fully prepped meal kits, addition of other recipes 

3) Expanding the business further

I was just winging this one tbh.

23A Your Venture's Unfair Advantage

1) Communication: I am able to communicate with others effectively and efficiently.

• V: Valuable because it is especially important when running a business and managing others.
• R: This is not rare because many people have strong communication skills and can further improve their skills.
• I: Not inimitable because anyone can improve their communication skills.
• N: Not substitutable.

2) Interpersonal Skills: I can build strong relationships with others. 

• V: Valuable because it is important when running a business and it would be necessary to build a relationship with customers to a certain extent. 
• R: I would not consider this rare because anyone can work on and improve these skills.
• I: Not inimitable.
• N: Not substitutable.

3) Social Capital: I know people who have knowledge of this industry. 

• V: They can provide valuable insights.
• R: Anyone can add people like this to their network. 
• I: This is not inimitable  
• N: This can be substitutable but would be take time (more networking). 

4) Social Capital: My brother owns a gym and has extensive knowledge on maintaining a healthy diet and making healthy choices in general. 

• V: This is valuable because he could help me push my business further by providing insights. 
• R: I would not say this is rare because anyone can find someone with this knowledge but it would depend on their willingness to help.
• I: This is not inimitable.
• N: In this case this is not substitutable. 

5) Written and oral proficiency in two languages: English and Spanish

• V: This is valuable because it would be advantageous since it would allow me to reach more people.
• R: This is not rare because plenty of people are bilingual.
• I: This is not inimitable.
• N: This is not substitutable. 

6) Social Capital: I know someone who could help me develop my product/service (app + features)

• V: Without this contact I could not start my business and would have to go back to the drawing board. 
• R: It is difficult to find people who will help with this task but I would not say it is particularly rare. 
• I: It would be hard to imitate the relationship I have with this person.
• N: This is not substitutable. 

7) Relationships with other entrepreneurs: My father and brother are both entrepreneurs and offer very helpful advice and information.

• V: The insights they offer are very valuable and can potentially help me improve my business. 
• R: Not rare because I could seek other entrepreneurs but I would not have the same relationships. 
• I: Not inimitable.
• N: Not substitutable. 

8) Creativity: I like to be creative wherever and whenever possible.

• V: This would be helpful in building, sustaining, and expanding my business. 
• R: Not rare because there are many creative individuals.
• I: Other people can be creative.
• N: This is not substitutable. 

9) Passion for the overall idea.

• V: This is valuable because there is no point in moving forward with an idea without passion for what you are going to do.
• R: This can be rare.
• I: This is inimitable.
• N: This is not substitutable. 

10) Determination

• V: I am determined to finish whatever task I have started.
• R: Not many people have my determination but it is not uncommon.
• I: This is inimitable. 
• N: This is not substitutable.

I believe that my top resource would be my social capital because all the people in my network would help me drive my idea further. 

22A Elevator Pitch No. 3

1) The pitch. Same as last time, 1- 1.5 minutes long. No Web cams. No sitting. Be dynamic! Upload the video to YouTube (as you do with all of your videos) and post the link.

• https://www.youtube.com/watch?v=8Vmit0Ori4w&feature=youtu.be

2) A reflection on the feedback you received from your last pitch. Describe what stood out to you as important, what feedback surprised you the most, what feedback you think was outright wrong or silly or amazing and insightful. 

• I didn't do the second elevator pitch so my feedback was very limited. Regardless, on my first pitch, I did receive two positive comments and and one of them offered very helpful feedback. One of the comments stated that I should use more my hands more when I speak. 

3) What did you change, based on the feedback?

Third time's the charm, as they say. I bet you find a few things different from the first time, including: (a) it's almost memorized, (b) you're far more comfortable in front of the camera, and (c) the pitch itself is better. If this is or isn't true for you, please include this in your reflection!

• Based on the feedback I got for the first pitch, I tried to use more hand gestures to avoid standing idly/awkwardly. Overall, however, I decided to keep the pitch the same.

21A Reading Reflection No. 2

Mindset: The New Psychology of Success by Carol Dweck 

1) What was the general theme or argument of the book?

• In general, the major theme or argument of the book is that there are two types of mindsets: the fixed- and growth- mindsets. A fixed-mindset is one that is unchanging and is typically found in individuals who easily become uncomfortable when facing challenges therefore hindering their personal growth. A growth-mindset is found in individuals who continually want to learn and improve. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

• I would say that this book perfectly aligns with what is taught and what is assigned in ENT3003. If you sat back and thought about all the assignments we have done, you could say that it has only helped foster a growth-mindset. Additionally, Professor Pryor has taught us the importance of being confident in our work, sharpening your skills and improving oneself (through feedback on assignments in this case), and to always look for opportunities. I believe that this is all directly related to a growth-mindset. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

• To be honest, I had some difficulty coming up with an assignment that fits this course. Mainly because I believe that all the assignments we have completed thus far are perfect for what the overall theme is in the book.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

• The biggest 'aha' moment I had that differed from what I was expecting was that children can be accidentally taught a fixed-mindset in school or in their home. 

20A Growing Your Social Capital

Domain Expert

• Razi Ghadia used to run a small-scale meal prep delivery service in which he and a couple of his peers prepped and delivered healthy meals to students who attended Georgia State University in Atlanta for an affordable price. Razi would fall under the domain expert slot because he has experience in the same industry I would be in. I am actually good friends with Razi (we went to the same high school) so I just contacted him through social media. I simply asked him if he would take a look at some of my blog posts, specifically the napkin idea and elevator pitch, and asked for his feedback on my business idea. He thought that my idea was great but he felt that it could be refined. There is no return expectation. Having Razi in my network would be beneficial because he has valuable insights in this particular industry. 

Market Expert 

• First off, here is some context. Coincidentally, in Monday's lecture, Dr. Pryor told another student (they had a similar business) that talking to a restaurant owner would meet this requirement so I decided to do just that. 
• Agostina Panizza is the owner of Panizza Bistro, a small Latin/Spanish/Italian restaurant in Miami. Agostina would be filling the market expert slot because she has experience in the food industry. I have actually eaten at this restaurant and met Agostina before through my older brother, Cesar, who happens to be very good friends with her so I was easily able to contact her. I asked Agostina if she would mind giving me feedback on my idea. She told me that she liked my idea and that if I want to succeed, I need to do the proper research. There is no return expectation. Having Agostina in my network would be beneficial because she has been in the food industry for many years and could potentially offer valuable advice. 

Supplier

• This particular slot was initially tricky to fill. There would be a several suppliers for different aspects of my business so it was difficult to piece all of that information together. Luckily, however, Dr. Pryor mentioned that people who have an app based business would have an app coder/developer as one of their suppliers so I just ran with this.
• Gabriel Mathews is a computer science major at GSU in Atlanta. Gabriel would be filling the supplier slot because he has the proper knowledge and skills necessary for app development. I have known Gabriel for years so I simply just called him. I asked Gabriel for feedback on my app based business. There is no return expectation. Including Gabriel in my network would be beneficial because he has the knowledge and skills that would help me drive my idea further. 

Reflection

• This experience definitely taught me the true importance of networking. Up until now I didn't necessarily have to network for any 'professional' reason so this was a new learning experience for me. To be honest, it was quite interesting and helpful. I was actually dreading this assignment but when I sat down to get it started I slowly started to realize that I already knew people who could fill the market expert, domain expert, and supplier slots.