1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
This was an amazing article to read as the narrator was able to explain the chronicles of his start-up. It reinforces the notion that there will certainly be setbacks that each individual will face in unique ways. The journey will be tough for many, but only those who truly envision the value of their concept will be able to succeed. I also laud his efforts for only lending to women because the research itself shows that they reinvest better than men.
2) Identify at least one part of the reading that was confusing to you.
There wasn't anything confusing in this article. In fact, my favorite part in this article was when it stated, "I launched SKS in 1998 to build that next-generation microfinance company. I remember early on walking down a dusty road in a remote drought-prone region of India, looking for potential customers...[I] came upon a group of women...and explained that I was starting a microfinance program and could bring collateral-free loans right to their doorstep. “You can start small businesses and get out of poverty,” I said. The women met my pitch with silence and probably some skepticism, but one had a sparkle in her eye. That woman was Saryamma."
3) If you were able to ask two questions to the author, what would you ask? Why?
Not everyone is able to receive donations from family and friends in order to start up their business venture.
So, how can an entrepreneur reasonably come up with enough funds to start up his or her own venture if they lack a stable, reliable source of funding from family and friends?
I love how the article detailed the story of an entrepreneur starting at the base of the pyramid because it highlights the idea of modesty.
That being said, how essential is it to maintain a prime focus on the base of the pyramid before ultimately focusing on the needs of the "higher ups"?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
Since this was a personal anecdote, there wasn't anything necessarily to disagree with, nor was there anything that the author stated falsely.
Sunday, April 24, 2016
Final Reflection
This was an amazing experience to be a part of as it pushed me past comfort zone. I'll never forget the hilarious moment when I went to my friend's neighborhood and started to ask random strangers about an idea that was beyond the scope of their imagination. Some thought it already existed, some were intrigued to hear more. After that experience, I knew from that day on that I could possibly be on to something. There were also lows, moments when I felt sluggish and unwilling to do what's next. The lows were memorable because they reminded me that the only person stopping myself from success is, ultimately, myself.
This class taught me the importance of reaching out and receiving valuable, critical feedback. There is no one way street when it comes to having an entrepreneurial mindset. In other words, the receiver is influential in decision-making as the sender is when it comes to the final product. I'm most proud of my ability to come up a viable concept that serves an utilitarian purpose. It's cost effective and consumer friendly by allowing the user more flexibility in a culture embedded in individuality.
I definitely have moved closer to developing an entrepreneurial mindset because I'm starting to be more aware of opportunities that could be capitalized upon. Fortunately, most people let others create solutions for them. That person is normally the entrepreneur. By believing that I have the talent to create something innovative, I know that I'm capable of running my own start up venture one day. If I could recommend something to students who are going down this path for the future I would say: remain central to your creative expression and never compromise. As an entrepreneur, you're the one that establishes the trend in which the consumers will follow. Essentially, forcing the change.
To perform well in this class, you must do your weekly assignments before the due date. Trying to complete assignments on the due date will always be frowned up and cause you unnecessary stress. When you don't give your brain a chance to fully understand the assignments that's given in this class, you end up with a half-hearted piece of work. Stay in the loop and attempt all assignments, even if the due date has passed. Feedback is always welcomed and appreciated in this course because you can adapt and fine-tune your idea.
This class taught me the importance of reaching out and receiving valuable, critical feedback. There is no one way street when it comes to having an entrepreneurial mindset. In other words, the receiver is influential in decision-making as the sender is when it comes to the final product. I'm most proud of my ability to come up a viable concept that serves an utilitarian purpose. It's cost effective and consumer friendly by allowing the user more flexibility in a culture embedded in individuality.
I definitely have moved closer to developing an entrepreneurial mindset because I'm starting to be more aware of opportunities that could be capitalized upon. Fortunately, most people let others create solutions for them. That person is normally the entrepreneur. By believing that I have the talent to create something innovative, I know that I'm capable of running my own start up venture one day. If I could recommend something to students who are going down this path for the future I would say: remain central to your creative expression and never compromise. As an entrepreneur, you're the one that establishes the trend in which the consumers will follow. Essentially, forcing the change.
To perform well in this class, you must do your weekly assignments before the due date. Trying to complete assignments on the due date will always be frowned up and cause you unnecessary stress. When you don't give your brain a chance to fully understand the assignments that's given in this class, you end up with a half-hearted piece of work. Stay in the loop and attempt all assignments, even if the due date has passed. Feedback is always welcomed and appreciated in this course because you can adapt and fine-tune your idea.
Sunday, April 10, 2016
Week 13 Reading Reflection
1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
The biggest surprise in this chapter was reading the due diligence section, which highlighted an entrepreneur's role of thoroughly analyzing every facet of an existing business if he or she plans to acquire it. The author provided extensive detail in regards to the major features that are critical to know in a potential candidate for acquisition.
2) Identify at least one part of the reading that was confusing to you.
One part of the reading that was confusing was the pricing formula.
3) If you were able to ask two questions to the author, what would you ask? Why?
What are some companies that currently exist in a particular industry that would be better off if they rolled up? It always interesting to see news of companies merging together, like the merger of Cingular & At&t, or T-Mobile and MetroPcs.
What are the best ways to obtain an objective valuation of your own start-up? Emotional biases play a huge factor in the downfalls of most entrepreneurs' start-ups.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there wasn't anything to disagree about in this chapter as the information provided was backed by research and studies.
The biggest surprise in this chapter was reading the due diligence section, which highlighted an entrepreneur's role of thoroughly analyzing every facet of an existing business if he or she plans to acquire it. The author provided extensive detail in regards to the major features that are critical to know in a potential candidate for acquisition.
2) Identify at least one part of the reading that was confusing to you.
One part of the reading that was confusing was the pricing formula.
3) If you were able to ask two questions to the author, what would you ask? Why?
What are some companies that currently exist in a particular industry that would be better off if they rolled up? It always interesting to see news of companies merging together, like the merger of Cingular & At&t, or T-Mobile and MetroPcs.
What are the best ways to obtain an objective valuation of your own start-up? Emotional biases play a huge factor in the downfalls of most entrepreneurs' start-ups.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there wasn't anything to disagree about in this chapter as the information provided was backed by research and studies.
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.
Something that I failed at this semester would have to be business finance. I thought it was just "another class" that was purely hyped up in terms of difficulty. As it turned out, the class was even more challenging than I had originally anticipated. And although I had aced the quizzes and kept up with the weekly readings we were assigned, I still ended up having to drop the class due to failing the first exam...horribly.
2) Tell us what you learned from it.
I learned two things from that experience: repetition and being organized are two essential keys to success. Its not enough to just read something once or watch a lecture and assume that you "got it." It takes repeated efforts to make sure you understand the subject thoroughly. As the TAs and the professor himself mentioned, practice, practice, practice, and then...practice some more. I disregarded that advice and, consequently, I paid the price by having to withdraw. Being organized is more than nailing the due dates of assignments and not looking back. It's about the steps you take in order to become knowledgeable and prepared. In hindsight, I was in disarray as I tried to cram my studying in for not just business finance, but for my other classes, too. This meant that I wasn't able to put forth my full effort into my assignments as I was forced to pick and choose which assignments were top priority. This, needless to say, lead to undesirable results and further pushed me to drop the course.
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 four months ago?
Failure is a tough pill to swallow, but it truly does help at causing you to evaluate ways in which you could avoid repeating the same mistakes twice. In addition, it's humbling and requires you to approach a situation in a more open-minded way. For example, Thomas Edison discovered one way in which he could light a bulb. But the history of lightbulbs doesn't end there. In other words, its important to approach situations with an inclusive mindset.
Honestly, I don't handle failure well. I'm my own worst enemy, so I harshly criticize myself when I fail. It forces me to reevaluate my priorities, and also, causes me to think about ways in which I save myself from the embarrassment of failure. By taking this class, I've learned to take more risks and to be more confident.
Something that I failed at this semester would have to be business finance. I thought it was just "another class" that was purely hyped up in terms of difficulty. As it turned out, the class was even more challenging than I had originally anticipated. And although I had aced the quizzes and kept up with the weekly readings we were assigned, I still ended up having to drop the class due to failing the first exam...horribly.
2) Tell us what you learned from it.
I learned two things from that experience: repetition and being organized are two essential keys to success. Its not enough to just read something once or watch a lecture and assume that you "got it." It takes repeated efforts to make sure you understand the subject thoroughly. As the TAs and the professor himself mentioned, practice, practice, practice, and then...practice some more. I disregarded that advice and, consequently, I paid the price by having to withdraw. Being organized is more than nailing the due dates of assignments and not looking back. It's about the steps you take in order to become knowledgeable and prepared. In hindsight, I was in disarray as I tried to cram my studying in for not just business finance, but for my other classes, too. This meant that I wasn't able to put forth my full effort into my assignments as I was forced to pick and choose which assignments were top priority. This, needless to say, lead to undesirable results and further pushed me to drop the course.
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 four months ago?
Failure is a tough pill to swallow, but it truly does help at causing you to evaluate ways in which you could avoid repeating the same mistakes twice. In addition, it's humbling and requires you to approach a situation in a more open-minded way. For example, Thomas Edison discovered one way in which he could light a bulb. But the history of lightbulbs doesn't end there. In other words, its important to approach situations with an inclusive mindset.
Honestly, I don't handle failure well. I'm my own worst enemy, so I harshly criticize myself when I fail. It forces me to reevaluate my priorities, and also, causes me to think about ways in which I save myself from the embarrassment of failure. By taking this class, I've learned to take more risks and to be more confident.
Wednesday, April 6, 2016
My 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 plan on staying with my business for several decades. I can't picture selling my business to another company unless I was entirely sure that they would be able to maintain the core values of my organization. In the time-span of several decades, I could envision myself diversifying my organization into different ventures, like, for example, QuikPay Go, which would allow the consumer the convenience of ordering their favorite meals from home and being able to pick up their customized order at a set time. I would shift my company into data analytics and cloud computing because I believe it would allow my company to predict new trends; furthermore, it would allow my R&D department the opportunity to create new products and services, akin to the vision of Google's parent company, Alphabet Inc.
2) Why have you selected this particular exit strategy?
I selected this particular exit strategy because it allows my company to grow. As I mentioned in an earlier post, no company survives without a constant reinvention of its services or products. By delving into data analytics, my company will be better adept at gauging customers' behaviors, and finding opportunities that other companies may miss. At the same time, my company will be able to function and thrive without my input after I retire.
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?
Yes, my exit strategy has influenced the ways I identify opportunities. Opportunities don't exist, for the most part, in a vacuum. It involves insight, intuition, and innovation. That being said, it's important to gather the feedback of potential customers before investing into a product or service. Analyzing what the customers suggests plays a key role in determining the feasibility of your idea. However, sometimes the consumer does not know what it wants until you invent it. So, my company will oftentimes create new services or products and see how the consumer reacts to it.
Sunday, April 3, 2016
Week 12 Reading Reflection
1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I liked reading about the one-person-band syndrome because it's a characteristic that I sometimes fall victim to. I have a habit of trying to do everything by myself, instead of delegating tasks to other members. It was great to read about the ways in which I could further communicate with others and attempt to reduce my workload.
2) Identify at least one part of the reading that was confusing to you.
There wasn't anything confusing in this chapter but if I had to choose it would be the section involving the entrepreneurial mindset.
3) If you were able to ask two questions to the author, what would you ask? Why?
What's the best type of leadership role to take: Strategic, Visionary, or Managerial?
Many leader fail to adapt to the ever changing industry in which they operate. Therefore, I'm curious as to which one would provide the most utility in the long run.
What are the key points to take away in a SWOT analysis? How much time or resources should be spent on addressing a particular internal/external issue before moving on to the next?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there was nothing in this chapter that I disagreed about.
I liked reading about the one-person-band syndrome because it's a characteristic that I sometimes fall victim to. I have a habit of trying to do everything by myself, instead of delegating tasks to other members. It was great to read about the ways in which I could further communicate with others and attempt to reduce my workload.
2) Identify at least one part of the reading that was confusing to you.
There wasn't anything confusing in this chapter but if I had to choose it would be the section involving the entrepreneurial mindset.
3) If you were able to ask two questions to the author, what would you ask? Why?
What's the best type of leadership role to take: Strategic, Visionary, or Managerial?
Many leader fail to adapt to the ever changing industry in which they operate. Therefore, I'm curious as to which one would provide the most utility in the long run.
What are the key points to take away in a SWOT analysis? How much time or resources should be spent on addressing a particular internal/external issue before moving on to the next?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there was nothing in this chapter that I disagreed about.
Sunday, March 27, 2016
Amazon Whisperer
1. Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money.
Revenue drivers for my product would come from advertisements and the franchises paying a specified fee for tailoring my product according to their consumers' predicted behaviors.
2. Describe what kind of product offering you believe should be next. What's the next thing your customers want?
Since my product is an app, I can offer the next thing my customers would want via software updates. The next big thing would allow the customer to upload and share their favorite customized meals and/or drinks onto social media. Since food is already constantly uploaded onto sites like Instagram and Facebook, users of the app will feel compelled to show off their latest creation.
3. 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 the features of my current offering by implementing a social aspect to the app. This improves the user experience by giving him/her the chance to visualize other potential food creations.
4. 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.
First, it was believed that 3D TVs would be the next big thing. Now, virtual reality is currently marketed as the next big thing for consumers. Its described as a device that puts the consumer right into the action. Its immersive and allows the user "watch Hollywood's best movies in [their] own private cinema."
4. What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
Majority of the customers who reviewed this product gave rave reviews. Most of the reviews stated the following as pros and cons:
Pros
1) Affordability
2) Decent Amount of content
3) Easy to set-up
4) User friendly interface
Cons
1) Video quality can be grainy or disorienting
2) After long periods of use, it can become fatiguing on the eyes
3) "Having a cell phone at your head"
5. Describe what design/usability changes you'd make to the product.
Based on the feedback, I would upgrade the processing chip of the VR to improve the video quality of the content. I would partner up with companies like Hulu, Disney, or Marvel, to improve the amount of content available to the user. Lastly, I would talk to engineers on ways to lessen the impact of virtual reality headsets on the consumers' eyes.
6. Describe why you think this product would make a good addition to your current product/service offering.
Due to the fact that it is inadvisable for users to use VR while in a vehicle, there is currently no way in which it is possible to combine the two products. Quikpay is a mobile payment service that allows the customer to utilize a franchise's menu options. However, I'm pretty sure that the franchises that I'm in contract with will attempt to create an application on the VR headset that will allow the consumer to visualize the possibilities.
Revenue drivers for my product would come from advertisements and the franchises paying a specified fee for tailoring my product according to their consumers' predicted behaviors.
2. Describe what kind of product offering you believe should be next. What's the next thing your customers want?
Since my product is an app, I can offer the next thing my customers would want via software updates. The next big thing would allow the customer to upload and share their favorite customized meals and/or drinks onto social media. Since food is already constantly uploaded onto sites like Instagram and Facebook, users of the app will feel compelled to show off their latest creation.
3. 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 the features of my current offering by implementing a social aspect to the app. This improves the user experience by giving him/her the chance to visualize other potential food creations.
4. 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.
First, it was believed that 3D TVs would be the next big thing. Now, virtual reality is currently marketed as the next big thing for consumers. Its described as a device that puts the consumer right into the action. Its immersive and allows the user "watch Hollywood's best movies in [their] own private cinema."
4. What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
Majority of the customers who reviewed this product gave rave reviews. Most of the reviews stated the following as pros and cons:
Pros
1) Affordability
2) Decent Amount of content
3) Easy to set-up
4) User friendly interface
Cons
1) Video quality can be grainy or disorienting
2) After long periods of use, it can become fatiguing on the eyes
3) "Having a cell phone at your head"
5. Describe what design/usability changes you'd make to the product.
Based on the feedback, I would upgrade the processing chip of the VR to improve the video quality of the content. I would partner up with companies like Hulu, Disney, or Marvel, to improve the amount of content available to the user. Lastly, I would talk to engineers on ways to lessen the impact of virtual reality headsets on the consumers' eyes.
6. Describe why you think this product would make a good addition to your current product/service offering.
Due to the fact that it is inadvisable for users to use VR while in a vehicle, there is currently no way in which it is possible to combine the two products. Quikpay is a mobile payment service that allows the customer to utilize a franchise's menu options. However, I'm pretty sure that the franchises that I'm in contract with will attempt to create an application on the VR headset that will allow the consumer to visualize the possibilities.
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