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 to me was when I read that there were 868 IPOS in 1996. I can't rationalize or understand why were there so many public offerings during that year. I know that majority of them failed before the start of Y2K, but still its a huge number to consider when you think of the costly disadvantages that's associated with IPO.
2) Identify at least one part of the reading that was confusing to you.
The most confusing part of the chapter was the private placements section. It claims that the Small Corporate Offering Registration (SCOR) is "easy enough" for an experienced accountant and attorney.
3) If you were able to ask two questions to the author, what would you ask? Why?
In "Global Perspective," the author describes the story of wealthy man who uses his finances to fight terrorism by providing opportunities for citizens to find gainful employment. I would like to ask the author what are the social and economical drawbacks, if any, of engaging in this financial opportunity?
It seems like a big uphill battle for individuals to receive financing for their start-up business. If you just graduated from college, how would you go about starting your business?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How
I don't entirely disagree with myth 5: venture capitalists need only basic summary information before they make an investment. I think it's possible for entrepreneurs to come up a with attention grabbing plan without going into elaborate details of their plan.
Sunday, February 28, 2016
Half-Way Reflection
1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course?
It's honestly not that hard for me to remain focused in this class because it's a requirement. It's either I keep pushing through the avalanche of assignments or I fail. Every time I think of not doing an assignment, I'm reminded of two things: I paid for this class & I'm trying to graduate. In a nutshell. Being tenacious is about having a goal in mind and adapting to the challenges and obstacles as the situation unfolds.
2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?
In the beginning, I was dreading the whole interviewing random people process but I slowly started to realize that's it just starting a conversation. Most of the people I've interviewed have been nice and sociable so that has made the process much more enjoyable. Now when I see "video requirement," I still cringe a little bit, but I know its going to be an interesting day for me.
3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?
If I could offer three tips, it would be:
1) Fine tune your schedule to fit with the numerous assignments that are due on any given day at 9.
2) Being tenacious and organized go hand in hand as you're able to anticipate any shortcomings and still be able to persevere with careful planning.
3) Never allow yourself to downplay your abilities to complete an assignment. There are a ton of resources available, ranging from Dr. Pryor to the TAs and even talking with other students.
It's honestly not that hard for me to remain focused in this class because it's a requirement. It's either I keep pushing through the avalanche of assignments or I fail. Every time I think of not doing an assignment, I'm reminded of two things: I paid for this class & I'm trying to graduate. In a nutshell. Being tenacious is about having a goal in mind and adapting to the challenges and obstacles as the situation unfolds.
2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?
In the beginning, I was dreading the whole interviewing random people process but I slowly started to realize that's it just starting a conversation. Most of the people I've interviewed have been nice and sociable so that has made the process much more enjoyable. Now when I see "video requirement," I still cringe a little bit, but I know its going to be an interesting day for me.
3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset'?
If I could offer three tips, it would be:
1) Fine tune your schedule to fit with the numerous assignments that are due on any given day at 9.
2) Being tenacious and organized go hand in hand as you're able to anticipate any shortcomings and still be able to persevere with careful planning.
3) Never allow yourself to downplay your abilities to complete an assignment. There are a ton of resources available, ranging from Dr. Pryor to the TAs and even talking with other students.
Sunday, February 21, 2016
Week 7 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 would be that we haven't switched to this type of market segmentation yet. As noted in the article, the current segmentation initiatives have failed and will continue to do so until marketers address the product features that matter most to the customer.
2) Identify at least one part of the reading that was confusing to you?
In the article, it says that effective segmentation focuses on just one or two issues, and they would soon become obsolete after having their relevancy lost. I'm curious to know how long should the effective segmentation stay in place. This sounds like a costly and repetitive method, in which the business would have to constantly monitor changing customers' values and perceptions. In my opinion, public opinion sways from left to right too frequently in order to proceed on product development. This would be a drawback to psycho-graphic profiling.
3) If you were able to ask two questions to the author, what would you ask? Why?
Should a multi-national company like Pepsi or Coca-Cola switch to a marketing segmentation approach that focuses on rediscovering market segmentation? Pepsi still uses the same basic marketing campaign to make consumers believe that they will be happy if they drink one of their products.
Do you ever envision businesses actually putting aside their current market segmentation approaches?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I'm not entirely sold on the idea of psychographic profling because it's a very time consuming and costly method to assess what consumers want. In my opinion, most consumers don't know what they want until they actually give the product a chance. Better yet, they tend to use past purchases to influence their purchases. In the end, I am more intrigued about Yankelovich and Meer's market segmentation .
The biggest surprise would be that we haven't switched to this type of market segmentation yet. As noted in the article, the current segmentation initiatives have failed and will continue to do so until marketers address the product features that matter most to the customer.
2) Identify at least one part of the reading that was confusing to you?
In the article, it says that effective segmentation focuses on just one or two issues, and they would soon become obsolete after having their relevancy lost. I'm curious to know how long should the effective segmentation stay in place. This sounds like a costly and repetitive method, in which the business would have to constantly monitor changing customers' values and perceptions. In my opinion, public opinion sways from left to right too frequently in order to proceed on product development. This would be a drawback to psycho-graphic profiling.
3) If you were able to ask two questions to the author, what would you ask? Why?
Should a multi-national company like Pepsi or Coca-Cola switch to a marketing segmentation approach that focuses on rediscovering market segmentation? Pepsi still uses the same basic marketing campaign to make consumers believe that they will be happy if they drink one of their products.
Do you ever envision businesses actually putting aside their current market segmentation approaches?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I'm not entirely sold on the idea of psychographic profling because it's a very time consuming and costly method to assess what consumers want. In my opinion, most consumers don't know what they want until they actually give the product a chance. Better yet, they tend to use past purchases to influence their purchases. In the end, I am more intrigued about Yankelovich and Meer's market segmentation .
Free Money
Where will you go?
Turlington Plaza
What kind of people will you approach?
College Students
What will you say to get the conversation started?
I will tell them that I'm doing a quick survey.
What is your plan for the conversation?
Due to my potential customers having things/places to go, I will give them a brief explanation of my app and ask if they would use it or not.
Out of five attempts, how many dollar bills do you think you will be able to give away.
I decided to ask a question that I learned in my finance class: would you rather take a dollar now or a dollar in the future? Unsurprisingly, three out of the five customers actually took the free money, which I let them keep for being willing to be interviewed.
This experience was very unique and interesting to see unfold. The customers were very friendly and willing to give up some of their time to help out with my impromptu questioning. It was very cool to see how some people liked the app idea and how others still couldn't envision what I was describing to them. They gave quick, concise answers, and were even a little baffled when I asked them if they would rather take a dollar now or a dollar in the future. The most interesting aspect of this experience was interacting with the customers and receiving their essential feedback and thoughts. This was a good test to gauge the general public on their thoughts of the app.
Turlington Plaza
What kind of people will you approach?
College Students
What will you say to get the conversation started?
I will tell them that I'm doing a quick survey.
What is your plan for the conversation?
Due to my potential customers having things/places to go, I will give them a brief explanation of my app and ask if they would use it or not.
Out of five attempts, how many dollar bills do you think you will be able to give away.
I decided to ask a question that I learned in my finance class: would you rather take a dollar now or a dollar in the future? Unsurprisingly, three out of the five customers actually took the free money, which I let them keep for being willing to be interviewed.
This experience was very unique and interesting to see unfold. The customers were very friendly and willing to give up some of their time to help out with my impromptu questioning. It was very cool to see how some people liked the app idea and how others still couldn't envision what I was describing to them. They gave quick, concise answers, and were even a little baffled when I asked them if they would rather take a dollar now or a dollar in the future. The most interesting aspect of this experience was interacting with the customers and receiving their essential feedback and thoughts. This was a good test to gauge the general public on their thoughts of the app.
Wednesday, February 17, 2016
Elevator Pitch No. 2
The feedback I had received from the last Elevator Pitch really improved my thought process going forward. This time I remembered to address some key issues that I didn't mention in my last elevator pitch. For example, in this pitch, I think most investors would be more than willing to agree that self expression and individuality are the guiding forces behind this current generation's values. This insight on the current generation's knack for individuality will create the opening needed for the investors to invest in my product. I definitely appreciate all the comments I received from the last pitch because they shaped how I will market my product.
Sunday, February 14, 2016
Customer Interviews No.3
Here are the questions I asked my customers in this interview:
1) How often do you go to fast food restaurants?
2) Are you satisfied with the options shown on the drive-thru menu?
3) How often do you use your phone for ordering?
4) Do you think my product would make ordering easier for kids?
5) How do you think this product will affect workers?
This interview process was a success as it allowed me to fine tune some other areas of my idea that I didn't originally think of. The customers I interviewed this week were really intrigued about the possibilities and ramifications of what my product can offer. They noted how technology is slowly starting to replace humans with more "efficient" computers. This can be seen in select grocery stores, the diminishing need to deposit money at a bank, and even toll booths are becoming a thing of the past. Yet, one thing that all my interviewees mentioned was that no matter how smart the technology becomes, the need for a human to address these new technological advances will never change. For example. in regards to my idea, I don't think phrasing out the employees will be beneficial to the company because it could ruin their image and, most importantly, fail to place the workers in an essential ancillary role.
1) How often do you go to fast food restaurants?
2) Are you satisfied with the options shown on the drive-thru menu?
3) How often do you use your phone for ordering?
4) Do you think my product would make ordering easier for kids?
5) How do you think this product will affect workers?
This interview process was a success as it allowed me to fine tune some other areas of my idea that I didn't originally think of. The customers I interviewed this week were really intrigued about the possibilities and ramifications of what my product can offer. They noted how technology is slowly starting to replace humans with more "efficient" computers. This can be seen in select grocery stores, the diminishing need to deposit money at a bank, and even toll booths are becoming a thing of the past. Yet, one thing that all my interviewees mentioned was that no matter how smart the technology becomes, the need for a human to address these new technological advances will never change. For example. in regards to my idea, I don't think phrasing out the employees will be beneficial to the company because it could ruin their image and, most importantly, fail to place the workers in an essential ancillary role.
Thursday, February 11, 2016
Idea Napkin No. 1
1. You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
I'm a business administration major who is currently one semester away from graduating. I'm not really sure what my talents are but I'm an all-around type of person, which means I'm mostly average in regards to any particular subject. I interned at Sherwin-Williams over the summer where I gained a ton of experience with interacting with painters and contractors, setting up events and finding ways to bring in customers.
After graduating from high school, I began to aspire about having my own business, but I knew that college would be the best place for me to gather insight into what type of business. Now that I'm close to finishing, I could definitely envision myself working with some of my friends to create a social media app or something similar to the capabilities of Apple Pay.
2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
With the product that I've thought of, I plan on offering the consumer more simplicity and convenience when they arrive at the drive thru. As soon as they reach a particular major fast food restaurant's drive-thru, such as Burger King or McDonalds, their phone will become in sync with the restaurant and begin to highlight the customers' options in regards to specials and meals of the day. The technology will only work when the customer pulls into the drive thru area within a certain range as to avoid any unnecessary activation of the app.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
My targeted audience will be those individuals who frequently use the drive thru service. These are the individuals who will most likely use the features of my product. People naturally cling to having various options, which is a notion that Henry Ford eventually came to realize. By expanding the food options to this particular demographic, the consumer will be most likely start to add on to their meal purchases.
It's comparative to the experience of shopping online versus the experience of actually being at a retail store. Websites are limited in nature by what they're able to show consumers, so retailers have come to realize the need to become more personalized and accessible. The result is something commonly known in the retail industry as Omni-channel. That being said, imagine if drive thru menus could become more accessible and personalized to each unique consumer.
4. Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
Customers will care about my product because it gives consumers something that they wish they had more of: time. By eliminating the need to feel pressured into just picking a number and driving along, the product caters to the consumers' wants.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
The biggest core competency that will set my company and its product apart from others would have to be the value that we offer on each fundamental level. I have both the drive and ambition to keep reinventing the wheel and not being afraid of failure, which will happen time and time again.
My Idea
I believe these five elements fit together with my product because each element described above involves an aspect of companionship. Of course, in this case, the companionship will be between the consumer and their phone. I think its safe to say that most people, whether they admit it or not, have a hard time functioning without their phone nearby. So I think its just another added benefit to be able to use your phone at any fast food restaurant drive thru. I picture the college student leaving from their class and heading to In-N-Out to create a burger that uniquely fits his/her preference. Or, even the mother of three heading to Chic-Fil-A and passing around her phone as her kids pick and choose exactly what he/she wants (no more screaming in the backseat).Sunday, February 7, 2016
Week 5 Reading Reflection
1. What stood out to me the most in this chapter would probably be the section regarding the importing good ideas. As someone who currently envisions incorporating wireless and interactive technologies, like Apple Pay, for my entrepreneurial idea, it was really enlightening to see an entrepreneur who decided to use an idea that's already in motion and utilize it on a wider scale.
2. For the most part, this chapter was straight forward and self explanatory. One part that was confusing to me was the "lifestyle ventures" classification.
3. A) Is it smart, or profitable, to make a product or service that the customer doesn't necessarily realize has a high intrinsic value? This is a question I thought of while reading the customer availability section. B) How much customer feedback should be incorporated into the final design of the product or service? There have been times when producers have accurately surveyed customers' preferences, and yet the product became an utter failure at launch.
4. I don't disagree with what the author stated because the information was backed by studies and research.
2. For the most part, this chapter was straight forward and self explanatory. One part that was confusing to me was the "lifestyle ventures" classification.
3. A) Is it smart, or profitable, to make a product or service that the customer doesn't necessarily realize has a high intrinsic value? This is a question I thought of while reading the customer availability section. B) How much customer feedback should be incorporated into the final design of the product or service? There have been times when producers have accurately surveyed customers' preferences, and yet the product became an utter failure at launch.
4. I don't disagree with what the author stated because the information was backed by studies and research.
Wednesday, February 3, 2016
Elevator Pitch No. 1
Opportunity: On the surface it may trivial to implement technology in the drive thru menus, but I think the value added to making consumers interact with each respective franchises' menu is understated.
Solution: By implementing technology akin to Apple Pay or Samsung Pay at drive thru menus, consumers will have a variety of options to choose from instead of just simply picking a "#1 meal combo." With the opportunity I'm presenting, customers will have more power in customizing their order at the drive-thru area before proceeding to the window to receive their food. Of course, there are some holes and kinks that have to be fixed in the idea, but I think it could be the start of something new in the fast food industry.
The name of my company is QuickPay!
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