Week 8: The Twenty Percent

The Twenty Percent

Pareto Principle: 20% of your customers will generate 80% of your sales 

Targeting that 20%: In my past assignment done of interviewing an entrepreneur and asking him questions about his restaurant Snappers, I decided to contact him once again for this assignment as he was an enjoyable entrepreneur to work with. I will find out who his 20% is, who he thinks his 20% is, and whether he is right or not (customer feedback?).

I was unable to obtain recordings of the entrepreneur and costumers because this restaurant is in Palm Harbor, Florida and I am still in Gainesville at the time of this assignment. However, I called the owner from Snappers and phone interviewed him. As for the customers, I had one of my friends from home interview three customers and send me video recordings of them. This is what I got:

1) Find a business owner and talk to them about their customers. 

Me: "At Snappers, who would you say is your main market? Who are your target customers?"

Paul: "Well I'll definitely have to say the locals. Snappers is surrounded by neighborhoods and as a small mom and pops place, the locals love it here. Everyone knows each other, I take time to learn about my customers...the hospitality here is just so intimate."

M: "Would you say there are any unmet needs of your customers?"

P: "I know Snappers is not perfect, but most of our customers leave very satisfied...I hope that answers your question."

M: "What are your customer's demographics? What would you say an average customer looks like / tend to be like?"

P: "Well, as a bar also we tend to attract a crowd a bit more older. We also have great deals and are near many neighborhoods with an older population. We get a lot of families here with kids and a lot of older folks."

M: "What kind of media do your customers use?"

P: "Everyone has their cellphone and I would say FaceBook is big too."

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described.

Customer #1: Man with three kids and a wife.

Me: "Is this your first time eating at Snappers?"

Customer: "Nope! My family and I come here all the time."

Me: "As a regular customer here, would you say you have any unmet needs?"

Customer: "Hmm, I'll have to think...oh wait, I'd love there to be more outside seating where people aren't smoking so my kids can sit there too. That's the only thing."

Me: "Great thanks for your time."

Customer #2: Older couple in their 60s.

Me: "Is this your first time eating at Snappers?"

Customer: "No."

Me: "As a regular customer here, would you say you have any unmet needs?"

Customer: "My soup isn't here yet. Hahaha no service here is great we have been coming here for 10 years now, Paul is great."

Me: "Aw good thank you guys for your time."

Customer #3: Father and son in his teens.

Me: "Is this your first time eating at Snappers?"

Customer: "No, we live in the neighborhood right behind here. Come here quite often."

Me: "As a regular customer here, would you say you have any unmet needs?"

Customer: "Nope."

Me: "Awesome, thanks for your time."

3) Reflect.

Based off of the interviews from the owner and the customers, it seems to me that they're truly aren't any major problems at Snappers. The costumers seemed to love Snappers and were all locals for the most part. I'm sure there are things that can be improved, but overall Snappers seems to be doing just great! It's been opened for 25 years now too. Paul must be doing something right.

Week 8 Reading Reflection

Reading Reflection

During this weeks reading reflection, I was surprisingly...not surprised with anything I read. I was quite interested though. I learned a few new things. As far as confusion, I was a bit lost on the section regarding the informal risk and the financing part. Thus, I would ask the author how the numbers came about in the Informal Risk: Capital Angel Financing paragraph. Also I would ask if that statistic actually applies well? People spend money differently based on their own personal lives. It's a case to case topic that cannot truly be generalized. That's also what I would disagree with the author on. You can't really generalize everyone's spending habits and investments in life.

Week 8: Half-way Reflection

Half-Way Reflection:

As the past two months flew by, I learned new skills and critical thinking skills through this ENT3003 course. If you have any inclination to be an entrepreneur, follow it and take this course. Don't over-think it. And if you aren't thinking about becoming an entrepreneur, take this course. Yes, there are a lot of assignments and it can be time consuming and tedious but this class is not just teaching you material, this class is granting you the gift of experience. And I can not emphasize how important experience is when learning. 

Throughout this course, my father being an entrepreneur himself, I didn't think there was much more I could learn since I already had an idea of what it was like to do things on your own. Yet, this class proved me wrong. And that's one thing I also learned in this class. It is ok to be wrong and it is ok to fail. As long as you learn from it and take from it, you are improving not only as an entrepreneur, but as a person. This class makes me check my email daily to constantly stay up to date with the class. Most classes I have, almost all of them actually, have only a few assignments that are weighed very heavily in final grade points. Thus, it's easy to slack off for weeks at a time before some big paper is due or there is some exam. However, this class makes you work. And makes you work every single day. 

There were times where we had to turn in assignments that required recordings and I was having technical issues and I came to the conclusion that I was just not going to do it. It was too much of a trouble and I thought I would be ok with just taking the L on that assignment. However, despite my thoughts of giving up, I pulled through and used my friends phone to finish the assignment. If there's a will there's a way.

Now I will leave you with three short and simple tips for success in this course and success in life regarding the tenacious mindset:

1) Be aware of everything going on!

It's important to regularly check your emails, canvas, the news, and everything so you are conscious and aware of your life and the world around you.

2) Find a meaning behind everything. 

Take something valuable out of each thing you do whether it involves a success or even failure.

3) You're not just here to work, have fun! 

This is a fun class and this is a fun life. Find the balance between work and play.

I hope you enjoyed my post and overall I enjoy this class!

Week 7: Free Money

Giving Away Free Money

For this free money exercise, I chose to go across from the Krispy Kreme off of 13th and hand out my 5 $1 bills. I chose to go to this public place because not much can be bought with a single dollar but donut's can! I approached people walking towards that direction, however since they were not exactly in front of Krispy Kreme, my offer would most likely yield them to changing their plans, or not, and going to buy a donut. I started each conversation with "excuse me sir" or "excuse me ma'am" and I approached the person from the back. I learned that approaching a stranger from the back isn't the best idea as I quickly learned with one guy that I approached who got really defensive out of instinct, I posted that video below. My offer was as follows:

"Excuse me sir/ma'am, would you like a free dollar for a donut from Krispy Kreme?"

Predictions:

I believe that I will give out all 5, 1 dollar bills, because who doesn't like free money come on?!

I recorded two out of the five interactions, because the camera obviously makes it more obvious that I am doing some sort of experiment so the 3 without a video were more natural.

Results:

Overall, I gave out 3 out of the 5 dollars. Most people said "yes" and "thank you". 1 person didn't even let me finish my question because they were nervous and immediately got defensive because they were startled and caught off guard. And the last person was on the phone and when I interrupted them that said "what? no thank you" and continued to walk away.

Conclusively, giving a dollar away was a bit harder than I imagined as I only gave out 3/5 when I thought I would have 100% success rate.

Week 7: Reading Reflection

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? 
After reading this chapter, I was very surprised to find out that the author actually believes in new venture fails. Timing is also mentioned heavily and the author discusses how timing, whether poor or not, is very crucial in the business world and marketplace.

2) Identify at least one part of the reading that was confusing to you.

I was quite confused when I was reading about the "new-venture evaluation process". I am not really sure what the author meant by this, he should have went into greater detail to explain.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author what is the most critical criteria when it comes to evaluating a business. I would also ask a time that the author personally felt like he was poorly timed in his life (regarding entrepreneurship and business) and how he picked himself up or not.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Overall, I did not disagree with the author on anything major in this chapter. However, there was one point that I don't really agree with. The author stated out that uniqueness is one of the most important things a business can be to be successful, but this is not really true. Yes, as a business, being unique is good because that means you are offering something else to the table. However, being efficient and resourceful are more important things a business needs to weigh down on to be successful. 

Week 7: Elevator Pitch No. 2

Elevator Pitch No. 2:

Here is the second elevator pitch for my application idea, Clear Vote. Based on the constructive feedback I received for my first pitch, I was able to perfect my second one a little more although I realize it still needs some minor work here and there. Enjoy!

Week 6: Customer Interviews No. 3

Interviewing Customers: Third Time's The Charm!

Strategy:

My interviewing strategy: Like Dr. Pryor's email suggested, I wrote down a short description of the service I am offering (Clear Vote) on a notecard for the people I interviewed. That way there was more of a knowledge of the product I would be offering to my consumers. My notecard read: "Clear Vote provides a mobile application that focuses on candidates and their respective issue. It provides users a way to make voting easier and more specific to an individual’s values and beliefs. The application is a way to vote in an unbiased manner, it takes away the face from the candidates and the prejudice they bring with it. Clear Vote will focus on more truthful, factual information on politics, educating the user with straightforward and easy to use information. Know exactly what, and who you're voting for."

I plan on asking UF students, as college students are my main audience.

Questions:

1) Are you registered to vote? Why or why not?

2) Do you know who you are voting for in this upcoming election and why?

3) Do you get your political knowledge from news sources such as CNN or Fox news (which tend to be more polarized)?

4) Are you voting out of your own opinions or others?

5) Would you be interested in an application that delivers unbiased news regarding the candidates in the current election?

Interviews (5):

#1: (Al)

#2: (Andrew)

#3: (Amber)

Unfortunately, my laptop died after my third interview so I had to record the remaining two on paper. Here is what the people I interviewed said:

#4: (Paul)

Q: Are you registered to vote? Why or why not?

A: Yes, because I think my voice counts.

Q: Do you know who you are voting for in this upcoming election and why?

A: Can I say the people I am not voting for?

Q: Yes that is fine.

A: I am not voting for Hillary Clinton.

Q:  Do you get your political knowledge from news sources such as CNN or Fox news (which tend to be more polarized)?

A: Facebook.

Q: Are you voting out of your own opinions or others?

A: The way voting works in my opinion, the day of the election, you have two primary candidates to choose from. One out of two will stand a better chance to serve the country so the decision is made based on the two. I think a couple good people dropped out too soon. In another word, the lesser of two peoples in this election.

Q: Would you be interested in an application that delivers unbiased news regarding the candidates in the current election?

A: The process generally, every candidate has been attacking other candidates just as much as promoting their agenda, I think candidates should only focus on their agenda. Not attacking other candidates agenda. I would be extremely interested in that app. This policy should be adopted.

#5: (Bri)

Q: Are you registered to vote? Why or why not?

A: Yes actually! I just registered to vote last week I'm very excited.

Q: Oh awesome! So do you know who you are voting for in this upcoming election and why?

A: Yep, feel the bern!! Haha I plan on voting for Bernie Sanders.

Q: Do you get your political knowledge from news sources such as CNN or Fox news (which tend to be more polarized)?

A: If I watch the news it tends to be Fox news more so than CNN. But I don't really get my news from the TV. I watch all the campaign commercials on Facebook and get news off of twitter.

Q: Oh very interesting. Using social media, that can be very informative in some cases yet misleading as well, you need to be careful. Are you voting out of your own opinions or others?

A: I agree with Bernie's agenda it is definitely my choice of who I am voting for.

Q: Would you be interested in an application that delivers unbiased news regarding the candidates in the current election?

A: Yeah that sounds like a good idea! Sometimes I feel so lost when it comes to what candidate actually supports what. I would download Clear Vote.

3) Reflect on what you learned. 

I am glad I conducted these interviews as I got positive feedback and learned more about my application. I was very surprised to see that a lot of students are not registered to vote. I am aware that the younger population statistically votes less compared to voters in their 50s and higher, and out of the entire eligible voting population in America, only about 64% of citizens actually voted this past election. However, I guess I had hope that as college students, voting would serve a higher importance yet that is not the case. And all for the reasons to why the people I interviewed were not voting was because they felt unaware and not knowledgeable of the current candidates and politics for that matter. I know now that I really need to expand the section of my application that explains what every candidate stands for and is because there seems to be a lack in knowledge of this.

Week 6: Reading Reflection

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 was quite surprised about the power that the buyers have. Buyers can and do affect the stock prices, which can then break or make a company. In addition the difference in industry profitability. It's interesting to read the statistic about the soft drink industry profiting more than the airline industry. Plane tickets are obviously a lot more than soda's yet soda's are sold everywhere, that really stood out to me.

2) Identify at least one part of the reading that was confusing to you.

I was quite confused when I was reading about the possible 6th force when discussing the 5 forces. The sixth course would be the economy and I just feel like a declining economy would cause a shift in the competition of an industry.

3) If you were able to ask two questions to the author, what would you ask? Why?

In what ways would the economy as a sixth force affect competition?

What did Porter mean by 'Zero sum' and 'positive sum'?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I did not necessarily disagree with anything the author stated in this chapter. Some concepts were unclear but that does not mean I do not agree with the points made. I especially enjoyed the portion discussing the difference in industry profitability. 

Week 6: Idea Napkin No. 1

Piecing It All Together: Napkin Idea

1) You. I am a current student and aspiring entrepreneur at the University of Florida. I tend to have a wide perspective on things and understanding opinions when it comes to controversial issues. That being said, I have this vision of an application that informs and involves the public in politics more. Clear Vote, an app to inform the user with UNBIASED politics so they can have their own opinions based on facts not fluff, that the media and friends and society deliver. As a political science major and aspiring law student, this app remains relevant to my life.

2) What are you offering to customers? Clear Vote, provides a mobile application that focuses on candidates and their respective issue. It provides users a way to make voting easier and more specific to an individual’s values and beliefs. The application is a way to vote in an unbiased manner, it takes away the face from the candidates and the prejudice they bring with it. Clear Vote will focus on more truthful, factual information on politics, educating the user with straightforward and easy to use information. Know exactly what, and who you're voting for.

3) Who are you offering it to? Voting is the most important civic opportunity given to citizens in the United Stated. So then why is everyone not voting? Out of the whole eligible voting population in America, only 64% of citizens actually voted. Voters have been misled by the government,media,friends, family and pop culture, and the internet biased views on politics, so what about an app that plans to fix all these issues. Clear Vote's main audience will be college students and the younger adult generation, ages 18-25. It is a shame how little the youth are taking a part in politics and our government when everyone is directly affected by these governmental actions and litigations.

4) Why do they care? So why download Clear Vote? People are sick and tired of misleading politics and are concerned with what the government is doing but do not always understand or trust what they hear from national news stations. Citizens crave the truth; no one wants to be ignorant of what is happening around them. Our application remedies these issues: we provide not only the issues that affect them, but also the truth about those problems. Our app will revolutionize how political news is conveyed. 

5) What are your core competencies? Clear Vote is unlike any other app or news source out there. The only true unbiased source of politics is the government network CSPAN, and lets be real, unless you're like me who looks forward to governmental addresses or speeches like the State of the Union, you aren't going to be watching CSPAN. Soundbites delivered by CNN or Fox or any news source for that matter, are shaped with a certain view and often frame the truth.

Although I believe this idea is a gift to the public and will inform and educate and increase involvement with younger people and the government, there are some difficulties involved with implementing this app. The hardest part is going to be getting the news ourselves directly. Since the basis of the app is "unbiasedness", we cannot collect opinions or facts from any other second or third party, we need to get the news directly from the event which means more reporters and staff whom are up to date with current events like no other, which might be unattainable. 

Week 5: Reading Reflection

Reading Reflection

What really stood out to me the most during this weeks reading was the article for incorporating on the web. I never thought of that as a state related issuance. However, later on in the reading, I was a bit confused about the process and explanation given about obtaining and securing a patent. It seems to be quite lengthy and legal. And realistically, does every inventor even go through this patent process? Why can't you copyright an invention instead? I fell like that would be significantly easier. And that's where I would disagree with the author as well. The lines between patenting a product and copyrighting a product additionally trademarking a product. 

Week 5: Elevator Pitch No. 1

Clear Vote Elevator Pitch:

People are sick and tired of misleading politics and are concerned with what the government is doing but do not always understand or trust what they hear from national news stations. Citizens crave the truth; no one wants to be ignorant of what is happening around them. Our application remedies these issues: we provide not only the issues that affect them, but also the truth about those problems. Our app will revolutionize how political news is conveyed. 

Clear Vote, provides a mobile application that focuses on candidates and their respective issue. It provides users a way to make voting easier and more specific to an individual’s values and beliefs. The application is a way to vote in an unbiased manner, it takes away the face from the candidates and the prejudice they bring with it. Clear Vote will focus on more truthful, factual information on politics, educating the user with straightforward and easy to use information. Know exactly what, and who you're voting for.