30A – Final Reflection

This has been one crazy semester. At the beginning of the semester I was studying abroad in Rome, and now I am at home in New York as I finish up my semester. When thinking about my memories in this class, I think mostly back to my time in Rome. I remember sitting in my room talking out my business idea with my roommate Emily who is also in this class. We would ask each other questions, interview each other and give feedback on our ideas. I was flying pretty often while in Europe for those few weeks and I really wish my invention was real during those plane rides. One assignment that I particularly enjoyed was when we had to look up our local news and find articles about local opportunities. When I did this assignment, I was in Rome which feels like a different world. I remember missing home a little bit at that point and being put at ease by reading all of the local news in my area. For that little time while reading the articles, I felt like I was back home in New York again. Although that assignment didn’t directly have to do with my product, it is still a great memory that I have while taking this class. I am very proud of myself for accomplishing the venture concept assignment. I really did not think that I was going to be able to write so much and come up with a real idea with a specific plan, but I did!

After taking this class, I can definitely say that I have more of an entrepreneurial mindset. When I see any unmet opportunity, I do now think that more than ever that this should be invented. I still don’t want to start my own business and product necessarily, but now I can understand a lot more why so many people would want to.

A recommendation I would have for a new student would be like your product!! Liking your product is KEY in this class. Doing assignments for something that you actually enjoy and believe in makes everything so much easier. It could be extremely painful going through an entire semester hating your idea and product. I recommend not waiting until the last minute for each assignment. Also, reading the assignment way before so you’re able to think about your answer over the next few days. I found this to be really helpful instead of sitting down reading the post and then begin writing right away. Again, do something that matters to you and not just what sounds easy.

29A- Venture Concept No. 2

Opportunity

I thought of this new business idea because I saw for myself that there was an opportunity for a new innovative idea. I myself experienced this unmet need, so I wanted to think of an idea of how to solve this problem that I have and millions of other people as well. 2020 is a new decade and a time where technology is constantly changing and adapting. Apple’s invention of AirPods had drastically changed how we live. While AirPods were being introduced, Dr. Dre wireless beats were also brought into the market. These two products have changed how people listen to music daily. People started to drop their wired headphones and start using wireless devices. The trend has exponentially increased and now millions of people use Bluetooth. When traveling, you have to go back to your old ways and remember the wired headphones. We have been so used to just using our Bluetooth that we forget that airplanes still don’t have Bluetooth capability! We are forced to either listen to our phone and opt out of using the inflight entertainment or buy poor quality wired headphones from the flight attendants. This simple annoyance can be transformed into a whole new industry. The technology and capabilities we have today are amazing! This is why I think that something can be done about this problem.

Geographically, anyone who is traveling on a plane is able to access this service. Demographically, the people who would want this opportunity are the people who can afford to fly, and also frequent flyers. Currently, customers are satisfying this need by using wired headphones. They either remember to bring wired or use the airlines headphones. I would say that the younger generations are less loyal to the wired headphone. The older generations who are more used to wired, and not wireless are loyal to the headphones because for so long that is what they know. I think that this opportunity is huge! It could change the airline industry forever and totally change how we travel. This industry could be worth billions of dollars someday. This “window of opportunity” could not be open for long. I am sure that other innovators have thought of this idea and pretty soon it could be offered on planes. The idea doesn’t seem that far fetch anymore.

Innovation

This product could go in many different routes. One route is creating the software first and then selling the software and capabilities to major airline companies. My business could also supply the workers who install the Bluetooth capability safely into the planes. The software would be installed to only the planes with a personal TV screen in front of them. Additionally, we would try to make it as easy as possible. When the passenger sits down in their seat and it says “Welcome” I would imagine the screen to ask a question like “Do you want to use Bluetooth for this flight?” The passenger will click yes if they do, which will lead them to a page with pricing. For the entirety of the flight it would cost $20. For 3 hours of use pricing would be 5$ and 3- 6 hours would be priced at $10. If someone if a frequent flyer and use this service often, there could be a yearly subscription available priced at $100. After they select which pricing, they want, you will be able to put your credit card into the screen to pay for the service. After you pay, your personal Bluetooth capability will be turned on and your phone will be able to connect.

Venture Concept

This product will solve the opportunity that I identified in the opportunity paragraph. I think that customer would switch to using this product because they don’t want to have to deal with remembering wired headphones. Being able to connect to Bluetooth and use the inflight entertainment could make their trip a lot more enjoyable. Now that everyone is so used to the Bluetooth world, they would be more inclined to switch over. I do think that it could be difficult to get passengers to switch over. Some people are stuck in their own ways and don’t want to switch things up. Also, since the service isn’t free and wired headphones are, they may just want to save money and not spend the money to use the service. Currently, there are no competitors because this doesn’t exist yet. Weaknesses could be the price, malfunctions with the software, and people being cautious about putting their credit card information in. I would organize the business at first small. The startup doesn’t need to have that many people. Definitely computer engineers, accountant/ finance employees, salespeople to pitch the idea to employees and installation workers. Probably starting off with 15-20 people and then hopefully expanding to many more.

The Three minor elements

Secret sauce – the advanced computer engineers that make this product. I would want to file a patent on this idea so that no one can copy the software.

What’s next? After planes, we could go into other modes of transportation such as busses, subways and trains. This idea would be for connecting to their sound system to hear which stop is next etc. This wouldn’t necessarily be a product being sold to the customer themselves, but to the transportation system overall company. For example, selling the capability to MTA NYC subway systems, Amtrak etc. as a contract deal.

What’s next for you? Assuming that this product has launched, I would want to be the leader of this successful company. It would be world renowned. Eventually if I think it is too much, I may sell the company off to a larger company who wants it.

Provide a summary of the feedback and how I changed it:

I received positive feedback and great ideas for my product. I was told that expanding to other modes of transportation would be a great new path. Something to consider is short trips. Busses, trains and subways would not really appeal to the consumer. This service would not affect their entertainment at all because their trip would be so short. Something that I did read that made me think was having Bluetooth be connected to the mode of transportations sound system. For example, if the bus is announcing the next stop and the passengers don’t hear it because they’re listening to their music or get distracted by their phones. This system capability would be B2B not B2C.

27A - Reading Reflection No. 3

Mindset: The New Psychology of Success, Carol Dweck

The general theme of this book was all about mindsets. Dweck believed that there are two different types of mindsets. A fixed mindset and a growth mindset. A fixed mindset is when someone already has predetermined abilities and a growth mindset is when the person believe that they can learn or change a mindset. Each chapter dove into different sect of person and their fixed vs growth mindsets. For example, relationships and love, parents and teachers, an athlete’s mindset and how to change your mindset. Each different type of person has both the fixed and growth mindsets. Trying to have a growth mindset in all of these areas was the goal.

In my opinion, the book enhanced what we are learning in ENT3003 a lot. Mindsets are vital when creating your own business. If you don’t have a good head space, it will affect your business negatively. This book was teaching readers the importance of the growth mindset which is so important for entrepreneurs. A fixed mindset will get you nowhere. Growing, learning, failing, and teaching is all a part of this new business or concept.

If I were to create an exercise for this class based on the book, I would tell the class to think of ideas that were embodied in them since they were young kids. Explain why this idea is important in your life. Now, think of ideas that they learned over time. Which ideas did they feel were most important and why? Do they think one list is more important than the other?

Something that I learned most from the book that was different from my expectations was the overall theme. I have never studied this area of psychology so the whole idea was new to me. Obviously, I knew that there were different kinds of mindsets, but hearing the breakdown of why fixed mindsets are negative and why growth mindsets are positive was all new to me. I think a mindset is very important and shapes how we all live our everyday. Just having a positive mindset can change everything. I learned a lot from reading this!

28A - Your exit strategy

I plan to sell my company off in about 5 years or so. The plan is to sell it off to another company or person when I feel like it is the right time. 5 years seems like the company would be established enough for me to sell it off.

I have selected this particular exit strategy because I think that it could get really hard to maintain. I don’t view myself as the most entrepreneurship person and I think that someone else could probably do a better job at running the company. I don’t view me selling the company a failure in anyway. If my business was successful enough for someone to want to buy it for a large amount of money I would view that as a positive for me. Someone liked my idea enough to want to purchase it. Right now, I don’t know how much the industry could be worth in a few years but hopefully it is a growing industry.

I think that my exit strategy has influenced my business concept. Early on in process, I thought that I would sell it off to a bigger company. So, that seed has been planted in my own head for a while that I would sell it. I think that if I didn’t think about selling it I could have made more intricate decisions. My growth intentions has probably diminished because I didn’t have the mentality to grow it to its maximum. I was going to let someone else take over during that time.

26A - Celebrating Failure

A time when you failed:

I could think of a few times where I failed this past semester. Some were in my control and some were out of my control. Trying to control my attitude in uncontrollable situations and have a positive outlook would be my failure. The coronavirus has affected my life and everyone else’s life in the world at this point. When I found out that I my abroad program was being cancelled due to the coronavirus and I had to return back to America upset me more than anything. That was an uncontrollable circumstance, so controlling my attitude was the goal since I received that email. Now that I have been home for over 1.5 months, my positive outlook has come and gone. Some days I am okay and have accepted it, and other days don’t go so well. I keep telling myself that it wasn’t only me and really am trying to stay positive in this horrible and sad pandemic situation. I keep trying to tell myself that I have my health, so I am more than lucky. I keep going back to the fact that I’m upset, and this was supposed to happen. Most recently, this past week I found out that my summer internship program is now cancelled. I really cannot find my positive attitude in any of this anymore. I promised myself in the beginning of March that this isn’t the end of the world but now so many negative things are happening that it’s hard for me to stay positive. I would say that this has overall been my failure this semester. Another failure I would say is my procrastination with online school now. It’s been very hard for me to actually sit down and do the things I need to do until the last minute possible.

What did you learn from it?

I learned that not every situation is controllable. It’s hard for me to grasp onto that idea but these times have really shown me that not everything is in my hands. I’m learning slowly that not everything is the end of the world and obstacles are a part of life. In no way is this easy, but it is doable to deal with and hopefully soon all problems will fix itself out. For my procrastination problem, I learned that it is really not wise to do so! It only adds pressure to me for no good reason.

Reflection:

I think that failure stinks. No one enjoys failure, and if they say so, they’re lying. Everyone wants to succeed in what they do! Failure though is a part of life and that’s just how it is. At first, I don’t take failure very well. I get really upset and think the worst possible things. I usually talk to my friends and parents about failure situations and they make me feel better. Talking out failure is a great way to make myself feel better. My family and friends have an outside perspective and can be reassuring when I need it most. This class has changed on how I think about failure. Just this assignment alone has let me really think about the importance of failure in life. I have learned that failure is okay and it’s okay to admit that. Admitting failure could be very hard for some people. Learning about entrepreneurship has taught me that the best entrepreneurs have failed countless amounts of times and were still able to make it in the real world.

24A - Venture Concept No. 1 (Air Sound)

Opportunity

I thought of this new business idea because I saw for myself that there was an opportunity for a new innovative idea. I myself experienced this unmet need, so I wanted to think of an idea of how to solve this problem that I have and millions of other people as well. 2020 is a new decade and a time where technology is constantly changing and adapting. Apple’s invention of AirPods had drastically changed how we live. While AirPods were being introduced, Dr. Dre wireless beats were also brought into the market. These two products have changed how people listen to music daily. People started to drop their wired headphones and start using wireless devices. The trend has exponentially increased and now millions of people use Bluetooth. When traveling, you have to go back to your old ways and remember the wired headphones. We have been so used to just using out Bluetooth that we forget that airplanes still don’t have Bluetooth capability! We are forced to either listen to our phone and opt out of using the inflight entertainment or buy poor quality wired headphones from the flight attendants. This simple annoyance can be transformed into a whole new industry. The technology and capabilities we have today are amazing! This is why I think that something can be done about this problem.

Geographically, anyone who is traveling on a plane is able to access this service. Demographically, the people who would want this opportunity are the people who can afford to fly, and also frequent flyers. Currently, customers are satisfying this need by using wired headphones. They either remember to bring wired or use the airlines headphones. I would say that the younger generations are less loyal to the wired headphone. The older generations who are more used to wired, and not wireless are loyal to the headphones because for so long that is what they know. I think that this opportunity is huge! It could change the airline industry forever and totally change how we travel. This industry could be worth billions of dollars someday. This “window of opportunity” could not be open for long. I am sure that other innovators have thought of this idea and pretty soon it could be offered on planes. The idea doesn’t seem that far fetch anymore.

Innovation

This product could go in many different routes. One route is creating the software first and then selling the software and capabilities to major airline companies. My business could also supply the workers who install the Bluetooth capability safely into the planes. The software would be installed to only the planes with a personal TV screen in front of them. Additionally, we would try to make it as easy as possible. When the passenger sits down in their seat and it says “Welcome” I would imagine the screen to ask a question like “Do you want to use Bluetooth for this flight?” The passenger will click yes if they do, which will lead them to a page with pricing. For the entirety of the flight it would cost $20. For 3 hours of use pricing would be 5$ and 3- 6 hours would be priced at $10. If someone if a frequent flyer and use this service often, there could be a yearly subscription available priced at $100. After they select which pricing, they want, you will be able to slide your credit card into the screen to pay for the service. After you pay, your personal Bluetooth capability will be turned on and your phone will be able to connect.

Venture Concept

This product will solve the opportunity that I identified in the opportunity paragraph. I think that customer would switch to using this product because they don’t want to have to deal with remembering wired headphones. Being able to connect to Bluetooth and use the inflight entertainment could make their trip a lot more enjoyable. Now that everyone is so used to the Bluetooth world, they would be more inclined to switch over. I do think that it could be difficult to get passengers to switch over. Some people are stuck in their own ways and don’t want to switch things up. Also, since the service isn’t free and wired headphones are, they may just want to save money and not spend the money to use the service. Currently, there are no competitors because this doesn’t exist yet. Weaknesses could be the price, malfunctions with the software, and people being cautious about putting their credit card information in. I would organize the business at first small. The startup doesn’t need to have that many people. Definitely computer engineers, accountant/ finance employees, salespeople to pitch the idea to employees and installation workers. Probably starting off with 15-20 people and then hopefully expanding to many more.

The Three minor elements

Secret sauce – the advanced computer engineers that make this product. I would want to file a patent on this idea so that no one can copy the software.

What’s next? After planes, we could go into other modes of transportation such as busses, subways and trains.

What’s next for you? Assuming that this product has launched, I would want to be the leader of this successful company. It would be world renowned. Eventually if I think it is too much, I may sell the company off to a larger company who wants it.

25A- What's Next?

Existing Market

Step 1: I think what’s next in my product is conducting surveys in airports or after someone’s flight and asking valuable information. Asking passengers if they would have benefitted from having a Bluetooth service available. Asking general questions to see if they had in-flight entertainment capability. Asking how much they would be willing to pay for this service. Once we have that data, we could move more forward with planning.

Step 2: I would hope that the target customers would like the idea of the product and want to use it. I hope that they would give me good insight into what they would do next so I could get another opinion.

Step 3: What makes the most sense is to start making a software to make this available. Testing out Bluetooth signals not interfering with pilot signals is vital in this service. Conducting many different tests and reaching the perfect signal for this service is key. Once that is done, and a software is made, maybe testing out the service with a very small group of people not on an airplane. Asking them questions about the quality and service after the test mode. Eventually, speaking with airlines to pitch them this business idea would be the end goal.

New Market

Step 1: The new market I would try to enter is the B2C on other modes of transportation such as buses and subways to the less affluent community.

Step 2: I think that adding this service to busses and subways allow for people who can’t always fly on a plane this service. If there were TV’s on busses like greyhound for example. The people who travel on busses could experience Bluetooth and wired headphone issues. Additionally, people commuting on trains and subways could also take advantage of this.

Step 3: After conducting interviews, I would hope to gain more of an insight of what they want in this product and what is important to them. Hearing what they struggle with on day to day travels could really benefit how I alter the service while trying to enter the new market.

Step 4: I learned that this new market could be very tricky. This market is less attractive and not as effective, but people are willing. Putting this idea into their daily commutes on subways, trains and busses for example is something that they would spend some money on. If it can be brought to them in a way that improves their daily commutes, they would maybe spend some more money to get a better commuting experience.

23A - Your Venture's Unfair Advantage

1.     Human Capital

Valuable: Yes  

Rare: Everyone is unique in their own way, so some parts of human capital are rare

Imitable: you can’t imitate one’s own human capital

Non- substitute: cannot substitute this

2.     Social Capital

Valuable: Very valuable skill, it’s important to be able to talk to people

Rare: Not very rare, many people have social skills

Imitable: Yes

Non- substitute: having the skills to be able to talk to someone cannot be substituted

3.     Experience in fundraising

Valuable: very valuable, fundraising for a cause is important and can help raise a lot of money.

Rare: Not so rare, so many people fundraise for events that are important to them.

Imitable: Yes

Non- substitute: no

4.     Branding

Valuable: extremely valuable. Branding can arguably be the most important part of a company

Rare: no, every business has to create a brand

Imitable: each brand is unique so no

Non- substitute: cannot easily be substituted

5.     Location – on airplanes

Valuable: yes, when people are in the air for hours without cell phone service, they’re more vulnerable

Rare: yes, Bluetooth is available often now, but not on airplanes

Imitable: no

Non- substitute: yes, just by connecting to your phone

6.     Uniqueness of product

Valuable: yes, very valuable when entering this new decade

Rare:  yes, this doesn’t exist yet

Imitable: No, not yet

Non- substitute: no substitutes

7.      Consistent traveler

Valuable: for this product yes, a consistent traveler would be valuable

Rare: not rare, thousands of people consistently travel for work on planes

Imitable: no

Non- substitute: yes, taking other modes of transportation

8.     Skills in social media

Valuable: in today’s world, yes

Rare: no, everyone knows how to use social media today

Imitable: no

Non- substitute: no, these skills aren’t substitutable

9.     Finance major

Valuable: yes, can be knowledgeable on the numbers and business side

Rare: no, a lot of people are good at numbers and could do that as well

Imitable: yes

Non- substitute: can learn these skills being another kind of business major

10.  ENT3003 course

Valuable: yes, we have learned so much in this course

Rare: not so rare, but not everyone could be given this knowledge

Imitable: can take other courses or be taught by others

Non- substitute: can be substituted for other entrepreneurship courses at other schools

I thought that branding was the most important resource. Branding is the foundation of a company and what they stand for and what they promote to their customers. Creating a brand, more importantly a recognizable brand is hard to do. With the right team, a brand can be brought to life. This will make it possible for your business can flourish. Companies are consistently discussing their brand and brand awareness which is why I find it most important. 

Elevator Pitch No. 3

https://www.youtube.com/watch?v=nGoYvVpy5Hw

I was not able to complete the other elevator pitches, so I never received any feedback. I am not great at public speaking and I tend to freeze up while doing presenting something. In person may be a little easier for me than a video recording.

21A - Reading Reflection No. 2

What was the general theme or argument of the book?

The general theme of this book was always striving to be your best self. Being your best self is what will help your success in life. Adam Scott made it very apparent that you and your happiness should be the priority in your life. He said some key facts that support this argument.

1.    Look at yourself first. Eating properly, exercising and getting enough sleep is key.

2.    Look after your economics. This would include your job and any investments you make in life

3.    Look after all other things. This includes your friends and family and your community.

4.    Goals vs. Systems. Goals become a constant state of failure until you read your goal. If you focus on systems, you can focus on your goal as a whole and change your life to attain the system.

Scott also made it clear that energy should be a main focus for succeeding. He said to focus on how you use your energy and decide what you should put your energy into. Energy could come from bringing excitement and happiness into your life. For example, Scott would wake up at 4:00 AM every morning to work on mini projects for him to find happiness. If happiness doesn’t come from your job, then you need to find other things that bring you fulfillment.

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

This book connected with what we are learning in ENT3003 for a few different reasons. In the beginning of this class, we completed many different exercises about ourselves which are unique to us. We were forced to dig deep and really think about how we view the world and what we can bring to the table. I find this to line up with what Adam Scott said, to look at ourselves first. From that, we chose to create a product or service that we found did not exist in the world yet. Since this idea came from our own thoughts, it should have made it possible for us to put energy into something that we find important. This was another idea that Adam Scott brought to the table, the idea of energy and happiness.

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

I would create an exercise that involves looking at ourselves and trying to improve our day to day. An idea would be trying to get at least 8 hours of sleep for an entire week and doing any form of exercise for at least 5 days of the week. After the week of self-care, I would say “Did you have a better week? “Were you less stressed this week with the extra sleep and exercise?” Sometimes college students don’t get the chance to sleep as much as they want or exercise as much as they want. This week would be dedicated to doing so and seeing if any positives came out of it.

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?

Something that I found to be different than what I usually learn was Scott’s mention of goal vs. system. All my life I have been told that setting goals were a great thing. Ever since we were young, we were taught to set goals. I thought that his goal vs. system idea was very interesting. When you think about it, he is right. When you set a short-term goal, it is your only focus which could make the goal hard to achieve and seem impossible. When you change your ways, and use your goal as a system, your mentality totally changes which makes it more achievable.

20A- Growing Your Social Capital

My product goes hand in hand with the airline industry and developing software for this product/service. During the coronavirus unfortunately right now, the airlines are extremely busy. I was unable to get in contact with anyone to do this assignment. I reached out via email last week to Maya Liebman who is the Chief Information Officer at American Airlines. I wasn’t expecting a response because of how busy she is now during this time.

Networking is extremely important in general, but especially when you want to start up a business. I have learned that who you know can really go a long way. I hope that in any future network events it could be in person or easier to reach via the phone or email. Calling any airline right now to talk about a business idea you may have would probably not go so well.

19A - Idea Napkin No. 2

You: I am a junior at the University of Florida studying finance. I am from Long Island, New York. I enjoy traveling, skiing and trying new foods. Some of my skills include being proficient in Microsoft Word, Excel and PowerPoint. I consider myself to be very good with computers and able to pick up technology very easily. I am very interested in the entertainment industry and this past summer I interned at AMC Networks in the finance department for AMC and Sundance. There, I was able to use my analytical, Excel, and organizational skills to further develop my passion for the entertainment industry. If I were to start this business, I think that it would start out as a part time side job which would eventually turn into a full-time job. I would develop a software for the Bluetooth that would be compatible and safe for the in-flight entertainment and not interfere with the pilot’s signal.  Eventually I would sell it off to a different company or even try to start selling it to the airlines themselves. I think that my idea is there, and many people experience the same problem as I do.

What are you offering to customers? I am offering an easy way to connect Bluetooth devices to airplanes. Since not all passengers may want this service, it can be an opt in type of program. If the passenger wants to be able to connect to the Bluetooth, that service can be offered to them for $1.99-$3.00 for the entirety of the plane ride. I don’t know the exact pricing yet.  I think that the opt in service is better than making it available to everyone so that the Bluetooth signals are a lot lower. 100% of the plane would not be using the Bluetooth so it would be a lot safer. My invention will make it so that travelers will never have to worry again about owning and bringing a wired pair of headphones while traveling.

Who are you offering it to? At first, I was going to invent a device for consumers to purchase in the store such as best buy, target, etc. making it B2C. Now, I want to develop the program software and sell it to different airline companies for them to install it on all of their airplanes, B2B.

Why do they care? They care because it would increase their customer satisfaction. The airlines could set prices to make a profit on this service. They know that it is a known problem, and by people not using the personal entertainment, they are wasting money on contracts with entertainment companies that provide their content to the airlines. Having the Bluetooth opt in program available would increase their customer satisfaction, profits, and bring them into the future of technology.

What are your core competencies? My passion for both entertainment and traveling are to my benefit. I am able to understand how consumers want to travel while keeping a budget in mind. My detail-oriented mind will be of benefit when deciding key decisions for the business.

When evaluating all of these questions, I do think that they tie into each other in one way or another. Great computer skills will allow me to develop a software. Excel and business skills will allow me to keep track, organize, and analyze important business decisions. Selling to the airlines would be the best approach. The software development could be a very successful business and a great industry to enter because people will always want to travel, and the travel industry isn’t going anywhere.

While I didn’t get feedback on Idea Napkin No. 1, I did get feedback in general for my product. I read about the concern of the Bluetooth connectivity not being safe for the pilots and passengers. That is when I took into consideration for it to be an opt in service so that there are minimal connectivity signals, at least in the beginning. I think that over the year’s technology will allow the entire plane to be able to connect without their being any safety concerns. That was the only feedback I received for me to change anything. I changed this in the “Who are you offering it to” and “Why do they care” sections.

18A - Create a Customer Avatar

My avatar is a young woman in her 30s. She is a successful businesswoman and is constantly traveling. She often has to fly to conferences and meetings. She isn’t married yet, but she has a boyfriend who may turn into her fiancé soon. My avatar loves to travel, be with her best girlfriends, run in the park, and go shopping whenever she has down time. She is extremely busy, so her weekends are her down time. Her favorite TV show is Friends and Criminal Minds. My avatar doesn’t have a car because she lives in New York City, but if she did have a car it would be a grey Audi.

I have a few things in common with the avatar but not much. I’m still in college and don’t have a full-time job. My favorite TV show is Friends, and I love to travel, hangout with my friends and go shopping. I hate running so we don’t have that in common. I love New York City, but I don’t live there. I think that our similarities are not a coincidence. I made up this virtual person myself, so the minor details in her life are similar to mine.  

16A - What's your secret sauce?

Some things that make me unique are

1.     Independent- I don’t think that I’m very dependent on people. I know how to do things for myself and don’t need to rely on others.

2.     Integrity- I think that I am able to make smart decisions and really try my best in doing the right thing even if other people don’t do the right thing.

3.     Caring- I really care a lot for others and care so much for my friends and family. I feel that I am always ready to listen to my friends and ready to hear what they have to say. I’ve been told that I’m a good listener.

4.     Dedicated- I think that I am a very dedicated and hard worker. If something is important to me, it really shows, and I don’t give up easily.

5.     Go out of my way for people- for people that I care about, I will go above and beyond for them. I enjoy making people feel appreciated and happy so I like going out of my way for people even though it sometimes may not be returned.

https://soundcloud.com/rachel-kaufman-787875533/mom

My mom did this interview. My mom said that I’m very diligent, determined and ambitious. She said that I’ll do anything possible to get to the end goal.

https://soundcloud.com/rachel-kaufman-787875533/daniel

My brother Daniel did this interview. He said that I’m strong willed and good at getting things when I need it. Not too sure what that means but it’s what he said.

https://soundcloud.com/rachel-kaufman-787875533/hallie

One of my best friends Hallie did this interview. Hallie said that I’m very independent and have a great sense of direction.

https://soundcloud.com/rachel-kaufman-787875533/emily

One of my best friends Emily did this interview. She said that I’m very independent and really good at keeping conversations. She said I like making people feel comfortable and am very considerate of other people’s feelings.

https://soundcloud.com/rachel-kaufman-787875533/dad

My dad did this interview. He said that I have strong values and opinions of what is right and wrong. He said that I’m very hard working and know when I am prepared or not prepared.

There were some differences and similarities of mine vs. the interviewees answer. The things that I wrote in the beginning, I feel like I am told a lot that I have those qualities. I think that I possess those qualities, but I also think that me hearing it from other people over time has led me to believe that I have those qualities. Some qualities that my friends said that I have are a lot more specific than what I wrote. I think that the interviewees are correct about me. My family and best friends know me best. I wouldn’t change anything from part 1.

15A- Figuring out Buyer Behavior No. 2

Alternative evaluation.  Alex is from New York and has to fly to and from school. Lauren flies to Louisiana for school and is often on planes. Joanna is from Maryland and flies to UF. Since I am home right now, I called each person and interviewed them over the phone.

Alex didn’t have AirPods, but Lauren and Joanna do. Alex said that he uses his Best Studios headphones to plug into the monitor in front of him. Lauren has AirPods, but previously she just used the regular apple headphones. Now, she has to remember headphones herself and said that she doesn’t really get frustrated by this if she remembers her other headphones. Bluetooth would be nice she said but doesn’t feel like its truly necessary. Joanna has AirPods and usually remembers to bring wired headphones on the plane. Quality is important to them all over the price.

How/ where do they buy? Alex purchased these headphones in Best Buy in person at the store. He used a credit card to make this purchase a while ago. Joanna and Lauren purchased their AirPods in person at an apple store. Prior to their AirPods, they just used the free headphones that came with their phones.

Post purchase evaluation

This purchase was a good idea for Alex because the quality of the sound is great, and they have lasted him a while. He wants to soon invest in a pair of AirPods but is scared that the quality won’t be as good. He feels like Bluetooth isn’t necessary for him right now. Joanna and Lauren are very satisfied with their purchases. They don’t see any downfalls to it besides being on airplanes. This doesn’t affect how they feel about having their AirPods though. They still enjoy their product.

Within this segment, they are aware that they need to have wired headphones no matter what considering how often they fly. This segment flies more than the average student because they have to get to and from school by a flight. The quality of their headphones doesn’t really coincide with how they travel. They all agreed that since being on a plane is so little of their time, they don’t think too much into it.

14A - Halfway Reflection

Tenaciousness is a competency.

A behavior that I have kept up with for the requirements for this class is making sure to include time for this class into my weekly schedule. My weekdays are busy and Thursday night comes around extremely quickly. I usually try to set aside two separate times in my week to do course assignments.

Tenaciousness is also about attitude.

I felt like giving up a few times over these past two months. I am taking this class because I chose to do so instead of it being a requirement of mine. I am also studying abroad and not currently in Gainesville as I take this class. There have been times where I wanted to just give up and go on my next plane without completing the assignment. With this mindset, I sometimes felt that the tedious work was not worth it. I always strive to do well and aim for high grades and that is what keeps me going. I want to earn a good grade in this class and since every single point is important, I make the decision to work as hard as I can and not miss any assignments.

Three tips:

1.     Don’t wait until the last minute to complete assignments. They are quick and easy; they require a lot of thought.

2.     Actually, conduct interviews when told to do so because it can really give your insight on a different opinion that you may not have thought of yet.

3.     Know in the back of your mind that just because this week’s assignment is over, does not mean that the whole class is over. The assignments are demonstrated for you to keep thinking and digging deeper into your entrepreneurship business.

13A- Reading Reflection No. 1

Grinding it Out: The Making of McDonald’s, Ray Kroc

1.     After reading Grinding it Out: The making of McDonald’s memoir about the startup of McDonald’s I was very intrigued. Unlike the startup of Apple, I had never thought to wonder how McDonald’s became what it is today. What surprised me most was learning that Kroc was 52 years old when he first was introduced to the McDonald’s name. I thought that he was pretty old for partnering with a company which changed the rest of his life. I admired most about Kroc is that he never gave up. He never received a high school diploma, had some obstacles and made some poor decisions along the way, but he never gave up. He struggled to make ends meet for most of his life and had to work 19 hour shifts to support himself. Kroc was told that he was destined to do this in his life, so he never gave up. I least admired that Kroc didn’t feel that an education was important enough. He felt like school would be a waste of time for him. For the great businessman that he became, a high school or college level education could have given him a little more prestige and credibility. In the end, he became one of the most successful businessmen there has been, but an education should have been more important to him. Kroc definitely faced adversity and failure. When he went into selling multimixers and in the end received only 40% of the profits because of a hole in his contract. He was losing out on so much money that he was supposed to be receiving 100% of it. His 19-hour shifts were definitely not easy for him. Additionally, when he opened the second McDonald’s, he struggled quality control. He couldn’t figure out how to exactly prepare the French fries which was a staple to the company. To manage this adversity, he had to contact potato and onion experts to help him.

2.     A competency that Kroc exhibited was being a great salesman, having a good sense of business, and coping with stressful decisions.

3.     A part of the reading that confused me was when Kroc flew out to San Bernardino, California because he heard through the grapevine about this small restaurant. I am wondering why the brothers agreed to meet with a person who they didn’t know, and a guy who was selling mixers for a living. Based on his previous record, he didn’t seem like the best choice to partner up with.

4.     If I were to ask Kroc two questions, I would ask him: If you were to look at McDonald’s today, would you be happy with the company’s results? How do you feel that McDonald’s has contributed to a lot of unhealthy eating? I want to ask him these questions because McDonald’s seems like the father of all fast food chains. Because of McDonald’s and fast food chains, obesity has grown. Did he envision McDonald’s to be an international company with different segments or did he want to stick to the original simple menu in America.

5.     I think that Kroc’s opinion of hard work was the amount of time spent on something, and the output that you produce. Since he wanted to franchise McDonald’s, he probably wanted to produce the most amount that he could with the McDonald’s name. I don’t necessarily agree with this opinion. I believe quality over quantity. McDonald is not known for the best quality of food. They are able to produce a plethora amount of food, but their quality is not great.

12A – Figuring Out Buyer Behavior No. 1

The Segment: Out of state University of Florida students who travel by airplane to school

Interview #1- Emily from New York

Need awareness: This need occurs for Emily when she first sits down on an airplane. She realizes that the plane she gets on has TVs, but she only has Bluetooth enabled headphones. This occurs only once, the initial time she sits down at her seat on the plane.

Information search: To solve this problem, she asks the flight attendant for their headphones so that she is able to watch something. She talks to her friends and family about this because they usually experience the same problem as her because they also use AirPods like her.

Interview #2- Jillian from New Jersey

Need awareness: This need occurs for Jillian for frequently because she feels that she is constantly traveling on airplanes. On every airline this problem seems to be occurring. She said that she has beats with a wired connection as well, so after realizing she can’t connect her AirPods, she takes out her wired beats and can enjoy her entertainment.

Information search: She has never googled this because she has a quick alternative to solving her problem. She has discussed this with her family, her sisters agree that it is frustrating, whereas both her parents don’t find this to be a problem for them.

Interview #3- Lindsey from New Jersey

Need awareness: The need occurs for Lindsey when she is sitting on an airplane. She gets to her seat and usually already has her AirPods in so it would be really convenient to connect them right to the TV if she wanted to.

Information search: To solve her problem in the future, she may email the airline with the idea, but in the moment just continues listening to her phone. She has never typed this into google or talked about it with her friends or family. Thinking about it now, she would love if this feature would be implemented on airplanes.

Findings: I have found that everyone does see that they have this issue. Only Jillian has a quick alternative at her fingertips whereas both Emily and Lindsey do not. They all wish that it would be compatible because they travel often on planes and this would make their lives a lot easier.

Draw Conclusions: In terms of segment and need awareness, they are all aware of this unmet need. In terms of information search, they don’t proactively search for information on how to solve the problem. They are waiting for someone to invent it so that they can stop struggling with this issue.

11A Idea Napkin No. 1

You: I am a junior at the University of Florida studying finance. I am from Long Island, New York. I enjoy traveling, skiing and trying new foods. Some of my skills include being proficient in Microsoft Word, Excel and PowerPoint. I consider myself to be very good with computers and able to pick up technology very easily. I am very interested in the entertainment industry and this past summer I interned at AMC Networks in the finance department for AMC and Sundance. There, I was able to use my analytical, Excel, and organizational skills to further develop my passion for the entertainment industry. If I were to start this business, I think that it would start out as a part time side job which would eventually turn into a full-time job. I can also see the business concept taking a turn, in which I would develop the software for the Bluetooth and then eventually sell it off to a different company. I think that my idea is there, but I don’t see myself making this my full-time job since I don’t yet have a true passion for this.

What are you offering to customers? I am offering an easy way to connect Bluetooth devices to airplanes. My invention will make it so that travelers will never have to worry again about owning and bringing a wired pair of headphones while traveling.

Who are you offering it to? At first, I was going to invent a device for consumers to purchase in the store such as best buy, target, etc. making it B2C. Now, I think I want to develop the program software and sell it to different airline companies for them to install it on all of their airplanes, B2B.

Why do they care? They care because it would increase their customer satisfaction and eventually revenue. They could slightly increase their prices by providing this service to their customers. They know that it is a known problem, and by people not using the personal entertainment, they are wasting money on contracts with entertainment companies that provide their content to the airlines.

What are your core competencies? My passion for both entertainment and traveling are to my benefit. I am able to understand how consumers want to travel while keeping a budget in mind. My detail-oriented mind will be of benefit when deciding key decisions for the business.

When evaluating all of these questions, I do think that they tie into each other in one way or another. Great computer skills will allow me to develop a software. Excel and business skills will allow me to keep track, organize, and analyze important business decisions. Selling to the consumer could be possible, I am just not sure how it would do in the market because if there is a family of five, I am not sure how many times the parent would want to buy this one product. Owning five of these devices could end up very costly. I think that the software development could be a successful business approach.

9A – Testing the Hypothesis, Part 2

Who: After concluding research and interviews, I found that there are three main categories in which my product will not fall into the target market audience. People who have a fear of flying and don’t travel on planes will not benefit from this product. People who opt to do other activities inflight will not fit the target market audience. Additionally, people who only used wired headphones and do not own a pair of Bluetooth headphones will not be in the market for this product.

What: Bluetooth had become very popular today and prominent in our everyday lives. It is paired with our phones, our cars, amazon Alexa, google home and so much more. The need for Bluetooth on planes is just one sector. It can be extended to other public transportation such as on trains.

Why: Not everyone shares the same need. This product is not applicable to everyone. Some people enjoy reading or sleeping on planes and don’t need the screen in front of them. Sometimes if a plane is small, tv screens are not given on the flight.

Inside the boundary                                                              

-travelers on airplanes often and Bluetooth users

-compatibility with Bluetooth

-this does not exist yet and Bluetooth connectivity

Is taking over                                                 

Outside the Boundary

-people afraid of flying, chose to do other activities while

traveling, and have wired headphones

-having Bluetooth on the plane wouldn’t affect them

-book readers, people who don’t have inflight entertainment

Built into the plane