Week 15 Reading Reflection

The biggest surprise for me in the reading was the lack of penetration in the market of microfinance. Like the article states, only 19% of the market has been taken over. This is a huge sign of underperformance.

I was confused to why a gang of local thugs intimidated, attacked, and stole cash from some of the loan officers.

The first question I would ask the author is if the market penetration is increasing or decreasing? It would be interesting to see if more companies like SKS sprout up. The second question I would ask would be where do you see SKS in ten years? Will the growth continue?

I think the author was wrong about putting a market penetration percentage of 19% in a bad context. Although it is not ideal, at least there is some growth. I like 19% can be looked at as a good starting point.

Final Reflection

Personally, this class offered more lows than highs. However, for me the highs were so good they outweighed the many times I felt discouraged. A few times throughout this semester I felt like giving up. I remember typing up my Half Way Reflections and going into detail about how it felt like this class was consuming all of my time and how discouraged I was. I managed to push through and I’m glad I did. This class challenged me in many different ways. A lot of ways no course here at UF has challenged me in so far. The high point of this class for me is right now. I know my hard work paid off and I am proud I managed to push through.

I think the experience I will remember years later is the exercise where we asked five of our closest friends/family to comment on “my secret sauce” and what it was that made me different. Hearing positive things from my family/friends was a nice ‘pick-me-up’. My most joyous experience was the second interview with my entrepreneur. I really enjoyed hearing what she had to say. I am most proud for actually building a plan for my venture.

I do see myself as an entrepreneur. I think at the beginning of the semester I was hesitant to take on extra risks in my life but now I feel I can stretch myself much farther.

My only recommendation is that you don’t have to be perfect. There is room for error. Don’t stress yourself out over the little things and miss the big picture. Take it one step at a time and try to have fun with it.

Venture Concept No.2

Venture Concept Number Two

Opportunity 

            Having been at the University of Florida for two years I have noticed the lack of venues that offer a nightlife experience that is more than a bar with a dance floor. This lack of diversity opens the door to a brand new way to have fun. A bar that houses a restaurant, arcade, ice cream shop, putt-putt, and a driving range all serve unmet needs here in Gainesville.

            Currently, customers satisfy their needs of a night out with a trip to mid or a walk to downtown. The other set of customers my business serves to is the casual or avid golf fan. In Gainesville the avid golf fan has a variety of options. The UF Mark Bostic Golf Course, WestEnd, or Ironwood. The casual golf fan looking to play mini-golf or hit some range balls with their friends needs a spot to go to.  Most customers are loyal to the experiences they currently have. Students like midtown, and avid golf fans like the traditional courses.

            The opportunity for a restaurant/entertainment venue is huge in

Gainesville. There is nothing else like it. The window of opportunity will be open as long as other venues remain cemented in the traditional ‘bar only’ venue.

Innovation

            The Swinging Gator offers customers a full entertainment experience. Multiple features such as a mini-golf course, arcade, ice-cream shop, driving range, and bar/grille give all types of consumers different opportunities when they arrive. The hours of operation for mini-golf, driving range, arcade and ice cream would be from 8am-10pm on weekdays and 8am-11pm on weekends. The bar/grille will be open from 11am-1am Monday-Thursday, 11am-2am Friday-Sunday. The prices for mini-golf will be 6$ for children under 12, 8$ for UF students, and 9$ for adults. A small bucket of golf balls for the range will be 4$ and a large bucket 8$. The arcade games brought in will set prices themselves. The bar/grille will have happy hour everyday from 5pm-7pm.

Venture Concept

            Customers will eventually switch to my business because its services are unique to this area. However, it will be difficult for consumers to switch. As a college student I know, once something ‘works’ for you, stay with it. That is why it will be a challenge for students to switch to my bar: they already have past experiences and enjoy other bars.  My competitors range from other bar/grilles to golf courses in the area. The vulnerability of these golf courses is the lack of a fun atmosphere. Having an outside bar that accompanies the driving range or a putt-putt course where your kids can play while you enjoy a drink is something my business has, that they don’t. The weakness of other bars is the limits they have on what they offer. No other bar offers the entertainment that the Swinging Gator would.

            The Swinging Gator would have about 25-30 employees. The different employees would be, cooks, waiters, bartenders, and cashiers. Also on specific occasions a golf instructor would come by to give a weekly golf clinic on the range.

3 Minor Elements

·      My “unfair advantage” is that my service allows people to stay for an extended period of time. Some customers may come in looking to hit a bucket of range balls for half an hour but end up staying for 2 hours having dinner or watching football at the outdoor bar. Also, students under the age of 21 have a venue to go out to at night.

·      The next step is branching out to provide food delivery. If a consumer cannot make it to us, we will make it to them.

·      In five years I would like to see this venture be so successful that other locations open up. Whether it’s in another college town or ten miles away, two locations is the goal. As a person, the Swinging Gator is the stepping-stone I would use to hopefully one day open up my own golf course back home.

In general, the feedback I received was positive. However, there were some helpful suggestions to make my business better. One tip was to target the Gainesville student population that is under the age of 21. This target consumer is someone who isn’t old of enough to drink alcohol but still wants a venue to go out and have fun with their friends. Other feedback I received mentioned that Gainesville doesn’t have much like my business.

The main change I made to my Venture Concept was recognizing the competitive advantage I have over other venues by offering entertainment that college kids under the age of 21 can enjoy.

Week 14 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? 

To me, the most surprising part of the reading was the excerpt about hot dogs, ex-convicts and social enterprise. Seeing these three words together really caught me off guard but after reading the piece it made sense. 

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

One part of the reading that was confusing to me was the piece on Control verse Autonomy in chapter three. It was confusing to me how managers specifically balance allowing their employees to become entrepreneurs and being able to control them. 

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

The first question I would ask the author would be over the past few years, how rapidly has the definition of the 'social entrepreneur' changed? The second question I would ask is if he thinks innovation is the most important process/idea in all of business? It seems to come up in mostly every chapter. 

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

I thought the author was wrong when he said that managers are well advised to recognize the reality that it is not often the absence of rules that results in successful innovation. I think there are plenty of managers out there that still don't understand the true potential of innovation. 

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO? 

A basic strategy I used was to post a link to my blog when commenting or replying to other people's blogs. 

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

To start the semester my keywords were "entrepreneur" and "entrepreneurship" as well as my full name. I tried to remain constant with these keywords throughout the semester. 

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

Because of the interviews this class requires, I used Youtube to enhance my SOE efforts. Generally, social media ignored my blog, even with the high amount of traffic Youtube gets. 

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

My most "viral" post was my list of Top 5 World's Biggest Problems. I think it gained the most traffic because I listed a few 'biggest problems' that most people didn't have. 

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

Unfortunately my blog did not make it to the first page of results, however one of my Youtube videos was the first result to pop up. 

Very Short Interview, Part 2

My impression of that initial interview is that it is still useful to me even now. My favorite quote from my first interview with my entrepreneur is as follows, “Given the unknowns, the worries, the ups and downs, the long hours, having to be jack of all trades and everything else that comes with building my own business, I could never trade it for a 9 to 5.  For me, that would mean settling and I don’t think an entrepreneurial spirit ever settles.” I thought this first interview was something I could look back on throughout the semester and it was definitely helpful.

On your journey to becoming an entrepreneur, was there ever a time you felt like giving up?

I often felt/feel like giving up but I just don't.  I mostly get the urge to throw in the towel when money worries consume my thoughts.  Small, independent business owners almost always have the stress of wondering will the money come in to pay the next bill or to pay the employees to which their business wouldn't run without.  These worries can consume your every thought.  To get me through the tough times I always try to reflect back on times when my worries were equally as strong but the light shone through.  We shouldn't borrow tomorrow's worries today.

What kept you motivated to push through, even when times may have got tough.

I always like a challenge and having your own business is certainly a challenge.  I was defeated in business once because I was young and naive and someone came in and offered a better deal than I could, ultimately leaving me with no business.  I quit once because I couldn't see any light and in retail once you are behind it’s so hard to turn things around.  I wasn't willing to sacrifice any more loss and was a smart business decision even though it was difficult.  What keeps me going now is that I love what I do and I know that if I give up I will have to work for someone else and I enjoy being my own boss too much.

Looking back at all of your experiences, what was your favorite moment in regards to being an entrepreneur? 

My favorite moment(s) is when someone says how much they love my products.  That to me validates what I do.  Every time I hear this I know I am doing what I'm suppose to be doing.  There are many moments that are rewarding and unforgettable but knowing someone loves what I do and what I do brings them happiness by far stands out as one of my best moments.

Looking at this interview, I definitely think I have grown as an entrepreneur and a person throughout this class. When I first interviewed my entrepreneur I felt like I was asking a celebrity some questions but with the second interview I almost felt like an apprentice.