Week 11 Reading Reflection

1. There was nothing that really surprised me in this chapter. It all seemed to make pretty good sense to me.
2. The part that was a little confusing to me was the part about the innovation landscape gap. I didn't understand what the author meant at first.
3. If I could ask the author anything it would just be what strategies have worked best for him. I would also ask what the worst strategy he has used.
4. The part I disagreed with was when the article said you can only create value for a potential customer by saving them money or by helping a cause.

Your Venture's Unfair Advantage

 

These are some of the resources I have come up with for my business venture. My idea is a ride-sharing app similar to Uber and Lyft, which offers additional services such as food and grocery delivery, etc.

 

-Financial. I have financial resources from family. I know they would help me to get started.
-For the VRIN -this resource is valuable and rare because not many people have this option. The saying goes "you have to have money to make money" which in the case of starting a  business, can be very true.

-Financial. I also have excellent credit so if I needed to take out a loan I would have options.
-This is a very valuable resource to me because I would need to take out a loan at some point if the costs of the business are too high at first. I would be able to do it on my own and wouldn´t need someone with good credit to put things in their name.
 

-Social capital. I have several entrepreneurs in my family that would help me out and give me sound advice.
-This is very valuable because many times in business, it´s all about who you know. Knowledge and advice from someone with experience can be invaluable.

-Social capital. I know people that I could trust to work with/for me in this business venture.
-I think this is one of the most valuable and non-imitable resources. It doesn´t matter how much money or experience you have if you are not able to trust people you work with.

-Human capital. I have first hand experience working in this industry.
-I have used a similar app both as a customer and as an independent contractor. I know what it´s like to keep both parties satisfied.

-Human capital. I have management experience.

-I have been in a supervisor role and I learned how to manage people while maintaining their respect for me. This is a very valuable resource for someone who wants to start a business. You can be the nicest guy on Earth with the most friends but if you aren´t able to be assertive enough get people to respect your authority, it´s not going to work.

-Organizational culture. My idea creates a culture of trust and customer/employee satisfaction because it goes based on a rating system
-When customers feel that their opinion is valued, they continue to use a service.

-Organizational culture. The company is not only for profit but also helps the environment by encouraging car-sharing.
-Many people feel more obliged to use a service when it has a deeper purpose. This is a valuable part of the culture of the organization.

-Organizational culture. It helps the economy by putting money in the pockets of the drivers involved, where they may otherwise be unemployed. The majority of fares go straight into the employee’s paycheck and not to a corporate account.
-A lot of people prefer to use ride-sharing apps over taxi companies any day, simply because they know they are getting the best rates and where the money is going.


I believe that the most valuable resource my business would have is the organizational culture. This type of resource is very valuable and non-imitable. Taxi´s have been around for a long time and still haven´t seemed to understand this concept. Every city I travel to, I experience a less than desirable taxi service. They are constantly trying to rip people off and that´s why customers are fed up, and began looking for an alternative. This concept of organizational culture is what has made Uber the number one driver-passenger service in the world.

Week 10 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? 

There was not really anything that was different from my expectations or surprising because most things relating to finance are something I know nothing about in the first place.

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

All of the parts about finance and accounting and relating to numbers, inventory etc. I do not like or understand finance. I'm not good with numbers and it's always so confusing to me.

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

If I could get a breakdown of this material in terms that I could understand or in a way that would be interesting to me that would help. But it's a boring subject matter.

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

I pretty much know that if I were a business owner, this would be one area of my business operations where I would have to hire someone for help every time because it just does not interest me.

Growing My Social Capital

My business idea that I have been developing is a driver-customer app that does food deliveries as well as other various services.

1)      Who they are and what their background is.

This person is an Uber driver, so naturally they already know what it’s like to work in this type of business as an independent contractor.

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person fills the spot of domain expert. They work in the industry first-hand so their insight on this type of service is from first-hand experience.

3)      A description of how you found the person and contacted the person.

This person is a friend of mine who has been driving for Uber and Lyft for a long time.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

This person is a friend of mine, the favor they have done for me is to explain things about their job that would help me to work out the kinks in my business idea. They gave me practical advice.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

Like I mentioned, being in contact with someone who has essentially worked in the same type of service app that I would be developing will give me insight on what may or may not work from the perspective of the independent contractor involved.

Second Interview:

1)      Who they are and what their background is.

This person works in marketing and customer support for the Uber app in my city.

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person would be a market expert, because their job is to research trends in the business and market to the customers and drivers accordingly to make sure things run smoothly.

3)      A description of how you found the person and contacted the person.

My friend who is a driver for Uber told me about how easy it is to contact someone in the business with questions and advice when you are a driver, because they are constantly sending emails and texts letting the drivers know when are the good times to get on the road and what areas are typically the busiest. He put me in contact with this person and it has been very insightful.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The favor that this person did for me was just to answer some questions I had about the business and how exactly it works- including conflict resolution and daily operations.

5) How will including this person in your network enhance your ability to exploit an opportunity?

Being in contact with this person could give me really good insight on how to find and advertise to my target market and get the app going.

1)      Who they are and what their background is.

This person has been an app developer for an unrelated app.

2)      Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

This person would be a supplier. They may not work in the same type of business or market, but they know how to get an app going and running smoothly.

3)      A description of how you found the person and contacted the person.

My brother is a software engineer and works with app developers in his office. He put me in contact with this person.

4)      The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

I just asked him a few questions about how I would go about putting my idea to work and developing an app that will run smoothly. I would definitely have to hire someone with experience to do this part.

5)      How will including this person in your network enhance your ability to exploit an opportunity?

It is helpful to network with someone who knows how these things work since I don’t. If I needed advice or maybe even some technical help, there is a possibility that he would be able to assist me.

I think out of all the exercises this one would be the most helpful if I were to actually put my ideas into action. All of these people could provide great advice in developing and maintaining this service app. I definitely believe that networking with people in your target industry is immensely helpful and I was satisfied with this exercise.

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique. What is it about you, exactly, that makes you different? Write this up in a detailed list. 

I think what it is about me that makes me different is that for starters I am very good at seeking opportunities. 
I find new and different ways of doing things and I make it work for me. I am really good at adapting to change and going with the flow of things.
I know how to maintain a professional appearance and present myself well even when I am upset or stressed.
I take criticism pretty well and appreciate when people are giving me the advice I need to hear and not just what I want to hear. I think this is an important trait to have as an entrepreneur. Being a know it all doesn't help you to be innovative and improve on your ideas.
I put my best effort into what I do. I like to think I have I have a decent amount of integrity as a person, my mantra is to always try to treat others how I want to be treated so I think this has helped me to do well in my work life because I am respected by others.

I asked them what is my secret sauce, and what qualities do I have that would make me a good entrepreneur. I interviewed my parents, my brother and a couple close friends.

The first interview was with my mom. It doesn't surprise me that she said these things because well, she's my mom so naturally she thinks the sun shines out of my a**.

https://www.youtube.com/watch?v=QD7QV0fgZTQ

The second interview was with my dad. It was interesting to see what he said about me as an entrepreneur because his dad was a very successful entrepreneur and my dad followed suit and ran the family business with his brothers for many years after my grandpa passed.

https://www.youtube.com/watch?v=0pl_GeeFTLo

My brother had some pretty similar things to say about me as well.

https://www.youtube.com/watch?v=VzUkwPCT7do

The next two videos are from friends. Basically what they said was similar but a little less detailed which makes sense because they know me in a different way than my family. I had them send me the audio file over whatsapp and as soon as I can figure out how to load to youtube I will post it!! Check back soon
Update: I had to ask them to re-do it because I cannot figure out how to get an audio file uploaded on here from the app. I will post as soon as I get these! (I am currently studying abroad so recording the videos myself was not an option)

My reflection of these interviews is that I am I guess a little surprised on how similar they are to my list. A lot of what they said matched up with each other and with my description of myself as well. This is a good thing and I am glad that I have consistency.

Week 9 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? 

There was nothing that really surprised me in this reading. Since I just recently took a class in marketing I was familiar with everything the author said about the marketing concepts for entrepreneurs. It basically summed up a lot of the concepts I learned in that class.

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

Again there really was not anything in this chapter that surprised or confused me because it was basically review from other classes I took recently.

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

I would probably just ask him what the best marketing strategy would be for my business idea. It's always helpful to get an opinion from someone who is an expert in the area.

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

I didn't see anything in particular that I disagreed with or thought the author was wrong about in this chapter.

Idea Napkin No. 2

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?

For the first part of this assignment I feel like I put a decent amount of effort into answering these questions and I don’t want to just copy and paste it all or repeat the whole thing. I would encourage anyone to go and read that part if you are interested. The business idea I came up with is something that I use myself both from the customer and host side. It’s like an Uber or Airbnb type of app where you can drive people and also deliver food, groceries, or anything really. It’s more open ended.

2)      What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I think I have to revise the service to be a little bit more specific because at first it was something that would be hard to regulate and put a price on.

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?

All of my customers are people who need assistance through use of a car. Some of them don’t have cars, or the time to go out and do things, or they simply would rather pay someone else to do it for them.

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.

Sometimes there are no better options. Nowadays people are all about convenience, they are busy. They don’t want to go out of their way when they don’t have to. A lot of people would use this on a regular basis.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?  

  The service would be flexible and affordable and allow people to help eachother while making money instead of paying ridiculous amounts to taxi and catering businesses.

 The feedback I got basically just asked how this type of business would come together. I realized it was a little too flexible and had to adjust my plan accordingly. Besides that I got positive feedback.