Very Short Interview, Part 2

Reflecting on the initial interview I realized that most of the questions asked were just focused on the broad scope of entrepreneurship. There was a lot of good advice about steps taken to become an entrepreneur and what that entails from the perspective of the person I chose to interview. I think that the first interview was good but I also wanted to get more in depth about entrepreneurship on a personal level. Once again the person that I chose to interview is Sean "Millz" Grant. Sean known as Millz to most of the public is the owner of Rain and Simons Nightclub in downtown Gainesville

1. If you could go back and change one thing in your journey what would it be?

•  " Even if I had the choice to change anything I wouldn't because I appreciate the struggle that I went through to be where I am today. When things are easier you don't appreciate them as much  and I respect the grind more than anyone else" He continued to talk about how everyone wants to take the easy way out now and does not want to actually go out and work for what they want. " Take life one step at a time and respect the process."

2. How do you deal with failure?

• " I make sure that I don't let it stop me. There are going to be days where a party or event does not turn out to be the best thing or not a lot of people show up but you shrug it off. Ask yourself man where did I mess up at. Failure is a part of the game everything isn't going to go the way you want but you don't stop until it does" 

3. Has there ever been a time you felt like giving up?

• "A couple of time yeah. There have been times when I said is this really worth it. It's not easy being a club owner and never having time for yourself or your family I think wanting to give a better life to my people is what motivates me to not stop and to keep pushing"

This interview I was a lot more comfortable asking the questions and a lot more interested because these were questions that I was able to formulate myself . I think that made me a lot more interested in the interview and also influenced me to get a lot more in depth information this time. Millz also seemed more interested because they were not generic questions that most people usually get. I think this interview went better than the last one.

Week 13 Reading Reflection

This week's reading took a lot at the steps and the process involved when wanting to buy or sell a specific business. Th main thing that stood out to me during this reading is the amount of questions and the details that go into buying an existing business. For example, due diligence questions are asked in order to help create a valuation of how much the business is worth. Valuation in itself is very dependent on many factors from the buyer and seller and change based on certain criteria. One of the main things that I learned is the benefits of acquisition rather than going through the start-up process themselves. I would ask the author how not being with the business from the start may cause managerial problems in the future, and what problems could occur from trying to transform visions across different owners. I think this week's reading really helped in understanding how much people can value a business across a spectrum and some key elements of that valuation.

Celebrating Failure

A time this past semester where I have failed horribly would have to be the time that I tried to run for President of my organization I had been dreaming about this position ever since I joined the club and it's been a crazy roller coaster of events. In part I believed that I had done everything in order to make sure that I was qualified for the position so I ended up running and lost by a vote. I was so hurt and saddened but eventually I realized that everything is not meant to be. Something important that I gained from the multiple failures that I have experienced in college is to continue forward. There are a million different things on campus and everyone does not need to be in everything in order to be successful. I also learned that a title is just a title and the person behind the title is what really matters. This class has taught me to not look at things as impossible but to find a way to make a solution and if not make a solution from what's stopping you in the first place. Taking this class also inspired me to think about the world in a different manner of innovation. I think taking risks and going for it is really something that can be beneficial and it has so far to me.

My Exit Strategy

1. My exit strategy consists of growing my app to the highest degree to the pint that I would soon be able to sell it. This is a service business that think I could dedicate a lot of time to while now in college but after graduation maybe not. The best thing is to try to establish a good foundation, create a market share, pass the business down to a fellow peer after graduation and then eventually sell the app.

2. I selected this particular venture because I want to be able to focus on other new innovations and also my career in the future. I think that Tap&Snack would be just a stepping stone into my entrepreneurial ventures. I also think that it would be better to continue having the business ran under the control of someone that is still I college until sell to help identify what is going on campus.

3. I think that my plan to sell the business affected the initial resources and how much funding that I would allocate to this service. Knowing that this business is something that I do not plan on having past 5 years I though of the most simple but innovative way to provide a service to students in college.
  

Week 12 Reading Reflection

This week's reading was something that really made me look at the process from going to an entrepreneurial based business to a manger based business. The different things that you have to keep in consideration like control and responsibility throughout the company can hugely affect the success of a business. Something that I also found really interesting is how crucial the transition stage is for an entrepreneur. You are no longer able to make decisions based on what you want for the company but you have to make sure that you are taking everyone's wants and needs and vision for the company into consideration also. The author did a good job explaining how a business is supposed to create an atmosphere of constant innovation. I would ask the author how do you sustain a sense of innovation if your business is not financially stable to do so and what are the hardest parts about making innovation possible?

Venture Concept No. 1

Opportunity: The main people that this service is going to be catering to would be college students. In particular college students that are very busy during the day and the night. In college every student is busy trying to differentiate themselves by going above and beyond what is expected, plus dealing with the time constraint that University of Florida has does not allow many students enough time in the day. Many students are not able to get more than one meal a day so my service is going to cater to the typical busy college student. Snacks and light meals are becoming more and more common for college students but the problem is actually obtaining these snacks which can break concentration, study time and be a hassle for those who do not have a vehicle. The snacks that are easily available on campus do not have many options and students are usually forced to compromise. Snack machines and places like the HUB and the POD also do not stay open for extended periods of time. The market is concentrated around the University of Florida and appeals to males and females age 17-25 who are young professionals or full-time students. I think that this opportunity has a pretty big chance of succeeding but I think that the opportunity will not be open for long as delivery services are starting to become more and more diverse with their food options. Innovation is constantly happening and this opportunity can be an extension of an already existing business.

Innovation: Tap&Snack is the name of the app that I am going to develop for the snack delivery service. Tap&Snack will work essentially as an Uber for snacks while having students or employees that are not busy deliver snacks to and from locations in the surrounding area. Essentially a customer would choose a snack that they want from a local convenience store and pay for that snack plus a one dollar delivery fee. The driver would receive a cut of the money and essentially that is how the business would work. The service would be open until 3am way past when most other stores are open. The best thing about this business is that the customer would not have to leave from the spot that they are currently at. The real revenue generator from this business would come from ad space form local business and or other companies that would want to advertise through the app. Tailoring to the needs and specific wants of the customers are something that I a lot of other service companies are not doing for such a small need.

Venture Concept: My service is going to be able to make the life of every college student easier for a very simple price. My service also offers customization and the ability to save time and add convenience to snacking and small meals.  I do not think that it will take that long for customers to switch to my business because as word spreads I think the business will grow and there is a big platform for that service to spread. Since this service is unique there are not many competitors but people that cold offer the same service would be services such as 2 Dollar Delivery and Doorstep Delivery.  Something that could cause this business to fail is the fact that this business is a service business so demand and revenue rely solely on the need for my service which could make things a lot harder when demand may not be as other times such as finals week when a lot of customers are stuck in the library all night. The packaging is not a big factor for my business since my service will be mostly business to business products. That being said, that is also an advantage because customers will already know what to expect when they’re product arrives. My business is going to be organized in a way that the flow of products from one location to another will be easy. Also, since delivery will be location based speed is something that is going to be emphasized because most people who want to snack want that snack within 5-10 minutes of the initial thought. Employees will be voluntary and to begin most of the initial deliveries will be made by people within the company but soon expand to those that are outside of the company.

Three Minor Elements

1. One thing that I think is really makes the business special and give me an advantage is the simple fact that I am a college student and one of the main ways this business is going to spread is word of mouth. It is nothing to have a good idea that no one is aware of so I am going to use the fact that I am a college student to help gain leverage within the college market. I also think that since many of the employees will also be college students it will also help in spreading awareness about the service.

2. The next opportunity that I am looking for is expanding beyond snacks and becoming the place to go for all college needs. For example, as I stated in the last exercise chargers, headphones and other things that college students just do not have enough time to go and get for themselves. The main goal of this service is to make college easier for everyone and I want to be able to offer anything that a college student may need away from home.

3. I want this service to be something that I can implement and have as a side business while pursuing my career. College students are a never ending market and as education becomes more intensive and time consuming the more people are going to need and appreciate this service. This service can also essentially run it’s self so not much will be needed on my part to make sure that 5 year later that this service is something that can still thrive.

Week 11 Reading Reflection

This week's reading connected innovation and strategy together in business explorations. The main thing that interested me the most during this week's reading is how innovation strategies are driven by the business competition. Something else that I thought was interesting is the fact that many business innovations fail because of a lack to execute strategy. Many companies have great ideas but they do not put enough effort to make other aware of their newest idea. The author did a really good job explaining how much innovation and execution go hand in hand and also providing good examples from corporations made it easier to understand. I would ask the author who and what determines a successful innovation strategy? I thin that this week's reading made it clear that you can have great idea but if there is no one there who knows about it then it is useless.