Final Reflection

What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

- For me I think the most joyous experience in this class was creating the avatar of my imaginative customer. It was kind of fun to actually create a visual representation of it as well as a descriptive representation. It helped me realize the exact type of customer I was targeting which gave me insight for my product. I will definitely remember this class years down the road and the lessons of entrepreneurship it has taught me.

At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

- I don't necessarily see myself as an entrepreneur because I have yet to start any business. However, I have learned important lessons about how to develop a product, find consumer needs, and to get a personal perspective of your own business. So this class has definitely helped me gain the knowledge to become an entrepreneur.

What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

- To students taking this course in the future, I recommend to stay on top of the assignments because they can jump out at you when you least expect it. And when actually doing the assignments, to put effort and to be honest. Talk about things that actually interest you and to be yourself. It will make doing the assignments a lot easier.

Venture Concept No. 2

Opportunity: The opportunity I have identified are college students, typically sophomores and freshman, who have moved into any dorm on the University of Florid Campus. The need I have identified is the fact that new residents that move into dorms are uninformed or misinformed about the parking around their dorm, maintenance services that is included with their payments and the package receiving process that is similar in all dorms. The new resident that move in are in a completely new environment, without their parents and are unfamiliar with their new living situation. On top of this, the residential assistants are not always the best in providing information and insightful knowledge about their new surroundings. This leads to miscommunication, unexpected expenses and confusion. This is a constant problem that if not changed by the residential assistants, will always be a problem.

Innovation: The innovation I have invented is an application that all students who live on campus can access that connects to the dormitory they live in. This application will link to an informational system, depending on which dormitory they live in. It will provide all the information they need about the maintenance services that are provided, the specific decal that is required to park around their dorm, and the package receiving process. Along with the package receiving process information, their will be a service where residents are notified through the app when their package has been received. This is not an application that people will need for the rest of their life, therefore, it will be a one time charge to purchase the application for $2.99.

Venture Concept: This innovation will solve the problem of residents being confused, misinformed or uninformed about their new dormitory environment. It will avoid residents being charged parking tickets when they park around their dorm therefore avoiding money loss. It will give them a platform for package receiving so that they know exactly when they're packaged has arrived. This application will also provide information about all of the maintenance services that are included with their payment to live there. Most residents are unaware of this and therefore do not feel like their problems can be solved. Residents will purchase this product because it will make their life easier with less to worry about.

Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

- In the next 5 years, I do intend to have my business either up and running or in the beginning of that process. I do intend to stay with it for a few years, to make some extra money on the side but I would never treat it as my main job. Therefore, I would retire in a few years. I do not think I would pass it down to my travel because it is a one-hit-business, in my opinion.

2) Why have you selected this particular exit strategy?

-The business is not a long term business because it does not have long term success potential.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

- I think that because this business is not going to last very long because of other goals I plan to focus on, I have not put in much thought on all the factors of my application and have not looked into perfecting my product.

Reading Reflection No. 3

Thinking fast and slow by Daniel Kahneman

1) What was the general theme or argument of the book?

- The general theme of the book is that your behavior is determined by two systems in your brain; one is fast and automatic and the other is slow and more deliberate. Together, these two systems are in charge of determining judgement and choice. Kahneman does a very good job including biases and scientific explanations for his claims.

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

- This book is very science based which is mot what ENT is about. But I guess this book can relate to how our customers make decisions or judgements about products and could help accommodate those predicted wants and needs.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
- I would give the class multiple types of puzzles and have everyone predict which system of their brain they think they used

4) 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?

- The biggest surprise about this book is a quote that was said about the author "Kahneman believes that the concept of risk is a human invention. They designed it to assist them with the navigation of dangers, fears, and uncertainties. Kahneman explains that there are real dangers and uncertainties, however, the concept of ‘real risk’ or ‘objective risk’ does not actually exist." 

Basically saying we are the ones who create the risk which does not make much sense to me but I understand that we create how big the risk would be in our heads

Celebrating a Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

- This semester, I am taking a Biology class and the only three exams that we take in this class are pretty much the biggest percentage of our grade. I knew this class was going to be difficult for me, considering I have no Biology terminology or was used to studying very much. The first examI studied a week in advance and I received a 51% (which of course to me that was a failure). For the second exam, I studied two weeks in advance, went to SI sessions, review sessions, printed out and completed worksheets, tested myself, studied with friends and I received a 68% (it was better than the first exam but it was still a failure to me.

2) Tell us what you learned from it.  

- I learned that everyone has their strengths in certain areas and also their weaknesses. I learned that even though it was frustrating to not see the results I wanted, I had to not stress about it and put myself down because that wasn't going to help anybody, especially me. I had to figure out what I did, plan how I can do it better and hope for the best.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

- I think failure is one of the best and educational things that can happen to an individual. By educational I mean it teaches an individual about themselves, how they deal with different situations and how they overcome. These factors say a lot about ones characteristics. Emotionally, at first, I am hard on myself and feel that I could've done something better and that I didn't do something right. Behaviorally, no matter how I'm feeling, its pushed to the side for the time being so that I can focus on the many other aspects of my life I need to be productive in. You can't let any failure let you down cause life will keep going.

Your Ventures Unfair Advantage

1. Social Capital
2. Personal Relationships
3. Personal Experience
4. Relatable Opportunity
5.

Venture Concept No. 1

NOT DONE