This book has taught me a lot about being an entrepreneur, starting all the financial work, advertising and marketing. Through my business school classes I have had the opportunity to learn a lot more about these obstacles as well and I've learned how to overcome them.
Business Basics at the Base of the Pyramid.
Business really does start at the bottom of the pyramid and its hard to climb up the ladder but many companies do do it.
"A decade after founding SKS Microfinance, CEO Akula explains how to make money at the bottom tier of the economic pyramid while raising the living standards of the people who occupy it. His company, which provides many small-business loans and other financial services to poor women in India, has a customer base that has been nearly tripling each year and now numbers more than 2 million. Akula attributes his firm's success in part to heeding three principles: Adopt a profit-oriented approach in order to access commercial capital; boost capacity by standardizing products, training, and other processes; and use the latest technology to reduce costs and limit errors. Collectively, these for-profit maxims reflect a rethinking of the conventional microfinance model, which simply aims to break even. Instead, SKS scales up to achieve growth; the margins are razor thin, but the volume is staggering--160,000 new customers every month. Numbers like that give the company great leverage with partners--insurers, telecom providers, consumer goods manufacturers, and so on--whose products SKS's clients need. Customers are indeed central to Akula's enterprise. Every SKS loan officer is required to do what's best for the client, even if it undermines the firm's short-term interests. That means everything from traveling far and wide to meet with prospective borrowers on their schedules to scratching out repayment plans in the dirt with them. Such commitment scales up customer loyalty, which ultimately improves the fortunes of not only the clients themselves but also the company and its investors. [ABSTRACT FROM AUTHOR]"
Saturday, April 23, 2016
Final Reflection
1) Reading though my blog I can now see how much my idea has developed and how much I have grown with it. My outlook on it is much more positive and I see it as something that could potentially happen, a company that I could actually start up and make a reality.
2) Something i'm most proud of is telling random people about my idea and them loving it. Conducti the interviews was the best part of the semester because even thought I dreaded doing them it was still fun hearing what people were saying about my idea and how they would change or improve it in their own way.
3) I am an entrepreneur. I see myself maybe making this a reality one day because i was able to see how much support an organization like this would have.
4) Keep on track with all of the small assignments all of the points really do add up in the end. Its really important to start the assignments earlier because you will not be able to get five interviews all in one day.
Wednesday, April 20, 2016
Venture Concept No. 2
Opportunity.
The opportunity is that college students love traveling and exploring, its the time in our lives where we have the freedom and time to travel but have no money what so ever to afford any of it. So we spend most of our college life in a small college town going home once a month maybe but never venturing any further. If trips were more affordable or even had options to work off the price of the trip, many more students would have the opportunity to travel and see the world.
I know that if students were to try this once they would love it because having the freedom to travel with friends and explore new places and cities are memories that stick forever. There are many different options of travel today but none are college-budget friendly. No other service out there in my opinion meets this need. The window of opportunity will be open for as long as no one starts a company like this and starts providing students with trips they want and can afford.
The opportunity is that college students love traveling and exploring, its the time in our lives where we have the freedom and time to travel but have no money what so ever to afford any of it. So we spend most of our college life in a small college town going home once a month maybe but never venturing any further. If trips were more affordable or even had options to work off the price of the trip, many more students would have the opportunity to travel and see the world.
I know that if students were to try this once they would love it because having the freedom to travel with friends and explore new places and cities are memories that stick forever. There are many different options of travel today but none are college-budget friendly. No other service out there in my opinion meets this need. The window of opportunity will be open for as long as no one starts a company like this and starts providing students with trips they want and can afford.
Innovation.
The basic idea is to create trips in huge numbers for students. Students don't care about the business class flight or the 5 stare resort hotel as much so it is much easier to accommodate cheaper lodging and transportation. Like buying anything in bulk it always comes cheaper and I believe that if large enough groups were to be organized students could be able to get really cheap prices to go to amazing domestic places here in the US as well as to other countries internationally. This idea isn't really about money more about the experience about the traveling opportunity itself, but a way to make money would be commission. For x amount of trips after all expenses are paid for a would make a profit off of each trip.
The basic idea is to create trips in huge numbers for students. Students don't care about the business class flight or the 5 stare resort hotel as much so it is much easier to accommodate cheaper lodging and transportation. Like buying anything in bulk it always comes cheaper and I believe that if large enough groups were to be organized students could be able to get really cheap prices to go to amazing domestic places here in the US as well as to other countries internationally. This idea isn't really about money more about the experience about the traveling opportunity itself, but a way to make money would be commission. For x amount of trips after all expenses are paid for a would make a profit off of each trip.
Venture Concept.
As i've said before there isn't anything quite like this available. There are traveling agencies and different event groups in the city but there isn't anything that offers this to students here in Gainesville. Organizations like Trip provide students with hiking and diving expeditions which in my opinion are insanely over priced and don't appeal to students because of the fact that they are very structured and also allow staff and faculty to apply for them as well.
This idea is different because its not only hiking expeditions, there would be many different options for students like traveling to different cities choosing which excursions they want to go to and which ones they don't and most importantly not having to pay for the once they don't want to go on. Providing these options will mean that everyone will have a unique and different experience in these cities, some might visit the museum or the beach or maybe are there for the gastro tourism.
Business would be organized very simply, students can vote on where they would like to go next and then from those votes, events would be planed, lodging and transportation arranged and excursions organized for those who want them. There would have to be a lot of planing and checking with venues about housing and transpiration but I believe that after a few trips that with a good team it could be done very effectively.
As i've said before there isn't anything quite like this available. There are traveling agencies and different event groups in the city but there isn't anything that offers this to students here in Gainesville. Organizations like Trip provide students with hiking and diving expeditions which in my opinion are insanely over priced and don't appeal to students because of the fact that they are very structured and also allow staff and faculty to apply for them as well.
This idea is different because its not only hiking expeditions, there would be many different options for students like traveling to different cities choosing which excursions they want to go to and which ones they don't and most importantly not having to pay for the once they don't want to go on. Providing these options will mean that everyone will have a unique and different experience in these cities, some might visit the museum or the beach or maybe are there for the gastro tourism.
Business would be organized very simply, students can vote on where they would like to go next and then from those votes, events would be planed, lodging and transportation arranged and excursions organized for those who want them. There would have to be a lot of planing and checking with venues about housing and transpiration but I believe that after a few trips that with a good team it could be done very effectively.
The three minor elements
The most important resource would be I believe the student body, of UF but also other participating universities. Students are what would make this work, if they like it they will invite friends and continue to come but if they don't then it just wont happen. The next venture would be to figure out working opportunities for students who want to travel like this. Many really can not afford even the cheap prices, so finding small jobs that they could do for a week or two to pay off the trip would be a really cool way to get this going as well but this would have to be much further down the road.
In five years it would be really cool to have an organization established with many trips offered all year around to students from all different universities across the world. It would be amazing to give students the opportunity to see the world.
The most important resource would be I believe the student body, of UF but also other participating universities. Students are what would make this work, if they like it they will invite friends and continue to come but if they don't then it just wont happen. The next venture would be to figure out working opportunities for students who want to travel like this. Many really can not afford even the cheap prices, so finding small jobs that they could do for a week or two to pay off the trip would be a really cool way to get this going as well but this would have to be much further down the road.
In five years it would be really cool to have an organization established with many trips offered all year around to students from all different universities across the world. It would be amazing to give students the opportunity to see the world.
The Feedback that I received on this idea was very positive, although most people were not very sure about how it would all work out, they were very enthusiastic about the idea and would love to see it happen.
In order to make the idea more clear I will have to go more in detail about the actual planing stages and how everything will be organized. But this would all have to be done much deeper in a business plan.
Sunday, April 17, 2016
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?
I posted continently and did not skip any assignments. I think the most important part is staying on track with the blog and not getting distracted.
2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?
My key words were my name and "entrepreneurship". Every post I made had the same name and then the title which makes it much easier to find my blog.
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?
I did not use social media at all to enhance my SEO efforts because I don't post much on social media at all but that does not mean that I did not get many views on my page.
4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?
The one post that got the most views was "20 percent" and I think this happened because of the interviews that I conducted. People wanted to seem themselves.
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?
Yes! If you type in my name and principles of entrepreneurship my blog pops up.
Week 14 Reading Reflection
Week 14: Kuratko Ch. 3 & 4 (The
Entrepreneurial Mind-Set in Organizations – Corporate Entrepreneurship / Social
Entrepreneurship and the Ethical Challenges of Entrepreneurship)
These two chapters are about being a global citizen and entrepreneur. Choosing where you see your organization going and what you wish to see from it. It also talks about how to get started. Doing a joint venture with another organization or doing it on your own. Importing or exporting, there are so many choices that you can chose from when creating your organization.
Wednesday, April 13, 2016
Very Short Interview With Entrepreneur, Part 2
David Waitforit Nassau
Founder and CEO of Hopping 4 a Cure
I was a lot more comfortable talking to David about his plans because I understood everything that he had to do and I was able to from that ask more questions about his future plans. I understood what I meant to work with a non-profit organisation and to one day have to leave it to pursue other greater things maybe. I was really nice being able to talk to him and just see what his future goals were, where he saw the organisation going in the future and what he planed to do when it was time to leave.
Friday, April 8, 2016
Week 13 Reading Reflection
This chapter is about managing a companies entrepreneurial growth. A firms life cycle consists of the venture development, start up activities, growth, maturity and then innovation of recline of the firm. This is very similar to the marketing stages that a firm goes through. The innovation part is the most important, the idea is where everything starts.
Tuesday, April 5, 2016
Celebrating Failure
My first exam of this semester was for my Marketing class and I thought I understood the material pretty well from lectures and from just skimming the book a few times. But when i got into the exam room and started reading through the questions I realised that i was not as prepared as i thought i was. I did not completely fail the exam but i did do much worse then I though I would. I learned through this experience how to study for this class, and to use the resources I had available to me. I realised that smokin' notes are a godsend. For my second exam I focused all of my attention to them, read over everything highlighting the important parts, reading and re-reading out loud to myself until i knew exactly what the section was on. Lo and behold the second exam came around and I did great. My grade was almost perfect and I brought my over all average up by a lot.
Monday, April 4, 2016
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?
I feel that I would stay with this venture for a while if it were to become a reality. I feel like after putting so much time and effort into something like that i would feel bad giving it up, maybe have other people trained doing most of the work for me but i feel that i would still like to be involved in the process with it. Maybe one day I would sell it off after i got tired of doing the work but the whole idea is based around traveling and thats something I could never get tired of.
2) Why have you selected this particular exit strategy?
I selected this particular strategy because being able to do something that allows me to travel so much would be an amazing job and I don't think that i would be willing to give that up for a while. Maybe if I were to retire I'd pass on the organization to someone who i believe would hold up the same value that it has been based on.
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 don't think it would influence the organization much. Maybe it would slow growth because the budget would be limited because if the fact that I have a limited budget vs. a larger company that would have a lot of funding to do multiple things at a time.
Sunday, April 3, 2016
What's Next
The business idea we have if for a company called Roam, The goal of Roam is create affordable and adventurous trips, tailored to the student body here at the University of Florida. We are focused on providing getaways that meet the low budget of any student, while also ensuring high quality programs and excursions. To accomplish this, we would organise mass bulk trips for students from universities across the country to different destinations around the world. Booking on a large scale will give students the low prices they want while also giving them the opportunity to meet other students and make friends.
Existing Market.
What should we be doing that we aren't planning to do?
What do you think we should do next?
Any advice? New Market.
Now as someone who isn’t very eggar to travel and go out of their comfort zone what would you like to see done differently?
Anything that you would like to see done differently?
Step 4: Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.
Maybe a possible option would be to have groups that have their own tour guide and are organized fully hour by hour so but are at a greater price. The people who chose this could get a better lodging arrangement and a few extra features and benefits depending on what they want. This would assure that they still get to experience the amazing trips Roam has to offer but also be comfortable enough to get out of their comfort zone a bit and see the world.
Week 12 Reading Reflection
Week 12: Kuratko Ch. 13 (Strategic
Entrepreneurial Growth)
Lack of strategic planing is a really big pit fall for many entrepreneurs, and I was not aware of this until joust now. But it makes a lot of sense, there are millions of amazing ideas but people just don't know what to do with these ideas, how to put them into action. They are unaware of small things call cause so much havoc for an organization. Time scarcity, lack of knowledge, lack of experience, lack of trust and openness and perception of high cost are just a few of the put falls they face.
Other problems entrepreneurs face when planning is that they plan too much. They plan every detail to the minute and dont leave any room for what might happen, for the things that could not have been planed for, they leave no leeway.
Essentially the idea behind this chapter is the idea behind this chapter is that entrepreneurs need to plan very carefully and very strategically in order for their organization to work out but need to leave enough space for things to go wrong and for things to be fixed or changed.
Other problems entrepreneurs face when planning is that they plan too much. They plan every detail to the minute and dont leave any room for what might happen, for the things that could not have been planed for, they leave no leeway.
Essentially the idea behind this chapter is the idea behind this chapter is that entrepreneurs need to plan very carefully and very strategically in order for their organization to work out but need to leave enough space for things to go wrong and for things to be fixed or changed.
Tuesday, March 29, 2016
Venture Concept No. 1
Opportunity.
The opportunity is that college students love traveling and exploring, its the time in our lives where we have the freedom and time to travel but have no money what so ever to afford any of it. So we spend most of our college life in a small college town going home once a month maybe but never venturing any further. If trips were more affordable or even had options to work off the price of the trip, many more students would have the opportunity to travel and see the world.
I know that if students were to try this once they would love it because having the freedom to travel with friends and explore new places and cities are memories that stick forever. There are many different options of travel today but none are college-budget friendly. No other service out there in my opinion meets this need. The window of opportunity will be open for as long as no one starts a company like this and starts providing students with trips they want and can afford.
The opportunity is that college students love traveling and exploring, its the time in our lives where we have the freedom and time to travel but have no money what so ever to afford any of it. So we spend most of our college life in a small college town going home once a month maybe but never venturing any further. If trips were more affordable or even had options to work off the price of the trip, many more students would have the opportunity to travel and see the world.
I know that if students were to try this once they would love it because having the freedom to travel with friends and explore new places and cities are memories that stick forever. There are many different options of travel today but none are college-budget friendly. No other service out there in my opinion meets this need. The window of opportunity will be open for as long as no one starts a company like this and starts providing students with trips they want and can afford.
Innovation.
The basic idea is to create trips in huge numbers for students. Students don't care about the business class flight or the 5 stare resort hotel as much so it is much easier to accommodate cheaper lodging and transportation. Like buying anything in bulk it always comes cheaper and I believe that if large enough groups were to be organized students could be able to get really cheap prices to go to amazing domestic places here in the US as well as to other countries internationally. This idea isn't really about money more about the experience about the traveling opportunity itself, but a way to make money would be commission. For x amount of trips after all expenses are paid for a would make a profit off of each trip.
The basic idea is to create trips in huge numbers for students. Students don't care about the business class flight or the 5 stare resort hotel as much so it is much easier to accommodate cheaper lodging and transportation. Like buying anything in bulk it always comes cheaper and I believe that if large enough groups were to be organized students could be able to get really cheap prices to go to amazing domestic places here in the US as well as to other countries internationally. This idea isn't really about money more about the experience about the traveling opportunity itself, but a way to make money would be commission. For x amount of trips after all expenses are paid for a would make a profit off of each trip.
Venture Concept.
As i've said before there isn't anything quite like this available. There are traveling agencies and different event groups in the city but there isn't anything that offers this to students here in Gainesville. Organizations like Trip provide students with hiking and diving expeditions which in my opinion are insanely over priced and don't appeal to students because of the fact that they are very structured and also allow staff and faculty to apply for them as well.
This idea is different because its not only hiking expeditions, there would be many different options for students like traveling to different cities choosing which excursions they want to go to and which ones they don't and most importantly not having to pay for the once they don't want to go on. Providing these options will mean that everyone will have a unique and different experience in these cities, some might visit the museum or the beach or maybe are there for the gastro tourism.
Business would be organized very simply, students can vote on where they would like to go next and then from those votes, events would be planed, lodging and transportation arranged and excursions organized for those who want them. There would have to be a lot of planing and checking with venues about housing and transpiration but I believe that after a few trips that with a good team it could be done very effectively.
As i've said before there isn't anything quite like this available. There are traveling agencies and different event groups in the city but there isn't anything that offers this to students here in Gainesville. Organizations like Trip provide students with hiking and diving expeditions which in my opinion are insanely over priced and don't appeal to students because of the fact that they are very structured and also allow staff and faculty to apply for them as well.
This idea is different because its not only hiking expeditions, there would be many different options for students like traveling to different cities choosing which excursions they want to go to and which ones they don't and most importantly not having to pay for the once they don't want to go on. Providing these options will mean that everyone will have a unique and different experience in these cities, some might visit the museum or the beach or maybe are there for the gastro tourism.
Business would be organized very simply, students can vote on where they would like to go next and then from those votes, events would be planed, lodging and transportation arranged and excursions organized for those who want them. There would have to be a lot of planing and checking with venues about housing and transpiration but I believe that after a few trips that with a good team it could be done very effectively.
The three minor
elements
The most important resource would be I believe the student body, of UF but also other participating universities. Students are what would make this work, if they like it they will invite friends and continue to come but if they don't then it just wont happen. The next venture would be to figure out working opportunities for students who want to travel like this. Many really can not afford even the cheap prices, so finding small jobs that they could do for a week or two to pay off the trip would be a really cool way to get this going as well but this would have to be much further down the road.
In five years it would be really cool to have an organization established with many trips offered all year around to students from all different universities across the world. It would be amazing to give students the opportunity to see the world.
The most important resource would be I believe the student body, of UF but also other participating universities. Students are what would make this work, if they like it they will invite friends and continue to come but if they don't then it just wont happen. The next venture would be to figure out working opportunities for students who want to travel like this. Many really can not afford even the cheap prices, so finding small jobs that they could do for a week or two to pay off the trip would be a really cool way to get this going as well but this would have to be much further down the road.
In five years it would be really cool to have an organization established with many trips offered all year around to students from all different universities across the world. It would be amazing to give students the opportunity to see the world.
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