1) The thing that surprised me most when reading this chapter was how specifically and clearly the Financing Continuum depicted the various levels of financing for start-up companies. I think it was a very good outline but there are always still exceptions, such as very wealthy family members who may invest (like Donald Trumps 1 million dollar loan that he received).
2) I was confused by the Private Placements section. It appears to be some sort of requirements.
3) The two questions I would ask to the author are -
If you were to work in the finance industry, which sector do you think would/could be the most lucrative?
Why do you think it is wrong to want to own control of a business?
4) I think the author was wrong when he stated that venture capitalists are not quick to invest. I think they are vest quick to invest if they think they spot a good opportunity that needs to be moved on quick.
Sunday, February 28, 2016
The Twenty Percent
1) Business Owner - Bill Miller. Car Mechanic/auto sales
Bill identified his target customers as mainly classic car enthusiasts who are interested in collecting cars as a hobby or enjoy restoring older cars. Typically older well established males ranging from 30s-80s. These customers either need work done on their cars or are looking to purchase a car. Bill typically finds his customers through word of mouth, car shows, or online advertising. His customers would be into shows like overhauling, oc choppers, etc.
2) "Target Customers"
Scott - "I'm looking for someone to help me with various aspects of a restoration project, as well as potentially purchase another car at some point."
Bob - "I met Bill at a car show in Orange County. We just talked a lot about cars and shared a lot of similarities in that sense. I heard he does great work on classic cars. Turns junkers into really nice looking things."
Tom - "Personally I think Bills work is a bit outdated and his cars really are out of style. He knows what he is doing but I prefer a different look."
3) It appears the entrepreneur adequately understands the consumers unmet needs and is providing a valuable service to them. The only discrepancy appears to be arising as a result of personal taste, so you can't really discount Bill on that.
Bill identified his target customers as mainly classic car enthusiasts who are interested in collecting cars as a hobby or enjoy restoring older cars. Typically older well established males ranging from 30s-80s. These customers either need work done on their cars or are looking to purchase a car. Bill typically finds his customers through word of mouth, car shows, or online advertising. His customers would be into shows like overhauling, oc choppers, etc.
2) "Target Customers"
Scott - "I'm looking for someone to help me with various aspects of a restoration project, as well as potentially purchase another car at some point."
Bob - "I met Bill at a car show in Orange County. We just talked a lot about cars and shared a lot of similarities in that sense. I heard he does great work on classic cars. Turns junkers into really nice looking things."
Tom - "Personally I think Bills work is a bit outdated and his cars really are out of style. He knows what he is doing but I prefer a different look."
3) It appears the entrepreneur adequately understands the consumers unmet needs and is providing a valuable service to them. The only discrepancy appears to be arising as a result of personal taste, so you can't really discount Bill on that.
Half-Way Reflection
1) Tenaciousness is a skill. This statement is key for this class and it is definitely a skill that you will have to utilize throughout the semester in order to do well. I got lazy and slightly behind on assignments, but took advantage of yellowdig to make up for it. There are plenty of opportunities to earn points throughout the semester, you just need to stay on top of it.
2) Tenaciousness is also about attitude. About a month into the semester I would pretty behind on a lot of assignments and was contemplating dropping the class. But then after realizing how many more points were still available, I realized I could still turn things around.
3) Three Tips:
-stay organized
-don't give up
-capitalize on opportunities
2) Tenaciousness is also about attitude. About a month into the semester I would pretty behind on a lot of assignments and was contemplating dropping the class. But then after realizing how many more points were still available, I realized I could still turn things around.
3) Three Tips:
-stay organized
-don't give up
-capitalize on opportunities
Sunday, February 21, 2016
Week 7 Reading Reflection
1) I was surprised when the author touched on the different psychographic types that advertisements with generally use and how they are often representations of real peoples life styles, actions, and perceptions on life.
2) I still don't really understand why demographic segmentation isn't still beneficial as well. It seems as though factors such as age, income, gender, etc would still play a large role in a buyer's decision making process.
3) Questions to author - How do people test the success of one segmentation application vs. another (demographic vs non-demographic)? How does this increased knowledge help producers/business in their selling processes?
4) I think the author was inaccurate in some of his generalizations regarding segmentation and its affect on advertising and marketing to a variety of consumers.
2) I still don't really understand why demographic segmentation isn't still beneficial as well. It seems as though factors such as age, income, gender, etc would still play a large role in a buyer's decision making process.
3) Questions to author - How do people test the success of one segmentation application vs. another (demographic vs non-demographic)? How does this increased knowledge help producers/business in their selling processes?
4) I think the author was inaccurate in some of his generalizations regarding segmentation and its affect on advertising and marketing to a variety of consumers.
Sunday, February 14, 2016
Customer Interviews No. 3
1) Interviewing strategy - I plan on targeting customers that I know would be in the target demographic for my business so I can get a good read on their reactions to the product/serive. The interviewees include yoga and workout enthusiasts, experienced and beginner surfers, and also athletes that participate in sports other than surfing. I will utilize FaceTime to reach some of these interviewees, as I would like to hear different perspectives on the idea from areas other than my direct vicinity (which is highly saturated in the surfing industry).
Business Concept - Zen Surf is a surfing focused exercise class that would change the way people exercise. By combining the use of highly coveted balance training devices , resistance training, knowledgeable yoga instructors and surfers, and a laid back atmosphere you get the next wave of exercise. Aimed to make exercising more fun and beneficial to the specific sports we participate in, Zen Surf will utilize projections of waves and sand to help surfers imagine they are in the ocean. This product/service would be highly beneficial to surfers, athletes, yogis, and fitness gurus alike. Partnering with other leaders in the surfing/health food industry (juicing companies, smoothies, acai, redbull, quicksilver) would make this an all encompassing experience.
2) Interviews -
What is your reaction to the Business Concept...?
Beth (yogi/beginner surfer)
Kurt (cyclists/experienced surfer)
Katie (workout enthusiast/ballerina)
Dan (West Point football player) - "I've never surfed before but I would try this class out. Sounds like it could be really fun."
Bill (motocross/beginner surfer) - "I think this is a very interesting idea and could be beneficial for a variety of athletes if the correct balance training tools are implemented in a proper manner."
3) Reflection/Take-away - Overall I'm fairly pleased with the reactions that I received after sharing my business proposition. I think I have a solid foundation that still needs some ironing out of details. I large focus needs to be on the creation of the surf specific balance tool as well as keep the atmosphere and structure of the class centered around having fun.
Business Concept - Zen Surf is a surfing focused exercise class that would change the way people exercise. By combining the use of highly coveted balance training devices , resistance training, knowledgeable yoga instructors and surfers, and a laid back atmosphere you get the next wave of exercise. Aimed to make exercising more fun and beneficial to the specific sports we participate in, Zen Surf will utilize projections of waves and sand to help surfers imagine they are in the ocean. This product/service would be highly beneficial to surfers, athletes, yogis, and fitness gurus alike. Partnering with other leaders in the surfing/health food industry (juicing companies, smoothies, acai, redbull, quicksilver) would make this an all encompassing experience.
2) Interviews -
What is your reaction to the Business Concept...?
Beth (yogi/beginner surfer)
Kurt (cyclists/experienced surfer)
Katie (workout enthusiast/ballerina)
Dan (West Point football player) - "I've never surfed before but I would try this class out. Sounds like it could be really fun."
Bill (motocross/beginner surfer) - "I think this is a very interesting idea and could be beneficial for a variety of athletes if the correct balance training tools are implemented in a proper manner."
3) Reflection/Take-away - Overall I'm fairly pleased with the reactions that I received after sharing my business proposition. I think I have a solid foundation that still needs some ironing out of details. I large focus needs to be on the creation of the surf specific balance tool as well as keep the atmosphere and structure of the class centered around having fun.
Week 6 Reading Reflection
1) I was surprised how many internal and external factors a company should be aware of to continue analyzing its production and position in the marketplace.
2) The part of this reading that was most confusing to me was how the threats and bargaining powers interact and affect one another. What is their relationship like?
3) What is the most common day to day purpose of this model? How can this model benefit an organization in the long wrong? I would ask these because it would place more or less value on the model itself in my mind.
4) Overall, I think this model may be a little to analytical of external sources and circumstances and may distract attention away from more important matters.
2) The part of this reading that was most confusing to me was how the threats and bargaining powers interact and affect one another. What is their relationship like?
3) What is the most common day to day purpose of this model? How can this model benefit an organization in the long wrong? I would ask these because it would place more or less value on the model itself in my mind.
4) Overall, I think this model may be a little to analytical of external sources and circumstances and may distract attention away from more important matters.
Wednesday, February 10, 2016
Idea Napkin No. 1
1) I have always really enjoyed being athletic whether it be playing traditional sports such as lacrosse and football, or more non traditional water sports. I have been a water sports enthusiast for as long as I can remember. I have wakeboarded for about 15 years and have always enjoyed surfing, but didn't get to do it as much as the waves in Florida were rarely decent. However, now that I am currently spending some time in California, I have had a lot more exposure to the sport and the industry. Exercise has always played a role in my life (whether it be weight lifting, stretching or cardio) but mainly for the performance benefits it provides in sports. I find exercising in a gym to be fairly boring and thought that it would be cool to make a product/service that would make it more enjoyable. I aspire to live a flexible lifestyle in the future, have the ability to travel, and be surrounded by like-minded people who enjoy similar activities. This business would allow me to do something that I love, stay healthy and happy, and provide people with a product/service that would benefit them.
2) My business proposition is a combination of a product and service. First I will develop a surfing-specific balance training device - a miniature surfboard that will be supported by a half bosu ball. I will combine the use of this device, along with indo boards, and yoga to create a surf centered exercise class. This will be taught in a studio like environment with a very beachy/surfer vibe. There will be sand on the ground as wall as large projections of waves on the walls. This will provide customers with an enjoyable sport-centered class that will particularly benefit surfers, but will also provide health benefits for any individual looking to get into better shape.
3) This product/service would be offered to health conscious people looking to stay in shape and enjoy the process at the same time. Specifically, surfers of all ages and genders will be targeted as the class is intended to provide direct benefits to this sport.
4) Customers will pay for this product/service as it will provide them with a "new wave" of exercise that will transfer over to higher performance in the real waves. It will also provide the health conscious individual (non-surfer) with a fun introduction to the surfing would, an enjoyable exercise class, and physical and mental benefits that will transfer over into all areas of their life.
5) The core competencies of this business would be the fun approach to exercise that would allow people who typically hate going to the gym or find running boring to stay in shape and get a good workout in that is more enjoyable than standard exercise. It will be an all inclusive experience that will provide all around health benefits. The surf inspired balance training device would be patented and only used/sold through our classes.
Overall, I feel all of these elements fit together very nicely. Given that I have a lot of experience with water sports and am currently located in the hub of the surfing industry I think I would be able to (along with a team of other surfers, yogis, and exercise enthusiasts) provide a unique service and product. Given that I initially thought of this idea as a solution to my own problem, I have a lot of invested energy in the business and think that my love for the sport would make this business even more valuable and successful.
2) My business proposition is a combination of a product and service. First I will develop a surfing-specific balance training device - a miniature surfboard that will be supported by a half bosu ball. I will combine the use of this device, along with indo boards, and yoga to create a surf centered exercise class. This will be taught in a studio like environment with a very beachy/surfer vibe. There will be sand on the ground as wall as large projections of waves on the walls. This will provide customers with an enjoyable sport-centered class that will particularly benefit surfers, but will also provide health benefits for any individual looking to get into better shape.
3) This product/service would be offered to health conscious people looking to stay in shape and enjoy the process at the same time. Specifically, surfers of all ages and genders will be targeted as the class is intended to provide direct benefits to this sport.
4) Customers will pay for this product/service as it will provide them with a "new wave" of exercise that will transfer over to higher performance in the real waves. It will also provide the health conscious individual (non-surfer) with a fun introduction to the surfing would, an enjoyable exercise class, and physical and mental benefits that will transfer over into all areas of their life.
5) The core competencies of this business would be the fun approach to exercise that would allow people who typically hate going to the gym or find running boring to stay in shape and get a good workout in that is more enjoyable than standard exercise. It will be an all inclusive experience that will provide all around health benefits. The surf inspired balance training device would be patented and only used/sold through our classes.
Overall, I feel all of these elements fit together very nicely. Given that I have a lot of experience with water sports and am currently located in the hub of the surfing industry I think I would be able to (along with a team of other surfers, yogis, and exercise enthusiasts) provide a unique service and product. Given that I initially thought of this idea as a solution to my own problem, I have a lot of invested energy in the business and think that my love for the sport would make this business even more valuable and successful.
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