Week 11 Reading Reflection

To me, the most surprising part about the reading was when Pisano said that new innovations do not have much to do with new technology, which I honestly thought was the complete opposite. I realized he was correct when he gave examples of companies (like Uber), which have all been innovative but never needed the use of new technology.

During my reading I was a bit confused when he said that innovation does not make something valuable. I always thought that if a product was innovative, then it automatically held value.

If I was able to as Pisano any questions, I would probably ask him that when it comes to creating a business, would new technology or new innovations be more effective?

Out of the whole reading, I think the only thing I would say I have to disagree with is that innovation does not create value. As I stated above, I feel as though when a product is innovative, it automatically holds value.

The Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 
• My revenue drivers would be the summer job I always have at home, and any support that I may as from my parents or additional family members.
• Describe what kind of product offering you believe should be next. What's the next thing your customers want?
• I feel like the next thing my customers would want is a way to check the availability in the library without actually having to go to the library, so potentially an app that they can check on their phone.
• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?
• This next thing will enhance my existing service offering by making the experience much more convenient for the users. Rather than going all the way to the library to see that they are full, they will simply be able to check their phone. It will improve the user experience and would probably increase customer switching costs.
• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.
• I had trouble finding this, so the only thing I could think of that would work is a smartphone, since in order to use the app a person would have to have a smartphone.
  
• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
• Most people, such as younger people, like smartphones because of everything you can do on them and because of how fast they work. However, older generations don't necessarily care for them as much because they find them too complicated to use.
• Describe what design/usability changes you'd make to the product. 
• I would make the product easy enough to use that every generation would benefit from the change.
• Describe why you think this product would make a good addition to your current product/service offering.
• This change would be good that way every person knows what the availability is or is not at a library. My goal is to start in universities, but then to make it something that libraries across the country use.

My Unfair Advantage

Resources in my venture:

1.     Extrovert

·      Being an extrovert is such a good thing. I’m not nervous, or shy, around new people and talking to others comes easily to me. Not everyone has this personality trait, so this is something that I definitely value.

2.     Experience in management and sales

·      One of my family members has had a great amount of experience in management and sales by being a regional retail manager. Although it is not completely the same area that I am entering into, her input and experience will be able to help me greatly.

3.     Focused, fast learner

·      I am very focused on everything that I do, which allows me to learn things quickly. If/when problems arise, being able to learn things quickly will benefit me so I am able to get over the issue as fast as possible.

4.     Determination

·      Being a determined person is one of my favorite traits about myself. No matter how much I may fail, my determination keeps me going until I finally succeed. In business ventures, failure is pretty normal, as most don’t usually succeed the very first time around. Determination will make me try harder and be the best that I possibly can be.

5.     A strong supportive team behind me

·      I always believe that behind every successful person, is a group or team that helped get them there. My family is very supportive in everything I do and they encourage me to keep going even when I feel like I should give up.

6.     A good location

·      Currently living in Gainesville benefits me for this venture, because there is no better place to test out my idea than the location that gave me the idea in the first place. Students would give the best feedback that could help me better my ideas.

7.     Experience

·      Being a student will certainly help me in perfecting my idea. This is because as a student, I know what other students are wanting and see things from the same perspective as they do.

8.     Social capital

·      Social capital is something that I think is always beneficial to anyone who obtains it. Being able to communicate well with others is a key to success.

9.     Time management

·      Being able to manage one’s time is something that will help me in the long run. It is better to be proactive and get things done well in advance rather than letting everything build up, because you never know what will or will not pop up last minute.

10.  Education

·      The education that I have received my entire life is an important factor in everything that I do. It had made me the person that I am today and given me all of the skills and knowledge that I obtain.

In my opinion, I feel as though having a strong support system is definitely my top resource. Without having a good group of people behind me, such as my family, I would not know where to turn for advice when I’m stressed or not doing as well as I had hoped. My support team, my family, always helps push me and makes me want to do better, even at time that I am failing.

Week 10 Reading Reflection

From this weeks reading, I was mostly alarmed after realizing how much work is involved in keeping ones financials correct and in order. It’s a bit scary and intimidating knowing that you must keep all of your records in order if you ever want an investor to review it. If they are not in order then you could potentially risk losing an opportunity for your firm.

Out of the whole reading, the part that confuses me the most is the part about the operating budget process. I didn’t quite understand the purchase requirements and how one determines the beginning and ending inventory.

If I could ask the author any question, I would ask if there were any possible way to simplify the financial preparation process if you’re planning to run a small business.

Lastly, there’s nothing that I can disagree and/or argue with the author about this reading. This whole chapter seemed to confused me/surprise me the entire time so there is no set topic I could specifically point out and say “you are wrong about this.”

Growing My Social Capital

Person #1

1)    Who they are and what their background is.

·      Rachel is an employee at the Starbucks at Library West on campus.

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

·      Rachel is a supplier. She provides library visitors with coffee if they so desire to purchase one.

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

·      I found her simply by going to the library to study on Saturday morning, and spoke to her while I ordered a beverage.

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

·      I purchased a coffee from Starbucks and in return asked if there was anyway I could speak to her after her shift, when the library closed. I shared my napkin idea with Rachel, and as a person who works for another company within the library, she loved it. As a UF student, she not only liked this idea because it would encourage her to go to the library more often, but a system that would bring in more students also means more customers for her.

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

·      Including this person in my network will help me exploit this opportunity with the help from an insider’s prospective. As someone who sees the amount of people flowing in and out of the library everyday, her input will surely be helpful.

Person #2

1)    Who they are and what their background is.

·      Rosie Zummo used to be a librarian in Tampa, FL.

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

·      Rosie is the domain expert. She may not be trying to create something for a library, but she worked for one, therefore she would know best whether or not a service like this would be successful or not.

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

·      Rosie is a friend of my aunt’s, so I called her in order to speak to her for this assignment.

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

·      We had a good phone conversation. I asked for her input on my idea, and she simply asked that I keep her updated with how my progress with it is going.

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

·      Rosie will be very helpful since she knows what it’s like to be in the library environment. She watches people come in and out daily and would have the best insight as to whether or not people would take advantage of this service, or simply act like it is nonexistent.

Person #3

1)    Who they are and what their background is.

·      Izzy Muncan is a student who is part of Student Government at UF.

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

·      Izzy is filling the market expert position. Although she many not have any specific relation to my service, she works to better student experiences on campus, such as those at the library, which is what my service seeks to offer.

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

·      Izzy is one of my sorority sisters, so I talked to her in person when I saw her at the house.

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

·      I asked Izzy if she could speak to some of her friends in Student Government and ask them if this is an idea they think would work well.

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

·      Having Izzy in my network will help me exploit my opportunity by giving me feedback. After talking to people in our Student Government, Izzy will be able to tell me if this is an idea that the school would be interested in using.

I really enjoyed this assignment because I was able to get out there a little more, rather than being afraid of talking to random people. I first started with someone I knew, followed by someone I knew of, and ended with a complete stranger. When speaking to people about ideas you have, I think it is always good to get the opinion of someone you know as well as someone you don’t know.