28A

If I were to create a successful startup company I think the last thing on my mind would be an exit strategy. I think this assignment is interesting and this class never stops amazing me with all the unique angles and approaches we take on the business world. The business venture I have been developing throughout this course is far from finished however my I know already I would be creating something to preserve for the long term. My ultimate goal in life is to create generational wealth for my family so they never have to face the struggles I have had to face in my life. So as for an exit strategy, I would want to keep the business in the family and continue to profit from it as long as possible. I think this exit strategy has impacted the way I have developed all my ideas so far in this class because I am never looking for a quick solution. I am always looking to create solid foundations on which to grow and maintain businesses. This falls in line with my ultamate life goal and is the reason why I will be successful in my life.

27A

I picked the biography "Steve Jobs" for this assignment. I was really surprised by what the author had to write about Steve's perseverance in the face of uncertainty. I think it is crucial for an entrepreneur to deal with loads of uncertainty as creating a new business never has a planned out road map. I really admired Steve's ability to utilize his creativity in his business plan. He was able to see in his head how to create a beautiful product and was able to actually create and sell his dream. I least admired his shiftiness when it came to dealing with his peers. I thought Steve was a bit abrasive. I noticed throughout the biography that Steve was able to use his personal connections with his friends to create the initial product. I think it is important for an entrepreneur to utilize their social capital. I was not confused at all during the reading unfortunately. If I were able to ask Steve Jobs two questions the first would be what he attributes his success to. I think it is interesting to debate what it actually was that brought him towards success as well as what he actually thought brought him there. I would also ask him about how he was able to create a market of his own and what challenges he found most difficult. It is clear to see Steve values hard work however he also recognizes which basket to put his eggs into clearly as he did not finish college.

26A

     Throughout this semester I have had a lot of opportunities in this class to go out and try things I have not yet done before. And with these new opportunities has come a mountain of new successes. But I would be lying to say that everything I tried this semester has led to success and in fact I have had and learned a lot from my failures as well. I think the most powerful failure I have had over this semester is was with the elevator pitch assignments. I usually do not like to present so this was the first initial challenge I had to face. After I wrote what i was going to say to the camera I rehearsed it a few times until I felt I had a good rhythm and then I started recording. Unsurprisingly, my first few attempts at this assignment were not good enough to turn in so I kept trying until the product was ready to be turned in. The next roadblock I faced with this assignment was creating a you tube channel. Although this may seem like an easy task it actually caused me a bit of trouble and time. After it was all said and done though I learned new ways of overcoming challenges from this assignment.

25A

Step1:

To start, in my already identified existing market, I believe my business venture can expand into many other personal services that people have been deprived of since the start of the global pandemic. This could include things like manicures and pedicures. I could also pivot my business venture to include womens haircuts as well even though I am not as good at cutting women's hair.

STEP 2/3:

Based on my interviews, I think I can shift my service to skin care as well. After talking to three customers in my target segmen, I realized that in addition to a hair cut many of them would also get a facial treatment in addition to the haircut if they could schedule the appointments at the same time in the same place. Being able to provide both services would increase my revenues a lot however many challenges lie ahead if I were to add an entirely new service to my business venture.

Some of the potential issues that go into adding a new service would be the extra costs in supplies needed. Also I would have to devise a way to travel safely and effectively with all the new equipment and supplies necessary to get the job done.

As far as continuing forward in the already existing market I think there are many challenges that lie ahead. But these challenges all provide more customers with more unmet needs that can be exploited for profit. By adding an additional service to the one I am already capable of doing I can continue to service the target segment of my choice.

New Market:

So far, my business idea has been to target customers B2C. I think however with the right amount of barbers I could enter into a market with this idea B2B. What I mean by this is contracting with companies or other groups to give many haircuts to entire organizations at a discounted price. This could prove very profitable and helpful to both sides and I would have a lot more business and the customers would be getting discounted prices for my service. By lowering the price of each haircut slightly I would be able to drum up a lot more business by offering my services to entire companies/sports team/ religious groups/ etc.

After thinking a lot about this new market, I would have to adapt to the sheer number of additional appointments I would have to commit to. This means more time, expenses for supplies, and more potential for my service to lack in quality. Although I think with a team of barbers we could conquer these road blocks and ultimately make a very profitable business.

Additionally, cutting the hair of an entire organization also means I am likely to run into multiple new demographics to which I would have to learn how to give quality hair cuts too. This may pose an even bigger threat to the perceived quality of my haircuts.

After much consideration I think this may not be the best segment to try and venture into but I think the idea of thinking of different segments is very helpful to a business looking to expand its operations.

24A

     Throughout this course I have identified many potentially exploitable business opportunities as well as developed many of the skills required for an entrepreneur to be successful. Each assignment has taught me to think a lot about what it means to be an entrepreneur and through that thinking I have been able to identify many of my own strengths and weaknesses. Ultimately, however, this course has given me the opportunity to develop and commit to the business concept of opening my own hair cutting service in my area. In this assignment I want to discuss this opportunity in more detail along with the innovation in my new business and the venture concept as a whole.

Opportunity:

When thinking about opportunity in the world of business, one should bring their attention first to market segments. Throughout this course I have been programmed to examine customers as part of larger segments that make up an overall larger market.  By using market segments to identify potential customers, we can also look into potential unmet needs that are common among our market segment. I decided to target young adults because it is a category that I fall into. Being a potential customer within your own market segment has helped me to see potential flaws in my business and helped me to see possible angles I could exploit to make my business profitable. I started by thinking some of my own unmet  needs and the first thing that came to mind was a haircut. I noticed that because of the Corona virus pandemic going on in our country and throughout the world, many personal and non essential businesses have shut down to help slow the curve. However, this has caused me, as well as many of my friends to have gone months without a haircut. My business opportunity was born. I set out to develop a cheap, easy and safe way to cut hair for people in my area. My service would work through a scheduling app where customers schedule an appointment at a time and place of their choice, and I would come to them and cut their hair. I can maintain a safe working environment despite the close encounter with customers by always wearing a mask and gloves while in an appointment, then sterilizing all my equipment after each visit.

The nature of a need for a haircut is one that few people do not possess. Because  a haircut is an easy place for people to turn to improve their self esteem. My business opportunity can exploit this under met need to have high self esteem. Customers are currently leaving this need unsatisfied, in the midst of the global pandemic. Many of the customers in my target segment are doing so because it is hard to maintain social distance in public while also getting a haircut. Additionally because many barbershops are now working at limited capacity, the wait time to get a haircut has also skyrocketed.  I can maintain social distance as stated above and I can eliminate long wait times by having customers schedule their appointments days in advance and allow customers to stay in the comfort of their own homes. I believe this opportunity has the potential to be very profitable in the short term as people look to fulfill this unmet need while also maintaining social distance. However I think this idea is very unique because it has long term potential as well. As customers get used to no wait times and getting a cheap but quality hair cut from the comfort of their own home, they will ditch the old model of going into a barber shop altogether. I think this has the potential to grow into a full time job in the future.

Innovation:

Whenever one is starting a new business concept, they have to consider what innovation they are bringing to the table that sets them apart from the competition. As discussed above, many young adults and males in my area have an unmet need, need a haircut, yet have no way to get one due to long wait times and the desire to maintain social distance. I think the innovation of creating a schedule where I come to people’s house to cut hair is very unique and creates a personal experience that innovates the hair cutting experience all together. I think that providing a haircutting service that goes to the customer is only incrementally innovative and may already exist. However, none in my area are of any note and there is a large opportunity for me to take advantage of a wide open market. Unfortunately again however my service is very imitable and can be copied very easily by competitors so I have to focus on providing a higher quality hair cut then other people which ultimately falls down to preference.

Venture Concept:

Now that I have addressed the opportunity I wish to exploit and the innovation I plan on utilizing to ensure my business is profitable in the short and long term, I can move on to the venture concept. Because wait times and hazardous conditions in the public, people now more than ever are looking for safe ways to receive services they used to go out and get. I believe by making a hair cutting service that goes to the customer and can fulfill my target segments under met needs while walking the tightrope their demands require. If I were to orchestrate a business from this plan it would be to maintain an app where independent contracted hairdressers can put up times for people to book appointments in any and all areas. This would mean there is no limit to the height this idea can climb.

Minor Elements:

The secret sauce to my venture is the app people would use to schedule an appointment and the top notch customer service I plan to provide.

The next step for this business venture is to recruit other barbers to get on to the scheduling app.




In five years, I would hope this business would have taken off and I can start to develop other non essential services people could receive from the comfort of their homes.

23A

Resource list:





I have a lot to give in terms of time since school went online for the coming semester

VRIN: The amount of time put into a business can easily be linked to increased success. And I believe this is a valuable resource in my business plan since school went online because I will have a much more flexible schedule than I have had in the past. This is also a rare and imitable element as well because many other entrepreneurs may have their time divided into multiple ventures whereas I will be able to focus on my idea


I know many barbers in my area (human capital)




VRIN: This is valuable and rare because barbers in my area can give me potential insight into the hardcomings of working as a barber during this pandemic as well as other roadblocks. Knowing barbers is inimitable because the relationships one has with other people are always helpful to a business and is non substitutable.





I know many of the target customers

VRIN: Knowing many people who have this need is valuable and rare because I can offer them my service more personally. This is also imitimatble because it is a social capital only i possess as well as non substitutable.







I fall into the target market segment my business wants to sell to

VRIN: Falling into the target segment is very valuable and rare because I understand the needs of this segment on a more intimate level because also experience them. This part of my human capital is also inimitable and non substitutable.


I have the financial resources to jump into a business venture thanks to my family

VRIN: My family will support me financially in the business opportunity I choose which checks all the boxes for VRIN analysis





I am very skilled at cutting mens hair with a razor

VRIN: The human capital that is clearly most important is my ability to actually cut hair. This skill is valuable and rare as it allows me to separate myself from the competition. It is inimitable and non substituable because I am the only person who can cut hair in the style I choose.


Very skilled at using scissors to give a haircut as well

VRIN: This is another skills that is very useful to barbers even though i am better with a razor. This skill is rare and valuable in that it sets me apart. It is imitable and non substitutable as well





I know the market well because I have lived in one area my entire life

VRIN:This is a very valuable and rare resource my business can take advantage of because knowing the area one works in can give a lot of insight into nuances the business may lack otherwise. This resource is also imitable to many and non substitutable for my area.





I have worked with accounting firms in the past which has given me experience to traverse uncertain financial situations.

VRIN: My past working experiences are part of my social capital I can utilize to increase the profitability of my business venture.





I have the social resources to find people to help build an app.

VRIN: I have many friends that are technologically capable of creating and maintaining a website. This would help my business in many ways and falls under every category of the VRIN analysis.






I believe the top resource I possess is my ability to cut hair. I think a quality haircut is what will ultimately set me apart from the rest of the competition and will drive my business to profitability.

22A

Youtube link is posted below:





https://youtu.be/fc872mxchrU





The feedback I received from my fellow students on my last elevator pitch has helped me to refine my pitch further. The feedback also helped me get closer to my goal of opening up my own business as well as maintaining it and keeping the business profitable. From the feedback I received I was able to review my own work as well with some of the ideas on how to improve. I used this knowledge to create an even more streamlined pitch that I can hopefully use to convince a potential investor that my idea has potential. As the professor has pointed out, the third time's the charm. I was able to complete my elevator pitch smoothly and effectively on this final try compared to my other attempts and believe I have been able to carve out a real good idea.

21A

I think this assignment was very cool and interesting. I was able to read a book about business that is sure to help me succeed in my own business ventures in the near future. I hope to take the experiences from this book and apply it to whatever I do moving forward in business. the general theme of the book is entrepreneurship. An entrepreneur has a hard working spirit and always is looking for ways to keep revenues flowing and to minimize expenses as often as possible. This book helped to connect and enhance many of the values we have learned in this class. An entrepreneur should not spend a considerable amount of time and research in research and development but rather should focus on how to make revenue as quickly as possible and how to keep the business alive for another day. I would design an exercise where students sit and think of many different opportunities that exist in the world and whether or not that is room to exploit them for profit. The book surprised me a lot with how successful the end business became. I had no idea a business can be grown from the ground up like that.

20A

1.
The domain expert I added to my social capital is a barber in my area named Rafi. I think Rafi is a domain expert in the field of cutting hair because I have heard many positive reviews about him as well as examined the app he uses on mobile phones to allow customers to book appointments. I contacted Rafi through the app which has a direct message feature. For the favor, I asked him what he did to create his app and he helped me to find exactly what I was looking for. Having Rafi in my network will provide me insight into actually working day in and day out as a barber and the mechanics of dealing with an app that sets your schedule.

2.
The market expert I added to my social network is a hostess at a nearby restaurant and market called Canvas. Her name is Alexis and because the crowd that eats at Canvas is similar as a segment to the one I am targeting I figured she could provide valuable insight into the minds of my market segment. I contacted her by going into Canvas. I asked them to keep an eye out and inform me of recent purchases in the market area by kids to try and help me unnderstand their buying habits a bit better.

3.
On Amazon I found a few sellers of hair products and supplies that I can buy in bulk and have delivered to me wiith free one day shipping. Although these suppliers are not actual people
(or they are on the other side of the computer I suppose), Creating a relationship with these suppliers over email and large purchase orders could be very beneficial. i asked them for any discounts that may apply with large orders as a favor and have not heard back.

Reflection

This assignemnt has helped me to realize there is a strategy to filling out your social network and how you can use it to your advantage. 

19A

You:

I am a rising senior at UF. I like to play sports and cook. I have many skills and experiences. I have worked in many places such as nature preserves, restaurants, certified public accounting firms, and banks. I have also volunteered at animal shelters and nursing homes. I have gained a lot from these experiences and can use them as an entrepreneur.




What are you offering:

My customers will have the unmet need of needing a haircut. Customers will need a haircut so bad they will be inclined to pay me to give them one.




To who:

I intend to offer my service to males in their late teens and early twenties. However I am willing to cut anyone’s hair if they want to pay me.




Why:

My customers care about my service because it improves their self image drastically in a short amount of time. A haircut is one of the easiest ways a person can change their entire look.




Core competencies:

My speed, agility, and strength give me an edge when I cut hair that most barbers can not compete with. In fact, my physical abilities are so far off the charts they set me apart from most humans.





I believe all the elements listed above blend together perfectly. I am shocked at the sheer flawlessness of my plan I am reluctant to put it into a post for an assignment as I believe this may lead many people to be jealous of me. The feedback I received on my previous assignments were all positive as I expected because I am so perfect. My ideas are wonderful and I am glad to see the students at UF put aside their jealous feelings to accurately evaluate my plans for entrepreneurship. I also took away that my client base could be refined more.

18A

My customer avatar is a person with many hobbies. After thinking about it however I think some of the stereotypical hobbies of males include sports. Cars are another hobby that my customer avatar would possess and the type of car they drive varys a lot. The type of TV shows they would watch also vary and could include shows about sports and cars. Some of the prototypical customer avatars I would be catering to would be old enough to have children, however, I think my service is geared towards men in their late teens and twenties. Some may be adopted but they may be to personal of a question to consider with regard to my service. My client base would include a wide array of different political views and the types of books they read would also differ greatly.





I have a lot in common with the avatar i described above because I am a male in my early twenties. I like to play and watch sports however I am not into cars as the average guy usually is. I do not have children either.

17A

Link to video:

https://youtu.be/Seff8CPc9so



The feedback that stood out to me from the last elevator pitch was all of them. I enjoy receiving constructive criticism and I think the students of this entrepreneurship class did a good job of evaluating my work and providing feedback I can use to improve my self as well as my work. Some of the feedback included how I did a good job speaking. I can use that to my advantage as an entrepreneur to speak my way through business opportunities that present themselves. I do not believe that any feedback is silly. I believe that if interpreted correctly feedback can always be constructive. Based on the feed back I decided to lean into my ability to read and enunciate clearly. I am able to read words off of a paper well so for this video I wrote more words down and practiced really hard so I could read them even better.