Friday, April 19, 2019

Final Reflection

The most formative experience for me was the assignment where we had to do the interviews. This forced me to talk to different people that I never would have spoken to in any other situation. The interviews pushed me to get out of my comfort zone which I appreciated. I am most proud of myself for the elevator pitches that we had to do. I always felt very uncomfortable in a video but I was able to overcome that and get the assignments done. I was shocked that I did not feel very nervous about posting the videos to Youtube and the assignments helped me feel a little more comfortable in front of a camera also. I do not see myself as an entrepreneur but I do think I moved more toward an entrepreneurial mindset. Due to the assignment where we had to find 20 opportunities, I am better at searching out areas that could use improvement, which could lead to a business idea. Although I do not think I will be an entrepreneur, I think I do have more of the entrepreneurial qualities. I would recommend that future students take the assignments seriously if they are serious about entrepreneurship because the assignments really do help. They should welcome the assignment with an open mind and do them to the best of their ability and with full effort. That way they can get the maximum value out of the course and actually learn something about entrepreneurship.

Image result for finish the race

Thursday, April 18, 2019

Venture Concept No. 2

Opportunity
UF students who live off campus and do not have a car or scooter are the prototypical customers. The need is that they do not have a reliable free form of transportation to get to their off-campus housing late at night. The forces in this market are that some times there are exams late at night or students study late, leaving them vulnerable when they have to head home. Currently, students are either walking home, taking the Later Gator, getting an Uber or Lyft, or carpooling with their friends. None of these alternatives are reliable, however, and Uber and Lyft are not free. Also, Uber and Lyft are risky because you never know if the driver has other more dangerous intentions. Walking is not safe because students are left vulnerable, especially when walking home alone. The Later Gator is a free option but it is not always reliable and requires students t wait outside at a bus stop which can be dangerous at night as well. This opportunity is very big because a large portion of students live off campus and not everyone has a car to use. The window of opportunity will be open as long as UF is accepting students, and as long as students have to live off campus.

Innovation
My innovation is SNAPX. It is an extension of the current SNAP program but it would be specifically for off-campus students. It is a free driving service that would operate from 6:30 pm to 3:00 am. There would be a van set specifically for off-campus rides to make the journey as efficient and easy as possible. SNAPX would take students from the campus to their housing complexes 1 to 2 miles off campus. My program would be a free service so I would not be charging students meaning it would get its funding from Student Government. Students would request SNAPX through the app, TapRide. Directly underneath the SNAP option, there would be an option to choose SNAPX. They would put in where they want to get picked and then their off-campus destination. In the beginning, SNAPX would only pick students up at the major areas such as the Reitz or the Hub.

Venture Concept
Customers will switch to my product because it gives them a safe, reliable, and free option for traveling home at night. It will give them an extra sense of security knowing that they have a driving service accessible to them that is completely free of charge. It will not be hard at all getting customers to switch to SNAPX because it is the best option out of all of them. When doing the different interviews throughout the semester, mostly all of my interviewees said they would use SNAPX if it were actually implemented. The main competitors are Uber and Lyft. Their strengths are that they can pick students up anywhere they request it and students have the option of getting a ride completely alone. They would not have to wait for other students to get dropped off first. The weaknesses are that they both charge you for the ride and for Uber the price can increase depending on how busy they are. Customer experience is the only thing that plays a role in defining my business concept because the business is entirely service based. If there is a driver that is rude to the students or makes them feel uncomfortable or unsafe in any way that may create negative word of mouth causing less student to use SNAPX. I would have 2 to 3 drivers per night covering different shifts so that whoever was driving would always be awake and alert. There would be a hiring manager and a SNAPX director who would make sure all the operations are running smoothly. There would also be a Student Government Liason who would communicate with Student Government about the different expenses and updates with SNAPX.

Three Elements
The most important resource I have is my connections with Uf Faculty. This is extremely important because they could introduce me to other employees who would actually help me get this program started. They could also help me with setting up a meeting with faculty that are hard to reach and act as a reference for me to show my commitment as well. What would be next for the venture would be to expand the stop route even further, about 3 to 4 miles off campus to reach complexes such as the Niche. To do this I would need to have about 2 more vans. I would operate the vans based on their destinations. Routes that go only 1 to 2 miles off campus would be for one van and routes that go 3 to 4 miles off campus would be for the other vans. In five years I would want to have my program grow so that there are about 10 vans operating for off-campus stops. As an entrpreneur, I would eventually want to start my own business for myself. This program would act as a build my confidence in the ability to start a venture so I would be more willing to take the risk and start m own business full time.

The feedback I received on my first venture concept was all positive. The comments were saying that they liked my idea and it would be useful to them right now. Since I did not receive any constructive criticism I reread my previous venture concept to see what I could improve on. This time, I went into more detail on the topi f what would be next for my venture in 5 years. I went into more depth about how it would work and what I would add.

This is what the SNAPX vans would look like. Similar to the SNAP vans, but the label would say "SNAPX"
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Friday, April 12, 2019

Your Exit Strategy

Since my product idea is not an average entrepreneurship idea, my exit strategy would look a little different from the norm. I would oversee SNAPX for about 5-6 to make sure everything is running smoothly. I would then either hand it off completely to UF or pass it down to the next person in command under me to oversee it. If I had the option to sell it to a private company then I would, but since it is a program specifically for UF students, it would make more sense to just hand it over to UF. I chose this exit strategy because it makes the most sense logically. I doubt any private companies would want to buy it because it would serve no purpose for them since SNAPX is a free service. Also, if I did sell it to a private company, they may start trying to charge UF students for rides, which is not the reason SNAPX was created.

I do not think the exit strategy has had any influence on any of my decisions. I mostly think that because the exit strategy is something to look forward to in the future. The way I decide to exit a venture should not affect anything about the ventures because exiting is something that shouldn't be worried about until the future. I think it is good to plan for your exit strategy so that you know all of your options, but I do not think that should affect your initial idea, because it may affect is in a negative way. People may downsize their initial idea in order to have an easier exit strategy. In my opinion, this is not the true depiction of risk-taking and entrepreneurship.

Reading Reflection No. 3

The book I chose for the third reading reflection was Thinking, Fast and Slow written by Daniel Kahneman. The main argument in the book was that the mind operates in two systems. The first system is for abrupt and automatic thinking or fats thinking. It is what makes the answer to 4x4 pop into your head so quickly. The second system is for more complex and deliberate thinking also called slow thinking. This is the thinking that requires you to put in extra effort to make the decision or complete the task. 

The book connected with what I learned in ENT3003 because I realized throughout the course I have been using system two more than system one. Since this course essentially consisted of us coming up with a business idea from scratch, the assignments required a lot of mentally draining thinking. When I was doing the assignments, my idea generation required a lot of deliberate and intentional thinking. It was rare that I was coming up with ideas and solution automatically using system one of thinking. 

If I had to design an assignment I would teach students about the two systems of thinking. I would then have them get a notebook and the next day have them be mindful of there thinking process. I would have them try to keep track of which system of thinking they were using through the day. they would write down the situation and then write whether it was system one or two. When we meet up for class agin, I would have the see which system o thinking they used most throughout the day and have a discusion about hwy they thinkthey used that system more often. 

The biggest surprise for me was the entire concept of having two different systems of thinking. This idea seemed so foreign to me. When I thought of the thinking process I always pictured it as one system. However, after reading the book, the concept actually makes sense. It is interesting to think that our thought process has these two different systems that are complete opposites, yet work together to suport one another. 

Celebrating Failure

At the beginning of the semester, I applied to become a Campus Diplomat. they are the official ambassadors to the Dean of Students Office. I had made it to the first round of interviews which were group interviews. After the group interviews were finished, I was positive that they would not call me back. However, I got an email saying I had made it t the final round of interviews which were one on one.  Leaving the one on one interview I felt a little uneasy about how it went, but I remained optimistic. Sadly, I received an email from them saying that I was not chosen to be a Campus Diplomat. I felt as though I had failed because I had made an effort to step outside of my comfort zone and put myself out there. Despite my efforts, I still felt as though I was not good enough for them.

From this experience, I learned that everything happens for a reason. I realized that there was a reason that I was not chosen to be a diplomat because there is something better waiting for me. I also learned to pick myself up and move onto the next thing. Since I did not get chosen to become a diplomat, I have been pursuing different opportunities that will be just and if not more fulfilling for me. Lastly, I learned to become more brave and confident. Applying to become a diplomat was a big step for me and although I got rejected, the whole experience acted as practice for when I apply to more things and the reaction that I might get.

Failure is hard but it is also needed. Through failure, we can learn what mistakes were made and how to avoid them in the future. Failure is embarrassing but it also keeps us humble, and form my personal experience helps us to grow a thicker skin. This class has helped me to see failure as more of a learning aspect. I now know to not be so hard on myself if I fail because it happens to everyone.

Friday, April 5, 2019

What's Next?

Existing Market:
In terms of my product, I would like to expand the off-campus route to 3-4 miles off campus to go to housing that is further away like the Niche. This way I can help even more off-campus students, so they are not forced to spend money on Uber and Lyft. Also, I would want to get more vans having about 3 in total only for SNAPX that way more off-campus students can use SNAPX and would not have to wait for just one van. It would also take the stress off the drivers.

The thing that makes the most sense to make my venture grow would be to differentiate myself from Uber and Lyft. Uber can Lyft can both pick you up from anywhere on campus and drop you off wherever you want to go. However, SNAPX is completely free, so that is one thing that will help it grow. Also, I will investigate making more stops to pick up students, so they do not have to walk to certain areas just to get a SNAP. One idea an interviewee gave me was to create a SNAPX app that would track students as they were going home if they were forced to use an uber. If a student happened to miss ours for SNAPX and was forced to Uber or Lyft, the app would track where they were going and notify them if the course wasn't following the GPS to get to their housing There could be a button they could press that would immediately connect them to the authorities if they ever felt like they were in an unsafe situation.

New Market: A completely new market would be the locals of Gainesville and the others in the Alachua County area. SNAPX would be able to create value for these people by adding in stops that go to areas in the surrounding Gainesville area. This would include another van set specifically for Gainesville stops. If people have a car that broke down while working late at night, they could request a SNAPX to take them home. This would be especially useful for UF faculty and staff because they would not have to worry about walking around campus at night if they worked late.

Through my interviews, I got some very good ideas. One idea I really liked was to include refreshments and snacks for the Gainesville local riders. Since they are not UF students, they would be charged per ride, but UF faculty and Staff would get a discount. Providing snacks and refreshments for longer rides would balance out the cost of having to pay for the actual ride by creating a more positive experience. SNAPX could also provide airport travel service to the people who must catch a late flight home during breaks. Since parking at the airport is expensive, SNAPX would be a cheaper and more convenient option for them.

Reflection:
This market does not seem as attractive as my existing market because it would be harder to reach. Also, SNAPX is a UF program so extending it to the people of Gainesville would be a major liability. I believe for this to work, SNAPX would have to become a privately-run program. What surprised me the most was that with the new market it would be more difficult to differentiate SNAPX from Uber and Lyft because it would not be free anymore. This newer market is harder to attract and create value.



Venture Concept No. 1

Opportunity
The opportunity for my product comes solely from the off-campus students at the University of Florida. Specifically, the ones that do not have a car or a scooter. Roughly 78% of students at UF live in off-campus housing. Many of those students most likely leave campus late at night after studying or a late exam. When they are ready to head home late at night, they either must catch a Later Gator bus, Uber, walk or carpool with a friend. Walking home is not very safe, especially at night, and the other three options are not very reliable and uber is not free. This creates a need for safe, reliable, and free transportation so UF off-campus students can get home without worry. I believe the forces creating this opportunity is that some parents either do not have the money to buy students a car or scooter or that they do not think students will need one. The area surrounding UF is walk-friendly, however, that does not mean it is safe at night. Demographically, the opportunity would come from undergraduate UF students who are mostly in their first and second years. This is because more upperclassmen already have cars compared to first-year students. Currently, customers will take Uber or carpool with a friend. Most of the boy customers will just walk home alone. Other customers will catch the Later Gator bus. I do not believe they are very loyal to this option. Of the people I interviewed, when I asked if they would use SNAP if they could they all answered yes. I think they use the method they are using now because they do not have any other choice. I think this opportunity is very big because there are so many off-campus students at UF that would love the opportunity for a free and safe mode of transportation that would be applicable to them as well. This window of opportunity will be open as long as UF keeps accepting students that must live off campus without providing a program like the idea I am proposing.

InnovationMy innovation is a new SNAP program called SNAPX. SNAP is a free driving service offered to students on campus to take them to their housing or another building during the late hours of the night. My idea, SNAPX would offer the same ride benefits, however, it would be used to take off-campus students to their apartment complexes or housing. SNAPX would provide a van used specifically for off-campus stops and would travel to apartments 1-2 miles off campus. It would run from 6:30 pm to 3:00 am and would be completely free to the students. It would only pick students up at the main areas on campus such as the Reitz Union and the Hub in order to be efficient with gas and time due to the extra mileage of traveling off campus. Students would request a ride through the TapRide app using the option to choose SNAPX.

Venture ConceptMy innovation will solve the opportunity because it will provide off-campus students with a safe option for traveling home at night. Off-campus students may feel left out because they do not have the same resource available to them. There seems to be a fair amount of crimes that happen around UF and as an off-campus student, sometimes I feel very scared walking home late at night. It will not be difficult for customers to switch to SNAPX at all because it is a program that would be in their best interest. It would be created specifically for them. The competitors against SNAPX would be the Later Gator bus, Uber, or Lyft. The Later Gator is a free option however it only goes to certain stops, not all. Also, it can be unreliable and run late, causing students to wait at the bus stop alone outside at night, leaving them vulnerable. Uber and Lyft are safer options, however, they not free. Depending on how far you must travel and the time you are requesting one the price can be expensive. Also, there is the risk of getting into an Uber of Lyft and the driver having more dangerous intentions that do not include dropping you off at your housing. I would have two to three drivers per night so that there would always be drivers that are refreshed and aware. There would be a hiring manager to hire new drivers and the main SNAPX director that would oversee to make sure everything is running smoothly. There would be Student Government liaison or representative that would communicate with Student Government and keep them up to date with how SNAPX is running.

Three Minor ElementsI think the most important resource I have is the connections that I have with UF faculty. Networking is a major part or starting a new business. These connections I have can help me with figuring out the administrative side with starting this idea. They can also introduce me directly to the administration that would help me get the program completely started. The next opportunity I would want to tackle with my innovation is to expand the route even further off campus. This way I could cater to even more off-campus students who live 3 or even 4 miles off campus. Also, I would want to get 1 or 2 more vans for off-campus stops. In five years, I would want to have even more program implemented for students on campus. I would want to be making progress with another idea I have for Transfer students at UF. Hopefully, I would have my own startup as my full-time job. This venture would be a confidence builder and help me gain experience with creating and implementing a new product It would give me a look into how entrepreneurship is so I would feel more comfortable with it in the future.