30A- Final Reflection

When reflecting on my experience writing this blog, the most memorable moments come from the beginning. My suspicion is that the beginning was when my learning curve was most significant, and my experiences were fresh and new. Taking this course has taught me less about the specifics of whats important when running a business, which you can learn any time, and more about how to think like an entrepreneur and successfully come up with a business idea.

The specific experiences I will take away from this course for the longest time would have to be the Bug List, the Reading Reflections, and all of my experiences having to interview different people. These are the most memorable because they are definitely the exercises that taught me the most. The Bug List was a difficult assignment for me and took me all week. Ironically, while this is one of the assignments that taught me the most, it is one of the few I did not receive credit for, because I did not realize the deadline was at noon, rather than 11:59. None the less, the Bug List gave me a different outlook on the world. I began looking at things as a problem solver. What is bothering me, why is it bothering me and how would it best be fixed are things I frequently think about now. The reading reflections not only inspired me to be like and learn from successful entrepreneurs but taught me valuable lessons they learned along the way that everyone should know. Finally, the interviews. At first, I resented the assignments which required us to interview people, it was my least favorite activity. However, as I completed more and more, they became more and more comfortable. I also learned along the way how important and useful interviews are when starting any kind of business. I certainly will be significantly more comfortable and confident interviewing people in the future.

Ultimately, what I learned in this class is not how to manage finances in a business, how to conduct a job interview and so on like I expected. I learned much more valuable information. How to think like an entrepreneur and act like one is much more important, and that is exactly what this class has taught me. 

29A- Venture Concept No. 2

 This business concept is extremely unique and new to the market. It is the perfect combination of an opportunity and innovation, joining an unmet need in a specific area with a new idea that has not been done before. This creative business idea will pioneer the rental property industry and create a new sector that is innovative in the industry and offers something unique to satisfy the unmet need that creates the opportunity. This business offers students a more flexible lease allowing them to account for the unknown future. By offering semester-based leases aligned to the local University, this business gives students the opportunity to pay more for rent because they do not need to when they are gone or save more money on rent in general. By not being stuck in a lease, students are encouraged to travel and experience as much as possible. Additionally, the uncertainty of roommates can cause significant stress. By signing a shorter lease, these fears and stress are alleviated. This is being offered to college students who are not local to their college town. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money. Customers will care because this is a product that offers them something that is potentially nicer than something they can afford now for a lower price. Shorter leases save them money giving them the opportunity to spend more per month. Additionally this alleviates stress significantly by knowing they do not need to lock into a year long lease where they may not know where they are going to be in several months or who they want to live with. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money.

After posting my first venture concept and receiving feedback, I was relieved that people seemed to really like my idea. This was extremely important to me, considering other students in this class is in my direct target market. The only critique I noticed was with regard to price. People did not seem to love the idea of charging more for shorter leases, even though they actually said they would be willing to pay it. For the first several years, I would not charge slightly more, however if the popularity and presence increased I would consider it more. I am a firm believer in the saying "if it isn't broken, don't fix it. For that reason, considering the feedback I have gotten, I only made very minor changes to my venture concept. I will definitely consider the concept of charging competitive rates to other apartments and working with universities like I was recommended in the feedback.

28A- Your Exit Strategy

The exit strategy I plan to make has been a part of this business idea since its inception. As someone who has always had an interest in real estate investing, it is my intention to make enough money to be able to own a large real estate portfolio to live off in my older years. With that being said, my intention is to run this business as hard as I can for as long as I can, probably into my 40s, growing it as much as I possibly can. At this point, it is my hope to sell the business, and begin using the money that I have made from this business and its sale to begin purchasing large real estate properties. Ideally, I would like to purchase and develop properties while working with my former company. Either purchase buildings that they are running, or begin development programs with them. This way, I can be retired at an early age, have a significant passive income to live off of for the rest of my life, and maintain a relationship and influential position in the business I worked so hard to create and build for half or more of my life.

27A- Reading Reflection No. 3- The Long Tail

The Long Tail

1) What was the general theme or argument of the book?

The general argument in this book is that selling items and products can been completely revolutionized recently and needs to be looked at in a different way than it used to. The internet has changed this industry so drastically that it is undeniable that businesses need to work differently and make different strategic business decisions. The internet allows everyone to have a voice, it creates a different way to make people see your product first (being the first to come up on google instead of on the first shelf), and it eliminates significant barriers to entry for people who want to start businesses and create content. Additionally, there is a larger variety of items able to be sold online because of drop shipping and lack of restrictions based on the physical size of a store. On top of this, psychographic information on customers is easier than ever to find. Ultimately, because of all of this, the primary argument is that the days of having one, extremely popular, high selling product is over. Businesses that sell a variety of niche items will ultimately do better when combining the income from all of their products. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book continued to increase my perspective and understanding on what kind of thinking and decision making goes into starting a business that is profitable. This supplements everything we have been taught about critical thinking and analysis for how to come up with a business, position it, and structure it in a way that will be profitable, scalable and lasting over time. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would have students do a research project, trying to find sales metrics and revenue information from public companies that both sell only one product that is popular and that sell a large variety of products. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

There is a part of the book that discusses the 80/20 principle which was a very big surprise. The basic understanding of this principle is as follows. If you have an exam coming up, 20% of the information you study will get you an 80% on the exam almost always. This is the case with other things as well. This can be seen in businesses that sell a variety of products and so on, however like exams, if you dont study 100% of the material, or sell 100% of the items that could do well, you will not see the results from that smaller percentage. 

26A- Celebrating Failure

A little more than a year ago, I decided that I will be attending law school upon graduating at the University of Florida. Last summer, I spent a majority of my time studying for the Law School Admissions Test, the LSAT, sacrificing working and making money to hopefully get into my goal schools and possibly even receive a scholarship. I spent my entire fall semester working hard on my application, writing papers and perfecting the application and letters of recommendation. I learned a lot about hard work, determination and focus throughout this process that will undoubtably help me in the future. Already being a Gator, my dream was to attend the University of Florida Levin College or Law. This semester I received a rejection letter from the University of Florida, which taught me many things.

I was unsure how I would react to a rejection from my dream school. I learned that I respond to major rejection and set back with anger and desire to prove my doubters wrong. As someone who met all the requirements for the school, I had a strong feeling I would get in. This also taught me that nothing is a sure thing, and everything happens for a reason.

When reflecting on this experience, I learned a lot about myself and a lot about how to react to rejection and failure. I learned that everything happens for a reason, and sometimes your dream might not actually align with your goals. After being rejected, I ultimately decided to choose FIU in Miami, which gave me a scholarship, allowing me to go to school for free and be present in the legal market I want to work in while in school. I can confidently say that if I were to be admitted to the University of Florida Levin College of Law from their waitlist today, I would still choose FIU. This has taught me how to overcome failure, to never get too hung up on one goal, and to take a step back and recognize that sometimes your dreams may not be aligned with your goals.

25A – What’s Next?

25A – What’s Next?

            After interviewing three different consumers in my target market, it was surprising apparent that they all came to the same conclusion. When explaining to them my business model of semester-based rent for an apartment complex, they all had the same idea. More apartment complexes, and more cities. Grow our presence in Gainesville, transition from one apartment to several, then ultimately transition into an entire new college town or city where you do the same thing.

            These interviews created an eye-opening response. I did not expect my plan for growth to be so predictable and expected- They basically said exactly what I planned to do. While I still plan to grow in this way, it has led me to think outside the box in ways I haven’t previously. The new path for the future includes these aspects, but also includes new ways to increase this growth such as offering our product in cities that are not as college dependent as perhaps there is a desire for short term leases in more places than just college towns.

            The primary goal is to open more apartment complexes, expand our real estate portfolio, and carefully select more college towns similar to Gainesville to infiltrate. However, once this is achieved, we will market this service/product to people outside the realm of college. Perhaps someone who has a short-term job or is working on a project in a city. Perhaps someone just does not want to commit to a long-term lease. There is a chance this product is marketable and desired by non-college students, and it would be a missed opportunity to not jump on it.

            The new market concept would be offering a brokerage service between businesses and consumers. Instead of having to sign a one year lease and find someone to sublet for you, we will sign the lease and offer a sublet service to individuals. Using our large network developed by the business we can outsource more people looking for short term leases and make a small premium. This eliminates the hassle for the business and the renters, making them both likely to agree to this with us. After speaking to two leasing agents at different apartment complexes, it seems like this idea was a good one. They both agreed that the apartment complexes would like the security of having a reliable tenant such as ourselves for the lease that would decrease their stress to reach max occupancy. They see it as a no brainer as it would be the same income for them with significantly more security. Additionally, they charge a sublet fee in the first place, and said they could likely eliminate that and we could use it as part of our compensation for the service.

            Reflecting on this new market concept I am more surprised than anything. I did not expect these leasing agents to be so excited by the idea. I would have thought it was discovered before, or they would have no use for it, but I appear to be wrong. It is also mildly concerning the lack of confidence they seem to have in their leasers consistently and reliably paying their rent. This however works in our favor as it increases their incentive to work with us.

            While many people would be discouraged by the premise of leasers not paying their rent, this does not bother me. It is my opinion that this is a result of an inadequate product. A majority of these defaults are results of people being fed up with their commitment to a lease when they are not around. I think people would be willing to pay a slight premium to us to not have to pay additional rent in months they are not around.

            At the end of the day, this new market is certainly not as attractive as the existing market. While it may work as a business, there is absolute certainty in my mind that it would not be as profitable as the existing business. It may be an excellent back end aspect of the business, but certainly will not be the primary focus of the business anytime soon.

24A – Venture Concept No. 1

24A – Venture Concept No. 1

            This business concept is extremely unique and new to the market. It is the perfect combination of an opportunity and innovation, joining an unmet need in a specific area with a new idea that has not been done before. This creative business idea will pioneer the rental property industry and create a new sector that is innovative in the industry and offers something unique to satisfy the unmet need that creates the opportunity. This business offers students a more flexible lease allowing them to account for the unknown future. By offering semester-based leases aligned to the local University, this business gives students the opportunity to pay more for rent because they do not need to when they are gone or save more money on rent in general. By not being stuck in a lease, students are encouraged to travel and experience as much as possible. Additionally, the uncertainty of roommates can cause significant stress. By signing a shorter lease, these fears and stress are alleviated. This is being offered to college students who are not local to their college town. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money. Customers will care because this is a product that offers them something that is potentially nicer than something they can afford now for a lower price. Shorter leases save them money giving them the opportunity to spend more per month. Additionally this alleviates stress significantly by knowing they do not need to lock into a year long lease where they may not know where they are going to be in several months or who they want to live with. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money.

23A- Your Venture’s Unfair Advantage

23A- Your Venture’s Unfair Advantage

1.     Market Awareness-

VRIN: As a former student who has had experience with Gainesville apartment complexes for 4 years I have valuable market awareness and experience. This is valuable because I can use this information to determine what our clients really want as well as what will attract their attention in amenities, offerings and marketing. This is quite valuable, because there are not many apartment complexes that are run by young individuals. However, there are still many that hire students as employees and consultants to help with these questions.

2.     Advertising expertise-

            VRIN: I have an advertising degree meaning I can position the company in a unique and very competitive way that many people wouldn’t think of without paying for advertising. While many people have advertising degrees, it is unique in this field and gives me an advantage over my competitors that they cannot replicate without paying someone or paying for a degree that takes several years to get.

3.     Refuse to fail

            VRIN: I am dedicated and competitive, meaning I will work on this until I succeed. I will adapt, change or adjust anything I must. This is unique because many people do not have this mentality. Frequently they will give up or quit if it appears they are failing or not doing well. This is an inimitable skill because it is something you are born with. People cannot tell themselves they refuse to fail. Either they do or they don’t from the start.  

4.     Good at sales

            VRIN: I have developed a skill for sales, convincing people to purchase products that can be applied to nearly anything. This is not a unique skill. This can also be replicated relatively easily.

5.     Good at making connections

            VRIN: Networking and making connections can create a strategic advantage for me when trying to make deals with partner companies and learning about the industry. This is not an easy skill to replicate but many people have it. While it is hard to learn how to network well and is more of a personality trait that can not be bought or emulated, it is a common trait that many people possess making it less valuable and unique.

6.     Young enough for a higher risk tolerance

            VRIN: Being so young while starting this business means I can take more chances and risks than older investors or business owners. I have no dependents and am only responsible for supporting myself. This is unique as most people my age do not take on business ventures as large as this one. There is no way to replicate this advantage unless more younger people began businesses similar to mine which is unlikely.

7.     Young enough to grow a business for many years

            VRIN As someone who is so young. I have the opportunity to grow and shape this business over many years. Most businesses change hands and leadership several times throughout their life however I could grow and run the business myself for a very long time if I start at a young age. The uniqueness and value of this asset is the same as number seven.

8.     Trustworthy

            VRIN: I am a trustworthy person and businessman and it shows in my work and relationships. This convinces customers to do buy from me and businesses to work with me. This is not a unique skill. This can also be replicated relatively easily.

9.     Friendly and personable

            VRIN: I am able to make meaningful relationships with people in the work place which strengthens connections, brand loyalty and so on. This is not an easy skill to replicate but many people have it.

10.  Able to work

            VRIN: I am an extremely hard worker and have no other distractions. I live alone and have no dependents. Most people starting businesses have other things in their lives that distract their focus occasionally unlike me. This is unique and extremely hard to replicate. It is nearly impossible to avoid all obligations and devote your time to a business unless you do not have any obligations in general.

Our top resource is our market awareness. Having recently been a student who experienced the insufficiencies of student housing in Gainesville, I know first hand what the main stressors, annoyances and insufficiencies of the market. While it is easy for business owners to hire a student for advice, their gut intuition will be different than the students and they will likely go with their gut over the student opinion. Additionally, as the face of the company, we gain social credibility by being run by a former student who experienced the hardships these consumers are looking to avoid which increases their likelihood to sign with us.

Elevator Pitch 3

https://youtu.be/kQrbNZn2Urg

The feedback I got on my last pitch was relatively minimal. I did a good job of fixing my pitch after the first one but still had to fix a few things about discomfort and stiffness. I wanted to be more relaxed yet still professional and I think this worked well.

21A- Reading Reflection No. 2: Shoe Dog by Phil Knight

1)    What was the general theme or argument of the book?

The general argument of this book revolve around several life lessons Phil Knight learned throughout building Nike. These life lessons are if you have nothing to lose, take big risks, find a partner who compliments are skills and abilities, and let people figure things out for themselves.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book connects perfectly with what we are learning in ENT 3003 because it goes through the story of starting a very successful entrepreneurial venture. This is as much a story of Nike as it is a story about Phil Knight and the advice given throughout it and explanations for how he built the company are extremely relevant to what we learn in this class.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

The exercise I would do is something to help students practice synergizing and working with a partner. I would have people write a list of what their strengths and weaknesses and pair them based on this. Then I would create a group exercise that requires them to work together and learn about the usefulness and importance of working with a partner.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

Since I had learned he started Nike, I had always Phil Knight as the single brain behind the operation. I learned that he got significant help from his partner and mentors. This was an ‘aha’ moment or realization that it is important to surround yourself with valuable people who will help you, because it is impossible to do it entirely by yourself.

20A- Growing Your Social Capital

1)    The people I chose Are David, John and Carlos. David is the domain expert. He is a commercial real estate investor and has been in the field for 30 years. He owns several apartment complexes in different college towns. John is a bar owner in Gainesville. He is the market expert. He is very familiar with my target audience, college students, as they make up a vast majority of the clientele in his bar. Carlos is a supplier to my industry. He owns a company that supplies lighting fixtures to new construction apartment complexes across the state of Florida.

2)    David fills the domain expert slot because he has a significant history in owning and managing major apartment complexes. John is the market expert slot because he owns a successful business that targets the exact same market, college students. Carlos is the industry supplier, because he supplies lighting fixtures to apartment complexes that are being built or renovated.

3)    David is a friend of my dad who I have met many times. I asked my dad for his phone number and reached out. He was very friendly. John owns a bar that I previously worked at, so I had a close relationship with him and was able to easily reach out and speak with him. Carlos is a friend of David’s, so David reached out on my behalf and put me in contact with him. I got his phone number and we spoke for a while.

4)    All three of them did me the favor of talking on the phone and allowing me to ask them questions and for advice. David did not expect anything from me in return because he is a close friend of my father and they do things for each other all the time. I have done many favors for John as his employee, and after this favor I am sure if he ever needs something from me, he will reach out. I made sure he knew to as well. Carlos expects me to use his business if I am ever in need of his services. By helping me out, he knew that he was potentially gaining another client in the future.

5)    Including these people in my network will allow me to have connections and mentors that I respect and that can help me make important decisions to progress my business and start something that will truly succeed.

Reflection: This networking event made me realize how easy it is to do. I have always been discouraged from attempting to network with adults and professionals because I am young. However, what I realized is these people do respect me and recognize that young people are the future and if they help me now it is a small, easy investment that could help them in the future if I succeed. This differed from the past when I was significantly more timid with networking. I certainly will not be anymore.

19A- Idea Napkin No. 2

1) My name is Benjamin Sherry. I am a senior at the University of Florida and am studying advertising with a concentration in Real Estate. To further my education and expertise, I plan to get a law degree in the next three years. Considering what I have learned at the University of Florida as well as my knowledge of the target market because I am currently a part of it I believe this business is perfect for me. I see it as my primary business throughout my professional life, taking significant pride in it and growing it and working hard on it until I retire.

2) This business offers students a more flexible lease allowing them to account for the unknown future. By offering semester based leases aligned to the local University, this business gives students the opportunity to pay more for rent because they do not need to when they are gone or save more money on rent in general. By not being stuck in a lease, students are encouraged to travel and experience as much as possible. Additionally, the uncertainty of roommates can cause significant stress. By signing a shorter lease, these fears and stress are alleviated.

3) This is being offered to college students who are not local to their college town. More specifically, the primary target groups are students who travel home for summers, who plan to travel abroad, who plan to intern or work in another city during a semester or summer, students who are unsure who they want to live with or students who want to get a nicer apartment for less money.

4) Customers will care because this is a product that offers them something that is potentially nicer than something they can afford now for a lower price. Shorter leases save them money giving them the opportunity to spend more per month. Additionally this alleviates stress significantly by knowing they do not need to lock into a year long lease where they may not know where they are going to be in several months or who they want to live with.

5) We are the only short-term housing option that is independent apartments allowing for term based leases that align to local University scheduling.

My business fits together perfectly. All of the target audience is college students, and nearly all of them live near campus. Most of them have families to go home to or plan to get internships in different cities, so all the different aspects of the business fit together very well.

Based on my feedback, I decided to focus more on the benefits of a short term lease for roommate issues or convenience, because this seems like something that adds a whole new market to the business. I also focused more on the fact that our target market can get more for less, as it seems like college students are always trying to get closer to campus and a nicer place for less money based on the feedback.

17A- Elevator Pitch No. 2

I thought it was most important to clearly describe the problem, why it's a problem, and the solution. Additionally it was important to mention that the competition is non-existent and there is a very clear market for this product. The feedback I received was positive but I wanted to make sure I spoke slowly and clearly and explained the idea better. As a college student myself, it is easy to think that everyone understands what it is like to be in college. Many people did not go to college or had a situation or arrangement that did not involve any of these issues meaning they would not be able to understand so easily. Because of that I made sure to be as clear but concise as possible.

18A- Create a Custom Avatar

“College Girl Who Loves to Travel”

            Rachel is a University of Florida student in her second year. Her father runs a successful small business. She lives in a two-parent house with one brother three years younger than her. It was always her dream to go to the University of Florida as well as study abroad. She also plans to work in New York City when she graduates. Rachel decided not to join a sorority while in school. She has many friends but does not have the network some of her friends in sororities do. She wants a nice apartment that is close to campus where she can live with her friends. She is looking to sign a lease for her junior year with her three friends, but knows she wants to study abroad for one semester and potentially intern out of state during the summer. She will not be able to afford two leases while studying abroad or interning and knows she will need to find someone to sublease her apartment. It is important to her to live with her friends, so they can enjoy their shows together during the week like The Bachelor. Because of this she does not want to find a separate sublease from a stranger she does not know. She is majoring in Public Relations. She loves to binge Netflix shows like Friends and The Office and go to the gym or run when she has free time. She is considering getting a puppy but does not know if she is ready for the responsibility. On the weekend, she likes to drink socially with friends and go to parties and bars.

16A- What's Your Secret Sauce?

Describe five ways that you have human capital that is truly unique:

1)    I am good at making long term connections and friendships with people in short periods of time. Frequently when I meet people I quickly form a connection with them which often leads to a long term friendship which is extremely useful for networking.

2)    I am well-spoken and able to speak publicly and confidently relatively easily. I am able to speak in-front of a room with ease and explaining and describing ideas or asking for things that I feel I deserve or want have never been a difficulty of mine.

3)    I thrive in group exercises. I thoroughly enjoy working with a group and problem solving with others. I am good at compromising and voicing my opinion in a respectful, polite yet stern and confident manner.

4)    I am persuasive. I have work experience in sales and have always been persuasive. I am good at arguing my points and convincing others of my opinions or beliefs.

5)    I am hard working. While being hard working is not a unique trait, staying level headed, being dependable and always working longer hours than my peers has always been a trait I take pride in. Many hard workers become consumed by stress and burn out, however my ability to maintain a level head and stay focused, calm and collected is a unique trait that I believe I possess.

Interview five people who know you best and ask them what makes you different:

1)    Ophir (Best friend)-

https://soundcloud.com/user-135451526/ophir?in=user-135451526/sets/secret-sauce-assignment

Ophir is my best friend from childhood, while he lives in California now he and I still talk everyday. I was surprised that he thought my most different trait is my optimism. While I never really noticed it, I guess I do take things in stride and not let them affect me too seriously. To be honest, I am not sure how much this helps as an entrepreneur but I imagine it definitely has benefits.

2)    Layla (Sister)-

https://soundcloud.com/user-135451526/layla?in=user-135451526/sets/secret-sauce-assignment

My sister said that my work ethic is what makes me different. It seems as though while we were growing up she consistently would notice how hard I worked and motivated her to work hard. I did not really think I worked that hard when I was younger, but that is all relative and at the time I imagine what I was doing did feel and look like hard work.

3)    Param (roommate)-

https://soundcloud.com/user-135451526/param?in=user-135451526/sets/secret-sauce-assignment

Param said that the trait that differentiates me is that I am fair. He believes that I am trustworthy and always will admit when I am wrong. This is something that is hard to recognize about yourself, even though I definitely try to embody those traits.

4)    David (Dad)-

https://soundcloud.com/user-135451526/dad?in=user-135451526/sets/secret-sauce-assignment

My Dad believes that the trait that separates me is my charisma. He said that I am good at making friends and making people feel important. He thinks that I am very friendly and social and it is very useful in business.  

5)    Carlos (roommate)-

https://soundcloud.com/user-135451526/carlos?in=user-135451526/sets/secret-sauce-assignment

Carlos, my roommate, said something very similar to Ophir. He said I am happy and optimistic and don’t let things slow me down. I am always focused on the present and future rather than letting setbacks get me down. He believes this is an excellent trait for business and very unique.

Reflect on the differences:

            Overall, I think that what I said and what they said are very similar. I did not expect two of them to say my best trait is my optimism, but I suppose this is expected considering I am usually talking to them when relaxing rather than working. Most of them do not see me when I am working on group projects or private assignments and studying. However, I think that there are not many differences and they assess me very similarly to how I assessed myself. I believe this is a sign of self-awareness, which is a good thing to have. If I were to change my list, perhaps I would replace my persuasiveness with my optimism. I believe that persuasiveness could be shown in some of the other traits, while being optimistic and having the ability to overcome setbacks is very valuable and something I hardly realized I possessed.

Figuring Out Buyer Behavior No. 2

For this exercise I scouted out three new members of my businesses market segment to interview in order to learn several specific things about them. This information included what the biggest influencer to purchasing is, how and where they complete their purchase, and what matters most to them when determining if something was a good or a bad purchase. The three people I interviewed were all individuals who are University of Florida students who plan to be in Gainesville next year for only the school year and have not signed an apartment or house lease yet. All three of them are not planning to be in Gainesville for the summer months and would either like to find a lease that will not charge them for those months or somehow find someone who wants to sublease it.

Coincidentally, all three of the people I interviewed agreed about two specific attributes of apartments that are most important to them when shopping for one. These are price and location. Either one of these are important enough to sway these people away from an apartment or house, even if it has everything else they are looking for or more. This is primarily because they prioritize being as close to campus as possible, since Gainesville has terrible traffic and the on campus parking is scarce, and as college students their budgets are very tight. In addition to this, these students seem to not care too much about apartment amenities or features, as they have access to a majority of the amenities most apartment complexes have on campus.

Real Estate agents in Gainesville appear to be very irrelevant to the rental market scene with this segment. All three individuals I found explained that they as well as their friends all use word-of-mouth and the internet to find different apartments and houses available for rent in the area. With that being said, none of the three of them signed their leases fully online. All of them felt that it is extremely important to see the property, take a tour, speak to their leasing agents and property managers before signing any lease. Additionally, one of the people I interviewed pays their rent with cash or checks in person, one pays online through a resident portal linked to a bank account, and one pays online using e-checks.

When determining whether or not their purchase was a good or bad decision, this segment of individuals made their decisions by assessing how happy they were with the location, the helpfulness of property managers and their staff and reliability/quality of the property which more specifically was based on things like all the appliances worked, hot water, WiFi, door locks and so on.

Overall, these findings were mostly expected. One thing that did surprise me is that price was less important when determining value. While price is one of the most important aspects while shopping, it does not seem that price is particularly focused on when determining value.

These findings help to draw conclusions about not just the unique aspects of our business, but also the different aspects that are still as important. These include what else to offer, how to advertise and how to reach our target audience.

Halfway Relflection

1) The main skill I have learned and developed throughout this course is thinking like an entrepreneur. Since beginning this course and in the process of completing the assignments, I have gained a new world view and see things very differently. This new skill will hopefully help me start my business one day. I am constantly looking at things differently, thinking differently and coming up with more and more ideas and thinks that need to be changed or updated.
2) This summer, I began studying for the LSAT. This is a standardized test that is required to apply to law school. When I took my first practice test before studying, the score I got was extremely discouraging. I saw what I was starting with and what the scores to get into top law schools are, and I knew it would be unlikely to increase my score the amount it would take to get a satisfactory score. However, with hard work and dedication, I was able to achieve the score I wanted and now am accepted to the law school of my choice. This class has helped me develop a tenacious attitude significantly. Reading the book, "Grinding it Out, The Making of McDonalds" taught me how important hard work is and why you should always stay motivated. These are things I will carry with me for the rest of my life.
3) The three tips I would offer to students taking this course next semester are:
-Be confident in yourself: You can do anything you set your mind to.
-If you work hard, your goals will be achieved
-Do not stress too hard about anything; Life always works itself out and happens for a reason.

Reading Reflection No. 1

Grinding It Out: The Making of McDonald’s

1) You read about an entrepreneur:

·       What surprised you the most?

What surprised me most in Ray Kroc’s professional history. I have always thought the most successful entrepreneurs are born to be successful and start exhibiting that at a young age. Because of this I always feel pressure to begin my entrepreneurial endeavors. However, Ray Kroc was a basic salesman transitioning from selling product to product up until age 52. It was not until he was middle aged that he became the historic businessman he is known as today. This was shocking and eye opening to me.

·       What about the entrepreneur did you most admire?

What I respect most about Ray Kroc is his work ethic and motivation. Kroc worked long hours for years, with 19-hour days frequently to make ends meet as a salesman and pianist. These hours didn’t discourage him. He kept working. When he found McDonald’s, he used his vision and understanding of consumers to grow his business. He was capable of putting in the hours to create what he did and it shows. Hard work pays off in the long run. At 52, after working hard for so long, he was ready for his opportunity and prepared to continue working for it.

·       What about the entrepreneur did you least admire?

When Kroc met the McDonald’s brothers and signed a contract with them, he made many promises to ensure their dreams would remain a reality. What was their entire livelihood and more important to them than anyone could understand became distilled into a business designed for consumer satisfaction and maximized profit. While Kroc promised them this would not happen, more and more kept changing from what their dream was until it was ultimately completely different. While I understand that Kroc had to do this in order to make the company as successful as it is today, it is sad to see brothers with a dream lose out on it the way they did caused by Kroc.

·       Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Kroc encountered major adversity when he was working for a paper cup company. He had found a new business, milkshake machines, and wanted to begin working selling them. His cup company did not like the idea nor did they want to work with him on it. When he left the cup company to sell the milkshake machines and the cup company saw how popular they were, they immediately demanded 60% of his profit because he technically still worked for them. Even with their tremendous success, Kroc struggled greatly only making 40% of his own income. He described this time as a time he had to “grind it out”. He responded to his adversity by putting his head down, digging his feet in and working as hard as he could. This taught him how to do it again in the future as well.

2) What competencies did you notice that the entrepreneur exhibited? 

The main competency I noticed was his ability to understand consumers and trends. He knew paper cups were going to become tremendously popular. He could tell disposable dish wear and things of that nature would be the future. He immediately identified the importance of the fast milkshake machine and fast food in general. He knew when to stop talking when pitching a product to someone. He understood consumers and their environment more than nearly anyone ever has.

3) Identify at least one part of the reading that was confusing to you.

I did not fully understand how the paper cup company was able to demand 60% of his earnings from the milkshake machine when he left the company to sell them.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

            -How did you stay motivated through all those years?

            -What did you use to determine what you thought would be popular in the future and what wouldn’t?

Kroc clearly had a skill for motivation and foresight. I would love to hear more about it than even the book has to offer.

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I think Kroc’s opinion of hard work is harder than nearly everyone else’s. It is not easy to work a 19-hour day. Nor is it easy to create the most well-known and popular fast food chain in the world. Kroc likely worked harder than anyone I’ve ever met, and his opinion of hard work is probably significantly more than anyone’s that I know.