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.