Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The most surprising thing to me was the market penetration of only 19% which the author mentioned.  This is an extremely low number and quantifies how woefully underserved the poor members of the world's population are when it comes to financial services.  We enjoy so many advantages here in the US that it's easy to take our ability to obtain a line of credit or purchase a car with a loan for granted.  It makes me appreciate and value the privileges I enjoy that much more. 

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

I did not find any aspect of the reading that was confusing.  If anything it was enlightening and a very interesting subject to encounter, as I've heard of micro loans and microfinance before, but I had not delved too deep into the subject.  It makes me want to read more about it for sure.  

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask if they have plans to expand to other underserved populations in other countries besides India.

I would also ask if this is an exportable model in the vein of a franchise, that can be adopted by let's say for example, a potential franchisee who wants to start their own business and the same time provide a service for people in the world who really need it.  

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

The author was not wrong with any of the items they listed or described.  I would like to become more involved in this type of industry at some point in time as you hear to often of the shenanigans of people in the finance industry and their self-serving agendas and crimes, why can't we make it so the same tools and concepts and methods serve the billions of people of the world that are hard working and honest instead.  

Final Reflection

What sticks out to you as the most formative experience?

I think the talking to strangers and interviewing people was the most formative aspect of the course that I gained the most from.  I don't have a problem talking to strangers, but in my experience, the context has always played an important role.  In my usual interactions I would approach strangers for a service or product provided in a purely transactional method, however in this case, my experience has been one where I require information from a stranger in order to complete an assignment.  This context change has never been a strong suit of mine as I've never had a prominent public facing role in the jobs I've had so to ask someone for something was a bit of an obstacle at first.  I think I've gotten better at it and I hope to continue to be more forthcoming, outgoing and affable when out in public.

The experience that you'll remember years later?

I think the sheer amount of work for the course was something that I had definitely not experienced before.  I understand that in lieu of the traditional format, i.e., homework, quizzes and exams, we were able to enjoy the unorthodox setup, however the amount of legwork literally and figuratively speaking was quite daunting if you happened to not stay on top of things. My most challenging time was February-March as my birthday, my daughter's birthday and my mom's birthday all fall in the same 2 week timeframe.  It was difficult juggling the class and all the extracurriculars that I had to attend but I got through it, I tried my best to complete the assignments and in the end it worked out.  I'll never forget stressing things out early in the week trying to get the most work intensive items out of the way so I can type it up and be done with it on the weekend.

What was your most joyous experience?

The 'What's your secret sauce' blog post was my most joyous experience.  It's always nice when you receive praise but when it closely matches your take or your perception of yourself, it makes it all the better.  I did not list things that were abstract or so specific that you have to know the person in order to fully comprehend what they are getting at, but it was great to reinforce a few things that I knew about myself.  My family was a great help with this assignment and I lean on them a lot when i have a lot going on.  It's nice to know you have a support system.

What experience are you most proud of yourself for accomplishing?

I think simply getting through this semester was an accomplishment for me in and of itself.  I had a lot going on, not only with classes but with my personal and professional life which made things a bit tough as the semester progressed.  I was able to rein it all in and made sure to not procrastinate so things would not pile up on me and were sure to not make my life more difficult. 

At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur?

I do and I don't.  I think from a rough definition, sure I can see a lot of the characteristics and traits that an entrepreneur possesses in me now, but in order to make them stick and almost second nature to me, I'd have to nurture and cultivate them by engaging in entrepreneurial activities which my current job situation and life don't allow.  I really strive to one day be my own boss and be one of the millions of small business owners in the US who provide 50% of jobs to working Americans, but there are a few building blocks I have to setup to ensure I have solid foundation before taking such a giant leap of faith.

Do you think you have moved closer to developing an entrepreneurial mindset?

I would say yes but I have a long way to go.  I don't regard failure as such a life or career defining thing anymore, I don't get stuck on small failures or missed deadlines or opportunities.  I simply move on to the next thing to take care of and not worry about them as they are in the past and cannot be changed.  As far as looking at innovation and big picture ideas and identifying opportunities, I think I find myself thinking like this wherever I'm at, whether waiting for my car to be service or at a birthday party, thanks to this class.  Before some of the ideas were fleeting or simple thoughts that I'd commit to memory but soon forgot.  I now find myself writing things down and Googling them afterward in order to see if it's been done already or if it's an under-served opportunity that I'd be able to improve upon if the conditions and situations align correctly.

What is the one recommendation you would make to the students who are going to journey down this path in the future?

I would recommend to them to stay on top of the course work and try to get ahead as much as possible as the assignments can pile up since they build on each other.

What would you recommend they do to perform best in this course?

I would recommend to keep an open mind and not get too caught up with the more tedious aspects of the assignments and to simply get them done as they'll have to do so anyways in order to retain a good/decent grade.

What would you recommend they do to foster that mindset?

Go out and talk to people about all things, current events, history, their own personal and professional experiences.  This will help them foster a mindset that mines data from anyone they are in contact with or around, no matter what the social situation.  In this way, they can use this information to better understand people and identify opportunities sooner rather than later.  This will also help them understand people better as coworkers, managers, domestic partners or whatever social context they may find themselves in.   

Elevator Pitch No. 4

                            Semester's almost done.  Yay!!!

Venture Concept No. 2

Opportunity. An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe both (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section:

(1)  Who has the need?  Commuters/drivers in the suburban area near the University of Central Florida

(2)  Limited availability of gas station/convenient store with an added service flair not seen in other local offerings.  

What are the forces or changes in the environment creating this opportunity?  There is a limited number of gas stations or convenience stores located in the direct vicinity.  

How is this market defined geographically and demographically?  Population density is fairly defined, demographically speaking it is very diverse and has a good spread of age groups, from families to young college age students.

How are customers currently satisfying this need?  And how loyal are they to whatever they use now?  They are driving approximately 3+ miles to another gas station or store to fulfill their needs.

How big is this opportunity?  Not terribly big or very lucrative but definitely one that I deem necessary and so would many others.

How long will the “window of opportunity” be open?  Until the retail space or intersection is repurposed for a different use.

Innovation 

My innovation is to take the existing gas station/convenience store model and change the layout as well as the way the products are dispensed and delivered.  The gas station is simply a place to fuel up and maybe buy a soft drink or chips and then move it along.  To further elaborate on the gas station, my idea incorporates changing the layout to one that is conducive to facilitating the flow of drivers without getting stuck behind anyone else.  We’re also providing an attendant who will pump the gas as well as take payment via tablet to prevent identity theft or other types of payment fraud.   

Venture Concept. A venture concept may be defined as the application of a specific innovation to address a specific opportunity. In this section, describe how your innovation will solve or address the opportunity you identified. You also want to explain why customers will buy your innovation. In describing the concept, you also want to be sure to cover issues such as:

What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  

People are used to pumping their own gas while dealing with lines if attempting to gas up during peak times.  You also run into the possibility of getting stuck behind someone while gassing up without the space or maneuverability to be able to drive away.  My layout would make it so you would have someone gas up your vehicle, take payment, and have you drive away as the lanes are built diagonally and individually to allow the flow to not be impeded by parallel and inline positioning of the pumps. We would also incorporate electric vehicle charging stations that support all the current vendors who provide charging services.  There would also be a lounge area where you can wait while your car charges, sign on to wi-fi, purchase refreshments as well as a pet area where you can let your pet out to stretch their legs or do their business.  

Who are the competitors?  What are their possible weaknesses or vulnerabilities?  

Existing gas station companies.  Their weaknesses involve the lack of service as well as they are usually not the cleanest places. 

What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?  

It plays a very big role and is the differentiating factor when considering buying gas or convenience items from someplace else.  We would be a great alternative as we are going to provide a faster way to gas up and a pleasant experience as well.  

How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?  

The business would be straightforward in selling gas and convenience items.  We would require 10 employees, mostly station concierges that assist with fueling.  

The three minor elements

I also want you to cover three final elements in your description. Your treatment of these questions can be relatively short. Please focus most of your time on the opportunity, innovation, concept descriptions above.

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage.” Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?

Our customer service would be the most important factor.  I think providing this in all of our gas stations would make us different and provide something other places don’t.  

Second, what’s next for the venture? Describe either the next opportunity you want to tackle with your current innovation, or describe the next new product, service, or process that may be aimed at your existing customers.

We would want to offer on site gas delivery/fuel up via delivery truck at your current location.  

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

I would want to continue to expand and create additional locations as long as the original venture is profitable.  In the next 10 years I would want to be my own boss and continue to grow my business and possibly venture into other business concepts/models.  My original venture would provide the spring board to be able to start the other concepts that my team would come up with. 

Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

Most people thought the venture concept was good however they did point out that the cost of having a full time staff and the innovative layout as negative and positive aspects of my idea.  They also commented on the electric vehicle option being a forward thinking aspect of the venture.  

Describe how you changed your venture concept, based on what you learned from the feedback.

 I added the electric vehicle charging stations which was a good added feature that was agreed upon by most people I interviewed.