Week 8 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 myths and the explanation that refuted them was a pretty big surprise as a lot of the misconceptions were ones that I also believed wholeheartedly.  

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

The ins and outs and details of the venture capital procurement process seems a bit daunting and kind of scary as I think in terms of myself, I'd be so scared to lose someone else's money pursuing my dreams and trying to implement a project and see it through to fruition.  This was confusing in the sense that the inherent risk involved for investors is real, for entrepreneurs the risk involved is ultimately losing whatever stake they may have in the venture, their personal and business credit rating/score, etc.  But what else do they lose that can be considered equity that can be hedged for future projects?  Reputation?  

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

If not a technology related project, what types of projects have the best chance of procuring funding for development?

Second question would be what steps do you take to contact venture capitalists and angels?  

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

Nothing that comes to mind, I think it was a very edifying chapter to read in case I find myself in a position to move on to the next step and try to procure funding for my entrepreneurial endeavor.  I wish everyone luck.  

The Twenty Percent

I interviewed Mary Cait Arroyo who is a successful Avon franchisee owner whose answers were invaluable for this exercise.  I was not able to video or audio record her as this was a crazy busy week   for both of us but I was able to have her answer the questions in typewritten format.

Who do they think their target customers are?

Women are the main demographic, although products are available for men and children too.

Where do they find their customers?

Everywhere:  friends, family, handing out catalogs at stores.

What are their customer's demographics?

Women between 25-50 are currently my principal customer group. However, products are geared towards the entire family, low income to high income, ages 3- 100.

What kinds of media do their customers consume? Etc.

FaceBook posts, my E-store, catalogs.

I then audio interviewed 3 customers, 2 women and 1 male per the demographic information Mary Cait provided.  

Kristin Monroe

                   

Francisco Ramos

Melissa Ramos

Does the entrepreneur adequately understand their customers' problems?   I believe Mary Cait does as she deals with these challenges daily.

Where are the differences?  The differences lie in small details such as the target demographics, how to reach them and what products they may ultimately be interested in.

Why might these differences exist.  The marketing team at Avon may need to tweak and adjust their marketing efforts to better reach their intended audience.

Half-way Reflection

1) Tenaciousness is a skill. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

I've had to incorporate a better time management system because of the varying due dates.  I work 10 hours days, four days a week as well as having to drive my daughter to daycare daily and I have usually counted on being able to complete my classwork during the weekend.  It didn't work out that way for this class so it ends up being a challenge to complete the assignments on time and to ensure they are done with accuracy and they contain the correct content.  

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through?  

My wife telling me to toughen up and to muscle through it when things have gotten a bit hairy and due dates are piling up on me.  She's been really supportive and flexible with the housework and chores that I have not been able to help with as I normally do.  Without her, I don't think I could continue to get A's as I have been able to do the past year and a half.  

Do you feel like you've developed a tenacious attitude during the past two months?   

I feel I have developed a more determined attitude, not as tenacious as I'd like as some of the exercises proved somewhat of a challenge when having to engage strangers and ask them questions.  

What experience or experiences most contributed to this?  

The exercises that had us engage strangers when handing out money, or asking them questions regarding my specific project or topic.  

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

(1) Try to speak to strangers from all walks of life when out and about, such as at the grocery store, class, the gym, etc in order to become comfortable 

(2) Become familiar with deadlines and how to set definite time frames to hold yourself accountable.  

(3) Try to utilize all available resources and think outside the box.  You'll be surprised at the amount of resources in the form of friends, business acquaintances, neighbors, etc that you can tap in order to assist with some of the assignments.  

Free Money

I did this at Disney World and Disney Springs where I happened to go for my birthday with my family.
I approached strangers of course.
I simply stated my purpose for handing out the dollar as a conversation starter.
I was able to give away all five dollar bills.

Elevator Pitch No. 2

The feedback I received was mostly positive.  Some thought my idea was silly or that it wasn't original enough but I think its a great opportunity if implemented successfully.

Some of the suggestions provided were to be a bit more engaging and to elaborate a bit further on my opportunity.  I changed my approach, I elaborated on my idea, I stood up instead of sat down, and wore a jacket to be a tad bit more presentable.  I hope that this video addressed those concerns so I'm excited on receiving some feedback.

Week 6 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?

It was really interesting to read about the framework of the 5 competitive forces that shape strategy.  For Porter to be able to bring to life this concept which can be abstract and sort of broad if viewed plainly, is an incredible thing.  I find that it breaks things down to a level that I can understand and see the macro and micro implications of the chosen strategy. 

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

The part I find confusing is how to apply this to all levels of an organization.  It’s a great framework to go by and to be able to implement it effectively requires a certain level of buy in that must be from the top down and in turn practiced by all managers within the organization.  I would want a clearer understanding of how this would work at a more granular level. 

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

I would ask Porter what was his inspiration in coming up with this concept and did he ever imagine it would create such an impact in how businesses operate and formulate their given strategies.   These questions being answered would make me better understand Porter's mind so I could adopt a similar mindset once I'm a manager or find myself in a position of authority.  

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

I don’t’ think so.  Porter did a great job outlining the most efficient way to come up with a strategy by identifying most elements that come into play that could affect a positive outcome.  It’s something that can be applied in all industries and for that reason I think it’s something that is very applicable till today.  Great job.