Reading Reflection - Week 8

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? 

I was surprised to learn that short term-borrowing was a requirement for working capital. I don't know anything much about finance, or debt financing. 

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

The section about commercial banks was confusing to me - again because of my limited knowledge of banking or financing. I'm not really sure how short term loans work or how they're secured.

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

What does it be to "go public"? 

Why do people invest in start up if they dry out so quickly?

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 that venture capitalism can be limited. I don't think there should be limits to how people make/spend/use their money.

The 80-20 Rule - Week 8

1) Find a business owner and talk to them about their customers.

I chose to interview Zach Stepp from Study Edge. 

Who do they think their target customers are?

Students at the University of Florida - usually freshman taking Calc1 or Chem1 are the largest percentage. After there initial contact with Study Edge during those classes they are more likely to stay for the higher level classes.

Where do they find their customers? 

Study Edge tables around UF, they also come to events and give out free prizes, additionally they have a free review session coupon in the Gator Greenbacks catalogue. 

What are their customer's demographics? 

Science/Engineering/Business majors. 

What kinds of media do their customers consume? 

Almost all of the users of Study Edge use Facebook, which is the primary platform in which their business operates. Study Edge has an app inside of Facebook in which users can operate their website and use all their resources. 

What are their customers' problems?

Loosing tokens from problems with video streaming - clicking the same video twice and loosing 15 tokens. Also - not being able to make review times for weekly or exam reviews depending on their personal schedules.

What are customers currently doing to fix their problems? 

Costumers can email the help section of study edge about tokens that were lost or used accidentally. Additionally all review videos are available on the Study Edge app for users to view at their leisure. 

2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. 

1. The target costumers of study edge are people who are health science or engineering. They offer a lot of math, chem, and physics help. Usually my friends who are pre-med or engineering use study edge and they find it very helpful. People who use study edge use twitter, Facebook, instagram. Really anything. And it seems as though they're trying to connect on all of those platforms. The only problems I've heard from my friends that have study edge is that it's sometimes hard to get an answer in a timely manner when you post on the class wall. 

2. Study edge really caters to the freshman at UF. They offer a lot of intro level classes that can be really helpful. People from many different majors use study edge, some hate it and love their competitor tutoring zone, and some love it. A lot of the costumers for study edge come from friends recommending it to other people, I really don't think study edge has to advertise much - if at all. They have people pouring in the see them, and their exam reviews are almost always packed with students. 

3. I have a love hate relationship when it comes to study edge - it's helpful sure - but for $50 a month I bet I could do this on my own and actually learn all the material. Then again, I'm too lazy to do that. Study edge has yet to have failed me and I do think if I were left to fend for myself in chem/calc/physics I wouldn't do nearly as well. I think that there are a lot of good resources like study hours/posting questions on the wall/being able to email them. Study edge really cares about the students and their ability to succeed. They adapt to what helps people learn best and are always looking for more feedback which I think makes them the best at what they do in todays market. 

3) Reflect. Does the entrepreneur adequately understand their customers' problems?l 

The entrepreneur knows some of the problems, but not all of them. I think because they are not a student themselves they are unaware of the problems we actually face on this end.

Where are the differences?

The students have problems with the logistics of using the website, and the cost. However, study edge has always said that they will not let the cost of the membership affect a students ability to use their services and they will work something out. 

Why might these differences exist. 

These differences exist because there is a difference between being the costumer, and being the inventor. The experiences are different on each receiving end. 

Half-Way Reflection - Week 8

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

The behaviors that I have used or developed where:

• becoming comfortable talking with others
• learning to accept criticism
• learning to appreciate that people have different talents/ideas
• patience when it comes to seeing someone else's point of view, even if it doesn't agree with mine
• self-discipline when it comes to turning in/doing all assignments on time

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

Truthfully, I don't think I've felt about giving up during this course. Although there are sections that I have found less interesting than others - nothing has really driven me to the point of wanting to stop doing my work. I feel like this class has enhanced my tenacious attitude but it didn't necessarily create it for me. The experiences of going out and interviewing costumers have certainly added to this amount of tenacity. 

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' ?

• Be patient with yourself during the creative process.
• Allow yourself to feel uncomfortable and uneasy - it will help you grow. 
• Actually try when it comes to these assignments - although they are easy and don't require a lot of effort, the more you give to them, the more you will get out

Free Money - Week 7

• Where will you go?
• I plan to go around the floors of my dorm knocking on peoples doors.
• What kind of people will you approach?
• Students living in my residence hall.
• What will you say to get the conversation started?
• "Hey! How are you doing tonight!"
• What is your plan for the conversation?
• I want it to be natural, so I'm not creating a plan. I will be friendly and inviting to them and see where that gets me. Hopefully I won't get many doors slammed in my face. 
• Out of five attempts, how many dollar bills do you think you will be able to give away. 
• I think I'll be able to give away all 5- I think they will be excited and say "Oh! Wow! Okay!!"

Reading Reflection - Week 7

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? 

I found the section talking about timing very interesting. The author spoke about how the timing, whether poor or not, is very crucial in the business world and marketplace. I think this is very important, timing can make or break an idea. It can build up, or break down a business. 

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

The section which mentions, "new venture evaluation process" was the most confusing. It was a little vague, and if there was a further explanation I would have a better grasp of this subject. 

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

What is the most important part of evaluating a business?

Have you ever experienced poor timing with a business idea in your life? 

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

There was nothing I really disagreed on. However, the section about being unique in the business world being the most important thing that an idea can be sits a little funny with me. I certainly think that originality will allow a product to succeed, but I don't know if I think it's the most important thing an idea can be. Things like - a realistic application should be more important than something being "new" and "exciting."

Elevator Pitch - No. 2 - Week 7

2) A reflection on the feedback you received from your last pitch.

I tried to be more personal. I wanted to create a dialogue between myself and my consumer instead of just trying to sell them something right out of the gate. I wanted them to feel like a real person and not just another consumer who would like to buy my product. 

3) What did you change, based on the feedback?

I tried to look at the camera more and be more inviting. I also tried using a more calming tone of voice that would be well received. 

Interviewing Customers No. 3 - Week 6

1) Describe your interviewing strategy. What questions do you intend on asking? Who are you going to ask?

I'll be asking college students on my floor. I'll go door to door, and ask them to read my idea and tell me their thoughts. If they think it's useful/effective/something they want. 

2) Conduct the interviews. 

3) Reflect on what you learned. 

There is a need that should be met by many bicycle owners. They want protection and security for something that they invested in, which isn't an unreasonable request. Also my pitch should have a more clear example of what costumers can get out of the product - an explanation of what each piece is specifically instead of an idea of what the "experience" of the product is.

Reading Reflection - Week 6

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?  

What stood out the most was that entrepreneurs have to take the time to look at patterns and trends, to observe how change occurs. They have to track change over time which can be time consuming, just to look for an opportunity for themselves.

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

I found the section about barriers to creative thinking a little confusing. The topic of "killer phrases" was new to me, so I had to take a little bit to review that and even looked it up online to have a better understanding.

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

To what extent is mental health a concern in the field of entrepreneurship?

What atmosphere is most beneficial to maximizing creativity?

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

I think the author was wrong about saying that there needs to be a specific "climate" for an entrepreneur to become successful or develop success. If someone is hard working and determined they should be able to reach their peak regardless of the climate around them.

Idea Napkin No. 1 - Week 6

1) You. 

I am Kristiana.

I think a lot of my talents lie in my interpersonal/communication skills. I find it really easy to talk and get along with others. On the other hand, I think one of my other great talents is that I'm very detailed oriented - I keep to time commitments, and I always do my work/jobs to the best of my ability.

My skills are that I am skilled with organizing programs, ideas, and delegating tasks. My experiences are quite limited, I haven't been given many chances to expand on building items and creating new ideas - other than the Catalyst show from last Summer. 

My aspirations with this concept are to have something that protects the consumer from one of the worst feelings they could encounter, which is having something stolen/taken from them, also prevent the feeling of helplessness and on a grander scheme distrust in the world. I see this business as a hobby that I am passionate about, I don't think it would ever become my entire career. 

2) What are you offering to customers? 

I will give the customer a feeling of control, when in this aspect it is usually taken from them. Bike theft can happen blindly at any time, this business venture allows peace of mind to the consumer, which can release stress.

3) Who are you offering it to? 

Anyone who owns a bike can own this product. Those most interested would probably be high school, college, and graduate students. An age range of about 15-30 would be the most targeted demographic. Or anyone who owns an expensive bike and wants added protection.

4) Why do they care? 

"They" care because they don't want their property stolen. I bought a bike this past summer that was over $700 and if I had a lock that could allow me to know if anything was happening to it at any time while I wasn't there, I would buy it. "They" care because they don't want their personal property taken from them - I don't think anyone would.

5) What are your core competencies? 

The entire basis of the company is providing protection/safety to the customer. We want them to not be afraid of theft occurring, by leaving their bike outside a class, or by the library. We want to make people feel safe and develop trust and security for the bike owner.

I think all of these elements build on each other. They fit together to describe the experience we want costumers to receive when they buy our product. We aren't "in the business" just to make money. We want to make an impact, and change experiences of bike owners around the world. 

Interviewing Costumers No. 2

I think interviews were successful because people feel as though having locks on their bikes are helping to keep them more protected. Locks ensure that no one can tamper with their bikes, and even those who don't own bikes agree that having locks helps prevent theft.

To be successful when interviewing, you need to seem genuinely enthusiastic about what you are talking about. If you aren't, how do you expect your interviewers to be? Additionally, I think getting a positive response, or good feedback lies in how you word the question you're asking. Questions should be short, but concise so people can answer quickly. 

Being open and friendly also attracts people to want to talk to you, if you seem nervous or jittery that energy can transfer onto the person you're interviewing. It's a hard balance, and I'm still learning, but I think throughout this experience I have become more confident and more personable with people I'm interacting with. 

Reading Reflection - Week 5

1)  What found the section dealing with Benetech. It reminds of me of an underdog story because no one thought he could achieve his idea, but he did it anyway, was was successful. He took on an idea no one else wanted to which was revolutionary.

2) What i found confusing was the part of the text where Hawken made a point about how the industry should handle hamburgers - with specific wrappings, and how they should plant two trees for every car sold. As if this will be the way to save our planet? It seems highly unrealistic in my opinion. 

3)  I would ask the author what are the biggest challenges an entrepreneur has to overcome, and I would ask why the industry feels the need to "cover their footsteps" with all these eco-friendly suggestions. 

4)  One part of the reading that I don't agree upon is the section about ethics. I don't think businesses truly care about doing things the right or wrong way - as long as they're succeeding. It may sound selfish and harsh, but that's my honest opinion.

Elevator Pitch No. 1 - Week 5

Hello blog friends! I'm here to talk to you about my wonderful idea for the two part bike lock and app system called Wheel Watch. Wheel watch aims to prevent bike theft by using a bike lock, gps tracking device, and corresponding app to allow you to view where your bike is at all times, and allow you to be noticed if/when someone tries to tamper with or steal your bike. This app will solve the problem of bike theft on not only college campuses, but in metropolitan cities as well where using a bike is a common method of transportation. 

Elevator Pitch (in it's awkward glory)

Photos of prototype:

This was an idea that my classmates and I collaborated on and actually one people's choice at Catalyst. Catalyst is an opportunity for first-year IA students to demonstrate their creativity, passion, and dedication to innovation. Guests include UF administrators, college faculty & staff, IA speakers, local business leaders, innovators, patent attorneys, and venture capitalists.