30A - Final Reflection

1) Overall, I really appreciate the entire concept we walked through within a semester with the lifecycle of a business. Utilizing this ‘simulation’ of assignments to demonstrate the entire process that an entrepreneur has to go through has allowed me to have a stronger appreciation for the work that goes into each start up. 

2) I believe that these assignments have allowed me to look for greater opportunities in the surrounding Gainesville community and be more open to looking for ways to apply them. This process allowed me to present my idea as I was interviewed for Warrington Diplomats, as they look for ways to improve the Business College. I used this class as a representation of my intentional nature of looking to improve Heavener

3) I recommend that each student adopt and maintain a growth mindset throughout this course and others in order to be successful. There may be assignments you are not as fond of completing, but each in intentionally built to propel your business idea forward. Don’t let yourself be tied down based on what you are willing to complete and finish each assignment strong. 

29 A - Venture Concept No. II

ENT 3003: Venture Concept Write-Up Guide

   As part of ENT 3003, I was asked to come up with a product or service based upon an opportunity I saw within my surrounding community. Based upon this, I will create a venture concept write-up as to my experience throughout this semester in regard to my initial idea. 

   The three major elements that I will include within my write-up are the (1) opportunity, (2) innovation, and (3) venture concept. I will begin the write-up with detailed descriptions of each of these elements.                                              

 

Opportunity.

My opportunity was at the Heavener School of Business, as companies come in for Heavener Career Week, they are simply provided slotted times, and some students miss out on chances to hear from or speak with those recruiters if they do not show up in time for that particular session on that particular day.

I see a way this opportunity could be fulfilled through a school-sanctioned service that allows companies’ sessions to be live recorded similarly to the lectures recorded and put on the Warrington Mediasite for students to go back to later. This way, there would be a way for students to access company information while also able to balance all their other demanding commitments because classes and other organizations do not stop for this week each semester. In order to also allow recruiters to have access to students viewing their session online, they could also have access to this platform, working towards having a temporarily open communication after HCW with those who viewed it online and still have questions. 

   The Key 3 Elements to be Tested: 

·      While the ‘who’ revolves around the students within the HSB, Heavener would actually be the one who would receive the service for the opportunity since they are the facilitator of this event. 

·      Would there be particular funding/room within the HCW schedule for this opportunity to be accommodated? 

·      This would allow for more transparency of information and access to it for students who would otherwise be unable to attend. 

Innovation. 

The intended service is a internet-based platform that would allow students who were unable to attend in-person company speakers/recruiting events on campus to view the information sessions on the platform. We would be able to work with the data that the schools collect on popular speakers to upload prominent and popular companies, rather than bombarding students with all possible information, which can be convoluted. At the same time, the viewership and a comment/ Q&A portion per college’s site would be linked to recruiters, who would also be able to work with those students and utilize this data to better improve their recruiting tactics/ expand their own reach. 

While designed for the purpose of helping students, the service would be offered to business colleges, since they would have to assist in the live recording of these companies and approve the compatibility of their website to ours. With business schools already acting as the gatekeeper between recruiters and students, we have to target the liaisons rather than who we truly wish to benefit. 

Venture Concept. 

With technology becoming more and more prominent in every aspect of a company, this allows for an additional point of contact and data point both for schools and companies. Teaching students that not everything will be face-to-face and learning to be comfortable with that fact allows for greater adaptation later on in the workplace.

                  Our service is set apart by its core purpose. Just as Southwest and Apple have aspects of their company with allow them to remain at the top of their competitive fields, ours is about promoting positive connections that will lead towards successful, long-lasting jobs rather than a check-in-the-box for both recruiter and student. This service is looking to better connect a generation of workers to transformative jobs rather than to make one institution prominent or to provide a competitive edge. 

Because it is an internet-based service, we are up against hundreds of thousands of websites vying for user attraction and retention. There has to be specific needs and purpose marketed to customers in order to demonstrate relevance and need rather than just the service itself. Like apps, there are many throughout the market that have great ideas but little traction. The focus must be on marketing the “why” rather than the “what.”

The Three Minor Elements

I would argue that the top resource happens to be my personal strengths in regard to human capital because they check off each of the VRIN aspects. Because I would be the general spokesperson and foundation-layer for this venture, it would make sense that my personal strengths, why, and overall persona differentiating myself from any other person who would come with a similar competitive idea to my own. 

As next steps for the company, I would like to expand this platform to pair with LinkedIn in order to reach more connections and create additional bridges between interested students and recruiters. 

For me, I may build off this momentum – if successful – to form a complementary B2B, I would switch from serving in the academia industry to acting as a medium for those interested in presenting their pitches on products or services to companies looking to expand their R&D department.  

I received only positive feedback from my venture concept, and with that, I did not make any changes to the concept other than changing the picture since it did not seem to show up properly the first time.

28A - My Exit Strategy

1) There is something about forming the best company culture or find out how those that are successful in it create it organically. It is due to this fascination that I would make a point not to jeopardize the integrity of whatever company is built simply because I may want to leave. I would ideally like to run the company for as long as I can and later down the line, I would decide if this venture would be something to keep in the family. By then, that would be a family decision. 

2) I like the idea of pulling together a business from the ground up that would be beneficial not only to the colleges and companies but also to the students and those working for the company. I would like to ensure that it runs properly to support all those involved for some time before considering a move that could change the trajectory. If I decide to sell later down the line, it will be to someone who holds the same values in their life and own business ventures. 

3) Because I am so concerned with the company culture and the servitude nature of strong leadership, I believe that is exactly why I chose to provide a service with a strong backing of organizational culture. I believe I had also outlined above how these interests would prove necessary when considering how I choose to leave as well. 

27A - Reading Reflection No. III

1)    The general theme of the book “Mindset: The New Psychology of Success” by Carol Dweck Book, is surrounding a new mindset that ought to be taken that isn’t set in our own way called the ‘growth mindset.’

2) The assignment before aptly asked us about our failures, and this book demonstrated an upcoming form of dealing with failure in order to find/ build success. 

3) Because dealing with failure can be such a touchy topic to personally recognize, especially in front of others, I would walk them through scenarios that are similar to those of students. They can work through these situations using the parameters of growth mindset to come up with strategies and next steps. 

4) I really appreciated the examples and exclamations that were provided about those experiencing a fixed mindset versus a growth mindset. There is an actual difference in the spoken word and approach to the same scenario by each mindset is vastly different and evident. 

26A - Celebrating Failure

1) I would consider failure with varying degrees, where some is missing the mark set by a relatively smaller amount compared to others. In my instance, it is a continuing missing of my personal mark to within Business Finance. Even as a non-finance major, I want to do better than simply passing beyond the bumps that I could earn through various circumstances. However, nearing the end of the semester, I am continually performing right under where I was hoping for.  

2) What I have learned throughout this semester is while a test measures what you know in certain scenarios, it does not always measure what you truly know. I have learned to be proud of the strides in my own knowledge of subjects that are widely daunting. 

3) I am not someone who hides from failure, but I don’t like to share it with others, something that I have been working to change. Failure ought to be recognized and understood by others in one’s immediate circle: it forms trust and lays the foundation for camaraderie in the future. This has been essential to understand within the context of this class because if you cannot reach out to investors or pitch without forming trust, the point of the company becomes void. 

25A - What's Next?

Existing Market. 

Step 1: I would pair this platform with LinkedIn in order to expand the reach of the connections between interested students and recruiters. 

Step 2: (1) Increase the amount of companies interested in pursuing this platform. (2) Expand the college-side portal to include other colleges. (3)  Survey users on either side of the service to see how improve on the workings of the platforms. 

Step 3: 

I agree with the proposed next steps for CareerStream, and while all of those eventually would need to be considered in order to be considered a healthy and growing company, I would look to first pursue feedback from my initial customers, working on the interface and platform in order to ensure that the next step that I target has a better experience than the first one did. This way, there is visual growth from those already using it as well, knowing that I took their concerns and considerations into account when looking to improve the service, the feeling of being valued cannot be overlooked. 

As a secondary step, I would now look to expand my service to other colleges around the country, keeping the same list of companies and using that as an additional expansion to the company later on. This way, I can maintain business school who are interested in particular companies while not overwhelming the server and my employees with a massive influx. 

New Market.

Step 1: Because my company is currently a B2B, I would switch from serving in the academia industry to acting as a medium for those interested in presenting their pitches on products or services to companies looking to expand their R&D department.

Step 2: The reason for the radical transition is in order to have an open bidding and sharing platform of ideas in a way that would be safe under an NDA and Noncompete just to enter the platform for the protection of everyone’s idea. While Shark Tank is flashy, this is a way to effectively communicate in real time. 

Step 3: (1) Make sure the user interface is transitioned from student needs to entrepreneurs’ needs. (2) The metric that are going to matter for the interested R&D departments should be listed in the entrepreneurs’ creation of their page so the numbers are easily accessed by viewers. 

Step 4:  

There is a lot to consider when transitioning to a different segment of the market, regardless if the premise of the company remains applicable, the needs of the new consumer(s) will. There must be extensive research before pursuing drastic changes to the entire company.

I wasn’t necessarily surprised that my service could be so easily transferable because as an internet-based platform, the structure is key and then can be applied to multiple industries or needs as adjusted. I do not think, however, that it is more beneficial than my initial idea since I have more experience surrounding higher education and recruiting than corporate America. 

24A - Venture Concept No. I

   As part of ENT 3003, I was asked to come up with a product or service based upon an opportunity I saw within my surrounding community. Based upon this, I will create a venture concept write-up as to my experience throughout this semester in regard to my initial idea. 

   The three major elements that I will include within my write-up are the (1) opportunity, (2) innovation, and (3) venture concept. I will begin the write-up with detailed descriptions of each of these elements. 

Opportunity.

My opportunity was at the Heavener School of Business, as companies come in for Heavener Career Week, they are simply provided slotted times, and some students miss out on chances to hear from or speak with those recruiters if they do not show up in time for that particular session on that particular day.

I see a way this opportunity could be fulfilled through a school-sanctioned service that allows companies’ sessions to be live recorded similarly to the lectures recorded and put on the Warrington Mediasite for students to go back to later. This way, there would be a way for students to access company information while also able to balance all their other demanding commitments because classes and other organizations do not stop for this week each semester. In order to also allow recruiters to have access to students viewing their session online, they could also have access to this platform, working towards having a temporarily open communication after HCW with those who viewed it online and still have questions. 

   The Key 3 Elements to be Tested: 

·      While the ‘who’ revolves around the students within the HSB, Heavener would actually be the one who would receive the service for the opportunity since they are the facilitator of this event. 

·      Would there be particular funding/room within the HCW schedule for this opportunity to be accommodated? 

·      This would allow for more transparency of information and access to it for students who would otherwise be unable to attend. 

Innovation.

The intended service is a internet-based platform that would allow students who were unable to attend in-person company speakers/recruiting events on campus to view the information sessions on the platform. We would be able to work with the data that the schools collect on popular speakers to upload prominent and popular companies, rather than bombarding students with all possible information, which can be convoluted. At the same time, the viewership and a comment/ Q&A portion per college’s site would be linked to recruiters, who would also be able to work with those students and utilize this data to better improve their recruiting tactics/ expand their own reach. 

While designed for the purpose of helping students, the service would be offered to business colleges, since they would have to assist in the live recording of these companies and approve the compatibility of their website to ours. With business schools already acting as the gatekeeper between recruiters and students, we have to target the liaisons rather than who we truly wish to benefit. 

Venture Concept. 

With technology becoming more and more prominent in every aspect of a company, this allows for an additional point of contact and data point both for schools and companies. Teaching students that not everything will be face-to-face and learning to be comfortable with that fact allows for greater adaptation later on in the workplace.

                  Our service is set apart by its core purpose. Just as Southwest and Apple have aspects of their company with allow them to remain at the top of their competitive fields, ours is about promoting positive connections that will lead towards successful, long-lasting jobs rather than a check-in-the-box for both recruiter and student. This service is looking to better connect a generation of workers to transformative jobs rather than to make one institution prominent or to provide a competitive edge. 

Because it is an internet-based service, we are up against hundreds of thousands of websites vying for user attraction and retention. There has to be specific needs and purpose marketed to customers in order to demonstrate relevance and need rather than just the service itself. Like apps, there are many throughout the market that have great ideas but little traction. The focus must be on marketing the “why” rather than the “what.”

The Three Minor Elements

I would argue that the top resource happens to be my personal strengths in regard to human capital because they check off each of the VRIN aspects. Because I would be the general spokesperson and foundation-layer for this venture, it would make sense that my personal strengths, why, and overall persona differentiating myself from any other person who would come with a similar competitive idea to my own. 

As next steps for the company, I would like to expand this platform to pair with LinkedIn in order to reach more connections and create additional bridges between interested students and recruiters. 

For me, I may build off this momentum – if successful – to form a complementary B2B, I would switch from serving in the academia industry to acting as a medium for those interested in presenting their pitches on products or services to companies looking to expand their R&D department.  

23A - My Venture's Unfair Advantage

o   Based on my human capital interviews, I would rely on my top 5 strengths that also happen to be acknowledged throughout the various interviews: discipline, individualization, deliberative, input & analytical. 

§  These codes and assessments can give me valuable insight on how I best operate intrinsically. 

§  With there being 30 strengths in Gallup’s StrengthsQuest, there are 33.4 million unique combinations. 

§  With everyone’s top 5 based on their unique experiences, it cannot be imitated perfectly.

§  While there are others that provide personality insights, there is nothing exactly like StrengthsQuest. 

o   Due to my interviews over the course of the semester, I would say that my network has grown considerably and can be a useful resource. 

§  Having the perspectives of multiple faculty and peers is extremely valuable when it comes to understanding customer and user needs. 

§  Anyone else could also work to form those relationships throughout college. 

§  Again, could be replicated by others. 

§  Although other schools may have people in similar positions that a student like me could interact with, they would be different people with past experiences. 

o   I would say that due to the internet being a fairly inexpensive platform, the costs of creating this venture would be relatively low, and so my current financial resources could potentially cover it. 

§  In this current state of the economy, coming back to campus next year with a job is a valuable type of security in order to launch said venture. 

§  I wouldn’t say that my job security is rare, but it is definitely a bonus as things may be tighter come the fall. 

§  When just speaking on financial resources, I would say that a college-student’s standard of it is definitely obtainable & imitated. 

§  I would say that this is a substitutable kind of resource. 

o   The support system that I had found thus far in college allows me to come to them to scope out business ventures such as this one. 

§  While this would be called valuable personally, there is no monetary metric that can be put on that. 

§  The rarity varies on a personal level and is not based on markets.

§  While the exact replica can’t be made everywhere, the qualities of the groups/people I have met can be. 

§  While certain qualities of my support system could be interchanged, the people within it cannot be. 

o   With my family’s background in business, specifically product management within FinTech and PR, I believe they help to give me insight as to the characteristics of the service. 

§  I would consider this doubly valuable due to the fact that my family knows my strengths and weaknesses well and in turn, can give me business advice accordingly. 

§  No one else has my family’s specific background and experiences, so I would consider it rare. 

§  They are unique and cannot be imitated.

§  While there are others that I could also turn to for advice, they could not be substituted for my family. 

o   The education that I am able to receive, not only at UF but also at Warrington, sets me apart from other educational backgrounds. 

§  I would consider the education and experiences that UF has brought to me highly valuable. 

§   With the lowering admissions rate to UF as a whole, not even considering Warrington, I would consider this becoming more of a rarity. 

§  Although my experiences may vary compared to others, within Warrington there are others pursuing my major and minor as well as extracurriculars. 

§  Because Warrington is competing amongst elite institutions, I am sure that other classes elsewhere are similar if not better at times. 

o   With my personal “why” attached to everything I do, there will be an organizational culture formatted along Isaac Newton’s quote, “If I have seen further than others, it is by standing on the shoulders of giants.”

§  This is intrinsically valuable to me as I work to create something within the organization that goes beyond a single person, giving us a collaborative culture. 

§  While every company claims to have differing values, culture, and missions, companies generally tend to have very similar ones. 

§  While company cultures may be similar, the purpose of mine being based on a specific quote from the 18^thcentury allows it to be distinguished. 

§  Choosing an arbitrary quote in comparison to thousands that could have impactful meaning to lay a foundation allows it to be non-substitutable. 

o   Through the various student organizations that I have participated in, I have been able to come up with a fairly significant network of young professionals. 

§  This is highly valuable as many of them will go into various industries, and I could potentially reach out to them to gain insight on their field. 

§  There are many other students who also have had these experiences with people, so I would not consider it significantly rare. 

§  These networks, while not completely duplicable, would be able to be created by others. 

§  While I have been a participant in many organizations, there are others that I had not been able to yet. 

o    The mentors that I have been able to find with only being at UF for two years allows be to get their personal and unique perspectives towards my venture idea. 

§  They are valuable as many of them surround higher education as I look to identify a key solution. 

§  These advisors are some of thousands across not only business schools but also colleges, giving a rare quality to those I have formed mentee relationships with. 

§  While there are so many advisors, these relationships with other students could be and imitated substitutable. 

o   I would consider the current state of the economy a resource, as soon, when the economy around the world opens up, people will be looking to hire once again, and students continually need jobs. 

§  This can be valuable from the fact that other hiring agencies will also be looking to bounce back. 

§  This can be rare considering this dip in the economy only happens every 7-10 years, excluding a global pandemic. 

§  Considering that these circumstances cannot be replicated in the exact same way, they cannot be imitated. 

§  This situation is highly irregular and cannot be substitutional due to the economy shifts and over time. 

I would argue that the top resource happens to be my personal strengths in regard to human capital because they check off each of the VRIN aspects. Because I would be the general spokesperson and foundation-layer for this venture, it would make sense that my personal strengths, why, and overall persona differentiating myself from any other person who would come with a similar competitive idea to my own.