Week 8 Reading Reflection

1. The most surprising thing in this chapter was learning about the role of  venture capitalist, and how much influence they can have on either a start-up company or an individual idea.

2. I was a little confused about regulation D and all that it encompasses, such as rules placed on accredited purchasers.

3. During the venture capitalist evaluation process, what information is most important before pitching? Where are places that venture capitalist go to find these opportunities of investment?

4. I agreed with everything the author wrote in this chapter.

The Twenty Percent

For this assignment, my friend Matt Thompson(who is also taking this course) and I decided to go together and interview a Gator Alumni named John Malanchuch who has his own business. HIs business is commercial painting and repair.
For the complete interview click here:

Who are his customers?
His customers include university departments, residential homeowners, multifamily complex, general contractors, etc.

Where do you find your customers?
Word of mouth, leads, bid invites from general contractors, calls directly from UF, Shands, and other departments, websites, facebook, and Angie's list

What is your customers demographics?
Depends on the market. If UF department, then it deals with physical plant managers or mainteance. If specific properties, then property managers. For homeowners, typically professionals, who have enough money to invest back into a home, including professors, lawyers, couples above 30.

What kind of media do your customers consume?
Do not know much about this. Most customers are corporate entities. Generally do not pursue most leads via social media. Generally word of mouth.

What are your customers problems?
Getting screwed over by contractors. Work isn't going to go well. Time is going to be wasted. For painting, not going to like the color. Can i get it done cheaply, timely, and will it help re-sale value?

What are customers doing to fix their problems?
Might reach out to other entities. Have to be able to fit to your customers individually.

After this interview, I went to go ask customers about some of their problems.

Our entrepreneur definitely understands his customers problems. There were no differences between problems he discussed and the problems that customers discussed. The main problems were having to wait for long periods of time, and the job not getting done correctly. Overall, he had a clear understanding of his customers.

Half-Way Reflection

For this course, there are TONS of deadlines. That means you can't procrastinate much for this class, or else you will probably forget and miss your assignment, or you may not have enough time to gather all the information/videos for your assignments. To keep up with all the requirements, It is best to set a schedule and plan out when you are going to do each assignment. Looking ahead and realizing what you are going to have to accomplish is also a great way to stay on track. 

Lots of the assignments require you to step out of your comfort zone and approach strangers. The times you have to go out and track down people can become overwhelming when you already have a lot on your plate. During some of these moments, I have definitely felt like giving up, and maybe not submitting an assignment. To get through the day, you need to establish a positive outlook on this course and realize the values of how it can help benefit you. Once you realize this, you begin to realize that by not completing assignments you are only hurting yourself as you are losing out on the experiences this course provides you. I already had a tenacious attitude, so I do not think I have changed it very much since the class began. Following a routine though has definitely helped to get my work done. 

My three tips are as follows:

1. Do the assignments the correct way, on time, without procrastinating. 

2. Look ahead to plan out your schedule.

3. Maintain a positive mindset when doing the assignments and reflect on the skills you are learning while participating when venturing out into the real world.

Week 7 Reading Reflection

1. The most surprising thing in this article was about all the behind the scenes and data needed to be able to market effectively via segmentation. I enjoyed being able to see the examples provided of how different companies could use different strategies to expand their markets to generate higher profits, such as the luggage carrier expanding to international fliers based on the data.

2. I found the general article itself confusing. I understand that not all products are meant for all people. However, should we be trying to make products that are convenient for all customers to maximize profits? Or is it actually better to specialize and focus on groups via segmentation?

3. What are some examples of new marketing chiefs taking over large-scale companies and rebranding or adding new segmentation to the company? What are some of the best ways to gather information on a customer population in order to acquire the data needed for segmentation?

4. The author was not wrong with anything written.

Free Money

For this assignment, I decided to just wander about and try to target people who seemed to be distracted by something, either a cell phone, a laptop, or a TV.  To get the conversation going, I would just approach people and tell them that today was  "Act of Random Kindness Day" and then I would give them the dollar. After getting their response, I would tell them to have a nice day and be on my way. Using this strategy and acting like I was performing a random act of random kindness, I was able to give away every dollar. Here is what I got:

Overall, my experience was pretty easy. I feel when I approached people on the phone, who seemed busy, ended up more likely to take the dollar quickly because they wanted to get on with that they were doing. I feel if I tried a different reason, such as just receiving my paycheck and having a few extra dollars, might have caused people to be less hesitant to take the dollar. Because of this, I thought giving away the dollar was pretty easy. I assumed that people would be a little annoyed to after approaching them while they were busy; however, once they found out money was on the line they were quick to be more engaged. If i learned anything, It is that people love money, especially if its free.

Elevator Pitch No. 2

After reading my feedback from my last pitch, I realized I needed to slow down. Additionally, I realized that instead of speeding right through it all, I needed to pause and take a break here or there. I also needed better phrasing and pronunciation. I was surprised to hear that my pitch was one of the most professional they have seen compared to my other peers. I thought everyone's opinion was helpful and nothing was wrong or silly. Here is my take two on it:

This time, I kept a notecard so that I could have help instead of restarting over and over if I got lost. In addition, I made sure my pronunciation was better and was sure to speak slower and more audible. 

Week 6 Reading Reflection

1. The most surprising thing in this article was they way in which competition plays an effect in the world of business. Generally, when most people think of competition, they just think about new competitive industries, however, other factors such as suppliers and consumers are major things to consider within a business plan.

2. A confusing part to me was how companies merge but can still lose profit. With a company becoming bigger, I would think the company would be larger and appeal to more customers, thus causing them to gain profit.

3. What made you think of these five different factors to break this model down into? Are some forces more powerful than others, or are all forces considered equal?

4. I really enjoyed this article and did not disagree with anything. I think the article was very convincing and made a lot of sense.

Customer Interviews No. 3

For this round of interviews, my card of my business idea included the following message: "Have you ever been running late and began to feverishly hurry to try to make it somewhere on time on campus, and then thought to yourself “Oh man I wish I had a bike right now to use?” Well, think nor further, because UFBIKE has a solution to sprinting across campus. UFBIKE is a designed program that consists of installing bike docking stations all across campus and replacing the normal clutter of dormant bikes racks.  UF bikes would be available 24/7 365 days per year, and would allow service at a quick swipe and touch of a button.  Rather than students having to rent a bike for a whole semester, to hardly ever use it, UFBIKE would give every student the opportunity to use a bike whenever most convenient for them, at a low trip, or semester price. On campus, bikes would be available at every docking station in which they can then be returned to any docking location.  For students, who already have a bike and do not live on campus, additional docking spaces will be available for regular bikes, so students would no longer have to bother with normal bike rack and locks. What is your reaction?"

Once again, I just asked random UF students to find out the general opinion of my idea. This time around, though, I just let the student talk and let them tell me their general thoughts, ideas, suggestions, problems they had with my idea. In addition, I added a few general questions to keep them on track, to see if they would be a potential customer.

Here are my interviews:

I learned that my idea for the most part seems to be pretty good. I also believe it has a lot of potential to be implemented here at UF. I was surprised because I also got my first negative feedback. However, i think by making a few tweaks such as figuring out a method of bike security and maintenance, the system can be much better. 

Idea Napkin No. 1

1) You. 

Hello, my name is Justin Schlakman and I'm currently a first-year Finance major. One of the main talents and strengths I possess is being able to communicate easily with strangers. As far as UFBIKE goes my experiences include renting a bike and having to walk all across campus to get from point A to point B. My primary aspirations in life are to be successful and to also be happy. If I were able to start this business it would personally affect me because I would have another convenient way to get across campus. It would also make me happy knowing that I was able to make an impact and leave the University of Florida with a part of me by leaving my legacy. It is also reassuring knowing that I would be providing an eco-friendly way to travel and that I would be making other students lives more convenient. 

2) What are you offering to customers? 

I'm offering students a new innovative system to traveling on campus.  UFBIKE is a designed program that consists of installing bike docking stations all across campus and replacing the normal clutter of dormant bikes racks.  UF bikes would be available 24/7 365 days per year, and would allow service at a quick swipe and touch of a button.  Rather than students having to rent a bike for a whole semester, to hardly ever use it, UFBIKE would give every student the opportunity to use a bike whenever most convenient for them, at a low trip, or semester price. On campus, bikes would be available at every docking station in which they can then be returned to any docking location.  For students, who already have a bike and do not live on campus, additional docking spaces will be available for regular bikes, so students would no longer have to bother with normal bike rack and locks. 

3) Who are you offering it to? 

The customers I'm trying to market to include any person who is currently on campus and needs a quick form of transportation to get from point A to point B. These people include but are not excluded to faculty, staff, students, and visitors. In addition, my market includes people of all ages who know how to ride a bike or wish to learn how to ride a bike. In addition, my market consists of people who currently own a bike and do not have access to a bike. 

4) Why do they care? 

I ask customers this question as a platform for my idea, "Have you ever been running late and began to feverishly hurry to try to make it somewhere on time on campus, and then thought to yourself “Oh man I wish I had a bike right now to use?” People are not always on time and don't always have access or do not wish to use uber, take a bus, or sprint across campus to get to the places they need to be at. UFBIKE offers solutions to customers: a quick, efficient, and easy way to travel. . 

5) What are your core competencies?

I admit, my idea is not entirely unique. It's already been established in many major cities across the world. Instead, I'm mainly looking to incorporate this system here at UF. From the system already in place here of either renting a bike for a whole semester or buying a bike permanently, UFBIKE would allow you to rent a bike at whenever most convenient for you instead of having to be in a long-term relationship with your bike. 

I do believe these elements fit very well together with my idea specifically. I feel as though my idea is very well rounded and nearly complete with a large market base that would actually use them. Unlike some others, I feel like my idea has the potential to actually become a reality and benefit students. 

Week 5 Reading Reflection

1. In this chapter, one thing that surprised me was the extra amount of barriers set up to start a franchise. In addition, I did not realize that the amount of extra cost compared to starting a business were also so high. One thing I also thought was surprising was how the franchisor's require you to only buy supplies from them sometimes, but charge unfair amounts when trying to make their own businesses successful, instead of strengthening the brand.

2. In this chapter, I had a hard time understanding the Franchise Law section. The chapter did not go very far into detail explaining the concepts and the different rules and laws in place.

3. Has the author ever started his own business, bought a business, or franchised a business? What is it, and how did they do it? Because franchising has a lot of potential negatives, is it easier to try to just mimic the idea?

4. Once again, I did not feel like the author was wrong in this chapter. Because the author was taking a stance of explaining factors and concepts rather than ideas, there was not a place where I thought the author was wrong in his explanations.

Interviewing Customers No. 2

After last week's interviews, there was a general consensus that UF should implement UFBIKE. Instead of just explaining my idea and then asking questions, I decided to use my elevator pitch, to pitch to regular students who live on campus. After I then  asked to receive some feedback. You can find my elevator pitch here->
or you can refer to the script I wrote below:

"Have you ever been running late and began to feverishly hurry to try to make it somewhere on time on campus, and then thought to yourself “Oh man I wish I had a bike right now to use?” Well, think nor further, because UFBIKE has a solution to sprinting across campus. UFBIKE has designed a program that consists of installing bike docking stations all across campus and replacing the normal clutter of dormant bikes racks.  UF bikes would be available 24/7 365 days per year, and would allow service at a quick swipe and touch of a button.  Rather than students having to rent a bike for a whole semester, to hardly ever use it, UFBIKE would give every student the opportunity to use a bike whenever most convenient for them, at a low trip, or semester price. On campus, bikes would be available at every docking station in which they can then be returned to any docking location.  For students, who already have a bike and do not live on campus, additional docking spaces will be available for regular bikes, so students would no longer have to bother with normal bike rack and locks. What are your thoughts?"

In order to combat some arguments against my idea, I changed my questions to cover areas in which the idea could potentially become a reality by covering some of the logistics and the potential benefits that UFBIKE could have on campus. My new questions were as followed:

"1. Should UF implement UFBIKE?
2. How do you think this would impact bike theft?
3. What is a way that UF can actually implement this program?
4. What kind of maintenance team would there need to be so that the bikes do not get destroyed, let us say, after a year?"

Here is what students responded with:

In the beginning of this series, I believed my idea could never actually be a reality. After interviewing customers and seeing how many people supported the idea, I now believe implementing a program similar to UFBIKE could one day be a reality. Talking to people is really not that scary, you just have to have some confidence. SO, here are some tips to interviewing customers:

1. Be CONFIDENT! Do not be afraid to step out of your comfort zone and talk to random people. You never know what may happen, and most of the time, people will understand as long as you tell them you need to do this for a class. 

2. Be RESPECTFUL! Even though you may feel comfortable doing this assignment, not everyone will be comfortable enough to give you feedback. If that is the case, don't be discouraged, just go out and try again! 

3. Be PROACTIVE!. After each interview, you may learn a little something along the way about how to improve your idea. Let your idea remain fluid and take some criticism, adjust to it, and then create something even better. 

Elevator Pitch No. 1

College life means constantly being in a hurry. Sometimes it can be very difficult for students to get from point A to point B on campus on time. In order to combat this problem, I want to incorporate a new program called UFBIKE. UFBIKE is a program that consists of installing bike docking stations all across campus to replace the dormant clutter of normal bike racks. Bikes would be available 24/7 in which students can rent bikes either per trip or via a semester pass. UF bike would give every student the opportunity to use a bike when most convenient for them, so when students are in a hurry, they don't have to sprint across campus to make it on time.