Final Reflection 30A

It might sound a little vain, but I really enjoyed the secret sauce assignment (16) where I had to interview the people who are closest to me and compare how I describe myself to how they describe me. I'm very proud and amazed at how they described me. They had a much more positive light with their comments than my own, but we were all correct I think. I'm also proud of the very first hypothesis test assignment, because I was able to learn about how some people out there run their finances- and it was even worse than I thought.

I have always seen myself as an entrepreneur without an idea. I'm still one of those, but know I know how I could develop and mold one if I got one.

I recommend that students in this class go all out and get into the assignments (treat this class as their venture, because it basically becomes that) and don't be shy to interview people, or to be ignored by people you try to contact. To foster the mindset, watch the dang lectures! They're entertaining!

^das me, jumping out of a plane to show them not to be scared. (also lol my arms)

Venture Concept #2 - Edubanking (2.0)

OpportunityI. Many online banking websites provide minimal information explaining the banking tools that the bank offers, basic definitions, concepts, and budgeting tools. I've also talked with several people who are frustrated that they can't talk to a real person when they call their bank's number. People these days get wrapped up in credit card debt, the wrong student loans, and various other loans that they don't understand. It can be hard knowing who's financial advice to heed when googling various financial terms. 
II. Banks are facing very low Marginal Propensities to Save (the amount that people save out of every additional dollar of income). Although disposable incomes got a boost from the recent tax break, American's MPS is still only 2-10 cents of every dollar. Every single bank and credit union in the US is facing these low savings rates, which is the money that they are able to loan out and make a profit on (as well as helping growing businesses).

Innovation
I will be selling memberships to my website filled with unbiased topical information. Customers access my website through their bank's website. I will work closely with the initial bank partner (I'll start with my hometown bank that I have a 12 year relationship with) to cover all the information pertinent to what the bank offers, and also common topics such as mortgaging, car loans, student loans, investment types (portfolio analysis) and budgeting. I will offer primarily podcasts, or video lectures similar to Khan Academy. I will also provide links to reliable external sources of information, before I am able to create all the content myself.
The bank has the option to subsidize membership fees for their customers to increase enrollment. There will be small monthly fees of $10 to individuals if they are unsubsidized. No contracts will be implemented.

Venture Concept
My venture meets the needs of those individuals to have a difficult time understanding complex financial tools and options. I will be the credible third party source that their hometown bank has endorsed. For the bank, I will be educating their customers. This education will increase awareness of all that the bank offers, which will contribute to more financially involved customers. The goal will be to help individuals help themselves, and make sure they understand how to make choices best suited for their situation. The competitors are not going to banks directly, and this service will strive to fully integrate itself to the needs of the local bank and local patrons.

My Secret Sauce
The unfair advantage that I have in this first stage of the startup is the long-running relationship I have with my bank as a customer for the last 12 years. I know many people within the bank, and they will be able to help me arrange meetings, know who to talk to, and increase my credibility. This social capital is invaluable, and once I have found success as a partner with them, I will have a success story that can be told (pitched) and replicated elsewhere. This will add MAJORLY to my credibility.

Moving Forward
Once I have proven my venture a success with my hometown branch, I will have the credibility and momentum to open up my services for memberships with other banks. I hope to grow to offer services with 3 banks within the first 5 years.

Living Life
After those 5 years of running a business with a track record of educating and helping individuals AND their banks, I hope to be able to sell off the business to a company with more resources. I will invest the money elsewhere and settle into a different lifestyle without so much travel or podcast recording. 

Feedback Summary
They didn't really give any feedback that suggested changes, but they mentioned what they liked- such as, my opportunity is good, they like that I will start focusing on one customer group in the beginning, educating the public is a needed thing, and that it was a good idea to have low memberships with a bank-subsidized option.

Changes Made
I changed the scale or speed at which I plan to be able to expand my idea to other banks. I want to initially focus on my first customer for a few years before expanding the service to partner with more businesses. Since I plan to sell relatively quickly, I will be trying to make a lot of waves (advertising via PR) with just a few initial customers and adding just a few more employees to help me meet everyone's needs. I added a note about my credibility, and cleared up some explanations in the opportunity and innovation sections.

My Exit Strategy

While I do plan to start this business out with my community bank as my first customer, once it grows, I don't think it will be "family business" material. I have other interests and aspirations that match that bill much better, so I do plan to sell the business after five years or so. 

That will be a good time to exit because by then, I anticipate having grown the business quite a bit, and it will be better to hand it off to a group or company that want to manage a larger work force than what I feel comfortable managing, since I'll have a family starting at home.

I don't think that it will SLOW my growth decisions, because it will basically be a goal to grow the business to a point where I need a group of 10+ people, and a larger managing firm. If it was to the point of being sellable before the 5 year mark, then I would take my money and run. I've always been very family focused, and I'd rather have these younger years to spend with children and pursuing land and agriculture-related business ideas. I'm also not into the professional environment that comes with banking, so it will be a relief to relax that façade I will have put on.

Inbound Marketing Reading Reflection

1) What was the general theme or argument of the book?

The general idea of the book is that instead of interrupting customers to advertise your product (and get ignored), you should be engaging them and the entire industry with dynamic (changing, interactive) content on the website, social media, blogs, etc. This will hook potential customers and give them a "soft sell" and increase brand awareness, loyalty, and builds a returning asset. Basically, a company should be half marketing, half publishing content.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

I think EVERYONE who takes this class should read THIS book. I learned so much about how Google works (seriously, why did I not know this stuff?) and about how I should run my future business websites and content. Marketplaces are so different these days, yet we still see a lot of the old-school marketing- how were we to know they're a bad idea, when the new method is so subtle!

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

100%, a great exercise would be to find two websites that are like "brochures" and come up with specific ideas for the types of content they are lacking, find out if they have social media, describe if it was difficult to find all the accounts, AND come up with 5 blog post TITLES that the company should have on their industry blog. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

Like I said, I learned a lot about google and blog post key word optimization, but in addition to that, I enjoyed their case studies about Obama's election and the Grateful Dead. Basically, Obama successfully used inbound marketing by engaging his supporters in many many many forms of social media, and posting things that drove conversation instead of sounding like a megaphone. The Grateful Dead was successful because they created a niche market AND redefined their market's pre-existing "rules" about concerts and album sales.

Pallet Repurposing Failure Celebration

1) Tell us about a time this past semester that you failed

2) Tell us what you learned from it.  

3) Reflect, in general, on what you think about failure. 

After the last Spring semester ended, I started collecting pristine pallets from work to build furniture and potentially make art from. I have experienced a LOT of failures surrounding the 3 completed projects I did. The first was a wine rack. The second was a shelf with hooks for my parent's outdoor shower, and the final was string art on a stained piece of pallet. 

One of the hardest parts of these projects was actually taking apart the pallets. Thankfully I had my boyfriend's shop and shop tools to use... but I still struggled with every method I tried- A) Using a hammer and the back of a framing (large) hammer to pry off pieces from the pallet B) a skill saw C) a reciprocating saw. They were all WAYYYY out of my strength league, but I would slowly get the pieces apart, ruining some along the way and gaining lots of sore muscles.

Once I'd pick a project and have the pieces I needed to use, I also learned how easy I is to 1) nail almost every nail in straight and then bend one so much it makes the hole ugly 2) ruin a few tiny (3/64ths? 1/8th? I forget) drill bits when trying to pre-drill holes for nails so they'll go in straight. 

THEN there was the struggle with mosquitos the whole time. I don't know why I didn't just embrace the bug spray every time I went in the shop, but I should have because nothing would make me call it quits quicker than getting >2 mosquito bites. The shop fan isn't enough to keep those 'squitos away from MY O- blood!

Finally, I had a lot of fun with the wood stain and polyurethane coats, but once again, I just never learned to wear those gloves in the first place. I'd always end up with the stuff all over my hands and fingernails. My boyfriend offered the gloves multiple times, but I guess I just didn't like them even though they would have saved me so much trouble. Sometimes, I'd only wear one, then get the other hand dirty. Other times, I'd take them off and keep working and get dirty. 

I learned a LOT. I obviously learned some basics about working with power tools, what to do and a lot of corrections about what not to do. Unfortunately, I did also learn that I get upset and hard headed extremely easily when Chad would try to correct me. I don't usually have that issue at work, but I remember being that way when I lived with my parents, and apparently now with Chad. I need to take a chill pill and listened to him since he is experienced and knows what he's talking about. I ruined some reciprocating saw blades - but at least they were free- but I would make excuses about why I had bent the blade, when really I just wasn't being conscious enough of the angles I was pushing it. I learned that I have a LONG way to go before I am confident, efficient, or even at all good at making furniture from wood. I did also see that once I have a direction with my project, I will see it through... SLOWLY. 

I also learned that not being able to talk while working in the shop was very obnoxious to me. When Chad would put on the radio I would feel upset and restricted because he couldn't hear me if I wanted to say something. I have the same issue at work with my coworker who listens to a podcast and I get annoyed because I always have to repeat what I say to him.

I chalk most failures up to the learning curve of life. I think it enables me to check my heart at times, because otherwise I wouldn't be so abruptly called to question myself. Failing means I'm doing something wrong, and it's honestly good to be humbled in that way. While it can be frustrating when you realize something isn't as easy as you thought, it doesn't mean it cant be done-- It means you'll be that much more impressed when someone you know is able to help you and show you the right way. I respect the hell out of my boyfriend for knowing what he knows, and being so competent with his hands.

Failure can also sometimes be a closed door. Sometimes you AREN'T meant to keep pushing for something. Maybe soon I'll be doing something else with my time, and this pallet thing will be something that I don't return to; that's totally fine. I already thought that way before this class, and my thinking hasn't really changed.

Venture Concept 1- Edubanking

Opportunity
Many online banking websites provide minimal information explaining the banking tools that the bank offers, basic definitions, concepts, budgeting tools. I've also talked with several people who are frustrated that they can't talk to a real person when they call their bank's number. People these days get wrapped up in credit card debt, the wrong student loans, and various other loans that they don't understand. It can be hard knowing who's financial advice to heed when googling various financial terms, and most want fees up front. Banks are facing very low Marginal Propensities to Save (the amount that people save out of every additional dollar of income). Although disposable incomes got a boost from the recent tax break, American's MPS is still only 2-10 cents of every dollar. Every single bank and credit union in the US is facing these low savings rates.

Innovation
I will be selling membership fees to my website filled with unbiased topical information. Customers access my website through their bank's website. I will work closely with the initial bank partner (I'll start with my hometown bank that I have a 12 year relationship with) to cover all the information pertinent to what the bank offers, and also common topics such as mortgaging, car loans, student loans, investment types (portfolio analysis) and budgeting. I will offer primarily podcasts, or video lectures similar to Khan Academy. I will also provide links to reliable external sources of information, before I am able to create all the content myself.
The bank has the option to subsidize membership fees for their customers to increase enrollment. There will be small monthly fees of $10 to individuals if they are unsubsidized. No contracts will be implemented.

Venture Concept
My venture meets the needs of those individuals to have a difficult time understanding complex financial tools and options. I will be the credible third party source that their hometown bank has endorsed. For the bank, I will be educating their customers. This education will increase awareness of all that the bank offers, which will contribute to more financially involved customers. The goal will be to help individuals help themselves, and make sure they understand how to make choices best suited for their situation. The competitors are not going to banks directly, and this service will strive to fully integrate itself to the needs of the local bank and local patrons.

My Secret Sauce
The unfair advantage that I have in this first stage of the startup is the long-running relationship I have with my bank as a customer for the last 12 years. I know many people within the bank, and they will be able to help me arrange meetings, know who to talk to, and increase my credibility. This social capital is invaluable.

Moving Forward
Once I have proven my venture a success with my hometown branch, I will have the credibility and momentum to open up my services for memberships with other banks. I hope to grow to offer services with 10 banks within the first 5 years.

Living Life
After those 5 years of running a business with a track record of educating and helping individuals AND their banks, I hope to be able to sell off the business to a company with more resources. I will invest the money elsewhere and settle into a different lifestyle without so much travel or podcast recording.

Edubanking's Unfair Advantage

1. First name basis with most of the staff of my local bank (I've had an account there since I was 10)
1.  Valuable- This social capital means that they are willing to vouch for me, answer my questions, and just generally help me out because they like me.
2.  Rare- Many hometown banks have been bought up by larger companies, which makes it harder to cultivate this close relationship (helping them help their customers)
3.  Inimitable- Very hard to imitate, since this start up process involves the fact that I know these people from childhood, and they know half of my family.
4. Non-substitutable- It would be much, much, more difficult to get my foot in the door with this bank if I didn't have so many contacts that can vouch for me. 
2.  Common sense finance skills
1. This will be the basic level of comprehension that I will try to instill in the end-users of my service. 
2. These days, it's harder to find people with financial sense.
3. This is very easy to imitate, there are still people out there with that common sense
4. Also, it's substitutable. Anyone with that sense could become a teacher
3. Good speaking voice
1. Having a voice that people enjoy and can trust will enhance the product
2. Many people are afraid of public speaking
3. Everyone is unique, and hopefully my unique voice and inflection will be one that customers are drawn to
4. There are other good speakers out there.
4. Good communication skills (to teach concepts, interact with customers)
1. There is arguably nothing more valuable than being able to communicate one's ideas to others clearly.
2. This ability is more rare than the previous two
3. no one else can communicate my ideas for me, and I can explain things in ways others cant, because everyone's mind works differently
4. Is there a substitute for good teaching? Different styles work for different people, but in general- no.
5. Lots of practice with professional email correspondence and phone calls (current and previous job)
1. Practice makes perfect! I've had a few years to get proficient at it.
2. Not so rare
3. Polite is polite, but plenty of people out there can write fine emails.
4. Emails only get a person so far. How much do they really matter? Someone else could write my emails for me.
6.  Ability to take direction and learn the necessary podcast/general website skills
1. That "growth" mindset is supposed to lead to success!
2. A GENUINE good attitude is often hard to find these days (unless you're in a Chick-fil-a)
3. Has already been done, by places like Chick-fil-a. but this is still an important attribute
4. One could argue that someone with a degree in IT would be a better replacement for simply being able to LEARN about it on the fly
7.  My uncle is an accountant and can help me learn to manage my business finances
1. Accountants do important work. Knowing one who has a vested interest in my success could also be beneficial
2. I don't have any other uncles who are accountants ;) I don't know any other accountants who would give advice for free or who would work for me very cheap
3. I could just pay someone to be my accountant, and/or do it myself
4. No one can replace MY Uncle!
8.  My boss has experience meeting with high-level businessmen, so he can provide guidance
1. Etiquette is very important in those settings, someone with experience can give me more pointers and insight than a google search would
2.  Percentage-wise, not too many people have jobs that require them to meet with many high-level executives from various companies, but that is exactly what Dan's job entails
3.  Only someone in a similar position to him would have that type of experience, and I've been able to cultivate a somewhat conformable relationship with him. I know I could ask his advice. I don't know anyone else at my company who feels that comfortable with him.
4. Even those at the career resource center at UF might have INFORMATION to share, but not the experience and real world knowledge that Dan has.
9.  I have a reliable and fuel efficient car to get me around to meetings
1. This is valuable in a purely financial way
2. Not rare at all
3. Able to be imitated
4. Non-substitutable, unless someone had excess cash and didn't mind taking flights, Ubers, etc. 
10.  I have a Surface Pro3 with an i7 processor that's supposed to be fast and able to run many programs at once. I probably will have to create my own website and media to fill the site, so it's good that I have a recent generation computer.
1. Financially valuable, and just generally helps that I already have this resource.
2. Not rare
3. able to be imitated
4. Substitutable by someone with professional equipment and programs to create websites- but they charge. 

I bolded my most important advantage- #1! I think the runner ups are all the other social capitals: my boss and my Uncle!