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Assignment 30: Final Reflection

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2.        What sticks out to me as the most formative experience is the Figuring Out Buying Behavior No. 1 because it required me to go out and survey people about an actual idea that I had. This made me really feel like a real entrepreneur and it simulated what it would be like for me to actually pursue a venture. The experience that I will remember for years and the most joyous experience is the What’s my Secret Sauce assignment because it really was an interesting assignment. It made me realize the things that people saw in me and experienced with me that were positive and it really opened my eyes. The experience that I was most proud of was the Venture Concept No.1 because it shows the full body of work that I have been doing for the whole semester and it shows most every aspect of my product in one document. 3.        I think that I am closer to having an entrepreneurial mindset through the experiences that were assigned...
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Assignment 29: Venture Concept No.2

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Opportunity:                 My app focuses on those who are like myself. These are people who have a love for sports but do not have the sufficient network of people who have the same interest in the sports as they do or just have different schedules. Right now, the main way that people communicate with each other in sports events is through intramural sports or just by calling their friends and seeing if they want to meet up.                 In my experience and through research inside the minds of my target market, I have found these solutions to be mostly ineffective. The people are okay with the solution that they are currently using but they would like to see some innovation and change. The current solutions that they use do not allow them to coordinate as effectively as my app will allow them to. They do not usually allow ...
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Assignment 28: Your Exit Strategy

1.        My business exit plan is to ride it into the ground. Realistically, the app that I am developing is going to substituted by a larger, more established company. Social media sites will use their vast market share and large user base to run me out of business. Before then, I hope to make a little bit of money on the app so that I can be proud of my achievement and have a tangible reward for my efforts. After that, I expect people to just transfer over to the other social media sites and mine will just go out of business, and I am fine with that. 2.        I have selected this exit strategy because it is the most realistic and I am not too heavily invested in this product so it is not an issue if it fails. I think that larger social media sites will take me over if I get relatively big because consumers will just say “why doesn’t Facebook just make this on their own site?” and Facebook will listen. When this happens,...
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Assignment 27: Reading Reflection No.3

1.        What surprised me the most about the Wright Brothers is that they lived in their family home when they were 30 and began to take interest in their invention at this age. What I admire most about them is that they took on a challenge that everyone thought was impossible and actually made it happen. What I least admire about them is that they still stayed at the family home as adults but this really doesn’t bother me that much; there’s not much I can find that I hate about them from reading this book. One thing that they had to face was a venue to launch and land their flying machine and gliders so that they would not get destroyed in the process. This would obviously be very challenging back in the day without technology. 2.        Some competencies that I noticed were their creativity and imagination capabilities. They had been dreaming about aeronautics for their whole life and they eventually acted upon these dr...
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Assignment 26: Celebrating Failure

1.        I failed when I took my first two exams for MAR3023 and QMB3250. I scored a 67 in QMB and a 70 in MAR. These two scores were well below the class average and hurt my grade quite a bit. I also felt very bad about myself and took a shot to my confidence because they were my first two exams at UF. I also was not ready to tell my parents about my failure so it was not a good time for me. 2.        What I learned from this failure is that I need to study much harder than what I was doing at Santa Fe. Before at Santa Fe, I could study just a little bit and I knew exactly what would be on the exams and I would do pretty well. At UF, I have to study more than what the teacher gives us because I don’t know exactly what will be on the exams so it is much more difficult. 3.        The way that I dealt with failure is that I would talk to my girlfriend about what I need to do. She helped me a l...
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Assignment 24: Venture Concept No.1

Opportunity:                My app focuses on those who are like myself. These are people who have a love for sports but do not have the sufficient network of people who have the same interest in the sports as they do or just have different schedules. Right now, the main way that people communicate with each other in sports events is through intramural sports or just by calling their friends and seeing if they want to meet up.                In my experience and through research inside the minds of my target market, I have found these solutions to be mostly ineffective. The people are okay with the solution that they are currently using but they would like to see some innovation and change. The current solutions that they use do not allow them to coordinate as effectively as my app will allow them to. They do not usually allow for flexibility ...
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Assignment 25: What's Next?

Existing Market Step 1:                What is next for my product is to figure out and lay out a real business model for what I believe my product will become. I would need to think about all of the things that I need to acquire and all of the people I would need to involve in the planning, development, implementation and maintenance of the product. This would include people such as software developers and programmers that would help develop the app to my specifications and also to maintain the app so it can function properly. I would also need to advertise to the public my app and what its uses are. I would try to use a guerrilla marketing tactic or something that is very cheap that I can do on my own to start off in the Gainesville area. Step 2:                The three potential customers that I interviewed all thought that my idea...
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