I would prefer to turn my business into a family run business. I think that it would be great to run a successful business, and be able to retire and turn that business over to my children, and their children. I would obviously have to have confidence that my successors could run the business successfully, and use similar business practices, but I would like to keep the business in the family.
The reason I have selected this strategy is because I myself have always wanted to work in a family business. I am incredibly close with my family, and I would have loved to work with my dad or mom, but never got the chance, because they each chose different career paths. I just feel that it would be great for my children to have the chance to work with a loved one, while at the same time following in my footsteps. I also feel that having my children step in and lead a hopefully successful business can help my kids succeed, and help them pave the way for a great life for them and their future families.
I think this strategy has had a big influence on the opportunities I have looked to pursue. For example, I am looking to pursue an opportunity that helps protect people and families from hurricanes and flooding. I was also interested in branching out and doing a lot of non-profit work. I feel like the fact that I am in a business that is interested in helping families, both for profit and non-profit, and that is what really motivated me to try and make this business and family style business.
Thursday, November 29, 2018
Reading Reflection No. 3
The book I chose to read for the final reading reflection was Shoe Dog, by Phil Knight, the creator of Nike. What surprised me most about Knight really just how creative he was. While many people automatically assume that the founder of a huge shoe company is creative, I don't think that they have ever heard about some of his ideas, especially some of the ones that were mentioned in the book. For example, Knight went out of his way to build shoes out of crazy material other than leather, the craziest of which was made out of fish scales. The ability to market and create a product like that is truly unbelievable to me. What I admire most about Knight, was his ability to take risks, even at such a young age. Knight came out of college and was ready to follow his dream, and create an incredibly successful company. What I least admired about Knight, were the business practices his company has used, not all of which were presented in the reading. Knight and Nike have been accused of questionable business practices such as the use of sweatshops for quite sometime, and it was tough to read about the successes and trials that Knight encountered, while also knowing that some, or most resulted from the unethical labor of the less fortunate. Knight did encounter adversity and failure, but was able to battle through it and continue to succeed. For example, in the early days of Nike, Knight imported shoes from a Japanese shoe companies, who later tried to breach their contract with Knight and become a lone distributor in the United States. Knight entered a sort of war with the Japanese company, until he was able to finally fight off the company, called Onitsuka, and keep Nike afloat.
The biggest competencies that Knight exhibited was confidence, and the ability to take risks. Although he started off on his own, with practically no capital, he saw an open market in the form of running and athletic footwear. He left a promising career behind to chase this need and this opportunity, and thanks the confidence that he had in himself, and in others, as well as his willingness to take calculated risks, helped him to succeed and achieve his goals.
One part of the story that was confusing to me was the fact that Nike didn't start out as Nike. In fact, the term and name Nike was even mentioned until around 200 pages into the book. I found it odd that he wrote this book about his rise, and the rise of Nike, while at the same time repeatedly referring to his company as Blue Ribbon Sports.
Knight's opinion on hard work was to work until the job he had to do was finished. For example, as a kid he tabulated sports scores for a local newspaper during the nightshift, and didn't leave until the job was done. After that, he proceeded to run home, roughly seven miles. There was also the fact that it took a significant time to get the business off the ground. For example, the first 300 pairs of shoes took over a year to be delivered. That being said, the time crunch didn't prevent Knight from continuing to work.
The biggest competencies that Knight exhibited was confidence, and the ability to take risks. Although he started off on his own, with practically no capital, he saw an open market in the form of running and athletic footwear. He left a promising career behind to chase this need and this opportunity, and thanks the confidence that he had in himself, and in others, as well as his willingness to take calculated risks, helped him to succeed and achieve his goals.
One part of the story that was confusing to me was the fact that Nike didn't start out as Nike. In fact, the term and name Nike was even mentioned until around 200 pages into the book. I found it odd that he wrote this book about his rise, and the rise of Nike, while at the same time repeatedly referring to his company as Blue Ribbon Sports.
Knight's opinion on hard work was to work until the job he had to do was finished. For example, as a kid he tabulated sports scores for a local newspaper during the nightshift, and didn't leave until the job was done. After that, he proceeded to run home, roughly seven miles. There was also the fact that it took a significant time to get the business off the ground. For example, the first 300 pairs of shoes took over a year to be delivered. That being said, the time crunch didn't prevent Knight from continuing to work.
26A Celebrating Failure
One area that I have consistently failed in this semester has been trying to acquire an internship. I have continued to apply to position after position, in area after area, and time and time again I have gotten the same ending. I have continued to be left empty handed, and told that the company has chosen to move in a direction other than my own. My failure in this process has occurred in different stages at different companies. Some companies have chosen to break the news almost immediately, while other companies didn't reply until days, sometimes even weeks, after I have even done an in person interview.
While failure is very difficult to face and handle, it can be very reflective. I have found that reflecting on your failures can help you better yourself in the future. You can take advantage of the shortcomings you experienced, by working hard and reflecting, so that you make less mistakes, and become a better person. I normally just shrug failure off and try to focus on something else, and then go back and reflect later. I've found that for me, it is easier to handle failure when I don't think about it, until I am truly ready to accept it and work on it. This class has changed my perspective on failure because I have found that even some of the richest, most successful, most well respected people in the world failed all the time, and continue to fail all the time. It makes it easier to handle failure when you realized that everyone fails, including the world's best and brightest. Finally, I would say that I am much more likely to take risks than I was a few months ago. While I may do a significant amount of research beforehand, I am still a lot more willing to take risks than I was.
While failure is very difficult to face and handle, it can be very reflective. I have found that reflecting on your failures can help you better yourself in the future. You can take advantage of the shortcomings you experienced, by working hard and reflecting, so that you make less mistakes, and become a better person. I normally just shrug failure off and try to focus on something else, and then go back and reflect later. I've found that for me, it is easier to handle failure when I don't think about it, until I am truly ready to accept it and work on it. This class has changed my perspective on failure because I have found that even some of the richest, most successful, most well respected people in the world failed all the time, and continue to fail all the time. It makes it easier to handle failure when you realized that everyone fails, including the world's best and brightest. Finally, I would say that I am much more likely to take risks than I was a few months ago. While I may do a significant amount of research beforehand, I am still a lot more willing to take risks than I was.
Thursday, November 15, 2018
25A What's Next?
Existing Market
For the existing market that I am looking to target, I am simply looking to provide the service of building parklands in cities and towns in the southern region of the United States, with the possibility of potentially expanding into more standard construction services. I found three new potential customers for my service and explained to them my venture concept. I then asked each of them what I should be doing that I haven't already begun to plan. The first interviewee stated that he thought that if I thought I would be interested in potentially expanding into more standard construction services, then I have to start planning that right now. He thought that it would be wise for me to plan as much into the future as possible, so that I could be ready for any situation for when and if that time finally came. The second interviewee stated the same thing. He said that it was all about organization and planning, and that the more organized I am about the possible paths of my business, the more likely it was for my business to succeed, expand, and then continue to succeed. Finally, the last interviewee said that she thought it would be wise for me to think about ways for my business and service to further differentiate itself from that of other businesses. She also said that she thought it was wise to look for someone to hire to help run the business, who had more of a background in construction, otherwise I could be behind the curve when it came to the hands on parts of the business. Next, when I asked each potential customer about what they thought about my ideas of what different customers would want. Each of them answered in a very similar way. They all thought that there was definitely room for opportunity in my existing market, and that there were people that would definitely be interested in my service, but that if I were looking to expand, that it would take a lot of work, and they aren't sure that people would be willing to hire me for standard construction work as opposed to companies that they have previously worked with before.
One big path for my business has to be going about hiring the right people. As I stated in my venture concept, I thought it would be wise to hire accountants, engineers, architects, and construction crews. That being said, I think it would also be wise to take into account the feedback that I got, and have an associate that has more of a construction background help run the business. They could really help with more of the hands on construction aspects of the business.
Then, there is also the possible path of expansion. I am not quite set on that path yet, and I think that no matter where my business and service takes me, I should research what the steps are to expanding into more standard construction services are and research how costly that expansion could be. That being said, I also think that it would be wise to focus on the current service that I am looking to provide, that way I can look to ensure that the parkland service can be as successful as possible.
New Market
One market that I would like to look to reach out to is more of a charitable market, whether that be providing relief and rebuilding efforts, and parklands services to poorer areas here in the home country, or in a poorer country around the world. I think that it would be wise to offer these services at a reduced price, but it is also important to make sure that these price changes would not cost the business to lose money. I think that I could create value in this market by providing a service to those that truly need it, especially after a natural disaster like a hurricane or flood, to help the less fortunate rebuild their homes, and provide a parkland service to help prevent further destruction that could occur in future storms. After interviewing two people from this new market, they provided me with some very valuable information. The first person said that he thought that there was definitely always a need for some charitable service, especially after a natural disaster. That being said, he also said that a lot of relief funds come with the territory, and that some people can't afford to pay for the service at all, so it may be wise for me to research some pricing information. The next person said that she thought that there could never be too many charitable contributions especially when it comes to hurricane and flood relief, and that she thought that doing that kind of work could lead to a lot of goodwill creation, and more business in my profit generating services.
What I learned about this market is that there can never be too much charitable relief. One of the big takeaways that I got from research and interviews was information about pricing when it came to this type of business. I didn't think about the fact that after a disaster, some people simply would not be able to afford a costly service, no matter just how costly or cheap that service could be. If I were interested in targeting this service, then I would have to know exactly what price I were to charge, if I were to charge anything at all.
One big confirmation that I had after this process, was the idea of goodwill. There is no denying that goodwill and charitable contributions can present a business in a better light, and that those contributions can lead to more business. I feel like that is a big reason to expand into the non-profit sector of the construction business. By creating goodwill, I create an image that my company cares about society, the less fortunate, and the client in general. This market, however, does not appear to be as attractive as my current market focus, because I am looking to create and build a profitable business. I do not think that I would pivot the main focus of my business to the non-profit sector.
For the existing market that I am looking to target, I am simply looking to provide the service of building parklands in cities and towns in the southern region of the United States, with the possibility of potentially expanding into more standard construction services. I found three new potential customers for my service and explained to them my venture concept. I then asked each of them what I should be doing that I haven't already begun to plan. The first interviewee stated that he thought that if I thought I would be interested in potentially expanding into more standard construction services, then I have to start planning that right now. He thought that it would be wise for me to plan as much into the future as possible, so that I could be ready for any situation for when and if that time finally came. The second interviewee stated the same thing. He said that it was all about organization and planning, and that the more organized I am about the possible paths of my business, the more likely it was for my business to succeed, expand, and then continue to succeed. Finally, the last interviewee said that she thought it would be wise for me to think about ways for my business and service to further differentiate itself from that of other businesses. She also said that she thought it was wise to look for someone to hire to help run the business, who had more of a background in construction, otherwise I could be behind the curve when it came to the hands on parts of the business. Next, when I asked each potential customer about what they thought about my ideas of what different customers would want. Each of them answered in a very similar way. They all thought that there was definitely room for opportunity in my existing market, and that there were people that would definitely be interested in my service, but that if I were looking to expand, that it would take a lot of work, and they aren't sure that people would be willing to hire me for standard construction work as opposed to companies that they have previously worked with before.
One big path for my business has to be going about hiring the right people. As I stated in my venture concept, I thought it would be wise to hire accountants, engineers, architects, and construction crews. That being said, I think it would also be wise to take into account the feedback that I got, and have an associate that has more of a construction background help run the business. They could really help with more of the hands on construction aspects of the business.
Then, there is also the possible path of expansion. I am not quite set on that path yet, and I think that no matter where my business and service takes me, I should research what the steps are to expanding into more standard construction services are and research how costly that expansion could be. That being said, I also think that it would be wise to focus on the current service that I am looking to provide, that way I can look to ensure that the parkland service can be as successful as possible.
New Market
One market that I would like to look to reach out to is more of a charitable market, whether that be providing relief and rebuilding efforts, and parklands services to poorer areas here in the home country, or in a poorer country around the world. I think that it would be wise to offer these services at a reduced price, but it is also important to make sure that these price changes would not cost the business to lose money. I think that I could create value in this market by providing a service to those that truly need it, especially after a natural disaster like a hurricane or flood, to help the less fortunate rebuild their homes, and provide a parkland service to help prevent further destruction that could occur in future storms. After interviewing two people from this new market, they provided me with some very valuable information. The first person said that he thought that there was definitely always a need for some charitable service, especially after a natural disaster. That being said, he also said that a lot of relief funds come with the territory, and that some people can't afford to pay for the service at all, so it may be wise for me to research some pricing information. The next person said that she thought that there could never be too many charitable contributions especially when it comes to hurricane and flood relief, and that she thought that doing that kind of work could lead to a lot of goodwill creation, and more business in my profit generating services.
What I learned about this market is that there can never be too much charitable relief. One of the big takeaways that I got from research and interviews was information about pricing when it came to this type of business. I didn't think about the fact that after a disaster, some people simply would not be able to afford a costly service, no matter just how costly or cheap that service could be. If I were interested in targeting this service, then I would have to know exactly what price I were to charge, if I were to charge anything at all.
One big confirmation that I had after this process, was the idea of goodwill. There is no denying that goodwill and charitable contributions can present a business in a better light, and that those contributions can lead to more business. I feel like that is a big reason to expand into the non-profit sector of the construction business. By creating goodwill, I create an image that my company cares about society, the less fortunate, and the client in general. This market, however, does not appear to be as attractive as my current market focus, because I am looking to create and build a profitable business. I do not think that I would pivot the main focus of my business to the non-profit sector.
24A Venture Concept No. 1
Opportunity
I feel that there is a lot of opportunity for my parkland service business. My potential target customers would be state and city governments, most likely located in the southern region of the United States, as well as business and home owners located either in cities, or in areas relatively close to a city. As for the need that my potential clients and customers are looking for, I would say that the biggest one would have to be is the safety of things such as their homes, businesses, families, and friends. An unmet need would also be the protection of people's livelihoods. When flooding and hurricanes hit, they have the power to completely change people's lives, for the worst. My service would help meet those needs by offering additional protection in the event of future hurricanes and flooding. There is increasing opportunity in this business, because as science and economic trends have shown, there is an increasing frequency of natural disasters, and more specifically, an increasing frequency of hurricanes and flooding. The market for my business is aimed at cities and towns located in the southern region of the United States, and would be targeted at those who live in those same cities and towns. I feel that customers are not loyal to the services that they use now, because those services, ones that rebuild areas after they have been devastated by natural disasters, because the rebuilding and relief effort takes no further action to help provide any additional protections against future hurricanes and flooding. That is why I feel that customer needs in this market are currently not being satisfied. I do believe that this is a fairly large opportunity because of the power that these natural disasters have over our society and way of life, especially considering the fact that these natural disasters are occurring more and more frequently. Finally, I believe that this opportunity will be open for longer than a year, but that the longer businesses wait to take advantage of this opportunity, the more likely it will be that there are already firms present in the market, and looking to take advantage of this opportunity.
Innovation
I feel that my service is fairly innovative. The reason being is that to a certain extent, I am providing a construction service, which clearly already exists, but I would be building parklands in cites and areas that are mostly without any greenland. The way I would charge a price would come with how many square feet or how many acres the parklands were built at. Obviously, the larger the park, the more expensive the project would be. After doing research on the pricing based on the creation of other parks, I determined that it would be wisest to charge a price of $3.75 for each square foot of parkland area. That being said, if it was necessary to rip up any gravel or concrete, there would be an additional fee. Our cost to remove concrete would come at a price of $3.50 for every square foot taken out.
Venture Concept
My concept, of implementing more parkland areas in cities and towns that lack greenland would do a great job of solving the need and opportunity of protecting cities, homes, and people from the dangers of hurricanes and flooding. The reason my service solves this problem is because cities where this implementation is necessary would be mostly made of concrete, while lacking parklands. Because of the amount of concrete, excess water that comes with hurricanes and flooding overflows streets and buildings, thus causing a lot of destruction. With the implementation of more parklands in these areas, the parks are able to soak up the extra moisture that comes with the hurricanes and flooding, and thus provide additional protection against said natural disasters. Customers will want to switch to my service because it provides the additional protection against future hurricanes and flooding that a standard construction company and relief effort has been unable to provide. I feel like that additional protection will encourage clients, such as businesses and governments, to target my service opposed to the services provided by other businesses. My competitors as of right now are basic construction companies, however my advantage over them is that my business targets the implementation of parks for additional protection, whereas competing companies simply rebuild in the exact same way as before, without offering any additional assurances. I also feel that the fact that my business will be located in the south helps my business vastly, considering the fact that the vast majority of hurricanes and flooding occur in the southern region of the U.S. Finally, my business will be organized in the following way. I would run operations, as well as hire around five accountants in order to verify price as well as maintain financial and accounting records. I would also hire chief architects to head up each project, and provide them with a team of ten to twelve construction workers to work on each project, as well as engineers to clear the removal of any concrete necessary for park implementation.
Three Minor Elements
My unfair advantage in this business would have to be my business plan. My company would be willing to build parks that range from as big as feasibly possible, to as small as a single square foot. The company would also handle any steps from concrete removal to park implementation. The fact that my company covers all bases of this process and will work on projects that range from as small as possible to as large as possible will help my company and service distance itself from other companies and other services.
I think the next step for my venture would be for me to expand the business to regular construction services. I feel like if I can gain control of the specific market that I am targeting, and build great connections and relations with clients and suppliers, then my company and service can succeed when it comes to expanding into more typical forms of construction.
In five years, if my company succeeds, my service succeeds, and my expansion succeeds, then I would like to try my hat in other business ventures. I feel like it would be a great challenge after what could possibly be a lot of success, to work on other entrepreneurial ventures.
I feel that there is a lot of opportunity for my parkland service business. My potential target customers would be state and city governments, most likely located in the southern region of the United States, as well as business and home owners located either in cities, or in areas relatively close to a city. As for the need that my potential clients and customers are looking for, I would say that the biggest one would have to be is the safety of things such as their homes, businesses, families, and friends. An unmet need would also be the protection of people's livelihoods. When flooding and hurricanes hit, they have the power to completely change people's lives, for the worst. My service would help meet those needs by offering additional protection in the event of future hurricanes and flooding. There is increasing opportunity in this business, because as science and economic trends have shown, there is an increasing frequency of natural disasters, and more specifically, an increasing frequency of hurricanes and flooding. The market for my business is aimed at cities and towns located in the southern region of the United States, and would be targeted at those who live in those same cities and towns. I feel that customers are not loyal to the services that they use now, because those services, ones that rebuild areas after they have been devastated by natural disasters, because the rebuilding and relief effort takes no further action to help provide any additional protections against future hurricanes and flooding. That is why I feel that customer needs in this market are currently not being satisfied. I do believe that this is a fairly large opportunity because of the power that these natural disasters have over our society and way of life, especially considering the fact that these natural disasters are occurring more and more frequently. Finally, I believe that this opportunity will be open for longer than a year, but that the longer businesses wait to take advantage of this opportunity, the more likely it will be that there are already firms present in the market, and looking to take advantage of this opportunity.
Innovation
I feel that my service is fairly innovative. The reason being is that to a certain extent, I am providing a construction service, which clearly already exists, but I would be building parklands in cites and areas that are mostly without any greenland. The way I would charge a price would come with how many square feet or how many acres the parklands were built at. Obviously, the larger the park, the more expensive the project would be. After doing research on the pricing based on the creation of other parks, I determined that it would be wisest to charge a price of $3.75 for each square foot of parkland area. That being said, if it was necessary to rip up any gravel or concrete, there would be an additional fee. Our cost to remove concrete would come at a price of $3.50 for every square foot taken out.
Venture Concept
My concept, of implementing more parkland areas in cities and towns that lack greenland would do a great job of solving the need and opportunity of protecting cities, homes, and people from the dangers of hurricanes and flooding. The reason my service solves this problem is because cities where this implementation is necessary would be mostly made of concrete, while lacking parklands. Because of the amount of concrete, excess water that comes with hurricanes and flooding overflows streets and buildings, thus causing a lot of destruction. With the implementation of more parklands in these areas, the parks are able to soak up the extra moisture that comes with the hurricanes and flooding, and thus provide additional protection against said natural disasters. Customers will want to switch to my service because it provides the additional protection against future hurricanes and flooding that a standard construction company and relief effort has been unable to provide. I feel like that additional protection will encourage clients, such as businesses and governments, to target my service opposed to the services provided by other businesses. My competitors as of right now are basic construction companies, however my advantage over them is that my business targets the implementation of parks for additional protection, whereas competing companies simply rebuild in the exact same way as before, without offering any additional assurances. I also feel that the fact that my business will be located in the south helps my business vastly, considering the fact that the vast majority of hurricanes and flooding occur in the southern region of the U.S. Finally, my business will be organized in the following way. I would run operations, as well as hire around five accountants in order to verify price as well as maintain financial and accounting records. I would also hire chief architects to head up each project, and provide them with a team of ten to twelve construction workers to work on each project, as well as engineers to clear the removal of any concrete necessary for park implementation.
Three Minor Elements
My unfair advantage in this business would have to be my business plan. My company would be willing to build parks that range from as big as feasibly possible, to as small as a single square foot. The company would also handle any steps from concrete removal to park implementation. The fact that my company covers all bases of this process and will work on projects that range from as small as possible to as large as possible will help my company and service distance itself from other companies and other services.
I think the next step for my venture would be for me to expand the business to regular construction services. I feel like if I can gain control of the specific market that I am targeting, and build great connections and relations with clients and suppliers, then my company and service can succeed when it comes to expanding into more typical forms of construction.
In five years, if my company succeeds, my service succeeds, and my expansion succeeds, then I would like to try my hat in other business ventures. I feel like it would be a great challenge after what could possibly be a lot of success, to work on other entrepreneurial ventures.
Wednesday, November 14, 2018
23A Venture Unfair Advantage
Resources
1. Location- My location is currently an important resource because I am currently living in the southern region of the United States, and am looking to start my business here. The southern region of the United States is also the area that is most often affected by natural disasters such as floods and hurricanes, so I feel that the fact that I am already located in the southern region of the United States is a huge resource.
2. Background- I feel that my background, and where I grew up can also help me when it comes to giving my venture an advantage. I live fairly close to both the cities of New York City and Philadelphia, so I understand that there are limited, and practically no areas of parklands in either city, similar to cities all around the country. I feel that my background and knowledge of these cities is a resource that can only help my business venture.
3. Knowledge of Finance and Accounting- I have succeeded in various finance and accounting courses in college, and when I was at home, I would help work on the accounting records and financial statements at one of my own families companies. I feel that my knowledge of both can help me make both smart business decisions, as well as the tough business decisions, both of which can help my venture succeed, and differentiate my business from other businesses.
4. Connections- My connections to various people in the construction and land development world have given me the knowledge necessary to understand what this type of business entails, and those connections can help me jumpstart my business, and separate my venture from other ventures.
5. Work Ethic- I feel that my work ethic is a very valuable resource, as I have been known to work on tasks until I feel that they are the best and most complete that they could possibly be. I work ethic, and my desire to be the best can help my venture separate itself from that of other ventures.
6. Honesty- I feel like my honesty, both with myself and others, can be very valuable. I feel that it is important to be honest in business, because it can help people recognize when it may be time to quit, but also when it is smart to take risks, and even make smart business decisions. I feel like my honesty can help me make smart business decisions, and help my business flourish.
7. Determination- I am an incredibly determined person. I have a get after it attitude, and I hate to quit out on things. My determination can help me beat out inferior competition, as well as help me cruise through obstacles and barriers to the success of my business.
8. Opportunity- I feel that the opportunity in this business is an incredibly valuable resource. Hurricanes and flooding are occurring more and more frequently and are becoming increasingly destructive, and our society has taken very few additional measures to further protect cities and citizens from these natural disasters. The fact that there are no extra precautions being taken means that there is a very nice opportunity for my business to both flourish, and outperform businesses similar to mine.
9. Personality- I feel like my personality is a huge part of my business. I am an incredibly friendly person and I feel like my personality can help me both increase the amount of connections I have in this business, but also build strong relationships with clients and suppliers, which is incredibly important in any business. I feel like my personality can separate my venture from other ventures.
10. Environment- I would say that an important resource is the environment, for two reasons. One with increasing frequencies for hurricanes and flooding, there will only be an increasing need for my business. The other factor is the fact that city environments are not designed to protect very well against extreme flooding, hurricanes, and moisture. The current environment is a very important resource for my business.
My Top Resource
I believe that my top resource is my honesty. I feel like the fact that I can be honest with myself, coworkers, and clients and suppliers. My honesty can help me make smart business decisions, as well as help me decide when to take risks, and when to avoid risks. I feel like all of the above is important when trying to create a thriving business. That is why I think that my honesty is my top and most valuable resource.
1. Location- My location is currently an important resource because I am currently living in the southern region of the United States, and am looking to start my business here. The southern region of the United States is also the area that is most often affected by natural disasters such as floods and hurricanes, so I feel that the fact that I am already located in the southern region of the United States is a huge resource.
2. Background- I feel that my background, and where I grew up can also help me when it comes to giving my venture an advantage. I live fairly close to both the cities of New York City and Philadelphia, so I understand that there are limited, and practically no areas of parklands in either city, similar to cities all around the country. I feel that my background and knowledge of these cities is a resource that can only help my business venture.
3. Knowledge of Finance and Accounting- I have succeeded in various finance and accounting courses in college, and when I was at home, I would help work on the accounting records and financial statements at one of my own families companies. I feel that my knowledge of both can help me make both smart business decisions, as well as the tough business decisions, both of which can help my venture succeed, and differentiate my business from other businesses.
4. Connections- My connections to various people in the construction and land development world have given me the knowledge necessary to understand what this type of business entails, and those connections can help me jumpstart my business, and separate my venture from other ventures.
5. Work Ethic- I feel that my work ethic is a very valuable resource, as I have been known to work on tasks until I feel that they are the best and most complete that they could possibly be. I work ethic, and my desire to be the best can help my venture separate itself from that of other ventures.
6. Honesty- I feel like my honesty, both with myself and others, can be very valuable. I feel that it is important to be honest in business, because it can help people recognize when it may be time to quit, but also when it is smart to take risks, and even make smart business decisions. I feel like my honesty can help me make smart business decisions, and help my business flourish.
7. Determination- I am an incredibly determined person. I have a get after it attitude, and I hate to quit out on things. My determination can help me beat out inferior competition, as well as help me cruise through obstacles and barriers to the success of my business.
8. Opportunity- I feel that the opportunity in this business is an incredibly valuable resource. Hurricanes and flooding are occurring more and more frequently and are becoming increasingly destructive, and our society has taken very few additional measures to further protect cities and citizens from these natural disasters. The fact that there are no extra precautions being taken means that there is a very nice opportunity for my business to both flourish, and outperform businesses similar to mine.
9. Personality- I feel like my personality is a huge part of my business. I am an incredibly friendly person and I feel like my personality can help me both increase the amount of connections I have in this business, but also build strong relationships with clients and suppliers, which is incredibly important in any business. I feel like my personality can separate my venture from other ventures.
10. Environment- I would say that an important resource is the environment, for two reasons. One with increasing frequencies for hurricanes and flooding, there will only be an increasing need for my business. The other factor is the fact that city environments are not designed to protect very well against extreme flooding, hurricanes, and moisture. The current environment is a very important resource for my business.
My Top Resource
I believe that my top resource is my honesty. I feel like the fact that I can be honest with myself, coworkers, and clients and suppliers. My honesty can help me make smart business decisions, as well as help me decide when to take risks, and when to avoid risks. I feel like all of the above is important when trying to create a thriving business. That is why I think that my honesty is my top and most valuable resource.
Friday, November 9, 2018
22A Elevator Pitch No. 3
https://youtu.be/ZXdyTisqiuo
I feel like I was able to gather a lot of important feedback from my last elevator pitch. I received mostly positive feedback from the last pitch, about remaining confident and not stumbling through words or using fillers. I feel like I was able to keep that same energy in this elevator pitch, and felt like I remained confident and passionate about the service I was looking to offer. That being said, one things that I changed about my newest pitch was that I looked to be a lot more engaging, through the use of hand gestures. I feel like that addition will further add to my pitch, and engage the customer, or viewer a lot more.
Thursday, November 8, 2018
21A Reading Reflection No. 2
The book that I chose to read from the second selection of readings was How To Fail At Almost Everything and Still Win Big, by Scott Adams. The main thing of the book was pretty much exactly what the title said. It explained that in a career, one can still win big and find success, despite numerous failures that one might encounter along that said path to success. There were also many points made in the reading that connected and enhanced my experience in this course. The biggest takeaway, however, was that one should take risks and work in areas that we are comfortable in and that we are obsessed with. There are always areas in one's life that they love, there are things people do, whether it be jobs or hobbies, that they wish to do for the rest of their lives. A person should try to find opportunities in areas of life they love and enjoy, as that will make it easier to both take risks, and succeed. The book also helped me come up with different ideas for assignments and exercises for this course. One thing that the reading discusses is the use of systems instead of goals. Adams states that goals were not ideal to set, because they are typically far in the future and are often too specific to ever truly achieve. Instead, Adams suggested the use of systems, which are essentially plans and tasks that should be done each day, and if you complete those tasks, and position yourself to complete future tasks, then that day can be considered a success. The exercise for this class could simply be to create a system for the week, and discuss different tasks you completed throughout the week to achieve tasks that you would like to compete in the future. The biggest surprise that came from this reading would have to be that even the smartest and most successful people in the world fail all the time, and yet are still incredibly successful. For example, Adams discusses how he met a man on a flight who discussed how the use of systems helped him go from an average employee to a CEO, but that there were plenty of failures along the way. I found it incredible that as long as you are organized and stick to timelines that you create for yourself, you can still grind and push through failure after failure until you finally reach what may possibly be the peak of your business career.
Thursday, November 1, 2018
20A Growing Your Social Capital
1) The first person that I chose to interview on this topic was a man named Pat Dolan, who maintains a golf course up in New Jersey, and has to protect and maintain the course from different insects and animals, environmental dangers, and any potential damage that could be caused from members or outside affects. The second person I chose to interview is a man named Todd Pope who owns a construction company in the Ft. Myers area. The third person I chose to interview was a Mr. Fratesi who provides construction equipment and supplies to construction companies.
2) My domain expert is Mr. Dolan because he routinely takes care of a golf course, which as similar principles as a parkland, and even went about personally hiring and training his own staff to maintain the course by his side, and when he couldn't constantly be around. Mr. Pope would be my expert on the market because he does construction, and even though it isn't the same type of construction that I would be doing, he can provide ins and outs of how to earn contracts and deal with customers, suppliers, employees, and competitors. My supplier would be Mr. Fratesi because he supplies construction equipment relative to the equipment that I will require to use, and he will have information regarding pricing and connections to some of the best suppliers in the business.
3) I found Mr. Dolan because I worked at that same golf course for 5 years while I was in high school and in college. I had his phone number from my time working there. I found Mr. Pope because he is the father of one of my close friends. I simply asked my friend for his phone number. Finally, I played baseball growing up with Mr. Fratesi's son, and my dad was able to supply his phone number.
4) Each of these people were happy to provide information and insight, as well as any possible future help, because they recognize the personal information that I had with each and every one of them. They all respected the type of person that I am and were happy to help, though they did say that if I were looking to make a serious go of this venture, that they would look for potential business opportunities and projects in return for their services and information.
5) Each person will provide insight, information, and even potential supplies, suppliers, and connections in the future. My connection to each one of these people can only help make this service into a legitimate business venture.
Reflect: This assignment was different than every networking situation I have been in in the past because I already had a previous connection with each and every one of these people. It made contacting and interviewing them and explaining my ideas a lot easier than if I were to network with a stranger. That being said, it made me realize that when I network and pitch to people I don't know, that I will have to be a lot more thorough and prepared for that possible future meeting and connection.
2) My domain expert is Mr. Dolan because he routinely takes care of a golf course, which as similar principles as a parkland, and even went about personally hiring and training his own staff to maintain the course by his side, and when he couldn't constantly be around. Mr. Pope would be my expert on the market because he does construction, and even though it isn't the same type of construction that I would be doing, he can provide ins and outs of how to earn contracts and deal with customers, suppliers, employees, and competitors. My supplier would be Mr. Fratesi because he supplies construction equipment relative to the equipment that I will require to use, and he will have information regarding pricing and connections to some of the best suppliers in the business.
3) I found Mr. Dolan because I worked at that same golf course for 5 years while I was in high school and in college. I had his phone number from my time working there. I found Mr. Pope because he is the father of one of my close friends. I simply asked my friend for his phone number. Finally, I played baseball growing up with Mr. Fratesi's son, and my dad was able to supply his phone number.
4) Each of these people were happy to provide information and insight, as well as any possible future help, because they recognize the personal information that I had with each and every one of them. They all respected the type of person that I am and were happy to help, though they did say that if I were looking to make a serious go of this venture, that they would look for potential business opportunities and projects in return for their services and information.
5) Each person will provide insight, information, and even potential supplies, suppliers, and connections in the future. My connection to each one of these people can only help make this service into a legitimate business venture.
Reflect: This assignment was different than every networking situation I have been in in the past because I already had a previous connection with each and every one of these people. It made contacting and interviewing them and explaining my ideas a lot easier than if I were to network with a stranger. That being said, it made me realize that when I network and pitch to people I don't know, that I will have to be a lot more thorough and prepared for that possible future meeting and connection.
19A Idea Napkin No. 2
You: I am Michael Bogart. My talents are simply that I am a knowledgeable kid who is incredibly hard working, and determined to succeed, especially when it comes to fulfilling my passions. I am incredibly honest and truthful, and I thinking the best things in life come when you are working and hanging around the people that you love most. When it comes to my business, I see that being my life, especially when I am working on something that I genuinely care about and passionate about.
What are you offering to customers?: I am offering a service where I would repair cities and towns that have been damaged by flooding and hurricanes, by installing parklands throughout the area. The grass and parklands would provide extra protection in the future by soaking up excess water that may come with hurricanes and flooding.
Who are you offering it to?: I am offering this service to the town and city governments that can be potentially affected by these types of natural disasters, as well as the people who live in these cities and towns that have or could later be affected by the dangers that arise from flooding and natural disasters.
Why do they care?: Customers should care about what I would offer, because they should care and be interested in a service that can help protect homes, cities, lives, and livelihoods. After natural disasters, cities and towns are consistently rebuilt in the exact same way as before, which offers no further protections for these cities and towns in the event of a future natural disaster, which, as data has shown, are only getting consistently more prevalent. I feel that people should care about my service because it can offer their towns and cities and homes further protection from future natural disasters.
What are your core competencies?: What separates me from others is that I will work tirelessly, day and night, hours on end to not only accomplish personal and company goals, but also fulfill the needs of society and the people that are looking to me to provide a service. My honesty will allow me to make smart business decisions, while my love for those around me will help me trust coworkers and employees. My determination helps ensure that I'll never quit, while my hard working nature will help me get tasks done on time and done correctly. I feel that these competencies will fit in perfectly with trying to get my business idea off the ground as they all help me achieve and fulfill goals and responsibilities in different ways.
The most interesting piece of feedback I received came about more in regards to staffing and pricing than why I thought people would be interested in my business. The questions posed including how to go about staffing and protecting employees, as well as setting a fair price, both of which I will need to think about in the future. I think that I would have to poll actually unbiased customers who I know will be interested in my product, whether that be asking about the budget for a town parks department, and then creating some type of matrix to help determine different prices for different sized parkland areas. I think that the feedback I received from the first idea napkin certainly helped to spur thought creation for future details of the business and service.
What are you offering to customers?: I am offering a service where I would repair cities and towns that have been damaged by flooding and hurricanes, by installing parklands throughout the area. The grass and parklands would provide extra protection in the future by soaking up excess water that may come with hurricanes and flooding.
Who are you offering it to?: I am offering this service to the town and city governments that can be potentially affected by these types of natural disasters, as well as the people who live in these cities and towns that have or could later be affected by the dangers that arise from flooding and natural disasters.
Why do they care?: Customers should care about what I would offer, because they should care and be interested in a service that can help protect homes, cities, lives, and livelihoods. After natural disasters, cities and towns are consistently rebuilt in the exact same way as before, which offers no further protections for these cities and towns in the event of a future natural disaster, which, as data has shown, are only getting consistently more prevalent. I feel that people should care about my service because it can offer their towns and cities and homes further protection from future natural disasters.
What are your core competencies?: What separates me from others is that I will work tirelessly, day and night, hours on end to not only accomplish personal and company goals, but also fulfill the needs of society and the people that are looking to me to provide a service. My honesty will allow me to make smart business decisions, while my love for those around me will help me trust coworkers and employees. My determination helps ensure that I'll never quit, while my hard working nature will help me get tasks done on time and done correctly. I feel that these competencies will fit in perfectly with trying to get my business idea off the ground as they all help me achieve and fulfill goals and responsibilities in different ways.
The most interesting piece of feedback I received came about more in regards to staffing and pricing than why I thought people would be interested in my business. The questions posed including how to go about staffing and protecting employees, as well as setting a fair price, both of which I will need to think about in the future. I think that I would have to poll actually unbiased customers who I know will be interested in my product, whether that be asking about the budget for a town parks department, and then creating some type of matrix to help determine different prices for different sized parkland areas. I think that the feedback I received from the first idea napkin certainly helped to spur thought creation for future details of the business and service.
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