Rachel's Principles of Entrepreneurship

The exit strategy I am thinking about doing is wanting to stay with my company and product for as long as I can. I love to help encouraging students to be the best they can possibly be and I think my product does that. I think after making multiple products that do with Study Buddies and do equally as well, that's when I would start considering my options and figure out what I really want to do. For a product like this, it is something that can stay around for a very long time.  I decided to keep my exit strategy in the open because you never know what could fully happen to a company. The future is unpredictable. So when it comes a time were my product has finally met its mark, that when I'll fully dive into a thought out exit strategy and give my product what it deserves.  This exit strategy has definitely made me think about how well my product is actually going to do if I decide to go through with Study Buddies. Growth is important to a company so if my product isn't doi...

The overall theme of this book is evolution. I gained that kind of perspective because it seemed like Anderson was giving us the new and improved ways that went with people making things. That meant that we have come a long way since the actual industrial revolution and we as people are using new ways to grow as an country and as the whole world.  This book connected to this class by showing me how important entrepreneurship really is. It is not just businessmen/women making new companies and products, it is a field that makes the world grow bigger and have better means to it. Everything we own was just a little idea at some point and eventually someone took the opportunity to make it into something bigger.  An exercise that came to mind when reading this book is cause and effect. What I mean by that is identifying causes and effects for this "new" revolution and explaining how it differs from the industrial revolution that we learned about when we were kids. It could put mor...

Celebrating Failure     Last semester included a big milestone in my life. Not only completing my first year as being a sport management major, but also leaving my teenage years and going on to my twenties. This is the time that I will really become an adult and learn the struggles of adulthood year by year. With that being said, I know that there will be a lot of failures on this journey through my twenties and also the beginning of my adulthood.      Nevertheless, I found out real quick what my first failure of my twenties would be real quick. It had nothing to do with school, it was more rather my personal life. This failure was not being able to keep one friendship that was important to me. We were both going through some personal stuff of our own so that is what ultimately brought us together. Unfortunately, it was too much for the other person and gradually the friendship was crumbling apart to the point where we couldn't even be in the same room as each o...

Existing Market : I think what's next for my venture is reaching the international market and seeing if I have any potential internationally.  After interviewing three people, they all had the same basis of what they wanted next for this product. Even though my program is online, they want it to be transcribed in person and have places that they can go and meet with a person one-on-one who is employed with the company. When I asked them about going internationally, they thought was a good idea but in their eyes it was going big too fast. They think I should worry about building a reputation in the U.S before I move on to something internationally.  After listening to m interviews, I think the best for my company ans Study Buddies is to grow as much as I can in the national market. I will look into finding places that could be designed as "headquarters" for students to come wither their parents (if needed) to sit down and have meetings about the students progress or to get...

    Opportunity : Giving students a chance to earn better grades by adding on extra study tools for them for their own advantage. There isn't any changes in the environment that is creating this opportunity. My target market is students from the grades Kindergarten to College. There is no age limit to my service but the main age range is 6 years old to 25 years old. Now, customers are currently satisfying this need by studying for themselves and gaining access to outside resources when need be. I think customers are loyal to what they are using now because they think there is nothing else better for them. I plan to change that with by service I am putting in place. This opportunity is big because I am giving students who need more help than others a chance to excel in school and develop the grades they need to feel good about going to school. The window will be open for as long as children are going to school. They will be the leading people in these next generations to come s...

What Makes Me Special? Teachers ( V - Teachers are very valuable because they are the initial giver of information to the students; R - I don't think teachers in general are rare but finding the perfect teacher is rare in my eyes; I - Teachers have their own individuality and have different teaching styles so I think it would be hard for others to copy them; N - There are other resources that do the same thing as teachers)  Textbooks ( V - Textbooks hold value because they are supplementary help to students that are learning certain material; R - Textbooks can be found anywhere so I don't think they are rare at all; I - I think it could be easy to copy from textbooks because there are so many out there; N - There are a lot of other resources that could be used with a textbook or in place of one) Online Resources ( V - Since the Internet has become a big part in people's lives, online resources can be very valuable; R - I think there is online resources for anything so they ...

Mindset of Success The original theme of the book is the psychology of success and how to achieve it.  This book connected with what I'm learning because I think it gives me more insight on the topics that are talked about. Not everything is just words and numbers on paper, it runs deeper than that. having the right mindset is always important when making a new product and starting a business.  I think the exercise I would design for this class would be something along the lines of brainstorming different topics. Brainstorming is a great way to get your brain working and to look deeper into topics. Reaching just the surface is not enough for something like entrepreneurship. I learned that psychology is something that is very prominent in thins industry. There is a lot of instances that requires you to dig deeper and realize what you really want with your business or yourself as an entrepreneur.   

Growing my Social Capital Study Edge program in Gainesville, FL. They are a tool used by a lot of college students to help them study and gain good grades as a result for it. This is mostly used when students have exams coming up and want to have an extra security blanket when it comes to studying.   The slot they are filling is the domain expert. I found them because I see a lot of my classmates using them and when I would ask about extra studying tools, they would always recommend Study Edge. I have used them once before so that is the only exchange we've had. I was fairly pleased with the service and how much extra help it actually was.  If I were to include them in my network it would be beneficial because they could give me insight on how to go forward with my business because they are under the same category. They could tell me the ins and outs of running a business like this.     Smokin' Notes program in Gainesville, FL. This is another popular ...

Idea Napkin #2 I am a student at UF looking to see if I have any potential to be an entrepreneur. I'm still in the workforce so I have experiences with how to handle customers and feedback from my higher ups. I am very goal-oriented so making up this product for the class made that part of me fired up. I think if this business were to take off, it would take over most of my life in the best way possible. I would always want to find bigger and better ways to make myself and the business better.  I am offering customers extra work they would have to do at their fingertips. Usually, students would have to go out of their way to find the right study materials so they make sure they pass exams. With my product, it eliminates all of that so they spend less time looking and more time studying.  My study program is open to all students all ages from kindergarten to university students. All of the users will mainly be students getting their studies done but parents will also have acces...

Create a Customer Avatar     If I were to explain my customer avatar in one sentence it would be "a honors high school student that likes to have fun outside of school". This customer loves to do a lot of  things that don't include having you're head in the textbooks. She's smart so she makes sure school is first and then once that is done, she is able to have fun and do some of her hobbies. Those hobbies include shopping, playing sports, hanging out with friends, listening to different types of music and reading new books. Since they are excelling in school, her parents rewarded her with a brand new car when she got her license. This car would be something along the lines of a Honda Civic or a Ford Focus. These are cars with great gas mileage and also have a sleek look to them. They are great first cars so that's why her parents chose between the two. Even though my customer is a honors student, the had to work hard to get where she is at. She had great study...