Week 10 Reading Reflection - Financial Preparation for Entrepreneurial Ventures

1)      What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

I was surprised by all the essential details of the required financial knowledge that this chapter gives to the student. I am a business administration student and I’ve seen the different financial components for about 3 years now, and I can say that this chapter provides one of the best summaries of the financial means that every entrepreneur must know before starting a business.

2)      Identify at least one part of the reading that was confusing to you.

I understood every aspect described on this chapter. The only thing that I believe should be explained in a more detailed way should be the part where the author describes the preparation of financial budgets and the differences between them.

3)      If you were able to ask two questions to the author, what would you ask? Why?

I will ask the author the following questions:

1.      Would it be helpful for an entrepreneur to have a financial assistant who could provide the entrepreneur with help on keeping the financial aspects of the venture well managed, or is it a cost that should be avoided?

2.      Do you think that having a financial knowledge previously to starting a business affects the success or failure of the business?

This questions would be helpful for entrepreneurs and instructors as they would provide answers that could help the way in which entrepreneur is being taught today

4)      Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

No, I believe that the author provided a great summary of the key points that all entrepreneur should have in consideration before starting a new venture.

Growing My Social Capital

One person must be an important supplier to your industry 

1.  Who they are and what their background is.

Bryan Dubno: He is a UF alumni who in 2009 during his sophomore year developed the “UF mobile app” which was a significant innovation for the University. The app, called "UF mobile," featured a GPS-enabled campus map, a feed from the UF news Web site, the events calendar from the Reitz Union Web site and access to UF's directory, all in one convenient location. His contribution led to the mobile app that we use nowadays. Bryan Dubno is currently working as a Lead IOS engineer at Tally app.  

2.   Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

 He developed a smartphone application few years ago and has a deep understanding of the different aspects that have to be considered when building a new application. Bryan’s knowledge helps me understand the required step through the process of knowing my customers and developing an app that they would like and use.

3.    A description of how you found the person and contacted the person.

 I found Bryan on internet as I was looking for experienced developers in the Gainesville area. We got in contact via e-mail.

4.  The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I sent Mr. Dubno an email and he replied to my inquiries about the process of selecting the right target market and developing the best idea for my potential customer. He didn’t ask for anything in exchange, he mentioned that he felt great for helping a UF student.

5.   How will including this person in your network enhance your ability to exploit an opportunity?

Having Bryan as a member of my network increases my chances of developing the right application and his contribution is essential for the first stage of my venture.

The domain expert in your industry

1.       Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot:

Luis Andino: He is an IT project manager at the University of Florida. He is also an Information Technology Expert.He is an expert on the industry of applications development and coding. His knowledge is essential for my venture as he could help me understand the process and lifecycle of a smartphone application.

2.      A description of how you found the person and contacted the person.

I found Luis in internet as I was looking for someone who has a deep understanding of Information Technology.

3.       The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

Luis helped me to understand the different requirements and processes when building an smartphone application and his contribution will be vital throughout all the stages of my venture. I hope that what he suggested me to focused on helps me understand the right ways of building a crafting an app from scratch.

4.       How will including this person in your network enhance your ability to exploit an opportunity?

Including Luis in my network is essential because I would not only need his advice in the first stages of my venture, but also throughout all the life cycle of my business. I will need to innovate and change my platform several times in the future, and Mr. Ando’s advice will be extremely helpful in that moment.

An expert on your market

1.       Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot:

Transportation and Parking Services: They provide the most important transportation resources for students at the University of Florida. They are experts on the market and they are also a potential future client for my business. They possess extremely valuable information that could help my venture in the process of developing the best strategy.

2.      A description of how you found the person and contacted the person.

I was looking for the organization in charge of the transportation in Gainesville and I found them online.

3.       The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

I asked them if I could be able to have information about the estimated number of customers that use the RTS buses, and more specifically, students. Unfortunately, I was not able to receive any feedback from them.

4.      How will including this person in your network enhance your ability to exploit an opportunity?

Including the Transportation and Parking Services of the University of Florida will be critical when making important decisions for my business. Their information is also essential for me to look on potential opportunities, which makes them important for my network and for my venture.

Reflection

All the network contacts that I created on this assignment are and would be critical on my aspirations with my business plan. I believe that their contribution is essential and I really appreciate all the knowledge that they were able to provide me. Building a network is critical for any business person all around the world. I think that as you know more people, you have better chances of being in the right place at the right time.

The Gator Spotter - Elevator Pitch # 3

1)    The pitch. 

I decided to extend the length of my elevator pitch this time because I wanted to include a description of the uniqueness of my venture and the possible expansion that the venture might have.

2)    A reflection on the feedback you received from your last pitch and 3) What did you change based on the feedback?

From the feedback I received on the last pitch, I realized that most of it was positive given the creativeness and the reality of my pitch. In this case, I decided to incorporate answers to the questions that my peers asked me which were based on what makes my business unique and/or a description of a possible expansion of my business plan. Some of the feedback I received last time was based on the criticizing informality of my pitch. I will say that the formality depends on what type of audience I am actually targeting, which for my business are college students. This time I decided to set my Elevator Pitch on a real “Elevator” and with more “formality”. Let me know what you think about it.

I really believe that my last elevator pitch was pretty good, and based on the positive feedback I received last time, I am including the link to my last Elevator Pitch so you can take a look at it.
Here is the link: http://alejandroentrepreneurship.blogspot.com/2016/02/the-gator-spotter-elevator-pitch-no-2.html