Final Reflection

1. I actually think the most formative experience I have had in the class was writing down my "celebrating failure" exercise. Though it didn't have much entrepreneurial vibe to it, I learned ALOT by sitting in my room, writing my blog post, and reflecting on the negative experiences that I have stumbled on in the past. I never really celebrated my failures, I just cried, and tried to move on. This class forced me to reopen wounds as I wrote down my failure, but also forced me to write what I learned. That was really powerful. I will take that lesson on my entrepreneurial journey throughout life. Failure is looked at in such a negative light, but when you take the time to really think about it, it becomes the biggest opportunity to learn and celebrate. Thank you for providing me with this time of reflection- I truly thought it helped me grow as a person.

2.) I am most proud of my accomplishment of getting my name on Google. I had no idea that through constant posting and commenting, my work would actually appear on the top page results as #3 when someone searched my name and entrepreneurship. That is really freaking cool. By reflecting on that exercise, I learned pointers on how to refine my search and expand my network on Google as I take these experiences with me. I learned that you should use key words and phrases constantly when trying to get your brand out there. Some might think that is a "duh" statement, but I didn't subconsciously do it when I was writing my posts. So in the future, I am going to implement that tool to enhance my brand name when people look for me on Google.

3.) I hands down think I moved toward an entrepreneurial mindset. I set goals, I met them. I was afraid of failure, I conquered it and stepped out of my comfort zone. To be an entrepreneur is way more than creating a business idea. It is about tenacity. These assignments have built stepping stones to unveil my potential as a future entrepreneur and business leader in the world I am about to step foot in after the next couple of years.

4.) For the students down the road, take this class seriously. At the beginning of this class, I felt like it was a lot of busy work (sweet no exams, no reason to put effort in this class). However, I found that mindset really changed, subconsciously, as I went through the exercises. I started putting more thought into my idea. More people started reading my concept and liked it. More comments started appearing on my work. And before you know it, I am here, with many contacts in the real world, and students who helped me tweak my idea to something that could potentially be feasible. I would encourage future students to REALLY keep an open mind. This class really changed my perspective on entrepreneurship, and it was also an outlet from my other more math class to express myself and my ideas- not to be confined from exam to exam, lecture to lecture. You really will learn a lot, so go for it! Don't be nervous to step out and just go for it. I am grateful I did.

Week 15 Reading Reflection

1. While reading the article, I found the biggest surprise to be the sheer focus on the customers with a large disregard for near-term monetary profits. It looks at things on the highest level, which makes sense- especially after reading the article. However, at first, I definitely thought that undermining a firm’s short-term interest would not be ideal. A lot of these companies need growth and without proper financing in place, short-term shortfalls can be damaging. However, scale over time can exponentially erase any harm done at the start. It also emphasizes a profit-oriented approach, which can help mitigate these issues.

2. I am not overly familiar with microfinance, as we live in a world here that largely does not apply to the world of microfinance. I started to get a clearer picture after reading the article, but the field of microfinance is obviously much more complicated than what a short article can simplify.

3. How do you handle the drastic cultural differences between you and your customers? Is it necessary to study the individual cultures specifically and in-depth as much as it is to understand the finance and money side of things? Clearly the article lauds scale as an important aspect to the company’s success in next generation microfinance, so I would see cultural understanding as very important to the success of such a firm. Also, would your firm ever consider lending to men or is it just too embedded in your business model to risk running astray from something that works? Passing up a good opportunity could have tremendous opportunity costs if men can meet the general criteria you like in men in certain cultures.

4. While I understand the author’s argument for standardization, lending money is not standardized. Each loan recipient is unique and brings with her idiosyncratic risk. People also have different indifference curves (to take a term from economics) as far as risk/reward goes. Additionally, with scale comes new markets. And with the developing world, new markets are drastically different from already-penetrated markets. Technology cannot, in my opinion, account for all of these differences to reduce the inherent risk in lending.

Elevator Pitch No. 4

Venture Concept No. 2

Opportunity- 

My opportunity for my entrepreneurial idea, Bubble Best, lies within a customer base from college aged students mostly, but can also span across those with busy family schedules and even empty nesters who need a quick and easy premade nutritious meal delivered to their door. I found unmet needs in the delivery service industry, especially for those who feel as if they don’t have time to prepare a healthy meal, cook it, and clean it up all within a busy schedule. I found myself in this situation, so I surveyed others and received similar feedback, especially needing a market for quick, premade self portion meals. 

I am offering this online delivery service specifically to those who feel stressed and don’t have the time to think of meal options. I myself fell into this category as a college student, worried about studying for exams and completing assignments on time, while also sticking to my New Years resolution of eating healthier. When I pitched this idea to my mom, she helped me realize it wasn’t only my demographic that is having this issue. As a young professional years ago, my mom struggled with the same issue- working late hours and not having the time or energy to cook something when she got home. I am confident that there is a market and a demand for this type of service, I just have to research on how to best penetrate and deliver to this market effectively. This solution could cater to those customers in remote areas as well with innovative delivery option. You can pick your premade, self portion, out of a menu online, and it will be delivered to you in seconds. You can order up to a week’s worth of food, freeze it, and have a variety of options to pop in the microwave or oven at your convenience. I am also thinking of asking online retailers like Amazon to invest in my service. This way, if Amazon were to become a provider, these premade, healthy options wouldn’t be confined to just the local areas. There wouldn’t be too much variety in the meals since they would come from Publix or Fresh Market, but allowing an online retailer to ship these meals around the country would supplement the local delivery service as well. This will cut down the time it takes people to think about food options, cook them, and clean them up.

For my pricing strategy, I would offer individual meals for $7 each on a per need basis. If the customer bought a lunch and dinner combo on a per need basis, I would offer the package for $6 dollars, and ultimately if the customer wants lunch and dinner for the week (Monday-Friday), the price drops to $4 dollars each due to the bulk quantity.  

Venture Concept-

 Bubble Best will solve the unmet need of lost time to prepare and eat meals by delivering a healthy, premade, self-portion meal to the customer’s door to cut down on stress of eating for those with busy schedules. I believe my customer base will switch to this product because through my interviews, I learned that people want another delivery option that is healthy, inexpensive, and ready to serve instantly. My competitors are places like FitLife Foods in Tampa, who already serve the healthy meals in premade ready to serve options. However, I think I can beat out the competition because they aren’t a mobile food option. I also will differentiate myself by advertising "local" grown foods that are healthier and more organic to be delivered to your door. You could have lasagna made from local cheese.. etc. This is how my company would not get pushed out my competition. College students especially don’t have always have a mode of transportation to go pick up these meal options, nor the time to cut out of their busy schedules. The delivery service I am offering is vital to making Bubble Best a competitive company over the alternatives. 

I added a feature to my company similar to Amazon Prime to boost customer loyalty and satisfaction, which also relate to increased sales. This feature will be on a subscription basis, instead of the one time ordering, and will ensure your food is delivered in under 10 minutes, hot or cold, and ready to serve right on the spot with utensils and plates provided. I would eliminate the delivery fee/charge, just like Amazon eliminates the shipping charges for Prime members. This way, it will compete with pizza delivery and Jimmy Johns times with a healthy, ready to serve, personal portion meal quickly.

Feedback from Venture Concept No.1

The feedback I got was critical but definitely necessary to help refine my business idea. Students discussed how they think my pricing is a bit too high for the college demographic, which I will go back and reconsider. One student also questioned how I was going to stand out from my competitors, how would I differentiate myself. With that, I think I could emphasize the "local" foods to make it more location specific delivery instead of just mass-produced delivery. The last comment I received was that services like these are already in place. Though that may be true, I did not discover this when thinking of my idea. I came up with my idea because services like this have not been offered to be in the Gainesville area, and I saw a need for it here, especially in the college demographic where students don't have the time to prepare, cook, and clean up their own meals.

Based upon this feedback, I decided to change the pricing strategy to make this service more affordable for my demographic. My original prices were $10, $9, and $7, so I took into account the budget of my demographic and changed those prices. I also am going to advertise "local" foods as my venture takes off, as I changed this aspect and added it to my venture concept. I don't want to be shoved out of the market by competition, so adding a local flare will hopefully put my business in a niche market for health conscious college students who lack the time to prepare their meals.

Minor Elements:

My most important resource would be my compassion towards others. I always believe in going to the extra mile to make a difference in the lives of others, and I think that will to help others will set me apart from my competitors and boost customer satisfaction in the long run. I think this resource can be cultivated in my competition, however, I don’t think compassion can be imitated to the fullest, and I am excited to use this resource as my unfair advantage. 

I believe this venture has a chance to be such a success. I see small pockets for growth from the get go, such as expanding to campuses big and small across the nation, allowing big retailers like Amazon get involved in delivery, and encompassing a larger demographic of individuals- not just focusing the majority of our efforts on college students but to those who identify with the mission of the company. As an entrepreneur, I see myself using the venture and the connections I make during this venture to boost my confidence in starting other ideas I have down the road. I believe confidence is the key to success as an entrepreneur, so when this venture succeeds even for a little bit, I think I will have found confidence to follow my dreams and thoughts with other ideas.

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO?  

To obtain search engine optimization, I made sure to copy my link to my blog in every blog post, even if I didn't complete an assignment. I think the way to maximize SEO is to ensure your link is posted in little crevices of the web, so google and pick up on how many times it was searched, clicked on, and opened. I tried to comment in the class directory when I didn't complete an assignment on blog posts, and though I didn't have a specific link to comment, I just commented my blog to get the most views as possible.  

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

I honestly didn't think about key words throughout the semester as I wrote my blog posts. If I knew at the beginning of the semester what this assignment entails and how to get my blog on Google, I think that could have influenced my tenacity to input key words in each of my blog posts. I see the impact key words have on search results in Google, but I didn't post in my blog with this in mind. I just spoke with whatever came to me to complete the assignment honestly. 

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

I also didn't post my blog on social media for the users of Facebook to see. I kept this blog to myself while I complete this class, occasionally showing my family or immediate roommates what I was working on. My parents thumbed through my blog when I was home as I showed them my assignments, or my roommates have asked what I was working on, and I would send them the link so they could check it out, but I never thought about broadcasting my blog for social media purposes. I think this answer would be very different if I were not just posting for class assignments, but actually trying to get the word out of a real life business. 

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

I think the posts that obtained the most traffic were my Idea Napkin No.1 and my Elevator Pitch No.1. These were both posts that required 3 comments each which also helped me obtain feedback, as well as forced my fellow students to look at my blog. Unfortunately, I don't know how to check the views on this platform, but if I were to guess, I think our earlier assignments in this class got the most action because people were trying to figure out how to post, what to post, and the format for posting.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

My blog did make it to the first page of Google, as the fifth result from the top. I searched "Wendy Leung's Blog" and there it popped up. I actually smiled a little bit when it did because I have never created anything like this on the internet before and to see it on the first page of Google results was a sense of accomplishment :) 

Week 14 Reading Reflection

1) I was surprised to read about the differences between corporate entrepreneurship and innovation. I knew coming into this class that there were similarities and differences between the two but to have them both really defined in front of me opened my eyes. I thought entrepreneurship is type of innovation- with more of an "umph" to it, but after reading the definitions for each, this misconception was expelled in my mind. They are actually two different ideas, and most people can't separate that in their heads (like me). The differences between the two concepts really made me think and separate these ideas into two categories, not just an extension of one into the other.

2) I was confused about what really is an I-team and what their purpose is. I understand that the company needs innovators that stay away from daily activities, but the definition the book gives throws me off of what they do on a day-to-day basis. The definition of I-team states "two or more people who formally create and share ownership of a new organization". Based on that definition alone, I wouldn't understand these people are innovators seeking to assist the firm in new directions. I just think the book could have been a little more clearer in describing the role of an I-team and what the work of an I-team looks like. This clarification could have really helped me understand this chunk of the chapter. 

3) I would ask the author what are some ways to cultivate organizational behaviors and rituals uplifting those who fail? The book discusses learning from failure, so I was wondering how a firm can strengthen this area of their work force to not put down failure but actually embrace it and learn from it?

I would also ask the author if he/she has personally seen movements toward ecopreneurship? I understand the world is moving toward a more green and eco-friendly society, but with my experiences, I haven't seen that many ventures really make an impact in the entrepreneurial world with this new way of thinking.

4) I think the author is wrong about his/her description of benefit corporations and B corporations. He/she states that "the terms are often used interchangeably" leading me to believe they are the same thing. However, then the author goes on to say that they "have a few important differences". I just don't think the author should spend as much time as he/she did on explaining what the differences between these two corporations are if he/she is going to contradict each other in the verbiage. 

Very Short Interview, Part 2

After looking at the initial interview with Ms. Lee, I thought it went well, but the interview was not very deep. Now having interviewed customers and stepped out of my comfort zone, I wish I had asked more thought-probing questions. I read the questions and while they gave me great insight at what it is like to be an entrepreneur, the answers didn’t really go beyond surface level. This time, I really want the “real deal” on the harder part of being an entrepreneur. I want to know what difficulties I will face and who will be there to help me along the rough patches. That is my goal in the following interview.

Here were my three questions:

1. Describe a time in your entrepreneurial career where you ran into failure and how you dealt with that.

2. Was getting your venture off the ground difficult at first and did you have any mentors help you?

3.  If you could leave me with one piece of advice to start my own venture what would it be?

After interviewing Ms. Lee, I felt like I accomplished the goal I set out to reach. Before the interview, she asked me how the class was going and what I learned. I didn’t record this because it didn’t answer my specific questions, but having stepped out of my comfort zone before, I was able to give her honest and confident answers about my experiences in this class. She said I came in much more vigorous and confident in my questioning, so I think this class does a great job of assisting students like me to not fear the unknown. She gave me lots of great advice for the future so definitely take a look at my question #3 for some real business insight. True entrepreneurs embrace the unknown and that is a major key takeaway of this interview and this class as a whole.