Reading Reflection (Week 8)

The biggest surprise in the reading was that there is actually a term for wealthy individuals that invest regularly, literally called "sophisticated" investors. 

One part that confused me is the term "Trade Credit", because how can credit be given by suppliers? Through shipments that are sent on time?

If I could ask two questions, I'd ask: What do you mean by "going public" and what are some examples of going through the sale of securities on the market? For public offerings, what is an example of a disadvantage of requirements?

I disagree with putting an entrepreneur's personality as a major category of venture capitalist screening because it's not very measurable, meaning it's hard to calculate someones personality without knowing them for quite some time. 

Half-way Reflection (Week 8)

The behaviors that I have developed and had to learn from this course were diligence, punctuality, honesty, etc. I also had to be organized and write down important dates so that I can complete an assignment on time. It's crucial that you are honest with your work and do not declare work if you haven't done it. This class is online, so it's easy to slip up on what's easy but not honest. Diligence because you make your own schedule and decide how you'd like to do your work.

I felt like I wanted to give up in moments when multiple challenging assignments were due the same day. I pulled through because they're worth 1-2 points that add up, or can affect your grade for the worse. So plan ahead! It will relieve stress and it's truly the smart way to not fall behind and stay on track.

Three tips: 

1. Plan accordingly and ahead, because you never know what might come up in your life.

2. If you miss one assignment, it's ok! Don't freak out because Yellowdig is a great way to earn that point you lost! 

3. Always check the announcements/emails from this course because there's crucial information that will help you through some assignments. 

The Twenty Percent (Week 8)

My business owner's business is named NativeLove. It includes accessories that are handmade from Central and South America. Target market comprises of women ages from 20-50, and any stores for accessories, or gift shops. Their customers unmet needs for a hip, colorful accessory (scarf, handbags, jewelry) that spices up their outfit, it's how NativeLove helps their market. They find their customers online through promotions, advertisements, or their website. The target demographics that purchase NativeLove's products are women of any class, ages 20-50, and primarily anyone in the U.S. It's not limited to segments in any demographic. The media that their consumers use is usually through their website, emails for promotions, or advertisements throughout the web.

I asked three target consumers that fit NativeLove's demographics/psychographics:

1. How do they prefer to shop?

-All three prefer to shop online for convenience. 

2. Which items do they usually look for/buy?

-One enjoys primarily buying shoes, the other two find it necessary to shop for accessories. 

3. Do they enjoy dressing in color? 

-All three agreed that in some tasteful amount, they enjoy dressing in color. 

The entrepreneur does realize that for the older women in their demographic range, they prefer to shop in person. The problem that NativeLove encounters is that they usually reach their consumer through online promotions, etc. But for the range of 20-35, they would prefer online shopping. 

Reading Reflection (Week 7)

The biggest surprise to me was that they can no longer solely rely on using demographics for market segments. That's confusing to me because I think demographics range from so many things; I find it impossible to not rely heavily on them.

What does he mean by psychographic types like "High-Tech Harry" and "Joe Six-Pack" ?

If I could ask two questions to the author I'd ask: How do you properly construct non demographics segments? What are some nondemographics that could help your business flourish?

The only thing I thought that could have been slightly wrong, was the fact that demographics don't have such a huge impact as they used to. 

Free Money (Week 7)

I thought this exercise was easier than expected. Giving a dollar was awkward but they were willing to take it! Some were weirded out or surprised but still accepted the money.  I didn't except the strangers to take a dollar from a random person but then again, it's free money! 

I was planning on just walking outside whenever I walked to class. I'd approach anyone who wouldn't/had not noticed me. I thought I'd give away at least three dollars. I thought to get their attention by just mentioning why I'm giving them a free dollar (to make their day). 

Elevator Pitch No. 2 (Week 7)

What stood out to me was the emphasis on the setting. Whether I sat down, or what my background was. I find it quite silly to not record ourselves through webcam. I'm not really sure how else to record myself where it would look as professional.

This time, I tried standing up. It makes it seem like I'm intrigued and not so casual compared to recording myself while sitting.  I spoke more articulately and slowly so that I could be understood.




My Elevator Pitch No. 2!

https://youtu.be/Zva6JZBAA2E

Reading Reflection (Week 6)

What was the biggest surprise for me was that the reading implied that barriers to entry could be a good thing; "Entry barriers are advantages that incumbents have relative to new entrants" (p 81).

One part of the reading that was confusing to me "Supply-side economies of scale" because how can scale economies be found in almost ever activity in the value chain; what is the value chain?

If I could ask two questions to the author, they would be: When can substitutes have a positive affect, instead of a threat? When there is rivalry amongst competitors, what's the hardest form to compete in? 

I disagreed with the fact that the government isn't technically a sixth force just because government involvement is neither good or bad for industry profitability. 

Interviewing Customers No. 2 (Week 5)

1) Fine tune your opportunity. I think my idea is completely plausible because of "Bitmoji" because such a fad app. 

2) Fine tune the "who." Talking to teenagers/young adults who are the target consumers helped me greatly understand if my idea could actually become real.

3) Tweaking your interview questions. Asking questions like can you see yourself using bitmoji in 2+ years? Or would you purchase any accessories from my company "Accesastar? 

4) Go talk to customers! I've spoken with 5 young adults ages 19-20 who use the app Bitmoji.

5) Tell us what you learned about the opportunity. I've learned that if I create this business it could last for at least 3 years. I've also gained insight that people would appreciate a personalized accessory as a gift! 

6) Tell us what you learned about interviewing customers. I would ask questions about the future! Long-term success is key for a lucrative business. Ask them if they can see themselves purchasing, using the idea that you've created. 

https://youtu.be/vNVxYXBNedo
https://www.youtube.com/watch?v=aDYTVGycN10&feature=youtu.be
https://youtu.be/Oj8ev5yV67E
https://youtu.be/qIxOTxE7vag
https://youtu.be/8SII_EM6mak

Idea Napkin No. 1 (Week 6)

1) You. I’m Nhama Azani and I’m and advertising major. My talents consist of the arts, photography, sketching, painting, etc. I’ve been a photographer at my camp, and a night club. I’d like to become a logo designer. My business includes personalizing a graphic avatar onto accessories.

2) What are you offering to customers? I’m offering a new, innovative, fun way to accessorize plain things to liven it up. Also, giving people a new meaning to gifts that could be given for any occasion.

3) Who are you offering it to? Anyone that uses Bitmoji or even new customers that download the app just to get the avatar would greatly enjoy “Accesatar”. The demographic age usually ranges form 14-30, but more and more people ranging from 30-50 have been using Bitmoji so spice up their conversation between friends and family.

4) Why do they care? You can personalize anything you can imagine! Everyone will know it’s yours! It’s basically having your own label on anything you want. Also, it’s a great gift to give if your stuck and don’t know what that person may like!

5) What are your core competencies? No one has created the idea of personalizing to this extent. My business would offer practically any accessory in the book. Also, Bitmoji is only limited to the app but now it can appear into real life things!

I think these five elements make “Accesatar” stand out greatly. It explains my reasons for opening a business like this. Also, it shows that this idea can work for a long time. It could work for any user with the app, even if they’ve never used it, they can easily download it and simply make their own personalized avatar! With my passion and creativity, I can create Bitmoji avatars into real life accessories!

Reading Reflection (Week 5)

The biggest surprise to me what that in the article "Facing You Fear" that you should start small. I've always had big dreams and never thought about being somewhat practical at first but it makes sense for long-term goals to be possible. 

What confused me in "Why New Ventures Fail" was the subset labeled, Assuming debt too early. I'm unclear as to how "Some of the firms attempted to obtain debt financing too soon and in too large an amount" (p 265). 

If I were able to ask the author two questions I would ask: How can I scrutinize my own work so that I don't lack objectivity? How can I prevent any failure that anticipates technical difficulties related to the development or production of a product? 

I disagree with nothing throughout this chapter. Everything made sense and was clear and concise. 

Elevator Pitch No. 1 (Week 5)

https://youtu.be/KYUssA63Dps

My entrepreneurship opportunity is to create a more personalized, amusing, gift that can be given for any occasion. My business, Accessatar, will design anyone’s personalized avatar onto any accessory you can imagine. From coffee mugs to hats and pillowcases to underwear, we want to create it all!