Assignment 22A: Elevator Pitch No. 3

https://www.youtube.com/watch?v=T8ktjH6x_8o

This is the first time I am doing this assignment, therefore, I did not have any previous feedback. However, I tried my best to present as well as I could.

Assignment 23A: Your Venture's Unfair Advantage

1)     Determination

V – this is valuable because without determination, there wouldn’t be motivation.

R – this can be rare because people easily become discouraged.

I – this can be imitated by anyone if they have their mind towards their goal.

N – Motivation can only be substituted if everything goes according to plan and there are no obstacles.

2)     Economic Knowledge

V – this is valuable because this helps with the understanding of supply, demand, and factors that affect them.

R – this can be rare because not everyone majors in economics.

I – this can be imitated, but someone might miss certain aspects because you need to know the field well.

N – nothing can substitute the knowledge of economics.

3)     Networking

V – this is valuable because it would help me get into the industry and sell my product.

R – this can be rare because not everything knows an insurance agent personally or knows a person who owns a driving school.

I – this can be imitated because you can always try to network.

N – this cannot be substituted.

4)     Detailed

V – this is valuable because I will make sure everything is perfect and not leave out little details.

R – this can be rare because some people tend to miss out on certain details

I – this cannot be imitated because it is engraved in personality

N – this can’t be substituted.

5)     Marketing

V – this is valuable to bring demand and recognition to the product.

R – this is not too rare because this can be hired.

I – this isn’t hard to copy

N – this cannot be substituted because marketing is essential.

6)     Contact with consumers or public relations

V – this is valuable because it helps you learn and develop your product based on feedback by consumers.

R – this can be rare because certain companies do not directly talk to their consumers about their product

I – this isn’t hard to copy

N – can be substituted by research instead of actively speaking to the consumers.

7)     Experience

V – this is valuable because I am a driver too, so I know how it is in the industry.

R – this isn’t rare because most people are drivers.

I – this isn’t hard to copy.

N – can’t really be substituted because you are either a driver or not.

8)     Product will become necessary in the future

V – this is valuable because it will be become necessary for my product as there will be more drivers on the road in the future. Room for growth for product.

R – this isn’t rare because some industries are growing too, not only insurance

I – not hard to copy

N – can be substituted.

9)      Support of insurance companies

V – this would be valuable, so they might help promote the product and they want to decrease claims.

R – this is rare because not all companies will support a product like this one.

I – hard to copy because not every company will create a product like this that will gain support from insurance companies.

N – cannot be substituted.

10)   Goal is to make a change

V – this is valuable because consumers will realize that this product isn’t mean to rip someone off, or try to scam them, but it’s to make a difference on driving habits, safety, and insurance rates.

R – this is rare because consumers usually think businesses are only profit hungry.

I – this can be copied because companies can always set their mission to help the public.

N – can be substituted by other products.

After doing all this, it makes me realize that it was difficult to come up with ten things. In addition, it was even harder to come up with things that you can VRIN analyze. I think my resources are matching up well. I think the top resource is having the product be something that will be necessary for the future.

Assignment 21A: Reading Reflection No. 2

Book: How to Fail at Almost Everything and Still Win Big, Scott Adams

1)    What was the general theme or argument of the book?

The general argument of the book was no matter how many times you fail, you can always achieve your goals and succeed. This book is very empowering and eye opening in the sense that it reminds you that everyone fails too, but it can be overcome. In addition, this book also is somewhat comical as the author describes his “fails”, which helps the reader relate to the author more.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book connects and enhances what we learn in ENT 3003. In this class, we are set to have entrepreneur mindsets. There have been countless times I have come across the term “determination”. The previous book I read about Chanel, I also learned that it was important to never give up even when you fail. This book is another prime example of showing that anything is possible. Therefore, in order to become a successful entrepreneur, you must cope and deal with failure before you can become successful.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

Based on this book, I would probably design an exercise where I would ask students to name something embarrassing or “fail” that occurred while trying to achieve something. For example, it could be someone tripping while walking up to make a speech. However, this exercise would focus on how amazing the person did afterwards and how the fail literally didn’t mean anything at all! So for that example, the student would mention she made an excellent speech in her speech class, that earned her an A… so it relates to the book, no matter how badly you fail, you’re a winner.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest surprise or ‘aha’ moment for me was the ability to realize that your fails are not always the end of the world. I feel like that book taught me that the most. Every time I would do badly in something or fail at something, I would feel so embarrassed and ashamed of myself. But, this book taught me that it’s just one ridiculous mistake and that shouldn’t be taken too seriously, and that this little fail will not shape my future.

Assignment 20A: Growing Your Social Capital

Person 1: Supplier

This person is one of my best friends and she works at a local insurance agency in Gainesville. She write policies, as well as deal with policy changes and anything else that may impact a policy (claims, violations, etc). She was able to give me some more insight on how insurance works and how premiums are impacted. She absolutely agrees that my product would help the industry, not only just the consumer but the insurance companies as well. Having a network with her while creating this product will not only help me achieve more insurance knowledge, but it will help me learn about it from someone who actually works in insurance so it would be more reliable. In addition, I would be able to know how insurance companies respond to the usage of this product once consumers start to show better driving habits.

Person 2: Domain Expert

This person owns a driving school that teaches teens how to drive prior to them obtaining their drivers license. He is in his 40’s and graduated from University of Miami with a degree in Business. He currently lives in Naples and his family owns a driving school there. His goal was to teach young drivers how to drive better and defensively, in order to minimize accidents and create good driving habits. I actually found this person through a family friend. One of my dad’s good friends knows him; therefore I emailed him and later set up a phone call. He was really nice and helpful, and gave me great advice. He believes that my product would be amazing for new drivers, and he also suggests providing them to driving schools as well. I feel like if I were to provide my product to driving schools, by knowing him and working with him, I would be able to develop the quality of my materials in my product since he can give me feedback.

Person 3: Market Expert

This person is a co-worker of my best friend (person 1). This person is actually an actuary at the insurance company and is friends with her. My friend was able to set us up with a phone call, where she explained how insurance companies work and how they come up with their rates. She advised me that although teaching people new driving habits and minimizing claims will drastically decrease the chance of rate increases, she still mentioned there is a slight chance of minimal increases, due to inflation. Regardless, she thinks my product is an excellent idea that not only will help premiums, but will save lives. Having communication with her will help ensure I obtain as much information as possible about how insurance companies are responding to renewals, and how they are adjusting their rates. This would give me better insight on developing my product, as well as obtain accurate information to teach my consumers.

Final Thoughts

This experience really opened my eyes and made me have a better insight on my products. Networking really helps and most certainly can help my product become even better. Knowing more than one person in the industry can give you insight on many things, including perspectives, and most importantly, constructive feedback for improvement.

Assignment 19A: Idea Napkin No.2

1)    You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a college student finishing up my senior year. I am studying in Economics and my dream is to become a professional/commercial pilot. I have lived in Thailand for 16 years and I am fluent in English and Thai. I am very organized, and I am great at focusing on tasks. In addition, I do great in making decisions based on what’s right rather than make decisions with my feelings. Regarding my business concept, I feel like it would be beneficial for my life. My business concept would educate young drivers and drivers who received a DUI in better driving habits, this will result in less accidents and a lower chance of premium increases.

2)    What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product I am offering is education on how our driving habits affect insurance rates. In addition, young drivers and people who were arrested with a DUI will be taught how their driving habits affects all drivers, and how this affects their insurance rates. There is an unmet need in road safety, where it would in turn help people become more aware of their driving habits, resulting in less accidents, which ultimately lowers the chances of rate increases… because who wants to pay more, right?

3)    Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

This product is offered to all drivers. All drivers will have to become insured, which means they would have to pay for insurance premiums. Drivers are also impacted by how others drive on the road.

4)    Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

Licensed drivers care about this because it affects their safety and how much they are paying for their premiums.

5)    What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

My core competency that sets me aside is that I know exactly how my consumers feel about this situation, because it has impacted me. I have also experienced rate increases where I have never had an accident or a violation. Therefore, I am determined and focused in fixing or minimizing the issue/impact for all drivers. Ultimately, nothing will change if our driving habits do not change, because insurance companies are also a business, so they can’t just tolerate losing money by keeping rates the same.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

Based on the elements, I feel like they fit together, and it does not make the aspects of my business weaker. I feel like this product could potentially make a great impact on all drivers. This would promote a safer driving environment and help decrease the chance of rate increases.

Assignment 18A: Create a Customer Avatar

My customer is going to be a mother of two aged 41. Her eldest child is 14 years old, and she has a 10-year-old daughter. She drives a 2017 Toyota Highlander while her husband drives a 2017 Toyota Camry. She works at a local hospital in the administration department, and her husband works at a local bank. She works very hard, and her kids are also very good students. She works from 8:00 am to 4:30 pm every day. She picks up her kids from school once she is off work and take them home to do their chores and homework. While she waits for her husband to get home at 5:45 pm, she starts preparing dinner. After dinner is done, her and her family gather around the TV room and watch movies together before bedtime. During the weekends, she loves to spend time with her friends and family. She really enjoys watching Law and Order with her husband, and Simpsons with her two children. She is a great driver and is very careful with spending money as she is saving for her eldest son’s college tuition.

I can relate to this woman because I was raised in a very similar manner. Now, since I am much older, I am somewhat living a life like hers. I work full time, and I go to school full time, but our lives are very similar in terms of goals and what we spend most of our weekends doing. The only difference is that she spends her time with her children, I spend time with my textbooks and learning.

 

Assignment 16A: What's Your Secret Sauce?

Describe five ways in which you think you have human capital that is truly unique.

1)     I am pretty good at focusing on a certain task and my concentration is pretty good. I can study or work on something no matter how loud, hectic, or chaotic the environment is at. I tend to block the noise and I do not notice it while I am focusing on a task. Even when someone or something distracts me, I can always go back to my train of thought.

2)     I am very organized when it comes to planning things. I always have a calendar filled out wherever I go so I see my daily, weekly, and monthly agendas. No matter what happens, I always need to have it written down and I always stay on top of it.

3)     This ties into my first point. Since I am good at focusing and concentration, I always end up finishing my work quickly. I typically do not take long to complete tasks because I do not take any breaks and give it my all.

4)     I pay a lot of attention to detail when I see something. I tend to remember things from movies or events that happened in so much detail, and when I tell my friends about it they never noticed. Also, whenever I get something done, I always make sure it is done correct. So, for example, when I would call Cox about my bill, I ask thorough questions and never leave out anything, my roommates appreciate that because they always forget to ask them something, so they always make me call them.

5)     I guess I could say I try to be a relatable person. No matter what the situation someone is going through, I try to sympathize with them. Even though I have never been through it before, I am able to put myself in their shoes and understand.  

Interview

Dad: My dad says I’m very determined and very independent. He says I can get around on my own and do things on my own without any help. In addition, he thinks that I have a lot of determination, and I am always trying to learn new things.

Mom: My mom says I can be stubborn, but sometimes that isn’t a bad thing. That just means that I won’t stop at anything to get to my goal. In addition, she stated that I’m honest and will always speak my mind.

Brother: My brother thinks I’m humble and that sometimes I don’t give myself enough credit. He pointed it out that I have good memory (referring to my attention to detail) and I always help people when I can.

Best friend: My best friend says I can be very feisty, but in a good way. She says I’m very understanding and I do everything I can for the people I love. She thinks it’s awesome how I can focus anywhere.

Best friend: My other best friend thinks I’m the best person to talk to when he needs advice or needs a friend to talk to. He states I never use my emotions to make decisions and I always make decisions based on what’s right and wrong. He appreciates that.

Reflection

I feel like based on what I see myself and what the people close to me see, they aren’t too different. Like my brother said I don’t really give myself much credit so I don’t see too many positive things about myself that they do. Everyone knows me so well so they are very familiar with the list of five unique qualities.

Assignment 15A: Figuring Out Buyer Behavior No. 2

Interview 1:

The first person I interviewed is one of my friends, she’s a senior in high school. She drives and pays for her own car insurance. She informed me that she never looked for this information until recently, only because she had a rate increase and was very upset about it. She only called her insurance company to find out what was going on. Once they advised her of what happened, she feels like she should have been told all this prior to even getting insurance. Price and quality matters most to her in terms of insurance, so she doesn’t mind paying for higher premiums now because she doesn’t want to leave the company. If the course was available she will probably take it online. She feels this product and service will greatly help drivers become more aware of their driving habits, in turn decreasing claims and minimizing rate increases.

Interview 2:

The second person I interviewed was a lady aged 28. She is currently a nurse and pays for her own car insurance. She knew about the reasons behind rate increases. She told me she found this out a couple of years ago when her rate increased after the hurricane, she Googled and called her insurance company about the increases and learned about why that occurred. She told me Google is very vague about these reasons, therefore, she believes that having an online course would be beneficial, she even said she would love the course to be available to her children one day.

Interview 3:

The third person I interviewed was an elderly man. He informed me that he knew of the reasons insurance companies increase their rates. He stated he found this out through the internet but did not specify which websites. He also stated he called his insurance companies before about the increase. Once I asked him if the course would be beneficial, he stated that it would be, but he still does not agree with how the insurance companies handle the situation, and that drivers should never be placed in this situation in the first place. Overall, he said he would want his grandchildren to eventually learn about how it works, but still thinks that it is ridiculous that he must pay for other people’s mistakes.

Assignment 14A: Halfway Reflection

Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course? 

My behaviors that I used was time management and to plan things in advanced. I know it would take time to complete assignments, especially ones that I would have to interview. I also had to consider the interviewees, since I would want to give more time to find the best response from the interviewees because not everyone I interviewed was able to provide me with much information. In addition to that, the behavior that I developed in this class was to thoroughly express my ideas and thoroughly research my ideas well.

Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

Sometimes I wanted to give up when I read the assignments and find that I would have to interview people. I don’t like interviewing or talking to people because I feel awkward. Seeing that I had to interview at least 5 people per assignment really made me nervous. However, by conducting these interviews, I felt more relaxed and more confident, especially hearing that most of them feel the same way about my opportunity. I enjoyed hearing other people’s inputs about the situation.  

Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1)    Plan ahead. Even better, to set up a schedule on when you are planning on watching the lectures, when you plan on interviewing people, and when you plan on writing the assignment. This point is crucial because you will have more than one class, so you will be busy. Planning will help you stay on schedule and not overwhelm you.

2)    Be motivated. You might find yourself becoming less motivated as you see assignments every week, but do not give up! It is very important to choose an opportunity and product that you are interested in, so you will never lose interest. Prior to choosing your opportunity or product, make sure you do a lot of research and this was not last minute.

3)    Be open minded. This is important because not everyone is going to agree with your ideas and your product. It is important to be open minded about people’s feedback, in terms of comments on your posts, and even feedback from interviewees. Their ideas and feedback are going to be beneficial in order to make your product/service better, which results in a better-quality work.