30A- Final Reflection

1) Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread

This semester has been a blast, especially this course! I have developed many skills, including the ability to take constructive criticism and use it to better myself. The ability to use criticism not as a personal attack, but in a way to better oneself, is what i believe to be one of the major keys of many success stories. 

2)   What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?

This has been a very different experience for me than many other previous classes. This class has taught me many skills, from the interviews to the elevator pitches, to the cupcakes jam packed with useful information for eventual and hopeful entrepreneurs. The experiences that I will remember years later is the dedication and attentiveness that this class allowed me to develop along the course of the year. I was continuously reminded week in and week out, to complete the assignments given each each, and to complete them with effort and passion. I did just that and this class allowed me to further my forward thinking as an entrepreneur.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?

I think before the class I had an entrepreneurial mind and mindset, but this class certainly helped me refine and further develop that mindset. I have always seen myself as an entrepreneur, but I am grateful for the opportunities and lessons this class has taught me along the way. 

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?

I would recommend that almost every student be required to take ENT as an elective, so they can begin to develop an entrepreneurial mindset, or further their mindset and refine their vocabulary of certain terms by applying themselves during these assignments and taking proper notes so they can excel in the cupcake quizzes. I think the way to perform best in this course would be to set reminders weekly, so that these assignments are completed entirely and on time. I think fostering the mindset is ultimately up to the individual, everyone is different and people take a liking (or disliking) to certain attributes. I think in order for someone to develop this entrepreneurial mindset, they must be tough minded and focused on improving their future and mindset through particular entrepreneurial endeavors. 

29A- Venture Concept #2

Given the following feedback from various other students in similar positions, I would make this app service as easy and simple to use as possible. I would make it available to anyone who truly wanted to use the free service.

The opportunity to create a way for MLB fans to watch their favorite teams out of market has always been an issue. Paying for MLB.TV can be costly for a college student, but my idea creates an opportunity for college students to create an account that provides these students the opportunity to watch their favorite teams, out of the typical TV market by simply watching Advertisements and responding to questions provided by the companies paying for these advertisements. This will allow a college student to watch his favorite team for free, allowing MLB.TV to generate capital based off of these advertisements, while the companies are receiving valuable feedback. Though, MLB.TV does provide a service without these advertisements, this can create an opportunity for baseball fans to watch their favorite teams while saving some money!·      The forces or changes in the environment creating this opportunity is the option of watching your favorite team for free by simply responding to questions based off commercials and advertisements shown during commercials and after these games conclude.

·      The market can be defined as anyone with an interest of watching an out of market baseball game.Customers are currently satisfying this need by paying for MLB.TV or streaming their out of market game. I do not believe this opportunity is “HUGE” but can be an opportunity for Major League Baseball to receive critical feedback that many advertisers and marketing professionals would find useful.The window of opportunity will be open as long as there are baseball games being played.

I did not change much from the idea, I will simply be creating an app, website and marketing strategies for this new free service. The company will profit immensely off the selling of these free subscriptions, advertising and using user data to help further market these individuals.

28A-Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

After beginning the process of generating enough capital to governmentally subsidize, I would hope to execute this plan accordingly. If all goes well, the government subsidy would help the young lives of many Americans. These government subsidy scholarship winners would be given the opportunity to receive financial support for their college tuition, housing, etc. After creating a successful subsidy, I would eventually put this in the hands of someone I trusted dearly with this responsibility. This would be a similar strategy to “selling” my idea, though I would only be credited for this idea, and not benefit financially. I would stay with this venture for as long as I feel is ample time and the right time to step away. I would not intend to protect the venture as a family business or pass it down to my children.

2) Why have you selected this particular exit strategy?

I do not see this venture as a “career.” I see this more of an opportunity to get my “foot in the door” politically and help the lives of many college students, like myself. This opportunity would allow many high-ranking students the opportunity at discounted college tuition, alleviating the burden of college loans that many people face upon graduating college. I feel this is not a career because I do not plan to become a government employee, though accomplishing this would improve the lives of many young Americans. I have selected this particular exit strategy with the intention of changing the burden of college tuition for many young aspiring Americans. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I do not believe that my exit strategy would have much of an influence on the decisions that I would plan to make at the helm of this venture. I would treat this venture with its best interest in mind with every decision made. Since I will not be profiting personally off of this venture, I would make the decision that best benefits the students. This would allow me to gain the trust of many American citizens and eventually put this idea in the hands of another person with hopes of making college more affordable for hard working students. This person would be holding the fate and future of many young aspiring Americans. 

27A- Reading Reflection No.3

For my Reading Reflection No.3, I chose “Grinding It Out: The Making of McDonald’s” by Ray Kroc. In this 1977 memoir by Ray Kroc, the businessman behind the world-famous hamburger chain, discusses the story of his career, which wasn’t one of instant success. Kroc discusses the story of his career, which wasn’t one of instant success. Instead, Kroc worked most of his career as a salesman, first selling one product after another. It wasn’t until late in his career, at the age of 52, that he met the McDonald’s brother and turned their small fast food operation into an international success. In the process, Kroc changed everything about the American restaurant industry. Harvard Business School has called him “the service sector’s equivalent to Henry Ford.”

1) You read about an entrepreneur:

·       What surprised you the most?

• The lack of initial success these entrepreneurs faced. The ability for these men to battle adversity and failure throughout their professional career proves that you only have to be right once, something I learned in a book by the great venture capitalist and businessman, Mark Cuban. The many failures early in the professional career of these two “McDonald’s Brothers” proves that battling the negative and pursuing a positive dream leads to eventual success.

·       What about the entrepreneur did you most admire?

• The hard-working mindset of these entrepreneurs is what I admire most. Their ability to perform detailed and specific hard work, while maintaining the integrity and quality of their brand proves that McDonald’s cares dearly about their employees, shareholders, customers and the community.

·       What about the entrepreneur did you least admire?

• There was nothing that I disliked or did not admire about either of these two entrepreneurs. It was an absolute joy to read this book and would recommend it to any of my friends or family.

·       Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

·       Kroc’s success depended on keen business sense, stress management, and thrift: he was careful not to be extravagant with the company’s money, and he practiced techniques to manage stress when overwhelmed with the complications of running an ever-expanding company. His commitment to franchising stores helped scale the McDonald’s chain at a steady pace while encouraging entrepreneurship and ingenuity.

•  

2) What competencies did you notice that the entrepreneur exhibited? 

·      These two entrepreneurs demonstrated the ability to overcome adversity, learn from failure, maintain a quality image in the community, retain the integrity of the McDonald’s name, provide affordable food for many people worldwide.

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

·      There was no significant point in the reading where I became puzzled or confused with what I was reading, I simply continued to look forward to the next page of this book in anticipation of finding out what it takes to run a company such as McDonalds.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

·      “When things get tougher than you could have expected, where do you look for advice?”

·      “During the journey, was there a point where you thought about giving up? If there was one particularly important time where you thought about quitting, did it lead to an eventual success?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

·      I believe both of the McDonald’s brothers believe heavily in the art of hard work. I believe these two men would dedicate a majority of their personal business successes to the many hours of hard work and dedication devoted to their business venture.

26A- Celebrate Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

Being a former baseball player, I have experienced failure many times. In a game where only the very best batters will fail, some 7 times out of 10 and be an All-Star, baseball is a game of failure. Through long hours of practice and many tough games, I experienced failure quite a bit growing up. This adversity through athletics made me a stronger minded person and I am forever grateful for these experiences, both the failures and the successes. 

2) Tell us what you learned from it.

It took awhile for me to accept the idea that baseball could be a game of failure. There were many times I beat myself up after many tough games and didn’t give myself enough credit when I had a great one. Being a perfectionist in the game of baseball is not possible, and realizing that made me a much better player. I have grown from these experiences and become a stronger person from these failures. From playing a game of pickup basketball, Intramural sports or a video game, understanding that failing is okay is important for the mental longevity of these activities. 

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I think that failure is almost an essential part of success. Much of the reading in this class has shown that those who have failed many times have been able to succeed. When reading about these very successful people, we often realize that failure is almost inevitable and it is inspiring for many. This class has allowed me to realize that this is the route that many entrepreneurs will take on their road to success. It is important to learn from these failures and use them to fuel your success. Many failures are followed by eventual successes, and realizing why these failures happened and learning from these experiences is a vital part of success and something that I look forward to going through the thick and thin of my entrepreneurial experiences. 

25A- What's Next?

25A-What’s Next?

Objective: Set a course for growth for your business and develop plans for how you will grow in both a new market as well as in the market you have already identified.

Existing Market

·      Step 1: The next move for MLB.TV Ads would be to continue to develop with the right software for our marketing and advertising companies to assure that we are able to target these users to be firsthand, potential customers. The best way for us to do this is to continue to provide this service and provide feedback for our partners.

·      Step 2: Since COVID-19 has prevented us from interacting with customers in this market, I went ahead and interviewed my roommates, who are all avid baseball fans!

o   Zach is a New York Mets fan, who attends the University of Florida. Zach currently watches his New York Mets on streaming services such as Reddit. I asked Zach a few questions about MLB.TV Ads

o   “Would you use a service such as MLB.TV Ads, which would provide you with your live out of market baseball games for FREE!”

§  Zach answered “Of course”

o   “Would you be willing to fill out interactive questions and surveys after watching advertisements, in exchange for this MLB.TV offer?”

§  Zach answered “as long as I’m able to watch the Mets I’m in.”

o   Erik is an avid Pittsburgh Pirates fan, who also attends the University of Florida. Erik currently pays for MLB.TV’s package that allows him to watch any live out of market game for one yearly payment of about $150.

o   After interviewing Erik, the interactive advertisement feature was not something Erik was willing to do, since he has been an MLB.TV user for years being from New Jersey.

o   I asked Erik “What should we be doing that we aren’t planning to do?”

§  Erik responded “Make the interactive polls as easy as possible, to retain as many customers as you can. Since these advertisements can be a burden, be sure that they are easy for users.”

o    Finally, Adam is a New York Yankees fan, who attends the University of Florida. AJ is a special exception, since he uses his New Jersey cable login to stream his Yankees game on the YES! Network.

o   I asked Adam, “What should we be doing that we aren’t planning to do?”

§  Adam responded, “the idea of granting this service for free in exchange for interactive surveys and instant results would work best on college campuses and young professional workspaces. I don’t think the $150 expense will make a difference for adults, but college students, young professionals and even high schoolers would be more than willing to watch a couple commercials and press a few buttons with their feedback to save $150.”

New Market

Step 1: Identify a radically different market from what you’re currently planning to target. Since the market I am targeting is Major League Baseball fans, the radically different market from what I am currently planning to target would be those who are not so fanatical when it comes to baseball.

Step 2: I think the way my venture would be able to target those who do not have a fanatical interest In baseball would be interested in streaming their favorite TV shows in exchange for answering surveys and questions after commercials in exchange for saving those $8 a month on Netflix, or $12 a month on Hulu. This idea can evolve from MLB.TV Ads to Netflix Ads, Hulu Ads and beyond.

Step 3: Due to COVID-19, I was unable to locate two people from this new market.

Step 4: Since I was unable to interview these two people from this new market, I wasn’t able to really learn as much as I could about this new market. There wasn’t anything that surprised me the most. There weren’t any expectations/assumptions that were correct or incorrect, since I was unable to conduct these interviews. Though, I do not believe there is a market for those who do not enjoy watching baseball games. This new market of those who do not enjoy watching baseball does not appear to be attractive, at all.

24A-Venture Concept No.1

Venture Concept: MLB.TV Ads

 

The opportunity to create a way for MLB fans to watch their favorite teams out of market has always been an issue. Paying for MLB.TV can be costly for a college student, but my idea creates an opportunity for college students to create an account that provides these students the opportunity to watch their favorite teams, out of the typical TV market by simply watching Advertisements and responding to questions provided by the companies paying for these advertisements. This will allow a college student to watch his favorite team for free, allowing MLB.TV to generate capital based off of these advertisements, while the companies are receiving valuable feedback. Though, MLB.TV does provide a service without these advertisements, this can create an opportunity for baseball fans to watch their favorite teams while saving some money!·      The forces or changes in the environment creating this opportunity is the option of watching your favorite team for free by simply responding to questions based off commercials and advertisements shown during commercials and after these games conclude.

·      The market can be defined as anyone with an interest of watching an out of market baseball game.

·      Customers are currently satisfying this need by paying for MLB.TV or streaming their out of market game.

·      I do not believe this opportunity is “HUGE” but can be an opportunity for Major League Baseball to receive critical feedback that many advertisers and marketing professionals would find useful.

·      The window of opportunity will be open as long as there are baseball games being played.

The innovation in this concept is not necessarily providing out of market baseball games to those interested in watching their favorite teams from different markets, this already exists in MLB.TV. The innovation in this concept is providing these people opportunity to watch ANY out of market game by simply watching commercials and providing important feedback and opinions in order to continue the live stream of this out of market game. This opportunity to allow college students or adults willing to fill out these surveys after watching commercials would provide an interactive way for marketers and viewers to interact.

·      College students that pay for MLB.TV would be open to the idea of switching to the Interactive Ads subscription to save money. This would not directly affect the bottom line of MLB.TV since they would profit off of the companies paying to advertise.

·      Competitors include MLB.TV, online-streaming services such as Reddit. Though these competitors are different than this never before seen idea of interactive advertisements.

·      There is no packaging with this product, so packaging does not have any role whatsoever.

·      Price points would depend on the price that MLB.TV is charging for their service. This would allow MLB.TV Ads to create a particular amount of money the user would be saving. On other streaming services such as Reddit, there are no costs, but these streaming services do not provide live sports.

·      There is no distribution for this product, therefore there is no distribution roles.

·      Customer support is an essential and vital part of any successful business. We would provide our users with top notch customer support through online-chat rooms, phone technicians, and email respondents to assure that our customers are being attended to properly.

·      The Customer Experience is vital for MLB.TV Ads, as we must provide our customers with top notch interactive content from companies that are interested in acquiring the business of our viewers.

·      Business location would not really play a huge role in this company. Clearly, there will need to be a workspace for the employees, but that can be dependent on where it makes the most sense for the company. Since the customer service will be done online and over the phone, the office location is not a vital decision.

·      The organization of this business to support the ongoing production of the product, service and process would require enough interest from companies willing to market and advertise in an interactive way, creating an opportunity to receive instant feedback while our customers are able to watch their favorite teams. The number of employees would really depend on the number of users. There is no real way to pinpoint the number of employees that would be necessary until we create an idea of how many users, we would be providing this service for.

The three minor elements

·      The most important resource on this MLB.TV Ads venture would be acquiring the right analytical marketing company that can properly pair the demographic and customer market that we would target. A company that can determine what, MLB.TV Ads user, Jake Norman in Gainesville, Florida watching his Miami Marlins play against the Philadelphia Phillies wants to see. The company that would be able to use data collected by these users and allow us to properly place advertisements that would interest each and every one of our users is the most important resource.

·      The next step for this venture is to hit the ground running. Creating the opportunity to watch out of market baseball games for simply answering questions based off your data and providing these companies with instant feedback on advertisements and products would allow a symbiotic relationship between the users of MLB.TV Ads and the companies targeting these users with their product.

·      The next step for me, assuming we have launched, will be to direct and lead this project to its maximum potential. Creating an unforeseen opportunity for direct and interactive advertising on MLB.TV will create an opportunity for companies to market directly to their customers, while receiving instant feedback.

In conclusion, I believe that creating an unforeseen and interactive way for companies to receive first hand and immediate feedback from these users, who would acquire MLB.TV services for free in exchange for filling out these surveys and questions to provide this immediate feedback would provide companies with the knowledge needed to target their customers properly. Allowing these customers to market their customers directly will allow these companies to make the necessary adjustments necessary to acquire the business of these users and many mo