Venture Concept No. 1

Opportunity:
The reading states that a venture concept may be defined as the application of a specific innovation to address specific opportunity. Therefore, my venture started because I first saw a problem and I found a solution. Then, I realized that finding a solution for this problem was an opportunity to begin a business. Therefore, the problem was that many students including myself forget when there assignments are due. I decided to create an app that will be synchronized with canvas , and that will be constantly reminding students with a lot of anticipation when to turn in their assignments. 

Venture concept:
The market right know is define demographically I will first begin with UF students; however, in a future I would like to expand to other universities. My customers are UF students and it will satisfies their need because I’m pretty sure that their grades will change drastically. This is because many students work and have other actives.So, it is very hard for them to keep up with everything. So, UF Smart Planner will do the planning for them. This is a big opportunity because I feel that many of them will use it and more in UF since it is a very competitive among students. Many students care a lot about their classes ,and they will not miss this opportunity. At this point, I don’t really know how long the window of opportunity will be opened I have to first se how the business begins in order to answer the question. Once I have my business, I have to start thinking how can I innovate.I know it will take time and money but it is necessary. 

Innovation:
Innovation is important because there are always competitors in the market and innovation can be a competitive advantage. I will also try to be better than my competitor by analyzing their service and seeking out what is working and what is not working. The actual concept of this venture is to help students because I’m one ,and I feel they would do much better with this new app. The idea is to begin with this venture and then innovate, or start another one with the same purpose. At this point, I don’t have the idea of what would be the other venture; however, the idea will also be to help students satisfy their needs.

Week 11 Reading Reflection

Innovation strategy is very important and essential in order to succeed in the business world. What brought most my attention about this reading is that innovation initiatives frequently fail, and successful innovators have a hard time sustaining their performance. Innovation is a whole process; therefore, takes a lot of time and money. However, it is very important to keep innovating because we are living in a world where technology and other competitor are always appearing. Also, nowadays everything is changing and what is most important customer are changing their preferences.

Amazon Whisperer

I way I would make money is buy selling my service to the students they just need to buy my app.The next product I could offer has to be also for students. Something that could help them with their classes like “UF Smart Planner” the idea is to find an opportunity that is causing them problems. However, the new service has to be something creative that will capture my customers mind. This new app has to be better than the first one I created. I think this new product would make a good addition to the one I created because I would the purpose of my both product is the same.

My Unfair Advantage

1.    Social capital, I already have the social capital for my venture. I have the people that will help me with the app. The cool part of this is that the people that will help me are people my same age or even younger.

2.    Financial capital, for my project I don’t need too much money people with the people that will help me will gain profit if the project goes as we expect it. I don’t know yet how much money I will need for my venture.

3.    Also, some benefits I have already is that there are a lot of students in UF that will probably will need the app; therefore, I already have the customers

4.    Something that is very important is that I have the knowledge of the people that will help me with the app. I need someone who is expert in technology and advertising and I already have the contacts.

5.    I have experience because with all the interviews I did to students. I have is a solution for a problem that is affecting students in their grades. Therefore, I really have prove that it will work, and the most important is that my customers will be happy.

6.    Another, resource I have is that I have an analysis and already know my competitor and I have strategies to become better.

7.    Since this is an app for smartphones. I don’t really need a location.

8.    My organization culture is very opened minded. I’m willing to listen to many opinions. Also, this is more like teamwork because I can have I idea of what I want; however, I need advise of my customers and of the people with who I will work with.

9.    The resource that is very valuable for me right now is technology. Without technology my project would not be possible.

10. Finally, another resource that will help me is this class. I feel that I’m learning too much that it will be useful for my future.

Week 10 Reading Reflection

For this weekly lecture, what captured my attention the most was the principal financial statements needed for any entrepreneurial venture such as balance sheet, income statement, and clash flow. What took me a little bit of time to understand was the outline process of preparing an operating budget. Also, how pro forma statements are prepared.