Week 13 Reading Reflection

What captured my attention the most of this reading reflection was the valuation of the venture.

The valuation of the venture is composed of emotional bias of the seller,the reason for acquisition and the differing the goals of the buyer and the seller.This are issues when acquiring a venture which are very important because basically states why your venture exists.It is important to access to new products or expand the existing product line.Moreover,to reduce indirect and direct operating costs and fixed costs by using excess production and service capacities and by eliminating duplicated operations.

Celebrating Failure

I failed by not trying to procrastinate. I know that my performance in college would be much better if I did things with more anticipation and this is constantly happening. I always try to do things on time, but for some reason I leave everything to the last moment. This is a very bad habit and it has become very stressful. I try to organize my self by writing everything I have to do; however, it is not working for some reason. I have to admit that it has improved; however it is still happening. I know I have to change the way I think and start doing my things with more anticipation. Failure in some way is good because it can make you improve by avoiding in what you fail. I learn from this class is that I see my failures as an opportunity. Opportunities that in a future can have positive outcomes because we have improve in what we are failing.

My Exit Strategy

I plan to exit my venture when I get old. However, I would like to make a family business. I’m about the idea to begin a business and make it grow. Therefore I will motivate my children or grandchildren to make my business grow. This is a big opportunity for my future generation because the idea is already established they just need to organize and keep innovating. I selected this exit because I would like to give my future generation a business that it is already stable .I would not like to see my children unemployed or struggling with money. My exit strategy has influenced other decisions because I’m a family type of person, if I have an idea I first talk with my family members before doing anything .So, I would like to make a venture that will be useful for my family not only for my personal benefit. Also, it will help my venture grow because I think I will teach  and motivate my children to make my business better than what I did.

Week 12 Reading Reflection

 

What stood out the most for this weekly reading reflection, was the life cycle of the venture. I learned that at this this it is very hard to have stability in the market. This is because people are changing preferences, new competitors and the most important technology. Therefore, I guess then only thing that would give stability to a company is innovating constantly. The part of the reading that was a little bit confusing was the key differences between an entrepreneur mind set and a manager mindset. For me ,both are like the same son I don’t really get what is the actual differences.

What's Next

Growth is an essential key in order to succeed in a business; Therefore, I have to plan new ideas in how to grow in my both my new and existing market.

Existing market:

As I stated before in my other assignments, I’m developing an app that will help students organize their assignments, so they wont forget when their assignments are due in canvas. However, I have to plan something different because there is an app similar to the one I created. Therefore, I have to plan a strategy to have competitive advantage in the market. My potential customers are students, but I would like to change and expand my customers. First, I want to start with UF students, so I interviewed 3 of them. They told me that I should do something revolutionary that will help students in their courses. My path for the future is to facilitate student’s life this is because I’m a student and I sometimes struggle with time. The students I interviewed said that my app should be linked with to other apps like Skype, she told me that the idea is to go further and not just calendars and reminders. Another, customer said that interaction within other students would be a good idea and my “new market” is more about students helping each other.

New market:

For my new market, I have the same concept of my existing venture, which is to help students through college. However, it is still very different from the first one because this new app is more about interaction among student’s more than just reminders. I think it is a good idea because most of the college students are all the time in their smartphone, so this could be a good way to spend their time instead of just using Snapchat or Instagram. So, I have to make it something fun, but at the same time they are still learning.

 Therefore, this new app will create groups for people that are taking the same course. Therefore, they will help each other to accomplish well their assignments. Many students don’t like watching the lecture because they say it is boring; however, this app will facilitate this because their will be student that will summarize the most important factors of the class. Moreover, if they have any questions they can just ask other students. I think this is a great opportunity because some students are afraid to ask questions in class, so I think this app could be very useful. For this new venture, I also plan to grow, but first I have to have more feedback. I think that group study are very useful and this would be a kind of “group study” be more adapted to the world in which we are living since smartphones are used for almost everything nowadays.

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.