Halfway Reflection

1.      So far this course is interesting to me in different facets.  I t is interesting because I honestly did not know what to expect at first, so the layout and the format of the course is interesting and it fosters more creativity than I thought it could.  With that being said, if one is not tenacious mentally, then this course presents problems.  One must be able to appropriately manage the time needed to complete each individual assignment, and the course continuously tests one’s idea, by taking criticism and approval.  For me I have become more tenacious through this course as time has gone on.  I have realized that whether you complete the assignment early or at the last minute, one key is looking ahead.  If one looks at the assignment early ideas are able to float around in your head, creating ideas and it makes the assignment easier to complete especially if exterior conflicts arise and one must complete the assignment at the last second.  I would also say that watching the lectures helps me keep up with the course.  This is because the lectures add a level of interaction, despite being through an impersonal media connection, that helps explain questions I’ve had and gives rise to more ideas in relation to the individual assignments.  As well, I have learned more about the entrepreneurial process through the lectures, which is in conjunction with the assignments.  All of these ideas help finish the assignments and help me stay up to date with the course.

2.            There have definitely more than one instance in which I wanted to give up in this class.  For example, even though I am a waiter I still have difficulty going to people for feedback on an idea even with my own family and me knowing it is for school.  When I was completing Testing My Opportunity Hypothesis Part 1, I just did not want to do the interviews.  I told myself and just made myself start the assignment.  That sounds simple, but procrastination usually exists before that assignment or chore has been started.  Once started, and as we finish individual parts, we as humans feel a sense of accomplishment which helps us push through the task.  This is why I just forced myself to start the assignment.  Once I finished one interview I told myself that I was already 20% done and I could make it the other 80% of the way and finish the assignment.  Otherwise in regards to developing a tenacious mindset, I believe I have developed different facets of a tenacious mindset. It might be self-involved but I believe that regularly I have a tenacious mindset but involving many aspects that do not involve school, like my job.  From this class, I have developed a more tenacious mindset to combat my procrastination and imaginary mindset.  Other than the example I previously mentioned, the due dates and constant classwork with weekly due dates has forced me to stay up to date with the class which is usually very difficult for me with other online classes.  Also I have always considered myself as a rigid thinker, and definitely not as an individual who thinks outside the box.  The Bug List assignment really opened up my mindset and thinking.  It made me realize that thinking of ideas or being an entrepreneur has nothing to do with thinking outside the box.  It made me realize that it was more about thinking about problems that people face and then identifying five whys to why that problems exists to find the root cause of that problem, and then setting out to solve that root cause. This is how I have improved the imaginary tenacity of my mindset during this class

3.

Fostering skills that that foster tenacity

Do not procrastinate.  Assignments will get done quicker and ideas will be fostered better if the assignment is done sooner.  It will help better ideas come to mind.

Sit down and plan your week out around the assignments with this class.  This will allow you to allocate the appropriate time needed and if you are on a time crunch it forces you to know when you must finish the assignment by.

Look ahead.  Yes, like previously mentioned plan for the week, but don’t narrow mindedly get stuck in the current week.  Thinking ahead allows you to foster better ideas and be better prepared for the class.

Developing a tenacious mindset

Don’t give up.  It will make you stronger.  If you give up on one assignment, you will be sure to do it again.

Take the comments that people post seriously.  This will help improve your ideas and be better prepared to hear constructive criticism.

Lastly, try your best.  That sounds cliché, but you never know what you may think of.  This class, at least will help become a better thinker and develop a tenacious mindset. For that to occur, you have to try your best and put all your effort into every assignment.   

Idea Napkin No. 1

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?

1) I am a very analytical person.  I enjoy working with numbers, which may seem odd, but I truly do.  I’m good at finding patterns in a set of numbers, while taking into account external factors that might contribute to the numbers, being that certain pattern before indicating any causality between the two.  I like to plan things always, whether it is the day of, the next week, or the semester.  I therefore love set schedules that do not have moving parts and are very simple.  Other than analytical types of problems, I am very athletic.  You could say that is a talent but it allows me to exercise and workout, which was originally my central theme following my original entrepreneurial idea.  This assignment made me focus on my aspirations.  It made me start to think about, what do I tell people when they ask me what I want to do and what my end game is with my accounting degree.  I always have responded saying that I aspire to start my own wealth management group.  Traditionally people think of wealth management groups as greedy hedge funds managers making a lot of money, but I would divide my wealth management group into segments or departments to be able to target different segments of customers.  Once started I see this playing a role in my life because I could be able to utilize my analytical abilities to help the more and less fortunate.  I see myself being able to live and sell my company on a day to day basis.  If I can make you more money than you can yourself, therefore making me more money, why not?  It may seem greedy or whatever but there are a large number of people who want more money or want even more money on top of the money they already have.   

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

Individuals all have the money but truly don’t understand the concept of growing one’s money.  More than 50% on America lives paycheck to paycheck.  If I can coach, teach, and help individuals not live paycheck to paycheck the economy and system will be better off as a hole.  They can start to not worry about money to meet all their needs for their bills they have. 

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?

The customers would be a wide range of customers.  I would be able to offer products and funds – similar to a hedge fund – that higher income individuals can put their money into to earn a greater return.  These customers would be making above $250,000.  Then I would also be servicing other customers, through a separate division, targeting lower income families.  under $50,000.  These customers would be targeted to give advice and guidance to help them save more, earn more money, retire sooner, or even go on that next family vacation sooner than expected.  

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. 

They care because I care.  That may seem vague or not strong enough but that is how people tend to listen to me.  I have a big heart and I do want the best for people.  Trust is something built over time, but it is something I can sell.  With the trust I can then sell them the possibilities that can be achieved or the hardships that can be forgone by helping all of these individuals manage their money better, either through advice (consultation), or management of the money itself by my firm. 

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

What sets us apart is that we would service the low income individual.  Many wealth management companies have high minimums that low income individuals are absolutely not able to achieve.  The income inequality gap is widening with more individuals at the low income end of the spectrum.  My firm would address the needs of those people which far outnumber the high income individuals. 

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. 

I believe these five elements fit together better than I had expected.  I switched up my original idea because of this assignment.  As my original thoughts about answering each question in regards to my original idea came to me, I realized they did not fit together well. This is why I switched my idea up entirely.  This does not mean that the elements of my new, current idea fit perfectly together, but they still fit better. Most importantly it incorporates my knowledge combined with my passion to helping people.  This allows for emotions to help seel my idea and my firm versus my other idea.  

With this post, you need to include the phrase "Idea Napkin No. 1" in the title. Once you have published this post, be sure to Share the post URL and make the appropriate Declaration.

Elevator Pitch No. 1

My business will be named Gym-in and it will solve the problems that gym users face from providing workouts and giving the ability to share them with other friends.  This will be integrate in a mobile app so gym users who never track a workout or do not understand how to do a workout they will now be able to.  Also I have built extra revenue streams surrounding the leasing of equipment.

Here is my link to my first elevator pitch and below the related text.

My Elevator Pitch #1

Have you ever got to the gym and forgot your workout plan?  Have you ever needed guidance on an exercise? Do you ever have yourself wasting time in the gym trying to find your next exercise?  Yes, we have all had these problems or similar ones pester us while we are trying focus in the gym.  My mobile gym app will never let you miss an exercise, the next or your next rep.  Gym-in will be your in to your own personal trainer.  Find workout plans for any type of goal ranging to satisfy the needs of beginners all the way up to gym experts.  Even experts have a few questions.  Our team will be able to provide this information to these users free of charge through advertisement placement throughout the app and website without distracting the user.  We will generate revenue through our integrated business to business lease of gym equipment new and used to help even those individuals with a dream to start a gym and the professionals to have the newest gym equipment at all times at a reasonable price.  Together we can promote fitness throughout our country and help our country fight our obesity epidemic one step at a time.  And by the way, when someone asks what workout you are doing all you will have to do is press the share button as we spread the Gym-in phenomenon throughout the country.  Thank you very much.