Half-way Reflection

First off, I have thoroughly enjoyed this course and the challenges that it has made me complete, even if some of them put me out of my comfort zone. Some behaviors that i have used to keep up with the requirements of this course are optimism, because talking with strangers can be very intimidating so I tried to make the best out of it by going into each assignment with positivity. I also tried to always have an open mind with each assignment, and I would try to put myself in the position of the customers I was talking to. After doing so, I realized it wasn't that odd to randomly approach someone because I wouldn't mind if someone came up to me and asked me to help them with something. Also, I developed better time management skills during this course because a lot of the assignments require time and effort that cannot be completed at the last minute. 

A moment when I felt like giving up was when we were assigned the Free Money assignment. This exercise especially brought me out of my comfort zone and I almost didn't complete it because I felt so weird about doing it. However, I decided that it really wasn't' that bad and I should just go for it and do it, and what do you know, it was not as bad as I though it was going to be. It was still very awkward, but I got it done and was very proud of myself for doing so. I think I have somewhat developed a tenacious attitude just based on how often I was put out of my comfort zone during the first half of this course. The customer interviews definitely contributed to developing this attitude.

Three tips I would offer to next semester's students would be:

1. Just go for it. If you feel odd or weird about doing one of the assignments, try to overcome it; you will be happy and feel accomplished once you complete the tougher assignments.

2. Don't procrastinate. Allow a lot of time to complete these assignments because they require a lot of effort on your AND other people (interviewees) part.

3. Take it seriously. It will only benefit you in the end, especially if you are going to be an entrepreneur someday.

Week 8 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I didn't know that there were so many ways to finance a business with the help of loans from banks and other investments. It shows how difficult it is to start up a venture especially when you have limited funding and don't even know if your business will be as profitable as you think it will be.

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

One part that was confusing to me was the part about private placements. I don't really understand how an entrepreneur would use this method.

3) If you were able to ask two questions to the author, what would you ask? Why?

Is there any way to back out of equity financing once you start? If I were to share 20% of my company and then all of a sudden my business booms and I'm making a lot of money, would I still give them 20% no matter what? It doesn't seem fair after a certain amount of time.

How would one become a "sophisticated" investor? I'm sure it takes not only a lot of research but also a lot of time and experience.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

While talking about all of the myths, I thought that venture capitalists were quick to invest in businesses that think will be  very successful, but one of them says that they aren't quick to invest. I think that some might be quicker than others when choosing investment strategies.

The Twenty Percent

1.) Find a business owner and go talk to them.

I decided to interview the owner of One Love Cafe for this assignment, because I felt the feedback I received from customers could help with the business.

2.) Talk to 3 Customers.

After listening to who Juli thought her target market was, I went out and found customers in that demographic. She pointed out a couple of regular customers who would be perfect for interviewing since they are in the twenty percent.

3.) Reflect.

Yes, the entrepreneur does understand her customers' demographics and their needs, and she is constantly going around to customers during business hours to ask them how everything is and if there is anything she can do to make them happier while at her business. She is definitely right about who her twenty percent is and is constantly seeking feedback about things that she can do to make her customers' time at her restaurant more enjoyable.