30A, Final Reflection

There were a lot assignments in the class and many of them took much longer than what I initially thought.  However, I learned a great deal about what it takes to be an Entrepreneur and the thought process behind it.  I always knew that failure was a part of growing, but I didn't realize that it was so prevalent in Entrepreneurship.

I believe that the most formative experience was the elevator pitches.  While no one enjoys creating these, it is a very important skill to have.  Not only as a potential business owner, but as a job seeker.  You will have to sell the need that you are going to solve,  either as an employee or as the vendor selling your product or service.  While I did totally blow an assignment by missing a due date, I was able to successfully complete the other 29 on time.  Hopefully there is a last minute curve that will get my grade back up to an A, because I am just a few points short.

While I do not see myself as an entrepreneur.  I have a better understand of what's involved more than I did to previously taken this class.  There were a great many items that I would have never thought needed to be accomplished that are definitely a necessity in opening any business.

I would recommend that all students work ahead and keep a tight watch on the assignments and due dates.  Because if you miss one assignment, you will almost certainly drop one grade due to the difficulty in the cupcakes.  I would also advise that there is no way to study the cupcakes as they are so random that they are frustrating.

29A, Venture Concept #2, Quality Property Management

Opportunity
There is an opportunity to create a property management company that is designed exclusively for short-term rentals along with investors with the intent to lease and individuals with second homes.  The unmet need is that many of the aforementioned individuals do not have the time nor the desire to maintain these properties, especially if they are revenue producing properties.  While there are many property management companies, both large and small, there is an opportunity to exploit the markets by providing efficient, cost effective, and quality service.

The market will typically be a middle-aged individual who is looking for investment diversification and reliable growth.  The customer is currently satisfying this need with current vendors that are available in the region.  Not many of the customers are loyal and therefore an opportunity for entry into the market exists.  The opportunity is quite large in the South Florida area as there are many individuals and corporations who have investment properties within the region.  The opportunity within the region should remain open for a significant amount of time as investment property ownership is not a new idea and it is not expected to loose favor with investors.

Innovation
The innovative piece of this business concept is incremental, but focuses on the quality aspect along with the ability to schedule, check on progress, pay invoices, and manage other account options online.  While the innovative part of the business is geared more towards quality and user interface we believe that this will set us apart from the competition.  Therefore, we are not charging the cheapest labor rates, but are at the higher end of the spectrum.  This is in order to provide the ability to ensure that quality remains at the forefront of all of our work.

Venture Concept
Our market is the middle aged individual who is an active investor, snow-bird, or corporation looking for quality craftsmanship and doesn't mind paying a premium.  For example, luxury hotels, even though there are cheaper options available, many customers are willing to spend more if they feel there is value involved with paying a higher price.  Therefore, during our prelaunch, we will be actively seeking individuals who are unhappy with their current vendor and will be aiming at properties with a value of over $500,000 or higher.

There are many competitors in the field, but many are led by owner operators who are not skilled business owners.  Additionally, many of these same owner/operators do not focus on quality as we are proposing, but more on speed of service without regard to quality as they are looking to squeeze in as many jobs as possible as they are charging by the job and not by the hour.

We would initially launch with just one manager/employee and one employee who would focus on completing the work.  However, if a job would require a quicker turn-around time, we would hire subcontractors that we know are capable of working with our team to provide the highest quality of service.

Most important Resource
Our most important resource will be the attention to detail and quality that we provide to the customer.  As previously mentioned, we are looking to attract clients with high net worth that is focused more on quality than on the price of our services.

What's next for the Venture?
The next step for the business is to continue developing a synopsis of a business plan that will allow us the ability to start marketing to customers.  If we are successful in our marketing campaign and are able to obtain some customers we will begin working immediately.  Additionally, if we are extremely effective and quickly obtain some large accounts, we may hire some sub-contractors and then supervise the day to day activities to ensure that the work is being completed as agreed upon with the client.

What's next for me?
I will continue to develop a plan for the business while actively seeking clients.  This will  allow in getting our business known while we continue to plan, grow, and learn from our mistakes.  Within five years we envision ourselves with a substantial portfolio of customers with two individual teams that consist of one team leader and five laborers.

Opportunity
There is an opportunity to create a property management company that is designed exclusively for short-term rentals along with investors with the intent to lease and individuals with second homes.  There will also be a second division that will focus on the high value market.  The unmet need is that many of the aforementioned individuals do not have the time nor the desire to maintain these properties, especially if they are revenue producing properties.  While there are many property management companies, both large and small, there is an opportunity to exploit the markets by providing efficient, cost effective, and quality service.

The market for both divisions will typically be a middle-aged individual who is looking for investment diversification and reliable growth.  The customer is currently satisfying this need with current vendors that are available in the region.  Not many of the customers are loyal and therefore an opportunity for entry into the market exists.  The opportunity is quite large in the South Florida area as there are many individuals and corporations who have investment properties within the region.  The opportunity within the region should remain open for a significant amount of time as investment property ownership is not a new idea and it is not expected to loose favor with investors.

Innovation
The innovative piece of this business concept is incremental, but focuses on the quality aspect along with the ability to schedule, check on progress, pay invoices, and manage other account options online.  While the innovative part of the business is geared more towards quality and user interface we believe that this will set us apart from the competition.  Therefore, we are not charging the cheapest labor rates, but are at the higher end of the spectrum.  This is in order to provide the ability to ensure that quality remains at the forefront of all of our work.

Venture Concept
Our market is the middle aged individual who is an active investor, snow-bird, or corporation looking for quality craftsmanship and doesn't mind paying a premium.  For example, luxury hotels, even though there are cheaper options available, many customers are willing to spend more if they feel there is value involved with paying a higher price.  Therefore, during our prelaunch, we will be actively seeking individuals who are unhappy with their current vendor and will be aiming at properties with a value of over $500,000 or higher.

There are many competitors in the field, but many are led by owner operators who are not skilled business owners.  Additionally, many of these same owner/operators do not focus on quality as we are proposing, but more on speed of service without regard to quality as they are looking to squeeze in as many jobs as possible as they are charging by the job and not by the hour.

We would initially launch with just one manager/employee and one employee who would focus on completing the work.  However, if a job would require a quicker turn-around time, we would hire subcontractors that we know are capable of working with our team to provide the highest quality of service.

Most Important Resource
Our most important resource will be the attention to detail and quality that we provide to the customer.  As previously mentioned, we are looking to attract clients with high net worth that is focused more on quality than on the price of our services.  However, we will also cater to the average value property market, while continuing our focus on quality.

What's Next for the Venture?
The next step for the business is to continue developing a synopsis of a business plan that will allow us the ability to start marketing to customers.  If we are successful in our marketing campaign and are able to obtain some customers we will begin working immediately.  Additionally, if we are extremely effective and quickly obtain some large accounts, we may hire some sub-contractors and then supervise the day to day activities to ensure that the work is being completed as agreed upon with the client.

What's Next for Me?
I will continue to develop a plan for the business while actively seeking clients.  This will  allow in getting our business known while we continue to plan, grow, and learn from our mistakes.  Within five years we envision ourselves with a substantial portfolio of customers with two individual teams that consist of one team leader and five laborers.  One team will focus on the high value market while the other team will focus on the average market.  However, both team will have the same dedication and training.  Therefore, both teams can come together to work on a project if a large job is acquired.

Summary of the Feedback
Some of the feedback received indicated that the business is a high stress environment dealing with customers who want quality, but expect to pay a cut rate price.  This is the result of numerous factors.  Such as, unlicensed contractors who do not have insurance, are not licensed with the state, do not have an legal employees, therefore do not pay health insurance, taxes, or other related business costs.  Additionally, sometimes quality is behind the scenes, meaning that you can't see it, but it's there as a foundation.  Such as the electrical work within the walls or the quality of glue used to the flooring to the subfloor.

How the Concept was Changed
The concept was basically kept the same, but has now two different divisions.  One focused on average market value and the other focused exclusively on high value property owners who not only value high quality workmanship and products, but distinctive service and experience.  By catering exclusively to this clientele, we guarantee that we can focus on our intended market and will hopefully deal with less stress that may be encountered from some of the items listed in our obtained feedback.

28A, Your Exit Strategy

1) Identify the exit strategy you plan to make.

• I intend to maintain the business and either pass it down to my children or pass it on to one of the employees when I become too old or disinterested.

2) Why have you selected this particular exit strategy?

• I have selected this strategy as it is more of a service oriented business focused on providing quality workmanship.  Therefore, it is going to take an enormous amount of time to get the business to where it needs to be and once there I don't think the payoff would be worth the effort.  It would be more beneficial to reap the continuous income from the business. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept?

• The business opportunity and exit strategy have definitely defined the growth intention for the business.  Therefore, it is also directly related on how I would plan to acquire and use resources.

27A, Reading Reflection #3

This reflection is in reference to the Steve Jobs Autobiography.

1) You read about an entrepreneur:

• What surprised you the most?
• I was surprised by how often he did drugs and his lack of focus during his college years.

• What about the entrepreneur did you most admire?
• His tenacity and his vision about bringing functionality and design together.

• What about the entrepreneur did you least admire?
• I felt that he did a terrible job of treating others with respect.  This seems to be a common thing with certain individuals who have success.

• Did the entrepreneur encounter adversity and failure? If so, what did they do about it?
• Yes, he failed a great many times, but he never let that stop him from continuing with what he believed in.

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

• Steve was a visionary, driven, focused, and dedicated to achieving his goal.

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

• The reading became confusing to me when the writer began bouncing back in forth during the early years and it felt that he was just adding filler to the book to make it longer.

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

• We all know that he died quite early in life.  Therefore, I would ask him if he had any regrets about the way that he treated others.  Especially his children and if it his success was worth the time spent away from the ones that he loved.

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

• I believe that his work ethic was supreme.  However, I feel, especially with him dying at such a young age, that he wasted most of his life just trying to be successful and not enjoying the short time that he was here on Earth.  That is definitely not my opinion of hard work.  I believe in working to live, not live to work.

You want to be sure to cover these five elements, but I place no minimum-word requirement on your post.

26A, Celebrating Failure

Some students may feel that the assignments for this class will be easy.  I would agree. However, just because they are easy does not mean that they should be overlooked or underestimated.  First of all, the class will give you what you want to get out of it.  Secondly, the assignments are indeed easy to complete, however, many of them require a decent amount of time to complete.  Thirdly, while the assignments are not difficult, there are quite a few, which require you to be organized and fully focused. And thus comes my failure. 

My goal was to get an A in this class.  Therefore, I have been completing all tasks, watching all the lectures, and taking all the cupcakes.  Everything was going great until last week when I only completed two blogs instead of three.  I became complacent and was on cruise control.  I only completed two blogs as this was the standard for the course up until this point. I failed to check the due dates of each assignment listed on Canvas and ultimately missed an assignment.  Ugh!

I learned I need to remain focused on all the small details even when I am overwhelmed.

This was a difficult failure, but it was a reality check to remind me to pay attention to the small print.  Failure doesn't negatively affect my attitude.  I will take it and learn from it.  And to answer the last question, yes, I am most definitely more willing to take calculated risks even if there is a potential for failure.

24A, Venture Concept #1, Quality Property Management

Opportunity
There is an opportunity to create a property management company that is designed exclusively for short-term rentals along with investors with the intent to lease and individuals with second homes.  The unmet need is that many of the aforementioned individuals do not have the time nor the desire to maintain these properties, especially if they are revenue producing properties.  While there are many property management companies, both large and small, there is an opportunity to exploit the markets by providing efficient, cost effective, and quality service.

The market will typically be a middle-aged individual who is looking for investment diversification and reliable growth.  The customer is currently satisfying this need with current vendors that are available in the region.  Not many of the customers are loyal and therefore an opportunity for entry into the market exists.  The opportunity is quite large in the South Florida area as there are many individuals and corporations who have investment properties within the region.  The opportunity within the region should remain open for a significant amount of time as investment property ownership is not a new idea and it is not expected to loose favor with investors.

Innovation
The innovative piece of this business concept is incremental, but focuses on the quality aspect along with the ability to schedule, check on progress, pay invoices, and manage other account options online.  While the innovative part of the business is geared more towards quality and user interface we believe that this will set us apart from the competition.  Therefore, we are not charging the cheapest labor rates, but are at the higher end of the spectrum.  This is in order to provide the ability to ensure that quality remains at the forefront of all of our work.

Venture Concept
Our market is the middle aged individual who is an active investor, snow-bird, or corporation looking for quality craftsmanship and doesn't mind paying a premium.  For example, luxury hotels, even though there are cheaper options available, many customers are willing to spend more if they feel there is value involved with paying a higher price.  Therefore, during our prelaunch, we will be actively seeking individuals who are unhappy with their current vendor and will be aiming at properties with a value of over $500,000 or higher.

There are many competitors in the field, but many are led by owner operators who are not skilled business owners.  Additionally, many of these same owner/operators do not focus on quality as we are proposing, but more on speed of service without regard to quality as they are looking to squeeze in as many jobs as possible as they are charging by the job and not by the hour.

We would initially launch with just one manager/employee and one employee who would focus on completing the work.  However, if a job would require a quicker turn-around time, we would hire subcontractors that we know are capable of working with our team to provide the highest quality of service.

Most important Resource
Our most important resource will be the attention to detail and quality that we provide to the customer.  As previously mentioned, we are looking to attract clients with high net worth that is focused more on quality than on the price of our services.

What's next for the Venture?
The next step for the business is to continue developing a synopsis of a business plan that will allow us the ability to start marketing to customers.  If we are successful in our marketing campaign and are able to obtain some customers we will begin working immediately.  Additionally, if we are extremely effective and quickly obtain some large accounts, we may hire some sub-contractors and then supervise the day to day activities to ensure that the work is being completed as agreed upon with the client.

What's next for me?
I will continue to develop a plan for the business while actively seeking clients.  This will  allow in getting our business known while we continue to plan, grow, and learn from our mistakes.  Within five years we envision ourselves with a substantial portfolio of customers with two individual teams that consist of one team leader and five laborers.

23A, Your Venture's Unfair Advantage

Resources

Quality

• Valuable: Yes, this is a very cherished resource.
• Rare: It is becoming more rare as today's culture is more about speed.
• Imitable: Yes, but many are more concerned about the price rather than the quality.
• Non-Substitutable:  No, there is not substitute for quality.

Efficient

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, but many companies are unsuccessful in being efficient
• Imitable: Yes, but as mentioned above, many companies are unable to be efficient
• Non-Substitutable:  No, there is not substitute for efficiency.

Effective

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, but many companies are unsuccessful in being efficient
• Imitable: Yes, but as mentioned above, many companies are unable to be efficient
• Non-Substitutable:  No, there is not substitute for efficiency.

Communication

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, but many companies are unsuccessful with communication
• Imitable: Yes, but as mentioned above, many companies are unable to communicate
• Non-Substitutable:  No, there is not substitute for effective communication

Responsive

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare
• Imitable: Yes
• Non-Substitutable:  Yes

Adaptable

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare
• Imitable: Yes, but many individuals or company's cannot adapt
• Non-Substitutable:  Yes

Customer Service

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, many companies excel with customer service
• Imitable: Yes, very easy to imitate
• Non-Substitutable:  Yes

Talent Management

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, many companies are focusing on this
• Imitable: Yes, very easy to imitate
• Non-Substitutable:  Yes

Talent Development

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, many companies are focusing on this
• Imitable: Yes, very easy to imitate
• Non-Substitutable:  Yes

Marketing

• Valuable: Yes, this is a very important resource.
• Rare: No, it is not rare, many companies are focusing on this
• Imitable: Yes, very easy to imitate
• Non-Substitutable:  Yes

Our most important resource is quality.  In today's fast paced environment the lack of attention to detail has been lost to desire for a low cost service/product and speed.

20A, Growing Your Social Capital

Interview #1
#1) Richard C. has been in the property maintenance business for over 25 years and is currently a manager for large full service property maintenance company.  He currently oversees 10 large condominium complexes along with a staff of over 30 technicians.

#2) Domain Expert - Rick fills this position as he is in the same type of business that we are proposing and he has a great deal of knowledge of the industry.

#3) This individual is a business contact that was previously known through a common friend.  Therefore, his contact information was already known.

#4) I had a candid conversation with the individual as he is a common acquaintance.  He was very willing to share his knowledge of the business along with some expected challenges.  There was no quid pro quo.

#5) This individual may be able to divert potential customers to our business as he currently only manages large corporate accounts, which mainly cater to condominium complexes and not the single family homeowners that we are targeting.

Interview #2
#1) Michael K. runs a small boutique maintenance company that services the short-term rental markets consisting of Airbnb and HomeAway.

#2) Market Expert - Mike is a major player in the local area in this field.  He has fine tuned the process and has become very efficient and cost effective with the turn-over of units after the guests finishes their stay.

#3) I found this individual through a friend who is a real estate professional.  After obtaining the phone number I followed up with the individual when he had the time to speak.

#4) I had a lengthy conversation with Mike and he explained the numerous challenges he faced and is still facing with the business.  There was no quid pro quo and it may eventually land me some future customers if he is experiencing some overflow.

#5) Mike will be a very valuable resource and to some extent a business partner if he experiences some unexpected challenges

Interview #3
#1) Mark N. has managed a wholesale supply company in the South Florida area for the last 10 years.

#2) Supplier - Mark has seen numerous trends during his time at the wholesale warehouse and is constant contact with different vendors in the property maintenance and repair industry.

#3) I obtained this individual as a point of contact from my previous interview with Rick as this is where he obtains most of his specialty products that he needs in large quantities.

#4) I spoke to this person and he explained a great deal of items that were previously unknown to me.  If I were to actually start a business in this field, Mark would be of great assistance.  His only expectation would be that I would use his warehouse to buy my supplies if I were to actually start the business.

#5) Knowing Mark and utilizing his warehouse for supplies would definitely be beneficial for the company as they would be able to provide loyalty and bulk discounts on any future product needs.

Reflection
Social capital is a very important part of any successful business.  I previously understood this, but I did not have the proper value on it.  I know understand that the more of it you have, the better you position yourself for success.

19A, Idea Napkin #2

You: We have the passion and knowledge to get any task completed with the highest quality.

What are you offering to customers: We are offering a full-service property management firm to complete the maintenance and repairs that you don't have the time to complete yourself.

Who are you offering it to: We are targeting investors who are too busy with other business ventures who need a company to maintain their second home or to turn over short term rentals.

Why do they care: Our level of quality is only matched by our level of customer service and we take away any doubt that they have made the correct decision to hire us.

What are your core competencies: Attention to detail, customer responsiveness, with a digital work order tracking platform.

We believe that our attention to detail and focus on customer service will set us apart from the competition and allow our business concept to flourish.  Our major weakness will be attracting new customers and proving that our services are superior to the competitors.

Feedback Memo
1) It was unclear why a customer would need our services.  Not all investors will need our services, only those who are too busy or simply do not desire to do the work themselves.

2) Focus on quality was determined to be important from received feedback.  Therefore, we want to emphasize that quality is our first priority in our mission and values statements.

21A, Reading Reflection #2

I chose the Art of Social Media by Guy Guy Kawasaki for my second reading assignment.

1) The general theme of the book was pertaining to how to effectively utilize social media in the promotion of your business.

2) The book and the ENT course emphasize how important social capital has become.  This is especially true with the invention of social media as it is used by everyone on some level.

3) I believe that it would be a good assignment to have the students develop a professional Twitter, LinkedIn, and Facebook page.  I would also recommend that the students convert their personal accounts over to an alias so that when employers searches online they will not encounter any unflattering content.

4) Most of us are aware of the impact of social media in today's culture, but the book actually goes into details on how impactful it has become and this is even more true today than when the book was actually written.

18A, Customer Avatar

I believe that the customer of my business would be as follows:

Middle aged male, between 40-50 years old, with a desire to invest for their future.  It could also be viewed as a current income stream if they were to use the investment propertie(s) as short term rentals.  These individuals would typically drive a mid-class vehicle, such as a Honda Accord with maybe one or two children who are either adults or nearly in college.  They are typically a mixed political view between democratic and republican.  They do not have time for television as they are too busy with family, work, or traveling. 

I am very closely related to these customers and this is why I possibly saw this as a business opportunity due to the fact that I have felt the need that I am trying to fill.