Venture Concept No. 1

OPPORTUNITY: When thinking about the opportunity for my idea, I want to think about the biggest scale as possible. This is why I've decided to make my venture concept about an app because the market is huge and exponentially growing. My app that I've been designing has been an effective parking app that shows you the best possible parking spots around your area ahead of time so you don't have to spend time driving around aimlessly for a parking spot. Anyone who has a car can use this app to benefit themselves and make their driving experience be the best as possible. The unmet need is that there is not an app like this out on the app store yet so that allows my market to be huge for this idea. There are also a lot of people who accidentally park in tow away zones and end up having to pay $200 for a mistake that shouldn't have happened. With my app this will never happen again because all the tow away zones and other parking restrictions are clearly labeled in real time for your benefit. I think that the forces in the environment creating this opportunity are that there are an increasing number of cars that are being bought and used each day, so parking is becoming harder and harder. Currently customers are not using any type of app like this so I believe that they would become extremely loyal to my idea. This opportunity can be huge because it'll be the first of its kind and can blow up. The window of opportunity is slowly closing, I need to make moves fast if I want to make this a reality.

INNOVATION: First off, this app is an "innovation" since it is something new that people haven't seen before. I believe that this is radically innovative because of the amount of things that i'll have in this app. I'm going to have absolutely every available parking spot shown in real time on this app. This alone would attract customers to download my app, but i'm going to take it to another level by adding every type of feature I can to this app. Everything from tow away zones to parking garage prices to restricted parking in your area. I'm going to be giving this app for free because I intentionally created this idea so that I could use it myself! So I decided that i'm going to give it for free and just have 1 add at the beginning to generate some sort of ad revenue for me and the people helping me create this app. This will also make more people download my app since it is "free."

VENTURE CONCEPT: It'll be extremely easy to get people to switch to this new product. It'll be so easy because like I said before, this app isn't out there yet and I personally know so many people that get so frustrated driving for an extra 20-30 minutes for a parking spot. Eventually I'd like for there to be a GPS function on my app that tells the driver exactly where to go to their parking spots. I also will continuously update my app and listen to feedback from people and this will allow me to separate from my eventual competitors. The great thing about an app is that I run the entire business through this app and I don't necessarily need to pay for employees since I'm doing all the work and updates.

3 Minor Elements: I believe that my "secret sauce" or "unfair advantage" for this app is that i'm creating it before any one else has created an app like this. Also like I said I want to continually update my app and read all the reviews people post and always cater to their wants and needs. This will make them stay loyal to my company. I think the next thing I have to create for the venture is definitely the GPS navigation inside my app. This would allow for people to have a much safer driving experience than if they were looking at my app while driving. Again, I am trying to cater to people with a lot of free products and services so that my app gets downloaded by as many people as possible! In five years I hope to still be an entrepreneur and hopefully one of my business ideas gets me a lot of money so I can put that into my other business ideas that I have. I guess that if this app actually blows up here in Gainesville that I can start putting it in major cities and towns across the U.S so that more and more people will be able to use my app! In the end i'm creating this app for the convenience of the driver.

Week 11 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? 

Answer: I think the strategic management process that was shown at the end of the chapter that explains everything about the process was the biggest surprise in the reading. It talked about how strategic inputs go to the external environment and that can either go into strategic intent or the strategic mission. From there It goes on to more in depth detailed responses about strategy formulation and strategy implementation.  This was a big surprise for me because I didn't think that there was this much info on just formulating a strategy. I also loved how at the end it says feedback. It's always a necessity to get the most out of feedback.

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

Answer: There was a part close to the end of this chapter that was a little confusing to me. It showed multiple tables going from year 1 to year 5 and as I read on it kept getting more confusing. I couldn't really tell what the table was trying to get done. There were so many variables that I didn't even know. Everything from "retention ratio" all the way to "option pool" I was just extremely confused at what point the author was trying to make with this table.

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

Answer: In the part about "the lack of strategic planning" I would ask Donald "Have you ever had a lack of strategic planning? and I would also ask him how he over came that lack of planning. I would also ask him what he believes is the best type of SWOT analysis and I would ask him if he ever used SWOT analysis to analyze what he was doing with his company.

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

Answer: Each week I read the assigned readings in this textbook yet I've found it extremely hard to find something that I thought the author was wrong about. I think for next year/semester you should change this 4th question to something more intellectual than just trying to find something that I disagreed with. If I was reading a biology textbook I wouldn't be reading it and disagreeing with anything since it is a published textbook. This is also the first time I've ever said this just so you don't think I'm trying to get out of answering this question. I just find it extremely difficult to find something that is said in a textbook to be wrong.

Amazon Whisperer

First I'd like to say that the Amazon Whisperer article was extremely interesting. To all of you who are reading this right now, it just shows that you can do whatever with your life as long as you are innovative and put your mind to it! He's making a living on just reading customers reviews and creating what they want!

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

Well to all of you who don't know my idea yet, I want to create an app to help you find parking easier in whatever town you are in. I want this app to blow up so I'd want to make it a free app with one ad that opens up right when you start the app. This will generate a small amount of revenue BUT if the app goes global I'll be making a lot of money from so many people having the app. I've also thought about adding extra features for a "paid" version of the app, but i'd rather just update the app for free and make it as good as possible so that more people start using it.

Describe what kind of product offering you believe should be next. What's the next thing your customers want?

Well, the next thing that my customers want would be my app. Even today I was driving around Gainesville and it was just SO BAD that I couldn't find a parking spot for a good 20-30 minutes. I think there are some external things that could make my app better though. I think that maybe some sort of GPS Garmin type thing that navigates you to your desired parking spot so that you don't have to look down at your phone while trying to find a parking spot.

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

So like I said above, I would just have this product to keep people from using their phones while driving to keep people from getting "distracted" while driving and using my app. I want everyone to stay safe as well as find parking spots with ease. I want my app to be free so i'm not sure how many people will buy an external product to help them with this app, but maybe I'll make that product free as well once I release it just to help people out!

Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

Since my product is an app, there aren't really any products on amazon that are similar. I've decided that the GPS "Garmin" has to be something that is similar to what i'd want though. It is just a simple GPS device that you attach to the inside windshield of your car and it gives you directions to where you need to go.

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

Garmin actually had a lot of really good review because it is the newest version of it. I remember when Garmin first came out they had SO many problems with connection and the GPS not working. This is the newest and latest model and all the reviews were generally 5 stars and positive. They like how functional and easy it is to use and that it is big and doesn't break or bring you in the wrong direction.

Describe what design/usability changes you'd make to the product. 

I would add the functionality that I've been talking about with my app. Instead of just using the GPS to get to a certain location I would make it bring me and direct me to the closest and most desirable parking spot!

Describe why you think this product would make a good addition to your current product/service offering.

Again, like I've been saying, this isn't on the market yet and people are always arguing and complaining about how they cant find parking spots around town and how parking is terrible where they are. Having a GPS navigator or an app that can quickly tell you where to go, it would save the driver a lot of time!

My Unfair Advantage

10 resources  I already posses

1. I have a large amount of financial capital 

- To have a successful business you need to have a large amount of financial capital and I have obtained a large amount of capital. I've obtained this throughout the years through hard work and dedication.

2. Will attain a business degree from a great university

The University of Florida is an amazing university and getting a degree from here would really set me apart after college.

3. This degree will help me take out bank loans if needed

Banks do not give out loans to people who are financially unstable because that is extremely risky. If you have a degree from a great university you can get bank loans to help you get your business started

4. Great support from my family

My family support is amazing. My family is super supportive and will always be there to help me through everything I do in my life.

5. A creative mind useful for business ventures

Ever since I was little I just realized that i have a creative mind and I love coming up with new ideas! This will definitely help me in the future.

6. Advisors at my college who can answer questions I have

Sometimes I don't know exactly what I need to do so i'll go to my college and talk to my advisors and they always help me out and put me in the best possible position!

7. Previous bosses who are entrepreneurs who can mentor me
I've had a few jobs and internships where my bosses were very succesful businessmen and I know I can always ask them to mentor me and help me in my ways.

8.  experience working in startup companies

This is a really good resource because it allowed me to see how start-ups work and run so that if I ever have to start one up myself I would know how to do it.

9. Graphic design and personal branding skills

I've learned over the years how to do graphic design on the computer and having a brand has taught me how to keep it professional and to be successful in it. 

10. Music making skills

I know how to make professional music and I plan on keeping up with it and improving over the years. 

I think the most important advantage I have is my education. Being a Florida Gator is such a blessing and I know that once I graduate i'll have a great degree. This is the best school in Florida and definitely one of the top schools in the nation. Gators also help out Gators so I know that I will be put in the best possible position from just having a degree from this school. Also it allows me to get a masters degree from this school if I decide to do that as well.

Week 10 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? 

Answer: I think that the biggest surprise in the reading was definitely the amount of risks that were talked about in this chapter. I knew risks were a big deal but I never thought they would be generalized as much as they were in this chapter! They talked about Alternative technology risks with the HWP as well as Hydraulic Fluid regarding environmental concerns. 

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

Answer: There was this one part regarding the executive team that talked about the advisory board. It says that the advisory board has a strong background in entrepreneurship, intellectual property, and bringing new technologies to the market. I always thought that an advisory board just advised the main CEO what to do with their company!

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

Answer: I noticed that in 12A-7b the author talked about using an entry strategy for pursuing multiple strategies for marketing the company and bringing our technology to the market. I was wondering if the author has ever used this strategy and if it was efficient? I would also ask the author if he had ever generalized people as target customers, yet realize that they weren't going to be your customers at all since they didn't buy your product?

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

Answer: There was a part in the "Industry Background" section that I thought the author was wrong about. It says that in 2005 the typical internet user uses the internet 19 times per month, views 671 pages per month, visits 11 unique sites per session and views an average of 36 pages per session. I think that these numbers are too small for how the internet is progressing in our current days. Now that everyone has smart phones as well the amount of time we spend on the internet and on Facebook is way more than it ever has in history. 

Growing My Social Capital

1) One person must be a domain expert in your industry.

1) Who they are and what their background is. Matthew Lockwood. His background is that he studies and analyzes the market in the internet industry.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. Market expert.

3) A description of how you found the person and contacted the person. I actually met Matthew through my fraternity which is something special. I lived with him in an off campus house and we grew close and now he is starting to try and create a business and run with that.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?  He would help me analyze the market and figure out exactly what i'd have to do to get the most amount of money out of my work.

5) How will including this person in your network enhance your ability to exploit an opportunity? Well since I have never done anything like this before I think that any help would be good. I'm just really lucky to have met Matthew because I know he'd help me so much with my idea.

2) One person must be an expert on your market.

1) Who they are and what their background is. Nick D'ambrosio, he has made countless apps on the app store already and knows exactly what the people want.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. Domain expert. Nick has already created lots of apps so he definitely understands how the business works behind app creating.

3) A description of how you found the person and contacted the person. I met Nick in Summer B here at UF, we bonded quickly and we have the same similar forward thinking and entrepreneurial style!

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? Basically he's made a lot of apps on the app store already and he says that he'd help me out with mine if I decide to actually do it. He's a great guy that just wants to help and I know he has a lot of industry knowledge that would help me so much with my own app. If I end up making money from this app I'll probably end up giving him a cut as well.

5) How will including this person in your network enhance your ability to exploit an opportunity? Well, since I haven't made an app yet I really don't have much experience in this industry at all and my friend Nick has a really good handle on this industry so I think that if we work together we could kill this project.

3) One person must be an important supplier to your industry.

1) Who they are and what their background is. Sabina Horecky, Masters in business administration but is becoming an international supplier. 

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot. Supplier, she fills this spot because of her extensive usage in supplying but also in the technical side of things.

3) A description of how you found the person and contacted the person. Well I guess i'm thankful because she is my sister and she will always care for and help me just because I am her brother. It's just great that she decided to go into the supplying side of things while i'm in the business side. She will always help me with my endevours.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? She told me before that if we ever get into a business together that we will split the costs of whatever we make in half since we will be the ones running the business.

5) How will including this person in your network enhance your ability to exploit an opportunity? My sister is surprisingly very into this industry. She wants to start working with amazon soon as well and become a large scale distributor. This could help me on many different scales.

What constitutes 'contact'?
I've stayed in good contact with all three of these people and I'm sure that will not change any time soon. I know that all three of these people will be there for me to help me with whatever I need. So if I do decide to ever actually go through with this idea, I know that these guys will be there to help me through this. I've showed all of them my idea face to face and they have all loved the idea so I think I will keep continuing with this idea.

REFLECTION: I think that if people actually go out and networked for this small little activity that they will obviously do it when they actually have to network to get their business off the ground. I also think that I have a huge network of friends that will all help me through anything that I go through or with anything I decide to make. This is something special that I will definitely use to the best of my ability.

Elevator Pitch No. 3

1) The Pitch

2) A reflection on the feedback you received from your last pitch.

Well, in my last elevator pitch I didn't really "pitch" the idea. I more or so just explained all the different functions of the app. A lot of the feedback was also negative saying that I didn't explain how to map out open parking spots in real time but they don't realize that I already have the technology for that. Everyone would benefit from having a more efficient driving app. PLUS ITS FREE. Also one reviewer said its impossible to map out spots, but if anything I'll be out there mapping all the spots on foot by myself if I have to.

3) What did you change, based on the feedback?

I changed up the way I pitched the idea and I think I did a better job. I simplified and clarified my idea as a whole and made it sound more of a real thing. I also explained the tasks in a simpler fashion as well. Hope you guys like my idea!

My Secret Sauce

1) Describe five ways in which you think you have human capital that is truly unique? 
Well, first off I love making music. I've been making music since 8th grade and I've loved it every step of the way. I'm a very giving and genuine person who always wants whats best for everyone. I was home-schooled throughout middle school and played tennis every single day because at the time I thought I wanted to go professional in tennis. I have a very open mind and I love learning new things. I'm also an extremely driven individual and when I really want something, i'll do whatever it takes to reach my goal.

2) Interview the five people who know you the best

Summary from the videos: They all basically said around the same things which were that I'm a nice, genuine, easy-going and hardworking guy who makes good music! I understand the prompt said 2-3 sentences for each but you can see for yourself that they are all extremely alike.

3) Reflect on the differences: Well to me it seems like they were spot on to what I said at the beginning of this post! There weren't any differences said from any of the 5 people I interviewed. I would make 0 corrections to the beginning of this post because I'm a genuine guy who is never fake and anyone who knows me knows that. I think that's why all the responses were basically the same!

Week 9 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? 

Answer: I didn't really have that many expectations for this reading, but I was surprised by some of the material that was in this chapter. The whole "Financial preparation for entrepreneurial ventures" caught me off guard because this book have been very theoretical yet this chapter was very mathematical. There were many mathematical formulas that I remember using in Financial accounting as well.

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

Answer: Honestly one part of the reading that was confusing to me was the "Understanding the Balance Sheet" portion. When I took financial accounting I just couldn't wrap my head around this idea because I never did actual banking before and there are lots of new terms and things to know that I've never heard about before. I think that all these new terms kind of overwhelmed me and made it sound confusing to me.

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

Answer: I would ask him, "What is your net worth?" and "Have you ever had to use a break-even analysis?" I would ask him this because this guy seems like a very prestigious guy and I'm curious how much money he has made over the years from being an entrepreneur. Also from the book it seemed like the break even analysis is a necessity to look at if you are selling goods to make sure that you are at least breaking even so I would just wonder if the author ever sold anything to make money or if he used this tactic to measure out how much money he would make.

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

Answer: This chapter was very definition specific so there wasn't much I could "disagree with." So no there wasn't anything that I thought the author was wrong about in this chapter.

Idea Napkin No. 2

1.) Hi again, for those of you who didn't read my Idea napkin No. 1, my name is Jason Horecky. I'm a very musically talented individual who loves meeting new people, playing basketball and tennis. My Idea for my first napkin was an app that displays all open parking spots around your area to help you find a spot quickly instead of driving around the block multiple times looking for one. I have a car and especially in Gainesville I noticed how terrible parking was and I decided to come up with an app to fix this problem. This app could potentially save me lots of time and even make me some money on the side through ad revenues.

2.) I'm offering a free app that will show you very clearly and easily what parking spots are open around your area. There are also a lot of little functions to the app that make it easier to drive around a town that you don't necessarily know. For example there will be features showing all tow away areas so that you don't accidentally park in a spot and get towed without knowing. There will be options to notify your phone whenever a certain, or multiple spots open up that you wanted to take. Also if you click on parking garages it will let you know the capacity of them as well as how many spots are left. We will keep continually adding new features to it as well once we get feedback from customers.

3.) I'll be offering this app to everyone. Since most people now have smart phones and cars, a simple search on the app store is all you would need to do. I'm trying to get this app out there because the more people download it the more people will use it. I want to help as many people as possible because I know i'll definitely be using it once it comes out.

4.) Reading the feedback that my fellow peers said to me, they all said that they would love to have this app! Alot of them really pushed me on to actually get this going and I think I actually am! It will save time and effort and definitely keep you sane while trying to find a spot near you.

5.) What sets me apart is that I'm always in this to help people. No matter what I do in my life i'll always be there for people and do my best to make everyone else's lives easier. I know everyone has extremely hard lives so I'll do all that I can to help that. I also have made hundreds of valuable connections here at UF that will help me with my ideas and actually get them going.

I think that the only thing left for me to do is get in contact with a computer science/tech guy and ask them what needs to get done to start working on this app. I have some friends that are extremely smart computer engineers and I think I'll start by asking them. They have already made multiple apps on the app store so I'm pretty sure we can figure out how to do this one correctly. All the feedback that I got was very good. The only negative thing that was said was that they were wondering if I had gotten in contact with some IT guy to start the app since I don't have any experience with coding and programming. But as I explained earlier I have close friends that have already said they would help me create this app! I believe that every part of my app works together well and that once I start actually using it, i'll get more feedback and implement it immediately to make the app as good as possible. I'm very excited to start working on this because everyone would be able to use it and it would save a lot of time and help people find the parking spots they need with ease!