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.