Week 13 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 part about the part of the letter of intent mentioned in this chapter was the biggest difference from my expectations. I've had to use multiple letters of intents throughout my life especially in the workforce, but when I read what the author explained it and it was definitely different from my expectations. I thought it was just the intent of someone in a written form but it was actually just a document containing the declarations of the intentions of the writer.

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

Answer: I think that the part that confused me the most was when it talked about the term of being "fully diluted." This term of being diluted has come up multiple times in the reading and each time it comes up I get extremely confused by it. I took chemistry last semester and diluting means getting the dosage down from what the complete amount was. 

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

Answer: In the reading it talked about getting shares of stock, specifically 100,000 shares at 10 dollars a piece to be valued at $1 million. This really interests me and I would ask the author if he had ever done anything like this before in his life. I would also ask the author if he knows anything about forex trading because a lot of my friends are doing that and they are making a lot of money through it. I would ask him these questions because I think that the author could make a lot of money through this service especially if he's delt with stocks before.

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

Answer: This week I found it very difficult to find something that I thought the author was wrong about yet I did find one little portion where I think he was wrong about. Well, now that I look back at it I don't believe it is absolutely wrong but more or so that I think he should've expanded more on the point. He said "Other factors to consider for a business include start up costs, accuracy of projections, and the control factor." I believe there is a lot more to think about which include writing a business plan, getting the money for the business, getting employees and of course getting your marketing done so that people will know your business and what it does.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

Answer: This semester I decided to take a course called principles of management. I didn't really know what to expect from it so I didn't take the class as seriously as I should've. I thought that since it was only basic management material that it wouldn't be that hard and that I didn't have to study as hard for this as my other classes. I ended up not doing well on the first exam and to me that is considered failing. On the second exam I studied more but I got an extremely bad stomach virus the day of the exam and I couldn't think at all and it made it extremely hard to retain information. I ended up not really doing well on the second exam as well.

2) Tell us what you learned from it.  

Answer: I learned that sometimes there's nothing you can do, all that matters is that you are trying your best. I also realized that I have to put all of my effort to get the best possible grade on the final. I've already began studying and it is at the end of this month. I'm going to make sure to study way more than I need to to make sure that I get a good grade.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago? 

Answer: Honestly throughout my life I've experienced a lot of failure but I've always learned as much as I can through it. It just made me into a better person if I stay humble with myself and see what I need to get better at. So being honest with yourself and realizing that you have to study 4x as much as you did for the first exam will in turn help me with my final exam. Usually I try and handle failure as positively as possible. I think that being in a happy positive state of mind is better for you. Plus it keeps your hopes up for doing well on the final exam. This class definitely showed me first hand that if you learn from your mistakes you will clearly grow as a person and maybe make an even more successful entrepreneurial business

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My Exit Strategy

Yes, all good things do come to an end, but I think that you can always get good things out of things like this. Again if you haven't heard about my business, it is basically an app that creates a more efficient way to find parking around their town.

1. I believe that I will probably sell my business especially if someone offered me a lot of money for it. This was a pretty basic idea that I came up with and if someone thinks its worth a lot of money I would probably sell it and create a new business with that money. This app would only give me a small amount of revenue through ads in gainesville, so if someone offered a large amount of money I would probably take it right away. This is not a company I would just keep for several decades and retire. I think it's more or so of a stepping stone to my next business idea. If I create a new and more successful business after this i'll probably end up passing that down to my children.

2. I selected this particular exit strategy because in my opinion this is a simple app that I came up. I can always create and develop new apps that could potentially blow up especially if I have a lot of money to blow on the creation of this said app. I just personally believe that this is a stepping stone, as I said above. I think that I can create better apps with the money I receive from this app.

3. I think my exit strategy has influenced the other decisions I've made in my concept in a few ways. I think that it showed me that I am probably not going to take this long term. I think that coming up with this app and realizing the exit strategy definitely showed me what I think that I want to do with this app. I think it would be amazing to sell this app and have a lot of money to use to create a new business and I believe that that is what I am going to do with this business.

Hopefully this will be me soon