30A – Final Reflection

1. One of my lows of this class was having to record my elevator pitch a million times because I kept messing up. I kind of enjoyed doing the bug list because it showed me how many opportunities there are to create ideas to solve problems. I also thought creating a customer avatar was pretty fun because it brought my potential customer to life. I also missed a cupcake or two because I always left them for last, and then I'd forget to do them because my Mondays are so busy. I fixed that problem, though.

2. I think the most formative experience was coming up with a business idea in general. You can learn about entrepreneurship all you want, but until you apply the knowledge, it doesn't really stick. We were asked to dive so deep into all aspects of our business ideas and were asked questions we wouldn't have even thought about. I'm most proud of myself for completing all of the actual assignment posts for this course, because with how many there are I thought at the beginning that I might end up missing one or two.

3. I definitely think that now I have much more or an entrepreneurial mindset. I like the concepts of opportunity belief and exploiting those beliefs because it makes so much sense. You can't really start a business if you don't have the belief that there is an opportunity. As I mentioned before, we were asked to dive so deep into our ideas, and we thought about aspects of our businesses that we wouldn't have otherwise thought of before this class. We might have completely missed these details of our businesses had we not taken this class.

4. The main thing I recommend for this course is time management. Some assignments are easier than others, and it's better to look at the assignments ahead of time to be able to have enough time to finish them. I also think creativity is really important in this course. There are many assignments, if not all of them, that require a great deal of creativity to complete. I also think after taking this course that in general, entrepreneurs must have creative minds.

29A – Venture Concept No. 2

Business name: Easy Park App

Opportunity: I saw the opportunity where I live, in Gainesville. Parking is so horrible here, and my friends and I are always driving around for so long looking for a place to park. All of us have city parking decals, but they over-sell them so much that there aren't enough spaces for everyone that bought a decal. I also noticed this opportunity because when my parents come to visit me in Gainesville, they have trouble with finding parking, too. They end up having to pay so much money just to park on game day. People who have this need can include people who live in high-volume areas, people who attend big events such as sports games or concerts, and people who work in downtown areas with few areas to park. These people are forced to drive around for longer than they want to, they have to pay parking tickets, or they have to pay to be able to park. This opportunity is pretty big in my opinion because so many people have this need, especially where I live. I think this window of opportunity will be open for a long time, especially if no one else comes out with a similar idea.

Innovation: My idea to solve the problem of not being able to find places to park is to create an app that can assist with this. The app will have a map of all parking areas in the area, along with plenty of other information. Information attached to each area of parking will include the laws and restrictions on the parking spaces, such as whether you need a decal or a permit to park there. Another thing that will be included in each listing of parking spaces is whether or not the parking is free, and if it isn't, it will include the price. How the app will get updated is through its users. Users will be able to add to the listings and will be able to report any inaccurate information. They will also be able to comment on each listing with any additional information that might be beneficial for other users to know. Through this app, users will be able to find parking that they might not have thought of/known existed. They will also be able to find the cheapest areas to park, and they'll be able to figure out which spots they are not allowed to park in before they even get there. The app will sell for a small one-time fee of $3.99. There will also be ad banners in the app to generate more revenue. The $3.99 price tag is a small price to pay considering how much money the user could save by using the app.

Venture Concept: This app would help users find cheaper parking that is as close as possible to where they need to be. Users might discover new lots and spaces that they didn't know of or know existed. I think customers would use my app because it can save them money and time. I think my low price point is important because if it were too expensive people wouldn't be able to justify spending that much on an app. I think it's also important that my app is well-designed so that it is easy to use. I would hire an app developer because I wouldn't know how to make an app. I would also have a business partner to help with obtaining resources and money to start up the business. I recognize that this would mean splitting the profits, but I think that this is worth it because of how much I would get out of having a business parter. It would provide double the resources and new ideas necessary to starting the business. I might also employ someone to help me with the financial aspects of running this app because I don't know much about business finance.

Three minor elements:

- I think the most important resource would be a business partner. I think this is the most important because they're bringing several resources to the table that I otherwise wouldn't have. It would pretty much mean that my business would have double the resources contributed towards it. I would be splitting the profit, but I would be putting forth less of my own money towards the business. They would also contribute financially to help start up the business and help run the business. They could have connections that I might not have that could help grow our business. They could also provide ideas for the app that I might not have though of, and had experiences with the need that I might not have had.

- I think that what's next for the venture would be to partner with companies with unused parking spaces and offer premium subscriptions through my app to be able to park there. This would be a recurring fee, most likely a monthly fee. The companies offering up these spots would have a new source of income that they probably wouldn't have gotten without our customers. It's pretty much like renting out an unused spot. It would be easier for them to let our app do the work and have the subscription go through our app. They wouldn't have to go through the trouble of finding someone to rent it out to. It would be much easier for the renter and the subscriber to find each other through my app, and it would also include contracts so the business doesn't have to worry about anything but making money from it. My business would take a small percentage of the recurring fee.

- In five years, I would want my app to be used nation wide in bigger cities. I would want to be partnered with many businesses in offering subscriptions to my customers for premium parking spots. My first venture would help me achieve my vision because it would teach me so much about running a business and it would open doors to knew business ventures, like the premium subscription idea I discussed previously, to exploit even more opportunities.

2. Someone mentioned to remember that if I have a business partner, I have to remember that I'll be splitting the overall profit. It was also said a couple times that a business partner sounds like it would be very beneficial to my business. Someone also expressed some confusion about the premium subscription idea.

3. I provided more explanation on the business partner portion of this post. I added that having a business partner is worth splitting the profits, because in return my business will have more resources, financial support, and connections that it wouldn't otherwise have. I also mentioned that having a business partner would also relieve some of the financial strain off of me, because while I'd be making less money, I'd also be spending less money. I also added more detail to the premium subscription description to clear up confusion about profits and logistics. 

4. 

28A – Your Exit Strategy

1. I would probably sell my business eventually. I would try to build it up as much as possible so it's more valuable and then sell it.

2. I have selected this exit strategy because, honestly, it's the easiest one. It's easier to do than build up the business for the rest of my life, constantly having to put time, energy, and ideas into it. After selling it, I could put my money into another business I care more about or am passionate about, or just use the money to live off of for the rest of my life if I made enough from selling it.

3. I don't think my exit strategy has influenced my decision-making thus far, because I have never thought about my exit strategy before now. However, if this were a real business and I was making decisions in real time, I would be trying to make the business as attractive and valuable so it would be easier to sell when the time came. I might not make any decisions that force me to stay with the business long-term. I would want the business to grow as fast and as much as possible so I could sell it for as much money as possible.

26A – Celebrating Failure

1. This semester has gone pretty well for me because I have relatively easy classes. I don't have any huge failures, but it has felt like it at times. In one of my classes, I got a C- on one of my papers. This wasn't a huge deal, but I was pretty upset because this paper counted for a huge portion of my grade. It brought my grade down to a B, which I also know isn't a huge deal, but I am trying to revive my GPA after a horrible fall semester. I wanted to get all A's, especially since I have an easy course load. It was a pretty long paper; it ended up being around 12 pages of writing. The crazy and stupid part, though, the part that made me do poorly, is that I did it in one night. I planned on giving myself two nights to do it, but the night before it was due I went to a party, so I had to complete it the night before that. I have literally no idea how I did that.

2. I learned yet again that it is a horrible idea to wait until the last minute to do something big and important. Procrastination is never a good idea. It definitely changed my ways a little bit because of how stressed out it had me and how disappointed I was when I saw my grade. I was stressing about the paper weeks before it was due, yet I still decided to do it two nights before and I still decided to go to a party instead of giving myself more time to complete it. The party didn't even end up being worth it, so it was also more in my head to always put school before my social life.

3. Failure is very hard, and I have always taken it badly. I hate to fail, and I think everyone else does, too. I always get so mad at myself for my failures and am very hard on myself. However, I do think failures have a silver lining. Failing makes you realize what you did wrong and helps you to succeed in future endeavors. Failing at something once makes you much less likely to fail at it the second time because you've learned what not to do. I think that this class has taught me that failures aren't always a bad thing because they almost always teach you something important. Getting a C- on my paper taught me not to procrastinate on writing a paper. In the case of procrastinating writing a huge paper, I don't think I'm very likely to take that risk again, because it taught me that it would only result in a C- (in other words, failure).

27A - Reading Reflection No. 3

(Following instructions from Reading Reflection No. 2)
Thinking Fast and Slow by Daniel Kahneman

1. The general theme of the book was about the way people think. The author talks about two systems when it comes to making decisions. System one is quicker thinking; the kind of thinking we think we do without thinking, if that makes sense. Thinking that is almost automatic. System two is a more slow way of thinking; the kind of thinking we concentrate on and spend more time on. With these two systems in mind, we are constantly making decisions to avoid risk in any way we can. He also discusses the fact that the past is more unknown than most people think. We tend to think that we know everything about what's already happened: our past. According to Kahneman, the past is more unknown than most people think. Because of the assumption that we know everything about our past, we tend to think we know what will be in our future, but that's also not necessarily true. A lot of our memories that we think of when making decisions could be deceiving or just flat-out wrong.

2. I think that for what this classes is generally teaching about, entrepreneurship, it is important to understand the way we think. There is a lot of risk involved in entrepreneurial activities, and this relates to what Kahneman is talking about in the book. It makes sense as an entrepreneur to do anything and everything you can to avoid risk. I think that many entrepreneurs would use a system two way of thinking, because there is a lot of risks involved in decision-making when you have a business or a business idea, so you need to take more time to think about these decisions.

3. An exercise I would give a class based on this book is to create a list of 10 decisions that would require system one thinking and 10 decisions that would require system two thinking, and explain why each decision is categorized in its system.

4. I think the part that surprised me the most is when he was talking about what we know about our past. He discusses the fact that a lot of our memories can be wrong, which shocked me. The more I thought about it, though, the more I realized it was true. Remembering things incorrectly happens so often, yet we still trust our memory so much. It makes sense to me when he said that because we think we know so much about the past, we think we know so much about the future.
This really resonated with me because of how much I agree with it. We don't know anything about the future; we might have some good guesses, but nothing is promised. I think that the state the world is in today is a great example of that, because five months ago none of us were expecting a worldwide pandemic that would change our lives.

25A – What’s Next?

Existing market

Step 1: I think that whats next for my venture is to partner with companies with unused parking spaces and offer premium subscriptions through my app to be able to park there. This would be beneficial to all three parties involved: my customer, the company/business, and my business. The customer would have better parking spots, the companies would be receiving a portion of the monthly subscription fee that the customer is paying, and so would my business. I think this is a good idea because the company might have unused parking spaces that they might want to sell but might not know how to advertise it. I could sell these through my app to customers who already use the app.

Step 2: No interview

Step 3: I think people would agree with me that this next step with subscriptions is a good idea. I think this would help grow my business financially because it would be an extra source of revenue and people would be interested in it because it would mean better and private parking spots that they know will always be there for them to park. It would be very a very reliable way to park.

New market

Step 1: I think that I would be targeting people trying to save money with my original business idea. I think people would use my app to be able to find the cheapest parking in high-volume areas. I think that my new business venture would cater more to people who are willing to spend more because they'd be paying more for a subscription.

Step 2: My venture concept would create value for people in this market because I think that people who have more money might be willing to spend this extra money on a better parking spot that's closer to where they need to go, is more reliable, and will always be there.

Step 3: No interview

Step 4: I believe that this new venture would provide a great second source of revenue for my business. I also think that this venture would open my business up to a new market of people who are willing to spend more money to be able to save time when parking. Many people would be open to the concept of spending money each month to have a great parking spot near where they need to be and where they know it will always be so no one else can take it.
I don't think this new market is quite as attractive as my existing market. The reason for this is that my existing market had a much more urgent need. They are probably looking to save money and time, which my app would help them do. The new market is looking for a less-needed service. They could use my app regularly and they would still save money or time, but they probably don't need to buy a subscription for a better parking space.

24A – Venture Concept No. 1

Business name: Easy Park App

Opportunity: I saw an opportunity here where I live in Gainesville. Parking here is terrible, and I always find myself driving around for up to an hour looking for a parking spot. So many of my friends who live in the area have experienced this problem, too. Many of us have parking decals, but they over-sell them to the point where the spaces get over-crowded, so many people are not able to find a spot. My parents come to visit me during game day weekends and notice this problem too. They will often have to pay upwards of $20 for parking even though their parking spots are over a half a mile away from the stadium. People who have this need can include people who live in high-volume areas, people who attend big events such as sports games or concerts, and people who work in downtown areas with few areas to park. These people are forced to drive around for longer than they want to, they have to pay parking tickets, or they have to pay to be able to park. I think this opportunity is pretty big because many people have this need, especially where I live. I think this window of opportunity will be open for a long time, especially if no one else comes out with a similar idea.

Innovation: My idea to solve the problem of not being able to find places to park is to create an app that can assist with this. The app will have a map of all parking areas in the area, along with plenty of other information. Information attached to each area of parking will include the laws and restrictions on the parking spaces, such as whether you need a decal or a permit to park there. Another thing that will be included in each listing of parking spaces is whether or not the parking is free, and if it isn't, it will include the price. How the app will get updated is through its users. Users will be able to add to the listings and will be able to report any inaccurate information. They will also be able to comment on each listing with any additional information that might be beneficial for other users to know. Through this app, users will be able to find parking that they might not have thought of/known existed. They will also be able to find the cheapest areas to park, and they'll be able to figure out which spots they are not allowed to park in before they even get there. The app will sell for a small one-time fee of $3.99. There will also be ad banners in the app to generate more revenue. The $3.99 price tag is a small price to pay considering how much money the user could save by using the app.

Venture Concept: This app would help users find cheaper parking that is as close as possible to where they need to be. Users might discover new lots and spaces that they didn't know of or know existed. I think customers would use my app because it can save them money and time. I think my low price point is important because if it were too expensive people wouldn't be able to justify spending that much on an app. I think it's also important that my app is well-designed so that it is easy to use. I would hire an app developer because I wouldn't know how to make an app. I would also have a business partner to help with obtaining resources and money to start up the business. I might also employ someone to help me with the financial aspects of running this app because I don't know much about business finance.

Three minor elements:
- I think the most important resource would be a business partner. I think this is the most important because they're bringing several resources to the table that I otherwise wouldn't have. They would also contribute financially to help start up the business and help run the business. They could also provide ideas for the app that I might not have though of, and had experiences with the need that I might not have had.
- I think that what's next for the venture would be to partner with companies with unused parking spaces and offer premium subscriptions through my app to be able to park there. This would be a recurring fee, most likely a monthly fee. The companies offering up these spots would have a new source of income that they probably wouldn't have gotten without our customers. It would be easier for them to let our app do the work and have the subscription go through our app.
- In five years, I would want my app to be used nation wide in bigger cities. I would want to be partnered with many businesses in offering subscriptions to my customers for premium parking spots. My first venture would help me achieve my vision because it would teach me so much about running a business and it would open doors to knew business ventures, like the premium subscription idea I discussed previously, to exploit even more opportunities.