Final Reflection- Rachel Mead

       I think the most memorable experience was speaking to an entrepreneur. I enjoyed this the most because you get real, personal advice and I was able to see how realistic my ideas could be. It made me feel like I actually could pursue my ideas and turn them into a business because someone I know was able to do it. I was also proud that I interviewed so many people. It made me much more confident. My most joyous experience was planning out my exit strategy because it gave me a sense of completion as if I could have actually created a business successfully. 

       I definitely feel more like an entrepreneur now. I am much more likely to start developing new ideas and projects at work and have more confidence to project my visions. I have certainly moved closer to having an entrepreneurial mindset. 

       I would just recommend students to not hold back. We all have to go through this class together and are required to do the same work and assignments so to do the best you can. Also stay on top of work so that you don't fall short in a class that is actually giving you an experience and not just facts. If I were to take this class over again, I would set aside one day to just knock out all the assignments for a week or two. 

Week 15 Reading Reflection- Rachel Mead

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? 

I loved that there was a story behind this reading. What stood out to me was the amount of effort put into loyal customers and the owner's ability to stand up to un-loyal customers and say no.

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

I actually thought this reading was very clear and I enjoyed that they used a personal story as an example. It was easier to follow along. 

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

I would ask if there are any businesses similar to the one described in America because I think a lot of people could benefit from a similar system. I would also ask if the author thinks the need for microfinancing will increase or decrease or just simply depend on the economy because if they help enough people, their business won't be as necessary anymore. 

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

There was not anything that I disagreed with. 

Venture Concept No. 2- Rachel Mead

Opportunity

I saw an opportunity to help students who need to make money while also maintaining high grades by paying them to study. This is when I came up with idea “Study Money”. My opportunity is targeted toward students who also need to work. What has created this environment includes the increasing competition to get into graduate schools and also the rising cost to apply and attend those programs. The geography for this market is mainly universities. The demographics will mostly be made up of students who need money as well as anyone who is qualified to be a part of our staff. Customers are currently struggling to keep their grades up and making money by sacrificing time to one or the other. Whichever is more of a priority to the individual will receive more attention while the other option suffers. Currently, there are no resources that I know of in which students can get around this so they are very loyal to this way of living. As of now, students have to sacrifice time to focus it all on school and working with little down time so they are dedicated to this system. I think this opportunity is definitely a game changer. I believe that at least 70% of the student population would try my program and 100% will benefit. Some students I have spoken to believe that studying is not something students should get paid for because is it a part of what we need to do for our education. However, I think if this business were available to them, it would do no harm and only help them. Ultimately, this opportunity will be open until a business such as mine is created. Until then, this opportunity will always be available.

Innovation

            “Study Money” will be a service that provides students the opportunity to get paid for studying. Students will sign in to my facility and just begin studying. They will be paid $5 for every hour spent studying and an extra $10 for every A they earn on the exam or project they were studying for or working on. If students need to use computers, they will either use computers that we provide so that we can monitor the sites they go on or be on wifi with restrictions. Only sites related to school application will be allowed to ensure students aren’t taking advantage of our program. Only sites related to school application will be allowed. Not only are the students able to make money, but staff will be paid as well. Even one of our suppliers has offered to employ some of our most promising students or staff members in his workplace. This particular employer works at a bank and can provide future opportunities to students and staff in different areas of his business. This truly is a win-win situation for all parties involved.

Venture Concept

            My innovation will solve the issue that students face to keep high grades and make money at the same time. Customers will be interested in this innovation because there are currently no other programs that offer both of these features. Customers won’t even need to switch to this program because it will be the first of its kind. Students will have no trouble using this program. There are no competitors at the moment, however we are prepared to face some in the future and have plans on how to succeed continuously with or without competitors. Competitors will have lack of originality and it will be hard to keep up with this business because we will constantly be improving our system and methods. The most defining feature of my business is the means for funding. Everything else will neatly come together. The funding will be supported by scholarships, grants, and investors. In order to organize this business to exceed expectations, we will focus on marketing, seeking investors, and allowing learning opportunities for employees. The venture will consist of the role of the student, staff, and funders. There is no need for distribution, as there will be a facility in which students can go to in order to participate in this service. We are confident we can combine these elements to create an effective business.

Resources, Future for the Venture, Future for Me

            My most important resource will be the demand of students who need high grades as well as money. This program meets two of the most important needs that students have. Competitors will have a hard time replicating my business because we will be the most original and are open to customer concerns and suggestions. We will get first hand feedback and be able to make any modifications necessary to ensure we are meeting the needs of students. To make this program more advanced, we would like to offer scholarship opportunities. I believe this will give students even more incentive and motivation. In five years, I think this program would drastically decrease the amount of local competition amongst students and allow easier access to the things they’re truly interested in. I see myself a much more insightful business owner and better prepared to face my other aspirations. I think this adventure would make me more knowledgeable in running my own veterinary practice one day.  In a decade, this business will provide me credibility that I am capable of running my own business and be innovative. I think this will help me be more objective and be better able to criticism and suggestions as well. It will be easier to recognize what makes a business more or less successful.
Comments
       The comments I received on the last venture concept were pretty supportive and encouraging. They gave me confidence that I could make this business happen as long as I stay organized and make sure I have proper funding. Some people even offered their own ideas on how to incorporate my business into existing ones! Overall, the comments were helpful.
Edits

Not much has changed from the last venture, I simply added a few more things that I thought would make my venture a little more specific. The comments didn't have any major suggestions other than the ideas mentioned above so the venture concept is pretty much the same. 

Week 14 Reading Reffection- Rachel Mead

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? 

Something that stood out to me was the term intrapreneurship. I have never heard of this term before but like the concept. I think it is a great way to maximize creative potential. Involving all the perspectives a company is made up of I think will make a very successful business.  

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

I was confused trying to read the table "Sources of and Solutions to Obstacles in Corporate Venturing". Some of the terms just didn't make sense to me or I didn't understand a phrase such as "Control against plan".

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

I would ask the author how to know when your entrepreneurial journey is successful and also when to know when it's time to stop investing in an unsuccessful venture and try again. 

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

I didn't necessarily agree that the table "Issued viewed by entrepreneurs/owners" was that important. Although the issues mentioned are in general topics that need attention, I feel like not many entrepreneurs need to focus on them in terms of their business. 

Google Gold- Rachel Mead

1) Through out this course, we have been trying to get our blogs out there and show up on the first google search page when entering certain keywords. In order to increase my chances of showing up on the first google page, I have added my first and last name to the end of every post title.

2) My keywords are "Rachel Mead", "entrepreneurship", and "ENT". The most consistent key words were "Rachel Mead" and the others were used for various posts. My keywords have stayed the same the entire semester, each were just used different amounts of times.

3) The only social media I used to enhance SEO was Youtube. I think that using this one platform kept things constant and helped me overall. I believe it was fairly receptive, as at least one video shows up on the first page.

4) My most viral post was the "Top 5 World Problems- Rachel Mead" post. I think the reason was that this was such a controversial and opinionated post. Not everyone agreed with each other's posts because we all have things that are more important to us than other things. I had a lot of defensive comments on this particular post and people didn't agree with what I thought were the five biggest issues.

5) When you type in "Rachel Mead ENT" or "Rachel Mead entrepreneurship" I come up on the first page. When typing in "Rachel Mead" alone, there are other Rachel Meads out there that showed up. I also saw a lot about "Richelle Mead" who is apparently the author of a famous book series. Overall, I'm pretty content with how my keywords worked out in order to optimize my SEO.

Very Short Interview, Part 2- Rachel Mead

Looking back at my original questions for Linda Benjamin, I asked pretty general questions that I could have asked any entrepreneur. However, miss Linda still gave very detailed and thought out responses. This time, I would like to ask more specific questions pertaining to her particular business. The questions I asked Linda are as follows:
1. If you were to change the location of your business (or add a new location) and place it anywhere in the world, where it would be and why?
2. If you chose to start another business, would it be similar or completely different than Paradise Pops and why? 
3. What businesses have inspired you and what qualities did they have that you've tried incorporating into Paradise Pops?

Here are miss Linda's responses:
1. We would add more location to beach communities that have a massive concentration of tourists. In particular, cruise ship passengers and hotel guests.
2. It would be similar as the food business is my passion. I enjoy sharing good food with people and pops make everyone smile.
3. My friend Amy owns a bakery and she inspired me. Her attention to style and detail are impeccable. She has a created a loyal following and her products are unique and delicious. I also admire Richard Branson. He is the billionaire who started the Virgin Companies. His sound approach to entrepreneurship and business are inspiring. His love for life has allowed him to touch many lives around the world. I hope this is helpful.

I was much more comfortable speaking to Linda Benjamin because I had gotten a response from her before so it made me less nervous waiting to hear back from this time. In the beginning, I wasn't exactly sure what types of questions to ask and I think my questions for the second interview were more thought out. I truly did not feel that she conveyed any sense that I had advanced in my entrepreneurship skills but I appreciate the time she took to answer the questions I had for her with sincere thought and detail.

Week 13 Reading Reflection- Rachel Mead

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? 

I really liked that in this chapter, the author provided many examples of each topic he was addressing such as "Due Diligence Evaluation", "Checklist for Analyzing a Business", and "Methods for Venture Valuation". This helped make his points clear and organized. 

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

I got confused when the author wrote about the discounted earnings method. I understood his explanation about why products lose value and therefore money, but I was unsure what the definition of the discounted earnings method was. 

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

I would ask the author if he believes there were any businesses in the past that have failed that would be more successful now. I'd also ask if he thinks there are current failed businesses that would be more successful in the future?

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

I may not have understood the author but when he talks about avoiding start up costs, he states that even if you pay a higher price for your start up, it's still lesser than what you should be paying and I found that somewhat contradictory.