Venture Concept No. 1

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. 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.

My Unfair Advantage- Rachel Mead

10 Resources: valuable, inimitable, rare, non-substitutable

1. Demand-
The two things students need most is good grades and money and there isn't anything else that meets those needs together. This service can provide both of things to our customers which makes it valuable. I have not heard of a service like this one which is why it is rare and non-substitutable.

2. Customers- Our customers are valuable because they are our number one priority. Our customers will all be students who need money which makes them inimitable and non-substitutable to this service. Although the student population isn't rare, our target population is different than most services because most only offer money to students without offering good grades as well.

3. Customer Service- Again, our customers are our main priority so it's important for us to cater to their needs which is why our customer service is valuable, non-substitutable, and inimitable. It is not rare because we will hold ourselves to the best standards as other businesses have.

4. Employment Security- We offer both our customers and staff with jobs which is what makes our Employment Security valuable, inimitable, rare, and non-substitutable.

5. Business Opportunity- Our customers will have the chance to work with some of our select suppliers if they choose. I can't name one business that does this so I would say our business opportunities are all valuable, inimitable, rare, and non-substitutable.

6. Succession Planning- Our service helps students with time management by making it easier to earn money and earn good grades. I believe this leads to future success especially if customers take advantage of working with some of our suppliers. This makes our Succession Planning valuable, inimitable, rare, and non-substitutable.

7. Staff- Our faculty is great because of our mission to serve the customer over everything else. They are very reliable and most will have been involved with education previously. Our faculty is rare and inimitable because our entire business is rare so they are participating in something new. They are valuable because of the amount of organization and documentation we have to handle. As far as staff being non-substitutable, we are always open to welcoming new staff and teaching them how to be a part of our program.

8. System Development- We will always be working on ways to expand our program and resources so that we can meet the needs of our customers. This will help us stay above the competition (that we will have created). This makes us valuable, inimitable, rare, and non-substitutable.

9. Organizational Integration- We will spend a lot of time organizing and making sure no one's information gets mixed up. We want our students to be able to trust us and we want to show them we can responsible with their information. This is what makes us valuable and rare. Again, because of what this service entails, it will be hard for other companies to copy or replace the systems we will use.

10. Document Management- Again, similar to the last resource, we will be taking care of a lot of documents so we want to keep everything confidential. For the reasons stated in the previous resource, our document management will constantly be up to date and taken care of which makes it valuable, inimitable, rare, and non-substitutable.

I believe my top resource is "Demand" because the majority of people I interviewed have said they would love to be paid for studying and how much it would benefit them. I think this program, if executed properly, would continue to be successful because we will always have students who need money and to study.

Week 10 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 appreciated that the author pointed out how technical it can be to start a business in regards to money, property, and resources. There's a lot of detail to pay attention to when starting a business.

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

I was somewhat confused on a few of the charts. They looked like just a bunch of numbers to me and it was hard to identify the different components and variables. 

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

I would ask the author if there's a standard range to be in with a cash flow budget and how much one should spend on advertising and resources and how much they should leave set aside as a cushion. 

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

There wasn't anything significant I thought the author was wrong about other than his use of the word "assumption". When I think of the word, it tends to have a bad connotation and he uses it to explain that entrepreneurs assume where their money comes from and bases validity on the assumed moneys. This just sounds a little contradictory although I'm sure he didn't mean it that way. 

Growing My Social Capital- Rachel Mead

I chose to speak with Brett Watson as my domain expert. He is a pastor and teacher with two siblings who are also involved with education. He happens to be my Uncle as well so it was easy to get a hold of him over the phone. He recently decided to go back to school while staying involved with his work at the church so he knows the difficulty my customers are facing. The favor he has given me is support, guidance and confidence. In return, I try my best to follow his advice. Brett Watson would be an important component to my company because he knows how the educational system works and will be able to help me identify the steps I need to take to make my idea reality.

Justin Valletta is the market expert I spoke to. He is a tutor at UF. I spoke to Justin during one of our tutoring sessions. He provides with me with help in Calculus and in exchange, he gets practice teaching others. Justin would be a great person to include in my business because he agrees that students should get paid to study and related my idea to some graduate programs that pay you to attend school. He would be able to provide me with more insight on the day-to-day process of running my business since he is involved with one that is similar.

The supplier would be Thomas Tahmosh. Thomas Tahmosh is a mortgage loan officer and manages his own company. He is my step father so I just had to speak with him over the phone. Thomas would provide me with the funds and in return, he will be more likely to receive workers from my business who are more self motivated and driven to get things done under his supervision. Thomas will the driving force behind my business be the person helping me fund the organization so that I can pay students.

Although I think this assignment is helpful in recognizing that networking is essential to almost every business, it isn't much different than what I do and have done in the past already. I am constantly networking every day with many different people with various needs through school, work, and clubs.

Elevator Pitch No. 3- Rachel Mead

The comments I received on my last pitch were all very positive. I did not come across any comments I believed were wrong or not useful. I think the feedback was all important and encouraging, giving me confidence that I could actually start this business. I still added more information in this pitch on how I would obtain the funds to pay for the students using my program. I hope that this pitch is even more direct and gets my message across.

My Secret Sauce- Rachel Mead

Five characteristics that I am proud of include my vision and ability to recognize that every decision I make ultimately affects my future. I also believe that I have a strong work ethic. I am able to face adversity and learn from it as well. Another attribute I believe I hold is my passion for various aspects that I am committed to. Lastly, I think I have a good sense of balance when it comes to my social life, family, friends, work, and school. I am interested to see what the five closest people have to say and whether they agree or not. 

I chose to speak to my mom, my three best friends, Cristal, Shail, and Matt, and my boyfriend David. My mom had the most to say because we have known each other the longest. I think she is the person who knows my aspirations in details and has seen the steps I've taken to achieve them. I really appreciate that she acknowledged my ability to be there for others without compromises my needs as well. Her and I have very similar views in general so I think her opinion matched mine and I was very happy to hear how proud she is of me and glad to have her support. Matt recognized my passion for animals and touched out my outgoing "care free" personality. I think this is something that I tend to forget just because I really do try to "go with the flow".  Shail also said that I'm caring and have a unique passion for animals. I don't necessarily try to be caring and it sort of comes naturally. David also believes I am compassionate person and I definitely try to demonstrate that attribute toward  him so it's nice to know he sees it. He also understands my love for animals and is very supportive. Cristal and I had similar things to say about each other. It's nice that we both have an appreciation for each other and can both be there for each other. We both see each other as sisters. 

I think their views are similar to mine however they see a lot more than I do. I think most of the interviews touched on my dedication for my passion for my work involving animals which I do tend to focus on. I try my best to be the things that they say but don't always feel like I accomplish that so its nice to know they feel that way. I wouldn't necessarily make any corrections and I'm flattered by what my friends and family had to say.

Week 9 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? 

The first thing that really stood out to me was that primary and secondary data could be expensive. I was surprised that doing research on a company would even cost any money because I wouldn't expect that tools or resources would need to be bought and the researcher would simply just need to look through papers. 

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

None of this reading was really confusing. I think the author did a good job in this chapter. However, once again, I wish he would explain a little more in detail the vocabulary terms he uses. Other than that, this chapter was very straight forward. 

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

I would ask the author why he thinks certain survey research techniques are more advantageous than others and also if he thinks these statistics will change in the next few years.

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

There wasn't much I thought the author was wrong about other than the emphasis on the amount of money it takes to research previous data about a company. I feel that if you're working for that company already, that information should be readily available to you because you're the one trying to make that company better. This information shouldn't be too hard to find. 

Napkin Idea No. 2- Rachel Mead

My name is Rachel Mead and I have been an active event planner for various organizations and businesses. I aspire to become a veterinarian and feel that starting this business will provide me with experience as well as new skills that can apply to my practice.

I am offering a program that allows students to log the amount of hours they study and get paid for it. This helps students maintain a balance between work and school and ultimately be more successful. I am offering this service to the students of the University of Florida and hope to expand. All of my customers will no longer struggle with trying to keep up with the rigorous demands of work and school.

Previous comments suggest that I need to stand out more apart from planners and find better means of payment and measuring how much students should get paid. My service will monitor the progress of students and base pay upon success in a class and compare test scores to previous results of other students from past semesters. The money would come from grants and fundraising. I would also like to look into incorporating this idea into scholarships that are given out already. I differ from a planner because I am only focused on studying, rather than everyday tasks.

What I have to offer is the ability to look at problems objectively and solve problems from different angles. I believe that my motivation and organization will really push this program into being successful.

I believe that all of these aspects will complement each other. I think these are learning experiences that I can take from and relate to many areas in my life. I think this will be a program that many students will take advantage of and I only wish that this could’ve been implemented sooner. I am excited to start forming this business so that I can make a difference in the lives of my peers. I think this would have a major impact on the community and produce more motivated members of society. 

Five main points I took away from the previous comments include being more inclined to actually start this business due to the positivity received. I also considered how I would get the money to pay students, how I would determine how much they should get paid, and what sets me apart from a planner. I also am more likely to start thinking of other ideas I would like to pursue and get opinions on those. I think this experience overall has helped me better understand some aspects I need to address in my career path and I will get more outside help and thoughts in the future.