Reading this chapter, one concept that stood out to me was the concept of social lending, also known as crowd funding. One reason why it stood out so much to me was because this was a phenomenon that I have heard about before however I did not know how it worked exactly. Now seeing that it is something that is mostly internet-based and provides people with alternatives for funds when commercial lending is unavailable.
Something that I am still confused about is the section on venture capital market. I understand the generalities of the concept however, some of the material within those few pages on that section still left me a bit confused. Possibly because the information is still so new for me.
I only had one question for this section that I wanted to ask:
1) Do "sophisticated" investors work alone or do they work in teams? I just wondered since when I read the section it seems as if it were one knowledgeable person who did the investing, but it could be a team.
There is not much that I would change about this chapter because I did not know much about how these sources of capital worked and for what situations they applied to. Therefore, there is not anything that I would change.
Sunday, February 28, 2016
Monday, February 22, 2016
Halfway Reflection
Image by Michael Coghlan, CC BY
https://flic.kr/p/93Coc9
Reflecting back on the past few weeks of this class, I can definitely say that time management was a skill that I had to use mainly to get many assignments done. Managing the time to complete assignments in which I am solely responsible for my own grade pressures you to get the job done. However, now that the course seems to be a lot more hands on than in previous semesters, finding time to record videos and get these interviews done is the key to success. I would also say I stick to my schedule that I created in regards to completing this course this semester because it helps me plan when I will accomplish certain assignments and that way I can allow myself more time to get complex assignments done. Around Week 6, I started to feel as if I were losing track because I did not complete a few assignments due to poor planning on my end. It was harder than I expected gathering respondents for customer interviews therefore I could not complete the assignment. However one thing that I can say definitely got me through is the fact that even when there is an assignment that is difficult and points are lost, there are more opportunities to make up those lost points which is something that has helped me. Also, getting back on track and being more proactive with assignments has helped me bounce back from what I went through. I do feel like I have developed a tenacious attitude this semester due to me trying to accomplish many things before graduation, however I can admit that this course has contributed to that as well.
Three tips I would give students after me in regards to fostering skills for tenacity and developing a tenacious mindset would be:
1) Stay organized and plan ahead
Having a plan can minimize stress with other classes and can help you prioritize assignments. Since we are in control of our own grade, it is best to have some sort of established order in which you accomplish them!
2) Even when it gets annoying, keep going!
Sometimes it can get rather repetitive, going out and interviewing people and uploading videos, however when you think about the experience you get from actually doing the assignments rather than the information you forced into your brain for an exam, it's way more valuable. I think that it is wonderful that we are actually treating the course as if we were entrepreneurs rather than just another class where you study for exams and that's that.
3) Know that there is always hope!
If you missed a couple of assignments because you could not figure it out, or you simply did not have time, there is always hope! With YellowDig, there is an opportunity to make up credit that you may have lost before.
Sunday, February 21, 2016
Free Money
For this assignment, I figured that I would go either to the main campus of the University of Florida, or the parking lot of a shopping plaza, such as Butler Plaza or the Winn Dixie Plaza on 34th Street. I feel like these would be highly populated areas that would allow me a better success rate of giving away the dollar. I plan to approach more college-aged students because I feel like I can come across with a relatable point of giving away the dollar to help another college student out. I feel like in this instance, the best way for me to get the conversation started to to simply approach the person with a shock element of just asking them if they would like a dollar and see where the conversation goes from there. Some people may just say "sure!" and the conversation could very well be over. Some people may want to know more about why they are receiving the money. I feel like it is hard to predict how the conversation is going to go because no matter how well you plan for something, things always go unexpectedly. I believe that I would be able to give away at least two dollar bills in this assignment.
Reflection
Giving away the dollar was actually a lot easier than I expected it to be because I guess I was more afraid of approaching people than the actual conversations themselves. My predictions ended up mostly correct because college-age students were much easier to attract, public areas were much easier to find people and the shock element brought an element of happiness along with it. The assumptions I had of the conversations were correct too because I did not know what to expect during the conversations and I mostly tried to get a feel of how the participant was behaving toward me and fed off of that energy.
Week 7 Reading Reflection
Biggest Surprise from reading?
The biggest surprise for me from the reading would be that I did not know how much went into market segmentation. As a public relations major, I hear more about market segmentation as how it applies to advertising. I did not know that there were so many listed approaches as to how people are targeted and that was a shock to me. One fact I also saw surprising was that even though market segmentation still shows disappointing performance, about 59% of businesses had reported using it and market segmentation is still widely used. Usually, in the business world, when there is disappointing performance, the method is not used. However with market segmentation in this case, it is a practice that is still around.
One part that was confusing?
As far as confusion, I feel like the article was not that confusing, there was just a lot of information packed into the article.
Two questions and why:
1) With new CMOs, is it common practice to completely change the segmentation plan when the CMO changes too? -- I guess my reason for asking this is because I want to know if the segmentation plan is more dependent of the individual's beliefs or is it to completely start a new strategy over?
2) Is there any difference between "conjoint analysis" and focus groups? -- They just happen to sound the same when I was reading the article.
Was there anything I thought was wrong?
There was not anything that I particularly thought was wrong because I felt like I learned more from the article than I expected. Much of the information was new to me, therefore I can't pinpoint things that I believe are wrong because they were things I did not know about.
The biggest surprise for me from the reading would be that I did not know how much went into market segmentation. As a public relations major, I hear more about market segmentation as how it applies to advertising. I did not know that there were so many listed approaches as to how people are targeted and that was a shock to me. One fact I also saw surprising was that even though market segmentation still shows disappointing performance, about 59% of businesses had reported using it and market segmentation is still widely used. Usually, in the business world, when there is disappointing performance, the method is not used. However with market segmentation in this case, it is a practice that is still around.
One part that was confusing?
As far as confusion, I feel like the article was not that confusing, there was just a lot of information packed into the article.
Two questions and why:
1) With new CMOs, is it common practice to completely change the segmentation plan when the CMO changes too? -- I guess my reason for asking this is because I want to know if the segmentation plan is more dependent of the individual's beliefs or is it to completely start a new strategy over?
2) Is there any difference between "conjoint analysis" and focus groups? -- They just happen to sound the same when I was reading the article.
Was there anything I thought was wrong?
There was not anything that I particularly thought was wrong because I felt like I learned more from the article than I expected. Much of the information was new to me, therefore I can't pinpoint things that I believe are wrong because they were things I did not know about.
Wednesday, February 17, 2016
Elevator Pitch No. 2
Thursday, February 11, 2016
Idea Napkin No. 1
Me.
My name is Breyenne Flynch, but I most often just go by the name Brey. My skills include great time management, organizational skills, great communication and I am a self-starter when it comes to completion of tasks. My experience includes over two years of retail and customer service experience, therefore I know what it takes in order to heighten the overall customer experience. I also have over a year of supervisory experience, therefore giving me necessary skills to lead a large team of people in high stress situations. My aspirations, as far as with this business venture and in my own personal goals, I would one day like to own my own public relations firm that will be able to help clients meet their organizational goals or help them in times of crisis. I see this playing a huge role in my life because this is something that I care about, something that I can see myself doing long term and it aligns with the skills that I currently possess and will continue to grow.
What can I offer to customers?
With Inspiration PR, I am offering customers a chance to reach out for the help they need for their businesses to grow and maintain their businesses. We want to help businesses, whether they are in a crisis or just want good publicity, get and keep their flow of customers through means they may not be able to access themselves. Inspiration PR is a great way for businesses to have high quality campaigns for their needs at a cost that is beyond affordable.
Who am I offering to?
Considering my concept for a business is a PR firm, my consumer target audience is more toward small business owners or small firms that would need promotional/campaign help for crises or to spread awareness about their businesses.
Why do they care?
I feel like customers would use my services if they are in a place where they cannot advertise their businesses, are facing some sort of crisis that may affect business or just want to spread awareness about services. This would help build their customer base up to a substantial point and I feel like businesses that have no where else to turn could want to use this service.
My core competencies?
What sets me apart from other PR firms would be that Inspiration PR is targeted more toward small businesses and firms compared to other agencies being more specialized in specific industries and for larger businesses due to receiving more money. The goal of my company is not necessarily to get the most income, but to provide quality service for a reasonable price.
When I look at this "idea napkin," I definitely feel that there are some components that I can work on. It makes me question the direction that I would want to take with the business and I feel like I would either make changes to who my customers are and possibly having a more specific service.
My name is Breyenne Flynch, but I most often just go by the name Brey. My skills include great time management, organizational skills, great communication and I am a self-starter when it comes to completion of tasks. My experience includes over two years of retail and customer service experience, therefore I know what it takes in order to heighten the overall customer experience. I also have over a year of supervisory experience, therefore giving me necessary skills to lead a large team of people in high stress situations. My aspirations, as far as with this business venture and in my own personal goals, I would one day like to own my own public relations firm that will be able to help clients meet their organizational goals or help them in times of crisis. I see this playing a huge role in my life because this is something that I care about, something that I can see myself doing long term and it aligns with the skills that I currently possess and will continue to grow.
What can I offer to customers?
With Inspiration PR, I am offering customers a chance to reach out for the help they need for their businesses to grow and maintain their businesses. We want to help businesses, whether they are in a crisis or just want good publicity, get and keep their flow of customers through means they may not be able to access themselves. Inspiration PR is a great way for businesses to have high quality campaigns for their needs at a cost that is beyond affordable.
Who am I offering to?
Considering my concept for a business is a PR firm, my consumer target audience is more toward small business owners or small firms that would need promotional/campaign help for crises or to spread awareness about their businesses.
Why do they care?
I feel like customers would use my services if they are in a place where they cannot advertise their businesses, are facing some sort of crisis that may affect business or just want to spread awareness about services. This would help build their customer base up to a substantial point and I feel like businesses that have no where else to turn could want to use this service.
My core competencies?
What sets me apart from other PR firms would be that Inspiration PR is targeted more toward small businesses and firms compared to other agencies being more specialized in specific industries and for larger businesses due to receiving more money. The goal of my company is not necessarily to get the most income, but to provide quality service for a reasonable price.
When I look at this "idea napkin," I definitely feel that there are some components that I can work on. It makes me question the direction that I would want to take with the business and I feel like I would either make changes to who my customers are and possibly having a more specific service.
Sunday, February 7, 2016
Week 5 Reading Reflection
The biggest surprise when reading this section I would have to say was seeing the section about legal structures for entrepreneurial ventures. More specifically, reading the sections that appealed to sole proprietorships and partnerships. Mainly because when I took Microeconomics, I remember these topics. Seeing how all of the classes that I have taken all blend together and seeing how they work in their individual ways was actually surprising to me.
One section that confused me, I would have to say, was seeing the intellectual property section. Last semester I took a Mass Media Law course in which we spent a good portion of the semester discussing intellectual property and even then the topic was not too clear to me because I did not find the information as interesting as other topics covered in our class. Now that I see the information again, I understand the concept however I know if I were to have to answer questions in regards to specifics about intellectual property, I know it would take me more time to answer those than other topics
Two questions that I would have to ask would be:
One section that confused me, I would have to say, was seeing the intellectual property section. Last semester I took a Mass Media Law course in which we spent a good portion of the semester discussing intellectual property and even then the topic was not too clear to me because I did not find the information as interesting as other topics covered in our class. Now that I see the information again, I understand the concept however I know if I were to have to answer questions in regards to specifics about intellectual property, I know it would take me more time to answer those than other topics
Two questions that I would have to ask would be:
- What are some big examples of L3C companies?
- What is the reasoning for different types of bankruptcy?
I would want to know the answer to these questions because I have never heard of L3C companies and I do not know much about bankruptcy, therefore by natural curiosity I would want to know what they were about.
There is not much that I would change about the chapter considering that I didn't know much about the legalities that go into entrepreneurial ventures, however I did find the information to be interesting because it was all new to me.
Wednesday, February 3, 2016
Elevator Pitch No. 1
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