1. The biggest surprise that I had from the reading was the discussion of how companies need to incorporate an innovation team. I am currently in a management class and so far we have mentioned innovation but we have never discussed the need for an innovation team.
2. The most confusing thing to me is crowdsourcing. I understand the concept but I can not understand the psychology that goes into t. Is it not just people doing free labor?
3. Therefore, my first question would be an explanation of the psychology behind crowdsourcing. Also I would want to know why an innovation team is necessary, considering the fact that it is harder to come up with genius ideas on a team due to the many opinions.
4. I disagree with the author about the need for an innovation team I find it unnecessary and a waste of resources. People should be innovative on their own time and the atmosphere of the company should encourage innovation.
Sunday, March 27, 2016
Amazon Whisperer
1. The revenue drivers for my company are entrance fees and drink purchases. As I have mentioned my company is a promotional company. Therefore, I provide a service and receiver a commission.
2. The next service I want to provide is promotional opportunities in the Downtown area. After creating a customer base in Midtown, I want to expand and use customer loyalty to begin to encourage people to go out Downtown.
3. This will make my service more dynamic. It will allow for me to reach different age groups and to reach a whole new area. It would allow me to further diversify my customers.
4. As I mentioned above my product is a service. Therefore, I can not find a material product on Amazon that compares to my service. Therefore, I will follow Professor Pryor's advice and instead find a product that I can compare. I am currently in the market for a new pencil. Unlike many, I have to have a perfect pencil to write with. I am not quite sure why but it is a must.
2. The next service I want to provide is promotional opportunities in the Downtown area. After creating a customer base in Midtown, I want to expand and use customer loyalty to begin to encourage people to go out Downtown.
3. This will make my service more dynamic. It will allow for me to reach different age groups and to reach a whole new area. It would allow me to further diversify my customers.
4. As I mentioned above my product is a service. Therefore, I can not find a material product on Amazon that compares to my service. Therefore, I will follow Professor Pryor's advice and instead find a product that I can compare. I am currently in the market for a new pencil. Unlike many, I have to have a perfect pencil to write with. I am not quite sure why but it is a must.
5. The customers do not like the fact that it hurts to grip the pencil for long periods of time. They also find the eraser quite useless. However, they say it writes well and has good balance. Overall the customer reviews vote in favor of the product.
6. I would adjust the grip for this product and make it more finger friendly. Also I would add a larger eraser. One that would not be deemed useless after its second use.
7. This product would be made better because people would be able to use it for longer and therefore, they would be able to build a loyalty to the brand.
Tuesday, March 22, 2016
My Unfair Advantage
1. Resource list
1. Abundance of human capital
This is valuable and rare because we have numerous amounts of people able to wrk for us. However, it is easy to copy this. Many companies have alot of employees. These employees can not be substituted for anything else though.
2. Social capital
This is valuable and rare because we have a excellent social relationship with many of the physical components of our busness. However, another company could be as social, but this is not substitutable.
3. Bar relationships
This is valuable and rare because we have an excellent relationship with many of the bars. This is not inimitable because not many companies can say they have this type of relationship. Also this is not substitutable.
4. Knowledge of the market
This is also valuable and rare because outside companies do not now the Gainesville night life as well as we do. This is also not inimitable or substitutable because you can not copy a specific knowledge that is not given easily.
5. Organized culture
This is valuable but not rare because anyone could implement organization into their culture. Also this is inimitable and easily substitiuble for another culture.
6. A structural hierachy
This is valuable but not rare. Having structure is key but many companies do this. It is inimitable and substitutable as well.
7. Delegates
This is valuable and rare, not many companies use delegates to mae sure their product is being well received. These delegates are practically integrated spokes people for the company that are regular purchasers of the product. This is not intimitable or substitutable.
8. Solid financial capital
Financial capital is very valuable, however not rare. It is inimitable but not substitutable.
9. Emotional resources
Having a strong emotional bond wit all your partners is very valuable and rare. It is not inimitable or substitutable because it is impossible to imitate one's relationship.
10. Mentor resources
Having a mentor is valuable but not rare. Also it is not inimitable because not everyone has the same relationship with their mentor. Also it is not substitutable.
2. Market Knowledge is the most important because that is what clearly sets us apart. Being in this market for so long has allowed us to recognize specific trends that other companies do not have access to. We are able to determine profitable nights and we can properly estimate attendance. Therefore, I believe that market knowledge is the one thing that makes this venture very hard to compete with.
1. Abundance of human capital
This is valuable and rare because we have numerous amounts of people able to wrk for us. However, it is easy to copy this. Many companies have alot of employees. These employees can not be substituted for anything else though.
2. Social capital
This is valuable and rare because we have a excellent social relationship with many of the physical components of our busness. However, another company could be as social, but this is not substitutable.
3. Bar relationships
This is valuable and rare because we have an excellent relationship with many of the bars. This is not inimitable because not many companies can say they have this type of relationship. Also this is not substitutable.
4. Knowledge of the market
This is also valuable and rare because outside companies do not now the Gainesville night life as well as we do. This is also not inimitable or substitutable because you can not copy a specific knowledge that is not given easily.
5. Organized culture
This is valuable but not rare because anyone could implement organization into their culture. Also this is inimitable and easily substitiuble for another culture.
6. A structural hierachy
This is valuable but not rare. Having structure is key but many companies do this. It is inimitable and substitutable as well.
7. Delegates
This is valuable and rare, not many companies use delegates to mae sure their product is being well received. These delegates are practically integrated spokes people for the company that are regular purchasers of the product. This is not intimitable or substitutable.
8. Solid financial capital
Financial capital is very valuable, however not rare. It is inimitable but not substitutable.
9. Emotional resources
Having a strong emotional bond wit all your partners is very valuable and rare. It is not inimitable or substitutable because it is impossible to imitate one's relationship.
10. Mentor resources
Having a mentor is valuable but not rare. Also it is not inimitable because not everyone has the same relationship with their mentor. Also it is not substitutable.
2. Market Knowledge is the most important because that is what clearly sets us apart. Being in this market for so long has allowed us to recognize specific trends that other companies do not have access to. We are able to determine profitable nights and we can properly estimate attendance. Therefore, I believe that market knowledge is the one thing that makes this venture very hard to compete with.
Saturday, March 19, 2016
Week 10 Reading Reflection
1. What I read that stood out to me the most was, the subject on budgeting. Prior to the reading I assumed that managers developed budgets from actions and reactions. However it became clear that they used regressions so that they did not have to waste resources. Which makes sense.
2. For this particular section I did not find anything confusing. I am a finance major so I had a general idea for just about everything mentioned. this was extremely fascinating to me and I enjoyed it.
3. I would ask about regressions and why they are the best choice. I have always assumed that since regressions are approximations that they will not lead to perfect budgeting. Also I would ask about using competitor information to create budgets.
4. I did not disagree with the author about anything for this section. He did a great job explaining everything.
2. For this particular section I did not find anything confusing. I am a finance major so I had a general idea for just about everything mentioned. this was extremely fascinating to me and I enjoyed it.
3. I would ask about regressions and why they are the best choice. I have always assumed that since regressions are approximations that they will not lead to perfect budgeting. Also I would ask about using competitor information to create budgets.
4. I did not disagree with the author about anything for this section. He did a great job explaining everything.
Growing My Social Capital
Domain Expert
1. I talked to Blake Gordon a promotional manager in Miami. Blake runs a very prominent promotional company in Miami and does extremely well. He is considered a great promoter.
2. Blake is a domain expert because he runs his own promotional company.
3. I knew Blake from high school. Therefore, I reached out to him and he surprisingly answered. Blake is very busy and works long nights so I was amazed by his speedy response.
4. Blake and I are good friends so advice probably does not deserve a favor considering I have given him a decent amount of business in the past. However, I was extremely appreciative for the opportunity.
5. Blake will guide me and act as a mentor. By having Blake in my network I will have a tremendous advantage.
Market Expert
1. I talked to Connor Gilboy, a bartender at Cantina. Connor has been working there for three years now and is considered a valuable employee.
2. Connor is my market expert due to the fact that he works in the market.
3. Connor is in my fraternity and reaching out to him was very simple considering I had his number.
4. Connor did a huge favor for me so I definitely owe him in the future. Possibly a spot on my promotional staff.
5. Connor will help me understand the market and make it easier for me to reach my marketing goals.
Supplier
1. I talked to Brant Wickersham, the president of my fraternity.
2. Brant is the supplier since he will supply me with people that will use my product.
3. Brant is high up in my fraternity so I just asked him for a sit down.
4. Brant provided me excellent advice and therefore I owe him a spot on the roster. Brant has a good feel for the direction in which I want to go.
5. Brant will allow me to understand how to gain mass supply of people.
Reflection
This will help me massively in the future. Every key component I needed for my business was outlined by these three people. Therefore, I feel as though I have a huge competitive advantage compared to other promotional companies. I typically network by meeting company owners instead of valuable components of my company. Therefore I found this very useful.
1. I talked to Blake Gordon a promotional manager in Miami. Blake runs a very prominent promotional company in Miami and does extremely well. He is considered a great promoter.
2. Blake is a domain expert because he runs his own promotional company.
3. I knew Blake from high school. Therefore, I reached out to him and he surprisingly answered. Blake is very busy and works long nights so I was amazed by his speedy response.
4. Blake and I are good friends so advice probably does not deserve a favor considering I have given him a decent amount of business in the past. However, I was extremely appreciative for the opportunity.
5. Blake will guide me and act as a mentor. By having Blake in my network I will have a tremendous advantage.
Market Expert
1. I talked to Connor Gilboy, a bartender at Cantina. Connor has been working there for three years now and is considered a valuable employee.
2. Connor is my market expert due to the fact that he works in the market.
3. Connor is in my fraternity and reaching out to him was very simple considering I had his number.
4. Connor did a huge favor for me so I definitely owe him in the future. Possibly a spot on my promotional staff.
5. Connor will help me understand the market and make it easier for me to reach my marketing goals.
Supplier
1. I talked to Brant Wickersham, the president of my fraternity.
2. Brant is the supplier since he will supply me with people that will use my product.
3. Brant is high up in my fraternity so I just asked him for a sit down.
4. Brant provided me excellent advice and therefore I owe him a spot on the roster. Brant has a good feel for the direction in which I want to go.
5. Brant will allow me to understand how to gain mass supply of people.
Reflection
This will help me massively in the future. Every key component I needed for my business was outlined by these three people. Therefore, I feel as though I have a huge competitive advantage compared to other promotional companies. I typically network by meeting company owners instead of valuable components of my company. Therefore I found this very useful.
Tuesday, March 15, 2016
Elevator Pitch No. 3
2. The feedback that I received from my last pitch was great. It became clear to me that I was not providing enough detail on how I was going to implement my solution. Therefore, I tried to be very detailed. The feedback that surprised me was that I was not emotional enough. I tried to be a little more emotional and captivating in this one. I received no silly feedback, everything seemed accurate.
3. I tried to be more emotional and I tried to go into more detail. I hopefully accomplished those goals.
Sunday, March 13, 2016
Week 9 Reading Reflection
1. What stood out to me the most was the fact that entrepreneurs will do their own research on marketing. Before I believed that there was a marketing department that specialized in handling the marketing efforts of the specific product,
2. I was confused by the tables. He did a poor job explaining what salaries fall into each class. For instance, I have no idea what salary range makes up the upper, middle, or lower class.
3. I would ask what marketing strategy is the best for new startups and why. I would also ask about books that I would allow me to further develop marketing ideas.
4. I do not believe that there was anything the author was wrong about. I enjoyed this chapter and found it relatively useful.
2. I was confused by the tables. He did a poor job explaining what salaries fall into each class. For instance, I have no idea what salary range makes up the upper, middle, or lower class.
3. I would ask what marketing strategy is the best for new startups and why. I would also ask about books that I would allow me to further develop marketing ideas.
4. I do not believe that there was anything the author was wrong about. I enjoyed this chapter and found it relatively useful.
Tuesday, March 8, 2016
Idea Napkin No. 2
1. I am Hunter Boyett. I am a business minded guy who is a perfectionist. I am also extremely competitive and a hard worker. I am pretty creative and always up for a challenge. I consider myself to be a great leader. I will use this business to generate capital that I will later use to invest into larger ventures.
2. I am offering a better night life experience that will generate friendships, romances, and a larger network. I will use bars to let me throw themed days and drink specials that will encourage people to come be social.
3. I am offering it to college kids or adults in the Gainesville area, anyone 21 or over is welcome.
4. They care because it will make going out cheaper and will also result in a better time. Also it will allow them to network better.
5. What sets us apart is the fact that no promotional company has gone after mid town. Therefore, we would be the first in the market.
I think that all of these concepts fit together. Without having a customer base this project wouldn't work. Also without having customers want to come it will not work. Also if it is not fun for the customers it wont work. Not only that this idea needs a leader spearheading the campaign and I believe that I would be a great fit. Therefore, making sure the customer is happy is a huge part of this process. In conclusion, I think this venture could be very successful if done the way I see it.
Feedback memo: The feedback that I received was extremely similar throughout. The first point I made was to evaluate everyone's comments and see exactly what they were saying. After understanding what they were saying I moved onto the second point which was forming a plan of action. I began to think of how to address these questions. The third point I made was to address where it fit into the napkin. The fifth point was to answer their feedback. For the fifth point I changed my summary to incorporate the new feedback.
2. I am offering a better night life experience that will generate friendships, romances, and a larger network. I will use bars to let me throw themed days and drink specials that will encourage people to come be social.
3. I am offering it to college kids or adults in the Gainesville area, anyone 21 or over is welcome.
4. They care because it will make going out cheaper and will also result in a better time. Also it will allow them to network better.
5. What sets us apart is the fact that no promotional company has gone after mid town. Therefore, we would be the first in the market.
I think that all of these concepts fit together. Without having a customer base this project wouldn't work. Also without having customers want to come it will not work. Also if it is not fun for the customers it wont work. Not only that this idea needs a leader spearheading the campaign and I believe that I would be a great fit. Therefore, making sure the customer is happy is a huge part of this process. In conclusion, I think this venture could be very successful if done the way I see it.
Feedback memo: The feedback that I received was extremely similar throughout. The first point I made was to evaluate everyone's comments and see exactly what they were saying. After understanding what they were saying I moved onto the second point which was forming a plan of action. I began to think of how to address these questions. The third point I made was to address where it fit into the napkin. The fifth point was to answer their feedback. For the fifth point I changed my summary to incorporate the new feedback.
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