Free Money

This assignment was very intriguing for me. Because I am currently studying abroad in Madrid, Spain, I could not give away dollars; instead I had to attempt to give out 1 Euro coins. I decided to go to two different places on two different days to test out this experiment. The first place I went to was an open cafe where local teenagers go to drink coffee or do homework. Here I attempted to give a 1 Euro coin to a young man who was chatting and doing an assignment with two other girls because they reminded me of my friends from back home. I spoke to him in Spanish to ensure that he could understand me. I told him that I was trying to do a good deed and that it was up to him to pass on this Euro and continue the good deed chain or he could choose to keep it for himself. He questioned my intentions at first but then he accepted the Euro.

To diversify my experiment, I chose to go to a very popular open bar in Madrid. This bar is known for their famous tapas (small dishes) and signature cocktails that are served by waiters while customers are standing. It is a very touristy bar so I decided to attempt to speak to these girls in English. I recognized the American brands of clothes that they were wearing so I decided they would be easy to approach and talk to. I told the girls that I was trying to do a good deed and give away 1 Euro but they refused. After asking them again, and them refusing again, I thanked them for their time and left.

Overall, I was only able to give out 2 Euros. I definitely thought that more people would accept my money but it seems that strangers do not want to owe anything to anyone, especially strangers in Madrid. I assumed that younger people would want to accept the Euro because they typically do not have high paying jobs so I felt that the Euro would help them buy a coffee or croissant later in the day. However, I only asked two young individuals, both of which are shown in my videos, and one accepted the money but the other rejected it. I feel that men are more likely to accept because they typically are not as afraid of strangers as women are. Being a woman myself, I hate feeling like I owe somebody something. A similar situation to this is when I am at a bar and a stranger offers to buy me a drink. I would obviously love a free drink but I do not want the stranger to get the wrong idea or feel like I owe him anything because he bought me that drink. I thoroughly enjoyed this assignment and learned a lot about cultural differences between Spaniards and Americans.

Videos:
https://www.youtube.com/watch?v=PYkRL_ZEC1M
https://www.youtube.com/watch?v=siPklreW1g8

30A

The first week of this semester was very difficult for me; I was traveling abroad with no cellular data and no way of connecting to the Internet. To top it off, I was unaware of the fact that Summer C classes had started that week. Therefore, I failed to complete the first two assignments, which consisted of very simple readings and were basically free points. Moving on to the following week, I failed to properly submit the URL for my blog post and did not receive those points as well. By the end of the second week of classes, I had a whopping 2 out of 8 potential points, and I was panicking. After emailing Dr.Pryor and having him reassure me that it was still possible to pass the class with a decent grade, I took it upon myself to make a weekly calendar of all my assignments to ensure that I would not miss a single one. Ever since that moment, I have completed all of my assignments earlier than the due date and have put forth maximum effort into all of them. My most joyous occasion was the videos that my friends had to send in about me explaining what my strengths were. These videos made me very happy and allowed me to realize how fortunate I am to have such incredible friends in my life. I am most proud of interviewing all of these diverse people because it really encouraged me to step out of my comfort zone and talk to some people that I would have never had the privilege of meeting had it not been for this course.

I definitely feel more like an entrepreneur after taking this class. What that means to me is that I see products from a business mindset now. For example, when I go to the supermarket, I look and see where products are placed and how they are advertised. I also look and see what deals are being offered for that product as well as how popular the brand is within that store. Prior to this class, I had never paid attention to those sorts of minute and seemingly irrelevant details. However, now I notice those small things and it has helped me become a more conscientious shopper.

My recommendation to future students is to make a calendar at the start of the semester with all of the due dates for the class. This will help you stay focused and remember the dates to ensure that you do not lose easy points simply because you were unaware of the deadline. Also, I would recommend really taking the opportunities to interact with your classmates. They are very knowledgeable and can give great advice that will truly help you in all of your future business endeavors.

29A

Opportunity

            For the ignition lock, there are numerous different opportunities available. This product is aimed at keeping roads safe, which is something that every driver, biker, passenger, pedestrian, and more use on a daily basis. The ignition lock is an innovative way to prevent drunk drivers from operating vehicles while under the influence of alcohol. Therefore, our product is aimed specifically at alcohol consumers but will benefit a greater population than that.

            If statistics came out to show the number of alcohol related accidents that occur on an annual basis, the demand for the ignition lock would increase as individuals would become more aware of the actual dangers of drunk driving. Furthermore, if a campaign began to increase awareness of this issue, my product’s demand would undoubtedly increase. Demographically, my product is aimed at 21-25 year olds, which is the age group most likely to drive while under the influence of alcohol. In addition, these young adults have just begun obtaining alcohol legally and do not necessarily know their limits. Also, they are all newer drivers compared to their elders so they do not have as much experience operating a vehicle.

            Currently, customers are not satisfying this need in a sufficient manner. Many intoxicated drivers will refuse to believe they are incapable of driving and will get behind the wheel anyway. This is what the ignition lock focuses on preventing. Because there are so many drivers that do consume alcohol regularly, the opportunity for this product is huge. However, we need to increase the awareness of the risks and frequency in which drunk driving occurs. When we do this, it is crucial to play to the emotions of our potential customers as that is what will be critical in selling our product. By appealing to our audience's emotional side, we can ensure that they want to prevent alcohol related car accidents and will, therefore, buy the ignition lock. The opportunity will remain there for a long time but we do not want it to do so. By selling the ignition lock to car manufacturing companies, customers of popular car companies will be receiving the good for free when they purchase their vehicles. Obviously the car would be more expensive with this addition but it will not seem like it to the customer because they only see the car priced at the full value.

Innovation

            The ignition lock is an innovative product because there are very few other companies that produce a service or product similar to it. Customers can either buy the product separately from when they purchase their vehicle or they can choose to buy a car with the product in it already. This means that my company would sell the ignition locks to car manufacturing companies as well as ordinary drivers. We would be able to install the product in any vehicle for a small service fee as well. The ignition lock will have numerous settings but the idea behind it is to prohibit the operation of a vehicle when the driver is under the influence of alcohol.

The way that the ignition lock works is simple. When a driver attempts to turn on their engine, the ignition lock will force them to take a breathalyzer test before the engine turns on. If the driver’s blood alcohol content is above the legal limit, the engine will not power on and the car will refuse to allow the driver to operate it. In order to turn the engine on, someone needs to pass the breathalyzer test. There would be options to turn off the ignition lock but they would need to be turned off 24 hours prior to the time that the driver requests the lock to be off. This would ensure that the driver is fully coherent and sober when he or she decides to forego the product and take their own risk at operating the vehicle.

The cost of the ignition lock would vary depending on a variety of factors. I would like to contact organizations who advocate for safe driving, like Mothers Against Drunk Driving (MADD), to sponsor our product. This would make it more affordable for our customers to purchase the product. I am hoping that with the numerous sponsorships we will obtain, the price of the product will come out to around $200. Furthermore, because our product deals with auto security, we will attempt to gain some financial aid from the government. If the government supports our product and gives it substantive financial backing, the price of this ignition lock will be even more affordable. The government would be interested in this because they will need less police officers and first respondors to deal with these accidents and, most importantly, it will save the lives of so many citizens.

Venture Concept

Customers are fairly easy to understand from an emotional standpoint. If you pull at their heartstrings hard enough, they will be more understanding and tend to view your product from a more emotional stance. Therefore, it is imperative that my company launch numerous campaigns warning about the dangers of drunk driving, especially in this day and age among young adults. Once they are informed about this lethal issue, I am positive that many of them will be eager to test out our product in order to keep our roads safer than ever before.

There are few other companies that make this same product so competition will not be too large of an issue. However, many of my competitors do not have the option to power off the ignition lock. While this might create a problem in terms of safety, I have established many regulations that come with turning off this lock which will not sacrifice the safety of our customers. This special feature will make my company more successful and more popular than my competitors’ companies.

Our whole product relies on the humanistic assumption that people are kind and want others, as well as themselves, to be safe. Therefore, our entire product and company relies on customer satisfaction and trust. Our employees will be trained in the best manner possible to ensure that they treat all customers fairly and we will include a thirty day test trial of the product. Mainly, our product will be sold online but once the company has more revenue, I plan on setting up stores where customers can go in and converse with our sales representatives as well as test out the product on a company car. While it would be cheaper to solely sell our product online, it is crucial for customers to be able to communicate in the best manner possible with our employees so opening these physical store locations will benefit our product and sales in the long run. I would only hire 5 employees to work at this location per shift and would require them to have customer service experience as well as some previous experience in the automotive industry.

Feedback

The main feedback I received for this assignment revolved around me expanding my resources for financial supporters. Most of my peers told me that I could obtain money from the government to support me in this venture. They recommended to reach out to them and tell them about the long term benefits of the ignition lock. Not only will this product save lives, it will decrease the amount of time that government workers, such as firefighters and police officers, have to spend dealing with these terrible accidents. Another important note that my peers mentioned was to really amplify the emotional aspect of marketing my product. They agreed with my previous claim that drivers will be more likely to buy this product if they feel guilty or want to be considered "a Good Samaritan" so it is essential to advertise this product as a life-saving product that will ensure less deaths across America. Therefore, in my venture concept, I wrote that I would reach out to local government representatives at first to gain their financial backing for my product in order to make this product more affordable and encourage customers to purchase the ignition lock. I also wrote that I need to spend more funds on marketing my product emotionally to really play at the heartstrings of my potential customers and make it feel like it is their civic duty to purchase this product.

28A

Although I have not given much thought to what my exit strategy would be, this assignment allowed me to think clearly on all of my potential options and evaluate which strategy would be most beneficial for me. While I have enjoyed creating and developing this product very much, I feel that it would be best for me to leave this company after gaining a good amount of prestige and recognition for the product itself. My goal is not to only make money, but to ensure a safer future for all drivers and pedestrians. Once my product is established, I plan on selling my company and starting a different venture in a completely different area.

I selected this exit strategy because I want to explore my other options. I feel as if I have much more to offer to the world than just one product but I also want to diversify myself and my products. While it is possible to keep the company I currently have and just choose to expand my product line, I would not want my products to be associated with one another. This is because I plan on creating an entirely different product with no relation to the ignition lock and I do not want customers to be confused by the brand that I will be representing.

Because I did not consider this exit strategy prior to this assignment, I did not realize how it would affect me in terms of future products or business strategies. The networking connections that I have established in the automobile industry will most likely not help me with my new company. Although this is unfortunate, these old partners can become investors if they choose or even promote my product if they wish. Hopefully, many loyal customers will be aware of my new brand and will also be interested in purchasing those innovative products.

27A

1. For this reading reflection, I chose to analyze the book How to Fail at Almost Everything and Still Win Big by Scott Adams. I originally chose to read this book because the title truly intrigued me and it seemed like it would have a comedic aspect to it. The main theme of the book talks about the importance of bettering oneself. Furthermore, it explains that being the best you that you can be is what benefits society the most. Adams further explains this by stating that if you are not constantly on your A-game, you then become a burden to society and create a downward spiral of those around you in your family, community, and, ultimately, the entire world.
2. This book relates to ENT3003 because this course focuses on entrepreneurship. Being the best you that you can be, as Adams mentions is the best way to contribute to society, can be related to entrepreneurship. Excelling at creating and developing new business ideas and products is a way to make yourself useful and a great asset to society. By creating these products, you are giving society something that they need but do not currently have, which is assisting them in numerous aspects of their daily lives.
3. If I had to design an exercise for this course based solely off of this novel, I would choose to have every student determine how they have currently helped society or been an asset to those around them. Then, I would ask them to hypothesize how different the lives of those around them would be if they were not in existence. For example, I would have students respond to how their family dynamic would be different if they had never been born. Or if their friend group would be as sturdy as it currently is had they not been in existence.
4. I was most surprised by the fact that Adams refers to selfishness as a positive thing. He writes about how important it is to be selfish, because one achieves their best life by being selfish and only looking out for themselves. However, I realized the positive aspects of being selfish once he dove into more detail on the subject matter. It is imperative to be selfish because then you are living up to your full potential and therefore being the best asset to society as possible. After reading this novel, I do not believe selfishness is a bad quality to have, but rather a characteristic that we should all have in moderation.

26A

I think failure is inevitable. Although I have experienced many failures outside of the classroom, I would like to talk about a time this past semester in which I experienced failure in ENT3003. This summer, I have the privilege of studying abroad in Madrid, Spain. Furthermore, I was fortunate enough to have the opportunity to travel for New York and New Jersey to visit my friends for four days as well as lead a ten day educational trip to Israel this summer. Because my Madrid classes did not begin until June 4th, I assumed that all University of Florida classes would not begin until then as well. Therefore, I planned my other trips to New York, New Jersey, and Israel to occur from early May until the end of May. Once I returned home from these marvelous places, I decided to log on to m student portal and see if the syllabi for any of my classes had been released early. Then I realized that ENT3003 did not begin in early June, but rather in the middle of May. I saw how behind I was in my schoolwork and had already lost eight points the first couple weeks without even realizing it. I felt very ashamed and embarrassed but, most of all, I felt angry towards myself for not being more vigilant about my studies and deadlines.

From that point on, I made sure to turn in all of my assignments at least one week prior to the deadline and do my best so that I would get full credit on all of my work. This would help me maintain a decent letter grade in the course even though I was already down multiple points. Furthermore, I know there is an extra credit opportunity arising soon so I will complete that assignment as well to ensure a good grade in this course. Because Dr. Pryor is so strict with deadlines, this course made me realize that the real world does not allow mistakes. If you miss a deadline, it is your fault and there is no going around it. There will not be second chances and you must take ownership for your mistakes. Although I wish I could have received credit for the assignments I missed, I realize that Dr. Pryor is not wrong in not allowing me to complete these assignments after the deadline. In the future, I will create a calendar of all the upcoming deadlines I have in order to make sure I do not miss anything and can be on top of all my assignments for all my future classes.

25A

Existing Market

• For the future, I would like to continue searching for ways to make streets safer for all of those around us. I would broaden my horizons to include ways to ensure car safety not only for intoxicated drivers, but also for all types of drivers. Therefore, I would like to create and install new safety features for vehicles. These would also be sold in a similar manner to the ignition lock; either car companies can choose to buy the product and install it in their vehicles during the production phase or drivers can purchase the product and install it themselves or pay an additional service fee to have one of the company's employees install it for them.
• Out of the three people I interviewed in my existing market, two of them told me that I was doing an incredible job and they did not think that I needed to add anything to my product. They felt that I should focus on the path to preventing intoxicated drivers from operating vehicles and stick to that group. They told me to do this because I will have spent so much time and money on figuring out that clientele that it would be a waste to not create more products to benefit that specific group of customers. However, the third person I interviewed told me to expand my market and sell products for all types of drivers, not just those who drive while intoxicated. He told me this because there are only so many products that one customer can buy and the clientele group of drunk drivers is rather small in comparison to all drivers so he recommended I focus more on those customers.
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• After discussing my future plans with the people I interviewed, I realized that it might be best to start off small and then expand my business as more revenue comes in. This means that I would spend additional funds on research and development to really get to know my current customers and determine what their wants and needs are. I would attempt to develop more products that they deem necessary and would want to buy in addition to the ignition lock. I would also attempt to create a product that these customers could use instead of the ignition lock.
• Once my business gains popularity, I will have a larger cash flow and be able to spend more funds on further research and development. This will allow me get to know a new client pool and see how they operate. Furthermore, I will use this research to determine what products are in high demand in that market. With this new information, I will create and develop new products that will be useful to these new customers and hopefully gain revenue from this new clientele.

New Market

• Rather than targeting intoxicated drivers, I would like to target people who take public transportation. With this new clientele, I would like to create a form of carpooling among people who do have cars that will be paid less than Uber to transport clients to areas near where they work. Basically, a person who owns a vehicle will state where they are traveling to and from where. Also, people who typically use public transportation or do not own cars will state where they are traveling to and from. Then my company will match these customers and charge a very small fee for the passengers that will then be given to the driver. Because the driver does not have to go excessively out of his way to pick up and drop off these customers, the gas fee will not be large and they will still make a large amount of net revenue. 
• I interviewed someone who bikes to work as well as someone who walks to school. Both of them liked my idea in theory but found a few issues in my business concept. They questioned if it would be worth it to spend this money on such short trips. Also, they wondered if the driver would be annoyed having to make so many different stops on his or her usual route to work. They told me that they believe this idea would be great for rides that are 30 minutes or longer but they felt that the idea would not be beneficial for any trips shorter that that. They also questioned how much money the driver would be making if the fees that the passengers had to pay was so small. However, I assured them that they would be compensated adequately and it would be more than enough to ensure their continued loyalty and service to the company.
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• I learned that this new market of pedestrians, bikers, and those who take public transportation are happy with their current method of transportation. They enjoy strolling down the streets and listening to their music on the way to school or work. However, sometimes if they are running late or are too tired, they wish they could drive to work or be driven to school but do not want to pay the high costs of Uber. Therefore, I feel that they would use my services under these circumstances, although it may not be as often as I had intended for it to be.
• Although this market is larger than my previous targeted clientele, the other market is much more narrow and, therefore, easier to identify their needs. This new market is so broad and contains to many diverse characteristics that it is impossible to satisfy all of their needs. While I know my older market better, this market would be able to bring in more revenue because of the sheer size of the market. All in all, I think this new market would be costly to research so I would have to wait until my first business venture really takes off before diving into this new one.