Week 7 Reading Reflection

What mostly surprised me from this reading was the many different approaches to market segmentation, I knew a couple ways but this reading really opened my eyes. I don't really understand why companies still use market segmentation if it clearly has disappointing results. I would ask the author about more details regarding which companies have thrived using market segmentation and which failed. I would also ask him why he believes companies still use market segmentation. I did not disagree with anything the author wrote.

Elevator Pitch No. 2

After reviewing the feedback from my first elevator pitch, I learned that I needed to be much more confident in my delivery. I believe that this elevator pitch is slightly better than the first because I feel like I was more confident in my idea and my delivery.

Week 6 Reading Reflection

I was surprised that the author relied so heavily on SWOT analysis in order to begin a business. I always felt that although helpful, SWOT was never enough to make something become successful. I always thought that it was a good first step. I found the assumption that uncertainty is low to be extremely confusing. I always thought markets and businesses were unpredictable. I would ask the author is his views on the forces have changed since he wrote this book. I would also ask if he believes these forces can be applicable to all markets. I do not disagree with anything he said.

Idea Napkin No.1

My name is Tristan Whittingham and I am an extremely motivated individual and one day I would like to open my own stock brokerage firm. If this business concept were to materialize, it could give me the startup money that I would need to eventually open my own firm. My business concept is a proctoring service which could be an alternative to ProctorU, I could start it, and eventually sell it in order to follow my dreams.
Online students at the University of Florida have to take their exams online as well, on an online proctor service where there is a proctor watching your every move and can be very nerve-racking. My business idea would solve this problem and would allow online students to meet up with a proctor in whichever city there are in, in order to take a pen and paper exam, like they are accustomed to doing. My customers would be any online student at any university in the United States that does not feel comfortable taking an exam via ProctorU. Taking a pen and paper exam is what most students are used to and prefer, so this alternative to ProctorU could allow students to do better on exams. I am a hard-worker and I believe I can make anything successful if I put my mind to it. I believe these concepts fit together nicely and would allow for a very profitable business.

Interviewing Customers No. 2

I did not complete the first interviewing customers assignment so this is my first interview assignment. Some students do not like to take online tests and my idea is to come up with a business that can solve this issue. I learned that almost all students have taken at least one online course. I was  a little nervous asking strangers questions.

Week 5 Reading Reflection

The biggest surprise I found in this reading was all the little pitfalls that one can encounter while attempting to start a business. I learned that you must do tons of research and learn every single aspect of the business you plan to venture into before actually starting the business. I did not find any part of this reading confusing, I reread it and learned a lot. I would ask the author if one can learn on the fly while creating the business because I believe that the best way to learn is to actually immerse yourself into something, like the business. I would also ask where he recommends we should research when attempting to start a business. I did disagree with anything the author wrote.

Elevator Pitch No.1

The name of my company is AnythingButProctorU. The problem with online courses aren't the courses themselves, it is the way the exams are administered, which is via ,ProctorU, an online proctoring service. ProctorU takes students out of their comfort zones and makes them more nervous than they already are when taking an exam. My company is a proctor service which allows you to schedule an appointment with a proctor at pre-approved test taking locations no matter where you are. Students feel much more comfortable taking pen and paper exams which would allow them to do better.