30A – Final Reflection

    To be completely honest, ENT3003 was a really fun and enjoyable class. I truly believe that I have learned a lot in this class and I am excited to use what I learned in class and apply to my future. The most fun I had in the class was when I had to think of a local problem and I had to find a solution for it. I believe this ranges from assignments 2A to 9A. I also had fun interviewing people for the assignments that needed an interview. The assignments I came to dislike were the elevator pitches because those were time-consuming since I had to convert the video to my laptop. 
    The assignments that were the most formative experience for me were the interview assignments. I had to get out of my comfort zone and go out and interview random people so I was nervous at first, but I believe I definitely got better as I did more interviews. I believe the assignment I had the most joy in doing was coming up with the idea of a gym app since it was my own original thought. That assignment is also my proudest. 
    At the beginning of the semester, I did not have an entrepreneurial mindset. However, now at the end, I see myself closer to being an entrepreneur. I definitely believed that I have moved closer to developing an entrepreneurial mindset. For the students that are to take this class, I recommend keeping up with and making your own schedule and following it. I didn't do a few assignments because I never followed a schedule and that really messed me up. Overall, this class was really fun and I am excited to see what the future holds. 

29A – Venture Concept No. 2

1)

Opportunity

I started working during summer B of my freshman year and it grew to be my favorite hobby because it helped me take some stress off of school. It also made me feel better and healthier. However, the two gyms during the spring and fall semesters are always packed. Due to it being packed, it is hard for me to use any equipment at all. This left me bitter and sad. I could not get a good workout at the gym and I would sometimes leave early just because I grew annoyed that I could not use any of the equipment. I felt like I wasted my time and I could be doing other activities. One day I was walking across the street and I realized that I can solve my problems with going to the gym. I will make an application that will show the live feeds of both the Student Recreational Center and the Southwest Recreational Center. I told many people with it and they all told me that it was a genius idea. They told I should contact the University of Florida in order to get permission. I knew around that time that this was the million dollar idea that happens once in a lifetime.

Innovation

I planned to create a gym application that integrates with cloud technology. All you would is an account that is easy to set up. In the gym application, I plan to have the live feeds of both the Student Recreational Center and the Southwest Recreational Center. The gym application will also feature a gym journal where you can write down your repetitions and weights you used so can keep track. You can also write as many workout programs in the application as you want. The best part of the application is that it will feature many workout guides with videos and long descriptions on how to perform the workout to the best efficiency. The gym application will also feature a food tracking journal. In the food tracking journal, you can plan what you ate, as well as count your macros and micros. Using Apple's new health software, the application will allow people to keep track of their heart rate as well. The gym application will be free to download and use because I want people to download it. If I did not make it free, it would not survive in the market due to the competition. There are just so many gym applications on the market and many of them cost money. If I made it free, people would be incentivized to get my application because it is free and does not cost money. I will a lot of money from sponsorships. I will be talking to a lot of famous gym personalities like Arnold Schwarzenegger. There will also be a few ads on the application. An ad every hour on the application. While talking to my accountant, there are around 52 thousand students at UF. My statisticians informed me that at least 30 thousand students will download my application. Each ad view by a student is 5 dollars. So I will be making at least 260 thousand dollars a day if people open the app at least once a day.

Venture Concept

My gym application will solve the problem of when to go to the gym because people will be able to look at the live feeds of either the Student Recreational Center or the Southwest Recreational Center and look to see if it is crowded or not. They can then decide for themselves if they want to go to the gym or not. I have a hunch that many people will download this as many people have this problem.

2) The feedback I received was all supporting and very nice. One of the comments said he would be much more motivated to download my app if it was affiliated with Arnold Schwarzenegger. 

3) Based on the feedback, I did not make any major changes since there seems to be nothing wrong with my venture concept no. 1. 

4)  

28A – Your Exit Strategy

1. I will most definitely sell my business to anyone who offers the most money. As long as it is a lot of money than I really do not care who I sell it to. 

2. I chose that exit strategy for many reasons. One of them is because I do not want it to become a family business. I much rather have my children come up with their own ideas and profit from it. Another reason is that I would love to retire before I am 30. That would be the goal.

3. My exit strategy has affected how I will use my resources for my business. Since I am selling it to the highest bidder, I plan to use my resources so I can gain the most efficient and maximum output. That way, it will look good to outside investors. 

27A – Reading Reflection No. 3

1)    What was the general theme or argument of the book?

The book I chose was Innovation and Entrepreneurship by Peter Drucker. The general theme of the book is explaining innovation and entrepreneurship as a practice and discipline.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book explains what entrepreneurship is all about and ENT 3003 is all about entrepreneurship. 

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

I would have students go and come up with their own business ideas. First I would have them come up with needs and then an explanation of how they would fulfill those needs. Entrepreneurship is all about coming up with ideas to satisfy needs so I believe this exercise would be perfect. 

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

One of the biggest surprises in the book for me was that there was a difference between innovation and entrepreneurship. I thought they were different, but the book explained to me that they are two different things. 

26A – Celebrating Failure

1. I have failed many times in this class. A majority of them is forgetting to submit a URL for assignments.

2. I learn to always pay attention to everything I am doing.

3. Every time I fail an assignment because I forget to submit the URL makes me very frustrated. I put a lot of work into each post and then I learn it was all for nothing. However, this class has taught that failure is okay because without failure, I would never learn from my mistakes. Becoming a successful person means to work hard and being able to learn from one's failure.

25A – What’s Next?

Existing Market

I went and interviewed three people who frequently told me that they used the gym. The first person told me that I should advertise what makes my app different from other apps. The second person told me the same thing. I should focus on what makes my application stand out. The third person told me I should try to check out the user experience of the app. He told me that I should make as easy to use as possible because this is a simple app. He is right that this is just a gym app and not some big tax app so everything should be easy to use.

New Market

I went and interviewed three people who have never worked out in their entire life. The first person told me that my application should offer workout guides with video demos on how to do them in the application. That seems to me like a great idea because it incentivizes people who never used the gym to download it. The second person told me that I will not be able to do it because UF will never give me permission. The third person told me that the idea was horrible and a waste of time.

24A – Venture Concept No. 1

Opportunity

I started working during summer B of my freshman year and it grew to be my favorite hobby because it helped me take some stress off of school. It also made me feel better and healthier. However, the two gyms during the spring and fall semesters are always packed. Due to it being packed, it is hard for me to use any equipment at all. This left me bitter and sad. I could not get a good workout at the gym and I would sometimes leave early just because I grew annoyed that I could not use any of the equipment. I felt like I wasted my time and I could be doing other activities. One day I was walking across the street and I realized that I can solve my problems with going to the gym. I will make an application that will show the live feeds of both the Student Recreational Center and the Southwest Recreational Center. I told many people with it and they all told me that it was a genius idea. They told I should contact the University of Florida in order to get permission. I knew around that time that this was the million dollar idea that happens once in a lifetime.

Innovation

Throughout the history of time, humans have come up with numerous ideas and inventions. One of the greatest invention humanity has ever created is technology. As time has gone by, technology has improved tremendously. The reasoning for this is due to globalization and the increasing knowledge that humans have gained as time goes by. One of the greatest inventions in the past century is the Internet. The emergence of the Internet has revolutionized the world and has brought great changes. It allowed people to connect with one another easier. If someone was in China, a person in the United States could talk to them by emailing them. Soon after the arrival of the Internet emerged another technology that is currently revolutionizing society and impacting industries. That is cloud computing. With cloud computing, people are able to store data in a cloud A.K.A the Internet. People no longer need to go and buy expensive new hard drives, they could save everything online. Examples of things that integrate with cloud computing are Dropbox, Google Drive, Instagram, etc. Cloud computing has also cut expenses and costs as well. Companies and businesses would spend millions buying the new software for their day to day operations, but with cloud-based software, everything is up to date so people do not need to go out and buy the newest update. In addition to this, cloud computing helps save space since everything is online. People do not need to go buy new memory cards or even new computers in order to use cloud-based applications. Companies love cloud computing due it being so flexible. It does not matter if the business is small, medium, or large. With cloud computing, companies can scale the cloud-based software to their preference base on their businesses. Another important feature of cloud computing is data security and back up. Have you ever wrote a huge report that is over five thousand words and then your power goes out and everything is lost? Well, most people would say yes to that and it is a common problem. However, with cloud-based software, everything is saved automatically due to real-time tracking. In another scenario, let's say that your computer dies and all your work is gone. With cloud-based technology, you can access your work and data from different devices such as desktops, laptops, tablets, and smartphones. It is amazing how far technology has come!
That is why I planned to create a gym application that integrates with cloud technology. All you would is an account that is easy to set up. In the gym application, I plan to have the live feeds of both the Student Recreational Center and the Southwest Recreational Center. The gym application will also feature a gym journal where you can write down your repetitions and weights you used so can keep track. You can also write as many workout programs in the application as you want. The best part of the application is that it will feature many workout guides with videos and long descriptions on how to perform the workout to the best efficiency. The gym application will also feature a food tracking journal. In the food tracking journal, you can plan what you ate, as well as count your macros and micros. Using Apple's new health software, the application will allow people to keep track of their heart rate as well. The gym application will be free to download and use because I want people to download it. If I did not make it free, it would not survive in the market due to the competition. There are just so many gym applications on the market and many of them cost money. If I made it free, people would be incentivized to get my application because it is free and does not cost money. I will a lot of money from sponsorships. I will be talking to a lot of famous gym personalities like Arnold Schwarzenegger. There will also be a few ads on the application. An ad every hour on the application. While talking to my accountant, there are around 52 thousand students at UF. My statisticians informed me that at least 30 thousand students will download my application. Each ad view by a student is 5 dollars. So I will be making at least 260 thousand dollars a day if people open the app at least once a day.

Venture Concept

My gym application will solve the problem of when to go to the gym because people will be able to look at the live feeds of either the Student Recreational Center or the Southwest Recreational Center and look to see if it is crowded or not. They can then decide for themselves if they want to go to the gym or not. I have a hunch that many people will download this as many people have this problem.

23A – Your Venture’s Unfair Advantage

1. Motivation
V - Very valuable because it is what drives me
R - Very rare, not many people have it
I - Almost impossible to imitate
N - Not can be substituted for this

2. Money
V - Very valuable because without it, nothing would be made
R - Not rare at all, there are many ways to obtain money
I - People can imitate it, but there is a risk of going to jail
N - It can be substituted. People can offer there resources and services in exchange for not paying money.

3. Human Capital
V - Very valuable
R - Not rare
I - Cannot be imitated
N - Can be substituted with money

4. Teamwork
V - Very valuable, teamwork makes the dream work
R - Not rare, every company has teamwork
I - Can't be imitated! Very important
N - Can be substituted with machines and AI

5. Car
V - Very valuable, cannot go to work meetings without them
R - Not rare
I - Can't be imitated
N - Can be substituted by like a scooter, bike, etc

6. Experience
V - Very valuable
R- Rare, it is hard to come by
I - Can be imitated by watching videos or reading a book
N - Nothing can substitute it

7. Creativity
V - Very valuable
R - Very Rare
I - Cannot be imitated
N - Cannot be substituted

8. UF Education
V - Very valuable
R - Not many people can get in
I - Cannot be imitated
N - Can be substituted by watching StudyEdge

9. Leadership
V - Very valuable
R - Rare
I - Cannot be imitated
N - Cannot be substituted

10. Hard Work
V - Very valuable
R - Rare
I - Cannot be imitated
N - Cannot be substituted

I believe motivation is my top resource because it is what drives me to keep going and never give up. Because of motivation, I am able to get this gym app done.

22A - Elevator Pitch No. 3

https://youtu.be/UsvGWhQglbM


I received a lot of good feedback from my second elevator pitch and I really appreciate them because they help me make this one better. I believe the thing that changes the most is in this pitch, I am talking slower and more concise so people can understand me.

21A - Reading Reflection No. 2

1)    What was the general theme or argument of the book?

The book I have chosen for this assignment is The Art of Social Media: Power Tips for Power Users by Guy Kawasaki. The main argument Kawasaki is trying to make is that your social media is like your own business and in the book, he gives multiple tips on how to improve your social media.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

Well in this class, I learned the importance of networking and getting many contacts. With social media, it can allow me to connect with many different people in a short amount of time. This book helps me understand how to use my social media efficiently.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

There are a lot of good tips given in this book so I would have students make a social media account and then used the tactics in the book and then see who got the most likes and follows on their social media. It could be like a competition and there would be a prize so that would incentivize the students.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest ‘aha’ moment for me was when the author wrote that even he does not really know how social media works because it is always changing and that is why people should keep experimenting. I thought that was really interesting and it makes complete sense.

20A - Growing Your Social Capital

- Domain Expert: The first person I talked to was a person named Jack who owns a boxing gym in Gainesville. I knew Jack from back home so he is a reliable person to talk to. He told me all the equipment cost for his gym and how much he thinks installing cameras would be. He told me my idea was great and he would pay me a lot of money to implement it into his gym.

- Market Expert: The second person I talked to was a person named Matt. Matt is currently a software engineer for IBM. We emailed each other back and forth for a while. I only know Matt because I am friends with his cousin. He told me that developing my idea of an app was feasible and he believed it would be a great idea. He just told me I needed to receive a lot of permission for the app to fully work.

- Supply Expert: The third person I talk to was a person named John. He worked in a company that supplies materials to restaurants. I knew him from high school. He told me that he had a long list of contacts that would be beneficial to me. I told that would be really nice. John is a very nice person.

Overall, I am really glad that I did this exercise because I was able to meet many fascinating people. I also gained experience in networking.

19A - Idea Napkin No. 2

-     Hello, my name is Brian Nguyen and I am currently a sophomore at the University of Florida. I am majoring in accounting and minoring in economics. I am bilingual and I am a motivated person. I developed my organizational and time management skills during the summer when I worked for a gynecologist office as an office clerk. I aspire one day to be working for a big corporation as its CFO. Regarding my business concept, if I ever hear back from UF about agreeing to do my idea, I would definitely develop it because I could see it making a lot of money.

2.     My product is an app that allows customers to see live footage of both gyms at UF and to see if it is packed or not and then decide for themselves to see if they want to go. This app is perfect for customers who have a tight schedule and would like to see if they could fit working out into their schedule.

3.     I am offering this service to anyone who uses the gyms at UF or anyone who loves to workout in general.

4.     I am certain the customers will love this service because it will help them save time. I know many people that go to the gym and see that it is packed, and this causes them to not get to work out as well as they would like, and this is a very common problem.

5.     The thing that sets me apart from everyone else is that no one has come up with this idea.

Overall, I feel that these five elements fit together very well and that this is a great concept. I do not think there are any weak points for the aspect of my business concept. 

The feedback I received from the first idea napkin was very helpful and influential. I used it to make the changes to this idea napkin. Thanks for reading this post and have a great day!

18A - Create a Customer Avatar

My avatar is a customer named Brad who is 19 years old. He is currently a sophomore at the University of Florida and he is also the CFO of a big company that sells toilet paper and writing utensils. In his free time, he loves to read self-help and motivational books. He drives a pink Lambo every day to work. His favorite hobby is working out at Southwest Rec at UF. He loves to work his calves and his abs. One of Brad's pet peeves is when he goes to Southwest Rec, it is packed and he has to go home. He gets very mad and sad when this happens because he wastes gas money and precious time. However, Brad found out about my gym app and he is happy all the time now. He now has very big calves and abs because he goes to Southwest Rec at the perfect time.

I have a few connections with Brad. We are both sophomores and we both love working out. I feel that if I met Brad in real life, we would be really good friends.

17A - Elevator Pitch No. 2

1)


2) In my last video, I received a lot of good feedback. I am really glad that I got these feedbacks because they have helped me make my elevator pitch better.

3) In my last video, I was sitting down. In this video, I am standing up.

15A - Figuring Out Buyer Behavior No. 2

I conducted three interviews in order to gather information. During the first interview, I asked if the price of the gym app is something she considered. She told me yes because if it was not free, she would not get it. I told her that I probably set the app to be free. During my second interview, the person expressed interest in the UI of the gym app. I told him that my roommate could code the app easily and he was credible because he used to work as a coder at Apple. The third interview expressed interest in the price. He was worried if the app was going to be expensive. I told him no and that the app will be free. 

Drawing conclusions, I understand that the two things buyers would really care about would be the price and UI of the gym app. I think the app being free would make everyone happy and more people would buy it. I am also confident that the UI of the app will be excellent. 

14A - Halfway Reflection

1) This course, in my opinion, is a lot of work and can be challenging at times. What I have been doing so far is giving it my all and never giving up. Another thing about this course is that it is actually interesting and fun so that motivates me to watch the lectures and to keep up with all the work. I believe that having time management and organizational skills are very important to do well in this class. You always got to set some time to do the assignments.

2) I won't lie, there are moments in this class where I felt like giving up and not turning any submissions, but then I think about how this is a four credit class and I should give it my all no matter what. So because of this, I am motivated to turn in all my work on time. Honestly, once you start creating a schedule for yourself to do this class, it becomes easier to do the coursework.

3) The first tip I have for someone taking this class next semester is to always turn in your work on time and not wait till the last minute. You will eventually form a habit and this is really beneficial for all your other classes. The second tip I have is to never give up no matter how hard it seems. It may seem easier to give up, but you will hate yourself. The third tip I have is to try and have fun with this class. It will make everything easier.

13A - Reading Reflection No. 1

The book I read was Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance. I have to say, this was a really good read and I learned a lot about Elon Musk. I never knew how ambitious Elon Musk was, but his ambition is amazing and inspiring. The one thing that really surprised me that I was like," Wow, that's really cool!" is that he was born in Pretoria, South Africa. I never knew that and this is really interesting. The one thing I really admire Musk for is his motivation and drive. This man just keeps on doing so many amazing things like running a billion dollar company. Watching him do all these amazing things really motivates me to be a better person and to start doing my homework on time. He is really an inspirational person. The thing I least admire about him is sometimes, he does not know when to stop. He is always working. I feel like if he took a break or a vacation once in a while, it would allow his brain to recharge and he can come up with even more brilliant ideas. Elon Musk has definitely encountered adversity and failure as seen from many of the rocket crashes by SpaceX. However, this does not stop Musk. He just looks back at what went wrong and how he can fix it. Elon Musk never gives up, he keeps moving forward and I think that is awesome. The thing I believe Elon Musk is great at is coming up with new ideas. This man does not stop. Right now he wants to colonize Mars and he believes that he will be able to do it soon and that is just crazy to think about. If anyone can do it, Elon Musk can. While reading the book, there was nothing that really confused me and I think I have to thank the writer Ashlee Vance for that because she was able to word everything perfectly so it sounded clear and coherent. One question I would have to ask Musk would be how he can keep working so hard and not be playing around with his wealth. Like if I was in his position, I would be taking a lot of breaks and just fool around because I have so much money to spend. Another question I would ask is how he got his hair back. He looks a lot better now than he did years ago. I feel like he found the fountain of youth or something. I definitely feel that Elon Musk supports hard work. He is the type of person to believe that hard work pays off. Overall, this was a great book and I recommend it to everyone.

12A - Figuring Out Buyer Behavior No. 1

Segment: The people I chose for this segment are students of the University of Florida who uses either Southwest Rec or Student Rec.

Interview 1:
The first person I interviewed was a freshman here at UF. I asked him if he uses the gym frequently and he said he goes at least four times a week. He said he goes mostly to Student Rec because he lives in the Murphree area so it is very close for him. I asked him what does he do when it gets packed. He said if it gets too packed, he just goes home and goes at another time because he lives so close to the gym. I told him about my idea for the gym and he said it was a good idea because it would help him save a lot of time.

Interview 2:
The second person I interviewed was sophomore here at UF. He said uses the gym every day on the weekday and he goes mainly to Southwest Rec due to it having better equipment overall. I asked him if hates it when the gym gets crowded and he said absolutely. I asked him what does he do when the gym gets too packed and he said he just works it through. He said it won't be a good workout, but it will be a workout nonetheless. I asked him for his opinion about my app and he said it a pretty cool idea because he would be saving time.

Interview 3:
The third person I interviewed was another sophomore. He said he uses the gym like twice a week and he goes to mainly Student Rec. I asked him what does he do when the gym gets too crowded and he said he leaves and just stadiums. I asked him about my service app and he said the app would be really beneficial because he could save a lot of time.

After conducting the three interviews, I learned they would like the app for the same reason. That reason was the app would help them save time. This is really nice to hear because I now know there is a huge consumer surplus for my app so that means the need for awareness is there.

11A - Idea Napkin No. 1

1.     Hello, my name is Brian Nguyen and I am currently a sophomore at the University of Florida. I am majoring in accounting and minoring in economics. I am bilingual and I am a motivated person. I developed my organizational and time management skills during the summer when I worked for a gynecologist office as an office clerk. I aspire one day to be working for a big corporation as its CFO. Regarding my business concept, if I ever hear back from UF about agreeing to do my idea, I would definitely develop it because I could see it making a lot of money.

2.     My product is an app that allows customers to see live footage of both gyms at UF and to see if it is packed or not and then decide for themselves to see if they want to go. This app is perfect for customers who have a tight schedule and would like to see if they could fit working out into their schedule.

3.     I am offering this service to anyone who uses the gyms at UF or anyone who loves to workout in general.

4.     I am certain the customers will love this service because it will help them save time. I know many people that go to the gym and see that it is packed, and this causes them to not get to work out as well as they would like, and this is a very common problem.

5.     The thing that sets me apart from everyone else is that no one has come up with this idea.

Overall, I feel that these five elements fit together very well and that this is a great concept. I do not think there are any weak points for the aspect of my business concept. Thanks for reading this post and have a great day!