Entrepreneur The Twenty Percent

The entrepreneur that I chose is engaged primarily in a wholesale business with a small retail market for their products.. The 20 percent of the customers that contribute 80 percent of this entrepreneurs income is from their wholesale customers.
Their primary customers are retail markets and restaurants that have customers who consume the products that they have to offer. Their customers unmet needs are finding the not-so-common products that they have to offer. They find their customers from telephone listings, merchant registries, advertising, and word of mouth. Their customers demographics vary depending on the product offered. They offer products appealing to low income consumers up to specialty products for higher income consumers. Since their consumer base is so diverse, their customers consume many forms of media, including various forms of print media as well as electronic forms of media. Some of their marketing process involves the old fashioned method of contacting potential customers.
One retailer identified their customers as mostly local residents. Their customers unmet needs is a desire to obtain the products that they are offering that cannot be found elsewhere. They find most of their customers from their business location on a major street and through word of mouth. Another retailer markets to customers looking products for a specific geographical region of the world. Their customers unmet needs are in locating products that are normally consumed in that specific geographic region of the world. They find their customers from word of mouth and various advertising methods. Their customers demographics vary from people that are from that geographic region to customers just looking for products associated with that region. Since their customers come from different income and social levels, they consume different types of media from print to electronic. A retailer serving one of the high end products is marketing to a higher income consumer. Their customers unmet needs are the desire to indulge in a higher quality and unique product. They find their customers through more specific marketing activities targeted toward their consumers. Their customers demographics are higher income and educated. These customers consume strategically placed print media and electronic media. This type of customer is attracted to a high quality and unique product.
The entrepreneur does understand their customers' problems. Since there is a big difference in their customers demographics, some customers require more specific delivery times and attention. These differences exist because of the range of the demographics among their clients.

Entrepreneur Week 8 Reading Reflection

So far this chapter has been the most interesting and en lighting.

I was surprised at the other alternatives to commercial banks for debt financing. Social lending was something new to me. I also found trade credit accounts receivable financing, and factoring to be interesting. The opportunity to take advantage of direct public offerings also proved to be interesting. I was surprised that VC's don't want to run your business. Business angles was also a new concept to me.

I did not find any of the reading to be confusing.

One question that I would like to ask is that why a venture capitalist does not want to have some control of your business (their money)? I can not think of a second question.

I may disagree that venture capitalists don't want to be involved in the control of your business that is using their money to finance it.

Entrepreneur Half-way Reflection

Half-way through the semester, time flies when you are having fun. It's nice to know that we have made it this far.

If Tenaciousness is a skill then it is something that I have developed since my early childhood. I can relate to the Webster definition of "very determined to do something". Personally, I don't like to leave anything unfinished. If I don't believe that I can accomplish something, I will not start it. Had I not been tenacious I would not be in this class. I had no college prep classes when I was in high school, so, when I decided to further my education, I started at the bottom. I am surprised that I am at where I am at today. But, I am here and the only direction to go is forward, failure is not an option.

I often wounder why I don't just give up but, then, since failure is not an option, I can't just give up, I have to keep going. If, perhaps, you do fail at something, at least you put forth the effort to try and accomplish it.

I hope this comes out to three tips. Failure is not an option. Don't give up. Learn from your mistakes. If someone else can do it, so can you. Always look forward.

Life's challenges are always going to be like this, get used to it.

Entrepreneur Week 7 Reading Reflection

One of the surprises in the reading was the availability of factoring as a financing option. Another surprise was the option to sell stock through a DPO. Also, the availability of venture capitalists that don't want to run your business was also a surprise to me. And,, the opportunity to attract Angel investors was something that I was not aware of.

None of the reading was confusing, it was perfectible understandable.

I have no questions to ask the author. All of the opportunities presented would be based on personal preference and the availability of opportunities that would meet the entrepreneurs needs.

I could not find anything that the author was wrong about. All of the opportunities presented in the text would be options that each individual entrepreneur would have to consider for their own situation.

Entrepreneur Free Money

Finding a place to confront people in my area is difficult. I do not have a video camera so I could not record any of my encounters.
I went to a public sidewalk and approached anyone that was walking down the sidewalk regardless of race, sexual preference, political preference, or economic status.
I told the people that I had some fortunate experiences that provided me with some extra dollars to give away and would they like to have one.
My plan for the conversations was to simply ask the people if they would like to receive a free dollar. I would just tell the people that I had been fortunate and had some extra dollars and that I wanted to give them away to whom ever would take them.
Of the five attempts I do not expect to have any difficulty in in giving the dollars away..

Entrepreneur Elevator Pitch No. 2

I did not receive any feedback on my first elevator pitch. So I did my own critique on it and found a need for improvement. I need to be more relaxed and confident. No one is going to believe me if I don;t believe it myself.

I have also modified my pitch to make it more relevant to the person that I am pitching it to. And, since this is supposed to happen on an elevator, there might not be much time for the pitch. So, mine has been revised to make it short, sweet, and to the point.

Hope it works.

Entrepreneur Week 6 Reading Reflection

With this reading there were no surprises and nothing stood out that would be different to any of my expectations. I have often considered all of the competitive forces mentioned in this article when considering the feasibility of an entrepreneurial endeavor.
Nor did I did not find any of the reading to be confusing.
I have no questions for this author. I found this pretension on the subject to be very through, complete, and accurate.
Once again, I did not find anything that the author was wrong about. The subject was well presented and complete. I also have no disagreements with the author concerning the subject matter of this article This article was very complete in examining the five forces that shape strategy and how they should affect the decision making of the entrepreneur considering a business venture .

Entrepreneur Idea Napkin No. 1

I am a local resident of my community and am here 365 days a year. I am familiar with the demands of landscaping based on the type of plants and the weather conditions. I know what the residents expect to find when they return to their property after their absence.

My company “Don't Worry About It” would offer the seasonal residents of my community the opportunity to have one source for their property management and maintenance while they are away..

I am offering this service to the many seasonal residents that live in my community. The demographics of the people that I would service would be relatively unchanging. They stay here for the season and they go elsewhere for the the other season. The psychographic attitudes of these people is that they want to leave their property and return to it in the same condition that they left it.

All of the customers have one thing in common, They expect to return to to a place that is in the same condition as when they left it.

My customers would be willing to pay me in order to assure that their property will be maintained and managed while they are away and that they will return to a property that has been well maintained and is suitable to live in when they return.

My customers would care because they don't they would not have to worry about their property while they are away. The property would be maintained and made ready for them to return to a place that is groomed both outside and inside to their satisfaction.

My core competencies that would set me apart from other providers is that my company would provide all of the services that anyone would need to be provided while they were away. My company would not only maintain the landscaping of the property but also provide a contact number for the security system company to contact if they need to contact someone locally and providing routine security inspections on the property. My company would also insure that the interior of the residence was clean and ready to be lived in when they returned. We would also maintain swimming pools and spas while the residents were away.

The elements of my concept fit together. My company would provide the property owner with one contact that would be responsible for for all aspects of their property maintenance while they are away. My company would be responsible for maintaining the landscaping. Plus, being a local contact for their security system operator and making routine security inspections on the property. Also, my company would see to it that pools and spas are maintained. In addition, we would make sure that the interior of the residence was clean and ready to be used by the resident when they returned.

Entrepreneur Week 5 Reading Reflection

Although the reading assignment for this week was Ch. 9 Assessment of Entrepreneurial Opportunities, I red ch. 6 Assessment of Entrepreneurial Opportunities. I found it to be very interesting.

My biggest surprise in the reading was that many entrepreneurs don't realize the importance in determining a marketing approach for their product. How can you sell a product if you don;t know who is going to buy it.

I did not find any part of the reading to be confusing.

One of the questions that I would ask of the authors is why do entrepreneurs not concern themselves with the legal issues that pertain to their endeavor? The second would be how can an entrepreneurs hire and retain employees that don't fit into the team and work well the other employees to accomplish the company's goals?

I did not find anything that I thought that the author was wrong about. Also, I did not disagree with anything that the author said.

Entrepreneur Elevator Pitch No. 1

Elevator Pitch No. 1

 

The problem is in order to keep track of all of your appointments and assignments that are due. For people that use multiple devices this means that every important date must be entered separately on each device. This is time consuming. My company, TimeTrac is going to develop a cross platform app that can be updated from one platform to another without without having to enter the information separately on each device.