Entrepreneurship: 2019

Thursday, April 18, 2019

Assignment 30A – Final Reflection

Most formative experience was when I had to come up with an idea for the semester. I had
a different idea at the beginning of the semester, but then I went for the idea that I was more
passionate about. It was really hard for me to find a problem and then a solution. I put a lot of
effort in finding a problem that I could find solutions for. This search was a really important
learning experience for me; it gave me an insight of what I could be doing in a few years.
I’ll definitely remember reaching out to my friends and strangers when doing interviews.
Because I interviewed people that live in other countries, I had to contact them with anticipation
and basically schedule a day to interview them.

My most joyous experience was to read other's business ideas. I got to read ideas that I personally
believe could be really successful. Moreover, I felt really happy when I noticed that many of my
classmates' ideas were based in social causes. This inspired me to focus in helping others with
my business plan.
I believe I have developed an entrepreneurial mindset, I believe I perceive problems in a different
way. I know understand that opportunities are everywhere, we just need to find them and develop
solutions. I like what I have learned, I know can see the big picture of problems and understand
the entrepreneurial process I will use someday in the future.

I would tell the future students of this class to not leave the assignments for the last minute. It
won't work! Moreover, I would tell them to see this class as an opportunity to start planning a
business plan that they want to approach in a future. I would also recommend them to be as
creative as they can, since this assignment could be a draft of what they could be doing when
they graduate.
Lastly, I would tell them to find a business idea that they are passionate about. If I did not come
out with an idea that I really see myself doing in a future, I would not have put as much effort
as I did.

Assignment 29A – Venture Concept No. 2

Opportunity:

Many women around the world are discriminated and even ashamed for their gender. Discrimination and gender inequality are still a reality in our society.
Sexual harassment, cat calling, and body shaming are still present. Therefore, I believe there is a need to empower women and make them feel secure with their own bodies through clothes. My products would have messages that empower and represent each woman individually. Moreover, it would break with gender stereotypes and will accommodate to different sizes.
Not only that, but my product would be also helping women who are rural and live in poor conditions. I would be reinvesting the profits into society by creating jobs for single mom families. In Peru, seven out of a hundred moms are single. Moreover, they constantly suffer from discrimination and racism when looking for job opportunities.
The forces that allow this to occur are the discrimination against single moms, gender inequality, and the fact that many women need to be empowered to create a change. Thus, the window of opportunity is open until all of the factors I mentioned are resolved.
There is no satisfactory resolution to this need yet. Many women still feel unsafe and are stereotyped by gender roles. Moreover, single moms do not have the same opportunities as others. Many of my interviewees reported that they believe my idea is great because of the social cause, which is ultimately to help women. There is a change that needs to happen and my product advocates for that change, there is no easy solution for gender inequality; however, if my product could at least potentially show women how valuable they are then there is a bigger chance to promote my social cause and goal.
Potential customers: women (majority being women, aged 14-35) who share the ideology of the brand and actually care in helping women, even if they are in a different country. Women who want to feel empowered and want to show their ideology through clothes.

Innovation:

My product wants to offer the best quality for every customer. However, that does not mean my product would not be affordable. I plan to create an affordable retail business that will not only help the consumer’s pocket but also single moms from Peru.
I would also create a clothing line that would glorify one of the native languages from Peru, quechua. This would help my consumers understand better the background of the business and actually connect with the single moms that our company helps. Moreover, in Peru, this would help end the stigmatization behind anything that has to do with our native ancestries.

Venture Concept:

I think individuals would buy my product if they have suffered from some kind of violence, maybe not personally but also violence they have witnessed or read about in the news. Gender inequality is really common, and personally I have not known any woman who has not suffered from harassment or “catcalling” during their life. There is a need to empower these women and even more to those women who do not have the same opportunities as others.
Businesses will buy my product to demonstrate they care about the current situation of gender inequality. Moreover, since my product would be inspired by native cultures and languages, these businesses would also be able to show that they care and respect diversity from its different aspects. Consumers are more aware of what companies do and it is easier to find out their social cause; therefore, the increasing concern with social responsibility would help these companies increase their sales. Consumers care and supporting a social cause would be a great incentive for them.
I believe consumers would switch for my product because there is an increasing concern for what is ethical and responsible. Consumers do not only look at prices anymore, but they also try to buy products according to their values and ethics. Moreover, there are no other companies who are currently selling clothes that are inspired in native cultures and are also worried about single mom families. This brand is about helping women from different parts of the world and consumers would appreciate that. Businesses and individuals would be selling individualistic clothes but also advocating for ethical and responsible shopping.
My product would be primarily distributed online, and the price ranges would be affordable for college students and young adults. The first sales would be made to college students who advocate for the same as the brand. Moreover, there would be discounts for greater sales. For every sale made, I would send an individualized gift that would make the purchase an experience.
My company is built upon helping and caring for others; therefore, my customer service has to reflect that. Every single customer deserves to be treated with respect and of course honesty.
The packaging would have messages that inspire women to be and do whatever they want. It is all about providing an experience more than just a product. Every purchase needs to be individualized and make our consumers feel as special as they are. It would maybe show some pictures of the single moms you are helping and of course the brand name would be there as well.
I believe my employees would be around 15 to begin with. My product would be sent online which is why I do not need many workers to start with. I would most likely need a consumer behavior researcher, a web designer, a fashion designer, marketers, graphic designers for my packages, and of course my textile producers.

· Unfair advantage: I believe I have the right connections in the retail world. Moreover, I know what the processes are when producing clothes and I also know where I could find the best fabrics for my line.

· What’s next: I want to create a business that can be ethical and fashionable at the same time. Consumers would understand the importance of helping each other and stop the stigmatization behind feminism.

· For Me: I believe women’ issues are not easy to solve and personally I want to create this business to make an impact in many women’s life. In five years, I hope to start producing and targeting my market. Additionally, in 10 years, I want to have different clothing lines that inspire not only women but also minorities. We all deserve to have the same opportunities, and my goal is to create a big impact in this society.

Feedback:

Focus on creating a successful distribution plan.
Use an outlier to organize your ideas.
Make sure to market products that would be affordable.
Analyze and study competition.
Be more specific about your product distribution in Peru and US.

How I’ll Adapt:

I need to understand how to export and import products, I believe this could be easier with an online store.
I used bullet points and stated my ideas in order.
After interviewing students, who will be my main target market, I understood that price is an important factor to succeed.
There are many retail stores in the US and Peru, understanding the big retail stores and maybe copying their good attributes could help an starting business.

Friday, April 12, 2019

Assignment 27A – Reading Reflection No. 3

What was the general theme or argument of the book?

The book I read was "Inbound Marketing" and the general theme was that every business needs to know how to successfully manage social media and blogs to promote their business. This book encourages its readers to use a right marketing strategy that would allow to pull customers in instead of just pushing marketing messages out.

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

This book talks about the importance of social media in order to succeed, which reminded me of how we weekly post in this blog to communicate with others.

Like the book described, social media is very useful to understand your consumers and get feedback, which is what we do through blogger in order to get

feedback for our business plan. Moreover, as entrepreneurs We all need to know how to correctly market our business ideas.

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

I would ask the class to come out with a business idea. When they have the idea, I would ask them how they would promote it. After reading some of the class'

promotion ideas, I would choose two ideas and ask which one do they think is more difficult. When they choose one, I would explain how inbound marketing and output

marketing are different and then I would ask them to try to identify which promotion idea they think is inbound or output. Finally, I would explain the importance of

inbound marketing in store and online businesses, highlighting that although inbound marketing is more successful it is also more difficult to approach.

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?

My biggest 'aha' moment was when the book made me look at marketing from a consumer perspective, instead of a company one. That was when I realized that I do not want to be

called or emailed about new promotions, instead I want something more personal and creative. This book makes you think that there is a process to reach your potential and that

can be reached by using social media correctly. I also learned that it is important to understand the steps a customer takes to find my company. You get to see the big picture of customers'

satisfactions and motivations and how to work with those.

Thursday, April 11, 2019

Assignment 28A – Your Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

My current business plan is about helping women overcome inequality; therefore, I would like to stay with my business until my brand can make a big impact in this issue. Moreover, I plan to get enough money or profit from this business to create new business plans that could help others in need.

2) Why have you selected this particular exit strategy?

Because I am really passionate about this particular business idea and social cause. The main goal is to help others with my brand and I do not want to exit this business idea until I succeed. Creating a better environment for others and also advocating for equality is something I know I want to do as a businesswoman.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I believe this exit strategy has influenced how I decide to grow as a person and a businesswoman. I know I would need a lot of resources in order to stay successful until I achieve my goals. Moreover, because I do not really know until when my business would exist and be helpful, I need to plan ahead of time to find other ways to create profit. I also need to create long-term relationships with suppliers, consumers, and other companies.

Assignment 26A – Celebrating Failure

Assignment 26A – Celebrating Failure

Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.

At the beginning of the semester, I discovered that I could use the gym facilities for free. That was when I decided that I wanted to start being healthier. I wanted to start eating healthier and also start doing exercises. I went to one zumba class and then I completely forgot what I promised myself. I was eating fast food and not having a healthy lifestyle. I failed. I tried again to stop consuming dairy products, it was hard and it is still hard. I now drink almond milk, however, I have not completely stopped eating cheese. I reminded myself what I decided at the beginning of the semester and now I started to go to the gym and also attending to fitness classes. It is not easy to get used to it but I will do it for me and for my health.

Tell us what you learned from it :

Change is never easy but knowing the change could improve your life is a good incentive. I learned that I need to be constant and work hard to see a change in my lifestyle. I also learned that I need to give my health importance instead of only focusing in studies.

Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

Failure will always be hard but I always remind myself that you can learn something from it. This is not the first time I try to be healthy, and it is indeed embarrassing to tell your friends how you stopped going to the gym or started eating fast food again. That won't happen again, I now have the resources and the only thing stopping me from using them is myself. I usually handle failure really good; however, I cannot deny that I get anxious and really stressed about what I could have done instead of what I did. Embracing failure is part of growing up and I believe this class just reminded me of that. I always knew how to perceive failure but sometimes you need a reminder that you are doing just fine.

Friday, April 5, 2019

Assignment 25A – What’s Next?

Assignment 25A – What’s Next?

What I Think Is Next:

I think the next step I should take would be to study my target market. Understand what type of clothing they prefer and what would be a good price range to start with. My current target market has a lot of options for their clothing style; therefore, it is important to differentiate my company from others. Advertising would be crucial for the first years of my company.

Existing Market:

Throughout the past week I interviewed three individuals who are inside my target market (14-35). My first interviewee said that creating a website or social media specially to show how my company is helping single mom families in Peru would be crucial to add credibility to the product. I found this idea really helpful and I believe I could be implementing it.

My second interviewee was more concerned about what type of clothes would I be selling, and she recommended to look at fashion from the 90’s or 80’s because that is quickly becoming trendy again. I believe this is also helpful, but I want to keep my clothes original and diverse.

My third interviewee had some good feedback about using contests and rewards for the best consumers. Moreover, she agreed that I need to have credibility when trying to target the market.

After all, three interviews, I could say that my existing market has insightful ideas of how to improve my business idea. I am more confident about targeting this market.

New Market:

A new market would be men. My clothing line is only for women; however, men have sisters, girlfriends, and mothers they love. Gender inequality extremely affects women, but it is important for men to understand the reality for women in different parts of the world. I decided to interview male college students.

My first interviewee seemed to agree with the ideology of the brand; however, he did not seem interested in buying any products from my company just because he would not want to risk buying something that his girlfriend might or might not like. He recommended to stay fashionable and trendy for women. I believe he has a good point; many men do not know or are insecure about buying clothes for women because they are afraid of buying something outdated or “ugly”.

My second interviewee said that helping single moms in Peru is a great social cause; however, he believes women in the US do not suffer from any inequality nor discrimination. Therefore, he recommended that I should focus in other regions instead of the US. He also added that he would consider buying the product just because of how he would be helping women who are really in need. I believe this feedback is erroneous, I moved to the US a few years ago and I would be lying if I said I have never been harassed in this country. Not only that, but I know girls who have even been attacked during daylight. This interviewee made me realize how uninformed and unaware some people are. Furthermore, knowing some people are still ignorant about women’s issues makes me want to continue and achieve my business goals.

Assignment 24A – Venture Concept No. 1

Assignment 24A – Venture Concept No. 1

Opportunity:

Many women around the world are discriminated and even ashamed for their gender. Discrimination and gender inequality are sadly still a reality in our society.
Sexual harassment, cat calling, and body shaming are still present. Therefore, I believe there is a need to empower women and make them feel secure with their own bodies through my clothes. My products would have messages that empower and represent each woman individually. Moreover, it would break with gender stereotypes and will accommodate to different sizes.
Not only that, but my product would be also helping women who are rural and live in poor conditions. I would be reinvesting the profits into society by creating jobs for single mom families. In Peru, seven out of a hundred moms are single. Moreover, they constantly suffer from discrimination and racism when looking for job opportunities.
The forces that allow this to occur are the discrimination against single moms, gender inequality, and the fact that many women need to be empowered to create a change. Thus, the window of opportunity is open until all of the factors I mentioned are resolved.
There is no satisfactory resolution to this need yet. Many women still feel unsafe and are stereotyped by gender roles. Moreover, single moms do not have the same opportunities as others. Many of my interviewees reported that they believe my idea is great because of the social cause, which is ultimately to help women. There is a change that needs to happen and my product advocates for that change, there is no easy solution for gender inequality; however, if my product could at least potentially show women how valuable they are then there is a bigger chance to promote my social cause and goal.
Potential customers: women (majority being women, aged 14-35) who share the ideology of the brand and actually care in helping women, even if they are in a different country. Women who want to feel empowered and want to show their ideology through clothes.

Innovation:

My product wants to offer the best quality for every customer. However, that does not mean my product would not be affordable. I plan to create an affordable retail business that will not only help the consumer’s pocket but also single moms from Peru.
I would also create a clothing line that would glorify one of the native languages from Peru, quechua. This would help my consumers understand better the background of the business and actually connect with the single moms that our company helps. Moreover, in Peru, this would help end the stigmatization behind anything that has to do with our native ancestries.

Venture Concept:

I think individuals woul buy my product if they have suffered from some kind of violence, maybe not personally but also violence they have witnessed or read about in the news. Gender inequality is really common, and personally I have not known any woman who has not suffered from harassment or “catcalling” during their life. There is a need to empower these women and even more to those women who do not have the same opportunities as others.
Businesses will buy my product to demonstrate they care about the current situation of gender inequality. Moreover, since my product would be inspired by native cultures and languages, these businesses would also be able to show that they care and respect diversity from its different aspects. Consumers are more aware of what companies do and it is easier to find out their social cause; therefore, the increasing concern with social responsibility would help these companies increase their sales. Consumers care and supporting a social cause would be a great incentive for them.
I believe consumers would switch for my product because there is an increasing concern for what is ethical and responsible. Consumers do not only look at prices anymore, but they also try to buy products according to their values and ethics. Moreover, there are no other companies who are currently selling clothes that are inspired in native cultures and also worries about single mom families. This brand is about helping women from different parts of the world and consumers would appreciate that. Businesses and individuals would be selling individualistic clothes but also advocating for ethical and responsible shopping.
My product would be primarily distributed online, and the price ranges would be affordable for college students and young adults. The first sales would be made to college students who advocate for the same as the brand. Moreover, there would be discounts for greater sales. For every sale made, I would send an individualized gift that would make the purchase an experience.
My company is built upon helping and caring for others; therefore, my customer service has to reflect that. Every single customer deserves to be treated with respect and of course honesty.
The packaging would have message who inspire women to be and do whatever they want. It is all about providing an experience more than just a product. Every purchase needs to be individualized and make our consumers feel as special as they are. It would maybe show some pictures of the single moms you are helping and of course the brand name would be there as well.
I believe my employees would be around 15 to begin with. My product would be sent online which is why I do not need many workers to start with. I would most likely need a consumer behavior researcher, a web designer, a fashion designer, marketers, graphic designers for my packages, and of course my textile producers.

Assignment 23A – Your Venture’s Unfair Advantage

Assignment 23A – Your Venture’s Unfair Advantage

Leadership Experience: I worked on different positions where my leadership skills were built; for instance, I was the Vice-president of Student Government in college.

Valuable: this is really valuable, as I already have experience and the skills to lead a team.
Rare: this is not at rare, since a lot of people can develop this capability
Inimitable: I believe it is not inimitable because with the right training anybody could get these skills.
Non-substitutable: It is not difficult to find someone with the same skills who could do the job for me.

Uniqueness of the Business idea: there are no other retail businesses who only hire single moms.

Valuable: this is valuable because helps my business stand out in comparison to others.
Rare: it is not completely rare since there are other businesses who hire single moms; however, they do not only focus on them.
Inimitable: My product and my social cause are both imitable.
Non-substitutable: I believe I could come with more and different ideas for my product, so it is substitutable.

Social Capital: Contact with Single-mom Families in Peru: My parents back in Peru already work with single-mom families; therefore, contacting them and working with them would not be so difficult.

Valuable: This connection makes it easier to find and help these single mom families.
Rare: It is somewhat rare because there are no records or organizations that have a list with personal information about single moms. However, ther
Inimitable: This could be imitated if I found other entrepreneurs who hire single moms.
Non-substitutable: This connection could be substitutable by contacting Ong’s who are dedicated to help single mom families.

Strategic planning: I already know the long term of my business idea and I am planning to create a virtual structure, so that I can work with entrepreneurs from Peru and here.

Valuable: I think this is valuable because I already have a long-term plan that will help me go on with my idea.
Rare: This is not rare since every entrepreneur must create a strategic planning.
Inimitable: This could be imitated, but every plan will come out different and will depend in the effort I put.
Non-substitutable: It can be substitutable because I can create better plans in the future.

Personal relationships with fellow entrepreneurs: I come from a family of entrepreneurs, and I have grown up learning about how to manage

Valuable: I can use the skills and past experience of my relatives to create my own business.
Rare: Growing up while learning and also helping relatives to expand their businesses is not really common.
Inimitable: This relationship is inimitable and is worth a lot.
Non-substitutable: This might be substituted if I find an entrepreneur who has experience with larger and older companies.

Support of Organizations: There are some organizations and programs in Peru that help single moms fight against discrimination and violence.

Valuable: This is valuable because these organizations would support my business and my social cause.
Rare: There are some organizations that fight for the same cause, so it is somewhat rare.
Inimitable: This might be inimitable since not so many companies only hire single moms.
Non-substitutable: I do not think I could get better support than from organizations that fight for the same cause.

Business experience throughout UF: I am currently a junior at UF, and I know I will get the experience and contacts to help me go on with this idea.

Valuable: This is really valuable since it is personal experience and learning.
Rare: It is rare to get so many resources and connections only in one place.
Inimitable: Anyone who goes to UF or any other university has the resources to get the most from their experience.
Non-substitutable: I believe this experience would be non-substitutable because it is personal.

Financial Capital: This investment would not be extremely big since everything would be done through the internet.

Valuable: This is valuable because as a new business, capital is really important to reach and satisfy consumers.
Rare: This is not rare because anyone can have an online business.
Inimitable: This is not inimitable; however, you need to succeed when doing it.
Non-substitutable: I believe my financial capital is not substitutable.

Empathy Skills: I believe I have the right social cause to go on with this business and I am sure I can help women.

Valuable: This is valuable because I am passionate about my idea.
Rare: This is not rare. Whoever finds what they want to do to help others could have the same values.
Inimitable: This could be imitated by anyone who is in the same field or has a similar social cause.
Non-substitutable: I could not substitute my own values.

Social Capital: Political Background: The Ministry of Women in Peru is in charge of every issue women have in Peru.

Valuable: I believe this is valuable because they would support my social cause and maybe even help me improve my ideas.
Rare: It is rare to get these connections since I have no relatives in the political environment.
Inimitable: This can be copied by other companies; however, that would be uncommon.
Non-substitutable: These connections would be really helpful, and I believe they are non-substitutable.

After doing the VRIN analysis, I think my best resource would be having the support of organizations that have the same social cause. This would be extremely helpful for my business but also to reach women who need help and are willing to work for me. It would open the door for more connections and maybe even to create a non-profit organization for other social causes.