Week 12 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
The details explained in the lack of strategic planning. One of the problems experience was time scarcity. When you think of an entrepreneur, you certainly wouldn't think time would be a scarcity. However, this course and text has helped clarify a lot of my misunderstandings about that.

2) Identify at least one part of the reading that was confusing to you.
 The Entrepreneurial Strategy Matrix: Independent Variables. I had a difficult time understand the concept behind this visual comparison.

3) If you were able to ask two questions to the author, what would you ask? Why?
 Do you think most organizations fail due to a lack of development and execution failure on strategic planning?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I find the author difficult to follow at times so it's difficult at times to truly understand if I agree with the reasoning or not.

Venture Concept No. 1

 The opportunity 

Money makes the world go round. It's why most of us go to school and seek degrees. It's why we lose sleep. It's why we fail and it's why we can succeed. Money can be a necessary evil. As long as we're here, people will have the need to manage all things money. The great thing about being an expert in this industry is, that every single person will need you at some point in their life. It won't be for one small moment, or a life stage. It'll be for every life stage, for every changing moment. Everything we do some how affects our money and my services will always be in demand.

Some ventures will be affected negatively with downturns in the economy, a death in the family, a loss of income, etc. As people endure each of these devastating life events, my services will only be of more monumental need. Clients and potential clients alike will need me for the happiest and saddest moments in their lives. Too many of us are not properly educated on the basic understandings of finance. My business will change all of that. Not only will we sure you understand your financial picture in it's entirety but you can make sure your children understand theirs as well. The great thing about this industry is there is no targeted demographic. If you're in college, do you understand the difference between borrowing from private institutions vs government student loans. Do you understand how prime and annual interest rates affect you? Have you prepared for repayment?

Every person has a financial change happening in their life. It's my opportunity to help them have a clear understanding of how that change affects them and what all of the options are to be sure they're achieving the financial picture they desire. I currently work as a personal banker so I fully understand just how little the basic population understands finances. When I invest time in my clients, they are loyal to me. They know I have their best interest at heart. I've been very successful in my career due to this characteristic which results in consistent client loyalty.

 

 Innovation

My concept is based around the lack of knowledge people have about their finances. Regulations pass, clients have no idea how it affects them. How can they ensure bills are paid if they are hospitalized? Are items in a safe deposit box passed to a beneficiary? Can a beneficiary sign on your account? How does a will protect you vs a trust? Is the bank paying you 1.00% on your savings or 0.01%? 

My service bases it's concept on identifying this large gap in knowledge and setting my clients up for financial success. I meet clients every single day who could not give you a real life balance in their checking account let alone tell you what cash flow looks like at the end of the month. Now, there are financial advisors available BUT you have to have at LEAST $25,000 in investable assets, and you need to be investing in the market to receive their advice. They also are not versed in demand accounts of the rules of the bank. Since investments operate on completely different regulations, many advisors have little to know retail banking knowledge and refer to me. There are also financial planners, but these too want to see some level of assets. My service, advice, planning and networking is for all people of all incomes. You can use my services once or you can keep me on retainer. 

I would offer introductory reviews complimentary as I believe this is a great way to meet clients and demonstrate my engagement. I would typically include an hourly option; $100/hr or work with the clients to devise a plan that may or may not include a network of business partners. Example: We devise a plan that includes; paying off unsecured debt in 5 years, refinancing the cars and mortgage along with establishing a trust and setting up checking/savings for your teenage child, (which includes a meeting with the child to educate on banking). I would include the attorney in achieving this for the client for a charge of the plan being devised of which I would pay my business partner and charge a fee for the plan we've devised. Let's say this plan is $2,000. This includes me shopping rates, dealing with the vendors, and supplying documents.

Venture 

This venture can be difficult in that people are not always open to sharing such intimate details about their finances. For most of my clients, they think they have their finances under control. It can be a long journey to establish that level of trust with clients to gain access to that information.
Competitors would be existing financial planners however, most require a certain level of income and do not include networking to needed partners. In the beginning, I would start this business from home as this would keep the overhead expenses low. In time, as my book of business grows, we can look to leasing a separate space, hiring an admin, etc. As the business evolves, I would like to have those business partners sit in an office with me. You come in and there is a financial consultant, an attorney, a CPA, etc. At this level, my employees would grow but I do not believe it would ever be considerable.

 The Final Three

I think my most important resource is me. Without my drive, persistence and motivation, this idea ceases to exist. I've always been recognized for y ability to develop trusting and loyal relationships quickly. I think many people find this invaluable in today's world of business. Everyone is counting down until it's time to go home. When clients work with me, they meet someone who truly cares about who they are as people and making their future better. I think this is a large advantage to my competitors. Also, that I will work with any person, of any demographic and background.

In five years, I would love to have an established book of business. I would love to have the business functioning off client referrals instead of scrubbing for business. I would like my name to be known and respected within my industry. I would like to be recognized as someone who is successful and admired.

 

Amazon Whisperer

1. Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. I would make money by the professional service of financial advising, educating and networking I would offer. This financial advising is different in the sense that I am not speaking of investments. This is to encompass all things related to normal retail banking. What's the difference between beneficiaries and authorized signers? Should you have a will or a trust? How much are your account insured up to? Where can we help your monthly budget? What happens when you die? 
These services would be billed via time spent, similar to an attorney. Less complicated tasks are done at much lower costs where more complex advising would warrant a higher cost. 
 
Describe what kind of product offering you believe should be next. What's the next thing your customers want?
 I believe the next thing would be an all inclusive service. After we talk you decide you need an attorney to draw up trust documents to protect and distribute wealth. I have certain attorneys I deal with an we're able to set an appointment to get that done. If you need to speak with a CPA, I have a trusted planner we can set an appointment with. I would be sure to work with several with different personality types as not all personalities are compatible. This also gives me the option to extend options to my clients.
 
Describe how this "next" thing will enhance your existing product/service offering
 This next step will help in that I am building a stronger network where I can have these partners push business to me. Also, I'm not sending my clients off to unknown people with unknown accreditation's. I can be confident they're getting the best servicing by personal experience. For example, there is a business owner I met that offers advising services. After some time, it's been uncovered this person is using the business as a cover up to steal SSN and identities. Clients leave themselves at risk when not having the proper information on individuals with sensitive information.

Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?
This would not increase costs as this is all service based. I believe it would foster loyalty in that the client has established a level of trust with me and my team. 
 
Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.










The closest thing I found was a book with advice. This is a far contrast from the personalized service I'm offering. 
 
What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
It has really great reviews. Clients felt the had a new perspective on what they should be looking for in someone they are trusting with their money. Some people even ended up leaving their advising team after seeing some of these questions.
 
Describe why you think this product would make a good addition to your current product/service offering
I don't. I base my trust and development off personal interactions and not text.
 

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
 I thought it was interesting that the author found Innovation strategy to be the main cause of innovation failure in companies. Innovation takes a level of creativity that most people do not possess, so you would think the issue would be execution and development. 

2) Identify at least one part of the reading that was confusing to you.
 The author went on to explain the "Innovation Landscape Map" and I did not fully understand the concept behind that.

3) If you were able to ask two questions to the author, what would you ask? Why?
What steps can you take to make sure your Innovation strategy stays in line with the business plan and is being executed effectively?

4) Was there anything you think the author was wrong about?
The author has 20 + years of business consulting and strategizing experience. I would not be in the position to discredit a figure of this experience.

 

My Unfair Advantage

Resources:

1. Financial Resources

V: Extremely valuable. I think most people forget about this. Established credit to help finance business expenses and costs.

R: I wouldn't categorize as rare as a lot of people can obtain financial resources if they plan for it.

I:  Not hard at all

N: No substitutes for money!

2. Human Resources

V: Extremely Valuable. No one person can do it all and you need a group of strong individuals with knowledge and dedication to help to sustain the business.

R: I would like to think certain people are rare. In fact, one of the most difficult resources to locate

I: You can imitate people in the sense that you can try to find someone similar but any successful business owner would probably tell you there's no one like their strongest team members

N: No substitute for human resources. Some can argue computers but there's no way to replace human interaction.

3. Educational Resources (obtaining my BS at UF) 

V: I would say this is some what valuable. I have text book knowledge to help me succeed but we've all heard of successful entrepreneurs with little to no education.

R: Education is not rare in that anyone can obtain it if they devote the time and energy

I: Sure! Google has come in handy to help me solve situations in which I did not posses the knowledge

N: Substitute again would be computers. Ultimately, nothing replaces hands on experience though.

4. Human Capital ( My ability to build long standing relationships with clients)

V: Extremely Valuable

R: I consider it to be rare in that not everyone has abilities to form long standing relationships with strangers

I: No way to imitate it

N: No substitute for real and genuine interaction

5. Business Plan (How my business will utilize the resources it has to succeed)

V: Somewhat valuable

R: Not rare at all in that everyone can create one

I: Sure. Everyone can imitate someone's business plan

N: Many substitutes by creating a new one!

6. Physical Resources: (computers, telephones, space to work, etc)

V: Low in value

R: Not rare. Everyone has access to these resources

I: No imitations but you don't need any as there are plenty for someone to get

N: Sure! Apps are created everyday to take place of physical meetings, phone calls, locations for physical business.

7. Marketing Channels: Facebook, Website, Meet and Greets

V: I find this to be valuable in that marketing plays a HUGE role in getting the idea presented to potential clients

R: Not really rare in the sense that everyone has access to channels

I: You won't need imitations really since it's so accessible

N: Same as I stated previously. These channels have no limitation and are accessible to everyone so you won't have to worry about it being non substitute because it easily can.

8. Intellectual Resources: Referrals from established clients, Partners, etc.

V: Very Valuable

R: Yes I would consider it to be rare as not everyone has access to this resource

I: I don't believe there are many imitations for these types of resources

N: There is no substitute. Either you have these resources or you don't. I believe they're imperative to the success of the business. One can even argue that intellectual resources is what made companies such as Apple so successful. I.E. Steve Jobs.

9. Emotional Resource: Support and assistance from a close group of loved ones

V: I would consider this highly valuable. Everyone needs a team to encourage their persistence when they want to give up.

R: Sure. It can be rare. Many people don't have one person to encourage ingenuity.

I: There is no imitation for people who believe and support your dream.

N: There is no substitute for this. You can try to find similar things such as a therapist maybe? I don't believe there is any replacement for true love and encouragement.

10. Expertise: 10 working years of professional expertise

V: Very Valuable

R: I wouldn't consider it rare since there are many people that have stayed devoted to careers for long amounts of time

I: The closest thing would probably be an education but I still believe real world experience trumps that.

N: No. Only hard work and time in the industry will earn you expertise. 

Most Important Resource? I guess I would still consider Human Capital to be the most valuable resource. You can't imitate what makes us who we are. You can try and even come close to sharing similarities with someone but no two people are the same and sometimes, it's just that. The culmination of that person's characteristics and abilities makes their dream stronger than the next one.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
To be honest, not much stood out or surprised me in this chapter. A lot of this was thoroughly explained in the three accounting courses I took. It's always nice to have a refresher though as these ideas were hard to grasp.

2) Identify at least one part of the reading that was confusing to you.
 The simple linear progression to prepare sales forecasts caught me off guard a little bit. I usually always enjoy math and especially, algebraic equations. Maybe because my thought process this semester has not included it at all, I was not processing that information the same.

3) If you were able to ask two questions to the author, what would you ask? Why?
 Do you think it's imperative that business owner's understand all these aspects of finance thoroughly to be successful such as cash flow statements and Production Budget worksheets?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
 There is nothing I really disagreed with as much as I wish the author found a friendlier way to teach these topics. They're extremely dry and can be easy to lose attention.

Growing My Social Capital

Number: 1
 1) Who they are and what their background is:
Christy is a branch manager for a nationally known bank. Now, to most, this wouldn't be considered owning a business. However, this bank recognizes each branch manager as an individual business owner.  They are responsible for the profit and loss of their branch. The hiring and dismissing of employee. The production and profit, ability to establish new business and reach new demographics. Each branch is assessed differently on their ability to exceed in these categories.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
Domain expert in your industry. Christy has 10+ years expertise in this industry and one of the youngest to get to a this position within a short time frame. 
 
3) A description of how you found the person and contacted the person.
She is a highly respected manager within a well known finance company. She has built a strong reputation for being extremely knowledgeable within this industry as well.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
Provide me insight and expertise to further my career and I will refer business to her when client need presents itself. 

5) How will including this person in your network enhance your ability to exploit an opportunity?
 I think one of the biggest resources we can have is people. If you have the opportunity to learn from respected professionals, you're truly putting yourself in a great position.



Number: 2
1) Who they are and what their background is.
Paul  and he's an area manager covering several markets within the company I work for.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
 Market Expert 
3) A description of how you found the person and contacted the person.
Regional Manager for the company I work for. 
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
 Provide me with growth opportunity as long as I continue to exceed goals established for my position. I have built a great working relationship with this individual as I believe I have made a clear distinction in my work ethic.
5) How will including this person in your network enhance your ability to exploit an opportunity?
 Many years of expertise and far reaching network on contacts. I am able to meet people of a higher position and build a good name for myself.


Number: 3
1) Who they are and what their background is.
Robert and he's a financial advisor. Robert offers additional products and services that cannot be offered through my job.
2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
Supplier. Rob had to go to additional schooling and certifications to be able to offer these additional products and services.
3) A description of how you found the person and contacted the person.
I've worked with this person on my own personal finances as well as referred clients to him previously.
4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
I will continue to refer qualified clients as long as he helps enhance my education and introduces me to his established contacts. 
5) How will including this person in your network enhance your ability to exploit an opportunity?
 As I've stated previously, human resources can be our best at times. "It's all about who you know!"


Reflect. I think this was different in the sense that I'm making a clear conscious effort to develop a working relationship with the intentions of developing my network. I think the only way it differed in that I was clearly looking for how this networking opportunity benefited both parties where as normally, I just meet people with the intention of knowing more people.