My Venture's Unfair Advantage

1. Large Target Audience: One of the most valuable resources of  my venture is the large target audience that it appeals to. My venture encompasses a large target audience comprising of anyone in search of a job or trying to stay relevant in their careers. This is of value because the larger the target audience is, the greater the amount of products that can be sold due to large demand. This is a rare resource because finding something that most consumers need and want is difficult to accomplish.
2. Uniqueness of Product: This product is extremely unique and provides something that no other product currently does. This is a valuable resource to the company because it means that we can provide a service that no one else does. By getting a patent for our idea we can reduce the imitability of our product and secure the target audience as our customers.
3. Cheap Prices: One of the goals of my product would be to provide the services at a relatively low price to customers. Hopefully through advertising the costs for each customer could be relatively low and affordable for the extensive services provided. The platform, Job-pedia, would have a one-time flat rate to download and be free to use after that. By not making it a subscription service it reduces the likelihood that customers will stop using the platform and increases the value. This will keep the number of users high and advertisers will pay handsomely to target this audience.
4. Connection with Sales Managers: My dad has worked in sales his whole life and would be a valuable resource to have for this venture. He would be able to help sell my product and services as well as attracting companies to advertise on the platform. By helping increase the users as well as attracting advertisers, my dad's expertise in sales would be a valuable resource to this venture.
5. Technology/R&D: I would strive to create a product that is new and revolutionary from a technology standpoint. The selling point of my platform relies on it being cutting-edge and providing users with a competitive advantage in their careers. Therefore, the research and development would be a valuable resource as it includes the intellectual property of the platform which is basically what I am selling.
6. Marketable: One of the most valuable resources of this venture is the marketability of it. Everyone either needs a job or is trying to stay relevant in their career. Because of this large target audience it makes the venture very marketable. This is valuable because it will attract companies that want to advertise which will bring in extra revenue on top of the download cost.
7. Human Capital: Human capital is the skills and experiences possessed by people in a company. Since this venture is young that currently means my skills and experiences represent the human capital of this venture. My human capital is a valuable resource to this venture as I am a hard-worker and thinker who has many experiences to help guide my decisions. Also my social skills and planning skills would be useful in fleshing out this venture.
8. Connection with Social Media and Brand Managers: Being in the Heavener College of Business I could find connections to social media managers would could help advertise and develop my brand in our social media dominated world. This is a valuable resource because developing a brand that people recognize is extremely important. Customers must be aware of a service in order to use it and developing a solid brand is a way to make people aware of a company.
9. Time Management: This venture would provide customers with a service that makes their lives easier. As a result, this helps them with time management by providing all the information they need on jobs and careers in one place. This is valuable because people will spend money on things that help with time management and make their lives easier.
10. Viable for the Future: My venture would develop a platform which consists of a database of jobs and careers around the world. The technology would be current and innovative providing an exhaustive database where customers can find anything and everything they need to know about their careers. Because this is innovative technology it would be viable for years to come and this adds value by maintaining the interest of the target audience.

Top Resource
I think that my top resource for my venture is the large target audience. This is the most important resource because a product cannot be successful unless there is sufficient demand for it in the market. By having a large target audience, the product will be sold more as well as attracting companies to advertise through out product. Many of the resources are dependent on having a large target audience and therefore I believe that it is the most valuable.

Elevator Pitch No. 3

1) https://youtu.be/YprFSV9gbNk

2) The last feedback that I got from my second elevator pitch was very encouraging. One of the comments on my post thought that I did an amazing job on it and that the content was rich and exciting. The comment also told me to focus on being more professional during the pitch.

3) Based on the feedback I decided to dress more professionally and I tried to be more engaging in my delivery of the pitch. I also trimmed my pitch down a little bit and took out some of the filler to make it shorter and more engaging. This time around I was far more comfortable in front of the camera and my pitch was better because of it.

Reading Reflection No. 2

1. For this assignment I read Thinking, Fast and Slow by Daniel Kahneman. The book basically argued that two systems in our brains are constantly fighting over control of our decisions and actions. He argues that our behavior is either automatic (System 1) or conscious (System 2). Furthermore, our brains are lazy and they can perceive problems as easier than they actually are and use the wrong system to solve the problem. This can lead to errors in judgement when people are not careful and conscious about their decisions.

2. I thought this book connected excellently with what we have been learning in ENT3003 throughout the semester. Entrepreneurship is all about solving problems and creating a product that satisfies a consumers' demand. Therefore, the ability to approach a problem logically is an important tool to have and Kahneman's Thinking, Fast and Slow breaks down how to prioritize using the conscious system of the brain to solve problems. It has enhanced my learning by teaching me how to reduce my errors in judgement simply by being conscious about the way I approach difficult problems. This was an excellent book to reinforce concepts learned in this class.

3. If I were to design an exercise for the class, based on this book, it would involve a logic question which reinforces the two system theory of the brain as proposed by Kahneman. For example, I would ask the class a question such as this:

If an electric train is moving North at 100 mph and the wind is blowing west at 10 mph, which way does the smoke blow?

Many people would probably say that the smoke would blow southwest which might be correct if it wasn't for the fact that it was an electric train. This question seems like an easy one for the brain to interpret so it automatically produces an answer instead of you consciously thinking about the question. Because of this, some people would miss the fact that it was an electric train and it would not produce smoke as a result.  This exercise would be a good representation of the two systems of the brain in action as talked about in Kahneman's Thinking, Fast and Slow.

4. My biggest surprise while reading was when I caught myself using the automatic system of my brain on a question in the book without even realizing it. The problem in the book was about a bat and a ball. He said that the bat and ball cost $1.10. The bat costs $1 more than the ball. So how much does the ball cost? I took a look at this and thought about it for a few seconds before coming to the conclusion, confidently I might add, that the answer HAD to be 10 cents. I then read on to discover that this was the automatic and intuitive system of my brain tricking me into picking the obvious answer. The real answer was 5 cents and the bat has to be $1.05 to combine to $1.10. Looking back it was the obvious answer yet I foolishly picked the wrong answer. This really reinforced one of the main themes of the book for me which was that many people are overconfident and place too much faith in intuitions. Basically, our brains are lazy and will pick an easy and obvious answer rather than wanting to put in the effort to ponder the question. Therefore, the key is to enact the conscious system of your brain to deal with problems.

Idea Napkin No. 2

1) You.


My name is Sam. I am a third year business management major. I love sports, books, learning, and management. Skills that I have include being a great communicator, listener, and decision maker. My aspirations for my career are to take the skills and foundations in management that I have learned through college and apply them to a job/career in the professional field. However, I would also be interested in pursuing my revolutionary platform, Job-pedia, which would allow workers around the world to stay educated on their constantly evolving job fields. This platform would be a major part of my life if I pursued it but it would give me fulfillment in helping people stay up to date in our changing world.

2) What are you offering to customers?

My platform would offer users a one-stop place for all of the data relevant to their careers. Users could access details on the future of their career field and see how it is evolving and what skills they must develop in order to not be left behind. Users would have access to training courses online so that they may stay relevant in their workforce. The platform would also act as a learning place that serves as an encyclopedia of ever-evolving jobs and skill sets. That is what Job-pedia could be. It would allow users to keep up with the information gap and the constantly evolving job market in modern times.

3) Who are you offering it to?

The beautiful part of this platform is that the target consumers of this product will be millions of workers from various industries around the world. Not only the current workers but also anyone looking to start a job in a new field. Job-pedia would offer services useful to anyone working in today's modern world. The only demographic which would not have a use for Job-pedia would be people not working and not looking for work such as children and retired adults.

4) Why do they care?

People will care about this platform because people care about having a competitive advantage. Being a user of this platform would allow workers access to value information regarding their career field and how it is evolving. Knowledge is power and workers will be interested in a platform that can provide them with job opportunities and job security.

5) What are your core competencies?

The thing that sets us apart is that the idea for this platform is unique and would provide a service that no one else is providing. The platform would not be like anything else on the market because it would be a database of information on careers, training, and skills needed in today's job market. There has always been miscommunication between jobs and institutions (colleges) that are supposed to be preparing students to work at these jobs. This platform would solve that miscommunication and allow workers to see what their job entails which no one else is providing currently.

Feedback Memo

I did not receive much feedback on my first Idea Napkin post so I left most of my answers the same because I thought they did a good job of answering the questions. Two main points I took away from the feedback that I did receive was that my platform would be useful and beneficial to people around the world and the information from my platform could be used to help people be successful in their chosen field. Job-pedia satisfies a need for many people around the world and the feedback from my first Idea Napkin confirmed this. The feedback I received confirmed that Job-pedia could be a realistic business opportunity to pursue.

Elevator Pitch No. 2

https://youtu.be/xhkmFK-PjgA


Reflection: I did not get much feedback regarding my first Elevator Pitch. For this one, I focused on improving the information that I was giving and tried to paint my idea in attractive way to attract any potential investors. I think I did a good job with the content of my elevator pitch but I need to improve the delivery in the future.

Create a Customer Avatar

My typical customer would be a University of Florida student who is focused on planning for their future career. They will be mostly Juniors and Seniors as job hunting and career resources become more important as you get closer to graduating. The age range of my typical customer would be 20-24 years old. My typical customer has an entrepreneurial mind and is constantly thinking about possible opportunities in the market which is why my product is so great for them. They watch TV shows such as Shark Tank and they enjoy being pushed to the limit of their abilities. My typical customer would not have kids as they are career orientated and focused.

I have a lot in common with my customer avatar as I fit into most of the groups and descriptions that I created. I am currently a Junior actively looking for job and internship opportunities. I am in the age range of the typical customer and I have an entrepreneurial mind and attitude when approaching problems. Because I have thought of the solution to this problem, then I also experience it like the custom avatar that I described.

What's Your Secret Sauce?

1) 

• I think that one of my greatest attributes is that I am an analytical thinker and a great problem solver. 
• I also think that I am a great communicator which helps in many situations. 
• I think that I am a compassionate person and because of this I am good at listening. 
• I am also a great planner and use all available information to make a detailed plan. 
• I think I am also a good leader which I do by motivating those around me and leading by example. 

2) 

• https://soundcloud.com/user-345014567/maxaudio
• My key takeaway is that Max thinks I am a good listener and a nice person. This relates to my second and third bullet above. 
• https://soundcloud.com/user-345034897/benaudio
• My takeaway from this interview is that Ben thinks I am a great thinker and that this ability allows me to solve problems easier. He also mentioned how I was good at planning. 
• https://soundcloud.com/user-345015893/kevinaudio
• Kevin told me that he thinks I am great at communicating and being on the same page with everyone. 
• https://soundcloud.com/user-345012856/markaudio
• Key takeaway is that Mark thinks I am a trustworthy friend and he thinks that is an important attribute of a leader. 
• https://soundcloud.com/user-345018248/keithaudio
• Key takeaway is that Keith thinks I am a great thinker and problem-solver. 

3) I see myself very similarly to all the people that I interviewed. They all mentioned attributes that I mentioned about myself which was good to hear.