week 15
1. I thought commenting on people's elevator pitches and venture concepts was fun because it was cool reading and listening to fellow students have such creative and genius ideas. I found the reading reflections informative but boring. I dreaded the customer interviews because of the process of going out and finding people in my target market to answer questions about my venture idea.
2. I think "Growing My Social Capital" was the most formative experience and one that I will remember in many years to come. Networking is extremely important whether or not you are an entrepreneur. I learned the importance of knowing learning from other business owners/managers in the area that I hope to open a business. My most joyous experience was interviewing the entrepreneurs of Bay Nails and Tropical Liquors. I am most proud of myself for developing a professional elevator pitch. Although I am far from Shark Tank presentation ready, I received lots of positive feedback from my peers.
3. I do not really see myself as an entrepreneur because I have not actually started my own business. However, with all the new experience and knowledge this course has given me, I have definitely developed a stronger entrepreneurial mindset.
4. I would recommend to future students on this journey to do the assignments weekly to prevent from getting behind. A few times I completely forgot to do simple assignments thinking I had until midnight when it is actually 9pm. You truly get out of this class what you put into it. Most assignments, if done correctly, can give you experience that will benefit your future ventures in life.
Saturday, April 23, 2016
Week 15 Reading Reflection
week 15
1. Although it does not surprise me that micro-financing is a solution to poverty, I thought it was interesting that their strategy to re-envision microfinance found great success developing customer and business relationships.
2. I found it confusing that they would risk their short-term interests. However, it was clearly a good decision because they found success.
3. I would ask the author, "Why are loan officers' salaries not related to the size of their loan portfolios?" Also, "In your experience, how have costly customer relationships lead to high returns?"
4. I do not think the author is wrong about anything but I did find this reading extremely informative.
1. Although it does not surprise me that micro-financing is a solution to poverty, I thought it was interesting that their strategy to re-envision microfinance found great success developing customer and business relationships.
2. I found it confusing that they would risk their short-term interests. However, it was clearly a good decision because they found success.
3. I would ask the author, "Why are loan officers' salaries not related to the size of their loan portfolios?" Also, "In your experience, how have costly customer relationships lead to high returns?"
4. I do not think the author is wrong about anything but I did find this reading extremely informative.
Sunday, April 17, 2016
Week 14 Reading Reflection
week 14
1. What stood out that was different from my expectations was the concept of corporate entrepreneurship. I have always thought of entrepreneurs as innovative individuals who go at it on their own. I think it is great that a large entrepreneurial exists to promote even further innovation.
2. Although nothing really confused me in this reading, I enjoyed the author's discussion on sustainable entrepreneurship and how it can benefit the environment.
3. I would ask the author, "What was a time that you failed?" "How did you prevent from punishing yourself and look for positive rewards? This would help me gain a deeper understanding of failure and how to come out better for it.
4. I do not disagree with anything the author said in this reading.
1. What stood out that was different from my expectations was the concept of corporate entrepreneurship. I have always thought of entrepreneurs as innovative individuals who go at it on their own. I think it is great that a large entrepreneurial exists to promote even further innovation.
2. Although nothing really confused me in this reading, I enjoyed the author's discussion on sustainable entrepreneurship and how it can benefit the environment.
3. I would ask the author, "What was a time that you failed?" "How did you prevent from punishing yourself and look for positive rewards? This would help me gain a deeper understanding of failure and how to come out better for it.
4. I do not disagree with anything the author said in this reading.
Google Gold
week 14
1. I do not think I performed any activities to perform search engine optimization. This is the first blog I have ever had so the concept of "blogging" was fairly new to me. I certainly would not place in "winning the online popularity contest" because I did not promote my blog.
2. My key words are "lauren," "palombi," "blog," and "entrepreneur." I selected these key words because it is these broad terms are easy to Google and find infinite search results, while the specific terms(my first and last name) will lead you right to my blog. These key words did not change throughout the semester.
3. Based on the relatively few views my blog holds, social media ignored my blog. As I stated in the first question, I did not make efforts to promote my blog and therefore I also did not use social media to enhance my blog. I suppose to do this I could have included my blog's link in my Instagram and Twitter biographies, and shared the link several times asking people to check it out on Facebook.
4. My most viral post would probably have been my "Elevator Pitch Number 1" because it received the most comments. Videos are much more appealing to potential blog viewers because it is so much more engaging with sound and emotion which is harder to grasp from reading text. I think students in the beginning of this course, like me, sought out to view other student's business ideas because many were fascinating and inspiring.
5. By typing in "lauren palombi blog" I made it to the first page of Google results.
1. I do not think I performed any activities to perform search engine optimization. This is the first blog I have ever had so the concept of "blogging" was fairly new to me. I certainly would not place in "winning the online popularity contest" because I did not promote my blog.
2. My key words are "lauren," "palombi," "blog," and "entrepreneur." I selected these key words because it is these broad terms are easy to Google and find infinite search results, while the specific terms(my first and last name) will lead you right to my blog. These key words did not change throughout the semester.
3. Based on the relatively few views my blog holds, social media ignored my blog. As I stated in the first question, I did not make efforts to promote my blog and therefore I also did not use social media to enhance my blog. I suppose to do this I could have included my blog's link in my Instagram and Twitter biographies, and shared the link several times asking people to check it out on Facebook.
4. My most viral post would probably have been my "Elevator Pitch Number 1" because it received the most comments. Videos are much more appealing to potential blog viewers because it is so much more engaging with sound and emotion which is harder to grasp from reading text. I think students in the beginning of this course, like me, sought out to view other student's business ideas because many were fascinating and inspiring.
5. By typing in "lauren palombi blog" I made it to the first page of Google results.
Tuesday, April 12, 2016
Short Interview With Entrepreneur, Part 2
After revisiting the first interview I had with Baylor of "Bay Nails," I think she gave helpful and accurate advise. My three questions were broad because this course had just begun and the concept of being an entrepreneur was relatively new to me, and she responded with relatively broad answers.
Me: What can I do to lower my acquisition costs?
Baylor: Well for example, your online marketing strategy might involve bidding on expensive, large volume keywords. Instead, consider changing your campaign to a greater number of lower volume, less competitive keywords. You may even consider other tactics like Facebook advertising. There's also retargeting. It's a great way to re-market to the visitor you paid to get there, but didn't convert to a user or customer in the process.
Me: What can I do to ensure my service survives the constantly changing landscape of my market?
Baylor: That is one of the most challenging things I face. Stay on top of increasing trends and be proactive about your changing market. For instance, eating healthier is a constantly growing market so maybe you could have a select menu of healthy products.
Me: How can I be a better leader?
Baylor: Communication with your team is key! Listen to their ideas and encourage creative thinking. Set short and long-term goals and means to achieve them.
This entrepreneur was impressed by my questions and conveyed a sense that I have progressed through this journey.
Me: What can I do to lower my acquisition costs?
Baylor: Well for example, your online marketing strategy might involve bidding on expensive, large volume keywords. Instead, consider changing your campaign to a greater number of lower volume, less competitive keywords. You may even consider other tactics like Facebook advertising. There's also retargeting. It's a great way to re-market to the visitor you paid to get there, but didn't convert to a user or customer in the process.
Me: What can I do to ensure my service survives the constantly changing landscape of my market?
Baylor: That is one of the most challenging things I face. Stay on top of increasing trends and be proactive about your changing market. For instance, eating healthier is a constantly growing market so maybe you could have a select menu of healthy products.
Me: How can I be a better leader?
Baylor: Communication with your team is key! Listen to their ideas and encourage creative thinking. Set short and long-term goals and means to achieve them.
This entrepreneur was impressed by my questions and conveyed a sense that I have progressed through this journey.
Saturday, April 9, 2016
week 13 reading reflection
week 13
2. The tables sort of confused me with their abundance of information. It would have been easier to follow along if they had been more concise.
3. I would ask the author for examples on how to negotiate the sale of the company under certain circumstances. Is it often that people back out of a sale of their company even at a great offer?
4. I do not disagree with the author on anything.
Tuesday, April 5, 2016
My Exit Strategy
week 13
1. Throughout this course I have gone back and forth between two venture concepts. B-fast, a late night breakfast diner in midtown of Gainesville and my own tiki bar on the shore of Melbourne Beach, Florida. I would intend to sell B-fast within the next 5 years for a large profit. I would protect the tiki bar venture and pass it down as the family business.
2. I have selected this strategy for B-fast because it is not a business venture I am particularly passionate about but I do think it will be successful. After a few years something new and better will come along and I could sell the property for a decent profit due to its prime location. I selected this strategy for my tiki bar because it is a business venture I am extremely passionate about in the place where I hope to raise my kids and hopefully my kids will raise their kids. Melbourne is a small town with many family businesses. This business will grow with our customers as we will continue to get to know them better and continue filling their beach thirst and hunger needs.
3. Both exit strategies have a great influence on business decisions that need to be made. For instance, I would not look into expanding B-fast or doing major renovations when I know I want to sell the business within a few years. For the tiki bar, I would not want to create a chain because it would loose is affect as a local family owned business.
1. Throughout this course I have gone back and forth between two venture concepts. B-fast, a late night breakfast diner in midtown of Gainesville and my own tiki bar on the shore of Melbourne Beach, Florida. I would intend to sell B-fast within the next 5 years for a large profit. I would protect the tiki bar venture and pass it down as the family business.
2. I have selected this strategy for B-fast because it is not a business venture I am particularly passionate about but I do think it will be successful. After a few years something new and better will come along and I could sell the property for a decent profit due to its prime location. I selected this strategy for my tiki bar because it is a business venture I am extremely passionate about in the place where I hope to raise my kids and hopefully my kids will raise their kids. Melbourne is a small town with many family businesses. This business will grow with our customers as we will continue to get to know them better and continue filling their beach thirst and hunger needs.
3. Both exit strategies have a great influence on business decisions that need to be made. For instance, I would not look into expanding B-fast or doing major renovations when I know I want to sell the business within a few years. For the tiki bar, I would not want to create a chain because it would loose is affect as a local family owned business.
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